Voltas23 And22

26th May, 2023
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 400 051
Scrip Code: 500575 NSE Symbol: VOLTAS
Dear Sirs,
Sub: Annual Report for the financial year 2022-23
We take reference to our letter dated 28th April, 2023 informing that the 69th Annual General
Meeting (AGM) of the Company will be held on Thursday, 22nd June, 2023 at 3.00 p.m (IST)
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 2022-23 along with Notice of 69th 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 69th AGM and Annual Report 2022-23 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
VARUN Digitally signed by
VARUN PRAKASH
PRAKASH MALHOTRA
Date: 2023.05.26
MALHOTRA 20:42:01 +05'30'
V. P. Malhotra
Head- Taxation, Legal
& Company Secretary
Encl.
From Roots to Wings
A Journey of Transformation
ANNUAL REPORT 2022-23
Across the Pages
01 02
CORPORATE OVERVIEW statutory reports
An Eventful Journey 2 Management Discussion and Analysis 92
From Roots to Wings: A Journey of 4 Highlights 116

Transformation
Report of the Board of Directors 118
Our Story so far 6
Report on Corporate Governance 144
Message from the MD’s Desk 10
Business Responsibility and 169
From Foundation to Innovation 14 Sustainability Report
Value Creation Approach 31
Our Sound Financial Standing – 44

Key Strength
Our Journey of Manufacturing 46

Excellence
Our Journey with Technology 48

to Create Smart Solutions
Our Holistic Approach to ESG 58

03
Board and Governance 84
Corporate Information 90 financial statements

Consolidated 203
Standalone 303
Investor Information
REPORTING APPROACH Market Capitalization as at ` 27,075 crores

31 March, 2023
As a principal document, this Report emphasizes on
CIN L29308MH1954PLC009371
providing an understanding of strategies, business models
and major impact across economic, social and environmental BSE Code 500575
areas. Aligned with the business strategy of Voltas, it describes NSE Symbol VOLTAS
the material issues that influences the Company’s ability to Bloomberg Code VOLT:IN
create sustainable value. The Report forms an integral part Dividend Proposed 425% or ` 4.25 per share
of the Company’s strategy and business practices. And thus, AGM Date 22 June, 2023
also highlights the key aspects of social and environmental
sustainability.
SCOPE AND BOUNDARY
This Report uses a holistic approach and furnishes information

for the year ended 31 March, 2023. It adequately provides
An electronic version of this
information on all business segments, in which the Company Report is available online at:
operates for creating value in the short, medium and long- https://www.voltas.in/investors/
term. financial-snapshot/
Scan this QR code to navigate
investor-related information
FRAMEWORKS
The Company has followed the principles of Integrated

Report <IR> as laid out by the International Integrated
Reporting Council (IIRC), which aims to address the needs
of the Company’s various stakeholders. The Company fully
complies with the NSE and BSE listing requirements and SEBI
guidelines. The Statutory Reports, including the Directors’
Report, Management Discussion and Analysis (MD&A), the
Corporate Governance Report and the Business Responsibility
and Sustainability Report, are in line with the Companies Act,
2013, Securities Exchange Board of India (Listing Obligations
Disclaimer: This document contains statements about expected
and Disclosure Requirements) Regulations, 2015, and the
future events and financials of Voltas Limited and/or its subsidiaries,
prescribed Secretarial Standards. which are forward-looking. By their nature, forward-looking statements
require the Company to make assumptions and are subject to inherent
LEADERSHIP ACCOUNTABILITY risks and uncertainties. There is a significant risk that the assumptions,
predictions, and other forward-looking statements may not prove to be
The Company’s senior management, under the supervision accurate. Readers are cautioned not to place undue reliance on forward-
of the Managing Director & CEO, have reviewed the contents looking statements as several factors could cause assumptions, actual
future results and events to differ materially from those expressed in
of this Report. The Board Members of the Company have the forward-looking statements. Accordingly, this document is subject
provided the necessary governance oversight. to this disclaimer and is qualified in its entirety by the assumptions,
qualifications and risk factors referred to in the Management Discussion
and Analysis section of this Annual Report.
An Eventful
Journey of
Almost 7 Decades that Continues…
` 9,667 crores ` 307 crores ` 136 crores

Total Income Profit Before Tax Profit After Tax
corporate overview statutory reports financial statements
Voltas has been on an eventful journey since its establishment in 1954 through
a partnership between TATA Sons and Volkart Brothers. Voltas is India’s largest
air conditioning company and a provider of intelligent solutions for Air
Conditioning and Cooling Products (Unitary Cooling Products), Engineering
Projects, and Engineering Products & Services.
Voltas has been leading India’s air conditioning market This internal restructuring will lead to:
for several years with an unwavering focus on customer
More focused management and functioning of the
satisfaction. Its experience across cooling products,
businesses
engineering projects, textile machinery and mining equipment
has enabled the Company to excel across multiple domains. Commercial ease through execution of projects under one
With this undeterred commitment, the Company continues to entity
deliver marquee projects and services to its clients. Better flexibility for the Company to expand its business
further in the B2C space
The Company constantly strives to provide its customers and
industries with the highest quality goods and services. Through Moving along its orbit, Voltas aims to partner in developing the
its joint venture with Arçelik for Voltas Beko, the Company has nation while keeping the community as its core priority.
added an extensive range of home appliances, providing a
one-stop solution for its customers. Voltas has continued on this journey since 1954, constantly
expanding the range of products, improving services, and
During the year, the Business Transfer Agreement (BTA) for providing innovative solutions to meet the evolving needs of
transferring its B2B businesses relating to Projects business its customers. Today, as the Company continues on its path, it is
comprizing Mechanical Electrical and Plumbing (MEP)/Heating, determined to remain committed to excellence in everything
Ventilation and Air-Conditioning (HVAC) and Water projects, the Company does to ensure the utmost customer satisfaction.
Mining and Construction Equipment (M&CE) business and
Textile Machinery Division (TMD) business to its wholly owned
subsidiary, Universal MEP Projects & Engineering Services
Limited (UMPESL) was consummated with effect from
1 August, 2022. Through this subsidiary, the Company provides
a wide range of engineering solutions.
Annual Report 2022-23 3

From Roots to Wings
A Journey of
Transformation
The theme ‘From Roots to Wings: A Journey of Transformation’ beautifully

captures the remarkable evolution of Voltas over the years. It is incredible that
from its humble beginning as a small enterprise, Voltas has grown to become
a reputed brand in the air conditioning, refrigeration and consumer durable
industry and across diverse business divisions, including Project Solutions,
Textile Machinery and Mining & Construction Equipment.
What truly defines this journey for Voltas is its unrelenting commitment to excellence, quality, innovation, and customer satisfaction
that the Company has nurtured over time. The cultural pillars of teamwork, respect, excellence, customer focus, and core values of
Voltas have guided the Company through its path so far, shaping its culture and driving growth.
Voltas emphasizes on technology and sustainability, which has played a significant role in the Company’s continued progress. It is
evident that the Company is now on a Transformational Journey from Roots to Wings as it takes flight towards greater heights.
With a strong focus on innovation, and value engineering, Voltas is relentlessly working towards strengthening its position as a market
leader in the room air conditioning industry – offering its customers the best possible products and services, while at the same time
remaining close to the roots in India and contributing to ”AatmaNirbhar” (self-reliant) India.
In alignment with the Company’s commitment to a sustainable world, Voltas is leveraging its strong foundation in efficient
engineering to develop sustainable solutions for turnkey projects both in India and abroad. With its unyielding passion, the Company
has also expanded its horizons into the Textile Machinery Division (TMD). Under the Mining & Construction Equipment Division, Voltas
has come a long way post establishing itself in Earthmoving, Mining and Agricultural machinery (EMA) since 1954.
It is remarkable how the Company has evolved from its roots to spread its wings and soar to new heights, achieving greater success
and impacting communities in a positive way.

Our Story so far…
The story of Voltas is one of relentless innovation and unwavering

passion. Its distinguished offerings are crafted to captivate and
inspire, leaving an indelible impression in the hearts of the
Company’s valued customers. Voltas takes immense pride in
providing unmatched delight through its products and services,
fostering a loyal customer base.
As the Company traverses through it’s journey, it consistently embraces its relationships and innovation is
the driving force that propels its endeavours. Voltas constantly pushes boundaries and explores unexplored
territories, tirelessly striving to enhance the convenience and comfort of its customers and clients. The
Company’s collaborative efforts and resolute commitment are interwoven into every facet of its work, reflecting
a steadfast pursuit of excellence.
At Voltas, the Company’s story deeply resonates with its stakeholders – a tale of passion, innovation, and
unwavering commitment. The Company is dedicated to making a lasting impact and feels privileged to be a
part of the journey that enriches the lives of its stakeholders.
6 Voltas Limited
Our Offerings
Residential Convenience Stores Offices & Businesses
Societal Infrastructure Textile Industry Mining &

Construction Sites
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.
Integrity
We will be fair, honest, transparent and ethical in our conduct;
everything we do must stand the test of public scrutiny.
Excellence
We will be passionate about achieving the highest standards
of quality, always promoting meritocracy.
Unity
We will invest in our people and partners, enable continuous
Driven By Values learning, and build caring and collaborative relationships

based on trust and mutual respect.
Values are the guiding principles that we use across the Responsibility
verticals to underpin decision-making, guide our conduct
We will integrate environmental and social principles in our
and define our culture. By working together with these
businesses, ensuring that what comes from the people goes
Values every day, we build a sustainable business that is
back to the people many times over.
more successful and a better place to work.
Pioneering
We will be bold and agile, courageously taking on challenges,
and using deep customer insights to develop innovative
solutions.
8 Voltas Limited
Cultural Pillars
Smart Thinking Innovative Teamwork
Fact-based analysis Look at things with a Act, think and

Use logic and fresh perspective work together
customer insights Find alternative and Always in the
better ways Company’s interest
Winning Attitude Flexible
Take responsibility for Adapt to every change

customers Be prepared to face
Seize every opportunity surprises

Message from the MD’s Desk
Our journey began in

1954 as a joint venture
between Tata Sons
and Volkart Brothers,
and today, we are a
diversified business
house ranging from
consumer goods
to MEP to textile
machinery to Mining
& Construction
Equipment. We are
constantly evolving
and transforming to
meet the dynamic
needs of our
customers.
10 Voltas Limited
Dear Shareholders, and better private consumption. a testament to the trust and
Moreover, initiatives such as ‘Make commitment brand Voltas carries with
As we reflect on the past year, I am
in India’, ‘AatmaNirbhar Bharat’, the end consumers.
grateful to all our stakeholders who
‘Production Linked Incentives (PLI)’ are
continuously supported and believed Besides these, Voltas is involved in
playing a pivotal role in enhancing
in our Company. It was a year filled engineering projects and infrastructure
Voltas’ demand at a macro level and are
with mixed emotions, marked by both solutions space. As part of the
working positively for the Company’s
significant challenges and promising Company’s domestic projects business
journey as we travel ahead with
opportunities. But despite it all, we in India, Voltas has been a part of some
optimism.
kept cruising ahead on our course with of the largest iconic projects in India.
determination and commitment. These Proving its mettle we have enriched
Our Journey
traits have helped us sail through the our experience by successfully working
short-term blips and as we embark on Our journey began in 1954 as a joint on metro projects, hospitals and social
another journey for our Company in venture between Tata Sons and Volkart infrastructure projects viz water &
2023-24, I take pride in reflecting on Brothers, and today, we are a diversified electricals in major cities across the
the distance we have covered over business house ranging from country.
the past seven decades, which have consumer goods to MEP to textiles
provided us with invaluable lessons, machinery to Mining & Construction Financial Book: Our Roots
experiences, achievements, and a Equipment. We are constantly evolving Securing the Next
sense of pride. and transforming to meet the dynamic
The Company’s consolidated total
needs of our customers. As we reflect
income for the year stood at
Economic Overview on our achievements, we are proud
` 9,667 crores, reflecting a ~19%
to share that Voltas has become one
The year saw major impact on the growth over the previous year’s income
of the top ten companies in the TATA
global economy erupting out of the of ` 8,124 crores. The profit before
group, with a consolidated revenue
prolonged Russia and Ukraine war, share of profit/loss of joint ventures
exceeding billion dollars.
causing supply chain disruptions, and associates and tax stood at
significant surge in prices for essential Entering the new fiscal, I am optimistic ` 672 crores. The Company’s profit
goods worldwide. To cushion the that our Company’s growth trajectory before tax (after the share of profit/
effect of the accelerated inflation will continue. We have constantly loss of joint ventures/associates)
rates, central banks worldwide acted expanded our horizons, spreading was recorded at ` 307 crores. During
promptly by hiking the interest rates to our wings towards newer product the year, the Company made a
mitigate its impact. categories. Our emphasis on growth is significant provision of ` 244 crores
reflected in the rise of Voltas Beko – a under exceptional items, relating to
In an effort to bolster the nation’s
JV brand that offers home appliances the termination of a contract and
growth and development in 2022-23,
and provides a comprehensive encashment of bank guarantees for
the Government of India extended
one-stop solution for all the valued two overseas projects in Dubai and
its support by allocating funds for
customers of Voltas under one roof Qatar, respectively. We have taken the
domestic capacity expansion and
in joint venture with the leader of necessary legal steps to protect our
infrastructure development. This move
appliances, Arçelik. Today, Voltas is not interests and to recover the monies
was targeted at stimulating demand,
just a room air conditioner company owed to us.
generating employment opportunities,
but is also making forays in the
and fostering growth across various
consumer durable space along with a Operational Highlights
industries. The Government has
markable presence in the segments it During the year, the Unitary Cooling
implemented various structural reforms
operates in. Products business has relatively
aimed at improving macroeconomic
activities, those which will contribute In four years, Voltbek has sold performed better amid the lower
towards increasing disposable income an impressive 3.3 million units, consumer sentiment towards

discretionary spend and unseasonal In the Textile Machinery Division (TMD), training interventions, Voltas strives
rains. Launches of our various products our broader strategies remain to grow to share knowledge and expertize
in this segment, particularly the new market share in capital machines, with its internal talent, which will
range of Room ACs, Commercial both in Spinning and Post Spinning. help in staying prepared for unseen
Air Conditioning, Air Coolers, and We have added Spreading machines circumstances. In addition, it actively
Commercial Refrigeration products and Weaving preparatory machines engages in industry forums, seminars
helped us stay ahead with the trends. to our portfolio. We are looking for and awareness sessions, to stay
adding new Principals for Non-woven, updated on the latest developments.
During the previous year, we entered
Embroidery to strengthen value chain
into a technology license agreement
in Post Spinning. Customer Centricity
with Vestfrost Solutions, Denmark, to
develop, manufacture, sell and service During the year, the performance of Technology is rapidly transforming
medical refrigeration and vaccine Mining and Construction Equipment industries, creating new and innovative
storage equipment. This aligns with one (M&CE), both in Mozambique and solutions, and revolutionising how we
of our goals of entering Bio Medical and India operations was in line with design and build products and services.
Cold Chain industry, and will enable our expectations. Our customer-centric At Voltas, we recognize the importance
us to combine Vestfrost Solutions’ approach and cost optimization of staying up-to-date with the latest
strong technological capabilities solutions have resulted in consistent trends and evolving standards in the
with our own manufacturing and performance in Mozambique, year on global market. To achieve this, our
distribution capacities for vaccine year. On the domestic front, export R&D and manufacturing teams are
storage equipment such as ice-lined levy on iron ore slowed down mining working tirelessly to incorporate smart
refrigerators, vaccine freezers, and ultra- activities which impacted equipment technologies such as the Internet of
low temperature freezers, in the Indian sales and after sales services for the Things (IoT) and Artificial Intelligence
market. major part of the year. However, the (AI) into our products and services.
subsequent removal of this levy helped By doing so, we are able to offer our
Moving ahead, the Company’s business
us sustaining the demand for crushing valuable customers cutting-edge
operations secured significant projects
and screening equipment in India. The solutions which keeps Voltas ahead
in various fields. During the year our
M&CE vertical continued to grow on a of the curve. Our commitment to
100% subsidiary, UMPESL won multiple
consistent basis. integrating these technologies into our
project orders valued at ~` 3,762 crores,
products and services has helped us
including a solar power project, As we move towards a secured future,
our focus will remain around securing sustain our position as a leader in the
estimated to benefit over 46 million
newer orders with the support of fiercely competitive industry.
Indians. We remain committed to
supporting the Government’s mission our financial strength. Our extensive Innovation has been at the core of
of providing 100% quality, reliable, and presence, emphasis on the emerging all our offerings and the Company
affordable power supply to consumers channels, excellent distribution has recently launched the 2023
and households across India. network, strong brand equity and Inverter AC range with a unique
attractive consumer offers, positions value proposition of ‘Pure & Flexible
Our IOBG segment was awarded a
the brand ahead of the curve. Air Conditioning’. The range caters
project worth ` 942 crores in Riyadh,
Saudi Arabia, for Qiddiya Water Theme to the evolving consumer needs of
People Orientation upgrading home appliances with
Park. In addition, IOBG also won
multiple projects, including Jubail for Being part of the Tata Group, we advanced features like air purification
HVAC division, involving the world’s believe in taking care of our people. technology, multi-adjustable mode,
largest desalinated water production The Company actively participates in HEPA filter, super UVC, and ice wash
plant. It highlights our technical finesse internal trainings, seminars, meetings, technology. Additionally, Voltas
and execution capabilities in the and other forums organized by the introduced new SKUs across its range
international arena. Group from time to time. With these of Air Conditioners, Air Coolers and
12 Voltas Limited
Commercial Refrigeration. In the The Voltas team also participates in in our Commercial Refrigeration
water cooling solutions space, we are the ‘Joy of Giving’ festival with Goonj, Freezers.
expanding our business by adding encouraging its employees and their
Moving towards a circular economy,
newer products and technologies social circles to donate necessary items
we are using recycled plastic in
to our product portfolio. Voltas also to benefit urban and rural communities
the manufacturing of the finished
aims to strengthen its JV brand Voltas in need. products.
Beko, by introducing a range of new
products while remaining committed Sustainability at Core Promoting star rated products that
to the ‘Make in India’ initiative. consume less water and electricity
Voltas is mainly looking at moving
The Company launched a line of in our Voltas Beko range of Washing
towards renewable energy with the
home appliances, including ‘Smart Machines. We have also pioneered
goal to become carbon neutral for
Hygiene’ dishwashers, new Frost-free the first washing machine made
its operations and water positive from recycled plastic.
refrigerators, and Top-load washing
by 2030. Based on the products, we
machines. Partnering with producer
are actively looking out for using
lesser raw materials and/or replacing responsibility organizations (PRO)
Community Focused
it with sustainable alternates. Our to efficiently collect the e-waste by
For Voltas, giving back to the impetus is towards making products following CPCB guidelines to ensure
community is a core value that drives appropriate waste recycling and
and solutions more energy efficient.
its business decisions across the value disposal.
To this end, we have already made
chain. Guided by the TATA Group
significant progress, with our Waghodia As I look back at our achievements in
philosophy, the Company recognizes
manufacturing facility currently the past year, I express gratitude to our
the community as a key stakeholder
operating at approximately 30% dedicated team for their tireless efforts.
across its operations, including
renewable energy, and the corporate I am proud to recognize the resilience
customers, people, business partners,
office running entirely on 100% solar and commitment of our employees at
environment, and society.
energy. Furthermore, we have also all levels and business partners who
Voltas has adopted a mantra of installed an electric vehicle charging enabled us to succeed against all odds.
‘Engage, Equip, and Empower’ to facility at our corporate office, I extend my deepest appreciation to
guide its community engagement which is powered by solar energy, the Board of Directors, investors and
efforts. As part of this commitment, demonstrating our commitment to stakeholders for unrelenting support
Voltas has internally identified the reducing our carbon footprint. as we embark on the next phase of our
evolving consumer preference of Life journey towards even greater success.
Rejuvenation, Self-care, Immersive To further strengthen our commitment, Together, we can continue to lead the
Consumer Experience, Time for more, we have undertaken several macro- way and make an impact in the world.
and G’Local to better understand level steps to reduce the environmental
the community’s needs. By mapping impact of our operations, some of
these trends, the Company aims to which include: With my best wishes,
develop programmes and initiatives Using refrigerants like R32 in Air Pradeep Bakshi
aligned with the community’s needs Conditioners, which have Zero MD & CEO
and aspirations, empowering and Ozone Depleting Potential. We Voltas Limited
supporting them. have also optimized the design
Further, as part of its commitment to of the Air Conditioning Outdoor
corporate social responsibility, Voltas units, resulting in reduced copper
is focused on sustainable livelihood, consumption and refrigerant
community development, and issues gas usage. We have introduced
of national importance. hydrocarbon (R290) refrigerants

From Foundation
to Innovation
Our Products and Services
Soaring New Heights

Unitary Cooling Products (UCP)
Our Offerings
Room Air Chest Freezers
Conditioners (RAC) Medical Refrigeration
Air Coolers Ducted AC
Air purifiers Variable Refrigerant
Visi Coolers Flow (VRF)
Water Dispensers Cassette AC
Water Coolers Tower AC
Cold Rooms Chillers
Unitary Cooling Products (UCP) caters to a diverse range of Highlights

customers by offering integrated solutions, serving both
Achieved growth in all categories across all
business-to-consumer (B2C) and business-to-business (B2B)
geographies and an increase in customer segments
segments.
Experienced significant growth of over 25% in the
The Company’s products are designed for residential as well
segment, delivered substantial bottom-line growth
as commercial spaces, providing energy-efficient solutions,
advanced features, and long-lasting durability. This is made Providing value for money and quality products
possible by Voltas’ commitment to continue expanding its to customers
product offerings to meet the evolving needs of its customers.
Voltas has forged strong partnerships with Original Equipment
Manufacturers (OEMs) and continues to increase the
Company’s presence through channel partners and Exclusive
Brand Outlets (EBOs), E-Commerce platform and Experience
Zones. These strategic alliances enable the Company to
effectively serve its customers and extend its brand footprint
in the market. Moreover, the Company maintains adequate
Offers ack |
component inventory to ensure the timely delivery of quality
si ve War ra nty | Cashb
Compreh en
products, which continues to contribute to its growth. tion Offer
Is | Installa
Attractive EM
16 Voltas Limited
Market Share (%)
24.20 25.20
23.70 23.40
21.60
2018-19 2019-20 2020-21 2021-22 2022-23
25,000+
Touchpoints
64
New RAC SKUs
51
Voltas Fresh Air Coolers SKUs
23
New Commercial Refrigeration SKUs

Voltas Beko
Our Offerings
Refrigerators
Washing Machines
Microwaves
Dishwashers
Since its launch, Voltas Beko, one of India’s fastest-growing Highlights

home appliance brands, has sold over 3.3 million products.
Launched fully automatic top-load washing machine
Voltas Beko offers state-of-the-art, technology-driven
with heater
appliances such as refrigerators, washing machines,
microwaves, dishwashers and more, exclusive designs made Launched over 100 SKUs in the year
from high-quality materials. Voltas Beko is aggressively
expanding its presence in India by targeting 15,000 outlets.
With a strong network of over 7,000 consumer, currently,
coupled with excellent after-sales services, Voltas Beko is
rapidly expanding its presence in the Indian home appliances
market.
Voltas Beko - A range of Consumer Durables
18 Voltas Limited
Offers
Cashback
Upto 3 years comprehensive warranty with 12 years warranty
7,000+
Touchpoints
on Compressors/Motors on select range of products
Attractive EMI Options on Select Products
Zero Down Payment with Long-term EMI of up to 18 months
150+
SKUs

International Operations
Business Group (IOBG)
Our Offerings
Mechanical, Electrical and Plumbing (MEP)

Heating, Ventilation and Air Conditioning
(HVAC)
Water Management
Voltas’ International Operations Business is dedicated to Highlights

expanding the Company’s global footprint and identifying new
Successfully completed multiple projects across GCC,
business prospects beyond India. IOBG specializes in providing
including Dubai, Oman, Qatar, Bahrain, and others
comprehensive electromechanical solutions and services to its
clients in Middle East and Asia region. Saudi Arabia is experiencing explosive growth with 5
Giga projects, including Neom, Red Sea Development,
With the announcement of the Dubai Government’s ‘D33’
Qiddiya, Amaala, and Diriyah Gate
initiative, the region is abuzz with new project opportunities.
Notably, the upcoming Palm Jebel Ali project is expected to be
a game-changer, offering hotels, residential and commercial
spaces, and other amenities. This project is nearly four times
the size of Palm Jumeirah and is poised to attract a large influx
of high net-worth individuals from Europe and the Far East.
Overall, IOBG remains focused on pursuing strategic business
opportunities in international markets and delivering top-
notch electromechanical solutions and services to clients
beyond India.
DEWA HQ Al Sheraa Building
20 Voltas Limited
` 2,356 crores
Order Book
Zayed National Museum, UAE

Universal MEP Projects & Engineering
Services Limited (UMPESL)
Voltas recently underwent an internal restructuring process, consolidating

its B2B businesses (MEP, Infrastructure, Textile Machinery, Mining &
Construction Equipment) into a 100% wholly owned subsidiary, Universal
MEP Projects & Engineering Services Limited (UMPESL). Further leveraging
the strong legacy and expertize of Voltas, UMPESL, a TATA enterprise, is
pursuing renewed growth ambitions.
Dragline Boom repaired by Voltas

Infrastructure Solutions
Our Offerings
Mechanical, Electrical and Plumbing (MEP)

Heating, Ventilation and Air Conditioning (HVAC)
Water Infrastructure
Electrical & Solar Jobs
Operations and Maintenance
Voltas, through its 100% wholly-owned subsidiary (UMPESL), Highlights

offers a comprehensive range of services to various
Secured MEP-Major projects: Chennai Metro,
infrastructure industries, including building construction,
Bangalore Metro (emerged as L1), Data Centre Jobs
airports, ports, power, and water treatment. The Company
(Noida), Godrej Commercial Building (Bangalore),
offers integrated MEP solutions that cover the entire spectrum
Phoenix Equinox Commercial Complex (Hyderabad)
of Mechanical, Electrical, and Plumbing Systems’ Design,
and more
Engineering, Procurement, Construction, and Commissioning.
With extensive experience and technical expertize, the Successfully completed Water Projects of Steel
Company is well-equipped to provide top-notch infrastructure Authority of India, Bokaro & Rourkela and OWSSB
solutions that cater to the diverse needs of its customers in the Cuttack
domestic market.
Delivered the best-in-class services in Solar EPC Project
UMPESL has gained a competitive edge by successfully and ranked no. 3 in the leading Utility-scale Solar EPC,
completing major solar projects, UG cabling, and rural by MERCOM India Research
electrification projects. The Water Management Business
Secured orders of ~₹ 500 crores for Water supply
caters to a complete water-related activity chain, handling
under Jal Jeevan Mission
the entire water treatment process from start to finish.
The services are tailored to meet each project’s unique Successfully installed 265 water treatment and
requirements, considering sustainability, energy efficiency, distribution plants in the Madhepura district in Bihar.
and cost-effectiveness. Voltas through UMPESL is committed The Company is working on similar groundwater
to providing high-quality infrastructure solutions and projects, to benefit 600 villages in Uttar Pradesh
services that are customized to meet the specific needs of its
customers.
` 5,799 crores
Order Book

Textile Machinery Division (TMD)
Our Offerings
Capital Machinery Allied Machinery

Accessories After-sales Services
TMD specializes in offering engineering products and Highlights

services to the textile industry. TMD, through its Principals,
Reached an all-time high level of performance with
provides extensive range of machines and equipments such
healthy order booking and continued focus on the
as spinning, weaving, knitting, processing, and finishing
‘After-sales’ business
machinery, complemented by excellent after-sales support and
maintenance services. Spreading machines and Weaving preparatory
machines added to the portfolio in 2022-23
The products offered by TMD are known for their exceptional
quality, reliability, and cost-effectiveness, making them a
preferred choice among textile manufacturers in India and
overseas. By consistently meeting and exceeding the clients’
expectations, TMD has established a strong reputation as
a leading provider of engineering solutions in the textile
industry. Whether it is the efficient utilization of resources,
the seamless integration of machinery, or the timely delivery
of products and services, TMD is committed to delivering
excellence.
60%
Market share of spinning machinery
10+
Average years of association with major
principals of textile machinery from India
and overseas
LMW Comber LK69
24 Voltas Limited
Mining and Construction Equipment (M&CE)
Our Offerings
Operations and Maintenance

Crushing & Screening Machineries
In 1954, Voltas established the M&CE division as the Highlights

Earthmoving, Mining & Agricultural (EMA) machinery division.
Gained the confidence of new business owners in
Since then, M&CE has grown its business across India and
Mozambique
expanded its reach to Mozambique through partnerships with
Tata Mozambique and Tata Africa. The Company’s primary Entered into strategic partnership to make Indian
focus lies in serving mining companies, and proudly positions operations more sustainable
itself as an engineering solutions provider.
Working on new business opportunities in African
Within heavy earthmoving equipment’s trade and service region
business, M&CE has emerged as the trusted official product
support partner for renowned industry leaders like Joy
Global-Letourneau Loaders and Komatsu South Africa. With
the continuous growth in infrastructure development and
investment, M&CE has strategically positioned itself to cater to
large-scale projects such as roadways, ports, power generation,
and irrigation.
In the Indian context, M&CE excels in providing specialized

equipment for extracting and processing various minerals.
Whether it’s mining iron ore, coal, copper, zinc, or limestone,
the Company’s expertize and equipment are geared towards
maximizing efficiency and productivity in these sectors.
Powerscreen Premiertrak 600

Our Journey of Growth and Development
India
Gulf Cooperation Headquarters
Council (GCC)
– Mumbai
– United Arab Emirates Zonal Headquarters

Mozambique – Qatar – Delhi, Kolkata, Chennai
– Sultanate of Oman Manufacturing Facilities

– Kingdom of Bahrain – Waghodia (Gujarat)
– Sanand (Gujarat)
– Kingdom of Saudi Arabia
– Pantnagar (Uttarakhand)
(2 Units)
This map is a generalized 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.
26 Voltas Limited
Our Journey of Embracing Excellence
Team Marksmen recognized Voltas UPBG as one of Voltas iobg bagged CBNME MEP AWARDS
India’s most trusted brands on 28 March, 2022 on 5 April, 2022
Voltas IOBG won ‘Technical Facilities Voltas IOBG Oman bagged three awards at the
Management Company of the Year’ at OER MEED Project Awards on 13 September, 2022
Manufacturing Excellence Summit on 30 June, 2022

Voltas IOBG bagged 4 trophies at MEP ME Awards Voltas IOBG Oman bagged two awards at the
on 26 September, 2022 MEED Project Awards on 28 November, 2022
Voltas CSR felicitated at FICCI CSR Summit Voltas TBEM recognized by the Tata Business
on 20 December, 2022 Excellence Group at BEC on 20 December, 2022
28 Voltas Limited
Universal MEP Projects & Engineering Services Limited Voltas Limited & its creative partner - SGA Adsvita Communique -
won two awards at the 65th ‘Annual Mines Safety Week proudly receive the esteemed Platinum Award, showcasing remarkable
industry performance in crafting an exceptional annual report for
2022’ on 5 January, 2023
2021-22
Voltas Limited and SGA Adsvita Communique shine as a Voltas Limited & SGA Adsvita Communique (creative partner)
global leader, securing the impressive #22 spot among the receive the prestigious Technical Achievement Award for their
Top 100 Reports Worldwide for 2021-22 excellence in annual report communications, setting new
standards in the industry for 2021-22

Voltas Beko Factory Sanand, Gujarat
Value Creation
Approach
Integrating Stakeholder Feedback
into Our Decision-making
Stakeholder Engagement
The Company recognizes the significance of effective stakeholder management

and strives to address the concerns of individuals or parties affected by its business
through various communication channels and platforms. Voltas’ key stakeholders
include Employees, Suppliers, Contractors, Government bodies, and the Community.
By working closely with all stakeholders, Voltas ensures that their concerns are fully
understood and addressed in the best possible way, strengthening the Company’s
relationships and promoting trust in its business practices.
Internal Direct Industry Bodies Broader Society
Employees Suppliers and Contractors Contractors Community

Shareholders and Lenders Industry Bodies Media
Customers
Associations Government and
Dealer and Distributors Regulatory Authorities
32 Voltas Limited
Stakeholders Why are they Important Engagement Channels

Internal Stakeholders
Employees Smooth functioning Regular feedback and communication
Core pillar Employee recognition programmes
Intranet
Emails
Direct Stakeholders
Shareholders and Lenders Promote capital growth Annual Report and AGM
Long-term support Periodic conference/Investor meets
Provide financial resources Investor conferences and roadshows
Analyst calls and meetings
Customers Long and beneficial relationships Net Promoter Score

will help to keep up the business Feedback surveys
Suppliers To facilitate business operations to Supplier management

provide an edge in the market Portals
Supplier audits
Surveys
Dealers and Distributors Ensuring the quality of products Feedback

Surveys
Industry Bodies Stakeholders

Contractors Value creation through OHS Contractors
training and fair labour practices Management portals
Surveys
Feedback
Industry Associations Develop partnerships on mutual Industry conferences

interest Regional industry events
Industry forums
Trade Associations Develop partnerships on mutual Regional industry events

interest Memberships in associations
Broader Society Stakeholders

Community To create a positive social impact CSR initiatives
Media For innovation and strategizing Media briefings

business objectives Press releases
Government and Legal, compliances or policies Meetings

Regulatory Authorities important to the Company’s
business

Mapping the Materiality Landscape
Materiality Assessment
Materiality assessment helps Voltas identify the most significant issues relevant
to its stakeholders. The goal is to ensure that the Company’s sustainability
efforts are aligned with the needs and expectations of its stakeholders’, as well
as the Company’s own goals and values.
Sustainability Matters
Top Material Issues
Materials Sourcing Energy Management Employee Health & Safety
Voltas is in the process Voltas is putting efforts towards Voltas prioritizes people, health,
of developing a localized decarbonizing by switching to and safety to reduce work-related
ecosystem with an aim to reduce eco-friendly refrigerants and by incidents over the years
dependency on imports improving operational energy
efficiency
Company Targets
Install solar panels on the

Focus on reducing injury
Shift towards 100% zero rooftop of its factory and
rate among labour and
ODP for RAC products corporate offices to increase
report zero fatalities
usage of renewable energy
34 Voltas Limited
Materials Topic Strategic Objective Approach
Product Management Committed to improving and Decarbonizing by switching

innovating new products to eco-friendly refrigerants,
improving operational
energy efficiency
E-Waste Management Safe disposal of E-waste Following E-waste disposal

rules and regulations
Environmental
Environmental Compliance with statutory Regular checking and
Compliance standards monitoring systems
Fair Labour Practices To reinforce equal Adhering to the governing

opportunity policy labour laws of the land and
contract management
guidelines
Health and Safety To provide a resilient and safe Implementing safety

working atmosphere measures through training
and awareness
Social Local Community To bring a positive impact Empowering local
Engagement on communities and communities through
strengthen the bond initiatives like
education, safe drinking
water, skill development
Shareholders To address the Shareholder relationship

Engagement concerns of shareholders management through the
Shareholders Relationship
Committee
Product Lifecycle To provide quality products Innovating through

and retain customers customer insights and
inputs
Development of To provide products/solutions Investing in R&D

Energy-Efficient that have a positive impact
Governance
Products and Spaces on the environment
Economic Performance To provide better returns Investing in a joint venture

and Market Share for the Company’s investors for a sustainable tomorrow
Governance and Ethics To create a safe, transparent Adopting TATA business

environment for stakeholders model

Thriving in a Dynamic
Business Landscape
Operating Environment
Following the TATA Group philosophy, Voltas regards the ‘Community’ as a

pivotal stakeholder that is essential to the Company’s success. For Voltas,
the community encompasses shareholders, customers, employees, business
partners, the environment, and society as a whole. This holistic approach reflects
Voltas’ commitment to consider the needs and interests of all stakeholders, and
recognizing their integral role in the Company’s operations and achievements.
By prioritizing the well-being and satisfaction of the community, Voltas aims
to build meaningful and sustainable relationships that contribute to its overall
success and positive impact on society. Each member of the Company’s
community is a consumer in their own right. Voltas has always focused on
consumer needs and preferences.
Evolving Consumer Trends
We identified the following:
G’Local: Life Rejuvenation:

Local preferences will take centre-stage. Going Covid-19 pandemic has reset priorities and there
forward, consumers will prefer local brands with a is more focus on sustainable living (net-zero
Global appeal. AatmaNirbhar Bharat initiative further economy). Around 67% of consumers positively
emphasizes on ‘Make in India’ products. impact the environment through everyday actions.
Consumers prefer brands with a purpose, especially
Voltas’ Offerings:
towards sustainability. Organizations which fulfil the
Room ACs & Components (Capacity Augmentation) sustainability promise to consumers are winners.
AC Compressor Manufacturing Voltas’ Offerings:
Commercial & Medical Refrigeration Products Pioneered Energy Efficient ACs
Home Appliances (Voltas Beko)
36 Voltas Limited
Self-care: Immersive Consumer Experience:

Self-care, acceptance and inclusion are at the Phygital Experience is the future of Retail. This is not
forefront of consumer psyche. Covid-19 pandemic has the era of product-centric companies. It’s all about
enhanced consumers’ focus on health & well-being. Customer Experience.
Consumers prioritizes goods & services that elevate
sense of self-care and happiness.
Five Voltas Experience Zones in Mumbai, Delhi,
Bangalore, Chandigarh and Faridabad are operational
Pure Air AC Range with features – Hepa filter, Anti- currently with more to follow
dust filter, PM 1.0 Display, Super UVC Technology and
Titanium Dioxide Coated Filter
Time for more:

Consumers are increasingly valuing convenience &
comfort. New generation is extremely Tech-savvy &
live life on the go. Smart/Connected Products are on
the rise. Adoption of subscription-based services has
increased.
Voltas AC with features like Advanced WiFi,

Artificial Intelligence, CRM Connectivity, Predictive
Maintenance
Evolving Customer Landscape witnessing exponential demand growth in the power and
transport sectors. India aims to extract and refine this material,
In line with the TATA Group Philosophy, community is the key reducing mineral imports and accelerating the development
stakeholder for the Company’s business, critical to its success. of its electric vehicle industry while advancing clean-energy
The community of Voltas comprizes of its shareholders, goals. This achievement presents a promising outlook for the
customers, business partners, the environment and society. Mining and Construction Equipment Division moving forward.
Each member of the Company’s community is a consumer In case of the Company’s Cooling products segment,
in his/her own right. Voltas has always focused on consumer customers are now seeking aspirational products and
needs and preferences. services that prioritize energy efficiency, high star ratings,
inverter technology, environmental consciousness, and cost-
effectiveness. This applies to both Room Air Conditioners
Sustainable Landscape and Commercial Refrigeration Products, aligning with the
governing BEE star ratings in both categories.
A significant discovery of an untapped 5.9 million-ton lithium
reserve in the Jammu and Kashmir region has positioned India
as the 7th largest global lithium resource. Lithium-ion batteries,
crucial for electric cars and renewable energy storage, are

Sustainable Footprints Initiatives
Undertaken by Voltas
Be carbon neutral, water Moving to more SKUs of
positive, and use 100% inverter products and high
sustainable energy star-rated products, bringing
low-cost and energy efficiency
Climatic Change
The demand for air conditioners is being influenced by
changing climatic conditions and increasing humidity.
However, the currently available air conditioning technologies,
used to control indoor humidity, have negative environmental
implications. These technologies consume significant amount
of electricity, utilize CFC-based refrigerants that contribute
to global warming, and their manufacturing and delivery
processes release greenhouse gases. Consequently, there is a
growing need for new technologies that can minimize these
emissions. Voltas is prepared to meet this demand by offering
products that adhere to new environmental standards and
aim to reduce their environmental impact.
Further, Voltas is responding to the pressing need for AC quality control and testing line at Pantnagar
environmental sustainability by launching new eco-friendly
products and revising operational processes that consume
fewer resources by manufacturing more inverter ACs and high
star-rated products. After successfully delivering split inverter
ACs, the Company has recently started producing and selling
Window inverter AC. Further, the Company’s product basket
also includes Voltas Maha Adjustable Inverter AC, Pure-Air
Inverter AC with HEPA filter, Air Conditioners with a protective
coating to the cooling coil, Chest freezers and Chest Coolers
with R290 refrigerant, among others. Voltas also promotes
environmental conservation by supporting clients in solar
infrastructure projects and building Solid Waste Management
and other initiatives for communities.
Refrigerator Assembly Line at Sanand
Water Landscape
Water is a crucial natural resource, and Government of India is
taking an intiative to boost the infrastructure towards ensuring
that tap water reaches every house across the country. The
Indian water and wastewater treatment (WWT) technology
market is projected to register a CAGR higher than 8.5% during
the forecast period of 2023-28.
The Water Management Business Division (WMBD) of UMPESL

places equal importance on raw water and wastewater
treatment. With sustainability and water conservation goals
as the prime objectives and adopting suitable eco-friendly
technologies, UMPESL follows the Conventional Filtration
Water treatment plant process for large plant capacities and Pressure Filtration

for small plant capacities for raw water treatment. Depending on customer requirements and tender specifications, wastewater
treatment involves SBR/MBBR Technologies and UF-RO Filtration techniques. Voltas had in the recent past, successfully executed
two STP projects in Patna under BUIDCO and is currently in the third year of operation and maintenance. The projects are part of the
Namami Gange initiative. Furthermore, Government initiatives in the water sector, including ‘Namami Gange’, ‘Jal Jeevan Mission’,
‘Swachh Bharat’, ‘AMRUT’, are creating opportunities for UMPESL.
Government Landscape TMD will have a positive impact with the opening of textile
parks to gain orders. Further, in the long-run, the PLI scheme,
To push the textile sector with ‘Make in India’ and ‘Make for as the incentive given to the Man-Made fabrics and apparel,
the World’ initiative, the Government announced the ` 4,445 would draw investments in back-end processes. TMD’s
crores ‘PM MITRA mega textile parks’ to be set up in Tamil customers would be availing these benefits and needing the
Nadu, Telangana, Karnataka, Maharashtra, Gujarat, MP and machines offered by the business (Spinning, Knitting, Weaving
UP. The implementation of this initiative is expected to have and Processing), which will indirectly benefit UMPESL.
a significant positive impact on the textiles sector, aligning
In Solar Business ~ 350 GW worth of projects are expected to
it with the overarching 5F vision of seamless integration
come up in the next nine years till 2030 as per GOI targets. This
across the entire value chain, from farm to fibre to factory to
is acting as an opportunity for EPC, with ~` 5,00,000 crores set
fashion to foreign. The establishment of mega textile parks
to come up in next nine years i.e. ~` 58,000 crores every year.
is a significant step towards transforming the textiles sector,
A mere 3% market share will mean ~` 1,700 crores worth of
providing it with modern and state-of-the-art infrastructure
business for UMPESL.
to enhance its competitiveness in the global marketplace and
create job opportunities. Furthermore, under another Government initiative of ‘Har Ghar
Bijli’, UMPESL, secured several project orders worth ~` 1,770
Additionally, Government launched the Production Linked
crores in the Electrical Power Distribution business, for the fiscal
Incentive (PLI) Scheme with an approved outlay of ~` 10,683
year 2022-23. The Company’s ability to win these orders in a
crores to promote the production of Man-Made Fabric
Apparels and Products of Technical Textiles to enable the
textiles industry to achieve size and scale and to become
competitive.
40 Voltas Limited
highly competitive market is a testament to its experience and

expertize in the power distribution sector. These projects will
benefit over 46 million Indians in States such as Uttar Pradesh,
Madhya Pradesh. UMPESL has taken these orders to support
the Government of India’s objective of delivering 100% reliable,
and affordable power supply to households and consumers
across India.
Moving ahead, infrastructure is a major sector that propels

the overall development of the Indian economy. An increase
in capital expenditure on infrastructure investment by 33%,
i.e., ~` 10 lakh crores for 2023-24, which is 3% of GDP is
further creating urban infrastructure in tier-II and tier-III cities
by establishing urban infrastructure development fund. This
creates the opportunity for UMPESL.
Supply Chain Landscape

The sourcing of critical components was disrupted due to
geopolitical tension, non-tariff barriers, or unforeseen events
like a pandemic. Voltas’ ability to supply its products and
services were impacted by such disruption in the operations
of the Company’s key component suppliers, trade, or logistics
partners, both within and outside India.
To safeguard this, Voltas has taken proactive measures to

address this risk by engaging with the local ecosystem,
establishing an integrated manufacturing plant that reduces
the Company's reliance on external sources and minimizes the
impact of any external shocks.
In a step towards a self-reliant India and to ensure creating an

eco-system of local sourcing, the Government designed the
Production Linked Incentive (PLI) framework. This will provide a
level playing field for AC manufacturers with their global peers.
The scheme will incentivize manufacturers to produce high-
quality products in a conducive environment.
It has been Voltas’ constant endeavour to manufacture and

source locally to sail through any headwinds caused by global
macro-economic factors. It also leverages quick procurement Voltas Beko Factory at Sanand
and low material handling cost once the material procurement
happens locally. In order to benefit from the PLI Scheme and
carve a niche for India in this space, the Company is planning
to manufacture cross-flow fans, heat exchangers and plastic
moulding components.

Our Business Model
INPUTS business model
Financial capital
Operating Working Capital ` 1,827 crores
Owners Funds ` 5,452 crores
Debt (mainly overseas operations) ` 651 crores
Total Assets ` 10,279 crores Eng
ine
er
Net Worth ` 5,422 crores s in
ct
g
Total Capital Employed ` 5,494 crores
od
Pr
it y Un
Pr
oj
gr it
ec
y
te
tar
ts
y
manufactured capital
In
Uni
Existing Manufacturing Locations 4
Facilities Added in last 5 years 2
nsibil y
(Waghodia and Sanand)
Pioneer
it
Enginee
Manufacturing Capacity (CAC) 5 lakh ton
Manufacturing Capacity (AC) 2.7 million units
i ng
sp
ring
Re
les
Pr
intellectual capital
ab
o
Excellence
ur
du
Investment in R&D ` 16.17 crores
rD
ct
e sa
R&D Team Strength 38 um nd
Research & Development Centres ns So
5 Co ions
lu t
human capital
Investments towards Employee ` 2.13 crores
Training, Programmes 886
Employee engagement Initiatives 54
during the Year
Average Work Experience Of Senior 25+ years
Management
Spend on Employee Safety ` 50 lakhs
Total No. of Employees 9,600 +
Outcome
Providing Stakeholder Value
natural capital Suppliers Industry Association
Renewable Energy Generated 4,472 GJ
Water Consumption 46,089 KL Shareholders and Community
Energy Consumption 46,840 Gj Lenders
Media and Academic
Energy Savings 4,739 Gj
Customers Institutions
Dealers and Government and

Social and Relationship capital Distributors Regulatory Authorities
CSR Spend ` 14.60 crores
Contractors
EBOs 260+
Touchpoints 25,000+
Experience Zones 5
42 Voltas Limited
outputs
Financial capital
Market Capitalization ` 27,075 crores
Return on Capital Employed 6%
Return on Equity 2.50%
Dividend Payout Ratio (before exceptional 33%
item)
Total Income ` 9,667 crores
Profit Before Exceptional Item & Tax ` 551 crores
Innovation, Profit Before Tax ` 307 crores
Development, Design Profit After Tax ` 136 crores
Credit Ratings (ICRA) AA+
Procurement Debt: Equity ratio 0.11:1
EPS (per Share) ` 4.08
Manufacturing
Sales, Transportation, manufactured capital

Installation No. of Units Sold (Consumer) 3.4 million +
Sales of Commercial Products Tonnage 2.4 lakh ton
After-sales Service Active Project Sites 225+
intellectual capital
No. of 5 Star SKUs Launched during the Year 21
Room AC Market Share 21.60%
Window AC Market Share 36.40%
human capital
Place Turnover per Permanent Employee ` 3.22 crores
Process Percentage of Employees Trained 92%
Total Training Mandays 75,000+
Lost Time Injury Frequency Rate 0%
Strategic
Focus Areas
5Ps
natural capital
Water Recycled and Reused 5,767 KL
Price
E-waste Recycled 17,500+ MT
product
Social and Relationship capital

Investor Interactions during the Year 100+ meetings
People Social Media Impressions 20+ millions
Customer Satisfaction Index (Consumer) 82%
Grievance Resolution Time (UPBG only) 72 hours
CSR Beneficiaries 30,000+

Our Sound Financial Standing –
Key Strength
Financial Capital
The Company has remained resilient and innovative despite facing global geopolitical
tension and supply chain issues. Elevated inflation had kept the discretionary spend for
the end-consumers in check during the year, this is more relevant for the categories having
lower penetration like ACs and even in case of Voltas Beko products. Mix of events which
were beyond the Company’s control, such as increased input costs and lag in passing
these costs to the end-consumer due to slump in demand and competitive intensity in
product business to garner the market share impacted the margins for the Company. In
International projects business, the unilateral actions in few of the contracts has resulted
into an invocation of the bank guarantees, creating a roadblock in the profitability of
projects business.
The Company has taken various initiatives including value

engineering to absorb most of the input costs, amidst the
volatility in commodity prices, supply chain disruptions, Focus Areas
depreciation of the currency and exceptional events dithering
Strong order booking across existing and newly
the performance of the Company. It has also taken various
appointed distributors
steps with its value chain partners to ensure a minimal impact
on the working capital across the regions that it operates in. Maximize the returns and ROCE
As a continuous process, improving working capital and Cost optimization

achieving a high Return on Capital Employed (RoCE) across all Maximization of ROI
business divisions remained a priority. Albeit, tapered demand
during most part of the year, intermittent rains in the peak
season have resulted in higher working capital.
44 Voltas Limited
The Company has always considered Cash as a key yard stick in considering profitability in its business. Healthy position of cash and
bank balance including investments continues to remain a strong support system for various initiatives, including the proposed capex
plan for expansion of production capacities and various other organic/inorganic growth avenues.
The Company will also prioritize securing healthy order books with clients who have strong financial and operational capabilities and
ensure the timely execution of projects in the Project business.
Forex Risk:
The Company understands the risks associated with fluctuations in foreign currency due to its imports. The Company maintains a
minimum hedge of 25% on its foreign currency exposure for subsequent three months to address this challenge. The Company has
implemented several measures to achieve this target, including reserving a portion of its earnings in foreign currency through the
Exchange Earners Foreign Currency (EEFC) account and entering into forward contracts in a timely manner to safeguard against any
depreciation in the currency of its business operations. By actively managing its foreign currency exposure, Voltas aims to mitigate
risks and ensure financial stability for the Company.
Voltas Beko Factory at Sanand
Capital Trade-off
Capitals Impacted Stakeholder Impacted Strategic Goals
Financial Employees Raising organizational

effectiveness
Intellectual Customers Creating fortune for
financial
Capital shareholders
Human Communities
Strengthening cash
Social Government transfers
Natural Shareholders
Vendors

Our Journey of Manufacturing Excellence
Manufacturing Capital
As a multinational corporation, Voltas leverages its vast resources and capital

to engage in extensive research, development, and manufacturing endeavours.
This allows the Company to provide air conditioning and cooling solutions that
are both highly efficient and innovative in nature. In addition to focusing on
customer-centric product development, Voltas recognizes the importance of
value engineering techniques. These techniques enable the Company to sustain
its margins despite increasing input costs. By employing efficient and effective
engineering practices, Voltas optimizes its product designs to ensure cost-
effectiveness and profitability, without compromizing quality or performance.
By consistently striving to innovate and develop products

that cater to the needs of its customers, the Company
remains committed to expanding their usage and promoting
sustainability. Voltas aims to enhance its contribution
to environmental conservation by actively exploring
opportunities and advancements in recycling technologies.
Powering the Next with the Company’s Manufacturing

Facility
Voltas currently has 4 best-in-class manufacturing facilities
This proposed Room AC manufacturing facility in South India,
located at Pantnagar, for RAC and Commercial Refrigeration
will improve the Company’s reach and services for the South
Products, for CAC at Waghodia and Voltas Beko at Sanand,
and West markets. With the objective of product portfolio
for home appliances. As a firm believer and supporter of the
extension in the Commercial Refrigeration category, the
‘Make in India’ initiative, creating a sustainable and cost-
Company signed a technical license agreement with Vestfrost
effective eco-system remains a top priority. Voltas recognizes
Solutions, Denmark, for medical refrigeration equipment. The
the benefits of developing and manufacturing products
relevant SKUs will be introduced in the coming year with the
in India and with that in view, plans are there to expand in
long-term objective of attaining leadership in this category.
Chennai with a proposed capex of around ` 450-500 crores
The Company believes in the merits of backward integration Voltas Beko aims to become one of the established players in
of certain products like Heat Exchanger, Cross Flow Fan and the home appliances segment. Voltas Beko’s state-of-the-art
Plastic components, and had applied to avail the Production factory in Sanand, Gujarat, has a production capacity of
Linked Incentive provided by the Government for this 1 million units, and the Company plans to optimally utilize its
category. production capacity to meet customer requirements.
46 Voltas Limited
Using Recycled Plastic in Washing Machines or Other (TMD) business to its wholly owned subsidiary viz. Universal
Products MEP Projects & Engineering Services Limited (‘UMPESL’) via
slump sale was consummated w.e.f 1 August, 2022.
As part of its commitment to ecological sustainability,
the Company actively works towards minimizing its In furtherance to focus on the Products business, the Voltas
plastic consumption in packaging and has adopted more Board recently decided to transfer its international projects
environment friendly alternatives as substitutes. One key business to its step-down 100% wholly owned subsidiary –
approach the Company has undertaken is incorporating a Universal MEP Projects Pte Limited (UMPPL), in the Republic
of Singapore. The Company’s direct investments in some
certain percentage of recycled plastic into its merchandize.
of the other overseas subsidiaries would also be transferred
Additionally, the Company is progressively phasing out the use
to UMPPL. The aforesaid internal restructuring would be
of non-recyclable plastic components in packaging.
subject to requisite approvals, as may be required. With
this, the international business operations will be housed
Way Forward in a separate entity – UMPPL. This will facilitate sustained
The Company is doubling the production capacity for the profitable growth both in Products and Projects businesses,
air conditioning and commercial refrigeration categories in independent of each other.
Chennai and Waghodia. This, alongwith the development of
components ecosystem in the consumer durable sector, the
Company is committing a total capex outflow in the range of
` 450-500 crores which will be incurred over next 18-24
months.
Business Restructuring
During the year, transfer of domestic B2B businesses of Voltas Focus Areas
relating to Projects business comprizing Mechanical Electrical
Enhancement of manufacturing capabilities
and Plumbing (MEP)/Heating, Ventilation and Air-Conditioning
(HVAC) and Water projects, Mining and Construction Localization of supply chain efficiencies
Equipment (M&CE) business and Textile Machinery Division
Capital Trade-off
Financial Employees Developing future

capacity
Intellectual Customers Reducing
manufactured
Capital environmental effect
Human Community
Sourcing raw materials
Social Government responsibly
Natural Stakeholders
Vendors

Our Journey with Technology
to Create Smart Solution
Intellectual Capital
Voltas operates across various portfolios, utilizing technology as a crucial

facilitator to develop best-in-class products and offer seamless services to
its stakeholders across the value chain. Through the Company’s unwavering
dedication to technological advancement, Voltas consistently meets the
needs of its end-users and delivers unparalleled value. The Company’s
commitment to customer satisfaction is evident in its focus on introducing
smart and futuristic solutions that form the foundation of its diverse range of
offerings.
Technological Developments during the Launched a new line of Glass-top Deep freezers for
Year 2022-23 commercial refrigerators, with improved aesthetics and
energy efficiency.
Voltas adopted a cloud-first approach for new IT
implementations to enhance speed, scalability, and In Air Coolers, Voltas uses recycled materials without
enablement. Existing applications were modernized to be compromizing quality.
cloud-ready for migration as per business needs. Cyber Security Working on localization of design for medical freezers
was formalized with strategy and governance. Upgrades pursuant to the technology license agreement entered
and refreshes were undertaken to improve security and into with Vestfrost Solutions, Denmark.
productivity. Analytics, including Data Lake and Customer
Data platforms, were utilized. Voltas In-Shop Demonstration
Applications (VISA) migrated to Amazon Web Services (AWS) Focus Areas
for better performance. Overall, these measures ensure Initiatives to remain future-ready
improved IT efficiency and performance during the year.
Further, the Company is working on a digital transformational Support new growth engines
journey in an enterprise-wide single program, ‘V-Vartana’. Build robust system
Facilitate remote working and real-time monitoring

Tech Intervention in Products
ICE WASH technology used in Room ACs enhances the
efficiency and lifespan by washing away dust with melted
ice.
Anti-corrosive coating on exposed copper tubing in the
heat exchanger to prevent pinholes.
Replacing 5mm with 7mm copper tubes in the heat
exchanger reduced weight by 15% and CO2 emissions.
48 Voltas Limited
Tech Intervention in Customer Care

WhatsApp Services for Customer & Dealer for service and
complaint registrations.
Dealer App for call registration & tracking.
FAQs, DIY Videos & Product manuals over website for

customer.
Introduction of Voice Bots for Customer Product issue

resolution, which is an industry first.
Outlook
To enhance customer experience, Voltas has several ongoing
projects and initiatives covering services, complaints and
new opportunities. In 2023-24 and beyond, the Company
plans to offer an omni-channel experience by implementing
a Customer Data Platform (CDP) to ensure seamless customer
engagement across various channels. Additionally, it has
undertaken steps to address the issue of technicians’
unavailability during peak season times by bringing in
Mobiforce, which provides extra bandwidth to deploy service
engineers. Future priorities include improving customer
engagement, promptly fulfilling orders, upgrading the Siebel
platform, implementing digital solutions for inventory and
workforce management, upgrading the SAP environment,
implementing a Product Life cycle Management solution, and
introducing IoT-based solutions for maintenance and plant
operations.
Waghodia Factory - Pantnagar
Capital Trade-offs
Financial Employees Utilize resources and

skills
Manufactured Customers Innovative products
Intellectual
Capital Social Community Explore possibilities
Government
Stakeholders
Vendors

Shaping the Industry with Our
Advanced Product Solutions
Your Company’s products are designed to cater to the evolving needs of modern consumers
who seek advanced features for enhanced comfort and convenience. Voltas’ new RAC range
offers a variety of advanced features, including Super Silent Operation for peaceful sleep, Ice
Wash and Filter Cleaning Indicators for optimal performance, and an Anti-Corrosive Coating.
These features are carefully crafted to offer its customers the best experience possible, ensuring
their needs are satisfied. As consumers increasingly rely on technology to upgrade their home
appliances, Voltas is proud to offer innovative solutions to address common concerns.
Voltas PureAir Adjustable AC Powered with HEPA Filter

and PM1.0 Sensor to Deliver Pure and Cool Air
Key Features
HEPA Filter: The new AC range comes with HEPA Ice Wash Technology: Quick freezing and de-
Filter along with PM1.0 sensor and AQI Indicator to freezing of the condenser coil results in complete coil
deliver pure air cleaning. Thus enhancing the cooling performance
Multi-Adjustable Mode: This gives the option of Filter Clean Indicator: Indicates and informs the
intelligent switching within multiple tonnages, basis user to clean the Air Filter for better performance
ambient heat and the number of people in the room Anti-Corrosive Coating: Gives the condenser coil
Super Silent Operation: Ultra quiet performance a longer life and helps in cooling better and for a
for noiseless sleep longer time
50 Voltas Limited
Voltas PureAir Adjustable AC Powered with Super UVC

and Titanium Dioxide Filter to Deliver Pure and Cool Air
Key Features
Super UVC: Powered with Super UVC technology Ice Wash Technology: Quick freezing and de-
and TiO2-coated air filtration system freezing of the condenser coil results in complete coil
cleaning. Thus enhancing the cooling performance
Multi-Adjustable Mode: Gives the option of
intelligent switching within multiple tonnages, basis Filter Clean Indicator: Indicates and informs the
ambient heat and the number of people in the room user to clean the Air Filter for better performance
Super Silent Operation: Ultra quiet performance Anti-Corrosive Coating: Gives the condenser coil
for noiseless sleep added life and helps in cooling better and longer
Maha-Adjustable Inverter Air Conditioners
Key Features
Flexible Air Conditioning: Comes with a unique Superdry Mode: Controls the humidity levels in
value proposition that allows the user to choose the room by quick dehumidification
from multiple tonnage options.
Eco-friendly Refrigerant: Uses green R32
Multi-Adjustable Mode: Intelligent switching refrigerant, which is environment-friendly
within multiple tonnages, basis ambient heat and
High Ambient Cooling: Keeps user comfortable
the number of people in the room, leading to
even at 52° C
savings and reduced running cost

Voltas Fresh Air Coolers
Key Features
Smart Humidity Controller: Optimizes the humidity Pre-Soaking: Pre-cools the Honeycomb pads before
in the air starting the fan, releasing cool and fresh air
Mosquito Repellent: Resists mosquito breeding and 4 Side Honeycomb Cooling Pads: Better and faster
keeps them away cooling without letting dirt and sediment deposit and
more durable
Turbo Air Throw: Large fan size delivers powerful air
throw to cool large spaces
RO-Enabled Water Dispensers
Key Features
Hot, normal and cold-water
functionality
LED indicator
Ease of use
52 Voltas Limited
Eco-Friendly Water Coolers
Key Features
ISI mark and in-built RO+UV solutions

Cooling retention
Green refrigerant
Faster cooling
Aesthetic and compact design
5-stage filtration advantage
Commercial Refrigeration Products
Key Features
Convertible models with galvanized Iron inner sheet Cold room
Full glass door visi-coolers The Company’s Cold Room Refrigeration systems are
Glass top models with LED eco-friendly, energy-efficient, and IoT-enabled solutions,
New table-top chocolate coolers FOW (Freezer on designed to meet varied industry demands.
Wheels) models
Condensing units for supermarket equipment

Voltas Beko Refrigerators
Key Features
StoreFresh+TM: Keeps fruits and vegetables fresh for Active Fresh Blue Light: Simulates natural
longer duration by minimizing temperature fluctuation and lighting conditions inside the refrigerator to
maintaining precise moisture levels preserve Vitamin C in fruits and vegetables by
NeoFrost ™ Dual Cooling: Uses two separate cooling circuits continuing the process of Photosynthesis inside
ensuring that cool air is distributed evenly throughout the
refrigerator
ProSmart™ Invertor Motor: Smart and fast cooling system
with inverter compressor makes the refrigerator four times
quieter during operation
Fresh GuardTM: Comes with a specially coated filter and UV
LEDs that remove 90% of odour. Runs frequently and over
shorter periods, which makes it more energy efficient in
comparison to other refrigerators
Voltas Beko Microwaves
Voltas Beko’s range of microwave ovens includes Solo, Grill and Convention model types and combinations of the same.
These microwaves are designed to suit the needs of Indian households.
Key Features
Auto cook programme
Large urntable to maximize the cooking and heating space
Perfect aesthetics look which complements cooking and kitchen
Advanced feather touch digital display
Active Defrost technology
54 Voltas Limited
Voltas Beko Washing Machines
Key Features
Jet Wash: Additional tap on top which throws water Hand Wash Port: Cleans collars and cuffs effectively
at high-speed enabling better mixing of detergent 5 Star Rating: Energy efficient and keeps electricity
and deep cleaning bills in check
Fountain Wash: Fountain-like water spray to avoid StainExpertTM: A Special treatment to remove
detangling clothes tough stains effortlessly. Fight dirt without damaging
Steam WashTM: Loosens up stains and minimizes your clothes
creases by passing steam through clothes
Hygiene+: Targets bacteria and viruses for a germ-
free wash
Silent Invertor Motor: Highly efficient and durable
with low noise levels
Voltas Beko Smart Hygiene Dishwashers
Key Features
Unique and functional range of full-size and tabletop Cleaning at a high temperature of 70° C
dishwashers Eliminating stubborn and sticky stains left by oil,
AquaflexTM technology for faster, more efficient and grease and fat
gentle washing of utensils
AquasenseTM technology for heavily soiled pots and
pans
CornerIntense™ ensures that dishes in every corner are
rinsed out effortlessly
The ProSmart™ Inverter Motor increases the washing
temperature, and adjusts the water pressure. This
function also speeds up washing cycles up to 3 times

Variable Refrigerant Flow (VRF)
Key Features
Wide indoor unit selection range
DC brushless fan motor
High efficiency heat exchanger
Precise temperature control
Reliable inverter drive technology
Packaged & Ducted Air Conditioner
Key Features
High performance range (Thermo & Tropico)
Energy Efficient
Silent indoor and outdoor unit
Slim ducted indoor units
BMS Compatible
56 Voltas Limited
Light Commercial ACs
Key Features
Instacool compressor
Silent operation
Uniform cooling
Wide angle air-throw
High efficiency
Chiller Package Units
Key Features
Wide capacity range 15 TR to 2500 TR
Available in Scroll, Screw, Magnetic and

Centrifugal range
Eco-friendly refrigerant
High efficiency
Compact design

Our Holistic
Approach to ESG
Our Journey towards a Sustainable Tomorrow
Environment
Environmental, Social and Governance (ESG) has always been our means to achieve
a growth for our businesses that is equitable, inclusive and sustainable. Under the
Environmental aspect, the Company aims towards catalyzing decarbonization
through renewable energy and energy efficiency not only in operations but also
through its products and services. It also includes the Company’s journey towards
being water positive for its operations and recycling and reducing waste.
Under Social, the Company’s intent is to develop its workforce, empower
communities through skill development and drive positive change, engage with its
stakeholders to create beneficial and responsible outcomes.
The governance aspect pertains to the Company’s adherence to compliance and
standards in its business practices as well as enhancing transparency and integrity.
ESG Priorities
Decarbonizing operations
Reducing and recycling waste
Achieving water-positive operations
Ensuring sustainable supply chains
Offering products and services that

encourage sustainability through product
stewardship
Ensuring health and well-being of the

workforce
Encouraging customer centricity
Adopting digitalization
Focussing on community development
Upholding ethics and integrity
Ensuring diversity and inclusion

ESG Score Card: Our ESG Performance in Numbers
1,200 MWP
E
1,006 Net Zero
Solar energy Total tCO2e emissions Aspirational goal towards
installed capacity mitigated through carbon neutrality for the
clean energy Company’s operations
100%
Zero Ozone 17,500+ MT
Depleting of E-waste sent for
recycling
Environment potential refrigerants
for RAC products
30,000+
S
9,600+ 100%
Number of people Workforce Reduction in Lost Time
benefited through CSR Injury frequency rate
initiatives since 2020-21
16,500+
Individuals trained
upto 2022-23 under Recognition
Social of Prior Learning (RPL)
G 8
Board Committees
712
New hires
75,000+
Behavioural and Technical -
training person-days for the workforce
Governance
60 Voltas Limited
Nurturing Natural Capital Using 3Rs:

Reduce, Recycle, Reuse
Natural Capital- Environment
Voltas has set an ambitious objective to achieve carbon neutrality and water
positivity in its operations, reflecting its strong commitment to sustainability. Voltas’
comprehensive ‘To Do List’ encompasses several key areas: adopting cleaner energy
sources, enhancing energy efficiency in products, promoting sustainable products
and services to customers; establishing sustainable supply chain; optimizing waste
recycling and reuse; prioritizing health and well-being; and leveraging technology and
digitalization. Additionally, the Company has revamped its Enterprise Risk Management
(ERM) framework to include ESG (Environmental, Social, and Governance), highlighting
its recognition of the importance of sustainable practices in mitigating risks.
Our Areas of focus
Energy Usage and Reducing Water Waste

Generation Consumption Management
Reducing Investing in
Emissions New Technology

Promoting Energy Efficiency with Our Products
Voltas: For a Cooler, Greener Tomorrow

Under commercial air conditioning, the VXV 6 series offers the industry’s highest energy efficiency in cooling and heating by
utilizing all DC Inverter compressors.
Under commercial refrigeration, the Company’s combo cooler enables energy savings of up to 40%.
The air-cooled chillers utilize multiple compressors in most models with independent refrigerant circuits. The microprocessor
controller ensures that only the required number of compressors operate during part-load conditions, thereby saving power.
Voltas’ Maha adjustable AC has a unique adjustable mode that can run on multiple tonnages (0.7/1.2/1.5/1.7/2) depending on
ambient temperature or the number of people. Thus, saving electricity costs due to energy efficiency.
Voltas uses zero ODP refrigerants for room air conditioners and promotes the sale of more energy-efficient products, for example,
inverter ACs.
62 Voltas Limited
Efforts towards Environmental

Management
Waste Management
Voltas strongly emphasizes its environmental commitment by
actively implementing the 3R approach: Reduce, Reuse, and
Recycle. The Company proactively manages factory waste, carefully
tracking and segregating hazardous and non-hazardous materials
for appropriate disposal. Voltas is dedicated to minimizing waste
generation and maximizing opportunities for recycling and reusing
as part of its ongoing efforts
Zero-liquid Discharge Plant
The Company’s factory in Waghodia, Gujarat, has a zero-liquid

discharge plant which recycles wastewater and reuses this
treated water for internal purposes.
Initiatives to Replace Plastic Items from Offices

and Branches
To manage plastic waste, the Company has limited the usage of

packaged mineral water. At the Corporate office it has replaced
conventional tea bags with biodegradable tea bags.
Reuse of Waste Wood
Discarded or unused wooden pallets are repurposed to create

furniture within the Company’s factory, minimizing waste and
promoting sustainable practices.
Electronic Waste Management
To meet the e-waste collection targets set by the Central

Pollution Control Board (CPCB), Voltas has established
partnerships with Producer Responsibility Organizations (PROs).
Through buy-back programmes, the Company collects e-waste
from various sources such as offices, plants, and customers. This
collaborative effort ensures the proper recycling and disposal of
e-waste, adhering to the necessary environmental regulations.

Water Management
Voltas emphasizes water management for implementation of
practices and strategies to preserve, protect, and optimize the
utilization of water resources. The Company firmly recognizes
that effective water management is crucial for maintaining the
sustainability of water – an indispensable resource, vital for life
on this planet.
To accomplish its water conservation objectives within its

service offerings, Voltas, through its 100% wholly-owned
subsidiary (UMPESL) is implementing eco-friendly technologies
that facilitate the complete recycling of treated water. The
Company has collaborated with technology experts to
enhance treatment efficiency and reduce operational costs.
In India, Voltas has successfully executed several raw water
treatment plants, catering to both municipal and industrial
sectors, with capacities ranging from 36 to 225 MLD. Currently,
UMPESL is constructing eight additional water treatment
plants, with capacities ranging from 6.5 MLD to 53 MLD, as
part of rural water supply projects in Odisha. The primary aim
is to ensure access to clean drinking water for every household
within the project area, and these projects are nearing
completion.
When it comes to managing its own operations, Voltas

is actively engaged in promoting sustainable water
management practices. The domestic water consumed by
the Company’s AC and CR factories in Pantnagar is directed
to the common Effluent Treatment Plant (ETP) in the SIDCUL
(State Infrastructure and Industrial Development Corporation
of Uttarakhand Limited). Furthermore, the Company’s
Commercial Air conditioning factory in Waghodia operates as a
zero-liquid facility, emphasizing Voltas’ commitment to efficient Water treatment plant
water usage and conservation
Key Elements
Water conservation, consumption and distribution with water-saving initiatives
Water quality management: Monitoring and controlling water quality to ensure its safe use for various purposes
Integrated water resources management: Coordinating water management activities across all of the Company’s business
verticals and stakeholders to ensure a holistic and sustainable approach
64 Voltas Limited
Being a Catalyst And Helping Clients

Towards Climate Change Mitigation
Progress on the Renewable Energy

Front During 2022-23
Paradigm Shift towards
Order Booked Sustainability
33 MW DC, Sembcorp, Gangavathi Ph-II, Karnataka Amid numerous societal challenges such
as climate change, economic crises, water
pollution, the rise of diseases, overconsumption
of resources leading to unmanaged waste,
Solar Projects Commissioned and human rights violations, the pursuit of a
sustainable future has become essential. As
27 MW DC, Sembcorp, Gangavathi Ph-I, Karnataka
part of its broader sustainability objectives,
225 MW DC, Azure, Bikaner, Rajasthan Voltas is committed to achieving its aspirational
300 MW AC, Azure, Bikaner, Rajasthan goal of Net Zero for Scope 1 and 2 emissions
in its operations. The Company’s upcoming
300 MW AC, SBE/Adani, Hapasar, Rajasthan expansions will prioritize sustainability as a
fundamental aspect of its business practices
and construction methods. Furthermore,
Voltas is actively working towards establishing
Solar Projects Handed Over
sustainable supply chains, recognizing
225 MW DC, Azure, Bikaner, Rajasthan
that collaboration serves as a catalyst for
300 MW AC, Azure, Bikaner, Rajasthan driving change, particularly in the realm of
sustainability.
Voltas values its workforce as one of its most

Projects Completed valuable assets and believes employees are
70 MW DC Fortum Retrofit project key drivers of sustainability in their respective
roles and departments. To reinforce this belief,
23.5 MW DC MMEPL project
the Company plans to enhance employee
engagement and provide comprehensive
training on various aspects of Sustainability/
ESG (Environmental, Social, and Governance).
Voltas aims to foster a collective commitment
to sustainable practices throughout the
organization by empowering its employees
and promoting their understanding of
sustainability.

