Voltas

VOLTAS
28" May, 2022
BSE Limited National Stock Exchange of India Limited

Department of Corporate Services Listing Department
Phiroze Jeejeebhoy Towers Exchange Plaza
Dalal Street Bandra-Kurla Complex
Mumbai 400 001 Bandra (East), Mumbai 400 050
Dear Sir,
Sub: Notice of 68" Annual General Meeting and Annual Report 2021-22
We take reference to our letter dated 11" May, 2022 informing that the 68" Annual
General Meeting (AGM) of the Company will be held on Friday, 24" June, 2022 at
3.00 p.m. by Video Conferencing / Other Audio Visual Means.
2. Pursuant to Regulation 34(1) of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015, we enclose herewith
Annual Report for the financial year 2021-22 along with Notice of 68'" AGM which are
also being sent through electronic mode to those Members whose email addresses are
registered with the Company / Registrar & Transfer Agent or Depositories.
3. The Notice of 68 AGM and Annual Report 2021-22 are also available on the
website of the Company at www.voltas.com.
4. This is for your information and records.
Thanking you,
Yours faithfully,
VOLTAS LIMITED
(V.P, MALHOTRA)
Vice President - Texation,
Legal & Company Secretary
Enc.
VOLTAS LIMITED
Corporate Management Office
Registered Office Voltas House ‘A’ Dr Babasaheb Ambedkar Road Chinchpokli Mumbai 400 033
Tel 91 22 66656251 66656258 Fax 91 22 66656311 e-mail vpmalhotra@voltas.com website www.voltas.com
Corporate Identity Number L29308MH1954PLC009371
A TATA Enterprise
Resilience.
Transformation.
Sustenance. ANNUAL REPORT
Progression. 2021-22
About the Report
REPORTING APPROACH
As a principal document, this Report emphasises
providing an understanding of strategies, business Investor Information
models and major impact across economic, social and
environmental areas. Aligned with our business strategy, Market Capitalisation ~ ` 41,000 crores
it describes the material issues that influence our ability as at 31 March, 2022
to create sustainable value. The Report forms an integral
CIN L29308MH1954PLC009371
part of our strategy and business practices. And thus, also
highlights the key aspects of social and environmental BSE Code 500575
sustainability. NSE Symbol VOLTAS
SCOPE AND BOUNDARY Bloomberg Code VOLT:IN
This Report uses a holistic approach and furnishes Dividend Proposed 550% or ` 5.50 per share
information for the year ended 31 March, 2022. It AGM Date 24 June, 2022
adequately captures information on all business
segments that we undertake for creating value in the
short, medium and long-term.
FRAMEWORKS
While compiling this Report, we followed the principles
of Integrated Report <IR> as laid out by the International
Integrated Reporting Council (IIRC), which aims to
address the needs of our various stakeholders. Our
Company fully complies with the NSE and BSE listings
and SEBI guidelines. The Statutory Reports, including the
Directors’ Report, Management Discussion and Analysis
(MD&A) section, the Corporate Governance Report and
the Business Responsibility Report, are in line with
the Companies Act, 2013, Securities Exchange Board of
India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, and the prescribed secretarial
standards.
LEADERSHIP ACCOUNTABILITY
For more investor-related
Our Company’s senior management, under the information, please visit:
supervision of the Managing Director & CEO, has reviewed https://www.voltas.com/
the Report content. The Board members of our Company investors/financial-snapshot/
have provided the necessary governance oversight. Or simply scan this QR code
Disclaimer: This document contains statements about expected

future events and financials of Voltas Limited, which are forward-
looking. By their nature, forward-looking statements require the
Company to make assumptions and are subject to inherent risks
and uncertainties. There is a significant risk that the assumptions,
predictions and other forward-looking statements may not prove
to be accurate. Readers are cautioned not to place undue reliance
on forward-looking statements as several factors could cause
assumptions, actual future results and events to differ materially
from those expressed in the forward-looking statements.
Accordingly, this document is subject to the disclaimer and
qualified in its entirety by the assumptions, qualifications and risk
factors referred to in the Management Discussion and Analysis
section of this Annual Report.
02-79 CORPORATE OVERVIEW
Voltas at a Glance 02
Resilience. Transformation. Sustenance. Progression.
MD’s Communique 12
Transforming through Smart Engineering 16
Progressing with Our Growing Presence 23
Recognition that reflects upon our Sustenance 24
01
and Progression
Creating right values to progress with our stakeholders 26
Creating Value. Transforming lives. 34
Financial Capital 36
Manufactured Capital 40
Intellectual Capital 42
Human Capital 52
Social and Relationship Capital 58
Natural Capital 70
Board of Directors & Corporate Management Team 74
Across Managing Risks to Strengthen Resilience

Corporate Information
77
79
the pages
80-172 statutory reports
02
Management Discussions and Analysis 80
Highlights 106
Report of the Board of Directors 108
Report on Corporate Governance 138
Business Responsibility Report 161
173-354 financial statements
03 Consolidated
Standalone
173
269
Voltas
at a Glance
` 8,124 crores
Total Income
Incorporated in 1954, Voltas Limited is a part
697 crores
of the Indian multinational conglomerate,
the TATA Group. The Company is India’s `
largest air conditioning company, with a Profit Before Tax
strong presence offering leading engineering
solutions across Air Conditioning and Cooling ` 506 crores
Products (Unitary Products), Engineering Profit After Tax
Projects and Engineering Products & Services.
At Voltas, our focus is on driving value through
smart engineering and providing best-in-
class business solutions to consumers and
industries – unlocking exceptional value for all
our internal and external stakeholders.
We are one of the most reputed, distinguished,

and trusted Indian engineering solution
providers specialising in project management.
The Company plays an essential role in
developing the nation’s infrastructure and
exporting unparalleled expertise across,
Cooling and Ventilation, Infrastructure Projects,
Engineering, Construction, Textile, Mining and
Manufacturing sectors. Extending our expertise
in the consumer durables segment, we entered
the Home Appliance segment through a 50:50
Joint Venture with Arçelik (VoltBek).
2 Voltas Limited
corporate overview statutory reports financial statements
Resilience. This is what drives us

This is what inspires us.
Transformation. As a future-focused company, our constant attention
Sustenance. is on envisioning the future to design relevant

strategies and offerings – making us thought leaders
Progression.
and trend-setters in our industry.
Our strong foundation has helped us be resilient to

the turbulence through the years.
Our robust technological know how and capabilities

have helped us respond to the socio-economic
transformations that have reshaped people’s lives.
Our untiring efforts have aided us in creating

delight for our entire value chain. Thereby, changing
lifestyles in a better and more sustainable way.
In this journey of providing cooling, comfort and

convenience, we are committed to progress towards
achieving our long-term endeavours.
We strongly believe in India’s growth plans. Operating

in one of the most competitive and fastest-growing
global economies presents various opportunities.
Factors like comprehensive economic reforms,
rapid urbanisation, infrastructure development and
the growing aspirational population are fuelling
the endless prospects and untapped potential
in the Indian market. It is this desire to lead a
high-quality life is what makes us reimagine and
reinvent ourselves time and again. This is what
adds to our Resilience, pushes us to adapt
to Transformation, drives us to work on
Sustenance, and propels us to remain on the path
of Progression.
In a world characterised by fast-changing trends

and demands, consistency in delivering promises
and reliability in fulfilling expectations is what
differentiates us.
Annual Report 2021-22 3

4 Voltas Limited
resilience
We are evolving our product and service operating models to
meet the fast-changing customer demands and expectations.
Our first-hand experience, coupled with an undying spirit and
resilience, has given us the confidence to be agile and scale
rapidly in the face of future uncertainties.
transformation
To thrive in an ever-changing business environment, agility
is imperative. We work swiftly across verticals to move the
value chain by delivering innovative products and services. We
restructured our business as a step to help us focus on B2C
and B2B businesses being independent of each other while
expanding the growth of each business, individually.
SUSTENANCE
The Indian business landscape is evolving at a rapid pace
than expected. Newer technologies and business models
are disrupting the existing environment. We are focusing on
building sound and robust systems that can withstand any
form of disruption. Our business restructuring decision is a
testament of the same.
PROGRESSION
Our inspiring legacy, inherent strength and passion for
performing prepare us for the new era of growth. We design
products and services that enrich the quality of consumers’
lives. Our corporate philosophy is to think beyond the
conventional, embrace innovation and set new trends for the
industry. To this end, our operations are lean, technologies are
ahead of the curve, and our strategies are customer-centric.

67 Years of Voltas
Progressing with India through its journey post independence, our Company
has come a long way and stands tall while creating a rich legacy from a humble
beginning. It is the story of being Resilient and Transforming, Sustaining and
Progressing with times.
1964-65 Thane Factory
First among equals
1954: 1956: 1969:

Introduced the first Made history by installing eight Crystal Inaugurated India’s first integrated
air-conditioner in India air-conditioners at then Chief Minister, AC manufacturing plant in Thane
Mr. Morarji Desai’s Bombay residence
Since our first project in the 50s – a

contract to build power plants and use
earthmoving machinery at the mighty
Tungabhadra Dam – we have dedicated
ourselves to the task of building a self-
reliant India. In the late 60s, our Company
even introduced the country’s first
indigenous drilling machine to help
drill wells in the country’s drought prone
areas.
160H Hydraulic Rotary Drill Machine Partner in Constructing

Tungabhadra Dam (1955-56)
6 Voltas Limited
1969:
Developing and deploying cooling
solutions for Rajdhani Express, India’s
first high-speed train
Rajdhani Express
2009: 2012:
Developed India’s first indigenously built split Developed and launched
AC and energy-efficient AC product range the all-weather AC range
From taking up the challenge to cooling

Dubai’s Burj Khalifa – the tallest building in
the world – to building Abu Dhabi’s F1 Yas
Marina Grand Prix Circuit, to Singapore’s
Thomson-East Coast Line – one of the world’s
largest driverless rapid transit lines – we have
made our presence felt across regions.
Burj Khalifa, Dubai Yas Marina F1 Circuit, Abu Dhabi, UAE
Beyond Brand
2017: 2018: 2020:

Bagged two projects in Established Voltas Beko, a joint Launched a wide range of
Karmalichak and Beur, Bihar, venture with Ardutch BV, a innovative UV products and
under the Namami Gange Mission, subsidiary of Arçelik AS - part of the solutions to help stop the
forming an integral part of the Koç Group to enter the consumer spread of the coronavirus
cleaning up of the river Ganga durables market
2022:
Launched India’s First AC with HEPA Filter - an
industry first - with a unique value proposition of
‘Pure & Flexible Air Conditioning’

Transforming Lives through
Sustained Progression
Adding cooling, comfort and convenience through
our wide array of products and services
At Voltas, innovation reinforces our efforts in long-term value creation. It defines and reflects upon our ability to come up
with ground-breaking ideas to keep our operations and our products and services relevant and futuristic. It is the story of
how we partnered with the nation not just in terms of engineering innovation and business prowess but also to drive our
endeavours, offering products and solutions that perfectly meet customer requirements.
Residential Convenience stores
Commercial
Consumer durables
refrigerators and
meticulously crafted
coolers engineered for
to suit the needs of
long term storage and
Indian households for
improving the shelf life
healthy living
of food
Office, Business, and Workplace Societal Infrastructure
Multi-purpose solutions
Sustainable solutions
for building ease and
for turnkey projects for
comfort in workplaces.
transforming the world
Transforming the
through smart societal
world through smart
engineering.
engineering
Textile INDUSTRY Mining and Construction Sites
Smartly engineered
Products and
solutions enabling higher
solutions for safe and
productivity across the
sustainable operations
textile value chain from
enabling seamless
knitting to finishing
operations
8 Voltas Limited
Vision
Driving value through smart
engineering
Mission
We will offer our customers
appropriate engineering solutions in
the form of Products, Projects and
Services of superior value in our
area of expertise and experience
– Air Conditioning, Refrigeration,
Electro-mechanical Works, Water
Management and Industrial Capital
Equipment to build and sustain
market leadership

driven by values
Values are the guiding principles that we use across our verticals to underpin
decision-making, guide our conduct and define our culture. By working together
with these values every day, we build a more successful and sustainable business.
10 Voltas Limited
Integrity Excellence
We will be fair, honest, transparent and We will be passionate about achieving
ethical in our conduct; everything we do the highest standards of quality, always
must stand the test of public scrutiny. promoting meritocracy.
Unity Responsibility
We will invest in our people and partners, We will integrate environmental and social
enable continuous learning, and build principles in our businesses, ensuring that
caring and collaborative relationships what comes from the people goes back to
based on trust and mutual respect. the people many times over.
Pioneering
We will be bold and agile, courageously
take on challenges, using deep customer
insights to develop innovative solutions.
CULTURAL PILLARS
Smart Thinking Teamwork

- Fact-based analysis - Act, think and work
- Use logic and together
customer insights - Always in the
Company’s interest
Winning Attitude Innovative Flexible

- Take responsibility - Look at things with - Adapt to every
for customers fresh perspective change
- Seize every - Find alternative & - Be prepared to
opportunity better ways face surprises

MD’s
Communique
Dear Stakeholders,
As we have all experienced,

2021-22 came as another
year of perseverance
and persistence. The
year witnessed a lot of
disruptions, including the
second and third wave of
Covid-19, and frequent
lockdowns. However, the
economic activities gradually
regained momentum as
markets started recovering
Image credit : Forbes India
and consumers continued

to invest in their homes,
for their comfort and
convenience.
12 Voltas Limited
At Voltas Limited, our history, counter unseen challenges from four Room ACs being sold in India is
spanning over six decades, has diverse industry sectors. a Voltas AC. We enjoy the highest
helped us earn a reputable name brand equity in the category, with
As a Brand, we strongly support the
of a trusted partner when it comes the highest brand recall and brand
Nation-building agenda and to this
to adding and offering comfort consideration. With the economy
end, our Domestic Projects Business
and convenience to everyday showing signs of improvement and
(Infrastructure Solutions) played
life. Staying true to our purpose, the summer season at its peak, we
an instrumental role in electrifying
we delivered stable performance are focusing on boosting targeted
over 30,000 villages across the
through our attractive bouquet consumer offerings to generate
country as a ‘last-mile’ connector.
of products and services. We secondary sales.
We have also installed several Water
successfully offset significant cost
Treatment plants till date across the Our recognition as the MEP
inflation through value engineering.
country, serving the needs of many Contractor of the Year in 2021-22
Once the lockdowns were eased,
local villages. and multiple times in the past
we witnessed pent-up demand
testifies our excellent project
for our entire range of products.
Financial stability execution capabilities. We have also
This helped us to gain back lost
as the key to facing bagged numerous other awards in
momentum.
unpredictability: the GCC region. We plan to leverage
Resilience as a key We recorded a consolidated total our superior brand image, past track
to responding income for the year at ₹ 8,124 crores, record of successfully executing
appropriately: a 5% growth compared to ₹ 7,745 both large and small projects,
crores last year. Our profit before experienced human capital, and
In view of the consumers’ extreme excellent customer relationships,
share of profit/loss of joint ventures/
experience during the previous to bag orders from new clients and
associates and tax increased by 5%
waves, their sentiments around consistently get repeat orders from
and was ₹ 808 crores against
the next wave were dampened yet our existing clients. Furthermore,
₹ 770 crores last year. However,
again. This impacted Consumer investments by governments
Profit before tax (after share of profit/
Durable sales across the industry. across the UAE, Saudi Arabia and
loss of joint ventures/associates)
Rising global geopolitical tensions Qatar will provide tailwinds in our
stood marginally lower at ₹ 697
added to the unrest in the quest to amplify our foothold in the
crores, compared to ₹ 709 crores
consumers’ minds. Furthermore, international projects’ space.
commodity prices continued to be last year. Net Profit (after tax) stood
on a rising trend, impacting margins lower by 4%, at ₹ 506 crores against
Transformation as the
across the industry. ₹ 529 crores, in the corresponding
key to relevance:
period of last year.
We, at Voltas, took cautious yet Our excellent reach, and distribution
confident steps in the right direction Voltas remains the market leader
network and good relationships
to benefit from the changing and and has maintained its No. 1
with dealers have always been
emerging trends. Our consistent position in the Room Air Conditioner
our strong point. We continuously
focus is always on finding a resilient business with a significant lead over
engage with them to better
business model that enables us to the nearest competitor. One out of
understand the evolving consumer

needs and launch products which Beko appliance business has With an emphasis on sustained
would add maximum value to the grown significantly in the last year. profitable growth, our Textile
consumers. The addition of Voltas Although, it is a new brand in the Machinery division capitalised on
Beko products to our portfolio Appliances market, consumers have the pent-up demand supported
further gives our brand the leverage responded well to the same. by China+1 strategy, adopted
whilst extracting cost synergies from by leading brands globally, and
In case of our International
marketing, sales, and service. recorded a growth of 75% as
Projects Business, the IOBG
compared to 2020-21.
We have been focusing on exports vertical transformed challenges
to further expand our business into opportunities and bagged Our M&CE division continued to
operations and leverage the orders worth INR 1722 crores as on grow and secured the largest ever
upside of our presence across 31 March, 2022. order of 55 Terex Powerscreen
multiple geographies. Moreover, Machines from one of our existing
to build upon our Room Air Sustenance is the key customers – a testimony to the
Conditioners’ market leadership to a secured future: brand strength of Voltas.
position in both offline and online We constantly endeavour to
channel presence, was among Progression as the key
manufacture and source locally.
our major focus areas. We also to persistence:
We are in the process of setting up
launched our D2C e-commerce an additional manufacturing facility Our business models are designed
platform ‘Voltas Lounge’ in Q2. Our for Room Air Conditioners and for flexibility to appropriately
increased footprint of exclusive expanding our installed capacity pursue our actions in line with
Brand Shops and Experience for Commercial Refrigeration evolving situations. We believe
Zones, and our wide reach in products. To further emphasise in actively engaging with all our
the Digital e-commerce channel, our commitment towards local stakeholders – be it our customers,
makes us a formidable player in the manufacturing, we partook in the channel partners, suppliers
omnichannel ecosystem. Government’s Production Linked and employees – to ensure the
In order to develop a deeper Incentive (PLI) Scheme. Voltas had sustainability of our business
connection with our consumers, registered in the PLI scheme for ecosystem. In our quest for lasting
we have constantly increased our manufacturing several components brand loyalty, we focus on changing
digital footprint through various including compressors for Room consumer needs and proactively
media campaigns and have been ACs. This is an important step fortifying our value proposition
constantly active through our towards our goal of backward to meet their expectations. Our
innovative content on all social integration and will help us secure business restructuring exercise
media platforms during the past our supply chain against political was a step to help our rentless
year. We have also tapped into and trade uncertainties. Our efforts focus on B2C and B2B businesses,
different topical content that has have been channelised towards independent of each other while,
helped us reach more audiences developing a robust local supply expanding the growth of each
while making our platforms more chain. Our actions will not only business, individually.
engaging. help ring-fence ourselves from
At present, consumers are
any unexpected eventualities
Hybrid working environment has becoming more aware of the health-
in the future, but also create
become a trigger for investment and centric and purification features of
superior brand image and improve
upgradation in Branded Consumer their home appliances. This has
profitability.
Appliances segment. The Voltas helped reinforce the demand for
14 Voltas Limited
highly successful Dish Washer

category with the introduction of
Aqua-Intense and Corner-intense
functions, especially designed for
removing stains from Indian utensils.
In order to develop a deeper connection All these initiatives have made
with our consumers, we constantly increased Voltas Beko the fastest-growing
brand in the Home Appliances
our digital footprint through various media segment.
campaigns and remained constantly active Being cognizant of the evolving
through our innovative content on all social customer needs, we aim to sustain
and further extend Voltas’ market
media platforms during the past year. We also leadership position in Room
tapped into different topical content that has Air Conditioners. While fulfilling
helped us reach more audiences while making these objectives, we need to

consolidate market shares in
our platforms more engaging. other product categories like Air
Coolers, Commercial Refrigeration
and Commercial Air Conditioners.
Moreover, we are focused on
holistic well-being. Voltas launched by the ‘Make in India’ initiative, improving the quality of customer
India’s first AC with HEPA Filter Voltas Beko unveiled an array of service and customer delight,
technology in response to the innovations this year. The Frost to improve customer loyalty.
growing emphasis on health, hygiene Free range of Refrigerators with We are also building our digital
and purification needs. This comes HarvestFresh™ and StoreFresh™ infrastructure to benefit from the
with a unique value proposition of technologies was an industry-first, changing trends. This will help
‘Pure and Flexible Air Conditioning’, which helped consumers keep fruits us safeguard our supply chain
powered with HEPA Filter, PM 1.0 and vegetables fresh for upto 30 ecosystem through local sourcing.
Sensor and AQI indicator – which is days, aiding during the pandemic.
We stay true to our core values as
an industry-first – that helps purify We also introduced 5 Star rated
we move forward, making sound
indoor air. Top Load Washing Machine, with
investments to grow our business,
industry-defining USPs like Fountain
The world is transforming at a keeping our hardworking and
Wash. Our focus on hygiene post the
tremendous pace. With each dedicated employees safe, and
pandemic, resulted in a new range
invention, each solution, smart delivering outstanding value for
of Front Loading Washing Machines
technologies play a key role in our clients, stakeholders and
having Stain Expert technology
fostering what is called a ‘smarter’ communities.
which removes upto 26 types of
world. Realising the same, Voltas is
stains, and our Steam Wash and
working towards introducing a Smart
Hygiene+ technologies which kills Regards,
Home with IoT capability by providing
germs and bacteria. While there was
WiFi in ACs. Pradeep Bakshi
increased workload and unavailability
Keeping our brand promise and of house-help during the pandemic, MD & CEO
serving our commitment to stand we expanded our offerings in the Voltas Limited

Transforming through
Smart Engineering
Products and solutions diligently designed by the
inherent desire to transform lives while adding
cooling, comfort and convenience
16 Voltas Limited
With a focus on developing cooling appliances, Unitary Cooling

Products (UCP) has been a market leader in the RAC category for
over a decade now. The vertical caters to business-to-consumer
(B2C) and business-to-business (B2B) market requirements like
Room Air Conditioners, Commercial Refrigerations, Commercial
Air Conditioners, Water Coolers, Air Coolers, etc. UCP sources
equipment locally from Original Equipment Manufacturers (OEMs),
and overseas vendors based on business requirements.
We are one of the leading manufacturers under window inverter
category and the Bureau of Energy Efficiency (BEE) star-labelled
air conditioners through our ’Smart Engineering’ approach. Having
grown to more than 24,000 touch points across the nation,
our UCP segment has established itself as a leader in Room Air
Conditioner.
Our continued investments towards sustainable growth have
helped improve the efficiency of the supply chain with service as
a key differentiator. Keeping in mind our commitment towards
Unitary the environment, we aim to develop products with higher energy
Cooling Products efficiency and eco-friendly gases.
for Comfort and
Highlights
Commercial
Launched PureAir 6 Stage Adjustable Inverter AC (India’s First
Use (UCP) AC with HEPA Filter technology)
Strengthened product offerings under commercial
refrigerators by launching 60 SKUs
Inspired by the cultural insights of Indians, launched 32 SKUs
under Maha-adjustable inverter air conditioners
Received license from Bureau of Indian Standards (BIS) for Air
our offerings Cooled Ducted and Packaged Air Conditioner
ROOM AIR Market share (YTD, March)

CONDITIONERS (RAC) (%)
Air Coolers 24.20 25.20
23.70 23.40
22.10
Freezers
Visi Coolers
Water Dispensers
Variable Refrigerant
Flow (VRF)
Cassette ACs Mar’2018 Mar’2019 Mar’2020 Mar’2021 Mar’2022
Chillers
Tower ACs
Customer Care
24,000+ 700+
touch points skus

Domestic Projects Group (DPG):
As one of the leading providers of integrated end-to-end
solutions in engineering projects, our DPG business contributes
to nation-building by executing key infrastructure projects. Our
smart engineering and efficient project management capabilities
enable us to judiciously implement large-scale, complex
electromechanical projects with safety and reliability. Our focus is
always on optimising the latest technologies to engineer smarter
and more sustainable product solutions.
Committed to the Central Government’s Deendayal Upadhyaya

Gram Jyoti Yojana, we have been instrumental in electrifying more
than 30,000 villages across the country as a ‘last-mile’ connector.
Subsequently, we ensured uniform complaint resolution and
service delivery through the single window solution.
Electro-
Mechanical Our Water Management Business Division (WMBD) manages
Projects & the entire water activity chain (from raw water processing to the
treatment of wastewater) through products and projects. This
Services division undertakes water treatment as well as end-to-end projects
Highlights
Successfully commissioned project Gandhinagar Railway and

Urban Development Corporation Ltd (GARUD) in Gandhinagar,
Gujarat that was inaugurated by Hon’ble Prime Minister,
Mr. Narendra Modi
our offerings Commissioned one project of 300 MW AC & 225 MW DC under
Solar EPC for Azure Power
Infrastructure Solutions
Commissioned second project for SB Energy, later renamed as
(Domestic Projects Group)
Adani, for 71 MW AC & 104 MWp DC
Mechanical, Electrical and
Gained tier 1 status in Solar EPC business
Plumbing (MEP)
Rural Electrification
Water Infrastructure
Operations and Maintenance
International Operations
Business Group (IOBG)
MEP
Heating, Ventilation and Air
Conditioning (HVAC)
Water Management
Water Treatment and Management Project
for Karnataka Power Corporation Limited
18 Voltas Limited
International Operations segments over the years. IOBG leads the Tier-I MEP
Business Group (IOBG) service provider category in about 7 GCC countries. As
the preferred contractor for mid to large-scale projects
Our international operations is a leading one-stop in the GCC countries, IOBG has been duly recognised
turnkey electromechanical solutions and services and conferred numerous awards for its emphasis on
provider. IOBG has executed several prestigious and effective execution.
complex projects in more than 35 countries in diverse
IOBG - Place Vendome, Qatar
Highlights
Achieved operational efficiency through renewed

focus on ongoing jobs
Maintained improvised margins by monitoring
` 5,360 Crores
order book
developments

Textile Machine Division (TMD)
As the second-largest employer in the country, the textile industry
significantly benefits from TMD’s offerings, such as the sale of
Capital machinery, after-sales support, stock and sale of parts
and accessories. Working closely with stalwarts (principals) in
the textile machinery sector, our business adds incredible value
by offering robust textile technological solutions. The division
acts as an intermediary between principals and end-users by
maintaining close contact with both sides to keep up with the
dynamic environment. TMD provides end-to-end engineering
services and represents many global manufacturers. The division
has a strong presence across 16 locations in India, which includes
the textile hubs of Madurai, Ludhiana, Surat, and Coimbatore.
TMD also offers special services such as energy audits, yarn
realisation and cotton management. Considering the cyclic nature
of the textile industry, the division has de-risked its business by
ENGINEERING ramping up after-sales offerings. TMD has been selectively adding
PRODUCTS AND new products to its portfolio from new principals, forging strong
SERVICES partnerships, and focusing on high-quality products and services
for the textile industry.
our offerings
Textile Products
Capital Machinery
Accessories
Allied Machinery
After sales Services for
both Spinning and Post
Spinning
Mining & Construction

Equipment (M&CE)
Operations and
Maintenance LMW Comber LK69
Crushing & Screening
Machineries
20 Voltas Limited
Highlights
Increased investments influenced by pent-up

60%
Market Share of
demand and the China +1 strategy Spinning Machinery
Witnessed significant growth in the export of yarn

and apparel
10+
Average years of
Secured the largest ever order of 55 Terex
Powerscreen machines from one of the existing association with major
textile principals
Customer
Mining and Construction in the trade and service business of heavy earthmoving
Equipment Division (M&CE) equipment. Voltas M&CE is the official product
support partner for Joy Global-Letourneau Loaders
We incorporated the M&CE as the Earthmoving, Mining and Komatsu South Africa. With increasing investment
& Agricultural (EMA) machinery division in 1954. M&CE in infrastructure development, M&CE’s range of
conducts operations across India and in Mozambique equipment caters to large projects such as roadways,
(in collaboration with Tata Mozambique and Tata ports, power generation and irrigation. In the Indian
Africa). Primarily serving mining companies, this division context, M&CE specialises in providing equipment for
identifies itself as an engineering solutions provider. It is mining iron ore, coal, copper, zinc and limestone.
M&CE - Powerscreen Horizon H6203

Voltbek Home Appliances Private Limited (Voltas Beko) is an equal
partnership joint venture between our Company, Voltas Limited
– India’s leading Air Conditioner company – and one of Europe’s
largest household appliances manufacturers, Arçelik. We launched
the brand ‘Voltas Beko’ in September 2018, and positioned it as
‘Partners of Everyday Happiness’ in India. Voltas Beko’s portfolio of
products includes Refrigerators, Washing Machines, Microwaves/
Ovens and Dishwashers. The brand offers state-of-the-art
innovative products to customers. It leverages the brand name
and distribution strength of our Company, Voltas, and the global
expertise of Arçelik in product development. Voltas Beko has been
consistently increasing its footprint in the Indian home appliances
segment and currently has over 7,000 consumer touchpoints.
Highlights
Commenced production of Washing Machine and Frost free
VOLTAS refrigerators from Sanand factory
BEKO Launched 74 new SKUs in 2021-22 to further strengthen
product portfolio
Launched new products with new and upgraded technologies
under all categories
our offerings
Refrigerators
Washing Machines
Microwaves
Dishwashers
Voltas Beko - A range of Consumer Durables
7,000+ 200+
touch points skus
22 Voltas Limited
Progressing with Our

Growing Presence
Taking comfort and convenience to places
India
Headquarters
Mumbai
Zonal Headquarters
Delhi, Kolkata, Chennai
Gulf Cooperation
Manufacturing Facilities
Council (GCC)
Waghodia (Gujarat),
The UAE Sanand (Gujarat)
Qatar Pantnagar (Uttarakhand)
Sultanate of Oman (2 Units)
Kingdom of Bahrain
Mozambique Kingdom of Saudi Singapore
Arabia
This map is a generalised illustration only for the ease of the reader to understand the locations and is not intended to be used for reference purposes. The
representation of political boundaries and the names of geographical features/States do not necessarily reflect the actual position. The Company or any of
its Directors, officers or employees cannot be held responsible for any misuse or misinterpretation of any information or design thereof.

Recognition that reflects upon
Our Sustenance and Progression
Badges of trust, appreciation and credibility
Voltas wins the prestigious ‘National Energy Voltas wins the ‘Dun & Bradstreet
Conservation Award 2021’ Corporate Awards 2021’
Team Marksmen recognizes Voltas as one Voltas recognized by the TATA Business
of India’s most trusted brands Excellence Group at BEC 2021
Voltas wins the ‘Making Customers Smile’

Contest
24 Voltas Limited
Voltas wins ‘Best Supply Chain Design Voltas Oman Operations bags 5 Awards at
Award 2021’ ‘Construction Week Oman Awards 2021’
Voltas IOBG Bags ‘CBNME MEP Voltas Wins the ‘7th CSR Impact Award
Awards 2021’ by CSRBOX’
Voltas Wins the ‘HSE Excellence &

Sustainability Awards 2021’ By OHSSAI

Creating right values to
progress with Our stakeholders
When everyone moves forward,
success is the only outcome
26 Voltas Limited
the legacy of the Tata Group

At Voltas, we benefit from our strong mother brand. Being a part of the esteemed Tata
Group establishes significant consumer trust towards our brand, products and services.
Diversified Revenue Streams

Over the years, we have established ourselves as a leading consumer durables brand,
with an equally renowned name in product engineering and a turnkey specialist in the
industry. Replicating our success and leveraging our capabilities, we have architectured
sustainable and reliable revenue streams under all our verticals. While we are directly
connected with our end users in consumer durables products, our presence across
product and project solutions helps us cater to societal infrastructure requirements.
Focused on improving the efficiency, we aim to improve productivity of equipment. It is
committed to introducing innovations in project executions across industries.
Strong Consumer Connect

We are among the market leaders in Room Air Conditioners, with a presence in both
Window and Split Air Conditioner segments. We are also one of the recognised players in
Air Coolers, Commercial Refrigeration and Commercial Air Conditioner business. Extending
our leadership position, we are also among the finest home appliance brands delivering
smart solutions under Refrigeration, Washing Machines, Dishwashers and Microwave
Ovens. Our brand name is our strength, and our distribution network is our forte.
Underpenetrated Markets
The underpenetrated nature of the products that we sell, primarily in the consumer
durables business, provides ample runway for sustained growth in the future.
Strong Presence in B2B Business

We have a well-established market position in the Projects business in domestic and
international markets and are well-poised to benefit from new order inflows in our target
markets. The Central Government has repeatedly emphasised boosting infrastructure
spending, which will aid our business growth. We also have a well-established relationship
with leading textile and mining OEMs in India & overseas.

Strong Financial Fundamentals
With our strong balance sheet, we are well-placed to invest and achieve our short-
and long-term business objectives.
28 Voltas Limited
` 7,934 crores ` 697 crores ` 682 crores

Operating Revenue Profit Before Tax EBITDA
8.7 % 10.6 % ` 506 crores

EBITDA Margin EBIT Margin Profit After Tax
8.9 % 6.5 % ` 15.23

pbt pat Earnings Per Share
` 165.25 ` 5,360 crores ` 2,000 crores+

Book Value Per Share Orderbook Orders SECURED
200+
EBOs
Revenue by Segment (` crores)
6% 5%
UPBG
32%
Engineering Projects
2021-22 2020-21
Engineering Products 38%
57%
& Services
62%

Aligning our strategies to
progress with the Nation
Our consistent efforts REINFORCE our commitment
to country, community, environment and business
At Voltas, we continuously prepare for the next. Our operations across verticals are conscious of the planet,
either in the form of reducing carbon footprints, ensuring water security or taking steps towards a cleaner
and greener India. We are working tirelessly to meet the increasing demand for more advanced products and
services and adopt initiatives to be an integral part of Atmanirbhar Bharat. We firmly believe the ‘future is now’.
30 Voltas Limited
Energy efficiency
Today’s customers are looking for aspirational moved towards using an environment-friendly gas
products and services that are energy-efficient, (R-32), resulting in lower Ozone Depletion Potential
environment conscious and economical. (ODP) and Global Warming Potential (GWP) than
Through continuous upgradation, we have been existing refrigerants.
identifying sustainable technologies that We have consecutively won the prestigious National
Purify air Conservation Award 2021 for the 5th time in 2021.
Lower energy costs and Our Textile Machinery Division leverages the use
of machinery and energy audits to its customers to
Purify polluted water and industrial effluents
promote the energy efficiency of its services. Our
Our green energy projects are a testimony to our transition to IE3 motors in our services has reduced
strong commitment to sustainability. We have also our customers' overall emissions and energy needs.
Resource efficiency
The current need of the hour is to measure, mitigate products are diverted to our electronic labs for
and offset the impact of the products and services repair and reuse.
on the environment. Resource efficiency is the
Under the retrofitting and revamping business
immediate requirement to generate maximum value
(part of customer care), we ensure energy
with minimal negative impact to recycle, repair,
savings, resource-efficient solutions of Capex
refurbish and reuse the best.
through energy audits – thereby helping
We are proactively building the circular economy customers to replace old machines with new
approach in our products and solutions. ones with the latest technology.
We and our partners collect and discard defective

electronic waste systematically. Some of these
Supply chain management
Most industries globally are grappling with supply demands and simultaneously navigating through
chain disruptions, raw material shortages, and rising any supply-chain or price increase issues. We are in
commodity prices impacting procurement and process of developing localised eco-system with an
supply. aim to reduce dependency on imports.
We have a well-defined framework of procuring in

a planned manner in-order to meet the business

Vocal for local
In a step towards a self-reliant India, the Government We have also formed a JV with Highly
has designed the Production Linked Incentive International (Hong Kong) Limited - subject
(PLI) framework. This will provide a level playing to approvals – and are engaged with them to
field for AC manufacturers with their global peers. design, develop, manufacture and sell inverter
The scheme will incentivize manufacturers to compressors for RACs, motors for inverter
produce high-quality products in a conducive compressors and their associated parts.
environment. We are planning to manufacture cross-flow
It has been our constant endeavour to manufacture fans, heat exchangers and plastic moulding
and source locally. We are in the process of setting components, as well.
up an additional manufacturing facility for Room Air
Conditioners and expanding our installed capacity
for Commercial Refrigeration products in our existing
plant.
In order to benefit from the PLI Scheme and carve
a niche for India in this space, Voltas, has planned a
capital expenditure of close to ` 350-400 crores.
We are looking at strengthening our domestic
manufacturing at our several facilities at
Waghodia, Pantnagar and the new plant
proposed in South India.
Waghodia facility
AC quality control and testing

line at Pantnagar
32 Voltas Limited
Rural electrification
Deendayal Upadhyaya Gram Jyoti Yojana (DDUGJY ) is

a scheme designed to electrify rural India. Attaining a
100% rural electrification target is a major milestone
for India to fulfil the SDG target 7.1 of providing
universal access to affordable, reliable, and modern
energy services by 2030.
Voltas, has been instrumental in electrification

of more than 30,000 villages under the DDUGJY
Scheme. We have been the ‘last-mile’ connector and
working closely with the Government to provide
electricity to the remotest parts of India.
We also ensure uniform complaint resolution and
service delivery through the single window solution.
Securing water
India is facing a severe water crisis. Around 600 million

people in India are facing extreme water stress. It is
estimated that by 2030, 40% of India’s population will
not have access to safe drinking water. Bearing this in
mind, the Government has taken a critical step towards
the clean Ganga initiative under the Namami Gange
Scheme.
Under our Water Management Business Division
(WMBD), we have undertaken end-to-end water
treatment projects and through the Namami Gange
initiative, we:
Are leading this initiative across 5 States with 29
projects.
Have completed 2 sewage treatment plants in
Bihar which have ensured proper treatment of
household sewerage, leading to clean treated water
Bihar Urban Infrastructure
discharge in the river Ganga.
Development Corporation, Beur

Creating Value. Transforming lives.
The bedrock of our business for securing long-term customers
INPUTS business model
Financial capital
Operating Working Capital ` 1,923 crores
Owners Funds ` 5,500 crores
Debt (mainly overseas operations) ` 361 crores
ty
Total Assets ` 9,746 crores
gri un
Net worth ` 5,468 crores e i
ty
Total Capital Employed ` 5,538 crores
In
manufactured capital
bility
Existing manufacturing locations 4
exc
Facilities added in last 5 years 2
(Waghodia and Sanand)
el l
Total manufacturing capacity 2.7 million units
nsi
(consumer and commercial)
e
o
n
p
ce
es
intellectual capital r
Investment in R&D ` 14.25 crores
R&D team strength 37 pion
Research & Development centres 4
eering
human capital
Investments towards Employee ` 1.65 crores
training programmes
Training, programs 681
Employee engagement initiatives 52 pm ent pro
eo cu
during the year (Nos.) ev re
,d m
Average work experience of senior 20+ years
on ign e
management es
i
nt
at
d
ov
Spend on Employee Safety ` 30 lakhs

I nn
Total No. of employees 8,000+
Unitary engineering
Products projects
natural capital
Renewable Energy Capacity 700 MW manufac
vices
Water consumption 49,387 KL

Energy consumption 35,961 GJ
ser
Energy savings 445 GJ Engineering

CONSUMER
Products and
les
durables
ur
Solutions
a
ing
s
Social and Relationship capital

r-
te
CSR Spend (Financial support, ` 12.94 crores

af
CSR Activities)
EBOs 200+ i
sal nstallatio ion
n
Touchpoints 24,000+ e s, tr
a ns p o r a
t t
Experience Zones launched 1
34 Voltas Limited
outputs sdgs
Financial capital
QUALITY
Market Capitalisation ` 41,178 crores EDUCATION
Return on Capital Employed 13%

Value Generated Return on Equity 9.6%
Dividend payout ratio 31%
For providers of Total Income ` 8,124 crores
financial capital Profit Before Tax ` 697 crores GENDER
EQUALITY
We deliver consistent, profitable and Profit After Tax ` 506 crores
responsible growth Credit Ratings (ICRA) AA+
Debt: Equity ratio 0.06:1
For Customers EPS (per share) ` 15.23
Value to customers by providing high CLEAN WATER

quality and sustainable products AND SANITATION
manufactured capital
No. of units sold (Consumer) 3 million+
For our People
Sales of commercial products tonnage 2 lakh ton
We strive to provide equal opportunities
to all our employees, ensure capacity
building, training, and a safe work
environment intellectual capital
New SKUs added in 2021-22 244
Total no. of 5 star SKUs 85
For communities around us
Room AC market share 23.4%
We contribute towards improving 35.7%
Window AC market share
the living conditions of communities
around us through our CSR activities;
at the same time we ensure that our
production processes do not have any human capital
adverse impact on the environment Turnover per permanent employee ` 2.96 crores
around us Percentage of employees trained 85%
Total Training mandays 56,679
Lost Time Injury Frequency Rate 0.048
For suppliers
Fatalities Zero
We ensure an optimum supply chain
with competent suppliers for seamless
operations. We also engage and
collaborate with our suppliers closely natural capital
for knowledge enhancement, process Quantum of Water recycled 7,800 KL+
improvements and product applications E-waste recycled 11,500 MT +
Renewable energy utilization 1,790 GJ
Social and Relationship capital

Villages benefited through CSR interventions 10,000+
Investor interactions during the year 100 +
Social media presence (impressions) 17.5 million +
Customer satisfaction index (consumer) 88%
Grievance resolution time (UPBG only) 39 Hrs

Assets that Add to Our Resilience
A necessity for future growth
Our Company’s 6 decade legacy is a testimony of our commitment to sustainable

value creation for all our stakeholders. Our strong fundamentals and core
competencies have positioned us to navigate the current external crisis. Our focus
on prudent resource allocation, control systems, and proactive strategies continues
to take our Company to the next level of growth.
The year was a mixed bag of - Working on better product

events for both the industry mix and other value
and our Company. On one engineering initiatives to
hand, we started witnessing drive better margins
gradual economic recovery on
- Planning procurement to
easing of Covid-19 restrictions
partially mitigate escalating
and on other hand, mutation
raw material and logistics
of Covid-19 variants and geo-
cost and also mitigate any
political issues at the end of the
supply-chain issue
year led to headwinds towards
increase in prices and inflation - Enhance focus on timely
as a whole. collections in all our
businesses
Financial At Voltas, we measure our
progress by our ability to - Selecting orders of high-
Capital look beyond challenges. We quality and better margins,
have been responsive to the diligently
changes and always try to take - Enhancing productivity
actions on a timely basis. This
helps us embrace tomorrow - Improving cost
with agility and vigour. rationalisation
Despite headwinds, we - Adopting various cost

continued sailing our way austerity measures
ahead on our focussed
approach towards
36 Voltas Limited
- Managing our Cash by investing required for our overseas Board, we continue to maintain
in better rated and secured operations. However, our financial atleast 25% of our exposure
investments resulting in safe flexibility is demonstrated through hedged. We at Voltas, reserve our
and quality returns the availability of liquidity on our earnings in foreign currency in
balance sheet. EEFC and take forward contracts
Our culture of managing risk in a
on a timely basis to mitigate any
structured manner has contributed
Forex Risk risk towards depreciation in our
significantly to maintaining a
operating currency.
healthy balance sheet. Our A part of our risk also includes
operating cash flow has continued exposure of foreign currency on
to remain positive despite the tides account of our imports in USD. As
we have been facing. Borrowings a directive by the Governance and
has been minimal to the extent
UCP - Range of ACs

Sales and Services Profit Before Exceptional Items and Tax
(` in crores) (` in crores)
7,841
7,457
804
796
7,627
7,085
709
697
6,380
689
2017-18 2018-19 2019-20 2020-21 2021-22 2017-18 2018-19 2019-20 2020-21 2021-22
Despite emergence of Covid variants and extended Albeit the recovery in revenue, profit was impacted on
winter, thriving on the summer and our distribution account of loss on joint ventures and associates
reach, we managed to register growth during the year
Net Worth Cash and Bank with Liquid Investments

(` in crores) (` in crores)
2,835
5,468
4,937
2,465
2,227
4,209
4,011
3,900
1,939
1,868
2017-18 2018-19 2019-20 2020-21 2021-22 2017-18 2018-19 2019-20 2020-21 2021-22
A stronger recovery in business in the subsequent
quarters, focus on collections in all divisions helped us
achieve a strong cash position even in uncertain times
Dividend on Equity Capital Earnings Per Share

(%) (`)
550
17
500
16
16
15
15
400
400
400
2017-18 2018-19 2019-20 2020-21 2021-22 2017-18 2018-19 2019-20 2020-21 2021-22
38 Voltas Limited
Return on Capital Employed (RoCE) Market Capitalisation

(%) (` in crores)
41,178
20
33,150
18
16
15
20,828
20,544
13
15,844
2017-18 2018-19 2019-20 2020-21 2021-22 2017-18 2018-19 2019-20 2020-21 2021-22
Subdued profits amidst the pandemic resulted in dip in Strong Company fundamentals coupled with investor
RoCE for the year confidence in the Brand helped Voltas achieve a
life time high of ` 1,356.90 per share - a market
capitalisation of ` 44,886 crores
Debt/Equity
(%)
8
6
5
4
2017-18 2018-19 2019-20 2020-21 2021-22
Capital Trade-offs
Capital Impacted Stakeholder Impacted Strategic Goals

Manufactured Employees Shareholder value
Intellectual Customers creation
Human Communities Improving

Financial
operational efficiency
Capital Social Government
Building stronger
Natural Shareholders
cashflows
Vendors

Investing in the Future
Strengthening our capabilities to meet
CONSUMER dynamic needs
We are trying to make significant inroads in the ever-evolving space with state-of-the-
art manufacturing infrastructure backed by best-in-class technical know-how. We are
building on our innovative product pipeline and augmenting capabilities to strengthen
our manufacturing abilities to achieve self-reliance. We have committed to invest
in building competencies across our verticals to support long-term growth and
value creation.
Make in India Government’s Production

Linked Incentive (PLI) Scheme.
It has been our constant
We have registered in the PLI
endeavour to manufacture
Scheme for manufacturing
and source locally. We are
Compressors, Cross Flow
in the process of setting up
Fans (CFF), Heat Exchangers
an additional manufacturing
and Plastic Moulding
facility for Room Air
Components as our long-
Conditioners and expanding
standing commitment towards
our installed capacity for
Atmanirbhar Bharat would be
Commercial Refrigeration
an important step towards our
products at our existing plant.
goal of backward integration
To further emphasise our and will help us secure our
commitment towards supply chain against political
local manufacturing, and trade uncertainties. Our
we participated in the efforts have been channelled
manufactured
Capital
Refrigerator Assembly Line at Sanand
40 Voltas Limited
towards developing a robust local PLI Scheme. In order to comply with (ii) Financial ease through optimum
supply chain ecosystem. Our actions the PLI requirements to manufacture utilisation of resources
will help ring-fence ourselves from components, we have planned to (iii) Commercial ease through
any unexpected eventualities in the spend ` 350-400 crores in Capex. execution of projects under one
future. entity
Towards the end of the year, we Business Restructuring (iv) Improvement in flexibility to help
undertook yet another step towards We undertook a business us expand our business further
tapping the opportunity in the restructuring exercise as a step in the B2C space
industry. We entered a joint venture to help us focus on B2C and B2B
The manufacturing of frost-free
with Highly International (Hong Kong) businesses, independent of each
refrigerators has commenced at the
Limited, a wholly owned subsidiary other while expanding the growth
Sanand factory. We have also added
of Shanghai Highly (Group) Company of each business individually.
a production line for fully automatic
Ltd. This JV would engage in the Furthermore, segregation of our
washing machines. This initiative
business of design, development, businesses into separate entities will
of in-house manufacturing shall
manufacture, marketing, sale and also lead to:
help us introduce more customer-
service of inverter compressors
(i) More direct and meaningful centric products, helping optimise
for room ACs, motors for inverter
comparison versus industry the working capital and other cost
compressors and their associated
peers i.e. benchmarking business savings associated
parts. Our Company will have a 40%
performance with industry with it.
stake in the JV and it will help the
Company be a key beneficiary of the
infra Project - DMRC IOBG - Bahrain City Centre (BCC) Mall
Capital Trade-offs

Financial Employees Responsible sourcing
Intellectual Customers of raw materials
Human Communities Reducing our impact

manufactured
on the environment
capital Social Government
Building capacities
Natural Shareholders
for the future
Vendors

LEVERAGING TECHNOLOGIES
TO AUGMENT PROGRESSION
Nurturing knowledge for the future
To build world-class products and provide seamless service, we continue to invest in

technology, digitisation, automation, safety, environment and systems. Our untiring
efforts in R&D help us innovate advanced and differentiated products. Continuously
sharpening the edge of innovation is the key to building the best. Our focus on
digitalisation and automation enables us to cater to the dynamic needs of our
end-users.
Conceptualisation and Designing of Product Prototypes at our R&D Centre
IT Initiatives made constant improvements to

the IT infrastructure and security.
In the face of repeated waves of the
Voltas successfully completed
Covid-19 pandemic and multiple
intellectual lockdowns during 2020 and 2021,
the Vulnerability Assessment
Capital Work-from-Home (WFH) and a
and Penetration Testing (VAPT),
and also enhanced the Web
hybrid work culture became the
Application Firewall (WAF) and
new norm. Voltas’ response to
NextGen EDR. In order to ensure
these changing needs was quick,
seamless connectivity and remote
and we launched multiple initiatives
collaboration, the Company
to provide an enhanced experience
introduced IT capacity and
to all our consumers. The process
version upgrade initiatives such
was further strengthened to
as expansion of the Storage Area
enable remote support for a
Network (SAN) storage capacity
smoother transition with minimal
of servers, along with the backup
work disruption. The Company
capacity of Data Center and DR
42 Voltas Limited
Servers, increasing the internet

bandwidth across all our offices,
and upgrading active directory and
SMTP servers, thereby providing an
advanced solution for fast backup
restoration.

Applications and Digital
In the process of Business Transfer,
the Company’s IT team ensured
configuration of all systems and
applications for smooth and
uninterrupted transition of the
business. Voltas launched its
own e-Commerce portal (www. Pantnagar facility
voltaslounge.com), and new
implementations were undertaken IT Asset Management System, Safety partners (like Tata Cliq), and external
for e-Procurement. Various Portal enhancements, Technician applications (like Optiexim, Delhivery,
functionalities such as online Safety App, CRM enhancements among others). Collectively, all the
payment integration, channel were some of the key initiatives on work and developments during the
partner financing, consumer Web. New processes were added year played a critical role in further
finance integrations, AMC Renewal using Analytics and Robotic Process enhancing business advantage,
alerts, were some of the projects Automation (RPA), integrated with customer delight and in securing
undertaken in Siebel and SAP. cutting-edge third party systems. the digital environment of the
With the changing IT dynamics and Analytics platform was extended organisation.
demands, the Company increased its for new business units and new
emphasis and focus on digitalisation. interfaces were added with banks,
Voltas Beko - A range of Consumer Durables

India’s First AC with HEPA Filter technology
PureAir 6 Stage Adjustable Inverter AC comes with a unique value proposition of ‘Pure & Flexible Air
Conditioning’, powered with HEPA Filter, PM 1.0 Sensor and AQI Indicator (an industry first). It helps purify the
indoor air and is also loaded with 6 Stage Adjustable Tonnage Mode. Allowing the user to switch within multiple
tonnages, depending on the ambient heat or number of people in the room, the AC provides pure and clean
air, savings, and optimisation of running costs.
Features: Multi Adjustable Mode: Intelligent switching

HEPA Filter: Provides a very high level of filtration within multiple tonnages, basis ambient heat and
for the smallest and the largest particulate the number of people in the room.
contaminants. Super UVC Technology: Provided in select
AQI Indicator with PM 1.0 sensor: A multicolour models for further purification.
indicator ring to show the AQI range and a highly Eco-friendly Refrigerant: Green R32 refrigerant,
sensitive PM sensor that detects particulate which is environment friendly.
matter with the highest accuracy. High Ambient Cooling: Keeps the user
comfortable even at 52°C.
3
skus launched
MAHA-ADJUSTABLE INVERTER AIR CONDITIONERS

Based on the cultural insight of consumers opting to ‘adjust’, the Voltas’ Maha-Adjustable Inverter AC comes with a
unique value proposition of ‘Flexible Air Conditioning’ that allows the user to choose from multiple tonnage options.
Features: Super UVC: The PureAir AC in this range comes

Adjustable range from 0.75 Ton, 1 Ton, 1.2 Ton, with Super UVC technology and TiO2-coated air
1.5 Ton or 2 Ton depending on the ambient heat filtration system.
or the number of people in the room; leading to Superdry Mode: Controls the humidity levels in
savings and reduction of running cost. the room by quick dehumidification.
Multi-Adjustable Mode: Intelligent switching Eco-friendly Refrigerant: Green R32 refrigerant
within multiple tonnages, basis ambient heat and which is environment-friendly.
the number of people in the room. High Ambient Cooling: Keeps user comfortable
even at 52°C.
32
skus launched
44 Voltas Limited
FRESH AIR COOLERS

Launched our new Voltas Fresh Air Coolers with the unique Smart Humidity Controller, which optimises the
humidity in a room. It has 3-Sided Honeycomb Padding for the ultimate cooling experience, and it cools large
spaces easily using Turbo Air Throw.
Features: Pre-Soaking: Pre-cools the Honeycomb pads

before starting the fan, releasing cool and fresh air
Smart Humidity Controller: Optimises the
humidity in the air Honeycomb Cooling pads: Comes with better
durability and provides uniform cooling without
Mosquito Repellent: Resists mosquito breeding
letting dirt and sediment deposit
and keeps them away
Turbo Air Throw: Large fan size delivers a
powerful air throw to cool large spaces
38
skus launched
RO-ENABLED WATER DISPENSERS
Features
Hot, normal and cold-water functionality
LED indicator
Ease of use
22
skus launched

WIDER CHOICE OF COMMERCIAL REFRIGERATION EQUIPMENT
We strengthened our overall portfolio by introducing 60 SKUs of Commercial Refrigeration products, including
Convertible Freezer, Freezer on Wheels and Curved Glass Freezer.
Features
Convertible models with Galvanised
Iron inner sheet
Full glass door visi-coolers
Glass top models with LED
New table-top chocolate coolers
FOW (Freezer on Wheels) models
Condensing units for supermarket
equipment
Cold Room
Designed to meet today’s demand for varied industries, our
cold room refrigeration systems are eco-friendly, energy
60
efficient and IOT enabled.
skus launched
ECO-FRIENDLY WATER COOLERS
Features
ISI mark and inbuilt RO+UV solutions

Cooling retention
Green refrigerant
Faster cooling
Aesthetic and compact design
5-stage filtration advantage
25
skus launched
46 Voltas Limited
PRODUCT SOLUTIONS
RUKS CoiloTron
Developed by our Company Voltas and Canada-based Ruks Engineering Limited. The product ensures near-
total elimination of Mold, Fungi, and Microbes on the Cooling Coil and Drain Pan.
Features Two lamps per fixture for increased energy and

100% elimination of Endotoxin and Pathogens spread
on coil High reflective mirror surface providing 86%
Improves heat transfer efficiency by up to 20% specular reflectivity
Suitable for new or retrofit installations and is easy Highest lamp life in industry
to install Tested and certified by the UL for compliance
High energy output 425 mA lamps emitting at with fire and smoke safety to UL 2043 and is CE
253.7 nM Certified
RUKS GermiTron
The RUKS GermiTron Ultraviolet Germicidal Irradiation (UGVI) System can kill 90% of bacteria and viruses
per pass. This indoor air quality and bactericidal management system has a scientifically proven design with
computerised selection to ensure the delivery of specified or target kill rates.
Features Offers high energy output 800 mA lamps installed

Provides software version of selection in frame-mounted Quartz Sleeve
Customised design to suit airflow and duct size Is environmentally friendly, easy and facilitates
quick lamp change
Comes with rated average life of lamps at
16,000 hours Does not operate at ultra-low wavelength, thereby
preventing the production of ozone

Handheld
HandHeld is a portable disinfection unit designed for rapid sanitation of any surface.
Features
Lightweight and portable
Perfect solution to rapidly disinfect raised

surfaces, recessed vertical surfaces, angled
surfaces
Safe for use on any common surface, including

food, at the recommended exposure
Exceeds 99.9% kill rate of Covid-19 when the

target surface is within six inches of the UV lamps,
for a duration of 1 second
UV Cart System
UV Cart System is designed to deliver high germicidal intensity, adequate to sanitise the area and inactivate the
micro-organisms in a short time. UV Cart System is designed with UVGI Fixtures.
Features
Contains 2 lamps to ensure deep penetration over

the surface
Comes with multiple UVGI Fixtures in one frame

designed for a larger coverage
Comes with customised profiled aluminium reflector

mirror surface with specular reflectivity of 86%
Disinfects walls, ceiling, the floor in one movement
Comes with high output lamp of 425 mA each, with a

rated lamp life of 12000 hours
48 Voltas Limited
VOLTAS BEKO HOME APPLIANCES
REFRIGERATORS
Our portfolio includes refrigerators with industry-defining features and a combination of unique patented
technologies – HarvestFreshTM and StoreFreshTM.
Features
HarvestFreshTM Technology: Upto 30 days’

freshness of fruits and vegetables
Active Fresh Blue Light Technology: simulates

natural lighting conditions, keeps food fresh
NeofrostTM Dual Cooling Technology:

Maintains the same temperature right from top
to bottom of the crisper, ensuring no mixing of
odours between compartments
Additionally, the refrigerators include dynamic

features such as Fresh Guard™, and Ion Guard™
MICROWAVE
Our range of microwave ovens includes Solo, Grill and Convection model types and combinations of the same.
These microwaves are designed to suit the needs of a household in India.
Features
Auto cook programme
Ample room for large-size containers
Perfect aesthetics look which complements

cooking and kitchen
Advanced feather touch digital display
Active Defrost technology

WASHING MACHINE
Introduced our 5 Star rated Top Load Washing Machine range built on the principles of industry-defining USPs
like Fountain Wash and adjustable Jet function. The wide portfolio of washing machines caters 7.5 to 14 kg
capacities.
Features Prosmart Inverter Motor: Enhances washing

machines’ performance while consuming less
Stain Expert Function: Helps remove 26 tough
energy and with brushless motor
stains
India’s first 5 Star Semi-Automatic Washing
Steam Wash: Softens dirt, releases wrinkles and
Machine
sanitises clothes
50 Voltas Limited
DISHWASHERS
Our range of Dishwashers are specially designed to meet the needs of Indian kitchens while rinsing heavy
stains developed due to the Indian cooking style. During the year, we expanded our product offering with the
introduction of AquaIntenseTM and Fast Plus functions. Our Dishwashers are available in full sizes and also as
table-top Dishwashers.
Features GlassShieldTM Technology for better protection

against glass corrosion
Saves power and water with ProSmartTM Inverter
Motor SteamGlossTM Technology for reducing droplets
size and improving glossiness
Designed with 360° rotating head
Magnetic motor designed for less vibrations and

mechanical noises
Capital Trade-offs

Financial Employees Innovate offerings
Manufactured Customers Harness
Intellectual Social opportunities
Capital
Leverage capabilities
and capacities

Talent that helps us Transform
NURTURING our human capital to drive growth
We focus on the development of our employees’ over-all competence, health and

safety. We aim to be a reliable employer and an encouraging working entity where
every individual has the opportunity to hone their skills
and abilities.
At Voltas, we aim to create sustainable future through our

a work environment where smart engineering technology
our employees flourish. and processes, and we are
Employees play a critical role committed to their well-
in successfully running our being and safety. Our people
diverse business offerings, initiatives promote the holistic
creating value and supporting growth of our people. Over the
us in meeting the expectations years, we have improved our
of our stakeholders. Our employee engagement score
employees proactively and reduced work-related
contribute to create a accidents.
human
Capital
Waghodia facility
8,000+
Number of Employees
52 Voltas Limited
Waghodia facility
DIVERSE WORKFORCE our employees to present and

implement their diverse thoughts
Our diverse workforce brings and perspectives. We are also an
unique and different skill sets and equal opportunity employer and
experiences to our organisation, ensure there is no discrimination
and we further nurture this talent against our employees based
through our various holistic on race, caste, religion, colour,
development programmes. We ancestry, marital status, gender,
follow a two-pronged approach sexual orientation, age, nationality,
by building internal resources and ethnic origin, disability or any other
hiring industry experts. category protected applicable law.
We strive to make our workplace
inclusive while encouraging
3 lakhs+
Employee learning hours
2,000
modules on digital
learning platforms
Coex, Fire safety & House keeping stand down

EMPLOYEE WELFARE AND against forced labour of any kind.
WELL-BEING During the reporting year 2021-22, We have taken several
we did not receive any complaints initiatives toward our
At Voltas, we respect human rights related to sexual harassment, employees’ well-being,
and ensure they are protected child labour, forced labour and which has become a core
and governed by the Tata Code involuntary labour. During these driver of our growth. The
of Conduct (TCOC). We have a challenging times of the Covid-19 three pillars of our well-
zero-tolerance policy against pandemic, we took care of our
harassment, whether sexual, verbal
being initiatives include
employees and ensured that our
or psychological. Apart from that, Physical well-being,
employees had access to doctors,
we ensure that we do not employ Financial well-being and
counsellors and helpline numbers.
children at our workplaces. Our Emotional well-being.
code of conduct also safeguards
Swachh Bharat Mission Blood donation at Azaiba Muscat, Oman
EMPLOYEE ENGAGEMENT
We constantly try to understand

and resolve any concerns and
challenges our employees face
through our various employee
engagement programmes and
initiatives. Our focus remains on
creating an employee-centric
environment by conducting
employee satisfaction surveys,
performance feedback, and
organising employee connect
programmes. We believe in the
ICICI - Gas welding training
54 Voltas Limited
holistic well-being of our employees

and have initiated various We came up with new ways to engage remotely
programmes around financial, with the employees regarding their learning and
emotional and physical wellness for development needs. We leveraged our learning
our employees. An immediate shift platforms like Percipio, HandyTrain, TMTC, among
from physical to virtual learning was
others, to promote online learning and build on the
one of the key breakthroughs in
learning culture in the organisation.
Covid-19 times.
TMF RAC training Plumbing training being imparted to students at plumbing lab
EMPLOYEE LEARNING AND

DEVELOPMENT
At Voltas, we believe in fostering

a culture of continuous learning.
Development and learning is
the core of our human resource
strategy. We achieve this by
providing learning opportunities
across different functional areas
through varied learning channels
to all employees, associates, and
service technicians. Upgrading our
skills and knowledge is one way
of keeping up with the constant
technological advancement and Students at Voltas supported Skill training centre in partnership
with Fr. Agnel Technical Institute
changes in the market. We have

In-house Subject Matters
We started our journey of digitalising the learning and Experts
development offerings in 2018, focusing on improving E-learning courses on percipio,
e-learning by introducing Skillsoft. Consequently, we addressing the needs across
launched Handytrain mobile application in 2019 to reach grades
out to service technicians. With the introduction of this
TATA Management Training
application, we have been able to reach out to more than
Centre session for:
10,000 users. Our internal subject matter experts have
developed more than 100 modules. - Soft skills and functional
programmes through VILT
mode and classroom mode
customised business-specific Service effectiveness training - Need-based programmes
training modules designed programmes for Area Service addressing the requirements
in consultation with different Managers (ASM) across levels
departmental heads.
Service effectiveness training - Leveraged free content on
Role-based learning and programmes for Branch Service various websites such as ASQ,
development have been our focus Managers (BSM) APQC and TATA platforms
since last year. Our knowledge
Product training programmes for - On-the-go learning through
and skill enhancement e-initiatives
Area Sales Managers and Branch our mobile learning app,
are designed based on the
Managers Handytrain. Catering for the
training needs and gaps analysis
byte size learning needs
in discussion with business heads. Soft skill training programmes
across the organisation also
We cover right from front line for In Shop Demonstrators (ISD)
extended to our service
franchisee technicians to our senior across locations in India
providers.
management employees in these Soft skill/service effectiveness
initiatives. Following are some of - POSH awareness training
programmes for all the programmes for all
the initiates we undertook last year: technicians of franchisees and employees
Sales training programmes for direct service centres (DSC)
- POSH training for IC members
Business Managers of UCP Technical and functional skills
- TCOC programmes for GM
enhancement webinars through
and above level employees
Project site - Safe usage of Hand & Power Tools TBT - Power Tool, Reem
56 Voltas Limited
OCCUPATIONAL, HEALTH ISO 45001 certified and covers

AND SAFETY all our employees and workers, KEY SAFETY INITIATIVES
including projects, manufacturing
The health and safety of our units and services. The initiatives we undertook
employees are of paramount during the reporting year were
importance to us. We have been One of our key focus areas has road safety annual campaigns
actively focusing on creating a been the Safety Leadership and working at height safety
safe working environment by Programme, and people were annual campaigns, since these
encouraging the participation trained for the same during the are some of major work-related
of our employees. We are reporting year. We also conducted hazards we have identified as a
continuously striving to identify external trainings under the safety Company. We have developed
and mitigate the risks posed to our leadership programme for our mandatory safety inductions,
employees and our workers in our top management. Our Hazard which includes training
business. Identification and Risk Assessment modules on-road and driving
(HIRA) process involves identifying safety, and material handling,
Our safety standards, practices work-related hazards, reporting among others, for our service
and policies are governed by the unsafe practices and conditions, technicians.
Tata Group’s Safety Standards. calculating the risk levels, and
We also have our Safety, Health taking control measures to avoid Some other initiatives
and Environment (SHE) policy that any such incidents. Further, we undertaken were safety
serves as a framework to prevent conduct our safety leadership awareness training for new
and report injuries at workplace. audits by Senior Management on a service joiners before being
Our occupational health and periodical basis. transferred to the branches;
safety management system is and a refresher safety
training programme for the
engineers at the customer
site. In addition, our service
engineers deliver toolbox talk
before commencement of work
everyday, safety briefing to
colleagues and workers with
details on the emergency exit
routes, and safe assembly
points, among others.
RAC - Skill development training
Capital Trade-offs

Financial Employees Build a safe working
human Intellectual Customers environment
capital Manufactured
Social

Transforming relations through
shared values and commitments
Valuing the trust that our Stakeholders, Communities and
Social Networks entrust us with
Our purpose is to unlock the power to enhance the quality of life for everyone today
and for generations to come. This purpose drives us to positively impact the lives of
people we are surrounded by – now and in the future. We are constantly evolving
our strategies by aligning and re-evaluating activities to meet the expectations of
stakeholders, thereby prioritising them.
Consumers
Comfort, care and convenience are the key metrics at our Company
when it comes to customer satisfaction and enhancing quality of life.
Our state-of-the-art, innovative, and efficient products aim to simplify
life, add a class, and enrich the experience each time.
Customer first
As a part of our ‘Smart Thinking’ philosophy, we have grown manifolds to
touch the highest distribution reach in the country over the last ten years,
to more than 24,000 touchpoints. Additionally, we have also launched an
exclusive online web store – www.voltaslounge.com – as a one-stop solution
for buyers looking to purchase Voltas or Voltas Beko products. Currently, our
presence spans over 200 Exclusive Brand Outlets (EBOs), and many more
Social and are expected to come up in the near future. We have also launched several
Relationship Brand Shops in Tier 1, 2 and 3 cities across the country to meet consumers’
Capital demand in these markets – enabling them to experience the best-in-class
and technologically advanced range of products.
58 Voltas Limited
Voltas Lounge
We aim to work towards exceeding the expectations of our
customers constantly. Observing a shifting focus towards
consumer preference for online shopping, we launched our
new web store - www.voltaslounge.com, aiming to reach out
to our customers 24X7 and be available to them at all times,
from within the comfort of their homes. Strenghtening
presence across channels, this Web Lounge is a one-stop-
shop for customers looking to purchase Voltas products
online. The customers also get access to the range of Voltas
Beko home appliances for online purchase of Refrigerators,
Washing Machines, Dishwashers and Microwaves. The Web
Lounge comprehensively showcases the products’ line-up
to the consumer from the house of Voltas. Voltas Lounge
1st Experience Zone in made from recycled fishnet waste, latest technology to fulfil the needs
the West recycled plastic bottles and thread of a modern home, our Experience
waste, encouraging consumers to Zone also has a corner for displaying
As a market leader, customer
build a greener future together. products for a hygienic home.
centricity has always been at the core
Consumers can also experience what
of all our offerings. Taking a step
living in a ‘Smart Home’ feels like by Scan to browse
towards our strategic ambition, we Voltas Lounge
exploring our HomeWhizTM platform
inaugurated our first Experience Zone
that provides a range of connected
in West India, located at Prabhadevi,
home appliances, offering products,
for our valuable customers in
services and user experiences. With
Mumbai. This Experience Zone
a state-of-the-art design and the
offers a unique experience to our
consumers, integrating the world’s
best technology in white goods with
comfort and convenience.
The objective behind creating an

Experience Zone was to make
the experience of buying home
appliances exciting and memorable
for consumers. To manifest the same
idea into the store, we have created
conceptual experience booths and
corners to display products rather
than opting for a regular store that
simply showcases the products
on a wall or in a cluttered floor
plan. In addition, the centre has a
‘Sustainability Zone’ as well where we
showcase our sustainable products
Voltas and Voltas Beko Experience Zone, Mumbai

Summer and Festive Bonanza Attractive Easy EMIs
With our consistent efforts towards bringing happiness Up to 5-year comprehensive warranty
to our customers, we once again brightened the Standard installation for ACs
festive season through our channel partners with the
To make the purchase process easier, we launched
‘Grand Mahotsav Offer’. This was a step toward fulfilling
several consumer schemes such as 15% cashback
customer aspirations and bringing the products closer
on major banks’ credit and debit cards, Zero Down
by making purchasing more attractive and affordable.
Payment Schemes on NBFC with choice of 6 and 8 EMIs,
During the festive season between October-November
among others. Keeping true to our brand promise and
2021, we came up with a 41-Day long exclusive offer
dedication to the ‘Make in India’ initiative, we introduced
through our channel partners, which included:
a gamut of state-of-the-art products in the market last
Zero down payment options
summer.
Special cashback offers on Voltas and Voltas Beko
products
Customer Care and Digital Initiatives have do it yourself (DIY) videos that are cost-saving
for Product Solution and offer quick service and instant satisfaction for our
We have successfully introduced, automatic mails, customers. Along with these, all our service engineers are
WhatsApp call registration, and a dedicated dealer app constantly building their capacities through three types
to create last-mile connectivity with our customers and of modules – safety, soft skills, and product training. We
value chain partners. We have also introduced a weblink, have already introduced Hindi and English Modules, and
which helps choose warranty and maintenance for there are more modules in progress, being developed in
servicing. This initiative is aimed at cost-saving while also regional languages. In this process, service engineers are
improving customer convenience. mandatorily required to secure a minimum benchmark
score before starting customer home visits for service. In
We are enhancing our customer care services with smart the context of Customer Relationship Management, we
service engineers and digital interventions. Our service have established various modes of communication and
engineers are equipped with 150 real-time learning feedback support systems.
and development modules for resolving issues. We also
Voltas Beko Experience Centre, Mumbai
60 Voltas Limited
Communities
28
spheres go beyond compliance
requirements and aim to create a
Shared value creation has always positive, tangible and sustainable Training Centers across
been fundamental to the way impact on the communities within 13 Indian States
we do business. For decades, which we function. All our efforts
12.94 crores
our activities and products are aligned with national and
have aimed to make a positive international development goals
difference in society, fostering
`
to provide maximum value to all
CSR Expenditure
our ongoing success. We have our stakeholders. In a bid to build
long believed that our Company sustainable communities, we
25
can only be successful in the long focus on skilling beneficiaries and
term by creating value both for capacity-building of NGOs, to set
our shareholders and society. both our implementation partners
Skills Developed for
Our interventions in the and the communities up for Beneficiaries
environmental and social success.
Community Development Program

Our CSR policy emphasises serving the local, societal and national goals. In line with the importance given to responding
to the issues of National Importance, we have been addressing issues like disaster management, sanitation and
affirmative action through the years.
Quality
HEALTH WATER
Education
MHM training with adolecent girls group, Piparkui village Water budgeting workshop, Mastupura

WATER only around 700 mm of annual rainfall.
Under the Participatory Ground Water Further, Marathwada is a landlocked region,
Management Project, phase two of the heavily dependent on rainwater with depleted
programme, six needy villages in the perennially underground water resources. Water sources
drought affected Beed District of Maharashtra do not get refilled, forcing most communities
are covered through interventions for Water to migrate to the sugarcane farms in western
Resource Management and Sustainable Maharashtra and Karnataka to sustain
Agriculture activities. The Beed District receives themselves.
AFPRO - Artificial Recharge Structures, Mahabal Layout mark, AsardohBlock Dharur
Quality Education to Read’). All these interventions have benefited

We support programmes aimed at enhancing students and teachers from Zilla Parishad and
English language proficiency (with the NGO Government Schools. We have made efforts to
‘Learning Space Foundation’), capacity building improve the pedagogy with a focus on building
of teachers (with the NGO ‘Muktangan’) and the capacities of Teachers to ensure the
inculcating reading habits (with the NGO ‘Room sustainability of the outcomes.
Waghodiya Kanya school urinal after intervention Rajnagar school hand wash stand
62 Voltas Limited
Sustainable Livelihood Program NGO partners and is delivered through 22

We acknowledge the significance of self-reliance technical and 3 non-technical skill programmes.
and economic independence for holistic and Taking forward the TATA Group’s Affirmative
sustainable development. Through various skill Action policy, we are committed to create and
development programmes, we seek to enhance promoting access to quality skill training and
capacity building for the Scheduled Castes
youth employability in the age group of 18 to
and Scheduled Tribes. We support the social
25 years. These programmes are coupled with
inclusion of these communities, which strive
on-the-job training and placement opportunities
to further the Affirmative Action mandate in a
as well.
focused and integrated manner.
We also conduct non-technical, short-term

courses in the areas of vocational skills, sewing
Technical Non- Recognition and tailoring and support to girls from SC/
Training Technical of Prior ST Community for Auxiliary Nursing Midwifery
Training Learning Course. Through our non-technical training
Refrigeration
Business (RPL) centres in Thane, Bhubaneshwar and Panvel,
and Central Air
Correspondent we trained 415 candidates through these
Conditioning RAC & CAC,
(RAC, CAC), and Business courses during the reporting period. Due to
Plumbing,
Plumbing, Facilitator (BCBF), the pandemic and country-wide lockdowns, the
Electrical and
Electrical & Customer Care number of placements through this initiative was
Masonary
Automotive Executive (CCA), slightly impacted.
Electrical &
Sewing and
Automotive Being an industry leader, we channel our
Tailoring, Nursing
technical expertise and experience in designing
Sustainable Livelihood through Skill and updating the course curriculum and syllabus
Development is our flagship CSR Programme. of the Room Air Conditioning (RAC) and Central
The programme has been implemented in Air Conditioning (CAC) courses. This has helped
13 States across India with the help of 11 us make this course industry-oriented and
market-linked.
TMF practicals, parts of AC

Recognition of Prior Learning (RPL)
RAC Training on simulator Training - Brazing
The concept ‘Recognition of Stakeholder engagement formed a

RAC & CAC, Plumbing,
Prior Learning’ – RPL – is gaining crucial part of the need assessment.
Electrical and Masonry
importance worldwide. It aims to Different stakeholders engaged in
Sustainable Livelihood appreciate prior learnings and open and constructive discussion
through Skill Development competencies of the candidate, sessions, including semi-skilled
is our flagship CSR irrespective of the medium of technicians, contractors and sub-
Programme. The achieving it. To understand the contractors, franchises, service
programme has been training and skill upgradation engineers, technical experts, and
implemented in 13 States requirements and identify customers. Actual site visits and
across India with the gaps as per market trends, a field interactions during the needs
help of 11 NGO partners needs assessment exercise was assessment helped devise and fine-
and is delivered through undertaken in the east zone of tune appropriate modalities and
22 technical and 3 non- our ecosystem (in West Bengal - best-suited strategies to roll out the
technical skill development Jamshedpur and Kolkata). It offered RPL initiative.
centres. We successfully a vast and comprehensive platform
trained many youth from to understand different aspects
marginalised sections of related to RPL in detail.
the community during the
reporting period.
Plumbing training being imparted to students at plumbing lab Electrical training
64 Voltas Limited
Brazing training of the contract base associates
IOBG Training - Al Sheraa DEWA HQ Project - UAE

Voltas Pantnagar Facility
Stakeholder creates a transparent and effective stakeholders, in no order of

Engagement and communication channel among preference, include shareholders
Materiality Analysis the stakeholders, strengthening and lenders, Government and
their trust on our long-lasting Regulatory authorities, industry
At Voltas, we understand the
relationships with them. associations, customers, suppliers,
need for stakeholder engagement
NGO’s, community, dealers and
and long-term value creation. We Stakeholder
distributors, contractors, media
strive to create value by focusing Engagement
and academic institutions. We
on optimising sustainability and
We have developed a robust engage with our internal and
financial returns.
mechanism to engage with our external stakeholders periodically
We have an effective dialogue stakeholders. We address the through consultations and provide
mechanism to address the key needs and concerns of our key platforms or communication
concerns of stakeholders. Based internal and external stakeholders channels such as surveys and press
on the responses received through a stakeholder mapping releases to freely express views or
and impacts assessed, we hold exercise. Our internal stakeholders opinions.
regular discussions to focus include employees – permanent
and address those issues. This and contractual. Our key external
66 Voltas Limited
Stakeholders Why are they important? Engagement channels
Shareholders and Provide financial resources Periodic Conference/Investor

Lenders Meets
Quarterly Performance
Briefings
Annual General Meeting
Government Legal, compliances or Meetings

and Regulatory policies important to our
Authorities
business
Industry Associations Develop partnerships on Industry Conferences

mutual interest Press Releases
Regional Industry Events
Memberships in Associations
Customers Long and beneficial Net Promoter Score

relationships will help the Feedback Surveys
business exist
Suppliers Facilitate in business Supplier Management

operations, provide an edge in Portals
the market Supplier Audits
Surveys
Community Social impact and vital to CSR Initiatives

business operations Community Grievance
Mechanisms
Dealers and Ensuring quality of Feedback

Distributors products Surveys
Contractors Value creation through Contractor

OHS training and fair labour Management Portals
practices Surveys
Feedback
Media and Academic For innovation and Media Briefings

Institutions strategizing business Press Releases
objectives Feedback

Materiality Assessment
We conducted a comprehensive materiality assessment to identify and understand the issues that significantly impact
value creation. The assessment identified the top 11 material topics that had interlinkages with ESG performances.
Due to the dynamic operating environment, the material topics keep evolving on the sustainability front. However, the
materials remain constant.
Material Topics Strategic Objective Approach
Emission Committed to bringing a Decarbonising by

Management positive impact switching to eco-friendly
refrigerants, improving
operational energy
Environment
efficiency
E-Waste Safe disposal of E-waste Adhering to e-waste

Management disposal rules and policy
Environmental Compliance with statutory Regular checking and

Compliance standards monitoring systems
Fair Labour To promote fair practices Adhering to TCOC and

Practices and equal treatment contract management
Health and To provide resilient and Implementing safety

Safety safe working atmosphere measures through
training and awareness
Local To bring a positive impact Empowering local

Community on the communities and communities through
Engagement strengthen the bond education, safe drinking
with them water, skill development
Social Stakeholder To address the impact and Stakeholder Relationship

Engagement concerns of stakeholders Committee
Product Lifecycle To provide quality Innovating through

products and retain customer insights and
customers inputs
Development of To provide products that Investing in R&D
Energy-Efficient have positive impact on
Products and Spaces the environment
(R&D)
68 Voltas Limited
Economic To provide better returns Investing in joint

Performance for our investors venture for a sustainable
and Market tomorrow
Share
Governance
Governance To create a safe, Adopting Tata business

and Ethics transparent model
environment for
stakeholders
Capital Trade-offs

Financial Employees Long-term value
Manufactured Customers creation
Social and Government Localised sourcing
Relationship
Shareholders Welfare development
Capital
of the society
Vendors

Progressing with sustainability
at our core
Valuing and integrating nature into our operations
to make smarter choices and PRESERVE tomorrow
We are taking the initiative by actively contributing, and consistently moving ahead
to integrate sustainability in everything we do. We are consciously reducing, reusing,
and recycling increasingly to reduce our carbon footprint. As a responsible company,
we take proactive measures to manage resources, laws, policies, and ensure accurate
allocation of resources for clients to responsibly minimise our environmental
footprints.
7,800+ KL 265
QUANTUM OF WATER water TREATMENT
RECYCLED PLANTS INSTALLED TILL
DATE IN BIHAR
11,500+ MT 300 MW
E-waste management Solar Energy projects
commissioned
Natural
Capital
100%
Zero ODP for new RAC
products
Some of our green initiatives

Installing daylights on the factory rooftop which resulted in power
savings of 6,098 kWh and a reduction of 5.2 tons of CO2 per year.
Automatic operation of a water pump for testing purpose resulted
in power savings of up to 315 kWh and a reduction of 0.27 tons of
CO2 per year.
70 Voltas Limited
Adopting trans vector type Conducting regular preventive the energy efficiency of its
pneumatic cleaning air guns maintenance activities to services. We have transitioned
significantly reduced our power ensure the energy efficiency to IE3 motors in our services,
consumption to 10,080 kWh of equipment that increases which has significantly reduced
and a reduction of 8.6 tons of the durability of systems like our clients’ need for energy and
CO2 per year. HVAC, UPS, DG set, elevators, reduced the overall emissions.
Installing high-Volume and electrical panels. We Reducing our carbon footprint

Low Speed (HVLS) Fans for replaced old and inefficient by conducting renewable
ventilation in the factory HVAC systems with new energy- energy business. One of our
locations; efficient ones. Close monitoring subsidiaries recently started
of the central HVAC system EPC business for Solar projects.
Started using Battery-operated
by the admin team, for better We are planning to commission
forklifts and BT trucks for
floor temperature, resulted in 300 MW by the end of the year,
material handling.
optimum energy utilisation. out of which 50 MW has already
Replacing all the conventional been commissioned. The
Leveraging the use of
lights with LED lights at Mumbai spread of the business includes
machinery and energy audits at
Head office and about to adopt more than 10 States of India.
our Textile Machinery Division
this practice in all other office
for its customers to promote
locations across India.
Voltas commissions first solar project in Dubai For SirajPower

Ozone-depleting
Substances
We are taking proactive measures
to phase out HCFC to protect our
environment and ozone layer well
before the timeline proposed
under Kigali Agreement. One of our
key steps against the phase-out is
the use of eco-friendly refrigerant
R-32, which has zero ODP. Our
R&D facility has played a pivotal
role in exploring different eco-
friendly refrigerants with lower
carbon equivalent emissions. These
include exploring opportunities
by using L20 (a blend of R32, R15
and R1234f) with much lower GWP
Water treatment plant
and ODS. For our chest freezer, we
use green refrigerants like R600a
and R290, with a GWP of 3 and 20,
Water Management Our Waghodia facility successfully
respectively. We are well ahead on
saves over 2,500 litres of water per
the research aspect in this sector As water is a precious resource,
day by replacing Coil Submerged
and have modified the assembly we are committed to utilising it
Leak testing with the new Helium
line at our manufacturing facilities. judiciously while ensuring efficient
Leak Testing Machine. Through this
This also includes the use of CO2 water management. Our processes
change, we saved 832,000 litres of
(R744), which has almost zero are not water-intensive, however,
water in 2021-22.
or NIL global warming potential we are consciously adopting water
compared to HFC refrigerants. neutral technologies and solutions. Our Textile Machinery Division
This has helped in the reduction of We ensure minimisation of water (TMD) has also significantly reduced
direct emissions of our plants. consumption by adopting several wastewater discharge into the
water-saving initiatives. To this rivers. We ensure limiting the
The solar water absorption
end, we have also implemented impact due to release of effluent
machine (VAM-10 TR) uses water
Rainwater Harvesting systems. for our TMD customers by offering
as a green refrigerant. This has
them machines and services with
been a very important step for The wastewater discharged to
Zero Liquid Discharge.
us to reduce the impact on the Common Effluent Treatment
environment. Plant (CETP) in Pantnagar is within Our M&CE division is proactively
the permissible limits of the engaged with clients in providing
Government guidelines. We also best-in-class services by
use some of the treated water acknowledging the potential
for horticulture and domestic impact of mining industry on the
purposes. We have 20 KLD STP environmental footprint. The
facilities at Waghodia, where division is significantly collaborating
treated water is utilised for with various stakeholders to
gardening purposes. create value and ensure long term
business sustainability.
72 Voltas Limited
Waste Management
We have been following the Reduce, Reuse, Recycle (3R) approach
for our waste management practices. We take conscious efforts
to manage waste generated at our facilities effectively. The
waste generated is classified as non-hazardous and hazardous.
The hazardous waste, which is a minor portion of our complete
waste, is disposed off through Government-authorised agencies
and recyclers. This is done by strictly following all Government
guidelines and regulations.
During the year, we inaugurated our first Solid Waste Management
unit in Madodhar Village, near Waghodia manufacturing plant, as
a part of our ‘Kachare Se Azadi’ initiative. The reprocessing plant
has been set up for solid waste disposal. It is well equipped to
segregate dry waste and wet waste to make plastic items, fertilisers
and liquids for sustainable growth. We have also partnered with
Coastal Salinity Prevention Cell (CSPC) to make provisions for
improving the basic needs of hygiene in the communities.
At our Waghodia facility, we recycled and converted 6 MT of scrap
copper tubes into usable copper tubes. We also recycled other
waste materials like scrap oil and batteries through authorised
vendors. Our Engineering Projects (International) services effectively
managed about 1.7 MT of HDPE plastic wastes through recycling
this year.
Our non-hazardous wastes include E-wastes. In adherence to the
e-waste policy, we could achieve a 100% target of e-waste recycling.
We also collaborated with Producer Responsibility Organizations for
the Extended Producers Responsibility of e-waste and implemented
customer buyback schemes to decrease the overall waste.
22 10,000+
Societies covered Villagers Beneficiaries
Capital Trade-offs

Financial Employees Reduce carbon
Manufactured Customers emissions
Intellectual Government Reduce dependency on

Natural natural resources
Capital Shareholders
Management of waste
Vendors

board of directors
Professional management is key to achieving Group goals
M
M
M
C M C
C M C
Noel Tata Pradeep Bakshi Vinayak Deshpande

Chairman Managing Director & CEO Non Independent
Non-Executive Director
M
M
M M C
M M C
Anjali Bansal Arun Kumar Adhikari Zubin Dubash

Independent Independent Independent
Non-Executive Director Non-Executive Director Non-Executive Director
74 Voltas Limited
M
M M
M C
Debendranath Sarangi Bahram N. Vakil

Independent Independent
Non-Executive Director Non-Executive Director Audit Committee
Corporate Social
Responsibility Committee
Investment Committee
Risk Management
Committee
Shareholders Relationship
Committee
Safety-Health-
Environment Committee
Project Committee
Nomination and
Remuneration Committee
Saurabh Mahesh Agrawal

Non Independent
Non-Executive Director

CORPORATE MANAGEMENT TEAM
Pradeep Bakshi Jitender P. Verma

Managing Director & CEO Executive Vice President &
Chief Financial Officer
Narendren Nair Jayant Balan Dinesh Singh

Executive Vice President & Chief Executive Officer, Voltbek Vice President -
Chief Human Resources Officer Home Appliances Private Limited Merger & Acquisition
76 Voltas Limited
Managing Risks
to Strengthen Resilience
Addressing risks with efficiency is essential
to progress sustainably
Our Company has a comprehensive and robust risk management policy and framework
in place. It covers all the business divisions and the corporate level. Senior Management
along with divisions review and address risks periodically. We prioritise the material risks
that can impact our Company’s value creation process to formulate mitigation plans.
A collective and distilled view of all the inputs is then taken into account to develop a
corporate risk matrix. This is first reviewed and monitored at Business Unit level and
thereafter, at an Entity level by the Board’s Risk Management Committee.
A comprehensive risk identification process
Identification Measurement Mitigation Monitoring
Some of our Company’s prominent business risks and along with their mitigation
strategies are given below:
Risks b) Probable loss of business during the peak summer

season
An increase in commodity prices and higher ocean
freight may impact margins c) Disruption in the supply chain in case of re-
imposition of lockdown
Shorter summers owing to climate change may
affect sales of cooling products and hamper channel d) Liquidity concerns and deferred investments
sentiments primarily by smaller private players
The imposition of higher import tariffs may impact Potential currency volatility and possible inflation may
profitability dilute earnings
Short-term impact on business due to the continued Risks pertaining to the health and safety of employees
presence of Covid-19 pandemic on account of: in plants and other facilities
a) Potential economic slowdown Exposure of sensitive data due to cyber attacks

Voltas’ business challenges, further compounded by capacity for Commercial Refrigeration products in our
the ongoing Covid-19 pandemic and the global geo- existing plant. To further emphasise our commitment
political tensions, are making us focus on an agile way to local manufacturing, we partook in the Government’s
of working. Our business models are designed keeping Production Linked Incentive Scheme (PLI). Our Company
flexibility in mind. This enables us to appropriately has registered in the PLI Scheme for manufacturing
pursue/alter the course of our actions as the situation Cross Flow Fans (CFF), Heat Exchangers, Plastic Moulding
evolves and demands. We believe in actively engaging Components, and Compressors. This is an important step
with all our stakeholders, be it consumers, channel towards our goal of backward integration and will help
partners, suppliers or employees. We feel this is critical us secure our supply chain against political and trade
to ensure the sustainability of our business ecosystem. uncertainties.
In our quest for lasting brand loyalty, we are focusing
Our Company remains a leading HVAC/MEP contractor in
on changing consumer needs and proactively fortifying
the country with a track record of successfully delivering
our value proposition to meet their expectations. To this
solutions across multiple infrastructure projects and
end, our enhanced focus on B2C and B2B businesses,
industrial and commercial establishments. The Central
independent of each other, will assist us in expanding the
Government has repeatedly emphasised boosting
growth opportunities of our respective businesses.
infrastructure spending, which will act as tailwinds to aid
We take pride in the time-tested strength of our dealer our business growth.
relationships. As we progress, we will continue focusing
on sensibly expanding our presence in both offline and
online channels. The progressive addition of Voltas Forex risks
Beko products to our portfolio further improves our We have a well-defined and continuously monitored
appeal to the trade whilst extracting cost synergies from forex policy for hedging currency exposure in place.
marketing, sales, distribution and service spending. The Our presence and earnings from the Middle East and
underpenetrated nature of our products provides ample Mozambique projects also act as a natural hedge against
runway for sustained growth in the future. We are also exchange volatility. Meanwhile, our balance sheet, with
channelling our efforts towards developing a robust local its ample cash resources, acts as our strength in stressful
supply chain ecosystem to ring-fence ourselves from times as it did amid the Covid-19 pandemic. It helps us
any unexpected rumblings in the future. We are in the plough on with longer-term strategic investments and
process of setting up an additional manufacturing facility other growth imperatives.
for Room Air Conditioners and expanding our installed
Voltas Air Cooler Platter
78 Voltas Limited
CORPORATE INFORMATION
BOARD OF DIRECTORS CORPORATE MANAGEMENT Bank Muscat
Al Masraf
Chairman Managing Director & CEO
Arab bank
Noel Tata Pradeep Bakshi Citibank
Managing Director & CEO Executive Vice President &
REGISTERED OFFICE
Pradeep Bakshi Chief Financial Officer
Jitender P. Verma Voltas House ‘A’,
Directors Dr. Babasaheb Ambedkar Road,
V. Deshpande Executive Vice President & Chinchpokli,
D. Sarangi Chief Human Resources Officer Mumbai - 400 033.
Bahram N. Vakil Narendren Nair
Anjali Bansal SHARE REGISTRAR
Chief Executive Officer, Voltbek
Arun Kumar Adhikari TSR Consultants Private Limited
Home Appliances Private Limited
Zubin Dubash (formerly TSR Darashaw Consultants
Saurabh Agrawal Jayant Balan Private Limited)
Vice President - Merger & Acquisition C-101, 1st Floor, 247 Park,
Executive Vice President &
Lal Bahadur Shastri Marg,
Chief Financial Officer Dinesh Singh
Vikhroli West, Mumbai - 400 083
Jitender P. Verma Tel: +91-22-6656 8484
SOLICITORS
Vice President – Fax: +91-22-6656 8494
Messers Mulla & Mulla & Craigie
Taxation, Legal & Company Secretary Email: csg-unit@tcplindia.co.in
Blunt & Caroe
V. P. Malhotra
AUDITORS
AUDIT COMMITTEE S R B C & CO L.L.P. Chartered Accountants
Chairman
BANKERS IN INDIA
Zubin Dubash
State Bank of India
Members Bank of India
D. Sarangi Punjab National Bank
Arun Kumar Adhikari HDFC bank
Citibank N.A.
NOMINATION AND REMUNERATION BNP Paribas
COMMITTEE Kotak Mahindra Bank
Chairman ICICI Bank
Axis Bank
Bahram N. Vakil
HSBC Bank Limited
Members
OVERSEAS
Noel Tata
Anjali Bansal Emirates NBD Bank PJSC
HSBC Bank Middle East Limited
SHAREHOLDERS RELATIONSHIP First Abu Dhabi Bank
COMMITTEE Doha Bank
Chairman HSBC Bank Limited
Noel Tata Abu Dhabi Commercial Bank
BNP Paribas
Members
National Bank of Oman
Bahram N. Vakil Bank Sohar
Pradeep Bakshi Barwa Bank

Management
Discussion
and Analysis
82 Economic
Review
86 Business
Overview
98 Financial
Performance
103 Risks and

Concerns
103Internal Control
System
104 Human Resource and

Industrial Relations
Management Discussion
and Analysis
Global Economy World GDP Forecasts

(%)
Overview
6.10P
The year 2022 was a mixed bag, with the first half witnessing
mass vaccinations in phases, ease of restrictions and
3.60P
post-pandemic opening-up, providing nations with
3.60
opportunities to re-coup some of the economic losses.
2.90
Quantitative easing, relaxation in restrictions, monetary
policy frameworks, support packages and Government’s
initiatives towards achieving maximum employment and 2020
working towards price stabilities pushed the economies
on the path of recovery post-pandemic.
2018 2019 2021 2022
As the economies moved on the path of progression,
the multiple mutations of Covid-19 resurfaced again
in the second half of the year – bringing unfavourable
consequences to economic output. The rebound P : Projected
-3.30
continued at a slower pace with new challenges of supply Source: IMF World Economic
chain disruptions and higher food and energy prices Outlook Report April 2022
driving inflation to record high levels.
Outlook
The global economy grew by 6.1% in calendar year 2021
against a contraction of 3.1% registered in the year 2020. The beginning of 2022 had a mix of turbulent events, from
The advanced and developing economies grew by 5.2% elevated global supply chain shocks to inflation running
and 6.8%, respectively, in 2021. The US registered a record at its fastest pace. These issues were further aggravated
growth of 5.7% – the highest over the last four decades. by the conflict between Russia and Ukraine. Sanctions on
This growth was attributed to various stimulations provided Russia have put global energy prices at risk. Russia supplies
by the Government to fight against the aftermath of the around 10% of the world’s energy, including natural gas
pandemic. Industries started settling into the new normal and oil. Even though there are peace talks between both
and replenishing inventories on the back of increased nations, Ukraine has faced complete humanitarian and
investor confidence and recovery in consumption. welfare destruction. Together, Russia and Ukraine supply
The United Kingdom recorded its best performance since one-third of the world’s wheat and barley, apart from
World War II, expanding by 7.4% in 2021 on account of other major agro-products and fertilisers. This is also
huge package support from the Government. likely to put a food threat across countries. Further, Fed
Bank has turned hawkish, tapering down the easing and
China, on the other hand, expanded by 8.1% in 2021, increasing interest rates, along with ECB ending its asset
supported by robust exports. Overall, growth across purchase programme.
economies rebounded on account of a low base, pent-up
demand post the pandemic and huge support from the The recovery of the global economy will largely depend on
Government in terms of interest rate redressal and relief how the economies come together to contain the threat
packages. of the pandemic, ease out supply chains and restore
82 Voltas Limited
peace treaties between Russia and Ukraine. Against this by rebounding domestic demand, higher hydrocarbon
backdrop, the global GDP is likely to be at 3.5% in 2022. prices, and the preparation for the 2022 FIFA World Cup
(Source: The International Monetary Fund (IMF)).