Towards Making a Better World
As a Company that also operates within the consumer durable industry, Voltas thrives in
challenging weather conditions and adapting to changing industry dynamics through
innovation. The Company has expanded into new markets by consistently exceeding
customer expectations with energy-efficient products and enhanced its existing offerings.
The Company’s commitment to simplifying customers’ lives with sustainable solutions and
improving their living spaces is reflected in recent media stories highlighting its innovative
approach.
COVER STORY
COVER STORY COVER STORY

COVER STORY
W
ith humble beginnings
in
1954, Voltas Limited
has
evolved into a premier
air
conditioning, engineering
solutions provider, and
projects specialist
company carving out
a niche for itself both
in the Indian market and
beyond.
A partnership between
M/s. Volkart
Brothers of Switzerland
and Tata Sons Pvt.
Ltd. led to the formation
of the company,
hence, the name Voltas
Limited. Tata
Sons acquired M/s.
Volkart Brothers’
Engineering & Import
Division in India
through the partnership.
Today, Voltas Limited
– a part of the
Indian multinationa l conglomerate ,
Tata Group – has
operations in India,
UAE, Qatar, Oman,
Bahrain, Singapore,
and KSA. It is also
present in the home
appliance segment through
its 50:50 joint
venture with Arçelik
(VoltBek).
MEP Middle East had
the
to interview Voltas Limited’s opportunity
MD and CEO
Pradeep Bakshi –
an avant-garde with
close to three decades
of experience in the
consumer durable industry
– and gain some
insight into the firm and
the widely diverse
demographic it serves.
A TALE OF SEVENTY
YEARS
“Our journey can be broken
down into three
parts,” Bakshi says.
“The first part is the
inception of the company
in the 1950s which
was followed by 40 years
of unchallenged
leadership when factories
and manufacturing
lines were being set up.
The second phase
began in 1993 when
a lot of multinationals
came to India and we the
lost out our leadership too,” answers Bakshi, suggesting that
position for more than the economic growth journey of this region
“We slid from the
a decade. company’s services and portfolio of work
and the industry at large.”
to the number seven
number one position make it the preferred choice in the market.
position during this
period. And then came
phase three in 2005 STAYING AHEAD OF THE CURVE
TECHNOLOGY
when the new management
came in and the The competition is fierce with many is constantly shaping
Technology
baton was given to us to companies competing and new entrants
change the fortunes one the MEP industry, creating innovative
of the company,” says constantly entering the market. So, we
Bakshi as he talks solutions, and helping us rethink how
might ask – what makes Voltas Limited
STEERING
passionately and enthusiastica Wafi Hotel & Mall project, Dubai, UAE.
lly about “In GCC, a lot of investments have been build infrastructure, design cities
and
the company’s history international radar and in India,” Bakshi stand out from the crowd? the
spanning almost trusted with creating nine out of the thirty announced by the different governments. a consume energy. Keeping up with
seventy years. that Voltas Limited is not just a room
air
says. “Our focus has always remained “India is a growing economy with
new stadiums. These are testaments to the governments’ break-neck pace of technological innovation
“From 2006 until today, conditioner company but is also leading
in
customer-centricity. That’s what has been huge consumer base. People are looking
VOLTAS LIMITED
the its forward
we not only Voltas Limited also boasts a major commitment towards enhancing a can be difficult as it continues
regained our leadership the consumer durable space where it goes at the back of our minds since we began at entering the Indian market and taking
position back, but in international presence when it comes to their economic well-being of those geographies. are drive across the industry.
went on to become one by the brand name Voltas Beko – created in our transformation from a loss-making
to
have been share of the pie. More than 50 brands cognizant
of the most
brands in the air conditioning profitable projects business, having been involved KSA and UAE, especially, For Voltas Limited, remaining
partnership with a Turkish conglomerate a profit-making company. We continue
to available in India today but Voltas Limited in
space - not major projects across the Middle East
and creating benchmarks. In fact, they have of of the evolving standards and the trends
has already created a niche in the minds
TO NEW HORIZONS
– which includes refrigerators, washing we
only in India but the remain market leaders so much so that not
international market beyond, such as the Burj Khalifa, Mall of the been throwing open these opportunities the global market has proved helpful. “Our
as well. machines, microwave ovens, and
widened the gap between the number
one the consumer with our product offerings
Emirates, Hong Kong Airport, Hong Kong just for locals, but are also inviting people the R&D and manufacturing teams continue
“Today, we are overall dishwashers. Besides these, another major and number two players,” he adds. and services. Our market share is
more than a billion- in is Metro, and most recently, the Thomson- from outside of the countries,” responds sold to work around the clock, interrupting
dollar group with Voltas business that the company is involved Voltas Limited also brought innovation largest with one out of every four ACs
Limited being East Coast Line in Singapore. With
its Bakshi when asked about the MEP the smart technologies for our valuable
In an exclusive conversat one of the top ten companies that of projects. into the market by being the first one in India being a Voltas AC.
ion with Voltas Limited in the TATA headquarters in Dubai, the company has industry’s economic situation in the future consumers using the Internet of Things,
MEP Middle East editor group,” he adds. As part of the company’s domestic in India to tap into energy-efficiency “In the GCC too, we’ve been around is
Almas Tholot explores CEO Pradeep Bakshi, offices across GCC. in the region. four decades and carried artificial intelligence, and more. This
the seven-decade-long projects business in India, Voltas Limited in their products. He adds: “I see great potential in working for more than products and
our brought to the core of our
legacy of the company DIVERSE BUSINESS has been a part of some of the largest out several large projects. Because of as
PORTFOLIO STRATEGY in this region and we will continue to provide new services which helps both our products
Speaking about the iconic projects in India which include MENA MEP MARKET STATUS proven track records, not only are
12 MEP Middle East | January company’s diverse “If we talk about strategy and how
we the support that is required at our level. to well as project businesses to remain ahead
2023 business portfolio, Bakshi metro projects, hospitals, and large With an array of investments announced, clients approaching us but we continue
stresses the fact have remained relevant to the consumers We’ve been in this geography for forty years of the curve,” he adds.
buildings in major cities across
the
I’d Voltas Limited remains positive about
the to get repeated orders from our existing clients
and sustained our leadership position, and will continue to remain committed
www.mepmiddleeast.com country. For the Commonwealth games the growth of the MEP industry in the region.
www.mepmiddleeast.com was say we’re blessed with a great team on January 2023 | MEP Middle East 15
that India hosted in 2010, Voltas
www.mepmiddleeast.com
January 2023 | MEP Middle www.mepmiddleeast.com
East 13
14 MEP Middle East | January 2023
COVER STORY
COVER STORY
ENERGY EFFICIENCY of India’s office of the Ministry of
Data indicates that the construction Environment, Forest and Climate Change,
industry accounts for 40% of worldwide by using 70% less energy than conventional
energy usage and 40% of carbon dioxide offices with LED lighting and chilled
emissions. Despite concerted efforts being beam air conditioning. “We would like to
made towards green construction, energy replicate the same internationally. We’ve
efficiency is still a major concern. been working on several projects that target
Voltas Limited has been addressing the LEED Gold and LEED Platinum standards,
topic of energy efficiency by investing in and we are ready and have been offering this
technology in its MEP project segment. to our clients,” explains Bakshi.
“We have been using the infrastructure
which is smarter and enabled digitally PREFABRICATION
helping us save energy,” says Bakshi. Prefabrication offers advantages
“We have always remained ahead of over conventional construction
time. Today, the brand name “Voltas” is methodologies, especially for projects
synonymous with energy efficiency since executed in remote locations. Voltas adopted
we were the first ones to introduce it in the Modular MEP approach back in 2015.
the market. We also educate consumers on Bakshi explains: “Prefabrication is
energy efficiency as to how one can save absolutely at the bottom of our hearts. The
money by saving electricity,” he adds. off-site construction method offered us
Voltas was also the first to carry out a advantages in terms of space and cost. We
net-zero green building project in India – had better software abilities to work on the
the Indira Paryavaran Bhawan. It is India’s coordinated design for the prefabrication,
first on-site net-zero building located in New and integrated project planning was
Delhi, India. Voltas Limited transformed the made possible by doing it off-site and
Indira Paryavaran Bhawan, the Government with a nimble supply chain. These were
all instrumental and helped in doing our
Yas Water Park project, Abu Dhabi, UAE. activities on the prefab front which saved
us time and costs. Changi Water Reclamation Plant project, Singapore.
“Our idea was to innovate and remain
ahead of the industry, and this was
appreciated by all our clients since we
were able to hand over projects on time.
Innovation need not be only in the product,
innovation can also be in your ideas.”
SAUDI AR ABIA
Voltas Limited has always expressed
optimism about the Saudi Arabian market
and has been involved in several projects in
the kingdom.
“With the new administration, things
are shaping up afresh. Saudi Arabia is
developing fast and needs a contractor
like us to have the MEP work carried out
efficiently and smoothly. We’ve carried out
several large-sized projects in other Middle
Eastern countries, and want to replicate
those in Saudi Arabia,” says Bakshi.
He adds: “We are the top MEP contractor
in the region and remain to be reliable,
technically strong and trustworthy MEP
partners in GCC. We are committed and,
in Saudi Arabia, we look forward to signing Yas Mall project, Abu Dhabi, UAE.
up more contracts. My team has already
UAE is still space for Voltas to grow since a
been working on several other projects.
So, what lies in store for the company in lot of new projects are being announced
They are at the tendering stage and in the
the near future in the UAE? in the UAE. My team in the UAE is
next few months, I will be in a position
Voltas Limited began its Middle already involved in the execution of four
to share some more news with you on
Eastern journey in the UAE with to five large projects and several smaller
that front.”
the majority of its regional projects ones currently. We shall continue our
In Saudi Arabia, the company recently
carried out in the UAE. “Despite our growth strategy in the UAE and beyond,”
won a major water park project which will
major presence in the market here, there concludes Bakshi.
be mobilised shortly.
January 2023 | MEP Middle East 17

www.mepmiddleeast.com www.mepmiddleeast.com
16 MEP Middle East | January 2023
66 Voltas Limited

Prioritizing Employee Development
and Well-being
Work Culture
Voltas believes in empowering its workforce, driving transformation within the business,
and fostering diverse teams. The commitment is to create ample opportunities for the
Company’s workforce at all levels, enabling them to thrive and excel in their roles.
Focus Areas and HR Strategic

Pillars for 2021-28
30,800+
Person-days of SHE Training
Organization Design
Capability Building
Employee Engagement 9,600+

Total Rewards Number of Employees
Simplification & Digitalization
Employer Branding
Sustainability, CSR & Safety

75,000+
Employee Training Man-days
68 Voltas Limited
Building a Diverse Workforce and Talent Employee Well-being

Voltas firmly upholds the significance of a diverse workforce Voltas prioritizes the well-being of its employees, which is
across all levels. The Company adopts a comprehensive evident through the diverse initiatives undertaken by the
approach by developing internal resources and recruiting Company to safeguard their physical and mental health. The
fresh talents. As an equal-opportunity employer, Voltas strives HR team at Voltas extends support to employees in need of
to foster a culture where all employees can thrive, irrespective medical assistance. Moreover, the Company organizes Annual
of gender, age, or other distinguishing factors. By combining Health Check-up camps in its offices and factories. Additional
a diverse workforce, the Company aims to create an inclusive services such as access to doctors on call, a stress helpline,
environment that values and harnesses each individual’s health awareness seminars, and wellness tips are also provided,
unique strengths and perspectives. ensuring comprehensive support for employee well-being.
The Company prioritizes creating a secure and harassment-

free workplace. And so it conducts programmes at all Investing in Leadership
locations to promote gender equality, sensitivity, and redressal The Company has a strong learning culture focused on
mechanisms. These programmes are delivered through face- building new skills and capabilities. It creates personalized
to-face meetings and e-learning modules. The efforts are programmes and training for its workforce, and has even
supplemented by tools such as the POSH Manual, Classroom identified organizational trainings like technical, functional,
training, and E-learning portal, which have contributed in this leadership development, and culture-building programmes.
direction. Voltas recruits fresh talent from across the country to create a
robust frontline workforce through campus recruitments.
The Voltas Virtual Campus (VVC)
The Voltas Virtual Campus (VVC) is an engaging and easy-

to-use learning platform powered by Disprz LMS. It offers
unique collaborative features that make upskilling by
bringing fun elements for the Voltasites. The Company’s
Handytrain learning app helps bridge gaps and enables
employees, associates, contractors, and franchisee service
technicians to grow and develop new skills.
The app offers videos, local language support, smart

cards, messaging features, quizzes, surveys, e-learning
modules, and more, making it easier for colleagues to
share insights. Its speciality lies in enabling managers
20,000
to easily track the learning and development progress,
including assessment scores and course completion.
Workforce Trained with Digital platforms

Nirantar Privriddhi – How will Nirantar
The New Digital Enabler at Voltas Privriddhi Help Voltas?
The introduction of this new single-window digital repository
Learning & Knowledge Sharing
and data control system enhances the internal system at Voltas.
It provides employees with the opportunity to learn and share Business Process Management
knowledge and insights among colleagues. The platform is
Quality Assurance
designed to establish a strong digital ecosystem for knowledge
management, enabling everyone to contribute and share Innovation
their learnings. This initiative will greatly assist the Company
Replication of Ideas
in achieving process excellence, enhancing the customer
experience, and creating value. Continual Improvement
Value Creation for Stakeholders
Workforce Engagement
Workforce engagement, according to Voltas, encompasses
the Company’s commitment to creating a conducive
work environment. Voltas places great importance on the
satisfaction of its workforce, considering it a key indicator of
overall Company satisfaction. The Company believes that
effective communication, opportunities for growth, feedback
mechanisms, events, organizational improvements, rewards,
strong leadership, and fostering a positive work-life balance
are crucial factors in promoting workforce engagement.
Additionally, Voltas encourages the alignment of individual
and business goals to foster a sense of purpose and
accomplishment.
Capital Trade-off
Financial Employees Help teammates in

Human developing career
Capital Intellectual Customers Build a safe working
environment
Manufactured
70 Voltas Limited
Customer-First Approach
Social: Customers
The Company consistently strives to establish a comprehensive customer connection

across multiple channels, driven by emerging market trends. Various initiatives,
including expanding the dealer network, increasing the number of Exclusive Brand
Outlets (EBOs) and Experience Zones, and strengthening the online E-Commerce
platform (www.voltas.com), aim to provide customers with a wide range of choices and
enhanced convenience.
The Company’s engineering solutions business also has a strong and robust customer
outreach mechanism. The testimony of this is a strong order booking in domestic
business and multiple recognitions that Voltas has been receiving in the international
markets.
Focus Areas
Increase in the number of EBOs and Experience Zones
Building relationships with the customers
Proactive collaboration with industry and Government

Customer Satisfaction Approach -
Across Length and Breadth 1,700+
Service Centres
At Voltas, the Company offers multiple ways for customers to
raise service requests, ensuring a seamless experience. The
Company aims to make it easy for the customers so that they
keep coming back to buy its products.
93%
Customer Care Net Promoter Score (NPS)
Offer extended warranties, annual maintenance schemes,
and various accessories for its products
Diagnostic assistance to customers through WhatsApp and 110+

Interactive Voice Response (IVR) options Do it Yourself videos (DIY)
The Voltas count of customer appreciation was 3,894

till February 2023, with an increase of 140% YOY
72 Voltas Limited
The Next
To elevate customer care, the Company is fostering a mindset
Our Outstanding Focus on
that embraces the notion that the future of service is centred Customer Satisfaction has been
on ‘care’. Voltas’ approach is rooted in the ‘Serve, Care, Love’
philosophy. Additionally, the Company is in the initial stage of
acknowledged through various
implementing various initiatives, including slot management, Accolades, including:
ITI (Industrial Training Institute) training, voice bots, and
automated spare planning, to enhance convenience, skill TATA Business Excellence Group award for best
development, and efficiency in catering to its customers. These customer-centric practices
measures reflect the Company’s commitment to constantly Recognition from FLIPKART for achieving the Best
improving its services and providing the best possible NPS (Net Promoter Score) and Speed of Service
experience to its valued customers.
OHSSAI Safety Award for Safety
Awards from Regional Retail Counters for its

exemplary performance

Hit Campaigns
#Gharleaaopahadonwalisaafhawa
The campaign’s slogan, ‘Ghar le aao, pahadon wali saaf hawa,’ effectively conveys the idea of bringing fresh, pure air of the
mountains to your home by using Voltas’ new PureAir adjustable ACs. The campaign aims to resonate with consumers looking for
ways to improve the air quality in their homes and create a more comfortable and healthier indoor environment.
Overall, the ‘Ghar le aao, pahadon wali saaf hawa’ campaign appears to be a well-thought-out and impactful marketing strategy
for Voltas’ new PureAir ACs, and is likely to generate interest and sales for the Company.
Scan to watch
https://www.youtube.com/watch?v=7Rn_u5jgc30
#HumseDeshKiPehchaan
Voltas came up with a new digital film #HumseDeshKiPehchaan, to commemorate the 76th Independence Day of India. The
campaign aimed to honour the spirit of 300 million blue-collar workers in India. The film gives voice to the community of blue-
collar workers who have been relentlessly trying to skill themselves to a continual journey of being ‘AatmaNirbhar’, making India
stronger than ever.
Scan to watch
https://www.youtube.com/watch?v=KK2bCGvbtHo
74 Voltas Limited
Retail Branding
Innovative Initiatives
#VoltasKaFestiveMela - Experience zone, Prabhadevi
The campaign kicked off during Navratri, creating an unprecedented buzz for Voltas among consumers. During the campaign,
Voltas invited social media influencers to showcase the brand’s strengths and value proposition.
Scan to watch
https://www.youtube.com/watch?v=gJdoUa0U11w&t=14s
#Republic Day Celebrations - Experience zone, Bangalore
Commemorating India’s Republic Day celebrations,

Voltas organized a week-long showcase at its
Experience Centre located in Ulsoor, Bangalore. The
campaign witnessed influencers visiting the Ulsoor
Experience Centre and walking their audiences through
the entire product portfolio, showcasing a range of
futuristic products from Voltas and Voltas Beko.
Instore Promotions
The Festive Mela had a special treat in store for visiting customers. Visitors could upload images from the Experience Zone and define
their ‘World of Smart Homes’ by tagging @MyVoltas and @VoltasBeko on Instagram. The most innovative captions were chosen for
exciting prizes from Voltas.

Instore Branding
#WhatsNewInLajpat #ContestAlert
Voltas & Voltas Beko unveiled the new Experience Zone

at Lajpat Nagar, in New Delhi, the First Experience Zone in
South Delhi and Second in Delhi NCR.
Scan to know more

https://www.instagram.com/p/
CqYTTxoBr0S/?igshid=YmMyMTA2M2Y
Video Branding
#VoltasBekoDishwashers #HygieneWash
A new ad campaign for Voltas Beko dishwashers hits germs for
a clean sweep!
The YouTube campaign focuses on the power of the smart
solution for hygiene and offers an alternate option to
traditional cleaning methods. Check out the two videos below
that demonstrate the effectiveness of the product
Scan to see the video

https://www.youtube.com/watch?v=VLG71H08nb4
https://youtu.be/oKXe_vb7YoA
~ 2 Million
Views on YouTube
76 Voltas Limited
Capturing Our Digital Presence

Empowering Communities for the Future
Social: Communities
Voltas’ CSR endeavors follow an ‘Engage, Equip, and Empower’ approach, focusing on
addressing the needs of society in a sustainable manner, particularly reaching out to the
most marginalized sections at the bottom of the social pyramid. Affirmative Action is a
common thread for all the CSR initiatives of Voltas, where projects actively work towards
inclusion of SC and ST communities, women and People with Disabilities (PWD). With
every passing year, the Company strengthens its CSR interventions for optimum impact.
‘Giving Back’ CSR Implementing Partners

Giving back to the community is one of the commitments of
Voltas. The Company has designed its CSR framework based Tata Strive
on the Tata Ethos and community needs. There are three GMR Varalakshmi Foundation
verticals in the framework, namely: Care Foundation
(a) Sustainable Livelihood Greysym Learning Foundation
(b) Community Development Agnel Institute of Technical Training and

Entrepreneurship Development
(c) Issues of National Importance
Pratham Education Foundation
Coastal Salinity Prevention Cell
Employee Volunteering Action For Food Production
In 2022-23, 1,116 Voltas employees volunteered in 105 Alamelu Foundation

volunteering events of various kinds, clocking 2,947 Akshaya Patra Foundation
volunteering hours and reaching out to 3,365 beneficiaries. KARO Trust
Human Development Charitable Trust
Bethany Trust
Sir Ratan Tata Institute
₹ 14.60 crores
Spent on CSR Initiatives
78 Voltas Limited
Our Programmes
Sustainable Livelihood
Skill Development Centres, Pan India

Voltas has been aggressively pursuing skill development and training 23,000+
programmes for youth. It has established skilling centres and training facilities Individuals trained upto 2022-23
for both technical and non-technical training programmes across India in
collaboration with the various CSR Implementing Partners.
Technical Courses: Non-technical courses: 27

Plumbing Banking and financial services (BFSI) Skill development centres
Electrical connections IT-based services

Room air conditioning Nursing assistance
Central air conditioning Tailoring
Skill Development Centre, Thane

Recognition of Prior Learning (RPL) Project
RPL was started with the aim to promote technicians and
semi-skilled workers and help the existing workforce with
skill upgradation and certification. The RPL project was
implemented with support from Care Foundation and Greysym
Learning Foundation (GSLF). The curriculum includes Safety at
Work and Customer Care modules to help the trainees perform
their work more efficiently.
16,500+
Individuals trained upto 2022-23
Skill Development Centre, Panvel Skill Development Centre, Jamshedpur
80 Voltas Limited
Community Development
Supporting Education
Support for children in need of education in Mumbai: For the past four years,
Voltas has been providing financial assistance to a centre for children with
special needs. This endeavour includes providing instructional materials,
teaching aids, etc. 42 Schools
Mid-day meals
Voltas has also provided support for the refurbishment of classrooms at
Bai RFD Panday Girls School in Mumbai and Navjyoti Manovikas Kendra in
Jodhpur. Other care initiatives include providing mid-day meals to schools in
Waghodia, supporting skill development centres in Chennai, and supporting
libraries to fulfil book-reading needs in the digital era. 3.80 Lakh meals to
Mid-day meal, Waghodia and Panvel: Voltas provided mid-day meals to
42 schools surrounding Voltas’ plant at Waghodia through Akshaya Patra
Foundation. It also provided mid-day meals to 40 tribal children in the Raigad
2,700 Children
district through Bethany Society. This daily meal provision is an important

feature in ensuring continuum of education as well as ensuring nourishment
to these children.
School upgradation
Mid day meal Educational support to children with special needs

Supporting Healthcare
Health acts as a significant part of human lives. To take care of community health, Voltas undertakes initiatives that include:
Support to a cancer care hospital, Ranchi: The support was utilized towards establishing a comprehensive cancer care centre,
particularly for procuring medical equipment.
Treatment of cancer patients, Mumbai: Voltas has been supporting this project for the past four years. Under this, treatment expenses
for cancer patients from poor socio-economic conditions are covered.
The Company also carries out blood donation drives within the organization in collaboration with local hospitals across offices.
Issues of National Importance
One of the key projects under this vertical is the Participatory Ground Water Management and Sustainable Agriculture Project in the
Beed district of Maharashtra. Through this initiative, Voltas takes proactive measures to mitigate drought, manage groundwater, and
promote sustainable agriculture.
The Company initiated a project in six villages of Maharashtra in collaboration with Action for Food Production (AFPRO) to encourage
sustainable farming practices and implement strategic interventions to enhance farmer capacity and water resource management.
Another focus area for Voltas under this segment was implementing Integrated Sanitation Project in Waghodia. It has four
components: (a) Household Toilets (b) School Sanitation (c) Solid Waste Management (d) Menstrual Hygiene Management. The
Project was implemented in 10 villages around Voltas Waghodia Plant, emphasizing community participation and convergence with
Government programmes and schemes.
~5,000 900+ 300

Family Coverage No. of training sessions conducted on No. of toilets constructed
menstrual health and hygiene
1,800+ hectare 730+ million litres

Land brought under irrigation through water Water Harvested through the programme
conservation/harvesting initiatives
Alternative livelihood support Water harvesting structures
82 Voltas Limited
Women Empowerment
Voltas has added women-oriented courses such as Tally, nursing assistant, and BFSI.
To empower women battling divorce or domestic violence cases, a special initiative was launched in cooperation with the
Bandra and Thane Family Courts in Mumbai.
A Farmer Producing Organization (FPO) with four female directors has been formed.
Furthermore, women are supported with vermicomposting units as an alternative livelihood source.
Workshops are conducted to raise awareness about Menstrual Health Management (MHM) among women of various ages.
Providing water-connectivity support for daily chores of households in 10 villages.
Improved agricultural practices Farmer trainings
Key Priorities for the Next Year
Voltas has set a target of training and creating a pool of 45,000 technicians by 2025
Cultivating intellectual capital using training modules
Emphasizing skill-building programmes through affirmative action
Developing entrepreneurship
Fostering collaborations with NGOs, NSDC, and Sector Skill Council
Increasing value by concentrating on safety, client service, soft skills, ethics, and values
Capital Trade-off
Financial Employees Create long-term

wealth
Manufactured Customers Enhancing local
Natural
Capital production
Government
Social welfare growth
Shareholders
Vendors

Board and
Governance
Our Strong Foundation

for Effective Governance
Governance Framework SHE Policy - Safety, Health and
Voltas has a strong governance framework that consists of Environment
a system of rules and practices designed to ensure smooth The SHE Policy (Safety, Health, and Environment) is a
functioning across the Company. It prioritizes transparency performance enhancement policy that promotes a healthy
in its practices, while maintaining confidentiality, impartiality, and safe working environment. It helps the Company reduce
and fairness in handling concerns. These practices help work-related injuries, fatalities, diseases, disasters, and loss of
the Company in maintaining balance and create value for assets. Voltas has also adopted technology and innovation to
its management, shareholders, financiers, Government, improve the strategic guidelines and operational management
customers, suppliers, and the community. processes for the Company’s quality, safety, occupational
health, environmental preservation, and sustainable growth.
Policies and Programme The SHE Policy is communicated to all employees, customers,
Voltas is committed to maintaining the highest standards of and stakeholders and is understood across all levels of the
ethical conduct and integrity in all of its business dealings. To Company through regular training, communication, and
this end, Voltas has established a comprehensive compliance reinforcement in internal meetings and management review
programme that includes a range of policies, frameworks, and forums.
training programmes. The aim of the programme is to promote
ethical behaviour while ensuring compliance with laws, Board committeeS
regulations and Company policies. This programme is regularly
Audit Committee
reviewed and updated to keep pace with the constantly
changing business environment Corporate Social Responsibility Committee
Investment Committee
Policy- Building Healthy Work Culture
Whistle Blower Policy Risk Management Committee
Voltas has adopted a Whistle Blower Policy as required Shareholders Relationship Committee
under Section 177(9) of the Companies Act and SEBI Listing Safety-Health-Environment Committee
Regulations. The policy allows employees, directors, business
Project Committee
associates, channel partners, or customers of the Company to
make a protected disclosure related to matters concerning the Nomination and Remuneration Committee
Company or any other Tata Company.

Taking the Flight with Confidence
Risk Management
Voltas has adopted a consistent framework and standard process to ensure

a coordinated and integrated approach to managing risks & opportunities
across the Company. This lays the foundation for establishing a risk-aware
culture with independent, proactive and systematic risk management
involving clearly defined roles and responsibilities, principles, standards,
methods, templates and training measures. The Company has developed
and implemented a robust Enterprise Risk Management (ERM) Framework
by engaging a global consulting firm for benchmarking with leading
international risk management standards such as ISO 31000 and the
Committee of Sponsoring Organization of the Treadway Commission (‘COSO’).
The ERM Framework intends to reinforce the commitment of Voltas to
effectively identify and manage the existing and emerging risks and harness
the underlying opportunities while safeguarding the business value to
achieve the Company’s strategic objectives. Voltas intends to develop and
maintain a robust risk governance mechanism to facilitate risk-informed
decision-making by leveraging a fully integrated ERM Framework.
ERM Framework
The principal objective of Voltas ERM framework is to formulate a resilient and robust methodology to identify, manage and mitigate
key enterprise, business segment and functional risks. The ERM framework clearly defines the roles and responsibilities of key ERM
stakeholders, along with standard reporting templates, for effective reporting and monitoring of risk profiles across the Company.
86 Voltas Limited
Risk Management Process
Voltas conducts a rigorous risk identification exercise linking strategic business plans and emerging risks,
Risk Identification considering an ever-evolving business landscape. Various risk identification techniques are leveraged across
functions and business segments to conduct an ongoing risk assessment based on business operations.
Once identified, the risks are evaluated using the standard risk assessment scale to ascertain their risk
exposure levels, i.e., potential impact, the likelihood of occurrence, and risk velocity. These risks are further Risk Assessment
classified into Critical, High, Medium and Low based on their overall assessment score.
Based on the outcomes of risk assessment and risk rating scores, risk prioritization is done considering
the potential consequences for the Company if the risks were to materialize, the likelihood of those risk
Risk Prioritization
events occurring and the speed with which the risk may affect Voltas. Risk prioritization enables optimized
deployment of the Company’s resources for effectively managing risks that matter.
Relevant risk response strategies and controls are defined for the identified risks based on exposure
vis-à-vis the Company’s overall risk appetite. Risk responses are devised to reduce the potential impact Risk Response
or the likelihood of risk occurrence.
Risk Monitoring Risks and defined response action plans are regularly assessed, updated and reported at appropriate
and Reporting levels within the Company to maintain ongoing oversight.
Forex risks
The Company has a well-defined and continuously monitored forex policy for hedging currency exposure in place. The Company’s forex
policy guiding it to ensure that atleast 25% of its subsequent three months exposure remains hedged alongwith its initiative of conserving
earnings in foreign currency in Exchange Earners’ Foreign Currency (EEFC) account, helps the Company reduce the severity of impact of steep
currency depreciation we that it witnessed during the year.

The People Guiding Our Journey
Noel Tata Pradeep Bakshi

Non-Executive Chairman Managing Director & CEO
C C M M M M M
Vinayak Deshpande Debendranath Sarangi

Non-Independent, Non-Executive Independent Non-Executive
Director Director
C C M M M
Bahram N. Vakil Anjali Bansal

Independent Non-Executive Independent Non-Executive
Director Director
C M M M M M
88 Voltas Limited
Arun Kumar Adhikari Zubin Dubash

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

Corporate Information
Chairman SHAREHOLDERS RELATIONSHIP BNP Paribas

COMMITTEE Kotak Mahindra Bank
Noel Tata
Chairman ICICI Bank
Managing Director & CEO
Axis Bank
Pradeep Bakshi Noel Tata
HSBC Bank Limited
Members
Directors OVERSEAS
Vinayak Deshpande Bahram N. Vakil

Emirates NBD Bank PJSC
Pradeep Bakshi
Debendranath Sarangi HSBC Bank Middle East Limited
CORPORATE MANAGEMENT First Abu Dhabi Bank
Bahram N. Vakil Doha Bank
Managing Director & CEO
Anjali Bansal HSBC Bank Limited
Pradeep Bakshi Abu Dhabi Commercial Bank
Arun Kumar Adhikari
Chief Financial Officer
BNP Paribas
Zubin Dubash National Bank of Oman
Jitender Pal Verma Bank Sohar
Saurabh Mahesh Agrawal
Chief Human Resources Officer Dukhan Bank
Chief Financial Officer Bank Muscat
Narendren Nair
Al Masraf
Jitender Pal Verma
Chief Executive Officer, Voltbek Arab Bank
Head– Taxation, Legal & Company
Home Appliances Private Limited Citibank
Secretary
Saudi British Bank
Jayant Balan
V. P. Malhotra REGISTERED OFFICE
Head – Merger & Acquisition
AUDIT COMMITTEE
Voltas House ‘A’,
Dinesh Singh
Chairman Dr. Babasaheb Ambedkar Road,
SOLICITORS Chinchpokli,
Zubin Dubash
Mumbai - 400 033
Messers Mulla & Mulla & Craigie
Members
Blunt & Craigie Blunt & Caroe SHARE REGISTRAR
Debendranath Sarangi
AUDITORS TSR Consultants Private Limited
Arun Kumar Adhikari C-101, 1st Floor, 247 Park,
S R B C & CO L.L.P.
NOMINATION AND REMUNERATION
Lal Bahadur Shastri Marg,
Chartered Accountants
COMMITTEE Vikhroli West, Mumbai - 400 083
BANKERS IN INDIA Tel: +91-22-6656 8484
Chairman
Fax: +91-22-6656 8494
State Bank of India
Bahram N. Vakil Email: csg-unit@tcplindia.co.in
Bank of India
Members Punjab National Bank
HDFC Bank
Noel Tata
Citibank N.A.
Anjali Bansal
Voltas Experience Zones
Management
Discussion and Analysis
94
Economic Review
95
Business Overview
107
Financial Performance
112
Risks and Concerns
114
Human Resource
114
Internal control systems
and their adequacy
Global Economy an improvement in labour market conditions, particularly in the
formal sector; increasing consumer confidence; an expected
Despite witnessing major challenges in 2022—Omicron, recovery in rural demand; and higher purchasing power with
conflict between Russia and Ukraine, extraordinary global moderating inflation.
monetary tightening, and the China slowdown—the global
economy did better than expected. The Euro area steered clear The investment cycle is expected to strengthen further,
of deep economic contraction while the US economy remained supported by higher private capex and the Government’s
more resilient than expected. Strong private sector balance continued focus on capital spending. A pickup in private capex
sheets provided a meaningful buffer against a significant will be led by healthier balance sheets of companies and banks
downturn in 2022. along with improving capacity utilization in manufacturing.
While slowing global growth will drag exports, India’s rising
Looking ahead, the global economy will remain fragile in the share in global manufacturing exports will provide some
next fiscal. As per IMF’s latest World Economic Outlook report cushion as will the growth in services exports. Key risks to India’s
(April 2023), global growth is expected to moderate to 2.8% in growth outlook include a significant tightening in financial
2023 from an estimated 3.4% in 2022. conditions to contain high inflation, a sharp rise in commodity
Emerging markets (EM) are set to outperform developed prices and protracted recessionary tendencies in DMs.
markets (DM) in 2023, following two years of developed market
outperformance. EM outperformance is expected to be led by
international Growth
a recovery in China on the back of its exit from its zero-Covid
policy and relatively strong growth in India and Indonesia, Markets of Voltas
supported by domestic demand.
MENA
Most DM central banks raised policy rates at an unprecedented
pace in 2022. The US Federal Reserve raised the policy rate by As per IMF’s latest World Economic Outlook report (April 2023),
a cumulative 425 bps to 4.25% - 4.50% in 2022, the fastest pace the Middle East and North Africa (MENA) region is anticipated
of tightening since the early 1970’s. As the inflation peaks, major to grow by 3.1% in 2023. The global environment presents great
DM central banks are expected to slow their pace of rate hikes. opportunities for Gulf Cooperation Council (GCC) countries and
That said, as inflation is expected to remain above central banks’ developing oil exporters, as oil and gas prices continue to be
targets, policy rates will remain higher for longer. significant sources of export earnings and fiscal revenues.
UAE
indian Economy UAE’s GDP is forecasted to grow by 3.5% in 2023 as against
As per IMF’s latest World Economic Outlook report (April 2023), 7.4% in 2022. Being a major beneficiary of the higher oil prices,
India’s growth is expected to slow down to 6.1% in 2023-24 UAE is expected to be favourably positioned to counter the
from ~6.8% in 2022-23 (estimated) due to tightening financial economic challenges posed due to the geo-political tensions.
conditions and global headwinds. Still, India’s growth outlook With sanctions being imposed on Russia, countries are turning
remains solid on strong domestic fundamentals such as a to the Middle East as a partner of choice to meet their energy
relatively low level of inflation compared to the DMs, a prudent demands. UAE is also reaping the rewards of its timely response
monetary and fiscal policy mix and as a consequence of several to the COVID-19 pandemic and is focusing on improving its
reforms carried out in recent years, in addition to political non-oil GDP.
stability. Indeed, India will continue to be the fastest growing
major economy for the third consecutive year. QATAR
India’s growth outperformance is expected to lead to strong Qatar’s GDP is expected to grow at slower pace of 2.4% in 2023
domestic demand, partially offsetting the impact of global as against 4.2% in 2022. The country’s growth is anticipated
headwinds. Consumption growth will remain healthy, to be driven by fixed capital formation due to investment
supported by a sustained recovery in consumer services (retail activity, especially in the country’s Liquified Natural Gas (LNG)
sales, hotels and restaurants, transport and communications); infrastructure. Having received the opportunity to host the
94 Voltas Limited
prestigious FIFA World Cup, Qatar is also expected to benefit Voltbek Home Appliances Private Limited (Voltbek) is a joint
from increased tourism activity.. venture with an equal partnership between Voltas and Arçelik
–one of Europe’s largest household appliance manufacturers.
SAUDI ARABIA This partnership has enabled Voltas to leverage Arçelik’s
Saudi Arabia is the world’s 18 largest economy, and grew by robust R&D capabilities and combine them with Voltas’ strong
8.7% in 2022. However, its growth is expected to be slow (3.1%) distribution network. As a result, Voltas Beko has become one
in 2023 because of the decision taken by the Organization of the fastest-growing brands in India. Voltas Beko brand has
of Petroleum Exporting Countries (OPEC) and its allies to sold over 3.3 million units of Home Appliances, including
reduce oil output. Nevertheless, structural reforms to improve Refrigerators, Washing Machines, Microwaves and Dishwashers,
the business environment are expected to catalyse private thus becoming one of the first few new brands to reach this
investment and ensure robust non-oil growth. landmark in a short tenure.
Source: IMF World Economic Outlook report (April 2023) Voltas has also established a strong foundation in efficient
engineering and is responsible for creating sustainable solutions
for turnkey projects both, in Indian and overseas markets and
Business Overview benefits from providing engineering solutions to a diverse
As an integral member of the Tata Group, Voltas has established range of industries – Rural Electrification, Textile Machinery,
itself as a leader in India in cooling products, and prides itself Mining and Construction Equipment, Water Management and
on being the country’s No.1 Room Air Conditioner brand. Treatment and several more.
Moreover, the Company has a diversified footprint in other
In the face of a turbulent global scenario, Voltas has exhibited
business domains, including Engineering Products and
its resilience. The Company’s leadership in the Unitary Cooling
Electromechanical Projects and Services. The Company has
Products business, and strong execution track record in the
maintained its market leadership over the years by consistently
Projects business have enabled it to navigate through macro-
delivering high-quality products to its customers. Voltas
economic challenges such as rising input costs and tightened
maintains its market positioning in India and in the MENA
consumer spending.
region.
Range of Consumer Durables from Voltas & Voltas Beko

Unitary Cooling Products
Room Air Conditioners (RAC)
During the year, Voltas observed strong market demand

for ACs with higher star ratings and also successfully
increased the sales volume of air -conditioners’ in the
inverter category. This was made possible with the support
of the Company’s expanded portfolio of SKUs with better
features and strategic pricing. Voltas’ success in the Inverter
Split AC category also prompted the Company to recently
launch the inverter Window category. With a year-to-
date market share of 21.6%, Voltas continues to hold the
undisputed top spot in the overall AC market. The Company’s
market leadership is expected to be further reinforced by the
growth of its exclusive brand outlets and active engagement
with various channels and channel partners across the
country’s length and breadth.
Opportunities and Outlook The Company is setting up a backward integrated

manufacturing facility in South India in line with the
The Indian Room Air Conditioner Market is expected to reach
Government’s policy of promoting ‘Make in India’. The
USD 5 billion by 2027-28, with a CAGR of ~10%. Voltas, being the
Government’s Production Linked Incentive (PLI) scheme, which
industry leader with a market share of 21.6% (2022-23) in this
the Company has availed of, has provided traction for the
segment, is expected to be at the forefront of this growth. The
industry to establish manufacturing capacities across India.
Company’s superior product range, distinct brand positioning,
and extensive channel network will allow it to capitalize on
several trends forecasted to shape the Industry’s future.
We continue to remain very optimistic on the Room Air

Conditioner (RAC) business which will reap the benefits of the
growth drivers, including hotter summers, rising disposable
incomes and aspiration for a better lifestyle. Easy access to
consumer finance has provided a much-needed boost to this
category and will continue to do so in the future.
Household consumption was resilient and rural demand is

expected to pick up in the coming years on the back of stability
in the overall macro-economic environment, including tapering
of inflation and higher consumer confidence.
96 Voltas Limited
Air Coolers Opportunities and Outlook
India’s Air Cooler market is expected to exhibit a CAGR of 7.4%

during 2022-27 period on the back of rising disposable income
in the country. Moreover, with increased encouragement given
to organized channels, Voltas is expected to harness several
opportunities to cater to the increasing demand for air coolers
in the coming years. The benefits of air coolers are not limited
to the higher air quality but also the energy efficiency it delivers
to users. Dry weather conditions and growing pollution levels
The Air Cooler segment is a key product line extension across various cities make air coolers an attractive customer
strengthening Voltas’ positioning in the cooling products proposition.
industry. The expansion of SKUs across all product categories
and the implementation of distribution and dealer
schemes have facilitated increased market penetration
for the Company. Thereby, creating a positive outlook for
upcoming operations and revenue. A 7.2% market share in
this aggressive and fragmented market has improved Voltas’
total profitability in the category.
As an alternative to air conditioners, air coolers are

increasingly popular among the growing lower middle class,
which allows Voltas to compete in a high-growth market
segment. In a country where many areas have a limited
power supply, an air cooler ensures that it remains an integral
part of many households. The Company’s investments in the
air cooler business coupled with incentive schemes directed
towards primary sales and expansion of channel footprints,
have allowed this vertical to grow by 27% during the year
under review.
Range of Air Coolers from Voltas

Commercial Refrigeration Opportunities and Outlook
Commercial Refrigeration market size for the categories, the

Company operates, is projected to expand at ~9% CAGR till
the financial year 2025. Voltas had the opportunity to leverage
the strong network it has established over the years to foster
the growth of commercial refrigeration products. The stringent
regulations surrounding the pollution caused by refrigeration
will provide a better scope for innovation. Fluorocarbon
The Commercial Refrigeration segment continued its growth
refrigerants adversely affect the ozone layer. However,
journey during 2022-23 and introduced many new SKUs.
environmentally sustainable practices worldwide have resulted
With the doubling of our capacity at the Waghodia Plant at
in the development of increasingly efficient mechanisms, in the
Vadodara, Gujarat, Voltas will be in a sweet spot to launch
field of hydrocarbon refrigerant. Voltas has already introduced
a number of consumer-focused products with enhanced
the hydrocarbon refrigerant (R290) in the largest volume
features. Further, with the long-term goal of maintaining
category (Freezers/Convertibles/Glass Top/Chest Coolers)
market leadership, the Company is expanding its product
and is working towards the application of Next-Generation
portfolio to include Medical Refrigeration equipment.
Refrigerants for all our product range.
The growth for this segment arises from the growing demand
for frozen foods as dietary preferences have evolved with Threats
rapid urbanization, fuelled by the consumption of impulse
The global geo-political tensions have caused significant
goods such as ice-creams, chocolates and beverages. After
impacts across various businesses, resulting in rising input
witnessing a strong recovery with the resumption of post-
costs and supply chain disruptions. In addition, the global
pandemic normalcy, the segment has demonstrated high
policy measures such as interest rate hikes to control inflation
growth of 26% in volume.
resulted in weakened consumer sentiment. The Company’s
strong brand image and market leadership have allowed it
to navigate turbulent times. Voltas’ constant focus towards
customer centricity, extensive distribution network and
strategic localization have allowed it to remain a market leader
across the majority of categories in the cooling industry.
Wide Range Of Commercial Refrigeration Products Designed For Indian Needs
98 Voltas Limited
Commercial Air Conditioning (CAC)
Voltas is a prominent player in the commercial air

conditioning segment and this business encompasses air
conditioning needs for both, human comfort and industrial
applications. Due to the Company’s equitable distribution Opportunities and Outlook
network, the synergy between RAC and CAC enables Voltas
to have a comprehensive presence in all market segments. As the economy gradually recovers, the CAC segment is
CAC business includes sales of various cooling systems, such expected to play an increasingly essential role in driving both,
as VRF systems, Chillers, Ducted units, Light Commercial the Company’s top line and bottom line. The need for comfort
units for comfort cooling, Vapor Absorption Machines, LTR and demand for cooling across industries is increasing with
systems for process cooling, in addition to Customer Care every passing day, coupled with significant awareness and
and Retrofit business. From small to big commercial settings, focus on carbon reduction. Voltas is creating new benchmarks
commercial air conditioning is utilized to chill, heat, and in improving efficiencies and safety features in the product and
dehumidify the air. Commercial Air Conditioning units can service offerings.
be used in offices, shops, cafes, restaurants, schools, leisure
centres, gyms and other commercial properties to maintain
a comfortable temperature and air quality for customers or
employees in summer and winter.
Voltas is planning to leverage digitalization in approaching
customers and making them aware of its products and
services. Voltas also intends to leverage digital tools to deliver
enhanced value to customers while increasing the efficiency
of its products and services and reducing carbon emissions.
In addition, to fortify its network, Voltas has rolled out a new
and improved channel partner policy and implemented
digital tools and carbon emission reduction measures.
Range of Commercial Air Conditioners from Voltas Waghodia Factory, Pantnagar

Electro- mechanical projects and services
International Operations Business Group (IOBG)
Voltas has a proven track record of executing large scale plants, and utility plants, water treatment solutions, irrigation
complex projects for over 4 decades in the overseas markets. and landscaping and solar power systems. Voltas has set up
The Company is one of the premier MEP contractors in the GCC a MEP prefabrication - Modular Solutions Factory at Jebel
countries, primarily focusing on UAE and other countries such Ali, Dubai, serving the region through various contractors.
as Oman, Qatar and Bahrain. The Company also has a strong foothold in the UAE’s Facility
Management / Operation & Maintenance work.
We have won several awards in the Middle East on the strength
of engineering prowess, safety practices and superior execution The Company exercised caution due to geopolitical
skills. Recently, the Company also ranked #1 in MEP Contractors uncertainties coupled with higher commodity prices, and
List 2022. has adopted a selective bidding approach.
Voltas specializes in MEP, electro-mechanical works comprizing
HVAC, electrical systems for buildings, plumbing, firefighting,
ELV and specialized systems, building security, district cooling
Qasr Al Hosn
100 Voltas Limited

Opportunities and Outlook Voltbek Home Appliances Private

The GCC will witness continued economic growth driven by Limited (Voltbek)
the Government’s initiatives in the Kingdom of Saudi Arabia The home appliances industry is among the fastest-growing
(Vision 2030), Qatar (National Vision 2030) and Dubai (Dubai sectors in the Indian market. This growth is driven by both
Economic Agenda ‘D33’). Investments are expected in many large and small appliances. Further, the evolving nature of the
infrastructure projects such as roads, tunnels, water distribution, community, changing lifestyles of Indian consumers, nuclear
district cooling, sewage treatment and power distribution. The families, single-person households, advanced technology
Company is well-positioned to leverage its strengths to exploit products and migration of the population have created large
these upcoming opportunities and selectively become a part markets for this product segment.
of all the major projects. Very recently, the Company bagged
the prestigious MEP project at Qiddiya Water Theme Park in the Voltbek continues to combine the technical expertise of Arçelik
Kingdom of Saudi Arabia. and the brand and distribution strength of Voltas, to expand
its presence in Indian households. Further to gain market
The Company will continue to focus on MEP, district cooling share in the low penetrated market, Voltbek is manufacturing
plants with chilled water network, installation and maintenance ‘Made in India’ products in Sanand and focusing on expanding
of sewage treatment plants, including network management, distribution in the organized trade network, especially in the
water storage (pumped) distribution and automation. South and West India’s market.
Threats The strong focus of Voltbek in offering state-of-the-art

innovative products ensures that it remains a popular choice
Solvency issues related to the Main Contractors could lead to
in households and allows it to develop more energy-saving
disruptions and delays in the project execution and exposure
consumer durable goods, which will become an increasingly
to credit risk. Moreover, arbitrary actions, violating the spirit
preferred option in the years to come. Voltbek has recently
of contractual terms and conditions, including encashment
launched a fully automatic top load Washing Machine with
of bank guarantees issued by the Company to the Main
heater which has had a good response.
Contractors could significantly impact the profitability and
liquidity of the Company. The in-house manufacturing of products allows the business
to produce customer-centric products with high quality and
Unavailability of skilled labour in the host country, in compliance
comfort. To scale up the business, certain initiatives have been
with localization or demographic profile requirements, may
taken up: installing full-scale manufacturing of the largest
lead to reduced productivity and higher costs.
refrigerator category DC (Direct Cool), and the fastest-growing
Disruptions in global supply chains and fluctuating commodity Frost-Free (230L - 270L) refrigerators at the Company’s Sanand
prices may pose a threat to the business profitability. Further, factory. Voltbek is attempting to create a USP by producing
the impetus on local manufacturing and the in-country value technically advanced products with a good value for money
approach may impact business. proposition. In addition, it aims to expand its reach and

penetration by focusing on Organized Retail and increasing Universal MEP Projects &
reach and extraction from distribution channels. Voltbek is also Engineering Services Limited (UMPESL)
focusing on E-commerce channel platform and developing a
wide range of ‘Made in India’ products with rich features across Infrastructure solutions
categories and capacities.
Opportunities
India is being viewed as an increasingly promising opportunity

for the electrical goods market. This is backed by changes in
Voltas’ expertise gained over the years allows it to
the structure of the Indian population coupled with favourable
contribute to nation-building. The Infrastructure Solution
Government policies, which has set up an exponential growth
business which was transferred during 2022-23 from
trajectory for industry players. Moreover, the increased
Voltas to UMPESL, a 100% wholly owned subsidiary,
affordability of home appliances due to rising disposable
caters to Mechanical, Electrical and Plumbing (MEP),
incomes and the range of financing options available to an
Rural Electrification, Water Infrastructure Operations and
Indian consumer has generated an increased demand for this
Maintenance for medium-to-large projects in industries
segment.
such as commercial buildings, data centres, manufacturing
Further, the focus on greater energy efficiency has brought the sites, modern infrastructure like Metros and Airports.
need for technological innovation, and the development of
state-of-the-art innovative products, allowing to create a new
range of products. The significant policy changes, especially
those related to the regulatory and business environment,
will further aid growth in this sector. The upcoming National
Electronics Policy will have a core strategic objective of MEP
domestication in manufacturing, and this is likely to establish
Voltas strategically shifted its focus from working with a general
India as a production hub with other major manufacturing
contractor to a direct client approach, thereby securing orders
destinations like China. Foreign companies would be keen
directly from end-users with better commercial conditions
on establishing manufacturing units in India, leading to
and sustainable gross margins. The orders spread all over India
the emergence of an ecosystem of self-reliance and local
are progressing well, enabling timely project completion and
manufacturing.
better revenue recognition.
Threats During the year, UMPESL secured a robust order book of `1,178
The monetary policy measures to control the soaring inflation crores, including significant projects such as Data Centre job
rates have resulted in a tightened spending environment which (Noida), Godrej Commercial Building (Bangalore), Phoenix
can result in muted consumer sentiment. Thus, posing a threat Equinox Commercial Complex (Hyderabad), Chennai Metro,
to the sale of discretionary goods and services. The rise in Bangalore Metro, and a MMRDA Tunnel Project.
input costs due to supply chain disruptions has influenced the
margins of leading manufacturers. Another key fundamental
driving the success of the electrical goods industry is the
distribution of a stable power supply. Non-availability of a
reliable source of power supply in several parts of the country,
which is imperative for consumer electronics, could affect the
demand projected for the electrical goods industry.
102 Voltas Limited

villages across the country, improving the lives of countless

individuals and communities.
The Extra High Voltage Transmission Industry is transforming

to achieve ‘One Nation – One Grid – One Frequency’ for better
renewable energy synchronization. Therefore, the Transmission
& Distribution (T&D) sector is expected to see an investment
of `5.8 lakhs crores in the next 5 years. New orders worth
`1,769 crores are anticipated in 2023-24 which will create
opportunities for us in UP, MP and West Bengal and includes
multiple substation projects with air and gas insulation and
other distribution projects.
UMPESL will continue picking up healthy orders and deliver

Delhi Metro Rail Corporation (DMRC)
a sustainable performance with minimal risks. Infrastructure
Water Solutions business witnessed a jump in order book to
In the Water sector, UMPESL primarily serves Municipal/ `5,799 crores in 2022-23 as compared to `3,638 crores in
Government clients with less than 5% of revenue coming from 2021-22.
Private Sector Industrial clients. UMPESL offers three distinct
Opportunities and Outlook
services: Treatment Equipment Manufacturing, EPC Contract
for Water Treatment and Distribution projects and Operations & Growth of the economy and the Government’s focus on
Maintenance (O&M) Contracts. infrastructure development, are expected to improve business
with ample opportunities in the segments of water, electrical,
Water projects are well-funded and to ensure profitability and
and modern infrastructure. Timely and cost-effective execution
healthy cash flow, UMPESL is selective in considering new
across sub-verticals of Infrastructure Solutions provides an edge
proposals and maximizing O&M initiatives. UMPESL secured
over similar other players in the Industry.
new orders of about `815 crores, including around `500 crores
for water supply under the Jal Jeevan Mission (JJM) under the The AatmaNirbhar Plan of the Indian Government with an
State Water & Sanitation Mission of the UP Government. objective of self-sustainability for most of the Industrial sectors
augurs well for the infrastructure development in India. The key
Electrical challenge however, continues to be the timely execution of
UMPESL has developed highly effective transmission and projects within allocated costs along with smart and efficient
distribution systems, enabling the Company to bring electricity working capital management.
even to the most remote areas. These systems have played
a crucial role in the successful electrification of over 30,000
Water Treatment Plant Khan Nagar Pumping Station Panel Room

Textile Machinery Division (TMD)
In recent times, fluctuations in cotton and yarn prices have

caused instability in the textile industry. Due to low demand
for yarn from foreign markets, the market remained sluggish,
resulting in reduced utilization of spinners. The decrease
in demand for clothing in Western markets impacted the
apparel sector, with exporters operating only at 60% capacity.
Despite these challenges, TMD’s business performance
achieved record-high levels, due to strong order booking
and emphasis on ‘After-Sales’ business. The Company’s
increased efforts strengthen the income potential of each of
its product lines with the spinning equipment market share
rising to 64%.
The Company has a strong presence across 16 locations in

India, which includes textile hubs such as Madurai, Ludhiana,
Surat, Coimbatore and others. In 2022-23, the Company
expanded its portfolio with the addition of post-spinning
allied machinery and weaving preparatory equipment and
explored opportunities by identifying new principals for
non-woven, embroidery and other products. During the
year under review, the TMD business was transferred by
Voltas to UMPESL.
LMW Machine sold by Voltas
Outlook and Opportunities The industry has strong support from the Government in the
form of the Production-Linked Incentive (PLI), the Rebate of State
India’s textile industry not only caters to the rising domestic
and Central Levies and Taxes (RoSCTL) Scheme, the Remission
demand but also has the potential to establish India as a hub
of Duties and Taxes on Exported Products (RoDTEP), and the 7
for exporting textile products, representing the largest export
Mega Integrated Textile Region and Apparel (PM MITRA) Parks,
opportunity. The Indian Textile and Apparel industry is valued
with a total investment of `4,445 crores, all contributing to the
at about USD 2.5 billion, which is currently growing at a rate
textile industry’s continued growth potential.
of 5% annually. India’s textile and apparel industry is moving
from labour-intensive production to a more developed and
industrialized sector, which bodes well for Voltas.
104 Voltas Limited

With an ambition to accelerate its growth, Voltas has ‘Six

Mining and Construction
Strategic Priorities’ for 2023-24: grow revenue and market
Equipment (M&CE)
share of Spinning machinery, grow revenue in each line in PSD
machinery, continue growth in ‘After Sales’ business, selectively
add new partners, expand the horizons and build brand, which
will enable to maintain its sustained growth.
Threats
The most significant concern surrounding the textile machinery During the year under review, the M&CE business was
industry is its cyclic nature and also the lack of break through transferred from Voltas to UMPESL and UMPESL continues to
innovation in the past few years. The global macro-economic operate as an engineering solutions provider, adding value
environment has also resulted in reduced spending globally, to the global mining industry by maintaining earthmoving
which has been a barrier towards increasing the capital equipment at a competitive cost. Heavy mining equipment
expenditure in the textiles’ sector. is the backbone behind the production process in the global
TMD however, believes in adding value through robust opencast mining sector. UMPESL assures high availability
technological solutions. The Company has worked closely with and reliability of the equipment, leading to a considerable
industry stalwarts to integrate technology in its business. It has difference in the overall performance, allowing operators to
ramped up its ‘After-Sales’ offerings to de-risk the business from reduce the overall output cost per ton.
the industry’s capital cyclical nature.
Mozambique Business
The Company strengthened its position in Mozambique in

2022-23 by gaining confidence of the new mine owner, Vulcan
(Jindal Group), which acquired these mines from Vale in the
previous year. As a result, Vulcan was able to operate the mines
more effectively and increased its coal output to 12 mtpa.
UMPESL continues to develop newer business relationships in
the region.
India Business
The Company has been a major player in India’s heavy and

earthmoving machinery industry, and is widely acknowledged
for launching many global brands in the Indian mining industry.
M&CE supports equipment in India through their nationwide
sales and service offices and warehouses network, together
with Heavy Engineering Shop conveniently situated on job
sites.
During the year, sales of power screen machines and parts

were affected by the Government’s imposition of 30% to 50%
export duty fine on iron ore. The recent lifting of Government’s
ban shall bode well for reviving the equipment demand in the
coming year. Meanwhile, the aggregate sector has rescued to
sustain equipment sales in the otherwise muted market.

M&CE Powerscreen Machine
Opportunities and Outlook Threats
The Construction Equipment industry in India has the biggest Increase in export duty fines on iron ore has marginally
prospects for expansion and opportunities in terms of growth impacted the demand for capital equipment and has an
and investment. The major factors currently driving demand impact on the profitability of operations. The construction
in India are the infrastructure projects by public and private equipment manufacturers face the challenge of bringing new
enterprises like building construction, tunnels, maintenance, technology. Lack of special incentives or schemes to finance
road construction, power plants, ports, and urban infrastructural the import of hi-tech construction equipment for infrastructure
developments, including smart cities. This will help the business projects limits innovation in the industry. However, a customer
immensely. centric approach and pool of highly skilled engineers shall help
the M&CE business to continue leadership in the Crushing &
In addition, UMPESL intends to broaden the scope of its
Screening equipment and securing contracts for the mining
service agreements in Mozambique. In India, the focus will
business in India and in Mozambique.
be to increase the customer reach through strategic service
partnerships for various mining equipment running in coal
mines.
106 Voltas Limited

Financial Performance: Consolidated

Financial performance as a measure of operational performance:
(A) Gross Sales/Income From Operations (Segment Revenues)
` in crores
2022-23 2021-22 Change Change%
Segment-A (Unitary Cooling Products) 6,475 4,882 1,593 33
Segment-B (Engineering Projects) 2,402 2,470 (68) (3)
Segment-C (Engineering Products) 522 489 33 7
Total 9,399 7,841 1,558 20
Despite early rains in April/May 2022, being the peak season period for Room Air Conditioners (RACs), the Unitary Cooling Products (UCP)
business achieved an overall 33% growth in revenue in 2022-23 over last year.
(B) Employee Benefits Expense

` in crores
Employee benefits expense 667 618 49 8
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 Employee benefits expense was higher by 8% on account of increase in manpower,
especially for Products business and the annual increments.
(c) FINANCE COSTS

` in crores
Interest 30 26 4 15
Finance costs is interest paid on bank credit facilities availed for the execution of overseas projects.
(D) PROFITABILITY
` in crores
Profit before exceptional items and tax 551 697 (146) (21)
Exceptional items (244) - (244) (100)
Profit before tax 307 697 (390) (56)
Profit after tax 136 506 (370) (73)
Due to severe competition and aggressive pricing adopted by competitors, the margins in RAC business remained under pressure. Further,
due to delays in certifications and release of payments in Projects businesses, the Company has in line with its prudent policy created
provisions on the receivables, thereby impacting the profitability.
At the same time, due to the unilateral encashment of bank guarantees by the Main Contractors, including the termination of a contract as
a sequel to the termination of the Main Contract by the Client, the Company has made a provision of `244 crores in respect of receivables
and bank guarantees encashed for two overseas contracts of the Project business and the same have been reflected under Exceptional
items. The Company has initiated legal proceedings against the Main Contractors for recovery of the proceeds of bank guarantees
encashed and other amounts due from these Main Contractors.

Financial Position : Consolidated
(A) BORROWINGS (Non-current and Current)
` in crores
Borrowings 616 343 273 80
Lease liabilities 35 18 17 94
Total 651 361 290 80
Borrowings represent working capital and term loan facilities availed for overseas Projects business.
(B) INVESTMENTS
` in crores
Non-current investments 2,801 3,181 (380) (12)
Current investments 307 434 (127) (29)
Total 3,108 3,615 (507) (14)
Investments include debt mutual funds, investment in bonds, preference shares and strategic equity instruments in Tata group
companies and in joint ventures and associates. Drop in value of investments is offset by investments in bank and other deposits
classified under Other Financial Assets.
(c) INVENTORIES
` in crores
Raw materials, components, stores and spares 771 567 204 36
Work-in-progress (net) 9 7 2 29
Finished goods 492 598 (106) (18)
Stock-in-trade of goods (for trading) 320 489 (169) (35)
Total 1,592 1,661 (69) (4)
Movement in inventory reflects the mix of high level of raw materials to meet the seasonal demand and low level of inventory in finished
goods and stock-in-trade, signifying higher sales volumes during 2022-23.
(D) TRADE RECEIVABLES

` in crores
Trade receivables 2,192 2,110 82 4
Trade Receivables have increased depicting the increased time in receipt of due receivables in the Projects businesses.
(E) OTHER ASSETS

` in crores
Other current financial assets 353 80 273 341
Other non-current financial assets 272 83 189 228
Contract assets 978 748 230 31
Other current assets 316 271 45 17
Other non-current assets 86 104 (18) (17)
Other financial assets (current and non-current) comprise security deposits, deposits with customers and fixed deposits. Other assets
(current and non-current) primarily include balance with Government authorities and capital advances. Contract assets represent contract
revenues recognized in Projects business, in excess of certified bills. In Projects business, revenues are recognized on the basis of the
percentage of completion method, in line with the accounting standards.
108 Voltas Limited

(F) LIABILITIES AND PROVISIONS

` in crores
Current liabilities 4,620 4,056 564 14
Non-current liabilities 166 153 13 8
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 and compensated absences, trade guarantees and
contingencies, among others.
Financial Performance: Standalone

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

` in crores
Segment-A (Unitary Cooling Products) 6,475 4,882 1,593 33
Segment-B (Engineering Projects) 913 1,619 (706) (44)
Segment-C (Engineering Products) 182 489 (307) (63)
Total 7,570 6,990 580 8
The Board of Directors of Voltas had earlier at its Meeting held on 12 February, 2021, approved the transfer of domestic B2B businesses
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, Universal MEP Projects & Engineering Services Limited (‘UMPESL’) via slump sale through a Business Transfer Agreement (‘BTA’),
which was consummated on 1 August, 2022, being the ‘Closing Date’. Accordingly, total revenue of the Company (stand-alone) includes
revenue of transferred businesses for part of the year and therefore not comparable with last year.
(B) OTHER INCOME

` in crores
Other income 175 168 7 4
Other income comprises rental income, dividend from investments, interest income and profit from sale of investments.
(c) EMPLOYEE BENEFITS EXPENSE
` in crores
Employee benefits expense 437 489 (52) (11)
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.

(d) FINANCE COSTS
` in crores
Interest 12 15 (3) (20)
Finance costs is interest paid on borrowings from banks for execution of overseas projects.
(e) Depreciation And Amortization Expenses

` in crores
Depreciation and Amortization Expenses 36 33 3 9
The charge for depreciation on fixed assets was higher for the year 2022-23 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 699 596 103 17
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. Increase in Other expenses is on account of higher
sales volume of Unitary Cooling Products business.
(g) PROFITABILITY
` in crores
Profit before exceptional items and tax 553 763 (210) (28)
Exceptional items (net) 975 - 975 100
Profit before tax 1,528 763 765 100
Profit before exceptional items was lower on account of lower margins in RAC business and provisions made in Project businesses.
Exceptional items (net) comprises gain on transfer of businesses to UMPESL; reversal of provision earlier made for diminution in value of
investments in UMPESL and provisions on account of cancellation of contract and encashment of bank guarantee.
110 Voltas Limited

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

` in crores
Borrowings 285 126 159 126
Lease liabilities 30 14 16 114
Total 315 140 175 125
Borrowings were primarily for execution of overseas projects which have increased due to higher bank credit facilities availed in UAE.
(B) INVESTMENTS
` in crores
Non-current investments 4,655 3,691 964 26
Current investments 307 434 (127) (29)
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. The increase in Non-current
investments was primarily on account of additional capital infusion in UMPESL and Voltbek. The movement in Current and Non-Current
investments is also on account of re-classification based on cash outflow forecast for next 12 months.
(c) INVENTORIES
` in crores
Raw materials, components, stores and spares 762 562 200 36
Work-in-progress (net) 8 7 1 14
Finished goods 491 597 (106) (18)
Stock-in-trade of goods (for trading) 286 489 (203) (42)
Total 1,547 1,655 (108) (7)
Inventories as at year end is a mix of high inventory of raw material built up for the peak season and low level of finished goods and
stock-in-trade representing higher sales volume during the year 2022-23.
(D) TRADE RECEIVABLES

` in crores
Trade Receivables 1,289 1,520 (231) (15)
Due to better focus on cash collections across businesses, trade receivables were lower by 15% in 2022-23 as compared to last year.
(e) CASH AND CASH EQUIVALENTS

` in crores
Cash and Cash Equivalents 374 451 (77) (17)
Cash and bank balance at the year-end stood at `374 crores. Reduction in current liabilities is on account of lower trade payables due to
shift in procurement – to domestic vendors as compared to overseas suppliers with whom the Company had longer credit period.

(f) OTHER ASSETS
` in crores
Other current financial assets 381 110 271 246
Contract assets 373 576 (203) (35)
Other non-current financial assets 261 76 185 243
Other current assets 222 222 - -
Other non-current assets 71 95 (24) (25)
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 represents contract revenues recognized in excess of certified bills. Revenues in Projects business are
recognized on the basis of percentage completion method, in line with the relevant accounting standards.
(g) LIABILITIES AND PROVISIONS

` in crores
Current liabilities 3,130 3,519 (389) (11)
Non-current liabilities 139 129 10 8
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.
Risk and Concerns Risk Monitoring and Reporting

The Company has developed and implemented a robust Risks and defined response action plans are regularly assessed,
Enterprise Risk Management (ERM) Framework, by engaging E&Y updated and reported at appropriate levels within the
for benchmarking with leading international risk management organization to maintain an ongoing oversight.
standards such as ISO 31000 and Committee of Sponsoring
In addition to establishing an effective ERM framework, Voltas
Organization of the Treadway Commission (‘COSO’). The
has been evaluating opportunities for adopting technology
Company has adopted a consistent Framework and standard
tools to enhance risk management processes’ implementation.
process to ensure a co-ordinated and integrated approach for
managing Risks and Opportunities across the organization. Some of the key business risks are in relation to: Supply Chain,
The ERM Framework intends to reinforce the commitment Commodity Prices, Human Resources, Cyber Security, Macro-
of Voltas to effectively identify and manage the existing and Economic factors, Competition, Environmental, Social and
emerging risks and harness the underlying opportunities Governance and Brand Reputation. The Company has put in
while safeguarding the business value to achieve its strategic place adequate measures to mitigate these risks.
objectives. Voltas intends to develop and maintain a robust risk
governance mechanism to facilitate risk informed decision-
making by leveraging a fully integrated ERM Framework.
112 Voltas Limited

Risk Governance
Board of Director risk management committee
Maintain an oversight of the ERM systems and Set the tone at the top to establish risk aware
review top enterprise level risks which may culture and provide guidance and feedback to
threaten the existence of the organization manage key enterprise level risks to management
BUSINESS SEGMENTS & FUNCTIONS Chief Risk Officer Internal Audit
Identify, assess, monitor and review key Develop effective ERM systems Provide an independent assurance while
functional and business segment level risks and standard templates to facilitate communicating key audit findings and
and cascade top risks to the management consistent implementation of risk risk identified during audit assignment to
for their feedback, guidance and support management processes across Voltas the management

Human Resource Moreover, through digital tools such as Disprz Learning
Management System and Nirantar Privriddhi, the Company
Voltas places a high priority on human resources and regards
has effectively educated over 20,000 contract and staff workers
it as a fundamental aspect of the Company. The Company
through various programmes.
considers its employees one of its most valuable assets and
places human resources management at the forefront to build Employee care and well-being are a priority for Voltas. Under
a strong team while promoting diversity in the workforce. At this, it takes various initiatives such as running a compulsory
Voltas, seven strategic pillars guide the effective functioning of Annual Health Check-up for all employees. It has also tied
business processes in line with human resources management. up with a Diagnostics Centre leveraging pan-India reach to
It includes organization design, capability building, employee facilitate access to quality healthcare services. Voltas aims to
engagement, total rewards, simplification and digitalization, create a safe and harassment-free environment. For this, Voltas
employer branding, sustainability along with CSR and Safety. runs workplace awareness programmes to address sensitive
situations like female equality and complaints in each location.
Voltas believes in providing better opportunities to its
These programmes combine both in-person discussions and
workforce and has implemented strict policies to guide
online learning modules like Women and Child Development’s
employee behaviour and promote challenges. Therefore,
Manual on Sexual Harassment of Women at Workplaces, POSH
the Company’s key focus is on mapping critical jobs with the
Classroom Training, and an employee e-learning website. These
right person under the right head. The internal movement
programmes put together safeguards Voltas’ work culture.
of talent is decided and development plans are aligned to
this critical mapping. Voltas hires fresh talent from across the
Internal control systems and their
country to create a robust frontline workforce through campus
adequacy
recruitments. It invests in capability-building, digitalization, and
engaging workers. Further to serve the pool of talent planning The Company’s internal financial control framework is
and management processes, Voltas has both long-term and commensurate with the size and complexity of its business
short-term strategies. The Company undertakes robust learning operations, and in line with the IFC framework prescribed
and development initiatives that include technical, functional, under Section 134(5) of the Companies Act, 2013. The control
leadership development and culture-building programmes. framework has documented policies and procedures covering
Team Voltas at Pantnagar Factory
114 Voltas Limited

all financial and operating functions. The controls are designed The Audit Committee regularly reviews significant audit
in line with the Companies Act 2013, and the Guidance Note findings, adequacy and reliability of financial reporting and
on ‘Audit of Internal Financial Controls over Financial Reporting’ internal control and risk management frameworks. During the
issued by The Institute of Chartered Accountants of India (ICAI). year, the operating effectiveness of internal controls was tested
The Company’s internal control systems are periodically tested as part of the Management’s control testing program. Based
by the Voltas’ Management, Statutory and Internal Auditors. on the assessment and evaluation of the results thereof, the
Board, with the concurrence of the Audit Committee, was of
The Company has an independent internal audit function
the opinion that the Company’s Internal Financial Controls were
headed by the Chief Internal Auditor supported by co-sourced
adequate and operating effectively as of 31 March, 2023.
audit teams from leading Chartered Accountant firms. The
Chief Internal Auditor reports to the Board Audit Committee
and the Internal Audit department is staffed by qualified and
CAUTIONARY STATEMENT
experienced personnel. The statement, forming a part of this Report, may contain certain
‘forward-looking’ remarks with the meaning of applicable
Internal audit (IA) carries out a focused and risk-based annual
Securities Law and Regulations. Many factors could cause the
internal audit plan approved by the Board Audit Committee.
actual results, performances, or achievements of the Company
The scope and coverage of audits include review and reporting
to be materially different from any future results, performances,
on key process risks, adherence to operating guidelines and
or achievements. Significant factors that could make a
statutory compliances. IA also provides recommendations for
difference to the Company’s operations include domestic and
control improvements and enhancement in the efficiency of
international economic conditions, changes in Government
operations.
regulations, tax regime and other statutes.

Highlights
2022-23 2021-22 2020-21 2019-20 2018-19

1. SALES AND SERVICES ` 9,399 7,841 7,457 7,627 7,085
2. OTHER INCOME (INCLUDING OTHER OPERATING ` 268 283 288 262 226
INCOME)
3. COST OF SALES AND SERVICES ` 7,378 5,897 5,555 5,555 5,262
(INCL. EXCISE DUTY)
4. OPERATING, ADMINISTRATION AND OTHER ` 1,617 1,419 1,396 1,470 1,307
EXPENSES
5. Staff Expenses (included in 3 & 4) ` (667) (618) (602) (672) (642)
Number of Employees (including Contract Staff ) Nos. 9,614 8,343 8,617 8,821 8,261
6. OPERATING PROFIT ` 551 697 709 795 689
7. EXCEPTIONAL INCOME/(EXPENSES) ` (244) — — (51) (12)
8. PROFIT BEFORE TAXATION ` 307 697 709 744 677
Percentage to Sales and Services % 3.3 8.9 9.5 9.8 9.6
Percentage to Total Net Assets % 5.0 11.9 13.5 16.5 15.3
9. TAXATION ` 171 191 180 223 163
10. PROFIT AFTER TAXATION ` 136 506 529 521 514
Percentage to Sales and Services % 1.4 6.5 7.1 6.8 7.3
Percentage to Shareholders’ Funds % 2.5 9.2 10.6 12.2 12.5
11. PROFIT FOR THE YEAR ATTRIBUTABLE TO OWNERS OF ` 135 504 525 517 508
THE COMPANY
12. RETAINED PROFIT ` 10 322 397 372 353
13. DIVIDEND ON EQUITY CAPITAL ` 141 182 165 132 132
Percentage % 425 550 500 400 400
14. PROPERTY, PLANT AND EQUIPMENT INCLUDING ` 707 560 564 550 518
OTHER INTANGIBLE ASSETS (AT COST)
15. DEPRECIATION ` 340 322 317 300 294
16. INVESTMENTS ` 3,109 3,615 3,046 2,343 2,386
17. NET CURRENT AND NON-CURRENT ASSETS ` 2,597 1,975 1,905 1,234 1,716
18. DEFERRED TAX ASSET (NET) ` 30 32 56 71 99
19. TOTAL NET ASSETS ` 6,103 5,860 5,254 4,498 4,425
20. SHARE CAPITAL ` 33 33 33 33 33
21. OTHER EQUITY ` 5,419 5,467 4,960 4,247 4,077
22. EQUITY ATTRIBUTABLE TO OWNERS OF THE 5,452 5,500 4,993 4,280 4,110
COMPANY
Equity per Share (Book Value) `† *163.86 *165.25 *149.22 *127.20 *121.21
Earnings per Share `† *4.08 *15.23 *15.87 *15.63 *15.35
Number of Shareholders Nos. 2,79,240 1,75,827 1,50,995 1,25,527 1,19,915
Share Prices on Stock Exchange - High `† *1,348 *1,357 *1,131 *741 *665
- Low `† *738 *918 *428 *449 *471
23. BORROWINGS ` 616 343 251 218 315
Debt/Equity Ratio % 11 6 5 5 8
(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 ` 50 lakhs.
116 Voltas Limited

CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
2017-18 2016-17 2015-16 2014-15 2013-14 1994-95 1984-85 1974-75 1964-65 1954-55
6,380 6,033 5,720 5,166 5,280 811 266 159 42 10 1
222 274 164 148 123 8 2 ** ** ** 2
4,591 4,298 4,114 3,619 3,891 604 211 138 35 8 3
1,210 1,271 1,242 1,227 1,194 192 56 19 5 2 4
(587) (618) (635) (590) (595) (100) (32) (10) (4) (1) 5
8,118 8,429 8,741 8,424 9,101 10,667 8,147 7,252 5,082 2,324
804 719 534 468 318 23 1 2 2 ** 6
1 1 29 46 22 (1) — — — — 7
805 720 563 514 340 22 1 2 2 ** 8
12.6 11.9 9.8 9.9 6.4 2.7 0.5 1.0 5.9 2.5
19.9 20.7 18.3 23.1 16.3 5.0 1.1 4.6 18.3 6.5
227 200 170 128 94 ** — 1 1 ** 9
578 520 393 386 246 22 1 1 1 ** 10
9.1 8.6 6.9 7.5 4.7 2.7 0.5 0.5 2.3 1.4
14.8 15.7 14.0 18.4 13.5 13.2 4.1 6.7 17.6 9.1
572 517 387 384 245 — — — — — 11
437 414 309 286 174 10 ** ** 1 ** 12

132 116 86 74 61 12 1 1 ** ** 13
400 350 260 225 185 35 10 12 15 6
470 460 484 459 461 307 50 12 4 1 14
290 278 280 266 251 107 16 6 1 ** 15

2,754 2,268 1,946 1,094 732 82 5 1 1 — 16
1,108 1,008 901 902 1,116 149 66 29 9 3 17
5 20 31 35 24 — — — — — 18
4,047 3,478 3,082 2,224 2,082 431 105 36 13 4 19
33 33 33 33 33 34 10 6 3 2 20
3,872 3,274 2,778 2,069 1,786 131 20 6 3 ** 21
3,905 3,307 2,811 2,102 1,819 165 30 12 6 2 22
*117.88 *99.93 *84.96 *55.59 *48.29 50 305 191 216 1,027

*17.30 *15.64 *11.70 *11.62 *7.42 7 12 13 38 93
1,07,457 1,08,646 1,05,465 99,973 1,03,543 84,180 45,237 14,395 7,356 150
*675 *425 *360 *301 *164 176 470 211 276
*401 *267 *211 *149 *63 92 356 125 183
142 171 271 122 263 266 75 24 7 2 23
4 5 10 6 14 162 253 200 136 151

REPORT OF THE BOARD OF DIRECTORS
To the Members
Your Directors present their 69th Annual Report and the Audited Statement of Accounts for the year ended 31 March, 2023.
1. Financial Results
` in crores
Consolidated Standalone
2022-23 2021-22 2022-23 2021-22
Total Income 9,667 8,124 7,850 7,266
Profit for the year after meeting all expenses but before 742 870 601 811
exceptional items, interest and depreciation
Interest 30 26 12 15
Depreciation and amortisation 40 37 36 33
Profit before exceptional items, share of profit/(loss) of joint 672 807 553 763
ventures and associates and tax
Exceptional items (244) - 975 -
Share of profit/(loss) of joint ventures and associates (121) (110) - -
Profit before tax 307 697 1,528 763
Tax expenses 171 191 123 180
Profit after tax 136 506 1,405 583
Other comprehensive income (net) (38) 170 (57) 166
Total comprehensive income 98 676 1,348 749
2. Operations midst a demanding environment and various headwinds,

A
In 2022, the domestic economy experienced an overall the Company has sustained its topline for the year under
revival without any Covid restriction. However, due review largely due to the availability of an un-interrupted
to the geo-political tension between Ukraine and season for its Unitary Cooling Products business and the
Russia, countries across the globe continued to remain timely execution of project orders.
impacted. Supply chain disruptions and strengthening
The Company’s focus on the Inverter sub-category with
of the Dollar Index resulted in depreciation of local
competitive pricing and a larger number of SKUs yielded
currencies. Increases in Oil and other energy costs have
positive results. Inverter ACs now account for over
fuelled inflation in developed and developing economies
75% of total Split ACs sold, as compared to 63% in the
forcing Central Banks across the globe to withdraw
previous year.
accommodative policies by increasing their benchmark
rate. The high cost of borrowing will impact future growth The Commercial Refrigeration Products business has
across economies. registered an excellent growth due to the increased
Given the above challenges, the International Monetary participation of OEMs engaged in the ice-creams,
Fund (IMF) has lowered its outlook for the global economy chocolates and beverages Industries and expansion
to 2.8%. Nevertheless, India continues to be the fastest of modern retail stores across the country. With the
growing economy in the world. The Central Bank in objective of product portfolio expansion, your Company
India has also taken cognizance of high inflation and has has entered into a Technology License Agreement with
announced increases in its benchmark rate aggregating Vestfrost Solutions, Denmark for medical refrigeration
250 bps during the year before pausing in the last products which have a good potential to grow
Monetary Policy meeting in April 2023. in the future.
118 Voltas Limited

In Air Coolers, introduction of SKUs across all product development along with sector specific production linked
sub-categories and targeted secondary scheme with incentive scheme announced.
channel partners resulted in profitable growth for the
Voltbek, the joint venture company for white goods
category alongwith increase in market share over the
has, despite being a relative new entrant, achieved a
previous year. Investments in product differentiation which
cumulative sales volume in excess of 3.3 million units
secure long term benefits of value engineering has started
which is a good milestone, demonstrating the trust in
delivering the desired result, which will further strengthen
the Voltas-Beko brand and acceptance of the products
the brand recognition in future.
across the value chain. The efforts of substituting imports
The Company is expanding its production capacity by inhouse manufacturing of high value added products,
for both, Air-conditioner (to produce 2 million room ACs) the launch of innovative and customer centric products
and Commercial Referigeration products to cater to the and the focus on channel expansion by leveraging the
increased demand and balance the supply chain. The strength of the joint venture partners has enabled Voltbek
capex outflow for the above is expected to be in the range to accelerate its overall performance.
of ` 450-500 crores, to be incurred over the next 18-24
Your Company has achieved a higher turnover compared
months. The capex will be largely funded through internal
to the previous year and the consolidated total income
accruals. However, other funding options may also
be evaluated. from operations was ` 9,667 crores. The consolidated
Profit before share of profit/loss from joint ventures and
Resumption of commercial activities at an accelerated associates and exceptional items was ` 672 crores and
pace, expansion of retail outlets and focus on retrofit consolidated Net Profit after tax was significantly lower at
jobs along with high customer retentions enabled the ` 136 crores. Voltas ended the year with an Earnings per
Commercial Air Conditioning (CAC) business achieve Share of ` 4.08 (Face Value per share of ` 1).
growth in turnover and profitability as compared to
last year. The Company’s balance sheet continues to remain strong
and healthy. The borrowings are primarily for the overseas
A lower carry forward order book position and muted
operations. The tight control on the working capital with
order inflow during the first half of the year under review
focus on collections in Projects business has improved the
kept the growth under pressure for the Projects business.
overall cash flow and the investments.
However, the order inflow has significantly improved
in the latter part of the year. The delay in closure of few 3. Reserves
critical projects, cost escalations and provisions made An amount of ` 20 crores was transferred to the General
due to the unilateral action of the Main Contractors by Reserve out of the Profit available for appropriation.
encashing bank guarantees issued by the Company for 2
overseas projects, including termination of a sub-contract 4. Dividend Distribution Policy
in the UAE, have significantly impacted the performance In accordance with Regulation 43A of the SEBI (Listing
and profitability of the international business operations. Obligations and Disclosure Requirements) Regulations,
The Company has made a provision of ` 244 crores 2015 (‘Listing Regulations’), the Board of Directors of the
towards the encahsed bank guarantees amount and other Company has adopted a Dividend Distribution Policy
moneys receivable from the Main Contractors and has (‘Policy’) based on the need to balance the twin objectives
initiated legal proceedings against the Main Contractors. of appropriately rewarding the Company’s shareholders
The said provisions have been reflected as exceptional with dividend, and of conserving resources to meet its
items in the financial statements.
future requirements. The Policy is attached to this Report

The Engineering Products and Services comprising as Annexure I, and the same is also available on the
Mining & Construction Equipment and Textile Machinery Company’s website at https://www.voltas.com/images/_
have performed better given the revival in the capital ansel_image_collector/DIVIDEND_DISTRIBUTION_
cycle, focus by the Government on the Infrastructure POLICY_1.pdf.