Growth Markets of Voltas
The growth projection in Saudi Arabia for 2022 stands at
The Middle East and North Africa (MENA) region is likely to
7.6%. A strong rebound is anticipated in the Oil sector,
witness a GDP growth of 5.0% in 2022 compared to 5.8%
which in turn is likely to boost exports, benefitting non-
in 2021. The growth drivers will be higher oil output and
oil activity from high vaccination rates and accelerating
recovery in non-oil sectors.
investment.
The UAE’s early efforts of vaccination and fiscal support
to hard-hit sectors has helped its economy to gain In Oman, a hike in oil prices is likely to positively impact its
momentum. The high oil prices will help the economy economy. Improvement in demand from the oil and non-
to narrow its fiscal deficit to 0.7% of overall GDP. The oil segment is also expected to drive GDP growth to 5.6%
nation’s GDP is projected to be 4.2% in 2022 from 2.3% in 2022.
in 2021 on account of increased public spending, positive In 2020, Mozambique registered its first contraction in
credit growth, high employment and optimistic business nearly three decades. The economy is expected to recover
sentiments on account of the world fair EXPO event in gradually from 2021. But even then, the economy’s
Dubai. significant downside risks continue to persist owing to the
The real GDP growth of Qatar is anticipated to accelerate uncertainty surrounding the Covid-19 pandemic. Real GDP
to 3.4% in 2022. The reason behind this acceleration is the is expected to rebound over the medium-term, touching
strength gained in the economic recovery underpinned around 3.8% by 2022.

iNDIAN Economy The economic output is gradually reaching pre-pandemic
levels on account of the re-calibrated opening of the
Overview markets and progress in vaccination. This, coupled with
higher than pre-pandemic level real spending by Private
India’s economy is the fastest-growing economy of the and Government sector and the accommodative stance
emerging nations post-pandemic. India’s GDP is estimated of RBI during the fiscal has augmented the growth. The
to be 8.9% in 2021-22 against a contraction of 6.6% in capital expenditure in the current fiscal is estimated to
2020-21. Despite the damaging impact of the second be ` 7.50 lakh crores, 35% higher compared to 2020-21.
wave, the Gross Value Added (GVA) is likely to grow at 8.3% In order to give a push to the self-reliant India initiative,
in 2021-22 compared to a contraction of 4.8% in 2020-21. the Indian Government announced a set of structural
Apart from contact intensive services like Trade, Hotels, reforms in 2021, of which the Production Linked Incentive
Transport, Communication and Broadcasting, all sectors (PLI) scheme would benefit multiple sectors and boost
are likely to surpass pre-pandemic GVA in 2021-22. indigenous production.
India’s GDP growth from the second half of 2020-21 The second half of the year witnessed significant upheaval.
till third quarter of 2021-22 has been positive for five The GDP, estimated at 9.2% at the beginning of the year,
consecutive quarters. This itself is a testimony of India’s was revised down to 8.9% in 2021-22. The third wave
resilient economy. (Omicron) in January 2022 weakened consumer confidence
India’s GDP projections
(%)
8.90P
8.20P
6.10
4.00
2020
2018 2019 2021 2022

-8.00
P : Projected
Source: IMF World Economic Outlook Report April 2022 AC quality control and testing line at Pantnagar
Disclaimer: The World Economic Outlook (WEO) Report, premised on surveys carried out by the IMF, is usually published bi-annually, in the months of April and
October every year. It presents analyses of global economic developments during the near and medium-term. Hence, all the data captured in this Management
Discussion and Analysis Section is as per WEO April 2022 Report. Owing to the unprecedented event of the Covid-19 pandemic and geopolitical issues, there is a
possibility that IMF releases another report with amendments in the growth forecast over the earlier estimates. Hence, to maintain parity, the data presented at the
full year Board Meeting held on 5 May, 2022, has been showcased here.
84 Voltas Limited
and investor sentiment. The geopolitical tensions, supply food inflation, reflexes from trade sanctions, tightening
chain bottlenecks, and pronounced issues of coal, power policies and financial instability. Amid this scenario,
and semi-conductor further pose major challenges to the the GDP is likely to be around 8.2% for 2022-23. The
nation’s growth. India imports almost 80% of its oil needs 2022-23 budget is a balanced response by the Government
and a rise in oil prices would result in a widening of the to support economic recovery and enable the projected
fiscal deficit, a weakening rupee and rising inflation. 8%-8.2% GDP growth rate for 2022-23. The announcements
for record setting outlay on infrastructure projects and
Outlook push for the rural economy in the budget will support
India’s GDP in 2022-23 is likely to be impacted by various and revive the industry in general, recovering from the
factors like restraints on energy access and prices, pandemic-induced shocks.

Business Overview
Incorporated in 1954, Voltas has established itself as Voltas’ strong home presence of 24,000+ touchpoints is
the undeniable leader in Cooling Products, and the expected to aid Voltbek in attaining its objective of a 10%
No. 1 Room Air Conditioner brand, in India. A part of the market share in the Home Appliance’s segment by 2025.
TATA Group, the Company is also a project specialist
The Company is a provider of Engineering Solutions to a
and provider of engineering solutions. Voltas has been
diversified range of industries – including areas of Heating,
a consistent market leader and makes use of a strong
Ventilation and Air Conditioning, Refrigeration, Electro-
market positioning both domestically and internationally
mechanical projects, Electrification, Textile Machinery,
– across the Middle East.
Mining and Construction equipment, Water Management
With a broad and strong product portfolio – involving & Treatment, Cold Chain solutions, and Indoor Air Quality
Unitary Products, Engineering Products and Engineering management.
Projects – Voltas is also present in the White Goods During the Covid-19 pandemic, Voltas actively engaged
market through its joint venture (Voltbek) with Arcelik. and undertook initiatives to develop and upgrade medical
The Company’s wide range of offerings in the Unitary facilities to contribute to the global struggle against
Product segment includes Room Air Conditioners, the virus outbreak. The Company played a vital role in
Air Coolers, Water Dispensers, Water Coolers, Commercial maintaining the Heating, Ventilation, and Air Conditioning
Refrigeration and Commercial Air-conditioning products. (HVAC) systems of various hospitals and cold storage units
Furthermore, the joint force of Arcelik’s robust R&D, and for dairy and essential products.
86 Voltas Limited
Unitary Cooling Products (UCP)
Room Air Conditioners (RACs)
Industry volume growth in 2021-22 are expected to be

higher than 2020-21 but lower than 2019-20 levels, a pre-
pandemic year. However, there will be some head room
for the industry to reflect upon the growth in year-on-year
basis owing to festive season. Swift recovery post opening
of the regional lockdowns, pent-up demand ahead of
festive season and multiple consumer offers helped the
UCP business recovering partially the loss of season
sale. The year began with limited operational hours/days
imposed as part of regional lockdowns by various state
and local authorities which had a cascading effect on the
overall consumer durables industry especially for cooling
products market, as it being a traditional peak season
for sales. The business with its 24,000+ touch points
across the country managed to grow even during such
unprecedented times. Focus on the Inverter sub-category Voltas Adjustable Inverter AC
with competitive pricing and optimised number of SKUs
yielded a favourable outcome. The business had also
Further, the Government’s PLI Scheme on White Goods
taken a partial price increase during the year to partially
is designed to create a complete component ecosystem
offset the higher input costs.
for the Air Conditioner industry in India and make India
an integral part of the global supply chain. Over the next
Opportunities and Outlook five years, the scheme is expected to lead to the total
production of about ` 2,71,000 crores of components
India’s AC market was valued at ` 19,358 crores in
of ACs and LEDs. Thus, 2022 will see the Air Conditioner
2019-20. It is expected to grow at a double digit CAGR
market flooded with products geared towards the
during the FY 21 - FY 26 period, inspite of Covid-19
aspirational middle-class. With the PLI promoting
headwinds for two years. New innovative, health and
localisation, it is believed to substitute import sourcing
environment-friendly products to match the evolving
by 30% for the components side. Setting aside import of
consumer preference, changing lifestyle along with
raw materials, in the absence of ecosystem in domestic
increased affordability will fuel this market growth.
market, the Industry’s dependence on the import will be
(Source: GFK Retail Audit Report) reduced substantially in the next four years.

are used to cool large and open spaces like marriage
pandals, banquet halls, exhibition centres, open-air
restaurants, warehouses where air conditioning is difficult
or unaffordable. The segment is not very crowded, with
Air Coolers very few brands offering their products at present. To tap
into the potential of this new segment, the Company is
The lockdown significantly impacted the Air Cooler planning to launch a range of commercial coolers during
business. It disrupted the limited seasonal window 2022-23 Commercial
for secondary sales. This resulted in trade reporting a
substantial level of inventory impacting primary sales.
Focused efforts on expanding dealer network, expanded
product portfolios in each sub-category, and launch of
new SKUs helped in maintaining the sales during the year
under review. The launch of new SKUs, increased number
of touchpoints and acceptance of products resulted in
higher market share despite a limited time window of sales
for the Air Cooler category. It also helped the Company
retain its second position in the market with an overall
market share of 12% in the Air Cooler category.
Opportunities and Outlook
As far as the Air Cooler segment is concerned, Commercial

Air Cooling is emerging as the new sub-segment with
much potential for fast growth. Commercial Air Coolers Newly launched Air Cooler designed
for Indian tropical climate
exports, and a healthier channel partner mix from B2B

accounts helped register a stellar growth in this segment.
Further, focusing on strengthening contracts with OEM
and new product expansion helped the vertical achieve a
record growth of 22% over the previous year. Both OEMs
commercial Refrigeration
and Retail segments registered growth consistently over
the past few quarters.
The segment continued to perform well with the changing
dynamics of the industry. Despite witnessing two With the largest range of SKUs across all the three
lockdowns, ease of restrictions and changing consumer segments in Water Coolers/Water Dispensers/Commercial
taste and habits helped the Commercial Refrigeration Refrigeration categories, introduction of Hydrocarbon
business capitalise on the opportunities. Changes refrigerant (most efficient and environmentally safe
in consumer pattern and the expansion of mini ‘cold refrigerants which helps to reduce carbon footprint)
chain’ facilities across Mom & Pop/Kirana-type stores in across models clubbed with timely localisation and enhanced
Tier-2 and Tier-3 cities underpinned the growth. Continued production capacity, supported with the increased market
leverage with trade & distribution, the contribution from demand helped business flourish during the year.
88 Voltas Limited
Our wide range of commercial refrigeration products designed for Indian needs

built over the years enable it to cater to a larger audience.
The Commercial Refrigeration market size was valued at This stands true not just in the AC category but across all
` 4,033 crores in 2019-20 and is projected to reach ` 8,022 other segments of the Company.
crores in 2026-27, registering a CAGR of 10%. Increase in
demand for frozen products among the consumers due
to change in lifestyle and rapid urbanisation, combined
with growth in the organised Retail sector with increase
in number of hypermarkets/supermarkets is expected
to drive demand for commercial refrigeration products.
Furthermore, advancements in technology and rise in
the number of quick service restaurants especially in the
growing economies are expected to provide numerous Commercial Air Conditioning
further opportunities for the market growth.
Voltas is the leading company in the HVACR products
Threats segment. The Company’s Commercial Air conditioning
business intends to provide smart and efficient air-
The world is witnessing disruption in supply chain resulting
conditioning not only for human comfort but also for
into increase in raw material /commodity prices with long
industrial application. The synergy between room air
lead times. Ongoing revised pricing trends may impact
conditioning and commercial air conditioning holistically
demand in certain categories. With an increased focus on
allows the organisation to be equitably present in all market
Atma Nirbhar Bharat, the thrust is to improve the localised
sectors with reasonable distribution. In B2B segment, the
procurement. But with the rising geopolitical tensions, the
Company has prioritised Operating and Maintenance
situation has worsened, thereby, causing raw material
(O&M) systems in accordance with prescribed standards
prices to remain elevated. That said, the Company is
to achieve best operational efficiency and thereby,
committed to customer-centricity and is focused on
minimising carbon footprints.
consistently innovating and launching economical
products, offering best-in-class technology – making The Commercial Air Conditioning (CAC) business
Voltas the brand of choice. Additionally, the Company’s includes sales of VRF systems, Chillers, Ducted units,
strategic localisation and extensive distribution network Light Commercial units, for comfort cooling, and Vapor

Absorption Machines and LTR systems for process cooling, Management solutions for products, and systems through
along with Customer Care and Retrofit Business. Operation and Maintenance, Annual Maintenance
schemes/contracts and Retrofit solutions. Thereby,
Commercial Air Conditioning (CAC) offers Lifecycle
maintaining the highest standard of customer satisfaction.
Management Solutions for products and systems
CAC also provides value-added services such as remote
including the cassette and tower ACs to the largest of
monitoring of equipment, improved indoor air quality
the Chillers, LTR Systems & Services – starting from
solutions and retrofit solutions.
installation, commissioning of the products, to O&M along
with the after-sales service – which are aligned to the goals CAC has a wide network of service partners to reach its
of sustainability and customer satisfaction. customers either in person or digitally to address their
issues. Customers needing spare parts are serviced
The Company constantly works to add value to their
through the network of offices and channel partners
business and reduce carbon emission from products and
ensuring nil to minimum disruption in the performance of
services with an aim of making these more efficient and
the installed units in a most optimal way.
less resource intensive. The Company plans to use digital
tools to create value for the customers in line with the Opportunities and Outlook
improvement of efficiency of products and services along
CAC aims to accelerate customer satisfaction and in that
with carbon emission reduction, and leverage digitalisation
pursuit is enhancing its reach, both in offline and online
in approaching customers predominantly in Tier-2 and 3
markets. In the online space, digitalisation strategy along
markets along with metros and Tier-1 markets.
with digital penetration is helping to create footprints and
While resumption of the commercial activities bodes widen the reach. In the offline space, the Company has
well for the Product Sales, the Customer Care solution improved collaborations and output, with the channel
team is geared towards providing a complete Lifecycle partners and service associates.
Our range of Commercial Air Conditioners
90 Voltas Limited
Engineering Projects
taxes and Letter of intent) contained a bouquet of orders

across Water, HVAC, Rural Electrification and Urban infra
activities.
In the midst of various challenges during the year,

Infrastructure Solutions
Infrastructure Solutions has successfully executed time
bound projects such as:
The resumption of construction activities, unlike amid
the national lockdown in the previous year, helped the MEP project GARUD, which has been inaugurated by
business vertical in better and timely execution of projects. Hon’ble Prime Minister, Mr. Narendra Modi.
Availability of sites and a healthy project mix drove the
IAQ projects of ~` 35 crores for TCS in record time.
business during the year. During the pandemic, there
was a delay in capex plans, especially by corporate clients Commissioned a project of 300 MW AC & 225 MW DC
in MEP business. However, focus on the Government under Solar EPC for Azure Power.
backed infra projects helped to mitigate the risk of
Commissioned 100 MW AC & 140 MWp DC, out of 300
reduced private investments. Now, with easing of Covid-19
MW AC & 426 MWp DC. for Soft Bank Energy (now
cases in India corporate investments are expected to
taken over by Adani).
start flowing. However, increased and unprecedented
fluctuations in commodity prices and supply and demand
gap have added to the lead time of materials. In the Water Opportunities and Outlook
Business, the Company has developed in-house strengths
The Government’s push on infrastructure is expected
in Engineering/Designing of treatment processes and in
to increase spending on infra projects. This will provide
project execution. The Company has expertise in varied
opportunities to bid for Metro, Rural Electrification and
domains like WTP, Industrial ETPs, ZLDs, STPs, and Drinking
Solar Projects. Having credentials of timely execution
Water Projects.
of the projects and that too in a most cost-effective
Over ` 1,190 crores of fresh orders were added across manner across metro, large rural electrification,
Domestic markets in 2021-22. The carry-forward order underground cabling, and solar projects, giving the
book for Domestic projects at ` 3,638 crores (including Company a competitive edge over others.
Infra - GARUD, Gandhinagar Infra - DMRC

In the E&M segment, the Vertical expects growth There is good potential for Water and Sanitation sector in
in sectors like Data Centres, Hospitals and Metros the country for the coming years. Projects under Jal Shakti
due to the Government's thrust on transportation, Mantralaya/Har Ghar Jal se Nal yojana will see investments
connectivity, healthcare and digitisation. A new scheme of lakhs of crores from the Central and State Governments.
from the Government of India (GOI): Revamped In addition, very large numbers of STP’s are coming up
across the country. The Company is also expecting Water
Distribution Sector Scheme (RDSS) Scheme has
and ETP projects to come up in Industrial sectors – Steel
an estimated budget of around ` 3 lakh crores in
and Oil & Gas in particular.
four years up to 2025. This simply translates to
~` 75 thousand crores investment every year. The
Company is targeting to secure projects under this Threats
Scheme. India's ambition of sustaining its relatively high growth
depends on one important factor: infrastructure. The
In Renewables, around 350 GW is to be added in India’s
country, however, is plagued with weak infrastructure,
generating capacity, out of which in Solar Business, around
incapable of meeting the needs of a growing economy
230 GW worth of projects are expected to come up in the and population. However, the Government’s aim to
next nine years till 2030 as per GOI targets. So an EPC significantly boost the manufacturing sector to contribute
opportunity of ~` 2.5 lakh crores is likely to come up in an all-time high of about 25% of GDP by 2025 augurs
the next 9 years with around ` 28,000 crores every year. A well for the infrastructure development in India. The key
single digit market share will translate in excess of ~` 850 challenge, however, continues to be a timely execution of
crores worth of business for the Company. projects within budgeted costs.
of projects coupled with tight control on the cost, progress,

quality and safety, resulted in a stable management of the
projects while retaining the margins. IOBG has transformed
adversity into opportunity through improvised processes,
International Projects automation and digitising, eliminating significant costs
arising out of mobility restrictions and other hindrances.
The Company’s International Operations Business Group Despite the difficult period of the pandemic, IOBG could
(IOBG) has served the Middle-East Asia – predominantly book jobs like Dubai Waste Management Centre (Waste
the UAE, Qatar, Oman, Bahrain and Kingdom of Saudi to Energy) along with Facility Management projects
Arabia – for over 40 years. Today, Voltas is the leading at the UAE, Qatar and Bahrain. With close monitoring
MEP services provider in the region, felicitated with several and better control, IOBG could maintain the margins
awards for its quality, capability and safety records. and in some projects, improve it. IOBG has exercised a
The last couple of years were challenging for the entire prudent approach and is exercising extra caution of
industry, in particular for IOBG. The pandemic has left a not getting into ‘panic booking’. Weakened sentiments
devastating landscape in the economic front, in this region of delay in announcement of capex plans by potential
prominent as a travel and trade hub. Restrictions in travel clients across the operational geographies coupled with
and movements created hurdles in many development diligent choice of orders has translated into subdued but
projects. However, IOBG’s prudent approach in selection high-quality order booking. On the execution part, some
92 Voltas Limited
of the high value order projects are nearing completion. Bahrain is warming up with new projects announcements
The key priorities for 2022-23 will be getting more in the Tourism industry while Saudi is firing all cylinders
projects, especially during Q1 and Q2, continue to work with mega projects moving from drawing board to reality.
on automation and digitisation process, bring higher
There is a renewed focus on destination tourism, utility
level of productivity and reliability, focus on project cost
plants, infrastructure, manufacturing sector, and oil
management, timely delivery and quality assurance.
and gas balance of plants. IOBG will strategically focus
The carry forward order book is ` 1,722 crores (including on these segments as it enjoys strong prequalification
Letter of Intent) mainly in the UAE, Oman and Qatar. to stand above the competition. IOBG is looking for the
possibility of early pre-bid agreements as well as strategic
Outlook and Opportunities tie-ups with main contractors, developers and even with
Successful completion of Expo 2020 by the UAE resolving the competitors.
the regional crisis (Qatar vs rest of the region), combined
Threats
with signing up of the trade and relationship agreement
with Israel, has changed the economic scenario. Both the The current geopolitical situation with uncertainty over the
UAE and Qatar announced several new projects, reflected war in Europe has led to an increase in the commodity
in the higher inflow of inquiries for IOBG. The improvised prices combined with higher logistics cost resulting in
structures and systems implemented in the past paved an adverse impact on supply chain. To add to this the
way for IOBG to harvest dividends from new project increased demand for skilled workforce has resulted
announcements – reflected in the early signs of project in higher attrition rates across the region. This, in turn,
bookings during the past few months. impacts the international operations and margins.
IOBG - Commercial Boulevard Qatar

Engineering Products and Services
drive investments in green and brown-field projects in the

long run. Further, the ‘Make in India’ program is expected
to gain even more momentum in the textile industry, both
in classical Textiles and technical textiles, providing good
Textile Machinery Division (TMD) opportunities for Voltas, ideally positioned to encash
the same. Besides, the Government is also planning to
The pent-up demand supported by the China plus one accelerate the export of Synthetic garments, supported by
strategy adopted by Global leading brands led to increased the PLI scheme – providing new opportunities for Voltas-
investments in different verticals of the textile value chain. TMD in Synthetic textiles. As Voltas customers would be
There was significant growth in the export of yarn, apparel availing these benefits, the demand would be more for
and domestic demands across the textile segments the machines offered by Voltas-TMD (spinning, knitting,
reaching closer to the pre-pandemic levels. The margins weaving and processing).
of the spinners increased, resulting in improved ratings
and availability of surplus funds to the investors, leading Threats
to upswing in the investment for the capital machines. Price increase announced by almost all the Spinning and
The surge in utilisation levels also supported the growth in Post-spinning Principals with disruptions in the supply
sales of aftersales products. chain may pose some interim challenges. The current
Voltas-TMD proactively capitalised on this positive price hike of raw materials like cotton, polyester, viscose
investment sentiment in the industry, which resulted in and more, leading to spinners under profit margin might
the capital machinery order booking reaching record- prompt them to postpone their booked orders to a
high levels. TMD achieved a growth of 75% compared to certain period, which might bring down the investment
2020-21, and it was one of the best years in terms sentiments. Voltas-TMD continues its emphasis on the
of overall financials. Aftersales support and renewed Aftersales market supported by the workforce of sales
demand for Capital machinery both in Spinning and Post- and service engineers located across the country near the
spinning contributed significantly to the bottom line for textile clusters. This enables Voltas to diversify its revenue
this vertical. The broader strategies remain to grow market stream and de-risk itself from such challenges.
share in capital machines and after-sales products, both Furthermore, TMD is fully equipped to address most of
in Spinning and Post-Spinning. TMD has also strategised the challenges of the Textile industry and has become a
to partner with new Principals for Non-woven and Warp ‘one-stop’ solution provider through a comprehensive
knitting, for enhancing presence in the textile value chain. portfolio of products and services.
Outlook and Opportunities
The GOI is firming up a new scheme called Textiles

Technology Development Scheme (TTDS) to upgrade the
technology for micro, small, and medium enterprises and
supporting new manufacturing facilities for areas of the
industry including knitting, and weaving. This will boost the
sentiments of the Capital Machinery machinery industry.
The export incentives, PLI scheme, New TTDS, setting up
of seven Mega textile parks, followed by FTA with the UAE
and Australia and the expected FTA with Europe will make
the Indian Textile industry globally competitive. This will TMD - LMW Card LC636
94 Voltas Limited
Epiroc drills, currently being serviced by the respective

OEMs. For Mining India, the cost-effective proposition
for multi-brand equipment service for upcoming Coal
India tenders is a potentially big opportunity. The existing
Mining and Construction
Service setup, coupled with four decades of experience
Equipment (M&CE)
and strong customer relationship, will enable Voltas to
execute contracts directly with Coal India.
Over the years, M&CE has come to position itself as a
Mining Equipment maintenance and service provider to Furthermore, Terex Powerscreen is launching Dual Power
key accounts in India and Mozambique. Screens this year, which will be deployed primarily in
Iron Ore, Aggregates and MSW applications. This was
Mozambique Business a long pending market requirement. In addition, Terex
Powerscreen will start manufacturing Horizon 6203
Mozambique operation has largely remained insulated
Screens from their plant in Hosur, Tamil Nadu. Thereby,
from the pandemic-induced disruptions and continued
substituting import with in-house manufacturing to meet
with various on ground initiatives to improve performance
the increased demand for these equipment in a sufficient
of the large mining equipment’s. On the customer front, as
and consistent manner.
a part of its strategy to become a carbon neutral Company
by 2030, Vale Mzm sold its Moatize Mines & Nacala Freight
Threats
corridor to Vulcan (Company of USD 18 billion Jindal
Group). However, all contractual obligations of vendors/ Over the past decade, M&CE operations in Vale Mines,
service providers, among others, will be honoured and Mozambique have fetched good profits. The current year
there will be no discontinuity in the current operations/ 2022-23 will be quite challenging due to the transition
contracts. of business from Vale to Jindal Group. Going ahead, as
Jindal takes control of the mines, there is a possibility of
India Business revisiting commercial arrangements for reducing overall
operating costs of mines, which in turn might affect the
A major order bagged by M&CE was on account of the
margins. However, the Company is optimistic of increasing
crushing and screening business witnessing a spurt in
the services with the Jindal Group in Mozambique, and
equipment demand owing to strong traction in Iron Ore
expect to cover up any shortfall in revenues that might
& Road Infrastructure segments. Being a part of this
occur due to this transition. In India, the Company expects
momentum, M&CE secured the largest ever order of 55
M&CE business to remain stable. In case of crushing and
Terex Powerscreen machines from one of the existing
screening, 60% market share under the Voltas territory
customer. In addition to the Crushing & Screening
shall face strong threat from powerful competitors such
equipment’s, Municipal Solid Waste (MSW) screening
as Kleeman, Finlay and Metso.
emerged as the focus market and witnessed good part of
demand across local authorities.
Leveraging on the strong engineering skills, M&CE has

also entered into a specific tender-based agreement with
Komatsu Mining Corp (Joy Global), for providing service
support to their 42 cumt Electric rope shovel in SECL,
Chhattisgarh, which is expected to be finalised shortly.
The thrust on infrastructure is going to see increased

demand for steel and iron ore. As a result of this, many
road projects are expected to be awarded. In Mozambique,
opportunities exist for servicing of Hitachi Equipment and M&CE - Powerscreen Premiertrak 400

VoltBek Home Appliances Customer First
Private Limited (Voltas Beko) With ‘Smart technology’ in boom, launch of exclusive
online web store – www.voltaslounge.com – one-stop
The Home Appliance segment is one of the fastest-growing
solution for buyers wanting to purchase Voltas or Voltas
industries in the Indian market, driven by low penetration
Beko models with exciting customer offers has been one
and rising disposable incomes in the segment. India saw
of the initiatives focusing on providing customer centricity.
significant changes in its Governmental policies, especially
The online webstore has generated significant traffic and
the investment incentives implemented to promote
has been well-received in the online market.
overall objective of ‘Make in India’. Therefore, industry
remains poised for exponential growth. To keep pace with Additionally, the Company has rolled out exclusive Brand
the growing demand, the industry also needs to build a Shops and Experience Zones, taking the number of
much stronger component base in India, supported by Exclusive Stores to 200+ from 160 in the previous year.
Government schemes such as the Production Linked The objective behind creating an Experience Zone is to
Incentive Scheme (PLI).
The Industry faced turbulence during the pandemic and

subsequent waves, leading to supply chain disruptions
and inflationary pressures on input costs. However, the
long-term growth potential of the industry continues to
remain intact given the low penetration levels.
Voltbek has made significant progress since the

commencement of its operations, supported by setting up
of a state-of-the-art factory at Sanand, Gujarat, availability
of the entire product range, indigenisation of ~85% of
product portfolio and achievement of an overall market
share in excess of 3% on an annual basis for categories on
a cumulative basis. On the production front, in addition to
the Direct Cool refrigerator, Voltbek has started production
of Frost Free refrigerator upto a certain literage. Thereby,
substituting a substantial part of import sourcing. Further
to leverage on the potential savings over the high value
added products, manufacturing of fully automatic washing
machine has commenced in the later part of the year under
review. These strategic moves will help in strengthening
supply chain and improvising margin in the long run.
Demand tapered in the later part of Q3 2021-22 owing to

high inflation and depressed consumer demand, following
the Omicron variant scare. Margins remained under
pressure due to elevated commodity costs, and Voltbek
was not immune to these challenges. However, with the
introduction of new SKUs across all product categories
on the strength of R&D and leveraging on the distribution
reach of joint venture partners, Voltbek registered an
overall volume growth of 45% during the year.
96 Voltas Limited
make the experience of buying home appliances exciting growth over the next few years. Smart appliances offer
and memorable for consumers. Experience Zone is advanced features and are more energy-efficient and
conceptualised with experiential booths and corners to this has also led to the growth of a strong secondary
display products rather than opting for a regular store market. Smarter technologies with a strong focus on
that simply showcases the products, thereby making the sustainability and energy efficiency offer Voltbek with
customer experience better. market growth avenues. Lastly, the rapid expansion of
digital/e-commerce platforms allow easy accessibility and
Opportunities availability of products for consumers.
The world market is evaluating Indian companies as
an alternative to other Asian countries. Having a large Threats
manufacturing base, gives an opportunity to capture the
The economic slowdown resulting from the pandemic
export market, especially in the developing countries such
and challenging geopolitical situations, have posed a lot
as Africa and South-East Asia. Moreover, there are a lot
of uncertainty with regards to income and employment,
of positives seen within India. Favorable demographic
causing a low consumer sentiment. Also, majority of
indicators like urbanisation, nuclear families, aspiring
consumer facing products in India have lower penetration
youth, higher individual disposable income, desire for good
vis-à-vis other emerging countries. Under-penetration
quality and branded products, and more are expected to
could lead to hyper competitive environment due to
catalyse growth for electrical and electronic goods. This
a smaller market demand. This coupled with rise of
supported by the Government’s mission of ‘electricity for
digitisation could pose a threat to the traditional sales
all’ has created opportunities for the Company to expand
channels given the competitive pricing offered by them.
into Rural and Semi-urban markets.
Last but not the least, any reduction in Government
Technological advancements have led to the development expenditure on rural upliftment, will have a spiraling
of smart appliances and are expected to drive the market impact on the rural demand.
Voltas & Voltas Beko Experience Zone

Financial Performance: Consolidated
Financial performance as a measure of operational performance:
(A) Gross Sales/Income From Operations (Segment Revenues)

` in crores
2021-22 2020-21 Change Change%
Segment -A (Unitary Cooling Products for Comfort and 4,882 4,218 664 16
Commercial use)
Segment-B (Electro-Mechanical Projects and Services) 2,470 2,879 (409) (14)
Segment-C (Engineering Products and Services) 489 359 130 36
Total 7,841 7,456 385 5
Despite multiple pandemic-induced lockdowns in peak season of Unitary Cooling Products (UCP) business, the consolidated
segment revenue was higher by 5% in 2021-22 over last year.
(B) EMPLOYEE BENEFITS EXPENSE

` in crores
Employee Benefits Expense 618 602 16 3
Employee benefits expense comprise salary, wages, and commission to the Directors and Company’s contribution to
Provident Fund and other funds, gratuity and staff welfare expenses. The increase in expense is mainly driven by annual
increments and also manpower, especially for Products business.
(c) FINANCE COSTS

` in crores
Interest 26 26 - -
Finance costs primarily pertain to interest paid on overdraft facilities from banks for execution of overseas projects.
(D) PROFITABILITY
` in crores
Profit Before Tax 697 709 (12) (2)
Profit After Tax 506 529 (23) (4)
Emergence of multiple Covid-19 variants resulting in subdued market sentiments coupled with increase in input costs and
time lag of passing the cost to the consumers led to a marginal reduction in Profit before Tax for 2021-22.
98 Voltas Limited
Financial Position : Consolidated
(A) BORROWINGS (Non-current and Current)

` in crores
Borrowings 343 251 92 37
Borrowings represent working capital facilities availed for the execution of overseas projects.
(B) INVESTMENTS
` in crores
Non-Current Investments 3,181 2,797 384 14
Current Investments 434 249 185 74
Total 3,615 3,046 569 19
Investments include debt mutual funds, investment in bonds, preference shares and strategic equity instruments
in Tata group companies and in joint ventures and associates. Increase in investments in Mutual Funds was over
` 265 crores during the year apart from subscribing to Rights Shares of certain strategic equity investments.
(c) INVENTORIES
` in crores
Raw Materials, Components, Stores and Spares 567 364 203 56
Work-in-Progress (net) 7 10 (3) (30)
Finished Goods 598 366 232 63
Stock-in-Trade of Goods (for trading) 489 540 (51) (9)
Total 1,661 1,280 381 30
Increase in Inventory balance as at the year-end reflects the build up mainly to meet the seasonal demand in UCP segment
during the ensuing summer, after two years of lockdown.
(D) TRADE RECEIVABLES

` in crores
Non-current Trade Receivables (net) 2,110 1,801 309 17
Trade receivables of Projects business have increased depicting the increased time in receipt of due receivables/payments.
(E) OTHER ASSETS

` in crores
Other Current Financial Assets 80 109 (29) (27)
Other Non-current Financial Assets 83 96 (13) (14)
Contract Assets 748 1,064 (316) (30)
Other Current Assets 271 226 45 20
Other Non-current Assets 104 117 (13) (11)

Other financial assets (current and non-current) comprise security deposits, deposits with customer and fixed deposits.
Other assets (current and non-current) primarily include balance with Government authorities and capital advances.
Contract assets represent contract revenues recognised in Projects business, in excess of certified bills. In the Projects
business, revenues are recognised on the basis of percentage of completion method, in line with the accounting standards.
(F) LIABILITIES AND PROVISIONS

` in crores
Current Liabilities 4,056 3,504 552 16
Non-current Liabilities 153 122 31 25
Current liabilities include contract liabilities, borrowings, trade payables, short-term provisions, income tax liabilities and
other current liabilities.
Non-current liabilities consist of long-term provisions, trade payables and deferred tax liabilities. Provisions (long-term and
short-term) are towards employee benefits – gratuity, pension, medical benefits, compensated absences, trade guarantees
and contingencies, among others.
Financial Performance: Standalone
Financial performace as a measure of operational performance:
(A) Gross Sales/Income From Operations (Segment Revenues)

` in crores
Segment-A (Unitary Cooling Products for Comfort and
4,882 4,218 664 16
Commercial use)
Segment-B (Electro-Mechanical Projects and Services) 1,619 1,674 (55) (3)
Segment-C (Engineering Products and Services) 489 359 130 36
Total 6,990 6,251 739 12
Total revenue for 2021-22 was higher by 12% at ` 6,990 crores as compared to ` 6,251 crores last year, driven by higher
turnover by Unitary Cooling Products business (Segment-A).
(B) OTHER INCOME

` in crores
Other Income 168 220 (52) (24)
Other income comprises rental income, dividend from investments, interest income and profit from sale of investments.
100 Voltas Limited

(c) EMPLOYEE BENEFITS EXPENSE

` in crores
Employee Benefits Expense 489 465 24 5
Employee benefits expense comprise salary, wages, and commission to the Directors and Company’s contribution to
Provident Fund and other funds, gratuity and staff welfare expenses. There has been an overall 5% increase in employee
benefits expense during the year as compared to the previous year, due to annual increments to the employees. Further,
staff count was also increased in Unitary Cooling Products business to support growth.
(d) FINANCE COSTS

` in crores
Interest 15 19 (4) (21)
Finance costs pertain to interest paid on borrowings from banks for execution of overseas projects. Reduction in cost
reflects repayment of project-specific bank credit facilities made during the year on account of completion of existing jobs.
(e) DEPRECIATION AND AMORTISATION EXPENSES

` in crores
Depreciation and Amortisation Expenses 33 30 3 10
The charge for depreciation on fixed assets was higher for the year 2021-22 as compared to the previous year as it also
included depreciation on Right to Use Asset as per Ind AS 116.
(f) OTHER EXPENSES

` in crores
Other Expenses 596 591 5 1
Other expenses include repairs and maintenance, travel and communication costs, service maintenance charges, other
selling expenses, external services/contract labour charges, subscriptions, e-auction charges, C&F charges, moving and
shifting expenses, staff selection expenses, brand equity expenses and commission paid to Non-Executive Directors. Other
expenses have by and large remained at same level like last year, depicting various cost austerity measures taken by the
Company.
(g) PROFITABILITY
` in crores
Profit Before Tax 763 733 30 4
Profit After Tax 583 570 13 2
Profit before tax for the year was higher in current year as compared to previous year due to improved profitability in
Project business. On the other hand, profits of Unitary Cooling business registered a dip due to increase in input costs
which could not be passed on to the end-customers.

Financial Position: Standalone
(A) BORROWINGS (Non-current and Current)

` in crores
Borrowings 126 102 24 24
Borrowings were primarily for execution of overseas projects. The increase in borrowings was towards credit facilities
availed for new jobs in the UAE.
(B) INVESTMENTS
` in crores
Non-current Investments 3,691 3,194 497 16
Current Investments 434 249 185 74
Non-current investments comprise investment in subsidiaries, joint ventures, associates and investment in Mutual
Funds, Bonds and Preference Shares. Current investment comprise investment in Mutual Funds and Bonds/Debentures.
During the year, the Company has made additional equity investment of ` 93 crores in Voltbek Home Appliances Private
Limited, the joint venture company for Consumer Durable business and ` 80 crores in other strategic equity investments.
Investments in Mutual Funds increased by ` 265 crores over last year.
(c) INVENTORIES
` in crores
Raw Materials, Components, Stores and Spares 562 359 203 57
Work-in-Progress (Net) 7 10 (3) (30)
Finished Goods 597 365 232 64
Stock-in-Trade of Goods (for Trading) 489 539 (50) (9)
Inventories were at higher levels as compared to last year due to the demand building up in the peak season for Unitary
Cooling Products business.
(D) TRADE RECEIVABLES

` in crores
Trade Receivables 1,520 1,452 68 5
Trade receivables were higher by 5% as compared to the previous year, mainly in Projects businesses.
(e) CASH AND CASH EQUIVALENTS

` in crores
Cash and Cash Equivalents 451 314 137 44
Cash and bank balance at the year-end stood at ` 451 crores.
102 Voltas Limited

(f) OTHER ASSETS

` in crores
Other Current Financial Assets 110 137 (27) (20)
Contract Assets 576 648 (72) (11)
Other Non-current Financial Assets 76 89 (13) (15)
Other Current Assets 222 164 58 35
Other Non-current Assets 95 109 (14) (13)
Other financial assets (current and non-current) mainly comprise security deposit and fixed deposit with maturity of
more than 12 months and security deposits. Other assets (current and non-current) comprise balance with Government
authorities, capital advances and advance to suppliers. Contract assets are contract revenues recognised as being in
excess of the certified bills. Revenues in Projects business are recognised on the basis of percentage completion method,
in line with the relevant accounting standards.
(g) LIABILITIES AND PROVISIONS

` in crores
Current Liabilities 3,519 2,888 631 22
Non-current Liabilities 129 104 25 24
Current liabilities comprise contract liabilities, short-term borrowings, trade payables, short-term provisions, income tax
liabilities and other current liabilities. Non-current liabilities consist of long-term provisions and trade payables.
Risks and Concerns documented policies and procedures covering all financial
and operating functions. The controls are designed in line
The Company has a structured approach for identifying
with the Companies Act 2013, and the Guidance Note
and mitigating risks. It has a risk management framework
issued by The Institute of Chartered Accountants of India.
in place with defined roles and responsibilities at different
It aims to provide reasonable assurance about the proper
levels. The Risk Management team reviews the overall
maintenance of accounting records. Thus ensuring the
risks and identifies the critical ones like price risk, forex
reliability of financial reporting, operations monitoring,
risk, and environment risk, among others. All inherent
and compliance with applicable laws and regulations.
risks are measured, monitored and regularly reported to
the Management. The Company has adequate mitigation The Company has robust systems for internal audit,
plans based on the probability of their occurrence, risk assessment and mitigation. The Company has an
potential impact and volatility. The emerging risks are independent Internal audit function headed by the Chief
discussed periodically with the Management and the Risk Internal Auditor supported by co-sourced audit teams viz,
Management Committee comprising three Independent an in-house team and reputed external firm/s for carrying
Directors, to ensure implementation of a proper control out internal audits. The Chief Internal Auditor reports to
mechanism. the Board Audit Committee. This helps to bring in external
perspective, industry best practices and benchmarks.
Internal Control System Internal audit assures the Board and Audit Committee
on the internal control system's design, adequacy, and
The Company has established a robust and effective
operating effectiveness.
Internal Financial Control (IFC) framework, as prescribed
under the ambit of Section 134(5) of the Companies The Internal Audit function carries out a focused and risk-
Act, 2013, commensurate with its business operations' based annual internal plan approved by the Board Audit
nature and complexity. The Control framework has Committee. The scope and coverage of audits include

review and reporting on key process risks, adherence to of its workforce. To help employees and their families deal
operating guidelines and statutory compliances. It also with the Covid-19 pandemic, the Company had procured
includes recommending improvements for monitoring 52 oxygen concentrators – 5 BiPAP machines and 10
and enhancing the efficiency of operations. The Audit oxygen cylinders – across our various locations, which
Committee/Board are periodically presented with was available and accessible to employees in times of
significant internal audit findings and agreed-upon action need. The Handy Train mobile app was used extensively,
plans. The Audit Committee also monitors the progress on to create awareness about the safety measures and
implementation of these actions along with the adequacy precautions required to combat the Covid-19-related
and reliability of financial reporting, internal control and concerns.
risk management frameworks.
The Company had initiated services such as doc-on-call,
During the year, the operating effectiveness of internal
Dial 4242 ambulance service, stress helpline, among
controls was tested as part of the Management’s control
others. HR team works closely with employees in need
testing programme. Based on the testing carried out
and evaluation of the results thereof, the Board, with the of medical aid, to address their needs and try to provide
concurrence of the Audit Committee, was of the opinion them relevant facilities. The Group Medical Policy,
that the Company’s Internal Financial Controls were Group Personal Accident Policy (including for third party
adequate and operating effectively as of 31 March, 2022. employees), Group Term Life Policy have been renewed
for 2022-23.
Human Resource and
Voltas works relentlessly towards fulfilling its commitment
Industrial Relations
of providing a safe and harassment-free working
Under the aegis of Vision 2027-28, the Company has environment for all its employees. The Company runs
taken several initiatives to meet its ambitious goals. programmes across all locations to increase awareness
Accordingly, the Company has hired experts from the on gender equality, sensitivity at work place and redressal
industry, invested in capability-building, digitalisation and mechanism in case of complaints. This is done through
employee engagement, paving the way for a future-ready face-to-face meetings and e-learning modules. Various
organisation. tools like the Manual on Sexual Harassment of Women at
The Company’s long-term and short-term strategic plans Workplace released by the Ministry of Women and Child
drive the talent planning and management process. The Development, Government of India, POSH Classroom
decision to build vs. buy talent, for various leadership trainings and E-learning portal for employees, have helped
and critical roles, also flows from the talent strategy. Key sustain a harassment-free work place.
talent is mapped to critical roles, and accordingly, internal
movement of talent is decided and development plans
are aligned. Organisational training needs are identified, Cautionary Statement
and required technical, functional, culture-building
The statement, forming a part of this Report, may contain
programmes are conducted to cater to these needs. To
certain ‘forward-looking’ remarks with the meaning
create a robust frontline work-force, HR inducts fresh
of applicable Securities Law and Regulations. Many
talent through campus recruitments.
factors could cause the actual results, performances, or
Learning and Development programmes are designed to achievements of the Company to be materially different
address the Company’s long-term and short-term strategic from any future results, performances, or achievements.
plans. The Company has trained over 20,000 contractual Significant factors that could make a difference to the
and flexi-staff through apps such as the Handy Train. Company’s operations include domestic and international
Employee care and well-being is a top priority at Voltas. The economic conditions, changes in Government regulations,
Company has achieved almost 100% Covid-19 vaccination tax regime and other statutes.
104 Voltas Limited

Voltas Beko factory at Sanand
Highlights
2021-22 2020-21 2019-20 2018-19 2017-18

1. SALES AND SERVICES ` 7,841 7,457 7,627 7,085 6,380
2. OTHER INCOME (INCLUDING OTHER OPERATING INCOME) 283 288 262 226 222
3. COST OF SALES AND SERVICES (incl. Excise Duty) ` 5,897 5,555 5,555 5,262 4,591
4. OPERATING, ADMINISTRATION AND OTHER EXPENSES 1,419 1,396 1,470 1,307 1,210
5. Staff Expenses (included in 3 & 4) ` (618) (602) (672) (642) (587)
Number of Employees (including Contract Staff ) Nos. 8343 8617 8821 8261 8118
6. OPERATING PROFIT ` 697 709 795 689 804
7. EXCEPTIONAL INCOME/(EXPENSES) ` - - (51) (12) 1
8. PROFIT BEFORE TAXATION ` 697 709 744 677 805
Percentage to Sales and Services % 8.9 9.5 9.8 9.6 12.6
Percentage to Total Net Assets % 11.9 13.5 16.5 15.3 19.9
9. TAXATION ` 191 180 223 163 227
10. PROFIT AFTER TAXATION ` 506 529 521 514 578
Percentage to Sales and Services % 6.5 7.1 6.8 7.3 9.1
Percentage to Shareholders’ Funds % 9.2 10.6 12.2 12.5 14.8
11. PROFIT FOR THE YEAR ATTRIBUTABLE TO OWNERS OF ` 504 525 517 508 572
THE COMPANY
12. RETAINED PROFIT ` 322 397 372 353 437
13. DIVIDEND ON EQUITY CAPITAL ` 182 165 132 132 132
Percentage % 550 500 400 400 400
14. PROPERTY, PLANT AND EQUIPMENT INCLUDING OTHER ` 560 564 550 518 470
INTANGIBLE ASSETS (AT COST)
15. DEPRECIATION ` 322 317 300 294 290
16. INVESTMENTS ` 3,615 3,046 2,343 2,386 2,754
17. NET CURRENT AND NON-CURRENT ASSETS ` 1,975 1,905 1,234 1,716 1,108
18. DEFERRED TAX ASSET (NET) ` 32 56 71 99 5
19. TOTAL NET ASSETS ` 5,860 5,254 4,498 4,425 4,047
20. SHARE CAPITAL ` 33 33 33 33 33
21. OTHER EQUITY ` 5,467 4,960 4,247 4,077 3,872
22. EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY 5,500 4,993 4,280 4,110 3,905
Equity per Share (Book Value) `† *165.25 *149.22 *127.20 *121.21 *117.88
Earnings per Share `† *15.23 *15.87 *15.63 *15.35 *17.30
Number of Shareholders Nos. 175,827 150,995 125,527 119,915 107,457
Share Prices on Stock Exchange - High `† *1357 *1131 *741 *665 *675
- Low `† 918 *428 *449 *471 *401
23. BORROWINGS ` 343 251 218 315 142
Debt/Equity Ratio % 6 5 5 8 4
(Percentage to Shareholders’ Funds)
Notes : 1. All amounts are Rupees in Crores except those marked †

2. Figures from 2012-13 onwards are based on Consolidated Financial Statements.
3. Previous year’s figures have been regrouped / reclassified, wherever necessary.
4. Figures for 2015-16 onwards are as per Ind AS. The figures for preceding years are as per old IGAAP.
5. Operating profit from 2015-16 onwards includes share of profit / (loss) of joint ventures and associates.
6. *Face Value of ` 1 each. (Shares of ` 100 each split into Shares of ` 10 each in 1990 and thereafter, into Shares of
` 1 each in 2006).
7. ** denotes value below Rs. 50 Lakhs
106 Voltas Limited

2016-17 2015-16 2014-15 2013-14 2012-13 1994-95 1984-85 1974-75 1964-65 1954-55
6,033 5,720 5,166 5,280 5,567 811 266 159 42 10 1
274 164 148 123 107 8 2 ** ** ** 2
4,298 4,114 3,619 3,891 4,220 604 211 138 35 8 3
1,271 1,242 1,227 1,194 1,186 192 56 19 5 2 4
(618) (635) (590) (595) (633) (100) (32) (10) (4) (1) 5
8429 8741 8424 9101 10191 10667 8147 7252 5082 2324
719 534 468 318 268 23 1 2 2 ** 6
1 29 46 22 12 (1) — — — — 7
720 563 514 340 280 22 1 2 2 ** 8
11.9 9.8 9.9 6.4 5.0 2.7 0.5 1.0 5.9 2.5
20.7 18.3 23.1 16.3 14.8 5.0 1.1 4.6 18.3 6.5
200 170 128 94 73 ** — 1 1 ** 9
520 393 386 246 207 22 1 1 1 ** 10
8.6 6.9 7.5 4.7 3.7 2.7 0.5 0.5 2.3 1.4
15.7 14.0 18.4 13.5 12.7 13.2 4.1 6.7 17.6 9.1
517 387 384 245 207 — — — — — 11
414 309 286 174 146 10 ** ** 1 ** 12

116 86 74 61 53 12 1 1 ** ** 13
350 260 225 185 160 35 10 12 15 5.5
460 484 459 461 451 307 50 12 4 1 14
278 280 266 251 240 107 16 6 1 ** 15

2,268 1,946 1,094 732 407 82 5 1 1 — 16
1,008 901 902 1,116 1,247 149 66 29 9 3 17
20 31 35 24 22 — — — — — 18
3,478 3,082 2,224 2,082 1,887 431 105 36 13 4 19
33 33 33 33 33 34 10 6 3 2 20
3,274 2,778 2,069 1,786 1,593 131 20 6 3 ** 21
3,307 2,811 2,102 1,819 1,626 165 30 12 6 2 22
*99.93 *84.96 *55.59 *48.29 *44.81 50 305 191 216 1,027
*15.64 *11.70 *11.62 *7.42 *6.28 7 12 13 38 93
108,646 105,465 99,973 103,543 116,804 84,180 45,237 14,395 7,356 150
*425 *360 *301 *164 *138 176 470 211 276
*267 *211 *149 *63 *73 92 356 125 183
171 271 122 263 261 266 75 24 7 2 23
5 10 6 14 16 162 253 200 136 151

Report of the Board of Directors
To the Members
Your Directors present their 68th Annual Report and the Audited Statement of Accounts for the year ended 31 March, 2022.
1. Financial Results
` in crores
Consolidated Standalone
2021-22 2020-21 2021-22 2020-21
Total Income 8,124 7,745 7,266 6,598
Profit for the year after meeting all expenses but before interest and 871 830 811 782
depreciation
Interest 26 26 15 19
Depreciation and amortisation 37 34 33 30
Profit before share of profit/ (loss) of joint ventures and associates and tax 808 770 - -
Share of profit/(loss) of joint ventures and associates (111) (61) - -
Profit before tax 697 709 763 733
Tax expenses 191 180 180 163
Profit after tax 506 529 583 570
Other comprehensive income (net) 170 321 166 329
Total comprehensive income 676 850 749 899
2. Operations
A midst various mutations of Covid-19 variants,
By the end of 2020-21, on the lower base of the supply-chain and commodity price increase concerns,
Covid-19-led pandemic, economists and corporates alike the global economy face another potentially enormous
anticipated a robust growth given the visibility of multiple broad-based supply shock. The Russia-Ukraine conflict, the
green shoots in forthcoming quarters of 2021-22. However, steady roll-out of sanctions by the West against Russia, and
in April-May 2021, the pandemic re-erupted like a tsunami some retaliatory measures by Moscow led to a new era of
wave in several countries across the globe. The vaccination economic conflict–the implications of which appear to extend
rate fairly aided in controlling casualties, however the well beyond the short-term repercussions of commodity
anticipated growth in recoveries seemed doubtful even prices and inflation initiated by the surge in oil prices.
in geographies where infections seemed to be contained.
The IMF (International Monetary Fund) has downgraded
Apart from human life, there were signs of extreme social
both Global and India GDP projection to 3.6% from 4.4%
and economic challenges accompanied with lockdowns all
in 2022, and from 9% to 8.2%, for 2022-23 owing to the
across the world.
spillover impact of war, tightening monetary condition
During the financial year under review, commodity prices in several countries, and frequent lockdowns in China
saw unabated increase quarter-on-quarter, causing affecting supply shortages.
inflationary rates to reach pre-pandemic level. Additionally,
Similar to lockdown in Q1 of 2020-21, the peak season of
the container freight rate saw a sharp escalation
Unitary Cooling Business was affected for a second time in
amid the global trade disruptions that widened the
supply-demand gap owing to the pandemic. Supply a row in 2021-22, especially for the Room Airconditioners.
disruptions posed another trial in operations across the However, the strength of the brand, Voltas and its enviable
industry. The pandemic and climate concerns resulted in distribution network shone through rest of the quarters.
shortages of key inputs and dampened manufacturing Favorable climatic conditions in the North and Central
activities in numerous countries. Supply shortages and the regions, helped the business to make a recovery of the
rise in commodity prices caused consumer price inflation sales lost during the peak season. The Company ended the
to increase rapidly across the world economy. year with a growth of 16% as compared to the previous
108 Voltas Limited

year, the performance being backed by pent-up demand ` 808 crores (Previous year: ` 770 crores) and consolidated
and channel partner eagerness to secure their share of Profit before tax was at ` 697 crores as compared to
market amidst ongoing fears of supply chain disruptions ` 709 crores last year.
and price escalation. The Company’s balance sheet continues to remain healthy.
Appropriate focus by the Company on the Inverter Minimal borrowings are availed, primarily for the overseas
sub-category with competitive pricing and larger number operations. Operational cash flow during the first six months
of SKUs has yielded a favourable outcome – Inverter were weak given the context of the lockdown and AC sales
growth in FY22 was ahead of the previous year and now lost out in the peak season. However, recovery of product
contributes over 74% of Split ACs sold during entire year, sales in later months and focus on collection in the project
business, strengthened the cash flow by end of the year.
compared to 69% last year.
There were no material changes and commitments
The Commercial Refrigeration Products business registered a
between the end of the financial year to which the financial
stellar growth due to increase in demand and change in food
statements relate, and the date of this Report that affected
habits, largely driven by beverages and ice cream products
the financial position of the Company. There was no change
in tier 3 and tier 4 cities and higher participation from OEMs
in the nature of the Company’s business.
engaged in chocolate, beverages and Ice cream products.
3. Covid-19: Impact on Business Operations

Substantial build-up of Air Cooler inventory with
Multiple variants of Covid-19 led to an unprecedented
trade, due to lockdowns especially duing the seasonal
health crisis and disrupted economic activities
period continued to impact the performance of the Air
and global trade, severely. The pandemic has been
Cooler vertical.
continuously posing new and myriad challenges upon the
With opening up of commercial places and focus on world economies.
retrofit jobs, the Company’s Commercial Airconditioning
As the world was taken over by the second and the third
(CAC) business reported good growth in turnover along
wave of Covid-19 in 2021-22, the immediate priority at
with retention of the customers with attractive after sales Voltas was to ensure the safety and health of its employees.
offerings. The second wave was far more severe and resulted in
Unlike the situation in 2020-21, construction activities were more fatalities. The Company, in consultation with the
allowed providing relatively better access to the project Tata Group, worked relentlessly to provide support to
sites, both domestic and international. Albeit, erratic Covid-19-affected families and reached out to them,
weather conditions and non-availability of required labour wherever possible.
kept the growth under pressure during the year under The Company launched extensive Covid-19 vaccination
review. Weakened sentiments of delay in announcement drives across all geographies and ensured that all
of Capex plans by potential clients across the operational employees receive both the doses. The Company also
geographies, coupled with the Company’s cautious policy arranged vaccines for the family members of its employees.
and diligent choice of orders translated into subdued but
The second and third waves affected many aspects of the
high-quality order booking during the year.
Company’s operations and also brought along several
The Engineering Products and Services comprising the changes in market conditions. This was primarily due to
Textile Machinery business as well as Mining & Construction State induced lockdowns that disrupted operations and
Equipment business performed better. supply chain partially or even fully in some cases. Voltas,
however, continued to focus on running operations safely
Nevertheless, given the difficult times and circumstances, and efficiently to their best abilities and ensured minimum
the Company has sustained its turnover and profitability impact to its customers.
and grew over previous year. Consolidated total income
4. Reserves
from operations reported at ` 8,124 crores, as compared to
` 7,745 crores last year achieved growth of 5%. Profit before An amount of ` 20 crores was transferred to the General
share of profit/ loss from joint ventures and associates was Reserve out of the Profit available for appropriation.

5. Dividend Distribution Policy Similar to the industry, the Company’s working was also
In accordance with Regulation 43A of the SEBI (Listing impacted by the growing commodity prices. The price hike
Obligations and Disclosure Requirements) Regulations, and subsequent lag in pass through of the cost to customers
2015 (‘Listing Regulations’), the Board of Directors of the was slowed down by resilient consumer recovery, amidst
Company has adopted a Dividend Distribution Policy emerging concerns of the evolving Covid-19 variants.
(‘Policy’) based on the need to balance the twin objectives Further, pressure led by Russia-Ukraine war and increase
of appropriately rewarding the Company’s shareholders in fuel cost kept the operations under stress. Despite this,
with dividend, and of conserving resources to meet its a well-established distribution network, relationships with
future requirements. The Policy is attached to this Report as the vendors and planned strategy to procure helped to
Annexure I, and the same is also available on the Company’s keep a tight rein on working capital. The tight control on the
website at https://www.voltas.com/images/_ansel_ working capital along with value engineering and various
image_collector/DIVIDEND_DISTRIBUTION_POLICY_1.pdf. cost saving initiatives helped to contain the impact on
margins while also generating cash surplus during the year.
6. Dividend
Based on the Company’s performance and keeping in During the year, following the directions by Government’s
mind the shareholders’ interest, the Directors recommend initiative on Atma Nirbhar Bharat, to reduce import
a dividend of ` 5.50 per equity share of ` 1 each (550%) dependencies and to balance supply chain, the Company
for the year 2021-22 (2020-21: 500%). The dividend would has made an application in Government-led Production
result in a cash outflow of ` 182 crores, reflecting pay out of Linked Incentive (PLI) scheme, with a committed
31%, in line with the Company’s Dividend Policy. investment of ` 100 crores for manufacture of various
components, such as heat exchangers, plastic component,

The dividend on equity shares is subject to the
and cross flow fans, among others. Further, as a step
Shareholders’ approval at the 68th Annual General Meeting
forward towards self-sustainability, a separate application
(‘AGM’) scheduled to be held on 24 June, 2022. The Register
has been made under the category of AC components for
of Members and Share Transfer Books of the Company
will remain closed from 11 June, 2022 to 24 June, 2022 a committed investment of ` 350 crores for manufacturing
(both days inclusive) for the purpose of payment of the of inverter compressors for Room Airconditioners, through
dividend for the year ended 31 March, 2022, and the AGM. a separate proposed joint venture company.
7. Finance In the Project business, over ` 2,000 crores of new orders
were added in the domestic and international markets,
Industry across length and breadth of the globe witnessed
providing suitable revenue visibility in the periods ahead.
steep escalation in input prices, leading to an overall
Compared to certain legacy orders, the intrinsic quality
reduction in the margins. Further, supply chain disruptions
of the new orders has improved as a result of additional
were also a cause of concern. However, the Company due
due diligence, risk identification and mitigation, apart
to its prudent and effective approach managed its financial
resources efficiently. On one hand, cash reserves were from higher bid margins. The carry-forward order book
systematically nurtured to ensure adequate liquidity to (including taxes and Letter of Intent, wherever applicable),
ride out potential disruptions and on the other hand, Voltas for domestic projects at ` 3,638 crores comprised orders
retained its capacity to fund its future growth ambitions across Water, HVAC, Rural Electrification and Urban
comprehensively. Infra-activities and the international order book of
` 1,722 crores represents MEP work, mainly in the UAE,

The minimal borrowing in the Company’s balance
Qatar and Oman. Better execution of running projects
sheet represents fund-based borrowings for overseas
and improved cash collection, reduced the impact of the
operations – domestic borrowing being largely confined to
pandemic and helped the Projects business segment post
non-fund-based facilities. Meanwhile, an external rating
a growth in turnover and results for the year.
agency reconfirmed the credit rating of AA+ for the
long-term and A1+ for short-term borrowing for third time With an eye on sustained profitable growth, while
in a row. Thus, helping the Company avail banking facilities enhancing focus on both B2C and B2B verticals, the Board,
at competitive rates. had in 2020-21, approved the transfer of its domestic B2B
110 Voltas Limited

businesses to its wholly-owned subsidiary. Accordingly, Exchange rates were fairly volatile during the year under
B2B business relating to MEP/HVAC and Water projects, review, led by multiple factors such as oil price increase,
Mining and Textiles are proposed to be transferred to the US yield movements, multiple interventions by Central
a wholly-owned subsidiary of Voltas Limited, Universal banks of various countries across the globe and towards
MEP Projects & Engineering Services Limited (‘UMPESL’) the end of the year war-related disruption. Voltas has a well
(formerly known as Rohini lndustrial Electricals Limited), defined forex policy, based on which currency exposure
by slump sale through a Business Transfer Agreement was continuously monitored to hedge forward risk in a
executed on 24 March, 2021. The proposed transfer of timely and efficient manner. Earnings from the Company’s
businesses is subject to satisfaction of certain Conditions overseas projects in the Middle-East, and Mining support
Precedent to the Closing Date. As consents for novation of activities in Mozambique also serves as a natural hedge
some contracts, especially with Government Clients had against exchange volatility.
been delayed, beyond expectations, the Management

Despite all the ramifications of the pandemic, the
is targeting consummation of the BTA on or before
Company’s total income for 2021-22 at ` 8124 crores was
30 June, 2022, or such other date as may be mutually
agreed between the Company and UMPESL. higher than that of the previous year. At the PAT level, the
Company was marginally lower than the previous year at

Despite uncertainty looming around Covid-induced ` 506 crores. Voltas ended the year with an Earnings per
restrictions, Voltbek , the Joint Venture company for White Share of ` 15.23 (Face Value per share of ` 1).
Goods achieved substantial growth in sales volume of
over one million units (all product categories) during the 8. Tata Business Excellence Model (TBEM)
year under review. The manufacturing plant of Voltbek at The Tata Business Excellence Model (TBEM) Assessment
Sanand also completed its second year of manufacturing process has been critical in strengthening the strategic
activities. After the successful launch of Direct Cool and operational capabilities of Tata companies. Voltas has
Refrigerator, Voltbek has commenced manufacturing benefited by adopting the concepts of TBEM for more than
of Frost Free Refrigerators (upto a certain literage). two decades.
Further, under the back-drop of Make-in-India initiative
Based on the outcome of the External TBEM and Data
and to leverage on the potential savings over the high
Excellence Assessments, the Company has developed
value-added products, Voltbek has also installed a
and implemented rigorous action plans to take
production line for fully-automatic washing machines from
its business excellence journey forward. This is done
its Sanand facility. This initiative of in-house manufacturing
by setting a benchmark through the processes with
shall help the brand to introduce more customer centric
companies within and outside the Tata Group.
products, helping in optimising the working capital and
other cost savings associated with it.
Voltas was recognised and conferred by the Tata
Business Excellence Group with the ‘Top Contributor
The year 2021-22 witnessed bond yields moving range
Award – Tata Best Practices Programme (Maximum Number
bound during first half of the fiscal year, aided by ample
of Best Practice Sharing Sessions Conducted) 2021’ at the
surplus liquidity, regular interventions by RBI and lower than
expected market borrowings by the Central Government. Annual Business Excellence Convention (BEC) 2021 on
Yields hardened substantially in the second half, driven by 14 December, 2021.
elevated CPI, strong recovery, sustained global inflation and The Company organises ‘Best Practice Learning Programs/
rise in yields in AEs along with reduced RBI’s intervention. Missions’ with other Tata companies to learn/share on key
Further, steps taken by RBI towards policy normalisations areas like Strategic Planning Process, Customer Complaint
(introduction of Variable Rate Reverse Repo (VRRR), Management, Salesforce process, and Competitive
market sale of securities, buy/sell forex swaps) and higher Intelligence.
than expected market borrowings for 2022-23 by Central
Government put upward pressure on the yields. The Voltas has transformed its Quality Assurance focus and
Company’s investment policy considers the three all- strengthened its Quality approaches by implementing
important aspects of safety, security and liquidity, in robust processes and developing a Central Quality
consonance to which, it currently has investments of over Assurance structure backed by an online knowledge
` 2,300 crores (mutual funds, debentures and bonds). management repository.

The Company is continuously driving improvement and version upgrade initiatives such as expansion of the
programs through tools like 5S, Kaizen, CIP Projects Storage Area Network (SAN) storage capacity of servers,
and Process Simplification and Improvement initiatives along with the backup capacity of Data Center and Disaster
at business units and manufacturing plants. The Recovery (DR) Servers, increasing the internet bandwidth
manufacturing plants have improved in 5S levels and have across all offices, upgrading active directory and Simple
successfully implemented 40+ Best Kaizen improvements, Mail Transfer Protocol (SMTP) servers. Thereon, providing
achieving results in productivity, space and inventory an advanced solution for fast backup restoration.
optimisation, improvement in order execution, on-time
Applications and Digital
delivery, quality, safety, and the environment.
During the year under review, the Company witnessed
In 2020-21, the Company had participated in the ‘Making
various re-organisations in the Products and Infra
Customers Smile’ contest organised by the Customer
Solutions businesses. The Company’s IT team ensured
Centricity and Marketing Team of Tata Sons. ‘Creation of
configuration of all systems and applications in line with
Covid Care Facilities’ from Infra Solutions business vertical
the Company’s new structure. Voltas launched its own
of the Company was recognised as one of the Top 3
E-Commerce portal (www.voltaslounge.com), and new
winners. In 2021-22, the Company participated, and
initiatives were undertaken for E-Procurement and Human
ten entries have been selected for the final round. The
Capital Management. Various functionalities such as
evaluation process is yet under progress.
online payment integration, channel partner financing,
To promote a culture of innovation, the Company has consumer finance integrations, AMC Renewal Alert,
participated in Tata Ideas’ monthly eHackathons, covering and Organisational Structure restructuring for Universal
areas such as reducing water consumption in air coolers, MEP Projects & Engineering Services Limited (UMPESL)
flexible indoor to outdoor AC refrigerant pipe connectors, were some of the projects undertaken in Siebel and SAP.
spare-parts management inventory optimisation, and With the changing IT dynamics and demands, the Company
effective monetisation of IoT-based Remote Monitoring increased its emphasis and focus on digitalisation.
System for chillers. The Company has received innovative IT Asset Management System, Safety Portal enhancements,
ideas for solution implementation. Technician Safety App, CRM enhancements were some
The Company also participated in Tata InnoVista – a Tata of the key initiatives on Web. New processes were added
Group level contest to recognise and celebrate innovation. using Analytics and Robotic Process Automation (RPA),
Voltas registered 12 entries in the TATA InnoVista 2022 cycle integrated with cutting-edge third party systems. Analytics
during the current year and is awaiting the results. platform was extended for new business units and new
interfaces were added with banks, partners (like Tata Cliq),
9. IT Initiatives
and external applications (like Optiexim, Delhivery, among
In the face of repeated waves of the Covid-19 pandemic others). Collectively, all the work and developments during
and multiple lockdowns during 2021, Work-from-Home the year played a critical role in enhancing further business
(WFH) and a hybrid work culture became the new norm. advantage, customer delight and in securing the digital
Voltas’ response to these changing needs was quick, and environment of the organisation.
multiple initiatives were launched to provide an enhanced
experience to the consumers. The process was further 10. Safety and Health
strengthened to enable remote support for a smoother At Voltas, the belief is that ‘Safety is a journey and not a
transition with minimal work disruption. The Company final destination’. The Company embarked this journey
made constant improvements to the IT infrastructure and on September 2019 with an aim to imbibe ‘safety as a
security. Voltas successfully completed the Vulnerability culture’. The Company has successfully achieved the
Assessment and Penetration Testing (VAPT), and also milestones set and aim at sustaining the changes in the
enhanced the Web Application Firewall (WAF) and long term. The Company has extended safety to cover the
NextGen EDR. In order to ensure seamless connectivity and occupational health, industrial hygiene and environmental
remote collaboration, the Company introduced IT capacity aspect, rigorously.
112 Voltas Limited

It was the strategic direction of the Board to bring changes completed mandatory safety training through the
in the safety culture, which was incorporated through Handy Train App. In order to ensure consistency and
a five years’ plan – split into a three-phase action plan resilience of Safety controls, 245 major projects and
namely: Immediate Action Plan (September 2019 to offices were audited, with a weighted score on the
March 2020), Intermediate Action Plan (April 2020 to Tata Group Safety Standards compliances. This was in
March 2022) and Long-term or Sustainability Action Plans addition to the regular safety inspections and audit
(April 2022 to March 2025). ‘Vol-ty’, the Safety mascot, has of sites, manufacturing units, customer care premises,
been used for all Safety-Health-Environment (S-H-E) related offices and warehouses. To increase the participation,
communications and has played a key role in the successful the Company also organised safety events such as
implementation of all the phases. The improvement the ‘World Environment Day’ and ‘National Safety
efforts have given tangible results, monitored by 3-tier Day’ across all its locations. The event comprised
committees, S-H-E Committee of the Board, a Steering virtual training programmes, various competitions
Committee comprising the Corporate Management Group and winners were recognised by the Management.
and Corporate SHE Committee. Employees at all levels were recognised and
appreciated by the Management for ‘Best Safety
• T he Company ensured 100% sustainable
Performance’ at work.
implementation of the Intermediate Action Plan.
Safety reviews are conducted through Corporate SHE • E ffective implementation of the vendor management
Committee, Business SHE Committee, and Project process was achieved wherein contractors/
SHE Committees. vendors conducted evaluations on ‘Safety, Health
and Environment’ prior to issue of work order or
• In the second phase, the Company reinforced
purchase order. The Company also successfully
training of the Top Management and Business Unit
implemented the Contractor Safety Management
(BU) Heads. Two sessions were conducted as part of
(CSM) software wherein contractor information
the Business Centric Safety Leadership programme,
related to safety performance, machines, equipment
for the Senior Leadership Team, BU Heads and Project
and tools inspection records are maintained and
Directors/Project Managers. Regular campaign on
tracked. To enhance communication and interaction
‘road safety’ and ‘working at height’ was carried
with contractors, Voltas conducted Safety Health
out, safety leadership audits were conducted by
and Environment conclave in Kolkata, Chennai and
the Senior Management during site visits, safety
Bhubaneswar, where a total of 304 contractors from
specific reward and recognitions have been initiated.
various businesses participated.
The Managing Director and CHRO along with the
SHE Head meet the Safety managers on a quarterly • T he Company has received many appreciation
basis. Certification audit of ISO 9001, ISO 14001 and certificates and awards in India and overseas for
ISO 45001 for UMPESL and ISO 14001 and ISO enhancing the Safety Standards. The Company
45001 for Water Business segment was conducted also achieved the HSE Excellence Gold Award 2021
successfully besides the surveillance audit of Integrated by Occupational Health Safety & Sustainability
Management System (IMS) at the Pantnagar and Association India (OHSSAI) for Digital Safety Excellence
Waghodia plants. The Company launched the safety Centre at Beed, under the ‘Construction’ category.
portal for hazard and incident reporting – through Various clients like Maharashtra State Electricity
web, mobile app and QR code options, alongside Distribution Company Limited have recognised
a platform for vendor’s management, contractor Voltas for the continual improvement and excellent
safety management software, visitor’s management performance in ‘Occupational Health, Safety and
system and software for UPBG Service technician Environment’ at electrical sites, including appreciation
tracking. Safety model sites have been established from Tata Projects, UTI Mumbai for demonstration of
in each Region for all businesses. With respect to Best Safety Performance at Customer Air Conditioning
the trainings conducted, 76% employees have services, Safest Contractor (2021-22) from Tata Center,

and appreciation from Duhai Depot Ghaziabad for (CAC), Plumbing and Electrical. These courses are
Best Safety Performance. The Management also industry-oriented and relevant to market requirements.
recognises and appreciates the best performers in They place emphasis on hands-on-training in well-equipped
S-H-E at all levels on a monthly/quarterly and annual laboratories, on-the-job training in real-life situations,
basis, resulting in enhanced morale and proactive soft skills, customer care and safety. The content of these
participation by employees in the implementation well-designed courses is developed by experienced
of long-term action plan to create and sustain safety
Subject Matter Experts from Voltas, leveraging the
culture across the organisation.
Company’s domain expertise. In non-technical space, the
• F urther, amid a competitive environment, the focus courses offered include BFSI (Banking, Finanical Services
is primarily on upgrading the speed, scale, quality and Insurance), Retail, IT-enabled services, Tally and
and S-H-E aspects beside enhancement of business Accounting, Nursing Assistant and Tailoring. Since 2002,
partners’ capabilities. Voltas has trained over 19,000 youth through its technical
11. Sustainability Development and non-technical programmes.
Giving back to the community lies among Voltas’ top Recognition of Prior Learning (RPL) programme helps the
priorities. All its interventions in the form of social existing workforce with skill upgradation and certification.
development are need-based, sustainable in nature This initiative is positively impacting work efficiency,
and also caters to the lowest sections of the society. productivity and income of the existing unskilled and
Affirmative Action is a common thread for all the CSR
semi-skilled technicians. Over 15,297 existing RAC/CAC
initiatives undertaken by Voltas. The CSR framework
technicians have been formally trained and certified under
has been designed based on the Tata Ethos and priority
the RPL programme.
community need. Time and again, the Company reviews
the relevance of the thrust areas defined in the framework,
Through 28 Skill Development Centres across 13
and makes suitable amendments. There are three verticals States in India, the Company is creating a shared value
in the framework: (a) Sustainable Livelihood – deals with which converges the aspirations of the community and
skilling and employability building for marginalised youth the requirements of the industry, to create a win-win
and women; (b) Community Development – emphasises situation for all.
on issues like quality education, health and water; (c) the
third vertical deals with Issues of National Importance like The Company also aims at sharing domain expertise with
disaster management, affirmative action, and sanitation. various stakeholder groups including trainers from ITIs and
Voltas CSR works with an approach to Engage, Equip and other private organisations, to help the RAC industry with
Empower. The Company believes in ensuring participation knowledge and expertise, backed by a rich experience of
and ownership of the communities, and equips them over six decades.
with necessary knowledge and skills. Thereon, facilitating
Community Development
community empowerment. With every passing year,
the Company has strengthened its CSR interventions for This thrust area essentially focusses on priority community
optimal impact. needs like Education, Health and Water.
Sustainable Livelihood Voltas supported a Cancer Care Hospital which is being

established in Tirupati, in terms of procurement of medical
Voltas believes that Skill Development and Employability
Enhancement are the essential building blocks to empower equipment.
the marginalised youth. The Company has adopted this
Voltas has developed educational facilities for
as its flagship programme with an objective to promote physically-challenged students, like laboratories, IT labs,
sustainable livelihood and economic development – water filters and more. Nutritional support was provided
through youth employment, education and training. to tribal children in Maharashtra, and an organisation was

The Company offers technical courses in Room supported with vehicles, for providing mid-day meal to
Air Conditioning (RAC), Central Air Conditioning children in Uttarakhand.
114 Voltas Limited


The Company supported integrated development In order to sensitise and train the community in improving
programme for the Mushar Community – a Dalit water productivity and to follow regulatory norms about
community found in the eastern Gangetic plains. They are water usage, water level indicators were installed at
mostly landless agricultural labourers and among the most identified wells, in line with the recharge and discharge
marginalised castes in India. areas at 12 strategic locations. A total of 36 training
programmes were conducted on integrated pest
Voltas extended support to an old-age home in Baroda and
management and integrated nutrient management for
a zoological society in Jamshedpur which were impacted
major crops, such as soybean and cotton. Over 1,100 farmers
by the outbreak of Covid-19.
benefited from these trainings. Village Water Committees
Endeavouring to protect the national heritage, art and are established for each project village. Trainings are
culture, Voltas supported a Museum of Art and Photography conducted to strengthen and enable them to act as an apex
in Bangalore. This five-storied building will include art body for the planning, implementation and monitoring of
galleries, auditorium, library, education centre and research water and agriculture-related activities in the village.
facility, with a strong focus on accessibility.
A total of 586 families were directly benefited from the area
Book reading needs to be conserved in the digital era. treatment under the water conservation initiatives. This will
Voltas provided 110 libraries across India with several also benefit 557 hectares of land through recharging of
books on art and culture by extending financial support to dug wells and bore wells, and higher water availability in
Marg Foundation. streams and public percolation tanks. In the long run, this
Voltas also extended support to the Armed Forces, towards will create increased livelihood opportunities.
the welfare of the ex-servicemen. Voltas is implementing Integrated Sanitation Project in
Issues of National Importance Waghodia (near Vadodara), in partnership with Tata Trusts
for (a) Household Toilets (b) School Sanitation (c) Solid
This thrust area was conceived to ensure that the
Waste Management (d) Menstrual Hygiene Management.
Company supports the social issues, not only limited to
The Project is being implemented in 10 villages around
the operational areas but also areas of national importance.
the Voltas Waghodia Plant. It emphasises on community
The three sub-themes are: (a) Disaster Management (b)
participation and convergence with Government
Sanitation (c) Affirmative Action for Schedule Caste and
programmes and schemes.
Schedule Tribe communities.
12. Corporate Social Responsibility (CSR)
The Covid-19 pandemic left the country in desperate need
of upgrading medical infrastructure within limited and Disclosure as per Rule 8 of Companies (Corporate Social
less timeframes. Voltas made efforts towards resolving Responsibility Policy) Rules, 2014, in prescribed form is
these concerns and supported the Government in enclosed as Annexure II to the Directors’ Report.
availing charitable healthcare machinery with oxygen During 2021-22, the Company spent ` 12.94 crores towards
concentrators and Covid-19 relief material. various CSR activities, in line with the requirements of
Initiating proactive measure towards drought mitigation, Section 135 of the Companies Act, 2013 (‘Act’). Details
Voltas has been implementing Participatory Ground Water of the composition of the CSR Committee and Meetings
Management and Sustainable Agriculture Project in six held during 2021-22 are disclosed in the Corporate
villages of the Beed district in Maharashtra. Governance Report.

In 2021-22, interventions in the following areas 13. Consolidated Financial Statements
were undertaken by the Company: water resource The Consolidated Financial Statements of the Company
development, sustainable agriculture, capacity building of and its subsidiaries for the year 2021-22 are prepared in
farmers, formation and strengthening of local institutions. compliance with the applicable provisions of the Act
The interventions benefited around 3200 individuals and as stipulated under Regulation 33 of the Listing
including small and marginal farmers, women and youth Regulations, as well as in accordance with the Indian
in the project villages. Accounting Standards notified under the Companies

(Indian Accounting Standards) Rules, 2015. The Audited White Goods has reported turnover of ` 944 crores
Consolidated Financial Statements, together with the as compared to ` 637 crores in the previous year.
Auditor’s Report thereon, forms part of this Annual Report. Voltbek has achieved a sales volume of over 1 million
units (all product categories) in 2021-22. Voltas as one
14. Subsidiary/Joint Ventures/Associate Companies
of the main shareholders (49%) has provided funds
As on 31 March, 2022, the Company had 9 subsidiaries
in the form of capital infusion and similar capital
(direct and indirect), 5 joint ventures and 1 associate
contribution is also made by the foreign JV partner.
company. During the year under review, two 100%
The paid-up capital of Voltbek as on 31 March, 2022
wholly-owned subsidiaries were established: Hi-Volt
was ` 1027.01 crores. During 2021-22, the Company
Enterprises Private Limited in India and Universal MEP
invested ` 93.10 crores in the share capital of Voltbek
Projects Pte. Limited (Universal) in the Republic of
and the Company’s total investment in Voltbek
Singapore. Universal is a 100% wholly-owned subsidiary
(49% share) was ` 503.23 crores.
of Voltas Netherlands B. V. – a wholly-owned subsidiary
of the Company in the Netherlands. Except as mentioned above, there have been no material
changes in the nature of the business of the subsidiaries,
As per the requirements of Section 129(3) of the Act, a
including associates and joint ventures during 2021-22.
statement containing salient features of the financial
statements of subsidiaries, joint ventures and associate The following companies have ceased to be subsidiary/
companies in prescribed Form No. AOC-1 is attached to the associate of the Company:
financial statements of the Company. Further, pursuant to • T he name of Auto Aircon (India) Limited (AAIL), a
Section 136 of the Act, the standalone financial statements dormant wholly-owned subsidiary of the Company,
of the Company, consolidated financial statements along has been struck-off from the Register of Companies
with relevant documents and separate audited accounts with effect from 8 September, 2021 based on an
in respect of subsidiaries are available on the Company’s application made to the Registrar of Companies,
website – www.voltas.com. Maharashtra, Pune. Accordingly, AAIL has ceased to
The Policy for determining material subsidiaries of the be a subsidiary of the Company.
Company is also provided on the Company’s website at • Due to losses suffered by Terrot GmbH, an associate
https://www.voltas.com/images/_ansel_image_collector/ company in Germany, in the last few years, its Net
DETERMINING_MATERIAL_SUBSIDIARY_POLICY_1.pdf Worth was fully eroded and was negative. Terrot had
Presently, the Company does not have any material therefore undertaken a capital restructuring plan, by
subsidiary. implementing reduction of its existing capital to
zero and raised new capital by fresh infusion from
Performance of key operating subsidiary and joint venture
its existing shareholders. As Voltas did not subscribe
companies in India are given below:
to the new capital, it ceased to be a shareholder
• niversal MEP Projects & Engineering Services Limited
U (20.07% shareholding) with effect from 12 November,
(UMPESL) (formerly known as Rohini Industrial 2021. The Company’s investment of ` 1.56 crores in
Electricals Limited), a wholly owned subsidiary of Terrot had been earlier impaired and therefore there
the Company, is engaged in the business of rural was no P&L impact due to reduction of capital of Terrot.
electrification work and EPC projects related to solar
15. Number of Board Meetings
power. UMPESL has reported turnover of ` 397 crores
During 2021-22, eleven Board Meetings were held on
and profit before tax of ` 12 crores in 2021-22 as
15 April, 2021; 26 April, 2021; 12 May, 2021; 19 July, 2021;
compared to ` 323 crores and ` 18 crores respectively,
6 August, 2021; 20 August, 2021; 11 October, 2021;
in the previous year.
29 October, 2021; 20 January, 2022; 11 February, 2022 and
• Voltbek Home Appliances Private Limited (Voltbek), 16 March, 2022. Most of the Board Meetings were held
the joint venture with Arcelik A.S. for Consumer through video conferencing.
116 Voltas Limited

16. Policy on Directors’ Appointment and Remuneration, meeting also evaluated the quality, quantity and timeliness
including Criteria for Determining Qualifications, of the flow of information between the Management and
Positive Attributes, Independence of a Director the Board, that is necessary for the Board to effectively
Based on the recommendation of the Nomination and and reasonably perform their duties. They expressed
Remuneration Committee (NRC), the Board has adopted their satisfaction in respect thereof. The performance
the Remuneration Policy for Directors, KMPs and other of the individual Directors, performance and role of the
employees. NRC has formulated the criteria for determining Board/ Committees was also discussed at the Board
qualifications, positive attributes and independence Meeting held on 5 May, 2022. The performance evaluation
of an Independent Director, alongside the criteria for of Independent Directors was done by the entire Board,
Performance Evaluation of individual Directors, the Board excluding the Independent Director being evaluated.
as a whole and the Committees. The Company’s Policy 18. Statutory Auditors
on Directors’ appointment and remuneration, and other
At the 63rd Annual General Meeting (AGM) held on
matters provided in Section 178(3) of the Act is disclosed
28 August, 2017, the Members had approved the
in the Corporate Governance Report, which is a part of the
appointment of S R B C & Co. LLP (SRBC) as Statutory
Annual Report and is also available on https://www.voltas.
Auditors as well as Branch Auditors of the Company,
com/images/_ansel_image_collector/DISCLOSURE_OF_
to examine and audit the accounts of the Company for
REMUNERATION_POLICY_FOR_DIRECTORS.pdf
five consecutive financial years between 2017-18 and
17. Evaluation of Performance of Board, its Committees 2021-22. The Auditors’ Report for 2021-22 does not contain
and Directors any qualifications, reservations or adverse remarks, except
Pursuant to the provisions of the Act and Regulation 17 for Key Audit Matters.
of the Securities and Exchange Board of India (Listing
Pursuant to the provisions of Section 139 of the Act, read
Obligations and Disclosure Requirements) Regulations,
with the Companies (Audit and Auditors) Rules, 2014, and
2015 (Listing Regulations), the Board carried out an
based on the recommendations of the Audit Committee,
evaluation of its performance, Committees and individual
it is proposed to reappoint SRBC as Statutory Auditors
Directors. The performance of the Board as a whole,
for a second term of five years from the conclusion of
Committees and individual Directors was evaluated
68th AGM till the conclusion of 73rd AGM of the Company
by seeking inputs from all Directors based on certain
to be held in the year 2027, to examine and audit the
parameters as per the Guidance Note on Board Evaluation
accounts of the Company for the financial years between
issued by SEBI such as: Board structure and composition;
2022-23 and 2026-27. SRBC have, pursuant to Section 139
Meetings of the Board in terms of frequency, agenda,
of the Act, provided written consent and furnished a
discussions and dissent, if any, recording of Minutes and
certificate regarding their eligibility for re-appointment.
dissemination of information; Functions of the Board,
including governance and compliance, evaluation of
Resolution seeking Members’ approval for the
risks, stakeholder value and responsibility, Board and reappointment of SRBC as Statutory Auditors of the
Management, including evaluation of the performance Company forms part of the Notice of 68th AGM of
of the Management. The Directors also made their the Company.
self-assessment of certain parameters – attendance,
19. Cost Auditors
contribution at meetings and guidance/support extended
to the Management. The feedback received from the The Company has maintained the accounts and cost
Directors was discussed and reviewed by the Independent records as specified by the Central Government under
Directors at their separate Annual Meeting held on Section 148(1) of the Companies Act, 2013. The Board had
15 March, 2022, and also shared with the NRC/Board. At appointed M/s. Sagar and Associates, Cost Accountants
the separate Annual Meeting of Independent Directors, as the Cost Auditors for 2021-22, and they have been
the performance of Non-Independent Directors, including reappointed as Cost Auditors of the Company for 2022-23.
the Chairman, Board as a whole and various Committees Approval of the Members is being sought for ratification of
was discussed. The Independent Directors in the said their remuneration at the ensuing AGM.

20. Secretarial Auditor Remuneration of Managerial Personnel) Rules, 2014, are
M/s. N. L. Bhatia and Associates, the Practicing Company given below:
Secretaries were appointed as Secretarial Auditor to (a) The ratio of each Director’s remuneration, to
undertake the Secretarial Audit of the Company for the the median remuneration of the Company’s
year 2021-22. Their Secretarial Audit Report, in prescribed employees for 2021-22:
Form No. MR-3, is annexed to the Directors Report as Directors Ratio to Median
Annexure IV, and does not contain any qualification, Remuneration
reservation or adverse remarks. M/s. N. L. Bhatia and Mr. Noel Tata 0.68
Associates have been re-appointed as the Secretarial Mr. Vinayak Deshpande 0.58
Auditor for 2022-23. Mr. Debendranath Sarangi 4.47
21. Audit Committee Mr. Bahram N. Vakil 5.56

The Audit Committee comprises Mr. Zubin Dubash Ms. Anjali Bansal 5.34
(Chairman), Mr. Debendranath Sarangi and Mr. Arun Kumar Mr. Hemant Bhargava (upto 29 *
Adhikari, all Independent Directors, in line with Section 177 September, 2021)
of the Act. The Board accepted the recommendations Mr. Arun Kumar Adhikari 4.47
made by the Audit Committee from time to time. Details of Mr. Zubin Dubash 5.51
Audit Committee Meetings held during the year 2021-22 are Mr. Saurabh Agrawal 0.52
disclosed in the Corporate Governance Report. Executive Director
22. Internal Financial Controls Mr. Pradeep Bakshi 61.78
Managing Director & CEO
The Internal Financial Controls (IFCs), its adequacy and
* Since the remuneration of Mr. Hemant Bhargava was
operating effectiveness is included in the Management
only for part of the year, the ratio of his remuneration
Discussion and Analysis, which forms part of this Report.
to median remuneration was not comparable, and
The Auditors Report also includes their reporting on IFCs
hence not stated.
over Financial Reporting.
Note: Ratio of Remuneration of Directors was
23. Reporting of Fraud
computed based on sitting fees paid during 2021-22
No instances of fraud were reported by the Auditors under
and commission paid for 2020-21 in 2021-22.
Section 143(12) of the Companies Act, 2013.
However, in line with the internal guidelines, no
24. Risk Management commission was paid to Mr. Noel Tata, Mr. Vinayak

Pursuant to Section 134(3)(n) of the Act and Deshpande and Mr. Saurabh Agrawal, as they were
Regulation 21 of Listing Regulations, Risk Management in full-time employment with another Tata Company.
Committee was in place, comprising Mr. Zubin Dubash They were paid sitting fees only.
(Chairman), Mr. Debendranath Sarangi and Mr. Arun Kumar (b) The percentage increase in remuneration of
Adhikari. The Company has formulated a Risk Management each Director, Chief Financial Officer, Chief
Policy to establish an effective and integrated framework Executive Officer, Company Secretary or
for the Risk Management process. During 2021-22, three Manager, if any, in 2021-22:
Meetings were held on 12 August, 2021, 10 November, 2021
Directors, Chief Executive % Increase in
and 19 January, 2022, wherein, the top 10 risks and relevant
Officer, Chief Financial Officer Remuneration
mitigation measures identified for the Company were and Company Secretary in 2021-22
reviewed and discussed. The Company has appointed E&Y over 2020-21
to carry out an Enterprise Risk Management (ERM) study of Mr. Noel Tata 14.81
Voltas, and their work is in progress. Mr. Pradeep Bakshi 25.61
25. Particulars of Employees Mr. Vinayak Deshpande 47.22
The information required under Section 197 of the Act, Mr. Debendranath Sarangi (11.27)
read with Rule 5(1) of the Companies (Appointment and Mr. Bahram N. Vakil 5.87
118 Voltas Limited

Directors, Chief Executive % Increase in Act, read with Rule 5(2) and 5(3) of the Companies
Officer, Chief Financial Officer Remuneration (Appointment and Remuneration of Managerial
and Company Secretary in 2021-22 Personnel) Rules, 2014, is provided in a separate
over 2020-21 Annexure in this Report. Further, the Report and the
Ms. Anjali Bansal 5.43 Accounts are being sent to the Members, excluding
Mr. Hemant Bhargava * the aforesaid Annexure. In terms of Section 136 of the
(upto 29 September, 2021) Act, the said Annexure is open for inspection at the
Mr. Arun Kumar Adhikari (11.27) Registered Office of the Company. Any Shareholder
Mr. Zubin Dubash 40.20 interested in obtaining a copy of the same may write
Mr. Saurabh Agrawal * to the Company Secretary. None of the employees
Mr. Anil George * listed in the said Annexure are related to any Director
[Chief Financial Officer (CFO) of the Company.
up to 18 July, 2021]
26. Employee Stock Option, Sweat Equity and Equity
Mr. Jitender P. Verma *
Shares with Differential Voting Rights
(CFO w.e.f. 19 July, 2021)
Mr. V. P. Malhotra 22.03 The Company did not issue any Employee Stock Options,
(Company Secretary) Sweat Equity shares and Equity shares with differential
voting rights.
* Since the remuneration is for a part of the year,
the percentage increase in their remuneration is not 27. Conservation of Energy, Technology Absorption,
comparable and hence, not mentioned. Foreign Exchange Earnings and Outgo
(c) Percentage increase in the median remuneration Information pursuant to Section 134(3)(m) of the Act
of employees in 2021-22: relating to conservation of energy, technology absorption,
6.42% foreign exchange earnings and outgo is given as Annexure
III to this Report.
(d) Number of permanent employees on the rolls of
the Company: 28. Directors and Key Managerial Personnel
2,576 employees. In accordance with the provisions of the Act and the
Company’s Articles of Association, Mr. Pradeep Bakshi and
(e) Average percentile increase already made
Mr. Vinayak Deshpande retire by rotation and being eligible,
in the salaries of employees other than the
offer themselves for re-reappointment.
managerial personnel in the last financial
year and its comparison with the percentile
Mr. Hemant Bhargava, representing Life Insurance
increase in the managerial remuneration and Corporation of India, had tendered his resignation
justification thereof, and point out if there were as a Director of the Company with effect from
any exceptional circumstances for increase in 29 September, 2021. The Board placed on record their
managerial remuneration: appreciation for valuable contributions made by him
Average percentile increase in salary of employees during his association with the Company.
other than managerial personnel was 15.73%. Average
Mr. Anil George retired as the Chief Financial Officer and
percentile increase in managerial remuneration
Key Managerial Personnel with effect from 19 July, 2021.
was 10.15% in 2021-22 over 2020-21.
The Board placed on record their appreciation for the
(f) Affirmation that the remuneration is as per the services rendered by Mr. Anil George during his long
Remuneration Policy of the Company: tenure with the Company. Consequently, pursuant to the
The Company affirms that the remuneration paid was recommendations of the Nomination and Remuneration
as per the Remuneration policy of the Company. Committee and the Audit Committee, the Board appointed
(g)
A statement containing names of top ten employees, Mr. Jitender P. Verma as the Chief Financial Officer and Key
in terms of remuneration drawn and the particulars of Managerial Personnel of the Company with effect from
employees as required under Section 197(12) of the 19 July, 2021.