5. Dividend most. The Company’s investment policy considers three
Based on the Company’s performance and keeping in important principals of investing viz safety, security and
mind the shareholders’ interest, the Directors recommend liquidity and the investments are prudently monitored
a dividend of ` 4.25 per equity share of ` 1 each (425%) by the Investment Committee. As on 31 March, 2023, the
for the year 2022-23 (2021-22: 550%). The dividend would Company’s liquid investments (Mutual Funds, Bonds, ICDs
result in a cash outflow of around ` 141 crores, reflecting and Bank Fixed Deposits) was over ` 2,000 crores.
pay out of 10% of the Net Profit and a pay out of 32.69% Strengthening of the Dollar Index, widening of current
after excluding the exceptional items (net). account deficit and slower economy growth has resulted

The dividend on equity shares is subject to the in the depreciation of the Rupee by close to 10% during
Shareholders’ approval at the 69th Annual General the year under review. The Company has a well defind
Meeting (‘AGM’) scheduled to be held on 22 June, Forex policy, based on which its currency exposure is
2023. The Register of Members and Share Transfer closely monitored to hedge the forward risk in a more
Books of the Company will remain closed from 10 June, structured and timely manner.
2023 to 22 June, 2023 (both days inclusive) for the
7. Business Restructuring
purpose of payment of the dividend for the year ended
31 March, 2023, and the AGM. • Domestic Businesses
As earlier reported, in order to have better emphasis
6. Finance
on sustainable and profitable growth with increased
Cash management has been a focus for the Company.
focus on B2C and B2B verticals, the Board had
During the year, the Company invested further capital of
in the year 2021-22, approved the proposal for
` 122.50 crores into Voltbek to support its accelerated
transfer of the domestic business relating to MEP,
growth plan. The cash and bank balance, including
HVAC and Water projects, Mining and Construction
investments, continue to remain robust to support
Equipment (M&CE) business and Textile Machinery
various initiatives including the capex plans for the
Division to its 100% wholly-owned subsidiary,
expansion of production capacities and organic/inorganic
Universal MEP Projects & Engineering Services
growth avenues.
Limited (UMPESL) by slump sale and a Business
The minimal borrowing in the Company’s balance Transfer Agreement (BTA) was executed on
sheet represents fund-based borrowings for overseas 24 March, 2021 between the Company and
operations leveraging interest and cross currency, with UMPESL. The said transfer was subject to certain
domestic borrowing being largely confined to non-fund- ‘Conditions Precedent’ which have been completed
based facilities. The credit rating has been reconfirmed to and the transaction has been consummated on
AA+ for the long-term and A1+ for short-term borrowings 1 August, 2022, being the ‘Closing Date’. After taking
of the Company by the Rating Agency, enabling the into consideration the working capital adjustments,
Company avail banking facilities at competitive rates. the consideration for transfer of aforesaid B2B
businesses was ` 1,190 crores which has been
Digital transformation by adoption of digital technology
received by the Company from UMPESL.
in various processes has made the Company more
effective and efficient. Cost optimisation across all • Overseas Operations
functions, along with tight control on working capital, has
The Company has from time to time made
resulted in generating a cash surplus during the year.
investments in overseas subsidiaries and joint
The year under review has seen a gradual withdrawal venture companies either directly or through its
of accommodative stance extended during pandemic wholly owned subsidiary – Voltas Netherlands B.V.
period by the Central Bank by increasing benchmark (VNBV), located in the Netherlands. In order to
rate by 250 bps to contain the inflation. The action of the simplify the entire structure for better control and
Central Bank has resulted in hardening of yields across keeping in mind the future potential for business
maturities, with short term instruments impacted the opportunities in the Middle East and Asia and
120 Voltas Limited

in order to have ease for the overseas business (SPA) for each company respectively, subject to
operations and considering close proximity and requisite approvals as may be required.
better connect, VNBV has, during the year under
The ‘Closing Date’ for transfer of overseas branch
review, transferred its entire ownership in the
operations and investments in overseas subsidiaries
shareholding of the following joint ventures/
is targeted to be completed by end December
subsidiaries : Universal Voltas LLC – 49%; Saudi Ensas
2023 or such other date as may be mutually agreed
Company for Engineering Services WLL (Saudi Ensas) between Voltas and UMPPL. With the aforesaid
– 8%; Voltas Oman SPC – 100% and Lalbuksh Voltas internal re-structuring, international operations of
Engineering Services Trading LLC (Lalvol) – 40%, to the Company, including the Company’s investments
its wholly owned subsidiary, Universal MEP Projects in overseas joint ventures/subsidiaries would be
Pte Limited (UMPPL), established in the Republic housed in a separate wholly owned subsidiary –
of Singapore, by way of its capital contribution. UMPPL. The consideration for transfer of Voltas
The legal process for change in the ownership has overseas branch offices and investments in overseas
been completed and the Commercial Registration subsidiaries would be at arm’s length based on
Certificates of the aforesaid companies have been an independent valuation, subject to necessary
suitably amended to reflect the name of UMPPL adjustments, if required in accordance with the
as a shareholder in place of VNBV. VNBV has also provisions of BTA and SPA, respectively at the
approved transfer of its 49% shareholding in Voltas time of Closing.
Qatar WLL and the legal process for change in the
This internal restructuring would enable the
Commercial Registration Certificate of Voltas Qatar
Company focus on the Products businesses and
WLL is in progress.
Projects businesses, independent of each other and
The Board has, at its Meeting held on 26 April, 2023, to expand their respective growths. It woud also
also approved the proposal for transfer of overseas provide flexibility to Voltas to expand its Product
branch offices of the Company in Dubai, Abu Dhabi, businesses further in the B2C space.
Sharjah in United Arab Emirates (UAE), Doha in
Qatar, Bahrain and Singapore to UMPPL, the wholly 8. Tata Business Excellence Model (TBEM)
owned subsidiary of Voltas Netherlands B.V. (VNBV), Voltas has launched a digital centralised repository –
and a step-down subsidiary of Voltas. The transfer of ‘Nirantar Privriddhi’ for facilitating knowledge management
business operations of Voltas overseas branch offices and sharing of best practices by the Business Excellence
would be on a slump sale basis through execution of and Quality Assurance (QA) team. This portal makes all the
Business Transfer Agreement (BTA) for each branch quality standards and QA reports available centrally. As
separately, subject to satisfactory completion of part of capturing the voice of customers, CAST survey is
‘Conditions Precedent’, as on the ‘Closing Date’, initiated for all the consumer businesses.
including novation of existing contracts of Voltas Voltas also actively participated in TATA Innovista and
in favour of UMPPL by the Main Contractors/Clients contributed 5 entries which are currently under evaluation
and such other compliances/procedures necessary at the group level.
or as may be applicable in the respective local
The Company will continue its efforts towards achieving
jurisdictions.
business excellence.
The Board has also approved transfer of Voltas direct
investments in overseas subsidiary companies – 9. IT Initiatives
Weathermake FZE (100%) in Jebel Ali Free Zone, During the year under review, the Company’s IT team
UAE; Saudi Ensas in Kingdom of Saudi Arabia (92%) ensured the smooth transitions of all systems and
and Lalvol in Sultanate of Oman (20%) to UMPPL applications in line with the Company’s new organisation
through execution of Share Purchase Agreement structure. Further, to enhance speed, scalability and

system readiness, the IT team resorted to a cloud-first Implemented 5S (Seiri, Seiton, Seiso, Seiketsu, and
approach for all new developments and implementations. Shitsuke) in manufacturing units and 2S (Seiri &
Modernisation of existing applications to make them Seiton) in all project sites.
cloud-ready are in process for the current and future
• Certification, Re-certification and Surveillance of
business needs. The Company has migrated Voltas
businesses for ISO 9001, ISO 14001 and ISO 45001.
In-Shop Demonstration Applications (VISA) to Amazon
Web Services (AWS) for ensuring better performance as • Creation of 40 model sites across the organisation.
part of Cloud first strategy. There was an increased focus
•
Digitization of SHE management processes,
on Cyber Security with upgrades and refreshes across
including QR code-based hazard/observation
applications for improving security and productivity.
reporting, contractor safety management platform,
IT team also used various analytical tools including
vendor management platform, visitor management
Power BI (Business Intelligence tool from Microsoft) for
system and technician tracking app. 758 contractors
CXOs, MIS reporting, customer insight, service insight,
were registered on Vendor and CSM platform, and
and process insights, including consolidating digital
around 10,000 technicians were tracked through
assets and is moving towards Data Lake and Customer
technician tracking app.
Data Platforms (CDP) to enhance the overall customer
experience. IT solutions have been implemented as • E-Learning modules including launch of new App
part of Industry 4.0 initiatives. PLM (Product Life- cycle ’Disprz’ were introduced to increase SHE awareness
Management) solutions, new line management solutions among employees.
and IoT-enabled equipment for preventive and predictive • Conducted SHE Conclaves for business partners in
maintenance are some of the key initatives for Industry Kolkata, Chennai, Bhubaneswar, Delhi and Mumbai
4.0. All these efforts are directed towards creating a future to strengthen their competencies. A total of 16,000
ready, digitally advanced and data driven organisation. person-hours of training and awareness was created
10. Safety Health Environment (SHE) among 400 contractors and around 600 employees
from various businesses.
Voltas commenced its safety cultural transformation
journey in 2019 and is currently in the ‘Independent’ • Annual Safety Culture Survey was extended to
phase on the Bradley Curve. To ensure consistency workers, technicians and contractors and there was
across all business units, the Company implemented good response.
several measures such as:
•
Conducted Industrial Hygiene & Occupational
• Standardization of SHE management across all the Health Surveys at Manufacturing plants.
businesses, including review and revision of policy,
11. Sustainability Development
manuals, risk assessment and procedures.
Based on the Tata Ethos of ‘Giving back to the Community’,
• Establishment of SHE strategy and SHE goal settings,
Voltas has designed its CSR framework in three verticals
including training index, number of observations
(a) Sustainable Livelihood which emphasizes on skilling
and number of leadership audits.
and employability building for marginalized youth and
• Implementation of business-centric SHE leadership women (b) Community Development which focuses on
programmes, including mandatory training of senior issues like quality education, health and water (c) Issues
leaders and their engagement in leadership audits. of National Importance which addresses national level
A total of 343 leadership audits were conducted by issues like disaster response/ mitigation and sanitation.
137 senior leaders.
Affirmative Action is a common thread for all the CSR
• Conducted dedicated campaigns on road safety initiatives of Voltas, and the projects undertaken actively
with the participation of over 1,500 employees as work towards inclusion of SC and ST communities,
well as 5S campaigns across all our work locations. Women and People with Disabilities (PWD).
122 Voltas Limited

Sustainable Livelihood agency, for enhancing overall sanitation in the

Skill Development and Employability Enhancement of villages through Water, Sanitation and Hygiene
marginalised youth has been the flagship programme of (WASH) interventions.
Voltas. The Company offers courses in Air Conditioning, (ii)
Participatory Ground Water Management
Plumbing, Electrical, BSFI, Retail, IT enabled services, Tally and Sustainable Agriculture Project, Beed
and Accounting, Nursing assistant and Tailoring, which are (Maharashtra):
industry oriented and relevant to market requirements.
These courses have well-designed content, provide The Company initiated this project in 6 villages of
hands-on-training in well-equipped laboratories, on-job- Beed District of Maharashtra through Action for
training in real-life situations, soft skills and safety. Food Production (AFPRO), an independent agency,
for creation and efficient management of water
Through 27 Skill Development Centres across 13 States in
resources and promoting sustainable farming
India, Voltas is creating a shared value which converges
practices to address or mitigate perennial drought
the aspirations of the community and the requirements of
situation in the area.
the Industry to create a larger pool of skilled technicians.
Voltas has up to 31 March, 2023 skilled around 39,700 During 2022-23, the Company had appointed
students in various trades and has set a target of skilling Price Waterhouse Chartered Accountants LLP (PW)
up to 45,000 students by 2024-25. to carry out an impact assessment study of the
aforesaid projects on the lives of the beneficiaries
During 2022-23, the Company had appointed KPMG to
and an executive summary of their findings forms
carry out an impact assessment study of the aforesaid
part of the Annual Report on CSR Activities annexed
programmes on the lives of the beneficiaries and an
to this Report.
executive summary of their findings forms part of the
Annual Report on CSR Activities annexed to this Report. 12. Corporate Social Responsibility (CSR)
Voltas has received the coveted Appreciation Plaque for Disclosure as per Rule 8 of Companies (Corporate Social
its commendable work in the Skill Development and Responsibility Policy) Rules, 2014, in prescribed form
Livelihood category of the FICCI CSR awards in a special (as amended) is enclosed as Annexure II to the
event organised at New Delhi on 12 December, 2022. Directors’ Report.
Community Development During 2022-23, the Company spent ` 14.60 crores

towards various CSR activities, in line with the
This vertical focusses on Education, Health and Water
requirements of Section 135 of the Companies Act, 2013
based on the priority needs of the local communities.
(‘Act’). Details of the composition of the CSR Committee
The key communities addressed through this vertical
are women, children, differently abled persons, farmers, and Meeting held during 2022-23 are disclosed in the
schools and other institutions. Corporate Governance Report.
Issues of National Importance 13. Consolidated Financial Statements
Voltas supports the social issues of national importance, The Consolidated Financial Statements of the Company
including disaster management. Two major projects and its subsidiaries for the year 2022-23 are prepared in
pursued under this vertical are: compliance with the applicable provisions of the Act
and as stipulated under Regulation 33 of the Listing
(i)
Integrated Sanitation Project, Waghodia Regulations, as well as in accordance with the Indian
(Gujarat):
Accounting Standards notified under the Companies
The Company initiated this project in 10 villages of (Indian Accounting Standards) Rules, 2015. The Audited
the Waghodia District in Gujarat through Coastline Consolidated Financial Statements, together with the
Salinity Prevention Cell (CSPC), an independent Auditor’s Report thereon, forms part of this Annual Report.

14. Subsidiary/Joint Ventures/Associate Companies achieved a cumulative sales volume of over
As on 31 March, 2023, the Company had 9 subsidiaries 3.3 million units (upto 2022-23). This is a significant
(direct and indirect), 4 joint ventures and 1 associate milestone achieved in a short duration of time by
company. Voltbek, despite being a new entrant in the market.
There has been steady growth in market share
As per the requirements of Section 129(3) of the Act, a for Refrigerators and Washing Machines during
statement containing salient features of the financial 2022-23 over last year and several initiatives and
statements of subsidiaries, joint ventures and associate action plans have been put in place for achieving
companies in prescribed Form No. AOC-1 is attached breakeven. Voltas as one of the main shareholders
to the financial statements of the Company. Further, (49%) has provided full support in terms of its
pursuant to Section 136 of the Act, the standalone Distribution Reach, Channel Partners network and
financial statements of the Company, consolidated financial support in the form of capital infusion.
financial statements along with relevant documents and Similarly, Arcelik is extending support in terms of
separate audited accounts in respect of subsidiaries are product technology and making similar capital
available on the Company’s website – www.voltas.com. infusion. The paid-up capital of Voltbek as on
The Policy for determining material subsidiaries of the 31 March, 2023 was ` 1,277 crores. During 2022-23,
Company is also provided on the Company’s website the Company has invested ` 122.50 crores in
at https://www.voltas.com/images/_ansel_image_ share capital of Voltbek and the Company’s total
collector/DETERMINING_MATERIAL_SUBSIDIARY_ investment in Voltbek was ` 625.73 crores.
POLICY_1.pdf Except as mentioned above, there have been no material
As of 31 March, 2023, the Company did not have any changes in the nature of the business of the subsidiaries,
material subsidiary. including associates and joint ventures during the
financial year 2022-23.
Performance of key operating subsidiary and joint venture
companies in India are given below: The name of Voltas Water Solutions Private Limited (VWS),
an associate of the Company, has been struck-off from the
• Consequent upon consummation of BTA, with effect
Register of Companies with effect from 26 July, 2022 based
from 1st August, 2022, Revenue from Operations
on an application made to the Registrar of Companies,
of Universal MEP Projects & Engineering Services
Maharashtra, Mumbai. Accordingly, VWS ceased to be an
Limited (UMPESL), a wholly owned subsidiary of
associate of the Company during the year 2022-23.
the Company also include revenue of businesses
transferred by Voltas. Further in line with the 15. Number of Board Meetings
requirements of the Accounting Standard, the During 2022-23, seven Board Meetings were held on
previous year numbers have also been restated. 12 April, 2022; 5 May, 2022; 2 August, 2022;
Accordingly, UMPESL has reported turnover of 1 November, 2022; 6 December, 2022; 9 February, 2023
` 1,767 crores and profit before tax of ` 235 crores and 10 March, 2023. All the Board Meetings were held
in 2022-23, as compared to ` 1,589 crores and ` 184 physically and facility of participation at Board Meetings
crores, respectively in the previous year. through video conferencing was provided to those
• Voltbek Home Appliances Private Limited (Voltbek), Directors who had requested for the same.
the joint venture with Arçelik A.Ş. for Consumer
White Goods has reported a turnover in excess of 16. Policy on Directors’Appointment and Remuneration,
` 1,000 crores for 2022-23. However, due to increase including Criteria for Determining Qualifications,
in costs on account of inflationary pressures, which Positive Attributes, Independence of a Director
were not fully passed onto the market, Voltbek Based on the recommendation of the Nomination and
has reported a higher loss in the current financial Remuneration Committee (NRC), the Board has adopted
year as compared to the previous year. The long the Remuneration Policy for Directors, KMPs and other
term prospects remain buoyant and Voltbek has employees. NRC has formulated the criteria for determining
124 Voltas Limited

qualifications, positive attributes and independence role of the Board/ Committees was also discussed at the
of an Independent Director, alongside the criteria for Board Meeting held on 26 April, 2023. The performance
Performance Evaluation of individual Directors, the Board evaluation of Independent Directors was done by
as a whole and the Committees. The Company’s Policy the entire Board, excluding the Independent Director
on Directors’ appointment and remuneration, and other being evaluated.
matters provided in Section 178(3) of the Act is disclosed
in the Corporate Governance Report, which is a part of the 18. Statutory Auditors
Annual Report and is also available on https://www.voltas. At the 68th Annual General Meeting (AGM) held on
com/images/_ansel_image_collector/DISCLOSURE_OF_ 24 June, 2022, the Members of the Company approved
REMUNERATION_POLICY_FOR_DIRECTORS.pdf the reappointment of S R B C & Co. LLP (SRBC) as Statutory
Auditors as well as Branch Auditors of the Company
17. Evaluation of Performance of Board, its Committees for a second term of five years from the conclusion of
and Directors 68th AGM till the conclusion of 73rd AGM of the Company
Pursuant to the provisions of the Act and Regulation 17 to be held in the year 2027, to examine and audit the
of the Securities and Exchange Board of India (Listing accounts of the Company for five consecutive financial
Obligations and Disclosure Requirements) Regulations, years between 2022-23 and 2026-27.
2015 (Listing Regulations), the Board carried out an
The Auditors’ Report for 2022-23 does not contain any
evaluation of its performance, Committees and individual
qualifications, reservations or adverse remarks, except for
Directors. The performance of the Board as a whole,
Key Audit Matters.
Committees and individual Directors was evaluated
by seeking inputs from all Directors based on certain 19. Cost Auditors
parameters as per the Guidance Note on Board Evaluation The Company has maintained the accounts and cost
issued by SEBI such as: Board structure and composition; records as specified by the Central Government under
Meetings of the Board in terms of frequency, agenda, Section 148(1) of the Companies Act, 2013. The Board had
discussions and dissent, if any, recording of Minutes and appointed M/s. Sagar and Associates, Cost Accountants
dissemination of information; Functions of the Board, as the Cost Auditors for 2022-23, and they have been
including governance and compliance, evaluation of reappointed as Cost Auditors of the Company for 2023-24.
risks, stakeholder value and responsibility, Board and Approval of the Members is being sought for ratification
Management, including evaluation of the performance of their remuneration at the ensuing AGM.
of the Management. The Directors also made their
self-assessment on certain parameters – attendance, 20. Secretarial Auditor
contribution at meetings and guidance/support M/s. N. L. Bhatia and Associates, the Practicing Company
extended to the Management. The feedback received Secretaries were appointed as Secretarial Auditor to
from the Directors was discussed and reviewed by the undertake the Secretarial Audit of the Company for the
Independent Directors at their separate Annual Meeting year 2022-23. Their Secretarial Audit Report, in prescribed
held on 21 March, 2023, and also shared with the NRC/ Form No. MR-3, is annexed to the Directors Report as
Board. At the separate Annual Meeting of Independent Annexure IV, and does not contain any qualification,
Directors, the performance of Non-Independent Directors, reservation or adverse remarks. M/s. N. L. Bhatia and
including the Chairman, Board as a whole and various Associates have been reappointed as the Secretarial
Committees was discussed. The Independent Directors Auditor for 2023-24.
in the said meeting also evaluated the quality, quantity
and timeliness of the flow of information between the 21. Audit Committee
Management and the Board, that is necessary for the The Audit Committee comprises Mr. Zubin Dubash
Board to effectively and reasonably perform their duties. (Chairman), Mr. Debendranath Sarangi and Mr. Arun Kumar
They expressed their satisfaction in respect thereof. The Adhikari, all Independent Directors, in line with Section
performance of the individual Directors, performance and 177 of the Act. The Board accepted the recommendations

made by the Audit Committee from time to time. Details Remuneration of Managerial Personnel) Rules, 2014, are
of Audit Committee Meetings held during the year 2022-23 given below:
are disclosed in the Corporate Governance Report.
(a) T
he ratio of each Director’s remuneration, to
22. Internal Financial Controls the median remuneration of the Company’s
The Internal Financial Controls (IFCs), its adequacy and employees for 2022-23:
operating effectiveness is included in the Management Directors Ratio to Median
Discussion and Analysis, which forms part of the Annual Remuneration
Report. The Auditors Report also includes their reporting
Mr. Noel Tata 2.02
on IFCs over Financial Reporting.
Mr. Vinayak Deshpande 0.30
23. Reporting of Fraud Mr. Debendranath Sarangi 4.55
No instances of fraud were reported by the Auditors under Mr. Bahram N. Vakil 4.36
Section 143(12) of the Companies Act, 2013.
Ms. Anjali Bansal 3.87
24. Risk Management Mr. Arun Kumar Adhikari 4.37

Pursuant to Section 134(3)(n) of the Act and Mr. Zubin Dubash 4.73
Regulation 21 of Listing Regulations, the Company
Mr. Saurabh Agrawal 0.24
has a Risk Management Committee (RMC) comprising
Mr. Zubin Dubash (Chairman), Mr. Debendranath Sarangi Executive Director
and Mr. Arun Kumar Adhikari, all Independent Directors. Mr. Pradeep Bakshi 65.43
The Company has formulated a Risk Management Policy Managing Director & CEO
to establish an effective and integrated framework for Note: Ratio of Remuneration of Directors was
the Risk Management process. During 2022-23, three computed based on sitting fees paid during
Meetings were held on 27 June, 2022, 30 September, 2022 2022-23 and commission paid for 2021-22 in
and 21 March, 2023, wherein, the top 10 risks and relevant 2022-23. However, in line with the internal
mitigation measures identified for the Company were guidelines, no commission was paid to Mr. Vinayak
reviewed and discussed. Deshpande and Mr. Saurabh Agrawal for 2021-22,
During 2022-23, the Company had appointed Ernst & as they were in full-time employment with another
Young (E&Y) to conduct an Enterprise Risk Management Group company. They were paid sitting fees only.
(ERM) study for Voltas. This exercise has been completed
(b) T
he percentage increase in remuneration of
and as advised by E&Y, the Company had adopted an
each Director, Chief Financial Officer, Chief
ERM Standard, ERM Policy and revised RMC Charter. The
Executive Officer, Company Secretary or
ERM Policy is to establish a common organisation-wide
Manager, if any, in 2022-23:
understanding of ERM and outline desired actions and
behaviours from key stakeholders and forms the basis Directors, Chief Executive % Increase in
for implementing the Risk Management framework Officer, Chief Financial Remuneration
Officer and Company in 2022-23 over
across the Company. The ERM Standard sets out the
Secretary 2021-22
objects and elements of Risk Management process within
Mr. Noel Tata *
the organisation and help to promote the Risk-aware
corporate culture. The RMC Charter defines the roles and Mr. Pradeep Bakshi 22.20
responsibilities of the Risk Management Committee and Mr. Vinayak Deshpande (41.51)
other requirements. Mr. Debendranath Sarangi 17.51
Mr. Bahram N. Vakil (9.50)
25. Particulars of Employees
Ms. Anjali Bansal (16.49)
The information required under Section 197 of the Act,
Mr. Arun Kumar Adhikari 12.82
read with Rule 5(1) of the Companies (Appointment and
126 Voltas Limited

(g)
A statement containing names of top ten
Directors, Chief Executive % Increase in
Officer, Chief Financial Remuneration employees, in terms of remuneration drawn and the
Officer and Company in 2022-23 over particulars of employees as required under Section
Secretary 2021-22 197(12) of the Act, read with Rule 5(2) and 5(3) of
Mr. Zubin Dubash (1.00) the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, is provided in a
Mr. Saurabh Agrawal (46.81)
separate Annexure in this Report. Further, the Report
Mr. Jitender P. Verma ** and the Accounts are being sent to the Members,
(Chief Financial Officer) excluding the aforesaid Annexure. In terms of
Mr. V. P. Malhotra 12.37 Section 136 of the Act, the said Annexure is open for
(Company Secretary) inspection at the Registered Office of the Company.
* As no commission was paid to Mr. Noel Tata Any Shareholder interested in obtaining a copy
for 2021-22, being in employment with another of the same may write to the Company Secretary.
Group company, the percentage increase in his None of the employees listed in the said Annexure
remuneration is not comparable and hence, not are related to any Director of the Company.
mentioned.
26. Employee Stock Option, Sweat Equity and Equity
** Since remuneration for 2021-22 is for part of the Shares with Differential Voting Rights
year, the percentage increase in his remuneration is The Company did not issue any Employee Stock Options,
not comparable and hence, not mentioned. Sweat Equity shares and Equity shares with differential
voting rights.
(c) P
ercentage increase in the median
remuneration of employees in 2022-23: 27.
Conservation of Energy, Technology Absorption,
15.38% Foreign Exchange Earnings and Outgo
Information pursuant to Section 134(3)(m) of the Act
(d) N
umber of permanent employees on the rolls
relating to conservation of energy, technology absorption,
of the Company:
foreign exchange earnings and outgo is given as
1,689 employees.
Annexure III to this Report.
(e) A
verage percentile increase already made
28. Directors and Key Managerial Personnel (KMP)
in the salaries of employees other than the
During the year under review, there has been no change
managerial personnel in the last financial
in Directors and KMP of the Company.
year and its comparison with the percentile
increase in the managerial remuneration and In accordance with the provisions of the Act and the
justification thereof, and point out if there were Company’s Articles of Association, Mr. Noel Tata and
any exceptional circumstances for increase in Mr. Saurabh Agrawal retire by rotation and being
managerial remuneration: eligible, offer themselves for re-appointment.
Average percentile increase in salary of employees
During the year under review, the Non-Executive
other than managerial personnel was 8.67%. Average
Directors of the Company had no pecuniary relationship
percentile increase in managerial remuneration was
or transactions with the Company, other than sitting fees,
12.11% in 2022-23 over 2021-22.
commission and reimbursement of expenses incurred by
(f) ffirmation that the remuneration is as per the
A them (if any) for the purpose of attending Meetings of the
Remuneration Policy of the Company: Board/Committees of the Company.
The Company affirms that the remuneration paid

Mr. Pradeep Bakshi (Managing Director & CEO),
was as per the Remuneration policy of the Company. Mr. Jitender Pal Verma (Chief Financial Officer) and

Mr. V. P. Malhotra (Head-Taxation, Legal and Company Act and have also confirmed that their registration with
Secretary) are the Key Managerial Personnel (KMPs) of the the databank of Independent Directors maintained by the
Company, in line with the requirements of Section 203 of Indian Institute of Corporate Affairs is in compliance with
the Act. the requirements of the Companies (Appointment and
Qualifications of Directors) Rules, 2014.
Mr. Pradeep Bakshi, Managing Director & CEO of the
Company is also the Managing Director of Universal 30. Business Responsibility and Sustainability Report
MEP Projects & Engineering Services Limited (UMPESL),
Pursuant to Regulation 34(2)(f ) of Listing Regulations, as
a 100% wholly-owned subsidiary of the Company.
amended, the Business Responsibility and Sustainability
Mr. Pradeep Bakshi does not draw any remuneration
Report in prescribed format forms part of this
from UMPESL. No other Director is the Managing or
Annual Report.
Whole-time Director of any subsidiary of the Company.
31. Corporate Governance
29. Declaration by Independent Directors

Pursuant to Schedule V of Listing Regulations,
Pursuant to Section 149(7) of the Act, the Company has
Management Discussion and Analysis, Corporate
received declarations from all Independent Directors
Governance Report and Auditors’ Certificate regarding
confirming that they meet the criteria of independence
compliance of conditions of Corporate Governance
as specified in Section 149(6) of the Act, as amended, read
with Rules framed thereunder and Regulation 16(1)(b) of forms part of the Annual Report. A declaration signed
the Listing Regulations. In terms of Regulation 25(8) of by the Managing Director in regard to compliance with
the Listing Regulations, the Independent Directors have the Code of Conduct by the Board Members and Senior
confirmed that they are not aware of any circumstance or Management Personnel also forms part of the Annual
situation which exists or may be reasonably anticipated Report. Code of Conduct and various other policies are
that could impair or impact their ability to discharge available on the website of the Company at the link:
their duties with an objective independent judgement https://www.voltas.com/about/corporate-governance
and without any external influence and that they are
32. Details of the Establishment of Vigil Mechanism for
independent of the Management. The Board of Directors
Directors and Employees
of the Company have taken on record the declaration and
confirmation submitted by the Independent Directors The Company has adopted a Whistle Blower Policy (“the
after undertaking due assessment of the veracity Policy”) as required under Section 177(9) of the Act and
of the same. Listing Regulations. The Policy provides a mechanism for
Directors and employees of the Company to approach the
The Board is of the opinion that the Independent Directors Ethics Counsellor/Chairman of the Audit Committee of
possess the requisite qualifications, experience, expertise the Company in case of any concern. The Whistle Blower
and they hold high standards of integrity. Policy can be accessed on the Company’s website at the
The Independent Directors have complied with the Code link: https://www.voltas.com/images/_ansel_image_
for Independent Directors prescribed in Schedule IV to the collector/WHISTLE_BLOWER_POLICY_1.pdf
128 Voltas Limited

33. Particulars of Loans, Guarantees or Investments under Section 186 of the Act during 2022-23
Details of loans, guarantees and investments covered under the provisions of Section 186 of the Act, made during the year 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 2022-23 the loans, guarantees
Loan/ ICD Investment Guarantee and investments are
(` in crores) (` in crores) (` in crores) proposed to be utilised
LIC Housing Finance Limited Inter Corporate 85.00 -- -- General Corporate purpose
Deposit (ICD)
UP Power Corporation Limited Investment in Bonds -- 25.64 -- General Corporate purpose
ICICI Home Finance Limited ICD 110.001 -- -- General Corporate purpose
Mahindra & Mahindra Financial ICD 70.00 2
-- -- General Corporate purpose
Services Limited
L&T Finance Limited Investment in Bonds -- 42.273 -- General Corporate purpose
Bajaj Finance Limited Investment in NCDs -- 9.93 -- General Corporate purpose
Housing Development Finance Investment in NCDs -- 30.45 -- General Corporate purpose
Corporation Limited
Universal MEP Projects & Subscription of -- 1,190.00 -- Strategic investment
Engineering Services Limited* Rights equity shares
Guarantee to Bank -- -- 750.00 Business purpose, as a
collateral
Voltbek Home Appliances Subscription of -- 122.50 -- Strategic investment
Private Limited# Rights equity shares
* wholly-owned subsidiary
# Joint-venture company
1. including ` 30 crores repaid during the year. As on 31 March, 2023, the outstanding amount was ` 80 crores.
2. including ` 50 crores repaid during the year. As on 31 March, 2023, the outstanding amount was ` 20 crores.
3. Entire amount of ` 42.27 crores redeemed on maturity during the year.
34.
Particulars of Contracts or Arrangements with 36. Details of Significant and Material Orders passed by
Related Parties the Regulators/Courts/Tribunal
During the year under review, the Company did not No significant and material orders were passed by the
have any contracts or arrangements with related Regulators or the Courts or Tribunals impacting the going
parties in terms of Section 188(1) of the Act, except the concern status and Company’s operations in future.
consummation of the Business Transfer Agreement (BTA)
37. Proceeding under Insolvency and Bankruptcy Code,
earlier executed in March 2021 for transfer of domestic
2016
B2B businesses to UMPESL on a slump sale basis, whereby
the existing contracts/agreements/arrangements have There are no proceedings, either filed by the Company or
been assigned/novated by Voltas to UMPESL. Accordingly, against the Company, pending under the Insolvency and
the disclosure of related party transactions as required Bankruptcy Code, 2016 as amended, before the National
under Section 134(3)(h) of the Act in Form No. AOC-2 for Company Law Tribunal or other Courts as on 31 March, 2023.
2022-23 forms part of this Annual Report as Annexure V.
38. Deposits from Public
35. Secretarial Standards The Company has not accepted any deposits from public
The Company has complied with the provisions of and as such, no amount on account of principal or interest
Secretarial Standards on Meetings of the Board of on deposits from public was outstanding as on the
Directors (SS-1) and on General Meetings (SS-2). 31 March, 2023.

39. Directors’ Responsibility Statement 40. Annual Return
Based on the framework and testing of internal financial Pursuant to Sections 92(3) and 134(3)(a) of the Act, the
controls and compliance systems established and Annual Return for 2022-23 is available on the Company’s
maintained by the Company, work performed by the website at the link: https://www.voltas.in/file-uploads/
internal, statutory, cost and secretarial auditors and general/Voltas_AnnualReturns_FormMGT-7_2022-23.pdf
external agencies, including audit of internal financial
41.
Disclosure as per the Sexual Harassment of
controls over financial reporting by the Statutory
Women at Workplace (Prevention, Prohibition and
Auditors and the reviews performed by Management
Redressal) Act, 2013
and the relevant Board Committees, including the Audit
Committee, the Board is of the opinion that the Company’s The Company has zero tolerance for sexual harassment
internal financial controls were adequate and effective at workplace and has adopted a ‘Respect for Gender’
Policy on prevention, prohibition and redressal of
during the financial year 2022-23. Accordingly, pursuant
sexual harassment in line with the provisions of the
to Section 134(5) of the Act, the Board of Directors, based
Sexual Harassment of Women at Workplace (Prevention,
on the assurance given of the business operations, to the
Prohibition and Redressal) Act, 2013 (‘POSH Act’) and
best of their knowledge and ability, confirm that:
the Rules there under. As per the requirement of POSH
(i)
in the preparation of the annual accounts, the Act, the Company has formed an Internal Committee to
applicable accounting standards have been address complaints pertaining to sexual harassment at
followed and that there are no material departures; work place. The Company did not receive any complaint
during 2022-23.
(ii) they have, in the selection of the accounting policies,
consulted the Statutory Auditors and have applied 42. Other Disclosures
their recommendations consistently and made
During the year, there were no transactions requiring
judgements and estimates that are reasonable and
disclosure or reporting in respect of matters relating to:
prudent so as to give a true and fair view of the state
of affairs of the Company at the end of financial year (a) issue of equity shares with differential voting rights
and of the profit of the Company for that period; as to dividend, voting or otherwise;
(iii) they have taken proper and sufficient care to the best (b) issue of shares (including sweat equity shares) to
employees of the Company under any scheme;
of their knowledge and ability, for the maintenance
of adequate accounting records in accordance with (c) raising of funds through preferential allotment or
the provisions of the Act, for safeguarding the assets qualified institutional placement;
of the Company and for preventing and detecting
(d) instance of one-time settlement with any bank or
fraud and other irregularities; financial institution.
(iv) they have prepared the annual accounts on a going
43. General
concern basis;
The Notes forming part of the Accounts are self-
(v) they have laid down internal financial controls to explanatory or, to the extent necessary, have been dealt
be followed by the Company and that such internal with in the preceding paragraphs of the Report.
financial controls were adequate and operating
effectively; and On behalf of the Board of Directors
Noel Tata
(vi)
they have devised proper system to ensure
Chairman
compliance with the provisions of all applicable
laws and that such systems were adequate and Date: 26 April, 2023
operating effectively. Place: Mumbai
130 Voltas Limited

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

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

ANNEXURE II
ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY ACTIVITIES
for financial year 2022-23
[Pursuant to Section 135 of the Companies Act, 2013 and The Companies (Corporate Social Responsibility Policy) 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 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 1 1
2 Mr. Pradeep Bakshi Member, Managing Director & CEO 1 1
3 Mr. Bahram N. Vakil Member, Independent Director 1 1
4 Ms. Anjali Bansal Member, Independent Director 1 1
3. Web-link(s) where Composition of CSR Committee, CSR Policy and CSR Projects approved by the Board are disclosed
on the website of the Company:
T he 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/ programmes 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 programmes undertaken by the Company:

h ttps://www.voltas.com/images/_ansel_image_collector/CORPORATE_SOCIAL_RESPONSIBILITY_PROJECTS__
PROGRAMMES.Pdf
4. Executive Summary of Impact Assessment of CSR projects, during 2022-23:

The Company has during 2022-23 carried out Impact Assessment on Sustainable Livelihood programmes implemented through
27 Skill Development Centres across India, by KPMG Assurance and Consulting Services LLP (KPMG) and on two separate
CSR projects of National Importance relating to Integrated Sanitation programme in 10 villages near Waghodia, Gujarat and
Participatory Ground Water Management and Sustainable Agriculture programme in 6 villages in Beed, Maharashtra, by Price
Waterhouse Chartered Accountants LLP (PW). The executive summary of the Impact Assessment Reports of KPMG and PW is given
as Annexure ‘A’. The web-links for their full reports are as under:
• ttps://www.voltas.in/images/_ansel_image_collector/ImpactAssessmentReport-SustainableLivelihoodProgram-
h
March2023.pdf

• ttps://www.voltas.in/images/_ansel_image_collector/ImpactAssessmentReport-ParticipatoryGroundwaterManagementa
h
ndSustainableAgricultureProgram-March2023.pdf
• ttps://www.voltas.in/images/_ansel_image_collector/ImpactAssessmentReport-IntegratedSanitationProgram-
h
March2023.pdf
5. (a) Average net profit of the Company as per Section 135(5): ` 717.46 crores.
(b) Two percent of average net profit of the Company as per Section 135(5): `14.35 crores.
(c) Surplus arising out of the CSR projects or programmes or activities of the previous financial years: Nil
(d) Amount required to be set-off for the financial year, if any: Nil
(e) Total CSR obligation for the financial year [(b)+(c)-(d)]: ` 14.35 crores.
6. (a) Amount spent on CSR Projects (both Ongoing Project and other than Ongoing Project): ` 13.45 crores.
(b) Amount spent in Administrative overheads: ` 0.73 crore.
(c) Amount spent on Impact Assessment, if applicable: ` 0.42 crore.
(d) Total amount spent for the Financial Year [(a)+(b)+(c)]: ` 14.60 crores.
(e) CSR amount spent or unspent for the Financial Year:
Total Amount Spent Amount Unspent (` in crores)

for the Financial Total Amount transferred to Amount transferred to any fund specified under
Year (` in crores) Unspent CSR Account as per Schedule VII as per second proviso to Section 135(5)
Section 135(6)
Amount Date of transfer Name of the Amount Date of transfer
Fund
14.60 Nil NA NA Nil NA
(f) Excess amount for set-off, if any:
Sl. No. Particular Amount

(` in crores)
(1) (2) (3)
(i) Two percent of average net profit of the Company as per Section 135(5) 14.35
(ii) Total amount spent for the Financial Year 14.60
(iii) Excess amount spent for the Financial Year [(ii)-(i)] 0.25
Surplus arising out of the CSR projects or programmes or activities of the previous
(iv) -
Financial Years, if any
(v) Amount available for set-off in succeeding Financial Years [(iii)-(iv)] 0.25
7. Details of Unspent Corporate Social Responsibility amount for the preceding three financial years:
(1) (2) (3) (4) (5) (6) (7) (8)
Sl. Preceding Amount Balance Amount Amount transferred Amount Deficiency,
No. Financial transferred to Amount in Spent to a Fund as specified remaining to if any
Year(s) Unspent CSR Unspent CSR in the under Schedule VII as be spent in
Account under Account under Financial per second proviso of succeeding
Section 135(6) Section 135(6) Year section 135(5), if any Financial Years
(₹ in crores) (₹ in crores) (₹ in crores) Amount Date of (₹ in crores)
(₹ in crores) transfer
1 2021-22 Nil Nil 12.94 Nil NA Nil Nil
2 2020-21 Nil Nil 11.71 Nil NA Nil Nil
3 2019-20 NA Nil 10.10 Nil NA Nil Nil
134 Voltas Limited

8. Whether any capital assets have been created or acquired through Corporate Social Responsibility amount spent in
the Financial Year:
Yes No
If yes, enter the number of Capital assets created/acquired : Not Applicable
Details relating to such asset(s) so created or acquired through Corporate Social Responsibility amount spent in the

Financial Year: Not Applicable
(1) (2) (3) (4) (5) (6)

Sl. No. Short particulars of the Pincode Date of Amount Details of entity/ Authority/ beneficiary of
property or asset(s) of the creation of CSR the registered owner
[including complete property amount CSR Registration Name Registered
address and location of or asset(s) spent Number, if Address
the property] applicable
None NA NA Nil NA NA NA
(All the fields should be captured as appearing in the revenue record, flat no, house no, Municipal Office/Municipal Corporation/
Gram panchayat are to be specified and also the area of the immovable property as well as boundaries)
9. 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
Place: Mumbai Place: Mumbai
Date: 26 April, 2023

Encl: Annexure ‘A’

ANNEXURE ‘A’
Executive summary of Impact Assessment Studies:
I. Sustainable Livelihood Programmes: the RPL candidates were consulted virtually. Interviews
The Company has through its various implementing and focused group discussions were conducted with
partners such as Tata Community Initiative Trust (Tata other stakeholders, including parents, employers, and
Strive), Greysym Learnings Foundation, GMR Varalakshmi implementing partners to gain their insights. Majority of
Foundation, Care Foundation, etc., promoted sustainable the parents reported that the training was very helpful
livelihood and economic development through youth to improve the technical/non-technical knowledge and
employment, education and training from 27 Skill crucial to make the youths employable across industries.
Centers spread across 13 States in India, to enhance They also complimented Voltas for such free of cost
the skillsets and make the youth/candidates industry programmes to ensure social mobility and access to
ready. The Company offers technical courses in room equal opportunities. The Employers reported that they
air conditioning (RAC), commercial air conditioning conducted on-campus recruitment drive to assess the
(CAC), plumbing and electrical, which are industry- knowledge of the candidate about the sector and final
oriented and relevant to market requirements. The non- fitment before offering the job. They were generally
technical courses include banking, financial services and satisfied with the performance of the candidates. The
insurance, retail, IT-enabled services, tally and accounting, Centre staff reported that the programme covered all
nursing assistant and tailoring. The Company has up to important aspects of skill training, including practical
2022-23 trained over 23,000 youths through its technical exposure, distinct pedagogy, lectures and trainings
and non-technical programmes. from Subject Matter Experts ensuring robust internal
assessments and certifications.
Recognition of Prior Learning (RPL) programme helps the
existing workforce with skill upgradation and certification The key findings of their study are as under:
and this initiative positively impacts the work efficiency, • 9 8% respondents expressed that the curriculum is
productivity and income of the existing unskilled relevant.
and semiskilled technicians. Over 16,500 RAC/CAC • 9 6% respondents expressed complete satisfaction
technicians have been formally trained and certified about improved knowledge and skill.
under the RPL programme.
• 8 2% respondents reported to be in jobs, while 18%
The aforesaid courses are conducted by experienced have turned entrepreneurs.
trainers and they combine classroom lectures with
• 8 5% respondents reported increase in the household
practical training to provide a holistic learning experience.
income after placements.
During 2022-23, the Company appointed KPMG to
study the status and impact of CSR intervention under II. Integrated Sanitation Programme:
Sustainable Livelihood, including the perception amongst The Integrated Sanitation programme provides Water,
key stakeholders. KPMG covered 558 trainees and 180 key Sanitation and Hygiene (WASH) intervention in 10 villages
stakeholders, including candidates currently enrolled and of the Waghodia District in Gujarat and was implemented
undergoing training at the Skill Centers, candidates who through Coastline Salinity Prevention Cell (CSPC), an
have already completed their training, candidates certified independent agency. These interventions include
through RPL programme, parents, staff of Skill Centers construction of toilets, menstrual hygiene management
and employers. The study adopted a mixed method training for women, water-connectivity support for daily
approach leveraging both, quantitative and qualitative chores of households, WASH infrastructural support for
research and was conducted across 11 locations of Voltas Anganwadis and Schools, and provision of soak-pits
training centres through in-person interactions and and vermicomposting beds. Voltas Waghodia plant
136 Voltas Limited

officials and volunteers played a pivotal role in shaping in 6 villages of Beed District of Maharashtra through
up the project through regular ideation and support in Action for Food Production (AFPRO), an independent
implementing and monitoring the programme. agency. This programme aims to build capacity of the
farmers through strategic interventions and technology
Menstrual Health Management (MHM) awareness was
transfer for creation and efficient management of water
conducted through workshops, with women across
resources and promoting sustainable farming practices
different age groups on structured modules. The water-
to address or mitigate perennial drought situation in the
connectivity initiative has brought water directly at the
area. Beneficiaries were provided with water harvesting/
homes of beneficiaries and has become a self-sustaining
recharging structures within the village at community
community activity. Anganwadi centres and schools were
level and individual level. Beneficiaries were also provided
supported either in the form of drinking water facilities,
with various trainings on better crop management,
repair/ construction of toilets or overall beautification of
vermicomposting unit and exposure visits to support
the institution.
them in improving productivity and knowledge. Water
The Company appointed PW to assess the overall impact Committees were formed in each village which played a
of these interventions. For this study, PW collected a vital role in identification of project sites and in convincing
sample size of 144 beneficiaries through focus group the people to support in providing space for stream
discussions and in-depth interviews. Additionally, 41 widening and deepening.
physical visits through purposive sampling for constructed
The Company appointed PW to assess the impact of the
toilets, soak pits, vermicompost units and WASH support
programme on the lives of community/beneficiaries. A
provided to Anganwadis and Schools were conducted.
mixed method approach leveraging both quantitative
The key findings of PW are as under: and qualitative research was deployed. A sample size of
• 1 00% respondents reported using the toilets, soak- 111 beneficiaries through quantitative survey and 284
pits and water pipeline constructed during the samples were covered through qualitative method - 14
programme. Focussed Group Discussions with 245 beneficiaries and
In-Depth Interviews with 6 Farmer Producer Organisations
• 1 00% respondents can identify and share about
members and 16 Panchayati Raj Institution members.
the health benefits of usage of toilets, soak-pits and
Additionally, 11 physical visits through purposive
water pipeline constructed during the programme.
sampling for Community level and individual level water
• 9 2% women respondents reported doing away with harvesting/ recharging structures and 6 vermicompost
myths and misconceptions regarding menstrual units were conducted.
cycle, except for the religious ones.
The key findings of PW for this initiatives are as under:
• 8 5% women respondents reported having access to
• Average monthly income has increased by 39%.
hygienic menstrual cycle management mechanisms.
• verage yield increased by 2697 kg in Rabi and
A
• 6 7% of beneficiaries belong to Scheduled Caste
by 1042 kg in Kharif season. Average land under
(SC) and Scheduled Tribe (ST) category contributing
irrigation increased from 2 acres to 4.2 acres, per
towards the Affirmative Action principle of Voltas.
household.
III.
Participatory Ground Water Management and • opulation with potable water throughout the year
P
Sustainable Agriculture Programme: has increased from 10% to 65%.
The Company had initiated the Participatory Ground • opulation migrating for 4 to 6 months for livelihood
P
Water Management and Sustainable Agriculture project has reduced from 53% to 38%.

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: resulting in lesser consumption of refrigerant gas and

With a view to conserve the natural resources by managing thereby reduction in CO2 emissions.
energy in manufacturing activities, following energy (c) Developed in-house Indoor Units of Split Air conditioners.
conservation projects were taken during the year under review:
(d)
Developed Hot/Cold compact series (840 mm) Air
(a) Solar rooftops installed in factory premises served as an conditioners with single rotary compressor.
alternative source of energy generation and produced
(e) Upgradation of BEE Star labelled products.
648 MW of electrical energy at Waghodia Plant resulting
in reduction of carbon footprint. Moreover, the electricity (f ) For Indoor Units, 5 tools developed in-house to reduce
generation increased by 30% over last year. dependency on imports/OEMs.
(b)
Old pumps were replaced with new energy-efficient, (g) Developed Air conditioners with new features like Ultra
high capacity pumps with VFD (Variable Frequency Drive) Silent (for low noise operation), Ice wash (for better
resulting in annual saving of 479 MW of electricity at cleaning of evaporator) and Filter Clean Indicator (for
Waghodia Plant. reminding customer to clean filter).
(c) Waghodia Plant deploys material handling equipment (h) Developed and implemented using recycled material in
which operates on 100% electric power, ensuring clean Air coolers.
and eco-friendly operation while reducing overall (i) The Company has entered into a Technology Licence
energy costs. Agreement with Vestfrost Solutions, Denmark
(d)
Capacity enhancement at Waghodia Plant and for manufacturing, selling, marketing, operation,
improvement in productivity has resulted in 22% reduction maintenance and servicing of medical refrigeration and
in electricity consumption per TR manufactured, resulting vaccine storage equipment in India.
in cost savings and a reduced carbon footprint.
RESEARCH & DEVELOPMENT (R&D):
(e) 250W High bay Sodium vapour lights replaced by 100W
LED lights resulting in annual power saving of 76,000 KWH Specific areas in which R&D carried out by the Company:
and also savings in cost. (a) In the area of Energy Efficiency and HCFC Phase Out:
(f ) Replaced 30” industrial fans with HVLS fans resulting in (i) Developed full range of products from 1 ton to 2 ton
power saving of 51,195 KWH. Window and Split Air Conditioners as per upgraded
BEE Energy Efficiency Regulations.
(g) Installed Solar Street lights and flame proof LED lights
resulting in power saving. (ii) Developed new range of Glass Top Deep Freezers
with improved aesthetics as well as improved
TECHNOLOGY ABSORPTION: energy efficiency levels.
The following initiatives have been taken which has resulted in (b)
Products and Processes Developed through in-house
product improvement / product development and reduction in technology:
cost to end consumer and also as an import substitution.
(i)
Developed Energy efficient Water Cooled Screw
(a) Developed in-house manufactured Heat Exchangers (BIS Chillers for Metro Stations.
accredited).
(ii)
Developed AHRI (Air Conditioning, Heating and
(b) Use of 5mm copper tubes in Heat Exchangers in place of Refrigeration Institute) certified Air Cooled Scroll
7mm copper tubes reduced the size of Heat Exchangers, Chillers for Metro Stations.
138 Voltas Limited

(iii) Developed Side Discharge VRF (Variable Refrigerant FOREIGN EXCHANGE EARNINGS AND OUTGO:
Flow) of 8 HP, 10 HP and 12 HP with R410A refrigerant. Earnings in foreign exchange: ` 178.99 crores
(iv) Developed Oil Free Magnetic Bearing Chillers up to Expenditure in foreign currency: ` 0.67 crore
180 TR.
Value of import on CIF basis: ` 1,052.85 crores
(v) Developed Heat Exchangers for Dual independent
circuit Air Cooled Chillers with common tube sheet.
EXPENDITURE ON RESEARCH & DEVELOPMENT:

The Company has incurred Research & Development On behalf of the Board of Directors
expenditure of ` 16.17 crores (including capital expenditure of Date: 26 April, 2023 Noel Tata
` 1.40 crores) during 2022-23. Place: Mumbai Chairman

ANNEXURE IV
FORM NO. MR-3
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED 31 MARCH, 2023
[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, Foreign Direct Investment, Overseas Direct Investment

The Members, and External Commercial Borrowings;
VOLTAS LIMITED
v.
The following Regulations and Guidelines prescribed
We have conducted the Secretarial Audit of the compliance under the Securities and Exchange Board of India Act,
of applicable statutory provisions and the adherence to 1992 (‘SEBI Act’) :-
good corporate practices by VOLTAS LIMITED (hereinafter
(a)
The Securities and Exchange Board of India
called ‘the Company’). Secretarial Audit was conducted in
(Listing Obligations and Disclosure Requirements)
accordance with Auditing Standards issued by the Institute of
Regulations, 2015;
Company Secretaries of India (ICSI) in a manner that provided
us a reasonable basis for evaluating the corporate conducts/ (b)
statutory compliances and expressing our opinion thereon. (Substantial Acquisition of Shares and Takeovers)
Regulations, 2011;
Based on our verification of the Company’s books, papers,
minute books, forms and returns filed and other records (c)
maintained by the Company and also the information (Prohibition of Insider Trading) Regulations, 2015;
provided by the Company, its officers, agents and authorized (d) The Securities and Exchange Board of India (Issue of
representatives during the conduct of Secretarial Audit, Capital and Disclosure Requirements) Regulations,
we hereby report that in our opinion, the Company has, 2018 (to the extent applicable);
during the audit period covering the financial year ended
(e) The Securities and Exchange Board of India (Registrars
31 March, 2023 complied with the statutory provisions listed
to an Issue and Share Transfer Agents) Regulations,
hereunder. The Company has proper Board processes and
1993 (Not applicable to the Company);
compliance-mechanism in place to the extent, in the manner
and subject to the reporting made hereinafter: (f ) The Securities and Exchange Board of India (Share
Based Employee Benefits and Sweat Equity)
We have examined the books, papers, minute books, forms and
Regulations, 2021 (Not applicable to the
returns filed and other records maintained by the Company
Company during the audit period);
for the financial year ended 31 March, 2023 according to the
provisions of: (g) The Securities and Exchange Board of India (Issue and
Listing of Non-Convertible Securities) Regulations,
i. The Companies Act, 2013 (the Act) and the Rules made
2021 (Not applicable to the Company during
thereunder;
the audit period);
ii. The Securities Contracts (Regulation) Act, 1956 (‘SCRA’)
(h) The Securities and Exchange Board of India (Delisting
and the Rules made thereunder;
of Equity Shares) Regulations, 2021 (Not applicable
iii. The Depositories Act, 1996 and the Regulations and bye- to the Company during the audit period); and
laws framed thereunder;
(i) The Securities and Exchange Board of India (Buyback
iv. Foreign Exchange Management Act, 1999 and the Rules of Securities) Regulations, 2018 (Not applicable to
and Regulations made thereunder to the extent of the Company during the audit period).
140 Voltas Limited

Other Laws applicable to the Company are as given in passed unanimously and with requisite majority at the
Annexure A. Sixty-Eighth Annual General Meeting (AGM) held during
2022-23.
We have also examined compliance with the applicable clauses
of Secretarial Standards issued by The Institute of Company We further report that there are adequate systems and
Secretaries of India with respect to Board and General Meetings. processes in the Company commensurate with the size and
operations of the Company to monitor and ensure compliance
During the period under review, the Company has complied
with applicable Laws, Rules, Regulations and Guidelines.
with the provisions of the Act, Rules, Regulations, Guidelines,
Standards, etc. mentioned above. We further report that during the audit period, the
shareholders of the Company have at the 68th AGM passed
We further report that the Board of Directors of the Company
a Special Resolution approving change in place of keeping
is duly constituted with proper balance of Executive Director,
registers and records.
Non-Executive Directors and Independent Directors. There was
no change in the composition of the Board of Directors during
the period under review.
For M/s N. L. Bhatia & Associates
Adequate notice is given to all Directors to schedule the Board
Practicing Company Secretaries
Meetings, Agenda and detailed Notes on Agenda were sent
UIN: P1996MH055800
seven days in advance for Meetings other than those held by
PR No.: 700/2020
a shorter notice, and a system exists for seeking and obtaining
further information and clarifications on the Agenda items
before the Meetings and for meaningful participation at the Bhaskar Upadhyay
Meetings. Partner
Majority decision is carried through while the dissenting FCS: 8663
members’ views, if any, are captured and recorded as part of Date: 24 April, 2023 CP. No. 9625
the minutes. All the decisions at the Board Meetings were Place: Mumbai UDIN: F008663E000175027

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 auditing standards issued by the Institute of Company Secretaries of India (ICSI) and 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 the Secretarial records. We believe that the processes
and practices, we have followed are aligned with Auditing Standards issued by the ICSI and 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) Wherever 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
PR No.: 700/2020
Bhaskar Upadhyay
Partner
FCS: 8663
Date: 24 April, 2023 CP. No. 9625
Place: Mumbai UDIN: F008663E000175027
142 Voltas Limited

ANNEXURE V
FORM NO. AOC-2
[Pursuant to clause (h) of sub-section (3) of Section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014]
Form for disclosure of particulars of contracts/ (c)

Duration of the contracts/arrangements/
arrangements entered into by the Company with related transactions:
parties referred to in sub-section (1) of Section 188 of
Not Applicable
the Companies Act, 2013 including certain arm’s length
transactions under third proviso thereto. (d) Salient terms of the contracts or arrangements or
transactions including the value, if any:
1. Details of contracts or arrangements or transactions
not at arm’s length basis: As the domestic B2B businesses have been
transferred to UMPESL on a slump sale basis, the
The Company has not entered into any contract or
existing contracts / agreements / arrangements
arrangement or transaction with its related parties which
with third parties have been assigned/novated
is not at arm’s length during financial year 2022-23.
by Voltas to UMPESL. As for value of transactions
2.
Details of material contracts or arrangement or between Voltas and UMPESL, refer Note 48 of
transactions at arm’s length basis: the financial statements for the year ended
31 March, 2023.
(a)
Name(s) of the related party and nature of
relationship: (e)
Date(s) of approval by the Board, if any:
2 August, 2022.
Universal MEP Projects & Engineering Services
Limited (UMPESL), wholly-owned subsidiary of the (f ) Amount paid as advances, if any: Nil
Company.
(b) Nature of contracts/arrangements/transactions:
During the year, the Business Transfer Agreement On behalf of the Board of Directors
(BTA) earlier executed in March 2021 for transfer of Noel Tata
domestic B2B businesses to UMPESL on a slump sale Date: 26 April, 2023 Chairman
basis, was consummated effective 1 August, 2022. Place: Mumbai

REPORT ON CORPORATE GOVERNANCE
1.
COMPANY’S PHILOSOPHY ON CODE OF and Disclosure Requirements) Regulations, 2015
GOVERNANCE (Listing Regulations) including any statutory
Good Corporate Governance is an integral part of the modification/enactments thereof. They have also
Company’s Management and business philosophy. The confirmed their registration with the databank of
Company subscribes fully to the principles and spirit of Independent Directors maintained by the Indian
good Corporate Governance and embeds the principles of Institute of Corporate Affairs in compliance with the
independence, integrity, accountability and transparency requirements of the Companies (Appointment and
into the value system driving the Company. Qualifications of Directors) Rules, 2014.

The Board of Directors exercise their fiduciary In terms of Regulation 25(8) of the Listing Regulations,
responsibilities towards all stakeholders by ensuring the Independent Directors have confirmed that
transparency and independence in the decision making they are not aware of any circumstance or situation
process. The Company has adopted the Tata Business which exist or may be reasonably anticipated, that
Excellence Model as a means of driving excellence and could impair or impact their ability to discharge
for tracking progress on long term strategic goals. The their duties. The Board of Directors of the Company
Company has also adopted the Tata Code of Conduct confirm that in its opinion, the Independent Directors
which serves as a guide to each employee, including the fulfill the conditions specified in Listing Regulations
Managing Director, on the standards of values, ethics and are independent of the Management of the
and business principles. The Whistle Blower Policy of the Company. None of the Independent Directors of
Company provides a mechanism for the employees to the Company is a Wholetime Director of any listed
approach the Chairman of Board Audit Committee/Ethics company and does not serve as an Independent
Counsellor and disclose information that may evidence Director in more than 7 listed companies. The
unethical or improper activity concerning the Company. Independent Directors are appointed for a term of
five years, subject to maximum of 2 terms of 5 years
2. BOARD OF DIRECTORS each or upto the age of retirement, whichever is
earlier, as per the Retirement Age Policy adopted
(a) Composition
by the Company. The Company has issued letter of
The present Board comprises 9 members: 8 Non- appointment/re-appointment to the Independent
Executive Directors (NEDs) and a Managing Director Directors in the manner as provided in the Act. The
& CEO. Of the 8 NEDs, 5 are Independent Directors, terms and conditions of their appointment/ re-
including a Woman Director. The Company has appointment have been disclosed on the website of
a Non-Executive Chairman and the number of the Company.
Independent Directors is more than 50% of the
total number of Directors. Except Independent The Board has adopted the Governance Guidelines
Directors, all other Directors are liable to retire by on Board Effectiveness, formulated by Group HR.
rotation. None of the Directors on the Board holds Accordingly, the Company followed the process for
directorship in more than ten public companies. evaluation of the Directors, Board as a whole and
None of the Directors on the Board has attained the evaluation of the respective Committees, based
age of 75 years. on certain criteria and questionnaires filled in by
the Directors. The Nomination and Remuneration
(b) Independent Directors Committee has laid down the evaluation criteria
All the Independent Directors of the Company for performance evaluation of Individual Directors
have confirmed that they satisfy the criteria of (including Independent Directors) which also
Independence as indicated in the Companies includes the attendance of Directors, commitment/
Act, 2013 (the Act) and SEBI (Listing Obligations contribution at Board/Committee Meetings and
144 Voltas Limited

guidance/support to Management outside Board/ particular year. The aforesaid Resolution was for the
Committee Meetings. The Directors freely interact financial years commencing from 1 April, 2020.
with the Management on information that may be
(e) Other provisions as to Board and Committees
required by them.
During 2022-23, seven Board Meetings were held
During financial year 2022-23, a separate Meeting on the following dates and the gap between
of Independent Directors of the Company was two consecutive Board Meetings did not exceed
held on 21 March, 2023 to discuss the performance 120 days.
evaluation based on the self-assessment of Directors
and the Board and also to assess the quality, content 12 April, 2022; 5 May, 2022; 2 August, 2022;
and timeliness of flow of information between 1 November, 2022; 6 December, 2022; 9 February,
the Management and the Board, including the 2023 and 10 March, 2023.
quality of Board Agenda papers and Minutes. The annual calendar of Board/Committee Meetings
The Independent Directors at their meeting also is agreed upon at the beginning of the year and
reviewed the performance of the Chairman of the Notice for Board Meetings and detailed agenda
Company. They have expressed their satisfaction papers are circulated to all the Directors 7 days in
and complimented the good process followed by advance for Meetings (other than if held by shorter
the Company, including conduct of Board Meetings notice) to enable them to attend and take informed
and quality of Minutes. 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.in/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
Business Plan (SBP) are presented in detail to the
(c) Performance Evaluation
Directors and their valuable inputs/suggestions are
Pursuant to the provisions of the Act and Listing taken and implemented. Similarly, actions in respect
Regulations, the Board has carried out the of suggestions made/decisions taken at Board/
performance evaluation of the Directors, Board as a Committee Meetings are reported and reviewed
whole and Committees. 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
at the Board/Committee Meetings and their active
Sitting fees paid to NEDs, including Independent
participation is reflected by the number of meetings
Directors for attending Board/Committee Meetings
held during the year and attended by the Directors.
are within the limits prescribed under the Act.
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 Committees and Chairman of more than 5
66th Annual General Meeting (AGM) held on Committees (Committees being Audit Committee
21 August, 2020 passed an Ordinary Resolution and and Shareholders’ Relationship Committee as per
approved payment of commission to NEDs not Regulation 26(1) of the Listing Regulations), across all
exceeding 1% or 3% per annum of the net profits the public companies of which he/she is a Director.
of the Company as the case may, to be calculated Necessary disclosures regarding Committee
in accordance with the provisions of the Act for that positions have been made by all the Directors.

The Board periodically reviews compliance of Management of the Company have affirmed
all laws applicable to the Company, based on a compliance with their respective Codes as on
certificate given by the Managing Director & CEO, 31 March, 2023. A declaration to this effect, signed
including the steps taken, to rectify instances of by the Managing Director & CEO of the Company
non-compliances, if any. is annexed hereto. Senior management comprises
the Division/Department/Functional Heads and
(f) Code of Conduct Head-Finance of the respective business clusters.
The Board has adopted the Codes for all Directors The Independent Directors have also confirmed
and Senior Management of the Company and compliance with the Code as prescribed in Schedule
the same have been posted on the website of IV to the Act.
the Company. All the Board members and Senior
(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, 2023) are given below:
Name of Directors Category Board Attendance Number of Number of

Meetings at the last Directorships Committee
Attended AGM held in other public positions held
during on 24 June, limited companies in other public
2022-23 2022 (excluding companies#
directorship in Chairman Member
associations,
private/ Section 8/
foreign companies)
Mr. Noel Tata Non 7 Yes 5 -- 1
(Chairman) Independent
DIN: 00024713 Non-Executive
Mr. Pradeep Kumar Bakshi Non 7 Yes 1 -- --
(Managing Director & CEO) Independent
DIN: 02940277 Executive
Mr. Vinayak Deshpande Non 5 Yes 3 1 2
DIN: 00036827 Independent
Non-Executive
Mr. Debendranath Sarangi Independent 7 Yes 3 1 --
Mr. Bahram N. Vakil Independent 7 Yes 3 -- 1
Ms. Anjali Bansal Independent 7 Yes 6 -- 3
Mr. Arun Kumar Adhikari Independent 5 Yes 5 -- 3
Mr. Zubin Dubash Independent 6 Yes -- -- --
Mr. Saurabh Agrawal Non 5 Yes 7 -- 2
DIN: 02144558 Independent
Non-Executive
# Comprise Chairmanship/Membership in Board Audit Committee and Shareholders Relationship Committee.
146 Voltas Limited

(h) Directorship held in other Indian listed entities as on 31 March, 2023

Sr. Name of Director Name of other listed entity Category of Directorship
No.
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)
2 Mr. Vinayak Deshpande Kennametal India Limited Independent Director
3 Mr. Debendranath Sarangi Southern Petrochemical Industries Corporation Independent Director
Limited
Tamilnadu Petroproducts Limited Independent Director
4 Ms. Anjali Bansal The Tata Power Company Limited Independent Director
Piramal Enterprises Limited Independent Director
Nestle India Limited Independent Director
5 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
6 Mr. Saurabh Agrawal Tata Steel Limited Director
The Tata Power Company Limited Director
Mr. Pradeep Bakshi, Managing Director & CEO, Mr. Bahram N. Vakil and Mr. Zubin Dubash, Independent Directors of the
Company are not a Director of any other listed entity.
(i)
Matrix setting out the skills/expertise/ on the Board of various Tata Group companies,
competence of Board of Directors including as the Chairman of Trent Limited,
The Company has diverse businesses and is one Tata International Limited, Voltas Limited and
of the largest air-conditioning company in India Tata Investment Corporation Limited and
and a reputed engineering solution provider as the Vice Chairman of Tata Steel Limited and
specialising in project management (domestic and Titan Company Limited. His last executive
international). The Company has a competent Board assignment was as the Managing Director
with adequate background and knowledge of the of Tata International Limited, where, the
Company’s businesses - consumer durables, retail company witnessed a growth in turnover
and marketing, projects, engineering solutions, from USD 500 million to over USD 3.7 billion
under his leadership. Prior to Tata International,
finance, legal, accounts and general administration
Mr. Tata served as the Managing Director of
and management. The Board comprise Directors
Trent Limited where he has overseen the
with diverse experience, qualifications, skill sets and
growth of Trent from a one store operation
gender and are aligned with the Company’s overall
in 1998 to over 550 stores across formats
businesses, long term strategy, including corporate
today. Mr. Tata having served as the Managing
ethics, values and culture. The brief profile and skill
Director of Trent and Tata International brings
sets of the Board Members are highlighted as under:
with him valuable leadership experience
(1) Mr. Noel Tata, Non-Executive Chairman of the in managing the issues faced by large and
Company is a graduate from Sussex University complex organisations. The Company and the
(UK) and has done the International Executive Board will immensely benefit by leveraging his
Programme (IEP) from INSEAD, France. demonstrated leadership capability, general
Mr. Noel Tata has been associated with the business acumen, exposure to consumer
Tata group for 40 years and currently serves and retail sector and knowledge of issues

faced by the Company. Mr. Tata also brings ` 5,000 crores, with market share of
rich experience in various areas of business 65%. M&CE business has a market share of
operations, strategy, risk management, more than 60% for Powerscreen equipment for
financial, societal and governance matters. the past 5 years and has seen a two-fold jump
in revenue from Mozambique operations in the
(2) Mr. Pradeep Bakshi, Managing Director & CEO
last 5 years. Further, in September, 2018 under
of Voltas Limited and Universal MEP Projects
& Engineering Services Limited is a Science his leadership, Voltas Beko brand was launched
graduate with Post Graduate Diploma in under a JV with Arcelik of Turkey; which offers a
Marketing Management. He is also on the wide range of Refrigerators, Washing Machines,
Board of Voltbek Home Appliances Private Microwaves and Dishwashers.
Limited. Mr. Bakshi took over as Head of
An enthusiastic and confident leader,
Operations of Unitary Cooling Products Mr. Pradeep Bakshi has been the Appliances
business, fifteen years ago, with an emphatic Man of the Year, and has also received the
oath of turning around the brand to its current President’s award for Energy Conservation,
stature. He is one of the most versatile and amongst many other awards and accolades.
multi-talented executives, having close to
four decades of experience in the Consumer (3)
Mr. Vinayak Deshpande, Non-Executive
Durable Industry. Director of the Company is a graduate
in Chemical Engineering (1980) from IIT,
Mr. Bakshi is a triumphant professional in the
Kharagpur. He has over 39 years of work
competitive Indian White Goods landscape
experience in different roles in diverse
and has worked with leading brands like
companies like Thermax and Tata Honeywell.
Godrej, GE and Electrolux, before starting his
Mr. Vinayak Deshpande retired as the
career with Voltas, at the end of the year 2001.
Managing Director of Tata Projects Limited
He represents the all-too-rare combination of
(TPL) in July 2022. During his long tenure as
thinker, doer and leader, and his vast expertise
MD, TPL has achieved all-round excellence in
and experience in the Appliances domain
Industrial Infrastructure business. He was earlier
makes him a distinct professional. Under
the Managing Director of Tata Honeywell
his able leadership, Voltas’ Unitary Cooling
Limited for 5 years for its India business till
Products business has consistently grown,
well ahead of the Industry. In fact, Voltas ACs 2004-05. Mr. Deshpande was conferred as the
achieved leadership position in market share, Infrastructure Person of the Year for 2016-17 by
and has also scored highest in terms of Brand ‘Construction World’ and ‘Construction Times’
Equity, under his stewardship. awarded him as the ‘Best Infra CEO’ of the year
2017. His vast knowledge and experience is
Mr. Bakshi also spearheads the Infrastructure
beneficial for the Company’s Projects business
Solutions and Projects business of Voltas,
and the Company has constituted a separate
including the Textile Machinery Division (TMD)
Project Committee of the Board, of which
and Mining & Construction Equipment Division
Mr. Deshpande is the Chairman. Mr. Deshpande
(M&CE). Under his leadership, the Company
is also the Chairman of the Board and Project
has successfully bagged multiple marquee
Committee of Universal MEP Projects &
MEP, Solar and Water projects, including
Engineering Services Limited (UMPESL), a
the prestigious Parliament House, Chennai
wholly owned subsidiary of the Company.
Metro, several Airports, Dubai Exhibition
Centre Expo 2020, Commercial Boulevard (4)
Mr. Debendranath Sarangi, Independent
project - FIFA World Cup 2022, the prestigious Director of the Company is a retired IAS officer
Namami Gange project and many more. TMD (1977 batch) from the Tamil Nadu Cadre.
business boasts of an order booking of around Mr. Sarangi has done M.A. in Political
148 Voltas Limited

Science from University of Delhi and M.Sc. in leading to a merger with the Bank of Baroda.
Economics from University of Swansea, Prior to that, Ms. Anjali Bansal was a Global
U.K. While in service, Mr. Sarangi has Partner and Managing Director with TPG
held high-level responsibilities in several Growth PE, responsible for India, South East
departments including that of Chief Secretary. Asia, Africa and the Middle East. She started her
Mr. Sarangi is also on the Board of UMPESL career as a strategy consultant with McKinsey
and his knowledge and experience in and Co. in New York. She has chaired the India
general administration and management in Board of Women’s World Banking, a leading
Government Sector helps the Company and global livelihood-promoting institution.
UMPESL, especially in the Electrical business Ms. Anjali Bansal is on the Board of Open
relating to Rural Electrification and also in Network for Digital Commerce (ONDC),
projects of Water business under the Rural a Government of India initiative as an
Water Supply Scheme. Independent Director. She was listed as one of
(5)
Mr. Bahram N. Vakil, Independent Director the “Most Powerful Women in Indian Business”
of the Company is a Master of Law (LL.M.) by India’s leading publication, Business Today,
from the Columbia University. He is amongst and by Fortune India. She was awarded “best
India’s foremost restructuring, infrastructure women director” for Leadership, Corporate
and project finance attorneys and has been Governance, Sustainability & CSR at the
acknowledged as a leading project finance 8th Asia Business Responsibility e-Summit
lawyer by most international publications for held in November 2021. She is a member of
decades. He has been on several governments the Young Presidents’ Organisation and a
constituted committees including the charter member of TiE. Her experience and
Viswanathan Committee on Bankruptcy knowledge is helpful for taking appropriate
law reform and played a key role in drafting decisions for technology and digital, growth
the Insolvency and Bankruptcy Code. His strategy, as well as organisation development
knowledge of law and litigation experience related matters.
helps the Board of Directors to take appropriate
(7)
Mr. Arun Kumar Adhikari, Independent
decisions. Mr. Bahram Vakil is also the Chairman
Director of the Company is a B. Tech (Chemical
of Nomination and Remuneration Committee
Engineering) from the Indian Institute of
of the Company.
Technology, Kanpur and has done his MBA
(6)
Ms. Anjali Bansal, Independent Director of from the Indian Institute of Management,
the Company is a Bachelor in Computer Kolkata. Mr. Adhikari has also attended the
Engineering and a Master in International Advanced Management Program in 1997 at
Finance and Business from Columbia The Wharton School, University of Pennsylvania,
University. She is the founder of Avaana Capital, USA. He joined Hindustan Unilever Limited
investing in technology and innovation-led (HUL) in 1977 and was with Unilever Group,
start-ups which are catalyzing climate action working in India and overseas in series of senior
and sustainability and delivering exponential roles across Sales, Marketing and Consumer
returns. Ms. Anjali Bansal has invested in Research till he retired in 2014. Post retirement
and mentored various successful start- from HUL in 2014, he worked as a Senior
ups including Delhivery, Urban Company, Advisor with Mckinsey, supporting them on
Darwinbox, Nykaa, Lenskart and Coverstack. Marketing and Sales strategy related areas.
Previously, Ms. Anjali Bansal has been the Taking into consideration his vast knowledge
Non-Executive Chairperson of Dena Bank, and experience in Sales and Marketing,
appointed by the Government of India to steer Mr. Adhikari has also been appointed as a
the resolution of the stressed bank, eventually Director of Voltbek Home Appliances Private

Limited, the Company’s joint venture for 3. AUDIT COMMITTEE
Consumer Durable products.
(a) Composition, name of Members and Chairman
(8)
Mr. Zubin Dubash, Independent Director The Board Audit Committee (BAC) comprise 3
of the Company holds a Bachelor’s Degree Non-Executive Independent Directors – Mr. Zubin
in Commerce from Mumbai University and Dubash (Chairman), Mr. Debendranath Sarangi and
has done Masters in Business Administration Mr. Arun Kumar Adhikari. All members of BAC are
from The Wharton School, Philadelphia. He is
financially literate and have relevant finance and/
a Chartered Accountant from the Institute of
or audit exposure. The Managing Director & CEO,
Chartered Accountants, England and Wales
Chief Financial Officer (CFO), the Chief Internal
and has over 42 years of experience in finance
Auditor and the Statutory Auditors attend the BAC
and business development. Mr. Zubin recently
Meetings as Invitees. The Business Heads also attend
retired as the COO of Warburg Pincus India
the Meetings, when required. The Cost Auditor
Private Limited and was previously Executive
attends the meetings at which Cost Audit related
President of ATC Tires Private Limited. He was
matters are discussed. The Company Secretary acts
the Managing Director and Head India, Merrill
as the Secretary and the Minutes are circulated and
Lynch, Global Private Equity and the Group CFO
discussed at the Board Meetings.
and a key member of the leadership team of
WNS Holdings Limited (NYSE listed company). (b) Meetings and attendance during the financial
Mr. Zubin Dubash was associated with the Tata year
Group, including as Director, Tata Financial
Seven Meetings of BAC were held during the
Services, a division of Tata Sons and also as an
financial year 2022-23 on the following dates:
Executive Director of Indian Hotels. Mr. Zubin
is also the Chairman of Board Audit Committee 4 May, 2022; 1 August, 2022; 30 September, 2022;
and Risk Management Committee in Voltas. 31 October, 2022; 11 January, 2023; 8 February, 2023
and 10 March, 2023.
(9) Mr. Saurabh Agrawal, Non-Executive Director
of the Company is a Chemical Engineer from The attendance of each member of the Committee
IIT Roorkee and has done his Post Graduate is given below:
Management degree from IIM Kolkata. He
is a Whole-time Director of Tata Sons Private Name of Members No. of Meetings
Limited (Tata Sons), the Promoter company attended
and also the Group Chief Financial Officer. Mr. Zubin Dubash 6
In his career spanning over two decades,
Mr. Debendranath Sarangi 7
Mr. Agrawal has been the Head of Investment
Banking in India for Bank of America Merrill Mr. Arun Kumar Adhikari 5
Lynch and also Head of Corporate Finance
The quorum of BAC Meetings is two Members or
business in India and South Asia for Standard
one third of the Members, whichever is greater.
Chartered Bank. Mr. Agrawal has a wide-
Necessary quorum was present for the Meetings
ranging experience in strategy and capital
of BAC. The gap between two Meetings did not
markets and has helped various large Indian
exceed 120 days. Mr. Zubin Dubash attended the
and Global corporates raise over USD 10
last AGM of the Company as Chairman of Audit
billion from the capital markets. In his advisory
Committee. The Board of Directors has accepted
capacity, Mr. Agrawal has advised several
business groups like Tata, AV Birla, GMR, ICICI, all the recommendations made by BAC from
Bharti, DLF etc. time to time.
150 Voltas Limited

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

• eview and suitably reply to the report(s)
R • pprove related party transactions, including
A
forwarded by the auditors on the matters any subsequent modifications thereto;
where the auditors have sufficient reasons to • rant omnibus approval in respect of related
G
believe that an offence involving fraud is being party transactions which are of repetitive
or has been committed against the Company nature and in ordinary course of business
by officers or employees of the Company; upto certain threshold limits as prescribed
• eview the adequacy of the internal audit
R under the Act, the Rules made thereunder and
function, if any, including the structure of Listing Regulations;
the internal audit department (including • eview the financial statements, in particular,
R
appointment of outsourced Internal Audit the investments made by the unlisted
Firms), staffing and seniority of the official subsidiary companies;
heading the department, the reporting • erform such other activities as requested by
P
structure coverage and budget, scope, the Board of Directors from time to time;
coverage and frequency of internal audit;
• eview progress on execution of major
R
• iscuss with internal auditors (including
D overseas projects and the risk ratings and
outsourced internal audit firms) major audit outstandings including action plan for its
observations and follow-up thereon; realisation.
• eview
R the appointment, removal,
4. SUBSIDIARY COMPANIES
performance and terms of remuneration of
the Chief Internal Auditor and outsourced The Company has nine unlisted subsidiary companies, of
internal audit firms; which two are Indian subsidiaries. The Board of Directors
have adopted the Policy for determining ‘material’
• eview the appointment, re-appointment,
R
subsidiaries as specified in Listing Regulations. This Policy
removal and terms of remuneration of the cost
is uploaded on the Company’s website www.voltas.com
auditor and recommend the cost audit report
and the weblink is https://www.voltas.in/images/_ansel_
to the Board;
image_collector/DETERMINING_MATERIAL_SUBSIDIARY_
• eview, with the Management, external
R POLICY_1.pdf
and internal auditors and the outsourced
As defined in Regulation 16(1)(c) of Listing Regulations,
internal audit firms, the quality, adequacy
during 2022-23 none of the Indian subsidiaries, falls
and effectiveness of the Company’s internal
under the category of ‘material subsidiary’. The financial
control system and any significant deficiencies
statements of all subsidiary companies, including
or material weakness in the internal controls;
investments made, if any, are periodically reviewed
• eview management letters/letters of internal
R by the BAC. The financial performance, Minutes of
control weaknesses issued by statutory Board Meetings of these subsidiary companies and all
auditors; significant transactions or arrangements entered into by
• aintain an oversight of the adequacy of the
M the subsidiary companies are reviewed by the Board. An
whistle blowing /vigil mechanism; Independent Director of the Company is on the Board of
the Indian wholly-owned subsidiary of the Company.
• versee compliance with legal, SEBI and other
O
regulatory requirements and also the Tata 5. RISK MANAGEMENT COMMITTEE
Code of Conduct (“TCOC”) for the Company

The Risk Management Committee (RMC) comprise
and its subsidiaries;
Mr. Zubin Dubash (Chairman), Mr. Debendranath
• eview the statement of significant related
R Sarangi and Mr. Arun Kumar Adhikari, Non-Executive
party transactions submitted by the Independent Directors. During 2022-23, three Meetings
Management, including the significant criteria/ were held on 27 June, 2022; 30 September, 2022 and
thresholds decided by the Management; 21 March, 2023.
152 Voltas Limited

The attendance of each member of the Committee is presentations on the risk mitigation plans are presented
given below: by the respective Risk Owners to RMC.
Name of Members No. of Meetings 6. RELATED PARTY TRANSACTIONS
attended
Mr. Zubin Dubash 3 The Company has in line with the requirements of
Mr. Debendranath Sarangi 3 the Listing Regulations formulated a revised Policy on
Mr. Arun Kumar Adhikari 3 materiality of Related Party Transactions (RPTs) and also on
dealing with RPTs. The said policy also defines the material
The quorum of RMC Meetings is two Members or one
modifications of RPTs and is uploaded on the website
third of the Members, whichever is greater and the
of the Company at www.voltas.com and the weblink is
gap between two meetings was not more than 180
https://www.voltas.in/images/_ansel_image_collector/
days. The Company has formulated a Risk Management
Related_Party_Transactions_05052022.pdf
Policy and RMC Charter to establish an effective and
integrated framework for the risk management process. The Audit Committee had granted omnibus approval
The RMC monitor and oversee implementation of the Risk upto certain threshold limits for RPTs during 2022-23
Management Policy including evaluating the adequacy of and the actual value of transactions were reviewed on
risk management systems. The RMC periodically reviews quarterly basis vis-à-vis the limits. The Company had no
the policy, once in two years. considering the changing materially significant RPTs that could have any potential
industry dynamics and evolving complexities, if any. After conflict with the interest of the Company. During the
discussions/deliberations and workshops at Corporate as year under review, besides the transactions reported in
well as Divisional level, the Company has prioritised top the Notes to Accounts (Refer Note No. 48), there were
ten Enterprise Level risks (external as well as internal) which no other RPTs with promoters, directors, management,
comprise financial, operational, sectoral and sustainability joint ventures/subsidiaries, etc. that had any potential
and its mitigation measures which are closely reviewed conflict with the interest of the Company at large. All
by the respective Businesses/Corporate and changes transactions with Related Parties were on arm’s length
if any, along with mitigation measures are reported to basis, in the normal course of business during 2022-23,
the RMC. The SBP of the respective Divisions factor the except for transfer of domestic B2B business to UMPESL,
risks associated with the businesses and discussed at a wholly owned subsidiary, for which requisite approvals
Board Meetings. The Minutes of the RMC Meetings and of the Audit Committee and Board of Directors were
presentations made to RMC are circulated to the Board obtained. The transaction was at arm’s length. The interest
of Directors along with Agenda for subsequent Board of Directors, if any, in transactions are disclosed at Board
Meetings. The Board of Directors has accepted all the Meetings and the interested Director does not participate
in the discussion or vote on such transactions.
recommendations made by RMC from time to time.
During 2022-23, the Company has developed and 7. MANAGERIAL REMUNERATION

implemented a robust Enterprise Risk Management (a) Nomination and Remuneration Committee
(ERM) framework by engaging Ernst and Young (E&Y),
The Nomination and Remuneration Committee
for benchmarking with leading international Risk
(NRC) comprise Mr. Bahram N. Vakil (Chairman),
Management Standards (ISO 31000) and Committee of
Ms. Anjali Bansal (Independent Directors) and
Sponsoring Organisation of the Treadway Commission
Mr. Noel Tata (Non-Executive Director). During
(COSO). The principal objective of this ERM framework
2022-23, three Meetings were held on 12 April, 2022;
is to formulate a resilient and robust methodology to
26 April, 2022 and 4 July, 2022. The attendance of
identify, manage and mitigate key Enterprise, Business
each member of the Committee is given below:
segment and Functional Risks. In consultation with E&Y,
the Company has adopted the ERM Standard, the ERM Name of Members No. of Meetings attended
Policy and also updated the RMC Charter. The Company Mr. Bahram N. Vakil 3
has identified Risk Owners and Risk Champions across the Mr. Noel Tata 3
businesses and in order to ensure ownership, detailed Ms. Anjali Bansal 3