Mr. Pradeep Bakshi, Managing Director & CEO of the have taken on record the declaration and confirmation
Company has also been appointed as the Managing submitted by the Independent Directors after undertaking
Director of Universal MEP Projects & Engineering Services due assessment of the veracity of the same.
Limited (UMPESL), a 100% wholly-owned subsidiary of
The Board is of the opinion that the Independent Directors
the Company for a period of 5 years with effect from
possess the requisite qualifications, experience, expertise
1 April, 2021. Mr. Pradeep Bakshi does not draw any
and they hold high standards of integrity.
remuneration from UMPESL. No other Director is the
Managing or Whole-time Director of any subsidiary of The Independent Directors have complied with the Code
the Company. for Independent Directors prescribed in Schedule IV to the
Act and have also confirmed that their registration with
At the Sixty-Seventh AGM of the Company held on
the databank of Independent Directors maintained by the
27 August, 2021, the Members had approved the
Indian Institute of Corporate Affairs is in compliance with
re-appointment of Mr. Arun Kumar Adhikari as an
the requirements of the Companies (Appointment and
Independent Director for a second term of five years with
Qualifications of Directors) Rules, 2014.
effect from 8 June, 2022.
30. Business Responsibility Report
During the year under review, the Non-Executive Directors
Pursuant to Regulation 34(2)(f ) of the Listing Regulations,
of the Company had no pecuniary relationship or
the Business Responsibility Report on initiatives taken from
transactions with the Company, other than sitting fees,
an Environmental, Social and Governance perspective, in
commission and reimbursement of expenses incurred by
prescribed format forms part of this Annual Report.
them (if any) for the purpose of attending Meetings of the
Board/Committees of the Company. 31. Corporate Governance

Mr. Pradeep Bakshi (Managing Director & CEO), Pursuant to Schedule V of Listing Regulations, Management
Mr. Jitender P. Verma (Chief Financial Officer) and Discussion and Analysis, Corporate Governance Report and
Mr. V. P. Malhotra (Vice President-Taxation, Legal and Auditors’ Certificate regarding compliance of conditions
of Corporate Governance forms part of the Annual Report.
Company Secretary) are the Key Managerial Personnel
A declaration signed by the Managing Director in regard
(KMPs) of the Company, in line with the requirements of
to compliance with the Code of Conduct by the Board
Section 203 of the Act.
Members and Senior Management personnel also forms part
29. Declaration by Independent Directors of the Annual Report. Code of Conduct and various other
Pursuant to Section 149(7) of the Act, the Company has policies are available on the website of the Company at the
received declarations from all Independent Directors link: https://www.voltas.com/about/corporate-governance
confirming that they meet the criteria of independence 32. Details of the Establishment of Vigil Mechanism for
as specified in Section 149(6) of the Act, as amended, read Directors and Employees
with Rules framed thereunder and Regulation 16(1)(b) of
The Company has adopted a Whistle Blower Policy
the Listing Regulations. In terms of Regulation 25(8) of
(“the Policy”) as required under Section 177(9) of the Act
the Listing Regulations, the Independent Directors have
and Listing Regulations. The Policy provides a mechanism
confirmed that they are not aware of any circumstance or
for Directors and employees of the Company to approach
situation which exists or may be reasonably anticipated that
the Ethics Counsellor/Chairman of the Audit Committee of
could impair or impact their ability to discharge their duties the Company in case of any concern. The Whistle Blower
with an objective independent judgement and without Policy can be accessed on the Company’s website at the
any external influence and that they are independent of link: https://www.voltas.com/images/_ansel_image_
the Management. The Board of Directors of the Company collector/WHISTLE_BLOWER_POLICY_1.pdf
120 Voltas Limited

33. Particulars of Loans, Guarantees or Investments under Section 186 of the Act during 2021-22
Details of loans, guarantees and investments covered under the provisions of Section 186 of the Act, as also given in the Notes to the
financial statements are given below:
Name of the Entity Nature of Particulars of Loan, Guarantees given Purpose for which
Transaction or Investments made during 2021-22 the loans, guarantees
Loan/ ICD Investment Guarantee and investments are
(` in crores) (` in crores) (` in crores) proposed to be utilised
TMF Holdings Limited Subscription of -- 50.00 -- General Corporate
debentures Purpose
Voltbek Home Appliances Private Subscription of -- 93.10 -- Strategic investment
Limited # Rights equity
Tata Projects Limited shares -- 79.99 -- Strategic investment
Hi-Volt Enterprises Private Limited* Subscription of -- 0.01 -- Strategic investment
equity shares
Universal MEP Projects & Engineering Guarantees to -- -- 700.00 Business Purpose, as a
Services Limited * Banks collateral.
Voltas Netherlands B.V. * -- -- 768.56
LIC Housing Finance Limited Inter Corporate 40.00 -- -- General Corporate
Deposit Purpose
* wholly-owned subsidiaries
# Joint-venture company
34. Particulars of Contracts or Arrangements with and Bankruptcy Code, 2016 as amended, before the
Related Parties National Company Law Tribunal or other Courts as on
During the year under review, the Company did not have 31 March, 2022.
any contracts or arrangements with related parties in terms 38. Deposits from Public
of Section 188(1) of the Act, except for the proposed transfer The Company has not accepted any deposits from public
of domestic B2B businesses to UMPESL and execution of and as such, no amount on account of principal or interest
BTA to that effect. However, as the transaction is not yet on deposits from public was outstanding as on the
consummated, the details of such contracts or arrangements 31 March, 2022.
in Form AOC-2 does not form part of the Report, as the same
39. Directors’ Responsibility Statement
is not applicable for the year under review.
Based on the framework and testing of internal financial
35. Secretarial Standards controls and compliance systems established and
The Company has complied with the provisions of maintained by the Company, work performed by the
Secretarial Standards on Meetings of the Board of Directors internal, statutory, cost and secretarial auditors, including
(SS-1) and on General Meetings (SS-2). audit of internal financial controls over financial reporting
by the Statutory Auditors and the reviews performed by
36. Details of Significant and Material Orders passed by Management and the relevant Board Committees, including
the Regulators/Courts/Tribunal the Audit Committee, the Board is of the opinion that the
No significant and material orders were passed by the Company’s internal financial controls were adequate and
Regulators or the Courts or Tribunals impacting the going effective during the financial year 2021-22. Accordingly,
concern status and Company’s operations in future. pursuant to Section 134(5) of the Act, the Board of Directors,
based on the assurance given of the business operations, to
37. Proceeding under Insolvency and Bankruptcy the best of their knowledge and ability, confirm that:
Code, 2016
(i)
in the preparation of the annual accounts, the
There are no proceedings, either filed by the Company applicable accounting standards have been followed
or against the Company, pending under the Insolvency and that there are no material departures;

(ii) they have, in the selection of the accounting policies, 41. Disclosure as per the Sexual Harassment of Women
consulted the Statutory Auditors and have applied at Workplace (Prevention, Prohibition and Redressal)
their recommendations consistently and made Act, 2013
judgements and estimates that are reasonable and The Company has zero tolerance for sexual harassment
prudent so as to give a true and fair view of the state at workplace and has adopted a ‘Respect for Gender’
of affairs of the Company at the end of financial year Policy on prevention, prohibition and redressal of
and of the profit of the Company for that period; sexual harassment in line with the provisions of the
(iii) they have taken proper and sufficient care to the best Sexual Harassment of Women at Workplace (Prevention,
of their knowledge and ability, for the maintenance of Prohibition and Redressal) Act, 2013 (‘POSH Act’) and the
adequate accounting records in accordance with the Rules there under. As per the requirement of POSH Act, the
provisions of the Act, for safeguarding the assets of Company has formed an Internal Committee to address
the Company and for preventing and detecting fraud complaints pertaining to sexual harassment at work place.
and other irregularities; The Company did not receive any complaint during 2021-22.
(iv) they have prepared the annual accounts on a going 42. General
concern basis; The Notes forming part of the Accounts are self-explanatory
or, to the extent necessary, have been dealt with in the
(v) they have laid down internal financial controls to
preceding paragraphs of the Report.
be followed by the Company and that such internal
financial controls were adequate and operating
effectively; and
(vi)
they have devised proper system to ensure
compliance with the provisions of all applicable laws
and that such systems were adequate and operating
effectively.
40. Annual Return

On behalf of the Board of Directors
Pursuant to Sections 92(3) and 134(3)(a) of the Act, the Noel Tata
Annual Return (Form MGT-7) is available on the Company’s Chairman
website at the link: https://www.voltas.com/file-uploads/ Date: 5 May, 2022
general/Voltas_AnnualReturns_FormMGT-7_2021-22.pdf Place: Mumbai
122 Voltas Limited

ANNEXURE I
DIVIDEND DISTRIBUTION POLICY
Background (c) Working Capital requirements and surplus
The Securities and Exchange Board of India (“SEBI”) has, by (d) Liquidity position
notification dated 8 July, 2016, amended the SEBI (Listing
(e) Quantum of profits
Obligations and Disclosure Requirements) Regulations, 2015 by
inserting a new Regulation 43A. The said Regulation mandates (f )
Future fund requirements, including for Brand /
the top 500 listed entities (based on the market capitalisation Business Acquisitions, Expansion/ Modernisation of
calculated as on 31 March of every financial year) to formulate existing business
a dividend distribution policy and disclose the same in their (g) Providing for unforeseen events and contingencies
annual reports and on their websites. Accordingly, the Company
(h) Any other financial factor as the Board may deem fit
has formulated its Dividend Distribution Policy, which has been
approved and adopted by the Directors at the Board Meeting • Internal factors:
held on 22 March, 2017. (a) Business expansion plan
Objective (b) Investment plans
This Policy is based on the need to balance the twin objectives (c) Contractual restrictions
of appropriately rewarding the shareholders with dividend in a
(d) Contingent liabilities
fair and consistent manner and of conserving cash resources to
meet the Company’s growth and business exigencies. (e) Past dividend trends
(f ) Any other factor as deemed fit by the Board
Dividend Payout
Dividend will be declared out of the relevant financial year’s Profit • External factors:
after Tax of the Company after complying with the provisions of (a) Industry outlook and business cycles for underlying
the Companies Act, 2013 and Rules thereunder and SEBI (Listing businesses
Obligations and Disclosure Requirements) Regulations, 2015.
(b) Overall economic / regulatory environment
Only in exceptional circumstances, including but not limited (c) Capital market
to Loss after Tax in any particular financial year, the Board may
consider utilising Retained Earnings for declaration of dividend, Frequency of Dividend
subject to the applicable provisions of the Companies Act, 2013. The Companies Act, 2013 provides for two forms of Dividend:
The Board may recommend special dividend as and when it • Final Dividend:
deems fit. The final dividend is paid once for the financial year after
The Board will endeavour to maintain a dividend payout ratio the annual accounts are prepared. The Board of Directors of
in the range of 25% to 45% of the annual standalone Profit after the Company has the power to recommend the payment
tax, taking into consideration and balancing the interests of the of final dividend to the shareholders for their approval at
business, the Company’s financial creditors and shareholders. the General Meeting of the Company.
Criteria to be considered for determining the quantum of • Interim Dividend:

dividend Interim dividend can be declared by the Board of Directors
The Board will consider various financial, internal and external once or more during the financial year as may be deemed
factors, including but not limited to the following before making fit. The Board shall have the absolute power to declare
any recommendation for dividend: interim dividend during the financial year, in line with
this Policy, after taking into consideration the expected
• Financial Factors:
performance of the Company and other requirements of
(a) Result of Operations the Companies Act, 2013, including depreciation for the full
(b) Earnings stability year and tax on profits.

Circumstances under which the shareholders may not Utilisation of Retained Earnings
expect dividend Retained Earnings will be used for the Company’s growth
(a) Proposed expansion plans requiring higher allocation of plans, working capital requirements, debt repayments, issue
capital. of bonus shares, buyback of shares, declaration of dividend,
other contingencies and any other permitted usage under the
(b) Significantly higher working capital requirements adversely
Companies Act, 2013.
impacting free cash flow.
General
(c)
Whenever Company undertakes any acquisitions or
investments including in joint ventures, new product The Company has only Equity shares and currently does not have
launches etc., requiring significant capital outflow. any other class of shares.
(d) Proposal for buyback of shares. This Policy would be reviewed on a periodic basis and would
be suitably modified / revised, if so required and necessary.
(e) In the event of loss or inadequacy of profits. In the event of a conflict between this Policy and the applicable
In case the Board proposes not to distribute profit, the grounds regulations, the regulations shall prevail. In case of any deviation
thereof and information on utilisation of undistributed profit, if from the Policy, the rationale for the same will be suitably
any, shall be disclosed to the shareholders in the Annual Report disclosed in the Annual Report of the Company and on the
of the Company. Company’s website.
The Policy will be disclosed on the Company’s website at

www.voltas.com and in the Annual Report.
124 Voltas Limited

Annexure II
ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY ACTIVITIES
for financial year 2021-22
[Pursuant to Section 135 of the Companies Act, 2013 and the Companies (Corporate Social Responsibility) Rules, 2014]
1. Brief outline on Corporate Social Responsibility (CSR) Policy of the Company:

The CSR Policy articulates the Company’s approach and commitment to sustainable and inclusive social development by improving
the quality of life of the communities it serves. Engage, Equip and Empower is the cross-cutting theme of the various projects
initiated under the three verticals namely: Sustainable Livelihood, Community Development and issues of National Importance.
Sustainable livelihood is the flagship program which focusses on building employability of Youth from underprivileged section of
the Society. Community Development deals with Water, Health and Education, and emphasises on community participation and
ownership and works on projects for sustainable outcomes. Issues of National Importance deals with the thematic areas like Disaster
Management, Sanitation and Affirmative Action.
2. Composition of the CSR Committee:

Sl. Name of Director Designation / Nature of Directorship Number of Number of
No. meetings of CSR meetings of
Committee held CSR Committee
during the year attended during
the year
1 Mr. Noel Tata Chairman, Non- Independent, Non-Executive Director 2 2
2 Mr. Pradeep Bakshi Member, Managing Director & CEO 2 2
3 Mr. Bahram N. Vakil Member, Independent Director 2 2
4 Ms. Anjali Bansal Member, Independent Director 2 1
3. Web-link where Composition of CSR committee, CSR Policy and CSR projects approved by the board are disclosed on
the website of the Company:
The CSR activities undertaken are within the broad framework of Schedule VII of the Companies Act, 2013. Details of the CSR
Committee composition, CSR Policy and projects/ programs undertaken by the Company along with the implementing agencies /
partners are available on links given below:
(i) CSR Committee composition and CSR Policy:
https://www.voltas.com/images/_ansel_image_collector/CSR_Policy_%28Revised%29_11102021.pdf
(ii) CSR Projects programs undertaken by the Company:
https://www.voltas.com/images/_ansel_image_collector/CORPORATE_SOCIAL_RESPONSIBILITY_PROJECTS__PROGRAMMES.
pdf
4. Details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of Rule 8 of the Companies
(Corporate Social Responsibility Policy) Rules, 2014:
The Company undertakes Impact Assessment of projects after they attain certain maturity period which generally is done after three
years. The assessment process would be carried out according to the due timelines

5. Details of the amount available for set-off in pursuance of sub-rule (3) of Rule 7 of the Companies (Corporate Social
Responsibility Policy) Rules, 2014 and amount required for set-off for the financial year, if any:
Sl. Financial Year Amount available for set-off from Amount required to be set-off for
No. preceding financial years the financial year, if any
(₹ in crores) (₹ in crores)
1 2021-22 0.21 0.16
6. Average net profit of the Company as per as per Section 135(5): ` 654.76 crores.
7. (a) Two percent of average net profit of the Company as per Section 135(5): ` 13.10 crores.
(b) Surplus arising out of the CSR projects or programmes or activities of the previous financial years: Nil.
(c) Amount required to be set-off for the financial year, if any: ` 0.21 crore.
(d) Total CSR obligation for the financial year (7a+7b-7c): ` 12.89 crores.
8. (a) CSR amount spent or unspent for the financial year:

Total Amount Spent Amount Unspent (₹ in crores)
for the Financial Year Total Amount transferred to Amount transferred to any fund
(` in crores) Unspent CSR Account as per specified under Schedule VII as per
Section 135(6) second proviso to Section 135(5)
Amount Date of transfer Name of the Amount Date of transfer
Fund
12.94 Nil NA NA Nil NA
(b) Details of CSR amount spent against ongoing projects for the financial year:
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
Sl. Name Item from Local Location of the Project Amount Amount Amount Mode of Mode of
No. of the the list of area project Duration allocated spent in transferred to implementation - implementation
Project activities in for the the current Unspent CSR Direct (Yes/No) - Through
Schedule VII (Yes/ Project financial account as per implementing agency
to the Act No) (` in crores) year Section 135(6)
State District Name CSR
(` in crores) (₹ in crores) Registration
Number
Nil
126 Voltas Limited

(c) Details of CSR amount spent against other than ongoing projects for the financial year:
(1) (2) (3) (4) (5) (6) (7) (8)
Sl. Name of the Item from Local Location of the project Amount Mode of Mode of implementation
No. Project the list of area spent imple - Through implementing
activities in for the menta agency
(Yes/
Schedule State District Project tion - Name CSR
No)
VII to the (` in Direct Registration
Act crores) (Yes/No) Number
1 Skill Training in (ii) Yes Maharashtra, Thane, Nashik, 2.93 No* Tata CSR00002739
Technical and Uttar Pradesh, Aligarh, Hardoi, Community
Non-Technical West Bengal, Midnapur, Initiative
courses for Madhya Pradesh, Chhindwara, Trust (TCIT)
employability Jharkhand, Jamshedpur,
enhancement Telangana, Karimnagar,
of youth Andhra Pradesh, Hyderabad,
Srikakulam,
Bihar Muzaffarpur
2 Skill Training in (ii) Yes Maharashtra, Thane, 0.55 Yes Direct Not applicable
Refrigeration
and Air Jharkhand, Jamshedpur,
Conditioning
(OPEX and Haryana, Faridabad,
maintenance
cost for Centre
of Excellence
and CSR
training facility
at Integrated
Complex at
Faridabad)
3 Skill Training in (ii) Yes Uttarakhand Pantnagar 0.30 No Greysim CSR00000153
Refrigeration Learnings
and Air Foundation
Conditioning
and Plumbing
4 Recognition (ii) Yes Andhra Pradesh, Vishakhapatnam, 0.55 No Greysim CSR00000153
of Prior Odisha, Krishna, Learnings
Learning for Khordha, Foundation
RAC and CAC Tamil Nadu, Chennai,
technicians Kerala, Ernakulum,
Madhya Pradesh, Indore,
West Bengal, Kolkata,
Maharashtra, Pune, Mumbai,
Nagpur,
Chhattisgarh Raipur

(1) (2) (3) (4) (5) (6) (7) (8)
(Yes/
Schedule State District Project tion - Name CSR
No)
VII to the (` in Direct Registration
Act crores) (Yes/No) Number
5 Recognition (ii) Yes Andhra Pradesh, Srikakulam, 0.90 No Care CSR00009956
of Prior Amalaapuram, Foundation
Learning for West Godavari,
RAC and CAC Bihar, Darbhanga,
technicians Bhagalpur, Arwal,
Madhubani
Chhattisgarh, Bilaspur, Raipur,
Gariyaband,
Delhi, Delhi, South Delhi,
New Delhi,
Gujarat, Ahmedabad,
Vadodara, Navsari,
Surat, Rajkot,
Haryana, Sonipat, Gurgaon,
Karnal, Ambala,
Jind,
Himachal Pradesh, Hamirpur, Una,
Kangra,
Jammu and Jammu, Samba,
Kashmir,
Karnataka, Bidar, Bangalore,
Punjab, Ludhiana,
Jalandhar,
Hoshiarpur,
Rajasthan, Alwar, Dholpur,
Jaipur,
Telangana, Karimnagar,
Hyderabad,
Warangal,
Uttar Pradesh, Kanpur, Unnao,
Moradabad,
Uttarakhand, Haridwar,
Deharadun
6 Skill training (ii) Yes Maharashtra, Mumbai, 0.20 No Sarthak CSR00001093
in Non - Education
Technical Telangana Hyderabad Foundation
trades
7 Functional (ii) Yes Maharashtra, Thane, 0.01 No Step-Up CSR00007140
English Uttar Pradesh, Aligarh, Hardoi, Charitable
program West Bengal, Midnapur, Trust
for students Madhya Pradesh, Chhindwara,
from Voltas’s Jharkhand, Jamshedpur,
Skill Training Telangana, Karimnagar,
centres Hyderabad,
Bihar, Muzaffarpur,
Andhra Pradesh, Jired, Nired,
Delhi Delhi
128 Voltas Limited

(1) (2) (3) (4) (5) (6) (7) (8)

(Yes/
Schedule State District Project (` tion - Name CSR
No)
VII to the in crores) Direct Registration
Act (Yes/No) Number
8 Skill Training in (ii) Yes Andhra Pradesh, Nired, Hyderabad, 0.25 No GMR CSR00000851
Refrigeration Varalakshmi
and Air Delhi Delhi Foundation
Conditioning
9 Tool kits for (ii) Yes Maharashtra, Thane, 0.24 Yes -- Not applicable
students from Uttar Pradesh, Aligarh, Hardoi,
Skill Training West Bengal, Midnapur,
centres Madhya Pradesh, Chhindwara,
Jharkhand, Jamshedpur,
Karimnagar,
Telangana, Hyderabad,
Bihar, Muzaffarpur,
Andhra Pradesh, Jired, Nired,
Delhi Delhi
10 COVID Relief (xii) Yes West Bengal Kolkata 0.40 No Tata Medical CSR00002920
measure Centre Trust,
(healthcare) Kolkata
11 Nutritional (i) Yes Maharashtra Raigad 0.37 No* The Bethany CSR00008712
and Society
educational
support to the
Tribal children
12 Animal (iv) Yes Jharkhand Jamshedpur 0.07 No Tata Steel CSR00007552
adoption Zoological
program at Society
Jamshedpur
13 Providing (xii) Yes Maharashtra, Mumbai, 0.47 Yes -- Not applicable
Oxygen Delhi, Delhi,
Concentrators West Bangal, Kolkata,
for COVID Tamil Nadu, Chennai,
patients Coimbatore,
Uttara khand, Pantnagar,
Gujarat, Waghodia,
Jharkhand, Jamshedpur,
Telangana, Hyderabad,
Karnataka, Bangalore,
Haryana, Chandigarh,
Uttar Pradesh, Lucknow,
Bihar, Patna,
Odisha Bhubaneshwar
14 Support for (xii) Yes Uttarakhand Rudrapur 0.05 No Green CSR00021433
COVID centre Environment
Public
Welfare
Society

(1) (2) (3) (4) (5) (6) (7) (8)
(Yes/
No)
Act (Yes/No) Number
15 Support (i) Yes Uttarakhand Pantnagar 0.80 No The CSR00000286
for food Akashaya
distribution Patra
vehicles for Foundation
mid-day meal
program
16 Support (i) Yes Andhra Pradesh Tirupati 1.00 No Alamelu CSR00001539
towards Charitable
medical Foundation
equipment for
Cancer Care
Hospital
17 COVID Relief (xii) Yes Maharashtra Mumbai 0.05 No Central CSR00008084
measure Chinmaya
(healthcare) Mission Trust
18 Support to (v) No PAN India 0.05 No Marg CSR00006830
the libraries Foundation
restoring
historical
books
19 Support (ii) Yes Delhi Delhi 0.05 No All India CSR00006061
for Lab for Federation
Physically for the Deaf
challenged
students (Deaf
and dumb
students)
20 Integrated (i) Yes Gujarat Waghodia 1.06 No * Costal CSR00002590
WASH and Salinity
Solid Waste Prevention
management Cell
project
21 Support (v) Yes Karnataka Bangalore 0.25 No Art and CSR00000053
to Art and Photography
Photography Foundation
Museum
22 Support to (vi) Yes Punjab, Amritsar, 0.01 No Armed CSR00011199
the welfare of Kerala, Kannur, Forces Flag
Armed Forces Thiruvanantha- Day Fund
puram,
Andhra Pradesh, Visakhapatnam,
Tamil Nadu Coimbatore
130 Voltas Limited

(1) (2) (3) (4) (5) (6) (7) (8)

(Yes/No)
Act (Yes/No) Number
23 Participatory (xii) Yes Maharashtra Beed 1.07 No Action CSR00000747
Groundwater for Food
and Sustainable Production
Agriculture
project
24 Support (i) No Bihar Gaya 0.20 No Bhansali Trust CSR00000609
for Mushar
integrated
development
program/
activities (for
social welfare
of Mushar
Community)
25 Support towards (ii) Yes Tamil Nadu Tenkasi 0.20 No Amar Sewa CSR00000229
upliftment of Sangham
rural poor and
differently abled
children
26 Support towards (ii) Yes Maharashtra Mumbai, 0.20 No Human CSR00018558
IT lab and Thane, Palghar Development
education for Centre Trust
differently abled
children
27 Support for Old (iii) Yes Gujarat Vadodara 0.05 No Maa Madhuri CSR00003469
Age Home Brij Varis Sewa
Sangh
28 Support for (i) Yes Gujarat Navsari 0.01 No Bai Navajbai CSR00006224
safe and clean Tata
drinking water in Zoroastrian
a school
Total 12.29
* Some part of the funds was also spent directly by the Company.
Note: The projects/programs as referred to above are implemented on annual basis.
(d) Amount spent in Administrative Overheads: ` 0.65 crore

(e) Amount spent on Impact Assessment, if applicable: Nil
(f) Total amount spent for the Financial Year (8b+8c+8d+8e): ` 12.94 crores

(g) Excess amount for set-off, if any:
Sl. Particular Amount
No. (` in crores)
(i) Two percent of average net profit of the Company as per Section 135(5) 13.10
(ii) Total amount spent for the Financial Year 13.15 *
(iii) Excess amount spent for the financial year [(ii)-(i)] 0.05
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous financial Nil
years, if any
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] 0.05
* including amount of ` 0.21 crores spent in previous financial year.
9. (a) Details of Unspent CSR amount for the preceding three financial years:
Sl. Preceding Amount Amount Amount transferred to any fund specified Amount
No. Financial transferred to spent under Schedule VII as per Section 135(6), remaining to
Year Unspent CSR in the if any be spent in
Account under reporting Name Amount Date of transfer succeeding
Section 135(6) Financial Year of the (` in crores) financial
(` in crores) (` in crores) Fund years
(` in crores)
Nil
(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s):
(1) (2) (3) (4) (5) (6) (7) (8) (9)
Sl. Project ID Name of Financial Year Project Total amount Amount Cumulative Status of
No. the Project in which the duration allocated for spent on the amount the project
project was the project project in the spent at -Completed
commenced (` in crores) reporting the end of /Ongoing
Financial Year reporting
(` in crores) Financial
Year
(` in crores)
Nil
10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired through
CSR spent in the financial year (asset-wise details):
(a) Date of creation or acquisition of the capital asset(s): None
(b) Amount of CSR spent for creation or acquisition of capital asset: Nil
(c) Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their
address etc.: Not Applicable
(d) Details of the capital asset(s) created or acquired (including complete address and location of the capital asset):
Not Applicable
11. Specify the reason(s), if the Company has failed to spend two per cent of the average net profit as per Section 135(5):
Not Applicable
Pradeep Bakshi Noel Tata

Managing Director & CEO Chairman – CSR Committee
Date: 5 May, 2022 Place: Mumbai Place: Mumbai
132 Voltas Limited

ANNEXURE III
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
[Pursuant to Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rues, 2014]
CONSERVATION OF ENERGY: on the ambient temperature or number of people in the

With a view to conserve the natural resources by managing room, resulting in savings in electricity costs.
energy in manufacturing activities following energy conservation (b) Developed Pure Air 6 Stage adjustable Air conditioner
projects were taken during the year under review: having capacity of 18K with 5 Star rating with HEPA filter
(a) 250W High bay Sodium vapour lights replaced by 100W and PM 1.0 sensor indicator. Multifunction display PCB
LED lights at Pantnagar factory resulted in power saving of shows the actual PM values up to 3 digits (0~999) and
78,000 KWH and also saving in costs. Visual display of Air Quality Index by using Multi Color Ring
on display side.
(b) Rooftop Fibre sheets replaced with Poly carbonate sheets
in Pantnagar factory to improve the daylight in Shop Floor (c) Anti-Rust Nanotech Coating Implementation on Evaporator
resulting in power saving of 39,000 KWH and saving in costs. Hair Pin Side which enhance life of Coil and minimise the
replacement cost and time by reducing gas leakage and
(c) Installation of Presence sensors in Office premises for usage provide optimum cooling performance to end user for
of air-conditioning and Lights control resulted in power longer duration.
savings and costs.
(d) Use of R290 Refrigerant in all models of Chest Freezers and
(d) Existing water cooled Air compressor in the Commercial
Chest Coolers in place of R134a Refrigerant. By this change
Refrigeration factory at Waghodia was replaced over, the Company has saved 25.6 ton of CO2 equivalent of
with 500 CFM Screw Type Air Compressor with global warming gas for the Environment.
VFD (Variable Frequency Drive). Saving of 1,248 KL of
water per annum and also energy saving of 1.8 lakh units (e) Manufacturing of Water Dispenser components (condenser
per annum. and evaporator coil) have been localised to reduce import
requirements.
(e) Solar rooftops in factory premises as an alternate source
generating 497 MW electrical energy at Waghodia resulting (f )
Developed condensing units with 7mm micro finned
in reduction of 472.017 MT of carbon footprint. tube condenser coils to improve efficiency, reduce weight
and cost.
(f ) The Company has taken various initiatives focusing on
conservation of water resources. This has resulted in saving (g) Designed and tested ultra-low noise Screw Chillers with
14,138 KL of water during 2021-22 and also savings in special acoustic enclosure on compressors.
electricity required for water pumping. (Saving of 2.69 MT RESEARCH & DEVELOPMENT (R&D):
of carbon footprint). Specific areas in which R&D carried out by the Company:
(g) Battery operated Material Handling Equipment were put (a) In the area of Energy Efficiency and HCFC Phase Out:
to use resulting in saving of diesel consumption (saving of (i) Developed Scroll Chillers with R410a Refrigerant in
6.48 MT of CO2 Carbon footprint). place of R22 Refrigerant.
TECHNOLOGY ABSORPTION: (ii) Developed single compressor large capacity energy
The following initiatives have been taken which has resulted in efficient Screw Chillers with R13a Refrigerant.
product improvement / product development and reduction in (b)
Products and Processes Developed through in-house
cost to end consumer and also as an import substitution. technology:
(a)
Complete line up of Voltas Inverter Air conditioner (i) 18K 3 Star Inverter and 18K 2 Star Fixed Speed Air
converted into adjustable type, which operates on conditioner models launched with compact IDUs
different tonnages, as per customer needs, depending (Indoor Units).

(ii)
Developed and launched 2 Ton 3 Star Window FOREIGN EXCHANGE EARNINGS AND OUTGO:
inverter AC. Earnings in foreign exchange: ` 238.89 crores
(iii)
Low gas detection implemented in Fixed Speed Expenditure in foreign currency: ` 0.72 crore
series of split ACs.
Value of import on CIF basis: ` 888.66 crores
(iv) Developed series of Scroll Chillers with 7mm Internal
Groove (IG) tubes condenser coils.
(v) Designed and developed new series of Packaged

and Ductable Air conditioners up to 22TR capacity
complying to Quality Control Order (QCO)
requirements.
EXPENDITURE ON RESEARCH & DEVELOPMENT:

The Company has incurred Research & Development expenditure On behalf of the Board of Directors
of ` 14.25 crores (including capital expenditure of ` 1.48 crores) Date: 5 May, 2022 Noel Tata
during 2021-22. Place: Mumbai Chairman
134 Voltas Limited

ANNEXURE IV
FORM NO. MR-3
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED 31 MARCH, 2022
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No. 9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To, v.
The following Regulations and Guidelines prescribed
under the Securities and Exchange Board of India Act, 1992
The Members,
(‘SEBI Act’) :-
VOLTAS LIMITED
(a)
The Securities and Exchange Board of India
We have conducted the Secretarial Audit of the compliance
(Listing Obligations and Disclosure Requirements)
of applicable statutory provisions and the adherence to
Regulations, 2015;
good corporate practices by VOLTAS LIMITED (hereinafter
called ‘the Company’). Secretarial Audit was conducted in a (b)
manner that provided us a reasonable basis for evaluating the (Substantial Acquisition of Shares and Takeovers)
corporate conducts/statutory compliances and expressing our Regulations, 2011;
opinion thereon.
(c)
Based on our verification of the Company’s books, papers, (Prohibition of Insider Trading) Regulations, 2015;
minute books, forms and returns filed and other records
(d)
maintained by the Company and also the information
(Issue of Capital and Disclosure Requirements)
provided by the Company, its officers, agents and authorised
Regulations, 2018 (to the extent applicable);
representatives during the conduct of Secretarial Audit, we
hereby report that in our opinion, the Company has, during the (e)
audit period covering the financial year ended 31 March, 2022 (Share Based Employee Benefits) Regulations,
complied with the statutory provisions listed hereunder. 2014 and Securities and Exchange Board of
The Company has proper Board processes and India (Share Based Employee Benefits and Sweat
compliance-mechanism in place to the extent, in the manner Equity) Regulations, 2021 (Not applicable to the
and subject to the reporting made hereinafter: Company during the audit period);
We have examined the books, papers, minute books, (f )

forms and returns filed and other records maintained by the (Issue and Listing of Debt Securities) Regulations,
Company for the financial year ended 31 March, 2022 according 2008 and Securities and Exchange Board of India
to the provisions of: (Issue and Listing of Non-Convertible Securities)
Regulations, 2021 (Not applicable to the Company
i. The Companies Act, 2013 (the Act) and the Rules made
during the audit period);
thereunder;
(g)
ii. The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and
(Registrars to an Issue and Share Transfer Agents)
the Rules made thereunder;
Regulations, 1993 (Not applicable to the Company);
iii. The Depositories Act, 1996 and the Regulations and bye-
laws framed thereunder; (h)
(Delisting of Equity Shares) Regulations, 2009
iv. Foreign Exchange Management Act, 1999 and the Rules and Securities and Exchange Board of India
and Regulations made thereunder to the extent of Foreign (Delisting of Equity Shares) Regulations, 2021
Direct Investment, Overseas Direct Investment and External (Not applicable to the Company during the
Commercial Borrowings; audit period); and

(i)
The Securities and Exchange Board of India further information and clarifications on the Agenda items before
(Buyback of Securities) Regulations, 2018 the Meetings and for meaningful participation at the Meetings.
(Not applicable to the Company during the
Majority decision is carried through while the dissenting
audit period); and
members’ views, if any, are captured and recorded as part of
(j)
The Securities and Exchange Board of India the minutes. All the decisions at the Board Meetings were
(Issue and Listing of Non-Convertible and passed unanimously and with requisite majority at the
Redeemable Preference Shares) Regulations, 2013, Sixty-Seventh Annual General Meeting (AGM) held during
(upto 15 August, 2021) (Not applicable to the 2021-22.
Company during the audit period).
We further report that there are adequate systems and
Other Laws applicable to the Company are as given in Annexure A processes in the Company commensurate with the size and
operations of the Company to monitor and ensure compliance
We have also examined compliance with the applicable clauses
with applicable Laws, Rules, Regulations and Guidelines. The
of Secretarial Standards issued by The Institute of Company
Company has complied with COVID- 19 guidelines issued by MCA.
Secretaries of India with respect to Board and General Meetings.
We further report that during the audit period, no specific
During the period under review, the Company has complied
event has taken place which has any major bearing on the
with the provisions of the Act, Rules, Regulations, Guidelines,
Company’s affairs.
Standards, etc. mentioned above.
We further report that the Board of Directors of the Company

For M/s N. L. Bhatia & Associates
is duly constituted with proper balance of Executive Director,
Practicing Company Secretaries
Non-Executive Directors and Independent Directors. The
UIN: P1996MH055800
changes in the composition of the Board of Directors that took
UDIN: F008663D000267119
place during the period under review were in accordance with
the provisions of the Act and the rules made thereunder.
Bhaskar Upadhyay
Adequate notice is given to all Directors to schedule the Partner
Board Meetings, Agenda and detailed Notes on Agenda were FCS: 8663
sent seven days in advance for Meetings other than those held Date: 4 May, 2022 CP. No. 9625
by a shorter notice, and a system exists for seeking and obtaining Place: Mumbai PR No.: 700/2020
136 Voltas Limited

ANNEXURE A
LIST OF OTHER APPLICABLE LAWS 10. Customs Act, 1962
1. Payment of Wages Act, 1936 11. The Central Goods and Services Tax Act, 2017
2. Payment of Bonus Act, 1965 12. The Integrated Goods and Services Tax Act, 2017
3. Minimum Wages Act, 1948 13. State Goods and Services Tax Act
4. Industrial Disputes Act, 1948 14. State Shops and Establishment Act
5. Industrial Employment (Standing Orders) Act, 1946 15. Contract Labour (Regulation and Abolition) Act, 1970
6. Payment of Gratuity Act, 1972 16. Employees Compensation Act, 1923
7. Employees Provident Fund and Miscellaneous Provisions 17. Employees State Insurance Act, 1948
Act, 1952 18. E-Waste Management Rules, 2016
8. Factories Act, 1948 19. Sexual Harassment of Women at Workplace (Prevention,
9. Income-tax Act, 1961 and Rules Prohibition and Redressal) Act, 2013
To,
The Members,
VOLTAS LIMITED
Our report of even date is to be read along with this letter.
(1) Maintenance of Secretarial record is the responsibility of the Management of the Company. Our responsibility is to express an
opinion on these Secretarial Records based on our audit.
(2) We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of
the contents of the Secretarial records. The verification was done on test basis to ensure that correct facts are reflected in Secretarial
records. We believe that the processes and practices, we followed provide a reasonable basis for our opinion.
(3) We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
(4) Where ever required, we have obtained the Management representation about the compliance of Laws, Rules and Regulations and
happening of events, etc.
(5) The compliance of the provisions of Corporate and other applicable Laws, Rules, Regulations, Standards is the responsibility of
Management. Our examination was limited to the verification of procedures on test basis.
(6) The Secretarial Audit report is neither an assurance as to the future viability of the Company nor the efficacy or effectiveness with
which the Management has conducted the affairs of the Company.
For M/s N. L. Bhatia & Associates

Practicing Company Secretaries
UIN: P1996MH055800
UDIN: F008663D000267119
Bhaskar Upadhyay
Partner
FCS: 8663
Date: 4 May, 2022 CP. No. 9625
Place: Mumbai PR No.: 700/2020

REPORT ON CORPORATE GOVERNANCE
1.
Company’s philosophy on Code of (Listing Regulations) including any statutory
Governance modification/enactments thereof. They have also
Good Corporate Governance is an integral part of the confirmed their registration with the databank of
Company’s Management and business philosophy. The Independent Directors maintained by the Indian
Company subscribes fully to the principles and spirit of Institute of Corporate Affairs in compliance with the
good Corporate Governance and embeds the principles of requirements of the Companies (Appointment and
independence, integrity, accountability and transparency Qualifications of Directors) Rules, 2014.
into the value system driving the Company. In terms of Regulation 25(8) of the Listing Regulations,

The Board of Directors exercise their fiduciary the Independent Directors have confirmed that they
responsibilities towards all stakeholders by ensuring are not aware of any circumstance or situation which
exist or may be reasonably anticipated, that could
transparency and independence in the decision making
impair or impact their ability to discharge their duties.
process. The Company has adopted the Tata Business
The Board of Directors of the Company confirm that
Excellence Model as a means of driving excellence and
in its opinion, the Independent Directors fulfill the
for tracking progress on long term strategic goals. The
conditions specified in Listing Regulations and are
Company has also adopted the Tata Code of Conduct
independent of the Management of the Company.
which serves as a guide to each employee, including the
None of the Independent Directors of the Company is
Managing Director, on the standards of values, ethics
a Wholetime Director of any listed company and does
and business principles. The Whistle Blower Policy of the
not serve as an Independent Director in more than
Company provides a mechanism for the employees to
7 listed companies. The Independent Directors are
approach the Chairman of Board Audit Committee/Ethics
appointed for a term of five years or upto the age of
Counsellor and disclose information that may evidence
retirement, as per the Retirement Age Policy adopted
unethical or improper activity concerning the Company.
by the Company, whichever is earlier. The Company
2. Board of Directors has issued letter of appointment to the Independent
(a) Composition Directors in the manner as provided in the Act. The
terms and conditions of their appointment have

The present Board comprises 9 members: 8
been disclosed on the website of the Company.
Non-Executive Directors (NEDs) and a Managing
Director & CEO. Of the 8 NEDs, 5 are Independent The Board has adopted the Governance Guidelines
Directors, including a Woman Director. The Company on Board Effectiveness, formulated by Group HR.
has a Non-Executive Chairman and the number of Accordingly, the Company followed the process for
Independent Directors is more than 50% of the total evaluation of the Directors, Board as a whole and
number of Directors. Except Independent Directors, evaluation of the respective Committees, based
all other Directors are liable to retire by rotation. None on certain criteria and questionnaires filled in by
of the Directors on the Board holds directorship in the Directors. The Nomination and Remuneration
more than ten public companies. None of the Directors Committee has laid down the evaluation criteria
on the Board has attained the age of 75 years. for performance evaluation of Individual Directors
(including Independent Directors) which also
(b) Independent Directors
includes the attendance of Directors, commitment/
All the Independent Directors of the Company contribution at Board/Committee Meetings and
have confirmed that they satisfy the criteria of guidance/support to Management outside Board/
Independence as indicated in the Companies Committee Meetings. The Directors freely interact
Act, 2013 (the Act) and SEBI (Listing Obligations with the Management on information that may be
and Disclosure Requirements) Regulations, 2015 required by them.
138 Voltas Limited

During financial year 2021-22, a separate Meeting dates and the gap between two consecutive Board
of Independent Directors of the Company was Meetings did not exceed 120 days.
held on 15 March, 2022 to discuss the performance
15 April, 2021; 26 April, 2021; 12 May, 2021; 19 July, 2021;
evaluation based on the self assessment of Directors
6 August, 2021; 20 August, 2021; 11 October, 2021;
and the Board and also to assess the quality, content
29 October, 2021; 20 January, 2022; 11 February, 2022
and timeliness of flow of information between the
and 16 March, 2022.
Management and the Board, including the quality of
Board Agenda papers and Minutes. The Independent The annual calendar of Board/Committee Meetings is
Directors at their meeting also reviewed the agreed upon at the beginning of the year and Notice
performance of the Chairman of the Company. They for Board Meetings and detailed agenda papers are
have expressed their satisfaction and complimented circulated to all the Directors 7 days in advance for
the good process followed by the Company, including Meetings (other than if held by shorter notice) to
conduct of Board Meetings and quality of Minutes. enable them to attend and take informed decisions
at the Meetings.
The Directors of the Company are familiarised with
The information as required under Regulation 17(7)
the Company’s operations, business, industry and
of the Listing Regulations is made available to the
environment in which it functions and the regulatory
Board. In addition, all proposals of investments,
environment applicable to it. The familiarisation
divestments and decisions in respect of properties
programme for Directors has been disclosed on the
of the Company (beyond certain threshold limits)
website of the Company- www.voltas.com and the
are placed before the Board for its consideration
weblink is https://www.voltas.com/images/_ansel_
and appropriate decision in the matter. The annual
image_collector/FAMILIARIZATION_PROGRAMME_
budgets – Revenue, Capital as well as the Divisional
FOR_INDEPENDENT_DIRECTORS_1.pdf
Budgets/Annual Operating Plans, including Strategic
(c) Performance Evaluation Business Plan (SBP) are presented in detail to the
Pursuant to the provisions of the Act and Listing Directors and their valuable inputs/suggestions are
Regulations, the Board has carried out the taken and implemented. Similarly, actions in respect
performance evaluation of the Directors, Board as a of suggestions made/decisions taken at Board/
whole and Committees. Committee Meetings are reported and reviewed
regularly at subsequent Meetings by the Directors/
(d) Non-Executive Directors’ compensation and Committee Members. Considerable time is spent
disclosures by the Directors on discussions and deliberations
Sitting fees paid to NEDs, including Independent at the Board/Committee Meetings and their active
Directors for attending Board/Committee Meetings participation is reflected by the number of meetings
are within the limits prescribed under the Act. held during the year and attended by the Directors.
Same amount of Sitting fees is paid to Independent No Director is a Member of more than 10
and other NEDs. The shareholders have at the 66th Committees and Chairman of more than 5
Annual General Meeting (AGM) held on 21 August, Committees (Committees being Audit Committee
2020 passed an Ordinary Resolution and approved and Shareholders’ Relationship Committee as per
payment of commission to NEDs not exceeding 1% Regulation 26(1) of the Listing Regulations), across all
or 3% per annum of the net profits of the Company the public companies of which he/she is a Director.
as the case may, to be calculated in accordance with Necessary disclosures regarding Committee positions
the provisions of the Act for that particular year. have been made by all the Directors.
The aforesaid Resolution was for the financial years
The Board periodically reviews compliance of all laws
commencing from 1 April, 2020.
applicable to the Company, based on a certificate
(e) Other provisions as to Board and Committees given by the Managing Director & CEO, including the
During 2021-22, eleven Board Meetings were held, steps taken, to rectify instances of non-compliances,
mostly through video conferencing on the following if any.

(f) Code of Conduct to this effect, signed by the Managing Director & CEO
The Board has adopted the Codes for all Directors and of the Company is annexed hereto. Senior
Management comprises the Division/Department/
Senior Management of the Company and the same
Functional Heads, General Managers and Head-
have been posted on the website of the Company.
Finance of the respective business clusters. The
All the Board members and Senior Management of Independent Directors have also confirmed
the Company have affirmed compliance with their compliance with the Code as prescribed in
respective Codes as on 31 March, 2022. A declaration Schedule IV to the Act.
(g) Category and attendance

The category of the Directors, their attendance at Board Meetings held during the year and at the last Annual
General Meeting, as also the number of Directorships and Committee Memberships held by them in other
companies (as on 31 March, 2022) are given below:
Name of Directors Category Board Attendance Number of Number of Committee
Meetings at the last Directorships positions held in other
Attended AGM held in other public public companies#
during on limited companies
2021-22 27 August, (excluding Chairman Member
2021 directorship in
associations,
private/Section 8/
foreign
companies)
Mr. Noel Tata Non 11 Yes 6 -- 2
(Chairman) Independent
DIN: 00024713 Non-Executive
Mr. Pradeep Kumar Bakshi Non 11 Yes -- -- --
(Managing Director & CEO) Independent
DIN: 02940277 Executive
Mr. Vinayak Deshpande Non 11 Yes 6 1 2
DIN: 00036827 Independent
Non-Executive
Mr. Debendranath Sarangi Independent 11 Yes 4 1 --
Mr. Bahram N. Vakil Independent 11 Yes 4 -- 2
Ms. Anjali Bansal Independent 11 Yes 3 -- 2
Mr. Arun Kumar Adhikari Independent 11 Yes 5 -- 3
Mr. Zubin Dubash Independent 10 Yes -- -- --
Mr. Saurabh Agrawal Non 11 Yes 7 -- 2
Non-Executive
Mr. Hemant Bhargava* Non 5 No NA NA NA
Non-Executive
#Comprise Chairmanship/Membership in Board Audit Committee and Shareholders Relationship Committee.
*Mr. Hemant Bhargava, representing Life Insurance Corporation of India, stepped down as Non-Executive Director of the Company with effect from
29 September, 2021.
140 Voltas Limited

(h) Directorship held in other Indian listed entities as on 31 March, 2022

Sr. No. Name of Director Name of other listed entity Category of Directorship
1 Mr. Noel Tata Titan Company Limited Director (Vice Chairman)
Tata Investment Corporation Limited Director (Chairman)
Trent Limited Director (Chairman)
Tata Steel Limited Director (Vice Chairman)
Kansai Nerolac Paints Limited Independent Director
2 Mr. Vinayak Deshpande Kennametal India Limited Independent Director
Artson Engineering Limited Director (Chairman)
3 Mr. Debendranath Sarangi Shriram City Union Finance Limited Independent Director
Southern Petrochemical Industries Independent Director
Corporation Limited
Tamilnadu Petroproducts Limited Independent Director
4 Mr. Bahram N. Vakil Trent Limited Independent Director
5 Ms. Anjali Bansal The Tata Power Company Limited Independent Director
Piramal Enterprises Limited Independent Director
Siemens Limited (upto 31 March, 2022) Independent Director
6 Mr. Arun Kumar Adhikari Ultratech Cement Limited Independent Director
Aditya Birla Capital Limited Independent Director
Vodafone Idea Limited Independent Director
Aditya Birla Fashion and Retail Limited Independent Director
7 Mr. Saurabh Agrawal Tata Steel Limited Director
The Tata Power Company Limited Director
Mr. Pradeep Bakshi, Managing Director & CEO and Mr. Zubin Dubash, Independent Director of the Company are not a Director
of any other listed entity.
(i) Matrix setting out the skills/expertise/ Marketing and Retail Business. Mr. Noel Tata
competence of Board of Directors has in November 2021 retired as the Managing
Director and has been appointed as the
The Company has diverse businesses and is one
Non-Executive Chairman of Tata International
of the largest air-conditioning company in India
Limited, which is a global trading and
and a reputed engineering solution provider
distribution company. He is also Chairman
specialising in project management (domestic and of Trent Limited and Tata Investment
international). The Company has a competent Board Corporation Limited and Vice Chairman of Titan
with adequate background and knowledge of the Company Limited and Tata Steel Limited. His
Company’s businesses - consumer durables, retail knowledge of Retail business is humongous
and marketing, projects, engineering solutions, and has aspired the Company grow in
finance, legal, accounts and general administration Consumer Products significantly.
and management. The Board comprise Directors (2) Mr. Pradeep Bakshi, Managing Director & CEO
with diverse experience, qualifications, skill sets and of the Company is a Science graduate with
gender and are aligned with the Company’s overall Post Graduate Diploma in Marketing
businesses, long term strategy, including corporate Management. He has around 39 years of
ethics, values and culture. The brief profile and skill experience in Consumer Appliances domain
sets of the Board Members are highlighted as under: and his vast expertise and experience in the
Appliances domain makes him a distinct
(1)
Mr. Noel Tata, Non-Executive Chairman of professional. Under his able leadership,
the Company is a graduate from Sussex Voltas has consistently grown in revenue and
University (UK) and has done the International profitability, ahead of the AC Industry. Voltas
Executive Programme (IEP) from INSEAD, achieved leadership position in market share
France. He has vast experience in the field of of Room Air conditioners and has scored the

highest in terms of Brand Equity under his governments constituted committees
stewardship. He was awarded the Appliances including the Viswanathan Committee on
Man of the Year 2013 and has also received Bankruptcy law reform and played a key role
the President’s award for Energy Conservation, in drafting the Insolvency and Bankruptcy
amongst many other awards and accolades Code. His knowledge of law and litigation
during the last decade. experience helps the Board of Directors to take
(3) Mr. Vinayak Deshpande, Non-Executive Director appropriate decisions.
of the Company is a graduate in Chemical (6)
Ms. Anjali Bansal, Independent Director of
Engineering (1980) from IIT, Kharagpur. He has the Company, is a Bachelor in Computer
over 38 years of work experience in different Engineering and a Master in International
roles in diverse companies like Thermax and Finance and Business from Columbia
Tata Honeywell. Mr. Vinayak Deshpande University. She is the founder of Avaana
is currently the Managing Director of Tata Capital, investing in technology and
Projects Limited which has achieved all-round innovation-led start-ups which are catalysing
excellence in Industrial Infrastructure business. climate action and sustainability and
He was earlier the Managing Director of Tata delivering exponential returns. Ms. Anjali Bansal
Honeywell Limited for 5 years for its India has invested in and mentored various
business till 2004-05. Mr. Deshpande was successful start-ups including Delhivery,
conferred as the Infrastructure Person of the Urban Company, Darwinbox, Nykaa, Lenskart
Year’ for 2016-17 by ‘Construction World’ and and Coverstack. Previously, Ms. Anjali Bansal
‘Construction Times’ awarded him as the ‘Best
has been the Non-Executive Chairperson of
Infra CEO’ of the year 2017. His vast knowledge
Dena Bank, appointed by the Government
and experience is beneficial for the Company’s
of India to steer the resolution of the stressed
Projects business and the Company has
bank, eventually leading to a merger with the
constituted a separate Project Committee
Bank of Baroda. Prior to that, Ms. Anjali Bansal
of the Board, of which Mr. Deshpande is the
was a Global Partner and Managing Director
Chairman.
with TPG Growth PE, responsible for India,
(4)
Mr. Debendranath Sarangi, Independent South East Asia, Africa and the Middle East.
Director of the Company is a retired IAS officer She started her career as a strategy consultant
(1977 batch) from the Tamil Nadu Cadre. with McKinsey and Co. in New York. She has
Mr. Sarangi has done M.A. in Political Science chaired the India Board of Women’s World
from University of Delhi and M.Sc. in Economics Banking, a leading global livelihood-promoting
from University of Swansea, U.K. While in service, institution. Ms. Anjali Bansal is on the Advisory
Mr Sarangi has held high-level responsibilities Council to advise the Government of India
in several departments including that of Chief for Open Network for Digital Commerce
Secretary. His knowledge and experience in (ONDC) and President of Bombay Chamber
general administration and management in of Commerce and Industry. She was listed as
Government Sector helps the Company, especially one of the “Most Powerful Women in Indian
in the Electrical business relating to Rural Business” by India’s leading publication,
Electrification and also in Water business under
Business Today, and by Fortune India. She was
the Rural Water Supply Scheme.
awarded “best women director” for Leadership,
(5)
Mr. Bahram N. Vakil, Independent Director Corporate Governance, Sustainability & CSR at
of the Company, is a Master of Law (LL.M.) the 8th Asia Business Responsibility e-Summit
from the Columbia University. He is amongst held in November 2021. She is a member of the
India’s foremost restructuring, infrastructure Young Presidents’ Organization and a charter
and project finance attorneys and has been member of TiE. Her experience and knowledge
acknowledged as a leading project finance is helpful for taking appropriate decisions for
lawyer by most international publications technology and digital, growth strategy, as well
for decades. He has been on several as organization development related matters.
142 Voltas Limited

(7)
Mr. Arun Kumar Adhikari, Independent Mr. Agrawal has a wide-ranging experience in
Director of the Company is a B. Tech (Chemical strategy and capital markets and has helped
Engineering) from the Indian Institute of various large Indian and Global corporates raise
Technology, Kanpur and has done his MBA from over US$10 billion from the capital markets. In
the Indian Institute of Management, Kolkata. his advisory capacity, Mr. Agrawal has advised
Mr Adhikari has also attended the Advanced several business groups like Tata, AV Birla, GMR,
Management Program in 1997 at The Wharton ICICI, Bharti, DLF etc.
School, University of Pennsylvania, USA. He
joined Hindustan Unilever Limited (HUL) in 3. Audit Committee
1977 and was with Unilever Group, working (a) Composition, name of Members and Chairman
in India and overseas in series of senior roles The Board Audit Committee (BAC) comprise 3
across Sales, Marketing and Consumer Research Non-Executive Independent Directors – Mr. Zubin
till he retired in 2014. Post retirement from HUL Dubash (Chairman), Mr. Debendranath Sarangi and
in 2014, he worked as a Senior Advisor with Mr. Arun Kumar Adhikari. All members of BAC are
Mckinsey, supporting them on Marketing and financially literate and have relevant finance and/
Sales strategy related areas.
or audit exposure. The Managing Director & CEO,
(8) Mr. Zubin Dubash holds a Bachelor’s Degree Chief Financial Officer (CFO), the Chief Internal
in Commerce from Mumbai University and Auditor and the Statutory Auditors attend the BAC
has done Masters in Business Administration Meetings as Invitees. The Business Heads also attend
from The Wharton School, Philadelphia. He is a the Meetings, when required. The Cost Auditor
Chartered Accountant from the Institute of attends the meetings at which Cost Audit related
Chartered Accountants, England and Wales matters are discussed. The Company Secretary acts
and has over 41 years of experience in finance as the Secretary and the Minutes are circulated and
and business development. Mr. Zubin Dubash discussed at the Board Meetings.
is currently the COO of Warburg Pincus India
Private Limited and was previously Executive (b) Meetings and attendance during the financial
President of ATC Tires Private Limited. He year
was the Managing Director and Head India,
Seven Meetings of BAC were held during
Merrill Lynch, Global Private Equity and the 2021-22 on the following dates mostly through video
Group CFO and a key member of the conferencing:
leadership team of WNS Holdings Limited
(NYSE listed company). Mr. Zubin Dubash was 11 May, 2021; 5 August, 2021; 24 September, 2021;
associated with the Tata Group, including as 28 October, 2021; 22 November, 2021, 19 January, 2022
Director, Tata Financial Services, a division of and 10 February, 2022.
Tata Sons and also as an Executive Director of
The attendance of each member of the Committee is
Indian Hotels. Mr Zubin is the Chairman of Board
given below:
Audit Committee as well as Risk Management
Committee in Voltas. Name of Members No. of Meetings
(9) Mr. Saurabh Agrawal is a Chemical Engineer attended
from IIT Roorkee and has done his Post Graduate Mr. Zubin Dubash 7
Management degree from IIM Kolkata. He is Mr. Debendranath Sarangi 7
a Whole-time Director of Tata Sons Private Mr. Arun Kumar Adhikari 7
Limited (Tata Sons), the Promoter company
and also the Group Chief Financial Officer. In his The quorum of BAC Meetings is two Members or
career spanning over two decades, Mr. Agrawal one third of the Members, whichever is greater.
has been the Head of Investment Banking in Mr. Zubin Dubash attended the last AGM of the
India for Bank of America Merrill Lynch and also Company as Chairman of Audit Committee. The Board
Head of Corporate Finance business in India of Directors has accepted all the recommendations
and South Asia for Standard Chartered Bank. made by BAC from time to time.

(c) Terms of reference and role of Audit Committee • Approve appointment of the CFO;
The terms of reference, powers and role of Audit • Review of the disclosures from the CEO and
Committee are in accordance with Regulation 18(3) CFO made in connection with the certifications
and Schedule II of the Listing Regulations read as regards the Company’s quarterly and annual
with Section 177(4) of the Act. The broad terms of reports filed with the Stock Exchanges;
reference/functions of BAC are as under:
• eview analysis of the effects of alternative
R
• versight of the Company’s financial reporting
O accounting methods on the financial statements;
process and disclosure of its financial
information, to ensure that the financial • eview utilisation of loans and/or advances
R
statements are correct, sufficient and credible; from/investment by the holding company in
the subsidiary exceeding ` 100 crores or 10%
• eview with the Management and auditors the
R of the asset size of the subsidiary, whichever
annual/half yearly/quarterly financial statements is lower.
and auditor’s report before submission to the
• Provide recommendations to the Board
Board, with particular reference to:
related to the appointment, re-appointment,
- Matters required to be included in the
remuneration and terms of appointment of the
Directors’ Responsibility Statement in the
auditors of the Company;
Board’s report;
• Review and monitor the auditor’s independence
- Disclosure under Management Discussion
and performance and effectiveness of the
and Analysis of financial position and
audit process;
results of operations;
- Review of accounting policies, practices & • old timely discussions with external/statutory
H
standards and reasons for change, if any; auditors regarding:
-
Major accounting entries involving - The nature, scope and staffing of Audit as
estimates based on exercise of judgement well as post-Audit discussion/review for
by Management; dealing with any area of concern prior to
commencement of audit.
-
Qualifications/modified opinion in the
draft audit report; -
All critical accounting policies and
practices.
-
Significant adjustments made in the
financial statements arising out of audit - Significant financial reporting issues and
findings; judgements made in connection with
preparation of the Company’s financial
-
Compliance with listing and other
statements;
legal requirements relating to financial
statements; • Provide approval of payment to statutory
- Disclosure of related party transactions; auditors for any other services rendered by the
statutory auditors;
• Scrutinize inter-corporate loans and
investments; • eview, with the external auditors, certain
R
information relating to the auditor’s judgements
• eview the statement of uses/applications of
R about the quality of the Company’s accounting
funds by major category and the statement principles as applied to its financial reporting;
of funds utilised for purposes other than as
mentioned in the offer document/prospectus/ • eview and suitably reply to the report(s)
R
notice and the report submitted by the forwarded by the auditors on the matters where
monitoring agency, monitoring the utilisation the auditors have sufficient reasons to believe
of proceeds of a public or rights or private that an offence involving fraud is being or has
placement issue, and make appropriate been committed against the Company by
recommendations to the Board; officers or employees of the Company;
144 Voltas Limited

• eview the adequacy of the internal audit

R • erform such other activities as requested by
P
function, if any, including the structure of the Board of Directors from time to time;
the internal audit department (including
• Review progress on execution of major overseas
appointment of outsourced Internal Audit
projects and the risk ratings and outstandings
Firms), staffing and seniority of the official
including action plan for its realisation.
heading the department, the reporting
structure coverage and budget, scope, coverage 4. Subsidiary Companies
and frequency of internal audit; The Company has nine unlisted subsidiary companies,
• iscuss with internal auditors (including
D of which two are Indian subsidiaries. During 2021-22, the
outsourced internal audit firms) major audit Company has incorporated two wholly-owned subsidiaries
observations and follow-up thereon; Hi-Volt Enterprises Private Limited in India and Universal
MEP Projects Pte Limited in the Republic of Singapore.
• R eview the appointment, removal, performance
and terms of remuneration of the Chief Internal The Board of Directors have adopted the Policy for
Auditor and outsourced internal audit firms; determining ‘material’ subsidiaries as specified in Listing
• Review the appointment, re-appointment, Regulations. This Policy is uploaded on the Company’s
removal and terms of remuneration of the cost website www.voltas.com and the weblink is https://
auditor and recommend the cost audit report www.voltas.com/images/_ansel_image_collector/
to the Board; DETERMINING_MATERIAL_SUBSIDIARY_POLICY_1.pdf
• eview, with the Management, external

R As defined in Regulation 16(1)(c) of Listing Regulations,
and internal auditors and the outsourced during 2021-22 none of the Indian subsidiaries, falls
internal audit firms, the quality, adequacy and under the category of ‘material subsidiary’. The financial
effectiveness of the Company’s internal control statements of all subsidiary companies, including
system and any significant deficiencies or investments made, if any, are periodically reviewed by
material weakness in the internal controls; the BAC. The financial performance, Minutes of Board
• eview management letters/letters of internal
R Meetings of these subsidiary companies and all significant
control weaknesses issued by statutory auditors; transactions or arrangements entered into by the
subsidiary companies are reviewed by the Board. An
• aintain an oversight of the adequacy of the
M
Independent Director of the Company is on the Board of
whistle blowing/vigil mechanism;
the Indian wholly-owned subsidiary of the Company.
• versee compliance with legal, SEBI and other
O
5. Risk Management Committee
regulatory requirements and also the Tata Code
of Conduct (“TCOC”) for the Company and its The Risk Management Committee (RMC) comprise
subsidiaries; Mr. Zubin Dubash (Chairman), Mr. Debendranath Sarangi
and Mr. Arun Kumar Adhikari, Non-Executive Independent
• eview the statement of significant related party
R
Directors. During 2021-22, three Meetings were
transactions submitted by the Management,
including the significant criteria/thresholds held on 12 August, 2021; 10 November, 2021 and
decided by the Management; 19 January, 2022 through video conferencing. The quorum
of RMC Meetings is two Members or one third of the
• pprove related party transactions, including
A Members, whichever is greater and the gap between two
any subsequent modifications thereto;
meetings was not more than 180 days. The Company has
• rant omnibus approval in respect of related
G formulated a Risk Management Policy and RMC charter
party transactions which are of repetitive nature to establish an effective and integrated framework for the
and in ordinary course of business upto certain risk management process. The RMC monitor and oversee
threshold limits as prescribed under the Act, the implementation of the Risk Management Policy including
Rules made thereunder and Listing Regulations; evaluating the adequacy of risk management systems.
• Review the financial statements, in particular, The RMC periodically reviews the policy, once in two years.
the investments made by the unlisted considering the changing industry dynamics and evolving
subsidiary companies; complexities, if any. After discussions/deliberations and

workshops at Corporate as well as Divisional level, the Mr. Noel Tata (Non-Executive Director). During 2021-22,
Company has identified top ten major risks (external as well three Meetings were held on 23 April, 2021;
as internal) which comprise financial, operational, sectoral 12 May, 2021 and 14 December, 2021 through video
and sustainability and its mitigation measures which are conferencing. The attendance of each member
closely reviewed by the respective Businesses/Corporate of the Committee is given below:
and changes if any, along with mitigation measures are
Name of Members No. of Meetings attended
reported to the RMC. The SBP of the respective Divisions
factor the risks associated with the businesses and Mr. Bahram N. Vakil 3
discussed at Board Meetings. The Minutes of the RMC Mr. Noel Tata 3
Meetings and presentations made to RMC are circulated to Ms. Anjali Bansal 3
the Board of Directors along with Agenda for subsequent
Board Meetings. The Board of Directors has accepted all the The Minutes of NRC Meetings are circulated and
recommendations made by RMC from time to time. Based noted by the Directors at Board Meetings. Mr. Bahram
on the advise of RMC, an Enterprise Risk Management N. Vakil, Chairman of NRC was present at the last AGM
(ERM) study is being carried out at the entity level and of the Company. The quorum of NRC meeting is
E&Y LLP has been appointed for this purpose. This exercise either two members or one-third of the members of
is in progress. the Committee, whichever is greater including at least
one Independent Director. The Board of Directors has
6. Related Party Transactions
accepted all the recommendations made by NRC
The Company has in line with the requirements of the
from time to time.
Listing Regulations formulated a revised Policy on
materiality of Related Party Transactions (RPTs) and also on The broad terms of reference and responsibilities of
dealing with RPTs. The said policy also defines the material NRC are as under:
modifications of RPTs and is uploaded on the website (i)
Recommend to the Board the setup and
of the Company at www.voltas.com and the weblink is composition of the Board and its Committees,
https://www.voltas.com/images/_ansel_image_collector/
including the formulation of the criteria for
RELATED_PARTY_TRANSACTIONS_POLICY_1.pdf
determining qualifications, positive attributes
The Audit Committee had granted omnibus approval and independence of Director;
upto certain threshold limits for RPTs during 2021-22 (ii) Support the Board in matters related to the
and the actual value of transactions were reviewed on setup, review and refresh of the Committees;
quarterly basis vis-à-vis the limits. The Company had no
(iii) Devise a policy on Board diversity;
materially significant RPTs that could have any potential
conflict with the interest of the Company. During the (iv) Identify persons who are qualified to become
year under review, besides the transactions reported in Directors and who may be appointed
the Notes to Accounts (Refer Note No. 46), there were no as Key Managerial Personnel (KMPs) and
other RPTs with promoters, directors, management, joint Senior Management in accordance with the
ventures/subsidiaries, etc. that had any potential conflict criteria, and recommend to the Board their
with the interest of the Company at large. All transactions appointment/re-appointment or removal;
with Related Parties were on arm’s length basis, in the (v) Specify the manner and criteria for effective
normal course of business during 2021-22. The interest of evaluation of performance of the Board, its
Directors, if any, in transactions are disclosed at Board Committees and individual Directors, including
Meetings and the interested Director does not participate
Independent Directors and support the Board
in the discussion or vote on such transactions.
and Independent Directors, as may be required,
7. Managerial Remuneration in the evaluation process;
(a) Nomination and Remuneration Committee (vi) Oversee the performance review process for
The Nomination and Remuneration Committee the KMPs and Senior Management with the
(NRC) comprise Mr. Bahram N. Vakil (Chairman), view that there is an appropriate cascading of
Ms. Anjali Bansal (Independent Directors) and goals and targets across the Company;
146 Voltas Limited

(vii) Recommend to the Board as to whether to extend (b)

Overall remuneration should be reasonable
or continue the term of appointment of the and significant to attract, retain and motivate
Independent Directors, based on the performance Directors aligned to the requirements of
evaluation of the Independent Directors; the Company.
(viii)
Recommend the remuneration policy for (c) Overall remuneration should be reflective of
Directors, KMPs, Senior Management and the size of the Company, complexity of the
other employees; sector/industry/Company’s operation and the
(ix) On annual basis, recommend to the Board, all Company’s capacity to pay the remuneration.
remuneration, in whatever form, payable to (d)
Overall remuneration practices should be
the Directors, KMPs, and Senior Management
consistent with the recognised best practices.
of the Company including review and
recommendation of actual payment of annual (e)
The NRC will recommend to the Board, the
and long term incentives (if any) for Managing quantum of commission for each Director based
Director (MD)/Executive Director (ED), KMPs and on the outcome of the evaluation process which
Senior Management; also includes attendance and time spent by the
Directors for Board and Committee Meetings,
(x) Review matters related to remuneration and
individual contributions made by Directors at the
benefits payable upon retirement and severance
to MD/EDs, KMPs and Senior Management, if so Meetings and other than in Meetings.
applicable to the Company; The remuneration of the Managing Director & CEO is
(xi)
Provide guidelines for remuneration of reviewed by the NRC based on certain criteria such
Directors on material subsidiaries; as industry benchmarks, Company’s performance
(xii)
Review HR and People strategy and its and the responsibilities shouldered by them. The
alignment with the business strategy remuneration of the Managing Director & CEO
periodically or when a change is made; comprises salary, perquisites, allowances and benefits
(xiii) Review the efficacy of HR practices including and commission or incentive remuneration. Annual
those for leadership development, rewards salary increment and commission or incentive
and recognition, talent management and remuneration is decided by the NRC within the
succession planning; overall ceilings prescribed under the Act and in line
with the terms and conditions approved by the
(xiv) Perform other activities as requested by the
Board from time to time. shareholders. The recommendation of the NRC is
placed before the Board for its approval. Revision in
The NRC of the Company has formulated the
pension amounts payable to the retired Managing
respective criteria as stated in (i) and (v) above and
Directors/Executive Directors from time to time, are
also devised the Policy on Board Diversity. Based on
also reviewed by NRC and recommended to the
the recommendations of NRC, the Board has adopted
Board for approval.
the Policy relating to remuneration of the Directors,
KMPs and other employees. The remuneration of NEDs, by way of sitting fees and
commission is decided and approved by the Board
(b) Remuneration Policy
of Directors based on recommendations of the NRC.
The Board has adopted the Remuneration Policy for
The shareholders have at the 66th AGM held on
Directors, KMPs and other employees as disclosed
21 August, 2020 approved payment of commission
in the Directors Report and uploaded on website
to NEDs of a sum not exceeding 1% per annum or
of the Company at https://www.voltas.com/
3% per annum of the net profits of the Company,
images/_ansel_image_collector/DISCLOSURE_OF_
as the case may be calculated in accordance with the
REMUNERATION_POLICY_FOR_DIRECTORS.pdf
provisions of the Act for that particular financial year.
The key principles governing the Remuneration The aforesaid Resolution was for financial years
Policy are as under: commencing from 1 April, 2020. Commission for financial
(a) Sitting fees/commission to Directors may be year 2021-22 will be distributed amongst the NEDs
paid within regulatory limits. in accordance with the directives given by the Board.

In addition to commission, the NEDs of the Company In accordance with internal Group guidelines, no
are paid sitting fees for attending Board/Committee commission is payable to Mr. Vinayak Deshpande
Meetings, as under: and Mr. Saurabh Agrawal as they are in full time
Meetings Fees per employment with another Tata company. During
Meeting the year, Mr. Noel Tata retired as Managing Director of
• Board Meeting ` 50,000 Tata International Limited and commission is payable
• Board Audit Committee Meeting ` 30,000 to him on pro-rata basis. The Company did not have
• Nomination and Remuneration any pecuniary relationship or transactions with the
NEDs during 2021-22, except as stated above.
Committee Meeting ` 30,000
• Investment Committee Meeting ` 15,000 • Remuneration of Executive Director
• Project Committee Meeting ` 15,000 (` in lakhs)
• Safety-Health-Environment
Name of Salary Perquisites Commission No. of
Committee Meeting ` 15,000 Director and for Shares
• Corporate Social Responsibility allowances 2021-22* held
Committee Meeting ` 15,000 including
retiral
• Risk Management Committee
benefits
Meeting ` 15,000
Mr. Pradeep 108.36 244.19 310.24 -
• Shareholders Relationship Bakshi
Committee Meeting ` 15,000
* payable in 2022-23.
• Annual Independent Directors
Meeting ` 30,000 Notes:
Sitting fees for attending the Board Meetings was (a) As per the terms of appointment, Mr. Pradeep
revised from ` 30,000 to ` 50,000 with effect from Bakshi is entitled to terminate his agreement
6 August, 2021. with the Company by giving not less than six
Remuneration to Directors months notice in writing to the other party or
The Directors’ remuneration paid/payable and sitting the Company paying six months remuneration
fees paid in 2021-22 and their shareholding in the in lieu of such notice. No severance fee is payable.
Company as on date are given below: (b) The Company has not introduced any stock
• Non-Executive Directors options for its Directors/employees.
Name of Directors Commission Sitting Fees (c) Retirement Policy for Directors
No. of
for 2021-22* paid in
Shares
(` in lakhs) 2021-22 The Governance Guidelines on Board Effectiveness
held
(` in lakhs) adopted by the Company provides for the retirement
Mr. Noel Tata 16.50 6.20 - age of Directors. As per the Guidelines, the
Mr. Vinayak Deshpande - 5.30 - Managing and Executive Directors retire at the age
Mr. Debendranath Sarangi 41.00 7.55 -
of 65 years and Non-Independent NEDs retire at the
Mr. Bahram N. Vakil 41.00 6.50 -
age of 70 years. The retirement age for Independent
Ms. Anjali Bansal 35.50 6.50 -
Directors is 75 years.
Mr. Hemant Bhargava** 11.00 1.70 -
Mr. Arun Kumar Adhikari 41.00 7.55 - 8. Shareholders Relationship Committee
Mr. Zubin Dubash 44.00 7.05 -
The Shareholders Relationship Committee (SRC), apart
Mr. Saurabh Agrawal - 4.70 -
from reviewing the shares related activities, also looks
*payable in 2022-23. into the redressal of shareholder and investor complaints,

** Mr. Hemant Bhargava stepped down as compliances in respect of dividend payments and
Non-Executive Director of the Company with effect from transfer of unclaimed amount to the Investor Education
29 September, 2021. While sitting fees was paid to and Protection Fund pursuant to the provisions of
Mr. Hemant Bhargava, the Commission is payable to LIC. Section 125 of the Act. Mr. Noel Tata, is the Chairman
148 Voltas Limited

and Mr. Bahram N. Vakil, Independent Director and 9. Other Committees

Mr. Pradeep Bakshi, Managing Director & CEO are In addition to the above Committees, the Board has
Members of SRC. During 2021-22, two Meetings of SRC constituted certain other Committees i.e. Corporate Social
were held on 29 October, 2021 and 11 February, 2022 and Responsibility Committee, Board Committee, Investment
the same were also attended by the Company Secretary. Committee, Committee of Board, Project Committee and
The Minutes of the SRC Meetings are circulated and Safety-Health-Environment Committee.
noted by the Directors at Board Meetings. (a)
Corporate Social Responsibility (CSR) Committee
Mr. Noel Tata attended the last Annual General comprise Mr. Noel Tata (Chairman), Mr. Bahram
Meeting of the Company as Chairman of SRC. In line N. Vakil, Mr. Pradeep Bakshi and Ms. Anjali Bansal.
with Listing Regulations, a charter defining the role A CSR Policy has been formulated by the Committee,
of SRC has been formulated as under: which has been approved by the Board, to undertake
CSR projects/activities. During 2021-22, two Meetings
(i)
Resolving the grievances of the security holders,
were held on 19 July, 2021 and 28 February, 2022
including complaints related to transfer/transmission
through video conferencing. The scope of the
of shares, non-receipt of annual report, non-receipt
CSR Committee includes approving the budget
of declared dividends, issue of new/duplicate
of CSR activities, reviewing the CSR programmes,
certificates, general meetings, etc.
formulation of annual action plan and monitoring the
(ii) Review of measures taken for effective exercise of CSR spends. The Board of Directors has accepted all
voting rights by shareholders. the recommendations made by CSR Committee from
time to time.
(iii)
Review of adherence to the Service Standards
adopted by the Company in respect of various (b) The Board Committee comprising any two Directors
services being rendered by the Registrar & Share is authorised to approve routine matters such as
opening/closing and changes in the operation of
Transfer Agent.
bank accounts of the Company, to grant limited
(iv)
Review of the various measures and initiatives power of attorney to the officers of the Company, etc.
taken by the Company for reducing the quantum of During 2021-22, five Meetings were held mostly by
unclaimed dividends and ensuring timely receipt of video conferencing on 16 July, 2021; 7 October, 2021;
dividend warrants/annual reports/statutory notices 15 November, 2021; 21 January, 2022 and
to the shareholders of the Company. 16 March, 2022.
(v) To appoint/change the Nodal Officer and/or Deputy (c)

The Investment Committee considers and takes
Nodal Officer in terms of the provisions of the appropriate decisions for deployment of surplus
Investor Education and Protection Fund Authority funds of the Company/investments in Mutual Funds.
The Company has formulated an Investment Policy
(Accounting, Audit, Transfer and Refund) Rules, 2016.
in consultation with the Investment Committee,
During 2021-22, 17 complaints were received from SEBI/ which has been approved by the Board.
Stock Exchanges which were suitably dealt with. As on Mr. Pradeep Bakshi, Managing Director & CEO,
31 March, 2022, 1 complaint was pending, which was Mr. Jitender P. Verma, Executive Vice President &
attended and subsequently closed in April 2022. CFO and Ms. Anjali Bansal, Independent Director
of the Company are members of the Investment
Mr. V. P. Malhotra, Vice President – Taxation, Legal
Committee. Mr. Jitender P. Verma was appointed as
& Company Secretary liaise with SEBI and other
a member of the Investment Committee in place of
Regulatory authorities in the matter of investors Mr. Anil George with effect from 19 July, 2021. During
complaints. The Board has nominated Mr. V. P. Malhotra 2021-22, two Meetings were held on 26 October,
as the Compliance Officer of the Company for 2021 and 9 March, 2022 by video conferencing. Status
monitoring the share transfer process and other related of investments made and returns/dividends earned
matters. He is also the Nodal Officer for IEPF matters. on Mutual Funds are reported to the Investment
His e-mail id is vpmalhotra@voltas.com and his Committee on a monthly basis and to the Board, on
contact details are 022-66656251 and 022-66656258. quarterly basis.

(d)
The Committee of Board (COB) comprise (ii)
Mr. Bahram N. Vakil with effect from
Mr. Noel Tata, Mr. Bahram N. Vakil, Ms. Anjali Bansal, 1 September, 2019 up to 31 August, 2024;
Mr. Zubin Dubash and Mr. Pradeep Bakshi. The
(iii) Ms. Anjali Bansal with effect from 9 March, 2020
COB periodically meet to discuss and guide
up to 8 March, 2025.
the Management on various strategic issues.
No Meetings of COB were held during 2021-22.
During 2021-22, no Special Resolution was passed
through postal ballot and no Extraordinary General
(e)
Project Committee comprising, Mr. Vinayak
Meeting was held.
Deshpande (Chairman) and Mr. Pradeep Bakshi,
review and monitor the progress and execution of 11. Details of Directors seeking reappointment
projects and other related matters. During 2021-22, as required under Regulation 36(3) of
two Meetings were held on 7 June, 2021 and Listing Regulations.
6 January, 2022 by video conferencing. As required under Regulation 36(3) of Listing Regulations,
(f )
The Safety-Health-Environment (S-H-E) Committee particulars of Director/s seeking reappointment are given
comprising Mr. Vinayak Deshpande (Chairman), in the Explanatory Statement annexed to the Notice of the
Mr. Pradeep Bakshi and Ms. Anjali Bansal review and Sixty-Eighth AGM to be held on 24 June, 2022.
monitor the Safety standards and practices followed
12. Disclosures
by the Company. During 2021-22, two Meetings of
S-H-E Committee were held on 7 June, 2021 and • A certificate from M/s. N. L. Bhatia & Associates,
6 January, 2022 by video conferencing. The Company Practicing Company Secretaries, certifying that none
also conducts Safety audits by cross-functional teams of the Directors on the Board of the Company have
at project sites. been debarred or disqualified from being appointed
or continuing as Directors of the companies by SEBI,
10. General Body Meetings MCA or any such statutory authority is annexed
The 65th AGM was held at Birla Matushri Sabhagar, 19, as part of this Report. In accordance with the SEBI
Sir Vithaldas Thackersey Marg, Mumbai 400 020. The 66th Circular dated 8 February, 2019 read with Regulation
and 67th AGMs were held through video conferencing/ 24A of the SEBI Listing Regulations, the Company
other audio visual means as permitted by the Ministry of has obtained an Annual Secretarial Compliance
Corporate Affairs (MCA) and Securities and Exchange Board Report from M/s. N. L. Bhatia & Associates, Practising
of India (SEBI). The date and time of the AGMs held during Company Secretaries, confirming compliances
preceding three years are as given below. with all applicable SEBI Regulations, Circulars and
Guidelines for the year ended 31 March, 2022.
Date of AGM Time
• None of the Directors are related to each other.
65th AGM- 9 August, 2019 3.00 p.m.
66th AGM- 21 August, 2020 3.00 p.m. • During the last three years, there were no strictures
or penalties imposed by SEBI or the Stock Exchanges
67th AGM- 27 August, 2021 3.00 p.m.
or any statutory authority for non-compliance of any
(a)
Special Resolution for appointment of Mr. Arun matter related to capital markets.
Kumar Adhikari, Independent Director for a second
• T he Company has adopted a Whistle Blower Policy
term of five years with effect from 8 June, 2022 upto
which enables the employees to report concerns
7 June, 2027 was passed at the 67th AGM.
about unethical behaviour, actual or suspected
(b) There was no matter that required to be passed by a fraud or violation of Code of Conduct. The
Special Resolution at the 66th AGM of the Company. mechanism provides for adequate safeguards against
victimisation of employees and provides direct
(c) The following Special Resolutions for reappointment
access to the Chairman of the Board Audit Committee
of Independent Directors for second term of five
on concerns relating to financial accounting matters.
years were passed at the 65th AGM:
For all other concerns, if they pertain to employees
(i)
Mr. Debendranath Sarangi with effect from below the Vice President level, the same gets
1 September, 2019 up to 31 August, 2024; referred to the Ethics Counsellor and for Vice
150 Voltas Limited

Presidents and above, the same is referred to the • Credit Rating:

Chairman of the Board Audit Committee. The Whistle The Company has obtained Annual Credit Rating
Blower Policy has been communicated to the from ICRA Limited (ICRA) for ` 4,000 crores Line of
employees of the Company and its functioning is Credit (LOC), pursuant to an Agreement between
reviewed by the Board Audit Committee, periodically. ICRA and Voltas. ICRA has rated the Company as
Concerns received under the Tata Code of Conduct ‘AA+ for long-term’ and ‘A1+ for short-term’ LOC
are reported and discussed at the Audit Committee [fund base and non-fund base bank facilities].
Meetings. The Whistle Blower Policy of the Company
• Consolidated payment to Statutory Auditors
has been disclosed on the website of the Company.

During 2021-22, ` 3.41 crores was paid on
• S enior Management has made the disclosure to consolidated basis to Statutory Auditors of
the Board and confirmed that they had no material the Company and all entities in the network
financial and commercial transactions that could firm/network entity of which Statutory Auditors is
have a potential conflict with the interest of the part towards services rendered by them, as under:
Company at large.
` in crores
• In the preparation of financial statements, the Sr. Particulars By By Total
Company has followed the Accounting Standards as No Company Subsidiaries
prescribed by the Central Government. 1 Statutory Audit fees 2.69 0.28 2.97
including tax audit
• T he Company did not raise funds through public/
fees
rights/preferential issues/Qualified Institutions
2 Other services 0.35 0.01 0.36
Placement (QIP) during the financial year 2021-22.
3 Reimbursement of 0.08 - 0.08
Hence, disclosure of utilisation of funds is not required.
expenses
• In line with the requirements of SEBI, Reconciliation Total 3.12 0.29 3.41
of Share Capital Audit is carried out on a quarterly
• T he Company has complied with the mandatory
basis by a firm of Practicing Company Secretaries to
requirements of Listing Regulation and has
confirm that the aggregate number of equity shares
unqualified financial statements. The Directors freely
of the Company held in NSDL and CDSL and in
interact with the Management on information that
physical form, tally with the total number of issued/
may be required by them. The Management also
paid-up, listed and admitted capital of the Company.
shares with the Board, changes/proposed changes
Report issued by them is filed with Stock Exchanges in relevant laws and regulations and their implication
on quarterly basis. on the Company. The Company has not adopted the
• The Managing Director & CEO and Chief Financial discretionary requirements in regard to maintenance
Officer have in accordance with Regulation 17(8) of of Non-Executive Chairman’s office and sending
Listing Regulations certified to the Board on matters half-yearly financial results to the shareholders at
pertaining to CEO/CFO certification. their residence.
• T he disclosure in relation to Sexual Harassment • Dividend Distribution Policy

of Women at Workplace (Prevention, Prohibition The Company has formulated Dividend Distribution
and Redressal) Act, 2013 has been made in Policy which is available on the website of the
Directors’ Report. Company at www.voltas.com and the weblink has
been provided in Directors’ Report and also annexed
• Compliances
to the Director’s Report for ready reference.