The Minutes of NRC Meetings are circulated (ix) On annual basis, recommend to the Board, all
and noted by the Directors at Board Meetings. remuneration, in whatever form, payable to
Mr. Bahram N. Vakil, Chairman of NRC was present the Directors, KMPs, and Senior Management
at the last AGM of the Company. The quorum of of the Company including review and
NRC meeting is either two members or one-third recommendation of actual payment of annual
of the members of the Committee, whichever and long term incentives (if any) for Managing
is greater including at least one Independent Director (MD)/Executive Director (ED), KMPs
Director. The Board of Directors has accepted all the and Senior Management;
recommendations made by NRC from time to time. (x)
Review matters related to remuneration
and benefits payable upon retirement and
The broad terms of reference and responsibilities of
severance to MD/EDs, KMPs and Senior
NRC are as under:
Management, if so applicable to the Company;
(i)
Recommend to the Board the setup and
(xi)
Provide guidelines for remuneration of
composition of the Board and its Committees,
Directors on material subsidiaries;
including the formulation of the criteria for
determining qualifications, positive attributes (xii)
Review HR and People strategy and its
and independence of Director; alignment with the business strategy
periodically or when a change is made;
(ii) Support the Board in matters related to the
(xiii) Review the efficacy of HR practices including
setup, review and refresh of the Committees;
those for leadership development, rewards
(iii) Devise a policy on Board diversity; and recognition, talent management and
(iv) Identify persons who are qualified to become succession planning;
Directors and who may be appointed (xiv) Perform other activities as requested by the
as Key Managerial Personnel (KMPs) and Board from time to time.
Senior Management in accordance with the The NRC of the Company has formulated the
criteria, and recommend to the Board their respective criteria as stated in (i) and (v) above and
appointment/re-appointment or removal; also devised the Policy on Board Diversity. Based
(v) Specify the manner and criteria for effective on the recommendations of NRC, the Board has
evaluation of performance of the Board, adopted the Policy relating to remuneration of the
its Committees and individual Directors, Directors, KMPs and other employees.
including Independent Directors and support
(b) Remuneration Policy
the Board and Independent Directors, as may
The Board has adopted the Remuneration Policy
be required, in the evaluation process;
for Directors, KMPs and other employees as
(vi) Oversee the performance review process for disclosed in the Directors Report and uploaded on
the KMPs and Senior Management with the website of the Company at https://www.voltas.in/
view that there is an appropriate cascading of images/_ansel_image_collector/DISCLOSURE_OF_
goals and targets across the Company; REMUNERATION_POLICY_FOR_DIRECTORS.pdf
(vii) Recommend to the Board as to whether to The key principles governing the Remuneration
extend or continue the term of appointment Policy are as under:
of the Independent Directors, based on the
(a) Sitting fees/commission to Directors may be
performance evaluation of the Independent
paid within regulatory limits.
Directors;
(b)
Overall remuneration should be reasonable
(viii)
Recommend the remuneration policy for and significant to attract, retain and motivate
Directors, KMPs, Senior Management and Directors aligned to the requirements of
other employees; the Company.
154 Voltas Limited

(c) Overall remuneration should be reflective of by the Board. In addition to commission, the NEDs
the size of the Company, complexity of the of the Company are paid sitting fees for attending
sector/industry/Company’s operation and the Board/Committee Meetings, as under:
Company’s capacity to pay the remuneration.
Meetings Fees per
(d)
Overall remuneration practices should be Meeting
consistent with the recognised best practices.
• Board Meeting ` 50,000
(e) The NRC will recommend to the Board, the
quantum of commission for each Director • Board Audit Committee Meeting ` 30,000
based on the outcome of the evaluation • Nomination and Remuneration
process which also includes attendance and Committee Meeting ` 30,000
time spent by the Directors for Board and
• Investment Committee Meeting ` 15,000
Committee Meetings, individual contributions
made by Directors at the Meetings and other • Project Committee Meeting ` 15,000
than in Meetings. • Safety-Health-Environment
The remuneration of the Managing Director & Committee Meeting ` 15,000
CEO is reviewed by the NRC based on certain • Corporate Social Responsibility
criteria such as industry benchmarks, Company’s Committee Meeting ` 15,000
performance and the responsibilities shouldered by
• Risk Management Committee
him. The remuneration of the Managing Director &
Meeting ` 15,000
CEO comprises salary, perquisites, allowances and
benefits and commission or incentive remuneration. • Shareholders Relationship Committee
Annual salary increment and commission or Meeting ` 15,000
incentive remuneration is decided by the NRC • Annual Independent Directors
within the overall ceilings prescribed under the Act Meeting ` 30,000
and in line with the terms and conditions approved
Remuneration to Directors
by the shareholders. The recommendation of the
The Directors’ remuneration paid/payable and sitting fees
NRC is placed before the Board for its approval.
paid in 2022-23 and their shareholding in the Company as
Revision in pension amounts payable to the retired
on date are given below:
Managing Directors/Executive Directors from time to
time, are also reviewed by NRC and recommended • Non-Executive Directors
to the Board for approval. Name of Directors Commission Sitting No. of
for 2022-23 Fees paid Shares
The remuneration of NEDs, by way of sitting fees and in 2022-23 held
commission is decided and approved by the Board (` in lakhs)
of Directors based on recommendations of the NRC. Mr. Noel Tata 4.70 --
The shareholders have at the 66th AGM held on Mr. Vinayak Deshpande 3.10 --
21 August, 2020 approved payment of commission Mr. Debendranath Sarangi 6.65 --
Mr. Bahram N. Vakil Refer 4.70 --
to NEDs of a sum not exceeding 1% per annum or Note (1)
3% per annum of the net profits of the Company, Ms. Anjali Bansal below 5.00 --
as the case may be calculated in accordance with Mr. Arun Kumar Adhikari 4.75 --
the provisions of the Act for that particular financial Mr. Zubin Dubash 5.55 --
year. The aforesaid Resolution was for financial years Mr. Saurabh Agrawal 2.50 --
commencing from 1 April, 2020. Commission for Notes:
financial year 2022-23 will be distributed amongst (1) Provision of ` 2 crores made in the books of
the NEDs in accordance with the directives given accounts. Commission to the Non-Executive

Directors would be approved by the Board, based 8. SHAREHOLDERS RELATIONSHIP COMMITTEE
on the recommendation of NRC and paid in the The Shareholders Relationship Committee (SRC), apart
financial year 2023-24. from reviewing the shares related activities, also looks
(2) In accordance with internal Group guidelines, no into the redressal of shareholder and investor complaints,
commission is payable to Mr. Saurabh Agrawal as compliances in respect of dividend payments and
he is in full time employment with another Tata transfer of unclaimed amount to the Investor Education
company. During the year, Mr. Vinayak Deshpande and Protection Fund pursuant to the provisions of
retired as Managing Director of Tata Projects Limited Section 125 of the Act. Mr. Noel Tata, is the Chairman and
and commission is payable to him on pro-rata Mr. Bahram N. Vakil, Independent Director and
basis. The Company did not have any pecuniary Mr. Pradeep Bakshi, Managing Director & CEO are
relationship or transactions with the NEDs during Members of SRC. During 2022-23, one Meeting of SRC
2022-23, except as stated above. was held on 18 August, 2022 and the same was also
attended by the Company Secretary. The Minutes of the
• Remuneration of Executive Director SRC Meetings are circulated and noted by the Directors at
(` in crores) Board Meetings. Mr. Noel Tata attended the last Annual
Name of Salary Perquisites Commission No. of General Meeting of the Company as Chairman of SRC. In
Director and for Shares line with Listing Regulations, a charter defining the role of
allowances 2022-23 held
including SRC has been formulated as under:
retiral (i) Resolving the grievances of the security holders,
benefits
including complaints related to transfer/
Mr. Pradeep 1.16 2.59 Refer Note (1) --
Bakshi below transmission of shares, non-receipt of annual report,
non-receipt of declared dividends, issue of new/
Notes:
duplicate certificates, general meetings, etc.
(1) Provision of ` 4 crores made in the books of
accounts. Commission to Mr. Pradeep Bakshi (ii) Review of measures taken for effective exercise of
would be approved by the Board, based on the voting rights by shareholders.
recommendation of NRC and paid in the financial (iii)
Review of adherence to the Service Standards
year 2023-24. adopted by the Company in respect of various
(2) As per the terms of appointment, Mr. Pradeep Bakshi services being rendered by the Registrar & Share
is entitled to terminate his agreement with the Transfer Agent.
Company by giving not less than six months notice
(iv) Review of the various measures and initiatives taken
in writing to the other party or the Company paying
by the Company for reducing the quantum of
six months remuneration in lieu of such notice. No
unclaimed dividends and ensuring timely receipt of
severance fee is payable.
dividend warrants/annual reports/statutory notices
(3) The Company has not introduced any stock options to the shareholders of the Company.
for its Directors/employees.
(v)
To appoint/change the Nodal Officer and/or
(c) Retirement Policy for Directors Deputy Nodal Officer in terms of the provisions
The Governance Guidelines on Board Effectiveness of the Investor Education and Protection Fund
Authority (Accounting, Audit, Transfer and Refund)
adopted by the Company provides for the
Rules, 2016.
retirement age of Directors. As per the Guidelines,
the Managing and Executive Directors retire at During 2022-23, 40 complaints were received from SEBI/
the age of 65 years and Non-Independent NEDs Stock Exchanges/Emails which were suitably dealt with.
retire at the age of 70 years. The retirement age for As on 31 March, 2023, only 2 complaints were pending,
Independent Directors is 75 years. which were attended and suitably replied by TSR.
156 Voltas Limited

Mr. V. P. Malhotra, Head – Taxation, Legal & Company Ms. Anjali Bansal, Independent Director of the
Secretary liaise with SEBI and other Regulatory authorities Company are members of the Investment
in the matter of investors complaints. The Board has Committee. Two Meetings were held during
nominated Mr. V. P. Malhotra as the Compliance Officer 2022-23 on 24 January, 2023 and 9 March, 2023.
of the Company for monitoring the share transfer Status of investments made and returns/dividends
process and other related matters. He is also the earned on Mutual Funds are reported to the
Nodal Officer for IEPF matters. His e-mail id is Investment Committee on a monthly basis and to
vpmalhotra@voltas.com and his contact details are the Board, on quarterly basis.
022-66656251 and 022-66656258.
(d)
The Committee of Board (COB) comprise
Mr. Noel Tata, Mr. Bahram N. Vakil, Ms. Anjali Bansal,
9. OTHER COMMITTEES
Mr. Zubin Dubash and Mr. Pradeep Bakshi. The
In addition to the above Committees, the Board has
COB periodically meet to discuss and guide the
constituted certain other Committees i.e. Corporate Social
Management on various strategic issues. No
Responsibility Committee, Board Committee, Investment
Meetings of COB were held during 2022-23.
Committee, Committee of Board, Project Committee and
Safety-Health-Environment Committee. (e)
Project Committee comprising Mr. Vinayak
Deshpande (Chairman) and Mr. Pradeep Bakshi,
(a)
Corporate Social Responsibility (CSR) Committee
review and monitor the progress and execution of
comprise Mr. Noel Tata (Chairman), Mr. Bahram
projects. During 2022-23, two Meetings were held
N. Vakil, Mr. Pradeep Bakshi and Ms. Anjali Bansal.
on 7 June, 2022 and 6 January, 2023.
A CSR Policy has been formulated by the Committee,
which has been approved by the Board, to (f ) The Safety-Health-Environment (S-H-E) Committee
undertake CSR projects/activities. During 2022-23, comprising Mr. Vinayak Deshpande (Chairman),
one Meeting was held on 18 August, 2022. The Mr. Pradeep Bakshi and Mr. Debendranath
scope of the CSR Committee includes approving Sarangi review and monitor the Safety standards
the budget of CSR activities, reviewing the CSR and practices followed by the Company.
programmes, formulation of annual action plan and Mr. Debendranath Sarangi was appointed
monitoring the CSR spends. The Board of Directors as a Member of S-H-E Committee in place of
has accepted all the recommendations made by Ms. Anjali Bansal with effect from 5 May, 2022.
CSR Committee from time to time. During 2022-23, two Meetings of S-H-E Committee
were held on 7 June, 2022 and 6 January, 2023.
(b) The Board Committee comprising any two Directors
is authorised to approve routine matters such as 10. GENERAL BODY MEETINGS
opening/closing and changes in the operation
The 66, 67 and 68 AGMs were held through video
of bank accounts of the Company, to grant
conferencing/other audio visual means as permitted by
limited power of attorney to the officers of the
the Ministry of Corporate Affairs (MCA) and Securities
Company, etc. During 2022-23, three Meetings
and Exchange Board of India (SEBI). The date and time
were held on 29 August, 2022; 6 January, 2023 and
of the AGMs held during preceding three years are as
21 March, 2023.
given below.
(c)
The Investment Committee considers and
takes appropriate decisions for deployment of Date of AGM Time
surplus funds of the Company/investments in 66 AGM- 21 August, 2020 3.00 p.m.
Mutual Funds. The Company has formulated 67 AGM- 27 August, 2021 3.00 p.m.
an Investment Policy in consultation with the
68 AGM- 24 June, 2022 3.00 p.m.
Investment Committee, which has been approved
by the Board. Mr. Pradeep Bakshi, Managing (a) Special Resolution for change in place of keeping
Director & CEO, Mr. Jitender P. Verma, CFO and Register and Records of the Company at the office

of TSR Consultants Private Limited, the Registrar and or any statutory authority for non-compliance of any
Transfer Agent of the Company at C-101, 1st Floor, matter related to capital markets.
247 Park, Lal Bahadur Shastri Marg, Vikhroli (West),
• T he Company has adopted a Whistle Blower
Mumbai 400 083 and/or such other place where
Policy which enables the employees to report
the office of the Registrar and Transfer Agent of the
concerns about unethical behaviour, actual or
Company is situated within Mumbai, from time to
suspected fraud or violation of Code of Conduct.
time, was passed at the 68 AGM.
The mechanism provides for adequate safeguards
(b)
Special Resolution for appointment of Mr. Arun against victimisation of employees and provides
Kumar Adhikari, Independent Director for a second direct access to the Chairman of the Board Audit
term of five years with effect from 8 June, 2022 upto Committee on concerns relating to financial
7 June, 2027 was passed at the 67 AGM. accounting matters. For all other concerns, if they
(c) There was no matter that required to be passed by a pertain to employees below the Vice President level,
Special Resolution at the 66 AGM of the Company. the same gets referred to the Ethics Counsellor and
for Vice Presidents and above, the same is referred
During 2022-23, no Special Resolution was passed
to the Chairman of the Board Audit Committee. The
through postal ballot and no Extraordinary General
Whistle Blower Policy has been communicated to
Meeting was held.
the employees of the Company and its functioning
is reviewed by the Board Audit Committee,
11. DETAILS OF DIRECTORS SEEKING REAPPOINTMENT
periodically. Concerns received under the Tata Code
AS REQUIRED UNDER REGULATION 36(3) OF
of Conduct are reported and discussed at the Audit
LISTING REGULATIONS
Committee Meetings. The Whistle Blower Policy of
As required under Regulation 36(3) of Listing Regulations,
the Company has been disclosed on the website of
particulars of Director/s seeking reappointment are given
the Company.
in the Explanatory Statement annexed to the Notice of
the Sixty-Ninth AGM to be held on 22 June, 2023. • S enior Management has made the disclosure to
the Board and confirmed that they had no material
12. DISCLOSURES financial and commercial transactions that could
• certificate from M/s. N L Bhatia & Associates,
A have a potential conflict with the interest of the
Practicing Company Secretaries, certifying that none Company at large.
of the Directors on the Board of the Company have • In the preparation of financial statements, the
been debarred or disqualified from being appointed Company has followed the Accounting Standards
or continuing as Directors of the companies by SEBI, as prescribed by the Central Government.
MCA or any such statutory authority is annexed as
part of this Report. • T he Company did not raise funds through public/
rights/preferential issues/Qualified Institutions
• In accordance with Regulation 24A of the SEBI Placement (QIP) during the financial year
Listing Regulations, the Company has obtained 2022-23. Hence, disclosure of utilisation of funds is
an Annual Secretarial Compliance Report from
not required.
M/s. N L Bhatia & Associates, Practising Company
Secretaries, confirming compliances with all • In line with the requirements of SEBI, Reconciliation
applicable SEBI Regulations, Circulars and Guidelines of Share Capital Audit is carried out on a quarterly
for the year ended 31 March, 2023. basis by a firm of Practicing Company Secretaries
to confirm that the aggregate number of equity
• None of the Directors are related to each other.
shares of the Company held in NSDL and CDSL
• uring the last three years, there were no strictures
D and in physical form, tally with the total number of
or penalties imposed by SEBI or the Stock Exchanges issued/paid-up, listed and admitted capital of the
158 Voltas Limited

Company. Report issued by them is filed with Stock forms part, towards services rendered by them,
Exchanges on quarterly basis. as under:
• T he Managing Director & CEO and Chief Financial ` in crores

Officer have in accordance with Regulation 17(8) of Sr. Particulars By By Total
Listing Regulations certified to the Board on matters No Company Subsidiaries
pertaining to CEO/CFO certification. a. Statutory Audit 2.78 0.29 3.07
fees including tax
• T he disclosure in relation to Sexual Harassment audit fees
of Women at Workplace (Prevention, Prohibition
b. Other services 1.41 0.04 1.45
and Redressal) Act, 2013 has been made in
c. Reimbursement 0.08 0.01 0.09
Directors’ Report.
of expenses
The Company and its subsidiaries have not made Total 4.27 0.34 4.61
any loans and advances in the nature of loans to
• T he Company has complied with the mandatory
firms/companies during the year in which Directors
requirements of Listing Regulations relating to
are interested.
Corporate Governance. The Directors freely interact
• Compliances with the Management on information that may be
required by them. The Management also shares with
• T he Company has complied with Corporate
the Board, changes/proposed changes in relevant
Governance requirements specified in
laws and regulations and their implication on the
Regulations 17 to 27, read with para C and
Company.
D of Schedule V of Listing Regulations,
as applicable. The status of compliance with the non-mandatory
requirements are as under:
• s specified in Regulation 46(1) of the
A
Listing Regulations, the Company has a - The financial statements of the Company are
functional website www.voltas.com and all with unmodified opinion.
the information stipulated in Regulation 46(2) - The Chairman of the Board is a Non-Executive
is disseminated under a separate ‘Investor’ Director and his position is separate from that
section on the website of the Company from of the Chief Executive Officer.
time to time, as applicable.
- The Internal Auditor reports to the Audit
• Credit Rating Committee.
The Company has obtained Annual Credit Rating The Company has not adopted the discretionary
from ICRA Limited (ICRA) for ` 2,400 crores Line of requirements in regard to maintenance of Non-
Credit (LOC), pursuant to an Agreement between Executive Chairman’s office and sending half-
ICRA and Voltas. ICRA has rated the Company as yearly financial results to the shareholders at their
‘AA+ for long-term’ and ‘A1+ for short-term’ LOC residence.
[fund base and non-fund base bank facilities].
• Dividend Distribution Policy
• Consolidated payment to Statutory Auditors
The Company has formulated Dividend Distribution

During 2022-23, ` 4.61 crores was paid on Policy which is available on the website of the
consolidated basis to Statutory Auditors of the Company at www.voltas.com and the weblink has
Company and all entities in the network firm/ been provided in Directors’ Report and also annexed
network entity of which the Statutory Auditors to the Directors’ Report for ready reference.

• ommodity price risk or foreign exchange risk
C other event based compliances are uploaded in
and hedging activities the prescribed format, on NEAPS and Listing Centre
The Company does not deal in commodity and maintained by NSE and BSE, respectively.
hence the disclosure pursuant to SEBI Circular • T he financial results, official news releases and
dated 15 November, 2018 is not required. Foreign presentations, conference calls with the institutional
exchange risk and hedging activities are covered investors or with the analysts are displayed on the
separately in the Annual Report. Company’s website https://www.voltas.in/investors/
disclosure-under-regulation-46-lodr/. Copies of
13. MEANS OF COMMUNICATION
Press Release are filed with the Stock Exchanges.
• T he quarterly, half-yearly and annual financial results
are published in widely circulated newspapers: • T he Company’s website contains information
Business Standard in English; Sakaal in Marathi and on Voltas’ management, vision, mission, various
also displayed on the website of the Company policies and corporate sustainability. The section on
https://www.voltas.in/investors/disclosure-under- ‘investors’ provides financial results, annual reports,
regulation-46-lodr/ soon after its submission to the shareholding pattern and announcements submitted
Stock Exchanges. to the Stock Exchanges. The intimation of Schedule
of Analysts Meet sent to the Stock Exchanges as also
• S hareholding Pattern, Corporate Governance Report,
the recording of conference call on financial results
Statements of Investor Grievances, Reconciliation
is uploaded on Company website. The section on
of Share Capital Audit Report, financial results and
‘News Room’ includes all major press releases.
14. GENERAL SHAREHOLDERS INFORMATION

• AGM: Date, time and venue : Thursday, 22 June, 2023 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, 2023
(c) Second Quarter Results
– By 14 November, 2023
(d) Third Quarter Results
– By 14 February, 2024
(e) Results for the year ending 31 March, 2024
– By 30 May, 2024
• Date of Book closure : Saturday, 10 June, 2023 to Thursday, 22 June, 2023 (both days inclusive).
• Dividend Payment date : Dividend, if declared would be paid on or after 27 June, 2023.
• 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 as well as market capitalisation fees to BSE and NSE for the year 2023-24.
• Stock Code
- BSE : 500575
- NSE : VOLTAS
- ISIN for NSDL/CDSL : INE226A01021
160 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
Sensex (NSE)
High ` Low ` No. of Shares Turnover High ` Low ` No. of Shares Turnover
Traded ` in crores Traded ` in crores
2022
April 57,061 1,347.75 1,225.00 9,45,885 121.23 1,347.65 1,222.70 2,15,79,044 2,768.02
May 55,566 1,266.60 923.50 21,84,247 227.45 1,266.60 922.55 3,78,43,792 3,878.56
June 53,019 1,073.55 934.40 9,76,592 97.60 1,058.95 933.60 2,01,49,552 1,994.70
July 57,570 1,063.45 932.60 13,88,701 136.01 1,064.95 932.50 2,39,94,895 2,371.19
August 59,537 1,050.55 958.00 10,42,675 104.31 1,051.30 958.45 2,56,25,362 2,554.49
September 57,427 1,000.20 868.70 21,43,593 199.94 999.90 868.00 2,88,18,126 2,695.18
October 60,747 935.65 857.90 16,10,111 141.92 936.00 857.35 1,80,53,927 1,593.45
November 63,100 927.50 804.00 21,53,757 179.73 928.00 803.60 3,28,55,695 2,766.48
December 60,841 864.95 770.55 10,75,584 88.85 862.40 770.00 1,93,03,946 1,600.65
2023
January 59,550 840.20 737.60 6,96,226 55.14 834.00 737.20 2,23,05,085 1,764.85
February 58,962 927.75 784.60 16,51,678 143.09 927.40 784.00 3,80,99,681 3,303.10
March 58,992 933.50 805.55 7,99,186 69.78 934.00 805.50 2,46,19,102 2160.85
The performance of the Company’s scrip (Equity Shares of ` 1 each)

on the BSE as compared to the BSE sensex:
64000 1450
62000
1300
60000
Share Price on BSE
BSE Sensex
1150
58000
56000 1000
54000
850
52000
50000 700
April May June July Aug Sept Oct Nov Dec Jan Feb Mar
Months: Year 2022-23

BSE SENSEX HIGH LOW

• Distribution of shareholding as on 31 March, 2023
No. of equity shares held No. of No. of % of
Shareholders Shares held Issued Share Capital
Upto 5,000 2,77,720 3,32,99,178 10.07
5,001 to 10,000 748 53,31,402 1.61
10,001 to 20,000 319 44,42,090 1.34
20,001 to 30,000 81 19,84,425 0.60
30,001 to 40,000 51 18,01,481 0.54
40,001 to 50,000 37 16,70,818 0.51
50,001 to 1,00,000 71 52,10,347 1.57
1,00,001 and above 213 27,71,44,999 83.76
Total 2,79,240 33,08,84,740 100.00
Physical Mode 7,088 46,14,033 1.39
Electronic Mode: 2,72,152 32,62,70,707 98.61
- NSDL 95,220 30,98,65,306 93.65
- CDSL 1,76,932 1,64,05,401 4.96
• Shareholding Pattern as on 31 March, 2023

Category No. of % of
Shares held Issued Share Capital
Tata Group of companies 10,02,53,480 30.30
Mutual Funds and UTI 4,94,36,941 14.94
Foreign Portfolio Investors 6,80,79,040 20.57
Insurance companies 5,16,76,178 15.62
Bodies Corporate 1,16,94,759 3.53
Alternate Investment Funds 5,65,569 0.17
Non Resident Indians 21,33,345 0.65
Investor Education and Protection Fund Authority 27,04,084 0.82
Central Government Corporations and Banks 14,87,260 0.45
Foreign national 3,833 0.00
Public/Individuals 4,28,50,251 12.95
Total 33,08,84,740 100.00
• Shareholders holding more than 1% Equity Shares of the Company as on 31 March, 2023
Name of Shareholder No. of % of
Shares held Issued Share Capital
Tata Sons Private Limited 8,81,31,780 26.64
Life Insurance Corporation of India 3,39,03,563 10.25
Tata Investment Corporation Limited 99,62,330 3.01
T. Rowe Price Emerging Markets Stock Fund 99,60,127 3.01
Emerging Markets Equity Trust 85,54,773 2.59
Mirae Asset Mutual Fund 82,88,596 2.50
HDFC Life Insurance Company Limited 82,83,720 2.50
NPS Trust 65,23,395 1.97
Nippon Life India Trustee Limited 60,98,641 1.84
Franklin India Mutual Fund 45,49,818 1.38
Axis Mutual Fund 38,66,802 1.17
SBI Life Insurance Company Limited 38,36,829 1.16
Kotak Mutual Fund 35,86,760 1.08
162 Voltas Limited

• Registrar & Transfer Agent: : TSR Consultants Private Limited

Unit : Voltas Limited
C-101, 1st Floor, 247 Park, Lal Bahadur Shastri Marg, Vikhroli West,
Mumbai 400083.
Tel: 022-66568484 / 8108118484
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. : 98.61% of the share capital has been dematerialised as on
31 March, 2023.
• Outstanding GDRs/ADRs/ Warrants or any : The Company has not issued GDRs/ADRs/Warrants or any
Convertible instruments, conversion date and Convertible instruments.
likely impact on equity
• 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 263 153.
(ii) Plot No 1, Sector 10, Pantnagar Industrial Area, Dist. Udham
Singh Nagar, Rudrapur, Uttarakhand 263 153.
(iii) Plot No. 1A, Siddhi Industrial Infrastructure Park,
Village Waghodia, Dist. Vadodara 391 760.
• 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 for Due for transfer to the IEPF Amount lying in unpaid
the year dividend Accounts as on
31 March, 2023
` in crores
29 August, 2016 2015-16 29 September, 2023 1.09
24 June, 2022 2021-22 24 July, 2029 0.99
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 2022-23, transferred 1,10,556 shares (physical) and 3,654
shares (held in demat) and ` 0.86 crore to IEPF Authority in respect of dividend declared by the Company for 2014-15 and
which had remained unclaimed for seven consecutive years from the date of transfer to unpaid dividend account. The
Company had sent individual notice to all the concerned shareholders whose shares were due to be transferred to the
IEPF Authority and had also published notice in newspapers in this regard. 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, the Company had stopped accepting any share transfer
requests for shares held in physical form. As mandated by SEBI, the RTA has effective 25 January, 2022, issued shares in demat
form only after processing the requests received in prescribed Form ISR-4 for issue of duplicate certificate, transmission,
transposition, renewal/exchange of share certificate, endorsement, sub-division/splitting of certificate, consolidation of
certificates, etc. by issuing a Letter of Confirmation (LOC) to the concerned shareholder(s) for submission to their respective
DP within 120 days from the date of issue of LOC for dematerialistion of shares. For cases where the shareholder failed
to submit the LOC to their DP within the aforesaid period, the RTA has credited the shares to Suspense Escrow Demat
Account (SEDA) of the Company. Accordingly, 150 shares of ` 1 each has been credited to SEDA during 2022-23.
In view of the above mandatory requirements 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 LOC 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.
164 Voltas Limited

• Nomination facility
Shareholders should register their nominations in Form SH-13 in case of physical shares with the Company’s Registrar &
Transfer Agent – 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 Know Your Customer (KYC) details
SEBI had vide circular dated 16 March, 2023 introduced Common and Simplified Norms for furnishing PAN, KYC details and
Nomination by the Shareholders in supersession of circular dated 3 November, 2021, 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, 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 October, 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
https://www.voltas.in/investors/kyc-forms-physical-shareholder/ under Investor section:
(a) From ISR-1: PAN and KYC details;
(b) Form ISR-2: Updation of signature;
(c) Form ISR-3: Declaration for opting out of Nomination;
(d) Form SH-13: Nomination Form;
(e) Form SH-14: Cancellation/variation of Nomination;
In accordance with the above SEBI circulars, the Company had last year sent communication along with the said forms to
all the shareholders holding shares in physical form requesting for updating their KYC details. Further, the Company had on
8 March, 2023, sent a reminder along with the aforesaid forms to the Shareholders who have not yet updated 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 Registrar & Transfer
Agent – 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 Registrar & Transfer Agent – 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, 2023 affirmed compliance of their
respective Codes of Conduct adopted by the Company and confirmation to that effect has been given by each of them.
Place: Mumbai Pradeep Bakshi

Date: 26 April, 2023 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 https://www.mca.gov.in/content/mca/global/en/home.html 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, 2023, 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. No. Name of Directors DIN Date of Original Date of cessation

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. Arun Adhikari 00591057 8 June, 2017 --
8. Mr. Zubin S. Dubash 00026206 9 August, 2019 --
9. 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: F008663E000175161
Bhaskar Upadhyay
Partner
FCS No. 8663
Date: 24 April, 2023 COP No. 9625
Place: Mumbai PR No.: 700/2020
166 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, 2023 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, 2023 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, 2022 to
March 31, 2023:
(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, 2023, 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

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

Partner
Membership Number: 038730
UDIN: 23038730BGYSNI4816
Place: Mumbai
Date: April 26, 2023
168 Voltas Limited

BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT

SECTION A: GENERAL DISCLOSURE
I. Details of the Listed Entity
1 Corporate Identity Number (CIN) L29308MH1954PLC009371
2 Name Voltas Limited
3 Year of incorporation 6 September, 1954
Voltas House ‘A’, Dr. Babasaheb Ambedkar Road, Chinchpokli,
4 Registered office address
Mumbai 400 033
Voltas House ‘A’, Dr. Babasaheb Ambedkar Road, Chinchpokli,
5 Corporate address
Mumbai 400 033
6 E-mail vpmalhotra@voltas.com
7 Telephone 022-66656251
8 Website www.voltas.com
9 Financial year for which reporting is being done 2022-23
National Stock Exchange of India Limited (NSE) and BSE Limited
10 Name of the Stock Exchange(s) where shares are listed
(BSE)
11 Paid-up Capital ` 33.08 crores
Contact Person
Name of the Person Ms. Astrid Dias
12
Telephone 022 – 66656666
E-mail astriddias@voltas.com
Reporting Boundary
13 Disclosures made in this report are on a standalone basis and
Type of Reporting
pertain only to Voltas Limited
II. Product/Services
14 Details of business S.No. Description of Main Description of Business Activity % Turnover of
activities (accounting Activity the Entity
for 90% of the 1 Unitary Cooling Products Room Air Conditioners, Air Coolers, 85.54%
turnover) Commercial Refrigeration products and
Commercial Air Conditioning.
2 Electro-Mechanical Projects Mechanical, Electrical and Plumbing 12.06%
and Services (MEP) and Water projects.
3 Engineering Products and Textile Machinery and Mining & 2.40%*
Services Construction Equipment Business.
15 Products/Services S.No. Product/Service NIC Code % of Total
sold by the entity Turnover
(accounting for 90% contributed
of the turnover) 1 Unitary Cooling Products 28192 85.54%
2 Electro-Mechanical Projects 43219/43229 12.06%
and Services
3 Engineering Products and 33125/33127/46595/46599 2.40%*
Services
* Note: Represents Turnover for part of the year as business was transferred to 100% Subsidiary during 2022-23.

III. Operations
16 Number of locations where plants and/ Location Number Number Total
or operations/offices of the entity are of plants of Offices
situated National 3 24 27
International NIL 13 13
17 Markets served by the entity
a. Number of Locations Locations Numbers
National (No. of States) 28 States, 8 UTs
International (No. of Countries) 20
b. What is the contribution of
exports as a percentage of the 2%
total turnover of the entity?
c. A brief on types of customers The main end users of Voltas products and services are households,
commercial and industrial establishments and Government Institutions. The
Company also executes MEP/Water projects of Public/Private sector. The
Company also executes retrofit jobs in existing equipment for consumers,
that enable energy efficiency and utilise waste heat, thus reducing energy
consumption.
IV. Employees
18. Details as at the end of Financial Year
a. Employees and workers (including differently-abled)
S.No. Particulars Total (A) Male Female
No. (B) % (B/A) No. (C) % (C/A)
Employees
1 Permanent (D) 2,070 1,953 94% 117 6%
2 Other than Permanent (E) 1,992 1,957 98% 35 2%
3 Total Employees (D+E) 4,062 3,910 96% 152 4%
Workers
4 Permanent (F) 1,032 1,028 99.61% 4 0.39%
5 Other than Permanent (G) - - - - -
6 Total Workers (F+G) 1,032 1,028 99.61% 4 0.39%
b. Differently abled employees and workers

S.No. Particulars Total (A) Male Female
No. (B) % (B/A) No. (C) % (C/A)
Employees
1 Permanent (D) 1 1 100% - -
2 Other than (E) - - - - -
3 Total differently abled employees (D+E) 1 1 100% - -
Workers
4 Permanent (F) - - - - -
5 Other than Permanent (G) - - - - -
6 Total differently abled workers (F+G) - - - - -
19. Participation/Inclusion/Representation of women

S.No. Category Total (A) No. and % of females
No. (B) % (B/A)
1 Board of Directors 9 1 11.11%
2 Key Management Personnel 3 -- --
170 Voltas Limited

20. Turnover rate for permanent employees and workers for past 3 years
Category 2022-23 2021-22 2020-21
Male Female Total Male Female Total Male Female Total
Permanent Employees 27% 30% 27% 16% 20% 17% 11% 14% 11%
Permanent Workers - - - - - - - - -
V. Holding, Subsidiary and Associate Companies (including Joint Ventures)
21. (a) Names of holding / subsidiary / associate companies / joint ventures

S.No. Name of the holding / subsidiary / Whether holding % of shares Does the entity indicated
associate companies / joint ventures (A) / Subsidiary / held by at column A, participate in
Associate / Joint listed entity the Business Responsibility
Venture initiatives of the listed
entity? (Yes/No)
1 Universal MEP Projects & Engineering Subsidiary 100% No
Services Limited (UMPESL)
2 Hi-Volt Enterprises Private Limited Subsidiary 100% No
3 Voltas Netherlands B.V. (VNBV) Subsidiary 100% No
4 Universal MEP Projects Pte Limited (UMPPL) Subsidiary 100% No
5 Weathermaker FZE (WMF) Subsidiary 100% No
6 Saudi Ensas Company for Engineering Subsidiary 100% No
Services & Trading W.L.L. (Saudi Ensas)
7 Lalbuksh Voltas Engineering Services & Subsidiary 60% No
Trading L.L.C. (LALVOL)
8 Voltas Oman SPC (VOSPC) Subsidiary 100% No
9 Voltas Qatar W.L.L. (VQWLL) Subsidiary* 49% No
10 Voltbek Home Appliances Private Limited Joint Venture 49% No
(Voltbek)
11 Universal Voltas L.L.C. Joint Venture 49% No
12 Olayan Voltas Contracting Company Limited Joint Venture 50% No
13 Naba Diganta Water Management Limited Joint Venture 26% No
14 Brihat Trading Private Limited Associate 33.23% No
* due to control on composition of Board of Directors.
VI. CSR Details

22 Whether CSR is applicable as per Section 135 of Companies Act, 2013 Yes
Turnover (in ₹) 7,570.31 crores
Net worth (in ₹) 6,773.10 crores
VII. Transparency and Disclosures Compliances
23. Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on Responsible
Business Conduct
Being a Tata Group company, Voltas Limited abides by the Tata Code of Conduct (TCoC), which is a comprehensive
document for ethical conduct for all internal and external stakeholders of the Company covering 100% of its operations.
TCoC consists of 10 sections with sub-clauses that cover employees, customers, communities and the environment, value

chain partners, financial stakeholders, governments, and group companies. TCoC is expanded to Group JVs/Subsidiaries/
Suppliers/Contractors. For receiving complaints/grievances from stakeholders there are defined channels and these are
addressed with expediency in upholding the ethical standards practiced in the Group.
Stakeholder Grievance If Yes, then provide web-link 2022-23 2021-22
group from Redressal for grievance redress policy Number of Number of Remarks Number of Number of Remarks
whom Mechanism complaints complaints complaints complaints
complaint is in Place filed pending filed pending
received (Yes/No) during the resolution during the resolution
year at close of year at close of
the year the year
Communities No https://www.voltas.in/images/_ Nil Nil Nil Nil Nil Nil
ansel_image_collector/CSR_
Policy_%28Revised%29_11102021.
pdf
Investors Yes https://www.voltas.in/investors/ Nil Nil Nil Nil Nil Nil
(other than disclosure-under-regulation-46-
shareholders) lodr/email-address-for-grievance-
Shareholders Yes redressal 40 2 * 17 1 Resolved
https://www.voltas.in/file- Subsequently
uploads/investor-toolkit/
Guidelines_governing_investors_
policy.pdf
Employees Yes https://www.tata.com/content/ Nil Nil Nil Nil Nil Nil
dam/tata/pdf/Tata%20Code%20
Of%20Conduct.pdf
https://www.voltas.in/
file-uploads/general/
POLICY_ON_RESPECT_FOR_
GENDER_%28POSH%29_1.pdf
https://www.voltas.in/images/_
ansel_image_collector/ETHICS_
AT_VOLTAS_1.pdf
Customers Yes https://www.voltas.in/contact/ 56,87,333 60,513 These are 48,31,461 1,05,581 These are
complaints complaints
https://www.voltasservice.com/
recorded recorded
through through
Company Company
customer customer
service service
processes processes
Value chain Yes** https://www.voltas.in/ Nil Nil Nil Nil Nil Nil
partners images/_ansel_image_collector/
TATA_CODE_OF_CONDUCT_FOR_
VOLTAS_EMPLOYEE_2.pdf
* Responded by the Company and pending with SEBI as on 31 March, 2023.
**With regards to suppliers and vendors and other agencies, the specific department under the business function resolves
grievances raised. Value chain partners can also raise issues through the TCoC platform.
172 Voltas Limited

24. Overview of the entity’s material responsible business conduct issues

Material responsible business conduct and sustainability issues pertaining to environmental and social matters that present
a risk or an opportunity to the Company’s business, rationale for identifying the same, approach to adapt or mitigate the risk
along-with its financial implications, is stated hereunder.
Materiality Assessment is a foundational aspect of Voltas Limited given the influence material issues have on the business
activities, stakeholders, and their ability to create sustainable value. In 2022-23, Material issues were reviewed concurrent
with the evolving business environment, global ESG standards and basis previous year material issues.
S.No. Material Whether Rationale for identifying the risk/ In case of risk, approach to Financial
Issue risk or opportunity adapt or mitigate implications
Identified opportunity of the risk or
opportunity
(Indicate
positive or
negative
implications)
1 Climate Opportunity Climate change provides an opportunity to NA Positive
Change innovate smart engineering products which
are energy and resource efficient that enable
to lead a comfortable living.
Through the commercial refrigeration
business, the Company intends to decrease
food wastage which would further help in
reducing Greenhouse Gas (GHG) emissions
due to food wastages.
Studies have suggested that climate change
would also increase the spread of infectious
diseases. The Company has entered into a
Technology License Agreement to develop,
manufacture, sell and service medical
refrigeration and vaccine storage equipment.
2 Climate Risk Climate change-related extreme weather • Safety trainings and Negative
Change conditions expose the Company’s operations, awareness sessions are a
as well as the safety and well-being of its mandate across operations,
employees, at risk. Additionally, economic sites and offices. This
disruptions caused by transition risks could also includes emergency
have an adverse effect on the growth and evacuation due to natural
profitability of the Company. disasters.
• Designing and Smart
Engineering Products which
are more sustainable and
energy efficient, in order to
meet the growing consumer
demand as well as address
the concerns related to
climate change.
• By switching to renewable
energy for business
operations, the Company
aims to achieve Net Zero.
Increasing the green cover
in the locations where the
Company operates aids in
promoting biodiversity.

opportunity
(Indicate
positive or
negative
implications)
3 Product Opportunity Responsible management of a product NA Positive
Stewardship throughout its lifecycle, from design to
disposal, with the goal of minimising its
environmental impact. Helps to reduce costs
by improving the efficiency of the production
processes and reducing waste. IOBG
encourage clients to utilise renewable energy
sources and energy-efficient technology.
Additionally, it helps to attract and retain
customers who value sustainability of product
and sustain leadership in existing markets.
4 Waste Opportunity Sustainable waste management practices NA Positive
Management and recycling can improve environmental
performance and reduce dependency on
virgin raw materials, while also potentially
increasing financial returns.
5 Health & Risk Aiming to create a work environment where Policies (internal) and rigorous Negative
Safety the employees, workers and vendors flourish. trainings for employees and
Health and safety risks can result in employee workers against health and safety
injuries and illness impacting productivity hazards. The safety campaigns
and increase in other related cost including and conclaves communicate all
external reputation which can negatively significant hazards across sites,
impact the Company’s bottom line. factories and offices. The Company
minimise safety and health risks
by offering the “Will to stop Work”
if an employee, worker, or vendor
considers the workplace unsafe
to function in. The Company’s
insurance program includes
employees as well as service
technicians.
6 Talent Opportunity Ability to attract, develop and retain a NA Positive
Development skilled workforce, can enhance innovation,
productivity, and competitiveness. Effective
talent management can also improve
employee engagement, morale and job
satisfaction, leading to reduced attrition and
increased employee loyalty.
7 Sustainable Risk Failure to implement sustainable practices Sustainable Supplier Assessment Negative
supply chain in the supply chain can lead to reputational to ensure the sustainable practices
damage and loss of customer trust, as are adopted in the supply
consumers become more environmentally chain resulting in improved
conscious and demand more sustainable environmental and social
products. performance.
174 Voltas Limited

opportunity
(Indicate
positive or
negative
implications)
8 Regulatory Opportunity Regulatory compliance provides: an increase in NA Positive
Compliance the efficiency of products; reduce risks; enables
competitive advantage; and creates new
business opportunities. Regulatory compliant
businesses are less likely to face legal or
regulatory action, and damage to reputation.
9 Digitalization Opportunity Digitalization helps to automate and NA Positive
streamline business processes by reducing
errors and therefore improves efficiency and
accuracy.
The Company can understand and meet the
needs of their customers in a better way by
leveraging customer data and insights can
personalise their offerings and improve the
customer experience.
10 Customer Opportunity Customer centricity provides an opportunity, NA Positive
Centricity to develop new products that are designed
with a focus on increased efficiency, safety
and quality. It also helps in receiving customer
feedback and understanding their needs and
concerns to create products that are not only
safe, but also meet the needs of customers.
11 Business Risk Failure to adhere to business ethics can result The Company adheres to the Tata Negative
Ethics in significant risks for a company. If a company Code of Conduct which serves
is found to be engaging in unethical behavior, as a guide to each employee and
it can damage the company’s reputation entire value chain, on the standards
and erode public trust creating a loss of of values, ethics, and business
customers, investors, and other stakeholders. principles. The Whistle Blower
Policy of the Company provides a
mechanism for the employees to
approach the Chairman of Board
Audit Committee/Ethics Counsellor
and disclose information that may
evidence unethical or improper
activity concerning the Company.
12 Economic Opportunity Economic performance and market share NA Positive
Performance provides an opportunity which can attract
& Market investment and it is key for current investors
Share to be satisfied with consistent returns.
13 Diversity and Opportunity Diversity and inclusion give an opportunity NA Positive
Inclusion to individuals with different backgrounds,
experiences, and viewpoints to come
together in a workforce that is diverse
and inclusive. It can open a wide range of
possibilities, including improved decision-
making, increased consumer base, stronger
employer brand, fostering economic
development and improved reputation.

SECTION B: MANAGEMENT AND PROCESS DISCLOSURES
This section is aimed at helping businesses demonstrate the structures, policies and processes put in place towards adopting NGRBC
Principles and Core Elements.
Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
Policy and Management Processes
1 a. Whether your entity’s policy/policies cover each principle
Y Y Y Y Y Y Y Y Y
and its core elements of the NGRBCs. (Yes/No)
b. Has the policy been approved by the Board? (Yes/No) Y Y Y Y Y Y Y Y Y
c. Web Link of the Policies, if available https://www.voltas.in/about/corporate-governance/
2 Whether the entity has translated the policy into procedures.
Y Y Y Y Y Y Y Y Y
(Yes / No)
3 Do the enlisted policies extend to your value chain partners?
Y Y Y Y Y Y Y Y Y
(Yes/No)
4 Name of the national and international codes/certifications/labels/ Voltas policies are based on the NVG principles and aligned
standards (e.g., Forest Stewardship Council, Fairtrade, Rainforest to the international standards like ISO 45001, ISO 9001
Alliance, Trustee) standards (e.g., SA 8000, OHSAS, ISO, BIS) adopted and United Nations SDGs. Voltas follows GRI standards for
by your entity and mapped to each principle. measuring and reporting its sustainability performance.
5 Specific commitments, goals and targets set by the entity with Voltas is committed to providing customers with energy-
defined timelines, if any. efficient products and aspires to become net zero and
water positive.
6 Performance of the entity against the specific commitments, goals Performance of each of the principles is reviewed
and targets along-with reasons in case the same are not met. periodically by various Committees led by the Management
and Board of Directors.
Governance, Leadership and Oversight
7 Statement by director responsible for the business responsibility report, highlighting ESG related challenges, targets and
achievements
At Voltas, we have always believed in driving business with purpose. Through reporting, we would like to communicate to our
stakeholders, our progress on Environmental, Social and Corporate Governance performance. Sustainability enables businesses
to thrive in dynamically changing environments. Innovation and adaptation will be key to overcoming challenges and building
resilience, especially in the ever-changing environments around us. We have been working in the past year to strengthen our
commitments towards Sustainability, this includes integrating ESG risks to our Enterprise Risk Management framework; building
aspirational goals of carbon neutral and water positive for our operations; investing in products and processes that are energy
efficient; promoting products and services that help in lowering environmental impact; partnering with waste recyclers; and
supporting communities. We believe Sustainability is a journey, and while we believe there is more work to be done, we are also
poised to take up challenges and improvements through transforming our ways of doing business.
8 Details of the highest authority responsible for Managing Director & CEO
implementation and oversight of the Business
Responsibility policy (ies).
9 Does the entity have a specified Committee of the Board/ Director Yes, the Company has a Board level SHE Committee. SHE
responsible for decision making on sustainability related issues? (Safety, Health and Environment) Committee gives direction
(Yes / No). If yes, provide details. and guidance to the Management on the aspects of Health,
Safety and Sustainability. Further the SHE Committee looks
into the overall safety management, industrial hygiene and
occupational health requirements, not only required by law
but through industry best practices. There is also a Board
level CSR Committee that monitors CSR expenditures and
implementation of projects based on annual action plans.
176 Voltas Limited

10. Details of Review of NGRBCs by the Company

Subject for Review Whether review was undertaken by Frequency (Annually/ Half yearly/
Director / Committee of the Board/ Quarterly/ Any other – please
Any other Committee specify)
P P P P P P P P P P P P P P P P P P
1 2 3 4 5 6 7 8 9 1 2 3 4 5 6 7 8 9
Performance against above policies and
Y Y Y Y Y Y Y Y Y A A A A A A A A A
follow up action
Compliance with statutory requirements of
relevance to the principles, and rectification Y Y Y Y Y Y Y Y Y A A A A A A A A A
of any non-compliances
11.
Has the entity carried out independent assessment/ evaluation of the working of its P P P P P P P P P
policies by an external agency? (Yes/No). If yes, provide name of the agency 1 2 3 4 5 6 7 8 9
N N N N N N N N N
SECTION C: PRINCIPLE WISE PERFORMANCE DISCLOSURE

This section is aimed at helping entities demonstrate their performance in integrating the Principles and Core Elements with key
processes and decisions. The information sought is categorised as “Essential” and “Leadership”. While the essential indicators are expected
to be disclosed by every entity that is mandated to file this report, the leadership indicators may be voluntarily disclosed by entities
which aspire to progress to a higher level in their quest to be socially, environmentally, and ethically responsible.
PRINCIPLE 1: Businesses should conduct and govern themselves with integrity, and in a manner that is Ethical,
Transparent and Accountable
ESSENTIAL INDICATORS
1. Percentage coverage by training and awareness programmes on any of the principles during the financial year.
The TCoC’s principles serve as the foundation for Voltas Limited. The Company expect its workers to be familiar with the TCoC
and to behave in accordance with its guidelines. To ensure thorough distribution of what is deemed ethical conduct and the
consequences of non-adherence, there are regular training sessions for new hires and annual digital certification/re-certification
learning program.
Segment Total number Topics/principles covered under the training and its impact %age of persons
of training in respective
and awareness category covered
programmes by the awareness
held programmes
Board of - Communication to and discussion with the Board Audit
Directors Committee on TCoC cases, annual compliance report that covers -
aspects of the TCoC and update on Ethics survey outcomes.
Key Management 2 on health and 1. Anti-Bribery & Anti-Corruption (ABAC) Policy
Personnel safety 2. Tata Code of Conduct (TCoC)* 100%
2 on Ethics/TCoC
3. Prevention of Sexual Harassment (POSH)
Employees other 5,196 on health 1. ABAC
than BODs and and safety 2. TCoC*
KMPs 3,191 - TCOC/ 100%
3. POSH*
POSH/ETHICS
4. Health & Safety
Workers 11,810 on safety 1. TCoC
29 on TCoC/ 2. POSH 100%
POSH/ETHICS
3. Health & Safety
*Mandatory programme every 2 years.

2. Details of fines / penalties /punishment/ award/ compounding fees/ settlement amount paid in proceedings
(by the entity or by directors / KMPs) with regulators/ law enforcement agencies/ judicial institutions, in the
financial year 2022-23.
Nil
3. Of the instances disclosed in Question 2 above, details of the Appeal/ Revision preferred in cases where monetary or
non-monetary action has been appealed.
Not Applicable
4. Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available, provide
a web-link to the policy.
Being a Tata group company, Voltas Limited adheres to the Tata Code of Conduct (TCoC). Clause 10 of TCoC focuses on anti-
corruption or anti-bribery policy, Section D: Our Employees, the guidance on Bribery and Corruption is outlined as: Our employees
and those representing us, including agents and intermediaries, shall not, directly, or indirectly, offer or receive any unauthorised
or inappropriate payments or similar benefits that are thought to be designed to procure favorable advantages for the manner
in which our business is conducted. Emphasis is laid on violation by even a single employee of any law relating to anti-bribery,
anti-corruption, anti-competition, data privacy, etc. resulting in severe financial penalties and irreparable reputational damage
to the Company. The Company’s Ethics Counsellor, Officers, and Ethics Committee encourage and enable ethical behavior both
internally and with all agencies or business partners (including but not limited to customers and vendors) in their interactions with
the Company. People are given the opportunity to voice any concerns they may have about unethical behavior, and such issues
are appropriately investigated in strict confidence so that the individual or people who report them do not face any repercussions.
Please refer to the link TATA_CODE_OF_CONDUCT_FOR_VOLTAS_ASSOCIATES_1.pdf for information on anti- corruption policy.
5. Number of Directors/KMPs/employees/workers against whom disciplinary action was taken by any law enforcement
agency for the charges of bribery/ corruption.
No Directors/KMPs/employees/workers were involved in bribery/corruption during the year under review and no action was
taken by any law enforcement agency.
6. Details of complaints with regard to conflict of interest.
Topic 2022-23 2021-22

Number Remarks Number Remarks
Number of complaints received in relation to
Nil NA Nil NA
issues of Conflict of Interest of the Directors
Number of complaints received in relation to
Nil NA Nil NA
issues of Conflict of Interest of KMPs
7. Provide details of any corrective action taken or underway on issues related to fines / penalties / action taken by
regulators/ law enforcement agencies/ judicial institutions, on cases of corruption and conflicts of interest.
Not Applicable
178 Voltas Limited

LEADERSHIP INDICATORS
1. Awareness programmes conducted for value chain partners on any of the Principles during the financial year
Total number of Topics/principles covered under the training and its impact %age of persons in value
training and awareness chain covered by the
programmes held awareness programmes
4-5 Annually, the Company conducts a two day vendor meet regionally 81% of total vendors
with vendors who provide contractual workforce, where Environment, are critical suppliers of
Health & Safety practices are discussed. These meets also include contractual workforce.
awards for Vendors who showcase good health and safety track
record as well as environmental initiatives. Further, the Company also
has a contractor management system based on an online platform for
the purpose of tracking and maintaining information. The Company
emphasises and ensures that suppliers adhere to TCoC, Health and
Safety policy and sustainability indicatives.
2. Does the entity have processes in place to avoid/ manage conflict of interests involving members of the Board? (Yes/
No) If Yes, provide details of the same.
Yes. The Company has a process to manage the conflict of interest involving Board Members. As per the requirements of the
Companies Act, the disclosure of interest is required to be given by the Directors in prescribed Form MBP-1 which is brought to
the attention at a Board Meeting and taken on record. Further, any transaction in which a Director is interested is brought to the
attention of the Board and the interested Director (if any) does not participate in that discussion.
PRINCIPLE 2: Businesses should provide goods and services in a manner that is sustainable and safe
1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the environmental
and social impacts of product and processes to total R&D and capex investments made by the entity, respectively.
Type 2022-23 2021-22 Details of improvement

in social and
environmental aspects
Research & Development (R&D) 28% -- Expenditure on energy
efficiency related aspects
Capital Expenditure (CAPEX) 3% -- Expenditures on safety
additions, fire prevention,
energy efficient
equipment
2. a. Does the entity have procedures in place for sustainable sourcing? (Yes/No)
Yes. Company has a supplier sustainability code for RAC equipment and has established process for vendor selection. This
includes various principles and guidelines such as Safety, Health and Environment Policy, Legal Compliance, adherence to
TCoC, ISO Certification, etc. The Company has started carrying out a Sustainability assessment of its key suppliers for the
Room Air Conditioner and Air Cooler businesses.
b. If yes, what percentage of inputs were sourced sustainably?

86% of suppliers of the Room Air Conditioners and Air Coolers business were assessed on ESG metrics like renewable energy
usage, health and safety practices, environment, and social compliance etc.

3. Describe the processes in place to safely reclaim your products for reusing, recycling and disposing at the end of life,
for (a) Plastics (including packaging) (b) E-waste (c) Hazardous waste and (d) other waste.
Voltas is conscious to reduce, reuse, and recycle waste material. The Company has partnered with E-waste handlers/recyclers, PRO
(Producer Responsibility Organisations) to efficiently collect (as per their collection targets) and dispose E-waste sustainably. Voltas
has achieved more than 100% of its target of Recycling E-waste during 2022-23 – 17,559 MT as compared to 11,562 MT stipulated
by the Central Pollution Control Board (CPCB).
4. Whether Extended Producer Responsibility (EPR) is applicable to the entity’s activities (Yes / No). If yes, whether the
waste collection plan is in line with the Extended Producer Responsibility (EPR) plan submitted to Pollution Control
Boards? If not, provide steps taken to address the same.
Yes. Extended Producer Responsibility is currently applicable to the Company’s activities and waste collection plan is in line with
Pollution Control Board requirements. Annually, the Company submits the report to Pollution Control Board on the waste collected
as per the EPR plan. Waste management plan of the Company considers the evolving regulations both from a waste minimisation
and recycling/reuse perspective.
1. Has the entity conducted Life Cycle Perspective / Assessments (LCA) for any of its products (for manufacturing
industry) or for its services (for service industry)? If yes, provide details.
No Life Cycle Assessment carried out for any product of the Company.
2. If there are any significant social or environmental concerns and/or risks arising from production or disposal of your
products / services, as identified in the Life Cycle Perspective / Assessments (LCA) or through any other means, briefly
describe the same along-with action taken to mitigate the same.
Not Applicable
3. Percentage of recycled or reused input material to total material (by value) used in production (for manufacturing
industry) or providing services (for service industry).
Nil
4. Of the products and packaging reclaimed at end of life of products, amount (in metric tonnes) reused, recycled, and
safely disposed.
2022-23 2021-22
Re-Used Recycled Safely Re-Used Recycled Safely
Disposed Disposed
Plastics (including packaging) NA 539.9 NA NA - NA
E-waste NA 17,559 NA NA 13,277 NA
Hazardous waste NA 860 NA NA 650 NA
Other waste NA 758 NA NA 573 NA
5. Reclaimed products and their packaging materials (as percentage of products sold) for each product category.
Indicate product category Reclaimed products and their packaging materials as %
of total products sold in respective category
Nil Nil
180 Voltas Limited

PRINCIPLE 3: Businesses should respect and promote the well-being of all employees, including those in their
value chains
1. a. Details of measures for the well-being of employees.

Category % of employees covered by
Total Health Accident Maternity Paternity Day Care
(A) Insurance Insurance Benefits Benefits Facilities
No. % No. % No. % No. % No. %
(B) (B/A) (C) (C/A) (D) (D/A) (E) (E/A) (F) (F/A)
Permanent Employees
Male 1,953 1,953 100% 1,953 100% - - 1,953 100% - -
Female 117 117 100% 117 100% 117 100% - - - -
Total 2,070 2,070 100% 2,070 100% 117 6% 1,953 94% - -
Other than Permanent Employees
Male 1,957 1,866 95% 161 8% - - 161 8% - -
Female 35 35 100% - - 35 100% - - - -
Total 1,992 1,901 95% 161 8% 35 2% 161 8% - -
b. Details of measures for the well-being of workers.

Category % of employees covered by
Total Health Accident Maternity Paternity Day Care
(A) Insurance Insurance Benefits Benefits Facilities
No. % No. % No. % No. % No. %
(B) (B/A) (C) (C/A) (D) (D/A) (E) (E/A) (F) (F/A)
Permanent Workers
Male 1,028 1,028 100% 1,028 100% - - - - - -
Female 4 4 100% 4 100% 4 100% - - - -
Total 1,032 1,032 100% 1,032 100% 4 0.39% - - - -
Other than Permanent Workers
Male - - - - - - - - - - -
Female - - - - - - - - - - -
Total - - - - - - - - - - -
2. Details of retirement benefits, for Current and Previous Financial Years.

S.No. Benefits 2022-23 2021-22
No. of No. of Deducted and No. of No. of Deducted and
employees workers deposited employees workers deposited
covered as covered as with the covered as covered as with the
a % of total a % of total authority a % of total a % of total authority
employees worker (Y/N/N.A.) employees worker (Y/N/N.A.)
1 PF 100% 100% Y 100% 100% Y
2 Gratuity 100% 100% Y 100% 100% Y
3 ESI 1.23% - Y 0.25% - Y
3. Accessibility of workplaces: Are the premises / offices of the entity accessible to differently abled employees and
workers, as per the requirements of the Rights of Persons with Disabilities Act, 2016? If not, whether any steps are
being taken by the entity in this regard.
Yes, all working locations are accessible for differently-abled employees.

4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If so,
provide a web-link to the policy.
In accordance with the Tata Code of Conduct, Voltas does not unfairly discriminate on any ground, including race, caste, religion,
colour, ancestry, marital status, gender, sexual orientation, age, nationality, ethnic origin, disability or any other category protected
by applicable law. The Tata Affirmative Action Programme has the goal of enhancing the employability and entrepreneurial
abilities of disadvantaged sections of society, women from economically disadvantaged backgrounds, and Person with disabilities,
ensuring equal opportunity is provided.
Tata Code of Conduct - Voltas (https://www.voltas.in/images/_ansel_image_collector/TATA_CODE_OF_CONDUCT_FOR_

VOLTAS_EMPLOYEE_2.pdf)
5. Return to work and Retention rates of permanent employees and workers that took parental leave.
Gender Permanent Employees & Workers

Return to work rate Retention rate
Male* 100% N.A
Female 100% 25%
Total 100% 25%
*Paternity leave was not applicable in FY 2021-22.
6. Is there a mechanism available to receive and redress grievances for the following categories of employees and
worker? If yes, give details of the mechanism in brief.
Category Yes/No Details of the mechanism in brief
Permanent Workers Yes
Other than Permanent Workers Yes The mechanism to receive and redress grievances are POSH
Internal Committee, Ethics Committee, Locational Ethics
Permanent Employees Yes Councellors, Business HRs and CHRO.
Other than Permanent Employees Yes
7. Membership of employees and worker in association(s) or Unions recognised by the listed entity.
Category 2022-23 2021-22
Total No. of employees / % (B/A) Total No. of employees / %(D/C)
employees / workers in employees / workers in
workers in respective category, workers in respective category,
respective who are part of respective who are part of
category (A) association(s) or category (C) association(s) or
Union (B) Union (D)
Permanent Employees
Male - - - - - -
Female - - - - - -
Total - - - - - -
Permanent Workers
Male 169 131 78% 138 101 73%
Female 6 6 100% 4 4 100%
Total 175 137 78% 142 105 74%
182 Voltas Limited

8. Details of training given to employees and workers.

a. Details of Skill training given to employees and workers.
Category 2022-23 2021-22

Total No. of % (B/A) Total No. of %(D/C)
employees / employees / employees / employees /
workers in workers in workers in workers in
respective respective respective respective
category category, who category (C) category, who
(A) received Skill received Skill
Training (B) Training (D)
Employees
Male 1,953 1,242 64% 2,273 1,104 49%
Female 117 60 51% 128 50 39%
Total 2,070 1,302 63% 2,401 1,154 48%
Workers
Male 1,028 1,028 100% 1,110 1,110 100%
Female 4 4 100% 6 6 100%
Total 1,032 1,032 100% 1,116 1,116 100%
b. Details of training on Health and Safety given to employees and workers.
Category 2022-23 2021-22

Total No. of % (B/A) Total No. of %(D/C)
employees / employees / employees / employees /
workers in workers in workers in workers in
respective respective respective respective
category category, category (C) category,
(A) who received who received
training on training on
Health and Health and
Safety (B) Safety (D)
Employees
Male 1,953 1,953 100% 2,273 1,104 49%
Female 117 117 100% 128 50 39%
Total 2,070 2,070 100% 2,401 1,154 48%
Workers
Male 1,028 1,028 100% 1,110 1,110 100%
Female 4 4 100% 6 6 100%
Total 1,032 1,032 100% 1,116 1,116 100%

9. Details of performance and career development reviews of employees and workers.
Category 2022-23 2021-22

Total No. of employees / % (B/A) Total No. of employees / %(D/C)
employees / workers in employees / workers in
workers in respective workers in respective
respective category, who had respective category, who had
category (A) a career review (B) category (C) a career review (D)
Permanent Employees
Male 1,942 1,777 92% 1,188 1,026 86%

Female 116 103 89% 65 53 82%
Total 2,058 1,880 91% 1,253 1,079 86%
Permanent Workers
Male 169 169 100% 138 138 100%
Female 6 6 100% 4 4 100%
Total 175 175 100% 142 142 100%
10. Health and safety management system.
a. Whether an occupational Yes, the Occupational Health and Safety (OHS) system covers the Company’s employees,
health and safety contract employees, vendors, and visitors.
management system has
been implemented by the
entity? (Yes/No). If yes, What
is the coverage of such
system?
b. What are the processes used The Company provides periodic trainings to its employees and contractual workers
to identify work-related on Health and Safety for identifying and reporting unsafe practices and areas. A robust
hazards and assess risks on a framework is in place to identify and report unsafe practices and areas, to ensure safe
routine and non-routine basis working conditions. Inspections of the workspace, and evaluations of the equipment,
by the entity? tools, and machinery help to ensure workplace safety. Quantitative analysis; Hazard
Identification and Risk Assessment; Internal and External Safety audits; SHE review
meetings by Senior Management; Safety leadership audits enable robust work-related
hazard identification and risk assessment. There is a Safety, Health and Environment
(SHE) policy that serves as a framework to prevent and report injuries at workplace.
c. Whether you have processes Yes. Employees and workers can report work-related hazards, near miss’s and incidents
for workers to report the through manual and digital platforms in the form of safety portal, mobile app and QR
work related hazards and to code. The Hazard Identification and Risk Assessment (HIRA) process involves identifying
remove themselves from such work-related hazards; reporting unsafe practices and conditions; calculating the risk
risks. (Yes/No) levels and taking control measures to prevent such incidents.
d. Do the employees/ workers Yes. Employees and workers have access to non-occupational medical healthcare
of the entity have access to services like pre-employment and periodic health check up.
non-occupational medical
and healthcare services? (Yes/
No)
184 Voltas Limited

11. Details of safety related incidents.
Safety Incident/Number Category 2022-23 2021-22

Lost Time Injury Frequency Rate (LTIFR) (per one million- Employees - -
person hours worked) Workers - -
Total recordable work-related injuries Employees 6 5
Workers 6 5
No. of fatalities Employees - -
Workers - -
High consequence work-related injury or ill-health (excluding Employees - -
fatalities) Workers - -
12. Describe the measures taken by the entity to ensure a safe and healthy workplace.
Voltas’ Safety-Health-Environment (S-H-E) Policy also highlights ‘environment friendly processes’, ‘prevention of pollution’ and
‘overall environmental protection’. The S-H-E Policy extends to all, including the Suppliers, Contractors and NGOs working with the
Company.
Following are the measures taken by VOLTAS to ensure safe and healthy workplace:
• Top driven Health and Safety management program.
• SHE policy by top management.
• Safety leadership program.
• Digitisation for reporting of Hazard, Near miss and incident reporting.
• E-Learning platform for SHE training.
• SHE reviews by the Board S-H-E Committee.
• SHE internal and external audits.
• SHE inspection.
• Integrated (ISO 45001 and 14001) management certification.
• Contractor SHE management system.
• SHE competency building program.
• SHE conclave for contractors and vendors.
13. Number of Complaints on the following made by employees and workers.
Topic 2022-23 2021-22

Filed during Pending Remarks Filed during Pending Remarks
the year resolution at the year resolution at
the end of year the end of year
Working Conditions Nil Nil NA Nil Nil NA
Health & Safety Nil Nil NA Nil Nil NA

14. Assessments for the year.
Topic % of plants and offices that were assessed (by entity or statutory
authorities or third parties)
Health and safety practices 100%
Working Conditions 100%
15. Provide details of any corrective action taken or underway to address safety-related incidents (if any) and on
significant risks / concerns arising from assessments of health & safety practices and working conditions.
The corrective actions include amendment in risk assessment, competency building program for employees and contract
employees, actions on area of improvements, consequence management and reward and recognition.
1. Does the entity extend any life insurance or any compensatory package in the event of death of (A) Employees (Y/N)
(B) Workers (Y/N).
a. Employees (Yes/No): Yes
b. Workers (Yes/No): Yes
2. Provide the measures undertaken by the entity to ensure that statutory dues have been deducted and deposited by
the value chain partners.
100% of statutory dues have been deducted and deposited by the value chain partners.
3. Provide the number of employees / workers having suffered high consequence work related injury / ill-health
/ fatalities (as reported in Q11 of Essential Indicators above), who have been rehabilitated and placed in suitable
employment or whose family members have been placed in suitable employment.
Category Total no. of affected No. of employees/workers that are
employees/ workers rehabilitated and placed in suitable
employment or whose family members
have been placed in suitable employment
2022-23 2021-22 2022-23 2021-22
Employees - - - -
Workers - - - -
4. Does the entity provide transition assistance programs to facilitate continued employability and the management of
career endings resulting from retirement or termination of employment?
There are no transition assistance programs to facilitate continued employability and management of career endings resulting
from retirement or termination of employement.
5. Details on assessment of value chain partners.

Topic % of value chain partners (by value of business done with such
partners) that were assessed
Health and safety practices 86% of Room Air Conditioners suppliers were assessed
Working Conditions
6. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from
assessments of health and safety practices and working conditions of value chain partners.
The corrective actions from assessments of health and safety practices and working conditions of value chain partners are
Contractor Safety management, Consequence management, SHE conclave for awareness on safety.
186 Voltas Limited

PRINCIPLE 4: Businesses should respect the interests of and be responsive to all its stakeholders
1. Describe the processes for identifying key stakeholder groups of the entity.
Voltas Limited identifies its stakeholder groups through the Stakeholder Engagement.
2. List stakeholder groups identified as key for your entity and the frequency of engagement with each stakeholder
group.
Stakeholder Group Whether Channels of communication Frequency of Purpose and scope
identified as (Email, SMS, Newspaper, engagement of engagement
Vulnerable & Pamphlets, Advertisement, (Annually/ Half including key
Marginalised Community Meetings, Notice yearly/ Quarterly) topics and concerns
Group (Yes/No) Board, Website) raised during such
engagement
Communities Yes Meetings Need base -
Contractors No Surveys and Feedback Half yearly -
Contractor Management Portals
Customers No Customer Feedback and Frequently -
Complaint Mechanism
Dealers and Distributors No Feedback and Surveys Half yearly -
Government and Regulatory No Meetings Need base -
Authorities
Industry Associations No Conference Half yearly -
1. Provide the processes for consultation between stakeholders and the Board on economic, environmental, and social
topics or if consultation is delegated, how is feedback from such consultations provided to the Board.
The Management periodically conducts Stakeholder Engagement and Materiality Assessment through which it consults
the stakeholders on key ESG topics and arrive at material topics. This Materiality Assessment is reported to S-H-E Committee.
Consumers have the accessibility to provide feedback on product efficiency.
2. Whether stakeholder consultation is used to support the identification and management of environmental, and
social topics (Yes / No). If so, provide details of instances as to how the inputs received from stakeholders on these
topics were incorporated into policies and activities of the entity.
Yes. Stakeholder inputs are obtained as part of our Stakeholder Engagement and Materiality Assessment, which serves as the
foundation for developing material topics. Thereafter, a roadmap and goals are developed using the identified material topics.
3. Provide details of instances of engagement with, and actions taken to, address the concerns of vulnerable/
marginalised stakeholder groups.
The CSR Committee reviews the CSR activities pursued by the Company, comprising skill upgradation programs, participatory
Ground Water Management and Sustainable Agriculture Programme, Integrated Sanitation Programme etc., for marginalised
communities. The Skill Training/RPL programs provide certifications and placement opportunities to the students.

PRINCIPLE 5: Businesses should respect and promote human rights
1. Employees and workers who have been provided training on human rights issues and policy(ies) of the entity.
Category 2022-23 2021-22

Total (A) No. of employees % (B / A) Total (C) No. of employees % (D / C)
/ workers covered / workers covered
(B) (D)
Employees
Permanent 2,070 2,070 100% 2,118 2,118 100%
Other than permanent 1,992 1,992 100% 562 562 100%
Total Employees 4,062 4,062 100% 2,680 2,680 100%
Workers
Permanent 1,032 1,032 100% 1,116 1,116 100%
Other than permanent - - - - - -
Total Workers 1,032 1,032 100% 1,116 1,116 100%
2. Details of minimum wages paid to employees and workers.

Category 2022-23 2021-22
Total Equal to More than Total Equal to More than
(A) Minimum Wage Minimum Wage (D) Minimum Wage Minimum Wage
No. % No. % No. % No. %
(B) (B / A) (C) (C / A) (E) (E / D) (F) (F /D)
Employees*
Permanent 2,058 618 30% 1,440 70% 2,118 1,096 52% 1,022 48%
Male 1,942 580 30% 1,362 70% 1,996 1,031 52% 965 48%
Female 116 38 33% 78 67% 122 65 53% 57 47%
Other than Permanent 411 268 65% 143 35% 562 562 100% - -
Male 405 264 65% 141 35% 541 541 100% - -
Female 6 4 67% 2 33% 21 21 100% - -
Workers*
Permanent 175 - - 175 100% 188 - - 188 100%
Male 169 - - 169 100% 180 - - 180 100%
Female 6 - - 6 100% 8 - - 8 100%
Other than Permanent - - - - - - - - - -
Male - - - - - - - - - -
Female - - - - - - - - - -
*The remuneration related information mentioned is based on the employees from India only as their base location.
188 Voltas Limited

3. Details of remuneration/salary/wages.
Male Female
Number Median Number Median
remuneration/ remuneration/
salary/ wages of salary/ wages of
respective category respective category*
Board of Directors (BoD) 8 ` 46 lakhs 1 ` 41 lakhs
Key Managerial Personnel 3** ` 260 lakhs - Nil
Employees other than BoD and KMP 1,185 ` 11.57 lakhs 65 ` 9.99 lakhs
Workers 138 ` 7.79 lakhs 4 ` 11.97 lakhs
*The remuneration related information mentioned is based on the employees from India only as their base location.
**Also includes MD & CEO.
4. Do you have a focal point (Individual/ Committee) responsible for addressing human rights impacts or issues caused
or contributed to by the business? (Yes/No)
The Company has specific clauses as part of the TCoC included in the business agreements and contracts / purchase orders.
Human rights form a part of the TCoC. The Company does not employ children at its workplaces and does not use forced labour
in any form. The Company’s Ethics Counsellor (CFO) receives complaints related to TCoC which are investigated and addressed.
5. Describe the internal mechanisms in place to redress grievances related to human rights issues.
The grievances related to human rights issues are addressed according to the Company policy.
Tata Code of Conduct - Voltas https://www.voltas.in/images/_ansel_image_collector/TATA_CODE_OF_CONDUCT_

FOR_VOLTAS_EMPLOYEE_2.pdf
6. Number of Complaints on the following made by employees and workers.

2022-23 2021-22
Filed Pending Filed Pending
during the resolution at Remarks during the resolution at Remarks
year the end of year year the end of year
Sexual Harassment - NA NA - NA NA
Discrimination at workplace - NA NA - NA NA
Child Labour - NA NA - NA NA
Forced Labour/Involuntary Labour - NA NA - NA NA
Wages - NA NA - NA NA
Other human rights related issues - NA NA - NA NA
7. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases.
The Company has adopted a Whistle Blower Policy which enables the employees to report concerns about unethical behavior,
actual or suspected fraud or violation of Code of Conduct. The mechanism provides for adequate safeguards against victimisation
of employees and provides direct access to the Chairman of the Board Audit Committee on concerns relating to financial matters.
1. As part of Whistleblower Policy and POSH Policy, the Company has a section mentioned on the protection of identity of the
complainant. All such matters are dealt in strict confidence.
2. Also, as part of its Code of Conduct, the Company does not tolerate any form of retaliation against anyone reporting
legitimate concerns. Anyone involved in targeting such a person will be subject to disciplinary action.

8. Do human rights requirements form part of your business agreements and contracts? (Yes/No)
Yes. It is mandatory for all the Company’s vendors to adhere to the TCoC while signing business agreements and contracts.
9. Assessments for the year.

No third party assessment was carried out in manufacturing plants and offices on child labor, sexual harassment, etc. However,
in Voltas, there is zero tolerance towards any such kind of issue and the Company adheres to TCOC which gives mandatory
guidelines for protecting safety and security of children, employees and workers.
10. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from the
assessments at Question 9 above.
Not Applicable
1. Details of a business process being modified / introduced as a result of addressing human rights grievances/
complaints.
No such grievances on Human Rights violations.
2. Details of the scope and coverage of any Human rights due diligence conducted.
Not Applicable
3. Is the premise/office of the entity accessible to differently abled visitors, as per the requirements of the Rights of
Persons with Disabilities Act, 2016?
Yes
4. Details on assessment of value chain partners.

% of value chain partners (by value of business done with such
partners) that were assessed
Sexual Harassment 86% of suppliers from the room air conditioners and air coolers business
Discrimination at workplace were assessed
Child Labour
Forced/Involuntary Labour
Wages
Declaration of adherence to the TCoC on the above is obtained from the value chain partners as part of their contract / purchase
orders. The contracts are not renewed or are terminated in case of non-adherence to the Code of Conduct agreed upon.
5. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from the
assessments at Question 4 above.
A declaration of adherence to the TCoC is obtained from the value chain partners as part of their contract / purchase orders.
The contracts are not renewed or are terminated in case of non-adherence to the Code of Conduct agreed upon.
190 Voltas Limited

PRINCIPLE 6: Businesses should respect and make efforts to protect and restore the environment
1. Details of total energy consumption (in Joules or multiples) and energy intensity.
Parameter 2022-23 2021-22
Total electricity consumption (A) (GJ) 42,651.46 52,842.77
Total fuel consumption (B) (GJ) 4,188.63 17,055.59
Energy consumption through other sources (C) (GJ) - -
Total energy consumption (A+B+C) (GJ) 46,840.09 69,898.36
Energy intensity per rupee of turnover (Total energy consumption/ 0.614 0.999
turnover in rupees) (GJ per million `)
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes,
name of the external agency.
No
2. Does the entity have any sites / facilities identified as designated consumers (DCs) under the Performance, Achieve
and Trade (PAT) Scheme of the Government of India? (Y/N) If yes, disclose whether targets set under the PAT scheme
have been achieved. In case targets have not been achieved, provide the remedial action taken, if any.
No. None of the facilities have been identified as designated consumers (DCs) under the Performance, Achieve and Trade (PAT)
Scheme of the Government of India.
3. Provide details of the following disclosures related to water.
Parameter 2022-23 2021-22

Water withdrawal by source (in kiloliters)
(i) Surface water - -
(ii) Groundwater 47,550.82 64,343.40
(iii) Third Party water - -
(iv) Sea water / desalinated water - -
(v) other - -
Total volume of water withdrawal (in kilolitres) (i + ii + iii + iv + v) 47,550.82 64,343.40
Total volume of water consumption (in kiloliters) 47,550.82 64,343.40
Water intensity per rupee of turnover (Water consumed / turnover) 6.281 9.205
(kl per crore ` of revenue)
No
4. Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage and
implementation.
Zero liquid discharge system is installed at the Waghodia factory as per the norms by the Pollution Control Board, as stated in the
License to operate. The factories in Pantnagar are situated in an industrial zone with a common ETP to discharge wastewater.

5. Please provide details of air emissions (other than GHG emissions) by the entity.
Parameter Please Specify Unit 2022-23 2021-22
NOx mg/m3 438.96 426.20
SOx mg/m3 249.56 234.16
Particulate matter (PM) mg/m3 291.02 243.13
Persistent organic pollutants (POP) NA NA NA
Volatile organic compounds (VOC) NA NA NA
Hazardous air pollutants (HAP) mg/m3 - -
Others – please specify PPM - -
No
6. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity.
Parameter Unit 2022-23 2021-22
Total Scope 1 emissions (Break-up of the GHG into tCO2e 829.07 1,252
CO2, CH4, N2O, HFCs, PFCs, SF6, NF3, if available)
Total Scope 2 emissions (Break-up of the GHG into tCO2e 8,602.45 7,016.04
CO2, CH4, N2O, HFCs, PFCs, SF6, NF3, if available)
Total Scope 1 and Scope 2 emissions per rupee of tCO2e/₹ 1.14 x 10-7 1.18 x 10-7
turnover
No
7. Does the entity have any project related to reducing Green House Gas emission? If Yes, then provide detail.
Yes, since scope 1 and 2 emissions are governed by the energy consumption across all the operational locations. Various energy
saving initiatives mentioned above have also been contributing to reducing the overall carbon emissions. The Company intends,
to increase the renewable energy usage in its business operations, thus reducing carbon emissions. At Waghodia plant, the
Company conducts periodic energy audits, which help reduce energy consumption and improve the energy efficiency.
8. Provide details related to waste management by the entity.

Parameter 2022-23 2021-22
Total Waste generated (in metric tonnes)
Plastic waste (A) 24.55 9
E-waste (B) 27.00 -
Bio-medical waste (C) NA NA
Construction and demolition waste (D) NA NA
Battery waste (E) NA NA
Radioactive waste (F) NA NA
Other Hazardous waste (Solid - Oily Clothes, Paint Residue, Spent Filter 2.41 8
Media, Liquid - Spent Oil) (G)
Other Non-hazardous waste generated (Paper/Cardboard, Wood, 1,265.88 817
Metal) (H).
Total (A+B + C + D + E + F + G+ H) 1,319.84 834
192 Voltas Limited

Provide details related to waste management by the entity (Contd.)

Parameter 2022-23 2021-22
For each category of waste generated, total waste recovered through recycling, re-using or other recovery
operations (in metric tonnes)
Category of waste
(i) Recycled* -
(ii) Re-used - -
(iii) Other recovery operations - -
Total - -
For each category of waste generated, total waste disposed by nature of disposal method (in metric tonnes)
Category of waste
(i) Incineration 1.02 -
(ii) Landfilling - -
(iii) Other disposal operations - -
Total 1.02 -
*Non-hazardous waste is efficiently managed and whatever can be sent for recycling is sent to the authorised vendors. Hazardous
waste generated is disposed through Pollution Control Board certified waste collectors.
No
9. Briefly describe the waste management practices adopted in your establishments. Describe the strategy adopted by
your company to reduce usage of hazardous and toxic chemicals in your products and processes and the practices
adopted to manage such wastes.
The hazardous waste from the manufacturing and operational plants primarily includes paint containers, used oil and paint. The
non-hazardous waste in factories/offices are efficiently managed and sent for recycling to the authorised vendors. It typically
consists of plastic and paper.
10. If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife sanctuaries,
biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones etc.) where environmental
approvals / clearances are required, specify details.
S.No. Location of Type of operations Whether the conditions of environmental approval /
operations/offices clearance are being complied with? (Y/N) If no, the reasons
thereof and corrective action taken, if any.
Not Applicable No offices or operations are present in ecologically sensitive areas
11. Details of environmental impact assessments of projects undertaken by the entity based on applicable laws, in the
current financial year.
Name and EIA Notification Date Whether conducted Results Relevant Web
brief details of No. by independent communicated in link
project external agency public domain
(Yes / No) (Yes / No)
Not Applicable

12. Is the entity compliant with the applicable environmental law/ regulations/ guidelines in India; such as the Water
(Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment protection act
and rules thereunder (Y/N). If not, provide details of all such non-compliances.
S.No. Specify the law / regulation Provide details Any fines / penalties / action taken by Corrective action
/ guidelines which was not of the non- regulatory agencies such as pollution taken, if any
complied with compliance control boards or by courts
Not Applicable
Yes, the Company is compliant with the applicable environmental laws/ regulations/ guidelines in India.
1. Provide break-up of the total energy consumed (in Joules or multiples) from renewable and non-renewable sources.
Parameter 2022-23 2021-22
in GJ in GJ
From renewable sources
Total electricity consumption (A) 4,471.17 3,815.36
Total fuel consumption (B) - -
Energy consumption through other sources (C) - -
Total energy consumed from renewable sources (A+B+C) 4,471.17 3,815.36
From non-renewable sources
Total electricity consumption (D) 38,179.74 49,027.40
Total fuel consumption (E) 4,188.63 17,055.59
Energy consumption through other sources (F) - -
Total energy consumed from non-renewable sources (D+E+F) 42,368.37 66,082.99
Yes. The Company has carried out third party energy audit for energy consumption at Waghodia plant. Soham Technologies is the
agency that conducted the same.
2. Provide the following details related to water discharged.

Parameter 2022-23 2021-22
Water discharge by destination and level of treatment (in kilolitres)
(i) To Surface water - -
- No treatment - -
- With treatment – please specify level of Treatment - -
(ii) To Groundwater - -
- No treatment - -
(iii) To Seawater - -
- No treatment - -
194 Voltas Limited

Parameter 2022-23 2021-22

(iv) Sent to third-parties - -
- No treatment - -
- With treatment Primary Treatment and sent to CETP 5,052 5,616
(v) Others - -
- No treatment - -
- With treatment (used for Gardening) 5,767 7,820
Total water discharged (in kilolitres) 10,819 13,436
name of the external agency. - No
3. Water withdrawal, consumption, and discharge in areas of water stress (in kilolitres).
For each facility / plant located in areas of water stress, provide the following information:
(i) Name of the area

None of our factories or offices withdraw,
(ii) Nature of operations
consume and discharge water in areas of water stress.
(iii) Water withdrawal, consumption and discharge
Parameter 2022-23 2021-22

Water withdrawal by source (in kilolitres)
(i) Surface water
(ii) Groundwater
(iii) Others
Not Applicable
Total volume of water withdrawal (in kilolitres)
Total volume of water consumption (in kilolitres)
Water intensity per rupee of turnover (Water consumed / turnover)
Water discharge by destination and level of treatment (in kilolitres)
(i) Into Surface water
- No treatment
- With treatment – please specify level of treatment
(ii) Into Groundwater
- No treatment
Not Applicable
(iii) Into Seawater
- No treatment
Recycled water
name of the external agency - No.

4. Please provide details of total Scope 3 emissions & its intensity.
Parameter Unit 2022-23 2021-22
Total Scope 3 emissions (Break-up of the GHG into CO2, CH4, tCO2e - -
N2O, HFCs, PFCs, SF6, NF3, if available)
Total Scope 3 emissions per rupee of turnover tCO2e - -
Total Scope 3 emission intensity (optional) – the relevant metric tCO2e - -
may be selected by the entity
name of the external agency - No.
5. With respect to the ecologically sensitive areas reported at Question 10 of Essential Indicators above, provide
details of significant direct & indirect impact of the entity on biodiversity in such areas along-with prevention and
remediation activities.
Not Applicable
6. If the entity has undertaken any specific initiatives or used innovative technology or solutions to improve resource
efficiency, or reduce impact due to emissions / effluent discharge / waste generated, please provide details of the
same as well as outcome of such initiatives.
The specific initiatives and innovative technology undertaken for the Company’s products and services is described in the below
table:
S.No. Innovation in Details of the Innovation Energy Water Material Emissions

Product, Process Efficient Conservation Reduction Management
and Technology
1 Voltas Maha This has been upgraded to have unique  
Adjustable 6-Stage adjustable mode which runs
Inverter AC on different tonnages, as per customer
needs (i.e., depending on the ambient
temperature or number of people in the
room). Hence, it not only provides comfort,
but also saves electricity costs. Six Stage
Adjustable Mode delivers predefined lower
and higher cooling capacity by controlling
inverter compressor’s running frequencies.
This technology has the potential to save
additional energy by approximately 15%
over a normal Inverter Air-conditioner.
2 Pure-Air Inverter The Pure-Air inverter AC is one of the newly 
AC with HEPA launched products of Voltas with a unique
Filter HEPA filter technology. This filter purifies
indoor air and provides anti-microbial
protection. The air conditioner has a
particulate matter sensor with air quality
index (‘AQI’) indicator. The indicator shows
the particulate matter present in the air
with highest accuracy. It also operates on
an ecofriendly refrigerant.
196 Voltas Limited

S.No. Innovation in Details of the Innovation Energy Water Material Emissions

Product, Process Efficient Conservation Reduction Management
and Technology
3 Air Conditioners To augment the efficiency of an indoor  
with protective air conditioner by limiting the refrigerant
coating to leakage from the cooling coil, an anti-
cooling coil corrosive protective coating has been
added to it. The coating acts as a barrier
and prevents copper corrosion from the
evaporator cooling coil.
4 Introduction of 18K 3 Star Inverter and 18K 2 Star Fixed speed  
compact and AC models were launched with a compact
efficient 18K indoor unit (IDU) whereas the specification
3-star inverter of the outdoor unit (ODU) remained the
and 18K 2-star same. Since the platform size of the IDU
fixed speed AC has been reduced, the consumption of
models raw materials like copper and plastic were
reduced, thereby also lowering the gas
charge quantity by approximately 20%. This
not only reduced material consumption but
also the quantity of refrigerant gas.
5 Air conditioners In the 2022 product range of outdoor unit  
with high air conditioners, high efficiency grooved
efficiency grove copper tubes were used. These tubes had a
technology smaller diameter (5mm, vis-à-vis 7mm used
previously). The smaller diameter resulted in
reduction in the size of the heat exchanger
in copper tube by 15%. This initiative also
reduced resource consumption as well as
the quantity of refrigerant gas.
6 Chest freezers The chest freezers and coolers require lower  
and Chest quantities of R-290 Refrigerant (than the
Coolers with previously used R134a). Further, R-290 is
R290 refrigerant better from an environment perspective
as it has a lesser Global Warming Potential
(GWP) when compared to other refrigerants.
7 Installation The new type of air compressor in the   
of 500 CFM manufacturing operations at Pantnagar is
Screw Type Air more energy efficient and uses no water.
Compressor with Thereby leading to energy savings of
VFD (variable ~40%, and bringing the water consumed
frequency drive) in the process from 1248 KL per annum
to 0. Moreover, this process is helping the
Company save on repair and maintenance
cost by about 70%.
7. Does the entity have a business continuity and disaster management plan?
The Company has On Site Emergency Management Plan (OSEMP) that explains the code of conduct of all personnel in the plant
along with the actions to be carried out in the event of an emergency. This plan gives guidelines for employees, contractors,
transporters, etc. It not only defines the responsibilities of individuals but also explains about prompt rescue operations,

evacuations, rehabilitation, coordination, communication, and the system of getting outside help from Government authorities
and neighboring industries. Procedure for Emergency, Preparedness, and Response addresses the basic procedures that will be
used by the plant when responding to an emergency. This plan covers responses to the following types of emergencies:
(a) Spills/releases or environmental releases

(b) Fires
(c) Explosions
(d) Medical emergencies such as Food Poisoning, COVID -19 disease
(e) Natural Disaster such as Flood, Earthquake, lightening etc.
8. Disclose any significant adverse impact to the environment, arising from the value chain of the entity. What mitigation
or adaptation measures have been taken by the entity in this regard.
No. The Company ensures that the waste recyclers responsibly handle the e-waste collected and further send it for recycling.
Mechanisms are in place to prevent leakage of refrigerant gases. The Company’s energy efficient products help to reduce the
energy consumption.
9.
Percentage of value chain partners (by value of business done with such partners) that were assessed for
environmental impact.
86% of RAC and Air Coolers suppliers (OEMs) were assessed for environmental impact during 2022-23.
PRINCIPLE 7: Businesses when engaging in influencing public and regulatory policy, should do so in a manner
that is responsible and transparent
1. (a) Number of affiliations with trade and industry chambers/ associations.

Voltas Limited is a member of 7 trade associations/ bodies dedicated to the related industry sector.
(b) List the top 10 trade and industry chambers/ associations (determined based on the total members of such
body) the entity is a member of/ affiliated to.
S.No. Name of the trade and industry chambers/ associations Reach of trade and industry
chambers/ associations
(State/National)
1 Refrigeration and Airconditioning Manufacturers Association (RAMA) National
2 Bureau of Indian Standards (BIS) National
3 ODS Committee formed by MoEF & CC (Ministry of Environment, Forest, and National
Climate Change)
4 Consumer Electronics and Appliances Manufacturers Association (CEAMA) National
5 Bombay Chamber of Commerce & Industry (BCCI) National
6 Indian Merchants Chamber (IMC) National
7 Indian Society of Heating, Refrigerating & Air Conditioning Engineers (ISHRAE) National
2. Provide details of corrective action taken or underway on any issues related to anti-competitive conduct by the
entity, based on adverse orders from regulatory authorities
Name of Authority Brief of the case Corrective action taken
No cases
198 Voltas Limited

1. Details of public policy positions advocated by the entity.

The Company’s Managing Director & CEO and the R&D Head advocates public policy prescribed by Bureau of Energy Efficiency
(BEE), Government of India and the Ozone Cell of Ministry of Environment, Forest and Climate Change, as and when required.
PRINCIPLE 8: Businesses should promote inclusive growth and equitable development.

1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in the
current financial year.
Not Applicable
2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being undertaken by
your entity.
The Company has not undertaken any Rehabilitation and Resettlement (R&R) as none of its business activities have direct / indirect
impact that required R&R.
3. Describe the mechanisms to receive and redress grievances of the community.

CSR Partners have direct interaction with communities and redress the grievances raised, if any.
4. Percentage of input material (inputs to total inputs by value) sourced from local or small-scale suppliers?
2022-23 2021-22
Directly sourced from MSMEs/ Small producers 20% 15%
Sourced directly from within the district and neighboring districts 8.43% 10.14%
1. Provide details of actions taken to mitigate any negative social impacts identified in the Social Impact Assessments
(Reference: Question 1 of Essential Indicators above).
Not Applicable.
2. Provide the following information on CSR projects undertaken by your entity in designated aspirational districts as
identified by government bodies.
S.No State Aspirational District Amount spent (₹)
1 Uttarakhand Udham Singh Nagar 44.92 lakhs
2 Andhra Pradesh Vizianagaram 3.55 lakhs
3 Bihar Muzaffarpur Since this is a knowledge partnership, Voltas supports the implementing
partner with content curation, technical knowhow, monitoring of the
project, training the trainers, conducting assessment of the students etc.
3. Do you have a preferential procurement policy where you give preference to purchase from suppliers comprising
marginalised /vulnerable groups? (Yes/No)
No. The Tata Affirmative Action Programme offers development programs to encourage vendor-entrepreneurs and source from
vendors in marginalised communities.
4. Details of the benefits derived and shared from the intellectual properties owned or acquired by your entity (in the
current financial year), based on traditional knowledge.
Not Applicable, no benefits derived and shared from the intellectual properties owned or acquired.

5. Details of corrective actions taken or underway, based on any adverse order in intellectual property related disputes
wherein usage of traditional knowledge is involved.
Not Applicable.
6. Details of beneficiaries of CSR Projects.

S.No. CSR Project No of persons % of beneficiaries
benefited from from vulnerable and
CSR Projects marginalised group
1 Skill Development Programme- PAN India 7,679 100
2 Participatory Ground Water Management and Sustainable Agriculture 2,000 100
Programme- Beed
3 Integrated Sanitation Programme- Waghodia 1,400 100
4 Mid Day Meal- Waghodia 2,700 100
5 Mid Day Meal- Panvel 40 100
6 Support in treatment of patients fighting cancer- Ranchi 6,500 100
7 Support in treatment of patients fighting cancer- Mumbai 98 100
8 Support in education of children with special needs- Mumbai 21 100
9 School infrastructure upgradation- Jodhpur 110 100
10 School infrastructure upgradation- Mumbai 55 100
11 Equipment support to skill development centers- Chennai 110 100
12 Equipment support to skill development centers- Mumbai 140 100
13 Support to libraries- Pan India 10,000 -
PRINCIPLE 9: Businesses should engage with and provide value to their consumers in a responsible manner
1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback.
The Company receives consumer grievances and servicing requests through telephone and digital medium (Emails, Whatsapp,
Dealer application), and endeavours to provide support within 24 hours. Further, for the Commercial Air-Conditioning business,
the Company provides operations and maintenance (O&M) contracts, retrofit design and execution, predictive maintenance.
Following are the steps involved in the customer service request,
(a) Customer can create the service request on Voltas customer care through Phone call / Whatsapp.
(b) Align technician to resolve product issue.
(c) After satisfactory resolution-technician receives an OTP from customer for Service Request closure in system.
(d) As soon as customer service request is closed in the Voltas system, the customer will get the NPS web-link via SMS on
registered number to share the feedback.
2. Turnover of products and/ services as a percentage of turnover from all products/service that carries below
information.
As a percentage to total turnover
Environmental and social parameters relevant to the product 100%
Safe and responsible usage 100%
Recycling and/or safe disposal 100%
200 Voltas Limited

3. Number of consumer complaints.

2022-23 Remarks 2021-22 Remarks
Received Pending Received Pending
during the resolution at during the resolution at
year end of year year end of year
Data privacy - - - -
Advertising - - - -
Cyber-security - - - -
Delivery of essential services - - NA - - NA
Restrictive Trade Practices - - - -
Unfair Trade Practices - - - -
Others 65 229* 40 210*
* Total pending consumer court cases as at the end of the respective financial year, includes cases pending from previous years
that were not closed.
4. Details of instances of product recalls on account of safety issues.

There are no instances of product recalls or forced recalls on account of safety issue.
5. Does the entity have a framework/ policy on cyber security and risks related to data privacy? (Yes/No) If available,
provide a web-link of the policy.
Yes, The Company has an IT security policy to ensure proper use of its IT Systems, which may include but is not limited to E-mail,
applications, computers, peripherals, network, communication Systems, IT equipment, IT facilities, IT infrastructure, Information,
and Data, Users of the Company’s IT Systems are aware of what the Company deems to be acceptable and unacceptable use of
IT Systems. This policy additionally ensures the protection of any confidential and proprietary information of the business or of
customers, vendors, or partners.
6. Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery of essential
services; cyber security and data privacy of customers; re-occurrence of instances of product recalls; penalty / action
taken by regulatory authorities on safety of products / services.
No known data breach / incident related to Customer data. Hence, not applicable. However, on a continuous basis, the Company
keeps enhancing its IT Security Posture as part of Cyber Security preparedness, by implementing tools, practices, policies,
awareness etc.
1. Channels / platforms where information on products and services of the entity can be accessed (provide web link, if
available).
The information on the products can be accessed on the www.voltas.com.
2. Steps taken to inform and educate consumers about safe and responsible usage of products and/or services.
Apart from the labels that give out specific information related to products from energy consumption, efficiency, disposal etc,
various online platforms like websites and social media platforms are used to communicate safe product usage from unpacking
to connecting with customer service for installation, service and maintenance. Components and their mechanisms related to
products are also explained through videos for awareness of the consumers as well as service technicians.

3. Mechanisms in place to inform consumers of any risk of disruption/discontinuation of essential services.
The commercial air conditioning business also caters to hospitals, and hence these services become crucial. Following is the list of
mechanisms to specifically enable uninterrupted maintenance in such areas of work:
• E ssential Applications / Job sites such as Hospitals etc. mostly have centralised AC equipment (chillers), with adequate
redundancy built into the HVAC System, in the form of standby Units. Through periodic Preventive Maintenance Services
as well as by Remote Monitoring of Chillers (under AMC) all the AC equipment, including standby units, it is ensured that
all these are always functional. This, therefore enables zero disruption even in cases of breakdown due to unforeseen
circumstances.
• F or external disruptions, such as lockdown during COVID, uninterrupted maintenance services were rendered by AMC
Engineers to Hospitals and COVID Centres, by arranging special travel passes for emergency services with the support from
the customers from the respective essential services.
4. Does the entity display product information on the product over and above what is mandated as per local laws? (Yes/
No/Not Applicable)? If yes, provide details in brief.
Yes. Apart from the product information required as per mandates, the Company displays additional information depending on
the type of products: like the type of refrigerant; type of air conditioner – Inverter or fixed speed; customer service information;
safety instructions; details on the blowing agent for commercial refrigeration products etc.
5. Did your entity carry out any survey regarding consumer satisfaction relating to the major products / services of the
entity, significant locations of operation of the entity or the entity as a whole? (Yes/No)
Yes, Voltas is actively engaged with its customers through various initiatives and feedback processes. The Company is committed
to deliver innovative and efficient product solutions to drive customer satisfaction and trust. At present, customer satisfaction
score stands at 84.1%.
6. Provide the information related to number of instances of data breaches along-with its impact and percentage of
data breaches involving personally identifiable information of customers.
The Company did not have any incidents of data breach related to customer information.
202 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 Financial
Group, associates, joint ventures in accordance with the ‘Code
Statements
of Ethics’ issued by the Institute of Chartered Accountants of
Opinion India together with the ethical requirements that are relevant to
We have audited the accompanying consolidated Ind AS our audit of the financial statements under the provisions of the
financial statements of Voltas Limited (hereinafter referred to as Act and the Rules thereunder, and we have fulfilled our other
“the Holding Company”), its subsidiaries (the Holding Company ethical responsibilities in accordance with these requirements
and its subsidiaries together referred to as “the Group”) its and the Code of Ethics. We believe that the audit evidence we
associate and joint ventures comprising of the consolidated have obtained is sufficient and appropriate to provide a basis
Balance Sheet as at March 31 2023, the consolidated Statement for our audit opinion on the consolidated Ind AS financial
of Profit and Loss, including other comprehensive income, statements.
the consolidated Cash Flow Statement and the consolidated
Key Audit Matters
Statement of Changes in Equity for the year then ended,
and notes to the consolidated Ind AS financial statements, Key audit matters are those matters that, in our professional
including a summary of significant accounting policies and judgment, were of most significance in our audit of the
other explanatory information (hereinafter referred to as “the consolidated Ind AS financial statements for the financial
consolidated Ind AS financial statements”). year ended March 31, 2023. These matters were addressed in
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,
to the explanations given to us, the aforesaid consolidated Ind and we do not provide a separate opinion on these matters. For
AS financial statements give the information required by the each matter below, our description of how our audit addressed
Companies Act, 2013, as amended (“the Act”) in the manner the matter is provided in that context.
so required and give a true and fair view in conformity with
the accounting principles generally accepted in India, of the We have determined the matters described below to be
consolidated state of affairs of the Group, its associates and the key audit matters to be communicated in our report. We
joint ventures as at March 31, 2023, their consolidated profit have fulfilled the responsibilities described in the Auditor’s
including other comprehensive income, their consolidated responsibilities for the audit of the consolidated Ind AS financial
cash flows and the consolidated statement of changes in equity statements section of our report, including in relation to these
for the year ended on that date. matters. Accordingly, our audit included the performance of
procedures designed to respond to our assessment of the risks
Basis for Opinion of material misstatement of the consolidated Ind AS financial
We conducted our audit of the consolidated Ind AS financial statements. The results of audit procedures performed by
statements in accordance with the Standards on Auditing (SAs), us, including those procedures performed to address the
as specified under section 143(10) of the Act. Our responsibilities matters below, provide the basis for our audit opinion on the
under those Standards are further described in the ‘Auditor’s accompanying consolidated Ind AS financial statements.

Key audit matters How our audit addressed the key audit matter
(a) Revenue recognition for long term Mechanical, Electrical and Plumbing (MEP) contracts
The Group revenues include revenue from long-term Mechanical, Our audit procedures included the following:
Electrical and Plumbing (MEP) contracts amounting to INR
 Read the Group’s revenue recognition accounting policies
2,290.02 crores, disclosed under Note 37 ‘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  We assessed the design and tested the operating
the requirements of Ind AS 115, ‘Revenue from Contracts with effectiveness of controls over revenue recognition through
Customers’. inspection of evidence of performance of these controls with
specific focus on determination of progress of completion,
Due to the nature of the contracts, revenue is recognized based
recording of costs incurred, estimation of costs to complete
on percentage of completion method which is determined
and the remaining contract obligations.
based on proportion of contract costs incurred to date compared
to estimated total contract costs, which involves significant  We performed test of details, on a sample basis and evaluated
judgments including estimate of future costs, revision to original management estimates and assumptions.
estimates based on new knowledge such as delay in timelines,  We assessed management’s estimates by comparing
changes in scope and consequential revised contract price and estimated cost with actual costs and discussion on the
recognition of the liability for loss making contracts/ onerous project specific considerations with the relevant project
obligations. managers including on our project site visits. We assessed
Accuracy of revenues, onerous obligations and profits may that, fluctuations in commodity and currency prices,
deviate significantly on account of change in judgements and delays, cost overruns related to the performance of work
estimates. are appropriately taken into consideration while estimating
costs to come and also assessed the accounting treatment
Considering the variability of assumptions involved in estimation
of expected loss on projects including variable consideration
of revenues, the same has been considered as a key audit matter.
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 58 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 March 31, 2023, trade receivable and contract assets of Our audit procedures included the following:
Electro- mechanical projects and service segment amount to INR  We evaluated the Group’s processes and controls relating to
2,438.57 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.
204 Voltas Limited

Out of the total trade receivables and contract assets of Electro-  In respect of impairment allowance on receivable of this
mechanical projects and service segment, INR 1,391.48 crores segment and recovery of certain trade receivable and
represent trade receivable and contract assets of international contract assets of international business operation we tested
business operation. Recoverability of certain receivables and the ageing of trade receivable and contract assets. We tested
contract assets are impacted due to several factors like the the management’s assessment of the customer’s financial
customer profile, delays in obtaining completion certification circumstances, ability to repay the dues based on historical
in certain projects due to long project tenure, project disputes payment trends, assumption used for determining likely
resulting in future claims against the Group and financial ability losses and delays in collection of trade receivables including
of the customers etc. any project disputes which may result in future claims
against the Group.
As regards the receivable 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 the impact of the future uncertainties in the economic
loss allowance, the Group has considered its credit assessment environment.
for its customers. Owing to the long settlement period involved
 We assessed the disclosures on the contract assets and trade
in a few of the government projects, management also considers
receivables in Note 15 and Note 16 respectively and the
the likely delays involved in the settlement process as part of the
related risks such as credit risk and liquidity risk in Note 54 of
impairment 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
including its associates and joint ventures in accordance
any form of assurance conclusion thereon.
with the accounting principles generally accepted in India,
In connection with our audit of the consolidated Ind AS including the Indian Accounting Standards (Ind AS) specified
financial statements, our responsibility is to read the other under section 133 of the Act read with the Companies (Indian
information and, in doing so, consider whether such other Accounting Standards) Rules, 2015, as amended. The respective
information is materially inconsistent with the consolidated Ind Board of Directors of the companies included in the Group
AS financial statements or our knowledge obtained in the audit and of its associates and joint ventures are responsible for
or otherwise appears to be materially misstated. If, based on the maintenance of adequate accounting records in accordance
work we have performed, we conclude that there is a material with the provisions of the Act for safeguarding of the assets of
misstatement of this other information, we are required to their respective companies and for preventing and detecting
report that fact. We have nothing to report in this regard. frauds and other irregularities; selection and application of

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

We are responsible for the direction, supervision and are therefore the key audit matters. We describe these matters
performance of the audit of the financial statements of such in our auditor’s report unless law or regulation precludes
entities included in the consolidated Ind AS financial statements public disclosure about the matter or when, in extremely
of which we are the independent auditors. rare circumstances, we determine that a matter should
not be communicated in our report because the adverse
We communicate with those charged with governance of
consequences of doing so would reasonably be expected to
the Holding Company and such other entities included in the
outweigh the public interest benefits of such communication.
consolidated Ind AS financial statements of which we are the
independent auditors regarding, among other matters, the Report on Other Legal and Regulatory Requirements
planned scope and timing of the audit and significant audit
1. As required by the Companies (Auditor’s Report) Order,
findings, including any significant deficiencies in internal
2020 (“the Order”), issued by the Central Government of
control that we identify during our audit.
India in terms of sub-section (11) of section 143 of the Act,
We also provide those charged with governance with a according to the information and explanations given to us
statement that we have complied with relevant ethical and based on the CARO reports issued by the respective
requirements regarding independence, and to communicate auditors of companies included in the consolidated
with them all relationships and other matters that may financial statements, to which reporting under CARO is
reasonably be thought to bear on our independence, and applicable, we report as under:
where applicable, related safeguards.
Qualifications or adverse remarks by the respective
From the matters communicated with those charged with auditors in the Companies (Auditors Report) Order (CARO)
governance, we determine those matters that were of most reports of the companies included in the consolidated
significance in the audit of the consolidated Ind AS financial financial statements are:
statements for the financial year ended March 31, 2023 and
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, of Other Comprehensive Income, the Consolidated
to the extent applicable, that: Cash Flow Statement and Consolidated Statement
(a) We have sought and obtained all the information of Changes in Equity dealt with by this Report are
and explanations which to the best of our knowledge in agreement with the books of account maintained
and belief were necessary for the purposes of for the purpose of preparation of the consolidated
our audit of the aforesaid consolidated Ind AS Ind AS financial statements;
financial statements; (d) In our opinion, the aforesaid consolidated Ind AS
(b) In our opinion, proper books of account as required financial statements comply with the Accounting
by law relating to the preparation of the aforesaid Standards specified under Section 133 of the Act,
consolidation of the financial statements have read with Companies (Indian Accounting Standards)
been kept so far it appears from our examination Rules, 2015, as amended;
of those books; (e) On the basis of the written representations received
(c) The Consolidated Balance Sheet, the Consolidated from the directors of the Holding Company as on
Statement of Profit and Loss including the Statement March 31, 2023 taken on record by the Board of

Directors of the Holding Company and the reports iii.
There has been no delay in transferring
of the statutory auditors who are appointed under amounts, required to be transferred, to the
Section 139 of the Act, of its subsidiary companies, Investor Education and Protection Fund by the
associate companies and joint ventures, none of the Holding Company, its subsidiaries, associates
directors of the Group’s companies, its associates and and joint ventures, incorporated in India
joint ventures, incorporated in India, is disqualified during the year ended March 31, 2023.
as on March 31, 2023 from being appointed as a
iv. (a)
The respective managements of the
director in terms of Section 164 (2) of the Act;
Holding Company and its subsidiaries,
(f )
With respect to the adequacy of the internal associate and joint ventures which are
financial controls with reference to consolidated Ind companies incorporated in India whose
AS financial statements of the Holding Company financial statements have been audited
and its subsidiary companies, associate companies under the Act have represented to us and
and joint ventures, incorporated in India, and the the other auditors of such subsidiaries,
operating effectiveness of such controls, refer to our associate and joint ventures respectively
separate Report in “Annexure 1” to this report; that, to the best of its knowledge and
belief, as disclosed in the Note 60(v) to the
(g) In our opinion and based on the consideration of
consolidated Ind AS financial statements,
reports of other statutory auditors of the subsidiaries,
no funds have been advanced or loaned
associates and joint ventures incorporated in India,
or invested (either from borrowed
the managerial remuneration for the year ended
funds or share premium or any other
March 31, 2023 has been paid / provided by the
sources or kind of funds) by the Holding
Holding Company, its subsidiaries, associates and
Company or any of such subsidiaries,
joint ventures incorporated in India to their directors
associate and joint ventures to or in
in accordance with the provisions of section 197
any other persons or entities, including
read with Schedule V to the Act;
foreign entities (“Intermediaries”), with
(h) With respect to the other matters to be included the understanding, whether recorded
in the Auditor’s Report in accordance with Rule 11 in writing or otherwise, that the
of the Companies (Audit and Auditors) Rules, 2014, Intermediary shall, whether, directly
as amended, in our opinion and to the best of our or indirectly lend or invest in other
information and according to the explanations persons or entities identified in any
given to us and based on the consideration of the manner whatsoever by or on behalf of
report of the other auditors on separate financial the respective Holding Company or any
statements associates: of such subsidiaries, associate and joint
ventures (“Ultimate Beneficiaries”) or
i. The consolidated Ind AS financial statements
provide any guarantee, security or the like
disclose the impact of pending litigations
on behalf of the Ultimate Beneficiaries;
on its consolidated financial position of the
Group, its associates and joint ventures in (b)
The respective managements of the
its consolidated Ind AS financial statements Holding Company and its subsidiaries,
– Refer Note 47 to the consolidated Ind AS associate and joint ventures which
financial statements; are companies incorporated in India
whose financial statements have been
ii. Provision has been made in the consolidated
audited under the Act have represented
Ind AS financial statements, as required under
to us and the other auditors of such
the applicable law or accounting standards,
subsidiaries, associate and joint ventures
for material foreseeable losses, if any, on long-
respectively that, to the best of its
term contracts including derivative contracts
knowledge and belief, as disclosed in
208 Voltas Limited

the Note 60(vi) to the consolidated Ind v.

The final dividend paid by the Holding
AS financial statements, no funds have Company and its associate companies
been received by the respective Holding incorporated in India during the year in respect
Company or any of such subsidiaries, of the same declared for the previous year is in
associate and joint ventures from any accordance with section 123 of the Act to the
persons or entities, including foreign extent it applies to payment of dividend.
entities (“Funding Parties”), with the
The interim dividend declared and paid
understanding, whether recorded in
during the year by the associate company
writing or otherwise, that the Holding
incorporated in India is in accordance with
Company or any of such subsidiaries,
section 123 of the Act.
associate and joint ventures shall,
whether, directly or indirectly, lend As stated in Note 63 to the consolidated Ind AS
or invest in other persons or entities financial statements, the respective Board of
identified in any manner whatsoever Directors of the Holding Company, subsidiary
by or on behalf of the Funding Party company and its associate companies,
(“Ultimate Beneficiaries”) or provide any incorporated in India have proposed final
guarantee, security or the like on behalf dividend for the year which is subject to the
of the Ultimate Beneficiaries; and approval of the members of the respective
companies at the respective ensuing Annual
(c)
Based on the audit procedures that General Meeting. The dividend declared is in
have been considered reasonable accordance with section 123 of the Act to the
and appropriate in the circumstances extent it applies to declaration of dividend
performed by us and that performed by
the auditors of the subsidiaries, associate No dividend has been declared or paid
and joint ventures which are companies during the year by joint venture companies,
incorporated in India whose financial incorporated in India.
statements have been audited under the vi.
As proviso to Rule 3(1) of the Companies
Act, nothing has come to our or other (Accounts) Rules, 2014 is applicable only
auditor’s notice that has caused us or w.e.f. April 1, 2023 for the Holding Company,
the other auditors to believe that the its subsidiaries and joint venture companies
representations under sub-clause (a) and incorporated in India, hence reporting under
(b) contain any material mis-statement. this clause is not applicable.


Partner
UDIN: 23038730BGYSNH7209
Place of Signature: Mumbai

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, 2023, 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 operations, 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 operations, 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 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
210 Voltas Limited

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.
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, 2023, 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: 23038730BGYSNH7209
Place of Signature: Mumbai

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH, 2023
` in crores
Note As at As at
No. 31 March, 2023 31 March, 2022
I ASSETS
Non-current assets
(a) Property, plant and equipment 4 361.07 230.45
(b) Capital work-in-progress 4 98.25 59.29
(c) Investment property 5 49.41 53.32
(d) Goodwill 7 72.31 72.31
(e) Right-of-use assets 6 35.69 20.43
(f ) Other intangible assets 7 6.19 7.17
(g) Investments in joint ventures and associates 8 270.52 266.07
(h) Financial assets
(i) Investments 8 2,530.96 2,915.05
(ii) Loans 10 0.08 0.10
(iii) Other financial assets 11 271.86 83.39
(i) Income tax assets (net) 14.54 11.98
(j) Deferred tax assets (net) 12 35.56 44.00
(k) Other non-current assets 13 86.08 103.55
Total non-current assets 3,832.52 3,867.11
Current assets
(a) Inventories 14 1,591.97 1,661.39
(b) Contract assets 15 978.06 748.32
(c) Financial assets
(i) Investments 9 307.16 434.27
(ii) Trade receivables 16 2,191.85 2,109.67
(iii) Cash and cash equivalents 17 692.72 558.90
(iv) Other balances with banks 18 15.66 12.77
(v) Loans 19 0.49 3.09
(vi) Other financial assets 20 352.89 79.85
(d) Other current assets 21 315.69 270.96
Total current assets 6,446.49 5,879.22
TOTAL ASSETS 10,279.01 9,746.33
II EQUITY AND LIABILITIES
Equity
(a) Equity share capital 22 33.08 33.08
(b) Other equity 23 5,418.99 5,466.48
Equity attributable to owners of the Company 5,452.07 5,499.56
Non-controlling interests 41.65 38.08
Total Equity 5,493.72 5,537.64
Liabilities
Non-current liabilities
(a) Contract liabilities 24 6.33 3.51
(b) Financial liabilities
(i) Borrowings 25 21.15 -
(ii) Lease liabilities 26 25.39 12.68
(iii) Other financial liabilities 27 11.46 14.89
(c) Provisions 28 91.97 103.03
(d) Deferred tax liabilities (net) 12 5.28 12.35
(e) Other non-current liabilities 29 4.17 6.32
Total non-current liabilities 165.75 152.78
Current liabilities
(i) Borrowings 31 594.82 343.19
(iii) Trade payables 33
- Total outstanding dues of micro and small enterprises 248.33 144.19
- Total outstanding dues of creditors other than micro and small enterprises 2,764.30 2,797.86
(iv) Other financial liabilities 34 99.13 103.54
(c) Provisions 35 166.00 158.85
(d) Income tax liabilities (net) 47.65 60.29
(e) Other current liabilities 36 169.99 88.84
Total current liabilities 4,619.54 4,055.91
Total Liabilities 4,785.29 4,208.69
TOTAL EQUITY AND LIABILITIES 10,279.01 9,746.33
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 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 Head - Taxation, Legal & Company Secretary
Membership Number : 38730 Place : Mumbai Place : Mumbai
Place : Mumbai
Date : 26 April, 2023 Date : 26 April, 2023
212 Voltas Limited

CONSOLIDATED STATEMENT OF PROFIT AND LOSS

FOR THE YEAR ENDED 31 MARCH, 2023
` in crores
Note Year ended Year ended
No. 31 March, 2023 31 March, 2022
Income
I Revenue from operations 37 9,498.77 7,934.45
II Other Income 38 168.45 189.19
III Total Income (I + II) 9,667.22 8,123.64
IV Expenses
(a) Consumption of materials, cost of jobs and services 4,808.34 4,032.16
(b) Purchases of stock-in-trade 2,296.28 2,042.75
(c) Changes in inventories of finished goods, stock-in-trade and work-in- 39 273.56 (178.25)
progress
(d) Employee benefits expenses 40 667.21 617.62
(e) Finance costs 41 29.59 25.87
(f ) Depreciation and amortisation expenses 42 39.62 37.26
(g) Other expenses 43 881.01 738.62
IV Total Expenses 8,995.61 7,316.03
V Profit before share of profit / (loss) of joint ventures and associates, 671.61 807.61
exceptional items and tax (III - IV)
VI Share of profit / (loss) of joint ventures and associates (net of tax) (120.65) (110.31)
VII Profit before exceptional items and tax (V + VI) 550.96 697.30
VIII Exceptional Items 44 (243.82) -
IX Profit before tax (VII + VIII) 307.14 697.30
Tax Expense
(a) Current tax 151.33 191.81
(b) Adjustment of tax relating to earlier periods (0.95) (1.41)
(c) Deferred tax charge 12 20.54 0.90
X Total tax expense 45 170.92 191.30
XI Net Profit for the year (IX - X) 136.22 506.00
Other Comprehensive Income
(a) Items that not to be reclassified to profit or loss
(i) Changes in fair value of equity instruments through other (92.92) 206.54
comprehensive income
(ii) Income tax effect on (i) above 12 23.35 (27.54)
iii) Remeasurement gain / (loss) on defined benefit plans 20.69 (19.60)
(iv) Income tax effect on (iii) above 12 (4.27) 4.31
(b) Items that to be reclassified to profit or loss
Exchange gain / (loss) on translation of foreign operations 14.75 6.11
XII Other Comprehensive Income [net of tax] (38.40) 169.82
XIII Total Comprehensive Income [net of tax] (XI + XII) 97.82 675.82
Profit for the year attributable to :
– Owners of the Company 135.01 504.09
– Non-controlling interests 1.21 1.91
136.22 506.00
Other Comprehensive income for the year attributable to :
– Owners of the Company (41.62) 168.18
(38.40) 169.82
Total Comprehensive Income for the year attributable to :
– Owners of the Company 93.39 672.27
97.82 675.82
XIV Earnings per share:
Basic and Diluted (`) (Face value ` 1/- per share) 46 4.08 15.23


Place : Mumbai

214
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
A. EQUITY SHARE CAPITAL
` in crores
Voltas Limited
Balance as at 01 April, 2021 33.08
Changes in equity share capital -
Balance as at 31 March, 2022 33.08
Changes in equity share capital *
* value below ` 50,000/-
B. OTHER EQUITY
` in crores
Reserves and Surplus (Refer Note 22) Items of Other Total Non- Total
Comprehensive Income attributable controlling other
(Refer Note 22) to owners interests equity
Capital Capital Securities General Staff Legal Retained Equity Exchange of the
Reserve Redemption Premium Reserve Welfare Reserve earnings instruments difference Company
Reserve Reserve fair value on
through other translation
comprehensive of foreign
income operations
Balance as at 01 April, 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 for the - - - - - - (15.77) 179.00 4.95 168.18 1.64 169.82
year (net of tax)
Total comprehensive income for - - - - - - 488.32 179.00 4.95 672.27 3.55 675.82
the year (net of tax)
Transferred on divestment of (0.53) - - - - - 0.53 - - - - -
subsidiary, joint venture and associate
Payment of dividend - - - - - - (166.06) - - (166.06) - (166.06)
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
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH, 2023 (Contd.)
` in crores
Reserves and Surplus (Refer Note 22) Items of Other Total Non- Total
Comprehensive Income attributable controlling other
(Refer Note 22) to owners interests equity
Capital Capital Securities General Staff Legal Retained Equity Exchange of the
Reserve Redemption Premium Reserve Welfare Reserve earnings instruments difference Company
Reserve Reserve fair value on
through other translation
comprehensive of foreign
income operations
Net profit for the year - - - - - - 135.01 - - 135.01 1.21 136.22
Other comprehensive income for the - - - - - - 16.32 (69.57) 11.63 (41.62) 3.22 (38.40)
year (net of tax)
Total comprehensive income for - - - - - - 151.33 (69.57) 11.63 93.39 4.43 97.82
the year (net of tax)
Payment of dividend - - - - - - (181.99) - - (181.99) - (181.99)
Transfer from Retained earnings - - - - - 0.85 (0.85) - - - - -
Dividend paid by subsidiary to - - - - - - - - - - (0.86) (0.86)
minority
Transfer to General Reserve - - - 20.00 - - (20.00) - - - - -
CORPORATE OVERVIEW
Gain realised on sale of equity - - - - - - 37.96 - - 37.96 - 37.96

instrument classified as FVTOCI
Others - - - - - - 3.15 - - 3.15 - 3.15
Balance as at 31 March, 2023 13.72 1.26 4.77 1,458.15 0.01 3.57 3,150.25 736.28 50.98 5,418.99 41.65 5,460.64
Summary of significant accounting policies Note 2

STATUTORY REPORTS


Annual Report 2022-23

Place : Mumbai
FINANCIAL STATEMENTS
215
CONSOLIDATED CASHFLOW STATEMENT
` in crores
Year ended Year ended
31 March, 2023 31 March, 2022
A. CASH FLOW FROM OPERATING ACTIVITIES
Profit before tax 307.14 697.30
Adjustments for :
Share of loss of joint ventures and associates 120.65 110.31
Depreciation and amortisation expenses 39.62 37.26
Allowance for doubtful debts and advances 360.04 93.49
Unrealised foreign exchange (gain) / loss (net) (3.34) 3.88
Interest income (44.59) (4.01)
Dividend income (6.91) (5.02)
Gain arising on financial assets measured at Fair Value through Profit (63.24) (81.09)
or Loss (FVTPL) (net)
Finance costs 29.59 25.87
Unclaimed credit balances written back (7.66) (9.79)
(Gain) / loss on disposal of property, plant and equipment 1.90 1.14
Rental income (24.60) (24.40)
401.46 147.64
Operating profit before working capital changes 708.60 844.94
Changes in Working Capital:
Adjustments for (increase) / decrease in operating assets:
Inventories 69.42 (381.79)
Trade receivables (287.48) (386.81)
Contract assets (248.34) 300.20
Other financial assets (211.19) (5.93)
Other non-financial assets (33.50) (46.53)
Adjustments for increase / (decrease) in operating liabilities:
Trade payables 80.76 485.27
Contract liabilities 168.73 (64.50)
Other financial liabilities (17.76) 7.66
Other non-financial liabilities 78.96 15.77
Provisions 16.76 32.83
(383.64) (43.83)
Cash generated from operations 324.96 801.11
Income tax paid (Net of refunds) (165.58) (216.88)
NET CASH FLOW FROM OPERATING ACTIVITIES (A) 159.38 584.23
B. CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment and intangible assets (179.93) (48.16)
(including capital advances and capital work-in-progress)
Proceeds from disposal of property, plant and equipment 2.49 1.26
Investment in fixed deposits (186.74) 43.64
Purchase of investments (1,697.84) (1,103.84)
Investment in Inter corporate deposit (185.00) -
Proceeds from sale of investments 2,094.85 712.82
Interest received 36.19 9.22
216 Voltas Limited

CONSOLIDATED CASHFLOW STATEMENT

` in crores
31 March, 2023 31 March, 2022
Dividend received:
– Joint ventures and Associates 1.93 1.34
– Others 6.91 5.02
Rent received 25.33 25.42
Rental Deposits (repaid) / received 0.21 (11.35)
NET CASH FLOW USED IN INVESTING ACTIVITIES (B) (81.60) (364.63)
C. CASH FLOW FROM FINANCING ACTIVITIES
Repayment of borrowings (1,230.72) (16.56)
Proceeds from borrowings 1,503.50 108.35
Interest paid (28.41) (22.52)
Payment of principal portion of lease liabilities (6.47) (8.70)
Dividend paid (182.85) (167.61)
NET CASH FLOW USED IN FINANCING ACTIVITIES (C) 55.05 (107.04)
NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS 132.83 112.56
(A+B+C)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE 560.53 447.97
YEAR
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 693.36 560.53
Non-Cash Investing and Financing transaction

Net gain arising on financial assets measured at FVTPL 63.24 71.37
Lease liabilities 23.43 13.45
86.67 84.82
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) 692.72 558.90
Effect of exchange difference on restatement of foreign currency Cash 0.64 1.63
and cash equivalents
693.36 560.53
Refer Note17(a) for Change in liabilities arising from financing activities


Place : Mumbai

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

The consolidated financial statements comprise The preparation of financial statements in conformity
financial statements of Voltas Limited (‘the Company’) with Ind AS requires management to make judgements,
and its subsidiaries (collectively, ‘the Group’) for the year estimates and assumptions, that affect the application of
ended 31 March, 2023. 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
Chinchpokli, Mumbai 400033. statements and the reported amounts of revenues and
expenses for the years presented. Actual results may
The Group belongs to the Tata Group of companies and differ from these estimates. Estimates and underlying
was established in the year 1954. The Group is engaged assumptions are reviewed on an ongoing basis.
in the business of air conditioning, refrigeration, electro-
mechanical projects as an EPC contractor both in In particular, information about significant areas of
estimation, uncertainty and critical judgements in applying
domestic and international geographies (Middle East
accounting policies that have the most significant effect
and Singapore) and engineering product services for
on the amounts recognised in the financial statements are
mining, water management and treatment, construction
disclosed in Note 3.
equipment’s and textile industry.
The consolidated financial statements for the year ended C. BASIS OF CONSOLIDATION
31 March, 2023 were approved by the Board of Directors The consolidated financial statements comprise the
and approved for issue on 26 April, 2023. financial statements of the Company and entities
controlled by the Company and its subsidiaries as at
2. SIGNIFICANT ACCOUNTING POLICIES 31 March, 2023.
A. BASIS OF PREPARATION Control is achieved when the Group is exposed, or has
The consolidated financial statements of the Group have rights, to variable returns from its involvement with
been prepared in accordance with Indian Accounting the investee and has the ability to affect those returns
Standards (Ind AS) notified under the Companies through its power over the investee. Specifically, the
(Indian Accounting Standards) Rules, 2015 (as amended Group controls an investee if and only if the Group has:
from time to time) and presentation requirements of • ower over the investee (i.e. existing rights that give
P
Division II of Schedule III to the Companies Act, 2013, it the current ability to direct the relevant activities of
(Ind AS compliant Schedule III), as applicable to the the investee)
consolidated financial statements.
• E xposure, or rights, to variable returns from its

The consolidated financial statements have been involvement with the investee, and
prepared on a historical cost basis, except for certain
• T he ability to use its power over the investee to
financial assets and liabilities measured at fair value as
affect its returns.
explained in accounting policy of fair value measurement
(Note 2 (G)) and financial instruments (Note 2 (Q)) below. Generally, there is a presumption that a majority of voting
rights result in control. To support this presumption and
The accounting policies adopted for preparation and
when the Group has less than a majority of the voting
presentation of financial statement have been consistent or similar rights of an investee, the Group considers all
with the previous year. relevant facts and circumstances in assessing whether it
The consolidated financial statements are presented in has power over an investee, including:
` and all values are rounded to the nearest crores, except • T he contractual arrangement with the other vote
when otherwise indicated. holders of the investee
218 Voltas Limited

• Rights arising from other contractual arrangements (b)

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

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

Warranty obligation Contract revenue earned in excess of billing is reflected

The Group typically provides warranties for general under as “contract asset” and billing in excess of contract
revenue is reflected under “contract liabilities”. Retention
repairs of defects that existed at the time of sale, as
money receivable from project customers does not
required by law. These assurance-type warranties are
contain any significant financing element, these are
accounted for under Ind AS 37 Provisions, Contingent
retained for satisfactory performance of contract.
Liabilities and Contingent Assets. Refer to the accounting
policy on warranty provisions in section P Provisions In case of long - term construction contracts payment is
and Contingencies. generally due upon completion of milestone as per terms
Revenue from Services of contract. In certain contracts, short-term advances are
received before the performance obligation is satisfied.
Revenue from services is recognised at the point in
time when the services are rendered. Revenue from Dividend and Interest income
maintenance contracts is recognised over the period of Dividend income is recognised when the right to receive
contract on time elapsed. payment is established. Interest income is recognised
In case of mining equipment’s long-term maintenance using the effective interest method.
contracts, revenue is recognised over the period of time
F. CONTRACT BALANCES
based on input method where the extent of progress
towards completion is measured based on the ratio Contract assets
of costs incurred to date to the total estimated costs at
A contract asset is the right to consideration in exchange
completion of performance obligation.
for goods or services transferred to the customer. If the
Agency Commission Group performs by transferring goods or services to a
customer before the customer pays consideration or
The Group procures textile machinery on behalf of its
before payment is due, a contract asset is recognised for
customers. Accordingly, in these arrangements the Group
the earned consideration that is conditional.
is acting as an agent and records the revenue on net basis
that it retains for its agency services. The amount recognised as contract assets is reclassified
to trade receivables once the amounts are billed to the
Revenue from Construction contract
customer as per the conditions of the contract. Contract
Performance obligation in case of revenue from long - assets are subject to impairment assessment. Refer to
term construction contracts is satisfied over the period of accounting policies on impairment of financial assets in
time, since the Group creates an asset that the customer section R Impairment.
controls as the asset is created and the Group has an
Trade receivables
enforceable right to payment for performance completed
to date if it meets the agreed specifications. Revenue A receivable represents the Group’s right to an amount of
from long term construction contracts, where the consideration that is unconditional (i.e., only the passage
outcome can be estimated reliably and 20% of the project of time is required before payment of the consideration
cost is incurred, is recognised under the percentage is due). Refer to accounting policies of financial assets in
of completion method by reference to the stage of section Q Financial instruments – initial recognition and
completion of the contract activity. subsequent measurement.

The stage of completion is measured by input method Contract liabilities
i.e. the proportion that costs incurred to date bear to A contract liability is the obligation to transfer goods or
the estimated total costs of a contract. The total costs services to a customer for which the Group has received
of contracts are estimated based on technical and consideration (or an amount of consideration is due) from
other estimates. In the event that a loss is anticipated the customer. If a customer pays consideration before
on a particular contract, provision is made for the the Group transfers goods or services to the customer, a
estimated loss. contract liability is recognised when the payment is made,

or the payment is due (whichever is earlier). Contract levels in the hierarchy by re-assessing categorisation
liabilities are recognised as revenue when the Group (based on the lowest level input that is significant to the
performs under the contract. fair value measurement as a whole) at the end of each
reporting period.
G. FAIR VALUE MEASUREMENT
Fair value is the price that would be received to sell an H. EMPLOYEE BENEFITS
asset or paid to transfer a liability in an orderly transaction (a) P
ost-employment benefits costs and
between market participants at the measurement date. termination benefits:
The fair value measurement is based on the presumption
that the transaction to sell the asset or transfer the liability (i) Defined Contribution Plans
takes place either:
Payments to defined contribution plans are
(i) In the principal market for the asset or liability, or recognised as an expense when employees
have rendered service entitling them to the
(ii) In the absence of a principal market, in the most
contributions. The Group operates following
advantageous market for the asset or liability.
defined contribution plans:
The fair value of an asset or a liability is measured using
(a)
Superannuation Fund: Contribution
the assumptions that market participants would use
to Superannuation Fund, a defined
when pricing the asset or liability, assuming that market
contribution scheme, is made at pre-
participants act in their economic best interest.
determined rates to the Superannuation
A fair value measurement of a non-financial asset takes Fund Trust and is charged to the
into account a market participant’s ability to generate Statement of Profit and Loss, when an
economic benefits by using the asset in its highest and employee renders the related service.
best use or by selling it to another market participant that There are no other obligations other
would use the asset in its highest and best use. than the contribution payable to the
The Group uses valuation techniques that are appropriate Superannuation Fund Trust.
in the circumstances and for which sufficient data are Provident and Pension Fund:
(b)
available to measure fair value, maximising the use of Retirement benefit in the form of
relevant observable inputs and minimising the use of provident fund is a defined contribution
unobservable inputs. scheme in respect of employees of
All assets and liabilities for which fair value is measured Indian subsidiary companies. The Indian
or disclosed in the consolidated financial statements are subsidiary companies has no obligation,
categorised within the fair value hierarchy, described as other than the contribution payable to
follows, based on the lowest level input that is significant the provident fund. The group recognises
to the fair value measurement as a whole: contribution payable to the provident
Level 1 — Quoted (unadjusted) market prices in active fund scheme as an expense, when an
markets for identical assets or liabilities. employee renders the related service.
Level 2 — Valuation techniques for which the lowest level (ii) Defined Benefit Plans
input that is significant to the fair value measurement is The Group’s liabilities towards gratuity, pension
directly or indirectly observable. and post-retirement medical benefit schemes
Level 3 — Valuation techniques for which the lowest level are determined using the projected unit credit
input that is significant to the fair value measurement is method, with actuarial valuation being carried
unobservable. out at the end of each annual reporting period.
For assets and liabilities that are recognised in the Provident and Pension Fund: The eligible
financial statements on a recurring basis, the Group employees of the Company are entitled to
determines whether transfers have occurred between receive benefits under provident fund schemes
222 Voltas Limited

which are in substance, defined benefit plans, salaries and compensated absences and which
in which both employees and the Company are expected to be availed within twelve months
make monthly contributions at a specified immediately following the year end are reported
percentage of the covered employees’ salary as expenses during the year in which the employee
(currently 12% of employees’ salary). The performs the service that the benefit covers and the
contributions are paid to the provident funds liabilities are reported at the undiscounted amount
and pension fund set up as irrevocable trusts of the benefit expected to be paid in exchange of
by the Company. The Company is generally related service. Where the availment or encashment
liable for annual contributions and any shortfall is otherwise not expected to wholly occur within
in the fund assets based on the government the next twelve months, the liability on account
specified minimum rates of return is recognised of the benefit is actuarially determined using the
as an expense in the year incurred. projected unit credit method at the present value

Re-measurement, comprising actuarial of the estimated future cash flow expected to be
gains and losses and the return on plan made by the Group in respect of services provided
assets (excluding net interest), is reflected by employees up to the reporting date. The Group
immediately in the Balance Sheet with a charge presents the leave as a current liability in the
or credit recognised in other comprehensive Balance Sheet, to the extent it does not have an
income in the period in which they occur. unconditional right to defer its settlement for 12
months after the reporting date.

Re-measurement recognised in other
comprehensive income is reflected I. PROPERTY, PLANT AND EQUIPMENT
immediately in retained earnings and will not
Capital work in progress is stated at cost. Property, plant
be reclassified to profit or loss. Past service cost
and equipment are stated at cost less accumulated
is recognised in statement of profit and loss in
depreciation and accumulated impairment losses, if any.
the period of a plan amendment. Net interest
The cost of property, plant and equipment comprises
is calculated by applying the discount rate at
its purchase price, including import duties and non-
the beginning of the period to the net defined
refundable taxes and any directly attributable cost of
benefit liability or asset. Defined benefit costs
bringing an asset to working condition and location for its
are categorised as follows:
intended use.
• Service cost (including current service
Projects under which the property, plant and equipment
cost, past service cost, as well as gains and
is not yet ready for their intended use are carried as capital
losses on curtailments and settlements);
work-in-progress at cost determined as aforesaid.
• Net interest expense or income; and
Depreciable amount for assets is the cost of an asset,
• Re-measurement. or other amount substituted for cost, less its estimated
The Group represents the first two components residual value. Depreciation is recognised so as to write
of defined benefit costs in the statement of off the depreciable amount of assets (other than free hold
profit and loss in the line item “Employee land and assets under construction) over the useful lives
Benefits Expenses”. Curtailment gains and using the straight-line method. The estimated useful lives
losses are accounted for as past service costs. are as follows:
The defined benefit obligation recognised in Assets Useful life
the Balance Sheet represents the actual deficit Factory Building 30 years
or surplus in the Groups defined benefit plans. Residential Building 60 years
Plant and Equipment 8-15 years
(b) S
hort term and other long term employee Office Equipment 3-15 years
benefits Furniture and fixtures 10 years
Benefits accruing to employees in respect of wages, Vehicles 8 years

The useful life as estimated above is aligned to the net disposal proceeds and the carrying amount of the
prescribed useful life specified under Schedule II of the asset) is included in the statement of profit and loss in the
Companies Act, 2013. period in which the property is derecognised.
Depreciation on the property, plant and equipment of the Though the Group measures investment property using
Group’s foreign subsidiaries has been provided on Straight cost-based measurement, the fair value of investment
Line Method as per the estimated useful life of such assets property is disclosed in the notes. Fair values are
as follows: determined based on an annual evaluation performed
Assets Useful life by an accredited external independent valuer applying
Building 6-10 years a valuation model recommended by the International
Plant and Equipment 3-10 years Valuation Standards Committee.
Office Equipment 3 to 6 years
Transfers are made to (or from) investment properties only
Furniture and fixtures 3 to 7 years
when there is a change in use.
Vehicles 3 to 5 years
Porta Cabins 1 to 10 years
K. INTANGIBLE ASSETS
An item of property, plant and equipment and any
Intangible assets purchased are measured at cost as of
significant part initially recognised is derecognised
the date of acquisition less accumulated amortisation and
upon disposal or when no future economic benefits are
accumulated impairment, if any.
expected from its use or disposal. Any gain or loss arising
on derecognition of the asset (calculated as the difference Amortisation is recognised on a straight-line basis over
between the net disposal proceeds and the carrying their estimated useful lives. The estimated useful life
amount of the asset) is included in the statement of profit and amortisation method are reviewed at the end of
and loss when the asset is derecognised. each reporting period, with the effect of any changes in
estimate being accounted for on a prospective basis.

The residual values, useful lives and methods of
depreciation of property, plant and equipment are Estimated useful life of intangible assets are as follows:
reviewed at each financial year end and adjusted
-M
anufacturing Rights and Technical Know-how : 6 years
prospectively, if appropriate.
- Software : 5 years
J. INVESTMENT PROPERTY
Gains or losses arising from derecognition of an intangible
Investment properties are measured initially at cost,
asset are measured as the difference between the net
including transaction costs. Subsequent to initial
disposal proceeds and the carrying amount of the asset
recognition, investment properties are stated at cost less
and are recognised in the statement of profit and loss
accumulated depreciation and accumulated impairment
when the asset is derecognised.
loss, if any.
The estimated useful lives are as follows: L. FOREIGN CURRENCY

The Group’s consolidated financial statements are
Assets Useful life
Residential Building 60 years presented in `, which is also the ‘Holding Company’s’
functional currency. For each entity the Group determines
The useful life as estimated above is aligned to the the functional currency and items included in the
prescribed useful life specified under Schedule II of the financial statements of each entity are measured using
Companies Act, 2013. that functional currency.
An investment property is derecognised upon disposal or In preparing the financial statements of each individual
when the investment property is permanently withdrawn group entity, income and expenses in foreign currencies
from use and no future economic benefits are expected are recorded at exchange rates prevailing on the date of
from the disposal. Any gain or loss arising on derecognition the transaction. Foreign currency denominated monetary
of the property (calculated as the difference between the assets and liabilities are translated at the exchange rate
224 Voltas Limited

prevailing on the Balance Sheet date and exchange assets are measured at cost, less any accumulated
gains and losses arising on settlement and restatement depreciation and impairment losses, and adjusted
are recognised in the Statement of Profit and Loss. Non- for any remeasurement of lease liabilities. The
monetary items denominated in a foreign currency are cost of right-of-use assets includes the amount
measured at historical cost and translated at exchange of lease liabilities recognised, initial direct costs
rate prevalent at the date of transaction. incurred, and lease payments made at or before
For the purposes of presenting these consolidated the commencement date less any lease incentives
financial statements, the assets and liabilities of the received. Right-of-use assets are depreciated
Group’s foreign operations are translated into ` using on a straight-line basis over the shorter of the
exchange rates prevailing at the end of each reporting lease term and the estimated useful lives of the
period. Income and expense items are translated at the assets, as follows:
average exchange rates for the period, unless exchange Leasehold land 99 years
rates fluctuate significantly during that period, in which
case the exchange rates at the dates of the transactions are Leasehold building 1-5 years
used. Exchange differences arising, if any, are recognised
The right-of-use assets are also subject to
in other comprehensive income and accumulated in impairment. Refer to the accounting policies in
equity (and attributed to non- controlling interests as section R Impairment of non-financial assets.
appropriate).
(b) Lease Liabilities
On disposal of a foreign operation, the associated
exchange differences are reclassified to Statement of At the commencement date of the lease, the Group
Profit and Loss as part of the gain or loss on disposal. recognises lease liabilities measured at the present
Goodwill and fair value adjustments to identifiable assets value of lease payments to be made over the lease
acquired and liabilities assumed through acquisition of a term. The lease payments include fixed payments
foreign operation are treated as assets and liabilities of the (including in substance fixed payments) less any
foreign operation and translated at the rate of exchange lease incentives receivable, variable lease payments
prevailing at the end of each reporting period. Exchange that depend on an index or a rate, and amounts
differences arising are recognised in other comprehensive expected to be paid under residual value guarantees.
income. The lease payments also include the exercise price
of a purchase option reasonably certain to be
M. LEASES exercised by the Group and payments of penalties
The Group assesses at contract inception whether a for terminating the lease, if the lease term reflects
contract is, or contains, a lease. That is, if the contract the Group exercising the option to terminate.
conveys the right to control the use of an identified asset Variable lease payments that do not depend on an
for a period of time in exchange for consideration. index or a rate are recognised as expenses (unless
Group as a lessee they are incurred to produce inventories) in the
The Group applies a single recognition and measurement period in which the event or condition that triggers
approach for all leases, except for short-term leases and the payment occurs.
leases of low-value assets. The Group recognises lease In calculating the present value of lease payments,
liabilities to make lease payments and right-of-use assets the Group uses its incremental borrowing rate at
representing the right to use the underlying assets. the lease commencement date because the interest
rate implicit in the lease is not readily determinable.
(a) Right-of-use assets
After the commencement date, the amount of lease
The Group recognises right-of-use assets at the liabilities is increased to reflect the accretion of
commencement date of the lease (i.e., the date the interest and reduced for the lease payments made.
underlying asset is available for use). Right-of-use In addition, the carrying amount of lease liabilities

is remeasured if there is a modification, a change O. TAXES ON INCOME
in the lease term, a change in the lease payments Current Income Tax
(e.g., changes to future payments resulting from a
Current income tax assets and liabilities are measured
change in an index or rate used to determine such
at the amount expected to be recovered from or paid
lease payments) or a change in the assessment of an
to the taxation authorities in accordance with
option to purchase the underlying asset. The Group’s
Income Tax Act, 1961. The tax rates and tax laws used
lease liabilities are included in Interest-bearing to compute the tax are those that are enacted at the
borrowings. reporting date. Current income tax relating to items
(c) S
hort-term leases and leases of low-value recognised outside profit or loss is recognised outside
profit or loss (either in other comprehensive income or in
assets
equity). Current tax items are recognised in correlation to
The Group applies the short-term lease recognition
the underlying transaction either in OCI or directly in equity.
exemption to its short-term leases of office
premises and storage locations (i.e., those leases Deferred Tax
that have a lease term of 12 months or less from Deferred tax is provided using the balance sheet approach
the commencement date and do not contain a on temporary differences between the tax bases of assets
purchase option). It also applies the lease of low- and liabilities and their carrying amounts for financial
value assets recognition exemption to leases reporting purposes at the reporting date.
of office equipment that are considered to be
Deferred tax assets are recognised to the extent that it
low value. Lease payments on short-term leases
is probable that taxable profit will be available against
and leases of low-value assets are recognised as
which the deductible temporary differences, and the
expense on a straight-line basis over the lease
carry forward of unused tax credits and unused tax losses
term.
can be utilised.
Group as a lessor
The carrying amount of deferred tax assets is reviewed at
Leases in which the Group does not transfer each reporting date and reduced to the extent that it is
substantially all the risks and rewards incidental to no longer probable that sufficient taxable profit will be
ownership of an asset are classified as operating available to allow all or part of the deferred tax asset to be
leases. Rental income arising is accounted on a utilised. Unrecognised deferred tax assets are re-assessed
straight-line basis over the lease terms. Initial direct at each reporting date and are recognised to the extent
costs incurred in negotiating and arranging an that it has become probable that future taxable profits will
operating lease are added to the carrying amount allow the deferred tax asset to be recovered.
of the leased asset and recognised over the lease
Deferred tax assets and liabilities are measured at the tax
term on the same basis as rental income. Contingent
rates that are expected to apply in the year when the asset
rents are recognised as revenue in the period in
is realised or the liability is settled, based on tax rates (and
which they are earned.
tax laws) that have been enacted or substantively enacted
N. INVENTORIES at the reporting date.
Inventories including Work-in-Progress are valued at cost Deferred tax relating to items recognised outside profit
or net realisable value, whichever is lower. Cost being or loss is recognised outside profit or loss (either in other
determined based on weighted average basis. Cost comprehensive income or in equity). Deferred tax items
includes all charges incurred for bringing the goods to are recognised in correlation to the underlying transaction
their present location and condition. Net realisable value either in OCI or directly in equity
represents the estimated selling price for inventories less
Deferred tax assets and deferred tax liabilities are offset
all estimated costs of completion and costs necessary to
if a legally enforceable right exists to set off current tax
make the sale.
assets against current tax liabilities and the deferred
226 Voltas Limited

taxes relate to the same taxable entity and the same Contingencies
taxation authority. Contingent liabilities exist when there is a possible
obligation arising from past events, the existence of
Minimum Alternate Tax
which will be confirmed only by the occurrence or
inimum alternate tax (MAT) paid in a year is charged
M non-occurrence of one or more uncertain future events
to the statement of profit and loss as current tax for the not wholly within the control of the Group, or a present
year. The deferred tax asset is recognised for MAT credit obligation that arises from past events where it is either
available only to the extent that it is probable that the not probable that an outflow of resources will be required
concerned company will pay normal income tax during or the amount cannot be reliably estimated. Contingent
the specified period, i.e., the period for which MAT credit liabilities are appropriately disclosed unless the possibility
is allowed to be carried forward. In the year in which the of an outflow of resources embodying economic
Group recognises MAT credit as an asset, it is created by benefits is remote.
way of credit to the statement of profit and loss and shown
as part of deferred tax asset. The Group reviews the “MAT Environment Liabilities
credit entitlement” asset at each reporting date and writes
E-Waste (Management) Rules, 2016, as amended,
down the asset to the extent that it is no longer probable requires the group to complete the Extended Producer
that it will pay normal tax during the specified period. Responsibility targets measured based on sales made in
the preceding 10th year, if it is a participant in the market
P. PROVISIONS AND CONTINGENCIES
during a financial year. Accordingly, the obligation event
Provisions for e-waste obligation arises only if the Group participate
Provisions are recognised when there is a present in the markets in those years.
obligation (legal or constructive) as a result of past event,
where it is probable that there will be outflow of resources Q. FINANCIAL INSTRUMENTS
to settle the obligation and when a reliable estimate of A financial instrument is any contract that gives rise to
the amount of the obligation can be made. a financial asset of one entity and a financial liability or
equity instrument of another entity.
The amount recognised as a provision is the best estimate
of the consideration required to settle the present Financial Assets
obligation at the end of the reporting period, taking • Initial recognition and measurement
into account the risks and uncertainties surrounding the
All financial assets are recognised initially at fair value
obligation.
plus, in the case of financial assets not recorded
If the effect of the time value of money is material, at fair value through profit or loss, transaction
provisions are discounted using a current pre-tax rate that costs that are attributable to the acquisition of the
reflects, when appropriate, the risks specific to the liability. financial asset.
When discounting is used, the increase in the provision
• Subsequent measurement
due to the passage of time is recognised as a finance cost.
All recognised financial assets are subsequently
Warranties (Trade Guarantees) measured in their entirety at either amortised cost
The estimated liability for product warranties is recorded or fair value, depending on the classification of the
when products are sold / project is completed. These financial assets.
estimates are established using historical information on
• Financial assets at amortised cost
the nature, frequency and average cost of warranty claims
Financial assets are subsequently measured at
and management estimates regarding possible future
amortised cost if these financial assets are held within
incidence based on corrective actions on product failures.
a business model whose objective is to hold assets
The timing of outflows will vary as and when warranty
for collecting contractual cash flows and contractual
claims arise being typically upto five years. terms of the asset give rise on specified dates to

cash flows that are Solely Payments of Principal and recognised by an acquirer in a business combination
Interest (SPPI) on the principal amount outstanding. to which Ind AS 103 applies are classified as at
After initial measurement, such financial assets are FVTPL. For all other equity instruments, other than
subsequently measured at amortised cost using the investment in Subsidiaries, Associates and Joint
Effective Interest Rate (EIR) method. Amortised cost Ventures, the Group makes an irrevocable election to
is calculated by taking into account any discount present in other comprehensive income subsequent
or premium on acquisition and fees or costs that changes in the fair value. The Group makes such
are an integral part of the EIR. The EIR amortisation election on an instrument-by-instrument basis.
is included in finance income in the statement of The classification is made on initial recognition and
profit and loss. The losses arising from impairment is irrevocable.
are recognised in the statement of profit and loss. If the Group decides to classify an equity instrument
This category generally applies to trade receivables, as at FVTOCI, then all fair value changes on the
loans and other financial assets. instrument, excluding dividends, are recognised in
• inancial assets at fair value through other
F the Other Comprehensive Income (OCI). There is no
comprehensive income (FVTOCI) recycling of the amounts from OCI to statement of
profit and loss, even on sale of investment. However,
Financial assets are subsequently measured at
the Group may transfer the cumulative gain or loss
fair value through other comprehensive income
within equity.
if these financial assets are held within a business
model whose objective is achieved both by Equity instruments included within the FVTPL
collecting contractual cash flows and selling the category are measured at fair value with all changes
financial assets and the asset’s contractual cash flow recognised in the statement of profit and loss.
represents SPPI. • Derecognition
Financial instruments included within the FVTOCI The Group derecognises a financial asset when the
category are measured initially as well as at each rights to receive cash flows from the asset have expired
reporting date at fair value. Fair value movements or it transfers the right to receive the contractual cash
are recognised in the other comprehensive income flow on the financial assets in a transaction in which
(OCI). However, the Group recognises interest income, substantially all the risk and rewards of ownership of
dividend income, impairment losses and reversals and the financial asset are transferred.
foreign exchange gain or loss in the statement of profit
and loss. On derecognition of the asset, cumulative Financial liabilities
gain or loss previously recognised in OCI is reclassified
• Initial recognition and measurement
from the equity to statement of profit and loss.
Financial liabilities are classified, at initial recognition,
• inancial assets at fair value through profit or
F as financial liabilities at fair value through profit or
loss (FVTPL) loss, loans and borrowings, payables, as appropriate.
FVTPL is a residual category for financial assets. Any All financial liabilities are recognised initially at fair
financial assets, which does not meet the criteria for value and, in the case of loans and borrowings
categorisation as at amortised cost or as FVTOCI, and payables, net of directly attributable
is classified as at FVTPL. Financial assets included transaction costs.
within the FVTPL category are measured at fair value
with all changes recognised in the statement of • Subsequent measurement
profit and loss. The measurement of financial liabilities depends on
their classification, as described below:
• Equity Instruments
All equity investments in scope of Ind AS 109 are • inancial liabilities at fair value through profit
F
measured at fair value. Equity instruments which or loss
are held for trading and contingent consideration Financial liabilities at fair value through profit or
228 Voltas Limited

loss include financial liabilities held for trading of an existing liability are substantially modified,
and financial liabilities designated upon initial such an exchange or modification is treated as
recognition as at fair value through profit or loss. the derecognition of the original liability and the
Financial liabilities are classified as held for trading if recognition of a new liability. The difference in the
they are incurred for the purpose of repurchasing in respective carrying amounts is recognised in the
the near term. This category also includes derivative statement of profit and loss.
financial instruments entered into by the Group that
• Offsetting of financial instrument
are not designated as hedging instruments in hedge
Financial assets and financial liabilities are offset and
relationships as defined by Ind AS 109.
the net amount is reported in the Balance Sheet if
• Financial liabilities at amortised cost there is a currently enforceable legal right to offset
the recognised amounts and there is an intention to

After initial recognition, interest-bearing loans
settle on a net basis, to realise the assets and settle
and borrowings are subsequently measured at
the liabilities simultaneously.
amortised cost using the EIR method. Gains and
losses are recognised in statement of profit and R. IMPAIRMENT
loss when the liabilities are derecognised as well as
through the EIR amortisation process. (a) Financial assets
The Group assesses the expected credit losses
Amortised cost is calculated by taking into account
associated with its assets carried at amortised cost
any discount or premium on acquisition and fees
and fair value through other comprehensive income
or costs that are an integral part of the EIR. The EIR based on the Group’s past history of recovery, credit
amortisation is included as finance costs in the worthiness of the counter party and existing market
statement of profit and loss. conditions.
• Financial guarantee contracts For all financial assets other than trade receivables,
Financial guarantee contracts issued by the Group expected credit losses are measured at an amount
are those contracts that require a payment to be equal to the 12-month expected credit loss (ECL)
unless there has been a significant increase in credit
made to reimburse the holder for a loss it incurs
risk from initial recognition in which case those are
because the specified debtor fails to make a
measured at lifetime ECL. For trade receivables and
payment when due in accordance with the terms of
contract assets, the Group has applied the simplified
a debt instrument. Financial guarantee contracts are
approach for recognition of impairment allowance
recognised initially as a liability at fair value, adjusted
as provided in Ind AS 109 which requires the
for transaction costs that are directly attributable to
expected lifetime losses from initial recognition of
the issuance of the guarantee. Subsequently, the the receivables.
liability is measured at the higher of the amount
of loss allowance determined as per impairment (b) Non-financial assets
requirements of Ind AS 109 and the amount The Group assesses, at each reporting date,
recognised less cumulative amount of income whether there is an indication that an asset may be
recognised in accordance with the principles of impaired. If any indication exists, or when annual
Ind AS 115 amortisation. impairment testing for an asset is required, the
Group estimates the asset’s recoverable amount.
• Derecognition An asset’s recoverable amount is the higher of an
A financial liability is derecognised when the asset’s or cash-generating unit’s (CGU) fair value less
obligation under the liability is discharged or costs of disposal and its value in use. Recoverable
cancelled or expires. When an existing financial amount is determined for an individual asset, unless
liability is replaced by another from the same the asset does not generate cash inflows that are
lender on substantially different terms, or the terms largely independent of those from other assets or

groups of assets. When the carrying amount of an during the period. Diluted EPS is determined by adjusting
asset or CGU exceeds its recoverable amount, the the profit or loss attributable to equity shareholders and the
asset is considered impaired and is written down to weighted average number of equity shares outstanding for
its recoverable amount. the effects of all dilutive potential equity shares.
In assessing value in use, the estimated future cash U. SEGMENT REPORTING
flows are discounted to their present value using a
Segments are identified based on the manner in which
pre-tax discount rate that reflects current market
the chief operating decision-maker (CODM) decides
assessments of the time value of money and the
about the resource allocation and reviews performance.
risks specific to the asset. In determining fair value
less costs of disposal, recent market transactions are Segment revenue, segment expenses, segment assets
taken into account. If no such transactions can be and segment liabilities have been identified to segments
identified, an appropriate valuation model is used. on the basis of their relationship to the operating activities
of the segment.
Impairment losses including impairment on inventories
are recognised in the statement of profit and loss. Inter-segment revenue is accounted on the basis of
transactions which are primarily determined based on
For assets excluding goodwill, an assessment is market / fair value factors. Revenue, expenses, assets
made at each reporting date to determine whether and liabilities which relate to the Group as a whole and
there is an indication that previously recognised are not allocable to segments on reasonable basis have
impairment losses no longer exist or have decreased. been included under “unallocated revenue / expenses /
If such indication exists, the Group estimates the assets/liabilities”.
asset’s or CGU’s recoverable amount. A previously
recognised impairment loss is reversed only if there V. CASH DIVIDEND
has been a change in the assumptions used to The Group recognises a liability to pay dividend to
determine the asset’s recoverable amount since the equity shareholders of the parent when the distribution
last impairment loss was recognised. The reversal is is authorised and the distribution is no longer at the
limited so that the carrying amount of the asset does discretion of the Company. As per the corporate laws in
not exceed its recoverable amount, nor exceed the India, a distribution is authorised when it is approved by
carrying amount that would have been determined, the shareholders. A corresponding amount is recognised
net of depreciation, had no impairment loss been directly in equity.
recognised for the asset in prior years. Such reversal
is recognised in the statement of profit and loss. W. BORROWING COSTS
Borrowing costs directly attributable to the acquisition,
For contract assets, the Group has applied the
construction or production of an asset that necessarily
simplified approach for recognition of impairment
takes a substantial period of time to get ready for its
allowance as provided in Ind AS 109 which requires
intended use or sale are capitalised as part of the cost
the expected lifetime losses from initial recognition
of the asset. All other borrowing costs are expensed in
of the contract assets.
the period in which they occur. Borrowing costs consist
of interest and other costs that an entity incurs in
S. CASH & CASH EQUIVALENTS
connection with the borrowing of funds. Borrowing cost
Cash and cash equivalent in the balance sheet comprise also includes exchange differences to the extent regarded
cash at banks and on hand and short-term deposits with as an adjustment to the borrowing costs.
an original maturity of three months or less, which are
subject to an insignificant risk of changes in value. X. GOVERNMENT GRANTS

Government grants are recognised where there is
T. EARNINGS PER SHARE (EPS)
reasonable assurance that the grant will be received,
Basic EPS is calculated by dividing the profit or loss and all attached conditions will be complied with. When
attributable to equity shareholders of the Group by the the grant relates to an expense item, it is recognised as
weighted average number of equity shares outstanding income on a systematic basis over the periods that the
230 Voltas Limited

related costs, for which it is intended to compensate, 2A. RECENT ACCOUNTING PRONOUNCEMENTS ISSUED
are expensed. When the grant relates to an asset, it is BUT NOT YET EFFECTIVE
recognised as income in equal amounts over the expected The Ministry of Corporate Affairs has notified Companies
useful life of the related asset.
(Indian Accounting Standards) Amendment Rules, 2023
When the Group receives grants of non-monetary assets, dated 31 March 2023 to amend the following Ind AS
the asset and the grant are recorded at fair value amounts which are effective from 01 April 2023.
and released to profit or loss over the expected useful
(i)
Definition of Accounting Estimates -
life in a pattern of consumption of the benefit of the
Amendments to Ind AS 8
underlying asset i.e. by equal annual instalments.
The amendments clarify the distinction between
Y. OPERATING CYCLE changes in accounting estimates and changes
The operating cycle is the time between the acquisition of in accounting policies and the correction of
assets for processing and their realisation in cash and cash errors. It has also been clarified how entities use
equivalents. A portion of the Group`s activities (primarily measurement techniques and inputs to develop
long-term project activities) has an operating cycle that accounting estimates.
exceeds one year. Accordingly, assets and liabilities related
The amendments are effective for annual reporting
to these long-term contracts, which will not be realised/
periods beginning on or after 1 April 2023 and apply
paid within one year, have been classified as current. For
to changes in accounting policies and changes in
all other activities, the operating cycle is twelve months.
accounting estimates that occur on or after the start
Z. CURRENT V/S NON-CURRENT CLASSIFICATION of that period.
The Group presents assets and liabilities in the balance The amendments are not expected to have a
sheet based on current/ non-current classification. An material impact on the Group’s financial statements.
asset is treated as current when it is: (ii)
Disclosure of Accounting Policies -
• E xpected to be realised or intended to be sold or Amendments to Ind AS 1
consumed in normal operating cycle,
The amendments aim to help entities provide
• Held primarily for the purpose of trading,
accounting policy disclosures that are more
• E xpected to be realised within twelve months after useful by replacing the requirement for entities to
the reporting period, or disclose their ‘significant’ accounting policies with a
• ash or cash equivalent unless restricted from being
C requirement to disclose their ‘material’ accounting
exchanged or used to settle a liability for at least policies and adding guidance on how entities apply
twelve months after the reporting period. the concept of materiality in making decisions about
All other assets are classified as non-current. accounting policy disclosures.
A liability is current when: The amendments to Ind AS 1 are applicable for
• It is expected to be settled in normal operating cycle, annual periods beginning on or after 1 April 2023.
Consequential amendments have been made in Ind
• It is held primarily for the purpose of trading,
AS 107.
• It is due to be settled within twelve months after the
reporting period, or The Group is currently revisiting their accounting
• T here is no unconditional right to defer the policy information disclosures to ensure consistency
settlement of the liability for at least twelve months with the amended requirements.
after the reporting period. (iii) Deferred Tax related to Assets and Liabilities
The Group classifies all other liabilities as non-current. arising from a Single Transaction - Amendments
Deferred tax assets and liabilities are classified as non- to Ind AS 12
current assets and liabilities. The amendments narrow the scope of the initial

recognition exception under Ind AS 12, so that it no and recognition of anticipated losses on projects, if
longer applies to transactions that give rise to equal any. In the process of calculating the cost to complete,
taxable and deductible temporary differences. Management conducts regular and systematic reviews
of actual results and future projections with comparison
The amendments should be applied to transactions against budget. This process requires monitoring
that occur on or after the beginning of the earliest controls including financial and operational controls and
comparative period presented. In addition, at identifying major risks facing the Group and developing
the beginning of the earliest comparative period and implementing initiatives to manage those risks.
presented, a deferred tax asset (provided that The Group’s Management is confident that the costs to
sufficient taxable profit is available) and a deferred complete the project are fairly estimated.
tax liability should also be recognised for all
deductible and taxable temporary differences Percentage of completion
associated with leases and decommissioning Management’s estimate of the percentage of completion
obligations. Consequential amendments have been on each project for the purpose of revenue recognition is
made in Ind AS 101. The amendments to Ind AS 12 through conducting some weight analysis to assess the
are applicable for annual periods beginning on or actual quantity of the work for each activity performed
after 1 April 2023. during the reporting period and estimate any future costs
for comparison against the initial project budget. This
The amendments are not expected to have a process requires monitoring of financial and operational
material impact on the Group’s financial statements. controls. Management is of the opinion that the percentage
of completion of the projects is fairly estimated.
3.
SIGNIFICANT ACCOUNTING, JUDGEMENTS
As required by Ind AS 115 in applying the percentage of
ESTIMATES AND ASSUMPTIONS
completion on its long-term projects, the Group is required
In the application of the Group’s accounting policies, 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 The Group’s Management reviews periodically items
not readily apparent from other sources. The estimates classified as receivables to assess whether a provision
and associated assumptions are based on historical for impairment should be recorded in the statement of
experience and other factors that are considered to be profit and loss. Management estimates the amount and
relevant. Actual results may differ from these estimates. timing of future cash flows when determining the level
of provisions required. Such estimates are necessarily
The estimates and underlying assumptions are reviewed
based on assumptions about several factors involving
on an ongoing basis. Revisions to accounting estimates
varying degrees of judgement and uncertainty. Details
are recognised in the period in which the estimates are
of impairment provision on contract assets and trade
revised if the revision affects only that period or in the
receivable are given in Note 15 and Note 16.
period of the revision and future periods if the revision
affects both current and future periods. The Group reviews it’s carrying value of investments
annually, or more frequently when there is indication for
Key sources of estimation uncertainty 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 Group’s assets are measured at fair value for
liabilities within the next financial year: financial reporting purposes. The Management determines
the appropriate valuation techniques and inputs for fair
Cost to complete value measurements. In estimating the fair value of an
The Group’s Management estimates the costs to complete asset, the Group uses market-observable data to the extent
for each project for the purpose of revenue recognition it is available. Where Level 1 inputs are not available, the
232 Voltas Limited

Group engages third party qualified valuers to perform Useful lives of property, plant and equipment and
the valuation. The Management works closely with the intangible assets
qualified external valuers to establish the appropriate T he Group has estimated useful life of each class of assets
valuation techniques and inputs to the model. based on the nature of assets, the estimated usage of the
Information about valuation techniques and inputs used asset, the operating condition of the asset, past history
in determining the fair value of various assets is disclosed of replacement, anticipated technological changes, etc.
The Group reviews the useful life of property, plant and
in Note 53.
equipment and intangible assets as at the end of each
Litigations reporting period. This reassessment may result in change in
depreciation and amortisation expense in future periods.