The Company has complied with Corporate
Governance requirements specified in Regulation 17 • Commodity price risk or foreign exchange risk
to 27, sub-paras (2) to (10) of Part C of Schedule V and and hedging activities
clauses (b) to (i) of sub-regulation (2) of Regulation 46 The Company does not deal in commodity and
of the Listing Regulations. hence the disclosure pursuant to SEBI Circular dated

15 November, 2018 is not required. Foreign exchange • T he financial results, official news releases and
risk and hedging activities are covered separately in presentations, conference calls with the institutional
the Annual Report. investors or with the analysts are displayed on the
13. Means of Communication Company’s website www.voltas.com. Copies of Press
Release are filed with the Stock Exchanges.
• T he quarterly, half-yearly and annual financial results
are published in widely circulated newspapers: • The Company’s website contains information
Business Standard in English; Sakaal in Marathi on Voltas’ Management, vision, mission, various
policies and corporate sustainability. The section on
and also displayed on the website of the Company
‘investors’ provides financial results, annual reports,
www.voltas.com soon after its submission to the
shareholding pattern and announcements submitted
Stock Exchanges.
to the Stock Exchanges. The intimation of Schedule
• Shareholding Pattern, Corporate Governance Report of Analysts Meet sent to the Stock Exchanges as also
and financial results are uploaded in the prescribed the recording of conference call on financial results is
format, on NEAPS and Listing Centre maintained by uploaded on Company website. The section on ‘News
NSE and BSE, respectively. Room’ includes all major press releases.
14. General Shareholders Information

AGM: Date, time and venue Tuesday, 24 June, 2022 at 3.00 p.m.
by Video Conferencing or Other Audio Visual Means
Financial Calendar (a) 1 April to 31 March
(b) First Quarter Results
– By 14 August, 2022
(c) Second Quarter Results
– By 14 November, 2022
(d) Third Quarter Results
– By 14 February, 2023
(e) Results for the year ending 31 March, 2023
- By 30 May, 2023
Date of Book closure Saturday, 11 June, 2022 to Tuesday, 24 June, 2022 (both days inclusive)
Dividend Payment date Dividend, if declared would be paid on or after 29 June, 2022
Listing on Stock Exchange - BSE Limited (BSE)
P.J. Towers, Dalal Street, Mumbai 400 001
- National Stock Exchange of India Limited (NSE)

Exchange Plaza, C-1, Block G,
Bandra Kurla Complex,
Bandra East, Mumbai 400 051
The Company has paid the listing fees to BSE and NSE for 2022-23.
Stock Code
- BSE 500575
- NSE VOLTAS
- ISIN for NSDL/CDSL INE226A01021
152 Voltas Limited

• Market Information
Market price data-monthly high/low and trading volumes during the last financial year on the BSE/NSE depicting liquidity of
the Company’s Equity Shares of ` 1 each on the said exchanges is given hereunder:
Month BSE BSE Limited (BSE) National Stock Exchange of India Limited (NSE)
Sensex High ₹ Low ₹ No. of Turnover High ₹ Low ₹ No. of Turnover
Shares ₹ in crores Shares ₹ in crores
Traded Traded
2021
April 48,782 1,027.00 918.00 14,76,025 142.74 1,026.80 918.00 3,18,50,111 3,092.44
May 51,937 1,040.00 938.00 17,48,322 173.01 1,033.90 935.65 4,34,89,991 4,309.08
June 52,483 1,124.90 1,002.45 32,90,814 347.10 1,125.00 984.35 3,44,82,801 3,645.82
July 52,587 1,064.65 997.75 22,34,419 229.39 1,065.00 997.20 1,79,12,553 1,848.02
August 57,552 1,079.50 955.20 25,21,862 250.73 1,079.85 955.00 2,81,86,444 2,821.68
September 59,126 1,265.00 1,004.90 17,75,658 205.16 1,265.00 1,004.00 4,39,80,005 5,163.52
October 59,307 1,356.90 1,143.60 9,79,181 120.43 1,356.90 1,143.20 2,41,31,139 2,989.56
November 57,065 1,283.90 1,131.55 5,07,384 61.92 1,282.00 1,131.25 1,57,73,245 1,933.38
December 58,254 1,271.65 1,146.50 4,51,968 55.00 1,272.00 1,146.00 1,32,98,883 1,621.87
2022
January 58,014 1,317.15 1,150.00 15,17,954 189.41 1,317.30 1,149.55 1,84,85,980 2,287.18
February 56,247 1,268.20 1,138.80 9,26,734 112.96 1,269.00 1,138.00 2,03,87,981 2,490.22
March 58,569 1,339.85 1,100.30 11,52,930 143.44 1,340.00 1,100.00 3,15,02,384 3,906.48
The performance of the Company’s scrip (Equity Shares of ` 1 each)

on the BSE as compared to the BSE sensex:
62000 1400
60000
1300
58000
Share Price on BSE
BSE Sensex
56000 1200
54000 1100
52000
1000
50000
48000 900
April May June July Aug Sept Oct Nov Dec Jan Feb Mar
Months: Year 2021-22

BSE SENSEX HIGH LOW

• Distribution of shareholding as on 31 March, 2022
No. of equity shares held No. of No. of % of Issued

Shareholders Shares held Share Capital
Upto 5000 1,74,240 3,04,00,421 9.19
5001 to 10000 765 54,50,518 1.65
10001 to 20000 317 44,44,364 1.34
20001 to 30000 91 22,86,594 0.69
30001 to 40000 53 18,34,416 0.55
40001 to 50000 32 14,35,509 0.44
50001 to 100000 90 62,46,878 1.89
100001 and above 239 27,87,86,040 84.25
Total 1,75,827 33,08,84,740 100.00
Physical Mode 7,887 52,88,103 1.60
Electronic Mode: 1,67,940 32,55,96,637 98.40
- NSDL 70,143 30,91,36,619 93.43
- CDSL 97,797 1,64,60,018 4.97
• Shareholding Pattern as on 31 March, 2022
Category No. of Shares held % of Issued Share Capital

Tata Group of companies 10,02,53,480 30.30
Mutual Funds and UTI 5,79,14,126 17.50
Foreign Portfolio Investors 8,66,44,783 26.19
Insurance companies 3,17,87,164 9.61
Bodies Corporate 67,73,230 2.05
Alternate Investment Funds 13,89,686 0.42
Non Resident Indians 24,35,474 0.74
Investor Education and Protection Fund Authority 26,29,794 0.79
Central Government Corporations and Banks 17,06,431 0.51
Foreign national 4,433 0.00
Public/Individuals 3,93,46,139 11.89
Total 33,08,84,740 100.00
• Shareholders holding more than 1% Equity Shares of the Company as on 31 March, 2022
Name of Shareholders No. of Shares held % of Issued Share Capital

Tata Sons Private Limited 8,81,31,780 26.64
Life Insurance Corporation of India 1,55,82,206 4.71
Mirae Asset Mutual Fund 1,03,95,083 3.14
Tata Investment Corporation Limited 99,62,330 3.01
T. Rowe Price Emerging Markets Stock Fund 92,55,487 2.80
HDFC Life Insurance Company Limited 71,43,056 2.16
Aditya Birla Sun Life Trustee Company Private Limited 60,21,574 1.82
Emerging Markets Equity Trust 59,89,803 1.81
Franklin India Mutual Fund 52,31,145 1.58
Canara Robeco Mutual Fund 52,07,804 1.57
Axis Mutual Fund 45,12,792 1.36
SBI Life Insurance Company Limited 40,81,981 1.23
154 Voltas Limited

Registrar & Transfer Agent: TSR Consultants Private Limited

(formerly TSR Darashaw Consultants Private Limited)
Unit : Voltas Limited
C-101, 1st Floor, 247 Park, Lal Bahadur Shastri Marg, Vikhroli West,
Mumbai 400083.
Tel: 022-66568484
Fax: 022-66568494
e-mail: csg-unit@tcplindia.co.in
website : https://tcplindia.co.in
Share Transfer System The transmission cases and demat requests are processed and
approved by the Share Transfer Board Committee on a fortnightly
basis, which are reported at the subsequent Board Meetings.
Dematerialisation of shares and liquidity. 98.40% of the share capital has been dematerialised as on
31 March, 2022.
Outstanding GDRs/ADRs/Warrants or any Convertible The Company has not issued GDRs/ADRs/Warrants or any
instruments, conversion date and likely impact on equity Convertible instruments.
Plant locations The Company’s manufacturing activities are located at:
(i) Plot No.1-5, Sector 8, I.I.E. Pantnagar
Industrial Area, Dist. Udham Singh Nagar.
Rudrapur, Uttarakhand 263 145.
(ii) Plot No. 1A, Siddhi Industrial Infrastructure Park,
Village Waghodia, Tal. Waghodia, Dist. Vadodara 390 001
Addresses for correspondence All correspondence relating to shares should be addressed to TSR
Consultants Private Limited, the Company’s Registrar & Transfer
Agent at the address mentioned aforesaid. Shareholders holding
shares in electronic mode should address their correspondence
to the respective Depository Participants.
• Unclaimed Dividends
Pursuant to Section 125 of the Act, the amount of dividend remaining unpaid or unclaimed for a period of seven years from
the date of its transfer to the Unpaid Dividend Account of the Company is required to be transferred to the Investor Education
and Protection Fund (IEPF) established by the Central Government. Shareholders are advised to claim the un-cashed dividends
lying in the unpaid dividend accounts of the Company before the due date. Given below are the dates of declaration of
dividend and due dates for claiming dividend.
Date of declaration of dividend Dividend Due for transfer to the IEPF Amount lying in unpaid
for the year dividend Accounts as on
31 March, 2022
₹ in crores
3 August, 2015 2014-15 3 September, 2022 0.90
Pursuant to Section 124 of the Act read with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer
and Refund) Rules, 2016 (as amended from time to time), the Equity Shares of the Company in respect of which dividend
has remained unclaimed or unpaid for seven consecutive years or more are required to be transferred by the Company to
IEPF Authority. Accordingly, the Company had during 2021-22, transferred 1,05,478 shares (physical) and 5,182 shares (held in
demat) and ` 0.72 crore to IEPF Authority in respect of dividend declared by the Company for 2013-14 and which had remained

unclaimed for seven consecutive years from the date of transfer to unpaid dividend account. The Company has uploaded the
details of such shareholders on its website www.voltas.com and website of IEPF Authority www.iepf.gov.in. The concerned
shareholders may note that the shares so transferred to IEPF Account, including all benefits accruing on such shares, if any,
can be claimed by them only from IEPF Authority by following the prescribed procedure. As earlier stated, Mr. V. P. Malhotra,
Company Secretary has been appointed as ‘Nodal Officer’ under the provisions of IEPF.
• Remittance of Dividend through NACH/DCF

Members holding shares in physical form, desirous of receiving dividend by direct electronic deposit through National
Automated Clearing House (NACH)/Direct Credit Facility (DCF) arrangements with the Banker, to their bank accounts may
authorise the Company by giving details of their NACH mandate. For more details, kindly write to the Company’s Registrar &
Transfer Agent (RTA) – TSR Consultants Private Limited.
• Bank details for Electronic Shareholding

While opening Accounts with Depository Participants (DPs), you may have given your Bank Account details, which were used
by the Company for ECS/printing on dividend warrants for remittance of dividend. However, remittance of dividend through
ECS/NECS has been replaced by NACH. In order to facilitate the Company to remit the dividend amount through NACH, please
furnish your new bank account number allotted to you by your bank to your DPs, along with photocopy of cheque pertaining
to your bank account.
• Bank details for Physical Shareholding

In order to provide protection against fraudulent encashment of dividend warrants, the members are requested to provide, if
not provided earlier, their Bank Account numbers, names and addresses of the Bank along with original cancelled cheque leaf
of the saving/current account in which the credit of dividend is desired, quoting Folio numbers to the Company’s RTA – TSR
Consultants Private Limited to incorporate the same on the dividend warrants.
• Physical Transfer of Shares

As per Regulation 40 of the Listing Regulations, as amended, securities of listed companies can be transferred only in
dematerialised form with effect from 1 April 2019, except in case of request received for transmission or transposition of
securities. Subsequently, SEBI vide its circular dated 2nd December, 2020 had fixed 31 March, 2021 as the cut-off date for
re-lodgement of transfer deeds and the shares that are re-lodged for transfer shall be issued only in demat mode.
Further SEBI has effective 24 January, 2022, mandated to issue shares in demat form only after processing the requests in
prescribed Form ISR-4 received for issue of duplicate certificate, transmission, transposition, renewal/exchange of share
certificate, endorsement, sub-division/splitting of certificate, consolidation of certificates, etc. The RTA will after processing
such requests issue a Letter of Confirmation to the concerned shareholder for submission to DP within 120 days from the
date of issue of Letter of Confirmation for dematerialistion of shares. In case shareholder fails to submit the demat request
within the aforesaid period, the RTA shall credit the shares to Suspense Escrow Demat Account of the Company.
In view of this and in order to eliminate the risks associated with physical shares and for ease of portfolio management,
Members holding shares in physical form are requested to consider converting their holdings to dematerialised form. Members
can contact the Company by sending an email at shareservices@voltas.com or to the Company’s Registrar & Transfer Agent,
TSR Consultants Private Limited at csg-unit@tcplindia.co.in for any assistance in this regard.
Members holding shares in physical form, in identical order of names, in more than one folio are requested to send to the
Company or RTA, the details of such folios together with the share certificates for consolidating their holdings in one folio. A
consolidated Letter of Confirmation will be issued to such Members after making requisite changes for submission to DP for
dematerialising the same. This would also result in savings as demat charges are payable per certificate.
• Dematerialisation of Shares
Shareholders presently holding shares in physical form are requested to convert their physical holding into demat holding.
156 Voltas Limited

• Nomination facility
Shareholders should register their nominations in Form SH-13 in case of physical shares with the Company’s RTA – TSR
Consultants Private Limited. In case of dematerialised shares, nomination should be registered by the shareholders with their
DP. Nomination would help the nominees to get the shares transmitted in their favour in a smooth manner without much
documentation/legal requirements. For change/cancellation of Nomination, Form SH-14 shall be filed with the RTA in case of
physical shares and with DP in case of shares held in demat form. The said Forms can be downloaded from the website of the
Company www.voltas.com under investor section.
• Common and Simplified Norms for updation of PAN and KYC details
SEBI has vide circular dated 3 November, 2021 introduced Common and Simplified Norms for furnishing PAN, KYC details and
Nomination by the Shareholders, according to which all shareholders holding shares in physical form are mandatorily required
to furnish PAN (compulsorily linked with Aadhaar), nomination, contact details, bank account details and specimen signature
to RTA. Further, effective 1 January, 2022, it is mandated that the RTA shall not process any service request or complaint of
shareholders till PAN, KYC and nomination document/details are received. In case any one of aforesaid documents are not
available on or after 1 April, 2023, the folios shall be frozen by the RTA.
Shareholders holding shares in physical form are therefore requested to provide following Forms for updation of their signatures,
PAN, Nomination as the case may be. The said Forms can be downloaded from the website of the Company www.voltas.com
under Investor section:
(i) From ISR-1: PAN and KYC details;
(ii) Form ISR-2: Updation of signature;
(iii) Form ISR-3: Declaration for opting out of Nomination;
(iv) Form SH-13: Nomination Form;
(v) Form SH-14: Cancellation/variation of Nomination;
In accordance with the above SEBI circulars, the Company has sent a communication to all the shareholders holding shares in
physical form requesting for updating their KYC details.
• Receipt of Balance Sheet/other documents through Electronic mode

As servicing of documents to shareholders, including Notice of Annual General Meeting, Balance Sheet, Statement of Profit and
Loss, etc. is permitted through electronic mail, the Company will send the Annual Report and other documents in electronic
form to those shareholders whose e-mail address are registered with the Company’s RTA – TSR Consultants Private Limited or
made available by the Depositories.
• Exchange of new Share Certificates on sub-division of shares

The Company had in September 2006, sub-divided its Equity Shares of ` 10 each into Equity Shares of ` 1 each. Upon
sub-division, shares of ` 10 each stand cancelled and are not tradable in the market. Shareholders who have still not surrendered
the share certificates of ` 10 each for exchange of new share certificates of ` 1 each should approach the Company’s RTA – TSR
Consultants Private Limited for the same.
DECLARATION BY THE MANAGING DIRECTOR & CEO ON COMPLIANCE WITH THE CODE OF CONDUCT
I hereby declare that all the Directors and Senior Management personnel have as on 31 March, 2022 affirmed compliance of their respective
Codes of Conduct adopted by the Company and confirmation to that effect has been given by each of them.
Date: 5 May, 2022 Pradeep Bakshi

Place: Mumbai Managing Director & CEO

ANNEXURE
CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS
[Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015]
To,
The Members of
VOLTAS LIMITED
We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of Voltas Limited
(CIN: L29308MH1954PLC009371) and having its registered office at Voltas House ‘A’, Dr. Babasaheb Ambedkar Road, Chinchpokli,
Mumbai 400033 (hereinafter referred to as ‘the Company’), produced before us by the Company for the purpose of issuing this Certificate,
in accordance with Regulation 34(3) read with Schedule V Para-C Sub clause 10(i) of the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015.
In our opinion and to the best of our information and according to the verifications [including Director Identification Number (DIN) status
on the portal www.mca.gov.in] as considered necessary and explanations furnished to us by the Company and its officers, we hereby
certify that for the Financial Year ended 31 March, 2022, none of the Directors on the Board of the Company as stated below have been
debarred or disqualified from being appointed or continuing as Directors of companies by the Securities and Exchange Board of India,
Ministry of Corporate Affairs, or any such other Statutory Authority.
Sr. Name of Directors DIN Date of Original Date of cessation

No. appointment
1. Mr. Noel Tata 00024713 27 January, 2003 --
2. Mr. Pradeep Kumar Bakshi 02940277 1 September, 2017 --
3. Mr. Vinayak Deshpande 00036827 14 February, 2012 --
4. Mr. Debendranath Sarangi 01408349 1 September, 2014 --
5. Mr. Bahram N. Vakil 00283980 1 September, 2014 --
6. Ms. Anjali Bansal 00207746 9 March, 2015 --
7. Mr. Hemant Bhargava 01922717 23 May, 2017 29 September, 2021
8. Mr. Arun Adhikari 00591057 8 June, 2017 --
9. Mr. Zubin S. Dubash 00026206 9 August, 2019 --
10. Mr. Saurabh Mahesh Agrawal 02144558 21 January, 2021 --
Ensuring the eligibility of the appointment / continuity of every Director on the Board is the responsibility of the Management of the
Company. Our responsibility is to express an opinion on these based on our verification.
This certificate is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness with which the
Management has conducted the affairs of the Company.
For M/s. N L Bhatia & Associates

Practising Company Secretaries
UIN: P1996MH055800
UDIN: F008663D000267141
Bhaskar Upadhyay
Partner
FCS No. 8663
Date: 4 May, 2022 COP No. 9625
Place: Mumbai PR No.: 700/2020
158 Voltas Limited

Independent Auditor’s Report on compliance with the conditions of Corporate Governance as per
provisions of Chapter IV of Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended
The Members of Voltas Limited
1. The Corporate Governance Report prepared by Voltas Limited (hereinafter the “Company”), contains details as specified in
regulations 17 to 27, clauses (b) to (i) and (t) of sub – regulation (2) of regulation 46 and para C, D, and E of Schedule V of the
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
(“the Listing Regulations”) (‘Applicable criteria’) for the year ended March 31, 2022 as required by the Company for annual submission
to the Stock exchange.
Management’s Responsibility
2. The preparation of the Corporate Governance Report is the responsibility of the Management of the Company including
the preparation and maintenance of all relevant supporting records and documents. This responsibility also includes
the design, implementation and maintenance of internal control relevant to the preparation and presentation of the
Corporate Governance Report.
3. The Management along with the Board of Directors are also responsible for ensuring that the Company complies with the conditions
of Corporate Governance as stipulated in the Listing Regulations, issued by the Securities and Exchange Board of India.
Auditor’s Responsibility
4. Pursuant to the requirements of the Listing Regulations, our responsibility is to provide a reasonable assurance in the form of an
opinion whether, the Company has complied with the conditions of Corporate Governance as specified in the Listing Regulations.
5. We conducted our examination of the Corporate Governance Report in accordance with the Guidance Note on Reports or
Certificates for Special Purposes and the Guidance Note on Certification of Corporate Governance, both issued by the Institute of
Chartered Accountants of India (“ICAI”). The Guidance Note on Reports or Certificates for Special Purposes requires that we comply
with the ethical requirements of the Code of Ethics issued by ICAI.
6. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for Firms
that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements.
7. The procedures selected depend on the auditor’s judgement, including the assessment of the risks associated in compliance of the
Corporate Governance Report with the applicable criteria. Summary of procedures performed include:
i. Read and understood the information prepared by the Company and included in its Corporate Governance Report;
ii. Obtained and verified that the composition of the Board of Directors with respect to executive and non-executive directors has
been met throughout the reporting period;
iii. Obtained and read the Register of Directors as on March 31, 2022 and verified that atleast one independent woman director
was on the Board of Directors throughout the year;
iv. Obtained and read the minutes of the following committee meetings / other meetings held between April 01, 2021 to
March 31, 2022:
(a) Board of Directors;
(b) Audit Committee;
(c) Annual General Meeting (AGM);
(d) Nomination and Remuneration Committee;
(e) Stakeholders Relationship Committee;
(f ) Risk Management Committee

v. Obtained necessary declarations from the directors of the Company.
vi. Obtained and read the policy adopted by the Company for related party transactions.
vii. Obtained the schedule of related party transactions during the year and balances at the year end. Obtained and read the
minutes of the audit committee meeting where in such related party transactions have been pre-approved by the audit
committee.
viii. Performed necessary inquiries with the management and also obtained necessary specific representations from management.
8. The above-mentioned procedures include examining evidence supporting the particulars in the Corporate Governance Report on
a test basis. Further, our scope of work under this report did not involve us performing audit tests for the purposes of expressing an
opinion on the fairness or accuracy of any of the financial information or the financial statements of the Company taken as a whole.
Opinion
9. Based on the procedures performed by us, as referred in paragraph 7 above, and according to the information and explanations
given to us, we are of the opinion that the Company has complied with the conditions of Corporate Governance as specified in the
Listing Regulations, as applicable for the year ended March 31, 2022, referred to in paragraph 4 above.
Other matters and Restriction on Use

10. This report is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness with which the
management has conducted the affairs of the Company.
11. This report is addressed to and provided to the members of the Company solely for the purpose of enabling it to comply with its
obligations under the Listing Regulations with reference to compliance with the relevant regulations of Corporate Governance and
should not be used by any other person or for any other purpose. Accordingly, we do not accept or assume any liability or any duty of
care or for any other purpose or to any other party to whom it is shown or into whose hands it may come without our prior consent
in writing. We have no responsibility to update this report for events and circumstances occurring after the date of this report.
For S R B C & CO LLP

Chartered Accountants
ICAI Firm Registration Number: 324982E/E300003
per Dolphy D’Souza

Partner
Membership Number: 038730
UDIN: 22038730AILEQG1232
Place: Mumbai
Date: May 05, 2022
160 Voltas Limited

Business Responsibility Report

[As per Regulation 34(2)(f ) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015]
INTRODUCTION 8. List three key products/services that the Company

Voltas is a market leader in room air conditioners segment in India manufactures/provides (as in balance sheet):
and a preferred brand for various other products and services The Products and Services provided/manufactured by
across home, occupational and industrial sites such as textile, Voltas are enlisted below:
mining, and construction. As the Company paves its way towards • Unitary Cooling Products for Comfort and
a brighter future, it intends to tread on a sustainable, innovative, Commercial Use- Room Air-conditioners, Air Coolers,
and insights-driven pathway. To summarise the various initiatives Commercial Refrigeration Products and Commercial
under three primary areas – Community, Environment and Air conditioning.
Business, the Business Responsibility (BR) Report has been • Electro-mechanical Projects and Services.
prepared by Voltas in accordance with Regulation 34(2)(f ) of • Engineering Products and Services (Textile Machinery,
the Securities Exchange Board of India (Listing Obligations and Mining & Construction Equipment).
Disclosure Requirements) Regulations, 2015. The Company’s
9. Total number of locations where business activity is
interventions have been outlined against each of the 9 Principles
undertaken by the Company:
mentioned in the National Voluntary Guidelines (NVG).
(i)
Number of International Locations (Provide
Section A: General Information about the Company details of major 5): Voltas has its presence at eight
1. Corporate Identity Number (CIN) of the Company: major International Locations: Dubai, Abu Dhabi,
Qatar, Sultanate of Oman, Kingdom of Saudi Arabia,
L29308MH1954PLC009371
Mozambique, Bahrain and Republic of Singapore.
2. Name of the Company: (ii)
Number of National Locations: Voltas has
Voltas Limited its manufacturing units located at Pantnagar,
3. Registered address: Uttarakhand and Waghodia, Gujarat. The business
activities of Voltas are carried out via 38 offices PAN

Voltas House ‘A’, Dr. Babasaheb Ambedkar Road,
India. In addition to the offices, Voltas runs its auxiliary
Chinchpokli, Mumbai 400 033
operations across the country through warehouses
4. Website: and direct service centers.
www.voltas.com 10.
Markets served by the Company – Local/State/
5. E-mail id: National/International:
astriddias@voltas.com Voltas offers a wide range of products and services across

different business lines throughout India. Further, the
6. Financial Year reported:
Company provides specialised products and services
2021-22 in overseas markets like the GCC countries (Dubai,
7. Sector(s) that the Company is engaged in (industrial Abu Dhabi, Qatar, Sultanate of Oman, Kingdom of Saudi
activity code-wise): Arabia, Bahrain), Mozambique and Republic of Singapore.
Sl. No. Segments NIC Code Section B: Financial Details of the Company (As on
1. Unitary Cooling Products for 28191 / 28192 31 March, 2022)
Comfort and Commercial Use 1. Paid up Capital (INR) financial details
2. Electro-mechanical Projects 43219 / 43229 ` 33.08 crores
and Services
2. Total Turnover (INR) – Standalone
3. Engineering Products and 33125 / 33127
Services (Textile Machinery, 46595 / 46599 ` 6990 crores
Mining & Construction 3. Total profit after taxes (INR) - Standalone
Equipment) ` 583.47 crores

4. Total Spending on Corporate Social Responsibility 2. Saudi Ensas Company for Engineering Services W.L.L.
(CSR) as percentage of profit after tax (%). (Jeddah, Kingdom of Saudi Arabia)
In accordance with the Companies Act, 2013 and the 3. Voltas Oman SPC (Muscat, Sultanate of Oman)
Companies (Corporate Social Responsibility Policy) Rules, 4. Lalbuksh Voltas Engineering Services & Trading L.L.C.
2014 (as amended), Voltas has spent over 2% of its average (Muscat, Sultanate of Oman)
net profit of last 3 financial years for activities related to
5. Voltas Qatar W.L.L. (Doha, Qatar)
social welfare and improvement (CSR activities).
6. Voltas Netherlands B.V. (Amsterdam, The Netherlands)
Voltas’s actual CSR spend for 2021-22 is ` 12.94 crores
(after considering set-off of excess amount of ` 0.21 crore 7.
Universal MEP Projects Pte. Limited (Republic of
spent in 2020-21). Singapore)
5. List of activities in which expenditure in 4 above has 2. Do the Subsidiary Company/Companies participate
been incurred. in the BR Initiatives of the parent company? If
yes, then indicate the number of such subsidiary
Based on the Company’s ethos of ‘Giving Back to the
company(s)
Community’, a robust framework has been developed after a
detailed mapping of the community’s needs. The framework No, the subsidiary companies do not participate in the BR
focuses on three areas – ‘Sustainable Livelihood’, ‘Community initiatives of the parent company. They take up BR initiatives
Development’ and ‘Issues of National Importance’. in their own capacity, if applicable.
The target group across the three verticals are women, 3.
Do any other entity/entities (e.g. suppliers,
children, youth, marginalised communities and the planned distributors etc.) that the Company does business
interventions emphasise on critical issues pertaining to Skilling with, participate in the BR initiatives of the Company?
(to build employment), Education, Water and Sanitation. If yes, then indicate the percentage of such entity/
The CSR activities are carried out under the following entities? [Less than 30%, 30-60%, More than 60%]
thematic areas: No, the other entities, currently do not participate in the BR
• S killing and Employability building Development initiatives of the Company.
Program(s)
Section D: BR Information
• Education
1. Details of Director/Directors responsible for BR
• Health Care Support
(a) The Company’s CSR Committee is responsible
• Community Development (Water & Sanitation)
for implementation of the BR policy/policies.
• Disaster Relief The members of CSR Committee are as follows:
Section C: Other Details DIN Name Designation
1. Does the Company have any Subsidiary Company/ 00024713 Mr. Noel Tata Chairman of the Board and
CSR Committee
Companies?
00283980 Mr. Bahram N. Vakil Independent Director
Yes, Voltas has 9 subsidiaries of which, 2 are in India and 7 02940277 Mr. Pradeep Bakshi Managing Director & CEO
are situated overseas: 00207746 Ms. Anjali Bansal Independent Director
Subsidiaries (India):
(b) Details of the BR head
1. Universal MEP Projects & Engineering Services Limited
(UMPESL), formerly Rohini Industrial Electricals Limited Sl. No. Particulars Details
1. DIN (if applicable) N.A.
2. Hi-Volt Enterprises Private Limited
2. Name Ms. Astrid Dias
Subsidiaries (Overseas): 3. Designation Head Sustainability
4. Telephone number 022 – 66656662
1. Weathermaker FZE (Jebel Ali Free Zone, United Arab
5. E-mail id astriddias@voltas.com
Emirates)
162 Voltas Limited

2. Principle-wise (as per NVGs) BR Policy/policies (Reply in Y/N)

The 9 principles outlined in the National Voluntary Guidelines are as follows:
P1 Businesses should conduct and govern themselves with Ethics, Transparency and Accountability.
P2 Businesses should provide goods and services that are safe and contribute to sustainability throughout their life cycle.
P3 Businesses should promote the well-being of all employees.
P4 Businesses should respect the interests of, and be responsive towards all stakeholders, especially those who are disadvantaged,
vulnerable and marginalised.
P5 Businesses should respect and promote human rights.
P6 Businesses should respect, protect, and make efforts to restore the environment.
P7 Businesses when engaged in influencing public and regulatory policy, should do so in a responsible manner.
P8 Businesses should support inclusive growth and equitable development.
P9 Businesses should engage with and provide value to their customers and consumers in a responsible manner.
Sl. No. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9

1 Do you have a policy/policy for ...? Y Y Y Y Y Y Y Y Y
2 Has the policy been formulated in consultation with the Voltas conforms to the Tata Code of Conduct (TCOC), Climate Change
relevant stakeholders? and Sustainability policies formulated for the Tata Group companies.
Further, at Voltas there are various policies - Ethics, Quality, CSR,
Affirmative Action, Safety, Respect for Gender and Whistle Blower.
The formulation of all these policies was done based on comprehensive
deliberations and research on the globally followed best practices.
3 Does the policy conform to any National? / International Y Y Y Y Y Y Y Y Y
standards? If yes, specify? The Tata Code of Conduct (TCOC) encompasses all applicable National
Laws.
4 Has the policy been approved by the Board? If yes, has Yes, the Affirmative Action, CSR, Ethics, Quality, Safety Health and
it been signed by MD/ owner/ CEO/ appropriate Board Environment, Whistle Blower and Respect for Gender policy have been
Director? approved by the Board and respective Committees, as applicable.
5 Does the Company have a specified committee of the Y Y Y Y Y Y Y Y Y
Board/ Director/Official to oversee the implementation The Board/ respective Committees oversee the implementation of
of the policy? these Policies.
6 Indicate the link for the policy to be viewed online? Refer to the table below.
7 Has the policy been formally communicated to all The communication on Tata Code of Conduct (TCOC) and other policies
relevant internal and external stakeholders? is extended to suppliers, vendors, dealers, and channel partners based
on their relevance to these external stakeholders.
Further, all other internal policies of Voltas and other policies formulated
at the TATA group level, have been formally communicated to all
internal stakeholders of Voltas.
8 Does the Company have in-house structure to There are in-house structures instituted in Voltas for the implementation
implement the policy/policies of these policies.
9 Does the Company have a grievance redressal There is a mechanism in place for the employees to report any potential
mechanism related to the policy/policies to address concern or any instance of violation of the TCOC, known as the Whistle
stakeholders’ grievances related to the policy/policies? Blower mechanism. Also, to respond to the investor grievances, there
is an investor grievance mechanism. Further, the customer complaints
mechanism records the grievances of customers on product and
service quality and other issues, if any.
10 Has the Company carried out independent audit/ All policies applicable to Voltas are evaluated internally.
evaluation of the working of this policy by an internal
or external agency?

Web-links of the Policy:
NVG Principle Applicable Policy Link
Principle 1: Ethics, transparency & Whistle Blower Policy https://www.voltas.com/file-uploads/general/Whistle_Blower_Policy_
accountability Mar19_Updated_29072021.pdf
Ethics Policy https://www.voltas.com/images/_ansel_image_collector/ETHICS_AT_

VOLTAS_1.pdf
https://www.voltas.com/images/_ansel_image_collector/TATA_CODE_
TCOC
OF_CONDUCT_FOR_VOLTAS_EMPLOYEE_2.pdf
Principle 2: Sustainability in life- SHE Policy https://www.voltas.com/images/_ansel_image_collector/SAFETY_
cycle of product HEALTH_ENVIRONMENT_POLICY_1.pdf
TCOC https://www.voltas.com/images/_ansel_image_collector/TATA_CODE_
https://www.voltas.com/images/_ansel_image_collector/QUALITY_
Quality
POLICY_1.pdf
Principle 3: Employee well-being TCOC https://www.voltas.com/images/_ansel_image_collector/TATA_CODE_OF_
CONDUCT_FOR_VOLTAS_EMPLOYEE_2.pdf
https://www.voltas.com/images/_ansel_image_collector/SAFETY_HEALTH_
SHE ENVIRONMENT_POLICY_1.pdf
Principle 4: Stakeholder TCOC https://www.voltas.com/images/_ansel_image_collector/TATA_CODE_
engagement OF_CONDUCT_FOR_VOLTAS_EMPLOYEE_2.pdf
Affirmative Action https://www.voltas.com/images/_ansel_image_collector/AFFIRMATIVE_

ACTION_POLICY.pdf
Principle 5: Promotion of human TCOC https://www.voltas.com/images/_ansel_image_collector/TATA_CODE_
rights OF_CONDUCT_FOR_VOLTAS_EMPLOYEE_2.pdf
POSH https://www.voltas.com/file-uploads/general/POLICY_ON_RESPECT_FOR_
GENDER_%28POSH%29_1.pdf
Principle 6: Environmental SHE https://www.voltas.com/images/_ansel_image_collector/SAFETY_
protection HEALTH_ENVIRONMENT_POLICY_1.pdf
TCOC https://www.voltas.com/images/_ansel_image_collector/TATA_CODE_
https://www.voltas.com/images/_ansel_image_collector/CLIMATE_
Climate Change
CHANGE_POLICY.pdf
Principle 7: Responsible public TCOC https://www.voltas.com/images/_ansel_image_collector/TATA_CODE_OF_
policy advocacy CONDUCT_FOR_VOLTAS_EMPLOYEE_2.pdf
Principle 8: Inclusive growth TCOC https://www.voltas.com/images/_ansel_image_collector/TATA_CODE_
CSR https://www.voltas.com/images/_ansel_image_collector/CSR_
Policy_%28Revised%29_11102021.pdf
https://www.voltas.com/images/_ansel_image_collector/AFFIRMATIVE_
Affirmative Action
ACTION_POLICY.pdf
Principle 9: Customer value TCOC https://www.voltas.com/images/_ansel_image_collector/TATA_CODE_
Quality https://www.voltas.com/images/_ansel_image_collector/QUALITY_
POLICY_1.pdf
164 Voltas Limited

3. Governance related to BR Principle 2

1. Indicate the frequency with which the Board of 1. List up to 3 of your products or services whose design
Directors, Committee of the Board or CEO to assess has incorporated social or environmental concerns,
the BR performance of the Company. Within 3
risks and/or opportunities:
months, 3-6 months, Annually, More than 1 year.
Voltas is conscious of its impact on the environment
The CSR Committee reviews BR performance of the
and ensures that the Company utilizes all the essential
Company on an annual basis.
natural resources optimally and efficiently throughout the
2. Does the Company publish a BR or a Sustainability value chain.
Report? What is the hyperlink for viewing this
The Company’s commitment to sustainability ensures that
report? How frequently it is published?
it undertakes initiatives which ramp up energy and product
The BR Report and Sustainability Report of Voltas
efficiency, utilize raw materials more optimally, reduce the
gets published annually. The Sustainability Report for
refrigerant loss and use more eco-friendly refrigerants in
2021-22 is under development and upon finalisation,
products. Some initiatives where environmental concerns are
will be uploaded on the Company’s website. The
being addressed through appropriate design are as follows:
Sustainability Report for 2020-21 can be viewed at the
website of the Company at: https://www.voltas.com/ (i) Maha Adjustable Inverter AC: Voltas has come up
images/_ansel_image_collector/Voltas_Limited_ with its all-new range of ‘Maha Adjustable Inverter
Sustainability_Report_2020-21_V18.pdf ) AC’s’, giving the consumers the option to run the
AC from 0.75 Ton to 2.0 Ton, depending on their
Section E: Principle-wise performance
need. Adjustable mode delivers predefined lower
Principle 1
cooling capacity by limiting the inverter compressor’s
1.
Does the policy relating to ethics, bribery and running frequencies depending on the number of
corruption cover only the Company? Yes/ No. Does people in the room and ambient weather conditions
it extend to the Group/Joint Ventures/Suppliers/ which enables fast cooling and in turn energy saving
Contractors/NGOs/Others? for the customer.
The policy relating to Ethics also extends to the suppliers,
(ii) With the detoriation of Air Quality Level across metros
vendors, and contractors.
and major cities, the indoor air could contain harmful
Tata Group, and all its companies, including Voltas abide
levels of invisible particulates, toxic fumes and germs.
by the Tata Code of Conduct (TCOC) and its underlying
Considering the above insights, two unique product
principles have shaped the Company’s culture and its core
offerings have been developed for the customers:
values – Integrity, Responsibility, Excellence, Pioneering
and Unity. TCOC mandates conforming to ‘highest moral PureAir Inverter AC with HEPA filter:
(a)
and ethical standards’ and does not tolerate any form of Purification of indoor room air up to 1.0 micron
bribery or corruption. Further, in accordance with the level by using HEPA filter (High Efficiency
‘Ethics Policy’ at Voltas, the Locational Ethics Counsellors Particulate Arrester) has been incorporated in
appointed ensures that the TCOC policy is cascaded to the Pure Air Series. The air quality level is visible
various Voltas’s offices, manufacturing units and other areas to the customer on a real time basis through
of business operations. numeric as well as a colour ring on the Indoor
2.
How many stakeholder complaints have been unit display.
received in the past financial year and what (b) UVC Disinfection: UVC Led which is emitting
percentage was satisfactorily resolved by the short wavelength of Ultra Violet C or UV-C light to kill
management? or inactivate micro organisms (bacteria and virus)
17 complaints were received from shareholders of which, present in air. It also has a TIO2 (Tiatanium Oxide)
16 were resolved up to 31 March, 2022 and 1 was closed in coated mesh filter which can absorb volatile
April 2022. No complaint was received under the Whistle organic compound (VOC) from surrounding air
Blower Policy of the Company. and make the air free from all kinds of germs.

(iii)
Protective coating on heat exchanger: (c) Air conditioners with high efficiency grove
Refrigerant leakage happens due to harsh technology: In the 2022 product range of
environment areas which leads to the corrosion of outdoor unit air conditioners, high efficiency
copper pipe and the unit eventually releases the grooved copper tubes were used. These tubes
refrigerant gas. In order to overcome this situation, had a smaller diameter (5mm, vis-à-vis 7mm
a special protective Coating is applied on heat used previously). The smaller diameter resulted
exchangers which prevents copper corrosion and in reduction in the size of the heat exchanger in
refrigerant leakage. copper tube by 15%. This initiative also reduced
resource consumption as well as the quantity of
(iv) Reduction in usage of key raw material (Copper refrigerant gas.
/ Aluminium / Plastic) in Split Indoor Unit:
(d) Chest freezers and Chest Coolers with R290
Introduction of new 1.5T split AC which has 30% less raw
refrigerant: The Chest freezers and coolers
material consumption (Copper / Aluminium / Plastic)
require lower quantities of R290 Refrigerant
and 20% less refrigerant consumption leading to
(as compared to the previously used R134a).
substantial reduction in CO2 emission. Further, R290 is better from an environment
(v) Chest freezers and Chest Coolers with R290 perspective as it has a lesser Global Warming
refrigerant: Replaced the current refrigerant with a Potential (GWP) when compared to
more environment friendly (R290) refrigerant and use other refrigerants.
lesser quantities of the same. (ii) Reduction during usage by consumers (energy,
2. For each such product, provide the following details water) has been achieved since the previous year?
in respect of resource use (energy, water, raw material (a) Adjustable Air-conditioning Technology:
etc.) per unit of product (optional): Voltas Maha Adjustable Inverter AC has been
(i)
Reduction during sourcing/production/ upgraded to have unique 6-Stage adjustable
distribution achieved since the previous year mode which runs on different tonnages, as per
customer needs (i.e., depending on the ambient
throughout the value chain?
temperature or number of people in the room).
Installation of 500 CFM Screw Type Air
(a) Hence, it not only provides comfort, but also
Compressor with VFD (Variable Frequency saves electricity costs. Six Stage Adjustable
Drive): The new type of air compressor in Mode delivers predefined lower and
the manufacturing operations at Pantnagar higher cooling capacity by controlling
is more energy efficient and uses no water. inverter compressor’s running frequencies.
Thereby leading to energy savings of ~40%, and This technology has the potential to save
bringing the water consumed in the process additional energy by approximately 15% over a
from 1248 KL per annum to 0. Moreover, this normal Inverter Air-conditioner.
process is helping the Company save on repair (b) Air Conditioners with protective coating to
and maintenance cost by about 70%. cooling coil: To augment the efficiency of an
(b) Introduction of compact and efficient 18K indoor air conditioner by limiting the refrigerant
3-star inverter and 18K 2-star Fixed speed leakage from the cooling coil, an anti-corrosive
AC models: 18K 3 Star Inverter and 18K 2 protective coating has been added to it. The
Star Fixed speed AC models were launched coating acts as a barrier and prevents copper
with a compact indoor unit (IDU) whereas corrosion from the evaporator cooling coil.
the specification of the outdoor unit (ODU) 3.
Does the Company have procedures in place for
remained the same. Since the platform size of sustainable sourcing (including transportation)?
the IDU has been reduced, the consumption If yes, what percentage of your inputs was sourced
of raw materials like copper and plastic were sustainably? Also, provide details thereof, in about
reduced, thereby also lowering the gas charge 50 words or so.
quantity by approximately 20%. This not only Conforming with the Tata Code of Conduct (TCOC), the
reduced material consumption but also the supplier’s selection takes place fairly and transparently.
quantity of refrigerant gas. Further, the vendors and suppliers are screened on ISO,
166 Voltas Limited

Environmental Management System (EMS) certifications, 5.

Does the Company have a mechanism to recycle
labour practices, safety, quality, delivery and service ratings. products and waste? If yes what is the percentage of
As a part of the supply chain management process, recycling of products and waste (separately as <5%,
quality assessments, onsite audits are carried out on 5-10%, >10%).
a quarterly basis. In 2021-22, for a significant part of
Voltas is conscious to reduce, reuse, recycle the waste
Engineering Projects (Domestic) business, the procurement
material. The Company has partnered with E-waste handlers/
or sourcing from EMS certified vendors is about
recyclers, PRO (Producer Responsibility Organisations) to
42% in value.
efficiently collect (meet their collection targets) and dispose
Owing to a need of specialised components and parts
all the E-waste sustainably. Voltas has achieved 100% targets
for the products manufactured in the country, there is a
limited supplier base in India. However, Voltas is actively of Recycling E-waste during 2021-22.
working towards reducing its import dependence. While the target for 2021-22 given by Central Pollution
Additionally, strengthening local sourcing in a phased Control Board (CPCB) towards E-waste was 11,562 metric
manner will also contribute to reducing the CO2 tonnes (MT), the Company exceeded the collection target
emissions. Even at present, to limit the impact on the and sent 11,570 MT for recycling. However, the Company’s
environment, ~99% of the import transportation is through internal scrap or E-waste accounts only for 7% of the total
seaways. The Company’s warehouses are strategically
waste collected in 2021-22.
located close to manufacturing operations, seaports and
markets to minimise road transportation and optimise Principle 3
vehicle usage.
1. Please indicate the Total number of employees.
4. Has the Company taken any steps to procure goods
and services from local & small producers, including Total number of employees (including contractual and
communities surrounding their place of work? apprentices) for the Company’s India and overseas
If yes, what steps have been taken to improve their operations as on 31 March, 2022 stands at 5706.
capacity and capability of local and small vendors? 2. Please indicate the Total number of employees hired
In line with the Affirmative Action policy at Voltas, the on temporary/contractual/casual basis.
Company supports the national vision and mission of
Atmanirbhar Bharat and supports local and small to Number of employees
medium enterprises to establish manufacturing set up in Contractual - India & Overseas 3084
areas closer to the Company’s manufacturing facilities.
Various components for water dispenser are procured 3. Please indicate the Number of permanent women
from the local vendors. In 2021-22, for the Engineering employees.
Projects (Domestic) business, the Company sourced 8% of There are 134 permanent women employees, including in
the raw material from vendors within 100 Km radius of the India and overseas.
manufacturing unit.
4. Please indicate the Number of permanent employees
Voltas conducts various activities for the vendors to
improve their capacity and capability: with disabilities.
(i)
Voltas extends its technical support to OEMs, In accordance with the Tata Code of Conduct, Voltas does
supporting enterprises and vendors in designing and ‘not unfairly discriminate on any ground, including race,
developing the required components. caste, religion, colour, ancestry, marital status, gender,
(ii) Voltas guides vendors and supports enterprises in sexual orientation, age, nationality, ethnic origin, disability
terms of automation and selection of process specific or any other category protected by applicable law’. Based
equipment to improve productivity and quality. on information made available to the Company, there are 2
(iii) Voltas supports in developing testing jigs and fixtures permanent employees with disabilities.
at vendor’s premises to expedite the checking and
5.
Do you have an employee association that is
approval process.
recognised by management?
(iv) Voltas conducts regular training and capacity building

Yes, there are Internal Federation/ Unions in India,
programs for the vendors and associate supply chain
partners. recognised by the Management of Voltas.

6. What percentage of your permanent employees is 2.
Out of the above, has the Company identified
members of this recognised employee association? the disadvantaged, vulnerable & marginalised
Out of the permanent manpower strength across India, stakeholders?
around 7.84% are members of aforesaid recognised
As part of the Affirmative Action, underserved
employee association. communities are identified and opportunities are created
7. Please indicate the Number of complaints relating to towards Employment, Employability, Entrepreneurship
child labour, forced labour, involuntary labour, sexual and Education for these communities and forms a critical
harassment in the last financial year and pending, as part of Voltas’s commitment towards Corporate Social
on the end of the financial year. Responsibility.
During 2021-22, Voltas has not received any complaint 3. Are there any special initiatives taken by the Company
relating to sexual harassment. The Tata Code of Conduct to engage with the disadvantaged, vulnerable and
clearly states that ‘(the Company) does not employ children marginalised stakeholders? If so, provide details
at workplace’, ‘do not use forced labour in any form’. thereof, in about 50 words or so.
Further, no complaints were received under child labour, Voltas, being a Tata Group Company, is committed to help
forced labour and involuntary labour. the vulnerable and marginalised sections of the society by
8.
What percentage of your above-mentioned addressing their issues in a systematic way. A framework
employees were given safety & skill up-gradation has been developed by the Company, which essentially
training in the last year? emphasises on Sustainable livelihood, Education, Water
and Sanitation.
80% of permanent and contractual workers/employees
across India and overseas have participated in multiple While working on the said issues with the underprivileged
safety trainings provided by Voltas in 2021-22. communities, sustainable development is at the forefront.
Various projects with respect to skilling and employability
85% of the permanent employees have received skill
building for youth and women, irrigation and improved
upgradation training in 2021-22 (2,299 employees have
agricultural practices for farming community, water and
been imparted training from total of 2,690). All contractual
sanitation are being carried out, year-on-year.
workers both in the sales and services teams across the
Company’s different business operations have undergone Principle 5
mandatory Handy Train (Mobile App) course as part of the 1. Does the policy of the Company on human rights
standard operating procedure. cover only the Company or extend to the Group/Joint
Principle 4 Ventures/Suppliers/Contractors/NGOs/Others?
1. Has the Company mapped its internal and external For all Tata Group companies, the Tata Code of Conduct
stakeholders? Yes/No covers Human Rights and the policy is extended to
Voltas has identified its internal and external stakeholders cover the Group, Suppliers, Contractors and all other
through a stakeholder mapping exercise. The Company’s engagements of the business. In addition to this, the Policy
internal stakeholders are largely its workforce (permanent for Respect for Gender at Voltas also covers human rights
and contractual). In no order of preference, its external pertaining to respect, dignity and safety for all genders.
stakeholders are as follows: 2.
How many stakeholder complaints have been
• Business Partners received in the past financial year and what percent
• Communities was satisfactorily resolved by the management?
• Customers No, there were no complaints which have been raised

in the past financial year pertaining to Human Rights by
• Dealers, Distributors and Retailers
any stakeholder. Moreover, if any complaints are raised
• Government and Regulatory Authorities by stakeholders under the TCOC, they are attended and
• Investors resolved by the Management and reported to the Board
• Vendors Audit Committee.
168 Voltas Limited

Principle 6 4.
Does the Company have any project related to
1. Does the policy relate to Principle 6 cover only the Clean Development Mechanism? If Yes, whether any
Company or extends to the Group/Joint Ventures/ environmental compliance report is filed?
Suppliers/Contractors/NGOs/others? Though Voltas does not have any project related to Clean
As part of the Tata group, the organisation abides by Development Mechanism, the Company is committed to
the Climate Change policy which clearly delineates create a better tomorrow through its active participation in
‘incorporating green perspectives in all key organisational the ‘Green mission’.
processes’, and ‘benchmarking in their segment of industry 5. Has the Company undertaken any other initiatives
on carbon footprint’. Moreover, Voltas’s Safety-Health- on – clean technology, energy efficiency, renewable
Environment (S-H-E) Policy also highlights ‘environment energy, etc. Y/N. If yes, please give hyperlink for web
friendly processes’, ‘prevention of pollution’ and ‘overall page etc.
environmental protection’. The S-H-E Policy extends to all, Voltas is actively engaged in the ‘Green’ movement, with
including the Suppliers, Contractors and NGOs working efforts and initiatives to implement smart and energy-
with the Company. efficient practices in their business activities.
2.
Does the Company have strategies/ initiatives to • T he Waghodia manufacturing unit has 700 KW
address global environmental issues such as climate potential of solar panels installed on the plants
change, global warming, etc.? Y/N. If yes, please give rooftop and has generated ~4,96,860 KWH in
hyperlink for webpage etc. 2021-22. The total solar energy generated was
Voltas has been the pioneer in introducing energy efficient significantly higher than last year. This was achieved
products in India and has introduced India’s first energy efficient without increasing the capacity and by adding
Air-conditioners many years ago, before it was mandated by inverters to the system. Moreover, the Voltas’s
Government of India (GOI). The Company’s strong commitment Corporate office in Mumbai (Head Office) also
towards sustainability has driven it to innovate and upgrade its completely operates on Solar power.
product offerings. Voltas has also been the recipient of National • T he Pantnagar units have installed rooftop poly-
Energy Conservation Award for 5 times. carbonate sheets to improve the daylight at shop
In 2021-22, the entire range of Air-conditioners were floors, thereby leading to power savings of ~ 39,312
manufactured with R-32 refrigerant which have low GWP. KWH. Moreover, all conventional high-bay luminaires
By optimising the system components, the Company have been replaced with LED lights thereby achieving
has achieved targeted energy efficiency with lesser input power savings of 77,750 KWH.
material thereby reducing resource consumption. Further, • T he manufacturing operations at Pantnagar and
using R-32 as a refrigerant in the place of R-22 has led to Waghodia recycle and reuse wastewater mainly
reduction in CO2 emissions. for landscaping thereby reducing dependency on
3.
Does the Company identify and assess potential freshwater sources.
environmental risks? Y/N • T he Waghodia unit has undertaken water savings
Yes, Company has identified the potential environment initiatives that have resulted in reducing its
risks. consumption to almost 50%. This was due to rigorous

There is a comprehensive Safety-Health-Environment monitoring, water audits and process modifications
(S-H-E) Policy in-place at Voltas. The Company also has such as:
E-Waste and Sustainability Policy. The environmental risk - Installed low flow fixtures in taps, which reduced
assessment material for Voltas eco-system is determined as and adjusted the water pressure and flow rate
part of the S-H-E Policy. from 1 Litre per minute to 600 Millilitre per minute.

-
Using the heat exchanger testing method • onsumer Electronics and Appliances Manufacturers
C
which reduce water consumption by 5 Kilo Litre Association (CEAMA)
per week. • The South India Textile Research Association (SITRA)
- Installing water free urinals. • Textile Machinery Manufacturers Association (TMMA)
• oltas conducts regular preventive maintenance
V • Northern India Textile Research Association (NITRA)
activities to ensure energy efficiency of equipment
• The Textile Association of India (TAI)
that increases the durability of systems, HVAC, UPS,
DG set, elevators, and electrical panels. • Indian Society of Heating, Refrigerating & Air
Conditioning Engineers (ISHRAE)
• oltas has replaced old HVAC systems with new
V
• Bombay Chamber of Commerce & Industry (BCCI)
energy efficient HVAC systems. The central HVAC
system is closely monitored for better floor • Indian Merchants Chamber (IMC)
temperature resulting in optimum energy utilisation. • The Federation of Indian Export Organization (FIEO)
• Diesel consumption has been saved owing to a shift 2.
Have you advocated/lobbied through above
from diesel operated to battery operated forklifts in associations for the advancement or improvement
Waghodia. of public good? Yes/No; if yes specify the broad
• ther initiatives include, use of HVLS (High Volume
O areas (drop box: Governance and Administration,
Low Speed) Fans for ventilation in the Plants. Economic Reforms, Inclusive Development Policies,
Energy security, Water, Food Security, Sustainable
6. Are the Emissions/Waste generated by the Company
Business Principles, Others).
within the permissible limits given by CPCB/SPCB for
As a leader in Air conditioning space, Voltas has active
the financial year being reported?
participation across all the industry associated meetings,
Emissions and waste generation due to the operations and
seminars and forums. Voltas is regularly engaging with
business activities are within the permissible limits given by
its stakeholders to address their concerns by creating the
CPCB/SPCB for 2021-22.
shared value.
Voltas has put in continuous efforts to achieve the targets
Voltas is also actively participating in Hydrofluorocarbons
set by CPCB/SPCB.
phase out Management Plan (by MoEF & CC - Ozone Cell)
7. Number of show cause/ legal notices received from program for doing research on new refrigerants which has
CPCB/SPCB which are pending (i.e., not resolved to lower GWP and zero Ozone Depletion Potential (ODP).
satisfaction) as on end of Financial Year.
Voltas has partnered with ISHRAE and has participated in
There are no show cause/legal notices received from various forums and events related to renewable energy
CPCB/SPCB which are pending at the close of 2021-22. and environmental aspects.
Principle 7 Principle 8
1. Is your Company a member of any trade and chamber 1.
Does the Company have specified programmes/
or association? If Yes, Name only those major ones initiatives/projects in pursuit of the policy related to
that your business deals with. Principle 8? If yes, details thereof.
Voltas is a member of following associations:
The CSR policy of Voltas sets out the Company’s
• Refrigeration and Airconditioning Manufacturers commitment and approach towards CSR, which is based
Association (RAMA) on the Tata legacy of ‘Giving Back to Society’. The CSR
programs and initiatives are based on the approach
• Bureau of Indian Standards (BIS)
‘Engage, Equip and Empower’, which leads to
• DS Committee formed by MoEF & CC (Ministry of
O empowerment of one of the most valued stakeholders of
Environment, Forest, and Climate Change) Voltas, the ‘communities.’
170 Voltas Limited

Based on the community needs assessment exercise, the 4.

What is your Company’s direct contribution to
Company has built a framework, which includes three community development projects- Amount in INR
thrust areas: (a) Sustainable livelihood, (b) Community and the details of the projects undertaken?
Development and (c) Issues of national Importance.
The Company’s contribution in 2021-22 towards
The three thrust areas include projects aimed at Skilling community development projects was ` 2.13 crores.
and Employability building of marginalised youth and The two community development projects where the
women, Water resource development and Sustainable funding was deployed were: (1) Participatory Groundwater
Agriculture, Water Sanitation and Hygiene and Solid Waste Management and Sustainable Agriculture, in Beed,
management interventions for the marginalised and Maharashtra, and (2) Integrated Water, Sanitation and
needy communities. The programs are strategic in nature, Hygiene in Waghodia, Gujarat.
and pursued year-on-year with Sustainability at its core.
The Participatory Groundwater Management and
The Company considers Community Participation and Sustainable Agriculture project aims to address the
Ownership, Affirmative Action and Gender Inclusion as drudgery of landless communities in Beed. These
crucial common threads to ensure inclusive growth and communities live in perennially drought prone villages,
equitable development. compelling them to migrate to other States in search of
2. Are the programmes/projects undertaken through livelihood. This project strives to solve the impending
in-house team/own foundation/external NGO/ challenge by supporting villages in Beed through water
government structures/any other organisation? resource development and capacity building exercises
for the farming communities. As of 31 March, 2022, it
For Voltas, it is crucial that all its CSR projects are designed
has impacted the lives of around 13,000 people across 6
and implemented with quality and sustainable outcomes
drought affected villages (in Ambejogai and Dharur Blocks
at its core. Hence, the Company emphasises on selection
of Beed District, Maharashtra).
of reputed NGOs and implementing agencies as
partners, which share the same vision, to design and The Integrated Water, Sanitation and Hygiene project’s
implement various development programs. Prior to the endeavour is to improve the quality-of-life of 2000 rural
programme/project partner selection, the Company takes families in 10 villages (in Waghodia, Gujarat), by creating
into cognisance the agencies subject matter expertise, awareness, building capacity around sanitation and
experience, organisational stability, its reach, presence in personal hygiene and facilitation of safe drinking water.
various locations and overall performance in the past.
5. Have you taken steps to ensure that this community
3.
Have you done any impact assessment of your development initiative is successfully adopted by the
initiative? community? Please explain in 50 words, or so.
Voltas has built a robust system to ensure that the outcome Voltas’s approach of Engage, Equip and Empower calls for
from the intervention is positive. The Company conducts community participation and ownership from decision
need assessments, baselines, mid-term reviews and impact making to implementation. Also, an exit plan is in-built
assessments. so that the local institutions and community leaders are
trained or build capacities for, to take it forward effectively.
Voltas undertakes impact assessment studies when the
projects are mature enough to be assessed. This period Principle 9
ranges between three to five years. 1. What percentage of customer complaints/consumer
The Company carried out impact assessments for 6 of its cases are pending as on the end of financial year?
matured projects through an external expert in the year Consumers are one of the key stakeholders for Voltas and
2019. The next round of impact assessment is due in 2022-23. the Company’s robust customer relationship management

makes them the most preferred brand in the air 3. Is there any case filed by any stakeholder against
conditioning business. The Company captures consumer the Company regarding unfair trade practices,
grievances and servicing requests through telephone and irresponsible advertising and/or anti-competitive
digital medium (emails, Whatsapp, dealer application), and behaviour during the last five years and pending as
endeavours to provide support within 24 hours. on end of financial year? If so, provide details thereof,
in about 50 words or so.
Further, for the Commercial Air-Conditioning business,
There are no such pending cases against the Company.
the Company provides operations and maintenance
(O&M) contracts, retrofit design and execution, predictive 4. Did your Company carry out any consumer survey/
maintenance through remote monitoring and spares consumer satisfaction trends?
support through Tier 1 to Tier 4 cities. Yes, Voltas is actively engaged with its customers through
various initiatives and feedback processes. The Company
For 2021-22, the customer complaints which are still being
is committed to deliver innovative and efficient product
resolved stands at approximately 2.2%. The number of solutions to drive customer satisfaction and trust. The next
consumer cases pending as on 31 March, 2022 are 41. customer survey would be carried out in 2022-23.
2. Does the Company display product information on
the product label, over and above what is mandated
as per local laws? Yes/No/N.A. /Remarks (additional
information).
Voltas displays the relevant information on the product label
as per the applicable laws and the nature of product, which
is also one of the requirement of Tata Code of Conduct.
172 Voltas Limited

INDEPENDENT AUDITOR’S REPORT

To the Members of Voltas Limited Responsibilities for the Audit of the Consolidated Ind AS Financial
Statements’ section of our report. We are independent of the
Report on the Audit of the Consolidated Ind AS
Group, associate, joint ventures in accordance with the ‘Code of
Financial Statements
Ethics’ issued by the Institute of Chartered Accountants of India
Opinion
together with the ethical requirements that are relevant to our
We have audited the accompanying consolidated Ind AS financial audit of the financial statements under the provisions of the Act
statements of Voltas Limited (hereinafter referred to as “the and the Rules thereunder, and we have fulfilled our other ethical
Holding Company”), its subsidiaries (the Holding Company and responsibilities in accordance with these requirements and the
its subsidiaries together referred to as “the Group”) its associate Code of Ethics. We believe that the audit evidence we have
and joint ventures comprising of the consolidated Balance Sheet obtained is sufficient and appropriate to provide a basis for our
as at March 31, 2022, the consolidated Statement of Profit and
audit opinion on the consolidated Ind AS financial statements.
Loss, including other comprehensive income, the consolidated
Cash Flow Statement and the consolidated Statement of Key Audit Matters
Changes in Equity for the year then ended, and notes to the Key audit matters are those matters that, in our professional
consolidated Ind AS financial statements, including a summary judgment, were of most significance in our audit of the
of significant accounting policies and other explanatory consolidated Ind AS financial statements for the financial
information (hereinafter referred to as “the consolidated Ind AS year ended March 31, 2022. These matters were addressed in
financial statements”). the context of our audit of the consolidated Ind AS financial
In our opinion and to the best of our information and according statements as a whole, and in forming our opinion thereon, and
to the explanations given to us, the aforesaid consolidated Ind we do not provide a separate opinion on these matters. For each
AS financial statements give the information required by the matter below, our description of how our audit addressed the
Companies Act, 2013, as amended (“the Act”) in the manner matter is provided in that context.
so required and give a true and fair view in conformity with We have determined the matters described below to be the key
the accounting principles generally accepted in India, of the audit matters to be communicated in our report. We have fulfilled
consolidated state of affairs of the Group, its associate and joint the responsibilities described in the Auditor’s responsibilities for
ventures as at March 31, 2022, their consolidated profit including the audit of the consolidated Ind AS financial statements section
other comprehensive income, their consolidated cash flows and
of our report, including in relation to these matters. Accordingly,
the consolidated statement of changes in equity for the year
our audit included the performance of procedures designed to
ended on that date.
respond to our assessment of the risks of material misstatement
Basis for Opinion of the consolidated Ind AS financial statements. The results of
We conducted our audit of the consolidated Ind AS financial audit procedures performed by us, including those procedures
statements in accordance with the Standards on Auditing (SAs), performed to address the matters below, provide the basis
as specified under section 143(10) of the Act. Our responsibilities for our audit opinion on the accompanying consolidated Ind
under those Standards are further described in the ‘Auditor’s AS financial statements.
Key audit matters How our audit addressed the key audit matter
Revenue recognition for long term Mechanical, Electrical and Plumbing (MEP) contracts
The Group’s revenues include revenue from long-term Our audit procedures included the following:
Mechanical, Electrical and Plumbing (MEP) contracts amounting to
 Read the Group’s revenue recognition accounting policies
INR 2,395.87 crores, disclosed under Note 35 ‘revenue from
and assessed compliance of the policies with Ind AS 115.
contracts with customers’ as construction contract revenue
which are recognized over a period of time in accordance with
the requirements of Ind AS 115, ‘Revenue from Contracts with
Customers’.

Due to the nature of the contracts, revenue is recognized based  e assessed the design and tested the operating
W
on percentage of completion method which is determined based effectiveness of controls over revenue recognition through
on proportion of contract costs incurred to date compared to inspection of evidence of performance of these controls with
estimated total contract costs, which involves significant judgments specific focus on determination of progress of completion,
including estimate of future costs, revision to original estimates recording of costs incurred, estimation of costs to complete
based on new knowledge such as delay in timelines, changes in and the remaining contract obligations.
scope and consequential revised contract price and recognition of

We performed test of details, on a sample basis and evaluated
the liability for loss making contracts/onerous obligations.
management estimates and assumptions.
Accuracy of revenues, onerous obligations and profits may deviate

We assessed management’s estimates by comparing
significantly on account of change in judgements and estimates.
estimated cost with actual costs and discussion on the project
Considering the variability of assumptions involved in estimation of specific considerations with the relevant project managers
revenues, the same has been considered as a key audit matter. including on our site visits. We assessed that, fluctuations
in commodity and currency prices, delays, cost overruns
related to the performance of work are appropriately taken
into consideration while estimating costs to come and also
assessed the accounting treatment of expected loss on
projects including variable consideration which is recognized
in accordance with the Group’s accounting policy of
revenue recognition.


We tested on sample basis contracts with low or negative
margins, loss making contracts, contracts with significant
changes in planned cost estimates and probable penalties
due to delay in contract execution.

We assessed that the disclosure of revenue in accordance
with IND AS 115 ‘Revenue from contracts with customers’
are appropriately presented and disclosed in Note 56 to the
consolidated Ind AS financial statements.
Recoverability of and Impairment Allowance of receivables and contract assets of Electro - Mechanical projects and services segment
As at 31 March, 2022, trade receivable and contract assets of Our audit procedures included the following:
Electro - mechanical projects and service segment amount to

We evaluated the Group’s processes and controls relating to
INR 2,144.25 crores.
the monitoring of trade receivables and review of credit risks
of customers.


We assessed the design and tested the operating effectiveness
of relevant controls in relation to the process adopted by
management for testing the impairment of these receivables
and the contract assets.
174 Voltas Limited

Out of the total trade receivables and contract assets  In respect of impairment allowance on receivables of this
of Electro - mechanical projects and service segment, segment and recovery of certain trade receivable and
INR 1,342.16 crores represent trade receivable and contract assets contract assets of international business operation we tested
of international business operation. Recoverability of certain the ageing of trade receivable and contract assets. We tested
receivables and contract assets are impacted due to several the management’s assessment on the customer’s financial
factors like the customer profile, delays in obtaining completion circumstances, ability to repay the dues based on historical
certification in certain projects due to long project tenure, project payment trends, assumption used for determining likely
disputes resulting in future claims against the Group and financial losses and delays in collection of trade receivables including
ability of the customers etc. any project disputes which may result in future claims against
the Group.
As regards the receivables of this segment, the Group follows
‘simplified approach’ in accordance with Ind AS 109- ‘Financial 
We evaluated the assumptions used by management in
Instruments’, for recognition of impairment loss allowance on trade calculation of the expected credit loss impairment including
receivables and contract assets. In calculating the impairment loss the impact of the future uncertainties in the economic
allowance, the Group has considered its credit assessment for its environment.
customers. Owing to the long settlement period involved in a few

We assessed the disclosures on the contract assets and trade
of the government projects, management also considers the likely
receivables in Note 15 and Note 16 respectively and the
delays involved in the settlement process as part of the impairment
related risks such as credit risk and liquidity risk in Note 52 of
allowance calculation.
the consolidated Ind AS financial statements.
The assessment of the impairment of such trade receivables and
contract assets requires significant management judgment and
hence same is considered as Key Audit Matter.
Information Other than the Financial Statements and Responsibilities of Management for the Consolidated Ind
Auditor’s Report Thereon AS Financial Statements
The Holding Company’s Board of Directors is responsible for The Holding Company’s Board of Directors is responsible for
the other information. The other information comprises the the preparation and presentation of these consolidated Ind
information included in the Annual report, but does not include AS financial statements in terms of the requirements of the
the consolidated Ind AS financial statements and our auditor’s Act that give a true and fair view of the consolidated financial
report thereon. position, consolidated financial performance including
other comprehensive income, consolidated cash flows and
Our opinion on the consolidated Ind AS financial statements
consolidated statement of changes in equity of the Group
does not cover the other information and we do not express any
including its associate and joint ventures in accordance with the
form of assurance conclusion thereon.
accounting principles generally accepted in India, including the
In connection with our audit of the consolidated Ind AS financial Indian Accounting Standards (Ind AS) specified under section
statements, our responsibility is to read the other information 133 of the Act read with the Companies (Indian Accounting
and, in doing so, consider whether such other information is Standards) Rules, 2015, as amended. The respective Board of
materially inconsistent with the consolidated Ind AS financial Directors of the companies included in the Group and of its
statements or our knowledge obtained in the audit or otherwise associate and joint ventures are responsible for maintenance of
appears to be materially misstated. If, based on the work we have adequate accounting records in accordance with the provisions
performed, we conclude that there is a material misstatement of the Act for safeguarding of the assets of the Group and of its
of this other information, we are required to report that fact. We associate and joint ventures and for preventing and detecting
have nothing to report in this regard. frauds and other irregularities; selection and application of

appropriate accounting policies; making judgments and opinion. The risk of not detecting a material misstatement
estimates that are reasonable and prudent; and the design, resulting from fraud is higher than for one resulting from
implementation and maintenance of adequate internal financial error, as fraud may involve collusion, forgery, intentional
controls, that were operating effectively for ensuring the omissions, misrepresentations, or the override of
accuracy and completeness of the accounting records, relevant internal control.
to the preparation and presentation of the consolidated Ind AS
• Obtain an understanding of internal control relevant to
financial statements that give a true and fair view and are free
the audit in order to design audit procedures that are
from material misstatement, whether due to fraud or error,
appropriate in the circumstances. Under section 143(3)(i) of
which have been used for the purpose of preparation of the
the Act, we are also responsible for expressing our opinion
consolidated Ind AS financial statements by the Directors of the
on whether the Holding Company has adequate internal
Holding Company, as aforesaid.
financial controls with reference to financial statements in
In preparing the consolidated Ind AS financial statements, the place and the operating effectiveness of such controls.
respective Board of Directors of the companies included in the
• Evaluate the appropriateness of accounting policies used
Group and of its associate and joint ventures are responsible
and the reasonableness of accounting estimates and
for assessing the ability of the Group and of its associate and
related disclosures made by management.
joint ventures to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the • Conclude on the appropriateness of management’s use
going concern basis of accounting unless management either of the going concern basis of accounting and, based
intends to liquidate the Group or to cease operations, or has no on the audit evidence obtained, whether a material
realistic alternative but to do so. uncertainty exists related to events or conditions that
may cast significant doubt on the ability of the Group and
Those respective Board of Directors of the companies included
its associate and joint ventures to continue as a going
in the Group and of its associate and joint ventures are also
concern. If we conclude that a material uncertainty exists,
responsible for overseeing the financial reporting process of the
we are required to draw attention in our auditor’s report to
Group and of its associates and joint ventures.
the related disclosures in the consolidated Ind AS financial
Auditor’s Responsibilities for the Audit of the Consolidated statements or, if such disclosures are inadequate, to
Ind AS Financial Statements modify our opinion. Our conclusions are based on the audit
Our objectives are to obtain reasonable assurance about whether evidence obtained up to the date of our auditor’s report.
the consolidated Ind AS financial statements as a whole are free However, future events or conditions may cause the Group
from material misstatement, whether due to fraud or error, and and its associates and joint ventures to cease to continue
to issue an auditor’s report that includes our opinion. Reasonable as a going concern.
assurance is a high level of assurance, but is not a guarantee that • Evaluate the overall presentation, structure and content of
an audit conducted in accordance with SAs will always detect the consolidated Ind AS financial statements, including the
a material misstatement when it exists. Misstatements can arise disclosures, and whether the consolidated Ind AS financial
from fraud or error and are considered material if, individually statements represent the underlying transactions and
or in the aggregate, they could reasonably be expected to events in a manner that achieves fair presentation.
influence the economic decisions of users taken on the basis of
• Obtain sufficient appropriate audit evidence regarding the
these consolidated Ind AS financial statements.
financial information of the entities or business activities
As part of an audit in accordance with SAs, we exercise within the Group and its associate and joint ventures
professional judgment and maintain professional skepticism of which we are the independent auditors and whose
throughout the audit. We also: financial information we have audited, to express an
• Identify and assess the risks of material misstatement of opinion on the consolidated Ind AS financial statements.
the consolidated Ind AS financial statements, whether due We are responsible for the direction, supervision and
to fraud or error, design and perform audit procedures performance of the audit of the financial statements of
responsive to those risks, and obtain audit evidence that such entities included in the consolidated Ind AS financial
is sufficient and appropriate to provide a basis for our statements of which we are the independent auditors.
176 Voltas Limited

We communicate with those charged with governance of the public disclosure about the matter or when, in extremely rare
Holding Company and such other entities included in the circumstances, we determine that a matter should not be
consolidated Ind AS financial statements of which we are the communicated in our report because the adverse consequences
independent auditors regarding, among other matters, the of doing so would reasonably be expected to outweigh the
planned scope and timing of the audit and significant audit public interest benefits of such communication.
findings, including any significant deficiencies in internal control
Report on Other Legal and Regulatory Requirements
that we identify during our audit.
1. With respect to matters specified in paragraph 3 (xxi) and
We also provide those charged with governance with a statement 4 of the Companies (Auditor’s Report) Order, 2020 (“the
that we have complied with relevant ethical requirements Order” or “CARO”), issued by the Central Government of
regarding independence, and to communicate with them India in terms of sub- section (11) of section 143 of the Act,
all relationships and other matters that may reasonably be according to the information and explanations given to us
thought to bear on our independence, and where applicable, and based on the CARO reports issued by the respective
related safeguards. auditors of companies included in the consolidated
From the matters communicated with those charged with financial statements, to which reporting under CARO is
governance, we determine those matters that were of most applicable, we report as under:
significance in the audit of the consolidated Ind AS financial Qualifications or adverse remarks by the respective auditors
statements for the financial year ended March 31, 2022 and in the Companies (Auditors Report) Order (CARO) reports
are therefore the key audit matters. We describe these matters of the companies included in the consolidated financial
in our auditor’s report unless law or regulation precludes statements are:
S. Name CIN Holding company / Clause number of the

No subsidiary / associate/ CARO report which is
joint venture qualified or is adverse
1 Voltas Limited L29308MH1954PLC009371 Holding Company (i)(c)
2 Hi-Volt Enterprises Private Limited U29299MH2021PTC367448 Subsidiary (xvii)
3 Voltbek Home Appliances Private Limited U29308MH2017PTC298742 Joint venture (xvii)
4 Naba Diganta Water Management Limited U93010WB2008PLC121573 Associate (i)(c)
2. As required by Section 143(3) of the Act, we report, the purpose of preparation of the consolidated Ind
to the extent applicable,that: AS financial statements;
(a) We have sought and obtained all the information (d) In our opinion, the aforesaid consolidated Ind AS
and explanations which to the best of our knowledge financial statements comply with the Accounting
and belief were necessary for the purposes of our Standards specified under Section 133 of the Act,
audit of the aforesaid consolidated Ind AS financial read with Companies (Indian Accounting Standards)
statements; Rules, 2015, as amended;
(b) In our opinion, proper books of account as required (e) On the basis of the written representations received
by law relating to preparation of the aforesaid from the directors of the Holding Company as on
consolidation of the financial statements have been March 31, 2022 taken on record by the Board of
kept so far as it appears from our examination of Directors of the Holding Company and the report
those books and reports of the other auditors; of the statutory auditors who are appointed under
(c) The Consolidated Balance Sheet, the Consolidated section 139 of the Act of its subsidiary companies,
Statement of Profit and Loss including the Statement associate company and joint ventures, none of the
of Other Comprehensive Income, the Consolidated directors of the Group’s companies, its associate and
Cash Flow Statement and Consolidated Statement joint ventures, incorporated in India, is disqualified as
of Changes in Equity dealt with by this Report are in on March 31, 2022 from being appointed as a director
agreement with the books of account maintained for in terms of Section 164 (2) of the Act;

(f ) With respect to the adequacy of the internal financial financial statements have been audited
controls with reference to consolidated Ind AS under the Act have represented to us and
financial statements of the Holding Company and its the other auditors of such subsidiaries,
subsidiary companies, associate company and joint associate and joint ventures respectively
ventures, incorporated in India, and the operating that to the best of its knowledge and
effectiveness of such controls, refer to our separate belief, as disclosed in note no 58(v) to
Report in “Annexure 1” to this report; the consolidated financial statement, no
funds have been advanced or loaned or
(g) In our opinion and based on the consideration of
invested (either from borrowed funds or
reports of other statutory auditors of the subsidiaries,
share premium or any other sources or
associate and joint ventures incorporated in India,
kind of funds) by the Holding Company
the managerial remuneration for the year ended
or any of such subsidiaries, associate and
March 31, 2022 has been paid / provided by the
joint ventures to or in any other persons
Holding Company, its subsidiaries, associate and joint
or entities, including foreign entities
ventures incorporated in India to their directors in
(“Intermediaries”), with the understanding,
accordance with the provisions of section 197 read
whether recorded in writing or otherwise,
with Schedule V to the Act;
that the Intermediary shall, whether,
(h) With respect to the other matters to be included directly or indirectly lend or invest in
in the Auditor’s Report in accordance with Rule 11 other persons or entities identified in
of the Companies (Audit and Auditors) Rules, 2014, any manner whatsoever by or on behalf
as amended, in our opinion and to the best of our of the respective Holding Company or
information and according to the explanations given any of such subsidiaries, associates and
to us and based on the consideration of the report of joint ventures (“Ultimate Beneficiaries”) or
the other auditor on separate financial statements of provide any guarantee, security or the like
the associate: on behalf of the Ultimate Beneficiaries;
i. The consolidated Ind AS financial statements (b)
The respective managements of the
disclose the impact of pending litigations on its Holding Company and its subsidiaries,
consolidated financial position of the Group, its associate and joint ventures which are
associates and joint ventures in its consolidated companies incorporated in India whose
Ind AS financial statements – Refer Note 45 to financial statements have been audited
the consolidated Ind AS financial statements; under the Act have represented to us and
ii. Provision has been made in the consolidated the other auditors of such subsidiaries,
Ind AS financial statements, as required under associate and joint ventures respectively
the applicable law or accounting standards, for that, to the best of its knowledge and
material foreseeable losses, if any, on long-term belief, as disclosed in note 58(vi) to the
contracts including derivative contracts; consolidated financial statement, no funds
have been received by the respective
iii.
There has been no delay in transferring
Holding Company or any of such
amounts, required to be transferred, to the
subsidiaries, associate and joint ventures
Investor Education and Protection Fund by the
from any persons or entities, including
Holding Company, its subsidiaries, associates
foreign entities (“Funding Parties”), with
and joint ventures, incorporated in India during
the understanding, whether recorded in
the year ended March 31, 2022.
writing or otherwise, that the Holding
iv. (a)
The respective managements of the Company or any of such subsidiaries,
Holding Company and its subsidiaries, associate and joint venture shall, whether,
associate and joint ventures, which are directly or indirectly, lend or invest in
companies incorporated in India whose other persons or entities identified in any
178 Voltas Limited

manner whatsoever by or on behalf of the previous year is in accordance with section 123
Funding Party (“Ultimate Beneficiaries”) or of the Act to the extent it applies to payment
provide any guarantee, security or the like of dividend.
on behalf of the Ultimate Beneficiaries; and
The Interim dividend declared and paid during
(c)
Based on the audit procedures that the year by associate company incorporated in
have been considered reasonable India is in accordance with section 123 of the Act.
and appropriate in the circumstances
As stated in note 61 to the consolidated
performed by us and that performed by
financial statements, the Board of Directors of
the auditors of the subsidiaries, associate
the Holding and its associate have proposed
and joint ventures which are companies
final dividend for the year which is subject to
incorporated in India whose financial
the approval of the members of the Holding
statements have been audited under
Company at the ensuing Annual General
the Act, nothing has come to our notice
Meeting. The dividend declared is in accordance
that has caused us to believe that the
with section 123 of the Act to the extent it
representations under sub-clause (a) and
(b) contain any material mis-statement. applies to declaration of dividend.
v.
The final dividend paid by the Holding No dividend has been declared or paid during
Company and its associate company during the year by subsidiaries and joint venture
the year in respect of the same declared for the companies, incorporated in India.


Partner
UDIN: 22038730AILEJX7797
Place of Signature: Mumbai
Date: May 05, 2022

ANNEXURE 1 TO THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON THE CONSOLIDATED IND AS FINANCIAL
STATEMENTS OF VOLTAS LIMTED
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013
(“the Act”)
In conjunction with our audit of the consolidated Ind AS financial statements of Voltas Limited (hereinafter referred to as the “Holding
Company”) as of and for the year ended March 31, 2022, we have audited the internal financial controls with reference to consolidated
Ind AS financial statements of the Holding Company and its subsidiaries (the Holding Company and its subsidiaries together referred to
as “the Group”) , its associates and joint ventures, which are companies incorporated in India, as of that date.
Management’s Responsibility for Internal Financial Controls

The respective Board of Directors of the companies included in the Group, its associates and joint ventures, which are companies
incorporated in India, are responsible for establishing and maintaining internal financial controls based on the internal control over financial
reporting criteria established by the Holding Company considering the essential components of internal control stated in the Guidance
Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI).
These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating
effectively for ensuring the orderly and efficient conduct of its business, including adherence to the respective Company’s policies, the
safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records,
and the timely preparation of reliable financial information, as required under the Companies Act, 2013, as amended (“the Act”).
Our responsibility is to express an opinion on the Holding Company’s internal financial controls with reference to consolidated Ind AS
financial statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial
Controls Over Financial Reporting (the “Guidance Note”) and the Standards on Auditing, specified under section 143(10) of the Act, to
the extent applicable to an audit of internal financial controls, both, issued by ICAI. Those Standards and the Guidance Note require
that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate
internal financial controls with reference to consolidated Ind AS financial statements was established and maintained and if such controls
operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference
to consolidated Ind AS financial statements and their operating effectiveness. Our audit of internal financial controls with reference to
consolidated Ind AS financial statements included obtaining an understanding of internal financial controls with reference to consolidated
Ind AS financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating
effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained, is sufficient and appropriate to provide a basis for our audit opinion on the internal
financial controls with reference to consolidated Ind AS financial statements.
Meaning of Internal Financial Controls With Reference to Consolidated Ind AS Financial Statements
A Company’s internal financial control with reference to consolidated Ind AS financial statements is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes
in accordance with generally accepted accounting principles. A Company’s internal financial control with reference to consolidated
Ind AS financial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management
and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition,
use, or disposition of the Company’s assets that could have a material effect on the financial statements.
180 Voltas Limited

Inherent Limitations of Internal Financial Controls with Reference to Consolidated Ind AS Financial Statements
Because of the inherent limitations of internal financial controls with reference to consolidated Ind AS financial statements, including the
possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be
detected. Also, projections of any evaluation of the internal financial controls with reference to consolidated Ind AS financial statements
to future periods are subject to the risk that the internal financial controls with reference to consolidated Ind AS financial statements may
become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Group , its associates and joint ventures, which are companies incorporated in India, have, maintained in all material
respects, adequate internal financial controls with reference to consolidated Ind AS financial statements and such internal financial
controls with reference to consolidated Ind AS financial statements were operating effectively as at March 31, 2022, based on the internal
control over financial reporting criteria established by the Holding Company considering the essential components of internal control
stated in the Guidance Note issued by the ICAI.


Partner
UDIN: 22038730AILEJX7797
Date: May 05, 2022

CONSOLIDATED Balance Sheet
as at 31 March, 2022
` in crores
Particulars Note No. As at As at
31 March, 2022 31 March, 2021
I ASSETS
Non-current assets
(a) Property, plant and equipment 4 230.45 238.37
(b) Capital work-in-progress 4 59.29 8.81
(c) Investment property 5 53.32 55.55
(d) Goodwill 7 72.31 72.31
(e) Right-of-use assets 6 20.43 13.29
(f ) Other intangible assets 7 7.17 8.46
(g) Investments in joint ventures and associates 8 266.07 283.18
(h) Financial assets
(i) Investments 8 2,915.05 2,513.93
(ii) Loans 10 0.10 0.17
(iii) Other financial assets 11 83.39 96.08
(j) Income tax assets (net) 11.98 2.67
(j) Deferred tax assets (net) 12 44.00 55.77
(k) Other non-current assets 13 103.55 117.48
Total non-current assets 3,867.11 3,466.07
Current assets
(a) Inventories 14 1,661.39 1,279.60
(b) Contract assets 15 748.32 1,063.72
(c) Financial assets
(i) Investments 9 434.27 249.32
(ii) Trade receivables 16 2,109.67 1,800.93
(iii) Cash and cash equivalents 17 558.90 448.15
(iv) Other balances with banks 18 12.77 10.64
(v) Loans 19 3.09 2.13
(vi) Other financial assets 20 79.85 108.98
(d) Other current assets 21 270.96 225.94
Total current assets 5,879.22 5,189.41
TOTAL ASSETS 9,746.33 8,655.48
II EQUITY AND LIABILITIES
Equity
(a) Equity share capital 22 33.08 33.08
(b) Other equity 23 5,466.48 4,960.27
Equity attributable to owners of the Company 5,499.56 4,993.35
Non-controlling interests 38.08 36.10
Total Equity 5,537.64 5,029.45
Liabilities
Non-current liabilities
(a) Contract liabilities 24 3.51 0.64
(b) Financial liabilities
(i) Lease liabilities 25 12.68 5.66
(ii) Other financial liabilities 26 14.89 19.41
(c) Provisions 27 103.03 89.91
(d) Deferred tax liabilities (net) 12 12.35 -
(e) Other non-current liabilities 28 6.32 6.32
Total non-current liabilities 152.78 121.94
Current liabilities
(i) Borrowings 30 343.19 251.40
(ii) Lease liabilities 30A 4.96 3.55
(iii) Trade payables 31
- Total outstanding dues of micro and small enterprises 144.19 160.42
- Total outstanding dues of creditors other than micro and small enterprises 2,797.86 2,304.11
(iv) Other financial liabilities 32 103.54 94.52
(c) Provisions 33 158.85 119.55
(d) Income tax liabilities (net) 60.29 75.95
(e) Other current liabilities 34 88.84 73.04
Total current liabilities 4,055.91 3,504.09
TOTAL LIABILITIES 4,208.69 3,626.03
TOTAL EQUITY AND LIABILITIES 9,746.33 8,655.48
Summary of significant accounting policies 2
The accompanying notes are an integral part of the Ind AS financial statements.
As per our report of even date For and on behalf of the Board
For S R B C & CO LLP Noel Tata Jitender P. Verma

Chartered Accountants Chairman Executive Vice President and Chief Financial Officer
ICAI Firm Registration No. 324982E/E300003 Place: Mumbai Place: Mumbai
per Dolphy D’Souza Pradeep Bakshi V. P. Malhotra

Partner Managing Director & CEO Vice President - Taxation, Legal & Company Secretary
Membership Number: 38730 Place: Mumbai
Place: Mumbai Place: Mumbai
Date: 5 May, 2022 Date: 5 May, 2022
182 Voltas Limited

CONSOLIDATED STATEMENT OF PROFIT AND LOSS

FOR THE YEAR ENDED 31 MARCH, 2022
` in crores
Particulars Note No. Year ended Year ended
31 March, 2022 31 March, 2021
Income
I Revenue from operations 35 7,934.45 7,555.78
II Other Income 36 189.19 188.86
III Total Income (I + II) 8,123.64 7,744.64
Expenses
(a) Consumption of materials, cost of jobs and services 4,032.16 3,436.90
(b) Purchases of stock-in-trade 2,042.75 1,862.26
(c) Changes in inventories of finished goods, stock-in-trade and work-in-progress 37 (178.25) 279.30
(d) Employee benefits expenses 38 617.62 601.68
(e) Finance costs 39 25.87 26.15
(f ) Depreciation and amortisation expenses 40 37.26 33.89
(g) Other expenses 41 738.62 734.28
IV Total Expenses 7,316.03 6,974.46
V Profit before share of profit / (loss) of joint ventures and associates and tax (III - IV) 807.61 770.18
VI Share of profit / (loss) of joint ventures and associates (110.31) (60.97)
VII Profit before tax ( V + VI) 697.30 709.21
Tax Expense
(a) Current tax 191.81 192.13
(b) Adjustment of tax relating to earlier periods (1.41) -
(c) Deferred tax charge / (credit) 12 0.90 (11.71)
VIII Total tax expense 43 191.30 180.42
IX Net Profit for the year (VII - VIII) 506.00 528.79
Other Comprehensive Income
(a) Items that not to be reclassified to profit or loss
(i) Changes in fair value of equity instruments through other comprehensive 206.54 342.18
income
(ii) Income tax effect on (i) above 12 (27.54) (19.64)
(iii) Remeasurement gain / (loss) on defined benefit plans (19.60) 5.40
(iv) Income tax effect on (iii) above 12 4.31 (2.04)
(b) Items that to be reclassified to profit or loss
Exchange gain / (loss) on translation of foreign operations 6.11 (4.65)
X Other Comprehensive Income [net of tax] 169.82 321.25
XI Total Comprehensive Income [net of tax] (IX + X) 675.82 850.04
Profit /(loss) for the year attributable to :
– Owners of the Company 504.09 525.14
– Non-controlling interests 1.91 3.65
506.00 528.79
Other Comprehensive income for the year attributable to :
– Non-controlling interests 1.64 (0.61)
169.82 321.25
Total Comprehensive Income for the year attributable to :
– Non-controlling interests 3.55 3.04
675.82 850.04
XII Earnings per share:
Basic and Diluted (`) (Face value ` 1/- per share) 44 15.23 15.87



184
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
A. EQUITY SHARE CAPITAL
Voltas Limited
` in crores
Balance as at 31 March, 2020 33.08
Changes in equity share capital -
B. OTHER EQUITY:
` in crores
Reserves and Surplus (Refer Note 23) Items of Other Total Non- Total
Comprehensive income attributable controlling other
(Refer Note 23) to owners interests equity
Capital Capital Securities Capital General Staff Legal Retained Equity Exchange of the
Reserve Redemption Premium Reserve on Reserve Welfare Reserve earnings instruments difference Company
Reserve Consolidation Reserve fair value on
through other translation
comprehensive of foreign
income operations
Balance as at 31 March, 2020 1.56 1.26 6.28 12.69 1,398.15 0.01 2.68 2,481.14 304.31 39.05 4,247.13 36.49 4,283.62
Net profit for the year - - - - - - - 525.14 - - 525.14 3.65 528.79
Other comprehensive income - - - - - - - 3.97 322.54 (4.65) 321.86 (0.61) 321.25
for the year (net of tax)
Total comprehensive income - - - - - - - 529.11 322.54 (4.65) 847.00 3.04 850.04
Payment of dividend - - - - - - - (132.35) - - (132.35) - (132.35)
Dividend paid by subsidiary to - - - - - - - - - - - (3.43) (3.43)
minority
Transfer to General Reserve - - - - 20.00 - - (20.00) - - - - -
Transfer to Capital Reserve 12.69 - - (12.69) - - - - - - - - -
Share issue expenses of a - - (1.51) - - - - - - - (1.51) - (1.51)
subsidiary company
Balance as at 31 March, 2021 14.25 1.26 4.77 - 1,418.15 0.01 2.68 2,857.90 626.85 34.40 4,960.27 36.10 4,996.37
Net profit for the year - - - - - - - 504.09 - - 504.09 1.91 506.00
Other comprehensive income - - - - - - - (15.77) 179.00 4.95 168.18 1.64 169.82
Total comprehensive income - - - - - - - 488.32 179.00 4.95 672.27 3.55 675.82
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
` in crores
Reserves and Surplus (Refer Note 23) Items of Other Total Non- Total
Comprehensive income attributable controlling other
(Refer Note 23) to owners interests equity
corporate overview
Capital Capital Securities Capital General Staff Legal Retained Equity Exchange of the
Reserve Redemption Premium Reserve on Reserve Welfare Reserve earnings instruments difference Company
Reserve Consolidation Reserve fair value on
through other translation
comprehensive of foreign
income operations
Transferred on divestment of (0.53) - - - - - - 0.53 - - - - -
subsidiary, joint venture and
associate
Payment of dividend - - - - - - - (166.06) - - (166.06) - (166.06)
statutory reports
Transfer from Retained earnings - - - - - - 0.04 (0.04) - - - - -

Dividend paid by subsidiary to - - - - - - - - - - - (1.57) (1.57)
minority
Transfer to General Reserve - - - - 20.00 - - (20.00) - - - - -
Balance as at 31 March, 2022 13.72 1.26 4.77 - 1,438.15 0.01 2.72 3,160.65 805.85 39.35 5,466.48 38.08 5,504.56
Summary of significant accounting policies Note 2

financial statements


Annual Report 2021-22

185
CONSOLIDATED CASHFLOW STATEMENT
` in crores
Particulars Year ended Year ended
31 March, 2022 31 March, 2021
A. CASH FLOW FROM OPERATING ACTIVITIES
Profit before tax 697.30 709.21
Adjustments for :
Share of (profit) / loss of joint ventures and associates 110.31 60.97
Depreciation and amortisation expenses 37.26 33.89
Allowance for doubtful debts and advances 93.49 140.03
Unrealised foreign exchange (gain) / loss (net) 3.88 (20.84)
Interest income (4.01) (13.03)
Dividend income (5.02) (4.84)
Gain arising on financial assets measured at Fair Value through Profit or (81.09) (95.57)
Loss (FVTPL) (net)
Finance costs 25.87 26.15
Unclaimed credit balances written back (9.79) (19.65)
(Gain) / loss on disposal of property, plant and equipment 1.14 (0.66)
Rental income (24.40) (32.31)
147.64 74.14
Operating profit before working capital changes 844.94 783.35
Changes in Working Capital:
Adjustments for (increase) / decrease in operating assets:
Inventories (381.79) 189.34
Trade receivables (386.81) (87.01)
Contract assets 300.20 (187.88)
Other financial assets (5.93) 8.64
Other non-financial assets (46.53) 191.34
Adjustments for increase / (decrease) in operating liabilities:
Trade payables 485.27 (182.30)
Contract liabilities (64.50) (135.47)
Other financial liabilities 7.66 34.18
Other non-financial liabilities 15.77 30.65
Provisions 32.83 (19.44)
(43.83) (157.95)
Cash generated from operations 801.11 625.40
Income tax paid (Net of refunds) (216.88) (69.29)
NET CASH FLOW FROM OPERATING ACTIVITIES (A) 584.23 556.11
B. CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment and intangible assets (48.16) (20.82)
(including capital advances and capital work-in-progress)
Proceeds from disposal of property, plant and equipment 1.26 2.17
Investment in fixed deposits 43.64 29.42
Purchase of investments (1,103.84) (1,173.89)
Proceeds from sale of investments 712.82 848.22
Interest received 9.22 20.76
186 Voltas Limited

CONSOLIDATED CASHFLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH, 2022 (Contd.)
` in crores
31 March, 2022 31 March, 2021
Dividend received:
– Joint ventures and Associates 1.34 6.99
– Others 5.02 4.52
Rent received 25.42 31.83
Rental Deposits repaid (11.35) (5.11)
NET CASH FLOW USED IN INVESTING ACTIVITIES (B) (364.63) (255.91)
C. CASH FLOW FROM FINANCING ACTIVITIES
Share issue expenses - (1.51)
Repayment of borrowings (16.56) (511.00)
Proceeds from borrowings 108.35 553.45
Interest paid (22.52) (21.18)
Payment of lease liability (8.70) (5.48)
Dividend paid (167.61) (135.79)
NET CASH FLOW USED IN FINANCING ACTIVITIES (C) (107.04) (121.51)
NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS 112.56 178.69
(A+B+C)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR 447.97 269.28
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 560.53 447.97
Non-Cash Investing and Financing transaction
Net gain arising on financial assets measured at FVTPL 71.37 95.57
Lease liabilities 13.45 10.29
84.82 105.86
Cash and cash equivalents at the end of the year consist of:
Cash and cash equivalents at the end of the year (Refer note 17) 558.90 448.15
Effect of exchange difference on restatement of foreign currency Cash 1.63 (0.18)
and cash equivalents
560.53 447.97



NOTES FORMING PART OF THE IND AS CONSOLIDATED FINANCIAL STATEMENT
1. CORPORATE INFORMATION B. USE OF ESTIMATES AND JUDGEMENTS

The consolidated financial statements comprise financial The preparation of financial statements in conformity
statements of Voltas Limited (‘the Company’) and with Ind AS requires management to make judgements,
its subsidiaries (collectively, ‘the Group’) for the year estimates and assumptions, that affect the application of
ended 31 March, 2022. Voltas Limited is a public limited accounting policies and the reported amounts of assets,
company domiciled in India. The address of its registered liabilities, income, expenses and disclosures of contingent
office is Voltas House ‘A’, Dr. Babasaheb Ambedkar Road, assets and liabilities at the date of these financial statements
Chinchpokli, Mumbai 400033. and the reported amounts of revenues and expenses for
the years presented. Actual results may differ from these
The Group belongs to the Tata Group of companies and
estimates. Estimates and underlying assumptions are
was established in the year 1954. The Group is engaged
reviewed on an ongoing basis.
in the business of air conditioning, refrigeration, electro-
mechanical projects as an EPC contractor both in domestic
In particular, information about significant areas of
and international geographies (Middle East and Singapore) estimation, uncertainty and critical judgements in applying
and engineering product services for mining, water accounting policies that have the most significant effect
management and treatment, construction equipment’s on the amounts recognised in the financial statements are
and textile industry. disclosed in Note 3.
The consolidated financial statements for the year ended C. BASIS OF CONSOLIDATION
31 March, 2022 were approved by the Board of Directors
The consolidated financial statements comprise the
and approved for issue on 5 May, 2022. financial statements of the Company and entities controlled
by the Company and its subsidiaries as at 31 March, 2022.
2. SIGNIFICANT ACCOUNTING POLICIES
Control is achieved when the Group is exposed, or has
A. BASIS OF PREPARATION
rights, to variable returns from its involvement with the
The consolidated financial statements of the Group have investee and has the ability to affect those returns through
been prepared in accordance with Indian Accounting its power over the investee. Specifically, the Group controls
Standards an investee if and only if the Group has:
(Ind AS) notified under the Companies (Indian Accounting • Power over the investee (i.e. existing rights that give
Standards) Rules, 2015 (as amended from time to time) and it the current ability to direct the relevant activities of
presentation requirements of Division II of Schedule III to the investee)
the Companies Act, 2013, (Ind AS compliant Schedule III), • Exposure, or rights, to variable returns from its
as applicable to the consolidated financial statements. involvement with the investee, and
The consolidated financial statements have been prepared • The ability to use its power over the investee to affect
on a historical cost basis, except for certain financial its returns.
assets and liabilities measured at fair value as explained in Generally, there is a presumption that a majority of voting
accounting policy of fair value measurement (Note 2 (G)) rights result in control. To support this presumption and
and financial instruments (Note 2 (Q)) below. when the Group has less than a majority of the voting or
The accounting policies adopted for preparation and similar rights of an investee, the Group considers all relevant
presentation of financial statement have been consistent facts and circumstances in assessing whether it has power
with the previous year. over an investee, including:
• The contractual arrangement with the other vote
The consolidated financial statements are presented in INR
holders of the investee
and all values are rounded to the nearest crores, except
when otherwise indicated. • Rights arising from other contractual arrangements
188 Voltas Limited

• The Group’s voting rights and potential voting rights (c)

Eliminate in full intragroup assets and liabilities,
• The size of the group’s holding of voting rights relative equity, income, expenses and cash flows relating to
to the size and dispersion of the holdings of the other transactions between entities of the group (profits
voting rights holders. or losses resulting from intragroup transactions that
are recognised in assets, such as inventory and fixed
The Group reassesses whether or not it controls an
assets, are eliminated in full). Intragroup losses may
investee if facts and circumstances indicate that there are
indicate an impairment that requires recognition
changes to one or more of the three elements of control
listed above. in the consolidated financial statements. Ind AS
12 Income Taxes applies to temporary differences
Consolidation of a subsidiary begins when the Group that arise from the elimination of profits and losses
obtains control over the subsidiary and ceases when the resulting from intragroup transactions.
Group loses control of the subsidiary. Assets, liabilities,
income and expenses of a subsidiary acquired or disposed Profit or loss and each component of other comprehensive
of during the year are included in the consolidated income are attributed to the equity holder of the parent
statement of profit and loss from the date the Group gains of the Group and to the non-controlling interests even
control until the date when the Group ceases to control if this results in the non-controlling interests having a
the subsidiary. deficit balance. When necessary, adjustments are made
to the financial statements of subsidiaries to bring their
Consolidated financial statements are prepared using
accounting policies into line with the Group’s accounting
uniform accounting policies for like transactions and other
policies. All intra-group assets and liabilities, equity,
events in similar circumstances. If a member of the group
income, expenses and cash flows relating to transactions
uses accounting policies other than those adopted in the
between members of the Group are eliminated in full on
consolidated financial statements for like transactions and
consolidation.
events in similar circumstances, appropriate adjustments
are made to that group member’s financial statements in D. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
preparing the consolidated financial statements to ensure An associate is an entity over which the Group has
conformity with the group’s accounting policies. significant influence. Significant influence is the power to
The financial statements of all entities used for the purpose participate in the financial and operating policy decisions
of consolidation are drawn up to same reporting date as of the investee, but does not have control or joint control
that of the Company, i.e., year ended on 31 March. When over those policies.
the end of the reporting period of the parent is different A joint venture is a type of joint arrangement whereby
from that of a subsidiary, the subsidiary prepares, for the parties that have joint control of the arrangement
consolidation purposes, additional financial information as have rights to the net assets of the joint venture. Joint
of the same date as the financial statements of the parent to control is the contractually agreed sharing of control of an
enable the parent to consolidate the financial information arrangement, which exists only when decisions about the
of the subsidiary, unless it is impracticable to do so. relevant activities require unanimous consent of the parties
Consolidation procedure: sharing control.
(a)
Combine like items of assets, liabilities, equity,
The considerations made in determining whether
income, expenses and cash flows of the parent with significant influence or joint control are similar to those
those of its subsidiaries. For this purpose, income necessary to determine control over the subsidiaries.
and expenses of the subsidiary are based on the
The Group’s investments in its associate and joint venture
amounts of the assets and liabilities recognised
are accounted for using the equity method. Under the
in the consolidated financial statements at the
equity method, the investment in an associate or a joint
acquisition date.
venture is initially recognised at cost. The carrying amount
(b) Offset (eliminate) the carrying amount of the parent’s of the investment is adjusted to recognise changes in the
investment in each subsidiary and the parent’s Group’s share of net assets of the associate or joint venture
portion of equity of each subsidiary. since the acquisition date. Goodwill relating to the associate

or joint venture is included in the carrying amount of the difference between the carrying amount of the associate
investment and is not tested for impairment individually. or joint venture upon loss of significant influence or joint
control and the fair value of the retained investment and
The statement of profit and loss reflects the Group’s share
proceeds from disposal is recognised in the statement of
of the results of operations of the associate or joint venture.
profit and loss.
Any change in OCI of those investees is presented as part of
the Group’s OCI. In addition, when there has been a change E. REVENUE
recognised directly in the equity of the associate or joint Revenue from contracts with customers is recognised
venture, the Group recognises its share of any changes, when when control of the goods or services are transferred to
applicable, in the statement of changes in equity. Unrealised the customer at an amount that reflects the consideration
gains and losses resulting from transactions between the
to which the Group expects to be entitled in exchange for
Group and the associate or joint venture are eliminated to
those goods or services. The Group has generally concluded
the extent of the interest in the associate or joint venture.
that it is the principal in its revenue arrangements, except
If an entity’s share of losses of an associate or a joint venture for the agency services mentioned below, as it typically
equals or exceeds its interest in the associate or joint venture controls the goods or services before transferring them to
(which includes any long term interest that, in substance, the customer.
form part of the Group’s net investment in the associate or
Sale of goods
joint venture), the entity discontinues recognising its share
of further losses. Additional losses are recognised only to Revenue from sale of goods is recognised at the point
the extent that the Group has incurred legal or constructive in time when control of the asset is transferred to the
obligations or made payments on behalf of the associate or customer, generally on handover of materials to transporter.
joint venture. If the associate or joint venture subsequently The normal credit term is 7 to 30 days.
reports profits, the entity resumes recognising its share of The Group provides preventive maintenance services on
those profits only after its share of the profits equals the its certain products at the time of sale. These maintenance
share of losses not recognised. services are sold together with the sale of product. Contracts
The aggregate of the Group’s share of profit or loss of an for such sales of product and preventive maintenance
associate and a joint venture is shown on the face of the services comprise two performance obligations because
statement of profit and loss. the promises to transfer the product and to provide the
preventive maintenance services are capable of being
The financial statements of the associate or joint venture
distinct. Accordingly, a portion of the transaction price
are prepared for the same reporting period as the Group.
is allocated to the preventive maintenance services and
When necessary, adjustments are made to bring the
recognised as a contract liability. Revenue is recognised
accounting policies in line with those of the Group.
over the period in which the preventive maintenance
After application of the equity method, the Group service is provided based on the time elapsed.
determines whether it is necessary to recognise an
Warranty obligation
impairment loss on its investment in its associate or joint
venture. At each reporting date, the Group determines The Group typically provides warranties for general repairs
whether there is objective evidence that the investment in of defects that existed at the time of sale, as required by law.
the associate or joint venture is impaired. If there is such These assurance-type warranties are accounted for under
evidence, the Group calculates the amount of impairment Ind AS 37 Provisions, Contingent Liabilities and Contingent
as the difference between the recoverable amount of the Assets. Refer to the accounting policy on warranty
associate or joint venture and its carrying value, and then provisions in section Q ‘Provisions and Contingencies’.
recognises the loss as ‘Share of profit of an associate and a Revenue from Services
joint venture’ in the statement of profit and loss.
Revenue from services are recognised at the point in
Upon loss of significant influence over the associate or joint time when the services are rendered. Revenue from
control over the joint venture, the Group measures and maintenance contracts are recognised over the period of
recognises any retained investment at its fair value. Any contract on time elapsed.
190 Voltas Limited

In case of mining equipment’s long-term maintenance F. CONTRACT BALANCES

contracts, revenue is recognised over the period of time Contract assets
based on input method where the extent of progress A contract asset is the right to consideration in exchange
towards completion is measured based on the ratio of costs for goods or services transferred to the customer. If the
incurred to date to the total estimated costs at completion Group performs by transferring goods or services to a
of performance obligation. customer before the customer pays consideration or
before payment is due, a contract asset is recognised for
Agency Commission
the earned consideration that is conditional.
The Group procures textile machinery on behalf of its
customers. Accordingly, in these arrangements the Group The amount recognised as contract assets is reclassified
is acting as an agent and records the revenue on net basis to trade receivables once the amounts are billed to the
customer as per the conditions of the contract. Contract
that it retains for its agency services.
assets are subject to impairment assessment. Refer to
Revenue from Construction contract accounting policies on impairment of financial assets in
Performance obligation in case of revenue from long - term section R Impairment.
construction contracts is satisfied over the period of time, Trade receivables
since the Group creates an asset that the customer controls A receivable represents the Group’s right to an amount of
as the asset is created and the Group has an enforceable consideration that is unconditional (i.e., only the passage
right to payment for performance completed to date if of time is required before payment of the consideration
it meets the agreed specifications. Revenue from long is due). Refer to accounting policies of financial assets in
term construction contracts, where the outcome can be section Q Financial instruments – initial recognition and
estimated reliably and 20% of the project cost is incurred, subsequent measurement.
is recognised under the percentage of completion
Contract liabilities
method by reference to the stage of completion of the
A contract liability is the obligation to transfer goods or
contract activity.
services to a customer for which the Group has received
The stage of completion is measured by input method consideration (or an amount of consideration is due) from
i.e. the proportion that costs incurred to date bear to the customer. If a customer pays consideration before
the estimated total costs of a contract. The total costs of the Group transfers goods or services to the customer, a
contracts are estimated based on technical and other contract liability is recognised when the payment is made,
estimates. In the event that a loss is anticipated on a or the payment is due (whichever is earlier). Contract
particular contract, provision is made for the estimated loss. liabilities are recognised as revenue when the Group
performs under the contract.
Contract revenue earned in excess of billing is reflected
G. FAIR VALUE MEASUREMENT
under as “contract asset” and billing in excess of contract
revenue is reflected under “contract liabilities”. Retention Fair value is the price that would be received to sell an
asset or paid to transfer a liability in an orderly transaction
money receivable from project customers does not contain
between market participants at the measurement date.
any significant financing element, these are retained for
The fair value measurement is based on the presumption
satisfactory performance of contract.
that the transaction to sell the asset or transfer the liability
In case of long - term construction contracts payment is takes place either:
generally due upon completion of milestone as per terms (i) In the principal market for the asset or liability, or
of contract. In certain contracts, short-term advances are
(ii) In the absence of a principal market, in the most
received before the performance obligation is satisfied.
advantageous market for the asset or liability.
Dividend and Interest income
The fair value of an asset or a liability is measured using
Dividend income is recognised when the right to receive the assumptions that market participants would use
payment is established. Interest income is recognised using when pricing the asset or liability, assuming that market
the effective interest method. participants act in their economic best interest.

A fair value measurement of a non-financial asset takes into to the Statement of Profit and Loss, when an
account a market participant’s ability to generate economic employee renders the related service. There are
benefits by using the asset in its highest and best use or by no other obligations other than the contribution
selling it to another market participant that would use the payable to the Superannuation Fund Trust.
asset in its highest and best use.
(b) Provident and Pension Fund: Retirement

The Group uses valuation techniques that are appropriate benefit in the form of provident fund is a defined
in the circumstances and for which sufficient data are contribution scheme in respect of employees
available to measure fair value, maximising the use of of Indian subsidiary companies. The Indian
relevant observable inputs and minimising the use of subsidiary companies has no obligation, other
unobservable inputs. than the contribution payable to the provident
fund. The group recognises contribution
All assets and liabilities for which fair value is measured
payable to the provident fund scheme as an
or disclosed in the consolidated financial statements are
expense, when an employee renders the related
categorised within the fair value hierarchy, described as
service.
follows, based on the lowest level input that is significant
to the fair value measurement as a whole: (ii) Defined Benefit Plans
Level 1 — Quoted (unadjusted) market prices in active The Group’s liabilities towards gratuity, pension
markets for identical assets or liabilities. and post-retirement medical benefit schemes
are determined using the projected unit credit
Level 2 — Valuation techniques for which the lowest level method, with actuarial valuation being carried
input that is significant to the fair value measurement is out at the end of each annual reporting period.
directly or indirectly observable.
Provident and Pension Fund: The eligible
Level 3 — Valuation techniques for which the lowest level employees of the Company are entitled to
input that is significant to the fair value measurement is receive benefits under provident fund schemes
unobservable. which are in substance, defined benefit plans,
For assets and liabilities that are recognised in the in which both employees and the Company
financial statements on a recurring basis, the Group make monthly contributions at a specified
determines whether transfers have occurred between percentage of the covered employees’ salary
levels in the hierarchy by re-assessing categorisation (currently 12% of employees’ salary). The
(based on the lowest level input that is significant to the contributions are paid to the provident funds
fair value measurement as a whole) at the end of each and pension fund set up as irrevocable trusts by
reporting period. the Company. The Company is generally liable
for annual contributions and any shortfall in the
H. EMPLOYEE BENEFITS
fund assets based on the government specified
(a) Post-employment benefits costs and minimum rates of return is recognised as an
termination benefits: expense in the year incurred.
(i) Defined Contribution Plans Re-measurement, comprising actuarial gains
Payments to defined contribution plans are and losses and the return on plan assets
recognised as an expense when employees (excluding net interest), is reflected immediately
have rendered service entitling them to the in the Balance Sheet with a charge or credit
contributions. The Group operates following recognised in other comprehensive income in
defined contribution plans: the period in which they occur.
(a) Superannuation Fund: Contribution to

Re-measurement recognised in other
Superannuation Fund, a defined contribution comprehensive income is reflected immediately
scheme, is made at pre-determined rates to in retained earnings and will not be reclassified
the Superannuation Fund Trust and is charged to profit or loss. Past service cost is recognised
192 Voltas Limited

in statement of profit and loss in the period of and accumulated impairment losses, if any. The cost of
a plan amendment. Net interest is calculated property, plant and equipment comprises its purchase
by applying the discount rate at the beginning price, including import duties and non-refundable taxes
of the period to the net defined benefit liability and any directly attributable cost of bringing an asset to
or asset. Defined benefit costs are categorised working condition and location for its intended use.
as follows:
Projects under which the property, plant and equipment
• Service cost (including current service
is not yet ready for their intended use are carried as capital
cost, past service cost, as well as gains and
work-in-progress at cost determined as aforesaid.
losses on curtailments and settlements);
Depreciable amount for assets is the cost of an asset,
• Net interest expense or income; and
or other amount substituted for cost, less its estimated
• Re-measurement.
residual value. Depreciation is recognised so as to write
The Group represents the first two components off the depreciable amount of assets (other than free hold
of defined benefit costs in the statement of land and assets under construction) over the useful lives
profit and loss in the line item “Employee using the straight-line method. The estimated useful lives
Benefits Expenses”. Curtailment gains and losses are as follows:
are accounted for as past service costs.
Assets Useful life
The defined benefit obligation recognised in Factory Building 30 years
the Balance Sheet represents the actual deficit Residential Building 60 years
or surplus in the Group’s defined benefit plans. Plant and Equipment 8-15 years
(b) Short term and other long term employee Office Equipment 3-15 years
benefits Furniture and fixtures 10 years
Vehicles 8 years
Benefits accruing to employees in respect of wages,
salaries and compensated absences and which The useful life as estimated above is aligned to the
are expected to be availed within twelve months prescribed useful life specified under Schedule II of the
immediately following the year end are reported as Companies Act, 2013.
expenses during the year in which the employee Depreciation on the property, plant and equipment of the
performs the service that the benefit covers and the Group’s foreign subsidiaries has been provided on Straight
liabilities are reported at the undiscounted amount Line Method as per the estimated useful life of such assets
of the benefit expected to be paid in exchange of as follows:
related service. Where the availment or encashment
is otherwise not expected to wholly occur within Assets Useful life
the next twelve months, the liability on account Building 6-10 years
Plant and Equipment 3-10 years
of the benefit is actuarially determined using the
Office Equipment 3-6 years
projected unit credit method at the present value
Furniture and fixtures 3-7 years
of the estimated future cash flow expected to be
Vehicles 3-5 years
made by the Group in respect of services provided
Porta Cabins 1-10 years
by employees up to the reporting date. The Group
presents the leave as a current liability in the Balance An item of property, plant and equipment and any
Sheet, to the extent it doesnot have an unconditional significant part initially recognised is derecognised
right to defer its settlement for 12 months after the upon disposal or when no future economic benefits are
reporting date. expected from its use or disposal. Any gain or loss arising
on derecognition of the asset (calculated as the difference
I. PROPERTY, PLANT AND EQUIPMENT between the net disposal proceeds and the carrying
Capital work in progress is stated at cost. Property, plant and amount of the asset) is included in the statement of profit
equipment are stated at cost less accumulated depreciation and loss when the asset is derecognised.

The residual values, useful lives and methods of depreciation Gains or losses arising from derecognition of an intangible
of property, plant and equipment are reviewed at each asset are measured as the difference between the net
financial year end and adjusted prospectively, if appropriate. disposal proceeds and the carrying amount of the asset
J. INVESTMENT PROPERTY and are recognised in the statement of profit and loss when
the asset is derecognised.
Investment properties are measured initially at cost,
including transaction costs. Subsequent to initial L. FOREIGN CURRENCY
recognition, investment properties are stated at cost less
The Group’s consolidated financial statements are
accumulated depreciation and accumulated impairment presented in INR, which is also the parent company’s
loss, if any. The estimated useful lives are as follows: functional currency. For each entity the Group determines
Assets Useful life the functional currency and items included in the financial
Residential Building 60 years statements of each entity are measured using that
functional currency.
The useful life as estimated above is aligned to the
prescribed useful life specified under Schedule II of the In preparing the financial statements of each individual
Companies Act, 2013. group entity, income and expenses in foreign currencies
are recorded at exchange rates prevailing on the date of
An investment property is derecognised upon disposal or
when the investment property is permanently withdrawn the transaction. Foreign currency denominated monetary
from use and no future economic benefits are expected assets and liabilities are translated at the exchange rate
from the disposal. Any gain or loss arising on derecognition prevailing on the Balance Sheet date and exchange
of the property (calculated as the difference between the gains and losses arising on settlement and restatement
net disposal proceeds and the carrying amount of the are recognised in the Statement of Profit and Loss. Non-
asset) is included in the statement of profit and loss in the monetary items denominated in a foreign currency are
period in which the property is derecognised. measured at historical cost and translated at exchange rate
prevalent at the date of transaction.
Though the Group measures investment property using
cost based measurement, the fair value of investment For the purposes of presenting these consolidated financial
property is disclosed in the notes. Fair values are determined statements, the assets and liabilities of the Group’s foreign
based on an annual evaluation performed by an accredited operations are translated into INR using exchange rates
external independent valuer applying a valuation prevailing at the end of each reporting period. Income and
model recommended by the International Valuation expense items are translated at the average exchange rates
Standards Committee. for the period, unless exchange rates fluctuate significantly
Transfers are made to (or from) investment properties only during that period, in which case the exchange rates at the
when there is a change in use. dates of the transactions are used. Exchange differences
arising, if any, are recognised in other comprehensive
K. INTANGIBLE ASSETS
income and accumulated in equity (and attributed to non-
Intangible assets purchased are measured at cost as of
controlling interests as appropriate).
the date of acquisition less accumulated amortisation and
accumulated impairment, if any. On disposal of a foreign operation, the associated exchange
differences are reclassified to Statement of Profit and Loss
Amortisation is recognised on a straight-line basis over
as part of the gain or loss on disposal.
their estimated useful lives. The estimated useful life and
amortisation method are reviewed at the end of each Goodwill and fair value adjustments to identifiable assets
reporting period, with the effect of any changes in estimate acquired and liabilities assumed through acquisition of
being accounted for on a prospective basis. a foreign operation are treated as assets and liabilities
Estimated useful life of intangible assets are as follows: of the foreign operation and translated at the rate of
exchange prevailing at the end of each reporting period.
- Manufacturing Rights and Technical Know-how : 6 years Exchange differences arising are recognised in other
- Software : 5 years comprehensive income.
194 Voltas Limited

M. LEASES do not depend on an index or a rate are recognised

The Group assesses at contract inception whether a as expenses (unless they are incurred to produce
contract is, or contains, a lease. That is, if the contract inventories) in the period in which the event or
conveys the right to control the use of an identified asset condition that triggers the payment occurs.
for a period of time in exchange for consideration. In calculating the present value of lease payments,
Group as a lessee the Group uses its incremental borrowing rate at
the lease commencement date because the interest
The Group applies a single recognition and measurement
rate implicit in the lease is not readily determinable.
approach for all leases, except for short-term leases and
After the commencement date, the amount of
leases of low-value assets. The Group recognises lease
lease liabilities is increased to reflect the accretion of
liabilities to make lease payments and right-of-use assets
interest and reduced for the lease payments made.
representing the right to use the underlying assets.
In addition, the carrying amount of lease liabilities
(a) Right-of-use assets is remeasured if there is a modification, a change in
The Group recognises right-of-use assets at the the lease term, a change in the lease payments (e.g.,
commencement date of the lease (i.e., the date the changes to future payments resulting from a change
underlying asset is available for use). Right-of-use in an index or rate used to determine such lease
assets are measured at cost, less any accumulated payments) or a change in the assessment of an option
depreciation and impairment losses, and adjusted to purchase the underlying asset. The Group’s lease
for any remeasurement of lease liabilities. The liabilities are included in Interest-bearing borrowings.
cost of right-of-use assets includes the amount (c) Short-term leases and leases of low-value assets
of lease liabilities recognised, initial direct costs
The Group applies the short-term lease recognition
incurred, and lease payments made at or before
exemption to its short-term leases of office
the commencement date less any lease incentives
premises and storage locations (i.e., those leases
received. Right-of-use assets are depreciated on a
that have a lease term of 12 months or less from the
straight-line basis over the shorter of the lease term
commencement date and do not contain a purchase
and the estimated useful lives of the assets, as follows:
option). It also applies the lease of low-value assets
Leasehold land 99 years recognition exemption to leases of office equipment
Leasehold building 1-5 years that are considered to be low value. Lease payments
on short-term leases and leases of low-value assets
The right-of-use assets are also subject to impairment.
are recognised as expense on a straight-line basis
Refer to the accounting policies in section S
over the lease term.
Impairment of non-financial assets.
Group as a lessor
(b) Lease Liabilities

Leases in which the Group does not transfer
At the commencement date of the lease, the Group
substantially all the risks and rewards incidental to
recognises lease liabilities measured at the present
ownership of an asset are classified as operating leases.
value of lease payments to be made over the lease
Rental income arising is accounted for on a straight-line
term. The lease payments include fixed payments
basis over the lease terms. Initial direct costs incurred
(including in substance fixed payments) less any lease
in negotiating and arranging an operating lease are
incentives receivable, variable lease payments that
added to the carrying amount of the leased asset and
depend on an index or a rate, and amounts expected
recognised over the lease term on the same basis as
to be paid under residual value guarantees. The lease
rental income. Contingent rents are recognised as
payments also include the exercise price of a purchase
revenue in the period in which they are earned.
option reasonably certain to be exercised by the
Group and payments of penalties for terminating the N. INVENTORIES
lease, if the lease term reflects the Group exercising Inventories including Work-in-Progress are valued at cost
the option to terminate. Variable lease payments that or net realisable value, whichever is lower. Cost being

determined based on weighted average basis. Cost are recognised in correlation to the underlying transaction
includes all charges incurred for bringing the goods to either in OCI or directly in equity
their present location and condition. Net realisable value
Deferred tax assets and deferred tax liabilities are offset if a
represents the estimated selling price for inventories less
legally enforceable right exists to set off current tax assets
all estimated costs of completion and costs necessary to
against current tax liabilities and the deferred taxes relate to
make the sale.
the same taxable entity and the same taxation authority.
O. TAXES ON INCOME
Minimum Alternate Tax
Current Income Tax
Minimum Alternate Tax (MAT) paid in a year is charged to
Current income tax assets and liabilities are measured at
the statement of profit and loss as current tax for the year.
the amount expected to be recovered from or paid to the
The deferred tax asset is recognised for MAT credit available
taxation authorities in accordance with Income Tax Act,
only to the extent that it is probable that the concerned
1961. The tax rates and tax laws used to compute the tax
company will pay normal income tax during the specified
are those that are enacted at the reporting date. Current
income tax relating to items recognised outside profit or period, i.e., the period for which MAT credit is allowed to be
loss is recognised outside profit or loss (either in other carried forward. In the year in which the Group recognises
comprehensive income or in equity). Current tax items MAT credit as an asset, it is created by way of credit to the
are recognised in correlation to the underlying transaction statement of profit and loss and shown as part of deferred
either in OCI or directly in equity. tax asset. The Group reviews the “MAT credit entitlement”
asset at each reporting date and writes down the asset
Deferred Tax
to the extent that it is no longer probable that it will pay
Deferred tax is provided using the balance sheet approach normal tax during the specified period.
on temporary differences between the tax bases of assets
and liabilities and their carrying amounts for financial P. PROVISIONS AND CONTINGENCIES
reporting purposes at the reporting date. Provisions
Deferred tax assets are recognised to the extent that it Provisions are recognisedwhen there is a present obligation
is probable that taxable profit will be available against (legal or constructive) as a result of past event, where it is
which the deductible temporary differences, and the probable that there will be outflow of resources to settle
carry forward of unused tax credits and unused tax losses the obligation and when a reliable estimate of the amount
can be utilised. of the obligation can be made.
The carrying amount of deferred tax assets is reviewed The amount recognised as a provision is the best estimate of
at each reporting date and reduced to the extent that it the consideration required to settle the present obligation
is no longer probable that sufficient taxable profit will be at the end of the reporting period, taking into account the
available to allow all or part of the deferred tax asset to be risks and uncertainties surrounding the obligation.
utilised. Unrecognised deferred tax assets are re-assessed at If the effect of the time value of money is material,
each reporting date and are recognised to the extent that it provisions are discounted using a current pre-tax rate that
has become probable that future taxable profits will allow reflects, when appropriate, the risks specific to the liability.
the deferred tax asset to be recovered. When discounting is used, the increase in the provision due
Deferred tax assets and liabilities are measured at the tax to the passage of time is recognised as a finance cost.
rates that are expected to apply in the year when the asset Warranties (Trade Guarantees)
is realised or the liability is settled, based on tax rates (and
The estimated liability for product warranties is recorded
tax laws) that have been enacted or substantively enacted
when products are sold / project is completed. These
at the reporting date.
estimates are established using historical information on
Deferred tax relating to items recognised outside profit the nature, frequency and average cost of warranty claims
or loss is recognised outside profit or loss (either in other and management estimates regarding possible future
comprehensive income or in equity). Deferred tax items incidence based on corrective actions on product failures.
196 Voltas Limited

The timing of outflows will vary as and when warranty Interest (SPPI) on the principal amount outstanding.
claims arise being typically upto five years. After initial measurement, such financial assets are
subsequently measured at amortised cost using the
Contingencies
Effective Interest Rate (EIR) method. Amortised cost
ontingent liabilities exist when there is a possible obligation
C is calculated by taking into account any discount
arising from past events, the existence of which will be or premium on acquisition and fees or costs that
confirmed only by the occurrence or non-occurrence of are an integral part of the EIR. The EIR amortisation
one or more uncertain future events not wholly within the is included in finance income in the Statement of
control of the Group, or a present obligation that arises from profit and loss. The losses arising from impairment are
past events where it is either not probable that an outflow of recognised in the Statement of profit and loss. This
resources will be required or the amount cannot be reliably category generally applies to trade receivables, loans
estimated. Contingent liabilities are appropriately disclosed and other financial assets.
unless the possibility of an outflow of resources embodying
economic benefits is remote. • Financial assets at fair value through other
comprehensive income (FVTOCI)
Environment Liabilities
Financial assets are subsequently measured at fair

E-Waste (Management) Rules, 2016, as amended, value through other comprehensive income if these
requires the group to complete the Extended Producer financial assets are held within a business model
Responsibility targets measured based on sales made in whose objective is achieved both by collecting
the preceding 10th year, if it is a participant in the market contractual cash flows and selling the financial assets
during a financial year. Accordingly, the obligation event and the asset’s contractual cash flow represents SPPI.
for e-waste obligation arises only if the Group participate in
the markets in those years. Financial instruments included within the FVTOCI
category are measured initially as well as at each
Q. FINANCIAL INSTRUMENTS reporting date at fair value. Fair value movements are
A financial instrument is any contract that gives rise to a recognised in the other comprehensive income (OCI).
financial asset of one entity and a financial liability or equity However, the Group recognises interest income,
instrument of another entity. dividend income, impairment losses and reversals
Financial Assets and foreign exchange gain or loss in the statement
of profit and loss. On derecognition of the asset,
• Initial recognition and measurement
cumulative gain or loss previously recognised in OCI
All financial assets are recognised initially at fair value is reclassified from the equity to statement of profit
plus, in the case of financial assets not recorded at fair and loss.
value through profit or loss, transaction costs that are
attributable to the acquisition of the financial asset. • Financial assets at fair value through profit or
loss (FVTPL)
• Subsequent measurement
FVTPL is a residual category for financial assets. Any
All recognised financial assets are subsequently financial assets, which does not meet the criteria for
measured in their entirety at either amortised cost categorisation as at amortised cost or as FVTOCI, is
or fair value, depending on the classification of the classified as at FVTPL. Financial assets included within
financial assets. the FVTPL category are measured at fair value with all
• Financial assets at amortised cost changes recognised in the statement of profit and loss.
Financial assets are subsequently measured at • Equity Instruments

amortised cost if these financial assets are held within All equity investments in scope of Ind AS 109 are
a business model whose objective is to hold assets measured at fair value. Equity instruments which
for collecting contractual cash flows and contractual are held for trading and contingent consideration
terms of the asset give rise on specified dates to recognised by an acquirer in a business combination
cash flows that are Solely Payments of Principal and to which Ind AS103 applies are classified as at FVTPL.

For all other equity instruments, other than investment incurred for the purpose of repurchasing in the near
in Subsidiaries, Associates and Joint Ventures, the term. This category also includes derivative financial
Group makes an irrevocable election to present in instruments entered into by the Group that are
other comprehensive income subsequent changes not designated as hedging instruments in hedge
in the fair value. The Group makes such election on relationships as defined by Ind AS 109.
an instrument-by-instrument basis. The classification
• Financial liabilities at amortised cost
is made on initial recognition and is irrevocable.
After initial recognition, interest-bearing loans and
If the Group decides to classify an equity instrument borrowings are subsequently measured at amortised
as at FVTOCI, then all fair value changes on the cost using the EIR method. Gains and losses are
instrument, excluding dividends, are recognised in
recognised in statement of profit and loss when the
the Other Comprehensive Income (OCI). There is no
liabilities are derecognised as well as through the EIR
recycling of the amounts from OCI to statement of
amortisation process.
profit and loss, even on sale of investment. However,
the Group may transfer the cumulative gain or loss Amortised cost is calculated by taking into account
within equity. any discount or premium on acquisition and fees
or costs that are an integral part of the EIR. The EIR
Equity instruments included within the FVTPL
amortisation is included as finance costs in the
category are measured at fair value with all changes
statement of profit and loss.
recognised in the statement of profit and loss.
• Financial guarantee contracts
• Derecognition
Financial guarantee contracts issued by the Group are
The Group derecognises a financial asset when the
those contracts that require a payment to be made to
rights to receive cash flows from the asset have expired
reimburse the holder for a loss it incurs because the
or it transfers the right to receive the contractual cash
specified debtor fails to make a payment when due
flow on the financial assets in a transaction in which
in accordance with the terms of a debt instrument.
substantially all the risk and rewards of ownership of
Financial guarantee contracts are recognised initially
the financial asset are transferred.
as a liability at fair value, adjusted for transaction costs
Financial liabilities that are directly attributable to the issuance of the
• Initial recognition and measurement guarantee. Subsequently, the liability is measured
Financial liabilities are classified, at initial recognition, at the higher of the amount of loss allowance
as financial liabilities at fair value through profitor loss, determined as per impairment requirements of Ind
loans and borrowings, payables, as appropriate. AS 109 and the amount recognised less cumulative
amount of income recognised in accordance with
All financial liabilities are recognised initially at fair
the principles of Ind AS 115 amortisation.
value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs. • Derecognition
A financial liability is derecognised when the
obligation under the liability is discharged or
The measurement of financial liabilities depends on
cancelled or expires. When an existing financial
their classification, as described below:
liability is replaced by another from the same
• Financial liabilities at fair value through profit lender on substantially different terms, or the terms
or loss of an existing liability are substantially modified,
Financial liabilities at fair value through profit or such an exchange or modification is treated as
loss include financial liabilities held for trading and the derecognition of the original liability and the
financial liabilities designated upon initial recognition recognition of a new liability. The difference in the
as at fair value through profit or loss. Financial respective carrying amounts is recognised in the
liabilities are classified as held for trading if they are statement of profit and loss.
198 Voltas Limited

• Offsetting of financial instrument

Impairment losses including impairment on
Financial assets and financial liabilities are offset and inventories are recognised in the statement of profit
the net amount is reported in the Balance Sheet if and loss.
there is a currently enforceable legal right to offset
For assets excluding goodwill, an assessment is
the recognised amounts and there is an intention to
made at each reporting date to determine whether
settle on a net basis, to realise the assets and settle
there is an indication that previously recognised
the liabilities simultaneously.
impairment losses no longer exist or have decreased.
R. IMPAIRMENT If such indication exists, the Group estimates the
(a) Financial assets asset’s or CGU’s recoverable amount. A previously
The Group assesses the expected credit losses recognised impairment loss is reversed only if there
associated with its assets carried at amortised cost has been a change in the assumptions used to
and fair value through other comprehensive income determine the asset’s recoverable amount since the
based on the Group’s past history of recovery, credit last impairment loss was recognised. The reversal is
worthiness of the counter party and existing market limited so that the carrying amount of the asset does
conditions. not exceed its recoverable amount, nor exceed the
carrying amount that would have been determined,
For all financial assets other than trade receivables,
net of depreciation, had no impairment loss been
expected credit losses are measured at an amount
equal to the 12-month expected credit loss (ECL) unless recognised for the asset in prior years. Such reversal is
there has been a significant increase in credit risk from recognised in the statement of profit and loss.
initial recognition in which case those are measured at For contract assets, the Group has applied the
lifetime ECL. For trade receivables and contract assets, simplified approach for recognition of impairment
the Group has applied the simplified approach for allowance as provided in Ind AS 109 which requires
recognition of impairment allowance as provided in
the expected lifetime losses from initial recognition
Ind AS 109 which requires the expected lifetime losses
of the contract assets.
from initial recognition of the receivables.
S. CASH & CASH EQUIVALENTS
(b) Non-financial assets
Cash and cash equivalents in the balance sheet comprise
The Group assesses, at each reporting date, whether
cash at banks and on hand and short-term deposits with an
there is an indication that an asset may be impaired.
If any indication exists, or when annual impairment original maturity of three months or less, which are subject
testing for an asset is required, the Group estimates to an insignificant risk of changes in value.
the asset’s recoverable amount. An asset’s recoverable T. EARNINGS PER SHARE (EPS)
amount is the higher of an asset’s or cash-generating
Basic EPS is calculated by dividing the profit or loss
unit’s (CGU) fair value less costs of disposal and its
attributable to equity shareholders of the Group by the
value in use. Recoverable amount is determined
weighted average number of equity shares outstanding
for an individual asset, unless the asset does not
generate cash inflows that are largely independent during the period. Diluted EPS is determined by adjusting
of those from other assets or groups of assets. When the profit or loss attributable to equity shareholders and the
the carrying amount of an asset or CGU exceeds its weighted average number of equity shares outstanding for
recoverable amount, the asset is considered impaired the effects of all dilutive potential equity shares.
and is written down to its recoverable amount. U. SEGMENT REPORTING
In assessing value in use, the estimated future cash Segments are identified based on the manner in which the
flows are discounted to their present value using chief operating decision-maker (CODM) decides about the
a pre-tax discount rate that reflects current market resource allocation and reviews performance.
assessments of the time value of money and the risks
specific to the asset. In determining fair value less Segment revenue, segment expenses, segment assets
costs of disposal, recent market transactions are taken and segment liabilities have been identified to segments
into account. If no such transactions can be identified, on the basis of their relationship to the operating activities
an appropriate valuation model is used. of the segment.

Inter-segment revenue is accounted on the basis of long-term project activities) has an operating cycle that
transactions which are primarily determined based on exceeds one year. Accordingly, assets and liabilities related
market / fair value factors. Revenue, expenses, assets and to these long-term contracts, which will not be realised/
liabilities which relate to the Group as a whole and are paid within one year, have been classified as current. For all
not allocable to segments on reasonable basis have been other activities, the operating cycle is twelve months.
included under “unallocated revenue / expenses / assets/ Z. CURRENT v/s NON-CURRENT CLASSIFICATION
liabilities”. The Group presents assets and liabilities in the balance
V. CASH DIVIDEND sheet based on current/ non-current classification. An asset
is treated as current when it is:
The Group recognises a liability to pay dividend to equity
holders of the parent when the distribution is authorised • Expected to be realised or intended to be sold or
consumed in normal operating cycle,
and the distribution is no longer at the discretion of the
Company. As per the corporate laws in India, a distribution • Held primarily for the purpose of trading,
is authorised when it is approved by the shareholders. A • Expected to be realised within twelve months after
corresponding amount is recognised directly in equity. the reporting period, or
• Cash or cash equivalent unless restricted from being
W. BORROWING COSTS
exchanged or used to settle a liability for at least
Borrowing costs directly attributable to the acquisition, twelve months after the reporting period.
construction or production of an asset that necessarily
All other assets are classified as non-current.
takes a substantial period of time to get ready for its
A liability is current when:
intended use or sale are capitalised as part of the cost of the
asset. All other borrowing costs are expensed in the period • It is expected to be settled in normal operating cycle,
in which they occur. Borrowing costs consist of interest and • It is held primarily for the purpose of trading,
other costs that an entity incurs in connection with the • It is due to be settled within twelve months after the
borrowing of funds. Borrowing cost also includes exchange reporting period, or
differences to the extent regarded as an adjustment to the • There is no unconditional right to defer the settlement
borrowing costs. of the liability for at least twelve months after the
reporting period.
X. GOVERNMENT GRANTS
The Group classifies all other liabilities as non-current.

Government grants are recognised where there is
reasonable assurance that the grant will be received, and all
Deferred tax assets and liabilities are classified as
non-current assets and liabilities.
attached conditions will be complied with. When the grant
relates to an expense item, it is recognised as income on a 2A. RECENT ACCOUNTING PRONOUNCEMENTS ISSUED
systematic basis over the periods that the related costs, for AND EFFECTIVE
which it is intended to compensate, are expensed. When The Ministry of Corporate Affairs has notified Companies
the grant relates to an asset, it is recognised as income (Indian Accounting Standard) Amendment Rules 2022
in equal amounts over the expected useful life of the dated 23 March, 2022 to amend the following Ind AS which
related asset. are effective from 1 April, 2022.
When the Group receives grants of non-monetary assets, (i) Onerous Contracts–Costs of Fulfilling a Contract
the asset and the grant are recorded at fair value amounts –Amendments to Ind AS 37
and released to profit or loss over the expected useful life in The amendments to Ind AS 37 specify which costs
a pattern of consumption of the benefit of the underlying an entity needs to include when assessing whether a
asset i.e. by equal annual instalments. contract is onerous or loss-making. The amendments
apply a “directly related cost approach”. The costs
Y. OPERATING CYCLE
that relate directly to a contract to provide goods or
The operating cycle is the time between the acquisition of services include both incremental costs for example
assets for processing and their realisation in cash and cash direct labour and materials and an allocation of other
equivalents. A portion of the Group‘s activities (primarily costs directly related to contract activities for example
200 Voltas Limited

an allocation of the depreciation charge for an item of (iv) Ind AS 109 Financial Instruments – Fees in the
property, plant and equipment used in fulfilling that ’10 per cent’ test for derecognition of financial
contract. General and administrative costs do not liabilities
relate directly to a contract and are excluded unless The amendment clarifies the fees that an entity includes
they are explicitly chargeable to the counterparty when assessing whether the terms of a new or modified
under the contract. financial liability are substantially different from the
The amendments are effective for annual reporting terms of the original financial liability. These fees include
periods beginning on or after 1 April, 2022. The only those paid or received between the borrower and
amendments are not expected to have a material the lender, including fees paid or received by either the
impact on the Group. borrower or lender on the other’s behalf.
The amendments are effective for annual reporting
(ii)
Reference to the Conceptual Framework–
periods beginning on or after 1 April, 2022. The
Amendments to Ind AS 103
amendments are not expected to have a material
The amendments replaced the reference to the ICAI’s impact on the Group.
“Framework for the Preparation and Presentation
of Financial Statements under Indian Accounting 3. SIGNIFICANT ACCOUNTING, JUDGEMENTS
Standards” with the reference to the “Conceptual ESTIMATES AND ASSUMPTIONS
Framework for Financial Reporting under Indian In the application of the Group’s accounting policies,
Accounting Standards” without significantly changing which are described in Note 2, Management is required
its requirements. to make judgements, estimates and assumptions about
the carrying amounts of assets and liabilities that are not
The amendments also added an exception to
readily apparent from other sources. The estimates and
the recognition principle of Ind AS 103 Business
associated assumptions are based on historical experience
Combinations to avoid the issue of potential ‘day 2’
and other factors that are considered to be relevant. Actual
gains or losses arising for liabilities and contingent
results may differ from these estimates.
liabilities that would be within the scope of Ind AS 37
Provisions, Contingent Liabilities and Contingent Assets The estimates and underlying assumptions are reviewed
or Appendix C, Levies, of Ind AS 37, if incurred separately. on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimates are revised
It has also been clarified that the existing guidance if the revision affects only that period or in the period of
in Ind AS 103 for contingent assets would not be the revision and future periods if the revision affects both
affected by replacing the reference to the Framework current and future periods.
for the Preparation and Presentation of Financial
Key sources of estimation uncertainty
Statements under Indian Accounting Standards.
The following are the key assumptions concerning the
The amendments are effective for annual reporting future, and other key sources of estimation uncertainty at
periods beginning on or after 1 April, 2022. The the reporting date, that have a significant risk of causing a
amendments are not expected to have a material material adjustment to the carrying amount of assets and
impact on the Group. liabilities within the next financial year:
(iii) Property, Plant and Equipment: Proceeds before Cost to complete
Intended Use–Amendments to Ind AS 16 The Group’s Management estimates the costs to complete
The amendments modified paragraph 17(e) of Ind AS for each project for the purpose of revenue recognition and
16 to clarify that excess of net sale proceeds of items recognition of anticipated losses on projects, if any. In the
produced over the cost of testing, if any, shall not be process of calculating the cost to complete, Management
recognised in the profit or loss but deducted from the conducts regular and systematic reviews of actual results
directly attributable costs considered as part of cost and future projections with comparison against budget.
of an item of property, plant, and equipment. This process requires monitoring controls including
financial and operational controls and identifying major
The amendments are effective for annual reporting risks facing the Group and developing and implementing
periods beginning on or after 1 April, 2022. The initiatives to manage those risks. The Group’s Management
amendments are not expected to have a material is confident that the costs to complete the project are
impact on the Group. fairly estimated.

Percentage of completion estimated. Significant judgement is made when evaluating,
Management’s estimate of the percentage of completion among other factors, the probability of unfavourable
on each project for the purpose of revenue recognition is outcome and the ability to make a reasonable estimate of the
through conducting some weight analysis to assess the amount of potential loss. Litigation provisions are reviewed
actual quantity of the work for each activity performed at each Balance Sheet date and revisions made for the
during the reporting period and estimate any future costs changes in facts and circumstances. Provision for litigations
for comparison against the initial project budget. This and contingent liabilities are disclosed in Note 45 (C).
process requires monitoring of financial and operational Defined benefit plans
controls. Management is of the opinion that the percentage
The cost of the defined benefit plans and the present
of completion of the projects is fairly estimated.
value of the defined benefit obligation are based on
As required by Ind AS 115 in applying the percentage of actuarial valuation using the projected unit credit method.
completion on its long-term projects, the Group is required An actuarial valuation involves making various assumptions
to recognise any anticipated losses on it contracts. that may differ from actual developments in the future. These
Impairment of financial assets and contract assets include the determination of the discount rate; future salary
increases and mortality rates. All assumptions are reviewed at
The Group’s Management reviews periodically items
each Balance Sheet date and disclosed in Note 46.
classified as receivables to assess whether a provision
for impairment should be recorded in the Statement of Useful lives of property, plant and equipment and
profit and loss. Management estimates the amount and intangible assets
timing of future cash flows when determining the level The Group has estimated useful life of each class of assets
of provisions required. Such estimates are necessarily based on the nature of assets, the estimated usage of the
based on assumptions about several factors involving asset, the operating condition of the asset, past history
varying degrees of judgement and uncertainty. Details of replacement, anticipated technological changes, etc.
of impairment provision on contract assets and trade The Group reviews the useful life of property, plant and
receivables are given in Note 15 and Note 16. equipment and intangible assets as at the end of each
The Group reviews it’s carrying value of investments reporting period. This reassessment may result in change in
annually, or more frequently when there is indication for depreciation and amortisation expense in future periods.
impairment. If the recoverable amount is less than it’s
Warranty provisions (trade guarantees)
carrying amount, the impairment loss is accounted for.
The Group gives warranties for its products, undertaking
Fair value measurement of financial instruments to repair or replace the product that fail to perform
Some of the Group’s assets are measured at fair value for satisfactory during the warranty period. Provision made at
financial reporting purposes. The Management determines the year-end represents the amount of expected cost of
the appropriate valuation techniques and inputs for fair meeting such obligations of rectification / replacement
value measurements. In estimating the fair value of an which is based on the historical warranty claim information
asset, the Group uses market-observable data to the extent as well as recent trends that might suggest that past cost
it is available. Where Level 1 inputs are not available, the information may differ from future claims. Factors that
Group engages third party qualified valuers to perform could impact the estimated claim information include the
the valuation. The Management works closely with the success of the Group’s productivity and quality initiatives.
qualified external valuers to establish the appropriate Provision towards warranty is disclosed in Note 33.
valuation techniques and inputs to the model.
Impairment of Goodwill
Information about valuation techniques and inputs used in
Determining whether goodwill is impaired requires an
determining the fair value of various assets is disclosed in
estimation of the value in use of the cash generating
Note 51.
units to which the goodwill is allocated. The value in use
Litigations calculations requires the directors to estimate the future

From time to time, the Group is subject to legal proceedings cash flows expected to arise from the cash generating
the ultimate outcome of each being always subject to many unit and suitable discount rate in order to calculate the
uncertainties inherent in litigation. A provision for litigation present value. Where the actual future cash flows expected
is made when it is considered probable that a payment will to arise are less than expected a material impairment
be made and the amount of the loss can be reasonably loss may arise.
202 Voltas Limited

4. PROPERTY, PLANT AND EQUIPMENT (OWNED, UNLESS OTHERWISE STATED)
` in crores
Freehold Buildings Plant and Office Furniture Vehicles Transferred Total
Land Equipment Equipment and to / from Property,
fixtures Investment Plant And
property Equipment
Gross carrying amount
As at 31 March, 2020 29.51 203.61 172.63 83.94 31.09 19.30 (58.76) 481.32
Additions - 5.50 19.27 8.56 2.91 - - 36.24
Disposals - 2.14 2.31 4.25 0.21 1.70 - 10.61
Transfers in / (out ) - - - - - - (12.02) (12.02)
Exchange differences on consolidation - (0.21) (0.41) (0.24) (0.06) (0.39) - (1.31)
As at 31 March, 2021 29.51 206.76 189.18 88.01 33.73 17.21 (70.78) 493.62
Accumulated depreciation
As at 31 March, 2020 - 53.82 109.05 53.35 21.08 17.21 (13.42) 241.09
Charge for the year - 5.11 9.67 8.75 1.81 0.87 (1.14) 25.07
Disposals - 1.09 2.23 3.92 0.17 1.69 - 9.10
Transfers in / (out ) - - - - - - (0.67) (0.67)
Exchange differences on consolidation - (0.15) (0.38) (0.20) (0.05) (0.36) - (1.14)
As at 31 March, 2021 - 57.69 116.11 57.98 22.67 16.03 (15.23) 255.25
Net carrying amount as at 29.51 149.07 73.07 30.03 11.06 1.18 (55.55) 238.37
31 March, 2021
As at 31 March, 2021 29.51 206.76 189.18 88.01 33.73 17.21 (70.78) 493.62
Additions - 5.56 5.09 6.48 0.98 1.12 - 19.03
Disposals - 1.18 18.67 4.70 1.30 1.22 (2.03) 25.04
Transfers in / (out) - - - - - - (0.95) (0.95)
Exchange differences on consolidation - 0.24 0.46 0.25 0.05 0.44 - 1.44
As at 31 March, 2022 29.51 211.38 176.06 90.04 33.26 17.55 (69.70) 488.10
As at 31 March, 2021 - 57.69 116.11 57.98 22.67 16.03 (15.23) 255.25
Disposals - 0.54 17.35 4.30 1.27 0.99 (0.34) 24.11
Transfers in / (out ) - - - - - - (0.40) (0.40)
Exchange differences on consolidation - 0.19 0.42 0.20 0.04 0.43 - 1.28
As at 31 March, 2022 - 62.52 109.07 63.03 23.30 16.11 (16.38) 257.65
Net carrying amount as at 29.51 148.86 66.99 27.01 9.96 1.44 (53.32) 230.45
31 March, 2022
Footnotes :
(a) Buildings includes ` 0.0016 crore (31 March, 2021: ` 0.0016 crore) being cost of shares and bonds in Co-operative Housing Societies.

4. PROPERTY, PLANT AND EQUIPMENT (OWNED, UNLESS OTHERWISE STATED) (Contd.)
(b) Title deeds of Immovable Property not held in the name of the Company
` in crores
Relevant Description Gross carrying value Title Whether title Property Reason for not being
line item of item of As at As at deeds deed holder is a held held in the name of the
in Balance property 31 March, 31 March, held promoter, director since Company
sheet 2022 2021 in the or relative of which
name of promoter / director date
or employee of
promoter / director
PPE Building 0.06 0.06 Tata Group Company 31 These flats are constructed on
16 Flats in Services August, land owned by Tata Services
Tata Colony, Limited 1965 Limited in line with arrangement
Lallubhai amongst Tata Services Limited
Park, Andheri and Tata Group of companies
(W) Mumbai (incl. Voltas Limited) Pending
4000063 certain procedural aspects,
title to the undivided share of
land relating to the flats owned
by Voltas Limited has not yet
been transferred in the name of
Voltas Limited.
Building 8.90 8.03 Universal Group Company 11 This building was acquired
Pantnagar Comfort September, pursuant to a scheme of
Products 2020 amalgamation and continued
Limited to be registered in the name of
amalgamating company.
However, the deed of merger has
been registered by the Company.
Land and 6.32 3.82 Allwyn Group Company 1 April, These properties were
Building Metal 1994 acquired pursuant to a
Sanathnagar Works Ltd scheme of amalgamation and
Hyderabad continued to be registered in
the name of amalgamating
Company. However, the deed
of merger has been registered
by the Company
Right of Building 0.23 0.23 Bombay Others 15 June, The said building was taken
use assets Voltas House, Port Trust 2017 on lease by Company
23 J N Heredia from Bombay Port Trust.
Marg, Ballard The Lease has expired on
Estate, June 14, 2017. The Company
Mumbai- has submitted an application
400001 for renewal (in accordance
with contractual right) of lease
on December 15, 2016.
Leasehold 2.56 2.56 Universal Group Company 11 This land was acquired
land Comfort September, pursuant to a scheme of
Pantnagar Products 2020 amalgamation and continued
However, the deed of merger
has been registered by the
Company.
204 Voltas Limited

(c) (i) Capital Work In Progress (CWIP) Ageing Schedule
As at 31 March, 2022
` in crores
Particulars <1 year 1-2 years 2-3 years > 3 years Total
(a) Projects in progress 57.27 1.45 0.45 0.12 59.29
(b) Projects temporarily suspended - - - - -
57.27 1.45 0.45 0.12 59.29
` in crores
(a) Projects in progress 3.49 2.61 2.71 - 8.81
3.49 2.61 2.71 - 8.81
5. INVESTMENT PROPERTY
` in crores
Freehold Land Buildings Total
As at 31 March, 2020 0.14 58.62 58.76
Additions - - -
Transfers in / (out ) - 12.02 12.02
As at 31 March, 2021 0.14 70.64 70.78
As at 31 March, 2020 - 13.42 13.42
Charge for the year - 1.14 1.14
As at 31 March, 2021 - 15.23 15.23
Net carrying amount as at 31 March, 2021 0.14 55.41 55.55
As at 31 March, 2021 0.14 70.64 70.78
Additions - - -
Disposals - 2.03 2.03
As at 31 March, 2022 0.14 69.56 69.70
As at 31 March, 2021 - 15.23 15.23
As at 31 March, 2022 - 16.38 16.38
Footnotes :
(1) The amount included in transfers in / (out) represents the assets transferred from Property, Plant and Equipment (PPE) to Investment
Property when it is held for the purpose of earning rental income / capital appreciation.

5. INVESTMENT PROPERTY (Contd.)
(2) Amount recognised in consolidated Statement of Profit and Loss in relation to investment properties are as follows:
` in crores
31 March, 2022 31 March, 2021
Rental income 24.40 32.31
Direct operating expenses (including repairs and maintenance) generating rental income 1.44 1.30
(net of recoveries)
Direct operating expenses (including repairs and maintenance) arising from investment 4.87 3.16
property that did not generate rental income
Profit from investment properties before depreciation and indirect expenses 18.09 27.85
Depreciation 1.09 1.14
Profit arising from investment properties before indirect expenses 17.00 26.71
(3) Fair Value of the Group’s investment properties are as follows :

` in crores
Particulars As at As at
31 March, 2022 31 March, 2021
Land 117.66 128.36
Building 696.05 682.94
813.71 811.30
The fair value of the investment properties have been derived using the market comparable approach (market value method / sale
comparison technique) based on recent market prices without any significant adjustments being made to the market observable data.
The valuation was carried out by an independent valuer registered and is a registered valuer as defined under rule 2 of Companies
(Registered Valuers and Valuation) Rules, 2017 . Accordingly, fair value estimates for investment properties are classified as level 3.
The Group has no restriction on the realisability of its Investment properties and no contractual obligation to construct and develop
investment properties.
6. RIGHT-OF-USE ASSETS
` in crores
Leasehold Land Leasehold Total Right-of-use
Buildings assets
As at 31 March, 2020 5.69 13.00 18.69
Additions - 4.74 4.74
Exchange differences on consolidation - (0.01) (0.01)
As at 31 March, 2021 5.69 17.73 23.42
As at 31 March, 2020 0.84 4.82 5.66
Charge for the year 0.06 4.43 4.49
As at 31 March, 2021 0.90 9.23 10.13
As at 31 March, 2021 5.69 17.73 23.42
Additions - 15.46 15.46
Exchange differences on consolidation - 0.02 0.02
As at 31 March, 2022 5.69 30.63 36.32
As at 31 March, 2021 0.90 9.23 10.13
As at 31 March, 2022 0.96 14.93 15.89
206 Voltas Limited

7. INTANGIBLE ASSETS
` in crores
Manufacturing Software Total Intangible
Rights & Technical Assets
Know- how
As at 31 March, 2020 10.04 58.74 68.78
As at 31 March, 2021 10.04 60.55 70.59
Amortisation
As at 31 March, 2020 10.04 49.26 59.30
As at 31 March, 2021 10.04 52.09 62.13
Net carrying amount as at 31 March, 2021 - 8.46 8.46
As at 31 March, 2021 10.04 60.55 70.59
Disposals 1.16 0.16 1.32
As at 31 March, 2022 8.88 62.56 71.44
Amortisation
As at 31 March, 2021 10.04 52.09 62.13
Disposals 1.16 0.16 1.32
As at 31 March, 2022 8.88 55.39 64.27
Footnotes:
` in crores
As at As at
31 March, 2022 31 March, 2021
(a) Goodwill generated on consolidation 72.31 72.31
(b) Movement in goodwill

Balance at the beginning of the year 72.31 72.31
Balance at the end of the year 72.31 72.31
(c) Allocation of Goodwill to Cash-Generating Units (CGU)
(i) The carrying value of the Goodwill pre-dominantly relates to Goodwill that arose on the acquisition of Universal MEP Projects
& Engineering Services Limited (formerly known as Rohini Industrial Electricals Limited, a wholly owned subsidiary) of
` 71.36 crores (31 March, 2021: ` 71.36 crores).
(ii) The Goodwill has been allocated for impairment, testing purposes to Segment-B (Electro-mechanical Projects and Services).
The Goodwill is tested annually for impairment, more frequently if there are any indications that Goodwill may be impaired.

7. INTANGIBLE ASSETS (Contd.)
(iii) The recoverable amount of Segment-B (Electro-mechanical Projects and Services) CGU has been determined using the value in
use calculation. The calculation uses five years projections based on the order book position. Value in use has been determined
based on future cashflows after considering current economic conditions and trends, estimated future operating results,
growth rates and anticipated future economic conditions.
(iv) Key assumptions for the value in use calculations includes:

- Discount rate in the range of 12.49% per annum (31 March, 2021: 11.20% per annum) was applied to arrive at present
value of the cash flows.
- Cash flows beyond five years have been extrapolated using a steady growth rate in the range of 5% per annum
(31 March, 2021: 5% per annum). This growth rate does not exceed the long-term average growth rate for this industry in India.
- Appropriate industrial beta has been applied (based on the comparative companies data) to arrive at the weighted
average cost of capital.
(v) The Management believes that no reasonable change in any of the key assumptions used in the value in use calculation would
cause the carrying value of the CGU to materially exceed its value in use.
8. INVESTMENTS
Currency Face As at 31 March, 2022 As at 31 March, 2021

Value No. ` in crores No. ` in crores
8 (i) Non- current Investments
A Investments in Associates & Joint Ventures
(Fully paid - Unquoted Investments; accounted as per
Equity Method)
1 Investments in Associate Companies
Brihat Trading Private Limited ` 10 3,352 * 3,352 *
Terrot GmbH, Germany (refer footnote 8(e)) EURO 1 - - 2,60,900 -
Naba Diganta Water Management Limited ` 10 47,97,000 9.38 47,97,000 9.22
9.38 9.22
2 Investments in Joint Ventures :
Voltas Water Solutions Private Limited (under ` 10 28,41,500 0.07 28,41,500 0.07
liquidation) (#)
Universal Voltas L.L.C., UAE AED 1,000 3,430 51.82 3,430 53.03
Olayan Voltas Contracting Company Limited, SR 100 50,000 - 50,000 0.25
Saudi Arabia
(including Share application money)
Voltbek Home Appliances Private Limited ` 10 50,32,34,900 204.87 41,01,34,900 220.68
Gross Investments in Joint Ventures 256.76 274.03
Less : Impairment in value of Investments (#) 0.07 0.07
256.69 273.96
Investments accounted as per Equity 266.07 283.18
Method
208 Voltas Limited

8. INVESTMENTS (Contd.)

B Other Investments
1 Investments in Subsidiary Companies
(at cost less impairment unless otherwise
stated):
Agro Foods Punjab Limited (Refer footnote 8 (a)) ` 100 2,80,000 - 2,80,000 -
(Beneficial rights transferred pending transfer of
shares)
Westerwork Engineers Limited (Under ` 100 9,600 1.09 9,600 1.09
Liquidation) (#)
Gross Investments in Subsidiary Companies 1.09 1.09
- -
2 Investments in Other Companies
(Investments at Fair Value through Other
Comprehensive Income) (Refer footnote 8 (d))
(a) Fully Paid Unquoted Equity Instruments
Lakshmi Ring Travellers (Coimbatore) Limited ` 10 1,20,000 34.55 1,20,000 40.64
Agrotech Industries Limited USD 1 3,67,500 - 3,67,500 -
Tata International Limited ` 1,000 15,000 33.90 15,000 33.90
Tata Services Limited (Refer footnote 8 (b)) ` 1,000 448 0.04 448 0.04
Tata Industries Limited (Refer footnote 8 (b)) ` 100 13,05,720 20.72 13,05,720 20.72
Tata Projects Limited (Refer footnote 8 (f )) ` 5 1,10,62,170 298.72 1,35,000 178.41
Premium Granites Limited ` 10 4,91,220 - 4,91,220 -
OMC Computers Limited ` 10 4,04,337 - 4,04,337 -
Avco Marine S.a.S, France EURO 10 1,910 - 1,910 -
Voltas Employees Consumers Co-operative ` 10 750 * 750 *
Society Limited
Saraswat Co-operative Bank Limited ` 10 10 * 10 *
Super Bazar Co-operative Stores Limited ` 10 500 * 500 *
387.93 273.71
(b) Fully Paid Quoted Equity Instruments
Lakshmi Automatic Loom Works Limited ` 10 6,15,200 - 6,15,200 -
Tata Chemicals Limited ` 10 2,00,440 19.54 2,00,440 15.06
Tata Consumer Products Limited ` 1 2,28,501 17.76 2,28,501 14.59
Lakshmi Machine Works Limited ` 10 5,79,672 558.20 5,79,672 393.54
Reliance Industries Limited (Refer footnote 8 (c)) ` 10 2,640 - 2,640 -
595.50 423.19
983.43 696.90
3 Investment in Preference Shares
Fully Paid UNQUOTED (at amortised cost):
Tata Capital Limited
7.50% Cumulative Redeemable Preference Shares ` 1,000 2,50,000 25.00 2,50,000 25.00
7.10% Cumulative Redeemable Preference Shares ` 1,000 2,50,000 20.00 2,50,000 20.00
7.33% Cumulative Redeemable Preference Shares ` 1,000 50,000 5.00 50,000 5.00
50.00 50.00


4 Investment in Unquoted Mutual funds (at 1,700.94 1,531.73
fair value through profit or loss)
5 (i) Investment in Debenture/Bonds
(at amortised cost)
Fully Paid QUOTED:
The Tata Power Company Limited
10.75% Non Convertible Debentures ` 10,00,000 - - 500 52.98
Rural Electrification Corporation Limited :
8.01% Tax Free Bonds ` 1,000 50,000 5.26 50,000 5.34
7.17% Tax Free Bonds ` 10,00,000 70 7.37 70 7.42
5.75% Tax Free Bonds ` 10,000 500 0.53 500 0.53
8.18% Tax Free Bonds ` 10,00,000 50 5.31 50 5.37
National Housing Bank
8.26% Tax Free Non Convertible ` 5,000 18,049 9.49 18,049 9.65
Debentures
Housing and Urban Development Corporation
Limited
8.51% Tax Free Bonds ` 1,000 1,50,000 15.84 1,50,000 16.13
7.07% Tax Free Bonds ` 10,00,000 50 5.30 50 5.33
Indian Railway Finance Corporation Limited
8.35% Tax Free Bonds ` 10,00,000 250 27.69 250 28.06
Tata International Limited
Tata Motors Finance Limited
11.50% Non Convertible Debentures ` 10,00,000 500 54.50 500 54.50
131.29 235.30
(ii) Investment in Debenture/Bonds (at fair
value through profit or loss)
TMF Holdings Limited
7.2962% Perpetual Non Convertible ` 10,00,000 500 49.39 - -
Debentures
49.39 -
6 Investment in Others
Government Securities ` * *
* *
Other Investments 2,915.05 2,513.93
Total : Non-current Investments - Net 3,181.12 2,797.11
Footnotes :
(i) Aggregate amount of quoted investments and 776.18 658.49
market value thereof
(ii) Aggregate amount of unquoted investments 2,406.10 2,139.78
(iii) Aggregate amount of impairment in value of 1.16 1.16
investments
210 Voltas Limited

Abbreviations for Currencies :
` : Indian Rupees SR : Saudi Riyal AED : United Arab Emirates Dirhams

RO : Omani Rial USD : United States Dollar EURO : European Union Currency
* value below ` 50,000/-
Footnotes:
8 (a) Under a loan agreement for ` 0.60 crore (fully drawn and outstanding) entered into between Agro Foods Punjab Limited (AFPL) and
the Punjab State Industrial Development Corporation Limited (PSIDC), the Group has given an undertaking to PSIDC that it will not
dispose off its shares in AFPL till the monies under the said loan agreement between PSIDC and AFPL remain due and payable by
AFPL to PSIDC. During 1998-99, the Group had transferred its beneficial rights in the shares of AFPL.
8 (b) For these unquoted investments categorised under Level 3, their respective cost has been considered as an appropriate estimate of
fair value because of a wide range of possible fair value measurements and cost represents the best estimate of fair value within that
range.
8 (c) In respect of the Group’s investment in 2,640 equity shares of Reliance Industries Limited, there is an Injunction Order passed by the
Court in Kanpur restraining the transfer of these shares. The share certificates are, however, in the possession of the Group. Pending
disposal of the case, dividend and fair value on these shares has not been recognised.
8 (d) Investments at Fair Value Through Other Comprehensive Income (FVTOCI) reflect investment in quoted and unquoted equity
securities. These equity shares are designated as FVTOCI as they are not held for trading purpose and are not in similar line of
business as the Group, thus disclosing their fair value change in profit and loss will not reflect the purpose of holding.
8 (e) During the year, on account of corporate actions including the announcement of fresh issue by Terrot GmbH, to which Company
had not made any subscription and accordingly, the Company shareholding has reduced to Nil. Therefore, Terrot GmbH is no longer
an associate of the Company.
8 (f ) During the year, face value of equity shares of Tata Projects Limited was split from ` 100/- each to face value of ` 5/- each. Further, the
Company has received 54,00,000 shares as bonus shares. Additionally, the Company has subsribed to the Rights issue of 29,62,170
equity shares at designated Rights issue price.
9. Current Investments
` in crores
A Investment in Debenture/Bonds (at amortised
cost)
Fully Paid QUOTED:
The Tata Power Company Limited ` 10,00,000 500 52.52 - -
10.75% Non Convertible Debentures
9.85% Non Convertible Debentures ` 10,00,000 500 50.57 - -
Tata Steel Limited
11.50% Perpetual Non Convertible Debentures ` 10,00,000 - - 292 29.21
Tata AIG General Insurance Co. Limited
Limited
8.10% Tax Free Bonds ` 1,000 - - 2,53,400 25.84
103.09 58.01

9. Current Investments (Contd.)
` in crores
B Investment in Unquoted Mutual funds (at fair 291.18 191.31
C Investment in Inter Corporate Deposits
(at amortised cost):
LIC Housing Finance Limited ` - 40.00 - -
Total Current investments 434.27 249.32

Footnotes :
(i) Aggregate amount of quoted investments and 103.09 58.01
(ii) Aggregate amount of unquoted investments 331.18 191.31
(iii) Aggregate amount of impairment in value of - -
investments
10. LOANS (NON-CURRENT) (AT AMORTISED COST)

` in crores
As at As at
31 March, 2022 31 March, 2021
Loans to Employees (Unsecured, considered good) 0.10 0.17
Total non-current loans 0.10 0.17
11. OTHER FINANCIAL ASSETS (NON-CURRENT)

(UNSECURED, CONSIDERED GOOD UNLESS OTHERWISE STATED) (AT AMORTISED COST)
` in crores
As at As at
31 March, 2022 31 March, 2021
(a) Security deposits 6.72 11.04
(b) Deposits with customers / others 4.67 5.42
(c) Fixed deposits with remaining maturity of more than 12 months 71.82 79.44
(d) Others 15.59 15.59
Less: Impairment Allowance 15.41 15.41
Total other financial assets (Non-current) 83.39 96.08
Footnotes :
(1) Break up of security details of other financial assets (non-current)
(i) Unsecured, considered good 83.39 96.08
(ii) Credit impaired 15.41 15.41
98.80 111.49
(2) Impairment Allowance
(i) Unsecured, considered good - -
15.41 15.41
212 Voltas Limited

12. DEFERRED TAX

(a) The following is the analysis of deferred tax assets / (liabilities) presented in the consolidated balance sheet :
` in crores
As at As at
31 March, 2022 31 March, 2021
(i) Deferred Tax Assets
Deferred tax assets 44.00 174.24
Deferred tax liabilities - (118.47)
Deferred Tax Assets (net) 44.00 55.77
(ii) Deferred Tax Liabilities
Deferred tax assets 141.81 -
Deferred tax liabilities (154.16) -
Deferred tax liabilities (net) (12.35) -
Reconciliation of deferred tax assets (net):
Opening balance 55.77 72.87
Tax income/(expense) during the period recognised in profit or loss 4.37 11.71
Tax income/(expense) during the period recognised in OCI (0.07) (21.68)
Adjusted against tax liability - (0.10)
Adjustment pursuant to amalgamation - (7.03)
Reclassified to deferred tax liabilities (16.08) -
Closing balance 44.00 55.77
Reconciliation of deferred tax liabilities (net):
Opening balance - (1.42)
Tax income/(expense) during the period recognised in profit or loss (5.27) -
Tax income/(expense) during the period recognised in OCI (23.16) -
Adjustment pursuant to amalgamation - 1.42
Reclassified from deferred tax assets 16.08 -
Closing balance (12.35) -
(b) The balance comprise temporary differences attributable to:
` in crores
As at Reclassifi- (Charged) / (Charged) / Adjusted As at
31 March, cation to credited to credited to against 31 March,
2021 deferred statement other compre- tax 2022
tax of profit hensive liability
liabilities and loss income
Provision for employee benefits (including 35.96 (35.85) 0.09 (0.07) - 0.13
Voluntary Retirement Scheme)
Allowance for receivables, loans and 96.23 (77.92) 7.02 - - 25.33
advances
Provision for contingencies and claims 8.55 (8.04) - - - 0.51
Unpaid statutory liabilities 3.31 (3.31) - - - -
Government Grant 1.70 (1.70) - - - -
Estimated Loss on Projects 1.15 (0.98) 0.79 - - 0.96
Unutilised brought forward loss and 6.79 - (6.41) - - 0.38
unabsorbed depreciation
MAT credit entitlement 13.58 - 2.73 - - 16.31
Free Maintenance services 6.06 (6.06) - - - -
Others 0.91 (0.86) 0.33 - - 0.38
Deferred Tax Assets 174.24 (134.72) 4.55 (0.07) - 44.00

12. DEFERRED TAX (Contd.)
` in crores
31 March, cation to credited to credited to against 31 March,
2021 deferred statement other compre- tax 2022
tax of profit hensive liability
liabilities and loss income
Property, plant and equipment and intangible (30.61) 30.78 (0.17) - - -
assets
Unrealised gains on fair valuation of (60.47) 60.47 - - - -
investments through Other Comprehensive
Income
Unrealised gains on fair valuation of Mutual (27.39) 27.39 - - - -
funds
Deferred Tax Liabilities (118.47) 118.64 (0.17) - - -
Deferred Tax Assets (net) 55.77 (16.08) 4.37 (0.07) - 44.00

` in crores
31 March, cation credited to credited to against 31 March,
2021 from statement other compre- tax 2022
deferred of profit hensive liability
tax assets and loss income
Provision for employee benefits (including - 35.85 (1.86) 4.38 - 38.37
Allowance for receivables, loans and - 77.92 (0.80) - - 77.12
advances
Provision for contingencies and claims - 8.04 2.80 - - 10.84
Unpaid statutory liabilities - 3.31 0.46 - - 3.77
Government Grant - 1.70 0.13 - - 1.83
Estimated Loss on Projects - 0.98 (0.20) - - 0.78
Free Maintenance services - 6.06 (0.33) - - 5.73
Others - 0.86 2.51 - - 3.37
Deferred Tax Assets - 134.72 2.71 4.38 - 141.81
Property, plant and equipment and intangible - (30.78) (1.02) - - (31.80)
assets
Unrealised gains on fair valuation of - (60.47) - (27.54) - (88.01)
investments through Other Comprehensive
Income
Unrealised gains on fair valuation of Mutual - (27.39) (6.96) - - (34.35)
funds
Deferred Tax Liabilities - (118.64) (7.98) (27.54) - (154.16)
Deferred Tax Liabilities (net) - 16.08 (5.27) (23.16) - (12.35)
214 Voltas Limited

(b) The balance comprise temporary differences attributable to: (contd.)

` in crores
As at Adjustment (Charged) (Charged) Adjusted As at
31 March, pursuant / credited / credited against 31 March,
2020 to amalga- to to other tax 2021
mation statement compre- liability
(Refer note of profit hensive
below) and loss income
Provision for employee benefits (including 38.63 0.10 (0.73) (2.04) - 35.96
Allowance for receivables, loans and advances 75.68 - 20.65 - (0.10) 96.23
Provision for contingencies and claims 7.82 - 0.73 - - 8.55
Unpaid statutory liabilities 3.61 - (0.30) - - 3.31
Government Grant - 1.39 0.31 - - 1.70
Estimated Loss on Projects 1.60 - (0.45) - - 1.15
Deferred Tax on unrealised profit 5.61 (5.61) - - - -
Unutilised brought forward loss and unabsorbed 16.94 - (10.15) - - 6.79
depreciation
MAT credit entitlement 8.91 - 4.67 - - 13.58
Free Maintenance services 5.17 - 0.89 - - 6.06
Others 0.27 - 0.64 - - 0.91
Deferred Tax Assets 164.24 (4.12) 16.26 (2.04) (0.10) 174.24
Property, plant and equipment and intangible (25.93) (2.91) (1.77) - - (30.61)
assets
Unrealised gains on fair valuation of investments (40.83) - - (19.64) - (60.47)
through Other Comprehensive Income
Unrealised gains on fair valuation of Mutual funds (24.61) - (2.78) - - (27.39)
Deferred Tax Liabilities (91.37) (2.91) (4.55) (19.64) - (118.47)
Deferred Tax Assets (net) 72.87 (7.03) 11.71 (21.68) (0.10) 55.77

` in crores
As at Adjustment (Charged) (Charged) Adjusted As at
31 March, pursuant / credited / credited against 31 March,
2020 to amalga- to to other tax 2021
mation statement compre- liability
(Refer note of profit hensive
below) and loss income
Provision for employee benefits 0.10 (0.10) - - - -
Government Grant 1.39 (1.39) - - - -
Deferred Tax Assets 1.49 (1.49) - - - -
Property, plant and equipment and intangible (2.91) 2.91 - - - -
assets
Deferred Tax Liabilities (2.91) 2.91 - - - -
Deferred Tax Liabilities (net) (1.42) 1.42 - - - -
Footnote :
Pursuant to amalgamation of Universal Comfort Products Limited (UCPL) with Voltas Limited, deferred tax liability (net) balances of
UCPL has been transferred to Voltas Limited.

13. OTHER NON-CURRENT ASSETS (UNSECURED, CONSIDERED GOOD UNLESS OTHERWISE STATED)
` in crores
As at As at
31 March, 2022 31 March, 2021
(a) Balance with Government Authorities 78.20 78.81
(b) Capital advances 23.09 38.78
(c) Advance to suppliers 1.07 1.07
(d) Others 6.07 4.16
Total other non-current assets 103.55 117.48
Footnote :-
Impairment Allowance :
(b) Advance to suppliers 0.99 1.07
(c) Others - 0.38
Total 4.88 5.34
14. INVENTORIES (AT LOWER OF COST AND NET REALISABLE VALUE)

` in crores
As at As at
31 March, 2022 31 March, 2021
(a) Raw materials and Components 567.29 363.77
(b) Work-in-progress 7.43 10.40
(c) Finished goods 597.63 365.62
(d) Stock-in-trade 488.66 539.45
(e) Stores and spares 0.38 0.36
Total Inventories 1,661.39 1,279.60
Inventories includes goods-in-transit:
(b) Finished goods - 2.08
(c) Stock-in-trade 144.21 9.88
Total goods-in-transit 193.77 100.61
Footnote :
Provision / (reversal) for write-down on value of inventory recognised in statement of (9.72) 28.48
profit and loss
15. CONTRACT ASSETS (CURRENT) (UNSECURED)

` in crores
As at As at
31 March, 2022 31 March, 2021
Amount due from customers under construction contracts 863.28 1,163.48
Contract assets (Current) (Net) 748.32 1,063.72
Footnotes :
(1) Break up of security details
(i) Unsecured, considered good 751.56 1,144.59
(ii) Contract assets - credit impaired 111.72 18.89
863.28 1,163.48
748.32 1,063.72
(2) Contract assets are initially recognised for revenue earned from electro mechanical projects contracts as receipt of consideration that
is conditional on successful completion of project milestone. Upon completion of milestone and acceptance/certification by the
customer, the amounts recognised as contract assets are reclassified to trade receivables. At 31 March, 2022, contract assets balances
have decreased as compared to 31 March, 2021 on account of certification of work by the customers.
216 Voltas Limited

16. TRADE RECEIVABLES (CURRENT) (AT AMORTISED COST) (UNSECURED)

` in crores
As at As at
31 March, 2022 31 March, 2021
Trade receivables 2,499.30 2,143.99
Trade receivables (net) 2,109.67 1,800.93
Footnotes :
(i) Unsecured, considered good 2,281.73 1,963.09
(ii) Trade Receivables - credit impaired 217.57 180.90
2,499.30 2,143.99
2,109.67 1,800.93
(2) Trade receivables has increased mainly on account of higher sales made in the month of March 2022 in unitary cooling for comfort
and commercial use segment compared to sales made in comparative month of March 2021.
(3) Trade receivables are non interest bearing and are generally on terms of 7 to 30 days in case of sale of products and in case of long
term construction contracts, payment is generally due upon completion of milestone as per terms of contract. In certain contracts,
short term advances are received before the performance obligation is satisfied.
(4) The Group applies the expected credit loss (ECL) model for measurement and recognition of impairment losses on trade receivables
and contract assets. The Group follows the simplified approach for recognition of impairment allowance on trade receivables
and contract assets. The application of the simplified approach does not require the Group to track changes in credit risk. Rather,
it recognises impairment allowance based on lifetime ECLs at each reporting date. ECL impairment loss allowance (or reversal)
recognised during the period is recognised in the Statement of Profit and Loss. This amount is reflected under the head ‘other
expenses’ in the Statement of Profit and Loss.
(5) Movement in impairment allowance on trade receivables and contract assets.
` in crores
As at As at
31 March, 2022 31 March, 2021
Allowances / (write back) during the year 93.49 135.83
Written off against past provision (31.72) (21.85)

218
16. TRADE RECEIVABLES (CURRENT) (AT AMORTISED COST) (UNSECURED) (Contd.)
(6) Trade receivables (Current) ageing :
` in crores
Voltas Limited
Particulars Not Due Outstanding for following periods from due date of payment Total
Less than 6 6 months 1-2 years 2-3 years More than
months - 1 year 3 Years
(i) Undisputed Trade Receivables - Considered Good 1,135.20 711.26 200.20 123.29 49.09 29.73 2,248.77
(ii) Undisputed Trade Receivables - Considered Doubtful - - - 0.87 52.08 136.52 189.47
(iii) Disputed Trade Receivables - Considered Good - - - 10.31 7.64 15.01 32.96
(iv) Disputed Trade Receivables - Considered Doubtful - - - - 0.14 27.96 28.10
Total : Trade receivables (Current) 1,135.20 711.26 200.20 134.47 108.95 209.22 2,499.30
` in crores
Less than 6 6 months 1-2 years 2-3 years More than
months - 1 year 3 Years
(i) Undisputed Trade Receivables - Considered Good 1,041.34 546.03 77.18 54.86 101.16 126.08 1,946.65
(iii) Disputed Trade Receivables - Considered Good - - - - - 16.44 16.44
(iv) Disputed Trade Receivables - Considered Doubtful - - - 0.22 16.28 44.34 60.84
Total : Trade receivables (Current) 1,041.34 546.03 77.18 56.78 144.13 278.53 2,143.99
17. CASH AND CASH EQUIVALENTS

` in crores
As at As at
31 March, 2022 31 March, 2021
Cash on hand 0.73 0.02
Cheques on hand 14.77 13.97
Remittance in-transit - 0.07
Balances with banks
- On current accounts 478.39 418.06
- Fixed deposits with maturity less than 3 months 65.01 16.03
Total Cash and cash equivalents 558.90 448.15
Footnotes :
(a) The changes in liabilities arising from financing activities.
` in crores
Borrowings Lease Liabilities
Cash flows 91.79 (8.70)
New leases - 15.46
Foreign exchange management * -
Accretion of interest - 1.67
* less than Rs.50,000/-
(b) At 31 March, 2022, the Group had available ` 1,130.51 crores (31 March, 2021: ` 756.36 crores) of undrawn committed borrowing facilities.
Sanction limits of domestic operations are secured against inventories, receivables and other current assets.
18. OTHER BALANCES WITH BANKS

` in crores
As at As at
31 March, 2022 31 March, 2021
Earmarked balances - unpaid dividend Accounts 7.79 7.73
Margin money 4.98 2.91
Total Other Bank balances 12.77 10.64
Footnote :
Margin money deposit is against bank guarantee given to Government authorities.
19. LOANS (CURRENT) (AT AMORTISED COST)

` in crores
As at As at
31 March, 2022 31 March, 2021
Loans to employees (Unsecured, considered good) 3.09 2.13
Total loans (Current) 3.09 2.13

20. OTHER FINANCIAL ASSETS (CURRENT)
(UNSECURED, CONSIDERED GOOD UNLESS OTHERWISE STATED)
(AT AMORTISED COST)
` in crores
As at As at
31 March, 2022 31 March, 2021
(b) Interest accrued 5.30 10.51
(c) Fixed deposits with remaining maturity of less than12 months 0.04 38.13
(d) Others
- Considered good 54.33 40.51
- Credit impaired 6.35 4.84
Total other financial assets (Current) 79.85 108.98
21. OTHER CURRENT ASSETS

` in crores
As at As at
31 March, 2022 31 March, 2021
(c) Gratuity fund (Refer Note 46) - 9.95
(d) Prepaid expense 34.94 22.03
(e) Others
Total other current assets 270.96 225.94
22. SHARE CAPITAL

` in crores
As at As at
31 March, 2022 31 March, 2021
Authorised:
1,10,00,00,000 (31 March, 2021: 1,10,00,00,000) Equity Shares of ` 1/- each 110.00 110.00
40,00,000 ( 31 March, 2021: 40,00,000) Preference Shares of ` 100/- each 40.00 40.00
150.00 150.00
Issued, Subscribed and Paid up:
33,08,84,740 (31 March, 2021: 33,08,84,740) Equity Shares of ` 1/- each 33.09 33.09
Less :Calls-in-Arrears [1,22,500 shares (31 March, 2021: 1,22,500 shares) 0.01 0.01
[Refer footnote 22 (d)]
Total share capital 33.08 33.08
Footnotes:
Terms / Rights attached to equity shares
(a) The Company has one class of equity shares having a par value of Re.1 per share. Each shareholder is eligible for one vote per
share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders at the ensuing Annual
General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the
remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding and are subject to
preferential rights of the Preference Shares (if issued).
220 Voltas Limited

22. SHARE CAPITAL (Contd.)
(b) A reconciliation of the number of shares outstanding at the beginning and at the end of the reporting period :
Equity Share Capital

As at 31 March, 2022 As at 31 March, 2021
Numbers ` in crores Numbers ` in crores
Shares outstanding at the beginning of the year 33,08,84,740 33.08 33,08,84,740 33.08
Shares outstanding at the end of the year 33,08,84,740 33.08 33,08,84,740 33.08
(c) Details of equity shares held by shareholders holding more than 5% shares in the Company:
Name of Shareholder Class of Equity Share Capital

Shares As at 31 March, 2022 As at 31 March, 2021
No. of % of Holding No. of % of Holding
Shares held Shares held
Tata Sons Private Limited Equity 8,81,31,780 26.64 8,81,31,780 26.64
(d) As per the records of the Company, no calls remained unpaid by the Directors and Officers of the Company as on 31 March, 2022
(31 March, 2021 : Nil).
(e) Details of shares held by promoter / promoter group*
Description As at 31 March, 2022

Name of the promoter / No. of Change No. of shares % of %
promoter group* shares at the during at the end of Total change
beginning of the the year Shares during
the year year the year
Equity shares of ` 1 each fully paid Tata Sons Private Limited 8,81,31,780 - 8,81,31,780 26.64% -
Tata Investment 99,62,330 - 99,62,330 3.01%
Corporation Limited*
Ewart Investments 19,25,950 - 19,25,950 0.58%
Limited*
The Tata Power Company 2,33,420 - 2,33,420 0.07%
Limited*
Total 10,02,53,480 - 10,02,53,480 30.30% -

Tata Investment 99,62,330 - 99,62,330 3.01%
Limited*
Limited*
Total 10,02,53,480 - 10,02,53,480 30.30% -

23. OTHER EQUITY
` in crores
As at As at
31 March, 2022 31 March, 2021
(1) Capital Reserve 13.72 14.25
(2) Capital Redemption Reserve 1.26 1.26
(3) Securities Premium 4.77 4.77
(4) Capital Reserve on Consolidation - -
(5) General Reserve 1,438.15 1,418.15
(6) Staff Welfare Reserve 0.01 0.01
(7) Exchange difference on translation of foreign operations through other 39.35 34.40
comprehensive income
(8) Legal Reserve 2.72 2.68
(9) Equity instruments fair value through other comprehensive income 805.85 626.85
(10) Retained Earnings 3,160.65 2,857.90
Total other equity 5,466.48 4,960.27
Movements in Other Equity
` in crores
As at As at
31 March, 2022 31 March, 2021
(1) Capital Reserve
- As per last Balance Sheet 14.25 1.56
- Transfer from capital reserve on consolidation - 12.69
- (-) Transferred to retained earnings on divestment of subsidiary 0.53 -
- Closing Balance 13.72 14.25
(2) Capital Redemption Reserve
(3) Securities Premium
- Share issue expenses of a subsidiary company - 1.51
(4) Capital Reserve on Consolidation
- As per last Balance Sheet - 12.69
- Transfer to capital reserve - 12.69
- Closing Balance - -
(5) General Reserve
- As per last Balance Sheet 1,418.15 1,398.15
- Transfer from retained earnings 20.00 20.00
- Closing Balance 1,438.15 1,418.15
(6) Staff Welfare Reserve
(7) Exchange difference on translation of foreign operations through other
comprehensive income
- Add / (less) : Exchange gain / (loss) on translation of foreign operations 4.95 (4.65)
(8) Legal Reserve
- Transfer from retained earnings 0.04 -
222 Voltas Limited

23. OTHER EQUITY (Contd.)
` in crores
As at As at
31 March, 2022 31 March, 2021
(9) Equity instruments fair value through other comprehensive income
- Changes during the year 179.00 322.54
(10) Retained earnings
(a) As per last Balance Sheet 2,857.90 2,481.14
(b) Additions :
- Net Profit for the year 504.09 525.14
- Transferred from capital reserve on divestment of subsidiary 0.53 -
- Transfer from other comprehensive income (Net of tax) - 3.97
504.62 529.11
(c) Deductions :
- Dividend 166.06 132.35
- Transfer to Legal Reserve 0.04 -
- Transfer from other comprehensive income (Net of tax) 15.77 -
- Transfer to General Reserve 20.00 20.00
201.87 152.35
Closing Balance 3,160.65 2,857.90
DISTRIBUTION MADE AND PROPOSED

` in crores
As at As at
31 March, 2022 31 March, 2021
Cash Dividends on Equity Shares declared and paid:
Dividend for the year ended 31 March, 2021: ` 5.00 per share 165.44 132.35
(31 March, 2020: ` 4.00 per share)
165.44 132.35
Proposed Dividend on Equity Shares:
(31 March, 2021: ` 5.00 per share)
181.99 165.44
Footnotes : Nature and purpose of reserves

Capital Reserve :
Capital Reserve was created from capital surplus on sale of assets and on amalgamation of subsidiary.
Capital Redemption Reserve :
Capital Redemption Reserve is created out of profit available for distribution towards redemption of Preference shares. This reserve can be
used for the purpose of issue of Bonus shares.
Securities Premium :
Securities Premium represents the surplus of proceeds received over the face value of shares, at the time of issue of shares. This reserve
can be utilised only for limited purposes such as issuance of bonus shares in accordance with the provisions of the Companies Act, 2013.

Capital Reserve on Consolidation :

Capital Reserve on Consolidation represents the additional net assets received by the Parent Company on purchase of stake in Subsidiary.
Pursuant to the Scheme of Merger, as approved by the National Company Law Tribunal, Mumbai, on 11th September, 2020, Universal
Comfort Products Limited (‘UCPL’), a wholly owned subsidiary company, has been merged with Voltas Limited, the Parent Company,
effective the appointed date of 1 April, 2019. Accordingly, capital reserve on consolidation created on consolidation of UCPL in earlier
period has been transferred to capital reserve.
General Reserve :
General Reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the General Reserve is
created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the
General Reserve will not be reclassified subsequently to statement of profit and loss.
Exchange difference on translation of foreign operations through other comprehensive income :
For the purpose of consolidation of subsidiaries with the financial statement of the holding company, income and expenses are translated
at average rates and the assets and liabilities are stated at closing rate. Use of such different rates for translation gives rise to exchange
differences which is accumulated in Foreign Currency Translation Reserve. The movement in this reserve is due to fluctuation in exchange
rates of currencies during 2021-22. On disposal of a foreign operation, the component of OCI relating to that particular foreign operation
is recognised in the Statement of profit and loss.
Legal Reserve :
In case of some foreign subsidiaries, an amount equal to 10% of the annual net profit is transferred to Legal Reserve in compliance with
requirement of local laws. This reserve is not available for distribution.
Equity instruments fair value through other comprehensive income :
The Group has elected to recognise changes in the fair value of certain investments in equity securities in other comprehensive income.
These changes are accumulated within the FVTOCI equity investments reserve within equity. The Group transfers amounts from this
reserve to retained earnings when the relevant equity securities are derecognised.
Retained Earnings :
The balance in the Retained Earnings primarily represents the surplus after payment of dividend and transfer to reserves.
24. CONTRACT LIABILITIES (NON-CURRENT)
` in crores
As at As at
31 March, 2022 31 March, 2021
Unexpired service contracts 3.51 0.64
Total Contract liabilities (Non-Current) : 3.51 0.64
25. LEASE LIABILITIES (NON-CURRENT)
` in crores
As at As at
31 March, 2022 31 March, 2021
Unsecured
Lease Liabilities (Refer Note 55) 12.68 5.66
Total lease liabilities 12.68 5.66
224 Voltas Limited

26. OTHER FINANCIAL LIABILITIES

` in crores
As at As at
31 March, 2022 31 March, 2021
Non-current
(i) Employee's payable - Voluntary Retirement Scheme 14.89 18.68
(ii) Others - 0.73
Total other non-current financial liabilities 14.89 19.41
27. PROVISIONS (NON-CURRENT)

` in crores
As at As at
31 March, 2022 31 March, 2021
Provision for employee benefits :
(i) Provision for gratuity (Refer Note 46) 57.72 46.13
(ii) Pension obligations (Refer Note 46) 39.56 37.87
(iii) Provision for compensated absences 0.22 0.18
(iv) Post retirement medical benefits (Refer Note 46) 5.53 5.73
Total non-current provisions : 103.03 89.91
28. OTHER NON-CURRENT LIABILITIES

` in crores
As at As at
31 March, 2022 31 March, 2021
Deferred Government Grant 6.32 6.32
Total other non-current liabilities 6.32 6.32
Footnote :
Government grants have been received for the purchase of certain items of property, plant and equipment. There are no unfulfilled
conditions or contingencies attached to these grants
29. CONTRACT LIABILITIES (CURRENT)

` in crores
As at As at
31 March, 2022 31 March, 2021
(a) Advances received from customers 200.27 222.48
(b) Unexpired service contracts 9.19 8.19
(c) Billing in excess of contract revenue 144.73 190.88
Total Contract liabilities (Current) : 354.19 421.55
Footnote :
Contract liabilities as at 31 March, 2022 are lower on account of execution in the projects, for which billing made in previous year was in
excess of contract revenue, resulting in recognition of revenue against which these excess billing were adjusted in current year.

30. BORROWINGS (AT AMORTISED COST) (CURRENT)
` in crores
As at As at
31 March, 2022 31 March, 2021
Secured
(a) Term loans from Banks 155.43 113.69
(b) Working Capital loans from Banks 187.76 137.71
Total borrowings 343.19 251.40
Footnotes:
(i) Term loans and working capital loans are secured against assignment of Contract dues on overseas projects.
(ii) Term loans are repayable within a period of 180 days.
(iii) Term loans from banks carry an average interest rate of 4.00% to 5.25% (31 March, 2021 : 4.50% to 5.50%)
(iv) Working capital loans from banks are repayable on demand.
(v) Working capital loans from banks carry an average interest rate of 1.35% to 5.75% (31 March, 2021 : 1.60% to 9.00%).
30A LEASE LIABILITIES (CURRENT)
` in crores
As at As at
31 March, 2022 31 March, 2021
Unsecured
31. TRADE PAYABLES
` in crores
As at As at
31 March, 2022 31 March, 2021
Trade payables :
(i) Total outstanding dues of micro and small enterprises 144.19 160.42
(ii) Total outstanding dues of creditors other than micro and small enterprises 2,797.86 2,304.11
Total trade payables 2,942.05 2,464.53
Footnotes :
(a) Trade payables are non interest bearing and are normally settled on 30 days to 365 days credit term.
226 Voltas Limited

31. TRADE PAYABLES (Contd.)
(b) Trade payables ageing :
` in crores
Particulars Unbilled Not Due Outstanding for following periods from due Total
date of payment
corporate overview
Less than 1 1-2 years 2-3 years More than

year 3 years
(i) MSME - 69.47 69.21 2.37 1.45 1.69 144.19
(ii) Others 59.32 1,631.01 904.94 56.85 51.17 92.69 2,795.98
(iii) Disputed dues – MSME - - - - - - -
(iv) Disputed dues - Others - - - - 0.42 1.46 1.88
statutory reports
Total 59.32 1,700.48 974.15 59.22 53.04 95.84 2,942.05
` in crores
date of payment
year 3 years
(i) MSME - 95.60 57.50 3.10 1.71 2.51 160.42

(ii) Others 41.47 1,135.67 879.98 108.53 44.78 91.79 2,302.22
(iv) Disputed dues - Others - - - 0.41 0.16 1.32 1.89
Total 41.47 1,231.27 937.48 112.04 46.65 95.62 2,464.53

227
32. OTHER FINANCIAL LIABILITIES (CURRENT) (AT AMORTISED COST)
` in crores
As at As at
31 March, 2022 31 March, 2021
(a) Deposits received from customers / others 30.47 39.44
(b) Interest accrued but not due on borrowings 0.39 0.24
(c) Payable for capital goods 9.95 2.05
(d) Unpaid dividends 7.79 7.73
(e) Rebate to customers 48.02 36.33
(f ) Employee's payable - Voluntary Retirement Scheme 5.91 6.61
(g) Other financial liabilities 1.01 2.12
Total other financial liabilities 103.54 94.52
33. PROVISIONS
` in crores
As at As at
31 March, 2022 31 March, 2021
(a) Provision for employee benefits
(b) Provision for Trade Guarantees 63.76 46.98
(c) Provision for Contingencies for tax matters 44.57 33.46
Total provision (current) 158.85 119.55
Footnotes :
A. Provisions for trade guarantees
Additional provisions recognised 53.94 51.22
Less : Utilisation 33.47 36.06
Less : Reversal 3.69 8.00
B. Provision for Contingencies for tax matters

Addition 11.38 3.16
228 Voltas Limited

34. OTHER CURRENT LIABILITIES

` in crores
As at As at
31 March, 2022 31 March, 2021
(a) Statutory obligations 87.72 71.93
(b) Others 1.12 1.11
Total other current liabilities 88.84 73.04
35. REVENUE FROM OPERATIONS

` in crores
Year ended Year ended
31 March, 2022 31 March, 2021
Revenue from contracts with customers :
(a) Sale of products 4,581.41 4,029.92
(b) Construction contract revenue 2,395.87 2,784.34
(c) Sale of services 863.79 642.29
7,841.07 7,456.55
Other operating income :
(1) Unclaimed credit balances / provision written back 9.79 19.65
(2) Sale of scrap 16.15 6.72
(3) Government grant 10.86 15.35
(4) Business Support Services 56.49 57.42
(5) Others 0.09 0.09
93.38 99.23
Total revenue from operations 7,934.45 7,555.78
36. OTHER INCOME

` in crores
31 March, 2022 31 March, 2021
(a) Dividend Income
- From equity investments measured at FVTOCI 5.02 4.52
- From mutual funds investments measured at FVTPL - 0.31
(b) Interest Income
- On sundry advances, deposits, customers’ balances, etc. 28.68 0.03
- On deposits with banks 2.82 4.17
- On Income-tax refunds 1.17 8.82
- On financial instruments measured at amortised cost 26.51 26.72
(c) Gain on sale / fair valuation of financial assets measured at FVTPL 81.09 95.57
(d) Gain on sale / disposal of property, plant and equipment (net) - 0.66
(e) Exchange differences (Net) 8.85 -
(f ) Rental income 24.40 32.31
(g) Other non-operating income 10.65 15.75
Total other income 189.19 188.86

37. CHANGES IN INVENTORIES OF FINISHED GOODS, STOCK-IN-TRADE AND WORK-IN-PROGRESS
` in crores
31 March, 2022 31 March, 2021
Inventories at the end of the year :
- Finished Goods including stock-in-trade 1,086.29 905.07
- Work-in-progress 7.43 10.40
1,093.72 915.47
Inventories at the beginning of the year :
- Finished Goods including stock-in-trade 905.07 1,188.24
915.47 1,194.77
Net (increase) / decrease (178.25) 279.30
38. EMPLOYEE BENEFITS EXPENSES

` in crores
31 March, 2022 31 March, 2021
(a) Salaries, Wages and Bonus 568.22 553.41
(b) Contribution to Provident and other Funds 25.51 24.82
(c) Staff Welfare expenses 23.89 23.45
Total employee benefits expenses 617.62 601.68
39. FINANCE COSTS

` in crores
31 March, 2022 31 March, 2021
Interest expense
(a) on borrowings from banks and others 22.67 21.42
(b) on delayed payment of income tax 1.52 3.67
(c) on lease liabilities 1.68 1.06
Total finance costs 25.87 26.15
230 Voltas Limited

40. DEPRECIATION AND AMORTISATION EXPENSES

` in crores
31 March, 2022 31 March, 2021
(a) Depreciation on property, plant and equipment 25.63 25.07
(b) Amortisation on intangible assets 3.35 3.19
(c) Depreciation on investment property 1.09 1.14
(d) Depreciation on Right-of-use assets 7.19 4.49
Total Depreciation and amortisation expenses 37.26 33.89
41. OTHER EXPENSES

` in crores
31 March, 2022 31 March, 2021
(a) Consumption of Stores and Spares 4.27 4.78
(b) Power and Fuel 11.95 9.69
(c) Rent 27.00 40.21
(d) Repairs to Buildings 1.50 1.01
(e) Repairs to Plant and Machinery 11.95 10.41
(f ) Insurance charges 14.82 14.21
(g) Rates and Taxes 6.59 2.51
(h) Travelling and Conveyance 39.77 37.93
(i) Payment to Auditors 4.47 4.30
(j) Legal and Professional fees 25.07 25.42
(k) Bad and Doubtful Debts / Advances (Refer Note 42) 93.49 140.03
(l) Loss on sale of property, plant and equipment 1.14 -
(m) Exchange differences (Net) - 15.96
(n) Corporate Social Responsibility (CSR) 12.94 11.71
(o) Outside service charges 115.97 119.73
(p) Clearing charges 74.46 73.09
(q) Freight and forwarding charges 121.65 81.05
(r) Commission on sales 16.36 8.07
(s) Advertising 33.05 20.88
(t) Printing and stationery 11.63 12.10
(u) Miscellaneous expenses 110.54 101.19
Total other expenses 738.62 734.28

42. Bad and Doubtful Debts / Advances
` in crores
31 March, 2022 31 March, 2021
(a) Expected credit loss for contract assets and trade receivables 93.49 135.83
(b) Allowance for doubtful debts and advances - 4.20
Total 93.49 140.03
43. INCOME TAX

Reconciliation of tax expense and the accounting profit multiplied by India’s domestic tax rate for the year ended 31 March, 2022 and
31 March, 2021
` in crores
31 March, 2022 31 March, 2021
Indian statutory income tax rate 25.17% 25.17%
Income-tax expense at India’s statutory income tax rate 175.50 178.49
Effect of adjustments to reconcile the expected tax expense to reported income tax
expense:
Effect of exempt income (2.85) (2.78)
Effect of unused tax losses 27.41 23.04
Effect of non-deductible expenses 5.59 3.50
Effect of income which is taxed at special rates (11.01) (15.27)
Adjustment of tax relating to earlier periods (1.41) -
Effect of different tax rates in the components 0.17 (5.24)
Others (2.10) (1.32)
191.30 180.42
44. EARNINGS PER SHARE
` in crores
31 March, 2022 31 March, 2021
(a) Profit attributable to Equity shareholders - ( ` in crores) 504.09 525.14
(b) Weighted average number of Equity Shares Outstanding 33,08,84,740 33,08,84,740
(c) Earnings Per Share (`) - Basic and Diluted (Face value ` 1/- per share) 15.23 15.87
232 Voltas Limited

45. COMMITMENTS AND CONTINGENCIES

(A) Commitments :
` in crores
As at As at
31 March, 2022 31 March, 2021
(i) Estimated amount of contracts remaining to be executed on capital account 101.13 29.48
and not provided for
(ii) As per the E-Waste (Management) Rules, 2016, as amended, the Group has an obligation to complete the Extended Producer
Responsibility targets, only if it is a participant in the market during a financial year. The obligation for a financial year is
measured based on sales made in the preceding 10th year and the Group has fulfilled its obligation for the current financial
year. In accordance with Appendix B of Ind AS 37, ‘Provisions, Contingent Liabilities and Contingent Assets’, the Group will have
an e-waste obligation for future years, only if it participates in the market in those years.
(B) Financial Guarantee

The Group has issued financials guarantees to banks on behalf of and in respect of loan facility availed by its subsidiary and
joint venture companies
` in crores
As at As at
31 March, 2022 31 March, 2021
(i) Limits (Fund and Non Fund based) 2,316.79 1,963.91
(ii) Against which outstanding balance 435.25 897.22
(C) Contingent liabilities:

Claims against the Group not acknowledged as debts
` in crores
As at As at
31 March, 2022 31 March, 2021
(i) Sales tax / Vat matters 136.66 178.55
(ii) Service tax matters 18.38 18.40
(iii) Excise matters 19.89 19.89
(iv) Contractual matters in the course of business 67.55 69.77
(v) Customs duty matters 1.14 1.14
(vi) Guarantees for terminated contract 345.61 336.78
(vii) Income tax matters 14.78 14.76
604.01 639.29
(D) There are numerous interpretative issues relating to the Supreme Court (SC) judgment on PF dated 28 February, 2019. As
a matter of caution, the Group has made a provision on a prospective basis from the date of the SC order. The Group will
update its provision, on receiving further clarity on the subject.
46. EMPLOYEE BENEFITS

The Company has defined benefit Gratuity, Post retirement medical benefits, Pension plans and Trust managed Provident fund plan
as given below:
(i) Gratuity
Every employee who has completed five years of services, is entitled to Gratuity benefits. The Gratuity plan for Indian employees is
governed by the Payment of Gratuity Act, 1972. The Gratuity plan provides lumpsum payments to vested employees at retirement,
death while in employment, or termination of employment being an amount equivalent to 15 days salary for each completed year of
service. The Company also provides similar Gratuity benefits to overseas employee. The Gratuity plan for Indian employees is funded
and for overseas employees is unfunded.