From time to time, the Group is subject to legal
proceedings the ultimate outcome of each being Warranty provisions (trade guarantees)
always subject to many uncertainties inherent in The Group gives warranties for its products, undertaking
litigation. A provision for litigation is made when it is to repair or replace the product that fail to perform
considered probable that a payment will be made and satisfactory during the warranty period. Provision made
the amount of the loss can be reasonably estimated. at the year-end represents the amount of expected cost
Significant judgement is made when evaluating, of meeting such obligations of rectification / replacement
among other factors, the probability of unfavourable which is based on the historical warranty claim information
outcome and the ability to make a reasonable estimate as well as recent trends that might suggest that past cost
of the amount of potential loss. Litigation provisions information may differ from future claims. Factors that
are reviewed at each Balance Sheet date and revisions could impact the estimated claim information include the
made for the changes in facts and circumstances. success of the Group’s productivity and quality initiatives.
Provision for litigations and contingent liabilities are Provision towards warranty is disclosed in Note 35.
disclosed in Note 47 (c).
Impairment of Goodwill
Defined benefit plans Determining whether goodwill is impaired requires an
T he cost of the defined benefit plans and the present value estimation of the value in use of the cash generating
of the defined benefit obligation are based on actuarial units to which the goodwill is allocated. The value in use
valuation using the projected unit credit method. An calculations requires the directors to estimate the future
actuarial valuation involves making various assumptions that cash flows expected to arise from the cash generating unit
may differ from actual developments in the future. These and suitable discount rate in order to calculate the present
include the determination of the discount rate; future salary value. Where the actual future cash flows expected to
increases and mortality rates. All assumptions are reviewed at arise are less than expected a material impairment loss
each Balance Sheet date and disclosed in Note 48. may arise.

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 1 April, 2021 29.51 206.76 189.18 88.01 33.73 17.21 (70.78) 493.62
Additions - 5.56 5.09 6.48 0.78 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
Accumulated depreciation
As at 1 April, 2021 - 57.69 116.11 57.98 22.67 16.03 (15.23) 255.25
Charge for the year - 5.18 9.89 9.15 1.86 0.64 (1.09) 25.63
Disposals - 0.54 17.35 4.30 1.27 0.99 (0.34) 24.11
Transfers in / (out ) - - - - - - (0.40) (0.40)
As at 31 March, 2022 - 62.52 109.07 63.03 23.30 16.11 (16.38) 257.65
Net carrying amount as at 31 March, 29.51 148.86 66.99 27.01 9.96 1.44 (53.32) 230.45
2022
As at 1 April, 2022 29.51 211.38 176.06 90.04 33.26 17.55 (69.70) 488.10
Additions 46.80 40.53 62.35 7.67 0.87 0.69 - 158.91
Disposals - 3.25 8.32 3.28 0.61 0.48 (2.99) 12.95
As at 31 March, 2023 76.31 249.33 231.30 95.19 33.66 18.97 (66.71) 638.05
As at 1 April, 2022 - 62.52 109.07 63.03 23.30 16.11 (16.38) 257.65
Disposals - 0.36 7.30 2.97 0.47 0.45 (0.14) 11.41
As at 31 March, 2023 - 67.77 115.44 69.14 24.71 17.22 (17.30) 276.98
Net carrying amount as at 31 March, 76.31 181.56 115.86 26.05 8.95 1.75 (49.41) 361.07
2023
Footnotes :
(a) Buildings includes ` 0.0016 crore (31 March, 2022: ` 0.0016 crore) being cost of shares and bonds in Co-operative Housing
Societies.
234 Voltas Limited

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 held in
line of item of As at As at deeds deed holder is a held since the name of the Company
item in property 31 March, 31 March, held promoter, director which
Balance 2023 2022 in the or relative of date
sheet name of promoter / director
or employee of
promoter / director
PPE Building 0.06 0.06 Tata Group Company 31 August, These flats are constructed
16 Flats in Services 1965 on land owned by Tata
Tata Colony, Limited Services Limited in line with
Lallubhai arrangement amongst Tata
Park, Services Limited and Tata
Andheri (W), Group of companies (incl. Voltas
Mumbai Limited)
4000063 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 8.90 Universal Group Company 11 This building was acquired
Plot No. 1, Comfort September, pursuant to a scheme of
Sector 10, Products 2020 amalgamation and continued
SIDCUL Limited to be registered in the name of
Rudrapur, amalgamating Company.
IIE Pantnagar, However, the deed of merger
Udham has been registered by the
Singh Nagar, Company.
Uttarakhand-
263153
Right Building 0.23 0.23 Bombay Others 15 June, The said building was taken
of use Voltas Port Trust 2017 on lease by Company from
assets House, 23 J Bombay Port Trust.
N Heredia The Lease has expired on 14
Marg, Ballard June, 2017. The Company has
Estate, submitted an application for
Mumbai- renewal (in accordance with
400001 contractual right) of lease on 15
December, 2016.
Leasehold 2.56 2.56 Universal Group Company 11 This land was acquired pursuant
land Comfort September, to a scheme of amalgamation
Plot No. 1, Products 2020 and continued to be registered
Sector 10, Limited in the name of amalgamating
SIDCUL Company.
Rudrapur, IIE However, the deed of merger
Pantnagar, has been registered by the
Udham Company.
Singh Nagar,
Uttarakhand-
263153

(c) On transition to Ind AS (i.e. 1 April, 2015), the Group has elected to continue with the carrying value of all Property, plant and
equipment measured as per the previous GAAP and use that carrying value as the deemed cost of Property, plant and equipment.
(d) (i) Capital Work In Progress (CWIP) Ageing Schedule
As at 31 March, 2023
` in crores
Particulars <1 year 1-2 years 2-3 years > 3 years Total
(a) Projects in progress 46.08 51.86 - 0.31 98.25
(b) Projects temporarily suspended - - - - -
46.08 51.86 - 0.31 98.25
` 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
5 INVESTMENT PROPERTY
` in crores
Freehold Land Buildings Total
As at 1 April, 2021 0.14 70.64 70.78
Additions - - -
Disposals - 2.03 2.03
Transfers in / (out ) - 0.95 0.95
As at 31 March, 2022 0.14 69.56 69.70
As at 1 April, 2021 - 15.23 15.23
Charge for the year - 1.09 1.09
As at 31 March, 2022 - 16.38 16.38
Net carrying amount as at 31 March, 2022 0.14 53.18 53.32
As at 1 April, 2022 0.14 69.56 69.70
Additions - - -
As at 31 March, 2023 0.14 66.57 66.71
As at 1 April, 2022 - 16.38 16.38
As at 31 March, 2023 - 17.30 17.30
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.
236 Voltas Limited

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, 2023 31 March, 2022
Rental income 24.60 24.40
Direct operating expenses (including repairs and maintenance) generating 1.71 1.44
rental income (net of recoveries)
Direct operating expenses (including repairs and maintenance) arising from 5.32 4.87
investment property that did not generate rental income
Profit from investment properties before depreciation and indirect expenses 17.57 18.09
Depreciation 1.06 1.09
Profit arising from investment properties before indirect expenses 16.51 17.00
(3) Fair Value of the Group’s investment properties are as follows :
` in crores
As at As at
31 March, 2023 31 March, 2022
Land 126.58 117.66
Building 901.73 696.05
1,028.31 813.71
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 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 Leasehold Total
Land Buildings
As at 1 April, 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 1 April, 2021 0.90 9.23 10.13
Charge for the year 0.06 7.13 7.19
As at 31 March, 2022 0.96 14.93 15.89
As at 1 April, 2022 5.69 30.63 36.32
Additions - 23.43 23.43
As at 31 March, 2023 5.69 54.44 60.13

6 RIGHT-OF-USE ASSETS (Contd.)
` in crores
Land Buildings
As at 1 April, 2022 0.96 14.93 15.89
As at 31 March, 2023 1.02 23.42 24.44
7 OTHER INTANGIBLE ASSETS

` in crores
Manufacturing Software Total
Rights & Technical
Know- how
As at 1 April, 2021 10.04 60.55 70.59
Additions - 2.05 2.05
Disposals 1.16 0.16 1.32
As at 31 March, 2022 8.88 62.56 71.44
Amortisation
As at 1 April, 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
Net carrying amount as at 31 March, 2022 - 7.17 7.17
As at 1 April, 2022 8.88 62.56 71.44
As at 31 March, 2023 8.88 60.67 69.55
Amortisation
As at 1 April, 2022 8.88 55.39 64.27
As at 31 March, 2023 8.88 54.48 63.36
Footnotes :
` in crores
As at As at
31 March, 2023 31 March, 2022
(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
238 Voltas Limited

7 OTHER INTANGIBLE ASSETS (Contd.)

(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 (Wholly owned subsidiary) of ` 71.36 crores (31 March, 2022: ` 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.
(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 of 11.74% per annum (31 March, 2022: 12.49% 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, 2022: 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 As at
Value 31 March, 2023 31 March, 2022
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 *
Naba Diganta Water Management Limited ` 10 47,97,000 9.38 47,97,000 9.38
9.38 9.38
2 Investments in Joint Ventures :
Voltas Water Solutions Private Limited (Refer ` 10 - - 28,41,500 0.07
footnote 8 (f )) (#)
Universal Voltas L.L.C., UAE AED 1,000 3,430 56.63 3,430 51.82
Olayan Voltas Contracting Company Limited, SR 100 50,000 - 50,000 -
Saudi Arabia
(including Share application money)
Voltbek Home Appliances Private Limited ` 10 62,57,34,900 204.51 50,32,34,900 204.87
Gross Investments in Joint Ventures 261.14 256.76
Less : Impairment in value of Investments (#) - 0.07
261.14 256.69
Investments accounted as per Equity Method 270.52 266.07

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
Less : Impairment in value of Investments (#) 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
(Refer footnote 8 (g))
Agrotech Industries Limited USD 1 3,67,500 - 3,67,500 -
Tata International Limited (Refer footnote 8 (h)) ` 1,000 15,000 74.42 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 (i)) ` 5 1,10,62,170 181.60 1,10,62,170 298.72
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 *
276.78 387.93
(b) Fully Paid Quoted Equity Instruments
Lakshmi Automatic Loom Works Limited ` 100 61,520 - 61,520 -
(Refer footnote 8 (e))
Tata Chemicals Limited ` 10 2,00,440 19.49 2,00,440 19.54
Tata Consumer Products Limited ` 1 2,28,501 16.22 2,28,501 17.76
Lakshmi Machine Works Limited ` 10 5,79,672 578.00 5,79,672 558.20
Reliance Industries Limited (Refer footnote 8 (c)) ` 10 2,640 - 2,640 -
613.71 595.50
890.49 983.43
240 Voltas Limited

3 Investment in Preference Shares
Fully Paid Unquoted Preference Shares
(at amortised cost)
Tata Capital Limited
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
4 Investment in Unquoted Mutual funds (at 1,448.09 1,700.94
fair value through profit or loss)
5 (i) Investment in Debenture/Bonds (at
amortised cost)
Fully Paid Quoted Debenture/Bonds:
Rural Electrification Corporation Limited :
8.01% Tax Free Bonds ` 1,000 - - 50,000 5.26
7.17% Tax Free Bonds ` 10,00,000 70 7.31 70 7.37
5.75% Tax Free Bonds ` 10,000 - - 500 0.53
8.18% Tax Free Bonds ` 10,00,000 - - 50 5.31
National Housing Bank
8.26% Tax Free Non Convertible Debentures ` 5,000 - - 18,049 9.49
Housing and Urban Development Corporation
Limited
8.51% Tax Free Bonds ` 1,000 - - 1,50,000 15.84
7.07% Tax Free Bonds ` 10,00,000 50 5.27 50 5.30
Indian Railway Finance Corporation Limited
8.35% Tax Free Bonds ` 10,00,000 - - 250 27.69
Tata Motors Finance Limited
11.50% Non Convertible Debentures ` 10,00,000 500 54.50 500 54.50
UP Power Corporation Limited
9.70% Non Convertible Debentures ` 10,00,000 250 25.38 - -
92.46 131.29
(ii) Investment in Debenture/Bonds (at
TMF Holdings Limited
7.2962% Perpetual Non Convertible ` 10,00,000 500 49.92 500 49.39
Debentures
49.92 49.39

6 Investment in Others
Government Securities ` * *
* *
Other Investments 2,530.96 2,915.05
Total : Non-current Investments - Net 2,801.48 3,181.12
Footnotes :
(i) Aggregate amount of quoted investments and 756.09 776.18
market value thereof
(ii) Aggregate amount of unquoted investments 2,046.48 2,406.10
(iii) Aggregate amount of impairment in value of 1.09 1.16
investments
Abbreviations for Currencies :
` : Indian Rupees SR : Saudi Riyal AED : United Arab Emirates Dirhams

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 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 Honourable High Court of 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
shares. 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 previous year, Lakshmi Automatic Loom Works Limited had consolidated the face value of equity shares from `10/-
each to face value of ` 100/- each.
8(f ) During the current year, Voltas Water Solutions Private Limited, a dormant joint venture of the Company, had been struck off
from Registrar of Companies records w.e.f. 26 July, 2022 and accordingly investment had been written off by utilising impairment
allowance.
8(g) During the current year, shares of Lakshmi Ring Travellers (Coimbatore) Limited were tendered pursuant to the Buy Back offer
received by the Company.
8(h) Fair value has been determined basis offer of issuance of equity shares on preferential basis.
8(i) Fair value has been determined basis right issue offer announced.
242 Voltas Limited

9. 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
Tata International Limited
8.01% Tax Free Bonds ` 1,000 50,000 5.18 - -
5.75% Tax Free Bonds ` 10,000 500 0.53 - -
8.18% Tax Free Bonds ` 10,00,000 50 5.23 - -
8.26% Tax Free Non Convertible Debentures ` 5,000 18,049 9.33 - -
Limited
8.51% Tax Free Bonds ` 1,000 1,50,000 15.54 - -
8.35% Tax Free Bonds ` 10,00,000 250 27.29 - -
Bajaj Finance Limited
Housing Development Finance Limited
7.20% Non Convertible Debentures ` 10,00,000 100 10.59
105.37 103.09
B Investment in Unquoted Mutual funds 201.79 291.18
(at fair value through profit or loss)
C Investment in Inter Corporate Deposits - 40.00
(at amortised cost)
Total Current investments 307.16 434.27

Footnotes :
(i) Aggregate amount of quoted investments and 105.37 103.09
(ii) Aggregate amount of unquoted investments 201.79 331.18
(iii) Aggregate amount of impairment in value of - -
investments

10 LOANS (NON-CURRENT) (AT AMORTISED COST)
` in crores
As at As at
31 March, 2023 31 March, 2022
Loans to Employees (Unsecured, considered good) 0.08 0.10
Total non-current loans 0.08 0.10
11 OTHER FINANCIAL ASSETS (NON-CURRENT) (UNSECURED, CONSIDERED GOOD UNLESS OTHERWISE STATED)
(AT AMORTISED COST)
` in crores
As at As at
31 March, 2023 31 March, 2022
(a) Security deposits 7.57 6.72
(b) Deposits with customers / others 8.63 4.67
(c) Fixed deposits with remaining maturity of more than 12 months 255.48 71.82
(d) Others 15.59 15.59
Less: Impairment Allowance 15.41 15.41
Total other financial assets (Non-current) 271.86 83.39
Footnotes :
(1) Break up of security details of other financial assets (non-current)
(i) Unsecured, considered good 271.86 83.39
(ii) Credit impaired 15.41 15.41
287.27 98.80
(2) Impairment Allowance
(i) Unsecured, considered good - -
15.41 15.41
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, 2023 31 March, 2022
(i) Deferred Tax Assets
Deferred tax assets 35.56 44.00
Deferred tax liabilities - -
Deferred Tax Assets (net) 35.56 44.00
(ii) Deferred Tax Liabilities
Deferred tax liabilities (133.41) (154.16)
Deferred tax liabilities (net) (5.28) (12.35)
244 Voltas Limited

12. DEFERRED TAX (Contd.)
` in crores
As at As at
31 March, 2023 31 March, 2022
Reconciliation of deferred tax assets (net):
Opening balance 44.00 55.77
Tax income/(expense) during the period recognised in profit or loss (8.53) 4.37
Tax income/(expense) during the period recognised in OCI - (0.07)
Exchange gain/(loss) on translation of foreign operations 0.09 -
Reclassified to deferred tax liabilities - (16.08)
Closing balance 35.56 44.00
Reconciliation of deferred tax liabilities (net):
Opening balance (12.35) -
Tax income/(expense) during the period recognised in profit or loss (12.01) (5.27)
Tax income/(expense) during the period recognised in OCI 19.08 (23.16)
Reclassified from deferred tax assets - 16.08
Closing balance (5.28) (12.35)
(b) The balance comprise temporary differences attributable to:
` in crores
As at Reclassifi- (Charged) (Charged) Exchange As at
31 March, cation to / credited / credited gain/(loss) on 31 March,
2022 deferred to to other translation 2023
tax statement compre- of foreign
liabilities of profit hensive operations
and loss income
Provision for employee benefits (including Voluntary 0.13 - 2.23 - - 2.36

Retirement Scheme)
Allowance for receivables, loans and advances 25.33 - 5.66 - - 30.99
Provision for contingencies and claims 0.51 - 0.88 - - 1.39
Estimated Loss on Projects 0.96 - (0.68) - - 0.28
Unutilised brought forward loss and unabsorbed 0.38 - (0.38) - - -
depreciation
MAT credit entitlement 16.31 - (16.31) - - -
Others 0.38 - 0.07 - 0.09 0.54
Deferred Tax Assets 44.00 - (8.53) - 0.09 35.56
Deferred Tax Liabilities - - - - - -
Deferred Tax Assets (net) 44.00 - (8.53) - 0.09 35.56

` in crores
31 March, cation to / credited / credited gain/ 31 March,
2022 deferred to to other (loss) on 2023
tax statement compre- translation
liabilities of profit hensive of foreign
and loss income operations
Provision for employee benefits (including Voluntary 38.37 - (3.47) (4.27) - 30.63
Retirement Scheme)
Allowance for receivables, loans and advances 77.12 - (2.47) - - 74.65
Provision for contingencies and claims 10.84 - (1.77) - - 9.07
Unpaid statutory liabilities 3.77 - 0.46 - - 4.23
Government Grant 1.83 - (0.17) - - 1.66
Estimated Loss on Projects 0.78 - (0.55) - - 0.23
Free Maintenance services 5.73 - 0.33 - - 6.06
Others 3.37 - (1.77) - - 1.60
Deferred Tax Assets 141.81 - (9.41) (4.27) - 128.13
Property, plant and equipment and intangible assets (31.80) - (0.38) - - (32.18)
Unrealised gains on fair valuation of investments (88.01) - - 23.35 - (64.66)
through Other Comprehensive Income
Unrealised gains on fair valuation of Mutual funds (34.35) - (2.22) - - (36.57)
Deferred Tax Liabilities (154.16) - (2.60) 23.35 - (133.41)
Deferred Tax Liabilities (net) (12.35) - (12.01) 19.08 - (5.28)
(c) The balance comprise temporary differences attributable to:
` in crores
Provision for employee benefits (including Voluntary 35.96 (35.85) 0.09 (0.07) - 0.13
Retirement Scheme)
Allowance for receivables, loans and advances 96.23 (77.92) 7.02 - - 25.33
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 unabsorbed 6.79 - (6.41) - - 0.38
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
246 Voltas Limited

` in crores
Property, plant and equipment and intangible (30.61) 30.78 (0.17) - - -
assets
Unrealised gains on fair valuation of investments (60.47) 60.47 - - - -
Unrealised gains on fair valuation of Mutual funds (27.39) 27.39 - - - -
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
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 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 assets - (30.78) (1.02) - - (31.80)
Unrealised gains on fair valuation of investments - (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 Liabilities (net) - 16.08 (5.27) (23.16) - (12.35)

13 OTHER NON-CURRENT ASSETS (UNSECURED, CONSIDERED GOOD UNLESS OTHERWISE STATED)
` in crores
As at As at
31 March, 2023 31 March, 2022
(a) Balance with Government Authorities 72.87 78.20
(b) Capital advances 11.57 23.09
(c) Advance to suppliers 0.49 1.07
(d) Others 3.21 6.07
Total other non-current assets 86.08 103.55
Footnote :-
Impairment Allowance :
(b) Advance to suppliers 0.86 0.99
Total 2.06 4.88
14 INVENTORIES (AT LOWER OF COST AND NET REALISABLE VALUE)

` in crores
As at As at
31 March, 2023 31 March, 2022
(a) Raw materials and Components 771.39 567.29
(b) Work-in-progress 8.56 7.43
(c) Finished goods 491.13 597.63
(d) Stock-in-trade 320.47 488.66
(e) Stores and spares 0.42 0.38
Total Inventories 1,591.97 1,661.39
Inventories includes goods-in-transit:
(b) Stock-in-trade 19.66 31.83
Total goods-in-transit 134.72 193.77
Footnote :
Provision / (reversal) for write-down on value of inventory recognised in statement of (0.61) (9.72)
profit and loss
15 CONTRACT ASSETS (CURRENT) (UNSECURED)

` in crores
As at As at
31 March, 2023 31 March, 2022
Amount due from customers under construction contracts 1,111.62 863.28
Contract assets (Current) (Net) 978.06 748.32
Footnotes :
(1) Break up of security details
(i) Unsecured, considered good 1,048.01 751.56
(ii) Contract assets - credit impaired 63.61 111.72
1,111.62 863.28
978.06 748.32
248 Voltas Limited

15 CONTRACT ASSETS (CURRENT) (UNSECURED) (Contd.)

(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, 2023, contract assets
balances have increased as compared to 31 March, 2022 on account of delay in certification of work by the customers.
16 TRADE RECEIVABLES (CURRENT) (AT AMORTISED COST) (UNSECURED)

` in crores
As at As at
31 March, 2023 31 March, 2022
Trade receivables 2,753.19 2,499.30
Trade receivables (net) 2,191.85 2,109.67
Footnotes :
(i) Unsecured, considered good 2,332.99 2,281.73
(ii) Trade Receivables - credit impaired 420.20 217.57
2,753.19 2,499.30
2,191.85 2,109.67
(2) At 31 March, 2023, Trade receivables has increased as compared to 31 March, 2022 on account of increase in operations of the
Group.
(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, 2023 31 March, 2022
Allowances / (write back) during the year 223.27 93.49
Written off against past provision (32.96) (31.72)

16 TRADE RECEIVABLES (CURRENT) (AT AMORTISED COST) (UNSECURED) (Contd.)
250
(6) Trade receivables (current) ageing :
Voltas Limited
` in crores
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 934.49 717.98 241.71 252.00 59.35 40.81 2,246.34
(ii) Undisputed Trade Receivables - Considered Doubtful - - - 66.05 130.41 106.11 302.57
(iii) Disputed Trade Receivables - Considered Good - - - 71.94 0.05 14.66 86.65
(iv) Disputed Trade Receivables - Considered Doubtful - - - 7.42 6.19 104.02 117.63
Total : Trade receivables (Current) 934.49 717.98 241.71 397.41 196.00 265.60 2,753.19
` in crores
(i) Undisputed Trade Receivables - Considered Good 1,135.20 711.26 200.20 123.29 49.09 29.73 2,248.77
(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
17 CASH AND CASH EQUIVALENTS

` in crores
As at As at
31 March, 2023 31 March, 2022
Cash on hand 0.82 0.73
Cheques on hand 9.10 14.77
Remittance in-transit 0.02 -
Balances with banks
- On current accounts 443.77 478.39
- Fixed deposits with maturity less than 3 months 239.01 65.01
Total Cash and cash equivalents 692.72 558.90
Footnotes :
(a) Changes in liabilities arising from financing activities :
` in crores
Particulars As at 31 March, 2023
Borrowings Lease liabilities
Cash flows 272.78 (9.99)
New leases - 23.43
Accretion of interest - 3.53
` in crores
Cash flows 91.79 (8.70)
New leases - 15.46
Foreign exchange management * -
* less than ` 50,000/-
(b) At 31 March, 2023, the Group had available ` 869.65 crores (31 March, 2022: ` 1,130.51 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, 2023 31 March, 2022
Earmarked balances - unpaid dividend Accounts 7.55 7.79
Margin money 8.11 4.98
Total Other Bank balances 15.66 12.77
Footnote :
Margin money deposit is placed as guarantee to project customers and Government authorities.

19 LOANS (CURRENT) (AT AMORTISED COST)
` in crores
As at As at
31 March, 2023 31 March, 2022
Loans to employees (Unsecured, considered good) 0.49 3.09
Total loans (Current) 0.49 3.09
20
OTHER FINANCIAL ASSETS (CURRENT) (UNSECURED, CONSIDERED GOOD UNLESS OTHERWISE STATED)
(AT AMORTISED COST)
` in crores
As at As at
31 March, 2023 31 March, 2022
(b) Inter-corporate deposits 185.00 -
(c) Due from related parties 39.44 -
(d) Interest accrued 13.70 5.30
(e) Recovery against bank guarantees encashment 135.83 -
(f ) Fixed deposits with remaining maturity of less than12 months - 0.04
(g) Others 106.98 60.68
489.93 86.20
Total other financial assets (Current) 352.89 79.85
Footnotes :
(1) Break up of security details of other financial assets (current)

498.93 86.20
(ii) Credit impaired
- Recovery against bank guarantees encashment 135.83 -
- Others 10.21 6.35
146.04 6.35
21 OTHER CURRENT ASSETS (UNSECURED, CONSIDERED GOOD UNLESS OTHERWISE STATED)

` in crores
As at As at
31 March, 2023 31 March, 2022
(c) Gratuity fund (Refer Note 48) 8.13 -
(d) Prepaid expense 30.03 34.94
(e) Others
- Considered good 9.65 11.40
- Credit impaired 0.92 0.73
Total other current assets 315.69 270.96
252 Voltas Limited

22 SHARE CAPITAL
` in crores
As at As at
31 March, 2023 31 March, 2022
Authorised:
1,10,00,00,000 (31 March, 2022: 1,10,00,00,000) Equity Shares of ` 1/- each 110.00 110.00
40,00,000 (31 March, 2022: 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, 2022: 33,08,84,740) Equity Shares of ` 1/- each 33.09 33.09
Less :Calls-in-Arrears [1,19,850 shares (31 March, 2022: 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 ` 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).
(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, 2023 As at 31 March, 2022
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, 2023 As at 31 March, 2022
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
Life Insurance Corporation of India Equity 3,39,03,563 10.25 1,55,82,206 4.71
(d) As per the records of the Company, no calls remained unpaid by the Directors and Officers of the Company as on 31 March, 2023
(31 March, 2022 : Nil).

22 SHARE CAPITAL (Contd.)
(e) Details of shares held by promoter / promoter group*
Description As at 31 March, 2023

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 Limited* 19,25,950 - 19,25,950 0.58% -
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*
Total 10,02,53,480 - 10,02,53,480 30.30% -
23 OTHER EQUITY
` in crores
As at As at
31 March, 2023 31 March, 2022
(1) Capital Reserve 13.72 13.72
(2) Capital Redemption Reserve 1.26 1.26
(3) Securities Premium 4.77 4.77
(4) General Reserve 1,458.15 1,438.15
(5) Staff Welfare Reserve 0.01 0.01
(6) Exchange difference on translation of foreign operations through other 50.98 39.35
(7) Legal Reserve 3.57 2.72
(8) Equity instruments fair value through other comprehensive income 736.28 805.85
(9) Retained Earnings 3,150.25 3,160.65
Total other equity 5,418.99 5,466.48
254 Voltas Limited

23 OTHER EQUITY (Contd.)

Movements in Other Equity
` in crores
As at As at
31 March, 2023 31 March, 2022
(1) Capital Reserve
- As per last Balance Sheet 13.72 14.25
- Less: Transferred to retained earnings on divestment of subsidiary - 0.53
- Closing Balance 13.72 13.72
(2) Capital Redemption Reserve
(3) Securities Premium
(4) General Reserve
- As per last Balance Sheet 1,438.15 1,418.15
- Transfer from retained earnings 20.00 20.00
- Closing Balance 1,458.15 1,438.15
(5) Staff Welfare Reserve
(6) Exchange difference on translation of foreign operations through other
- Add / (less) : Exchange gain / (loss) on translation of foreign operations 11.63 4.95
(7) Legal Reserve
(8) Equity instruments fair value through other comprehensive income
- Changes during the year (69.57) 179.00
(9) Retained earnings
(a) As per last Balance Sheet 3,160.65 2,857.90
(b) Additions :
- Net Profit for the year 135.01 504.09
- Transferred from capital reserve on divestment of subsidiary - 0.53
- Transfer from other comprehensive income (net of tax) 16.32 -
- Gain realised on sale of equity instrument classified as FVTOCI 37.96 -
- Others 3.15 -
192.44 504.62

` in crores
As at As at
31 March, 2023 31 March, 2022
(c) Deductions :
- Dividend 181.99 166.06
- Transfer to Legal Reserve 0.85 0.04
- Transfer from other comprehensive income (net of tax) - 15.77
- Transfer to General Reserve 20.00 20.00
202.84 201.87
Closing Balance 3,150.25 3,160.65
DISTRIBUTION MADE AND PROPOSED

` in crores
As at As at
31 March, 2023 31 March, 2022
Cash Dividends on Equity Shares declared and paid:
Dividend for the year ended 31 March, 2022: ` 5.50 per share 181.99 165.44
(31 March, 2021: ` 5.00 per share)
181.99 165.44
Proposed Dividend on Equity Shares:
(31 March, 2022: ` 5.50 per share)
140.63 181.99
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 11 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 01 April, 2019. Accordingly, capital reserve on consolidation created on consolidation of UCPL in earlier
period has been transferred to capital reserve.
256 Voltas Limited


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 the financial year 2022-23. 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, 2023 31 March, 2022
Unexpired service contracts 6.33 3.51
Total Contract liabilities (Non-Current) 6.33 3.51
25 BORROWINGS (AT AMORTISED COST) (NON-CURRENT)

` in crores
As at As at
31 March, 2023 31 March, 2022
Unsecured
Term loans from Banks 21.15 -
Total borrowings 21.15 -
Footnotes :
(i) Term loans are repayable in monthly equal installments over the period of 12 months and one bullet payment on the maturity
date of loan i.e. April 2024.
(ii) Term loans from banks carry an average interest rate of 7.00% (31 March, 2022 : Nil).

26 LEASE LIABILITIES (NON-CURRENT)
` in crores
As at As at
31 March, 2023 31 March, 2022
Unsecured
Lease Liabilities (Refer Note 57) 25.39 12.68
Total lease liabilities 25.39 12.68
27 OTHER FINANCIAL LIABILITIES (NON-CURRENT)

` in crores
As at As at
31 March, 2023 31 March, 2022
Non-current
Employee's payable - Voluntary Retirement Scheme 11.46 14.89
Total other non-current financial liabilities 11.46 14.89
28 PROVISIONS (NON-CURRENT)
` in crores
As at As at
31 March, 2023 31 March, 2022
Provision for employee benefits :
(i) Provision for gratuity (Refer Note 48) 43.72 57.72
(ii) Pension obligations (Refer Note 48) 38.84 39.56
(iii) Provision for compensated absences 3.32 0.22
(iv) Post retirement medical benefits (Refer Note 48) 6.09 5.53
Total non-current provisions 91.97 103.03
29 OTHER NON-CURRENT LIABILITIES

` in crores
As at As at
31 March, 2023 31 March, 2022
Deferred Government Grant 4.17 6.32
Total other non-current liabilities 4.17 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.
258 Voltas Limited

30 CONTRACT LIABILITIES (CURRENT)

` in crores
As at As at
31 March, 2023 31 March, 2022
(a) Advances received from customers 262.03 200.27
(b) Unexpired service contracts 13.34 9.19
(c) Billing in excess of contract revenue 244.73 144.73
Total Contract liabilities (Current) 520.10 354.19
Footnote :
Contract liabilities as at 31 March, 2023 are higher on account of advance received from customers for the recently awarded contracts
and in few contracts, billing to the customer was as per contractual terms not linked with project progress.
31 BORROWINGS (AT AMORTISED COST) (CURRENT)

` in crores
As at As at
31 March, 2023 31 March, 2022
Unsecured
(a) Term loans from banks 240.47 155.43
(b) Term loans from banks - Current maturities of long term debts 99.03 -
(c) Working Capital loans from banks 244.95 187.76
(d) Loan from corporates 10.37 -
Total borrowings 594.82 343.19
Footnotes :
(i) Term loans from banks are repayable within the period of 12 months and carry an interest rate of 7.25% to 7.50%
(31 March, 2022 : 4.00% to 5.25%).
(ii) Term loans - Current maturities are repayable in monthly equal installments over the period of 12 months and one bullet payment
on the maturity date of loan i.e. April 2024 and carry an interest rate of 7.00%.
(iii)
Working capital loans from banks are repayable on demand and carry an average interest rate of 5.00% to 8.70%
(31 March, 2022 : 1.35% to 5.75%).
(iv) Loan from corporates are repayable in June, 2023 and carry an interest rate of 6.00%.
32 LEASE LIABILITIES (CURRENT)

` in crores
As at As at
31 March, 2023 31 March, 2022
Unsecured
33 TRADE PAYABLES
` in crores
As at As at
31 March, 2023 31 March, 2022
Trade payables :
(a) Total outstanding dues of micro and small enterprises 248.33 144.19
(b) Total outstanding dues of creditors other than micro and small enterprises 2,764.30 2,797.86
Total trade payables 3,012.63 2,942.05
Footnotes :
(1) Trade payables are non interest bearing and are normally settled on 30 days to 365 days credit term.

33 TRADE PAYABLES (Contd.)
260
(2) Trade payables ageing :
` in crores
Voltas Limited
Particulars Unbilled Not Due Outstanding for following periods from due Total
date of payment
Less than 1 1-2 years 2-3 years More than
year 3 years
(i) MSME - 90.47 139.45 11.16 3.14 4.11 248.33
(ii) Others 110.68 1,048.74 1,322.23 96.68 52.31 132.23 2,762.87
(iii) Disputed dues – MSME - - - - - - -
(iv) Disputed dues - Others - - - - - 1.43 1.43
Total 110.68 1,139.20 1,461.69 107.84 55.45 137.77 3,012.63
` in crores
date of payment
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
(iv) Disputed dues - Others - - - - 0.42 1.46 1.88
Total 59.32 1,700.48 974.15 59.22 53.04 95.84 2,942.05
34 OTHER FINANCIAL LIABILITIES (CURRENT) (AT AMORTISED COST)

` in crores
As at As at
31 March, 2023 31 March, 2022
(a) Deposits received from customers / others 39.88 30.47
(b) Interest accrued but not due on borrowings 2.10 0.39
(c) Payable for capital goods 18.19 9.95
(d) Unpaid dividends 7.55 7.79
(e) Rebate to customers 17.65 48.02
(f ) Employee's payable - Voluntary Retirement Scheme 5.32 5.91
(g) Other financial liabilities 8.44 1.01
Total other financial liabilities 99.13 103.54
35 PROVISIONS (CURRENT)
` in crores
As at As at
31 March, 2023 31 March, 2022
(a) Provision for employee benefits
(b) Provision for Trade Guarantees 87.31 63.76
(c) Provision for Contingencies for tax matters 41.63 44.57
Total provision (current) 166.00 158.85
Footnotes :
A. Provisions for trade guarantees
Addition 67.60 53.94
Less : Utilisation 43.34 33.47
Less : Reversal 0.71 3.69
B. Provision for Contingencies for tax matters

Addition 2.74 11.38
Less : Reversal 4.24 -

36 OTHER CURRENT LIABILITIES
` in crores
As at As at
31 March, 2023 31 March, 2022
(a) Statutory obligations 168.85 87.72
(b) Others 1.14 1.12
Total other current liabilities 169.99 88.84
37 REVENUE FROM OPERATIONS

` in crores
31 March, 2023 31 March, 2022
Revenue from contracts with customers :
(a) Sale of products 6,057.24 4,581.41
(b) Construction contract revenue 2,290.02 2,395.87
(c) Sale of services 1,052.11 863.79
9,399.37 7,841.07
Other operating income :
(a) Unclaimed credit balances / provision written back 7.66 9.79
(b) Sale of scrap 16.61 16.15
(c) Government grant 0.69 10.86
(d) Business Support Services 74.35 56.49
(e) Others 0.09 0.09
99.40 93.38
Total revenue from operations 9,498.77 7,934.45
38 OTHER INCOME
` in crores
31 March, 2023 31 March, 2022
(a) Dividend Income
- From equity investments measured at FVTOCI 6.91 5.02
(b) Interest Income
- On sundry advances, deposits, customers’ balances, etc. 0.03 28.68
- On Inter corporate deposits and deposits with banks 16.27 2.82
- On Income-tax refunds 2.48 1.17
- On financial instruments measured at amortised cost 25.81 26.51
(c) Gain on sale / fair valuation of financial assets measured at FVTPL 63.24 81.09
(d) Exchange differences (Net) 7.46 8.85
(e) Rental income 24.60 24.40
(f ) Other non-operating income 21.65 10.65
Total other income 168.45 189.19
262 Voltas Limited

39 CHANGES IN INVENTORIES OF FINISHED GOODS, STOCK-IN-TRADE AND WORK-IN-PROGRESS

` in crores
31 March, 2023 31 March, 2022
Inventories at the end of the year :
- Finished Goods including stock-in-trade 811.60 1,086.29
- Work-in-progress 8.56 7.43
820.16 1,093.72
Inventories at the beginning of the year :
- Finished Goods including stock-in-trade 1,086.29 905.07
1,093.72 915.47
Net (increase) / decrease 273.56 (178.25)
40 EMPLOYEE BENEFITS EXPENSES

` in crores
31 March, 2023 31 March, 2022
(a) Salaries, Wages and Bonus 610.99 568.22
(b) Contribution to Provident and other Funds 28.09 25.51
(c) Staff Welfare expenses 28.13 23.89
Total employee benefits expenses 667.21 617.62
41 FINANCE COSTS
` in crores
31 March, 2023 31 March, 2022
Interest expense
(a) on borrowings from banks and others 26.06 22.67
(b) on delayed payment of income tax - 1.52
(c) on lease liabilities 3.53 1.68
Total finance costs 29.59 25.87
42 DEPRECIATION AND AMORTISATION EXPENSES

` in crores
31 March, 2023 31 March, 2022
(a) Depreciation on property, plant and equipment 27.06 25.63
(b) Amortisation on intangible assets 3.03 3.35
(c) Depreciation on investment property 1.06 1.09
(d) Depreciation on Right-of-use assets 8.47 7.19
Total Depreciation and amortisation expenses 39.62 37.26

43 OTHER EXPENSES
` in crores
31 March, 2023 31 March, 2022
(a) Consumption of Stores and Spares 7.01 4.27
(b) Power and Fuel 15.16 11.95
(c) Rent 26.63 27.00
(d) Repairs to Buildings 2.86 1.50
(e) Repairs to Plant and Machinery 13.90 11.95
(f ) Insurance charges 16.35 14.82
(g) Rates and Taxes 4.14 6.59
(h) Travelling and Conveyance 56.73 39.77
(i) Payment to Auditors 4.68 4.47
(j) Legal and Professional fees 38.41 25.07
(k) Bad and Doubtful Debts / Advances [Refer footnote below] 116.22 93.49
(l) Loss on sale of property, plant and equipment 1.90 1.14
(m) Corporate Social Responsibility (CSR) 14.60 12.94
(n) Outside service charges 143.52 115.97
(o) Clearing charges 69.98 74.46
(p) Freight and forwarding charges 128.23 121.65
(q) Commission on sales 7.29 16.36
(r) Advertising 62.16 33.05
(s) Printing and stationery 12.35 11.63
(t) Miscellaneous expenses 138.89 110.54
Total other expenses 881.01 738.62
Footnote :
Bad and Doubtful Debts / Advances includes :-
(a) Expected credit loss for contract assets and trade receivables 114.04 93.49
(b) Allowance for doubtful debts and advances 2.18 -
Total 116.22 93.49
44 EXCEPTIONAL ITEMS
` in crores
31 March, 2023 31 March, 2022
Provision arising out of cancellation of contract and encashment of bank guarantees (243.82) -
(Refer footnote)
Total exceptional Items (243.82) -
Footnote :
It denotes provision made in respect of receivables and bank guarantees issued under two overseas contracts, pursuant to the unilateral
encashment of the bank guarantees/termination of the Contract by the Contractors. The Company has initiated legal proceedings
against the main contractors for recovery of the proceeds of bank guarantees and due amounts from them.
264 Voltas Limited

45 INCOME TAX
Reconciliation of tax expense and the accounting profit multiplied by India’s domestic tax rate for the year ended 31 March, 2023
and 31 March, 2022
` in crores
31 March, 2023 31 March, 2022
Profit before tax 307.14 697.30
Indian statutory income tax rate 25.17% 25.17%
Income-tax expense at India’s statutory income tax rate 77.30 175.50
Effect of adjustments to reconcile the expected tax expense to reported income tax
expense:
Effect of exempt income (2.91) (2.85)
Effect of unused tax losses 83.44 27.41
Effect of non-deductible expenses 4.28 5.59
Effect of income which is taxed at special rates (0.20) (11.01)
Adjustment of tax relating to earlier periods (0.95) (1.41)
Effect of different tax rates in the components 8.93 0.17
Change in Tax rate 4.48 -
Others (3.45) (2.10)
170.92 191.30
46 EARNINGS PER SHARE

31 March, 2023 31 March, 2022
(a) Profit attributable to Equity shareholders - (` in crores) 135.01 504.09
(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) 4.08 15.23
47 COMMITMENTS AND CONTINGENCIES
(A) Commitments :
` in crores
As at As at
31 March, 2023 31 March, 2022
(i) Estimated amount of contracts remaining to be executed on capital 126.91 101.13
account 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.

47 COMMITMENTS AND CONTINGENCIES (Contd.)
(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, 2023 31 March, 2022
(i) Limits (Fund and Non Fund based) 2,740.80 2,316.79
(ii) Against which outstanding balance 980.26 435.25
(C) Contingent liabilities:
` in crores
As at As at
31 March, 2023 31 March, 2022
Claims against the Group not acknowledged as debts
(i) Sales tax / VAT matters 112.75 136.66
(ii) Service tax matters 18.38 18.38
(iii) Excise matters 19.72 19.89
(iv) Contractual matters in the course of business 112.74 67.55
(v) Customs duty matters 1.14 1.14
(vi) Guarantees for terminated contract 374.95 345.61
(vii) Income tax matters 15.43 14.78
655.11 604.01
48 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.
(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.
(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:
266 Voltas Limited

48 EMPLOYEE BENEFITS (Contd.)
` in crores
Gratuity funded Gratuity unfunded Pension Post retirement
medical benefits
2022-23 2021-22 2022-23 2021-22 2022-23 2021-22 2022-23 2021-22
Current service cost 6.23 3.40 9.35 7.75 - - 0.19 0.19
Net interest expense 1.10 (0.69) 2.06 1.57 3.16 2.88 0.43 0.42
Components of defined benefit costs 7.33 2.71 11.42 9.32 3.16 2.88 0.62 0.61
recognised in profit or loss
Remeasurement on the defined benefit plans:
Return on plan assets (0.68) (2.13) - - - - - -
Actuarial (gains) / losses arising from changes in - (0.04) 0.10 - - 2.96 - 0.50
demographic assumptions
Actuarial (gains) / losses arising from changes in (4.63) 9.70 (14.04) 10.15 (0.60) (1.28) (0.11) (0.18)
financial assumptions
Actuarial (gains) / losses arising from experience (1.45) 0.52 (1.19) (1.19) 0.62 0.71 1.28 (0.13)
adjustments
Components of defined benefit costs (6.76) 8.05 (15.13) 8.96 0.02 2.39 1.18 0.19
recognised in other comprehensive income
Change in benefit obligation
Opening defined benefit obligation 51.43 40.20 62.35 51.95 43.12 41.37 5.82 6.06
CORPORATE OVERVIEW

Interest cost 4.51 2.79 2.06 1.57 3.16 2.88 0.43 0.42
Remeasurement (gains)/losses:
Actuarial (gains) / losses arising from changes in - (0.04) 0.10 - - 2.96 - 0.50
demographic assumptions
Actuarial (gains)/losses arising from changes in (4.63) 9.70 (14.04) 10.15 (0.60) (1.28) (0.11) (0.18)
Actuarial (gains)/losses arising from experience (1.45) 0.52 (1.19) (1.19) 0.62 0.71 1.28 (0.13)
STATUTORY REPORTS
adjustments
Transfer of obligation on account of transfer of 0.02 0.05 - - - - - -
employee from group companies
Exchange differences on foreign plans - - 3.28 2.19 - - - -
Benefits paid (4.51) (5.19) (13.06) (10.07) (3.68) (3.52) (1.28) (1.04)
Closing defined benefit obligation 51.60 51.43 48.86 62.35 42.63 43.12 6.33 5.82

267
268
Change in plan assets
` in crores
2022-23 2021-22
Voltas Limited
Opening fair value of plan assets 46.59 50.14
Interest income 3.41 3.49
Remeasurement gain / (losses):
Return on plan assets 0.68 2.13
Contributions from the employer 13.57 (3.98)
Benefits paid (4.51) (5.19)
Closing fair value of plan assets 59.74 46.59
The amount included in the Balance Sheet arising from the Company’s obligation in respect of its defined benefit plans are as follows:
` in crores
medical benefits
2022-23 2021-22 2022-23 2021-22 2022-23 2021-22 2022-23 2021-22
Present value of funded defined benefit obligation (51.60) (51.43) (48.86) (62.35) (42.63) (43.12) (6.33) (5.82)
Fair value of plan assets 59.74 46.59 - - - - - -
Net (liability) / asset arising from defined 8.13 (4.84) (48.86) (62.35) (42.63) (43.12) (6.33) (5.82)
benefit obligation
(b) The major categories of plan assets as a percentage of total plan:
Category of investments:
Gratuity funded
As at As at
31 March, 2023 31 March, 2022
Government of India securities 57% 56%
Corporate bonds 31% 33%
Mutual funds 8% 8%
Others (Interest accrued, Balances with banks) 4% 3%
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,
2023 2022 2023 2022 2023 2022 2023 2022
% % % % % % % %
Discount rate 7.52% and 6.85% and 4.80% 3.00% to 7.52% 7.33% 7.52% 7.33%
7.45% 7.33% 3.20%
Attrition Rate 1.00% - 1.00% - 2% to 32% 2% to 28% 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 2012-14 2012-14 2012-14 2012-14 2012-14 2012-14 2012-14
(Urban) (Urban) (Urban) (Urban) (Urban) (Urban) (Urban) (Urban)
Expected rate of salary Increase / pension 7.00% 8.00% 2% & 4% 4.00% 6.00% 6.00% 5.00% 5.00%
escalation / medical cost inflation
(d) A quantitative sensitivity analysis for significant assumptions are as follow:
CORPORATE OVERVIEW
` in crores
medical benefits
2023 2022 2023 2022 2023 2022 2023 2022
Projected benefit obligations on current 51.60 51.43 48.86 62.35 42.63 43.12 6.33 5.82
assumptions
+1% increase in discount rate (2.99) (4.27) (3.73) (6.15) (2.93) (3.15) (0.14) (0.13)
STATUTORY REPORTS
-1% decrease in discount rate 3.39 4.97 4.34 7.33 3.36 3.63 0.18 0.17
+ 1% increase in salary/pension/medical cost 3.24 4.79 4.42 7.19 3.38 3.64 0.15 0.13
inflation
-1% decrease in salary/pension/medical cost (1.35) (1.75) (3.86) (6.16) (3.00) (3.21) (0.15) (0.13)
inflation
+1% increase in rate of employee turnover 0.11 (0.22) 1.03 (0.45) NA NA (0.04) (0.03)
-1% decrease in rate of employee turnover (0.13) 0.25 (1.15) 0.51 NA NA 0.03 0.03

269
270
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
Voltas Limited
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
2023 2022 2023 2022 2023 2022 2023 2022
Within 1 year 7.04 3.80 4.94 4.51 3.79 3.56 0.27 0.29
Between 1 and 2 years 5.20 2.09 2.37 2.71 3.84 3.63 0.28 0.30
Beyond 5 years 24.89 33.49 31.26 45.22 23.38 24.81 4.85 4.23
The contribution expected to be made by the Company during the financial year 2022-23 is ` 6.00 crores (31 March, 2022: ` 6.00 crores).
The average duration of the defined benefit plan obligation at the end of the reporting period is 12 years (31 March, 2022: 11 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, 2023.
The details of the fund and plan assets position are as follows:
` in crores
As at As at
31 March, 2023 31 March, 2022
Fair value of plan assets 239.74 323.55
Present value of defined obligation 231.93 316.17
Contribution during the year (Employee and Employer Contribution) 24.45 30.09
The principal assumptions used for the purposes of the actuarial valuations are as follows:
As at As at
31 March, 2023 31 March, 2022
% %
Guaranteed Interest rate 8.15% 8.50%
Discount Rate for the remaining term to maturity of Interest portfolio 7.52% 7.33%
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
CORPORATE OVERVIEW
salary of the plan participants will increase the plan’s liability.

STATUTORY REPORTS

271
49. (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):
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 Specialised 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.
1 SEGMENT REVENUE
` in crores
2022-23 2021-22
(a) Segment - A ( Unitary Cooling Products ) 6,474.50 4,881.92
(b) Segment - B ( Electro - Mechanical Projects and Services ) 2,402.91 2,470.49
(c) Segment - C ( Engineering Products and Services ) 521.96 488.66
Segment Total 9,399.37 7,841.07
Add : Other operating income 99.40 93.38
Revenue from operations 9,498.77 7,934.45
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.
272 Voltas Limited

49. (A) SEGMENT INFORMATION (Contd.)

2 SEGMENT RESULTS
` in crores
(a) Segment Results before Exceptional Items 2022-23 2021-22
(a) Segment - A ( Unitary Cooling Products ) 537.83 513.40
(b) Segment - B ( Electro - Mechanical Projects and Services ) (58.23) 125.77
Segment Total 680.32 797.07
Less : (i) Finance costs 29.59 25.87
(ii) Other unallocable expenditure net of unallocable income 99.77 73.90
Profit before Exceptional items and Tax 550.96 697.30
(b) Segment Results after Exceptional Items 2022-23 2021-22

(a) Segment - A ( Unitary Cooling Products ) 537.83 513.40
(b) Segment - B ( Electro - Mechanical Projects and Services ) (302.05) 125.77
Segment Total 436.50 797.07
Less : (i) Finance costs 29.59 25.87
(ii) Other unallocable expenditure net of unallocable income 99.77 73.90
Profit before Tax 307.14 697.30
3 SEGMENT ASSETS AND LIABILITIES

` In crores
Segment Assets Segment Liabilities
As at As at As at As at
31 March, 31 March, 31 March, 31 March,
2023 2022 2023 2022
(a) Segment - A ( Unitary Cooling Products ) 2,902.21 2,723.07 1,961.52 2,149.77
(b) Segment - B ( Electro - Mechanical Projects and Services ) 2,734.76 2,424.82 1,835.23 1,362.75
(c) Segment - C ( Engineering Products and Services ) 191.42 142.24 110.92 87.81
Segment Total 5,828.39 5,290.13 3,907.67 3,600.33
Unallocated 4,450.62 4,456.20 877.62 608.36
10,279.01 9,746.33 4,785.29 4,208.69

49. (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 March, 31 March, 31 March, 31 March,
2023 2022 2023 2022
B Universal Voltas L.L.C. 56.63 51.82 0.28 (2.64)
B Olayan Voltas Contracting Company Limited. - - - (0.26)
B Naba Diganta Water Management Limited. 9.38 9.38 1.93 1.50
Unallocated Voltbek Home Appliances Private Limited. 204.51 204.87 (122.86) (108.91)
Unallocated Brihat Trading Private Limited. * * - -
270.52 266.07 (120.65) (110.31)
5 OTHER INFORMATION FOR SEGMENTS

` In crores
Capital Expenditure Depreciation and Non-Cash Expenses
amortisation Other than
Depreciation and
amortisation
2022-23 2021-22 2022-23 2021-22 2022-23 2021-22
(a) Segment - A (Unitary Cooling Products) 195.96 83.66 15.14 15.32 13.55 10.57
(b) Segment - B (Electro - Mechanical Projects and 7.93 5.21 10.05 6.59 348.42 84.32
Services)
(c) Segment - C (Engineering Products and Services) 0.01 0.25 0.47 0.54 0.12 0.34
Segment Total 203.90 89.12 25.66 22.45 362.09 95.23
Unallocated 7.39 16.82 13.96 14.81 0.14 0.21
211.29 105.94 39.62 37.26 362.23 95.44
49. (B) INFORMATION OF GEOGRAPHICAL AREAS OF REPORTABLE BUSINESS SEGMENTS

` In crores
2022-23 2021-22
Revenue by Geographical Market
India 8,085.70 6,459.85
Middle East 1,171.30 1,255.79
Africa 112.74 86.54
Singapore 11.79 8.53
Others 17.84 30.36
9,399.37 7,841.07
Non Current Assets
India 692.59 530.65
Middle East 16.37 15.82
Singapore 0.04 0.05
709.00 546.52
274 Voltas Limited

50 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 Country of Ownership Net assets (total assets Share of profit or (loss) Share in other Share in total
Incorporation in % minus total liabilities) comprehensive income comprehensive income
As % of Amount As % of Amount As % of Amount As % of Amount
consolidated ` in crores consolidated ` in crores consolidated ` in crores consolidated ` in crores
net assets profit or loss other total
comprehensive comprehensive
income income
As at Year ended Year ended Year ended
31 March, 2023 31 March, 2023 31 March, 2023 31 March, 2023
I Voltas Limited (Parent Company) 124.23 6,773.10 1,031.65 1,405.31 148.13 (56.88) 1,378.48 1,348.43
II Subsidiaries
(a) Indian
(1) Universal MEP Projects & India 100.00 8.04 438.54 104.68 142.59 (4.93) 1.89 147.70 144.48
Engineering Services Limited
(2) Hi-Volt Enterprises Private India 100.00 * 0.01 * * - - * *
Limited (w.e.f. 13 September,
2021)
(b) Foreign
(1) Lalbuksh Voltas Engineering Sultanate of 60.00 1.86 101.37 2.22 3.02 (21.09) 8.10 11.37 11.12
Services and Trading L.L.C. Oman
CORPORATE OVERVIEW
(2) Saudi Ensas Company for Saudi Arabia 100.00 0.03 1.84 2.35 3.20 0.40 (0.16) 3.11 3.04
Engineering Services W.L.L.
(3) Voltas Netherlands B.V. The Netherlands 100.00 1.47 80.40 2.06 2.81 (11.33) 4.35 7.32 7.16
(4) Voltas Oman SPC Sultanate of 100.00 (0.80) (43.44) 1.35 1.84 11.33 (4.35) (2.56) (2.51)
(subsidiary through Voltas Oman
Netherlands B.V. w.e.f. 25
November, 2021)
(5) Weathermaker FZE Dubai, United 100.00 0.55 30.05 (1.16) (1.58) (6.94) 2.67 1.11 1.09
STATUTORY REPORTS
Arab Emirates
(6) Voltas Qatar W.L.L. Qatar 97.00 (0.56) (30.66) (152.78) (208.12) (18.56) 7.13 (205.47) (200.99)
(7) Universal MEP Projects Pte Singapore 100.00 1.31 71.42 (0.21) (0.28) 4.60 (1.77) (2.10) (2.05)
Limited (w.e.f. 04 August,
2021)
(c ) Non-controlling interests in all (0.76) (41.65) 0.89 1.21 - - 1.24 1.21
subsidiaries

275
276
STATEMENTS TO SCHEDULE III TO THE COMPANIES ACT, 2013 (Contd.)
Voltas Limited
income income
III Joint Ventures
(a) Indian
(1) Voltbek Home Appliances India 49.00 (7.73) (421.22) (90.19) (122.86) - - (125.60) (122.86)
Private Limited
(b) Foreign
(1) Olayan Voltas Contracting Saudi Arabia 50.00 (0.37) (20.24) - - - - - -
Company Limited
(2) Universal Voltas L.L.C. United Arab 49.00 0.96 52.22 0.21 0.28 (9.28) 3.56 3.94 3.85
Emirates
IV Adjustments arising out of (28.31) (1,544.26) (802.49) (1,093.13) 7.67 (2.94) (1,120.51) (1,096.08)
consolidation
V Associates
(a) Indian
(1) Naba Diganta Water India 26.00 0.08 4.59 1.42 1.93 - - 1.97 1.93
Management Limited
(2) Brihat Trading Private Limited India 33.23 - - - - - - - -
100.00 5,452.07 100.00 136.22 100.00 (38.40) 100.00 97.82
* Value below ` 50,000/-
income income
I Voltas Limited (Parent Company) 101.26 5,568.70 115.31 583.47 97.73 165.97 110.89 749.44
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 India 100.00 * 0.01 * * - - * *
Limited (w.e.f. 13 September,
2021)
(b) Foreign
CORPORATE OVERVIEW
(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
(subsidiary through Voltas Oman
Netherlands B.V. w.e.f. 25
November, 2021) (formerly
known as Voltas Oman L.L.C.)
STATUTORY REPORTS
(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 Singapore 100.00 * (0.05) (0.01) (0.05) * * (0.01) (0.05)

Limited (w.e.f. 04 August, 2021)
(c ) Non-controlling interests in all (0.69) (38.08) 0.38 1.91 0.97 1.64 0.53 3.55
277
subsidiaries
278
Voltas Limited
income income
III Joint Ventures
(a) Indian
(1) Voltas Water Solutions Private India 50.00 - - - - - - - -
Limited
(2) Voltbek Home Appliances India 49.00 3.73 204.87 (21.52) (108.91) - - (16.12) (108.91)
Private. 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 (14.03) (771.47) (5.54) (28.05) (0.38) (0.65) (4.29) (28.97)
consolidation
V Associates
(a) Indian
(1) Naba Diganta Water India 26.00 0.17 9.38 0.30 1.50 - - 0.22 1.50
Management Limited
(2) Brihat Trading Private Limited India 33.23 - - - - - - - -
100.00 5,499.56 100.00 506.00 100.00 169.82 100.00 675.82
51 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 (name strike off on 26 July, 2022)
Voltbek Home Appliances Private Limited
3 Mr. Pradeep Bakshi - Managing Director & CEO Key Management Personnel
Mr. Jitender P. Verma - Chief Financial Officer (w.e.f.19 July, 2021)
Mr. Anil George - Chief Financial Officer (upto 18 July, 2021)
Mr. V. P. Malhotra - Head - 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
Independent Directors
Mr. Debendranath Sarangi
Mr. Bahram N. Vakil
Ms. Anjali Bansal
Mr. Arun Kumar Adhikari
Mr. Zubin Dubash
5 Voltas Limited Provident Fund Employee Benefit Funds
Voltas Managerial Staff Provident Fund
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 (w.e.f. 17 June, 2022)
Automotive Stampings and Assemblies Limited
C-Edge Technologies Limited
Ewart Investments Limited
Gurgaon Realtech Limited (upto 19 May, 2022)
Infiniti Retail Limited
Innovative Retail Concepts Private Limited
MahaOnline Limited
Mikado Realtors Private Limited (Upto 4 January, 2023)
Savis Retail Private Limited
Supermarket Grocery Supplies Private Limited
Tata 1mg Healthcare Solutions Private Limited (w.e.f. 9 June, 2021)

51 RELATED PARTY DISCLOSURES (Contd.)
Party Relation
Tata 1mg Technologies Private Limited (w.e.f. 9 June, 2021)
Tata Advanced Systems Limited (merged with TAL Manufacturing Solutions Limited)
Tata Africa Holdings (Kenya) Limited
Tata AIA Life Insurance Company Limited
Tata AIG General Insurance Company Limited
Tata Asset Management Private Limited (formerly known as Tata Asset Management Limited)
Tata Autocomp Hendrickson Suspensions Private Limited (formerly known as Taco Hendrickson
Suspensions 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 Private Limited (formerly known as Tata Digital Limited)
Tata Electronics Private Limited (formerly known as TRIL Bengaluru Real Estate Four Private
Limited)
Tata Elxsi Limited
Tata Ficosa Automotive Systems Private Limited (formerly known as Tata Ficosa Automotive
Systems Limited)
Tata Housing Development Company Limited
Tata Industries Limited
Tata International Metals (UK) Limited (formerly known as Tata Steel International (UK) Limited)
Tata International Vehicle Applications Private Limited (formerly known as Tata International DLT
Private Limited)
Tata Investment Corporation Limited
Tata Lockheed Martin Aerostructures Limited
Tata Medical and Diagnostics Limited
Tata Play Limited (formerly known as Tata Sky Limited)
Tata Play Broadband Private Limited
Tata Realty and Infrastructure Limited
Tata Sikorsky Aerospace Limited (formerly known as Tara Aerospace Systems Limited)
Tata Teleservices (Maharashtra) Limited
Tata Teleservices Limited
Tata Toyo Radiator Limited
Tata Unistore Limited (w.e.f. 9 December, 2022)
TCS Foundation
TM Automotive Seating Systems Private Limited
TRIL Infopark Limited (upto 8 July, 2022)
TRIL IT4 Private Limited (formerly known as Albrecht Builder Private Limited)
TRIL Urban Transport Private Limited
280 Voltas Limited

(b) Related Party Transactions
` in crores
Sr. Year Transactions Associates Joint Promoter Subsidiaries Key Directors Employee Total
No. Ventures and Joint Management Benefit
Ventures of Personnel Funds
Promoter
1 2022-23 Purchases of stock-in-trade - 11.68 - - - - - 11.68
2021-22 - 9.74 - - - - - 9.74
2 2022-23 Sale of Products 0.01 0.69 - 114.85 - - - 115.55
2021-22 - 0.10 - 57.25 - - - 57.35
3 2022-23 Service Income * 0.78 0.07 132.03 - - - 132.88
2021-22 1.66 1.05 0.04 120.06 - - - 122.81
4 2022-23 Deputation Charges paid - 3.38 - - - - - 3.38
2021-22 - - - - - - - -
5 2022-23 Construction contract revenue - 0.01 - 21.66 - - - 21.67
(Includes billed and unbilled revenue)
2021-22 - - - 6.37 - - - 6.37
6 2022-23 Interest Income - - - 3.91 - - - 3.91
2021-22 - - - 5.18 - - - 5.18
7 2022-23 Rental Income - 0.80 - 5.84 - - - 6.64
CORPORATE OVERVIEW
2021-22 - 0.75 - 5.82 - - - 6.57

8 2022-23 Dividend Income - - - 4.04 - - - 4.04
2021-22 - - - 3.85 - - - 3.85
9 2022-23 Services received for execution of - - - 0.07 - - - 0.07
contracts
2021-22 - - - 0.11 - - - 0.11
10 2022-23 Income from business support - 3.40 - - - - - 3.40
services
STATUTORY REPORTS
2021-22 - 5.16 - - - - - 5.16

11 2022-23 Remuneration Paid / Payable - - - - 12.06 2.70 - 14.76
(including commission)
2021-22 - - - - 11.29 2.65 - 13.94
12 2022-23 Sitting Fees - - - - - 0.47 - 0.47
2021-22 - - - - - 0.62 - 0.62
13 2022-23 Dividend Paid - - 48.47 6.54 - - - 55.01
2021-22 - - 44.07 5.94 - - - 50.01

281
282
(b) Related Party Transactions (Contd.)
` in crores
Voltas Limited
Promoter
14 2022-23 Consulting expenses - - - 0.06 - - - 0.06
2021-22 - - - 1.97 - - - 1.97
15 2022-23 Tata Brand Equity - - 13.65 - - - - 13.65
2021-22 - - 12.70 - - - - 12.70
16 2022-23 Purchase of goods / services for - 6.85 - 0.03 - - - 6.88
execution of contracts
2021-22 - 19.59 - - - - - 19.59
17 2022-23 Impairment in value of Investment - - - - - - - -
2021-22 - 0.25 - - - - - 0.25
18 2022-23 Other Expenses- Recovery of - 39.44 - 0.28 - - - 39.72
expenses
2021-22 - 36.30 0.15 1.13 - - - 37.58
19 2022-23 Other Expenses- Reimbursement - 8.20 0.13 18.08 - - - 26.42
of expenses
2021-22 - 0.20 - 14.82 - - - 15.02
20 2022-23 Purchase of property, plant and - 0.01 - 0.05 - - - 0.06
equipment
2021-22 - * - 0.95 - - - 0.95
21 2022-23 Redemption of Investments in - - - 50.00 - - - 50.00
Bonds / Debentures
2021-22 - - - 3.00 - - - 3.00
22 2022-23 Investments in Equity shares - 122.50 - - - - - 122.50
2021-22 - 93.10 - - - - - 93.10
23 2022-23 Security deposit at the end of the - - - 3.03 - - - 3.03
year
2021-22 - - - 3.02 - - - 3.02
24 2022-23 Security Deposit Refunded - - - - - - - -
2021-22 - - - 4.48 - - - 4.48
25 2022-23 Provision for Debts and Advances - * - 0.66 - - - 0.66
at year end
2021-22 - * * 0.72 - - - 0.72
(b) Related Party Transactions (Contd.)
` in crores
Promoter
26 2022-23 Advance Outstanding at year end - - - 0.12 - - - 0.12
2021-22 - - 0.04 0.12 - - - 0.16
27 2022-23 Debit Balance Outstanding at year 0.03 32.85 - 70.26 - - - 103.14
end
2021-22 0.51 33.44 - 71.51 - - - 105.46
28 2022-23 Credit Balance Outstanding at - * 9.87 1.99 4.00 2.70 - 18.56
year end
2021-22 - - 8.74 0.08 3.08 2.30 4.38 18.58
29 2022-23 Guarantees Outstanding at year end - 82.13 - - - - - 82.13
2021-22 - 75.75 - - - - - 75.75
30 2022-23 Contract Revenue in excess of - 0.01 - 4.28 - - - 4.29
Billing
2021-22 - * - 2.88 - - - 2.88
31 2022-23 Billing in excess of Contract - - - 0.90 - - - 0.90
CORPORATE OVERVIEW
Revenue
2021-22 - 0.04 - 1.60 - - - 1.64
32 2022-23 Contribution to Employee benefit - - - - - - 13.21 13.21
fund
2021-22 - - - - - - 11.59 11.59
STATUTORY REPORTS

283
52 RESEARCH AND DEVELOPMENT EXPENDITURE
` in crores
2022-23 2021-22
Expenditure at Department of Scientific and
Industrial Research (DSIR) approved R&D centers
(1) Revenue expenditure 2.01 2.58
UPBG, Pantnagar 1.92 1.34
CAC-PS , Thane 0.09 1.24
(2) Capital expenditure 1.04 0.97
Expenditure at other R&D centers
(UPBG at Faridabad, Waghodia and Pantnagar)
Total R&D expenditure 16.17 14.25
UPBG 9.54 11.53
CAC-PS 5.23 1.24
UPBG 1.32 1.48
CAC-PS 0.08 -
Business Segments :
UPBG : Unitary Cooling Products
CAC-PS : Commercial AC - Product Sales
284 Voltas Limited

53 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
cost Carrying value cost Carrying Fair
value value value
Financial assets
Investments (*) 1,699.80 890.49 247.83 2,838.12 2,838.12 2,041.51 983.43 324.38 3,349.32 3,349.32
Loans - - 0.57 0.57 0.57 - - 3.19 3.19 3.19
Trade receivables - - 2,191.85 2,191.85 2,191.85 - - 2,109.67 2,109.67 2,109.67
Other financial assets - - 624.75 624.75 624.75 - - 163.24 163.24 163.24
Cash and cash equivalents - - 692.72 692.72 692.72 - - 558.90 558.90 558.90
Other balances with banks - - 15.66 15.66 15.66 - - 12.77 12.77 12.77
1,699.80 890.49 3,773.38 6,363.67 6,363.67 2,041.51 983.43 3,172.15 6,197.09 6,197.09
Financial liabilities
CORPORATE OVERVIEW
Borrowings - - 615.97 615.97 615.97 - - 343.19 343.19 343.19

Lease Liabilities - - 34.61 34.61 34.61 - - 17.64 17.64 17.64
Trade payables - - 3,012.63 3,012.63 3,012.63 - - 2,942.05 2,942.05 2,942.05
Other financial liabilities 0.25 - 110.34 110.59 110.59 0.33 - 118.10 118.43 118.43
0.25 - 3,773.55 3,773.80 3,773.80 0.33 - 3,420.98 3,421.31 3,421.31
* 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”.
STATUTORY REPORTS
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.

285
53 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,
2023 2022 2023 2022 2023 2022
Financial assets
At fair value through profit or loss
- Investment 1,649.88 1,992.12 49.92 49.39 - -
At fair value through Other Comprehensive
Income
- Investment 613.71 595.50 - - 276.78 387.93
TOTAL 2,263.59 2,587.62 49.92 49.39 276.78 387.93
` in crores
2023 2022 2023 2022 2023 2022
- Derivative financial liabilities - - 0.25 0.33 - -
TOTAL - - 0.25 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.
286 Voltas Limited


C. Reconciliation of fair value measurement of unquoted equity shares classified as FVTOCI assets :
` in crores
As at 1 April, 2021 273.71
Add: Fair valuation gain recognised in OCI 34.23
Add / Less: Investment made during the year 79.99
Closing balance as at 31 March, 2022 387.93
Add: Fair valuation (loss) recognised in OCI (73.19)
Add / Less: Investment (disposed off ) during the year (37.96)
54 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 and the
Company has very limited long term borrowings, 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 Government bond yield would result in
a loss of approximately ` 4.12 crores (31 March, 2022: ` 4.98 crores) whereas a decrease in 25 bps change in 10 year
Government bond yield would result in a profit of approximately ` 4.12 crores (31 March, 2022: ` 4.98 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.

54 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Contd.)
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
United States Dollar (USD) 315.60 445.78 117.85 156.34
United Arab Emirates Dirham (AED) 745.00 400.01 753.66 572.35
Qatari Riyal (QAR) 518.02 355.93 344.15 458.32
Singapore Dollar (SGD) 8.17 54.20 3.84 5.17
Omani Rial (OMR) 102.81 94.64 83.34 97.31
Chinese Yuan (CNY) 87.07 - - -
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 tax Effect on Equity
USD +5% (7.52) (11.62) (5.62) (8.69)
USD -5% 7.52 11.62 5.62 8.69
AED +5% 0.43 8.62 0.32 6.45
AED -5% (0.43) (8.62) (0.32) (6.45)
QAR +5% (8.69) 5.12 (6.51) 3.83
QAR -5% 8.69 (5.12) 6.51 (3.83)
SGD +5% (0.22) (2.45) (0.16) (1.83)
SGD -5% 0.22 2.45 0.16 1.83
OMR +5% (0.97) 0.13 (0.73) 0.10
OMR -5% 0.97 (0.13) 0.73 (0.10)
CNY +5% (3.90) - (2.92) -
CNY -5% 3.90 - 2.92 -
Details of notional value of derivative contracts entered by the Group and outstanding as at Balance Sheet date
` in crores
Particulars As at As at
31 March, 2023 31 March, 2022
Forward contracts - Buy (USD/`) 47.41 57.14
Forward contracts - Buy (CNY/`) 9.15 -
The fair value of the Group’s derivatives position recorded under financial assets and financial liabilities are as follows:
` in crores
Particulars Liabilities Assets
Forex Forward Cover 0.25 0.33 - -
288 Voltas Limited


(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, 2023 31 March, 2022
NSE Nifty 50 : +5% 30.69 29.78
NSE Nifty 50 : -5% (30.69) (29.78)
(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 ` 387.81 crores from Redco Construction-Almana (Qatar) as at 31 March,
2023 which is more than 10% of the total trade receivables and contract assets balances. The Group had a total recoverable
of ` 471.77 crores from Redco Construction-Almana (Qatar) as at 31 March, 2022 which is more than 10% of 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 53 Financial Instruments. The maximum credit exposure on financial guarantees given by the Group
for various financial facilities is disclosed in Note 47 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 Less than More than Total
(31 March, 2023) 1 year 1 year
Non-derivatives
Borrowings (*) 615.67 21.75 637.42
Lease Liabilities 9.22 31.84 41.06
Trade payables 3,012.63 - 3,012.63
Other financial liabilities 98.88 15.69 114.57
Total Non-derivative liabilities 3,736.40 69.28 3,805.68
Derivatives (net settled) 0.25 - 0.25
Contractual maturities of financial liabilities Less than More than Total

(31 March, 2022) 1 year 1 year
Non-derivatives
Borrowings (*) 349.88 - 349.88
Trade payables 2,942.05 - 2,942.05
The amount included in Note 47(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.
290 Voltas Limited

55 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 Beneficial Ownership interest Principal activities
business / held by the Group
country of As at As at
incorporation 31 March, 2023 31 March, 2022
Indian Subsidiaries :
Universal MEP Projects & India 100% 100% Turnkey electrical, Solar and
Engineering Services Limited instrumentation projects.
HI-Volt Enterprises Private Limited India 100% 100% 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)
Foreign Subsidiaries :
Voltas Netherlands B.V. (VNBV) The 100% 100% Investment in overseas ventures
Netherlands undertaking turnkey projects and
trading activities.
Weathermaker FZE Dubai, United 100% 100% Manufacturing of ducts and duct
Arab Emirates accessories.
Saudi Ensas Company for Kingdom of 100%* 100%* Undertake EPC (Engineering,
Engineering Services W.L.L. Saudi Arabia Procurement and Construction)
(*Voltas Limited - 92% and VNBV contracts of MEP (Mechanical,
- 8%) Electrical and Plumbing) projects.
Lalbuksh Voltas Engineering Sultanate of 60%* 60%* Drilling, irrigation and landscaping
Services and Trading L.L.C. Oman activities and construction of water
(*Voltas Limited - 20% and VNBV treatment plants.
- 40%)
Voltas Oman SPC Sultanate of 100% 100% Undertake EPC (Engineering,
(100% through VNBV) Oman Procurement and Construction)
contracts of MEP (Mechanical,
Electrical and Plumbing) projects.
Voltas Qatar W.L.L. State of Qatar 97% 97% Undertake EPC (Engineering,
(99% through VNBV) Procurement and Construction)
contracts of MEP (Mechanical,
Electrical and Plumbing) projects.
Universal MEP Projects Pte Singapore 100% 100% Undertake Plumbing, Heating
Limited (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 Limited. (AFPL)
and the Punjab State Industrial Development Corporation Limited. (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.

55 INTEREST IN OTHER ENTITIES (Contd.)
(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
Particulars As at As at
31 March, 2023 31 March, 2022
Summarised balance sheet
Current assets 135.38 117.30
Current liabilities 38.43 28.43
Net current assets 96.95 88.87
Non-current assets 7.98 6.80
Non-current liabilities 3.57 3.51
Net non-current assets 4.41 3.29
Net assets 101.36 92.16
Accumulated NCI 40.54 36.86
` in crores
31 March, 2023 31 March, 2022
Summarised statement of profit and loss
Revenue 83.16 72.15
Profit for the year 3.02 4.79
Other comprehensive income 8.45 3.94
Total comprehensive income 11.47 8.73
Profit allocated to NCI 1.21 1.92
Dividend paid to NCI 0.85 1.58
` in crores
31 March, 2023 31 March, 2022
Summarised cash flows
Cash flow from operating activities (3.37) 3.99
Cash flow from investing activities (0.72) 0.32
Cash flow from financing activities 1.93 (3.94)
(2.16) 0.37
292 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
Name of entity Place of Principal activities % of Relationship Accounting Carrying amount
business ownership method As at As at
interest 31 March, 2023 31 March, 2022
Universal Voltas L.L.C. United Building maintenance, 49% Joint venture Equity 56.63 51.82
Arab Onshore and off shore oil method
Emirates and gas fields and facilities
services.
Olayan Voltas Contracting Kingdom Execution of maintenance and 50% Joint venture Equity - -
Company Limited of Saudi construction contracts, Water method
Arabia and sewage installation
Voltbek Home Appliances India Engaged in the business of 49% Joint venture Equity 204.51 204.87
Private Limited trading & manufacturing of method
Home Appliances
CORPORATE OVERVIEW
Immaterial joint ventures * Joint venture Equity - -

(refer iv below)” method
Immaterial associates Associates Equity 9.38 9.38
(refer iv below)” method
Total equity accounted 270.52 266.07
investments
* Carrying value is Nil, since immaterial joint ventures are under liquidation.
STATUTORY REPORTS

293
294
(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 Olayan Voltas Contracting Voltbek Home Appliances
Voltas L.L.C. Company Limited Private Limited
31 March, 2023 31 March, 2022 31 March, 2023 31 March, 2022 31 March, 2023 31 March, 2022
Current assets
- Cash and cash equivalents 4.82 4.87 0.76 1.48 23.36 6.07
- Other assets 223.12 213.68 0.02 - 856.65 859.94
Current liabilities
- Trade payables 126.56 125.11 2.01 2.34 319.19 361.84
- Other liabilities (29.22) (26.15) 0.31 0.28 480.93 528.45
Net current assets 130.60 119.59 (1.54) (1.14) 79.89 (24.28)
Non-current assets 0.85 0.55 - - 534.32 584.54
Non-current liabilities 15.88 14.07 - - 196.84 142.20
Net non-current assets / liabilities (15.03) (13.52) - - 337.48 442.34
Net assets / liabilities 115.57 106.07 (1.54) (1.14) 417.37 418.06
` in crores
Reconciliation to the carrying Universal Olayan Voltas Contracting Voltbek Home Appliances
amounts: Voltas L.L.C. Company Limited Private Limited
Opening net assets 106.07 108.20 - 0.50 418.06 450.44
Profit / (Loss) for the year 0.57 (5.39) (0.28) (1.65) (250.73) (222.26)
Other comprehensive income 0.15 0.01 (2.17) (0.72) 0.12 (0.12)
Consolidation adjustment - foreign 8.78 3.25 2.45 1.87 (0.08) -
currency translation adjustment
Issue of equity shares during the year - - - - 250.00 190.00
Dividend paid - - - - - -
Closing net assets 115.57 106.07 - - 417.37 418.06
Group’s share in % 49.00 49.00 50.00 50.00 49.00 49.00
` in crores
Reconciliation to the carrying Universal Olayan Voltas Contracting Voltbek Home Appliances
amounts: Voltas L.L.C. Company Limited Private Limited
Group’s share in closing net assets 56.63 51.82 - - 204.51 204.87
Goodwill / (Capital Reserve) - - - - - -
Carrying amount 56.63 51.82 - - 204.51 204.87
` in crores
Summarised statement Universal Olayan Voltas Contracting Voltbek Home Appliances
of profit and loss: Voltas L.L.C. Company Limited Private Limited
Year ended Year ended Year ended Year ended Year ended Year ended
Revenue 301.81 281.20 - - 1,101.78 944.49
Interest income 0.44 0.04 - - 0.65 0.44
Depreciation and amortisation 0.31 0.37 - - 50.90 46.44
Interest expense - - - - 42.89 22.59
CORPORATE OVERVIEW
Profit / (Loss) for the year 0.57 (5.39) (0.28) (1.65) (250.73) (222.26)
Other comprehensive income 0.15 0.01 (2.17) (0.72) 0.12 (0.12)
Total comprehensive income 0.72 (5.38) (2.45) (2.37) (250.61) (222.38)
(iii) Commitments and Contingent liabilities in respect of associates and joint ventures:
` in crores
As at As at
31 March, 2023 31 March, 2022
STATUTORY REPORTS
Group’s share in Commitments 122.86 124.26

Group’s share in Contingent liabilities - -

295
(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, 2023 31 March, 2022
Aggregate carrying amount of individually immaterial associates (Net) 9.38 9.38
Aggregate amount of the group’s share of:
Profit / (loss) for the year 1.93 1.50
Other comprehensive income - -
Total comprehensive income 1.93 1.50
Aggregate carrying amount of individually immaterial joint ventures (Net) * - -
Share of profits from associates for the year 1.93 1.50
Share of profits from joint ventures for the year (122.58) (111.81)
Total share of profits from associates and joint ventures for the year (120.65) (110.31)
* Carrying value is Nil, since immaterial joint ventures are under liquidation.
56 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 43)
` in crores
Nature of expenses 2022-23
Grouped under
Consumption of Other expenses Total
materials, cost of
jobs and services
(1) Rent 1.88 26.63 28.51
(2) Power and Fuel 4.54 15.16 19.70
(3) Insurance charges 4.84 16.35 21.19
(4) Travelling and Conveyance 2.00 56.73 58.73
(5) Printing and Stationery 0.30 12.35 12.65
(6) Legal and Professional charges 0.65 38.41 39.06
(7) Clearing charges 0.96 69.98 70.94
(8) Outside Service charges 60.44 143.52 203.96
(9) Repairs to Plant and Machinery 0.34 13.90 14.24
(10) Other miscellaneous expenses 18.92 138.89 157.81
296 Voltas Limited

OTHER EXPENSES IN RESPECT OF SPECIFIC ITEMS ARE AS FOLLOWS (REFER NOTE 43) (Contd.)
Grouped under
materials, cost of
jobs and services
(1) Rent 2.03 27.00 29.03
(2) Power and Fuel 0.81 11.95 12.76
57 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.
(a) The movement in lease liabilities during the year ended 31 March, 2023 and 31 March, 2022 is as follows:
` in crores
As at As at
31 March, 2023 31 March, 2022
Balance at the beginning 17.64 9.21
Additions 23.43 15.46
Accretion of interest 3.53 1.67
Payment of lease liabilities (9.99) (8.70)
Balance at the end 34.61 17.64
Non-current 25.39 12.68
Current 9.22 4.96
(b) The following are the amounts recognised in profit or loss:
` in crores
31 March, 2023 31 March, 2022
Depreciation on right-of-use assets 8.47 7.19
Interest expense on lease liabilities 3.53 1.67
Expense relating to short-term leases (Refer footnote c) 96.61 101.46
Total amount recognised in statement of profit and loss 108.61 110.32

57 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 54 (iii) Liquidity Risk Management.
(b) The effective interest rate for lease liabilities is 9%, with maturity between 2023-2028.
(c) Expense relating to short-term leases are disclosed under the head rent and clearing charges in other expenses
(Refer Note 43).
(d) The Group had total cash flows for leases of ` 9.99 crores on 31 March, 2023 (31 March, 2022 : ` 8.70 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 ` 24.60 crores is recognised as lease income in the statement of profit and loss
account for the year ended 31 March, 2023 (31 March, 2022 : ` 24.40 crores).
Minimum lease income for non-cancelable operating lease
` in crores
As at As at
31 March, 2023 31 March, 2022
(a) Not later than one year 6.30 2.77
(b) Later than one year but not later than five years 4.60 3.03
(c) Later than five years - -
58 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, 2023 31 March, 2022
Segment - A ( Unitary Cooling Products )
(b) Sale of services 787.30 666.80
Sub-total : 6,474.50 4,881.92
Segment - B ( Electro - Mechanical Projects and Services )
(a) Sale of products 20.42 24.29
(b) Construction contract revenue 2,290.02 2,395.87
(c) Sale of services 92.47 50.33
Sub-total : 2,402.91 2,470.49
Segment - C ( Engineering Products and Services )
Sub-total : 521.96 488.66
Total revenue from contracts with customers 9,399.37 7,841.07
298 Voltas Limited

58 REVENUE FROM CONTRACTS WITH CUSTOMERS (Contd.)

(B) Set out below is the amount of revenue recognised from:
` in crores
As at As at
31 March, 2023 31 March, 2022
(a) Amounts included in contract liabilities at the beginning of the year 212.57 311.71
(b) Performance obligations satisfied in previous years - 0.35
(C) Reconciling the amount of revenue recognised in the statement of profit and loss with the contracted price.
` in crores
31 March, 2023 31 March, 2022
Revenue as per contracted price 8,596.09 7,234.24
Adjustments
Add: (a) Unbilled on account of work under certification 1,048.01 751.56
Less: (b) Billing in excess of contract revenue (244.73) (144.73)
Revenue from contract with customers 9,399.37 7,841.07
(D) Performance obligation

The transaction price allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as at 31 March, 2023
is of ` 6,646.71 crores (31 March, 2022: ` 3,771.82 crores), out of which, majority is expected to be recognised as revenue within a
period of one year.
59 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 monitors capital using a gearing ratio, which is net debt divided
by total capital plus net debt. The Company includes within net debt, interest bearing loans and borrowings, less cash and cash
equivalents.
` in crores
As at As at
31 March, 2023 31 March, 2022
Borrowings (Refer Note 25 and 31) 615.97 343.19
Less: Cash and cash equivalents (Refer Note 17) (692.72) (558.90)
Net Debt (76.75) (215.71)
Equity 5,452.07 5,499.56
Total Capital 5,452.07 5,499.56
Capital and Net Debt 5,375.32 5,283.85
Gearing Ratio (1.43%) (4.08%)

60 OTHER STATUTORY INFORMATION :
(i) The Group does not have any Benami property, where any proceeding has been initiated or pending against the Group for
holding any Benami property.
(ii) The Group does not have any transactions with companies struck off.
(iii) The Group does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period,
(iv) The Group has not traded or invested in Crypto currency or Virtual Currency during the financial year.
(v) The Group has 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 has 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:
the Funding Party (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,
(vii) The Group has 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 Companies Act, 2013
read with the Companies (Restriction on number of Layers) Rules, 2017.
(ix) The Group is maintaining its books of account in electronic mode and these books of account are accessible in India at all
times and the back-up of books of account has been kept in servers physically located in India on a daily basis from the
applicability date of the Companies (Accounts) Rules, 2014, i.e. 5 August, 2022 onwards.
61
The Board of Directors of Voltas Limited (‘Holding Company’) at its meeting held on 12 February, 2021, have approved the transfer
of domestic B2B businesses of the Holding 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) via slump sale through a Business Transfer Agreement (‘BTA’). The
BTA transaction has been consummated on 1 August, 2022, being the closing date for the transfer of business for a consideration
of ` 1,190 crores. .
62 RESTRUCTURING OF OVERSEAS BUSINESS OPERATIONS :

(i) The Board of Directors of the Voltas Limited at its Meeting held on 25 April, 2023, approved the proposal for transfer of
overseas branch offices of the Company at Dubai, Abu Dhabi, Sharjah in the United Arab Emirates (UAE), Doha in Qatar,
Bahrain and Singapore to Universal MEP Projects Pte Limited (UMPPL), Singapore, a wholly-owned subsidiary of Voltas
Netherlands B.V., which is a direct 100% wholly-owned subsidiary of Voltas Limited. The transfer would be on slump sale basis
through execution of Business Transfer Agreement (BTA) for each branch separately, subject to satisfactory completion of
conditions precedent, including novation of existing contracts of Voltas in favour of UMPPL by the Main Contractors/Clients
and such other compliances or procedures necessary or applicable in the respective local jurisdictions.
300 Voltas Limited

62 RESTRUCTURING OF OVERSEAS BUSINESS OPERATIONS (Contd.)

(ii) The Board of Directors have also approved transfer of Voltas direct investments in overseas subsidiary companies –
Weathermaker FZE (100%), UAE, Saudi Ensas Company for Engineering Services W.L.L., Kingdom of Saudi Arabia (92%) and
Lalbuksh Voltas Engineering Services & Trading L.L.C., Sultanate of Oman (20%) to UMPPL through Share Purchase Agreement
(SPA) for each company respectively, subject to requisite approvals as may be required in that behalf.
(iii) Upon consummation of the aforesaid transactions, the international business operations would get housed in the Singapore
entity – UMPPL.
63 EVENTS OCCURRING AFTER BALANCE SHEET :

(i) The Board of Directors of Parent Company have proposed dividend of ` 4.25 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 of Parent Company have approved an amount of ` 20.00 crores to be transferred to General Reserve
from Retained Earnings after the balance sheet date.
64 RATIO ANALYSIS
Sr. Ratio Numerator Denominator As at As at % Reason for variance
No 31 March, 31 March, change
2023 2022
1 Current ratio Current Assets Current Liabilities 1.40 1.45 (3.73%) -
2 Debt- Equity Borrowings Total equity 0.11 0.06 80.92% Increase is on account of
Ratio borrowings availed for
International operation
for working capital
management of projects
executed.
3 Debt Service Earnings for debt Debt service = Interest 7.72 22.03 (64.95%) Decrease is on account
Coverage ratio service = Net Profit payable & Lease of lower net profit earned
before tax+ Non-cash Payments + Principal during the year due
operating expenses- Repayments of long to provisions created
depreciation and term borrowings in overseas business
amortisation+ towards customer dues,
Finance Cost+ other contract assets and
adjustments like Loss encashment of bank
on sale of property, guarantees.
plant and equipment
4 Return on Net Profit after taxes Average total equity 0.02 0.10 (74.21%) Decrease is on account
Equity ratio of lower net profit earned
during the year due
to provisions created
in overseas business
towards customer dues,
contract assets and
encashment of bank
guarantees.
5 Inventory Cost of goods sold Average Inventory 3.38 2.77 22.23% -
Turnover ratio excluding cost of
jobs and services of
Segment - B (Electro
- Mechanical Projects
and Services)
6 Trade Revenue from Average Trade 3.12 2.74 13.80% -
Receivable Operations Receivable
Turnover Ratio

64 RATIO ANALYSIS (Contd.)
Sr. Ratio Numerator Denominator As at As at % Reason for variance

No 31 March, 31 March, change
2023 2022
7 Trade Payable Cost of goods sold Average Trade Payables 2.73 2.41 13.05% -
Turnover Ratio and other expenses
8 Net Capital Revenue from Working capital = 5.14 4.30 19.63% -
Turnover Ratio Operations Current assets –
Current liabilities
9 Net Profit ratio Net Profit Revenue from 0.01 0.06 (77.51%) Decrease is on account
operations of provisions created
in overseas business
contract assets and
encashment of bank
guarantees.
10 Return on Earnings before Capital Employed = 0.06 0.13 (53.19%) Decrease is on account
Capital interest and taxes Tangible Net worth of lower net profit earned
Employed + Total long term during the year due
borrowings + Deferred to provisions created
Tax Liability in overseas business
contract assets and
encashment of bank
guarantees
11 Return on
Investment
(a) Mutual Funds Gain on sale / fair
Monthly average 0.04 0.05 (12.68%) -
Investments valuation of Mutual
investment in Mutual
Fund Funds
(b) Fixed Income Interest Income Monthly average 0.07 0.07 (6.37%) -
Investments investment in Fixed
Income invetments
(c) Quoted Equity Fair valuation of Quaterly average 0.03 0.36 (91.32%) Decrease in return on
Instruments quoted investment + investment in Quoted investment from quoted
Investments Dividend Income Equity Instruments equity instruments are
on account of fluctuation
in market prices.
65 revious year’s figures have been regrouped / reclassified wherever necessary to correspond with the current year’s classification/
P
disclosure.


Membership Number : 38730 Place : Mumbai
Place : Mumbai Place : Mumbai
302 Voltas Limited

Inauguration of Voltas Experience Zone at Lajpat Nagar, New Delhi by Mr. Pradeep Bakshi, Managing Director & CEO, Voltas Limited
INDEPENDENT AUDITOR’S REPORT
To the Members of Voltas Limited the Institute of Chartered Accountants of India together with
the ethical requirements that are relevant to our audit of the
Report on the Audit of the Standalone Ind AS Financial
financial statements under the provisions of the Act and
Statements
the Rules thereunder, and we have fulfilled our other ethical
Opinion responsibilities in accordance with these requirements and
We have audited the accompanying standalone Ind AS financial the Code of Ethics. We believe that the audit evidence we have
statements of Voltas Limited (“the Company”), which comprise obtained is sufficient and appropriate to provide a basis for our
the Balance sheet as at March 31, 2023, the Statement of Profit audit opinion on the 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
Key audit matters are those matters that, in our professional
in Equity for the year then ended, and notes to the standalone
Ind AS financial statements, including a summary of significant judgment, were of most significance in our audit of the
accounting policies and other explanatory information. standalone Ind AS financial statements for the financial year
ended March 31, 2023. These matters were addressed in
In our opinion and to the best of our information and according the context of our audit of the standalone Ind AS financial
to the explanations given to us, the aforesaid standalone Ind statements as a whole, and in forming our opinion thereon,
AS financial statements give the information required by the and we do not provide a separate opinion on these matters. For
Companies Act, 2013, as amended (“the Act”) in the manner each matter below, our description of how our audit addressed
so required and give a true and fair view in conformity with the matter is provided in that context.
the accounting principles generally accepted in India, of the
state of affairs of the Company as at March 31, 2023, its profit We have determined the matters described below to be
including other comprehensive income, its cash flows and the the key audit matters to be communicated in our report. We
changes in equity for the year ended on that date. have fulfilled the responsibilities described in the Auditor’s
responsibilities for the audit of the standalone Ind AS financial
Basis for Opinion statements section of our report, including in relation to these
We conducted our audit of the standalone Ind AS financial matters. Accordingly, our audit included the performance of
statements in accordance with the Standards on Auditing (SAs), procedures designed to respond to our assessment of the risks
as specified under section 143(10) of the Act. Our responsibilities of material misstatement of the standalone Ind AS financial
under those Standards are further described in the ‘Auditor’s statements. The results of our audit procedures, including the
Responsibilities for the Audit of the standalone Ind AS Financial procedures performed to address the matters below, provide
Statements’ section of our report. We are independent of the the basis for our audit opinion on the accompanying standalone
Company in accordance with the ‘Code of Ethics’ issued by Ind AS financial statements.
304 Voltas Limited

(a) 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
to INR 895.57 crores, disclosed under Note 36 ‘Revenue from
policies and assessed compliance of the policies with
contracts with customers’ as construction contract revenue,
Ind AS 115.
which are recognized over a period of time in accordance with
the requirements of Ind AS 115, ‘Revenue from Contracts with  We assessed the design and tested the operating
Customers’. effectiveness of controls over revenue recognition through
inspection of evidence of performance of these controls with
Due to the nature of the contracts, revenue is recognized based
specific focus on determination of progress of completion,
on percentage of completion method which is determined
recording of costs incurred, estimation of costs to complete
based on proportion of contract costs incurred to date compared
and the remaining contract obligations.
to estimated total contract costs, which involves significant
judgments including estimate of future costs, revision to original  We performed test of details, on a sample basis and evaluated
estimates based on new knowledge such as delay in timelines, management estimates and assumptions.
changes in scope and consequential revised contract price and  We assessed management’s estimates by comparing
recognition of the liability for loss making contracts/ onerous estimated cost with actual costs and discussion on the
obligations. project specific considerations with the relevant project
Accuracy of revenues, onerous obligations and profits may managers including on our project site visits. We assessed
deviate significantly on account of change in judgements and that, fluctuations in commodity and currency prices,
estimates. delays, cost overruns related to the performance of work
are appropriately taken into consideration while estimating
Considering the variability of assumptions involved in estimation
costs to come and also assessed the accounting treatment
of revenues, the same has been considered as a key audit matter.
of expected loss on projects including variable consideration
which is recognized in accordance with the Company’s
accounting policy of revenue recognition.

We tested 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, on sample basis.
 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 54 to the
standalone Ind AS financial statements.

Recoverability of and Impairment Allowance of receivables and contract assets of Electro-Mechanical projects and
services segment
As at March 31, 2023, trade receivable and contract assets of Our audit procedures included the following:
Electro - mechanical projects and service segment amount to INR
 We evaluated the Company’s processes and controls relating
943.76 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 707.34 crores
 We assessed the design and tested the operating
represent trade receivable and contract assets of international
effectiveness of relevant controls in relation to the process
business operation. Recoverability of certain receivables and
adopted by management for testing the impairment of
contract assets are impacted due to several factors like the
these receivables 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 segment and recovery of certain trade receivable and
ability of the customers etc. contract assets of international business operation we tested
the ageing of trade receivable and contract assets. We tested
The Company follows ‘simplified approach’ in accordance with
the management’s assessment of the customer’s financial
Ind AS 109 - ‘Financial Instruments’, for recognition of impairment
circumstances, ability to repay the dues based on historical
loss allowance on trade receivables and contract assets. In
payment trends, assumption used for determining likely
calculating the impairment loss allowance, the Company has
losses and delays in collection of trade receivables including
considered its credit assessment for its customers. Owing to the
any project disputes which may result in future claims
long settlement period involved in a few of the projects owing
against the Company.
to the nature of the projects and customers, management also
considers the likely delays involved in the settlement process as  We evaluated the assumptions used by management in
part of the 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 52 of
the standalone Ind AS financial statements.
306 Voltas Limited

Impairment of Investments in Universal MEP Projects & Engineering Services Limited
The Company has an investment of INR 1487.93 crores in its Our audit procedures included the following:
wholly owned subsidiary Universal MEP Projects & Engineering  We assessed the design and tested the operating
Services Limited (‘UMPESL’) as of March 31, 2023. During the earlier effectiveness of relevant controls in relation to the process
years, the management had identified impairment indicators on adopted by management for testing the impairment of
the investment made in UMPESL and accordingly accounted an Investment in UMPESL.
impairment provision of INR 32.57 crores. On an annual basis,
the Company performs an annual impairment assessment by  We assessed the Company’s valuation methodology
comparing the carrying value to their recoverable amounts in applied in determining the recoverable amount. In making
order to determine whether any additional impairment provision/ this assessment, we also evaluated the objectivity and
reversal is required. independence of Company’s specialists involved in the
process.
For the purposes of above impairment assessment, the Company
 We assessed the assumptions around the key drivers of the
engages specialists to determine value in use by discounting
cash flow forecasts including projected order value and
forecasted cash flows and considering the inherent nature of
margins, discount rates, expected growth rates and terminal
these calculations being subject to sensitivity to the inputs
growth rates used. Further, assessed the recoverable
used for forecasting the cash flows and judgements used by
value headroom by performing sensitivity testing of key
management in such forecasts, the assessment of impairment of
assumptions used.
investment in UMPESL was determined to be a key audit matter
in our audit of the standalone Ind AS financial statements.  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.
Transfer of business to wholly owned subsidiary on a slump sale basis
The Board of Directors of the Company at its meeting held on Our audit procedure included the following:
February 12, 2021, have approved the transfer of domestic  We obtained and read the Business Transfer Agreement
businesses of the Company relating to Projects business (‘BTA’) for transfer of business.
comprising Mechanical Electrical and Plumbing (MEP)/Heating,
Ventilation and Air-Conditioning (HVAC) and Water projects,  We assessed the design and tested the operating
Mining and Construction Equipment (M&CE) and Textile effectiveness of relevant controls in relation to accounting
Machinery Division (TMD) businesses to its wholly owned for business transfer.
subsidiary viz. Universal MEP Projects & Engineering Services  We verified the consideration received for business transfer is
Limited (“UMPESL”) via slump sale through a Business Transfer as per Board approved consideration.
Agreement (“BTA”). The BTA transaction has been consummated  We verified net assets transferred and resultant gain on
on August 01, 2022, being the ‘closing date’ for transfer of business transfer of business is in accordance with the terms of the
for a consideration of INR 1,190 crores. business transfer agreement and examined management’s
As the business transfer is a significant event that has occurred assessment of the income tax implications of the business
during the current year, the same has been considered as a Key transfer on slump sale basis.
Audit Matter.  We evaluated the accounting and disclosures of business
transfer in the standalone Ind AS financial statements.

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

• Conclude on the appropriateness of management’s use of we give in the “Annexure 1” a statement on the matters
the going concern basis of accounting and, based on the specified in paragraphs 3 and 4 of the Order.
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
significant doubt on the Company’s ability to continue
and explanations which to the best of our knowledge
as a going concern. If we conclude that a material
and belief were necessary for the purposes of our
uncertainty exists, we are required to draw attention
audit;
in our auditor’s report to the related disclosures in the
financial statements or, if such disclosures are inadequate, (b) In our opinion, proper books of account as required
to modify our opinion. Our conclusions are based on the by law have been kept by the Company so far it
audit evidence obtained up to the date of our auditor’s appears from our examination of those books.
report. However, future events or conditions may cause (c) The Balance Sheet, the Statement of Profit and Loss
the Company to cease to continue as a going concern. including the Statement of Other Comprehensive
• Evaluate the overall presentation, structure and content of Income, the Cash Flow Statement and Statement of
the standalone Ind AS financial statements, including the Changes in Equity dealt with by this Report are in
disclosures, and whether the standalone Ind AS financial agreement with the books of account;
statements represent the underlying transactions and (d)
In our opinion, the aforesaid standalone Ind AS
events in a manner that achieves fair presentation. financial statements comply with the Accounting
Standards specified under Section 133 of the Act,
We communicate with those charged with governance
read with Companies (Indian Accounting Standards)
regarding, among other matters, the planned scope and
Rules, 2015, as amended;
timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we identify (e) On the basis of the written representations received
during our audit. from the directors as on March 31, 2023 taken
on record by the Board of Directors, none of the
We also provide those charged with governance with a directors is disqualified as on March 31, 2023 from
statement that we have complied with relevant ethical being appointed as a director in terms of Section
requirements regarding independence, and to communicate 164 (2) of the Act;
with them all relationships and other matters that may
(f ) With respect to the adequacy of the internal financial
reasonably be thought to bear on our independence, and
controls with reference to these standalone Ind As
where applicable, related safeguards.
financial statements and the operating effectiveness
From the matters communicated with those charged with of such controls, refer to our separate Report in
governance, we determine those matters that were of most “Annexure 2” to this report;
significance in the audit of the standalone Ind AS financial
(g) In our opinion, the managerial remuneration for the
statements for the financial year ended March 31, 2023 and
year ended March 31, 2023 has been paid / provided
are therefore the key audit matters. We describe these matters
by the Company to its directors in accordance with
in our auditor’s report unless law or regulation precludes
the provisions of section 197 read with Schedule V
public disclosure about the matter or when, in extremely to the Act;
rare circumstances, we determine that a matter should
(h) With respect to the other matters to be included
not be communicated in our report because the adverse
in the Auditor’s Report in accordance with Rule 11
consequences of doing so would reasonably be expected to
of the Companies (Audit and Auditors) Rules, 2014,
outweigh the public interest benefits of such communication.
as amended in our opinion and to the best of our
Report on Other Legal and Regulatory Requirements information and according to the explanations
1. As required by the Companies (Auditor’s Report) Order, given to us:
2020 (“the Order”), issued by the Central Government of i. The Company has disclosed the impact of
India in terms of sub-section (11) of section 143 of the Act, pending litigations on its financial position

in its standalone Ind AS financial statements or invest in other persons or entities
– Refer Note 46 to the standalone Ind As identified in any manner whatsoever
financial statements; by or on behalf of the Funding Party
(“Ultimate Beneficiaries”) or provide any
ii. The Company has made provision, as required
guarantee, security or the like on behalf
under the applicable law or accounting
of the Ultimate Beneficiaries; and
standards, for material foreseeable losses, if any,
on long-term contracts including derivative (c)
Based on such audit procedures
contracts – Refer Note 34 to the standalone performed that have been considered
Ind AS financial statements; reasonable and appropriate in the
circumstances, nothing has come
iii.
There has been no delay in transferring
to our notice that has caused us to
amounts, required to be transferred, to the
believe that the representations under
Investor Education and Protection Fund
sub-clause (a) and (b) contain any
by the Company
material misstatement.
iv. (a) The management has represented that,
v. The final dividend paid by the Company during
to the best of its knowledge and belief,
the year in respect of the same declared for the
as disclosed in the Note 56(v) to the
previous year is in accordance with section 123
standalone Ind AS financial statements,
of the Act to the extent it applies to payment
no funds have been advanced or loaned
of dividend.
or invested (either from borrowed funds
or share premium or any other sources or As stated in Note 59 to the standalone Ind AS
kind of funds) by the Company to or in financial statements, the Board of Directors of
any other persons or entities, including the Company have proposed final dividend
foreign entities (“Intermediaries”), with for the year which is subject to the approval
the understanding, whether recorded of the members at the ensuing Annual
in writing or otherwise, that the General Meeting. The dividend declared is in
Intermediary shall, whether, directly or accordance with section 123 of the Act to the
indirectly lend or invest in other persons extent it applies to declaration of dividend.
or entities identified in any manner
vi.
As proviso to Rule 3(1) of the Companies
whatsoever by or on behalf of the
(Accounts) Rules, 2014 is applicable for the
Company (“Ultimate Beneficiaries”) or
Company only w.e.f. April 1, 2023, reporting
provide any guarantee, security or the like
under this clause is not applicable.
on behalf of the Ultimate Beneficiaries;
(b)
The management has represented
that, to the best of its knowledge and For S R B C & CO LLP
belief, other than as disclosed in the Chartered Accountants
Note 56(vi) to the standalone Ind AS ICAI Firm Registration Number: 324982E/E300003
financial statements, no funds have
been received by the Company from per Dolphy D’Souza
any persons or entities, including foreign Partner
entities (“Funding Parties”), with the Membership Number: 038730
understanding, whether recorded in UDIN: 23038730BGYSNG9540
writing or otherwise, that the Company Place: Mumbai
shall, whether, directly or indirectly, lend Date: April 26, 2023
310 Voltas Limited

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”)

In terms of the information and explanations sought by us and given by the company and the books of account and records examined
by us in the normal course of audit and to the best of our knowledge and belief, we state that:
(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) All Property, Plant and Equipment have not been physically verified by the management during the year but there is a
regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the
nature of its assets. No material discrepancies were noticed 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 and 6 to the financial statements are held in the name of the
Company except for the following:
Description of Gross Held in the Whether Period held Reason for not being held in
Property Carrying name of promoter, director (since) name of company also indicate
value (in or their relative or if in dispute and period for
INR crores) employee which it has been held
16 Flats in Tata 0.06 Tata Services Group Company Aug 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, 0.23 Bombay Port Others June 2017 The said building was taken on
23 J N Heredia Trust lease by the Company that expired
Marg, Ballard in June’17. The Company has
Estate, Mumbai submitted an application for renewal
400001 (in accordance with contractual
right) of lease on December 15,
2016.
Building & 11.46 Universal Group company September These properties were acquired
Leasehold land- Comfort 2020 pursuant to a scheme of
Pantnagar Products amalgamation and continued
Limited to be registered in the name of
amalgamating company.
However, the deed of merger has
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, 2023.
(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.

(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. Discrepancies of 10% or more in aggregate for each class of inventory were not noticed on such
physical verification. Inventories lying with third parties have been confirmed by them as at March 31, 2023 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 Crores)
Aggregate amount of guarantee provided during the year
- Subsidiaries 782.85
- Joint Ventures --
- Associates --
- Others --
Balance outstanding as at balance sheet date in respect of above cases
- Subsidiaries 2,733.13
- Joint Ventures 82.13
- Associates --
- Others --
(b) During the year, the Company has not provided security and granted loans and advances in the nature of loans to companies,
firms, Limited Liability Partnerships 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 is 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 provision of sections 185 and 186 of the Companies
Act, 2013 are applicable have been complied 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, custom duty, 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.
312 Voltas Limited

(b) The dues of goods and services tax, provident fund, employees’ state insurance, income-tax, sales-tax, service tax, duty of
custom, duty of excise, 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 Period to which the Amount Relates Amount
pending (INR in
Crores)
The Central Excise Excise Duty High Court 2011-12 0.67
Act, 1944 Customs, Excise and 2002, 2009-10 to 2014-15 13.69
Service Tax Appellate
Tribunal (CESTAT)
Commissionerate 1981-82, 1983-84, 1985-86 to 1990-91, 4.48
1992-93 to 1993-94,1999-00 to 2000-01,
2004-05, 2011-12, 2012-13
Finance Act, 1994 Service Tax Service Tax Appellate 1999-00 to 2002-03, 2004-05 to 2009-10, 12.02
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, 1988-89, 1989-90, 1990-91, 7.26
(3) Entry Tax 1996-97, 1997-98, 1998-99, 2003-04
(including
Appellate Tribunal 1986-87, 1999-00 to 2000-01, 2004-05 to 15.79
penalty and
2006-07, 2008-09 to 2014-15, 2017-18
interest)
Appellate Revisional Board 2007-08, 2014-15 to 2016-17 4.94
Commissioner 1988-89, 1990-91 to 1991-92, 1996-97, 9.33
(Assessment) 1998-99, 2000-01 to 2001-02, 2009-10
to 2017-18
Commissioner of Appeals 1989-90 to 1990-91, 1994-95 to 2001-02, 24.13
2005-06 to 2017-18
Goods and Service Goods and Service High Court 2017-18, 2018-19 2.58
Tax Act, 2017 Tax Commissioner of Appeals 2018-19 to 2020-21 1.05
(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) Term loans were applied for the purpose for which the loans were obtained.
(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 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.
(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. Accordingly, the requirement to
report on clause (xvi)(b) of the Order is not applicable to the Company.
(c) The Company is not a Core Investment Company (CIC) 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 5 CIC’s which are registered
with Reserve Bank of India and 1 CIC which is not required to be registered with 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 60 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
314 Voltas Limited

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 42(B) 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 42(B) to
the financial statements.


Partner
UDIN: 23038730BGYSNG9540
Place: Mumbai

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 financial statements of Voltas Limited (“the Company”) as
of March 31, 2023 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.
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.
316 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, 2023, 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
UDIN: 23038730BGYSNG9540
Place: Mumbai

STANDALONE BALANCE SHEET
AS AT 31 MARCH, 2023
` in crores
Note As at As at
No. 31 March, 2023 31 March, 2022
I ASSETS
Non-current assets
(a) Property, plant and equipment 4 350.72 225.89
(b) Capital work-in-progress 4 98.25 59.29
(c) Investment property 5 49.41 53.32
(d) Right-of-use assets 6 31.38 16.65
(e) Other intangible assets 7 5.59 7.01
(f ) Financial assets
(i) Investments 8 4,655.23 3,690.53
(ii) Loans 9 0.08 0.10
(iii) Other financial assets 10 261.21 75.58
(g) Income tax assets (net) 10.14 9.19
(h) Other non-current assets 12 70.71 95.10
Total non-current assets 5,532.72 4,232.66
Current assets
(a) Inventories 13 1,547.02 1,655.39
(b) Contract assets 14 373.47 576.43
(c) Financial assets
(i) Investments 8 307.16 434.27
(ii) Trade receivables 15 1,289.15 1,520.23
(iii) Cash and cash equivalents 16 373.82 451.12
(iv) Other balances with banks 17 15.66 12.77
(v) Loans 18 0.43 1.91
(vi) Other financial assets 19 381.27 110.39
(d) Other current assets 20 221.56 221.55
Total current assets 4,509.54 4,984.06
TOTAL ASSETS 10,042.26 9,216.72
II EQUITY AND LIABILITIES
Equity
(a) Equity share capital 21 33.08 33.08
(b) Other equity 22 6,740.02 5,535.62
Total Equity 6,773.10 5,568.70
Liabilities
Non-current liabilities
(i) Borrowings 24 21.15 -
(iii) Other financial liabilities 26 11.46 14.89
(c) Provisions 27 69.47 82.75
(d) Deferred tax liabilities (net) 11 5.28 12.35
(e) Other non-current liabilities 28 4.17 6.32
Total non-current liabilities 139.20 128.79
Current liabilities
(i) Borrowings 30 264.13 126.04
(iii) Trade payables 32
- Total outstanding dues of micro and small enterprises 112.94 143.46
-Total outstanding dues of creditors other than micro and small 2,096.85 2,538.56
enterprises
(iv) Other financial liabilities 33 117.77 103.23
(c) Provisions 34 142.62 148.33
(d) Income tax liabilities (net) 39.67 43.42
(e) Other current liabilities 35 140.84 85.98
Total current liabilities 3,129.96 3,519.23
Total Liabilities 3,269.16 3,648.02
TOTAL EQUITY AND LIABILITIES 10,042.26 9,216.72


Place : Mumbai
318 Voltas Limited

STANDALONE STATEMENT OF PROFIT AND LOSS

` in crores
Note Year ended Year ended
No. 31 March, 2023 31 March, 2022
Income
I Revenue from operations 36 7,674.92 7,098.60
II Other income 37 175.20 167.89
III Total income (I + II) 7,850.12 7,266.49
Expenses
(a) Consumption of materials, cost of jobs and services 3,603.32 3,506.82
(b) Purchases of stock-in-trade 2,200.70 2,042.75
(c) Changes in inventories of finished goods, stock-in-trade and work- 38 308.31 (178.27)
in-progress
(d) Employee benefits expenses 39 436.68 488.54
(e) Finance costs 40 12.46 14.55
(f ) Depreciation and amortisation expenses 41 36.33 33.13
(g) Other expenses 42 699.33 595.81
IV Total expenses 7,297.13 6,503.33
V Profit before exceptional items and tax (III - IV) 552.99 763.16
VI Exceptional Items 43 975.18 -
VII Profit before tax (V + VI) 1,528.17 763.16
Tax Expense
(a) Current tax 111.80 178.00
(b) Adjustment of tax relating to earlier periods (0.95) (3.58)
(c) Deferred tax charge 11 12.01 5.27
VIII Total tax expense 44 122.86 179.69
IX Net Profit for the year (VII - VIII) 1,405.31 583.47
Items that are not to be reclassified to profit or loss
(a) Changes in fair value of equity instruments through other (92.92) 206.54
(b) Income tax effect on (a) above 11 23.35 (27.54)
(c) Remeasurement gain / (loss) on defined benefit plans 16.96 (17.41)
(d) Income tax effect on (c) above 11 (4.27) 4.38
X Other Comprehensive Income [net of tax] (56.88) 165.97
XI Total Comprehensive Income [net of tax] (IX + X) 1,348.43 749.44
XII Earnings per share:
Basic and Diluted (`) (Face value ` 1/- per share) 45 42.47 17.63


Place : Mumbai

320
STANDALONE STATEMENT OF CHANGES IN EQUITY
A. EQUITY SHARE CAPITAL
Voltas Limited
` in crores
Balance as at 01 April, 2021 33.08
Changes in equity share capital -
Changes in equity share capital *
*Value below Rs. 50,000/-
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 01 April, 2021 12.25 1.26 6.28 1,406.83 0.01 2,898.14 626.85 4,951.62
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
Payment of dividends - - - - - (165.44) - (165.44)
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
(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, 2022 12.25 1.26 6.28 1,426.83 0.01 3,283.14 805.85 5,535.62
Net profit for the year - - - - - 1,405.31 - 1,405.31
Other comprehensive income for the year (net of tax) - - - - - 12.69 (69.57) (56.88)
Total comprehensive income for the year (net of tax) - - - - - 1,418.00 (69.57) 1,348.43
Payment of dividends - - - - - (181.99) - (181.99)
Transfer to General Reserve - - - 20.00 - (20.00) - -
Gain realised on sale of equity instrument classified as - - - - - 37.96 - 37.96
FVTOCI
CORPORATE OVERVIEW
Balance as at 31 March, 2023 12.25 1.26 6.28 1,446.83 0.01 4,537.11 736.28 6,740.02


STATUTORY REPORTS


Place : Mumbai

321
STANDALONE CASHFLOW STATEMENT
` in crores
31 March, 2023 31 March, 2022
A. CASH FLOW FROM OPERATING ACTIVITIES
Profit before tax 1,528.17 763.16
Adjustments for :
Depreciation and amortisation expenses 36.33 33.13
Allowance for doubtful debts and advances 150.03 32.02
Unrealised foreign exchange (gain) / loss (net) (3.34) 3.88
Provision for diminution in value of investments (net) (32.57) 0.25
Loss on disposal of property, plant and equipment 1.31 1.28
Finance costs 12.46 14.55
Interest income (44.34) (3.65)
Dividend income (9.26) (7.15)
Gain arising on financial assets measured at Fair Value (63.24) (81.09)
through Profit or Loss (FVTPL) (net)
Financial guarantee contract income (3.72) (2.58)
Unclaimed credit balances written back (7.57) (9.70)
Gain on transfer of business (Refer Note 57) (1,049.04) -
Rental income (29.27) (24.70)
(1,042.22) (43.76)
Operating profit before working capital changes 485.95 719.40
Changes in working capital:
Adjustments for (increase) / decrease in operating assets:
Inventories 65.64 (381.49)
Trade receivables (161.63) (83.67)
Contract assets 3.76 54.14
Other financial assets (153.03) (4.88)
Other non-financial assets (47.57) (58.35)
Adjustments for increase / (decrease) in operating liabilities:
Trade payables (114.28) 631.84
Contract liabilities 7.58 (63.47)
Other financial liabilities 2.90 7.66
Other non-financial liabilities 63.58 18.44
Provisions (2.05) 31.08
(335.10) 151.30
Cash generated from operations 150.85 870.70
Income tax paid (net of refunds) (115.56) (202.20)
NET CASH FLOW FROM OPERATING ACTIVITIES (A) 35.29 668.50
B. CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment and intangible assets (175.77) (47.32)
(including capital advances and capital work-in-progress)
Proceeds from disposal of property, plant and equipment 3.08 1.31
Investment in fixed deposits (186.06) 36.27
Purchase of investments (1,697.84) (1,103.85)
Investment in equity shares of subsidiary (1,190.00) -
Investment in inter corporate deposit (185.00) -
Proceeds from sale of investments 2,094.85 712.82
Proceeds from transfer of business 1,190.00 -
Interest received 35.63 8.84
322 Voltas Limited

STANDALONE CASHFLOW STATEMENT

` in crores
31 March, 2023 31 March, 2022
Dividend received
– Subsidiaries, associates and joint ventures 2.35 2.13
– Others 6.91 5.02
Rent received 30.00 25.72
Rental Deposits (repaid) / received 0.21 (11.35)
NET CASH FLOW USED IN INVESTING ACTIVITIES (B) (71.64) (370.41)
C. CASH FLOW FROM FINANCING ACTIVITIES
Repayment of borrowings (40.72) (11.00)
Proceeds from borrowings 199.96 35.19
Interest paid (12.46) (11.51)
Payment of principal portion of lease liabilities (6.73) (6.16)
Dividend paid (181.99) (165.39)
NET CASH FLOW USED IN FINANCING ACTIVITIES (C) (41.94) (158.87)

NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS (78.29) 139.22
(A+B+C)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR 452.75 313.53
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 374.46 452.75
Non-Cash Investing and Financing transaction
Net gain arising on financial assets measured at FVTPL (63.24) 71.37
Impairment / (reversal of impairment) of Investment (net) (32.57) 0.25
Addition to Right of use assets 22.82 11.77
(72.99) 83.39
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) 373.82 451.12
Effect of exchange difference on restatement of foreign currency cash 0.64 1.63
and cash equivalents
374.46 452.75
Refer Note16(b) for Change in liabilities arising from financing activities


Place : Mumbai

NOTES FORMING PART OF THE IND AS FINANCIAL STATEMENT
1. CORPORATE INFORMATION accounting policies and the reported amounts of assets,
Voltas Limited (the “Company”) is a public limited liabilities, income, expenses and disclosures of contingent
Company domiciled in India. The address of its registered assets and liabilities at the date of these financial
office is Voltas House ‘A’, Dr. Babasaheb Ambedkar Road, statements and the reported amounts of revenues and
Chinchpokli, Mumbai 400033. expenses for the years presented. Actual results may
differ from these estimates. Estimates and underlying
The Company belongs to the Tata Group of companies
assumptions are reviewed on an ongoing basis.
and was established in the year 1954. The Company is
engaged in the business of air conditioning, refrigeration, In particular, information about significant areas of
electro - mechanical projects as an EPC contractor both estimation, uncertainty and critical judgements in applying
in domestic and international geographies (Middle East accounting policies that have the most significant effect
and Singapore) and engineering product services for on the amounts recognised in the financial statements are
mining, water management and treatment, construction disclosed in Note 3.
equipments and textile industry.
C. REVENUE

The financial statements for the year ended
Revenue from contracts with customers is recognised
31 March, 2023 were approved by the Board of Directors
when control of the goods or services are transferred to
and approved for issue on 26 April, 2023.
the customer at an amount that reflects the consideration
2. SIGNIFICANT ACCOUNTING POLICIES to which the Company expects to be entitled in
exchange for those goods or services. The Company
A. BASIS OF PREPARATION
has generally concluded that it is the principal in its
The financial statements of the Company have been
revenue arrangements, except for certain specific services
prepared in accordance with Indian Accounting
mentioned below, as it typically controls the goods or
Standards (Ind AS) notified under the Companies (Indian
services before transferring them to the customer.
Accounting Standards) Rules, 2015 (as amended from time
to time) and presentation requirements of Division II of Sale of goods
Schedule III to the Companies Act, 2013, (Ind AS compliant
Revenue from sale of goods is recognised at the point
Schedule III), as applicable to the financial statements.
in time when control of the asset is transferred to the
The financial statements have been prepared on a customer, which generally coincides with transfer of
historical cost basis, except for certain financial assets and goods to the transporters. The normal credit term is 7 to
liabilities measured at fair value as explained in accounting 30 days.
policy of fair value measurement (Note 2(E)) and financial

The Company provides preventive maintenance
instruments (Note 2 (O)) below.
services on its certain products at the time of sale.
The accounting policies adopted for preparation and These maintenance services are sold together with
presentation of financial statement have been consistent the sale of product. Contracts for such sales of product
with the previous year. and preventive maintenance services comprise two
The financial statements are presented in ` and all values performance obligations because the promises to transfer
are rounded to the nearest crores, except when otherwise the product and to provide the preventive maintenance
indicated. services are capable of being distinct. Accordingly,
a portion of the transaction price is allocated to the
B. USE OF ESTIMATES AND JUDGEMENTS preventive maintenance services and recognised as a
The preparation of financial statements in conformity contract liability. Revenue is recognised over the period in
with Ind AS requires management to make judgements, which the preventive maintenance services are provided
estimates and assumptions, that affect the application of based on the time elapsed.
324 Voltas Limited

Warranty obligation ontract revenue earned in excess of billing is reflected

C
The Company typically provides warranties for general under “contract asset” and billing in excess of contract
repairs of defects that existed at the time of sale, as revenue is reflected under “contract liabilities”. Retention
required by law. These assurance-type warranties are money receivable from project customers does not
accounted for under Ind AS 37 Provisions, Contingent contain any significant financing element and are retained
Liabilities and Contingent Assets. Refer to the accounting for satisfactory performance of contract.
policy on warranty provisions in section N Provisions and In case of long - term construction contracts payment is
Contingencies. generally due upon completion of milestone as per terms
of contract. In certain contracts, short-term advances are
Revenue from Services
received before the performance obligation is satisfied.
Revenue from services are recognised at the point in
time when the services are rendered. Revenue from Dividend and Interest income
maintenance contracts are recognised over the period of Dividend income is recognised when the right to receive
contract on time elapsed. payment is established. Interest income is recognised
In case of mining equipment’s long-term maintenance using the effective interest method.
contracts, revenue is recognised over the period of time
D. CONTRACT BALANCES
based on input method where the extent of progress
towards completion is measured based on the ratio Contract assets
of costs incurred to date to the total estimated costs at contract asset is the right to consideration in exchange
A
completion of performance obligation. for goods or services transferred to the customer. If the
Company performs by transferring goods or services to
Agency Commission
a customer before the customer pays consideration or
The Company procures textile machinery on behalf of before payment is due, a contract asset is recognised for
its customers. Accordingly, in these arrangements the the earned consideration that is conditional.
Company is acting as an agent and record the revenue on
The amount recognised as contract assets is reclassified
net basis.
to trade receivables once the amounts are billed to the
Revenue from Construction contract customer as per the terms of the contract. Contract
Performance obligation in case of long - term construction assets are subject to impairment assessment. Refer to
contracts is satisfied over a period of time, since the accounting policies on impairment of financial assets in
Company creates an asset that the customer controls as section P Impairment.
the asset is created and the Company has an enforceable
Trade receivables
right to payment for performance completed to date if
A receivable represents the Company’s right to an amount
it meets the agreed specifications. Revenue from long
of consideration that is unconditional (i.e., only the passage
term construction contracts, where the outcome can be
of time is required before payment of the consideration
estimated reliably and 20% of the project cost is incurred,
is due). Refer to accounting policies of financial assets in
is recognised under the percentage of completion
section O Financial instruments – initial recognition and
method by reference to the stage of completion of the
subsequent measurement.
contract activity.
The stage of completion is measured by input method Contract liabilities

i.e. the proportion that costs incurred to date bear to A contract liability is the obligation to transfer goods
the estimated total costs of a contract. The total costs or services to a customer for which the Company has
of contracts are estimated based on technical and received consideration (or an amount of consideration is
other estimates. In the event that a loss is anticipated due) from the customer. If a customer pays consideration
on a particular contract, provision is made for the before the Company transfers goods or services to the
estimated loss. customer, a contract liability is recognised when the

payment is made, or the payment is due (whichever is determines whether transfers have occurred between
earlier). Contract liabilities are recognised as revenue levels in the hierarchy by re-assessing categorisation
when the Company performs under the contract. (based on the lowest level input that is significant to the
fair value measurement as a whole) at the end of each
E. FAIR VALUE MEASUREMENT reporting period.
Fair value is the price that would be received to sell an
F. EMPLOYEE BENEFITS
asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. (a) P
ost-employment benefits costs and
The fair value measurement is based on the presumption termination benefits
that the transaction to sell the asset or transfer the liability (i) Defined Contribution Plans
takes place either:
Payments to defined contribution plans are
(i) In the principal market for the asset or liability, or recognised as an expense when employees
(ii) In the absence of a principal market, in the most have rendered service entitling them to
advantageous market for the asset or liability the contributions. The Company operates
The fair value of an asset or a liability is measured using following defined contribution plans:
the assumptions that market participants would use Superannuation Fund: Contribution to

when pricing the asset or liability, assuming that market Superannuation Fund, a defined contribution
participants act in their economic best interest. scheme, is made at pre-determined rates to
A fair value measurement of a non-financial asset takes the Superannuation Fund Trust and is charged
into account a market participant’s ability to generate to the Statement of Profit and Loss, when an
economic benefits by using the asset in its highest and employee renders the related service. There
best use or by selling it to another market participant that are no other obligations other than the
would use the asset in its highest and best use. contribution payable to the Superannuation
Fund Trust.

The Company uses valuation techniques that are
appropriate in the circumstances and for which sufficient (ii) Defined Benefit Plans
data are available to measure fair value, maximising the The Company’s liabilities towards gratuity,
use of relevant observable inputs and minimising the use pension and post-retirement medical benefit
of unobservable inputs. schemes are determined using the projected
unit credit method, with actuarial valuation
All assets and liabilities for which fair value is measured
being carried out at the end of each annual
or disclosed in the financial statements are categorised
reporting period.
within the fair value hierarchy, described as follows, based
on the lowest level input that is significant to the fair value Provident and Pension Fund: The eligible

measurement as a whole: employees of the Company are entitled to
Level 1 — Quoted (unadjusted) market prices in active receive benefits under provident fund schemes
markets for identical assets or liabilities. which are in substance, defined benefit plans,
in which both employees and the Company
Level 2 — Valuation techniques for which the lowest level
make monthly contributions at a specified
input that is significant to the fair value measurement is
percentage of the covered employees’
directly or indirectly observable.
salary (currently 12% of employees’ salary).
Level 3 — Valuation techniques for which the lowest level
The contributions are paid to the provident
input that is significant to the fair value measurement is
funds and pension fund set up as irrevocable
unobservable.
trusts by the Company. The Company is
For assets and liabilities that are recognised in the generally liable for annual contributions and
financial statements on a recurring basis, the Company any shortfall in the fund assets based on the
326 Voltas Limited

government specified minimum rates of of the benefit expected to be paid in exchange of

return is recognised as an expense in the year related service. Where the availment or encashment
incurred. is otherwise not expected to wholly occur within
the next twelve months, the liability on account

Re-measurement, comprising actuarial
of the benefit is actuarially determined using the
gains and losses and the return on plan
projected unit credit method at the present value
assets (excluding net interest), is reflected
immediately in the Balance Sheet with a charge of the estimated future cash flow expected to
or credit recognised in other comprehensive be made by the Company in respect of services
income in the period in which they occur. provided by employees up to the reporting date.
The Company presents the leave as a current liability

Re-measurement recognised in other in the Balance Sheet, to the extent it does not have
comprehensive income is reflected an unconditional right to defer its settlement for 12
immediately in retained earnings and will months after the reporting date.
not be reclassified to the statement of profit
and loss. Past service cost is recognised in the G. PROPERTY, PLANT AND EQUIPMENT
statement of profit and loss in the period of a Capital work in progress is stated at cost. Property, plant
plan amendment. Net interest is calculated by and equipment are stated at cost less accumulated
applying the discount rate at the beginning of depreciation and accumulated impairment losses, if any.
the period to the net defined benefit liability The cost of property, plant and equipment comprises
or asset. Defined benefit costs are categorised its purchase price, including import duties and non-
as follows: refundable taxes and any directly attributable cost of
• S ervice cost (including current service bringing an asset to working condition and location for its
cost, past service cost, as well as gains and intended use.
losses on curtailments and settlements);
Projects under which the property, plant and equipment
• Net interest expense or income; and
is not yet ready for their intended use are carried as capital
• Remeasurement work in progress at cost determined as aforesaid.

The Company presents the first two Depreciable amount for assets is the cost of an asset, less
components of defined benefit costs in the its estimated residual value. Depreciation is recognised
statement of profit and loss in the line item so as to write off the depreciable amount of assets
“Employee Benefits Expenses”. Curtailment (other than freehold land and assets under construction)
gains and losses are accounted for as past over the useful lives using the straight-line method. The
service costs. estimated useful lives are as follows:
The defined benefit obligation recognised in Assets Useful life
the Balance Sheet represents the actual deficit
Factory Building 30 years
or surplus in the Company’s defined benefit
Residential Building 60 years
plans.
Plant and Equipment 8-15 years
(b) S
hort term and other long term employee Office Equipment 3-15 years
benefits Furniture and fixtures 10 years
Benefits accruing to employees in respect of wages, Vehicles 8 years
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
Companies Act, 2013.
as expenses during the year in which the employee
performs the service that the benefit covers and the An item of property, plant and equipment and any
liabilities are reported at the undiscounted amount significant part initially recognised is derecognised

upon disposal or when no future economic benefits are Amortisation is recognised on a straight-line basis over
expected from its use or disposal. Any gain or loss arising their estimated useful lives. The estimated useful life
on derecognition of the asset (calculated as the difference and amortisation method are reviewed at the end of
between the net disposal proceeds and the carrying each reporting period, with the effect of any changes in
amount of the asset) is included in the statement of profit estimate being accounted for on a prospective basis.
and loss when the asset is derecognised.
Estimated useful life of intangible assets are as follows:

The residual values, useful lives and methods of - M
anufacturing Rights and Technical Know-how : 6 years
depreciation of property, plant and equipment are
-
Software : 5 years
reviewed at each financial year end and adjusted
prospectively, if appropriate. Gains or losses arising from derecognition of an intangible
asset are measured as the difference between the net
H. INVESTMENT PROPERTY
disposal proceeds and the carrying amount of the asset
Investment properties are measured initially at cost, and are recognised in the statement of profit and loss
including transaction costs. Subsequent to initial when the asset is derecognised.
recognition, investment properties are stated at cost less
accumulated depreciation and accumulated impairment J. FOREIGN CURRENCY
loss, if any. The estimated useful lives are as follows: The Company’s financial statements are presented in `,
Assets Useful life which is also the Company’s functional currency.
Residential Building 60 years Income and expenses in foreign currencies are recorded at
The useful life as estimated above is aligned to the exchange rates prevailing on the date of the transaction.
prescribed useful life specified under Schedule II of the Foreign currency denominated monetary assets and
Companies Act, 2013. liabilities are translated at the exchange rate prevailing
on the Balance Sheet date and exchange gains and losses
An investment property is derecognised upon disposal or
arising on settlement and restatement are recognised in
when the investment property is permanently withdrawn
the Statement of Profit and Loss.
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
period in which the property is derecognised. K. LEASES
Though the Company measures investment property The Company assesses at contract inception whether
using cost-based measurement, the fair value of a contract is, or contains, a lease. That is, if the contract
investment property is disclosed in the notes. Fair values conveys the right to control the use of an identified asset
are determined based on an annual evaluation performed for a period of time in exchange for consideration.
by an accredited external independent valuer applying
Company as a lessee
a valuation model recommended by the International
Valuation Standards Committee.
The Company applies a single recognition and
measurement approach for all leases, except for short-
Transfers are made to (or from) investment properties only term leases and leases of low-value assets. The Company
when there is a change in use. recognises lease liabilities to make lease payments and
I. INTANGIBLE ASSETS right-of-use assets representing the right to use the
underlying assets.
Intangible assets acquired separately are measured on
initial recognition at cost. Following initial recognition, (a) Right-of-use assets
intangible assets are carried at cost less any accumulated The Company recognises right-of-use assets at the
amortisation and accumulated impairment loss, if any. commencement date of the lease (i.e., the date the
328 Voltas Limited

underlying asset is available for use). Right-of-use in the lease term, a change in the lease payments
assets are measured at cost, less any accumulated (e.g., changes to future payments resulting from a
depreciation and impairment losses, and adjusted change in an index or rate used to determine such
for any remeasurement of lease liabilities. The lease payments) or a change in the assessment of
cost of right-of-use assets includes the amount an option to purchase the underlying asset. The
of lease liabilities recognised, initial direct costs Company’s lease liabilities are included in Interest-
incurred, and lease payments made at or before bearing borrowings.
the commencement date less any lease incentives
(c) Short-term leases and leases of low-value assets
received. Right-of-use assets are depreciated on
a straight-line basis over the shorter of the lease
The Company applies the short-term lease
term and the estimated useful lives of the assets, as recognition exemption to its short-term leases of
follows: office premises and storage locations (i.e., those
leases that have a lease term of 12 months or less
Leasehold land 99 years
from the commencement date and do not contain
Leasehold building 1-6 years a purchase option). It also applies the lease of low-

The right-of-use assets are also subject to value assets recognition exemption to leases of
impairment. Refer to the accounting policies in office equipment that are considered to be low
section P Impairment of non-financial assets. value. Lease payments on short-term leases and
leases of low-value assets are recognised as expense
(b) Lease liabilities on a straight-line basis over the lease term.
At the commencement date of the lease, the
Company recognises lease liabilities measured at Company as a lessor
the present value of lease payments to be made
Leases in which the Company does not transfer
over the lease term. The lease payments include substantially all the risks and rewards of ownership of
fixed payments (including in substance fixed an asset are classified as operating leases. Rental income
payments) less any lease incentives receivable, arising is accounted on a straight-line basis over the lease
variable lease payments that depend on an index terms. Initial direct costs incurred in negotiating and
or a rate, and amounts expected to be paid under arranging an operating lease are added to the carrying
residual value guarantees. The lease payments also amount of the leased asset and recognised over the lease
include the exercise price of a purchase option term on the same basis as rental income. Contingent
reasonably certain to be exercised by the Company rents are recognised as revenue in the period in which
and payments of penalties for terminating the lease, they are earned.
if the lease term reflects the Company exercising the
option to terminate. Variable lease payments that L. INVENTORIES
do not depend on an index or a rate are recognised Inventories including Work-in-Progress are valued at cost
as expenses (unless they are incurred to produce or net realisable value, whichever is lower, cost being
inventories) in the period in which the event or determined on weighted average basis. Cost includes all
condition that triggers the payment occurs. charges for bringing the goods to their present location
In calculating the present value of lease payments, and condition. Net realisable value represents the
the Company uses its incremental borrowing rate at estimated selling price for inventories less all estimated
the lease commencement date because the interest costs of completion and costs necessary to make the sale.
rate implicit in the lease is not readily determinable. M. TAXES ON INCOME
After the commencement date, the amount of lease
liabilities is increased to reflect the accretion of Current Income Tax
interest and reduced for the lease payments made.
Current income tax assets and liabilities are measured at
In addition, the carrying amount of lease liabilities the amount expected to be recovered from or paid to the
is remeasured if there is a modification, a change taxation authorities in accordance with Income Tax Act, 1961.

The tax rates and tax laws used to compute the tax are the amount of the obligation can be made.
those that are enacted at the reporting date. Current
The amount recognised as a provision is the best estimate
income tax relating to items recognised outside profit
of the consideration required to settle the present
or loss is recognised outside profit or loss (either in other
obligation at the end of the reporting period, taking
comprehensive income or in equity). Current tax items are
into account the risks and uncertainties surrounding the
recognised in correlation to the underlying transaction
obligation.
either in OCI or directly in equity.
If the effect of the time value of money is material,
Deferred tax provisions are discounted using a current pre-tax rate that
Deferred Tax is provided using the balance sheet approach reflects, when appropriate, the risks specific to the liability.
on temporary differences between the tax bases of assets When discounting is used, the increase in the provision
and liabilities and their carrying amounts for financial due to the passage of time is recognised as a finance cost.
reporting purposes at the reporting date.
Warranties (Trade Guarantees)
Deferred tax assets are recognised to the extent that it
The estimated liability for product warranties is recorded
is probable that taxable profit will be available against
when products are sold / project is completed. These
which the deductible temporary differences, and the
estimates are established using historical information on
carry forward of unused tax credits and unused tax losses
the nature, frequency and average cost of warranty claims,
can be utilised.
Management estimates for possible future incidence
The carrying amount of deferred tax assets is reviewed at based on corrective actions on product failures. The
each reporting date and reduced to the extent that it is timing of outflows will vary as and when warranty claims
no longer probable that sufficient taxable profit will be arise being typically up to five years.
available to allow all or part of the deferred tax asset to be
utilised. Unrecognised deferred tax assets are re-assessed Contingencies
at each reporting date and are recognised to the extent Contingent liabilities exist when there is a possible obligation
that it has become probable that future taxable profits will arising from past events, the existence of which will be
allow the deferred tax asset to be recovered. confirmed only by the occurrence or non-occurrence of
Deferred tax assets and liabilities are measured at the tax one or more uncertain future events not wholly within the
rates that are expected to apply in the year when the asset control of the Company, or a present obligation that arises
is realised or the liability is settled, based on tax rates (and from past events where it is either not probable that an
tax laws) that have been enacted or substantively enacted outflow of resources will be required or the amount cannot
at the reporting date. be reliably estimated. Contingent liabilities are appropriately
disclosed unless the possibility of an outflow of resources
Deferred tax relating to items recognised outside profit
embodying economic benefits is remote.
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
N. PROVISIONS AND CONTINGENCIES in the markets in those years.
Provisions
Provisions are recognised when there is a present O. FINANCIAL INSTRUMENTS
obligation (legal or constructive) as a result of past event, A financial instrument is any contract that gives rise to
where it is probable that there will be outflow of resources a financial asset of one entity and a financial liability or
to settle the obligation and when a reliable estimate of equity instrument of another entity.
330 Voltas Limited

Financial Assets income, dividend income, impairment losses and

• Initial recognition and measurement reversals and foreign exchange gain or loss in the
statement of profit and loss. On derecognition of the
All financial assets are recognised initially at fair value
asset, cumulative gain or loss previously recognised
plus, in the case of financial assets not recorded
in OCI is reclassified from the equity to statement of
at fair value through profit or loss, transaction
profit and loss.
costs that are attributable to the acquisition of the
financial asset. • inancial assets at fair value through profit or
F
loss (FVTPL)
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,
or fair value, depending on the classification of the
is classified as at FVTPL. Financial assets included
financial assets.
within the FVTPL category are measured at fair value
• Financial assets at amortised cost with all changes recognised in the statement of
Financial assets are subsequently measured at profit and loss.
amortised cost if these financial assets are held within • Equity Instruments
a business model whose objective is to hold assets
All equity investments in scope of Ind AS 109 are
for collecting contractual cash flows and contractual
measured at fair value. Equity instruments which
terms of the asset give rise on specified dates to
are held for trading and contingent consideration
cash flows that are Solely Payments of Principal and
recognised by an acquirer in a business combination
Interest (SPPI) on the principal amount outstanding.
to which Ind AS 103 applies are classified as at
After initial measurement, such financial assets are
FVTPL. For all other equity instruments, other than
subsequently measured at amortised cost using the
investment in Subsidiary, Associates and Joint
Effective Interest Rate (EIR) method. Amortised cost
Ventures, the Company makes an irrevocable
is calculated by taking into account any discount
election to present in other comprehensive
or premium on acquisition and fees or costs that
income subsequent changes in the fair value. The
are an integral part of the EIR. The EIR amortisation
Company makes such election on an instrument-by-
is included in other income in the statement of
instrument basis. The classification is made on initial
profit and loss. The losses arising from impairment
recognition and is irrevocable.
are recognised in the statement of profit and loss.
This category generally applies to trade receivables, If the Company decides to classify an equity
loans and other financial assets. instrument as at FVTOCI, then all fair value
changes on the instrument, excluding dividends,
• inancial assets at fair value through other
F
are recognised in the OCI. There is no recycling of
comprehensive income (FVTOCI)
the amounts from OCI to statement of profit and
Financial assets are subsequently measured at loss, even on sale of investment. However, the
fair value through other comprehensive income Company may transfer the cumulative gain or loss
if these financial assets are held within a business within equity.
model whose objective is achieved both by
collecting contractual cash flows and selling the Equity instruments included within the FVTPL
financial assets and the asset’s contractual cash flow category are measured at fair value with all changes
represents SPPI. recognised in the statement of profit and loss.
Financial instruments included within the FVTOCI • I nvestments in subsidiaries, joint ventures and
category are measured initially as well as at each associates
reporting date at fair value. Fair value movements Investment in subsidiaries, joint ventures and
are recognised in the other comprehensive income associates are carried at cost in the financial
(OCI). However, the Company recognises interest statements.

• Derecognition amortisation is included as finance costs in the
The Company derecognises a financial asset when statement of profit and loss.
the rights to receive cash flows from the asset • Financial guarantee contracts
have expired or it transfers the right to receive the

Financial guarantee contracts issued by the
contractual cash flow on the financial assets in a
Company are those contracts that require a payment
transaction in which substantially all the risk and
to be made to reimburse the holder for a loss it
rewards of ownership of the financial asset are
incurs because the specified debtor fails to make a
transferred.
payment when due in accordance with the terms of
Financial liabilities a debt instrument. Financial guarantee contracts are
recognised initially as a liability at fair value, adjusted
• Initial recognition and measurement
for transaction costs that are directly attributable to
Financial liabilities are classified, at initial recognition, the issuance of the guarantee. Subsequently, the
as financial liabilities at fair value through profit or liability is measured at the higher of the amount
loss, loans and borrowings, payables, as appropriate. of loss allowance determined as per impairment
All financial liabilities are recognised initially at fair requirements of Ind AS 109 and the amount
value and, in the case of loans and borrowings and recognised less cumulative amount of income
payables, net of directly attributable transaction costs. recognised in accordance with the principles of
Ind AS 115.
The measurement of financial liabilities depends on • Derecognition
their classification, as described below: A financial liability is derecognised when the
obligation under the liability is discharged or
• inancial liabilities at fair value through profit or
F
cancelled or expires. When an existing financial
loss
liability is replaced by another from the same
Financial liabilities at fair value through profit or lender on substantially different terms, or the terms
loss include financial liabilities held for trading of an existing liability are substantially modified,
and financial liabilities designated upon initial such an exchange or modification is treated as
recognition as at fair value through profit or loss. the derecognition of the original liability and the
Financial liabilities are classified as held for trading if recognition of a new liability. The difference in the
they are incurred for the purpose of repurchasing in respective carrying amounts is recognised in the
the near term. This category also includes derivative statement of profit and loss.
financial instruments entered into by the Company
that are not designated as hedging instruments in • Offsetting of financial instruments
hedge relationships as defined by Ind AS 109. Gains Financial assets and financial liabilities are offset and
or losses on liabilities held for trading are recognised the net amount is reported in the Balance Sheet if
in the profit or loss. there is a currently enforceable legal right to offset
the recognised amounts and there is an intention to
• Financial liabilities at amortised cost
settle on a net basis, to realise the assets and settle
After initial recognition, interest-bearing loans the liabilities simultaneously.
and borrowings are subsequently measured at
amortised cost using the EIR method. Gains and P. IMPAIRMENT
losses are recognised in the statement of profit and (a) Financial assets
loss when the liabilities are derecognised as well as
The Company assessed the expected credit losses
through the EIR amortisation process.
associated with its assets carried at amortised cost
Amortised cost is calculated by taking into account and fair value through other comprehensive income
any discount or premium on acquisition and fees based on the Company’s past history of recovery,
or costs that are an integral part of the EIR. The EIR credit worthiness of the counter party and existing
332 Voltas Limited

and future market conditions. a change in the assumptions used to determine

the asset’s recoverable amount since the last
For all financial assets other than trade receivables,
impairment loss was recognised. The reversal is
expected credit losses are measured at an amount
limited so that the carrying amount of the asset does
equal to the 12-month expected credit loss (ECL)
not exceed its recoverable amount, nor exceed the
unless there has been a significant increase in credit
carrying amount that would have been determined,
risk from initial recognition in which case those are
net of depreciation, had no impairment loss been
measured at lifetime ECL. For trade receivables, the
recognised for the asset in prior years. Such reversal
Company has applied the simplified approach for
is recognised in the statement of profit and loss.
recognition of impairment allowance as provided
in Ind AS 109 which requires the expected lifetime For contract assets, the Company has applied the
losses from initial recognition of the receivables. simplified approach for recognition of impairment
allowance as provided in Ind AS 109 which requires
(b) Non-financial assets the expected lifetime losses from initial recognition
The Company assesses, at each reporting date, of the contract assets.
whether there is an indication that an asset may be
impaired. If any indication exists, or when annual Q. Cash and cash equivalents
impairment testing for an asset is required, the Cash and cash equivalent in the balance sheet comprise
Company estimates the asset’s recoverable amount. cash at banks and on hand and short-term deposits with
An asset’s recoverable amount is the higher of an an original maturity of three months or less, which are
asset’s or cash-generating unit’s (CGU) fair value less subject to an insignificant risk of changes in value.
costs of disposal and its value in use. Recoverable
R. Earnings per share (EPS)
amount is determined for an individual asset, unless
the asset does not generate cash inflows that are Basic EPS is calculated by dividing the profit or loss
largely independent of those from other assets or attributable to equity shareholders of the Company by the
groups of assets. When the carrying amount of an weighted average number of equity shares outstanding
asset or CGU exceeds its recoverable amount, the during the period. Diluted EPS is determined by adjusting
asset is considered impaired and is written down to the profit or loss attributable to equity shareholders
its recoverable amount. and the weighted average number of equity shares
outstanding for the effects of all dilutive potential equity
In assessing value in use, the estimated future cash
shares.
flows are discounted to their present value using a
pre-tax discount rate that reflects current market S. SEGMENT REPORTING
assessments of the time value of money and the Segments are identified based on the manner in which
risks specific to the asset. In determining fair value the chief operating decision-maker (CODM) decides
less costs of disposal, recent market transactions are about the resource allocation and reviews performance.
taken into account. If no such transactions can be
identified, an appropriate valuation model is used. Segment revenue, segment expenses, segment assets
and segment liabilities have been identified to segments

Impairment losses including impairment on on the basis of their relationship to the operating activities
inventories are recognised in the statement of profit of the segment.
and loss.
Inter-segment revenue is accounted on the basis of
For assets, an assessment is made at each reporting
transactions which are primarily determined based on
date to determine whether there is an indication
market / fair value factors. Revenue, expenses, assets and
that previously recognised impairment losses no
liabilities which relate to the Company as a whole and are
longer exist or have decreased. If such indication
not allocable to segments on reasonable basis have been
exists, the Company estimates the asset’s or CGU’s
included under “unallocated revenue / expenses / assets/
recoverable amount. A previously recognised
liabilities”.
impairment loss is reversed only if there has been

Segment information has been presented in the liabilities related to these long-term contracts, which will
Consolidated Financial Statements as permitted by not be realised/paid within one year, have been classified
Ind AS 108 on Operating Segments, specified under as current. For all other activities, the operating cycle is
Section 133 of the Companies Act, 2013. twelve months.
T. CASH DIVIDEND X. CURRENT VERSUS NON-CURRENT CLASSIFICATION

The Company recognises a liability to pay dividend to The Company presents assets and liabilities in the balance
equity shareholders when the distribution is authorised sheet based on current/ non-current classification. An
and the distribution is no longer at the discretion of asset is treated as current when it is:
the Company. As per the corporate laws in India, a • E xpected to be realised or intended to be sold or
distribution is authorised when it is approved by the consumed in normal operating cycle,
shareholders. A corresponding amount is recognised
• Held primarily for the purpose of trading,
directly in equity.
• E xpected to be realised within twelve months after
U. BORROWING COSTS the reporting period, or
Borrowing costs directly attributable to the acquisition, • ash or cash equivalent unless restricted from being
C
construction or production of an asset that necessarily exchanged or used to settle a liability for at least
takes a substantial period of time to get ready for its twelve months after the reporting period.
intended use or sale are capitalised as part of the cost
All other assets are classified as non-current.
of the asset. All other borrowing costs are expensed in
the period in which they occur. Borrowing costs consist A liability is current when:
of interest and other costs that an entity incurs in • It is expected to be settled in normal operating cycle,
connection with the borrowing of funds. Borrowing cost
• It is held primarily for the purpose of trading,
also includes exchange differences to the extent regarded
as an adjustment to the borrowing costs. • It is due to be settled within twelve months after the
reporting period, or
V. GOVERNMENT GRANTS
• T here is no unconditional right to defer the

Government grants are recognised where there is settlement of the liability for at least twelve months
reasonable assurance that the grant will be received, after the reporting period.
and all attached conditions will be complied with. When
the grant relates to an expense item, it is recognised as The Company classifies all other liabilities as non-current.
income on a systematic basis over the periods that the Deferred tax assets and liabilities are classified as non-
related costs, for which it is intended to compensate, current assets and liabilities.
are expensed. When the grant relates to an asset, it is
recognised as income in equal amounts over the expected 2A. RECENT ACCOUNTING PRONOUNCEMENTS ISSUED
useful life of the related asset. BUT NOT YET EFFECTIVE
When the Company receives grants of non-monetary The Ministry of Corporate Affairs has notified Companies
assets, the asset and the grant are recorded at fair value (Indian Accounting Standards) Amendment Rules, 2023
amounts and released to profit or loss over the expected dated 31 March 2023 to amend the following Ind AS
useful life in a pattern of consumption of the benefit of which are effective from 01 April 2023.
the underlying asset i.e. by equal annual instalments.
(i) Definition of Accounting Estimates - Amendments
W. OPERATING CYCLE to Ind AS 8
The operating cycle is the time between the acquisition The amendments clarify the distinction between changes
of assets for processing and their realisation in cash and in accounting estimates and changes in accounting
cash equivalents. A portion of the Company`s activities policies and the correction of errors. It has also been
(primarily long-term project activities) have an operating clarified how entities use measurement techniques and
cycle that exceeds one year. Accordingly, assets and inputs to develop accounting estimates.
334 Voltas Limited

The amendments are effective for annual reporting 3.