234
46. EMPLOYEE BENEFITS (Contd.)
(ii) Post Retirement Medical Benefits (PRMB)

PRMB scheme is eligible for all those employees who are above management staff grade and have joined on or before 31 December, 2015.The scheme is non-funded.
Voltas Limited
(iii) Pension plans
Pension plan benefit are provided to past Executive Directors and their specified relatives after completion of the services with the Company or Tata Group. The scheme
is non- funded.
(a) The following table summaries the components of net benefit expenses recognised in statement of profit or loss, other comprehensive income, the funded status
and amount recognised in the balance sheet for the respective plans as on the reporting dates:
` in crores
Gratuity funded Gratuity unfunded Pension Post retirement
medical benefits
2021-22 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 2020-21
Current service cost 3.40 3.69 7.75 9.30 - - 0.19 0.22
Net interest expense (0.69) (0.83) 1.57 1.33 2.88 2.45 0.42 0.48
Components of defined benefit costs recognised in 2.71 2.86 9.32 10.63 2.88 2.45 0.61 0.70
profit or loss
Remeasurement on the defined benefit plans:
Return on plan assets (2.13) (1.72) - - - - - -
Actuarial (gains) / losses arising from changes in (0.04) - - (0.16) 2.96 - 0.50 -
demographic assumptions
Actuarial (gains) / losses arising from changes in financial 9.70 (3.85) 10.15 (3.98) (1.28) (0.46) (0.18) (0.07)
assumptions
Actuarial (gains) / losses arising from experience 0.52 (3.95) (1.19) 3.38 0.71 6.73 (0.13) (1.31)
adjustments
Components of defined benefit costs recognised in 8.05 (9.52) 8.96 (0.76) 2.39 6.27 0.19 (1.38)
other comprehensive income
Change in benefit obligation
Opening defined benefit obligation 40.20 44.49 51.95 54.60 41.37 35.90 6.06 7.05
Interest cost 2.79 3.03 1.57 1.33 2.88 2.45 0.42 0.48
Remeasurement (gains)/losses:
Actuarial (gains) / losses arising from changes in (0.04) - - (0.16) 2.96 - 0.50 -
demographic assumptions
` in crores
medical benefits
2021-22 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 2020-21
corporate overview
Actuarial (gains)/losses arising from changes in financial 9.70 (3.85) 10.15 (3.98) (1.28) (0.46) (0.18) (0.07)
assumptions
Actuarial (gains)/losses arising from experience 0.52 (3.95) (1.19 ) 3.38 0.71 6.73 (0.13) (1.31)
adjustments
Transfer of obligation from Gratuity unfunded to Gratuity 0.05 0.31 - (0.31) - - - -
funded (refer footnote below)
Exchange differences on foreign plans - - 2.19 (2.76) - - - -
Benefits paid (5.19) (3.52) (10.07 ) (9.45) (3.52) (3.25) (1.04) (0.31)
statutory reports
Closing defined benefit obligation 51.43 40.20 62.35 51.95 43.12 41.37 5.82 6.06
Footnote:
On amalgamation of UCPL with the Company, employees covered under unfunded gratuity plan of erstwhile UCPL are now covered as part of gratuity funded
plan of the Company.
Change in plan assets
Opening fair value of plan assets 50.14 56.91

Interest income 3.49 3.86
Remeasurement gain / (losses):

Return on plan assets 2.13 1.72
Contributions from the employer (3.98) (8.82)
Benefits paid (5.19) (3.53)
Closing fair value of plan assets 46.59 50.14
The amount included in the Balance Sheet arising from the entity’s obligation in respect of its defined benefit plans are as follows:
` in crores
medical benefits
2021-22 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 2020-21
Present value of funded defined benefit obligation (51.43) (40.20) (62.35) (51.95) (43.12) . (5.82) (6.06)
Fair value of plan assets 46.59 50.14 - - - - - -

Net (liability) / asset arising from defined benefit (4.84) 9.94 (62.35) (51.95) (43.12) - (5.82) (6.06)
obligation
235
236
(b) The major categories of plan assets as a percentage of total plan:
` in crores
Voltas Limited
Category of investments: Gratuity funded
As at As at
31 March, 31 March,
2022 2021
Government of India securities 56% 45%
Corporate bonds 33% 45%
Mutual funds 8% 6%
Others (Interest accrued, Balances with banks) 3% 4%
100% 100%
(c) The principal assumptions used for the purposes of the actuarial valuations are as follows.

medical benefits
As at As at As at As at As at As at As at As at
31 March, 31 March, 31 March, 31 March, 31 March, 31 March, 31 March, 31 March,
2022 2021 2022 2021 2022 2021 2022 2021
% % % % % % % %
Discount rate 6.85% and 6.49% and 3.00% to 2.00% to 7.33% 6.96% 7.33% 6.96%
7.33% 6.96% 3.20% 3.10%
Attrition Rate 1.00% - 1.00% - 2% to 28% 2% to 25% 1.00% 1.00% 1.00% 1.00%
12.00% 12.00%
Mortality Rate Indian Indian Indian Indian Indian Indian Indian Indian
Assured Assured Assured Assured Assured Assured Assured Assured
Lives Lives Lives Lives Lives Lives Lives Lives
Mortality Mortality Mortality Mortality Mortality Mortality Mortality Mortality
2012-14 ( 2006-08) 2012-14 ( 2006-08) 2012-14 ( 2006-08) 2012-14 ( 2006-08)
(Urban) Ultimate (Urban) Ultimate (Urban) Ultimate (Urban) Ultimate
Expected rate of salary Increase / pension escalation / 8.00% 5.00% 4.00% 0% to 6.00% 6.00% 5.00% 5.00%
medical cost inflation 3.00%
(d) A quantitative sensitivity analysis for significant assumptions are as follow:
` in crores
medical benefits
corporate overview

2022 2021 2022 2021 2022 2021 2022 2021
Projected benefit obligations on current assumptions 51.43 40.20 62.35 51.95 43.12 41.37 5.82 6.06
+1% increase in discount rate (4.27) (3.03) (6.15) (4.55) (3.15) (3.35) (0.13) (0.13)
-1% decrease in discount rate 4.97 3.50 7.33 5.39 3.63 3.88 0.17 0.18
+ 1% increase in salary/pension/medical cost inflation 4.79 3.33 7.19 5.39 3.64 3.85 0.13 0.14
-1% decrease in salary/pension/medical cost inflation (1.75) (0.91) (6.16) (4.61) (3.21) (3.38) (0.13) (0.14)
+1% increase in rate of employee turnover (0.22) 0.55 (0.45) 0.40 NA NA (0.03) (0.04)
statutory reports
-1% decrease in rate of employee turnover 0.25 (0.62) 0.51 (0.50) NA NA 0.03 0.03
The above sensitivity analysis may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in assumptions
would occur in isolation of one another as some of the assumptions may be correlated.
Further, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has been calculated using the projected unit credit
method at the end of the reporting period, which is the same as that applied in calculating the defined benefit obligation liability recognised in the balance sheet.
The expected maturity analysis of undiscounted defined benefit obligation (Funded and Unfunded) is as follows:
` in crores
medical benefits
2022 2021 2022 2021 2022 2021 2022 2021
Within 1 year 3.80 3.88 4.51 6.21 3.56 3.50 0.29 0.33
Between 1 and 2 years 2.09 1.29 2.71 2.40 3.63 3.55 0.30 0.35
Beyond 5 years 33.49 24.22 45.22 33.68 24.81 23.49 4.23 4.26
The contribution expected to be made by the Company during the financial year 2021-22 is ` 6.00 crores (31 March, 2021 : ` 6.00 crores).

The average duration of the defined benefit plan obligation at the end of the reporting period is 11 years (31 March, 2021 : 10 years).
237
(iv) Provident Fund

Contribution to Provident Fund is made to trusts administered by the Company. In terms of guidance note issued by the Institute of
Actuaries of India, the Actuary has provided a valuation of Provident fund liability based on the assumptions listed and determined
that there is no shortfall as at 31 March, 2022.
The details of the fund and plan assets position are as follows:
` in crores
As at As at
31 March, 2022 31 March, 2021
Fair value of plan assets 323.55 313.38
Present value of defined obligation 316.17 307.72
Contribution during the year (Employee and Employer Contribution) 30.09 29.31
The principal assumptions used for the purposes of the actuarial valuations are as follows:
As at As at
31 March, 2022 31 March, 2021
% %
Guaranteed Interest rate 8.50% 8.65%
Discount Rate for the remaining term to maturity of Interest portfolio 7.33% 6.96%
Risk Analysis
The Company is exposed to the following Risks in the defined benefits plans :
Investment Risk: The present value of the defined benefit obligation is calculated using a discount rate which is determined by
reference to market yields at the end of the reporting period on government bonds. If the return on plan assets is below this rate, it
will create a plan deficit.
Interest risk: A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset by increase in the
return on the plan’s debt investments.
Longevity risk: The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality
of plan participants both during and after their employment. An increase in the life expectancy of the plan participants will increase
the plan’s liability.
Salary growth risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan
participants. An increase in the salary of the plan participants will increase the plan’s liability.
47. (a) SEGMENT INFORMATION

For management purposes, the Group is organised into business units based on its products and services and has three reportable
segments, as follows:
Segment - A (Unitary Cooling Products for Comfort and Commercial use) : (Refer footnote)
Engaged in manufacturing, selling and after sales services of cooling appliances and cold storage products.
Facilities Maintenance and Hard Services: Operations and Maintenance (O&M) contracts in various sectors, AMCs, Retrofits and

Energy Management, etc.
Segment - B (Electro - Mechanical Projects and Services):
Electro-Mechanical Projects (MEP): Electricals, HVAC (Heating, Ventilation & Air Conditioning), Plumbing, Fire Fighting, Extra Low

Voltage (ELV) and Specialized services.
Water Solutions: Comprises Water Treatment solutions for Industrial, Oil and Gas and Domestic Sewage Segments and last mile

connectivity of water tab under various Government schemes.
Segment - C (Engineering Products and Services):
Textile Machinery : Sales and Service of capital machinery for Textile Industry and sale of spares and accessories for Textile equipment.
Mining and Construction Equipment: Engaged in selling of mining and construction equipment and providing operations and

maintenance services for mining and construction industry.
238 Voltas Limited

47. (a) SEGMENT INFORMATION (Contd.)
1 SEGMENT REVENUE
` in crores
2021-22 2020-21
(refer footnote below)
(a) Segment - A ( Unitary Cooling Products for Comfort and Commercial use ) 4,881.92 4,218.46
(b) Segment - B ( Electro - Mechanical Projects and Services ) 2,470.49 2,878.60
(c) Segment - C ( Engineering Products and Services ) 488.66 359.49
Segment Total 7,841.07 7,456.55
Add : Other operating income 93.38 99.23
Revenue from operations 7,934.45 7,555.78
Footnotes :
(i) Revenue contributed by any single customer in any of the operating segments, whether reportable or otherwise, does not
exceed ten percent of the Group’s total revenue.
(ii) The Group’s reportable segments are organised based on the nature of products and services offered by these segments.
Accordingly, additional disclosures for revenue information about products and services are not applicable.
2 SEGMENT RESULTS
` in crores
2021-22 2020-21
(a) Segment - A ( Unitary Cooling Products for Comfort and Commercial use ) 513.40 583.70
(b) Segment - B ( Electro - Mechanical Projects and Services ) 125.77 27.01
(c) Segment - C ( Engineering Products and Services ) 157.90 114.31
Segment Total 797.07 725.02
Less : (i) Finance costs 25.87 26.15
(ii) Other unallocable expenditure net of unallocable income 73.90 (10.34)
Profit before Tax 697.30 709.21
3 SEGMENT ASSETS AND LIABILITIES

` in crores
Segment Assets Segment Liabilities
As at As at As at As at
31 31 31 31
March, March, March, March,
2022 2021 2022 2021
(a) Segment - A ( Unitary Cooling Products for Comfort and Commercial use ) 2,723.07 2,155.02 2,149.77 1,362.93
(b) Segment - B ( Electro - Mechanical Projects and Services ) 2,424.82 2,540.36 1,362.75 1,662.58
(c) Segment - C ( Engineering Products and Services ) 142.24 127.12 87.81 82.30
Segment Total 5,290.13 4,822.50 3,600.33 3,107.81
Unallocated 4,456.20 3,832.98 608.36 518.22
9,746.33 8,655.48 4,208.69 3,626.03

47. (a) SEGMENT INFORMATION (Contd.)
4 INVESTMENTS AND SHARE OF PROFIT / (LOSS) IN JOINT VENTURES AND ASSOCIATES

` in crores
Segment Company Investments Share of Profit/(Loss)
31 31 31 31
March, March, March, March,
2022 2021 2022 2021
B Universal Voltas L.L.C. 51.82 53.03 (2.64) 2.99
B Voltas Water Solutions Private Ltd. - - - -
B Olayan Voltas Contracting Company Ltd. - 0.25 (0.26) (0.85)
B Naba Diganta Water Management Ltd. 9.38 9.22 1.50 1.14
Unallocated Voltbek Home Appliances Private Ltd. 204.87 220.68 (108.91) (64.25)
Unallocated Terrot GmbH Germany (upto 12 November, 2021) - - - -
Unallocated Brihat Trading Private Ltd. * * - -
266.07 283.18 (110.31) (60.97)
5 OTHER INFORMATION FOR SEGMENTS

` in crores
Capital Expenditure Depreciation and Non-Cash Expenses
amortisation Other than
Depreciation and
amortisation
2021-22 2020-21 2021-22 2020-21 2021-22 2020-21
(a) Segment - A ( Unitary Cooling Products for Comfort 83.66 12.54 15.32 12.60 10.57 12.35
and Commercial use )
(b) Segment - B ( Electro - Mechanical Projects and 5.21 1.07 6.59 7.43 84.32 128.52
Services )
(c) Segment - C ( Engineering Products and Services ) 0.25 0.09 0.54 0.64 0.34 0.26
Segment Total 89.12 13.70 22.45 20.67 95.23 141.13
Unallocated 16.82 12.03 14.81 13.22 0.21 0.13
105.94 25.73 37.26 33.89 95.44 141.26
47. (b) INFORMATION OF GEOGRAPHICAL AREAS OF REPORTABLE BUSINESS SEGMENTS

` in crores
2021-22 2020-21
Revenue by Geographical Market
India 6,459.85 5,702.07
Middle East 1,255.79 1,619.62
Singapore 8.53 19.57
Others 116.90 115.29
7,841.07 7,456.55
Non Current Assets
India 530.65 497.73
Middle East 15.82 16.47
Singapore 0.05 0.06
546.52 514.26
Footnote :
Effective 1 April, 2021, the Company has re-organised Commercial Air-conditioner (CAC) and Customer Care business from
Segment - B ( Electro - Mechanical Projects and Services ) to Segment - A ( Unitary Cooling Products for Comfort and Commercial use )
to align with business objectives and accordingly, segment information for previous year have been restated.
240 Voltas Limited

48. ADDITIONAL INFORMATION AS REQUIRED BY PARAGRAPH 2 OF THE GENERAL INSTRUCTIONS FOR PREPARATION OF CONSOLIDATED FINANCIAL
STATEMENTS TO SCHEDULE III TO THE COMPANIES ACT, 2013
Name of the Entity Net assets (total Share of profit or Share in other Share in total
assets minus total (loss) comprehensive comprehensive
liabilities) income income
Country of Owner- As % of Amount As % of Amount As % of Amount As % of Amount
corporate overview
Incorporation ship in consoli- ` in consoli- ` in consoli- ` in consoli- ` in

% dated crores dated crores dated crores dated crores
net profit or other total
assets loss compre- compre-
hensive hensive
income income
As at Year ended Year ended Year ended
31 March, 2022 31 March, 2022 31 March, 2022 31 March, 2022
I Voltas Limited (Parent Company) 101.26 5,568.70 115.31 583.47 97.73 165.97 110.89 749.44
statutory reports
II Subsidiaries
(a) Indian
(1) Universal MEP Projects & India 100.00 2.78 153.10 1.52 7.70 0.08 0.13 1.16 7.83
Engineering Services Limited
(formerly known as Rohini
Industrial Electricals Limited)
(2) HI-Volt Enterprises Private Limited India 100.00 * 0.01 * * - - * *
(w.e.f. 13 September, 2021)
(b) Foreign
(1) Lalbuksh Voltas Engineering Sultanate of 60.00 1.68 92.16 0.95 4.79 2.32 3.94 1.29 8.73
Services and Trading L.L.C. Oman

(2) Saudi Ensas Company for Saudi Arabia 100.00 (0.02) (1.32) (0.15) (0.76) 0.85 1.44 0.10 0.68
Engineering Services W.L.L.
(3) Voltas Netherlands B.V. The Netherlands 100.00 1.33 73.24 4.03 20.39 (0.66) (1.12) 2.85 19.27
(4) Voltas Oman SPC Sultanate of 100.00 (0.76) (41.96) 0.63 3.17 (1.19) (2.01) 0.17 1.16
(formerly known as Voltas Oman Oman
L.L.C.) (subsidiary through Voltas
Netherlands B.V. w.e.f.
25 November, 2021)
(5) Weathermaker FZE Dubai, United 100.00 0.53 28.96 (1.06) (5.37) 0.45 0.77 (0.68) (4.60)
(formerly known as Arab Emirates
Weathermaker Limited (Re-domiciliation
from earlier Isle
of Man)
(6) Voltas Qatar W.L.L. Qatar 97.00 3.09 170.19 5.75 29.11 (0.17) (0.28) 4.27 28.83
(7) Universal MEP Projects Pte Limited Singapore 100.00 * (0.05) (0.01) (0.05) * * (0.01) (0.05)

(w.e.f. 4 August, 2021)
(c) Non-controlling interests in all (0.69) (38.08) 0.38 1.91 0.97 1.64 0.53 3.55
241
subsidiaries
242
STATEMENTS TO SCHEDULE III TO THE COMPANIES ACT, 2013 (Contd.)
Voltas Limited
hensive hensive
income income
III Joint Ventures
(a) Indian
(1) Voltas Water Solutions Private India 50.00 - - - - - - - -
Limited
(2) Voltbek Home Appliances Private India 49.00 3.73 204.87 (21.52) (108.91) - - (16.12) (108.91)
Limited
(b) Foreign
(1) Olayan Voltas Contracting Saudi Arabia 50.00 - - (0.05) (0.25) - - - -
Company Limited
(2) Universal Voltas L.L.C. United Arab 49.00 0.94 51.82 (0.52) (2.64) - - (0.39) (2.64)
Emirates
IV Adjustments arising out of consolidation (14.03) (771.46) (5.54) (28.06) (0.38) (0.66) (4.29) (28.97)
V Associates
(a) Indian
Naba Diganta Water Management India 26.00 0.17 9.38 0.30 1.50 - - 0.22 1.50
Limited
100.00 5,499.56 100.00 506.00 100.00 169.82 100.00 675.82
*Value below ` 50,000/-

corporate overview

hensive hensive
income income
statutory reports
I Voltas Limited (Parent Company) 99.11 4,984.70 107.85 570.30 102.23 328.43 105.73 898.73
II Subsidiaries
(a) Indian
(1) Auto Aircon (India) Limited India 100.00 - - - - - - - -
(Under liquidation)
(2) Universal MEP Projects & India 100.00 2.89 145.27 1.84 9.72 0.04 0.13 1.16 9.86
Engineering Services Limited
(b) Foreign
(1) Lalbuksh Voltas Engineering Sultanate of 60.00 1.74 87.30 1.73 9.13 (0.41) (1.32) 0.92 7.81
Services and Trading L.L.C. Oman
(2) Saudi Ensas Company for Saudi Arabia 100.00 (0.04) (1.95) 0.82 4.31 (0.51) (1.64) 0.31 2.67
Engineering Services W.L.L.
(3) Voltas Netherlands B.V. The Netherlands 100.00 1.07 53.97 1.46 7.70 0.71 2.27 1.17 9.97
(4) “Voltas Oman L.L.C. Sultanate of 99.00 (1.25) (62.78) (8.67) (45.83) 0.48 1.53 (5.21) (44.31)
(Increase in Ownership from 65% Oman
to 99% .w.e.f. 19 May, 2020)”
(5) Weathermaker Limited Isle of Man 100.00 0.67 33.57 0.01 0.06 (0.22) (0.71) (0.08) (0.64)
(6) Voltas Qatar W.L.L. Qatar 97.00 3.22 162.09 12.51 66.13 (1.77) (5.68) 7.11 60.44
(c) Non-controlling interests in all (0.72) (36.10) 0.69 3.65 (0.19) (0.61) 0.36 3.04
subsidiaries

243
244
Voltas Limited
hensive hensive
income income
III Joint Ventures
(a) Indian
(1) Voltas Water Solutions Private India 50.00 - - - - - - - -
Limited
(2) Voltbek Home Appliances Private India 49.00 4.39 220.68 (12.15) (64.25) - - (7.56) (64.25)
Limited
(b) Foreign - -
(1) Olayan Voltas Contracting Saudi Arabia 50.00 0.00 0.25 (0.16) (0.85) - - (0.03) (0.85)
Company Limited
(2) Universal Voltas L.L.C. United Arab 49.00 1.05 53.03 0.57 2.99 - - 0.25 2.99
Emirates
IV Adjustments arising out of (12.32) (619.80) (6.70) (35.43) (0.35) (1.14) (4.27) (36.26)
consolidation
V Associates
(a) Indian
Naba Diganta Water Management India 26.00 0.18 9.22 0.22 1.14 - - 0.13 1.14
Limited
(b) Foreign
Terrot Gmbh Germany 20.07 - - - - - - - -
100.00 5,029.45 100.00 528.79 100.00 321.25 100.00 850.04
49. RELATED PARTY DISCLOSURES

(a) List of Related Parties and Relationships
Party Relation
Related Parties (Where transactions have taken place during the year and previous year / balance
outstanding)
1 Brihat Trading Private Limited Associates
Naba Diganta Water Management Limited
Terrot GmbH (upto 12 November, 2021)
2 Universal Voltas L.L.C. Joint Ventures
Olayan Voltas Contracting Company Limited
Voltas Water Solutions Private Limited (under strike off )
Voltbek Home Appliances Private Limited
3 Mr. Pradeep Bakshi - Managing Director & CEO Key Management
Mr. Jitender P. Verma - Executive Vice President and Chief Financial Officer (w.e.f.19 July, 2021) Personnel
Mr. Anil George - Chief Financial Officer (upto 18 July, 2021)
Mr. V. P. Malhotra - Vice President - Taxation, Legal & Company Secretary
4 Non-Executive Directors Directors
Mr. Noel Tata - Chairman
Mr. Vinayak Deshpande
Mr. Hemant Bhargava (upto 29 September, 2021)
Mr. Saurabh Agrawal (w.e.f. 21 January, 2021)
Independent Directors
Mr. Debendranath Sarangi
Mr. Bahram N. Vakil
Ms. Anjali Bansal
Mr. Arunkumar Adhikari
Mr. Zubin Dubash
5 Voltas Limited Provident Fund Employee Benefit
Voltas Managerial Staff Provident Fund Funds
Voltas Limited Employees’ Gratuity Fund
Voltas Limited Managerial Staff Gratuity Fund
Voltas Limited Employees’ Superannuation Scheme
6 Tata Sons Private Limited Promoter
7 Air India Limited (w.e.f. 27 January, 2022) Subsidiaries and Joint
Air India SATS Airport Services Private Limited (w.e.f. 27 January, 2022) Ventures of Promoter
Ardent Properties Private Limited
Automotive Stampings and Assemblies Limited
C-Edge Technologies Limited
Ewart Investments Limited
Gurgaon Realtech Limited
Infiniti Retail Limited
Innovative Retail Concepts Private Limited
MahaOnline Limited
Mikado Realtors Private Limited
Sir Dorabji Tata Trust
Sir Ratan Tata Trust
Supermarket Grocery Supplies Private Limited

49. RELATED PARTY DISCLOSURES (Contd.)
Party Relation
TAL Manufacturing Solutions Limited
TATA Advanced Materials Limited
Tata Advanced Systems Limited
TATA Africa Holdings (Kenya) Limited
Tata AIA Life Insurance Company Limited
Tata AIG General Insurance Company Limited
Tata Asset Management Limited
Tata Autocomp Hendrickson Suspensions Private Limited (formerly known as Taco Hendrickson
Suspensions Private Limited)
Tata Autocomp Katcon Exhaust Systems Private Limited (formerly known as Katcon India Private Limited)
Tata Autocomp Systems Limited
Tata Boeing Aerospace Limited (formerly known as Tata Aerospace Limited)
Tata Capital Financial Services Limited
Tata Capital Housing Finance Limited
Tata Communications Limited
Tata Communications Payment Solutions Limited
Tata Communications Transformation Services Limited
Tata Consultancy Services Limited
Tata Consulting Engineers Limited
Tata De Mocambique, Limitada
Tata Digital Limited
Tata Elxsi Limited (ceased to be an associate and became a subsidiary w.e.f. 1 December, 2020)
Tata Ficosa Automotive Systems Private Limited (formerly known as Tata Ficosa Automotive Systems Limited)
Tata Housing Development Company Limited
Tata Industries Limited
Tata International DLT Private Limited
Tata International Metals (UK) Limited (formerly known as Tata Steel International (UK) Limited)
Tata Investment Corporation Limited
Tata Lockheed Martin Aerostructures Limited
Tata Medical and Diagnostics Limited (w.e.f. 23 July, 2020)
Tata Realty and Infrastructure Limited
Tata Sikorsky Aerospace Limited (formerly known as Tara Aerospace Systems Limited)
Tata Sky Broadband Private Limited (formerly known as Quickest Broadband Private Limited)
Tata Sky Limited
Tata Teleservices (Maharashtra) Limited
Tata Teleservices Limited
Tata Toyo Radiator Limited
TCS Foundation
TM Automotive Seating Systems Private Limited
TP Central Odisha Distribution Limited (w.e.f. 1 June, 2020)
TRIL Infopark Limited
TRIL IT4 Private Limited (formerly known as Albrecht Builder Private Limited)
TRIL Urban Transport Private Limited
246 Voltas Limited

(b) Related Party Transactions
Sr. Year Transactions Associates Joint Promoter Subsi- Key Directors Employee Total
No. Ventures diaries Manage- Benefit
and Joint ment Funds
Ventures of Personnel
Promoter
corporate overview
1 2021-22 Purchases of stock-in-trade - 9.74 - - - - - 9.74

2020-21 - - - - - - - -
2 2021-22 Sale of Products - 0.10 - 57.25 - - - 57.35
2020-21 - 0.89 0.01 28.12 - - - 29.02
3 2021-22 Service Income - Other than 1.66 1.05 0.04 120.06 - - - 122.81
Management fees
2020-21 0.11 5.13 0.07 104.03 - - - 109.34
4 2021-22 Service Income - Management fees on - - - - - - - -
statutory reports
vendor bill discounting

2020-21 - - - 0.58 - - - 0.58
5 2021-22 Construction contract revenue (Includes - - - 6.37 - - - 6.37
billed and unbilled revenue)
2020-21 - - - 12.77 - - - 12.77
6 2021-22 Interest Income - - - 5.18 - - - 5.18
2020-21 - - - 5.18 - - - 5.18
7 2021-22 Rental Income - 0.75 - 5.82 - - - 6.57
2020-21 - 0.56 - 7.59 - - - 8.15

8 2021-22 Dividend Income - - - 3.85 - - - 3.85
2020-21 - - - 3.66 - - - 3.66
9 2021-22 Services received for execution of - - - 0.11 - - - 0.11
contracts
2020-21 - - - 0.09 - - - 0.09
10 2021-22 Commission Received / Receivable - - - - - - - -
2020-21 0.27 - - - - - - 0.27
11 2021-22 Income from Business support services - 5.16 - - - - - 5.16
2020-21 - 7.42 - - - - - 7.42
12 2021-22 Remuneration Paid / Payable (including - - - - 11.29 2.65 - 13.94
commission)
2020-21 - - - - 9.17 2.15 - 11.32

247
248
Voltas Limited
Promoter
13 2021-22 Sitting Fees - - - - - 0.62 - 0.62
2020-21 - - - - - 0.44 - 0.44
14 2021-22 Dividend Paid - - 44.07 5.94 - - - 50.01
2020-21 - - 35.25 4.76 - - - 40.01
15 2021-22 Consulting Expenses - - - 1.97 - - - 1.97
2020-21 - - - - - - - -
16 2021-22 Tata Brand Equity - - 12.70 - - - - 12.70
2020-21 - - 9.69 - - - - 9.69
17 2021-22 Purchase of goods / services for - 19.59 - - - - - 19.59
execution of contracts
2020-21 - 53.12 - - - - - 53.12
18 2021-22 Impairment in value of Investment - 0.25 - - - - - 0.25
2020-21 - - - - - - - -
19 2021-22 Other Expenses- Recovery of expenses - 36.30 0.15 1.13 - - - 37.58
2020-21 - 15.54 0.16 0.10 - - - 15.80
20 2021-22 Other Expenses- Reimbursement of - 0.20 - 14.82 - - - 15.02
expenses
2020-21 - 8.62 0.03 15.15 - - - 23.80
21 2021-22 Purchase of property, plant and equipment - 0.00 - 0.95 - - - 0.95
2020-21 - 0.11 - 1.69 - - - 1.80
22 2021-22 Investments in Bonds / Debentures - - - - - - - -
2020-21 - - - 48.46 - - - 48.46
23 2021-22 Redemption of Investments in Bonds / - - - 3.00 - - - 3.00
Debentures
2020-21 - - - - - - - -
24 2021-22 Investments in Equity shares - 93.10 - - - - - 93.10
2020-21 - 74.97 - 8.25 - - - 83.22
25 2021-22 Security deposit received - - - - - - - -
2020-21 - - - 0.53 - - - 0.53
26 2021-22 Security deposit at the end of the year - - - 3.02 - - - 3.02
2020-21 - - - 7.50 - - - 7.50
Promoter
corporate overview
27 2021-22 Security Deposit Refunded - - - 4.48 - - - 4.48

2020-21 - - - 0.78 - - - 0.78
28 2021-22 Provision for Debts and Advances at year - * * 0.72 - - - 0.72
end
2020-21 - * * 0.93 - - - 0.93
29 2021-22 Advance Outstanding at year end - - 0.04 0.12 - - - 0.16
2020-21 - - 0.08 0.12 - - - 0.20
30 2021-22 Outstanding Share Application Money at - 13.13 - - - - - 13.13
statutory reports
year end
2020-21 - 13.13 - - - - - 13.13
31 2021-22 Debit Balance Outstanding at year end 0.51 33.44 - 71.51 - - - 105.46
2020-21 0.03 16.31 - 73.19 - - 0.64 90.17
32 2021-22 Credit Balance Outstanding at year end - - 8.74 0.08 3.08 2.30 4.38 18.58
2020-21 0.44 7.41 8.76 0.22 3.77 2.15 - 22.75
33 2021-22 Guarantees Outstanding at year end - 75.75 - - - - - 75.75
2020-21 - 73.54 - - - - - 73.54
34 2021-22 Impairment in value of Investment at 1.56 23.08 - - - - - 24.64

year end
2020-21 - - - - - - - -
35 2021-22 Contract Revenue in excess of Billing - * - 2.88 - - - 2.88
2020-21 - - - 3.00 - - - 3.00
36 2021-22 Billing in excess of Contract Revenue - 0.04 - 1.60 - - - 1.64
2020-21 - - - 4.15 - - - 4.15
37 2021-22 Contribution to Employee benefit fund - - - - - - 11.59 11.59
2020-21 - - - - - - 8.44 8.44
* Value below ` 50,000/-

249
50. RESEARCH AND DEVELOPMENT EXPENDITURE
` in crores
2021-22 2020-21
Expenditure at Department of Scientific and Industrial Research (DSIR)
approved R&D centers
(1) Revenue expenditure 2.58 5.18
UPBG, Pantnagar 1.34 3.02
EM&RBG, Thane 1.24 2.16
(2) Capital expenditure 0.97 0.01
Expenditure at other R&D centers
(UPBG at Faridabad, Waghodia and Pantnagar)
Total R&D expenditure 14.25 16.76

UPBG 11.53 10.65
EM&RBG 1.24 2.16
UPBG 1.48 3.95
EM&RBG - -
Business Segments :
UPBG : Unitary Cooling Products for Comfort and Commercial use.
EM&RBG : Electro - Mechanical Projects and Services.
250 Voltas Limited

51. FINANCIAL INSTRUMENTS
(A) Financial instruments by category :
The accounting classification of each category of financial instruments, their carrying value and fair value are as below:
` in crores
FVTPL FVTOCI Amortised Total Total Fair FVTPL FVTOCI Amortised Total Total Fair
corporate overview
cost Carrying value cost Carrying value

value value
Financial assets
Investments* 2,041.51 983.43 324.38 3,349.32 3,349.32 1,723.04 696.90 343.31 2,763.25 2,763.25
Loans - - 3.19 3.19 3.19 - - 2.30 2.30 2.30
Trade receivables - - 2,109.67 2,109.67 2,109.67 - - 1,800.93 1,800.93 1,800.93
Other financial assets - - 163.24 163.24 163.24 0.19 - 204.87 205.06 205.06
Cash and cash equivalents - - 558.90 558.90 558.90 - - 448.15 448.15 448.15
statutory reports
Other balances with banks - - 12.77 12.77 12.77 - - 10.64 10.64 10.64
2,041.51 983.43 3,172.15 6,197.09 6,197.09 1,723.23 696.90 2,810.20 5,230.33 5,230.33
Financial liabilities
Borrowings - - 343.19 343.19 343.19 - - 251.40 251.40 251.40
Lease Liabilities - - 17.64 17.64 17.64 - - 9.21 9.21 9.21
Trade payables - - 2,942.05 2,942.05 2,942.05 - - 2,464.53 2,464.53 2,464.53
Other financial liabilities 0.33 - 118.10 118.43 118.43 - - 113.93 113.93 113.93
0.33 - 3,420.98 3,421.31 3,421.31 - - 2,839.07 2,839.07 2,839.07
* The above Investments does not include equity investments in associates and joint ventures which are accounted as per equity method and hence are not required
to be disclosed as per Ind AS 107 “Financial Instruments Disclosures”.
Management has assessed that Cash and cash equivalents, Other balances with banks, Loans, Trade receivables, Other financial assets, Trade payables, Borrowings,
Lease liabilities and Other financial liabilities carried at amortised cost approximate their carrying amounts largely due to the short-term maturities of these instruments.
Abbreviations :
FVTPL - Fair Value Through Profit or Loss. FVTOCI - Fair Value Through Other Comprehensive Income.

251
51. FINANCIAL INSTRUMENTS (Contd.)
(B) Fair value hierarchy :

The fair value measurement hierarchy of the Group’s assets and liabilities are as follows:
` in crores
Level 1 Level 2 Level 3
As at As at As at As at As at As at
31 March, 31 March, 31 March, 31 March, 31 March, 31 March,
2022 2021 2022 2021 2022 2021
Financial assets
At fair value through profit or loss
- Investment 1,992.12 1,723.04 49.39 - - -
- Derivative financial assets - - - 0.19 - -
At fair value through Other Comprehensive
Income
- Investment 595.50 423.19 - - 387.93 273.71
TOTAL 2,587.62 2,146.23 49.39 0.19 387.93 273.71
` in crores
2022 2021 2022 2021 2022 2021
- Derivative financial liabilities - - 0.33 - - -
TOTAL - - 0.33 - - -
The Group uses the following hierarchy for determining and/or disclosing the fair value of financial instrument by valuation techniques:
(i) Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities;
(ii) Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or
indirectly observable;
(iii) Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.
The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current
transaction between willing parties. The following methods and assumptions were used to estimate the fair values:
- The fair value of quoted equity investment and mutual funds are based on price quotations at the reporting date.
- The fair value of unquoted equity investments are based on Market multiple approach. Market multiple of EV/EBITDA are considered
after applying suitable discounts for size, liquidity and other company specific discounts.
- The Group enters into derivative financial instruments with various counterparties, principally with banks. Foreign exchange forward
contracts are valued using valuation techniques, which employs the use of market observable inputs. The model incorporates
various inputs including the credit quality of counter parties, foreign exchange spot and forward rates.
There were no transfers between Level 1 and 2 during the period.
252 Voltas Limited

(C) Reconciliation of fair value measurement of unquoted equity shares classified as FVTOCI assets :
` in crores
As at 1 April, 2020 201.92
Add: Fair valuation gain/(loss) recognised in OCI 63.54
Add: Investments made during the year 8.25
Closing balance as at 31 March, 2021 273.71
52. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Group’s financial liabilities include borrowings, lease liabilities, trade and other payables. The Group’s financial assets include
investments, loans, trade and other receivables, cash and cash equivalents and other bank balances. The Group also holds FVTPL and
FVTOCI investments.
The Group is exposed to market risk, credit risk and liquidity risk. The Board of Directors of the Group oversee the management of
these financial risks through its Risk Management Committee as per Group’s existing policy.
(i) Market risk:
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprise three types of risk: interest rate risk, currency risk and other price risk, such as equity price
risk. Financial instruments affected by market risk include borrowings, investments, trade payables, trade receivables, loans and
derivative financial instruments.
(a) Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. Interest rate change does not affect the short term borrowing significantly, therefore the
Group’s exposure to the risk of changes in market interest rates relates primarily to the investment in debt mutual funds.
Given the portfolio of investments in debt mutual funds, the Group has exposure to interest rate risk with respect to
returns realised. It is estimated that an increase in 25 bps change in 10 year Govt. bond yield would result in a loss of
approximately ` 4.98 crores (31 March, 2021: ` 4.31 crores) whereas a decrease in 25 bps change in 10 year Govt. bond
yield would result in a profit of approximately ` 4.98 crores (31 March, 2021: ` 4.31 crores). This estimate is based on key
assumption with respect to seamless transition of rates across debt instruments in the market and also basis the duration
of debt instruments in turn held by mutual funds that the Group has invested in.
(b) Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes
in foreign exchange rates. The Group’s exposure to the risk of changes in foreign exchange rates relates primarily to the
Group’s operating activities (when revenue or expense is denominated in a foreign currency). Foreign currency risks are
managed within the approved policy parameters utilising foreign exchange forward contracts.
As at the end of the reporting period, the carrying amounts of the material foreign currency denominated monetary
assets and liabilities are as follows:
` in crores
Currency Liabilities Assets
31 March, 31 March, 31 March, 31 March,
2022 2021 2022 2021
United States Dollar (USD) 445.78 298.96 156.34 52.66
United Arab Emirates Dirham (AED) 400.01 265.46 572.35 372.24
Qatari Riyal (QAR) 355.93 409.33 458.32 303.36
Singapore Dollar (SGD) 54.20 60.75 5.17 5.89
Omani Rial (OMR) 94.64 163.89 97.31 124.39

52. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Contd.)
Foreign currency sensitivity

The following tables demonstrate the sensitivity of outstanding foreign currency denominated monetary items to a
reasonably possible change in exchange rates, with all other variables held constant. The impact on the Group’s profit
before tax is due to changes in the fair value of financial assets and liabilities:
` in crores
Particulars Effect on Profit before Effect on Equity
tax
2022 2021 2022 2021
USD +5% (11.62) (9.64) (8.69) (7.21)
USD -5% 11.62 9.64 8.69 7.21
AED +5% 8.62 5.34 6.45 4.00
AED -5% (8.62) (5.34) (6.45) (4.00)
QAR +5% 5.12 (5.30) 3.83 (3.96)
QAR -5% (5.12) 5.30 (3.83) 3.96
SGD +5% (2.45) (2.74) (1.83) (2.05)
SGD -5% 2.45 2.74 1.83 2.05
OMR +5% 0.13 (1.97) 0.10 (1.48)
OMR -5% (0.13) 1.97 (0.10) 1.48
Details of notional value of derivative contracts entered by the Group and outstanding as at Balance Sheet date
` in crores
31 March, 2022 31 March, 2021
Forward contracts - Buy (USD/`) 57.14 53.58
The fair value of the Group’s derivatives position recorded under financial assets and financial liabilities are as follows:
` in crores
Particulars Liabilities Assets
2022 2021 2022 2021
Forex Forward Cover 0.33 - - 0.19
(c) Equity price risk

The Group’s listed equity securities are susceptible to market price risk arising from uncertainties about future values of
the investment securities. The Group’s Board of Directors reviews and approves all equity investment decisions.
The following table summarises the sensitivity to change in the price of equity securities held by the Group on the
Group’s Equity and OCI. These changes would not have an effect on profit or loss.
` in crores
Impact on other components of equity
(OCI)
As at As at
31 March, 2022 31 March, 2021
NSE Nifty 50 - increase 5% 29.78 21.16
NSE Nifty 50 - decrease 5% (29.78) (21.16)
254 Voltas Limited

(ii) Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract,
leading to a financial loss. The Group is exposed to credit risk for trade receivables, contract assets, cash and cash equivalents,
investments, other bank balances, loans and other financial assets. The Group only deals with parties which have good credit
rating/ worthiness given by external rating agencies or based on Group’s internal assessment.
Credit risk on trade receivables and contract assets are managed by each business unit subject to the Group’s established
policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed and
individual credit limits are defined in accordance with this assessment. Moreover, given the diverse nature of the Group’s
businesses, trade receivables and contract assets are spread over a number of customers with no significant concentration of
credit risk. The Group has a total recoverable of ` 471.77 crores from Redco Construction-Almana (Qatar) as at 31 March, 2022
which is more than 10% the total trade receivables and contract assets balances. The Group had a total recoverable of
` 315.99 crores from Redco Construction-Almana (Qatar) as at 31 March, 2021 which is more than 10% the total trade receivables
and contract assets balances.
For trade receivables and contract assets, as a practical expedient, the Group computes credit loss allowance based on a
provision matrix. The provision matrix is prepared based on historically observed default rates over the expected life of trade
receivables and contract assets and is adjusted for forward-looking estimates.
For Mutual Fund Investments, counterparty risk are in place to limit the amount of credit exposure to any one counterparty.
This, therefore, results in diversification of credit risk for Group’s mutual fund investments.
Credit risk from cash and cash equivalents and balances with banks is managed by the Group’s treasury department in
accordance with the Group’s treasury policy.
The Credit risk on mutual fund investments, cash and cash equivalents, and other bank balances are limited as the counterparties
are banks and fund houses with high-credit ratings assigned by credit rating agencies.
The carrying value of the financial assets represents the maximum credit exposure. The Group’s maximum exposure to Credit
risk is disclosed in Note 51 “Financial Instruments”. The maximum credit exposure on financial guarantees given by the Group
for various financial facilities is disclosed in Note 45 “Commitments and Contingencies.”
(iii) Liquidity risk management:

Liquidity risk refers to the risk that the Group cannot meets its financial obligations. The objective of liquidity risk management
is to maintain sufficient liquidity and ensure that the funds are available for use as per the requirements. The Group manages
liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring
forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. The Group consistently
generates sufficient cash flows from operations to meet its financial obligations as and when they fall due.
Maturities of financial liabilities: The table below summarises the maturity profile of the Group’s financial liabilities based on
contractual undiscounted payments.
` in crores
Contractual maturities of financial liabilities (31 March, 2022) Less than More Total
1 year than1 year
Non-derivatives
Borrowings (*) 349.88 - 349.88
Lease Liabilities 4.96 16.67 21.63
Trade payables 2,942.05 - 2,942.05
Other financial liabilities 103.21 20.59 123.80
Total Non-derivative liabilities 3,400.10 37.26 3,437.36
Derivatives (net settled) 0.33 - 0.33

` in crores
1 year than1 year
Non-derivatives
Borrowings (*) 255.33 0.75 256.08
Trade payables 2,464.53 - 2,464.53
Derivatives (net settled) - - -
The amount included in Note 45(B) for financial guarantee contracts are the maximum amounts that the Group may be liable
to settle under the respective arrangements for the full guaranteed amount if that amount is claimed by the counterparty
for the guarantee. Based on the expectations as at the end of reporting period, the Group considers that it is more likely than
not that such amount shall not be payable under the respective arrangements. However, this estimate is subject to change
depending upon the probability of the counterparty claiming under the guarantee which is a function of the likelihood that
the financial receivables held by the counterparty which are guaranteed suffer credit losses.
* Maturity amount of borrowings is including the interest that will be paid on these borrowings.
53. INTEREST IN OTHER ENTITIES

(a) Subsidiaries (Direct and Indirect) :
The details of Group’s subsidiaries are set out below. Unless otherwise stated, they have share capital consisting solely of equity
shares that are held directly by the Group, and the proportion of ownership interests held equals the voting rights held by the
Group. The country of incorporation or registration is also their principal place of business (unless otherwise stated).
Name of entity Place of business Beneficial Ownership Principal activities

/ country of interest held by the
incorporation Group
As at As at
31 March, 31 March,
2022 2021
Indian Subsidiaries :
Universal MEP Projects & India 100% 100% Turnkey electrical, Solar and
Engineering Services Limited instrumentation projects.
HI-Volt Enterprises Private Limited India 100% NA To engage in business of
(w.e.f. 13 September, 2021) sourcing, design, development,
manufacturing, marketing, sale and
service of Inverter Compressors,
Motors and Controllers for the Room
Air Conditioners, all their spare parts
and any other components.
Agro Foods Punjab Limited India
(under liquidation. Refer footnote)
Westerwork Engineers Limited India
(under liquidation)
256 Voltas Limited

53. INTEREST IN OTHER ENTITIES (Contd.)
Name of entity Place of business Beneficial Ownership Principal activities

/ country of interest held by the
incorporation Group
As at As at
31 March, 31 March,
2022 2021
Foreign Subsidiaries :
Voltas Netherlands B.V. (VNBV) The Netherlands 100% 100% Investment in overseas ventures
undertaking turnkey projects and
trading activities.
Weathermaker FZE Dubai, United Arab 100% 100% Manufacturing of ducts and duct
(formerly known as Weathermaker Emirates accessories.
Limited)
Saudi Ensas Company for Kingdom of Saudi 100%* 100%* Undertake EPC (Engineering,
Engineering Services W.L.L. Arabia Procurement and Construction)
(*Voltas Limited - 92% and contracts of MEP (Mechanical,
VNBV - 8%) Electrical and Plumbing) projects.
Lalbuksh Voltas Engineering Sultanate of Oman 60%* 60%* Drilling, irrigation and landscaping
Services and Trading L.L.C. activities and construction of
(*Voltas Limited - 20% and VNBV water treatment plants.
- 40%)
Voltas Oman SPC Sultanate of Oman 100% 99% Undertake EPC (Engineering,
(formerly known as Voltas Oman Procurement and Construction)
L.L.C.) contracts of MEP (Mechanical,
(100% through VNBV) Electrical and Plumbing) projects.
Voltas Qatar W.L.L. (Holds 50% State of Qatar 97% 97% Undertake EPC (Engineering,
interest in VAFE Joint Venture) Procurement and Construction)
contracts of MEP (Mechanical,
Electrical and Plumbing) projects.
Universal MEP Projects Pte Limited Singapore 100% - Undertake Plumbing, Heating
(w.e.f. 4 August, 2021) (Non-Electric) and Air-conditioning
(100% through VNBV)
Footnote :
Under a loan agreement for ` 0.6 crore (fully drawn and outstanding) entered into between Agro Foods Punjab Ltd. (AFPL)
and the Punjab State Industrial Development Corporation Ltd. (PSIDC), the Company has given an undertaking to PSIDC that it
will not dispose off its shares in AFPL till the monies under the said loan agreement between PSIDC and AFPL remain due and
payable by AFPL to PSIDC. During 1998-99, the Company had transferred its beneficial rights in the shares of AFPL.

(b) Material Non-controlling interests (NCI):

Financial information of subsidiaries that have material non-controlling interests are as below. The amounts disclosed below
are before inter-company eliminations.
Name of Subsidiary : Lalbuksh Voltas Engineering Services & Trading L.L.C.

` in crores
As at As at
31 March, 2022 31 March, 2021
Summarised balance sheet
Current assets 117.30 120.51
Current liabilities 28.43 36.86
Net current assets 88.87 83.65
Non-current assets 6.80 7.50
Non-current liabilities 3.51 3.85
Net non-current assets 3.29 3.65
Net assets 92.16 87.30
Accumulated NCI 36.86 34.92
` in crores
As at As at
31 March, 2022 31 March, 2021
Summarised statement of profit and loss
Revenue 72.15 88.27
Profit for the year 4.79 9.13
Other comprehensive income 3.94 (1.32)
Total comprehensive income 8.73 7.81
Profit allocated to NCI 1.92 3.65
Dividend paid to NCI 1.58 3.43
` in crores
As at As at
31 March, 2022 31 March, 2021
Summarised cash flows
Cash flow from operating activities 3.99 2.80
Cash flow from investing activities 0.32 1.34
Cash flow from financing activities (3.94) (8.59)
0.37 (4.45)
258 Voltas Limited

(c) Interest in associates and joint ventures:
(i) Details of interests in associates and joint ventures of the Group are as below. The entities listed below have share capital consisting solely of equity shares,
which are held directly by the Group. The country of incorporation or registration is also their principal place of business and the proportion of ownership
interest is the same as the proportion of voting rights held.
` in crores
corporate overview
Name of entity Place of business Principal activities % of Relationship Accounting Carrying amount
ownership method
interest
As at As at
31 March, 31 March,
2022 2021
Universal Voltas L.L.C. United Arab Building maintenance, 49% Joint venture Equity 51.82 53.03
Emirates Onshore and off shore oil method
statutory reports
and gas fields and facilities

services.
Olayan Voltas Contracting Kingdom of Saudi Execution of maintenance 50% Joint venture Equity - 0.25
Company Limited Arabia and construction contracts, method
Water and sewage
installation
Voltbek Home Appliances India Engaged in the business of 49% Joint venture Equity 204.87 220.68
Private Limited trading & manufacturing of method
Home Appliances
Immaterial joint ventures * Joint venture Equity - -
(refer (iv) below) method

Immaterial associates Associates Equity 9.38 9.22
(refer (iv) below) method
Total equity accounted 266.07 283.18
investments
* Carrying value is Nil, since immaterial joint ventures are under liquidation.

259
260
(ii) Summarised financial information for material joint ventures :

The information disclosed reflects the amounts presented in the financial statements of the relevant joint ventures and not the Voltas’s share in those
amounts.
Voltas Limited
` in crores
Summarised balance sheet Universal Voltas Olayan Voltas Voltbek Home
L.L.C. Contracting Appliances Private
Company Limited Limited
2022 2021 2022 2021 2022 2021
Current assets
- Cash and cash equivalents 4.87 5.20 1.48 2.91 6.07 86.86
- Other assets 213.68 226.64 - 0.46 859.94 601.56
Current liabilities
- Trade payables 125.11 121.06 2.34 2.30 361.84 293.02
- Other liabilities (26.15) (7.13) 0.28 0.32 528.45 399.48
Net current assets 119.59 117.91 (1.14) 0.75 (24.28) (4.08)
Non-current assets 0.55 0.73 - - 584.54 521.87
Non-current liabilities 14.07 10.44 - 0.24 142.20 67.35
Net non-current assets / liabilities (13.52) (9.71) - (0.24) 442.34 454.52
Net assets / liabilities 106.07 108.20 (1.14) 0.51 418.06 450.44
` in crores
Reconciliation to the carrying amounts: Universal Voltas Olayan Voltas Voltbek Home
corporate overview
2022 2021 2022 2021 2022 2021

Opening net assets 108.20 118.73 0.50 2.24 450.44 428.49
Profit / (Loss) for the year (5.39) 6.11 (1.65) (1.69) (222.26) (131.12)
Other comprehensive income 0.01 (0.86) (0.72) 0.56 (0.23) 0.06
Consolidation adjustment - foreign currency translation adjustment 3.25 (1.70) 1.87 (0.61) 0.11 0.01
Issue of equity shares during the year - - - - 190.00 153.00
Dividend paid - (14.08) - - - -
Closing net assets 106.07 108.20 - 0.50 418.06 450.44
statutory reports
Group’s share in % 49.00 49.00 50.00 50.00 49.00 49.00

Group’s share in closing net assets 51.82 53.03 - 0.25 204.87 220.68
Goodwill / (Capital Reserve) - - - - - -
Carrying amount (Gross) 51.82 53.03 - 0.25 204.87 220.68
Less : Impairment in value of Investments - - - - - -
Carrying amount (Net) 51.82 53.03 - 0.25 204.87 220.68
` in crores
Summarised statement of profit and loss: Universal Voltas Olayan Voltas Voltbek Home
2022 2021 2022 2021 2022 2021
Revenue 281.20 352.48 - - 944.49 636.93
Interest income 0.04 0.21 - - 0.44 0.38
Depreciation and amortisation 0.37 0.59 - - 46.44 27.78
Interest expense - - - - 22.59 5.02
Profit / (Loss) for the year (5.39) 6.11 (1.65) (1.69) (222.26) (131.12)
Other comprehensive income 0.01 (0.86) (0.72) 0.56 (0.12) 0.06
Total comprehensive income (5.38) 5.25 (2.37) (1.13) (222.38) (131.06)

261
262
(iii) Commitments and Contingent liabilities in respect of associates and joint ventures:
` in crores
As at As at
Voltas Limited
31 March, 2022 31 March, 2021
Group’s share in Commitments 124.26 150.50
Group’s share in Contingent liabilities - -
(iv) Individually immaterial associates and joint ventures:

In addition to the interests in joint ventures disclosed above, the Group also has interests in a number of individually immaterial joint ventures and associates
that are accounted using the equity method.
` in crores
As at As at
31 March, 2022 31 March, 2021
Aggregate carrying amount of individually immaterial associates (Net) 9.38 9.22
Aggregate amount of the group’s share of:
Profit / (loss) for the year 1.50 1.14
Other comprehensive income - -
Total comprehensive income 1.50 1.14
Aggregate carrying amount of individually immaterial joint ventures (Net) * - -
Share of profits from associates for the year 1.50 1.14
Share of profits from joint ventures for the year (111.81) (62.11)
Total share of profits from associates and joint ventures for the year (110.31) (60.97)
* Carrying value is Nil, since immaterial joint ventures are under liquidation.
54. Aggregation of expenses disclosed in consumption of materials, cost of jobs and services and
other expenses in respect of specific items are as follows (Refer Note 41)
` in crores
Nature of expenses 2021-22
Grouped Under
Consumption of Other expenses Total
materials, cost of
jobs and services
(1) Rent 2.03 27.00 29.03
(2) Power and Fuel 0.81 11.95 12.76
(3) Insurance charges 7.29 14.82 22.11
(4) Travelling and Conveyance 2.27 39.77 42.04
(5) Printing and Stationery 0.71 11.63 12.34
(6) Legal and Professional charges 0.12 25.07 25.19
(7) Clearing charges 1.50 74.46 75.96
(8) Outside Service charges 52.63 115.97 168.60
(9) Repairs to Plant and Machinery 0.39 11.95 12.34
(10) Other miscellaneous expenses 30.10 110.54 140.64
` in crores
Grouped Under
materials, cost of
jobs and services
(1) Rent 1.21 40.21 41.42
(2) Power and Fuel 0.80 9.69 10.49
55. LEASES
Group as a lessee
The Group has lease contracts for its office premises and storage locations with lease term between 1 year to 5 years. The Group’s
obligations under its leases are secured by the lessor’s title to the leased assets. Generally, the Group is restricted from assigning and
subleasing the leased assets.
The Group also has certain leases of office premises and storage locations with lease terms of 12 months or less. The Group applies the
‘short-term lease’ recognition exemptions for these leases.

55. LEASES (Contd.)
(a) The movement in lease liabilities during the year ended 31 March, 2022 and 31 March, 2021 is as follows:
` in crores
As at As at
31 March, 2022 31 March, 2021
Balance at the beginning 9.21 8.89
Additions 15.46 4.74
Accretion of interest 1.67 1.06
Payment of lease liabilities 8.70 5.48
Balance at the end 17.64 9.21
Non-current 12.68 5.66
Current 4.96 3.55
(b) The following are the amounts recognised in profit or loss:

` in crores
31 March, 2022 31 March, 2021
Depreciation on right-of-use assets 7.19 4.49
Interest expense on lease liabilities 1.67 1.06
Expense relating to short-term leases (Refer footnote c) 101.46 113.30
Total amount recognised in statement of profit and loss 110.32 118.85
(c) Details of carrying amount of right-of-use assets and movement during the period is disclosed under Note 6
Footnotes:
(a) The maturity analysis of lease liabilities are disclosed in Note 52 (iii) ‘Liquidity Risk Management’
(b) The effective interest rate for lease liabilities is 9%, with maturity between 2022-2027
(c) Expense relating to short-term leases are disclosed under the head rent and clearing charges in other expenses (Refer Note 41)
(d) The Group had total cash flows for leases of ` 8.70 crores on 31 March, 2022 (31 March, 2021 : ` 5.48 crores).
Group as a lessor
The Group has entered into operating leases on its investment property portfolio consisting of land and office premises. These leases
have lease terms between 1 year to 5 years. The Company has the option under some of its leases to lease the assets for additional
periods. An amount of ` 24.40 crores is recognised as lease income in the statement of profit and loss account for the year ended
31 March, 2022 (31 March, 2021 : ` 32.31 crores).
Minimum lease income for non-cancelable operating lease

` in crores
As at As at
31 March, 2022 31 March, 2021
(a) Not later than one year 2.77 5.59
(b) Later than one year but not later than five years 3.03 0.24
(c) Later than five years - -
264 Voltas Limited

56. REVENUE FROM CONTRACTS WITH CUSTOMERS

(A) Disaggregated revenue information
Disaggregation of the Company’s revenue from contracts with customers are as follows:
` in crores
31 March, 2022 31 March, 2021
Segment - A ( Unitary Cooling Products for Comfort and Commercial use )
(b) Sale of services 666.80 480.39
Sub-total : 4,881.92 4,218.46
Segment - B ( Electro - Mechanical Projects and Services )
(a) Sale of products 24.29 58.88
Sub-total : 2,470.49 2,878.60
Segment - C ( Engineering Products and Services )
Sub-total : 488.66 359.49
Total revenue from contracts with customers 7,841.07 7,456.55
(B) Set out below is the amount of revenue recognised from:

` in crores
31 March, 2022 31 March, 2021
(a) Amounts included in contract liabilities at the beginning of the year 311.71 455.58
(b) Performance obligations satisfied in previous years 0.35 (0.80)
(C) Reconciling the amount of revenue recognised in the statement of profit and loss with the contracted price
` in crores
31 March, 2022 31 March, 2021
Revenue as per contracted price 7,234.24 6,502.84
Adjustments
Add: (a) Unbilled on account of work under certification 751.56 1,144.59
Less: (b) Billing in excess of contract revenue (144.73) (190.88)
Revenue from contract with customers 7,841.07 7,456.55
(D) Performance obligation
The transaction price allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as at 31 March, 2022
is of ` 3,771.82 crores (31 March, 2021: ` 5,266.08 crores), out of which, majority is expected to be recognised as revenue within a
period of one year.
Footnote :
Effective 1 April, 2021, the Company has re-organised Commercial Air-conditioner (CAC) and Customer Care business from
Segment - B ( Electro - Mechanical Projects and Services ) to Segment - A ( Unitary Cooling Products for Comfort and Commercial use )
to align with business objectives and accordingly, segment information for previous year have been restated.

57. CAPITAL MANAGEMENT :
The capital structure of the Group consists of net debt and total equity of the Group. The Group manages its capital to ensure that the
Group will be able to continue as going concern while maximising the return to stakeholders through an optimum mix of debt and equity
within the overall capital structure. The Group’s Risk Management Committee reviews the capital structure of the Group considering the
cost of capital and the risks associated with each class of capital.
58. OTHER STATUTORY INFORMATION :

(i) The Group do not have any Benami property, where any proceeding has been initiated or pending against the Group for holding any
Benami property.
(ii) The Group do not have any transactions with companies struck off.
(iii) The Group do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
(iv) The Group have not traded or invested in Crypto currency or Virtual Currency during the financial year.
(v) The Group have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding that the Intermediary shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Company (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
(vi) The Group have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Group shall:
Funding Party (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(vii) The Group have no such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as
income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant
provisions of the Income Tax Act, 1961).
(viii) The Group has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with the Companies
(Restriction on number of Layers) Rules, 2017.
59. The Code on Social Security, 2020 (‘Code’) has been notified in the Official Gazette in September 2020 which could impact the
contribution by the Group towards certain employment benefits. The effective date from which the changes and rules would
become applicable is yet to be notified. Impact of the changes will be assessed and accounted in the relevant period of notification
of relevant provisions.
60. The Board of Directors of Voltas Limited (‘Parent Company’) at its meeting held on 12 February, 2021, have approved the transfer
of domestic B2B businesses of the Parent Company relating to Projects business comprising Mechanical, Electrical and Plumbing
(MEP)/ Heating, Ventilation and Air-Conditioning (HVAC) and Water projects, Mining and Construction Equipment (M&CE) business
and Textile Machinery Division (TMD) business to its wholly owned subsidiary viz. Universal MEP Projects & Engineering Services
Limited (‘UMPESL’) (formerly Rohini Industrial Electricals Limited) by slump sale through a Business Transfer Agreement (‘BTA’).
The Parent Company has executed the BTA on 24 March, 2021 and the transaction is expected to be consummated by such date
as mutually agreed between the Parent Company and UMPESL.
61. EVENTS OCCURRING AFTER BALANCE SHEET :

(i) The Board of Directors have proposed dividend of ` 5.50 per share after the balance sheet date which is subject to approval by the
shareholders at the annual general meeting.
(ii) The Board of Directors have approved an amount of ` 20.00 crores to be transferred to General Reserve from Retained Earnings after
the balance sheet date.
266 Voltas Limited

62. RATIO ANALYSIS

` in crores
Sr. Ratio Numerator Denominator As at As at % change Reason for
No 31 March, 31 March, variance
2022 2021
1 Current ratio Current Assets Current Liabilities 1.45 1.48 (2.12%) -
2 Debt- Equity ratio Borrowings Total equity 0.06 0.05 23.98%
3 Debt Service Coverage Earnings for debt service Debt service = 22.03 24.32 (9.42%)
ratio = Net Profit before tax+ Interest payable
Non-cash operating & Lease Payments
expenses (depreciation + Principal
and amortisation)+ Repayments of long
Finance Cost+ other term borrowings
adjustments like Loss on
sale of property, plant and
equipment
4 Return on Equity ratio Net Profit after taxes Average total equity 0.10 0.11 (15.37%) -
5 Inventory Turnover ratio Cost of goods sold Average Inventory 2.77 2.47 12.04% -
excluding cost of jobs
and services of Segment
- B ( Electro - Mechanical
Projects and Services )
6 Trade Receivable Revenue from Operations Average Trade 2.74 2.66 2.86% -
Turnover ratio Receivable
7 Trade Payable Turnover Cost of goods sold and Average Trade 2.41 2.39 1.06% -
ratio other expenses Payables
8 Net Capital Turnover Revenue from Operations Working capital = 4.30 4.42 (2.80%) -
ratio Current assets –
Current liabilities
9 Net Profit ratio Net Profit Revenue from 0.06 0.07 (8.88%) -
operations
10 Return on Capital Earnings before interest Capital Employed 0.13 0.15 (10.88%) -
Employed and taxes = Tangible Net
worth + Total long
term borrowings
+ Deferred Tax
Liability

62. RATIO ANALYSIS (Contd.)
` in crores
2022 2021
11 Return on Investment
(a) Mutual Funds Gain on sale / fair Monthly average 0.05 0.07 (35.20%) Decrease in
Investments valuation of Mutual Fund investment in return on
Mutual Funds investment
from Mutual
funds are on
account of
fluctuation
in market
yields.
(b) Fixed Income Interest Income Monthly average 0.06 0.07 (2.43%)
Investments investment in Fixed
Income investments
(c) Quoted Equity Fair valuation of quoted Quarterly average 0.43 1.42 (69.67%) Decrease in
Instruments investment + Dividend investment in return on
Investments Income Quoted Equity investment
Instruments from quoted
equity
instruments
are on
account of
fluctuation
in market
prices.
63. Previous year’s figures have been regrouped / reclassified wherever necessary to correspond with the current year’s classification/
disclosure.


268 Voltas Limited

INDEPENDENT AUDITOR’S REPORT

To the Members of Voltas Limited Institute of Chartered Accountants of India together with the
ethical requirements that are relevant to our audit of the financial
Report on the Audit of the Standalone Ind AS Financial
statements under the provisions of the Act and the Rules
Statements
thereunder, and we have fulfilled our other ethical responsibilities
Opinion in accordance with these requirements and the Code of Ethics.
We have audited the accompanying standalone Ind AS financial We believe that the audit evidence we have obtained is sufficient
statements of Voltas Limited (“the Company”), which comprise and appropriate to provide a basis for our audit opinion on the
the Balance sheet as at 31 March, 2022, the Statement of Profit standalone Ind AS financial statements.
and Loss, including the statement of Other Comprehensive
Key Audit Matters
Income, the Cash Flow Statement and the Statement of Changes
in Equity for the year then ended, and notes to the standalone Key audit matters are those matters that, in our professional
Ind AS financial statements, including a summary of significant judgment, were of most significance in our audit of the standalone
accounting policies and other explanatory information. Ind AS financial statements for the financial year ended
31 March, 2022. These matters were addressed in the context
In our opinion and to the best of our information and according
of our audit of the standalone Ind AS financial statements as
to the explanations given to us, the aforesaid standalone Ind
AS financial statements give the information required by the a whole, and in forming our opinion thereon, and we do not
Companies Act, 2013, as amended (“the Act”) in the manner provide a separate opinion on these matters. For each matter
so required and give a true and fair view in conformity with the below, our description of how our audit addressed the matter is
accounting principles generally accepted in India, of the state of provided in that context.
affairs of the Company as at 31 March, 2022, its profit including We have determined the matters described below to be the key
other comprehensive income, its cash flows and the changes in audit matters to be communicated in our report. We have fulfilled
equity for the year ended on that date. the responsibilities described in the Auditor’s responsibilities for
Basis for Opinion the audit of the standalone Ind AS financial statements section
We conducted our audit of the standalone Ind AS financial of our report, including in relation to these matters. Accordingly,
statements in accordance with the Standards on Auditing (SAs), our audit included the performance of procedures designed to
as specified under section 143(10) of the Act. Our responsibilities respond to our assessment of the risks of material misstatement
under those Standards are further described in the ‘Auditor’s of the standalone Ind AS financial statements. The results of our
Responsibilities for the Audit of the Standalone Ind AS Financial audit procedures, including the procedures performed to address
Statements’ section of our report. We are independent of the the matters below, provide the basis for our audit opinion on the
Company in accordance with the ‘Code of Ethics’ issued by the accompanying standalone Ind AS financial statements.

Revenue recognition for long term Mechanical, Electrical and Plumbing (MEP) contracts
The Company’s revenues include revenue from long-term Our audit procedures included the following:
Mechanical, Electrical and Plumbing (MEP) contracts amounting

Read the Company’s revenue recognition accounting policies
to INR 1,591.51 crores, disclosed under Note 34 ‘revenue from
and assessed compliance of the policies with Ind AS 115.
contracts with customers’ as construction contract revenue,
which are recognized over a period of time in accordance  We assessed the design and tested the operating effectiveness
with the requirements of Ind AS 115, ‘Revenue from Contracts of controls over revenue recognition through inspection
with Customers’. of evidence of performance of these controls with specific
focus on determination of progress of completion, recording
Due to the nature of the contracts, revenue is recognized based
of costs incurred, estimation of costs to complete and the
on percentage of completion method which is determined based
remaining contract obligations.
on proportion of contract costs incurred to date compared to
estimated total contract costs, which involves significant judgments 
We performed test of details, on a sample basis and evaluated
including estimate of future costs, revision to original estimates management estimates and assumptions.
based on new knowledge such as delay in timelines, changes in  We assessed management’s estimates by comparing
scope and consequential revised contract price and recognition of estimated cost with actual costs and discussion on the project
the liability for loss making contracts/ onerous obligations. specific considerations with the relevant project managers
Accuracy of revenues, onerous obligations and profits may deviate including on our project site visits. We assessed that,
significantly on account of change in judgements and estimates. fluctuations in commodity and currency prices, delays, cost
overruns related to the performance of work are appropriately
Considering the variability of assumptions involved in estimation
taken into consideration while estimating costs to come and
of revenues, the same has been considered as a key audit matter.
also assessed the accounting treatment of expected loss on
projects including variable consideration which is recognized
in accordance with the Company’s accounting policy of
revenue recognition.

We tested on sample basis contracts with low or negative
margins, loss making contracts, contracts with significant
changes in planned cost estimates and probable penalties
due to delay in contract execution

We assessed that the disclosure of revenue in accordance
with IND AS 115 ‘Revenue from contracts with customers’
are appropriately presented and disclosed in Note 52 to the
standalone Ind AS financial statements.
270 Voltas Limited

Recoverability of and Impairment Allowance of receivables and contract assets of Electro - Mechanical projects and
services segment
As at 31 March, 2022, trade receivable and contract assets of Our audit procedures included the following :
Electro- mechanical projects and service segment amount to

We evaluated the Company’s processes and controls relating
INR 1,382.94 crores.
to the monitoring of trade receivables and review of credit
Out of the total trade receivables and contract assets of Electro- risks of customers.
mechanical projects and service segment, INR 646.90 crores

We assessed the design and tested the operating effectiveness
represent trade receivable and contract assets of international
business operation. Recoverability of certain receivables and
management for testing the impairment of these receivables
contract assets are impacted due to several factors like the
and the contract assets.
customer profile, delays in obtaining completion certification
in certain projects due to long project tenure, project disputes  In respect of impairment allowance on receivable of this
resulting in future claims against the Company and financial ability segment and recovery of certain trade receivable and
of the customers etc. contract assets of international business operation we tested
the ageing of trade receivable and contract assets. We tested
As regards the receivable of this segment, the Company follows
the management’s assessment of the customer’s financial
‘simplified approach’ in accordance with Ind AS 109- ‘Financial
circumstances, ability to repay the dues based on historical
Instruments’, for recognition of impairment loss allowance on trade
payment trends, assumption used for determining likely
receivables and contract assets. In calculating the impairment loss
losses and delays in collection of trade receivables including
allowance, the Company has considered its credit assessment for
any project disputes which may result in future claims against
its customers. Owing to the long settlement period involved in
the Company.
a few of the government projects, management also considers
the likely delays involved in the settlement process as part of the  We evaluated the assumptions used by management in
impairment allowance calculation. calculation of the expected credit loss impairment including
the impact of the future uncertainties in the economic
The assessment of the impairment of such trade receivables and
environment.
contract assets requires significant management judgment and
hence same is considered as Key Audit Matter. 
We assessed the disclosures on the contract assets and trade
receivables in Note 14 and Note 15 respectively and the
related risks such as credit risk and liquidity risk in Note 50 of
the standalone Ind AS financial statements.

Impairment of Investments in Universal MEP Projects & Engineering Services Limited (formerly known as Rohini Industrial
Electricals Limited)
The Company has an investment of INR 294.20 crores in its wholly Our audit procedures included the following:
owned subsidiary Universal MEP Projects & Engineering Services
 We assessed the design and tested the operating effectiveness
Limited (formerly known as Rohini Industrial Electricals Limited)
(UMPESL) and Impairment allowance of INR 32.57 crores as of
management for testing the impairment of Investment in
31 March, 2022 (after considering reversal of Impairment amounting
UMPESL.
to INR 32.57 crores in March 2019). The Company performs an
annual impairment assessment by comparing the carrying value  We assessed the Company’s valuation methodology
to their recoverable amounts in order to determine whether any applied in determining the recoverable amount. In making
additional impairment provision/ reversal is required. this assessment, we also evaluated the objectivity and
independence of Company’s specialists involved in the
For the purposes of above impairment assessment, the Company
process.
engages specialists to determine value in use by discounting
forecasted cash flows and considering the inherent nature of these  We assessed the assumptions around the key drivers of
calculations being subject to sensitivity to the inputs used for the cash flow forecasts including projected order value
forecasting the cash flows and judgements used by management and margins, discount rates, expected growth rates and
in such forecasts, the assessment of impairment of investment in terminal growth rates used. Further, assessed the recoverable
UMPESL was determined to be a key audit matter in our audit of value headroom by performing sensitivity testing of key
the standalone Ind AS financial statements. assumptions used.

We discussed potential changes in key drivers as compared
to previous year / actual performance with management
in order to evaluate whether the inputs and assumptions
used in the cash flow forecasts were suitable and same are
approved by UMPESL Board of Directors.

We tested the arithmetical accuracy of the models.

We evaluated the accounting and disclosure of investments
in the standalone Ind AS financial statements of the Company.
272 Voltas Limited

Information Other than the Financial Statements and to continue as a going concern, disclosing, as applicable, matters
Auditor’s Report Thereon related to going concern and using the going concern basis of
The Company’s Board of Directors is responsible for the other accounting unless management either intends to liquidate the
information. The other information comprises the information Company or to cease operations, or has no realistic alternative
included in the Annual report, but does not include the but to do so.
standalone Ind AS financial statements and our auditor’s Those Board of Directors are also responsible for overseeing the
report thereon. Company’s financial reporting process.
Our opinion on the standalone Ind AS financial statements does Auditor’s Responsibilities for the Audit of the Standalone
not cover the other information and we do not express any form Ind AS Financial Statements
of assurance conclusion thereon.
Our objectives are to obtain reasonable assurance about whether
In connection with our audit of the standalone Ind AS financial the standalone Ind AS financial statements as a whole are free
statements, our responsibility is to read the other information from material misstatement, whether due to fraud or error, and
and, in doing so, consider whether such other information is to issue an auditor’s report that includes our opinion. Reasonable
materially inconsistent with the financial statements or our assurance is a high level of assurance, but is not a guarantee that
knowledge obtained in the audit or otherwise appears to be an audit conducted in accordance with SAs will always detect
materially misstated. If, based on the work we have performed, a material misstatement when it exists. Misstatements can arise
we conclude that there is a material misstatement of this other from fraud or error and are considered material if, individually
information, we are required to report that fact. We have nothing or in the aggregate, they could reasonably be expected to
to report in this regard. influence the economic decisions of users taken on the basis of
these standalone Ind AS financial statements.
Responsibilities of Management for the Standalone Ind
AS Financial Statements As part of an audit in accordance with SAs, we exercise
The Company’s Board of Directors is responsible for the matters professional judgment and maintain professional skepticism
stated in section 134(5) of the Act with respect to the preparation throughout the audit. We also:
of these standalone Ind AS financial statements that give a true • Identify and assess the risks of material misstatement of
and fair view of the financial position, financial performance the standalone Ind AS financial statements, whether due
including other comprehensive income, cash flows and changes to fraud or error, design and perform audit procedures
in equity of the Company in accordance with the accounting responsive to those risks, and obtain audit evidence that is
principles generally accepted in India, including the Indian sufficient and appropriate to provide a basis for our opinion.
Accounting Standards (Ind AS) specified under section 133 of The risk of not detecting a material misstatement resulting
the Act read with the Companies (Indian Accounting Standards) from fraud is higher than for one resulting from error, as
Rules, 2015, as amended. This responsibility also includes fraud may involve collusion, forgery, intentional omissions,
maintenance of adequate accounting records in accordance misrepresentations, or the override of internal control.
with the provisions of the Act for safeguarding of the assets of
• Obtain an understanding of internal control relevant to
the Company and for preventing and detecting frauds and other
the audit in order to design audit procedures that are
irregularities; selection and application of appropriate accounting
appropriate in the circumstances. Under section 143(3)(i) of
policies; making judgments and estimates that are reasonable
the Act, we are also responsible for expressing our opinion
and prudent; and the design, implementation and maintenance
on whether the Company has adequate internal financial
of adequate internal financial controls, that were operating
controls with reference to financial statements in place and
effectively for ensuring the accuracy and completeness of the
the operating effectiveness of such controls.
accounting records, relevant to the preparation and presentation
of the standalone Ind AS financial statements that give a true and • Evaluate the appropriateness of accounting policies used
fair view and are free from material misstatement, whether due and the reasonableness of accounting estimates and
to fraud or error. related disclosures made by management.
In preparing the standalone Ind AS financial statements, • Conclude on the appropriateness of management’s use of
management is responsible for assessing the Company’s ability the going concern basis of accounting and, based on the

audit evidence obtained, whether a material uncertainty 2. As required by Section 143(3) of the Act, we report that:
exists related to events or conditions that may cast (a) We have sought and obtained all the information and
significant doubt on the Company’s ability to continue as a explanations which to the best of our knowledge and
going concern. If we conclude that a material uncertainty belief were necessary for the purposes of our audit;
exists, we are required to draw attention in our auditor’s
(b) In our opinion, proper books of account as required
report to the related disclosures in the financial statements
by law have been kept by the Company so far as it
or, if such disclosures are inadequate, to modify our opinion.
appears from our examination of those books;
Our conclusions are based on the audit evidence obtained
up to the date of our auditor’s report. However, future (c) The Balance Sheet, the Statement of Profit and Loss
events or conditions may cause the Company to cease to including the Statement of Other Comprehensive
continue as a going concern. Income, the Cash Flow Statement and Statement of
Changes in Equity dealt with by this Report are in
• Evaluate the overall presentation, structure and content of
agreement with the books of account;
the standalone Ind AS financial statements, including the
disclosures, and whether the standalone Ind AS financial (d)
In our opinion, the aforesaid standalone Ind AS
statements represent the underlying transactions and financial statements comply with the Accounting
events in a manner that achieves fair presentation. Standards specified under Section 133 of the Act,
read with Companies (Indian Accounting Standards)
We communicate with those charged with governance
Rules, 2015, as amended;
regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any (e) On the basis of the written representations received
significant deficiencies in internal control that we identify during from the directors as on March 31, 2022 taken on
our audit. record by the Board of Directors, none of the directors
is disqualified as on March 31, 2022 from being
We also provide those charged with governance with a statement appointed as a director in terms of Section 164 (2)
that we have complied with relevant ethical requirements of the Act;
regarding independence, and to communicate with them
(f ) With respect to the adequacy of the internal financial
all relationships and other matters that may reasonably be
controls with reference to these standalone Ind AS
thought to bear on our independence, and where applicable,
financial statements and the operating effectiveness
related safeguards.
of such controls, refer to our separate Report in
From the matters communicated with those charged with “Annexure 2” to this report;
governance, we determine those matters that were of most
(g) In our opinion, the managerial remuneration for the
significance in the audit of the standalone Ind AS financial
year ended March 31, 2022 has been paid / provided
statements for the financial year ended March 31, 2022 and
by the Company to its directors in accordance with
are therefore the key audit matters. We describe these matters
the provisions of section 197 read with Schedule V
in our auditor’s report unless law or regulation precludes
to the Act;
public disclosure about the matter or when, in extremely rare
circumstances, we determine that a matter should not be (h) With respect to the other matters to be included in
communicated in our report because the adverse consequences the Auditor’s Report in accordance with Rule 11 of
of doing so would reasonably be expected to outweigh the the Companies (Audit and Auditors) Rules, 2014,
public interest benefits of such communication. as amended in our opinion and to the best of our
information and according to the explanations
Report on Other Legal and Regulatory Requirements
given to us:
1. As required by the Companies (Auditor’s Report) Order,
i. The Company has disclosed the impact of
2020 (“the Order”), issued by the Central Government of
pending litigations on its financial position in
India in terms of sub-section (11) of section 143 of the Act,
its standalone Ind AS financial statements –
we give in the “Annexure 1” a statement on the matters
Refer Note 44 to the standalone Ind AS financial
specified in paragraphs 3 and 4 of the Order.
statements;
274 Voltas Limited

ii. The Company has made provision, as required have been received by the Company
under the applicable law or accounting from any persons or entities, including
standards, for material foreseeable losses, if any, foreign entities (“Funding Parties”), with
on long-term contracts including derivative the understanding, whether recorded in
contracts; writing or otherwise, that the Company
shall, whether, directly or indirectly, lend
iii.
There has been no delay in transferring
or invest in other persons or entities
amounts, required to be transferred, to the identified in any manner whatsoever by or
Investor Education and Protection Fund by on behalf of the Funding Party (“Ultimate
the Company Beneficiaries”) or provide any guarantee,
iv. (a) The management has represented that, security or the like on behalf of the
to the best of its knowledge and belief, Ultimate Beneficiaries; and
as disclosed in Note no 54(v) to the (c)
Based on such audit procedures that
standalone financial statements, no funds have been considered reasonable and
have been advanced or loaned or invested appropriate in the circumstances, nothing
(either from borrowed funds or share has come to our notice that has caused
premium or any other sources or kind of us to believe that the representations
funds) by the Company to or in any other under sub-clause (a) and (b) contain any
person or entity, including foreign entities material misstatement.
(“Intermediaries”), with the understanding,
v. The final dividend paid by the Company during
whether recorded in writing or otherwise,
the year in respect of the same declared for the
that the Intermediary shall, whether,
previous year is in accordance with section 123
directly or indirectly lend or invest in of the Act to the extent it applies to payment of
other persons or entities identified in any dividend .
manner whatsoever by or on behalf of
the Company (“Ultimate Beneficiaries”) or As stated in note 57 to the standalone Ind AS
provide any guarantee, security or the like financial statements, the Board of Directors of
the Company have proposed final dividend
on behalf of the Ultimate Beneficiaries;
for the year which is subject to the approval of
(b) The management has represented that, the members at the ensuing Annual General
to the best of its knowledge and belief, Meeting. The dividend declared is in accordance
as disclosed in Note no. 54(vi) to the with section 123 of the Act to the extent it
Standalone financial statement, no funds applies to declaration of dividend.


Partner
UDIN: 22038730AILDJS6952
Date: May 05, 2022

ANNEXURE ‘1’ REFERRED TO IN PARAGRAPH UNDER THE HEADING “REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS” OF OUR REPORT OF EVEN DATE
Voltas Limited (“the company”)

(i) (a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of
Property, Plant and Equipment.
(B) The Company has maintained proper records showing full particulars of intangibles assets.
(b) Property, Plant and Equipment have been physically verified by the management during the year and no material discrepancies
were identified on such verification.
(c) The title deeds of immovable properties (other than properties where the Company is the lessee and the lease agreements are
duly executed in favour of the lessee) disclosed in note 4 & 6 to the financial statements are held in the name of the Company
except for the following: -
Description of Gross Held in the Whether promoter, Period held Reason for not being held in
Property Carrying name of director or (since) name of company also indicate if
value (in their relative or in dispute and period for which it
INR crores) employee has been held
16 Flats in Tata 0.06 Tata Services Group Company August, 1965 These flats are constructed on land
Colony, Lallubhai Ltd owned by Tata Services Limited in
Park, Andheri (W), line with arrangement amongst Tata
Mumbai 400063 Services Limited and Tata Group of
companies (incl. Voltas Limited)
Pending certain procedural aspects,
title to the undivided share of land
relating to the flats owned by Voltas
Limited has not yet been transferred
in the name of Voltas Limited.
Voltas House, 23 0.23 Bombay Port Others June, 2017 The said building was taken on lease
J N Heredia Marg, Trust by the Company that expired in
Ballard Estate, June’17. The Company has submitted
Mumbai 400001 an application for renewal (in
accordance with contractual right) of
lease on December 15, 2016.
Sanathnagar 6.32 Allwyn Metal Group Company April, 1994 These properties were acquired
land & building, Works Ltd. pursuant to a scheme of amalgamation
Hyderabad and continued to be registered in the
name of amalgamating company.
been registered by the Company
Building & 11.46 Universal Group company September, These properties were acquired
Leasehold land- Comfort 2020 pursuant to a scheme of amalgamation
Pantnagar Products and continued to be registered in the
Limited name of amalgamating company.
been registered by the Company.
(d) The Company has not revalued its Property, Plant and Equipment (including Right of use assets) or intangible assets during the
year ended March 31, 2022.
(e) There are no proceedings initiated or are pending against the Company for holding any benami property under the Prohibition
of Benami Property Transactions Act, 1988 and rules made thereunder.
276 Voltas Limited

(ii) (a) The inventory has been physically verified by the management during the year except for inventories lying with third
parties. In our opinion, the frequency of verification by the management is reasonable and the coverage and procedure for
such verification is appropriate. Inventories lying with third parties have been confirmed by them as at March 31, 2022 and
discrepancies were not noticed in respect of such confirmations.
(b) As disclosed in note 16 to the financial statements, the Company has been sanctioned working capital limits in excess of INR
five crores in aggregate from banks during the year on the basis of security of current assets of the Company. Based on the
records examined by us in the normal course of audit of the financial statements, the quarterly returns/statements filed by the
Company with such banks are in agreement with the books of accounts of the Company.
(iii) (a) During the year the Company has not provided loans, advances in the nature of loans, or provided security to companies, firms,
Limited Liability Partnerships or any other parties. Further, during the year the Company has stood guarantee to companies as
follows:
Particulars Amount (INR Crore)

Aggregate amount of guarantee provided during the year
- Subsidiaries 1,468.56
- Joint Ventures --
- Associates --
- Others --
Balance outstanding as at balance sheet date in respect of above cases
- Subsidiaries 2,115.59
- Joint Ventures 75.75
- Associates --
- Others --
(b) During the year the Company has not provided security, granted loan and advances in the nature of loan to companies, firms,
Limited Liabilities Partnership or any other parties. Further, during the year the investments made and guarantees provided to
companies are not prejudicial to the Company’s interest.
(c) The Company has not granted loans and advances in the nature of loans to companies, firms, Limited Liability Partnerships or
any other parties. Accordingly, the requirement to report on clause 3(iii)(c), (d), (e) and (f ) of the Order are not applicable to the
Company.
(iv) There are no loans and security in respect of which provisions of sections 185 and 186 of the Companies Act, 2013 are applicable.
Further, investments made and guarantees provided in respect of which provisions of sections 185 and 186 of the Companies Act,
2013 are applicable have been complied with by the Company.
(v) The Company has neither accepted any deposits from the public nor accepted any amounts which are deemed to be deposits
within the meaning of sections 73 to 76 of the Companies Act and the rules made thereunder, to the extent applicable. Accordingly,
the requirement to report on clause 3(v) of the Order is not applicable to the Company.
(vi) We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central Government
for the maintenance of cost records under section 148(1) of the Companies Act, 2013, related to the manufacture of engineering
machinery, and are of the opinion that prima facie, the specified accounts and records have been made and maintained. We have
not, however, made a detailed examination of the same.
(vii) (a) The Company is regular in depositing with appropriate authorities undisputed statutory dues including goods and services
tax, provident fund, employees’ state insurance, income-tax, cess and other statutory dues applicable to it. According to the
information and explanations given to us and based on audit procedures performed by us, no undisputed amounts payable
in respect of these statutory dues were outstanding, at the year end, for a period of more than six months from the date they
became payable.

(b) The dues of goods and services tax, service tax, custom duty, excise duty, value added tax, cess, and other statutory dues have
not been deposited on account of any dispute, are as follows:
Name of Statute Nature of Dues Forum where case is pending Period to which the Amount Relates Amount
(INR in crores)
The Central Excise Excise Duty Customs, Excise and Service Tax 2002, 2009-10 to 2014-15 14.07
Act, 1944 Appellate Tribunal (CESTAT)
Commissionerate 1981-82, 1983-84, 1985-86 to 1990-91, 4.70
1992-93 to 1993-94, 1999-00 to 2000-01,
2004-05, 2009-10, 2011-12, 2012-13
Finance Act, 1994 Service Tax Customs, Excise and Service Tax 1999-00 to 2002-03, 2004-05 to 2009-10, 12.03
Appellate Tribunal (CESTAT) 2017-18
Commissionerate 2003-04 to 2015-16 5.10
Custom Act, 1962 Custom duty Commissionerate 2019-20 0.99
Sales Tax Act (1) Value Added Tax Supreme Court 1993-94 0.40
(2) Central Sales Tax High Court 1987-88 to 1991-92, 1996-97 to 1998-99, 13.53
(3) Entry Tax 2001-02 to 2005-06, 2008-09, 2010-11,
(including penalty 2018-19
and interest) Appellate Tribunal 1986-87, 1999 to 2001, 2002 to 2014-15 11.04
Appellate Revisional Board 2007-08, 2012-14, 2015-16 2.63
Commissioner (Assessment) 1988-89 to 1992-93, 1994-95, 1996-97, 1.08
1999-00 to 2000-01, 2002-03
Commissioner of Appeals 1989-90 to 1990-91, 1994-95 to 2001-02, 75.66
2003-04, 2005-06 to 2017-18
Goods and Service Goods and Service High Court 2018-19 0.01
Tax Act, 2017 Tax Commissioner of Appeals 2018-19 to 2020-21 3.23
(viii) The Company has not surrendered or disclosed any transaction, previously unrecorded in the books of account, in the tax assessments
under the Income Tax Act, 1961 as income during the year. Accordingly, the requirement to report on clause 3(viii) of the Order is not
applicable to the Company.
(ix) (a) The Company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender.
(b) The Company has not been declared wilful defaulter by any bank or financial institution or government or any government
authority.
(c) The Company did not have any term loans outstanding during the year hence, the requirement to report on clause 3(ix)(c) of
the Order is not applicable to the Company.
(d) On an overall examination of the financial statements of the Company, no funds raised on short-term basis have been used for
long-term purposes by the Company.
(e) On an overall examination of the financial statements of the Company, the Company has not taken any funds from any entity
or person on account of or to meet the obligations of its subsidiaries, associates or joint ventures.
(f ) The Company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate
companies. Hence, the requirement to report on clause 3(ix)(f ) of the Order is not applicable to the Company.
(x) (a) The Company has not raised any money during the year by way of initial public offer / further public offer (including debt
instruments) hence, the requirement to report on clause 3(x)(a) of the Order is not applicable to the Company.
(b) The Company has not made any preferential allotment or private placement of shares /fully or partially or optionally convertible
debentures during the year under audit and hence, the requirement to report on clause 3(x)(b) of the Order is not applicable
to the Company.
(xi) (a) No fraud by the Company or no material fraud on the Company has been noticed or reported during the year.
(b) During the year, no report under sub-section (12) of section 143 of the Companies Act, 2013 has been filed by cost auditor/
secretarial auditor or by us in Form ADT – 4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the
Central Government.
278 Voltas Limited

(c) We have taken into consideration the whistle blower complaints received by the Company during the year while determining
the nature, timing and extent of audit procedures.
(xii) The Company is not a nidhi Company as per the provisions of the Companies Act, 2013. Therefore, the requirement to report on
clause 3(xii)(a)(b)(c) of the Order are not applicable to the Company.
(xiii) Transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 where applicable and the
details have been disclosed in the notes to the financial statements, as required by the applicable accounting standards.
(xiv) (a) The Company has an internal audit system commensurate with the size and nature of its business.
(b) The internal audit reports of the Company issued till the date of the audit report, for the period under audit have been
considered by us.
(xv) The Company has not entered into any non-cash transactions with its directors or persons connected with its directors and hence
requirement to report on clause 3(xv) of the Order is not applicable to the Company.
(xvi) (a) The provisions of section 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934) are not applicable to the Company. Accordingly,
the requirement to report on clause 3(xvi)(a) of the Order is not applicable to the Company.
(b) The Company has not conducted any Non-Banking Financial or Housing Finance activities without obtaining a valid Certificate
of Registration (CoR) from the Reserve Bank of India as per the Reserve Bank of India Act, 1934.
(c) The Company is not a Core Investment Company as defined in the regulations made by Reserve Bank of India. Accordingly, the
requirement to report on clause 3(xvi) of the Order is not applicable to the Company.
(d) According to the information and explanation given to us by the management, the Group has five CICs which are registered
with the Reserve Bank of India and 1 CIC which is not required to be registered with the Reserve Bank of India.
(xvii) The Company has not incurred cash losses in the current and immediately preceding financial year.
(xviii) There has been no resignation of the statutory auditors during the year and accordingly requirement to report on Clause 3(xviii) of
the Order is not applicable to the Company.
(xix) On the basis of the financial ratios disclosed in note 58 to the financial statements, ageing and expected dates of realization of
financial assets and payment of financial liabilities, other information accompanying the financial statements, our knowledge of the
Board of Directors and management plans and based on our examination of the evidence supporting the assumptions, nothing
has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report that
Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of
one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company. We
further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any
assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company
as and when they fall due.
(xx) (a) In respect of other than ongoing projects, there are no unspent amounts that are required to be transferred to a fund specified
in Schedule VII of the Companies Act (the Act), in compliance with second proviso to sub section 5 of section 135 of the Act.
This matter has been disclosed in note 41 to the financial statements.
(b) There are no unspent amounts in respect of ongoing projects, that are required to be transferred to a special account in
compliance of provision of sub section (6) of section 135 of Companies Act. This matter has been disclosed in note 41 to the
financial statements.


Partner
Date: May 05, 2022

ANNEXURE 2 TO THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON THE STANDALONE IND AS FINANCIAL
STATEMENTS OF VOLTAS LIMTED
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013
(“the Act”)
We have audited the internal financial controls with reference to standalone Ind AS financial statements of Voltas Limited (“the Company”)
as of March 31, 2022 in conjunction with our audit of the standalone Ind AS financial statements of the Company for the year ended on
that date.
Management’s Responsibility for Internal Financial Controls

The Company’s Management is responsible for establishing and maintaining internal financial controls based on the internal control over
financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance
Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (“ICAI”).
These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating
effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Company’s policies, the safeguarding
of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely
preparation of reliable financial information, as required under the Companies Act, 2013, as amended (“the Act”).
Our responsibility is to express an opinion on the Company’s internal financial controls with reference to these standalone Ind AS financial
statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls
Over Financial Reporting (the “Guidance Note”) and the Standards on Auditing, as specified under section 143(10) of the Act, to the extent
applicable to an audit of internal financial controls, both issued by ICAI. Those Standards and the Guidance Note require that we comply
with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial
controls with reference to these standalone Ind AS financial statements was established and maintained and if such controls operated
effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference
to these standalone Ind AS financial statements and their operating effectiveness. Our audit of internal financial controls with reference
to standalone Ind AS financial statements included obtaining an understanding of internal financial controls with reference to these
standalone Ind AS financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and
operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgement,
including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s
internal financial controls with reference to these standalone Ind AS financial statements.
Meaning of Internal Financial Controls with Reference to these Standalone Ind AS Financial Statements
A Company’s internal financial controls with reference to standalone Ind AS financial statements is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles. A Company’s internal financial controls with reference to standalone Ind AS financial
statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and
that receipts and expenditures of the Company are being made only in accordance with authorisations of management and directors
of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or
disposition of the Company’s assets that could have a material effect on the financial statements.
280 Voltas Limited

Inherent Limitations of Internal Financial Controls with Reference to Standalone Ind AS Financial Statements
Because of the inherent limitations of internal financial controls with reference to standalone Ind AS financial statements, including the
possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not
be detected. Also, projections of any evaluation of the internal financial controls with reference to standalone Ind AS financial statements
to future periods are subject to the risk that the internal financial control with reference to standalone Ind AS financial statements may
become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, adequate internal financial controls with reference to standalone Ind AS financial
statements and such internal financial controls with reference to standalone Ind AS financial statements were operating effectively as
at March 31, 2022, based on the internal control over financial reporting criteria established by the Company considering the essential
components of internal control stated in the Guidance Note issued by the ICAI.


Partner
Date: May 05, 2022

Standalone Balance Sheet
as at 31 March, 2022
` in crores
Note No. As at As at
31 March, 2022 31 March, 2021
I ASSETS
Non-current assets
(a) Property, plant and equipment 4 225.89 231.79
(b) Capital work-in-progress 4 59.29 8.81
(c) Investment property 5 53.32 55.55
(d) Right-of-use assets 6 16.65 10.84
(e) Other intangible assets 7 7.01 8.23
(f ) Financial assets
(i) Investments 8 3,690.53 3,193.97
(ii) Loans 9 0.10 0.17
(iii) Other financial assets 10 75.58 88.56
(g) Income tax assets (net) 9.19 2.67
(h) Deferred tax assets (net) 11 - 16.08
(i) Other non-current assets 12 95.10 109.25
Total non-current assets 4,232.66 3,725.92
Current assets
(a) Inventories 13 1,655.39 1,273.90
(b) Contract assets 14 576.43 648.11
(c) Financial assets
(i) Investments 8 434.27 249.32
(ii) Trade receivables 15 1,520.23 1,452.28
(iii) Cash and cash equivalents 16 451.12 313.71
(iv) Other balances with banks 17 12.77 10.64
(v) Loans 18 1.91 1.30
(vi) Other financial assets 19 110.39 137.16
(d) Other current assets 20 221.55 164.46
Total current assets 4,984.06 4,250.88
TOTAL ASSETS 9,216.72 7,976.80
II EQUITY AND LIABILITIES
Equity
(a) Equity share capital 21 33.08 33.08
(b) Other equity 22 5,535.62 4,951.62
Total Equity 5,568.70 4,984.70
Liabilities
Non-current liabilities
(i) Lease liabilities 24 8.97 4.00
(ii) Other financial liabilities 25 14.89 19.41
(c) Provisions 26 82.75 73.72
(d) Deferred tax liabilities (net) 11 12.35 -
(e) Other non-current liabilities 27 6.32 6.32
Total non-current liabilities 128.79 104.09
Current liabilities
(i) Borrowings 29 126.04 101.84
(ii) Lease liabilities 29A 4.78 2.62
(iii) Trade payables 30
- Total outstanding dues of micro and small enterprises 143.46 150.99
- Total outstanding dues of creditors other than micro and small enterprises 2,538.56 1,906.85
(iv) Other financial liabilities 31 103.23 94.37
(c) Provisions 32 148.33 108.89
(d) Income tax liabilities (net) 43.42 63.17
(e) Other current liabilities 33 85.98 67.52
Total current liabilities 3,519.23 2,888.01
Total Liabilities 3,648.02 2,992.10
TOTAL EQUITY AND LIABILITIES 9,216.72 7,976.80


282 Voltas Limited

Standalone STATEMENT OF PROFIT AND LOSS

` in crores
Note Year ended Year ended
No. 31 March, 2022 31 March, 2021
Income
I Revenue from operations 34 7,098.60 6,377.97
II Other income 35 167.89 219.96
III Total income (I + II) 7,266.49 6,597.93
Expenses
(a) Consumption of materials, cost of jobs and services 3,506.82 2,617.72
(b) Purchases of stock-in-trade 2,042.75 1,862.26
(c) Changes in inventories of finished goods, stock-in-trade and work-in-progress 36 (178.27) 279.25
(d) Employee benefits expenses 37 488.54 465.44
(e) Finance costs 38 14.55 19.10
(f ) Depreciation and amortisation expenses 39 33.13 29.83
(g) Other expenses 40 595.81 590.91
IV Total expenses 6,503.33 5,864.51
V Profit before tax (III - IV) 763.16 733.42
Tax Expense
(a) Current tax 178.00 176.48
(b) Adjustment of tax relating to earlier periods (3.58) -
(c) Deferred tax charge / (credit) 11 5.27 (13.36)
VI Total tax expense 42 179.69 163.12
VII Net Profit for the year (V-VI) 583.47 570.30
Items that not to be reclassified to profit or loss
(a) Changes in fair value of equity instruments through other comprehensive income 206.54 342.18
(b) Income tax effect on (a) above 11 (27.54) (19.64)
(c) Remeasurement gain / (loss) on defined benefit plans (17.41) 7.87
(d) Income tax effect on (c) above 11 4.38 (1.98)
VIII Other Comprehensive Income [net of tax] 165.97 328.43
IX Total Comprehensive Income [net of tax] (VII + VIII) 749.44 898.73
X Earnings per share:
Basic and Diluted (`) (Face value ` 1/- per share) 43 17.63 17.24



284
Standalone STATEMENT OF CHANGES IN EQUITY
A. EQUITY SHARE CAPITAL
Voltas Limited
` in crores
B. OTHER EQUITY:
` in crores
Reserves and Surplus Items of Other Total other
(Refer Note 22) Comprehensive equity
income
(Refer Note 22)
Capital Capital Securities General Staff Retained Equity instruments
Reserve Redemption Premium Reserve Welfare earnings fair value through
Reserve Reserve Other Comprehensive
income
Balance as at 31 March, 2020 12.25 1.26 6.28 1,366.83 0.01 2,474.30 304.31 4,165.24
Net profit for the year - - - - - 570.30 - 570.30
Other comprehensive income for the year (net of tax) - - - - - 5.89 322.54 328.43
Total comprehensive income for the year (net of tax) - - - - - 576.19 322.54 898.73
Payment of dividends - - - - - (132.35) - (132.35)
Transfer to General Reserve - - - 20.00 - (20.00) - -
Standalone STATEMENT OF CHANGES IN EQUITY
` in crores
Reserves and Surplus Items of Other Total other
(Refer Note 22) Comprehensive equity
income
corporate overview
(Refer Note 22)

Capital Capital Securities General Staff Retained Equity instruments
Reserve Redemption Premium Reserve Welfare earnings fair value through
Reserve Reserve Other Comprehensive
income
Net profit for the year - - - - - 583.47 - 583.47
Other comprehensive income for the year (net of tax) - - - - - (13.03) 179.00 165.97
Total comprehensive income for the year (net of tax) - - - - - 570.44 179.00 749.44
statutory reports
Payment of dividends - - - - - (165.44) - (165.44)

Transfer to General Reserve - - - 20.00 - (20.00) - -




285
Standalone CASHFLOW STATEMENT
` in crores
31 March, 2022 31 March, 2021
A. CASH FLOW FROM OPERATING ACTIVITIES
Adjustments for :
Depreciation and amortisation expenses 33.13 29.83
Allowance for doubtful debts and advances 32.02 81.37
Unrealised foreign exchange (gain) / loss (net) 3.88 (20.84)
Provision for diminution in value of investments (net) 0.25 0.86
Loss on disposal of property, plant and equipment 1.28 0.11
Finance costs 14.55 19.10
Interest income (3.65) (11.96)
Dividend income (7.15) (26.18)
Gain arising on financial assets measured at Fair Value (81.09) (101.46)
through Profit or Loss (FVTPL) (net)
Financial guarantee contract income (2.58) (1.12)
Unclaimed credit balances written back (9.70) (19.03)
Rental income (24.70) (32.81)
(43.76) (82.13)
Operating profit before working capital changes 719.40 651.29
Changes in working capital:
Adjustments for (increase) / decrease in operating assets:
Inventories (381.49) 186.55
Trade receivables (83.67) (77.74)
Contract assets 54.14 99.12
Other financial assets (4.88) 9.79
Other non-financial assets (58.35) 214.04
Adjustments for increase / (decrease) in operating liabilities:
Trade payables 631.84 (478.63)
Contract liabilities (63.47) (20.60)
Other financial liabilities 7.66 4.42
Other non-financial liabilities 18.44 33.68
Provisions 31.08 9.97
151.30 (19.40)
Cash generated from operations 870.70 631.89
Income tax paid (net of refunds) (202.20) (60.88)
NET CASH FLOW FROM OPERATING ACTIVITIES (A) 668.50 571.01
B. CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment and intangible assets (47.32) (19.05)
(including capital advances and capital work-in-progress)
Proceeds from disposal of property, plant and equipment 1.31 1.41
Investment in fixed deposits 36.27 (8.45)
Purchase of investments (1,103.85) (1,323.89)
Proceeds from sale of investments 712.82 966.42
Interest received 8.84 19.47
286 Voltas Limited

Standalone CASHFLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH, 2022 (Contd.)
` in crores
31 March, 2022 31 March, 2021
Dividend received
– Subsidiaries, associates and joint ventures 2.13 21.35
– Others 5.02 4.52
Rent received 25.72 32.33
Rental Deposits repaid (11.35) (5.11)
NET CASH FLOW USED IN INVESTING ACTIVITIES (B) (370.41) (311.00)
C. CASH FLOW FROM FINANCING ACTIVITIES
Repayment of borrowings (11.00) (361.00)
Proceeds from borrowings 35.19 383.26
Interest paid (11.51) (14.67)
Payment of lease liability (6.16) (4.73)
Dividend paid (165.39) (132.35)
NET CASH FLOW USED IN FINANCING ACTIVITIES (C) (158.87) (129.49)

NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS 139.22 130.52
(A+B+C)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR 313.53 183.01
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 452.75 313.53
Non-Cash Investing and Financing transaction
Net gain arising on financial assets measured at FVTPL 71.37 95.57
Impairment of Investment (net) 0.25 0.86
Lease liabilities 13.29 5.53
84.91 101.96
Cash and cash equivalents at the end of the year consist of:
Cash and cash equivalents at the end of the year (Refer Note 16) 451.12 313.71
Effect of exchange difference on restatement of foreign currency cash 1.63 (0.18)
and cash equivalents
452.75 313.53



NOTES FORMING PART OF THE IND AS Standalone FINANCIAL STATEMENT
1. CORPORATE INFORMATION liabilities, income, expenses and disclosures of contingent

assets and liabilities at the date of these financial statements

Voltas Limited (the “Company”) is a public limited and the reported amounts of revenues and expenses for
company domiciled in India. The address of its registered the years presented. Actual results may differ from these
office is Voltas House ‘A’, Dr. Babasaheb Ambedkar Road, estimates. Estimates and underlying assumptions are
Chinchpokli, Mumbai 400033. reviewed on an ongoing basis.
The Company belongs to the Tata Group of companies and
In particular, information about significant areas of
was established in the year 1954. The Company is engaged estimation, uncertainty and critical judgements in applying
in the business of air conditioning, refrigeration, electro - accounting policies that have the most significant effect
mechanical projects as an EPC contractor both in domestic on the amounts recognised in the financial statements are
and international geographies (Middle East and Singapore) disclosed in Note 3.
and engineering product services for mining, water
management and treatment, construction equipments C. REVENUE
and textile industry. Revenue from contracts with customers is recognised
when control of the goods or services are transferred to
The financial statements for the year ended 31 March, 2022
the customer at an amount that reflects the consideration
were approved by the Board of Directors and approved for
to which the Company expects to be entitled in exchange
issue on 5 May, 2022.
for those goods or services. The Company has generally
2. SIGNIFICANT ACCOUNTING POLICIES concluded that it is the principal in its revenue arrangements,
A. BASIS OF PREPARATION except for certain specific services mentioned below, as it
typically controls the goods or services before transferring
The financial statements of the Company have been
them to the customer.
prepared in accordance with Indian Accounting Standards
(Ind AS) notified under the Companies (Indian Accounting Sale of goods
Standards) Rules, 2015 (as amended from time to time) and Revenue from sale of goods is recognised at the point
presentation requirements of Division II of Schedule III to
in time when control of the asset is transferred to the
the Companies Act, 2013, (Ind AS compliant Schedule III),
customer, which generally coincides with transfer of goods
as applicable to the financial statements.
to the transporters. The normal credit term is 7 to 30 days.
The financial statements have been prepared on a
The Company provides preventive maintenance services on
historical cost basis, except for certain financial assets and
its certain products at the time of sale. These maintenance
liabilities measured at fair value as explained in accounting
services are sold together with the sale of product. Contracts
policy of fair value measurement (Note 2(E)) and financial
for such sales of product and preventive maintenance
instruments (Note 2 (O)) below.
services comprise two performance obligations because
The accounting policies adopted for preparation and the promises to transfer the product and to provide the
presentation of financial statement have been consistent preventive maintenance services are capable of being
with the previous year. distinct. Accordingly, a portion of the transaction price
The financial statements are presented in ` and all values is allocated to the preventive maintenance services and
are rounded to the nearest crores, except when otherwise recognised as a contract liability. Revenue is recognised
indicated. over the period in which the preventive maintenance
services are provided based on the time elapsed.
B. USE OF ESTIMATES AND JUDGEMENTS
The preparation of financial statements in conformity Warranty obligation
with Ind AS requires management to make judgements, The Company typically provides warranties for general
estimates and assumptions, that affect the application of repairs of defects that existed at the time of sale, as
accounting policies and the reported amounts of assets, required by law. These assurance-type warranties are
288 Voltas Limited

accounted for under Ind AS 37 Provisions, Contingent In case of long - term construction contracts payment is
Liabilities and Contingent Assets. Refer to the accounting generally due upon completion of milestone as per terms
policy on warranty provisions in section N ‘Provisions of contract. In certain contracts, short-term advances are
and Contingencies’. received before the performance obligation is satisfied.
Revenue from Services Dividend and Interest income

Revenue from services are recognised at the point in Dividend income is recognised when the right to receive
time when the services are rendered. Revenue from payment is established. Interest income is recognised using
maintenance contracts are recognised over the period of the effective interest method.
contract on time elapsed.
D. CONTRACT BALANCES
In case of mining equipment’s long-term maintenance
Contract assets
contracts, revenue is recognised over the period of time
A contract asset is the right to consideration in exchange
based on input method where the extent of progress
for goods or services transferred to the customer. If the
towards completion is measured based on the ratio of costs
Company performs by transferring goods or services to
incurred to date to the total estimated costs at completion
a customer before the customer pays consideration or
of performance obligation.
before payment is due, a contract asset is recognised for
Agency Commission the earned consideration that is conditional.
The Company procures textile machinery on behalf of
The amount recognised as contract assets is reclassified
its customers. Accordingly, in these arrangements the
to trade receivables once the amounts are billed to the
Company is acting as an agent and record the revenue
customer as per the terms of the contract. Contract assets
on net basis.
are subject to impairment assessment. Refer to accounting
Revenue from Construction contract policies on impairment of financial assets in section
Performance obligation in case of long - term construction P Impairment.
contracts is satisfied over a period of time, since the Trade receivables
Company creates an asset that the customer controls as
A receivable represents the Company’s right to an amount
the asset is created and the Company has an enforceable
of consideration that is unconditional (i.e., only the passage
right to payment for performance completed to date if
of time is required before payment of the consideration
it meets the agreed specifications. Revenue from long
is due). Refer to accounting policies of financial assets in
term construction contracts, where the outcome can be
section O Financial instruments – initial recognition and
estimated reliably and 20% of the project cost is incurred,
subsequent measurement.
is recognised under the percentage of completion
method by reference to the stage of completion of the Contract liabilities
contract activity. A contract liability is the obligation to transfer goods or
services to a customer for which the Company has received
The stage of completion is measured by input method
consideration (or an amount of consideration is due) from
i.e. the proportion that costs incurred to date bear to
the customer. If a customer pays consideration before the
the estimated total costs of a contract. The total costs of
Company transfers goods or services to the customer, a
contracts are estimated based on technical and other
contract liability is recognised when the payment is made,
estimates. In the event that a loss is anticipated on a
or the payment is due (whichever is earlier). Contract
particular contract, provision is made for the estimated loss.
liabilities are recognised as revenue when the Company
Contract revenue earned in excess of billing is reflected performs under the contract.
under as “contract asset” and billing in excess of contract
E. FAIR VALUE MEASUREMENT
revenue is reflected under “contract liabilities”. Retention
money receivable from project customers does not contain Fair value is the price that would be received to sell an
any significant financing element and are retained for asset or paid to transfer a liability in an orderly transaction
satisfactory performance of contract. between market participants at the measurement date.

The fair value measurement is based on the presumption contributions. The Company operates following
that the transaction to sell the asset or transfer the liability defined contribution plans:
takes place either:
Superannuation Fund: Contribution to

(i) In the principal market for the asset or liability, or Superannuation Fund, a defined contribution
(ii) In the absence of a principal market, in the most scheme, is made at pre-determined rates to
advantageous market for the asset or liability the Superannuation Fund Trust and is charged
The fair value of an asset or a liability is measured using to the Statement of Profit and Loss, when an
the assumptions that market participants would use employee renders the related service. There are
when pricing the asset or liability, assuming that market no other obligations other than the contribution
participants act in their economic best interest. payable to the Superannuation Fund Trust.
A fair value measurement of a non-financial asset takes into (ii) Defined Benefit Plans
account a market participant’s ability to generate economic
benefits by using the asset in its highest and best use or by The Company’s liabilities towards gratuity,
selling it to another market participant that would use the pension and post-retirement medical benefit
asset in its highest and best use. schemes are determined using the projected
unit credit method, with actuarial valuation

The Company uses valuation techniques that are
being carried out at the end of each annual
appropriate in the circumstances and for which sufficient
reporting period.
data are available to measure fair value, maximising the use
of relevant observable inputs and minimising the use of Provident and Pension Fund: The eligible
unobservable inputs. employees of the Company are entitled to
All assets and liabilities for which fair value is measured receive benefits under provident fund schemes
or disclosed in the financial statements are categorised which are in substance, defined benefit plans,
within the fair value hierarchy, described as follows, based in which both employees and the Company
on the lowest level input that is significant to the fair value make monthly contributions at a specified
measurement as a whole: percentage of the covered employees’ salary
Level 1 — Quoted (unadjusted) market prices in active (currently 12% of employees’ salary). The
markets for identical assets or liabilities. contributions are paid to the provident funds
Level 2 — Valuation techniques for which the lowest level and pension fund set up as irrevocable trusts by
input that is significant to the fair value measurement is the Company. The Company is generally liable
directly or indirectly observable. for annual contributions and any shortfall in the
Level 3 — Valuation techniques for which the lowest level fund assets based on the government specified
input that is significant to the fair value measurement is minimum rates of return is recognised as an
unobservable. expense in the year incurred.
For assets and liabilities that are recognised in the financial Re-measurement, comprising actuarial gains
statements on a recurring basis, the Company determines and losses and the return on plan assets
whether transfers have occurred between levels in the (excluding net interest), is reflected immediately
hierarchy by re-assessing categorisation (based on the lowest in the Balance Sheet with a charge or credit
level input that is significant to the fair value measurement recognised in other comprehensive income in
as a whole) at the end of each reporting period. the period in which they occur.
F. EMPLOYEE BENEFITS
Re-measurement recognised in other
(a)
Post-employment benefits costs and comprehensive income is reflected immediately
termination benefits in retained earnings and will not be reclassified
(i) Defined Contribution Plans to the statement of profit and loss. Past service
Payments to defined contribution plans are cost is recognised in the statement of profit and
recognised as an expense when employees loss in the period of a plan amendment. Net
have rendered service entitling them to the interest is calculated by applying the discount
290 Voltas Limited

rate at the beginning of the period to the net Projects under which the property, plant and equipment
defined benefit liability or asset. Defined benefit is not yet ready for their intended use are carried as capital
costs are categorised as follows: work in progress at cost determined as aforesaid.
• Service cost (including current service Depreciable amount for assets is the cost of an asset, less
cost, past service cost, as well as gains and its estimated residual value. Depreciation is recognised
losses on curtailments and settlements); so as to write off the depreciable amount of assets (other
• Net interest expense or income; and than freehold land and assets under construction) over the
• Remeasurement useful lives using the straight-line method. The estimated
useful lives are as follows:
The Company presents the first two components
of defined benefit costs in the statement of Assets Useful life
profit and loss in the line item “Employee Factory Building 30 years
Residential Building 60 years
Benefits Expenses”. Curtailment gains and losses
Plant and Equipment 8-15 years
are accounted for as past service costs.
Office Equipment 3-15 years
The defined benefit obligation recognised in the Furniture and fixtures 10 years
Balance Sheet represents the actual deficit or Vehicles 8 years
surplus in the Company’s defined benefit plans.
(b)
Short term and other long term employee prescribed useful life specified under Schedule II of the
benefits Companies Act, 2013.
Benefits accruing to employees in respect of wages, An item of property, plant and equipment and any
salaries and compensated absences and which significant part initially recognised is derecognised
are expected to be availed within twelve months upon disposal or when no future economic benefits are
immediately following the year end are reported as expected from its use or disposal. Any gain or loss arising
expenses during the year in which the employee on derecognition of the asset (calculated as the difference
performs the service that the benefit covers and the between the net disposal proceeds and the carrying
liabilities are reported at the undiscounted amount amount of the asset) is included in the statement of profit
of the benefit expected to be paid in exchange of and loss when the asset is derecognised.
related service. Where the availment or encashment is
otherwise not expected to wholly occur within the next The residual values, useful lives and methods of depreciation
twelve months, the liability on account of the benefit is of property, plant and equipment are reviewed at each
actuarially determined using the projected unit credit financial year end and adjusted prospectively, if appropriate.
method at the present value of the estimated future H. INVESTMENT PROPERTY
cash flow expected to be made by the Company in
Investment properties are measured initially at cost,
respect of services provided by employees up to the
including transaction costs. Subsequent to initial
reporting date. The Company presents the leave as
recognition, investment properties are stated at cost less
a current liability in the Balance Sheet, to the extent
accumulated depreciation and accumulated impairment
it does not have an unconditional right to defer its
loss, if any. The estimated useful lives are as follows:
settlement for 12 months after the reporting date.
Assets Useful life
G. PROPERTY, PLANT AND EQUIPMENT Residential Building 60 years
Capital work in progress is stated at cost. Property, plant and
equipment are stated at cost less accumulated depreciation
prescribed useful life specified under Schedule II of the
and accumulated impairment losses, if any. The cost of
Companies Act, 2013.
property, plant and equipment comprises its purchase
price, including import duties and non-refundable taxes An investment property is derecognised upon disposal or
and any directly attributable cost of bringing an asset to when the investment property is permanently withdrawn
working condition and location for its intended use. from use and no future economic benefits are expected

from the disposal. Any gain or loss arising on derecognition Non-monetary items denominated in a foreign currency
of the property (calculated as the difference between the are measured at historical cost and translated at exchange
net disposal proceeds and the carrying amount of the rate prevalent at the date of transaction.
asset) is included in the statement of profit and loss in the
K. LEASES
period in which the property is derecognised.
The Company assesses at contract inception whether
Though the Company measures investment property using a contract is, or contains, a lease. That is, if the contract
cost based measurement, the fair value of investment conveys the right to control the use of an identified asset
property is disclosed in the notes. Fair values are determined for a period of time in exchange for consideration.
based on an annual evaluation performed by an accredited
Company as a lessee
external independent valuer applying a valuation
model recommended by the International Valuation
The Company applies a single recognition and
Standards Committee. measurement approach for all leases, except for short-
term leases and leases of low-value assets. The Company
Transfers are made to (or from) investment properties only recognises lease liabilities to make lease payments and
when there is a change in use. right-of-use assets representing the right to use the
I. INTANGIBLE ASSETS underlying assets.
Intangible assets acquired separately are measured on (a) Right-of-use assets

initial recognition at cost. Following initial recognition, The Company recognises right-of-use assets at the
intangible assets are carried at cost less any accumulated commencement date of the lease (i.e., the date the
amortisation and accumulated impairment loss, if any. underlying asset is available for use). Right-of-use
Amortisation is recognised on a straight-line basis over assets are measured at cost, less any accumulated
their estimated useful lives. The estimated useful life and depreciation and impairment losses, and adjusted
amortisation method are reviewed at the end of each for any remeasurement of lease liabilities. The
reporting period, with the effect of any changes in estimate cost of right-of-use assets includes the amount
of lease liabilities recognised, initial direct costs
being accounted for on a prospective basis.
incurred, and lease payments made at or before
Estimated useful life of intangible assets are as follows: the commencement date less any lease incentives
- Manufacturing Rights and Technical Know-how : 6 years received. Right-of-use assets are depreciated on a
straight-line basis over the shorter of the lease term
- Software : 5 years and the estimated useful lives of the assets, as follows:
Gains or losses arising from derecognition of an intangible Leasehold land 99 years
asset are measured as the difference between the net Leasehold building 1-6 years
disposal proceeds and the carrying amount of the asset
and are recognised in the statement of profit and loss The right-of-use assets are also subject to impairment.
Refer to the accounting policies in section P
when the asset is derecognised.
Impairment of non-financial assets.
J. FOREIGN CURRENCY
(b) Lease liabilities
The Company’s financial statements are presented in `,
At the commencement date of the lease, the Company
which is also the Company’s functional currency.
recognises lease liabilities measured at the present
Income and expenses in foreign currencies are recorded at value of lease payments to be made over the lease
exchange rates prevailing on the date of the transaction. term. The lease payments include fixed payments
Foreign currency denominated monetary assets and (including in substance fixed payments) less any lease
liabilities are translated at the exchange rate prevailing incentives receivable, variable lease payments that
on the Balance Sheet date and exchange gains and losses depend on an index or a rate, and amounts expected
arising on settlement and restatement are recognised in to be paid under residual value guarantees. The lease
the Statement of Profit and Loss. payments also include the exercise price of a purchase
292 Voltas Limited

option reasonably certain to be exercised by the L. INVENTORIES

Company and payments of penalties for terminating Inventories including Work-in-Progress are valued at cost
the lease, if the lease term reflects the Company or net realisable value, whichever is lower, cost being
exercising the option to terminate. Variable lease determined on weighted average basis. Cost includes all
payments that do not depend on an index or a rate charges for bringing the goods to their present location
are recognised as expenses (unless they are incurred and condition. Net realisable value represents the
to produce inventories) in the period in which the estimated selling price for inventories less all estimated
event or condition that triggers the payment occurs. costs of completion and costs necessary to make the sale.
In calculating the present value of lease payments, M. TAXES ON INCOME
the Company uses its incremental borrowing rate at Current Income Tax
the lease commencement date because the interest
Current income tax assets and liabilities are measured at
rate implicit in the lease is not readily determinable.
the amount expected to be recovered from or paid to the
After the commencement date, the amount of
taxation authorities in accordance with Income Tax Act,
lease liabilities is increased to reflect the accretion of
1961. The tax rates and tax laws used to compute the tax
interest and reduced for the lease payments made.
are those that are enacted at the reporting date. Current
In addition, the carrying amount of lease liabilities
income tax relating to items recognised outside profit or
is remeasured if there is a modification, a change
loss is recognised outside profit or loss (either in other
in the lease term, a change in the lease payments
comprehensive income or in equity). Current tax items
(e.g., changes to future payments resulting from a
are recognised in correlation to the underlying transaction
change in an index or rate used to determine such
either in OCI or directly in equity.
lease payments) or a change in the assessment of
an option to purchase the underlying asset. The Deferred tax
Company’s lease liabilities are included in Interest- Deferred Tax is provided using the balance sheet approach
bearing borrowings. on temporary differences between the tax bases of assets
and liabilities and their carrying amounts for financial
(c) Short-term lease s and leases of low-value assets
reporting purposes at the reporting date.

The Company applies the short-term lease
recognition exemption to its short-term leases of Deferred tax assets are recognised to the extent that it
office premises and storage locations (i.e., those leases is probable that taxable profit will be available against
that have a lease term of 12 months or less from the which the deductible temporary differences, and the carry
commencement date and do not contain a purchase forward of unused tax credits and unused tax losses can be
option). It also applies the lease of low-value assets utilised.
recognition exemption to leases of office equipment The carrying amount of deferred tax assets is reviewed
that are considered to be low value. Lease payments at each reporting date and reduced to the extent that it
on short-term leases and leases of low-value assets is no longer probable that sufficient taxable profit will be
are recognised as expense on a straight-line basis available to allow all or part of the deferred tax asset to be
over the lease term. utilised. Unrecognised deferred tax assets are re-assessed at
each reporting date and are recognised to the extent that it
Company as a lessor
has become probable that future taxable profits will allow
Leases in which the Company does not transfer substantially the deferred tax asset to be recovered.
all the risks and rewards of ownership of an asset are classified
as operating leases. Rental income arising is accounted for Deferred tax assets and liabilities are measured at the tax
a straight-line basis over the lease terms. Initial direct costs rates that are expected to apply in the year when the asset
incurred in negotiating and arranging an operating lease is realised or the liability is settled, based on tax rates (and
are added to the carrying amount of the leased asset and tax laws) that have been enacted or substantively enacted
recognised over the lease term on the same basis as rental at the reporting date.
income. Contingent rents are recognised as revenue in the Deferred tax relating to items recognised outside profit
period in which they are earned. or loss is recognised outside profit or loss (either in other

comprehensive income or in equity). Deferred tax items Environment Liabilities
are recognised in correlation to the underlying transaction E-Waste (Management) Rules 2016, as amended, requires
either in OCI or directly in equity. the Company to complete the Extended Producer
Deferred tax assets and deferred tax liabilities are offset if a Responsibility targets measured based on sales made in
legally enforceable right exists to set off current tax assets the preceding 10th year, if it is a participant in the market
against current tax liabilities. during a financial year. Accordingly, the obligation event
for e-Waste obligation arises only if Company participate in
N. PROVISIONS AND CONTINGENCIES
the markets in those years.
Provisions
O. FINANCIAL INSTRUMENTS
Provisions are recognised when there is a present obligation
(legal or constructive) as a result of past event, where it is A financial instrument is any contract that gives rise to a
probable that there will be outflow of resources to settle financial asset of one entity and a financial liability or equity
the obligation and when a reliable estimate of the amount instrument of another entity.
of the obligation can be made.
Financial Assets
The amount recognised as a provision is the best estimate of • Initial recognition and measurement
the consideration required to settle the present obligation
All financial assets are recognised initially at fair value
at the end of the reporting period, taking into account the
plus, in the case of financial assets not recorded at fair
risks and uncertainties surrounding the obligation.
value through profit or loss, transaction costs that are
If the effect of the time value of money is material, attributable to the acquisition of the financial asset.
provisions are discounted using a current pre-tax rate that
reflects, when appropriate, the risks specific to the liability.
When discounting is used, the increase in the provision due All recognised financial assets are subsequently
to the passage of time is recognised as a finance cost. measured in their entirety at either amortised cost
or fair value, depending on the classification of the
Warranties (Trade Guarantees)
financial assets.
The estimated liability for product warranties is recorded
when products are sold / project is completed. These • Financial assets at amortised cost
estimates are established using historical information on Financial assets are subsequently measured at
the nature, frequency and average cost of warranty claims, amortised cost if these financial assets are held within
Management estimates for possible future incidence based a business model whose objective is to hold assets
on corrective actions on product failures. The timing of for collecting contractual cash flows and contractual
outflows will vary as and when warranty claims arise being terms of the asset give rise on specified dates to
typically upto five years. cash flows that are Solely Payments of Principal and
Contingencies Interest (SPPI) on the principal amount outstanding.
After initial measurement, such financial assets are
Contingent liabilities exist when there is a possible
subsequently measured at amortised cost using the
obligation arising from past events, the existence of
Effective Interest Rate (EIR) method. Amortised cost
which will be confirmed only by the occurrence or non-
is calculated by taking into account any discount or
occurrence of one or more uncertain future events not
premium on acquisition and fees or costs that are
wholly within the control of the Company, or a present
obligation that arises from past events where it is either an integral part of the EIR. The EIR amortisation is
not probable that an outflow of resources will be required included in other income in the statement of profit
or the amount cannot be reliably estimated. Contingent and loss. The losses arising from impairment are
liabilities are appropriately disclosed unless the possibility recognised in the statement of profit and loss. This
of an outflow of resources embodying economic benefits category generally applies to trade receivables, loans
is remote. and other financial assets.
294 Voltas Limited

• inancial assets at fair value through other

F OCI to statement of profit and loss, even on sale of
comprehensive income (FVTOCI) investment. However, the Company may transfer the
Financial assets are subsequently measured at fair cumulative gain or loss within equity.
value through other comprehensive income if these Equity instruments included within the FVTPL
financial assets are held within a business model category are measured at fair value with all changes
whose objective is achieved both by collecting recognised in the statement of profit and loss.
contractual cash flows and selling the financial assets
• I nvestments in subsidiaries, joint ventures and
and the asset’s contractual cash flow represents SPPI.
associates
Financial instruments included within the FVTOCI
Investment in subsidiaries, joint ventures and
category are measured initially as well as at each
associates are carried at cost in the financial
reporting date at fair value. Fair value movements
statements.
are recognised in the other comprehensive income
(OCI). However, the Company recognises interest • Derecognition
income, dividend income, impairment losses and The Company derecognises a financial asset when the
reversals and foreign exchange gain or loss in the rights to receive cash flows from the asset have expired
statement of profit and loss. On derecognition of the or it transfers the right to receive the contractual cash
asset, cumulative gain or loss previously recognised flow on the financial assets in a transaction in which
in OCI is reclassified from the equity to statement of substantially all the risk and rewards of ownership of
profit and loss. the financial asset are transferred.
• Financial assets at fair value through profit or Financial liabilities
loss (FVTPL) • Initial recognition and measurement
FVTPL is a residual category for financial assets. Any Financial liabilities are classified, at initial recognition,
financial assets, which does not meet the criteria as financial liabilities at fair value through profit or
for categorisation as at amortised cost or as FVTOCI, loss, loans and borrowings, payables, as appropriate.
is classified as at FVTPL. Financial assets included
within the FVTPL category are measured at fair value All financial liabilities are recognised initially at fair
with all changes recognised in the statement of value and, in the case of loans and borrowings and
profit and loss. payables, net of directly attributable transaction costs.
• Equity Instruments • Subsequent measurement
All equity investments in scope of Ind AS 109 are The measurement of financial liabilities depends on
measured at fair value. Equity instruments which their classification, as described below:
are held for trading and contingent consideration • Financial liabilities at fair value through profit
recognised by an acquirer in a business combination or loss
to which Ind AS103 applies are classified as at FVTPL.
Financial liabilities at fair value through profit or
For all other equity instruments, other than investment
loss include financial liabilities held for trading and
in Subsidiary, Associates and Joint Ventures, the
financial liabilities designated upon initial recognition
Company makes an irrevocable election to present in
as at fair value through profit or loss. Financial
other comprehensive income subsequent changes in
liabilities are classified as held for trading if they are
the fair value. The Company makes such election on
incurred for the purpose of repurchasing in the near
an instrument-by-instrument basis. The classification
term. This category also includes derivative financial
is made on initial recognition and is irrevocable.
instruments entered into by the Company that are
If the Company decides to classify an equity not designated as hedging instruments in hedge
instrument as at FVTOCI, then all fair value changes on relationships as defined by Ind AS 109. Gains or losses
the instrument, excluding dividends, are recognised on liabilities held for trading are recognised in the
in the OCI. There is no recycling of the amounts from profit or loss.

• Financial liabilities at amortised cost P. IMPAIRMENT
After initial recognition, interest-bearing loans and (a) Financial assets
borrowings are subsequently measured at amortised The Company assessed the expected credit losses
cost using the EIR method. Gains and losses are associated with its assets carried at amortised cost
recognised in the statement of profit and loss when and fair value through other comprehensive income
the liabilities are derecognised as well as through the based on the Company’s past history of recovery,
EIR amortisation process.
credit worthiness of the counter party and existing
Amortised cost is calculated by taking into account and future market conditions.
any discount or premium on acquisition and fees
For all financial assets other than trade receivables,
or costs that are an integral part of the EIR. The EIR
expected credit losses are measured at an amount
amortisation is included as finance costs in the
equal to the 12-month expected credit loss (ECL)
statement of profit and loss.
unless there has been a significant increase in credit
• Financial guarantee contracts risk from initial recognition in which case those are
Financial guarantee contracts issued by the Company measured at lifetime ECL. For trade receivables, the
are those contracts that require a payment to be made Company has applied the simplified approach for
to reimburse the holder for a loss it incurs because the recognition of impairment allowance as provided
specified debtor fails to make a payment when due in Ind AS 109 which requires the expected lifetime
in accordance with the terms of a debt instrument. losses from initial recognition of the receivables.
Financial guarantee contracts are recognised initially
(b) Non-financial assets
as a liability at fair value, adjusted for transaction costs
that are directly attributable to the issuance of the The Company assesses, at each reporting date,
guarantee. Subsequently, the liability is measured whether there is an indication that an asset may be
at the higher of the amount of loss allowance impaired. If any indication exists, or when annual
determined as per impairment requirements of Ind impairment testing for an asset is required, the
AS 109 and the amount recognised less cumulative Company estimates the asset’s recoverable amount.
amount of income recognised in accordance with An asset’s recoverable amount is the higher of an
the principles of Ind AS 115. asset’s or cash-generating unit’s (CGU) fair value less
costs of disposal and its value in use. Recoverable
• Derecognition
amount is determined for an individual asset, unless
A financial liability is derecognised when the the asset does not generate cash inflows that are
obligation under the liability is discharged or largely independent of those from other assets or
cancelled or expires. When an existing financial groups of assets. When the carrying amount of an
liability is replaced by another from the same asset or CGU exceeds its recoverable amount, the
lender on substantially different terms, or the terms asset is considered impaired and is written down to
of an existing liability are substantially modified, its recoverable amount.
such an exchange or modification is treated as
the derecognition of the original liability and the In assessing value in use, the estimated future cash
recognition of a new liability. The difference in the flows are discounted to their present value using
respective carrying amounts is recognised in the a pre-tax discount rate that reflects current market
statement of profit and loss. assessments of the time value of money and the risks
specific to the asset. In determining fair value less
• Offsetting of financial instruments
costs of disposal, recent market transactions are taken
Financial assets and financial liabilities are offset and into account. If no such transactions can be identified,
the net amount is reported in the Balance Sheet if an appropriate valuation model is used.
there is a currently enforceable legal right to offset
the recognised amounts and there is an intention to
Impairment losses including impairment on
settle on a net basis, to realise the assets and settle inventories are recognised in the statement of profit
the liabilities simultaneously. and loss.
296 Voltas Limited

For assets, an assessment is made at each reporting / fair value factors. Revenue, expenses, assets and liabilities
date to determine whether there is an indication that which relate to the Company as a whole and are not allocable
previously recognised impairment losses no longer to segments on reasonable basis have been included under
exist or have decreased. If such indication exists, the “unallocated revenue / expenses / assets/liabilities”.
Company estimates the asset’s or CGU’s recoverable

Segment information has been presented in the
amount. A previously recognised impairment
Consolidated Financial Statements as permitted by Ind AS
loss is reversed only if there has been a change
108 on Operating Segments, specified under Section 133
in the assumptions used to determine the asset’s
of the Companies Act, 2013.
recoverable amount since the last impairment loss was
recognised. The reversal is limited so that the carrying T. CASH DIVIDEND
amount of the asset does not exceed its recoverable The Company recognises a liability to pay dividend to equity
amount, nor exceed the carrying amount that would holders of the parent when the distribution is authorised
have been determined, net of depreciation, had no and the distribution is no longer at the discretion of the
impairment loss been recognised for the asset in prior Company. As per the corporate laws in India, a distribution
years. Such reversal is recognised in the statement of is authorised when it is approved by the shareholders. A
profit and loss. corresponding amount is recognised directly in equity.
For contract assets, the Company has applied the U. BORROWING COSTS
simplified approach for recognition of impairment Borrowing costs directly attributable to the acquisition,
allowance as provided in Ind AS 109 which requires construction or production of an asset that necessarily
the expected lifetime losses from initial recognition takes a substantial period of time to get ready for its
of the contract assets. intended use or sale are capitalised as part of the cost of the
Q. Cash and cash equivalents asset. All other borrowing costs are expensed in the period
in which they occur. Borrowing costs consist of interest and
ash and cash equivalents in the balance sheet comprise
C
other costs that an entity incurs in connection with the
cash at banks and on hand and short-term deposits with an
borrowing of funds. Borrowing cost also includes exchange
original maturity of three months or less, which are subject
differences to the extent regarded as an adjustment to the
to an insignificant risk of changes in value.
borrowing costs.
R. Earnings per share (EPS)
V. GOVERNMENT GRANTS
Basic EPS is calculated by dividing the profit or loss

Government grants are recognised where there is
attributable to equity shareholders of the Company by the
reasonable assurance that the grant will be received, and all
weighted average number of equity shares outstanding
attached conditions will be complied with. When the grant
during the period. Diluted EPS is determined by adjusting
relates to an expense item, it is recognised as income on a
the profit or loss attributable to equity shareholders and the
systematic basis over the periods that the related costs, for
weighted average number of equity shares outstanding for
which it is intended to compensate, are expensed. When
the effects of all dilutive potential equity shares.
the grant relates to an asset, it is recognised as income
S. SEGMENT REPORTING in equal amounts over the expected useful life of the
Segments are identified based on the manner in which the related asset.
chief operating decision-maker (CODM) decides about the When the Company receives grants of non-monetary
resource allocation and reviews performance. assets, the asset and the grant are recorded at fair value
Segment revenue, segment expenses, segment assets and amounts and released to profit or loss over the expected
segment liabilities have been identified to segments on useful life in a pattern of consumption of the benefit of the
the basis of their relationship to the operating activities underlying asset i.e. by equal annual instalments.
of the segment. W. OPERATING CYCLE

Inter-segment revenue is accounted on the basis of The operating cycle is the time between the acquisition of
transactions which are primarily determined based on market assets for processing and their realisation in cash and cash

equivalents. A portion of the Company‘s activities (primarily services include both incremental costs for example
long-term project activities) has an operating cycle that direct labour and materials and an allocation of other
exceeds one year. Accordingly, assets and liabilities related costs directly related to contract activities for example
to these long-term contracts, which will not be realised/ an allocation of the depreciation charge for an item of
paid within one year, have been classified as current. For all property, plant and equipment used in fulfilling that
other activities, the operating cycle is twelve months. contract. General and administrative costs do not
relate directly to a contract and are excluded unless
X. CURRENT VERSUS NON-CURRENT CLASSIFICATION
they are explicitly chargeable to the counterparty
The Company presents assets and liabilities in the balance under the contract.
sheet based on current/ non-current classification. An asset
is treated as current when it is: The amendments are effective for annual reporting
• Expected to be realised or intended to be sold or
amendments are not expected to have a material
consumed in normal operating cycle,
impact on the Company.
• Held primarily for the purpose of trading,
(ii)
Reference to the Conceptual Framework –
• Expected to be realised within twelve months after
Amendments to Ind AS 103
the reporting period, or
The amendments replaced the reference to the ICAI’s
• Cash or cash equivalent unless restricted from being
“Framework for the Preparation and Presentation
exchanged or used to settle a liability for at least
of Financial Statements under Indian Accounting
twelve months after the reporting period.
Standards” with the reference to the “Conceptual
All other assets are classified as non-current. Framework for Financial Reporting under Indian
Accounting Standard” without significantly changing
A liability is current when:
its requirements.
• It is expected to be settled in normal operating cycle,
The amendments also added an exception to
• It is held primarily for the purpose of trading,
the recognition principle of Ind AS 103 Business
• It is due to be settled within twelve months after the Combinations to avoid the issue of potential ‘day 2’
reporting period, or gains or losses arising for liabilities and contingent
• There is no unconditional right to defer the settlement liabilities that would be within the scope of Ind AS
of the liability for at least twelve months after the 37 Provisions, Contingent Liabilities and Contingent
reporting period. Assets or Appendix C, Levies, of Ind AS 37, if incurred
separately.
The Company classifies all other liabilities as non-current.
It has also been clarified that the existing guidance

Deferred tax assets and liabilities are classified as
in Ind AS 103 for contingent assets would not be
non-current assets and liabilities.
affected by replacing the reference to the Framework
2A.
RECENT ACCOUNTING PRONOUNCEMENTS ISSUED for the Preparation and Presentation of Financial
BUT NOT YET EFFECTIVE Statements under Indian Accounting Standards.
The Ministry of Corporate Affairs has notified Companies
The amendments are effective for annual reporting
(Indian Accounting Standard) Amendment Rules 2022
dated 23 March, 2022 to amend the following Ind AS which
are effective from 01 April, 2022. amendments are not expected to have a material
impact on the Company.
(i) Onerous Contracts – Costs of Fulfilling a Contract
– Amendments to Ind AS 37 (iii) Property, Plant and Equipment: Proceeds before
Intended Use – Amendments to Ind AS 16
The amendments to Ind AS 37 specify which costs
an entity needs to include when assessing whether a The amendments modified paragraph 17(e) of Ind AS
contract is onerous or loss-making. The amendments 16 to clarify that excess of net sale proceeds of items
apply a “directly related cost approach”. The costs produced over the cost of testing, if any, shall not be
that relate directly to a contract to provide goods or recognised in the profit or loss but deducted from the
298 Voltas Limited

directly attributable costs considered as part of cost Cost to complete

of an item of property, plant, and equipment. Management estimates the costs to complete for each
The amendments are effective for annual reporting project for the purpose of revenue recognition and
periods beginning on or after 1 April, 2022. The recognition of anticipated losses on projects, if any. In the
amendments are not expected to have a material process of calculating the cost to complete, Management
impact on the Company. conducts regular and systematic reviews of actual results
and future projections with comparison against budget.
(iv) Ind AS 109 Financial Instruments – Fees in the This process requires monitoring controls including financial
’10 per cent’ test for derecognition of financial and operational controls and identifying major risks facing
liabilities the Company and developing and implementing initiatives
The amendment clarifies the fees that an entity to manage those risks. The Company’s Management is
includes when assessing whether the terms of a new confident that the costs to complete the projects are
or modified financial liability are substantially different fairly estimated.
from the terms of the original financial liability. These
Percentage of completion
fees include only those paid or received between
the borrower and the lender, including fees paid Management’s estimate of the percentage of completion
or received by either the borrower or lender on the on each project for the purpose of revenue recognition is
other’s behalf. through conducting some weight analysis to assess the
actual quantity of the work for each activity performed
The amendments are effective for annual reporting during the reporting period and estimate any future costs
periods beginning on or after 1 April, 2022. The for comparison against the initial project budget. This
amendments are not expected to have a material process requires monitoring of financial and operational
impact on the Company. controls. Management is of the opinion that the percentage
3. IGNIFICANT ACCOUNTING, JUDGEMENTS
S of completion of the projects is fairly estimated.
ESTIMATES AND ASSUMPTIONS As required by Ind AS 115, in applying the percentage
In the application of the Company’s accounting policies, of completion on its long-term projects, the Company is
required to recognise any anticipated losses on it contracts.
which are described in Note 2, Management is required
to make judgements, estimates and assumptions about Impairment of financial assets and contract assets
the carrying amounts of assets and liabilities that are not The Company’s Management reviews periodically items
readily apparent from other sources. The estimates and classified as receivables and contract assets to assess
associated assumptions are based on historical experience whether a provision for impairment should be recorded in
and other factors that are considered to be relevant. Actual the statement of profit and loss. Management estimates the
results may differ from these estimates. amount and timing of future cash flows when determining
The estimates and underlying assumptions are reviewed the level of provisions required. Such estimates are
on an ongoing basis. Revisions to accounting estimates are necessarily based on assumptions about several factors
recognised in the period in which the estimates are revised involving varying degrees of judgement and uncertainty.
if the revision affects only that period or in the period of Details of impairment provision on contract assets and
the revision and future periods if the revision affects both trade receivables are given in Note 14 and Note 15.
current and future periods. The Company reviews it’s carrying value of investments
Key sources of estimation uncertainty annually, or more frequently when there is indication for
impairment. If the recoverable amount is less than it’s
The following are the key assumptions concerning the
carrying amount, the impairment loss is accounted for.
future, and other key sources of estimation uncertainty at
the reporting date, that have a significant risk of causing a Fair value measurement of financial instruments
material adjustment to the carrying amount of assets and Some of the Company’s assets are measured at fair
liabilities within the next financial year: value for financial reporting purposes. The Management

determines the appropriate valuation techniques and actuarial valuation using the projected unit credit
inputs for fair value measurements. In estimating the fair method. An actuarial valuation involves making various
value of an asset, the Company uses market-observable assumptions that may differ from actual developments
data to the extent it is available. Where Level 1 inputs are in the future. These include the determination of the
not available, the Company engages third party qualified discount rate, future salary increases and mortality rates. All
valuers to perform the valuation. The Management works assumptions are reviewed at each Balance Sheet date and
closely with the qualified external valuers to establish the disclosed in Note 45.
appropriate valuation techniques and inputs to the model. Useful lives of property, plant and equipment and

Information about valuation techniques and inputs intangible assets
used in determining the fair value of various assets is The Company has estimated useful life of each class of
disclosed in Note 48. assets based on the nature of assets, the estimated usage
of the asset, the operating condition of the asset, past
Litigations
history of replacement, anticipated technological changes,
From time to time, the Company is subject to legal etc. The Company reviews the useful life of property, plant
proceedings the ultimate outcome of each being always and equipment and intangible assets as at the end of each
subject to many uncertainties inherent in litigation. reporting period. This reassessment may result in change in
A provision for litigation is made when it is considered depreciation and amortisation expense in future periods.
probable that a payment will be made, and the amount
Warranty provisions (trade guarantees)
of the loss can be reasonably estimated. Significant
judgement is made when evaluating, among other factors, The Company gives warranties for its products, undertaking
the probability of unfavourable outcome and the ability to repair or replace the product that fail to perform
to make a reasonable estimate of the amount of potential satisfactory during the warranty period. Provision made
loss. Litigation provisions are reviewed at each Balance at the year-end represents the amount of expected cost
Sheet date and revisions made for the changes in facts of meeting such obligations of rectification / replacement
and circumstances. Provision for litigations and contingent which is based on the historical warranty claim information
liabilities are disclosed in Note 44 (c). as well as recent trends that might suggest that past cost
information may differ from future claims. Factors that could
Defined benefit plans impact the estimated claim information include the success
The cost of the defined benefit plans and the present of the Company’s productivity and quality initiatives.
value of the defined benefit obligation are based on Provision towards warranty is disclosed in Note 32.
300 Voltas Limited

4. PROPERTY, PLANT AND EQUIPMENT (OWNED, UNLESS OTHERWISE STATED)
` in crores
Freehold Buildings Plant and Office Furniture Vehicles Transferred Total
Land Equipment Equipment and to / from Property,
fixtures Investment Plant And
property Equipment
As at 31 March, 2020 29.51 195.17 156.19 73.56 28.54 2.40 (58.76) 426.61
Additions - 5.34 18.85 7.38 2.74 - - 34.31
Disposals - 1.76 1.69 4.25 0.22 0.20 - 8.12
Transfers in / (out) - - - - - - (12.02) (12.02)
As at 31 March, 2021 29.51 198.75 173.35 76.69 31.06 2.20 (70.78) 440.78
As at 31 March, 2020 - 48.08 93.59 45.50 18.93 1.78 (13.42) 194.46
Disposals - 0.71 1.61 3.92 0.17 0.19 - 6.60
Transfers in / (out) - - - - - - (0.67) (0.67)
As at 31 March, 2021 - 51.61 101.24 49.18 20.49 1.70 (15.23) 208.99
Net carrying amount as at 31 29.51 147.14 72.11 27.51 10.57 0.50 (55.55) 231.79
March, 2021
As at 31 March, 2021 29.51 198.75 173.35 76.69 31.06 2.20 (70.78) 440.78
Additions - 5.44 4.95 6.15 0.71 1.12 - 18.37
Disposals - 0.79 17.61 2.96 0.55 0.40 (2.03) 20.28
Transfers in / (out) - - - - - - (0.95) (0.95)
As at 31 March, 2022 29.51 203.40 160.69 79.88 31.22 2.92 (69.70) 437.92
As at 31 March, 2021 - 51.61 101.24 49.18 20.49 1.70 (15.23) 208.99
Disposals - 0.15 16.31 2.56 0.53 0.16 (0.34) 19.37
Transfers in / (out) - - - - - - (0.40) (0.40)
As at 31 March, 2022 - 55.86 94.51 54.68 21.74 1.62 (16.38) 212.03
Net carrying amount as at 31 29.51 147.54 66.18 25.20 9.48 1.30 (53.32) 225.89
March, 2022
Footnotes :
(a) Buildings includes ` 0.0016 crore (31 March, 2021: ` 0.0016 crore) being cost of shares and bonds in Co-operative Housing Societies.

(b) Title deeds of Immovable Property not held in the name of the Company
` in crores
name of promoter / director date
or employee of
promoter / director
PPE Building 0.06 0.06 Tata Group Company 31 These flats are constructed on
16 Flats in Services August, land owned by Tata Services
Tata Colony, Limited 1965 Limited in line with arrangement
amongst Tata Services Limited
Lallubhai Park, and Tata Group of companies
Andheri (W), (incl. Voltas Limited)
Mumbai 400063 Pending certain procedural
aspects, title to the undivided
share of land relating to the flats
owned by Voltas Limited has
not yet been transferred in the
name of Voltas Limited.
Building 8.90 8.03 Universal Group Company 11 This building was acquired
Pantnagar Comfort September, pursuant to a scheme of
Products 2020 amalgamation and continued
Company.
Land and 6.32 3.82 Allwyn Group Company 1 April, These properties were acquired
Building Metal 1994 pursuant to a scheme of
Sanathnagar Works amalgamation and continued
Hyderabad Ltd to be registered in the name
of amalgamating Company.
Company.
302 Voltas Limited

` in crores
name ofpromoter / director date
or employee of
promoter / director
Right of Building 0.23 0.23 Bombay Others 15 June, The said building was taken
use assets Voltas House, Port Trust 2017 on lease by the Company
23 J N Heredia from Bombay Port Trust.
Marg, Ballard The Lease has expired on
Estate, Mumbai 14 June, 2017. The Company
-400001 has submitted an application
for renewal (in accordance
with contractual right) of lease
on 15 December, 2016.
Leasehold 2.56 2.56 Universal Group Company 11 This land was acquired
land Comfort September, pursuant to a scheme of
Pantnagar Products 2020 amalgamation and continued
Company.
(c) (i) Capital Work-In-Progress (CWIP) Ageing Schedule

` in crores
(a) Projects in progress 57.27 1.45 0.45 0.12 59.29
57.27 1.45 0.45 0.12 59.29
` in crores
` in crores
(a) Projects in progress 3.49 2.61 2.71 - 8.81
3.49 2.61 2.71 - 8.81
5. INVESTMENT PROPERTY
` in crores
As at 31 March, 2020 0.14 58.62 58.76
Additions - - -
Transfers in / (out) - 12.02 12.02
As at 31 March, 2021 0.14 70.64 70.78

5. INVESTMENT PROPERTY (Contd.)
` in crores
As at 31 March, 2020 - 13.42 13.42
As at 31 March, 2021 - 15.23 15.23
As at 31 March, 2021 0.14 70.64 70.78
Additions - - -
As at 31 March, 2022 0.14 69.56 69.70
As at 31 March, 2021 - 15.23 15.23
As at 31 March, 2022 - 16.38 16.38
Footnotes :
(1) The amount included in transfers in / (out) represents the assets transferred from Property, Plant and Equipment (PPE) to Investment
Property when it is held for the purpose of earning rental income / capital appreciation.
(2) Amount recognised in Statement of profit and loss in relation to investment properties are as follows:
` in crores
31 March, 2022 31 March, 2021
Rental income 24.70 32.81
Direct operating expenses (including repairs and maintenance) generating rental income 1.44 1.30
(net of recoveries)
Direct operating expenses (including repairs and maintenance) arising from investment 4.87 3.16
property that did not generate rental income
Profit from investment properties before depreciation and indirect expenses 18.39 28.35
Depreciation 1.09 1.14
Profit arising from investment properties before indirect expenses 17.30 27.21
(3) Fair Value of the Company’s investment properties are as follows :

` in crores
31 March, 2022 31 March, 2021
Land 117.66 128.36
Building 696.05 682.94
813.71 811.30
The fair value of the investment properties have been derived using the market comparable approach (market value method / sale
comparison technique) based on recent market prices without any significant adjustments being made to the market observable data.
The valuation was carried out by an independent valuer registered and is a registered valuer as defined under rule 2 of Companies
(Registered Valuers and Valuation) Rules, 2017 . Accordingly, fair value estimates for investment properties are classified as level 3.
The Company has no restriction on the realisability of its Investment properties and no contractual obligation to construct and develop
investment properties.
304 Voltas Limited

6. RIGHT-OF-USE ASSETS
` in crores
Leasehold Land Leasehold Total Right-of-use
Buildings assets
As at 31 March, 2020 5.69 12.66 18.35
As at 31 March, 2021 5.69 14.32 20.01
As at 31 March, 2020 0.83 4.55 5.38
As at 31 March, 2021 0.89 8.28 9.17
As at 31 March, 2021 5.69 14.32 20.01
Additions - 11.77 11.77
As at 31 March, 2022 5.69 26.09 31.78
As at 31 March, 2021 0.89 8.28 9.17
As at 31 March, 2022 0.95 14.18 15.13
7. INTANGIBLE ASSETS
` in crores
Know-how
As at 31 March, 2020 10.04 54.15 64.19
As at 31 March, 2021 10.04 56.05 66.09
Amortisation
As at 31 March, 2020 10.04 44.98 55.02
As at 31 March, 2021 10.04 47.82 57.86

7. INTANGIBLE ASSETS (Contd.)
` in crores
Know-how
As at 31 March, 2021 10.04 56.05 66.09
Disposals 1.16 0.16 1.32
As at 31 March, 2022 8.88 57.94 66.82
Amortisation
As at 31 March, 2021 10.04 47.82 57.86
Disposals 1.16 0.16 1.32
As at 31 March, 2022 8.88 50.93 59.81
8. INVESTMENTS
` in crores
8 (i) Non-current Investments
A Investments in Subsidiaries, Joint Ventures &
Associates
(Fully paid Unquoted Equity Instruments)
1 Investments in Subsidiary Companies
stated):
Weathermaker FZE, UAE (formerly known as AED 15,00,000 1 3.07 4,08,441 3.07
Weathermaker Limited) (previous year currency : USD)
Voltas Netherlands B.V. EURO 45 13,635 2.65 13,635 2.65
Lalbuksh Voltas Engineering Services and Trading RO 1 50,000 0.08 50,000 0.08
L.L.C, Muscat, Sultanate of Oman
Agro Foods Punjab Limited ` 100 2,80,000 - 2,80,000 -
(Refer footnote 8 (a)) (Beneficial rights
transferred pending transfer of shares)
Auto Aircon (India) Limited (Refer footnote 8 (g)) ` 10 - - 1,19,50,000 6.30
Westerwork Engineers Limited (Under ` 100 9,600 1.09 9,600 1.09
Liquidation)
Universal MEP Projects & Engineering Services ` 10 15,18,25,782 294.20 15,18,25,782 291.62
Limited (formerly known as Rohini Industrial
Electricals Limited) (Refer footnote 8 (f ))
Hi-Volt Enterprises Private Limited ` 10 10,000 0.01 - -
Saudi Ensas Company for Engineering Services SR 100 2,41,360 27.62 2,41,360 27.62
W.L.L., Saudi Arabia
Gross Investments in Subsidiary Companies 328.72 332.43
267.44 264.85
(#) Impairment in value of Investments pertains to :
Auto Aircon (India) Limited - 6.30
306 Voltas Limited

` in crores
Westerwork Engineers Limited (Under 1.09 1.09
Liquidation)
Universal MEP Projects & Engineering Services 32.57 32.57
Limited (formerly known as Rohini Industrial
Electricals Limited)
Saudi Ensas Company for Engineering Services 27.62 27.62
W.L.L., Saudi Arabia
61.28 67.58
2 Investments in Joint Ventures:
stated):
Voltas Water Solutions Private Limited (Under ` 10 28,41,500 2.85 28,41,500 2.85
Liquidation)
Olayan Voltas Contracting Company Limited, SR 100 50,000 7.11 50,000 7.11
Saudi Arabia
Share Application Money - Olayan Voltas 13.13 13.13
Voltbek Home Appliances Private Limited ` 10 50,32,34,900 503.23 41,01,34,900 410.13
Gross Investments in Joint Ventures 526.32 433.22
503.24 410.39
(#) Impairment in value of Investments pertains
to :
Voltas Water Solutions Private Limited 2.85 2.85
Olayan Voltas Contracting Company Limited, 20.23 19.98
Saudi Arabia
23.08 22.83
3 Investments in Associate Companies:
stated):
Brihat Trading Private Limited ` 10 3,352 * 3,352 *
Terrot GmbH, Germany (Refer footnote 8 (e)) EURO 1 - - 2,60,900 1.56
Naba Diganta Water Management Limited ` 10 47,97,000 4.80 47,97,000 4.80
Gross Investments in Associates 4.80 6.36
Less : Impairment in value of Investments - Terrot - 1.56
GmbH
4.80 4.80
B Investments in Other Companies (Investments
at Fair Value through Other Comprehensive
Income) (Refer footnote 8 (d))
1 Fully Paid Unquoted Equity Instruments:
Lakshmi Ring Travellers (Coimbatore) Limited ` 10 1,20,000 34.55 1,20,000 40.64
Agrotech Industries Limited USD 1 3,67,500 - 3,67,500 -
Tata International Limited ` 1,000 15,000 33.90 15,000 33.90
Tata Services Limited (Refer footnote 8 (b)) ` 1,000 448 0.04 448 0.04
Tata Industries Limited (Refer footnote 8 (b)) ` 100 13,05,720 20.72 13,05,720 20.72
Tata Projects Limited (Refer footnote 8 (h)) ` 5 1,10,62,170 298.72 1,35,000 178.41
Premium Granites Limited ` 10 4,91,220 - 4,91,220 -

` in crores
OMC Computers Limited ` 10 4,04,337 - 4,04,337 -
Avco Marine S.a.S, France EURO 10 1,910 - 1,910 -
Voltas Employees Consumers Co-operative ` 10 750 * 750 *
Society Limited
Saraswat Co-operative Bank Limited ` 10 10 * 10 *
Super Bazar Co-operative Stores Limited ` 10 500 * 500 *
387.93 273.71
2 Fully Paid Quoted Equity Instruments :
Lakshmi Automatic Loom Works Limited ` 10 6,15,200 - 6,15,200 -
Tata Chemicals Limited ` 10 2,00,440 19.54 2,00,440 15.06
Tata Consumer Products Limited ` 1 2,28,501 17.76 2,28,501 14.59
Lakshmi Machine Works Limited ` 10 5,79,672 558.20 5,79,672 393.54
Reliance Industries Limited (Refer footnote 8 (c)) ` 10 2,640 - 2,640 -
595.50 423.19
C Investment in Preference Shares
Fully Paid UNQUOTED:
In Other Companies (at amortised cost)
7.50% Cumulative Redeemable Preference ` 1,000 2,50,000 25.00 2,50,000 25.00
Shares
7.10% Cumulative Redeemable Preference ` 1,000 2,00,000 20.00 2,00,000 20.00
Shares
7.33% Cumulative Redeemable Preference ` 1,000 50,000 5.00 50,000 5.00
Shares
50.00 50.00
D Investment in Unquoted Mutual funds (at fair 1,700.94 1,531.73
E (i) Investment in Debenture/Bonds
(at amortised cost)
Fully Paid QUOTED:
The Tata Power Company Limited
Rural Electrification Corporation Limited :
8.01% Tax Free Bonds ` 1,000 50,000 5.26 50,000 5.34
7.17% Tax Free Bonds ` 10,00,000 70 7.37 70 7.42
5.75% Tax Free Bonds ` 10,000 500 0.53 500 0.53
8.18% Tax Free Bonds ` 10,00,000 50 5.31 50 5.37
National Housing Bank
8.26% Tax Free Non Convertible Debentures ` 5,000 18,049 9.49 18,049 9.65
Limited
8.51% Tax Free Bonds ` 1,000 1,50,000 15.84 1,50,000 16.13
7.07% Tax Free Non Convertible Debentures ` 10,00,000 50 5.30 50 5.33
Indian Railway Finance Corporation Limited
8.35% Tax Free Bonds ` 10,00,000 250 27.69 250 28.06
Tata Motors Finance Limited
308 Voltas Limited

` in crores
11.50% Non Convertible Debentures ` 10,00,000 500 54.50 500 54.50
131.29 235.30
(ii) Investment in Debenture/Bonds (at fair
TMF Holdings Limited
7.2962% Perpetual Non Convertible ` 10,00,000 500 49.39 - -
Debentures
49.39 -
F Investment in Others :
Government Securities ` * *
* *
Total : Non-current Investments - Net 3,690.53 3,193.97
Footnotes :
(i) Aggregate value of Quoted Investments and 776.18 658.49
(ii) Aggregate value of Unquoted Investments 2,998.71 2,627.45
(iii) Aggregate value of impairment in value of 84.36 91.97
investments
Abbreviations for Currencies :
` : Indian Rupees SR : Saudi Riyal AED : United Arab Emirates Dirhams
RO : Omani Rial USD : United States Dollar EURO : European Union Currency
Footnotes:
8 (a) Under a loan agreement for ` 0.60 crore (fully drawn and outstanding) entered into between Agro Foods Punjab Ltd. (AFPL)
and the Punjab State Industrial Development (PSIDC), the Company has given an undertaking to PSIDC that it will not dispose
off its shares in AFPL till the monies under the said loan agreement between PSIDC and AFPL remain due and payable by AFPL
to PSIDC. During 1998-99, the Company had transferred its beneficial rights in the shares of AFPL.
8 (b) For these unquoted investments categorised under Level 3, their respective cost has been considered as an appropriate
estimate of fair value because of a wide range of possible fair value measurements and cost represents the best estimate of fair
value within that range.
8 (c) In respect of the Company’s investment in 2,640 equity shares of Reliance Industries Ltd., there is an Injunction Order passed
by the Court in Kanpur restraining the transfer of these shares. The share certificates are, however, in the possession of the
Company. Pending disposal of the case, dividend and fair value of these shares have not been recognised.
8 (d) Investments at Fair Value Through Other Comprehensive Income (FVTOCI) reflect investment in quoted and unquoted equity
securities. These equity shares are designated as FVTOCI as they are not held for trading purpose and are not in similar line of
business as the Company, thus disclosing their fair value change in profit and loss will not reflect the purpose of holding.
8 (e) During the year, on account of corporate actions including the announcement of fresh issue by Terrot GmbH, to which
Company had not made any subscription and accordingly, the Company shareholding has reduced to Nil. Therefore, Terrot
GmbH is no longer an associate of the Company.
8 (f ) The Company has conducted its annual impairment assessment of the investment in wholly owned subsidiary Universal MEP
Projects & Engineering Services Limited (formerly known as Rohini Industrial Electricals Limited). The recoverable amount has
been determined using the value in use method and calculated based on future cashflows for next five years after considering

the order book position, current and anticipated economic conditions and trends, estimated future operating results and growth
rates. The cash flows beyond five years are extrapolated using a steady growth rate of 5% per annum. Key assumptions for the
value in use calculations includes discount rate of 12.49% per annum (PY : 11.20% per annum) applied to arrive at present value of
the cash flows. The discount rate represents the weighted average cost of capital adjusted for the risk specific to the Investment
and appropriate industrial beta has been applied (based on the comparative companies data) to arrive at the discount rate.
8 (g) During the curent year, Auto Aircon (India) Limited, a dormant wholly-owned subsidiary of the Company, has been struck off
from Registrar of Companies records w.e.f. 8 September, 2021 and accordingly investment has been written off by utilising
impairment allowance.
8 (h) During the year, Tata Projects Limited has split the face value of equity shares from `100/- each to face value of ` 5/- each.
Further, the Company has received 54,00,000 shares as bonus shares. Additionally, the Company has subsribed to the Rights
issue of 29,62,170 equity shares at designated Rights issue price.
` in crores
8 (ii) Current Investments
A Investment in Debenture/Bonds (at amortised
cost)
Fully Paid QUOTED:
The Tata Power Company Limited - -
10.75% Non Convertible Debentures ` 10,00,000 500 52.52
9.85% Non Convertible Debentures ` 10,00,000 500 50.57
Tata Steel Limited
11.50% Perpetual Non Convertible Debentures ` 10,00,000 - - 292 29.21
Tata AIG General Insurance Co. Limited
Housing and Urban Development Corporation Limited
8.10% Tax Free Bonds ` 1,000 - - 2,53,400 25.84
103.09 58.01
B Investment in Unquoted Mutual funds (at fair 291.18 191.31
C Investment in Inter Corporate Deposits
(at amortised cost) :
LIC Housing Finance Limited ` - 40.00 - -
Total Current investments 434.27 249.32

Footnotes :
(i) Aggregate value of Quoted investments and market 103.09 58.01
value thereof
(ii) Aggregate value of Unquoted investments 331.18 191.31
(iii) Aggregate value of impairment in value of - -
investments
310 Voltas Limited

9. LOANS (NON-CURRENT) (AT AMORTISED COST)
` in crores
As at As at
31 March, 2022 31 March, 2021
Loans to Employees (Unsecured, considered good) 0.10 0.17
Total non-current loans 0.10 0.17
10. OTHER FINANCIAL ASSETS (NON-CURRENT)

(UNSECURED, CONSIDERED GOOD UNLESS OTHERWISE STATED) (AT AMORTISED COST)
` in crores
As at As at
31 March, 2022 31 March, 2021
(b) Deposits with customers / others 4.67 5.42
(c) Fixed deposits with remaining maturity of more than 12 months 64.55 72.43
(d) Others 15.41 15.41
Total other financial assets (Non-current) 75.58 88.56
Footnotes :
(1) Break up of security details of other financial assets (non-current)
90.99 103.97
(2) Impairment Allowance
(i) Unsecured, considered good - -
15.41 15.41
11. DEFERRED TAX

(a) The following is the analysis of deferred tax assets / (liabilities) presented in the Balance Sheet.
` in crores
As at As at
31 March, 2022 31 March, 2021
Deferred tax assets 141.81 134.72
Deferred tax liabilities (154.16) (118.64)
Deferred Tax Assets / (Liabilites) (net) (12.35) 16.08
Reconciliation of deferred tax assets / (liabilites) (net):

Tax income/(expense) during the period recognised in profit or loss (5.27) 13.36
Tax income/(expense) during the period recognised in OCI (23.16) (21.62)
Closing balance (12.35) 16.08

(b) The balance comprise temporary differences attributable to:

` in crores
As at (Charged) / (Charged) As at
31 March, credited to / credited 31 March,
2021 statement to other 2022
of profit and comprehensive
loss income
Provision for employee benefits (including Voluntary 35.85 (1.86) 4.38 38.37
Retirement Scheme)
Allowance for receivables, loans and advances 77.92 (0.80) - 77.12
Provision for contingencies and claims 8.04 2.80 - 10.84
Unpaid statutory liabilities 3.31 0.46 - 3.77
Government Grants 1.70 0.13 - 1.83
Estimated loss on projects 0.98 (0.20) - 0.78
Free Maintenance services 6.06 (0.33) - 5.73
Others 0.86 2.51 - 3.37
Deferred Tax Assets 134.72 2.71 4.38 141.81
Property, plant and equipment and intangible assets (30.78) (1.02) - (31.80)
Unrealised gains on fair valuation of investments through (60.47) - (27.54) (88.01)
Unrealised gains on fair valuation of Mutual funds (27.39) (6.96) - (34.35)
Deferred Tax Liabilities (118.64) (7.98) (27.54) (154.16)
Deferred Tax Assets / (Liabilities) (net) 16.08 (5.27) (23.16) (12.35)
` in crores
As at (Charged) / (Charged) As at
31 March, credited to / credited 31 March,
2020 statement to other 2021
of profit and comprehensive
loss income
Provision for employee benefits (including Voluntary 38.55 (0.72) (1.98) 35.85
Retirement Scheme)
Allowance for receivables, loans and advances 60.98 16.94 - 77.92
Provision for contingencies and claims 7.34 0.70 - 8.04
Unpaid statutory liabilities 3.61 (0.30) - 3.31
Government Grants 1.39 0.31 - 1.70
Estimated loss on projects 1.58 (0.60) - 0.98
Free Maintenance services 5.17 0.89 - 6.06
Others 0.18 0.68 - 0.86
Deferred Tax Assets 118.80 17.90 (1.98) 134.72
Property, plant and equipment and intangible assets (29.02) (1.76) - (30.78)
Unrealised gains on fair valuation of investments through (40.83) - (19.64) (60.47)
Unrealised gains on fair valuation of Mutual funds (24.61) (2.78) - (27.39)
Deferred Tax Liabilities (94.46) (4.54) (19.64) (118.64)
Deferred Tax Assets (net) 24.34 13.36 (21.62) 16.08
312 Voltas Limited

12. OTHER NON-CURRENT ASSETS (UNSECURED, CONSIDERED GOOD UNLESS OTHERWISE STATED)
` in crores
As at As at
31 March, 2022 31 March, 2021
(b) Capital advances 23.09 38.78
(c) Advance to suppliers 1.07 1.07
(d) Others 5.82 4.16
Total other non-current assets 95.10 109.25
Footnote :
Impairment Allowance pertains to :
(c) Others - 0.38
Total 4.88 5.34
13. INVENTORIES (AT LOWER OF COST AND NET REALISABLE VALUE)

` in crores
As at As at
31 March, 2022 31 March, 2021
(b) Work-in-progress 7.43 10.40
(c) Finished goods 597.41 365.38
(d) Stock-in-trade 488.66 539.45
(e) Stores and spares - 0.02
Total Inventories 1,655.39 1,273.90
Inventories includes goods-in-transit:
(b) Finished goods - 2.08
(c) Stock-in-trade 144.21 9.88
Total goods-in-transit 193.77 100.61
Footnote :
Provision / (reversal) for write-down on value of inventory recognised in statement of (10.83) 27.52
profit and loss
14. CONTRACT ASSETS (CURRENT) (UNSECURED)

` in crores
As at As at
31 March, 2022 31 March, 2021
Amount due from customers under construction contracts 658.19 712.33
Contract assets (Current) (net) 576.43 648.11
Footnotes :
(ii) Contract assets - credit impaired 18.96 12.05
658.19 712.33
576.43 648.11
(2) Contract assets are initially recognised for revenue earned from electro mechanical projects contracts as receipt of consideration that
is conditional on successful completion of project milestone. Upon completion of milestone and acceptance/certification by the
customer, the amounts recognised as contract assets are reclassified to trade receivables. At 31 March, 2022, contract assets balances
have decreased as compared to 31 March, 2021 on account of certification of work by the customers.

15. TRADE RECEIVABLES (CURRENT) (AT AMORTISED COST) (UNSECURED)
` in crores
As at As at
31 March, 2022 31 March, 2021
Trade receivables 1,720.22 1,672.80
Trade receivables (net) 1,520.23 1,452.28
Footnotes :
(i) Unsecured, considered good 1,601.21 1,565.37
(ii) Trade Receivables - credit impaired 119.01 107.43
1,720.22 1,672.80
1,520.23 1,452.28
(2) Trade receivables has increased mainly on account of higher sales made in the month of March 2022 in unitary cooling for comfort
and commercial use segment compared to sales made in comparative month of March 2021.
(3) Trade receivables are non interest bearing and are generally on terms of 7 to 30 days in case of sale of products and in case of long
term construction contracts, payment is generally due upon completion of milestone as per terms of contract. In certain contracts,
short term advances are received before the performance obligation is satisfied.
(4) The Company applies the expected credit loss (ECL) model for measurement and recognition of impairment losses on trade
receivables and contract assets. The Company follows the simplified approach for recognition of impairment allowance on trade
receivables and contract assets. The application of the simplified approach does not require the Company to track changes in credit
risk. Rather, it recognises impairment allowance based on lifetime ECLs at each reporting date. ECL impairment loss allowance (or
reversal) recognised during the period is recognised in the Statement of Profit and Loss. This amount is reflected under the head
‘other expenses’ in the Statement of Profit and Loss.
(5) Movement in impairment allowance on trade receivables and contract assets

` in crores
As at As at
31 March, 2022 31 March, 2021
Allowances / (write back) during the year 32.02 77.17
Written off against past provision (35.01) (14.05)
314 Voltas Limited

15. TRADE RECEIVABLES (CURRENT) (AT AMORTISED COST) (UNSECURED) (Contd.)
(6) Trade receivables (current) ageing :
` in crores
Less than 6 6 months- 1-2 years 2-3 years More than
months 1 year 3 Years
(i) Undisputed Trade Receivables - Considered Good 805.36 488.35 148.33 52.77 53.62 19.83 1,568.26
corporate overview
(iii) Disputed Trade Receivables - Considered Good - - - 10.31 7.64 15.01 32.96
(iv) Disputed Trade Receivables - Considered Doubtful - - - - 0.14 27.96 28.10
Total : Trade receivables (Current) 805.36 488.35 148.33 63.20 64.54 150.44 1,720.22
` in crores
statutory reports
Less than 6 6 months- 1-2 years 2-3 years More than
months 1 year 3 Years
(i) Undisputed Trade Receivables - Considered Good 747.86 528.65 67.44 46.82 71.46 86.70 1,548.93
(iii) Disputed Trade Receivables - Considered Good - - - - - 16.44 16.44
(iv) Disputed Trade Receivables - Considered Doubtful - - - 0.22 0.14 34.07 34.43
Total : Trade receivables (Current) 747.86 528.65 67.44 48.74 76.43 203.68 1,672.80

315
16. CASH AND CASH EQUIVALENTS
` in crores
As at As at
31 March, 2022 31 March, 2021
Cash on hand 0.03 -
Cheques on hand 14.77 13.97
Remittance in-transit - 0.07
Balances with banks
- On current accounts 436.32 289.64
- Fixed deposits with maturity less than 3 months - 10.03
Total Cash and cash equivalents 451.12 313.71
Footnotes :
(a) At 31 March, 2022, the Company had available ` 499.76 crores (31 March, 2021: ` 342.96 crores) of undrawn committed borrowing
facilities. Sanction limits of domestic operations are secured against inventories, receivables and other current assets.
(b) The changes in liabilities arising from financing activities :
` in crores
Borrowings Lease liabilities
Cash flows 24.19 (6.16)
New leases - 11.77
Foreign exchange management 0.01 -
Accretion of interest - 1.52
(c) The quarterly returns or statements of current assets filed by the Company with banks or financial institutions are in agreement with
the books of accounts .
17. OTHER BALANCES WITH BANKS

` in crores
As at As at
31 March, 2022 31 March, 2021
Earmarked balances - unpaid dividend Accounts 7.79 7.73
Margin money 4.98 2.91
Total Other Bank balances 12.77 10.64
Footnote :
Margin money deposit is against bank guarantee given to Government authorities.
18. LOANS (CURRENT) (AT AMORTISED COST)

` in crores
As at As at
31 March, 2022 31 March, 2021
Loans to employees (Unsecured, considered good) 1.91 1.30
Total loans (Current) 1.91 1.30
316 Voltas Limited

19. OTHER FINANCIAL ASSETS (CURRENT)

(AT AMORTISED COST)
` in crores
As at As at
31 March, 2022 31 March, 2021
(b) Due from related parties 29.42 35.60
(c) Interest accrued 4.87 10.06
(d) Fixed deposits with remaining maturity of less than12 months 0.04 30.49
(e) Others
Total other financial assets (Current) 110.39 137.16
20. OTHER CURRENT ASSETS

` in crores
As at As at
31 March, 2022 31 March, 2021
(c) Gratuity fund (Refer Note 45) - 9.95
(d) Prepaid expense 29.99 18.46
(e) Others
Total other current assets 221.55 164.46
21. SHARE CAPITAL

` in crores
As at As at
31 March, 2022 31 March, 2021
Authorised:
1,10,00,00,000 (31 March, 2021: 1,10,00,00,000) Equity Shares of ` 1/- each 110.00 110.00
40,00,000 (31 March, 2021: 40,00,000) Preference Shares of ` 100/- each 40.00 40.00
150.00 150.00
Issued, Subscribed and Paid up:
33,08,84,740 (31 March, 2021: 33,08,84,740) Equity Shares of ` 1/- each 33.09 33.09
Less : Calls-in-Arrears [1,22,500 shares (31 March, 2021: 1,22,500 shares) 0.01 0.01
[Refer footnote 21 (d)]
Total share capital 33.08 33.08
Footnotes:
Terms / Rights attached to equity shares
(a) The Company has one class of equity shares having a par value of ` 1 per share. Each shareholder is eligible for one vote per
share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders at the ensuing Annual
General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the
remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding and are subject to
preferential rights of the Preference Shares (if issued).

21. SHARE CAPITAL (Contd.)
(b) A reconciliation of the number of shares outstanding at the beginning and at the end of the reporting period:
Equity Share Capital

Numbers ` in crores Numbers ` in crores
Shares outstanding at the beginning of the year 33,08,84,740 33.08 33,08,84,740 33.08
Shares outstanding at the end of the year 33,08,84,740 33.08 33,08,84,740 33.08
(c) Details of equity shares held by shareholders holding more than 5% shares in the Company:
Name of Shareholder Class of Equity Share Capital

Shares As at 31 March, 2022 As at 31 March, 2021
No. of % of Holding No. of % of Holding
Shares held Shares held
Tata Sons Private Limited Equity 8,81,31,780 26.64 8,81,31,780 26.64
(d) As per the records of the Company, no calls remained unpaid by the Directors and Officers of the Company as on 31 March, 2022
(31 March, 2021 : Nil).
(e) Details of shares held by promoter / promoter group*

Tata Investment 99,62,330 - 99,62,330 3.01%
Limited*
Limited*
Total 10,02,53,480 - 10,02,53,480 30.30% -

Tata Investment 99,62,330 - 99,62,330 3.01%
Limited*
Limited*
Total 10,02,53,480 - 10,02,53,480 30.30% -
318 Voltas Limited

22. OTHER EQUITY
` in crores
As at As at
31 March, 2022 31 March, 2021
(1) Capital Reserve 12.25 12.25
(2) Capital Redemption Reserve 1.26 1.26
(3) Securities Premium 6.28 6.28
(4) General Reserve 1,426.83 1,406.83
(5) Staff Welfare Reserve 0.01 0.01
(6) Equity instruments fair value through other comprehensive income 805.85 626.85
(7) Retained Earnings 3,283.14 2,898.14
Movements in Other Equity

` in crores
As at As at
31 March, 2022 31 March, 2021
(1) Capital Reserve
(2) Capital Redemption Reserve
(3) Securities Premium
- Received during the year - -
(4) General Reserve
- As per last Balance Sheet 1,406.83 1,386.83
- Transfer from retained earnings 20.00 20.00
- Closing Balance 1,426.83 1,406.83
(5) Staff Welfare Reserve
(6) Equity instruments fair value through other comprehensive income
- Changes during the year 179.00 322.54
(7) Retained Earnings
(a) As per last Balance Sheet 2,898.14 2,474.30
(b) Additions :
- Net Profit for the year 583.47 570.30
- Transfer from other comprehensive income (Net of tax) - 5.89
583.47 576.19
(c) Deductions :
- Dividend 165.44 132.35
- Transfer from other comprehensive income (Net of tax) 13.03 -
- Transfer to General Reserve 20.00 20.00
198.47 152.35
Closing Balance 3,283.14 2,898.14

DISTRIBUTION MADE AND PROPOSED

` in crores
As at As at
31 March, 2022 31 March, 2021
Cash Dividends on Equity Shares declared and paid:
(31 March, 2020: ` 4.00 per share)
165.44 132.35
Proposed Dividend on Equity Shares:
(31 March, 2021: ` 5.00 per share)
181.99 165.44
Footnotes : Nature and purpose of reserves
Capital Reserve :
Capital Reserve was created from capital surplus on sale of assets and on amalgamation of subsidiary.
Capital Redemption Reserve :

Capital Redemption Reserve is created out of profit available for distribution towards redemption of Preference shares. This reserve can be
used for the purpose of issue of Bonus shares.
Securities Premium :
Securities Premium represents the surplus of proceeds received over the face value of shares, at the time of issue of shares.This reserve
can be utilised only for limited purposes such as issuance of bonus shares in accordance with the provisions of the Companies Act, 2013.
General Reserve :
General Reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the General Reserve is
created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the
General Reserve will not be reclassified subsequently to statement of profit and loss.
Equity instruments fair value through other comprehensive income :

The Company has elected to recognise changes in the fair value of certain investments in equity securities in other comprehensive
income. These changes are accumulated within the FVTOCI equity investments reserve within equity. The Company transfers amounts
from this reserve to retained earnings when the relevant equity securities are derecognised.
Retained Earnings :
The balance in the Retained Earnings primarily represents the surplus after payment of dividend and transfer to reserves.
23. CONTRACT LIABILITIES (NON-CURRENT)

` in crores
As at As at
31 March, 2022 31 March, 2021
Unexpired service contracts 3.51 0.64
Total Contract liabilities (Non-Current) 3.51 0.64
320 Voltas Limited

24. LEASE LIABILITIES (NON-CURRENT)

` in crores
As at As at
31 March, 2022 31 March, 2021
Unsecured
25. OTHER FINANCIAL LIABILITIES (NON-CURRENT)

` in crores
As at As at
31 March, 2022 31 March, 2021
(a) Employee's payable - Voluntary Retirement Scheme 14.89 18.68
(b) Others - 0.73
Total other non-current financial liabilities 14.89 19.41
26. PROVISIONS (NON-CURRENT)

` in crores
As at As at
31 March, 2022 31 March, 2021
Provision for employee benefits :
(iii) Post retirement medical benefits (Refer Note 45) 5.53 5.73
Total provisions (Non-Current) 82.75 73.72
27. OTHER NON-CURRENT LIABILITIES

` in crores
As at As at
31 March, 2022 31 March, 2021
Deferred Government Grant 6.32 6.32
Total other non-current liabilities 6.32 6.32
Footnote :
Government grants have been received for the purchase of certain items of property, plant and equipment. There are no unfulfilled
conditions or contingencies attached to these grants.
28. CONTRACT LIABILITIES (CURRENT)

` in crores
As at As at
31 March, 2022 31 March, 2021
(a) Advances received from customers 197.87 214.12
(b) Unexpired service contracts 9.21 8.19
(c) Billing in excess of contract revenue 118.35 169.45
Total Contract liabilities (Current) : 325.43 391.76
Footnote :
Contract liabilities as at 31 March, 2022 are lower on account of execution in the projects, for which billing made in previous year was in
excess of contract revenue, resulting in recognition of revenue against which these excess billing were adjusted in current year.

29. BORROWINGS (AT AMORTISED COST) (CURRENT)
` in crores
As at As at
31 March, 2022 31 March, 2021
Secured
Working capital loans from banks 126.04 101.84
Total borrowings 126.04 101.84
Footnotes :
(i) Working capital loans are secured against assignment of Contract dues on overseas projects.
(ii) Working capital loans from banks are repayable on demand.
(iii) Working capital loans from banks carry an average interest rate of 1.35% to 4.50% (31 March, 2021: 1.6% to 3.75%).
29A LEASE LIABILITIES (CURRENT)

` in crores
As at As at
31 March, 2022 31 March, 2021
Unsecured
30. TRADE PAYABLES

` in crores
As at As at
31 March, 2022 31 March, 2021
Trade payables :
(i) Total outstanding dues of micro and small enterprises 143.46 150.99
(ii) Total outstanding dues of creditors other than micro and small enterprises 2,538.56 1,906.85
Total trade payables 2,682.02 2,057.84
Footnotes :
(i) Trade payables are non interest bearing and are normally settled on 30 days to 365 days credit term
(ii) Disclosures under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 (as amended)
(i) (a) Principal amount remaining unpaid to any supplier 142.57 150.63
(b) Interest on (i)(a) above - -
(ii) The amount of interest paid along with the principal payment made to the supplier - 0.01
(iii) Amount of interest due and payable on delayed payments - -
(iv) Amount of further interest remaining due and payable for the earlier years 1.02 1.14
(v) Total outstanding dues of Micro and Small Enterprises
- Principal 142.44 149.84
- Interest 1.02 1.14
322 Voltas Limited

30. TRADE PAYABLES (Contd.)
(iii) Trade payables ageing :
corporate overview
` in crores
date of payment
year 3 years
statutory reports
(i) MSME - 69.47 68.83 2.30 1.28 1.58 143.46

(ii) Others 136.68 1,528.97 732.74 45.69 28.64 63.96 2,536.68
(iv) Disputed dues - Others - - - - 0.42 1.46 1.88
Total 136.68 1,598.44 801.57 47.99 30.34 67.00 2,682.02
` in crores
date of payment
year 3 years
(i) MSME - 95.60 48.94 2.87 1.10 2.48 150.99
(ii) Others 136.88 986.95 617.38 75.09 19.35 69.31 1,904.96
(iv) Disputed dues - Others - - - 0.41 0.16 1.32 1.89
Total 136.88 1,082.55 666.32 78.37 20.61 73.11 2,057.84

323
31. OTHER FINANCIAL LIABILITIES (CURRENT) (AT AMORTISED COST)
` in crores
As at As at
31 March, 2022 31 March, 2021
(a) Deposits received from customers / others 30.60 39.57
(b) Payable for capital goods 9.95 2.05
(c) Unpaid dividends 7.79 7.73
(d) Rebate to customers 48.02 36.33
(e) Employee's payable - Voluntary Retirement Scheme 5.91 6.61
(f ) Other financial liabilities 0.96 2.08
Total other financial liabilities 103.23 94.37
32. PROVISIONS
` in crores
As at As at
31 March, 2022 31 March, 2021
(a) Provision for Employee Benefits
(b) Provision for Trade Guarantees 63.70 46.44
(c) Provision for Contingencies for tax matters 43.08 31.97
Total provision (current) 148.33 108.89
Footnotes :
A. Provisions for Trade Guarantees :
Less : Reversal 3.69 7.99
B. Provision for Contingencies for tax matters

33. OTHER CURRENT LIABILITIES

` in crores
As at As at
31 March, 2022 31 March, 2021
(a) Statutory obligations 84.87 66.40
(b) Others 1.11 1.12
Total other current liabilities 85.98 67.52
324 Voltas Limited

34. REVENUE FROM OPERATIONS

` in crores
31 March, 2022 31 March, 2021
Revenue from contracts with customers :
6,989.83 6,251.65
Other operating income :
(1) Unclaimed credit balances written back 9.70 19.03
(2) Sale of scrap 10.59 4.25
(3) Government Grant 10.86 15.35
(4) Business Support Services 77.45 87.51
(5) Others 0.17 0.18
108.77 126.32
Total revenue from operations 7,098.60 6,377.97
35. OTHER INCOME

` in crores
31 March, 2022 31 March, 2021
(a) Dividend Income :
From investment in subsidiaries, associates and joint ventures 2.13 21.35
From equity investments measured at FVTOCI 5.02 4.52
From mutual funds investments measured at FVTPL - 0.31
(b) Interest Income :
On sundry advances, deposits, customers’ balances etc. 0.02 0.03
On deposits with banks 2.46 3.30
On Income-tax refunds 1.17 8.63
On fair valuation of financial assets - 5.89
On financial instruments measured at amortised cost 26.51 26.72
(c) Gain on sale / fair valuation of financial assets measured at FVTPL 81.09 95.57
(d) Exchange differences (Net) 9.00 -
(e) Rental income 24.70 32.81
(f ) Other non-operating income 15.79 20.83
Total other income 167.89 219.96

36. CHANGES IN INVENTORIES OF FINISHED GOODS, STOCK-IN-TRADE AND WORK-IN-PROGRESS
` in crores
31 March, 2022 31 March, 2021
Inventories at the end of the year :
- Finished Goods including stock-in-trade 1,086.07 904.83
1,093.50 915.23
Inventories at the beginning of the year :
- Finished Goods including stock-in-trade 904.83 1,187.95
915.23 1,194.48
Net (increase) / decrease (178.27) 279.25
37. EMPLOYEE BENEFITS EXPENSES

` in crores
31 March, 2022 31 March, 2021
(a) Salaries, Wages and Bonus 449.95 426.02
(b) Contribution to Provident and other Funds 23.49 23.84
(c) Staff Welfare expenses 15.10 15.58
Total employee benefits expenses 488.54 465.44
38. FINANCE COSTS

` in crores
31 March, 2022 31 March, 2021
Interest expense :
(a) on borrowings from banks and others 11.51 14.66
(b) on delayed payment of income tax 1.52 3.57
(c) on lease liabilities 1.52 0.87
Total finance costs 14.55 19.10
39. DEPRECIATION AND AMORTISATION EXPENSES

` in crores
31 March, 2022 31 March, 2021
(a) Depreciation on property, plant and equipment 22.81 21.80
(b) Amortisation on intangible assets 3.27 3.10
(c) Depreciation on investment property 1.09 1.14
(d) Depreciation on Right-of-use assets 5.96 3.79
Total depreciation and amortisation expenses 33.13 29.83
326 Voltas Limited

40. OTHER EXPENSES

` in crores
31 March, 2022 31 March, 2021
(a) Consumption of Stores and Spares 2.90 3.42
(b) Power and Fuel 10.26 8.38
(c) Rent 16.85 29.60
(d) Repairs to Buildings 1.50 1.01
(e) Repairs to Plant and Machinery 10.87 9.76
(f ) Insurance charges 10.47 10.13
(g) Rates and Taxes 5.98 2.03
(h) Travelling and Conveyance 27.75 26.37
(i) Payment to Auditors [Refer Note 40(A)] 3.00 2.70
(j) Legal and Professional fees 21.57 23.24
(k) Bad and Doubtful Debts / Advances [Refer footnote below] 32.02 81.37
(l) Loss on sale of property, plant and equipment 1.28 0.11
(m) Exchange differences (Net) - 13.68
(n) Corporate Social Responsibility (CSR) [Refer Note 41] 12.94 11.71
(o) Outside service charges 99.45 98.47
(p) Clearing charges 74.46 73.09
(q) Freight and forwarding charges 120.66 79.87
(r) Commission on sales 9.59 4.95
(s) Advertising 33.04 20.85
(t) Printing and stationery 8.05 8.25
(u) Miscellaneous expenses 93.17 81.92
Total other expenses 595.81 590.91
Footnote :
Bad and Doubtful Debts / Advances includes :-
(a) Expected credit loss for contract assets and trade receivables 32.02 77.17
(b) Allowance for doubtful debts and advances - 4.20
Total 32.02 81.37
40(A) AUDITOR’S REMUNERATION

` in crores
31 March, 2022 31 March, 2021
(a) To Statutory Auditor for
(1) Audit Fees 2.63 2.28
(2) Tax Audit Fees 0.06 0.06
(3) Other Services 0.14 0.25
(4) Reimbursement of Expenses 0.08 0.05
(b) To Secretarial Auditor for secretarial audit 0.02 0.02
(c) To Cost Auditor for cost audit 0.07 0.04
Total 3.00 2.70

41. CORPORATE SOCIAL RESPONSIBILITY (CSR) EXPENSES
` in crores
31 March, 2022 31 March, 2021
(a) Gross amount required to be spent by the Company during the year
Construction / acquisition of any asset - -
On purposes other than above 13.10 11.50
Total 13.10 11.50
(b) Amount approved by the Board to be spent during the year
Total 13.14 11.71
(c) Amount spent during the year
Total 12.94 11.71
(d) Details of ongoing project and other than ongoing project
(d) (i) In case of S. 135(6) (Ongoing Project)
Opening Balance - With Company - -
- In Separate CSR Unspent A/c - -
Amount required to be spent during the year - -
Amount spent during the year - From Company’s bank A/c' - -
- From Separate CSR Unspent A/c - -
Closing Balance - With Company - -
- In Separate CSR Unspent A/c - -
(d) (ii) In case of S.135(5) (Other than ongoing project) Opening Balance (0.21) -
Amount deposited in Specified Fund of Sch. VII within 6 months - -
Amount required to be spent during the year 13.10 11.50
Amount spent during the year 12.94 11.71
Closing balance (Excess spent) (0.05) (0.21)
(e) Details related to spent / unspent obligations :
i) Contribution to Public Trust 4.35 5.24
ii) Contribution to Charitable Trust 1.41 0.81
iii) Others (Contribution to Section 8 companies, non-profit organisation, 7.18 5.66
proprietorship and private limited companies)
iv) Unspent amount in relation to:
- Ongoing projects - -
- Other than ongoing projects - -
Total 12.94 11.71
328 Voltas Limited

42. INCOME TAX

Reconciliation of tax expense and the accounting profit multiplied by India’s domestic tax rate for the year ended 31 March, 2022 and
31 March, 2021
` in crores
31 March, 2022 31 March, 2021
Indian statutory income tax rate 25.17% 25.17%
Income-tax expense at India’s statutory income tax rate 192.07 184.59
Effect of adjustments to reconcile the expected tax expense to reported income tax
expense:
Effect of exempt income (3.38) (8.15)
Effect of non-deductible expenses 5.59 3.50
Effect of income which is taxed at special rates (11.01) (15.27)
Adjustment of tax relating to earlier periods (3.58) -
Effect of impairment / reversal of impairment provision on investments 0.06 0.22
Others (0.06) (1.77)
179.69 163.12
43. EARNINGS PER SHARE
` in crores
31 March, 2022 31 March, 2021
(a) Profit attributable to Equity Shareholders - (` in crores) 583.47 570.30
(b) Weighted average number of Equity Shares Outstanding 33,08,84,740 33,08,84,740
(c) Earnings Per Share (`) - Basic and Diluted (Face value ` 1/- per share) 17.63 17.24

44. COMMITMENTS AND CONTINGENCIES
(A) Commitments :
` in crores
As at As at
31 March, 2022 31 March, 2021
(i) Estimated amount of contracts remaining to be executed on capital account 101.13 29.48
and not provided for
(ii) As per the E-Waste (Management) Rules, 2016, as amended, the Company has an obligation to complete the Extended
Producer Responsibility targets, only if it is a participant in the market during a financial year. The obligation for a financial
year is measured based on sales made in the preceding 10th year and the Company has fulfilled its obligation for the current
financial year. In accordance with Appendix B of Ind AS 37, ‘Provisions, Contingent Liabilities and Contingent Assets’, the
Company will have an e-waste obligation for future years, only if it participates in the market in those years.
(B) Financial Guarantee

The Company has issued financial guarantees to banks on behalf of and in respect of credit facilities availed by its subsidiary
and joint venture companies
` in crores
As at As at
31 March, 2022 31 March, 2021
(i) Limits (Fund and Non Fund based) 2,191.34 1,202.03
(ii) Against which outstanding balance 636.78 713.91
(C) Contingent liabilities:

Claims against the Company not acknowledged as debts
` in crores
As at As at
31 March, 2022 31 March, 2021
(i) Sales tax / Vat matters 125.64 164.49
(ii) Service tax matters 18.38 18.40
(iii) Excise matters 19.89 19.89
(iv) Contractual matters in the course of business 65.43 67.69
(v) Customs duty matters 1.14 1.14
(vi) Guarantees for terminated contract 345.61 336.78
(vii) Income tax matters 14.77 14.75
590.86 623.14
(D)
There are numerous interpretative issues relating to the Supreme Court (SC) judgment on PF dated 28 February, 2019. As a
matter of caution, the Company has made a provision on a prospective basis from the date of the SC order. The Company will
update its provision, on receiving further clarity on the subject.
330 Voltas Limited

45. EMPLOYEE BENEFITS
The Company has defined benefit Gratuity, Post retirement medical benefits, Pension plans and Trust managed Provident fund plan as given below:
(i) Gratuity
Every employee who has completed five years of services, is entitled to Gratuity benefits. The Gratuity plan for Indian employees is governed by the Payment of Gratuity
Act, 1972. The Gratuity plan provides lumpsum payments to vested employees at retirement, death while in employment, or termination of employment being an
amount equivalent to 15 days salary for each completed year of service. The Company also provides similar Gratuity benefits to overseas employee. The Gratuity plan
corporate overview
for Indian employees is funded and for overseas employees is unfunded.
(ii) Post Retirement Medical Benefits (PRMB)

PRMB scheme is eligible for all those employees who are above management staff grade and have joined on or before 31 December, 2015. The scheme is non-funded.
(iii) Pension plans

Pension plan benefit are provided to past Executive Directors and their specified relatives after completion of the services with the Company or Tata Group. The scheme
is non- funded.
statutory reports
(a) The following table summaries the components of net benefit expenses recognised in statement of profit or loss, other comprehensive income, the funded status
and amount recognised in the balance sheet for the respective plans as on the reporting dates:
` in crores
medical benefits
2021-22 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 2020-21
Net interest expense (0.69) (0.85) 1.02 0.91 2.88 2.45 0.42 0.48
Components of defined benefit costs recognised in 2.58 2.66 5.57 6.79 2.88 2.45 0.61 0.70
profit or loss
Remeasurement on the defined benefit plans:
Return on plan assets (2.12) (1.71) - - - - - -
Actuarial (gains) / losses arising from changes in financial 9.64 (3.82) 7.45 (2.27) (1.28) (0.46) (0.18) (0.07)
assumptions
Actuarial (gains) / losses arising from experience 0.80 (3.79) (0.88) (1.17) 0.71 6.73 (0.13) (1.31)
adjustments
Actuarial (gains) / losses arising from Demograhic (0.04) - (0.02) - 2.96 - 0.50 -
Assumption
Components of defined benefit costs recognised in 8.28 (9.32) 6.55 (3.44) 2.39 6.27 0.19 (1.38)
other comprehensive income

331
332
` in crores
medical benefits
Voltas Limited
2021-22 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 2020-21
Change in benefit obligation
Opening defined benefit obligation 39.73 44.02 32.53 37.29 41.37 35.90 6.06 7.05
Interest cost 2.76 3.00 1.02 0.91 2.88 2.45 0.42 0.48
Remeasurement (gains)/losses:
Actuarial (gains)/losses arising from changes in financial 9.64 (3.82) 7.45 (2.27) (1.28) (0.46) (0.18) (0.07)
assumptions
Actuarial (gains)/losses arising from experience 0.80 (3.79) (0.88) (1.17) 0.71 6.73 (0.13) (1.31)
adjustments
Actuarial (gains) / losses arising from Demograhic (0.04) - (0.02) - 2.96 - 0.50 -
Assumption
Transfer of obligation from Gratuity unfunded to Gratuity 0.05 0.31 - (0.31) - - - -
funded
Exchange differences on foreign plans - - 1.09 (1.05) - - - -
Benefits paid (5.17) (3.50) (5.85) (6.75) (3.52) (3.25) (1.04) (0.31)
Closing defined benefit obligation 51.04 39.73 39.89 32.53 43.12 41.37 5.82 6.06
Footnote:
On amalgamation of Universal Comforts Products Limited (100% Subsidiary) (UCPL) with the Company, employees covered under unfunded gratuity plan of
erstwhile UCPL are now covered as part of gratuity funded plan of the Company.
Change in plan assets

Opening fair value of plan assets 49.68 56.44
Interest income 3.46 3.85
Remeasurement gain / (losses):
Return on plan assets 2.12 1.71
Contributions from the employer (4.00) (8.82)
Benefits paid (5.17) (3.50)
Closing fair value of plan assets 46.09 49.68
The amount included in the Balance Sheet arising from the entity’s obligation in respect of its defined benefit plans are as follows:
` in crores
medical benefits
2021-22 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 2020-21
corporate overview
Present value of funded defined benefit obligation (51.04) (39.73) (39.89) (32.53) (43.12) (41.37) (5.82) (6.06)
Fair value of plan assets 46.09 49.68 - - - - - -
Net (liability) / asset arising from defined benefit (4.95) 9.95 (39.89) (32.53) (43.12) (41.37) (5.82) (6.06)
obligation
(b) The major categories of plan assets as a percentage of total plan:
Category of investments: Gratuity funded

As at As at
statutory reports
31 March, 31 March,
2022 2021
Government of India securities 56% 45%
Corporate bonds 33% 45%
Mutual funds 8% 6%
Others (Interest accrued, Balances with banks ) 3% 4%
100% 100%
(c) The principal assumptions used for the purposes of the actuarial valuations are as follows.

medical benefits
2022 2021 2022 2021 2022 2021 2022 2021
Discount rate 7.33% 6.96% 3.20% 3.10% 7.33% 6.96% 7.33% 6.96%
Attrition Rate 1.00% 1.00% 2% & 2.33% 2% & 2.33% 1.00% 1.00% 1.00% 1.00%
Mortality Rate Indian Indian Indian Indian Indian Indian Indian Indian
Assured Assured Assured Assured Assured Assured Assured Assured
Lives Lives Lives Lives Lives Lives Lives Lives
Mortality Mortality Mortality Mortality Mortality Mortality Mortality Mortality
2012-14 (2006-08) 2012-14 (2006-08) 2012-14 (2006-08) 2012-14 (2006-08)
(Urban) Ultimate (Urban) Ultimate (Urban) Ultimate (Urban) Ultimate
Expected rate of salary Increase / pension escalation / 8.00% 5.00% 4.00% 2.00% 6.00% 6.00% 5.00% 5.00%

medical cost inflation
333
334
(d) A quantitative sensitivity analysis for significant assumptions are as follow:
` in crores
Voltas Limited
medical benefits
2022 2021 2022 2021 2022 2021 2022 2021
Projected benefit obligations on current assumptions 51.04 39.73 39.89 32.53 43.12 41.37 5.82 6.06
+1% increase in discount rate (4.24) (3.00) (4.27) (3.28) (3.15) (3.35) (0.13) (0.13)
-1% decrease in discount rate 4.94 3.47 5.10 3.90 3.63 3.88 0.17 0.18
+ 1% increase in salary/pension/medical cost inflation 4.76 3.30 5.00 3.90 3.64 3.85 0.13 0.14
-1% decrease in salary/pension/medical cost inflation (1.73) (0.88) (4.27) (3.34) (3.21) (3.38) (0.13) (0.14)
+1% increase in rate of employee turnover (0.22) 0.56 (0.31) 0.36 NA NA (0.03) (0.04)
-1% decrease in rate of employee turnover 0.25 (0.62) 0.35 (0.41) NA NA 0.03 0.03
The above sensitivity analysis may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in assumptions
would occur in isolation of one another as some of the assumptions may be correlated.
Further, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has been calculated using the projected unit credit
method at the end of the reporting period, which is the same as that applied in calculating the defined benefit obligation liability recognised in the balance sheet.
The expected maturity analysis of undiscounted defined benefit obligation (Funded and Unfunded) is as follows:
` in crores
medical benefits
2022 2021 2022 2021 2022 2021 2022 2021
Within 1 year 3.78 3.85 2.23 2.41 3.56 3.50 0.29 0.33
Beyond 5 years 33.28 23.98 31.25 24.39 24.81 23.49 4.23 4.24
The contribution expected to be made by the Company during the financial year 2021-22 is ` 6.00 crores (31 March, 2021 : ` 6.00 crores).
The average duration of the defined benefit plan obligation at the end of the reporting period is 11 years (31 March 2021 : 10 years).
(iv) Provident Fund

Contribution to Provident Fund is made to trusts administered by the Company. In terms of guidance note issued by the Institute of
Actuaries of India, the Actuary has provided a valuation of Provident fund liability based on the assumptions listed and determined
that there is no shortfall as at 31 March, 2022.
The details of the fund and plan assets position are as follows:
` in crores
As at As at
31 March, 2022 31 March, 2021
Fair value of plan assets 323.55 313.38
Present value of defined obligation 316.17 307.72
Contribution during the year (Employee and Employer Contribution) 30.09 29.31
The principal assumptions used for the purposes of the actuarial valuations are as follows:
As at As at
31 March, 2022 31 March, 2021
% %
Guaranteed Interest rate 8.50% 8.65%
Discount Rate for the remaining term to maturity of Interest portfolio 7.33% 6.96%
Risk Analysis
The Company is exposed to the following Risks in the defined benefits plans :
Investment Risk: The present value of the defined benefit obligation is calculated using a discount rate which is determined by
reference to market yields at the end of the reporting period on government bonds. If the return on plan assets is below this rate, it
will create a plan deficit.
Interest risk: A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset by increase in the
return on the plan’s debt investments.
Longevity risk: The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality
of plan participants both during and after their employment. An increase in the life expectancy of the plan participants will increase
the plan’s liability.
Salary growth risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan
participants. An increase in the salary of the plan participants will increase the plan’s liability.

46. RELATED PARTY DISCLOSURES
(a) List of Related Parties and Relationships
Party Relation
A Related parties where control exists Subsidiaries
Auto Aircon (India) Ltd. (name strike off w.e.f. 8 September, 2021)
Voltas Netherlands B.V.
Lalbuksh Voltas Engineering Services & Trading L.L.C. *
Weathermaker FZE (formerly known as Weathermaker Limited)
Saudi Ensas Company for Engineering Services W.L.L.
Universal MEP Projects & Engineering Services Limited (formerly known as Rohini Industrial Electricals Limited)
Voltas Qatar W.L.L. *
Voltas Oman SPC *
(formerly known as Voltas Oman L.L.C.)
Hi-Volt Enterprises Private Limited (w.e.f. 13 September, 2021)
Universal MEP Projects Pte Limited* (w.e.f. 4 August, 2021)
Agro Foods Punjab Limited (Under liquidation)
Westerwork Engineers Limited (Under liquidation)
B Other Related Parties (Where transactions have taken place during the year and previous year
/ balance outstanding)
1 Brihat Trading Private Limited Associates
Naba Diganta Water Management Limited
Terrot GmbH (upto 12 November, 2021)
2 Universal Voltas L.L.C. * Joint Ventures
Olayan Voltas Contracting Company Limited
Voltas Water Solutions Private Limited (under strike off )
Voltbek Home Appliances Private Limited
3 Mr. Pradeep Bakshi - Managing Director & CEO Key Management
Mr. Jitender P. Verma - Executive Vice President and Chief Financial Officer (w.e.f.19 July, 2021) Personnel
Mr. Anil George - Chief Financial Officer (upto 18 July, 2021)
Mr. V. P. Malhotra - Vice President - Taxation, Legal & Company Secretary
4 Non-Executive Directors Directors
Mr. Noel Tata - Chairman
Mr. Vinayak Deshpande
Mr. Hemant Bhargava (upto 29 September, 2021)
Mr. Saurabh Agrawal (w.e.f. 21 January, 2021)
Independent Directors
Mr. Debendranath Sarangi
Mr. Bahram N. Vakil
Ms. Anjali Bansal
Mr. Arunkumar Adhikari
Mr. Zubin Dubash
5 Voltas Limited Provident Fund Employee Benefit
Voltas Managerial Staff Provident Fund Funds
Voltas Limited Employees' Gratuity Fund
Voltas Limited Managerial Staff Gratuity Fund
Voltas Limited Employees' Superannuation Scheme
6 Tata Sons Private Limited Promoter
7 Air India Limited (w.e.f. 27 January, 2022) Subsidiaries and Joint
Air India SATS Airport Services Private Limited (w.e.f. 27 January, 2022) Ventures of Promoter
Ardent Properties Private Limited
Automotive Stampings and Assemblies Limited
C-Edge Technologies Limited
Ewart Investments Limited
336 Voltas Limited

Party Relation
7 Gurgaon Realtech Limited
Infiniti Retail Limited
Infiniti Innovative Retail Concepts Private Limited
MahaOnline Limited
Mikado Realtors Private Limited
Sir Dorabji Tata Trust
Sir Ratan Tata Trust
Supermarket Grocery Supplies Private Limited
TAL Manufacturing Solutions Limited
TATA Advanced Materials Limited
Tata Advanced Systems Limited
TATA Africa Holdings (Kenya) Limited
Tata AIA Life Insurance Company Limited
Tata AIG General Insurance Company Limited
Tata Asset Management Limited
Tata Autocomp Hendrickson Suspensions Private Limited (formerly known as Taco Hendrickson
Suspensions Private Limited)
Tata Autocomp Katcon Exhaust Systems Private Limited (formerly known as Katcon India Private Limited)
Tata Autocomp Systems Limited
Tata Boeing Aerospace Limited (formerly known as Tata Aerospace Limited)
Tata Capital Financial Services Limited
Tata Capital Housing Finance Limited
Tata Communications Limited
Tata Communications Payment Solutions Limited
Tata Communications Transformation Services Limited
Tata Consultancy Services Limited
Tata Consulting Engineers Limited
Tata De Mocambique, Limitada
Tata Digital Limited
Tata Elxsi Limited (ceased to be an associate and became a subsidiary w.e.f. 1 December, 2020)
Tata Ficosa Automotive Systems Private Limited (formerly known as Tata Ficosa Automotive Systems Limited)
Tata Housing Development Company Limited
Tata Industries Limited
Tata International DLT Private Limited
Tata International Metals (UK) Limited (formerly known as Tata Steel International (UK) Limited)
Tata Investment Corporation Limited
Tata Lockheed Martin Aerostructures Limited
Tata Medical and Diagnostics Limited (w.e.f. 23 July, 2020)
Tata Realty and Infrastructure Limited
Tata Sikorsky Aerospace Limited (formerly known as Tara Aerospace Systems Limited)
Tata Sky Broadband Private Limited (formerly known as Quickest Broadband Private Limited)
Tata Sky Limited
Tata Teleservices (Maharashtra) Limited
Tata Teleservices Limited
Tata Toyo Radiator Limited
TCS Foundation
TM Automotive Seating Systems Private Limited
TP Central Odisha Distribution Limited (w.e.f. 1 June, 2020)
TRIL Infopark Limited
TRIL IT4 Private Limited (formerly known as Albrecht Builder Private Limited)
TRIL Urban Transport Private Limited
* Through subsidiary companies

338
(b) Related Party Transactions
` in crores
Sr. Year Transactions Subsi- Associates Joint Promoter Subsi- Key Directors Employee Total
Voltas Limited
No. diaries Ventures diaries Manage- Benefit
Promoter
1 2021-22 Purchases of stock-in-trade - - 9.74 - - - - - 9.74
2020-21 - - - - - - - - -
2 2021-22 Sale of Products 0.13 - 0.10 - 57.25 - - - 57.48
2020-21 - - 0.89 0.01 28.12 - - - 29.02
3 2021-22 Service Income - Other than 4.93 1.66 1.05 0.04 120.06 - - - 127.74
Management fees
2020-21 6.44 0.11 5.13 0.07 104.03 - - - 115.78
4 2021-22 Service Income - Management fees on - - - - - - - - -
vendor bill discounting
2020-21 - - - - 0.58 - - - 0.58
5 2021-22 Construction contract revenue (Includes - - - - 6.37 - - - 6.37
billed and unbilled revenue)
2020-21 - - - - 12.77 - - - 12.77
6 2021-22 Sale of property, plant and equipment - - - - - - - - -
2020-21 0.01 - - - - - - - 0.01
7 2021-22 Interest Income - - - - 5.18 - - - 5.18
2020-21 5.89 - - - 5.18 - - - 11.07
8 2021-22 Rental Income 0.30 - 0.75 - 5.82 - - - 6.87
2020-21 0.50 - 0.56 - 7.59 - - - 8.65
9 2021-22 Dividend Income 0.78 1.34 - - 3.85 - - - 5.97
2020-21 21.13 0.21 - - 3.66 - - - 25.00
10 2021-22 Income from Business support services 28.35 - 5.16 - - - - - 33.51
2020-21 40.09 - 7.42 - - - - - 47.51
11 2021-22 Commission Received / Receivable - - - - - - - - -
2020-21 - 0.27 - - - - - - 0.27
12 2021-22 Remuneration Paid / Payable - - - - - 11.29 2.30 - 13.59
(including commission)
2020-21 - - - - - 9.17 2.15 - 11.32
13 2021-22 Sitting Fees - - - - - - 0.53 - 0.53
2020-21 - - - - - - 0.42 - 0.42
` in crores
Promoter
14 2021-22 Dividend Paid - - - 44.07 5.94 - - - 50.01
corporate overview
2020-21 - - - 35.25 4.76 - - - 40.01

15 2021-22 Consulting expenses - - - - 1.97 - - - 1.97
2020-21 - - - - - - - -
16 2021-22 Tata Brand Equity - - - 12.70 - - - - 12.70
2020-21 - - - 9.69 - - - - 9.69
17 2021-22 Purchase of goods / services for 113.32 - 19.59 - - - - - 132.91
execution of contracts
2020-21 168.98 - 53.12 - - - - - 222.10
statutory reports
18 2021-22 Impairment in value of investment - - 0.25 - - - - - 0.25

2020-21 - - 0.86 - - - - - 0.86
19 2021-22 Security Deposit Refunded - - - - 4.48 - - - 4.48
2020-21 - - - - 0.78 - - - 0.78
20 2021-22 Other Expenses-Recovery of expenses 13.11 - 36.30 0.15 1.13 - - - 50.69
2020-21 14.31 - 15.54 0.16 0.10 - - - 30.11
21 2021-22 Other Expenses-Reimbursement of 1.84 - 0.20 - 14.82 - - - 16.86
expenses
2020-21 10.39 - 8.62 0.03 15.15 - - - 34.19
22 2021-22 Purchase of property, plant and - - * - 0.95 - - - 0.95

equipment
2020-21 - - 0.11 - 1.67 - - - 1.78
23 2021-22 Investments in Equity shares - - 93.10 - - - - - 93.10
2020-21 150.00 - 74.97 - 8.25 - - - 233.22
24 2021-22 Investments in Bonds / Debentures - - - - - - - - -
2020-21 - - - - 48.46 - - - 48.46
25 2021-22 Redemption of Investments in - - - - 3.00 - - - 3.00
Preference shares/ Bonds / Debentures
2020-21 127.00 - - - - - - - 127.00
26 2021-22 Security deposit received - - - - - - - - -
2020-21 0.15 - - - 0.53 - - - 0.68
27 2021-22 Security deposit at the end of the year 0.15 - - - 3.02 - - - 3.17
2020-21 0.15 - - - 7.50 - - - 7.65

339
340
` in crores
Voltas Limited
Promoter
28 2021-22 Provision for Debts and Advances at * - * * 0.72 - - - 0.72
year end
2020-21 - - * * 0.93 - - - 0.93
29 2021-22 Advance Outstanding at year end - - - 0.04 0.12 - - - 0.16
2020-21 36.00 - - 0.08 0.12 - - - 36.20
30 2021-22 Outstanding Share Application Money at - - 13.13 - - - - - 13.13
year end
2020-21 - - 13.13 - - - - - 13.13
31 2021-22 Debit Balance Outstanding at year end 40.63 0.51 33.44 - 71.51 - - - 146.09
2020-21 1.00 0.03 16.31 - 73.19 - - 0.64 91.17
32 2021-22 Credit Balance Outstanding at year end 67.93 - - 8.74 0.08 3.08 2.30 4.38 86.51
2020-21 136.87 0.44 7.41 8.76 0.17 3.77 2.15 - 159.57
33 2021-22 Guarantees Outstanding at year end 2,115.59 - 75.75 - - - - - 2,191.34
2020-21 1,128.49 - 73.54 - - - - - 1,202.03
34 2021-22 Impairment in value of Investments at 61.28 1.56 23.08 - - - - - 85.92
year end
2020-21 67.58 1.56 22.83 - - - - - 91.97
35 2021-22 Contract Revenue in excess of Billing - - * - 2.88 - - - 2.88
2020-21 - - - - 3.00 - - - 3.00
36 2021-22 Billing in excess of Contract Revenue - - 0.04 - 1.60 - - - 1.64
2020-21 - - - - 4.15 - - - 4.15
37 2021-22 Contribution to Employee Benefit Funds - - - - - - - 11.59 11.59
2020-21 - - - - - - - 8.44 8.44
* Value below ` 50,000/-
47. RESEARCH AND DEVELOPMENT EXPENDITURE

` in crores
2021-22 2020-21
Expenditure at Department of Scientific and Industrial Research (DSIR)
approved R&D centers
EM&RBG, Thane 1.24 2.16
Expenditure at other R&D centers
(UPBG at Faridabad, Waghodia and Pantnagar)
Total R&D expenditure 14.25 16.76
UPBG 11.53 10.65
EM&RBG 1.24 2.16
UPBG 1.48 3.95
EM&RBG - -
Business Segments :
UPBG : Unitary Cooling Products for Comfort and Commercial use.
EM&RBG : Electro - Mechanical Projects and Services.

342
48. FINANCIAL INSTRUMENTS
(A) Financial instruments by category:
The accounting classification of each category of financial instruments, their carrying value and fair value are as below:
` in crores
Voltas Limited
FVTPL FVTOCI Amortised Total Total Fair FVTPL FVTOCI Amortised Total Total Fair
cost Carrying value cost Carrying value
value value
Financial assets
Investments (*) 2,041.51 983.43 324.38 3,349.32 3,349.32 1,723.04 696.90 343.31 2,763.25 2,763.25
Loans - - 2.01 2.01 2.01 - - 1.47 1.47 1.47
Trade receivables - - 1,520.23 1,520.23 1,520.23 - - 1,452.28 1,452.28 1,452.28
Other financial assets - 185.97 185.97 185.97 0.19 - 225.53 225.72 225.72
Cash and cash equivalents - - 451.12 451.12 451.12 - - 313.71 313.71 313.71
Other balances with banks - - 12.77 12.77 12.77 - - 10.64 10.64 10.64
2,041.51 983.43 2,496.48 5,521.42 5,521.42 1,723.23 696.90 2,346.94 4,767.07 4,767.07
Borrowings - - 126.04 126.04 126.04 - - 101.84 101.84 101.84
Lease Liabilities - - 13.75 13.75 13.75 - - 6.62 6.62 6.62
Trade payables - - 2,682.02 2,682.02 2,682.02 - - 2,057.84 2,057.84 2,057.84
Other financial liabilities 0.33 - 117.79 118.12 118.12 - - 113.78 113.78 113.78
0.33 - 2,939.60 2,939.93 2,939.93 - - 2,280.08 2,280.08 2,280.08
*The above Investments does not include equity investments in subsidiaries, associates and joint ventures which are carried at costs and hence are not required to be
disclosed as per Ind AS 107 “Financial Instruments Disclosures”.
Management has assessed that Cash and cash equivalents, Other balances with banks, Loans, Trade receivables, Other financial assets, Borrowings, Lease liabilities, Trade
payables and Other financial liabilities carried at amortised cost approximate their carrying amounts largely due to the short-term maturities of these instruments.
Abbreviations :
FVTPL - Fair Value Through Profit or Loss. FVTOCI - Fair Value Through Other Comprehensive Income.
(B) Fair value hierarchy :

The fair value measurement hierarchy of the Company’s assets and liabilities are as follows:
` in crores
2022 2021 2022 2021 2022 2021
Financial assets
- Investment 1,992.12 1,723.04 49.39 - - -
- Derivative financial assets - - - 0.19 - -
At fair value through Other Comprehensive
Income
- Investment 595.50 423.19 - - 387.93 273.71
TOTAL 2,587.62 2,146.23 49.39 0.19 387.93 273.71
` in crores
2022 2021 2022 2021 2022 2021
- Derivative financial liabilities - - 0.33 - - -
TOTAL - - 0.33 - - -
The Company uses the following hierarchy for determining and/or disclosing the fair value of financial instrument by valuation techniques:
(i) Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities;
(ii) Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or
indirectly observable;
(iii) Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.
- The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current
transaction between willing parties.
The following methods and assumptions were used to estimate the fair values:
- The fair value of quoted equity investment and mutual funds are based on price quotations at the reporting date.
- The fair value of unquoted equity investments are based on Market multiple approach. Market multiple of EV/EBITDA are considered
after applying suitable discounts for size, liquidity and other company specific discounts.
- The Company enters into derivative financial instruments with various counterparties, principally with banks. Foreign exchange
forward contracts are valued using valuation techniques, which employs the use of market observable inputs. The model incorporates
various inputs including the credit quality of counter parties, foreign exchange spot and forward rates.
There were no transfers between Level 1 and 2 during the period.

(C) Reconciliation of fair value measurement of unquoted equity shares classified as FVTOCI assets :
` in crores
As at 1 April, 2020 201.92
49. Aggregation of expenses disclosed in consumption of materials, cost of jobs and services and
other expenses in respect of specific items are as follows (Refer Note 40):
` in crores
Grouped under
materials, cost of
jobs and services
(1) Rent 0.52 16.85 17.37
(2) Power and Fuel 0.46 10.26 10.72
` in crores
Grouped under
materials, cost of
jobs and services
(1) Rent 1.21 29.60 30.81
(2) Power and Fuel 0.80 8.38 9.18
344 Voltas Limited

50. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company’s financial liabilities include borrowings, lease liabilities, trade and other payables. The Company’s financial assets
include investments, loans, trade and other receivables, cash and cash equivalents and other bank balances. The Company also holds
FVTPL and FVTOCI investments.
The Company is exposed to market risk, credit risk and liquidity risk. The Board of Directors of the Company oversee the management
of these financial risks through its Risk Management Committee as per Company’s existing policy.
(i) Market risk:

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprise three types of risk: interest rate risk, currency risk and other price risk, such as equity price
risk. Financial instruments affected by market risk include borrowings, lease liabilities, investments, trade payables and other
payables, trade receivables and other receivables, loans and derivative financial instruments.
(a) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. Interest rate change does not affect the short term borrowing significantly, therefore
the Company’s exposure to the risk of changes in market interest rates relates primarily to the investment in debt mutual
funds.
Given the portfolio of investments in debt mutual funds. the Company has exposure to interest rate risk with respect
to returns realised. It is estimated that an increase in 25 bps change in 10 year Govt. bond yield would result in a loss of
approximately ` 4.98 crores (31 March, 2021: ` 4.31 crores) whereas a decrease in 25 bps change in 10 year Govt. bond
yield would result in a profit of approximately ` 4.98 crores (31 March, 2021: ` 4.31 crores). This estimate is based on key
assumption with respect to seamless transition of rates across debt instruments in the market and also basis the duration
of debt instruments in turn held by mutual funds that the Company has invested in.
(b) Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in
foreign exchange rates. The Company’s exposure to the risk of changes in foreign exchange rates relates primarily to the
Company’s operating activities (when revenue or expense is denominated in a foreign currency). Foreign currency risks
are managed by utilising foreign exchange forward contracts within the approved policy parameters.
As at the end of the reporting period, the carrying amounts of the material foreign currency denominated monetary
assets and liabilities are as follows:
` in crores
Currency Liabilities Assets
2022 2021 2022 2021
United States Dollar (USD) 445.78 298.96 156.34 52.66
United Arab Emirates Dirham (AED) 421.66 276.22 575.23 357.91
Qatari Riyal (QAR) 32.79 45.10 26.12 45.94
Singapore Dollar (SGD) 54.20 60.75 5.17 5.89

Foreign currency sensitivity

The following tables demonstrate the sensitivity of outstanding foreign currency denominated monetary items to a
reasonably possible change in exchange rates, with all other variables held constant. The impact on the Company’s profit
before tax is due to changes in the fair value of financial assets and liabilities:
` in crores
Particulars Effect on Profit before Effect on Equity
tax
2022 2021 2022 2021
USD +5% (11.62) (9.64) (8.69) (7.21)
USD -5% 11.62 9.64 8.69 7.21
AED +5% 7.68 4.08 5.75 3.06
AED -5% (7.68) (4.08) (5.75) (3.06)
QAR +5% (0.33) 0.04 (0.25) 0.03
QAR -5% 0.33 (0.04) 0.25 (0.03)
SGD +5% (2.45) (2.74) (1.83) (2.05)
SGD -5% 2.45 2.74 1.83 2.05
Details of notional value of derivative contracts entered by the Company and outstanding as at Balance Sheet date
` in crores
31 March, 2022 31 March, 2021
Forward contracts - Buy (USD/`) 57.14 53.58
The fair value of the Company’s derivatives position recorded under financial assets and financial liabilities are as follows:
` in crores
Particulars Liabilities Assets
2022 2021 2022 2021
Forex Forward Cover 0.33 - - 0.19
(c) Equity price risk

The Company’s listed equity securities are susceptible to market price risk arising from uncertainties about future values
of the investment securities. The Company’s Board of Directors reviews and approves all equity investment decisions.
The following table summarises the sensitivity to change in the NSE index on the Company’s Equity and OCI. These
changes would not have an effect on profit or loss.
` in crores
Impact on other components of equity
(OCI)
As at As at
31 March, 2022 31 March, 2021
NSE Nifty 50 - increase 5% 29.78 21.16
NSE Nifty 50 - decrease 5% (29.78) (21.16)
346 Voltas Limited

(ii) Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading
to a financial loss. The Company is exposed to credit risk for trade receivables, contract asset, cash and cash equivalents,
investments, other bank balances, loans and other financial assets. The Company only deals with parties which have good
credit rating/ worthiness given by external rating agencies or based on Company’s internal assessment.
Credit risk on trade receivables and contract assets are managed by each business unit subject to the Company’s established
policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed and
individual credit limits are defined in accordance with this assessment. Moreover, given the diverse nature of the Company’s
businesses, trade receivables and contract assets are spread over a number of customers with no significant concentration
of credit risk. No single customer accounted for 10% or more of the trade receivables and contracted assets in any of the
years presented.
For trade receivables and contract assets, as a practical expedient, the Company computes credit loss allowance based on a
provision matrix. The provision matrix is prepared based on historically observed default rates over the expected life of trade
receivables and contract assets and is adjusted for forward-looking estimates.
For Mutual Fund Investments, counterparty risk are in place to limit the amount of credit exposure to any one counterparty.
This, therefore, results in diversification of credit risk for Company’s mutual fund investments.
Credit risk from cash and cash equivalents and balances with banks is managed by the Company’s treasury department in
accordance with the Company’s treasury policy.
The Credit risk on mutual fund investments, cash and cash equivalents, and other bank balances are limited as the counterparties
are banks and fund houses with high-credit ratings assigned by credit rating agencies.
The carrying value of the financial assets represents the maximum credit exposure. The Company’s maximum exposure to
Credit risk is disclosed in Note 48 “Financial Instruments”. The maximum credit exposure on financial guarantees given by the
Company for various financial facilities is disclosed in Note 44 “Commitments and Contingencies.”
(iii) Liquidity risk management:

Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquidity risk management
is to maintain sufficient liquidity and ensure that the funds are available for use as per the requirements. The Company
manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously
monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. The Company
consistently generates sufficient cash flows from operations to meet its financial obligations as and when they fall due.
Maturities of financial liabilities: The table below summarises the maturity profile of the Company’s financial liabilities based on
contractual undiscounted payments.
` in crores
1 year than1 year
Non-derivatives
Borrowings (*) 127.23 - 127.23
Trade payables 2,682.02 - 2,682.02
Derivatives (net settled) 0.33 - 0.33

` in crores
1 year than1 year
Non-derivatives
Borrowings (*) 102.97 - 102.97
Trade payables 2,057.84 - 2,057.84
Derivatives (net settled) - - -
The amount included in Note 44(B) for financial guarantee contracts are the maximum amounts that the Company may be
liable to settle under the respective arrangements for the full guaranteed amount if that amount is claimed by the counterparty
for the guarantee. Based on the expectations as at the end of reporting period, the Company considers that it is more likely than
not that such amount shall not be payable under the respective arrangements. However, this estimate is subject to change
depending upon the probability of the counterparty claiming under the guarantee which is a function of the likelihood that
the financial receivables held by the counterparty which are guaranteed suffer credit losses.
* Maturity amount of borrowings is including the interest that will be paid on these borrowings.
51. LEASES
Company as a lessee
The Company has lease contracts for its office premises and storage locations with lease term between 1 year to 5 years. The Company’s
obligations under its leases are secured by the lessor’s title to the leased assets. Generally, the Company is restricted from assigning and
subleasing the leased assets.
The Company also has certain leases of office premises and storage locations with lease terms of 12 months or less. The Company applies
the ‘short-term lease’ recognition exemptions for these leases.
(a) The movement in lease liabilities during the year ended 31 March, 2022 and 31 March, 2021 is as follows:
` in crores
As at As at
31 March, 2022 31 March, 2021
Balance at the beginning 6.62 8.82
Additions 11.77 1.66
Accretion of interest 1.52 0.87
Payment of lease liabilities 6.16 4.73
Balance at the end 13.75 6.62
Non-current 8.97 4.00
Current 4.78 2.62
(b) The following are the amounts recognised in profit or loss:

` in crores
31 March, 2022 31 March, 2021
Depreciation on right-of-use assets 5.96 3.79
Interest expense on lease liabilities 1.52 0.87
Expense relating to short-term leases (Refer footnote c) 91.31 102.69
Total amount recognised in statement of profit and loss 98.79 107.35
348 Voltas Limited

51. LEASES (Contd.)
(c) Details of carrying amount of right-of-use assets and movement during the period is disclosed under Note 6
Footnotes:
(a) The maturity analysis of lease liabilities are disclosed in Note 50 (iii) ‘Liquidity Risk Management’
(b) The effective interest rate for lease liabilities is 9%, with maturity between 2022-2027
(c) Expense relating to short-term leases are disclosed under the head rent and clearing charges in other expenses (Refer Note 40)
(d) The Company had total cash flows for leases of ` 6.16 crores as on 31 March, 2022 (31 March, 2021 : ` 4.73 crores)
Company as a lessor
The Company has entered into operating leases on its investment property portfolio consisting of land and office premises. These
leases have lease terms between 1 year to 5 years, The Company has the option under some of its leases to lease the assets for
additional periods. An amount of ` 24.70 crores is recognised as lease income in the statement of profit and loss account for the year
ended 31 March, 2022 (31 March, 2021: ` 32.81 crores).
Minimum lease income for non-cancelable operating lease

` in crores
As at As at
31 March, 2022 31 March, 2021
(a) Not later than one year 2.77 5.59
(b) Later than one year but not later than five years 3.03 0.24
(c) Later than five years - -
52. REVENUE FROM CONTRACTS WITH CUSTOMERS

(A) Disaggregated revenue information
Disaggregation of the Company’s revenue from contracts with customers are as follows:
` in crores
31 March, 2022 31 March, 2021
Segment - A ( Unitary Cooling Products for Comfort and Commercial use )
Sub-total : 4,881.92 4,218.46
Segment - B ( Electro - Mechanical Projects and Services )
Sub-total : 1,619.25 1,673.70
Segment - C ( Engineering Products and Services )
Sub-total : 488.66 359.49
Total revenue from contracts with customers 6,989.83 6,251.65
(B) Set out below is the amount of revenue recognised from:
` in crores
As at As at
31 March, 2022 31 March, 2021
(a) Amounts included in contract liabilities at the beginning of the year 284.57 313.59
(b) Performance obligations satisfied in previous years 0.32 (0.54)

52. REVENUE FROM CONTRACTS WITH CUSTOMERS (Contd.)
(C) Reconciling the amount of revenue recognised in the statement of profit and loss with the contracted price
` in crores
31 March, 2022 31 March, 2021
Revenue as per contracted price 6,468.95 5,720.82
Adjustments
Add: (a) Unbilled on account of work under certification 639.23 700.28
Less: (b) Billing in excess of contract revenue (118.35) (169.45)
Revenue from contract with customers 6,989.83 6,251.65
(D) Performance obligation
The transaction price allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as at 31 March, 2022
is of ` 2,988.14 crores (31 March, 2021: ` 4,363.81 crores), out of which, majority is expected to be recognised as revenue within a
period of one year.
Footnote :
Effective 1 April, 2021, the Company has re-organised Commercial Air-conditioner (CAC) and Customer Care business from Segment
- B ( Electro - Mechanical Projects and Services ) to Segment - A ( Unitary Cooling Products for Comfort and Commercial use ) to align
with business objectives and accordingly, segment information for previous year have been restated.
53. CAPITAL MANAGEMENT :

The capital structure of the Company consists of net debt and total equity of the Company. The Company manages its capital to ensure
that the Company will be able to continue as going concern while maximising the return to stakeholders through an optimum mix of
debt and equity within the overall capital structure. The Company’s Risk Management Committee reviews the capital structure of the
Company considering the cost of capital and the risks associated with each class of capital.
54. OTHER STATUTORY INFORMATION :

(i) The Company do not have any Benami property, where any proceeding has been initiated or pending against the Company for
holding any Benami property.
(ii) The Company do not have any transactions with companies struck off.
(iii) The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
(iv) The Company have not traded or invested in Crypto currency or Virtual Currency during the financial year.
(v) The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding that the Intermediary shall:
Company (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
(vi) The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Company shall:
Funding Party (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,
(vii) The Company have no such transaction which is not recorded in the books of accounts that has been surrendered or disclosed
as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant
provisions of the Income Tax Act, 1961).
(viii) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with the Companies
(Restriction on number of Layers) Rules, 2017.
350 Voltas Limited

55. The Code on Social Security, 2020 (‘Code’) has been notified in the Official Gazette in September 2020 which could impact the
contribution by the Company towards certain employment benefits. The effective date from which the changes and rules would
become applicable is yet to be notified. Impact of the changes will be assessed and accounted in the relevant period of notification
of relevant provisions.
56. The Board of Directors of the Company at its meeting held on 12 February, 2021, have approved the transfer of domestic B2B
businesses of the Company relating to Projects business comprising Mechanical, Electrical and Plumbing (MEP)/ Heating,
Ventilation and Air-Conditioning (HVAC) and Water projects, Mining and Construction Equipment (M&CE) business and Textile
Machinery Division (TMD) business to its wholly owned subsidiary viz. Universal MEP Projects & Engineering Services Limited
(‘UMPESL’) (formerly Rohini Industrial Electricals Limited) by slump sale through a Business Transfer Agreement (‘BTA’ ). The Company
has executed the BTA on 24 March, 2021 and the transaction is expected to be consummated by such date as mutually agreed
between the Company and UMPESL.
57. EVENTS OCCURRING AFTER BALANCE SHEET :

(i) The Board of Directors have proposed dividend of ` 5.50 per share after the balance sheet date which is subject to approval by the
shareholders at the annual general meeting.
(ii) The Board of Directors have approved an amount of ` 20.00 crores to be transferred to General Reserve from Retained Earnings after
the balance sheet date.
58. RATIO ANALYSIS

` in crores
2022 2021
1 Current ratio Current Assets Current Liabilities 1.42 1.47 (3.78%) -
2 Debt- Equity ratio Borrowings Total Equity 0.02 0.02 10.78% -
3 Debt Service Earnings for debt service Debt service = Interest 39.21 32.84 19.43% -
Coverage ratio = Net Profit before tax+ payable & Lease
Non-cash operating Payments + Principal
expenses (depreciation Repayments of long term
and amortisation)+ borrowings
Finance Cost+ other
adjustments like Loss on
sale of property, plant
and equipment
4 Return on Equity Net Profit after taxes Average total equity 0.11 0.12 (10.78%) -
ratio
5 Inventory Turnover Cost of goods sold Average Inventory 2.78 2.48 11.90% -
ratio exduding cost of jobs
and services of Segment
- B ( Electro - Mechanical
Projects and Services )
6 Trade Receivable Revenue from Operations Average Trade Receivable 3.33 2.91 14.56% -
Tumover ratio
7 Trade Payable Cost of goods sold and Average Trade Payables 2.50 2.26 10.21% -
Turnover ratio other expenses
8 Net Capital Turnover Revenue from Operations Working capital = Current 4.77 4.59 4.03% -
ratio assets - Current liabilities
9 Net Profit ratio Net Profit Revenue from operations 0.08 0.09 (8.08%) -
10 Return on Capital Earnings before interest Capital Employed = 0.14 0.15 (7.70%) -
Employed and taxes Tangible Net worth
+ Total long term
borrowings + Deferred
Tax Liability

58. RATIO ANALYSIS (Contd.)
` in crores
2022 2021
11 Return on Investment
(a) Mutual Funds Gain on sale/ fair valuation Monthly average 0.05 0.07 (35.20%) Decrease in
Investments of Mutual Fund investment in Mutual return on
Funds investment
from Mutual
funds are on
account of
fluctuation in
market yields
(b) Fixed Income Interest Income Monthly average 0.06 0.06 (0.83%)
Investments investment in Fixed
Income investments
(c) Quoted Equity Fair valuation of quoted Quarterly average 0.43 1.42 (69.67%) Decrease in
Instruments investment + Dividend investment in Quoted return on
Investments Income Equity Instruments investment
from quoted
equity
instruments
are on
account of
fluctuation
in market
prices
59. Previous year’s figures have been regrouped / reclassified wherever necessary to correspond with the current year’s classification/
disclosure.


352 Voltas Limited

FORM No. AOC-1
Statement containing salient features of the financial statements of Subsidiaries/Associate Companies/Joint Ventures
[Pursuant to first proviso to sub-section (3) of Section 129 read with Rule 5 of the Companies (Accounts) Rules, 2014]
PART "A": SUBSIDIARIES
Name of the company Hi-Volt Universal Universal Weathermaker Saudi Ensas Lalbuksh Voltas Voltas Voltas
Enterprises MEP MEP FZE (WMF) Company for Voltas Oman SPC Qatar W.L.L. Netherlands
Private Projects Projects & Engineering Engineering (VOSPC) (VQWLL) B.V. (VNBV)
corporate overview
Limited Pte Limited Engineering Services Services

Services & Trading & Trading
Limited W.L.L. L.L.C.
(formerly (Saudi (LALVOL)
known Ensas)
as Rohini
Industrial
Electricals
Limited)
1 Date since when subsidiary was acquired 13-09-2021 04-08-2021 04-09-2008 20-01-2006 28-01-2009 31-03-2011 27-03-2011 03-05-2016 31-12-1999
statutory reports
2 Reporting Period 31-03-2022 31-03-2022 31-03-2022 31-03-2022 31-03-2022 31-03-2022 31-03-2022 31-03-2022 31-03-2022
3 (i) Reporting currency ` SGD ` AED SR RO RO QAR EURO
(ii) Exchange rate as on the last date of – 55.97 – ` 20.64 ` 20.20 ` 196.99 ` 196.99 ` 20.73 ` 84.54
the relevant financial year
` in crores ` in crores ` in crores ` in crores ` in crores ` in crores ` in crores ` in crores ` in crores
4 Capital 0.01 0.00 151.83 3.07 32.29 2.81 28.49 1.91 2.65
5 Reserves & Surplus (Other Equity) # (0.05) 1.27 25.89 (33.61) 89.35 (70.45) 168.28 70.59
6 Total Assets 0.01 0.00 333.71 45.05 18.41 124.10 61.94 570.60 73.64
7 Total Liabilities # 0.05 180.61 16.09 19.73 31.94 103.90 400.41 0.40
8 Investments - - - - - - - - 67.34
9 Turnover (Revenue from Operations) - - 394.87 34.52 31.91 69.78 41.18 406.81 -
10 Profit / (loss) before Taxation # (0.05) 11.98 (5.37) 0.02 6.01 3.14 34.46 20.39
11 Provision for Taxation - - 4.27 - 0.78 1.23 (0.03) 5.35 -
12 Profit / (loss) after Taxation # (0.05) 7.70 (5.37) (0.76) 4.79 3.17 29.11 20.39
13 (a) Interim Dividend - - - - - 3.94 - - -
(b) Proposed Dividend - - - - - - - 20.73 -
Total Dividend (a + b) - - - - - 3.94 - 20.73 -
14 % of Shareholding 100% 100%*** 100% 100% 100%* 60%** 100%*** 49%**** 100%
* 8% shares held by VNBV ** 40% shares held by VNBV *** 100% shares held by VNBV **** 49% shares held by VNBV
Notes :
1. Foreign currency figures of WMF, Saudi Ensas, LALVOL, VOSPC, VQWLL and VNBV have been converted into Indian Rupees on the basis of appropriate exchange rates as
on reporting period.
2. Abbreviation for foreign currencies - AED: United Arab Emirates Dirhams; SR: Saudi Riyal; RO: Omani Rial; QAR: Qatari Rial and Euro: European Union Currency.

3. As Voltas Limited controls the composition of the Board of Directors of VQWLL, it is a subsidiary of Voltas.
4. # value below ` 50,000/-
353
354
PART "B": ASSOCIATES AND JOINT VENTURES
Statement pursuant to Setion 129(3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures
` in crores
Name of the company Universal Olayan Naba Diganta Voltas Water Voltbek Brihat
Voltas L.L.C. Voltas Water Solutions Home Trading
Voltas Limited
Contracting Management Private Appliances Private
Company Limited Limited Private Limited
Limited (VWS) Limited
1 Date on which the Associate/Joint Venture was associated or 26-08-1981 08-02-2012 17-03-2008 26-04-2014 18-08-2017 21-08-2012
acquired
2 Latest Audited Balance Sheet Date 31-03-2022 31-03-2022 31-03-2022 31-03-2022 31-03-2022 31-03-2022
3 Shares of Associate/Joint Ventures held by the Company on the
year end
(i) Number – 50,000 47,97,000 28,41,500 50,32,34,900 3,352
(ii) Amount of Investment in Associates/ Joint Ventures – 20.24# 4.80 2.85 503.23 ***
(` in crores)
(iii) Extent of Holding % 49%* 50% 26% 50% 49% 33.33%
4 Description of how there is significant influence Equity Investment more than 20%
5 Reason why the Associate/Joint Venture is not consolidated Not applicable Dormant
Company
6 Networth attributable to Shareholding as per latest Audited 51.82 - 9.38 - 204.87 Not Material
Balance Sheet (` in crores)
7 Profit / (loss) for the year
(i) Considered in Consolidation (` in crores) (2.64) (0.25) 1.50 - (108.91) Not Material
(ii) Not considered in consolidation (` in crores) – – – ** – Not Material
*Share Capital is held by Voltas Netherlands B.V., a wholly owned subsidiary.
** Investment made by the Company in VWS has been fully provided. Hence, loss of VWS is not considered in consolidated accounts.
*** Value below ` 50,000/-.
# Includes ` 13.13 crores share application money.
For and on behalf of the Board
Noel Tata Pradeep Bakshi

Chairman Managing Director & CEO
Jitender P. Verma V. P. Malhotra

Executive Vice President and Chief Financial Officer Vice President - Taxation, Legal & Company Secretary
Date: 5 May, 2022 Date:5 May, 2022
Notes
Notes
NOTICE
THE SIXTY-EIGHTH ANNUAL GENERAL MEETING OF VOLTAS LIMITED will be held on

Friday, 24th June, 2022 at 3.00 p.m. (IST) through Video Conferencing / Other Audio Visual Means to
transact the following business:
ORDINARY BUSINESS
1. To receive, consider and adopt the Audited Stand-alone Financial Statements of the Company for
the financial year ended 31st March, 2022 together with the Reports of the Board of Directors and
the Auditors thereon.
2. To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for
the financial year ended 31st March, 2022 together with the Report of the Auditors thereon.
3. To declare a dividend on Equity Shares for the financial year ended 31st March, 2022.
4. To appoint a Director in place of Mr. Pradeep Kumar Bakshi (DIN: 02940277), who retires by rotation
and, being eligible, offers himself for re-appointment.
5. To appoint a Director in place of Mr. Vinayak Deshpande (DIN: 00036827), who retires by rotation
and, being eligible, offers himself for re-appointment.
6. To re-appoint Statutory Auditors and fix their remuneration:
To consider and, if thought fit, to pass the following Resolution as an Ordinary Resolution:
“RESOLVED that pursuant to the provisions of Sections 139, 142 and other applicable provisions, if
any, of the Companies Act, 2013 (Act) [including any statutory modification(s) or re-enactment(s)
thereof for the time being in force] and the Companies (Audit and Auditors) Rules, 2014, as
amended from time to time, S R B C & Co LLP, Chartered Accountants (ICAI Firm Registration
Number 324982E/E300003), be and are hereby re-appointed as the Statutory Auditors of the
Company for a second term of five consecutive years to hold office commencing from the
conclusion of this (68th) Annual General Meeting (AGM) till the conclusion of the 73rd AGM of the
Company to be held in the year 2027, to examine and audit the accounts of the Company for the
financial years 2022-23 to 2026-27 on such remuneration plus applicable taxes and out-of-pocket
expenses incurred in connection with the Audit, as recommended by the Board Audit Committee
and as may be mutually agreed upon between the Board of Directors of the Company and the
Auditors from time to time.
RESOLVED FURTHER that the Statutory Auditors of the Company be and are hereby authorized to
carry out (either themselves or through qualified Associates) the audit of the Company’s accounts
maintained at all its offices, plants, works and establishments (whether now existing or as may be
established or acquired during the Company’s respective financial years, up to 2026-27) wherever
situated in India or abroad.
1
RESOLVED FURTHER that pursuant to the provisions of Section 143(8) and other applicable
provisions, if any, of the Act, the Board of Directors be and is hereby authorized to re-appoint
S R B C & Co LLP, the Company’s Auditors and/or in consultation with them, any other person or
persons who is/ are qualified for appointment as Auditor or Auditors of the Company’s Branch
offices (whether now existing or as may be established outside India) to examine and audit the
accounts for the financial years upto 2026-27, on such remuneration as may be mutually agreed
upon between the Board of Directors of the Company and the Auditors.”
SPECIAL BUSINESS
7. Change in place of keeping Registers and Records:
To consider and, if thought fit, to pass the following Resolution as a Special Resolution:
“RESOLVED that in supersession of Resolution No. 9 passed at the Fifty-Fifth Annual General
Meeting of the Company held on 10th August, 2009 and pursuant to the provisions of
Section 94 and other applicable provisions, if any, of the Companies Act, 2013 (Act) and the
rules made thereunder [including any statutory modification(s) or re-enactment(s) thereof for
the time being in force], approval of the Members of the Company be and is hereby accorded
to maintain the Registers and Indexes of Members and Debenture holders as prescribed under
Section 88 of the Act and copies of Annual Returns under Section 92 of the Act, together with
the copies of certificates and documents required to be annexed thereto or any other documents
as may be required, at the Registered Office of the Company at Voltas House ‘A’, Dr. Babasaheb
Ambedkar Road, Chinchpokli, Mumbai 400 033 and/or such other building within the premises
of the Company at Chinchpokli and/or at the office of TSR Consultants Private Limited (formerly
TSR Darashaw Consultants Private Limited), Registrar and Transfer Agent of the Company at
C-101, 1st Floor, 247 Park, Lal Bahadur Shastri Marg, Vikhroli (West), Mumbai 400 083 and/or
such other place where the office of the Registrar and Transfer Agent of the Company is situated
within Mumbai, from time to time.”
8. Ratification of Cost Auditor’s Remuneration:
To consider and, if thought fit, to pass the following Resolution, as an Ordinary Resolution:
“RESOLVED that pursuant to the provisions of Section 148(3) and other applicable provisions, if
any, of the Companies Act, 2013, [including any statutory modification or re-enactment thereof
for the time being in force], and the Companies (Audit and Auditors) Rules, 2014, as amended from
time to time, the Company hereby ratifies the remuneration of ` 5.50 lakhs plus applicable taxes
and reimbursement of out-of-pocket expenses incurred in connection with the audit, payable to
M/s. Sagar & Associates, the Cost Accountants (Firm Registration Number 000118), who have been
appointed by the Board of Directors on the recommendation of the Audit Committee, as the Cost
Auditors of the Company, to conduct the audit of the cost records maintained by the Company for
the financial year ending 31st March, 2023.”
NOTES:
1. In view of the COVID-19 pandemic, the Ministry of Corporate Affairs (MCA) has vide its
General Circular No. 21/2021 dated 14th December, 2021, read with other General Circular
Nos. 20/2020 dated 5th May, 2020, 14/20 dated 8th April, 2020, 17/2020 dated 13th April,
2
2020 and 02/2021 dated 13th January, 2021 (collectively referred to as ‘MCA Circulars’)
permitted the holding of the Annual General Meeting (AGM) through Video Conferencing
(VC)/Other Audio Visual Means (OAVM), without the physical presence of the Members at a
common venue. In compliance with the provisions of the Companies Act, 2013 (Act), SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, (Listing Regulations)
and MCA Circulars, the 68th AGM of the Company is being held through VC/OAVM on Friday,
24th June, 2022 at 3.00 p.m. (IST). The deemed venue for the 68th AGM shall be Voltas House ‘A’,
Dr. Babasaheb Ambedkar Road, Chinchpokli, Mumbai 400 033.
2. The Explanatory Statement pursuant to Section 102 of the Companies Act, 2013, setting out the
material facts concerning the business under Item Nos. 6 to 8 of the Notice are annexed hereto. The
relevant details pursuant to Regulation 36(3) of the Listing Regulations and Secretarial Standard
on General Meetings issued by the Institute of Company Secretaries of India, in respect of Directors
seeking re-appointment at this AGM are also annexed. All matters under Special Business of the
AGM Notice are considered to be unavoidable by the Board of Directors of the Company and
hence included.
3. PURSUANT TO THE PROVISIONS OF THE ACT, A MEMBER ENTITLED TO ATTEND AND VOTE
AT THE AGM IS ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE ON HIS/HER BEHALF
AND THE PROXY NEED NOT BE A MEMBER OF THE COMPANY. SINCE THIS AGM IS BEING
HELD PURSUANT TO THE MCA CIRCULARS THROUGH VC/OAVM, PHYSICAL ATTENDANCE OF
MEMBERS HAS BEEN DISPENSED WITH. ACCORDINGLY, THE FACILITY FOR APPOINTMENT
OF PROXIES BY THE MEMBERS WILL NOT BE AVAILABLE FOR THIS AGM AND HENCE, THE
PROXY FORM AND ATTENDANCE SLIP AND ROUTE MAP OF AGM ARE NOT ANNEXED TO THIS
NOTICE.
4. The Members can join the AGM in the VC/OAVM mode 30 minutes before the scheduled time of
the commencement of the Meeting by following the procedure mentioned in the Notice and this
mode will be available throughout the proceedings of the Meeting. The Members will be able
to view the proceedings on the NSDL e-voting website at www.evoting.nsdl.com. The facility
of participation at the AGM through VC/OAVM will be made available to at least 1,000 Members
on a first come first serve basis as per the MCA Circulars. The detailed instructions for joining the
Meeting though VC/OAVM form part of the Notes to this Notice.
5. Institutional/Corporate Members intending to appoint their authorised representatives pursuant
to Section 113 of the Act, to attend the 68th AGM through VC/OAVM or to vote through remote
e-voting are requested to send a certified copy of the Board Resolution (PDF/JPG format) to the
Scrutinizer by email at bhaskar@nlba.in with a copy marked to evoting@nsdl.co.in.
6. The attendance of the Members attending the AGM through VC/OAVM will be counted for the
purpose of reckoning the quorum under Section 103 of the Act.
7. In line with the MCA Circulars, the Notice of the AGM along with the Annual Report 2021-22
are being sent only through electronic mode to those Members whose e-mail addresses are
registered with the Company/Depositories/RTA. The Notice convening the 68th AGM and Annual
Report 2021-22 has been uploaded on the website of the Company at www.voltas.com, and
may also be accessed from the relevant section on the websites of the Stock Exchanges, i.e. BSE
Limited and National Stock Exchange of India Limited at www.bseindia.com and www.nseindia.
com, respectively. The Notice of the AGM is also available on the website of NSDL https://www.
evoting.nsdl.com.
3
8. Book Closure and Dividend:
(i) The Register of Members and Share Transfer Books of the Company will remain closed from
Saturday, 11th June, 2022 to Friday, 24th June, 2022, both days inclusive. The dividend of
` 5.50 per equity share of ` 1 each (i.e. 550%), if approved and declared by the Members at the
AGM, will be paid subject to deduction of income tax at source (TDS) on or after Wednesday,
29th June, 2022, as under:
For Shares held in electronic (demat) form: To all the Beneficial Owners as at the end of
the day on Friday, 10th June, 2022 as per the list of beneficial owners to be furnished by the
NSDL and Central Depository Services (India) Limited (CDSL); and
For Shares held in physical form: To all the Members after giving effect to transmission and
transposition of shares in respect of valid requests lodged with the Company as of the close
of business hours on Friday, 10th June, 2022.
(ii) Pursuant to the Finance Act, 2020, dividend income is taxable in the hands of the Members
with effect from 1st April, 2020 and the Company is required to deduct income tax at source
from dividend paid to the Members as per the rates prescribed under the Income Tax Act,
1961 (‘the IT Act’). In general, to enable compliance with the TDS requirements, Members are
requested to complete and/or update their Residential Status, Permanent Account Number
(PAN), Category as per the IT Act with their Depository Participants (DPs) in respect of shares
held in demat form or in case the shares are held in physical form, with the Company by
sending the documents through e-mail by Friday, 10th June, 2022. The documents can also
be uploaded on the link https://tcpl.linkintime.co.in/formsreg/submission-of-form-15g-
15h.html. For the detailed process, please click here: ‘Communication for deduction of Tax
on Dividend’.
(iii) Updation of mandate for receiving dividends directly in bank account through
Electronic Clearing System or any other means in a timely manner:
Shares held in physical form: Members are requested to send a hard copy of the following
details / documents to TSR Consultants Private Limited, C-101, 1st Floor, 247 Park, Lal Bahadur
Shastri Marg, Vikhroli (West), Mumbai 400 083, latest by Friday, 10th June, 2022:
(a) a signed request letter/Form ISR-1 mentioning their name, folio number, complete
address and following details relating to bank account in which the dividend is to be
received:
(i) Name of Bank, Branch of Bank and Bank Account type;
(ii) Bank Account Number and Type allotted by the Bank after implementation of
Core Banking Solutions;
(iii) 11 digit IFSC Code.
(b) cancelled cheque in original bearing the name of the Member or first holder, in case
shares are held jointly;
(c) self-attested copy of the PAN Card; and
(d) self-attested copy of any document (such as Aadhaar Card, Driving Licence, Election
Identity Card, Passport) in support of the address of the Member as registered with
the Company.
4
Shares held in electronic form: Members may please note that their bank account details as
furnished by the respective Depositories will be considered for remittance of dividend as per
the applicable regulations of the Depositories and the Company will not entertain any direct
request from such Members for change / addition / deletion in such bank details. Accordingly,
the Members holding shares in demat form are requested to update their Electronic Bank
Mandate with their respective DPs.
Further, please note that instructions, if any, already given by Members in respect of shares
held in physical form, will not be automatically applicable to the dividend payable on shares
held in electronic form.
(iv) In respect of Members who are unable to receive the dividend directly in their bank accounts
through Electronic Clearing Service or any other means, due to non-registration of the
Electronic Bank Mandate, the Company shall despatch the dividend warrant / Bankers’
cheque / demand draft to such Members, as soon as possible.
9. As per Regulations 39 and 40 of the Listing Regulations, as amended, listed companies can effect
issuance of duplicate securities certificate; renewal / exchange, endorsement, sub-division/
split, consolidation of securities certificate; transfer, transmission and transposition, as
applicable in Dematerialised form only with effect from 24th January, 2022.
Further, SEBI vide its circular dated 3rd November, 2021, read with clarification dated
14th December, 2021 introduced common and simplified norms for processing investor’s service
request by Registrar and Transfer Agent(s) (RTAs) and norms for furnishing PAN, KYC details
and Nomination. Accordingly, effective 1st January, 2022, the RTA shall not process any
service requests or complaints received from the holder(s) / claimant(s), till PAN, KYC and
Nomination documents/details are updated. On or after 1st April, 2023, in case of any of
the above cited documents/details are not available in the folios, RTA shall be constrained
to freeze such folios. The Company has sent individual letters to all the Members holding shares
of the Company in physical form for furnishing the aforesaid details. This communication was also
intimated to the Stock Exchanges and available on the website of the Company. In view of this
requirement and to eliminate all risks associated with physical shares and for ease of portfolio
management, Members holding shares in physical form are requested to update their KYC details
(through Form ISR-1, Form ISR-2 and Form ISR-3, as applicable) and consider converting their
holdings to dematerialized form. Members can download Forms to make their service request with
RTA from link https://www.tcplindia.co.in/kyc-download.html or contact the Company’s RTA -
TSR Consultants Private Limited (‘Registrar’ or ‘TCPL’) at csg-unit@tcplindia.co.in for assistance in
this regard.
As per the provisions of the Act and applicable SEBI Circular, Members holding shares in physical
form may file nomination in the prescribed Form SH-13 with TCPL or make changes to their
nomination details through Form SH-14 and Form ISR-3. In respect of shares held in dematerialised
form, the nomination form may be filed with the respective DPs. The relevant forms are available on
the company website at https://www.voltas.com/investors/kyc-forms-physical-shareholder/.
10. Members are requested to intimate changes, if any, pertaining to their name, postal address,
e-mail address, telephone / mobile numbers, PAN, registration of nomination, Power of Attorney
registration, Bank Mandate details, etc. to their DPs in case the shares are held in electronic form
and to the Registrar in case the shares are held in physical form, quoting their folio no. Further,
Members may note that SEBI has mandated the submission of PAN by every participant in the
securities market.
5
11. To prevent fraudulent transactions, Members are advised to exercise due diligence and notify
the Company of any change in address or demise of any joint holder / Member as soon as
possible. Members are also advised to periodically obtain / request their DP for statement of their
shareholding and the same be verified from time to time.
12. In case of joint holders, the Member whose name appears as the first holder in the order of names
as per the Register of Members of the Company will be entitled to vote at the AGM.
13. Transfer of Unclaimed/Unpaid Dividend to Investor Education Protection Fund (IEPF):
Pursuant to Sections 124 and 125 of the Act, read with the Investor Education and Protection
Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (‘IEPF Rules’), all unclaimed/
unpaid dividend, application money, debenture interest and interest on deposits as well as the
principal amount of debentures and deposits, as applicable, remaining unclaimed / unpaid for a
period of seven years from the date they became due for payment, have been transferred to the
IEPF established by the Central Government. No claim shall be entertained against the Company
for the amounts so transferred.
As per Section 124(6) of the Act read with the IEPF Rules as amended, all the shares in respect
of which dividend has remained unclaimed or unpaid for seven consecutive years or more are
required to be transferred to an IEPF Demat Account.
Accordingly, the Company had, after sending reminders to the concerned Members, transferred
the shares in respect of dividends declared for 2008-09 to 2013-14 and which had remained
unclaimed for seven consecutive years. Details of shares transferred to IEPF Authority are available
on the website of the Company. Please note that no claim shall lie against the Company in respect
of the shares so transferred to IEPF.
However, Members are entitled to claim their shares and uncashed dividends so transferred by the
Company from IEPF Authority by submitting an online application in the prescribed Form IEPF-5
available on the website www.iepf.gov.in and sending a physical copy of the same duly signed to
the Company along with the requisite documents enumerated in the Form IEPF-5. Members can
file only one consolidated claim in a financial year as per the IEPF Rules.
Members who have not yet encashed their dividend warrant(s) for the financial year ended
31st March, 2015 or any subsequent financial years are requested to approach the Company
or TCPL for claiming the same. It may be noted that the unpaid dividend for the financial year
ended 31st March, 2015 declared on 3rd August, 2015 can be claimed by the Members before
3rd September, 2022. Members attention is particularly drawn to the “Corporate Governance”
section of the Annual Report in respect of unclaimed dividend.
14. The Company has uploaded the details of the unclaimed dividends in respect of the financial years
from 2013-14 as on 31st March, 2021 after the 67th AGM held on 27th August, 2021 on the website
of the IEPF - www.iepf.gov.in and on the website of the Company – www.voltas.com, under
‘Investor’ Section’.
15. The Register of Directors and Key Managerial Personnel and their shareholding, maintained under
Section 170 of the Act and the Register of Contracts and Arrangements in which Directors are
interested, maintained under Section 189 of the Act, will be available electronically for inspection
by the Members during the AGM. Members seeking to inspect such documents can send an e-mail
to shareservices@voltas.com.
6
16. Mr. Bhaskar Upadhyay (FCS No. 8663) or failing him, Mr. Bharat Upadhyay (FCS No.5436) of
M/s. N. L. Bhatia & Associates, Practicing Company Secretaries, have been appointed as the
Scrutinizer to scrutinize the e-voting process in a fair and transparent manner.
17. Process for registering e-mail addresses to receive the Notice of AGM and Annual Report
electronically and cast votes electronically.
(a) One time registration of e-mail addresses with TCPL: The Company has made special
arrangements with TCPL for registration of e-mail addresses of those Members (holding
shares either in demat or physical form) who wish to receive the Notice of AGM electronically
and cast votes electronically. Eligible Members whose e-mail addresses are not registered
with the Company/ TCPL/DPs are required to provide the same to TCPL on or before 5.00 p.m.
(IST) on Friday 17th June, 2022.
The process to be followed for registration of e-mail addresses is as follows:
(i) Visit the link: https://tcpl.linkintime.co.in/EmailReg/Email_Register.html
(ii) Select the name of the Company from dropdown list: Voltas Limited.
(iii) Enter details in respective fields such as DP ID and Client ID (if shares held in electronic
form)/ Folio Number and Certificate Number (if shares held in physical form), Shareholder
Name, PAN, mobile number and e-mail id.
(iv) System will send OTP on mobile number and e-mail id.
(v) Enter OTP received on mobile number and e-mail id.

After successful submission of the e-mail address, NSDL will e-mail a copy of this AGM Notice
and Annual Report for FY 2021-22 along with the e-voting User ID and Password. In case of
any queries, Members may write to csg-unit@tcplindia.co.in or evoting@nsdl.co.in.
Registration of e-mail address permanently with the TCPL /DP: Members are requested
(b)
to register their e-mail address with their concerned DPs, in respect of electronic holding and
with TCPL, in respect of physical holding, by writing to them at csg-unit@tcplindia.co.in.
Further, those Members who have already registered their e-mail addresses are requested
to keep their e-mail addresses validated/updated with their DPs/TCPL to enable servicing of
notices/documents/Annual Reports and other communications electronically to their e-mail
address in future.
18. Remote e-voting before/during the AGM:

(a) Pursuant to the provisions of Section 108 of the Act, read with Rule 20 of the Companies
(Management and Administration) Rules, 2014, as amended and Regulation 44 of the Listing
Regulations, as amended and also the MCA Circulars, the Company is providing facility of
remote e-voting to its Members in respect of the business to be transacted at the AGM. For
this purpose, the Company has entered into an agreement with NSDL for facilitating voting
through electronic means, as the authorised agency. The facility of casting votes by a Member
using remote e-voting system as well as remote e-voting during AGM will be provided
by NSDL.
(b) Members of the Company holding shares either in physical form or in demat form as on
the cut-off date of Friday, 17th June, 2022 may cast their vote by remote e-voting. A
7
person who is not a Member as on the cut-off date should treat this Notice for information
purpose only. A person whose name is recorded in the Register of Members or in the Register
of Beneficial Owners maintained by the Depositories as on the cut-off date only shall be
entitled to avail the facility of remote e-voting before the AGM as well as remote e-voting
during the AGM. Any person holding shares in physical form and shareholder other than
individual shareholders who acquires shares of the Company and becomes a Member of
the Company after the despatch of the Notice and holding shares as on the cut-off date,
i.e. Friday, 17th June, 2022, may obtain the User ID and Password by sending a request at
evoting@nsdl.co.in.
In case of Individual Shareholders holding shares in demat mode and who acquires shares of
the Company and becomes a Member of the Company after sending of the Notice and holding
shares as of the cut-off date, i.e. Friday, 17th June, 2022, may follow steps mentioned below
under “Log-in method for e-Voting and joining virtual meeting for Individual shareholders
holding shares in demat mode”.
(c) The remote e-voting period commences on Tuesday, 21st June, 2022 (9.00 a.m.) (IST) and
ends on Thursday, 23rd June, 2022 (5.00 p.m.) (IST). The remote e-voting module shall be
disabled by NSDL for voting thereafter. Once the vote on a Resolution is cast by the Member,
the Member shall not be allowed to change it subsequently. The voting rights of the Members
shall be in proportion to their share of the paid-up equity share capital of the Company as on
the cut-off date, i.e. Friday, 17th June, 2022.
(d) Members will be provided with the facility for voting through electronic voting system
during the VC proceedings at the AGM and Members participating at the AGM, who have
not already cast their vote by remote e-voting, will be eligible to exercise their right to vote at
the end of discussion on the Resolutions on which voting is to be held, upon announcement
by the Chairman. Members who have cast their vote on Resolution(s) by remote e-voting
prior to the AGM will also be eligible to participate at the AGM through VC/OAVM but
shall not be entitled to cast their vote again on such Resolution(s). Subject to the receipt
of requisite votes, Resolutions shall be deemed to be passed on the date of the Meeting,
i.e. Friday, 24th June, 2022.
(e) The remote e-voting module on the day of the AGM shall be disabled by NSDL for voting
15 minutes after the conclusion of the Meeting.
19. The Scrutinizer will submit his report to the Chairman or to any other person authorised by the
Board after the completion of the scrutiny of the e-voting (votes cast before/during the AGM),
within two working days from the conclusion of the AGM. The results declared along with the
Scrutinizer’s Report shall be communicated to the Stock Exchanges on which the Company’s
shares are listed, NSDL and will also be displayed on the Company’s website www.voltas.com.
20. Instructions for remote e-voting (before and during the AGM) and attending the AGM
through VC/OAVM are given below:
A. INSTRUCTIONS FOR REMOTE E-VOTING BEFORE / DURING THE AGM:
The way to vote electronically on NSDL e-Voting system consists of “Two Steps” which are
mentioned below:
Step 1: Access to NSDL e-Voting system
(a) Login method for e-Voting and joining virtual meeting for Individual shareholders
holding securities in demat mode:
In terms of SEBI circular dated 9th December, 2020 on e-Voting facility provided by
listed companies, Individual Shareholders holding securities in demat mode are allowed
to vote through their demat account maintained with Depositories and Depository
Participants. Shareholders are advised to update their mobile number and e-mail Id in
their demat accounts in order to access e-Voting facility.
8
Login method for Individual Shareholders holding securities in demat mode is given
below:
Type of Login Method

shareholders
Individual A. NSDL IDeAS facility
Shareholders If you are already registered, follow the below steps:
holding
1. Visit the e-Services website of NSDL. Open web browser by
securities in
typing the following URL: https://eservices.nsdl.com/.
demat mode
with NSDL. 2. Once the home page of e-Services is launched, click on the
“Beneficial Owner” icon under “Login” which is available
under “IDeAS” section.
3. A new screen will open. You will have to enter your User ID and
Password. After successful authentication, you will be able to
see e-Voting services.
4. Click on “Access to e-Voting” under e-Voting services and you
will be able to see e-Voting page.
5. Click on options available against company name or e-Voting
service provider - NSDL and you will be re-directed to NSDL
e-Voting website for casting your vote during the remote
e-Voting period or joining virtual meeting and e-Voting during
the meeting.
If you are not registered, follow the below steps:
1. Option to register is available at
https://eservices.nsdl.com.
2. Select “Register Online for IDeAS” Portal or
click at https://eservices.nsdl.com/SecureWeb/
IdeasDirectReg.jsp
3. Please follow steps given in points 1-5 above.
B. e-Voting website of NSDL
1. Open web browser by typing the following
URL: https://www.evoting.nsdl.com/
2. Once the home page of e-Voting system is launched, click
on the icon “Login” which is available under ‘Shareholder/
Member’ section.
3. A new screen will open. You will have to enter your User ID
(i.e. your sixteen digit demat account number held with NSDL),
Password/OTP and a Verification Code as shown on the screen.
4. After successful authentication, you will be redirected to NSDL
Depository site wherein you can see e-Voting page. Click on options
available against company name or e-Voting service provider
- NSDL and you will be redirected to e-Voting website of NSDL for
casting your vote during the remote e-Voting period or joining virtual
meeting and e-Voting during the meeting.
9
Type of Login Method
shareholders
C. Shareholders/Membrs can also download NSDL Mobile App
“NSDL Speede” facility by scanning the QR code mentioned
below for seamless voting experience.
Individual 1. Existing users who have opted for Easi / Easiest, they can
Shareholders login through their user id and password. Option will be
holding made available to reach e-Voting page without any further
securities in authentication. The URL for users to login to Easi / Easiest
demat mode are https://web.cdslindia.com/myeasi/home/login or
with CDSL www.cdslindia.com and click on New System Myeasi.
2. After successful login of Easi/Easiest, the user will also be able
to see the e-Voting Menu. The Menu will have links of e-Voting
service provider i.e. NSDL. Click on NSDL to cast your vote.
3. If the user is not registered for Easi/Easiest, option to
register is available at https://web.cdslindia.com/myeasi/
Registration/EasiRegistration.
4. Alternatively, the user can directly access e-Voting page by
providing demat Account Number and PAN No. from a link in
www.cdslindia.com home page. The system will authenticate
the user by sending OTP on registered Mobile and E-mail as
recorded in the demat Account. After successful authentication,
user will be provided links for the respective e-Voting Service
Provider, i.e. NSDL where the e-Voting is in progress.
Individual 1. You can also login using the login credentials of your demat
Shareholders account through your Depository Participant registered with
(holding NSDL/CDSL for e-Voting facility.
securities in
2. Once logged in, you will be able to see e-Voting option. Once
demat mode)
you click on e-Voting option, you will be redirected to NSDL/
login through
CDSL Depository site after successful authentication, wherein
their depository
you can see e-Voting feature.
participants
3. Click on options available against Company name or
e-Voting service provider - NSDL and you will be redirected
to e-Voting website of NSDL for casting your vote during
the remote e-Voting period or joining virtual meeting and
e-Voting during the meeting.
Important note: Members who are unable to retrieve User ID/ Password are advised to

use Forgot User ID and Forgot Password option available at respective websites.
10
Helpdesk for Individual Shareholders holding securities in demat mode for any

technical issues related to login through Depository, i.e. NSDL and CDSL:
Login type Helpdesk details

Individual Shareholders holding Please contact NSDL helpdesk by sending a
securities in demat mode with request at evoting@nsdl.co.in or call at toll free
NSDL no.: 1800 1020 990 and 1800 224 430.
Individual Shareholders holding Please contact CDSL helpdesk by sending a
securities in demat mode with request at helpdesk.evoting@cdslindia.com or
CDSL contact at 022-23058738 or 022-23058542-43.
(b) Login method for e-Voting and joining virtual meeting for Shareholders other
than Individual Shareholders holding securities in demat mode and Shareholders
holding securities in physical mode:
How to Log-in to NSDL e-voting website?
1. Visit the e-voting website of NSDL. Open web browser by typing the following
URL: https://www.evoting.nsdl.com/
2. Once the home page of e-voting system is launched, click on the icon “Login”
which is available under “Shareholders/Members” section.
3. A new screen will open. You will have to enter your User ID, your Password and a
Verification Code as shown on the screen.
Alternatively, if you are registered for NSDL e-services i.e. IDeAS, you can log-in at
https://eservices.nsdl.com/ with your existing IDeAS login. Once you log-in to
NSDL e-services after using your log-in credentials, click on e-Voting and you can
proceed to Step 2 i.e. cast your vote electronically.
4. Your User ID details are given below:
 In case Members are holding shares in demat account with NSDL, User ID is
the combination of 8 character DP ID followed by 8 digits Client ID.
Example: If your DP is IN300*** and Client ID is 12****** then your User ID is
IN300***12******.
 In case Members are holding shares in demat account with CDSL, User ID is
combination of 16 digits Beneficiary ID.
Example: If your Beneficiary ID is 12************** then your User ID is
12**************.
 In case Members are holding shares in physical mode, User ID is the
combination of EVEN + Folio No.
Example: If Folio is V********* and EVEN is 119832 then User ID is
119832V*********.
5. Your password details are given below:
(a) If you are already registered for e-voting, then you can use your existing
password to login and cast your vote.
11
(b) If you are using NSDL e-voting system for the first time, you will need to
retrieve the ‘initial password’ which was communicated to you by NSDL.
Once you retrieve your ‘initial password’, you need to enter the ‘initial
password’ and the system will request you to change your password.
(c) How to retrieve your ‘initial password’?
(i) If your e-mail ID is registered in your demat account or with the
Company, your ‘initial password’ is communicated to you on your
e-mail ID. Trace the e-mail sent to you from NSDL in your mailbox. Open
the e-mail and open the attachment i.e. a .pdf file. Open the .pdf file.
The password to open the .pdf file is your 8 digits Client ID for NSDL
account, last 8 digits of Client ID for CDSL account or folio number for
shares held in physical form. The .pdf file contains your ‘User ID’ and
your ‘initial password’.
(ii) In case you have not registered your e-mail address with the Company/
Depository, please follow instructions mentioned in this Notice
regarding process for registration of e-mail ids.
6. If you are unable to retrieve or have not received the ‘initial password’ or have
forgotten your password:
(a) Click on “Forgot User Details/Password?” (If you are holding shares
in your demat account with NSDL or CDSL) option available on
www.evoting.nsdl.com.
“Physical User Reset Password?” (If you are holding shares in physical
(b)
mode) option available on www.evoting.nsdl.com.
(c) If you are still unable to get the password by aforesaid two options, you
can send a request at evoting@nsdl.co.in mentioning your demat account
number/folio number, your PAN, your name and your registered address.
(d) Members can also use the one-time password (OTP) based login for casting
the votes on the e-Voting system of NSDL.
7. After entering your password, click on Agree to “Terms and Conditions” by selecting
on the check box.
8. Now, you will have to click on “Login” button.
9. After you click on the “Login” button, Home page of e-voting will open.
Step-2: Cast your vote electronically and join virtual Meeting on NSDL e-Voting system
How to cast your vote electronically on NSDL e-voting system?
1. After successful login at Step 1, you will be able to see EVEN of all the companies in
which you are holding shares and whose voting cycle and General Meeting is in active
status.
2. Select “EVEN” of the Company, i.e. 119832, for which you wish to cast your vote during
the remote e-Voting period and casting your vote during the AGM. For joining virtual
meeting, you need to click on “VC/OAVM” link placed under “Join General Meeting”.
12
3. Now you are ready for e-Voting as the Voting page opens.
4. Cast your vote by selecting appropriate options i.e. assent or dissent, verify/modify the
number of shares for which you wish to cast your vote and click on “Submit” and also
“Confirm” when prompted.
5. Upon confirmation, the message “Vote cast successfully” will be displayed.
6. You can also take the printout of the votes cast by you by clicking on the print option on
the confirmation page.
7. Once you confirm your vote on the Resolution, you will not be allowed to modify your
vote.
The instructions for e-Voting during the AGM are as under:
(i) procedure for remote e-Voting during the AGM is same as the instructions mentioned
above for remote e-Voting since the Meeting is being held through VC/OAVM.
(ii) Only those Members, who will be present in the AGM through VC/OAVM facility and
have not cast their vote on the Resolutions through remote e-Voting and are otherwise
not barred from doing so, shall be eligible to vote through e-Voting system during
the AGM.
B. INSTRUCTIONS FOR MEMBERS FOR ATTENDING THE AGM THROUGH VC/OAVM:
(i) The Members will be provided with a facility to attend the AGM through VC/OAVM
through the NSDL e-Voting system and they may access by following the steps
mentioned below for access to NSDL e-Voting system. After successful login, you can
see link of “VC/OAVM” placed under “Join General Meeting” menu against Company’s
name. You are requested to click on VC/OAVM link placed under Join General Meeting
menu. The link for VC/OAVM will be available in Shareholder/Member login where the
EVEN of the Company, i.e. 119832 will be displayed. On clicking this link, the Members
will be able to attend and participate in the proceedings of the AGM. Please note that the
Members who do not have the User ID and Password for e-Voting or have forgotten the
User ID/Password may retrieve the same by following the remote e-Voting instructions
mentioned in the Notice to avoid last minute rush.
(ii) Members may join the Meeting through Laptops, Smartphones, Tablets and IPads for
better experience. Further, Members will be required to use Internet with a good speed
to ensure that there is no disturbance during the Meeting. Members will need the latest
version of Chrome, Safari, Internet Explorer 11, MS Edge or Firefox. Please note that
participants connecting from Mobiles or Tablets or through Laptops connecting via
Mobile Hotspot may experience Audio/Video loss due to fluctuation in their respective
network. It is therefore recommended to use stable Wi-Fi or LAN connection to mitigate
any glitches.
(iii) Members are requested to submit their questions, if any, in advance with regard
to the financial statements or any other matters to be placed at the 68th AGM,
from their registered e-mail address, mentioning their name, DP ID and Client ID
number/folio number and mobile number, at the Company’s e-mail address at
shareservices@voltas.com before 3.00 p.m. (IST) on Monday, 20th June, 2022. Such
questions by the Members shall be suitably replied by the Company.
13
(iv) Members who would like to express their views/ask questions as a Speaker at the
Meeting may pre-register themselves by sending a request from their registered
e-mail address mentioning their names, DP ID and Client ID/ folio number, PAN and
mobile number at shareservices@voltas.com between Friday, 17th June, 2022 (9.00
a.m. IST) and Monday, 20th June, 2022 (5.00 p.m. IST). Only those Members who
have pre-registered themselves as a Speaker will be allowed to express their
views/ask questions during the AGM. The Company reserves the right to restrict
the number of Speakers depending on the availability of time for the AGM and other
situational factors.
(v) Members who need technical assistance before or during the AGM to access
and participate in the Meeting may contact NSDL on evoting@nsdl.co.in /
1800 1020 990/1800 224 430 or contact Ms. Sarita Mote, Assistant Manager, NSDL at
saritam@nsdl.co.in.
General Guidelines for Members
1. It is strongly recommended not to share your password with any other person and take
utmost care to keep your password confidential. Login to the e-Voting website will be
disabled upon five unsuccessful attempts to key in the correct password. In such an
event, you will need to go through the “Forgot User Details/Password?” or “Physical
User Reset Password?” option available on https://www.evoting.nsdl.com to reset
the password.
2. In case of any queries/grievances pertaining to remote e-voting (before the AGM and
during the AGM), you may refer to the FAQs for Shareholders and e-voting user manual
for Shareholders available at the download section of https://www.evoting.nsdl.com
or send a request at evoting@nsdl.co.in or contact Ms. Sarita Mote from NSDL at the
designated email ids: evoting@nsdl.co.in or call at toll free numbers 1800 1020 990
and 1800 224 430.
By Order of the Board of Directors
V.P. Malhotra
Vice President – Taxation, Legal
& Company Secretary
ACS No. 7634
Mumbai, 5th May, 2022
Registered Office:
Voltas House ‘A’,
Dr. Babasaheb Ambedkar Road,
Chinchpokli, Mumbai 400 033.
Tel: 91 22 66656666
Fax: 91 22 66656231
CIN: L29308MH1954PLC009371
e-mail: shareservices@voltas.com
website: www.voltas.com
14
EXPLANATORY STATEMENT PURSUANT TO SECTION 102 OF THE COMPANIES ACT, 2013
As required by Section 102 of the Companies Act, 2013 (Act), the following Explanatory Statement sets
out all material facts relating to the business mentioned under Item Nos. 6 to 8 of the accompanying
Notice dated 5th May, 2022.
2. Item No. 6
This explanatory statement is in terms of Regulation 36(5) of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (SEBI Listing Regulations), however, the same is
strictly not required as per Section 102 of the Act.
At the 63rd Annual General Meeting (AGM) of the Company held on 28th August, 2017, the
Members had approved the appointment of S R B C & Co LLP (SRBC), Chartered Accountants
(ICAI Firm Registration Number 324982E/E300003) as Statutory Auditors as well as Branch Auditors
of the Company, to hold office till conclusion of 68th AGM of the Company to be held in 2022.
Pursuant to the provisions of Section 139 of the Act, read with the Companies (Audit and Auditors)
Rules, 2014, no listed Company can appoint or reappoint an audit firm as auditor for more than
two terms of five consecutive years.
Pursuant to the aforesaid provision and based on the recommendations of the Audit Committee,
the Board of Directors have, at its Meeting held on 5th May, 2022, proposed the re-appointment
of SRBC as Statutory Auditors for a second term of five consecutive years from the conclusion
of 68th AGM till the conclusion of 73rd AGM of the Company to be held in the year 2027, to
examine and audit the accounts of the Company for the financial years 2022-23 to 2026-27 (both
inclusive) on such remuneration plus applicable taxes and out-of-pocket expenses incurred in
connection with the Audit as may be decided by the Board. Fees payable to SRBC for 2021-22 is
` 2.80 crores and based on the past trend, the revision in fees, after two years is reasonable.
SRBC, established in the year 2002, is part of S. R. Batliboi & affiliates network of audit firms, which
are primarily engaged in providing audit and related assurance services to its clients in various
industry segments. SRBC has presence across India with offices in 13 cities and registered office is
in Kolkata.
In accordance with the provisions of Sections 139, 141 and other applicable provisions, if any, of
the Act read with the Companies (Audit and Auditors) Rules, 2014 and Listing Regulations, SRBC
have provided their consent and eligibility certificate to the effect that, their re-appointment, if
made, would be in compliance with the applicable laws.
It is also proposed to re-appoint SRBC as the Branch Auditors of the Company and/or in
consultation with them, any other qualified person or persons as the Branch Auditors of the
Company under the provisions of Section 143 of the Act for auditing the accounts of such Branch
offices outside India, if any.
15
The Board commends the Resolution set out at Item No. 6 of the Notice for the approval by the
Members.
None of the Directors, Key Managerial Personnel of the Company and their respective relatives is,
in any way, concerned or interested, financially or otherwise, in the Resolution as set out at Item
No. 6 of the accompanying Notice.
3. Item No. 7:
As required under the provisions of Section 94 of the Act, certain documents such as the Registers
and Indexes of Members and Debentureholders and certain other registers, certificates, documents
etc., are required to be kept at the registered office of the Company. However, these documents
can be kept at any other place in India in which more than one-tenth of the total members entered
in the register of members reside, with the approval of Shareholders by a Special Resolution.
The Members of the Company had, at the Fifty- Fifth AGM held on 10th August, 2009, approved the
maintenance of aforesaid documents at the Registered Office of the Company at Voltas House ‘A’,
Dr. Babasaheb Ambedkar Road, Chinchpokli, Mumbai 400 033 and/or such other building within
the premises of the Company at Chinchpokli and/or at TSR Consultants Private Limited (TCPL)
(previously TSR Darashaw Limited), 6-10, Haji Moosa Patrawala Industrial Estate, 20, Dr. E. Moses
Road, Mahalaxmi, Mumbai 400 011 and/or at their office premises at Pooja Apartments, Ground
Floor, Near Vitrum Glass Factory, L.B.S. Road, Vikhroli (West), Mumbai 400 079 and/or at Kothari
Compound, Near Tikujini Wadi, Chitalsar, Manpada, Thane (West) 400 607.
Owing to the shifting of the registered office of TCPL, the Registrar and Share Transfer Agent of
the Company, the approval of the Members is sought by a Special Resolution for the Registers and
Indexes of Members, Debenture holders, Annual Returns and other documents to be kept at the
Registered Office of the Company and/ or at the other places mentioned in the Resolution.
The time for inspection of documents, by shareholders or such persons as are entitled to such
inspection, will be between 10.30 a.m. to 12.30 p.m. on any working day of TCPL or by writing
to the Company at shareservices@voltas.com except when the Registers and Books are closed
under the provisions of the Act or the Articles of Association of the Company.
The Board commends the Special Resolution set out at Item No. 7 of the Notice for the approval by
the Members.
None of the Directors, Key Managerial Personnel of the Company and their respective relatives is,
in any way, concerned or interested, financially or otherwise, in the Resolution as set out at Item
16
4. Item No. 8:
The Company is required under Section 148 of the Act, read with the Companies (Cost Records
and Audit) Rules, 2014, as amended from time to time, to have the audit of its cost records for
products covered under the aforesaid Rules conducted by a Cost Accountant in practice. The
Board of Directors of the Company had based on the recommendation of the Audit Committee
approved the re-appointment and remuneration of M/s. Sagar & Associates, Cost Accountants
(Firm Registration Number 000118) as the Cost Auditors to examine and conduct audit of cost
records of the Company for the year ending 31st March, 2023, at a remuneration of ` 5.50 lakhs
plus applicable taxes and reimbursement of out of pocket expenses incurred in connection
with the audit. M/s. Sagar & Associates have furnished a certificate regarding their eligibility
for appointment as Cost Auditor of the Company and confirmed that they are not disqualified
under the provisions of Section 148(5) read with Sections 139 and 141(3) of the Act and their
appointment would be within the limits prescribed under Section 141(3)(g) of the Act.
In accordance with the provisions of Section 148 of the Act, read with the Companies (Audit and
Auditors) Rules, 2014, the remuneration payable to the Cost Auditors has to be ratified by the
Members of the Company.
Accordingly, consent of the Members is being sought for passing an Ordinary Resolution as set out
at Item No. 8 of the Notice for ratification of the remuneration payable to the Cost Auditors for the
year ending 31st March, 2023.
The Board commends the Resolution at Item No. 8 of the Notice for approval by the Members.
None of the Directors or Key Managerial Personnel of the Company and their respective relatives
is, in any way, concerned or interested, financially or otherwise, in the Resolution as set out at Item
By Order of the Board of Directors

V.P. Malhotra
Vice President – Taxation, Legal
& Company Secretary
ACS No. 7634
Mumbai, 5th May, 2022
Registered Office:
Voltas House ‘A’,
Dr. Babasaheb Ambedkar Road,
Chinchpokli, Mumbai 400 033.
Tel: 91 22 66656666
Fax: 91 22 66656231
CIN: L29308MH1954PLC009371
e-mail: shareservices@voltas.com
website: www.voltas.com
17
Details of the Directors seeking re-appointment at the forthcoming Annual General Meeting
[In pursuance of Regulation 36(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 and Secretarial Standard - 2 on General Meetings]
Name of Director Mr. Pradeep Kumar Bakshi Mr. Vinayak Deshpande

(Managing Director & CEO) (Non-Executive,
Non-Independent Director)
Director 02940277 00036827

Identification
Number (DIN)
Age 60 years 64 years
Date of first 1-9-2017 14-2-2012

Appointment
on the Board
Qualifications B.Sc., PGDMM B. Tech (Chemical Engineering), IIT, Kharagpur
Expertise in Marketing and Business Project Management, Strategy and

specific Management Business Development
functional areas
Profile Mr. Pradeep Bakshi has around 38 Mr. Vinayak Deshpande has over 37 years of
years of experience in Consumer work experience in different roles in diverse
Appliances domain and his vast companies including Thermax and Tata
expertise and experience in the Honeywell. He is currently the Managing
Appliances domain makes him Director of Tata Projects Limited which has
a distinct professional. Under achieved all-round excellence in Industrial
his able leadership, Voltas has Infrastructure business. He was earlier
consistently grown in revenue the Managing Director of Tata Honeywell
and profitability, ahead of the AC Limited for 5 years for its India business
Industry. Voltas achieved leadership till 2004-05. Mr. Deshpande was conferred
position in market share of Room as the `Infrastructure Person of the Year’
Air conditioners and has scored the
for 2016-17 by `Construction World’ and
highest in terms of Brand Equity
`Construction Times’ awarded him as the
under his stewardship. He was
`Best Infra CEO’ of the year 2017. His vast
awarded the Appliances Man of
knowledge and experience is put to use
the Year 2013 and has also received
by the Company’s Projects business and
the President’s award for Energy
the Company has constituted a separate
Conservation, amongst many other
Project Committee of the Board, of which
awards and accolades during the
Mr. Deshpande is the Chairman.
last decade.
18
Directorship in  Universal MEP Projects &  Kennametal India Limited
other companies Engineering Services Limited
 Tata Projects Limited
as on 31st March,
 Voltbek Home Appliances
2022  Artson Engineering Limited
Private Limited
 Signify Innovations India Limited
 Universal MEP Projects Pte
Limited, Singapore  Pune IT City Metro Limited
 Universal MEP Projects & Engineering
Services Limited
Name of Listed None  TRF Limited
companies from
which the Director
has resigned
in the past 3 years.
Membership /  Universal MEP Projects  Kennametal India Limited
Chairmanship of & Engineering Services
Limited Nomination and Remuneration
Committees in Committee - Chairman
other companies Corporate Social Audit Committee – Member
as on 31st March, Responsibility Committee –
Chairman Risk Management Committee –
2022 Member
Nomination & Remuneration
Committee – Member  Signify Innovations India Limited
Stakeholders Relationship Committee
– Chairman
Audit Committee – Member
Nomination and Remuneration
Committee - Member
 Artson Engineering Limited
Nomination and Remuneration
Committee – Member
Corporate Social Responsibility
Committee – Member
 Tata Projects Limited
Corporate Social Responsibility,
Safety and Sustainability Committee -
Member
Project Review Committee – Member
Finance Committee – Member
Securities Allotment Committee –
Member
Operational Excellence Committee –
Member
19
Number of
Meetings of Board
during 2021-22:
(a) Total 11 11
Meetings
held during
respective
tenure
(b) Attended 11 11
Inter-se None None

relationship with
other Directors/
KMP
Terms and Managing Director & CEO liable Non-Executive Director liable to retire by
conditions of to retire by rotation rotation
appointment
Details of Refer Directors’ Report / Corporate Refer Corporate Governance Report for the
remuneration last Governance Report for the year year 2021-22
drawn (2021-22) 2021-22
Details of As recommended by NRC and Sitting Fees and Commission as

remuneration approved by the Board recommended by NRC and approved by
sought to be paid the Board
in 2021-22
No. of shares held
(a) Own Nil Nil
(b) For other Nil Nil

persons on
a beneficial
basis
20

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VOLTAS

28" May, 2022

BSE Limited National Stock Exchange of India Limited

4. This is for your information and records.

SCOPE AND BOUNDARY Bloomberg Code VOLT:IN

Disclaimer: This document contains statements about expected

Across Managing Risks to Strengthen Resilience

80-172 statutory reports

173-354 financial statements

We are one of the most reputed, distinguished,

Resilience. This is what drives us

Sustenance. is on envisioning the future to design relevant

Our strong foundation has helped us be resilient to

Our robust technological know how and capabilities

Our untiring efforts have aided us in creating

In this journey of providing cooling, comfort and

We strongly believe in India’s growth plans. Operating

In a world characterised by fast-changing trends

Annual Report 2021-22 3

Annual Report 2021-22 5

1964-65 Thane Factory

First among equals

1954: 1956: 1969:

Since our first project in the 50s – a

160H Hydraulic Rotary Drill Machine Partner in Constructing

From taking up the challenge to cooling

Burj Khalifa, Dubai Yas Marina F1 Circuit, Abu Dhabi, UAE

2017: 2018: 2020:

Annual Report 2021-22 7

Residential Convenience stores

Office, Business, and Workplace Societal Infrastructure

Textile INDUSTRY Mining and Construction Sites

Annual Report 2021-22 9

Smart Thinking Teamwork

Winning Attitude Innovative Flexible

Annual Report 2021-22 11

As we have all experienced,

and consumers continued

Annual Report 2021-22 13

highly successful Dish Washer

helped us reach more audiences while making these objectives, we need to

Annual Report 2021-22 15

With a focus on developing cooling appliances, Unitary Cooling

ROOM AIR Market share (YTD, March)

Annual Report 2021-22 17

Committed to the Central Government’s Deendayal Upadhyaya

Successfully commissioned project Gandhinagar Railway and

IOBG - Place Vendome, Qatar

Achieved operational efficiency through renewed

Annual Report 2021-22 19

Mining & Construction

Increased investments influenced by pent-up

Witnessed significant growth in the export of yarn

M&CE - Powerscreen Horizon H6203

Annual Report 2021-22 21

Voltas Beko - A range of Consumer Durables

Progressing with Our

Annual Report 2021-22 23

Voltas wins the ‘Making Customers Smile’

Voltas Wins the ‘HSE Excellence &