SIGNIFICANT ACCOUNTING, JUDGEMENTS
periods beginning on or after 1 April 2023 and apply ESTIMATES AND ASSUMPTIONS
to changes in accounting policies and changes in In the application of the Company’s accounting policies,
accounting estimates that occur on or after the start of which are described in Note 2, Management is required
that period. to make judgements, estimates and assumptions about
the carrying amounts of assets and liabilities that are
The amendments are not expected to have a material
not readily apparent from other sources. The estimates
impact on the Group’s financial statements.
and associated assumptions are based on historical
(ii) Disclosure of Accounting Policies - Amendments to experience and other factors that are considered to be
Ind AS 1 relevant. Actual results may differ from these estimates.
The amendments aim to help entities provide accounting The estimates and underlying assumptions are reviewed
policy disclosures that are more useful by replacing the on an ongoing basis. Revisions to accounting estimates
requirement for entities to disclose their ‘significant’ are recognised in the period in which the estimates are
accounting policies with a requirement to disclose their revised if the revision affects only that period or in the
‘material’ accounting policies and adding guidance on period of the revision and future periods if the revision
how entities apply the concept of materiality in making affects both current and future periods.
decisions about accounting policy disclosures.
Key sources of estimation uncertainty
The amendments to Ind AS 1 are applicable for annual The following are the key assumptions concerning the
periods beginning on or after 1 April 2023. Consequential future, and other key sources of estimation uncertainty at
amendments have been made in Ind AS 107. the reporting date, that have a significant risk of causing a
The Group is currently revisiting their accounting policy material adjustment to the carrying amount of assets and
information disclosures to ensure consistency with the liabilities within the next financial year:
amended requirements. Cost to complete
(iii) Deferred Tax related to Assets and Liabilities arising Management estimates the costs to complete for each
from a Single Transaction - Amendments to Ind AS 12 project for the purpose of revenue recognition and
recognition of anticipated losses on projects, if any. In the

The amendments narrow the scope of the initial
process of calculating the cost to complete, Management
recognition exception under Ind AS 12, so that it no longer
conducts regular and systematic reviews of actual results
applies to transactions that give rise to equal taxable and
and future projections with comparison against budget.
deductible temporary differences.
This process requires monitoring controls including
The amendments should be applied to transactions financial and operational controls and identifying
that occur on or after the beginning of the earliest major risks facing the Company and developing and
comparative period presented. In addition, at the implementing initiatives to manage those risks. The
beginning of the earliest comparative period presented, Company’s Management is confident that the costs to
a deferred tax asset (provided that sufficient taxable complete the project are fairly estimated.
profit is available) and a deferred tax liability should also
Percentage of completion
be recognised for all deductible and taxable temporary
differences associated with leases and decommissioning Management’s estimate of the percentage of completion
obligations. Consequential amendments have been on each project for the purpose of revenue recognition is
made in Ind AS 101. The amendments to Ind AS 12 are through conducting some weight analysis to assess the
actual quantity of the work for each activity performed
applicable for annual periods beginning on or after 1
during the reporting period and estimate any future
April 2023.
costs for comparison against the initial project budget.
The amendments are not expected to have a material This process requires monitoring of financial and
impact on the Group’s financial statements operational controls. Management is of the opinion

that the percentage of completion of the projects is probable that a payment will be made, and the amount
fairly estimated. of the loss can be reasonably estimated. Significant
judgement is made when evaluating, among other
As required by Ind AS 115, in applying the percentage
factors, the probability of unfavourable outcome and the
of completion on its long-term projects, the Company
ability to make a reasonable estimate of the amount of
is required to recognise any anticipated losses
potential loss. Litigation provisions are reviewed at each
on it contracts.
Balance Sheet date and revisions made for the changes
Impairment of financial assets and contract assets in facts and circumstances. Provision for litigations and
The Company’s Management reviews periodically items contingent liabilities are disclosed in Note 46 (c).
classified as receivables and contract assets to assess
Defined benefit plans
whether a provision for impairment should be recorded
in the statement of profit and loss. Management The cost of the defined benefit plans and the present value
estimates the amount and timing of future cash flows of the defined benefit obligation are based on actuarial
when determining the level of provisions required. Such valuation using the projected unit credit method. An
estimates are necessarily based on assumptions about actuarial valuation involves making various assumptions
several factors involving varying degrees of judgement that may differ from actual developments in the future.
and uncertainty. Details of impairment provision on These include the determination of the discount rate,
contract assets and trade receivable are given in Note 14 future salary increases and mortality rates. All assumptions
and Note 15. are reviewed at each Balance Sheet date and disclosed in
Note 47.
The Company reviews its carrying value of investments
annually, or more frequently when there is indication for seful lives of property, plant and equipment and
U
impairment. If the recoverable amount is less than it’s intangible assets
carrying amount, the impairment loss is accounted for.
The Company has estimated useful life of each class
Fair value measurement of financial instruments of assets based on the nature of assets, the estimated
usage of the asset, the operating condition of the asset,
Some of the Company’s assets are measured at fair
past history of replacement, anticipated technological
value for financial reporting purposes. The Management
changes, etc. The Company reviews the useful life of
determines the appropriate valuation techniques and
property, plant and equipment and intangible assets as
inputs for fair value measurements. In estimating the fair
at the end of each reporting period. This reassessment
value of an asset, the Company uses market-observable
may result in change in depreciation and amortisation
data to the extent it is available. Where Level 1 inputs are
expense in future periods.
not available, the Company engages third party qualified
valuers to perform the valuation. The Management works Warranty provisions (Trade Guarantees)
closely with the qualified external valuers to establish

The Company gives warranties for its products,
the appropriate valuation techniques and inputs to the
undertaking to repair or replace the product that fail
model.
to perform satisfactory during the warranty period.
Information about valuation techniques and inputs used Provision made at the year-end represents the amount of
in determining the fair value of various assets is disclosed expected cost of meeting such obligations of rectification
in Note 50. / replacement which is based on the historical warranty
claim information as well as recent trends that might
Litigations suggest that past cost information may differ from
From time to time, the Company is subject to legal future claims. Factors that could impact the estimated
proceedings the ultimate outcome of each being always claim information include the success of the Company’s
subject to many uncertainties inherent in litigation. A productivity and quality initiatives. Provision towards
provision for litigation is made when it is considered warranty is disclosed in Note 34.
336 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 1 April, 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 1 April, 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 29.51 147.54 66.18 25.20 9.48 1.30 (53.32) 225.89
31 March, 2022
As at 1 April, 2022 29.51 203.40 160.69 79.88 31.22 2.92 (69.70) 437.92
Additions 46.80 40.18 61.78 5.50 0.81 - - 155.07
Disposals - 3.25 7.30 3.01 0.61 0.42 (2.99) 11.60
Movement on account of - (2.29) (6.61) (8.02) (2.55) (0.27) - (19.74)
business transfer (Refer Note 57)
As at 31 March, 2023 76.31 238.04 208.56 74.35 28.87 2.23 (66.71) 561.65
As at 1 April, 2022 - 55.86 94.51 54.68 21.74 1.62 (16.38) 212.03
Disposals - 0.36 6.26 2.72 0.47 0.40 (0.14) 10.07
Movement on account of - (1.09) (5.60) (6.41) (2.02) (0.25) - (15.37)
business transfer (Refer Note 57)
As at 31 March, 2023 - 58.83 94.79 52.60 20.88 1.13 (17.30) 210.93
Net carrying amount as at 76.31 179.21 113.77 21.75 7.99 1.10 (49.41) 350.72
31 March, 2023
Footnotes :
(a) Buildings includes ` 0.0016 crore (31 March, 2022: ` 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
Relevant Description Gross carrying value Title Whether title Property Reason for not being held in
line of item of As at As at deeds deed holder is a held since the name of the Company
item in property 31 March, 31 March, held promoter, director which
Balance 2023 2022 in the or relative of date
sheet name of promoter / director
or employee of
promoter / director
PPE Building 0.06 0.06 Tata Group Company 31 August, These flats are constructed
16 Flats in Services 1965 on land owned by Tata
Tata Colony, Limited Services Limited in line with
Lallubhai Park, arrangement amongst Tata
Andheri (W) Services Limited and Tata
Mumbai- Group of companies (incl. Voltas
400063 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.
Building 8.90 8.90 Universal Group Company 11 This buiding was acquired
Plot No. 1, Comfort September, pursuant to a scheme of
Sector 10, Products 2020 amalgamation and continued
SIDCUL Limited to be registered in the name of
Rudrapur, IIE amalgamating Company.
Pantnagar,
However, the deed of merger
Udham
has been registered by the
Singh Nagar,
Company.
Uttarakhand-
263153
Right Building 0.23 0.23 Bombay Others 15 June, The said building was taken
of use Voltas Port Trust 2017 on lease by Company from
assets House, 23 J Bombay Port Trust.
N Heredia
The Lease has expired on 14
Marg, Ballard
June, 2017. The Company has
Estate,
submitted an application for
Mumbai-
renewal (in accordance with
400001
contractual right) of lease on 15
December, 2016.
Leasehold 2.56 2.56 Universal Group Company 11 This land was acquired pursuant
land Comfort September, to a scheme of amalgamation
Plot No. 1, Products 2020 and continued to be registered
Sector 10, Limited in the name of amalgamating
SIDCUL Company.
Rudrapur, IIE
However, the deed of merger
Pantnagar,
has been registered by the
Udham
Company.
Singh Nagar,
Uttarakhand-
263153
338 Voltas Limited


(c) On transition to Ind AS (i.e. 1 April, 2015), the Company has elected to continue with the carrying value of all Property, plant and
equipment measured as per the previous GAAP and use that carrying value as the deemed cost of Property, plant and equipment.
(d) (i) Capital Work In Progress (CWIP) Ageing Schedule
` in crores
(a) Projects in progress 46.08 51.86 - 0.31 98.25
46.08 51.86 - 0.31 98.25
` 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
5 INVESTMENT PROPERTY
` in crores
Freehold Land Buildings Total
As at 1 April, 2021 0.14 70.64 70.78
Additions - - -
As at 31 March, 2022 0.14 69.56 69.70
As at 1 April, 2021 - 15.23 15.23
As at 31 March, 2022 - 16.38 16.38
As at 1 April, 2022 0.14 69.56 69.70
Additions - - -
As at 31 March, 2023 0.14 66.57 66.71
As at 1 April, 2022 - 16.38 16.38
As at 31 March, 2023 - 17.30 17.30
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 statement of profit and loss in relation to investment properties are as follows:
` in crores
31 March, 2023 31 March, 2022
Rental income 29.27 24.70
Direct operating expenses (including repairs and maintenance) generating 1.71 1.44
rental income (net of recoveries)
Direct operating expenses (including repairs and maintenance) arising from 5.32 4.87
investment property that did not generate rental income
Profit from investment properties before depreciation and indirect expenses 22.24 18.39
Less : Depreciation 1.06 1.09
Profit arising from investment properties before indirect expenses 21.18 17.30
(3) Fair Value of the Company’s investment properties are as follows :
` in crores
As at As at
31 March, 2023 31 March, 2022
Land 126.58 117.66
Building 901.73 696.05
1,028.31 813.71
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 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.
6 RIGHT-OF-USE ASSETS
` in crores
Land Buildings
As at 1 April, 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 1 April, 2021 0.89 8.28 9.17
As at 31 March, 2022 0.95 14.18 15.13
As at 1 April, 2022 5.69 26.09 31.78
Additions - 22.82 22.82
Movement on account of business transfer (Refer Note 57) - (0.38) (0.38)
As at 31 March, 2023 5.69 48.53 54.22
340 Voltas Limited

6 RIGHT-OF-USE ASSETS (Contd.)
` in crores
Land Buildings
As at 1 April, 2022 0.95 14.18 15.13
Movement on account of business transfer (Refer note 57) - (0.29) (0.29)
As at 31 March, 2023 1.01 21.83 22.84
7 INTANGIBLE ASSETS
` in crores
Manufacturing Software Total
Rights & Technical
Know- how
As at 1 April, 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 1 April, 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
As at 1 April, 2022 8.88 57.94 66.82
As at 31 March, 2023 8.88 55.18 64.06
Amortisation
As at 1 April, 2022 8.88 50.93 59.81
As at 31 March, 2023 8.88 49.59 58.47

8. INVESTMENTS
8 (i) Non- current Investments
A Investments in Subsidiaries, Joint Ventures
& Associates
(Fully paid Unquoted Equity Instruments)
1 Investments in Subsidiary Companies
(at cost less impairment unless
otherwise stated):
Weathermaker FZE, UAE AED 15,00,000 1 3.07 1 3.07
Voltas Netherlands B.V. EURO 45 13,635 2.65 13,635 2.65
Lalbuksh Voltas Engineering Services and RO 1 50,000 0.08 50,000 0.08
Trading L.L.C, Muscat, Sultanate of Oman
Agro Foods Punjab Limited (Refer footnote ` 100 2,80,000 - 2,80,000 -
8 (a)) (Beneficial rights transferred pending
transfer of shares)
Westerwork Engineers Limited (Under ` 100 9,600 1.09 9,600 1.09
Liquidation)
Universal MEP Projects & Engineering ` 10 1,34,18,25,782 1,487.93 15,18,25,782 294.20
Services Limited (Refer footnote 8 (e))
Hi-Volt Enterprises Private Limited ` 10 10,000 0.01 10,000 0.01
Saudi Ensas Company for Engineering SR 100 2,41,360 27.62 2,41,360 27.62
Services W.L.L., Saudi Arabia
Gross Investments in Subsidiary Companies 1,522.45 328.72
1,493.74 267.44
(#) Impairment in value of Investments
pertains to :
Westerwork Engineers Limited (Under 1.09 1.09
Liquidation)
Universal MEP Projects & Engineering - 32.57
Services Limited (Refer footnote 8 (e))
Saudi Ensas Company for Engineering 27.62 27.62
Services W.L.L., Saudi Arabia
28.71 61.28
2 Investments in Joint Ventures:
otherwise stated):
Voltas Water Solutions Private Limited (Refer ` 10 - - 28,41,500 2.85
footnote 8 (g)) (#)
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 62,57,34,900 625.73 50,32,34,900 503.23
Gross Investments in Joint Ventures 645.97 526.32
625.73 503.24
342 Voltas Limited

(#) Impairment in value of Investments
pertains to :
Voltas Water Solutions Private Limited - 2.85
Olayan Voltas Contracting Company Limited, 20.24 20.23
Saudi Arabia
20.24 23.08
3 Investments in Associate Companies:
otherwise stated):
Brihat Trading Private Limited ` 10 3,352 * 3,352 *
Naba Diganta Water Management Limited ` 10 47,97,000 4.80 47,97,000 4.80
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
(Refer footnote 8 (h))
Agrotech Industries Limited USD 1 3,67,500 - 3,67,500 -
Tata International Limited ` 1,000 15,000 74.42 15,000 33.90
(Refer footnote 8 (i))
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 (j)) ` 5 1,10,62,170 181.60 1,10,62,170 298.72
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 *
276.78 387.93
2 Fully Paid Quoted Equity Instruments :
Lakshmi Automatic Loom Works Limited ` 100 61,520 - 61,520 -
(Refer footnote 8 (f ))
Tata Chemicals Limited ` 10 2,00,440 19.49 2,00,440 19.54
Tata Consumer Products Limited ` 1 2,28,501 16.22 2,28,501 17.76
Lakshmi Machine Works Limited ` 10 5,79,672 578.00 5,79,672 558.20
Reliance Industries Limited ` 10 2,640 - 2,640 -
(Refer footnote 8 (c))
613.71 595.50

C Investment in Preference Shares
(at amortised cost)
Fully Paid Unquoted Preference Shares :
7.50% Cumulative Redeemable ` 1,000 2,50,000 25.00 2,50,000 25.00
Preference Shares
7.10% Cumulative Redeemable ` 1,000 2,00,000 20.00 2,00,000 20.00
Preference Shares
7.33% Cumulative Redeemable ` 1,000 50,000 5.00 50,000 5.00
Preference Shares
50.00 50.00
D Investment in Unquoted Mutual funds (at 1,448.09 1,700.94
E (i) Investment in Debenture/Bonds (at
amortised cost)
8.01% Tax Free Bonds ` 1,000 - - 50,000 5.26
7.17% Tax Free Bonds ` 10,00,000 70 7.31 70 7.37
5.75% Tax Free Bonds ` 10,000 - - 500 0.53
8.18% Tax Free Bonds ` 10,00,000 - - 50 5.31
8.26% Tax Free Non Convertible ` 5,000 - - 18,049 9.49
Debentures
Housing and Urban Development
Corporation Limited
8.51% Tax Free Bonds ` 1,000 - - 1,50,000 15.84
7.07% Tax Free Non Convertible ` 10,00,000 50 5.27 50 5.30
Debentures
8.35% Tax Free Bonds ` 10,00,000 - - 250 27.69
Tata Motors Finance Limited
11.50% Non Convertible Debentures ` 10,00,000 500 54.50 500 54.50
UP Power Corporation Limited
92.46 131.29
(ii) Investment in Debenture/Bonds (at fair
value through profit or loss)
TMF Holdings Limited
7.2962% Perpetual Non Convertible ` 10,00,000 500 49.92 500 49.39
Debentures
49.92 49.39
344 Voltas Limited

F Investment in Others :
Government Securities ` * *
* *
Total : Non-current Investments - Net 4,655.23 3,690.53
Footnotes:
(i) Aggregate value of Quoted Investments and 756.09 776.18
(ii) Aggregate value of Unquoted Investments 3,948.09 2,998.71
(iii) Aggregate value of impairment in value of 48.95 84.36
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 Limited
(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 Limited., there is an Injunction Order
passed by the Honourable High Court of 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
shares. 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) The Company has conducted its annual impairment assessment of the investment in wholly owned subsidiary Universal
MEP Projects & Engineering Services Limited and obtained a valuation report from an independent registered valuer. The fair
value 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 11.74% per annum (PY : 12.49% 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. Based on the assessment, the investment impairment of ` 32.57 crores has
been reversed during the current year.
8 (f ) During the previous year, Lakshmi Automatic Loom Works Limited had consolidated the face value of equity shares from
` 10/- each to face value of ` 100/- each.

8 (g) During the current year, Voltas Water Solutions Private Limited, a dormant joint venture of the Company, had been struck
off from Registrar of Companies records w.e.f. 26 July, 2022 and accordingly investment had been written off by utilising
impairment allowance.
8 (h) During the current year, shares of Lakshmi Ring Travellers (Coimbatore) Limited were tendered pursuant to the Buy Back offer
received by the Company.
8 (i) Fair value has been determined basis offer of issuance of equity shares on preferential basis.
8 (j) Fair value has been determined basis right issue offer announced.
No. ` In crores No. ` In crores
8 (ii) Current Investments
A Investment in Debenture/Bonds (at amortised cost)
Fully Paid Quoted:
The Tata Power Company Limited
8.01% Tax Free Bonds ` 1,000 50,000 5.18 - -
5.75% Tax Free Bonds ` 10,000 500 0.53 - -
8.18% Tax Free Bonds ` 10,00,000 50 5.23 - -
8.26% Tax Free Non Convertible Debentures ` 5,000 18,049 9.33 - -
Limited
8.51% Tax Free Bonds ` 1,000 1,50,000 15.54 - -
8.35% Tax Free Bonds ` 10,00,000 250 27.29 - -
Bajaj Finance Limited
Housing Development Finance Limited
105.37 103.09
B Investment in Unquoted Mutual funds (at fair 201.79 291.18
value through profit or loss)
C Investment in Inter Corporate Deposits (at - 40.00
amortised cost) :
Total : Current Investments 307.16 434.27
Footnotes:
(i) Aggregate value of Quoted investments and 105.37 103.09
(ii) Aggregate value of Unquoted investments 201.79 331.18
(iii) Aggregate value of impairment in value of - -
investments
346 Voltas Limited

9. LOANS (NON-CURRENT) (AT AMORTISED COST)

` in crores
As at As at
31 March, 2023 31 March, 2022
Loans to Employees (Unsecured, considered good) 0.08 0.10
Total non-current loans 0.08 0.10
10 OTHER FINANCIAL ASSETS (NON-CURRENT)

(UNSECURED, CONSIDERED GOOD UNLESS OTHERWISE STATED) (AT AMORTISED COST)
` in crores
As at As at
31 March, 2023 31 March, 2022
(b) Deposits with customers / others 8.63 4.67
(c) Fixed deposits with remaining maturity of more than 12 months 247.52 64.55
(d) Others 15.41 15.41
Total other financial assets (Non-current) 261.21 75.58
Footnotes :
(1) Break up of security details of other financial assets (non-current)
276.62 90.99
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, 2023 31 March, 2022
Deferred tax liabilities (133.41) (154.16)
Deferred tax liabilities (net) (5.28) (12.35)
Reconciliation of deferred tax liabilities (net):

Opening balance (12.35) 16.08
Tax income/(expense) during the period recognised in profit or loss (12.01) (5.27)
Tax income/(expense) during the period recognised in OCI 19.08 (23.16)
Closing balance (5.28) (12.35)

(b) The balance comprise temporary differences attributable to:
` in crores
As at (Charged) / (Charged) / As at
31 March, credited to credited to other 31 March,
2022 statement of comprehensive 2023
profit and loss income
Provision for employee benefits (including Voluntary 38.37 (3.47) (4.27) 30.63
Retirement Scheme)
Allowance for receivables, loans and advances 77.12 (2.47) - 74.65
Provision for contingencies and claims 10.84 (1.77) - 9.07
Unpaid statutory liabilities 3.77 0.46 - 4.23
Government Grants 1.83 (0.17) - 1.66
Estimated loss on projects 0.78 (0.55) - 0.23
Free Maintenance services 5.73 0.33 - 6.06
Others 3.37 (1.77) - 1.60
Deferred Tax Assets 141.81 (9.41) (4.27) 128.13
Property, plant and equipment and intangible assets (31.80) (0.38) - (32.18)
Unrealised gains on fair valuation of investments through (88.01) - 23.35 (64.66)
Unrealised gains on fair valuation of Mutual funds (34.35) (2.22) - (36.57)
Deferred Tax Liabilities (154.16) (2.60) 23.35 (133.41)
Deferred Tax Assets / (Liabilities) (net) (12.35) (12.01) 19.08 (5.28)
` in crores
As at (Charged) / (Charged) / As at
31 March, credited to credited to other 31 March,
2021 statement of comprehensive 2022
profit and 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)
348 Voltas Limited

12 OTHER NON-CURRENT ASSETS (UNSECURED, CONSIDERED GOOD UNLESS OTHERWISE STATED)

` in crores
As at As at
31 March, 2023 31 March, 2022
(b) Capital advances 11.57 23.09
(c) Advance to suppliers 0.49 1.07
(d) Others 2.91 5.82
Total other non-current assets 70.71 95.10
Footnote :
Impairment Allowance pertains to :
Total 2.06 4.88
13 INVENTORIES (AT LOWER OF COST AND NET REALISABLE VALUE)

` in crores
As at As at
31 March, 2023 31 March, 2022
(b) Work-in-progress 8.56 7.43
(c) Finished goods 490.53 597.41
(d) Stock-in-trade 286.10 488.66
Total Inventories 1,547.02 1,655.39
Inventories includes goods-in-transit:
(b) Stock-in-trade 19.66 31.83
Total goods-in-transit 134.72 193.77
Footnote :
Provision / (reversal) for write-down on value of inventory recognised in statement (0.97) (10.83)
of profit and loss
14 CONTRACT ASSETS (CURRENT) (UNSECURED)

` in crores
As at As at
31 March, 2023 31 March, 2022
Amount due from customers under construction contracts 444.42 658.19
Contract assets (Current) (net) 373.47 576.43
Footnotes :
(ii) Contract assets - credit impaired 28.77 18.96
444.42 658.19
373.47 576.43
(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 billed to customers and reclassified to trade receivables. Contract
assets balances have decreased mainly on account of transfer of Domestic Project Business (DPG), Mining and Construction
Equipment (M&CE) business and Textile Machinery Division (TMD) business to Universal MEP Projects & Engineering Services
Limited (UMPESL) (Refer Note 57).

15 TRADE RECEIVABLES (CURRENT) (AT AMORTISED COST) (UNSECURED)
` in crores
As at As at
31 March, 2023 31 March, 2022
Trade receivables 1,491.23 1,720.22
Trade receivables (net) 1,289.15 1,520.23
Footnotes :
(i) Unsecured, considered good 1,342.07 1,601.21
(ii) Trade Receivables - credit impaired 149.16 119.01
1,491.23 1,720.22
1,289.15 1,520.23
(2) Trade receivables has decreased mainly on account of transfer of Domestic Project Business (DPG), Mining and Construction
Equipment (M&CE) business and Textile Machinery Division (TMD) business to Universal MEP Projects & Engineering Services
Limited (UMPESL) (Refer Note 57).
(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, 2023 31 March, 2022
Transferred to UMPESL under BTA (Refer Note 57) (42.50) -
Allowances / (write back) during the year 75.19 32.02
Written off against provision (41.41) (35.01)
350 Voltas Limited

15 TRADE RECEIVABLES (CURRENT) (AT AMORTISED COST) (UNSECURED) (Contd.)
(6) Trade receivables (current) ageing :
` in crores
(iv) Disputed Trade Receivables - Considered Doubtful - - - 0.71 0.02 33.58 34.31
` in crores
CORPORATE OVERVIEW
(iv) Disputed Trade Receivables - Considered Doubtful - - - - 0.14 27.96 28.10
STATUTORY REPORTS

351
16 CASH AND CASH EQUIVALENTS
` in crores
As at As at
31 March, 2023 31 March, 2022
Cash on hand 0.02 0.03
Cheques on hand 9.10 14.77
Remittance in-transit 0.02 -
Balances with banks
- On current accounts 364.68 436.32
Total Cash and cash equivalents 373.82 451.12
Footnotes :
(a) At 31 March, 2023, the Company had available ` 419.29 crores (31 March, 2022: ` 499.76 crores) of undrawn committed borrowing
facilities. Sanction limits of domestic operations are secured against inventories, receivables and other current assets.
(b) Changes in liabilities arising from financing activities :
` in crores
Cash flows 159.24 (9.51)
New leases - 22.82
Transfer on sale of business - (0.11)
` in crores
Cash flows 24.19 (6.16)
New leases - 11.77
Foreign exchange management 0.01 -
(c) The quarterly returns or statements of current assets filed by the Company against sanctioned working capital limits with banks
are in agreement with the books of accounts .
17 OTHER BALANCES WITH BANKS

` in crores
As at As at
31 March, 2023 31 March, 2022
Earmarked balances - unpaid dividend Accounts 7.55 7.79
Margin money 8.11 4.98
Total Other Bank balances 15.66 12.77
Footnote :
Margin money deposit is placed as guarantee to project customers and Government authorities.
352 Voltas Limited

18 LOANS (CURRENT) (AT AMORTISED COST)

` in crores
As at As at
31 March, 2023 31 March, 2022
Loans to employees (Unsecured, considered good) 0.43 1.91
Total loans (Current) 0.43 1.91
19 OTHER FINANCIAL ASSETS (CURRENT) (UNSECURED, CONSIDERED GOOD UNLESS OTHERWISE STATED) (AT
AMORTISED COST)
` in crores
As at As at
31 March, 2023 31 March, 2022
(b) Inter-corporate deposits 185.00 -
(c) Due from related parties 71.93 29.42
(d) Interest accrued 13.58 4.87
(e) Recovery against bank guarantee encashment 73.10 -
(f ) Others 103.37 62.14
459.91 114.35
Total other financial assets (Current) 381.27 110.39
Footnotes :
(1) Break up of security details of other financial assets (current)
459.91 114.35
(ii) Credit impaired
- Recovery against bank guarantees encashment 73.10 -
- Others 5.54 4.00
78.64 4.00
20 OTHER CURRENT ASSETS (UNSECURED, CONSIDERED GOOD UNLESS OTHERWISE STATED)

` in crores
As at As at
31 March, 2023 31 March, 2022
(c) Gratuity fund (Refer Note 47) 7.33 -
(d) Prepaid expense 23.24 29.99
(e) Others
- Considered good 7.14 11.19
-Credit impaired 0.65 0.46
Total other current assets 221.56 221.55

21 SHARE CAPITAL
` in crores
As at As at
31 March, 2023 31 March, 2022
Authorised:
1,10,00,00,000 (31 March, 2022: 1,10,00,00,000) Equity Shares of ` 1/- each 110.00 110.00
40,00,000 (31 March, 2022: 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, 2022: 33,08,84,740) Equity Shares of ` 1/- each 33.09 33.09
Less : Calls-in-Arrears [1,19,850 shares (31 March, 2022: 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).
(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, 2023 As at 31 March, 2022
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
Life Insurance Corporation of India Equity 3,39,03,563 10.25 1,55,82,206 4.71
(d) As per the records of the Company, no calls remained unpaid by the Directors and Officers of the Company as on 31 March, 2023
(31 March, 2022 : Nil).
(e) Details of shares held by promoter / promoter group*
Tata Investment 99,62,330 - 99,62,330 3.01% -
Limited*
Total 10,02,53,480 - 10,02,53,480 30.30% -
354 Voltas Limited

21 SHARE CAPITAL (Contd.)

Tata Investment 99,62,330 - 99,62,330 3.01% -
Limited*
Total 10,02,53,480 - 10,02,53,480 30.30% -
22 OTHER EQUITY
` in crores
As at As at
31 March, 2023 31 March, 2022
(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 1,446.83 1,426.83
(5) Staff Welfare Reserve 0.01 0.01
(6) Equity instruments fair value through other comprehensive income 736.28 805.85
(7) Retained Earnings 4,537.11 3,283.14
MOVEMENTS IN OTHER EQUITY

` in crores
As at As at
31 March, 2023 31 March, 2022
(1) Capital Reserve
(2) Capital Redemption Reserve
(3) Securities Premium
(4) General Reserve
- As per last Balance Sheet 1,426.83 1,406.83
- Closing Balance 1,446.83 1,426.83
(5) Staff Welfare Reserve
(6) Equity instruments fair value through other comprehensive income
- Changes during the year (69.57) 179.00

` in crores
As at As at
31 March, 2023 31 March, 2022
(7) Retained Earnings
(a) As per last Balance Sheet 3,283.14 2,898.14
(b) Additions :
- Net Profit for the year 1,405.31 583.47
- Gain realised on sale of equity instrument classified as FVTOCI 37.96 -
- Transfer from other comprehensive income (net of tax) 12.69 -
1,455.96 583.47
(c) Deductions :
- Dividend 181.99 165.44
- Transfer from other comprehensive income (net of tax) - 13.03
- Transfer to General Reserve 20.00 20.00
201.99 198.47
Closing Balance 4,537.11 3,283.14
DISTRIBUTION MADE AND PROPOSED

` in crores
As at As at
31 March, 2023 31 March, 2022
Cash Dividends on Equity Shares declared and paid:
(31 March, 2021: ` 5.00 per share)
181.99 165.44
Proposed Dividend on Equity Shares:
(31 March, 2022: ` 5.50 per share)
140.63 181.99
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.
356 Voltas Limited


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, 2023 31 March, 2022
Unexpired service contracts 6.33 3.51
Total Contract liabilities (Non-Current) 6.33 3.51
24 BORROWINGS (AT AMORTISED COST) (NON-CURRENT)

` in crores
As at As at
31 March, 2023 31 March, 2022
Unsecured
Term Loans from Banks 21.15 -
Total borrowings 21.15 -
Footnotes :
(ii) Term loans from banks carry an average interest rate of 7.00% (31 March, 2022 : Nil)
25 LEASE LIABILITIES (NON-CURRENT)

` in crores
As at As at
31 March, 2023 31 March, 2022
Unsecured
26 OTHER FINANCIAL LIABILITIES (NON-CURRENT)

` in crores
As at As at
31 March, 2023 31 March, 2022
Employee's payable - Voluntary Retirement Scheme 11.46 14.89
Total other non-current financial liabilities 11.46 14.89

27 PROVISIONS (NON-CURRENT)
` in crores
As at As at
31 March, 2023 31 March, 2022
Provision for employee benefits :
(iii) Post retirement medical benefits (Refer Note 47) 5.74 5.53
Total provisions (Non-Current) 69.47 82.75
28 OTHER NON-CURRENT LIABILITIES

` in crores
As at As at
31 March, 2023 31 March, 2022
Deferred Government Grant 4.17 6.32
Total other non-current liabilities 4.17 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, 2023 31 March, 2022
(a) Advances received from customers 160.04 197.87
(b) Unexpired service contracts 10.97 9.21
(c) Billing in excess of contract revenue 35.74 118.35
Total Contract liabilities (Current) : 206.75 325.43
Footnote :
Contract liabilities balances have decreased mainly on account of transfer of Domestic Project Business (DPG), Mining and Construction
Equipment (M&CE) business and Textile Machinery Division (TMD) business to Universal MEP Projects & Engineering Services Limited
(UMPESL) (Refer Note 57).
30 BORROWINGS (AT AMORTISED COST) (CURRENT)

` in crores
As at As at
31 March, 2023 31 March, 2022
Unsecured
(a) Term loans from banks - Current maturities of long term debts 99.03 -
(b) Working capital loans from banks 165.10 126.04
Total borrowings 264.13 126.04
Footnotes :
(ii) Term loans from banks carry an average interest rate of 7% (31 March, 2022 : Nil)
(iii) Working capital loans from banks are repayable on demand.
(iv) Working capital loans from banks carry an average interest rate of 5.24% to 8.70% (31 March, 2022 : 1.35% to 5.75%).
358 Voltas Limited

31 LEASE LIABILITIES (CURRENT)

` in crores
As at As at
31 March, 2023 31 March, 2022
Unsecured
32 TRADE PAYABLES
` in crores
As at As at
31 March, 2023 31 March, 2022
Trade payables :
(i) Total outstanding dues of micro and small enterprises 112.94 143.46
(ii) Total outstanding dues of creditors other than micro and small enterprises 2,096.85 2,538.56
Total trade payables 2,209.79 2,682.02
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 112.94 142.57
(b) Interest on (i)(a) above - -
(ii) The amount of interest paid along with the principal payment made to the supplier - -
(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
(v) Total outstanding dues of Micro and Small Enterprises
- Principal 112.94 142.44
- Interest - 1.02

32 TRADE PAYABLES (Contd.)
360
(iii) Trade payables ageing :
` in crores
Voltas Limited
date of payment
year 3 years
(i) MSME - 59.05 45.20 3.28 2.13 3.28 112.94
(ii) Others 83.55 898.03 965.84 41.24 32.45 74.31 2,095.43
(iv) Disputed dues - Others - - - - - 1.43 1.43
Total 83.55 957.08 1,011.04 44.52 34.58 79.02 2,209.79
` in crores
date of payment
year 3 years
(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
33 OTHER FINANCIAL LIABILITIES (CURRENT) (AT AMORTISED COST)

` in crores
As at As at
31 March, 2023 31 March, 2022
(a) Deposits received from customers / others 39.84 30.60
(b) Payable for capital goods 18.19 9.95
(c) Unpaid dividends 7.55 7.79
(e) Rebate to customers 17.65 48.02
(f ) Employee's payable - Voluntary Retirement Scheme 5.32 5.91
(g) Other financial liabilities 29.22 0.96
Total other financial liabilities 117.77 103.23
34 PROVISIONS (CURRENT)
` in crores
As at As at
31 March, 2023 31 March, 2022
(a) Provision for Employee Benefits
(b) Provision for Trade Guarantees 80.47 63.70
(c) Provision for Contingencies for tax matters 36.05 43.08
Total provision (current) 142.62 148.33
Footnotes :
A. Provisions for Trade Guarantees :
Additional provisions recognised 60.44 53.88
Less : Reversal - 3.69
Less: Transferred to UMPESL under BTA (Refer Note 57) 3.77 -
B. Provision for Contingencies for tax matters

Additional provisions recognised 2.74 11.38
Less : Reversal 3.67 -
Less : Transferred to UMPESL under BTA (Refer Note 57) 4.66 -
35 OTHER CURRENT LIABILITIES

` in crores
As at As at
31 March, 2023 31 March, 2022
(a) Statutory obligations 139.78 84.87
(b) Others 1.06 1.11
Total other current liabilities 140.84 85.98

36 REVENUE FROM OPERATIONS
` in crores
31 March, 2023 31 March, 2022
Revenue from contracts with customers :
(b) Construction contract revenue 895.57 1,591.51
7,570.31 6,989.83
Other operating income :
(a) Unclaimed credit balances written back 7.57 9.70
(b) Sale of scrap 8.39 10.59
(c) Government Grant 0.69 10.86
(d) Business Support Services 87.64 77.45
(e) Others 0.32 0.17
104.61 108.77
Total revenue from operations 7,674.92 7,098.60
37 OTHER INCOME
` in crores
31 March, 2023 31 March, 2022
(a) Dividend Income :
From investment in subsidiaries, associates and joint ventures 2.35 2.13
From equity investments measured at FVTOCI 6.91 5.02
(b) Interest Income :
On sundry advances, deposits, customers’ balances etc. 0.02 0.02
On Inter corporate deposits and deposits with banks 16.03 2.46
On Income-tax refunds 2.48 1.17
On financial instruments measured at amortised cost 25.81 26.51
(c) Gain on sale / fair valuation of financial assets measured at FVTPL 63.24 81.09
(d) Exchange differences (Net) 7.06 9.00
(e) Rental income 29.27 24.70
(f ) Other non-operating income 22.03 15.79
Total other income 175.20 167.89
362 Voltas Limited

38 CHANGES IN INVENTORIES OF FINISHED GOODS, STOCK-IN-TRADE AND WORK-IN-PROGRESS
` in crores
31 March, 2023 31 March, 2022
Inventories at the end of the year :
- Finished Goods including stock-in-trade 776.63 1,086.07
785.19 1,093.50
Inventories at the beginning of the year :
- Finished Goods including stock-in-trade 1,086.07 904.83
1,093.50 915.23
Net (increase) / decrease 308.31 (178.27)
39 EMPLOYEE BENEFITS EXPENSES

` in crores
31 March, 2023 31 March, 2022
(a) Salaries, Wages and Bonus 397.15 449.95
(b) Contribution to Provident and other funds 22.50 23.49
(c) Staff Welfare expenses 17.03 15.10
Total employee benefits expenses 436.68 488.54
40 FINANCE COSTS
` in crores
31 March, 2023 31 March, 2022
Interest expense :
(a) on borrowings from banks and others 9.68 11.51
(b) on delayed payment of income tax - 1.52
(c) on lease liabilities 2.78 1.52
Total finance costs 12.46 14.55

41 DEPRECIATION AND AMORTISATION EXPENSES
` in crores
31 March, 2023 31 March, 2022
(a) Depreciation on property, plant and equipment 24.34 22.81
(b) Amortisation on intangible assets 2.93 3.27
(c) Depreciation on investment property 1.06 1.09
(d) Depreciation on Right-of-use assets 8.00 5.96
Total depreciation and amortisation expenses 36.33 33.13
42 OTHER EXPENSES
` in crores
31 March, 2023 31 March, 2022
(a) Consumption of Stores and Spares 6.42 2.90
(b) Power and Fuel 13.69 10.26
(c) Rent 13.81 16.85
(d) Repairs to Buildings 2.82 1.50
(e) Repairs to Plant and Machinery 13.33 10.87
(f ) Insurance charges 12.31 10.47
(g) Rates and Taxes 3.81 5.98
(h) Travelling and Conveyance 33.06 27.75
(i) Payment to Auditors [Refer Note 42(A)] 2.98 3.00
(j) Legal and Professional fees 31.03 21.57
(k) Bad and Doubtful Debts / Advances [Refer footnote below] 43.60 32.02
(l) Loss on sale of property, plant and equipment 1.31 1.28
(m) Corporate Social Responsibility (CSR) [Refer Note 42(B)] 14.60 12.94
(n) Outside service charges 123.26 99.45
(o) Clearing charges 68.84 74.46
(p) Freight and forwarding charges 127.33 120.66
(q) Commission on sales 5.64 9.59
(r) Advertising 62.09 33.04
(s) Printing and stationery 8.25 8.05
(t) Miscellaneous expenses 111.15 93.17
Total other expenses 699.33 595.81
Footnote :
Bad and Doubtful Debts / Advances includes :-
(a) Expected credit loss for contract assets and trade receivables 40.62 32.02
(b) Allowance for doubtful debts and advances 2.98 -
Total 43.60 32.02
364 Voltas Limited

42(A) AUDITOR’S REMUNERATION

` in crores
31 March, 2023 31 March, 2022
(a) To Statutory Auditor for
(1) Audit Fees 2.66 2.63
(2) Tax Audit Fees 0.06 0.06
(3) Other Services 0.10 0.14
(4) Reimbursement of Expenses 0.08 0.08
(b) To Secretarial Auditor for secretarial audit 0.02 0.02
(c) To Cost Auditor for cost audit 0.06 0.07
Total 2.98 3.00
42(B) CORPORATE SOCIAL RESPONSIBILITY (CSR) EXPENSES

` in crores
31 March, 2023 31 March, 2022
(a) Gross amount required to be spent by the Company during the year
Construction / acquisition of any asset - -
On purposes other than above 14.35 13.10
Total 14.35 13.10
(b) Amount approved by the Board to be spent during the year
Total 14.55 13.14
(c) Amount spent during the year
Total 14.60 12.94
(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 (0.05) (0.21)
Amount deposited in Specified Fund of Sch. VII within 6 months - -
Amount required to be spent during the year 14.35 13.10
Amount spent during the year 14.60 12.94
Closing balance (Excess spent) (0.30) (0.05)
(e) Details related to spent / unspent obligations :
i) Contribution to Public Trust 4.49 4.35
ii) Contribution to Charitable Trust 0.55 1.41
iii) Others (Contribution to Section 8 companies, non-profit organisation, 9.56 7.18
proprietorship and private limited companies)
iv) Unspent amount in relation to:
- Ongoing projects - -
- Other than ongoing projects - -
Total 14.60 12.94

43 EXCEPTIONAL ITEMS
` in crores
31 March, 2023 31 March, 2022
(a) Gain on transfer of business (Refer footnote (i)) 1,049.04 -
(b) Reversal of provision for diminution in value of investments (Refer Note 8(e)) 32.57 -
(c) Provision arising out of cancellation of contract and encashment of bank (106.43) -
guarantee (Refer footnote (ii))
Total exceptional Items 975.18 -
Footnotes :
(i) The Board of Directors of Voltas Limited (‘Holding Company’) at its meeting held on 12 February, 2021, have approved the
transfer of domestic B2B businesses 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’) via slump sale through a Business Transfer Agreement (‘BTA’). The BTA transaction has been consummated on 1 August,
2022, being the closing date for the transfer of business for a consideration of ` 1,190 crores and resultant gain on said transaction
of ` 1,049.04 crores has been disclosed as an Exceptional Item.
(ii) In respect of one of the overseas projects, the main contractor had unilaterally terminated the contract with Voltas and also
encashed the underlying bank guarantee pursuant to the termination of the main contractor’s contract by their customer. The
Company had considered a provision towards outstanding dues and encashed performance guarantee on the said project. The
Company has initiated legal proceedings against the main contractor for recovery of the proceeds of bank guarantee and due
amounts from them.
44 INCOME TAX
Reconciliation of tax expense and the accounting profit multiplied by India’s domestic tax rate for the year ended 31 March, 2023
and 31 March, 2022
` in crores
31 March, 2023 31 March, 2022
Profit before tax 1,528.17 763.16
Indian statutory income tax rate 25.17% 25.17%
Income-tax expense at India’s statutory income tax rate 384.61 192.07
Effect of adjustments to reconcile the expected tax expense to reported income tax
expense:
Effect of exempt income (3.51) (3.38)
Effect of exempt income on account of business transfer under common control (264.02) -
(Refer Note 57)
Effect of non-deductible expenses 4.28 5.59
Effect of income which is taxed at special rates (0.20) (11.01)
Adjustment of tax relating to earlier periods (0.95) (3.58)
Effect of impairment / (reversal) of impairment provision on investments (8.20) 0.06
Effect of business transfer under common control 13.75 -
Others (2.90) (0.06)
122.86 179.69
366 Voltas Limited

45 EARNINGS PER SHARE

31 March, 2023 31 March, 2022
(a) Profit attributable to Equity Shareholders - (` in crores) 1,405.31 583.47
(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) 42.47 17.63
46 COMMITMENTS AND CONTINGENCIES
A. Commitments :
` in crores
As at As at
31 March, 2023 31 March, 2022
(i) Estimated amount of contracts remaining to be executed on capital 126.91 101.13
account 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, 2023 31 March, 2022
(i) Limits (Fund and Non Fund based) 2,815.26 2,191.34
(ii) Against which outstanding balance 1,322.37 636.78
(C) Contingent liabilities:

` in crores
As at As at
31 March, 2023 31 March, 2022
Claims against the Company not acknowledged as debts
(i) Sales tax / VAT matters 74.72 125.64
(ii) Service tax matters 18.38 18.38
(iii) Excise matters 19.72 19.89
(iv) Contractual matters in the course of business 64.44 65.43
(v) Customs duty matters 1.14 1.14
(vi) Guarantees for terminated contract 374.95 345.61
(vii) Income tax matters 15.43 14.77
568.78 590.86

47 EMPLOYEE BENEFITS
368
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
Voltas Limited
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.
(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.
(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
2022-23 2021-22 2022-23 2021-22 2022-23 2021-22 2022-23 2021-22
Net interest expense 0.36 (0.69) 1.33 1.02 3.16 2.88 0.43 0.42
Components of defined benefit costs 5.32 2.58 7.19 5.57 3.16 2.88 0.62 0.61
recognised in profit or loss
Remeasurement on the defined benefit plans:
Return on plan assets (0.23) (2.12) - - - - - -
Actuarial (gains) / losses arising from changes in (3.35) 9.64 (11.90) 7.45 (0.60) (1.28) (0.11) (0.18)
Actuarial (gains) / losses arising from experience (0.51) 0.80 (2.08) (0.88) 0.62 0.71 1.20 (0.13)
adjustments
Actuarial (gains) / losses arising from - (0.04) - (0.02) - 2.96 - 0.50
Demograhic Assumption
Components of defined benefit costs (4.09) 8.28 (13.99) 6.55 0.02 2.39 1.09 0.19
recognised in other comprehensive income
` in crores
medical benefits
2022-23 2021-22 2022-23 2021-22 2022-23 2021-22 2022-23 2021-22
Change in benefit obligation
Opening defined benefit obligation 51.04 39.73 39.89 32.53 43.12 41.37 5.82 6.06
Interest cost 3.74 2.76 1.33 1.02 3.16 2.88 0.43 0.42
Remeasurement (gains)/losses:
Actuarial (gains)/losses arising from changes in (3.35) 9.64 (11.90) 7.45 (0.60) (1.28) (0.11) (0.18)
Actuarial (gains)/losses arising from experience (0.51) 0.80 (2.08) (0.88) 0.62 0.71 1.20 (0.13)
adjustments
Actuarial (gains) / losses arising from - (0.04) - (0.02) - 2.96 - 0.50
Demograhic Assumption
Transfer of obligation on account of transfer of 0.02 0.05 - - - - - -
employee from group companies
Exchange differences on foreign plans - - 3.07 1.09 - - - -
Transfer of obligation on transfer of Business (18.67) - - - - - (0.28) -
CORPORATE OVERVIEW
(Refer Note 57)

Benefits paid (3.80) (5.17) (8.79) (5.85) (3.68) (3.52) (1.27) (1.04)
Closing defined benefit obligation 33.43 51.04 27.38 39.89 42.63 43.12 5.98 5.82
Change in plan assets

` in crores
2022-23 2021-22
Opening fair value of plan assets 46.09 49.68
STATUTORY REPORTS
Interest income 3.38 3.46

Remeasurement gain / (losses):
Return on plan assets 0.23 2.12
Contributions from the employer 13.53 (4.00)
Amount paid on transfer of Business (Refer Note 57) (18.67) -
Benefits paid (3.80) (5.17)
Closing fair value of plan assets 40.76 46.09

369
370
The amount included in the Balance Sheet arising from the Company’s obligation in respect of its defined benefit plans are as follows:
` in crores
Voltas Limited
medical benefits
2022-23 2021-22 2022-23 2021-22 2022-23 2021-22 2022-23 2021-22
Present value of funded defined benefit (33.43) (51.04) (27.38) (39.89) (42.63) (43.12) (5.98) (5.82)
obligation
Fair value of plan assets 40.76 46.09 - - - - - -
Net (liability) / asset arising from defined 7.33 (4.95) (27.38) (39.89) (42.63) (43.12) (5.98) (5.82)
benefit obligation
(b) The major categories of plan assets as a percentage of total plan:
Category of investments:
` in crores
Gratuity funded
2022-23 2021-22
Government of India securities 57% 56%
Corporate bonds 31% 33%
Mutual funds 8% 8%
Others (Interest accrued, Balances with banks) 4% 3%
100% 100%
(c) The principal assumptions used for the purposes of the actuarial valuations are as follows.
` in crores
medical benefits
2023 2022 2023 2022 2023 2022 2023 2022
Discount rate 7.52% 7.33% 4.80% 3.20% 7.52% 7.33% 7.52% 7.33%
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 2012-14 2012-14 2012-14 2012-14 2012-14 2012-14 2012-14
(Urban) (Urban) (Urban) (Urban) (Urban) (Urban) (Urban) (Urban)
Expected rate of salary Increase / pension 7.00% 8.00% 2.00% 4.00% 6.00% 6.00% 5.00% 5.00%
escalation / medical cost inflation
(d) A quantitative sensitivity analysis for significant assumptions are as follow:

` in crores
medical benefits
2023 2022 2023 2022 2023 2022 2023 2022
Projected benefit obligations on current 33.43 51.04 27.38 39.89 42.63 43.12 5.98 5.82
assumptions
+1% increase in discount rate (2.25) (4.24) (2.22) (4.27) (2.93) (3.15) (0.13) (0.13)
-1% decrease in discount rate 2.58 4.94 2.59 5.10 3.36 3.63 0.17 0.17
+ 1% increase in salary/pension/medical cost 2.48 4.76 2.64 5.00 3.38 3.64 0.14 0.13
inflation
-1% decrease in salary/pension/medical cost (1.02) (1.73) (2.30) (4.27) (3.00) (3.21) (0.14) (0.13)
inflation
+1% increase in rate of employee turnover 0.10 (0.22) 0.63 (0.31) NA NA (0.04) (0.03)
-1% decrease in rate of employee turnover (0.11) 0.25 (0.70) 0.35 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
CORPORATE OVERVIEW
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
STATUTORY REPORTS
2023 2022 2023 2022 2023 2022 2023 2022

Within 1 year 3.84 3.78 2.39 2.23 3.79 3.56 0.26 0.29
Beyond 5 years 18.89 33.28 18.59 31.25 23.38 24.81 4.54 4.23
The contribution expected to be made by the Company during the financial year 2022-23 is ` 6.00 crores (31 March, 2022 ` 6.00 crores).

The average duration of the defined benefit plan obligation at the end of the reporting period is 12 years (31 March, 2022: 11 years).
371
(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, 2023.
The details of the fund and plan assets position are as follows:
` in crores
As at As at
31 March, 2023 31 March, 2022
Fair value of plan assets 239.74 323.55
Present value of defined obligation 231.93 316.17
Contribution during the year (Employee and Employer Contribution) 24.45 30.09
The principal assumptions used for the purposes of the actuarial valuations are as follows:
As at As at
31 March, 2023 31 March, 2022
% %
Guaranteed Interest rate 8.15% 8.50%
Discount Rate for the remaining term to maturity of Interest portfolio 7.52% 7.33%
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.
372 Voltas Limited

48. RELATED PARTY DISCLOSURES
(a) List of Related Parties and Relationships

Party Relation
A Related parties where control exists Subsidiaries
Auto Aircon (India) Limited (name strike off w.e.f. 8 September, 2021)
Voltas Netherlands B.V.
Lalbuksh Voltas Engineering Services & Trading L.L.C. *
Weathermaker FZE
Saudi Ensas Company for Engineering Services W.L.L.
Universal MEP Projects & Engineering Services Limited
Voltas Qatar W.L.L. *
Voltas Oman SPC *
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 (name strike off on 26 July, 2022)
Voltbek Home Appliances Private Limited
3 Mr. Pradeep Bakshi - Managing Director & CEO Key Management Personnel
Mr. Jitender P. Verma - Chief Financial Officer (w.e.f.19 July, 2021)
Mr. Anil George - Chief Financial Officer (upto 18 July, 2021)
Mr. V. P. Malhotra - Head - 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
Independent Directors
Mr. Debendranath Sarangi
Mr. Bahram N. Vakil
Ms. Anjali Bansal
Mr. Arun Kumar Adhikari
Mr. Zubin Dubash
5 Voltas Limited Provident Fund Employee Benefit Funds
Voltas Managerial Staff Provident Fund
Voltas Limited Employees’ Gratuity Fund
Voltas Limited Managerial Staff Gratuity Fund
Voltas Limited Employees’ Superannuation Scheme
6 Tata Sons Private Limited Promoter

48. RELATED PARTY DISCLOSURES (Contd.)
Party Relation
7 Air India Limited (w.e.f. 27 January, 2022) Subsidiaries and Joint Ventures
of Promoter
Air India SATS Airport Services Private Limited. (w.e.f. 27 January, 2022)
Ardent Properties Private Limited (w.e.f. 17 June, 2022)
Automotive Stampings and Assemblies Limited
C-Edge Technologies Limited
Ewart Investments Limited
Gurgaon Realtech Limited (upto 19 May, 2022)
Infiniti Retail Limited
Innovative Retail Concepts Private Limited
MahaOnline Limited
Mikado Realtors Private Limited (Upto 4 January, 2023)
Savis Retail Private Limited
Supermarket Grocery Supplies Private Limited
Sir Dorabji Tata Trust
Sir Ratan Tata Trust
Tata 1mg Healthcare Solutions Private Limited (w.e.f. 9 June, 2021)
Tata 1mg Technologies Private Limited (w.e.f. 9 June, 2021)
Tata Advanced Systems Limited (merged with TAL Manufacturing Solutions Limited)
Tata Africa Holdings (Kenya) Limited
Tata AIA Life Insurance Company Limited
Tata AIG General Insurance Company Limited
Tata Asset Management Private Limited(formerly known as Tata Asset Management Limited)
Tata Autocomp Hendrickson Suspensions Private Limited (formerly known as Taco Hendrickson
Suspensions 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 Private Limited(formerly known as Tata Digital Limited)
Tata Electronics Private Limited(formerly known as TRIL Bengaluru Real Estate Four Private
Limited)
Tata Elxsi Limited
374 Voltas Limited

Party Relation
Tata Ficosa Automotive Systems Private Limited (formerly known as Tata Ficosa Automotive
Systems Limited)
Tata Housing Development Company Limited
Tata Industries Limited
Tata International Metals (UK) Limited (formerly known as Tata Steel International (UK) Limited)
Tata International Vehicle Applications Private Limited (formerly known as Tata International DLT
Private Limited)
Tata Investment Corporation Limited
Tata Lockheed Martin Aerostructures Limited
Tata Medical and Diagnostics Limited
Tata Play Limited (formerly known as Tata Sky Limited)
Tata Play Broadband Private Limited
Tata Realty and Infrastructure Limited
Tata Sikorsky Aerospace Limited (formerly known as Tara Aerospace Systems Limited)
Tata Teleservices (Maharashtra) Limited
Tata Teleservices Limited
Tata Toyo Radiator Limited
Tata Unistore Limited (w.e.f. 9 December, 2022)
TCS Foundation
TM Automotive Seating Systems Private Limited
TRIL Infopark Limited (upto 8 July, 2022)
TRIL IT4 Private Limited(formerly known as Albrecht Builder Private Limited)
TRIL Urban Transport Private Limited
* Through subsidiary companies

376
(b) Related Party Transactions
` in crores
Sr. Year Transactions Subsidiaries Associates Joint Promoter Subsidiaries Key Directors Employee Total
Voltas Limited
Promoter
1 2022-23 Purchases of stock-in-trade - - 11.68 - - - - - 11.68
2021-22 - - 9.74 - - - - - 9.74
2 2022-23 Sale of Products 9.04 0.01 0.69 - 114.85 - - - 124.59
2021-22 0.13 - 0.10 - 57.25 - - - 57.48
3 2022-23 Service Income 4.05 - 0.78 0.07 64.06 - - - 68.96
2021-22 4.93 1.66 1.05 0.04 120.06 - - - 127.74
4 2022-23 Construction contract 0.22 - 0.01 - 8.63 - - - 8.86
revenue (Includes billed and
unbilled revenue)
2021-22 - - - - 6.37 - - - 6.37
5 2022-23 Interest Income - - - - 3.91 - - - 3.91
2021-22 - - - - 5.18 - - - 5.18
6 2022-23 Rental Income 4.67 - 0.80 - 5.84 - - - 11.31
2021-22 0.30 - 0.75 - 5.82 - - - 6.87
7 2022-23 Dividend Income 0.42 1.93 - - 4.04 - - - 6.39
2021-22 0.78 1.34 - - 3.85 - - - 5.97
8 2022-23 Income from business 16.71 - 3.40 - - - - - 20.11
support services
2021-22 28.35 - 5.16 - - - - - 33.51
9 2022-23 Sale of Business (net 1,190.00 - - - - - - - 1,190.00
consideration)
- UMPESL
2021-22 - - - - - - - - -
10 2022-23 Remuneration Paid - - - - - 12.06 2.00 - 14.06
/ Payable (including
commission)
2021-22 - - - - - 11.29 2.30 - 13.59
11 2022-23 Sitting Fees - - - - - - 0.37 - 0.37
2021-22 - - - - - - 0.53 - 0.53
12 2022-23 Dividend Paid - - - 48.47 6.54 - - - 55.01
2021-22 - - - 44.07 5.94 - - - 50.01
13 2022-23 Consulting expenses - - - - 0.06 - - - 0.06
2021-22 - - - - 1.97 - - - 1.97
` in crores
Promoter
14 2022-23 Tata Brand Equity - - - 13.05 - - - - 13.05
2021-22 - - - 12.70 - - - - 12.70
15 2022-23 Purchase of goods / 77.30 - 6.85 - 0.03 - - - 84.18
services for execution of
contracts
2021-22 113.32 - 19.59 - - - - - 132.91
16 2022-23 Deputation Charges paid 4.07 - 3.38 - - - - - 7.45
2021-22 - - - - - - - - -
17 2022-23 Impairment in value of - - - - - - - - -
investment
2021-22 - - 0.25 - - - - - 0.25
18 2022-23 Security Deposit Refunded - - - - - - - - -
2021-22 - - - - 4.48 - - - 4.48
19 2022-23 Other Expenses- Recovery 21.39 - 39.44 - 0.28 - - - 61.11
of expenses
CORPORATE OVERVIEW
2021-22 13.11 - 36.30 0.15 1.13 - - - 50.69

20 2022-23 Other Expenses- 3.08 - 8.20 0.13 18.08 - - - 29.49
Reimbursement of expenses
2021-22 1.84 - 0.20 - 14.82 - - - 16.86
21 2022-23 Purchase of property, plant - - 0.01 - 0.05 - - - 0.06
and equipment
2021-22 - - * - 0.95 - - - 0.95
22 2022-23 Investments in Equity 1,190.00 - 122.50 - - - - - 1,312.50
shares
STATUTORY REPORTS
- UMPESL 1,190.00 - - - - - - - 1,190.00

- Others - - 122.50 122.50
2021-22 Others - - 93.10 - - - - - 93.10
23 2022-23 Redemption of - - - - 50.00 - - - 50.00
Investments in Preference
shares/ Bonds /
Debentures
2021-22 - - - - 3.00 - - - 3.00

24 2022-23 Security deposit at the end 0.15 - - - 3.03 - - - 3.18
of the year
377
2021-22 0.15 - - - 3.02 - - - 3.17
378
` in crores
Voltas Limited
Promoter
25 2022-23 Provision for Debts and 0.01 - - - 0.61 - - - 0.62
Advances at year end
2021-22 * - * * 0.72 - - - 0.72
26 2022-23 Advance Outstanding at - - - - 0.12 - - - 0.12
year end
2021-22 - - - 0.04 0.12 - - - 0.16
27 2022-23 Outstanding Share - - 13.13 - - - - - 13.13
Application Money at year
end
2021-22 - - 13.13 - - - - - 13.13
28 2022-23 Debit Balance Outstanding 34.71 0.03 32.85 - 38.23 - - - 105.82
at year end
2021-22 40.63 0.51 33.44 - 71.51 - - - 146.09
29 2022-23 Credit Balance 22.66 - - 9.87 1.99 4.00 2.00 - 40.52
Outstanding at year end
2021-22 67.93 - - 8.74 0.08 3.08 2.30 4.38 86.51
30 2022-23 Guarantees Outstanding at 2,733.14 - 82.13 - - - - - 2,815.27
year end
UMPESL 1,900.00 - - - - - - 1,900.00
Others 833.14 - - - - - - - 833.14
2021-22 2,115.59 - 75.75 - - - - - 2,191.34
UMPESL 1,350.00 - - - - - - - 1,350.00
Others 765.59 - 75.75 - - - - - 841.34
31 2022-23 Impairment in value of 28.71 - 20.24 - - - - - 48.95
Investments at year end
2021-22 61.28 1.56 23.08 - - - - - 85.92
32 2022-23 Contract Revenue in excess 0.05 - 0.01 - 1.09 - - - 1.15
of Billing
2021-22 - - * - 2.88 - - - 2.88
33 2022-23 Billing in excess of - - - - 0.20 - - - 0.20
Contract Revenue
2021-22 - - 0.04 - 1.60 - - - 1.64
34 2022-23 Contribution to Employee - - - - - - - 13.21 13.21
Benefit Funds
2021-22 - - - - - - - 11.59 11.59
49 RESEARCH AND DEVELOPMENT EXPENDITURE

` in crores
2022-23 2021-22
Expenditure at Department of Scientific and
Industrial Research (DSIR) approved R&D centers
CAC-PS , Thane 0.09 1.24
Expenditure at other R&D centers
(UPBG at Faridabad, Waghodia and Pantnagar)
Total R&D expenditure 16.17 14.25
UPBG 9.54 11.53
CAC-PS 5.23 1.24
UPBG 1.32 1.48
CAC-PS 0.08 -
Business Segments :
UPBG : Unitary Cooling Products
CAC-PS : Commercial AC - Product Sales

50 FINANCIAL INSTRUMENTS
380
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
cost Carrying value cost Carrying Fair
value value value
Financial assets
Investments (*) 1,699.80 890.49 247.83 2,838.12 2,838.12 2,041.51 983.43 324.38 3,349.32 3,349.32
Loans - - 0.51 0.51 0.51 - - 2.01 2.01 2.01
Trade receivables - - 1,289.15 1,289.15 1,289.15 - - 1,520.23 1,520.23 1,520.23
Other financial assets - - 642.48 642.48 642.48 - - 185.97 185.97 185.97
Cash and cash equivalents - - 373.82 373.82 373.82 - - 451.12 451.12 451.12
Other balances with banks - - 15.66 15.66 15.66 - - 12.77 12.77 12.77
1,699.80 890.49 2,569.45 5,159.74 5,159.74 2,041.51 983.43 2,496.48 5,521.42 5,521.42
Borrowings - - 285.28 285.28 285.28 - - 126.04 126.04 126.04
Lease Liabilities - - 29.73 29.73 29.73 - - 13.75 13.75 13.75
Trade payables - - 2,209.79 2,209.79 2,209.79 - - 2,682.02 2,682.02 2,682.02
Other financial liabilities 0.25 - 128.98 129.23 129.23 0.33 - 117.79 118.12 118.12
0.25 - 2,653.78 2,654.03 2,654.03 0.33 - 2,939.60 2,939.93 2,939.93
*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
2023 2022 2023 2022 2023 2022
Financial assets
- Investment 1,649.88 1,992.12 49.92 49.39 - -
At fair value through Other Comprehensive
Income
- Investment 613.71 595.50 - - 276.78 387.93
TOTAL 2,263.59 2,587.62 49.92 49.39 276.78 387.93
` in crores
2023 2022 2023 2022 2023 2022
- Derivative financial liabilities - - 0.25 0.33 - -
TOTAL - - 0.25 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, 2021 273.71
Add: Fair valuation gain/(loss) recognised in OCI 34.23
Add / Less: Investment made during the year 79.99
Add: Fair valuation gain/(loss) recognised in OCI (73.19)
Add / Less: Investment made/ (disposed off ) during the year (37.96)
OTHER EXPENSES IN RESPECT OF SPECIFIC ITEMS ARE AS FOLLOWS (REFER NOTE 42):
` in crores
Grouped under
materials, cost of
jobs and services
(1) Rent 0.03 13.81 13.84
(2) Power and Fuel * 13.69 13.69
(5) Printing and Stationery * 8.25 8.25
(6) Legal and Professional charges - 31.03 31.03
(7) Clearing charges - 68.84 68.84
(9) Repairs to Plant and Machinery - 13.33 13.33

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
382 Voltas Limited

52 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 and the
Company has very limited long term borrowings, 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 Government bond yield would result
in a loss of approximately ` 4.12 crores (31 March, 2022: ` 4.98 crores) whereas a decrease in 25 bps change in 10 year
Government bond yield would result in a profit of approximately ` 4.12 crores (31 March, 2022: ` 4.98 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
United States Dollar (USD) 304.30 445.78 85.98 156.34
United Arab Emirates Dirham (AED) 748.91 421.66 738.86 575.23
Qatari Riyal (QAR) 35.21 32.79 20.69 26.12
Chinese Yuan (CNY) 87.07 - - -
Singapore Dollar (SGD) 7.72 54.20 3.74 5.17

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 tax Effect on Equity
USD +5% (8.55) (11.62) (6.39) (8.69)
USD -5% 8.55 11.62 6.39 8.69
AED +5% (0.50) 7.68 (0.38) 5.75
AED -5% 0.50 (7.68) 0.38 (5.75)
QAR +5% (0.73) (0.33) (0.54) (0.25)
QAR -5% 0.73 0.33 0.54 0.25
CNY +5% (3.90) - (2.92) -
CNY -5% 3.90 - 2.92 -
SGD +5% (0.20) (2.45) (0.15) (1.83)
SGD -5% 0.20 2.45 0.15 1.83
Details of notional value of derivative contracts entered by the Company and outstanding as at Balance Sheet date
` in crores
As at As at
31 March, 2023 31 March, 2022
Forward contracts - Buy (USD/`) 47.41 57.14
Forward contracts - Buy (CNY/`) 9.15 -
The fair value of the Company’s derivatives position recorded under financial assets and financial liabilities are as follows:
` in crores
Particulars Liabilities Assets
Forex Forward Cover 0.25 0.33 - -
(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, 2023 31 March, 2022
NSE Nifty 50 : +5% 30.69 29.78
NSE Nifty 50 : -5% (30.69) (29.78)
384 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 50 Financial Instruments. The maximum credit exposure on financial guarantees given by the
Company for various financial facilities is disclosed in Note 46 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
Contractual maturities of financial Less than More than Total
liabilities (31 March, 2023) 1 year 1 year
Non-derivatives
Borrowings (*) 273.51 21.27 294.78
Trade payables 2,209.79 - 2,209.79

` in crores
Contractual maturities of financial Less than More than Total
liabilities (31 March, 2022) 1 year 1 year
Non-derivatives
Borrowings (*) 127.23 - 127.23
Trade payables 2,682.02 - 2,682.02
The amount included in Note 46(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.
53 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, 2023 and 31 March, 2022 is as follows:
` in crores
As at As at
31 March, 2023 31 March, 2022
Balance at the beginning 13.75 6.62
Transfer on sale of business (Refer Note 57) (0.11) -
Additions 22.82 11.77
Accretion of interest 2.78 1.52
Payment of lease liabilities (principle plus interest) (9.51) (6.16)
Balance at the end 29.73 13.75
Non-current 21.34 8.97
Current 8.39 4.78
386 Voltas Limited

53 LEASES (Contd.)
(b) The following are the amounts recognised in profit or loss:
` in crores
31 March, 2023 31 March, 2022
Depreciation on right-of-use assets 8.00 5.96
Interest expense on lease liabilities 2.78 1.52
Expense relating to short-term leases (Refer footnote c) 82.65 91.31
Total amount recognised in statement of profit and loss 93.43 98.79
(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 2023-2028.
(c) Expense relating to short-term leases are disclosed under the head rent and clearing charges in other expenses
(Refer Note 42).
(d) The Company had total cash flows for leases of ` 9.51 crores on 31 March, 2023 (31 March, 2022 : ` 6.16 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 ` 29.27 crores is recognised as lease income in the statement of profit and loss
account for the year ended 31 March, 2023 (31 March, 2022: ` 24.70 crores).
Minimum lease income for non-cancellable operating lease
` in crores
As at As at
31 March, 2023 31 March, 2022
(a) Not later than one year 6.30 2.77
(b) Later than one year but not later than five years 4.60 3.03
(c) Later than five years - -

54 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, 2023 31 March, 2022
Segment - A ( Unitary Cooling Products )
Sub-total : 6,474.50 4,881.92
Segment - B ( Electro - Mechanical Projects and Services )
(b) Construction contract revenue 895.57 1,591.51
Sub-total : 914.29 1,619.25
Segment - C ( Engineering Products and Services )
Sub-total : 181.52 488.66
Total revenue from contracts with customers 7,570.31 6,989.83
(B) Set out below is the amount of revenue recognised from:

` in crores
As at As at
31 March, 2023 31 March, 2022
(a) Amounts included in contract liabilities at the beginning of the year 197.38 284.57
(b) Performance obligations satisfied in previous years - 0.32
(C) Reconciling the amount of revenue recognised in the statement of profit and loss with the contracted price.
` in crores
31 March, 2023 31 March, 2022
Revenue as per contracted price 7,190.40 6,468.95
Adjustments
Add: (a) Unbilled on account of work under certification 415.65 639.23
Less: (b) Billing in excess of contract revenue (35.74) (118.35)
Revenue from contract with customers 7,570.31 6,989.83
(D) Performance obligation

The transaction price allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as at 31 March, 2023
is of ` 701.18 crores (31 March, 2022: ` 2,988.14 crores), out of which, majority is expected to be recognised as revenue within a
period of one year.
388 Voltas Limited

55 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 monitors capital using a gearing ratio, which
is net debt divided by total capital plus net debt. The Company includes within net debt, interest bearing loans and borrowings,
less cash and cash equivalents.
` in crores
As at As at
31 March, 2023 31 March, 2022
Borrowings (Refer Note 24 and 30) 285.28 126.04
Less: Cash and cash equivalents (Refer Note 16) (373.82) (451.12)
Net Debt (88.54) (325.08)
Equity 6,773.10 5,568.70
Total Capital 6,773.10 5,568.70
Capital and Net Debt 6,684.56 5,243.62
Gearing Ratio (1.32%) (6.20%)
56 OTHER STATUTORY INFORMATION :

(i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the
Company for holding any Benami property.
(ii) The Company does not have any transactions with companies struck off.
(iii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
(iv) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
(v) The Company has 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:
the Company (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
(vi) The Company has 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:
the Funding Party (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,
(vii) The Company has 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 Companies Act, 2013
read with the Companies (Restriction on number of Layers) Rules, 2017.
(ix) The Company is maintaining its books of account in electronic mode and these books of account are accessible in India at
all times and the back-up of books of account has been kept in servers physically located in India on a daily basis from the
applicability date of the Companies (Accounts) Rules, 2014, i.e. 5 August, 2022 onwards.

57 The Board of Directors of Voltas Limited at its Meeting held on 12 February, 2021, have approved the transfer of domestic B2B
businesses 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’) via slump sale
through a Business Transfer Agreement (‘BTA’). The BTA transaction has been consummated on 1 August, 2022, being the closing
date for the transfer of business for a consideration of ` 1,190 crores and resultant gain on said transaction of `1,049.04 crores has
been disclosed as an Exceptional Item.
58 RESTRUCTURING OF OVERSEAS BUSINESS OPERATIONS :

(i) The Board of Directors of the Company at its Meeting held on 26 April, 2023, approved the proposal for transfer of overseas
branch offices of the Company at Dubai, Abu Dhabi, Sharjah in the United Arab Emirates (UAE), Doha in Qatar, Bahrain
and Singapore to Universal MEP Projects Pte Limited (UMPPL), Singapore, a wholly-owned subsidiary of Voltas Netherlands
B.V., which is a direct 100% wholly-owned subsidiary of Voltas Limited. The transfer would be on slump sale basis through
execution of Business Transfer Agreement (BTA) for each branch separately, subject to satisfactory completion of conditions
precedent, including novation of existing contracts of Voltas in favour of UMPPL by the Main Contractors/Clients and such
other compliances or procedures necessary or applicable in the respective local jurisdictions.
(ii) The Board of Directors have also approved transfer of Voltas direct investments in overseas subsidiary companies –
Weathermaker FZE (100%), UAE, Saudi Ensas Company for Engineering Services W.L.L., Kingdom of Saudi Arabia (92%) and
Lalbuksh Voltas Engineering Services & Trading L.L.C., Sultanate of Oman (20%) to UMPPL through Share Purchase Agreement
(SPA) for each Company respectively, subject to requisite approvals as may be required in that behalf.
(iii) Upon consummation of the aforesaid transactions, the international business operations would get housed in the Singapore
entity – UMPPL.
59 EVENTS OCCURRING AFTER BALANCE SHEET :

(i) The Board of Directors have proposed dividend of ` 4.25 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.
390 Voltas Limited

60 RATIO ANALYSIS
` in crores
Sr. Ratio Numerator Denominator As at As at % change Reason for
No 31 March, 31 March, variance
2023 2022
1 Current ratio Current Assets Current Liabilities 1.44 1.42 1.73% -
2 Debt- Equity Borrowings Total equity 0.04 0.02 86.09% Increase is on
Ratio account of
borrowings availed
for international
operation for
working capital
management of
projects executed.
3 Debt Service Earnings for Debt service = 50.30 39.21 28.26% Variance is on
Coverage ratio debt service = Interest payable account of gain on
Net Profit before & Lease Payments transfer of business
tax+ Non-cash + Principal to UMPESL
operating expenses- Repayments of long (Refer Note 57).
(depreciation and term borrowings
amortisation)+
Finance Cost+
other adjustments
like Loss on sale of
property, plant and
equipment
4 Return on Net Profit after taxes Average total equity 0.23 0.11 105.95% Variance is on
Equity ratio account of gain on
transfer of business
to UMPESL
(Refer Note 57).
5 Inventory Cost of goods sold Average Inventory 3.33 2.78 19.98% -
Turnover ratio excluding cost of
jobs and services of
Segment - B
(Electro - Mechanical
Projects and
Services)
6 Trade Revenue from Average Trade 4.03 3.33 20.92% -
Receivable Operations Receivable
Turnover Ratio
7 Trade Payable Cost of goods sold Average Trade 2.76 2.50 10.50% -
Turnover Ratio and other expenses Payables
8 Net Capital Revenue from Working capital = 5.49 4.77 15.00% -
Turnover Ratio Operations Current assets –
Current liabilities
9 Net Profit ratio Net Profit Revenue from 0.18 0.08 122.77% Variance is on
operations account of gain on
transfer of business
to UMPESL
(Refer Note 57).

60 RATIO ANALYSIS (Contd.)
` in crores
Sr. Ratio Numerator Denominator As at As at % change Reason for
No 31 March, 31 March, variance
2023 2022
10 Return on Earnings before Capital Employed 0.23 0.14 62.60% Variance is on
Capital interest and taxes = Tangible Net account of gain on
Employed worth + Total long transfer of business
term borrowings + to UMPESL
Deferred Tax Liability (Refer Note 57).
11 Return on -
Investment
(a) Mutual Funds Gain on sale / fair Monthly average 0.04 0.05 (12.66%) -
Investments valuation of Mutual investment in
Fund Mutual Funds
(b) Fixed Income Interest Income Monthly average 0.07 0.07 (6.37%) -
Investments investment in Fixed
Income invetments
(c) Quoted Equity Fair valuation of Quaterly average 0.03 0.36 (91.31%) Decrease in return
Instruments quoted investment investment in on investment
Investments + Dividend Income Quoted Equity from quoted
Instruments equity instruments
are on account
of fluctuation in
market prices.
61
Previous year’s figures have been regrouped / reclassified wherever necessary to correspond with the current year’s classification/
disclosure.


Place : Mumbai
392 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 MEP Weathermaker Saudi Ensas Lalbuksh Voltas Oman Voltas Voltas
Enterprises MEP Projects Projects & FZE (WMF) Company for Voltas SPC (VOLLC) Qatar W.L.L. Netherlands
Private Pte Limited Engineering Engineering Engineering (VQWLL) B.V. (VNBV)
Limited (UMPPL) Services Services Services &
Limited & Trading Trading L.L.C.
(formerly W.L.L. (Saudi (LALVOL)
known Ensas)
as Rohini
Industrial
Electricals
Limited)
1 Date since when subsidiary was acquired 13 September, 04 August, 04 September, 20 January, 28 January, 31 March, 27 March, 03 May, 31 December,
2021 2021 2008 2006 2009 2011 2011 2016 1999
2 Reporting Period 31 March, 31 March, 31 March, 31 March, 31 March, 31 March, 31 March, 31 March, 31 March,
2023 2023 2023 2023 2023 2023 2023 2023 2023
3 (i) Reporting currency ` SGD ` AED SR RO RO QAR EURO
(ii) Exchange rate as on the last date of the relevant – – – ` 22.38 ` 21.90 ` 213.51 ` 213.51 ` 22.49 ` 89.47
financial year
` in crores ` in crores ` in crores ` in crores ` in crores ` in crores ` in crores ` in crores ` in crores
4 Capital 0.01 73.39 1,341.82 3.07 32.41 3.03 29.52 2.05 2.65
CORPORATE OVERVIEW
5 Reserves & Surplus (Other Equity) # (1.97) (903.28) 26.98 (30.56) 98.33 (72.95) (32.71) 77.75
6 Total Assets 0.01 71.87 1,409.89 44.24 49.99 143.36 48.27 497.52 81.03
7 Total Liabilities # 0.45 971.35 14.19 48.15 42.00 91.71 528.18 0.63
8 Investments - 71.77 - - - - - - 74.30
9 Turnover (Revenue from Operations) - - 1,767.40 26.28 83.48 80.37 37.35 300.98 -
10 Profit / (loss) before Taxation # (0.28) 235.48 (1.58) 3.74 3.44 1.84 (208.66) 2.81
11 Provision for Taxation - - 59.04 - 0.54 0.42 - (0.55) -
12 Profit / (loss) after Taxation # (0.28) 176.44 (1.58) 3.20 3.02 1.84 (208.12) 2.81
13 (a) Interim Dividend - - - - - 2.05 - - -
(b) Proposed Dividend - - - - - - - - -
STATUTORY REPORTS
Total Dividend (a + b) - - - - - 2.05 - - -

14 % of Shareholding 100% 100%***** 100% 100% 100%* 60%** 100%*** 49%**** 100%
* 8% shares held by UMPPL ** 40% shares held by UMPPL *** 100% shares held by UMPPL **** 49% shares held by VNBV ***** 100% shares held by VNBV
Notes :
1. Foreign currency figures of UMPPL, WMF, Saudi Ensas, LALVOL, VOLLC, 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 - SGD: Singapore Dollars, 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/-
393
394
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 Voltas Naba Diganta Voltbek Home Brihat Trading
Voltas L.L.C. Contracting Water Appliances Private
Voltas Limited
Company Management Private Limited
Limited Limited Limited
1 Date on which the Associate/Joint Venture was associated or 26 August, 1981 08 February, 2012 17 March, 2008 18 August, 2017 21 August, 2012
acquired
2 Latest Audited Balance Sheet Date 31 March, 2023 31 March, 2023 31 March, 2023 31 March, 2023 31 March, 2023
3 Shares of Associate/Joint Ventures held by the Company on the
year end
(i) Number – 50,000 47,97,000 62,57,34,900 3,352
(ii) Amount of Investment in Associates/ Joint Ventures – 20.24# 4.80 625.73 **
(` in crores)
(iii) Extent of Holding % 49%* 50% 26% 49% 33.23%
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 56.63 – 9.38 204.51 Not Material
Balance Sheet (` in crores)
7 Profit / (loss) for the year
(i) Considered in Consolidation (` in crores) 0.28 1.93 (122.86) Not Material
(ii) Not considered in consolidation (` in crores) – – – – Not Material
*Share Capital is held by Universal MEP Projects Pte Limited (UMPPL), a step-down subsidiary of Voltas Limited.
** Value below ` 50,000/-.
# Includes ` 13.13 crores share application money.
For and on behalf of the Board
Noel Tata Jitender P. Verma

Chairman Chief Financial Officer
Pradeep Bakshi V. P. Malhotra

Managing Director & CEO Head - Taxation, Legal & Company Secretary
Date: 26 April, 2023

NOTES
NOTES
NOTICE
THE SIXTY-NINTH ANNUAL GENERAL MEETING OF VOLTAS LIMITED will be held on Thursday, 22nd June, 2023
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, 2023 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, 2023 together with the Report of the Auditors thereon.
3. To declare a dividend on Equity Shares for the financial year ended 31st March, 2023.
4. To appoint a Director in place of Mr. Noel Tata (DIN: 00024713), who retires by rotation and, being eligible,
offers himself for re-appointment.
5. To appoint a Director in place of Mr. Saurabh Agrawal (DIN: 02144558), who retires by rotation and, being
eligible, offers himself for re-appointment.
SPECIAL BUSINESS
6. 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 ` 7.00 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, 2024.”
NOTES:
1. In view of the COVID-19 pandemic, the Ministry of Corporate Affairs (MCA) has vide its General Circular
No. 20/2020 dated 5th May, 2020, read with other relevant circulars on the subject, including General Circular
No. 10/2022 dated 28th December, 2022 (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 69th AGM of the Company is being held through VC/OAVM on
Thursday, 22nd June, 2023 at 3.00 p.m. (IST). The deemed venue for the 69th AGM shall be Voltas House ‘A’,
Dr. Babasaheb Ambedkar Road, Chinchpokli, Mumbai 400 033.
2. The Explanatory Statement pursuant to Section 102 of the Act, setting out the material facts concerning the
business under Item No. 6 of the Notice is 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. The matter
under Special Business of the AGM Notice is considered to be unavoidable by the Board of Directors of the
Company and hence included.
1
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 National Securities Depository Limited’s (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 69th 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 Annual Report 2022-23 is being
sent only through electronic mode to those Members whose e-mail addresses are registered with the
Company / Depositary Participants (DPs) / RTA. The Company shall send a physical copy of the Annual
Report to those members who request for the same at shareservices@voltas.com mentioning their
Folio No. / DP ID and Client ID. The Notice convening the 69th AGM and Annual Report 2022-23 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.
8. Book Closure and Dividend:
(i) The Register of Members and Share Transfer Books of the Company will remain closed from Saturday,
10th June, 2023 to Thursday, 22nd June, 2023, both days inclusive. The dividend of ` 4.25 per equity
share of ` 1 each (i.e. 425%), 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 Tuesday, 27th June, 2023, as under:
For Shares held in electronic (demat) form: To all the Beneficial Owners as at the end of the day

on Friday, 9th June, 2023 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, 9th June, 2023.
(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 documents through e-mail by
Friday, 9th June, 2023. The documents can also be uploaded on the link https://tcpl.linkintime.
co.in/formsreg/submission-of-form-15g-15h.html. For detailed process, please click here:
‘Communication for deduction of Tax on Dividend’.
2
Updation of mandate for receiving dividends directly in bank account through Electronic
(iii)
Clearing System or any other means in a timely manner:
Shares held in physical form: Members are requested to send the following details/documents

to the Company’s Registrars and Transfer Agent (RTA), viz. TSR Consultants Private Limited at
C-101, 1st Floor, 247 Park, Lal Bahadur Shastri Marg, Vikhroli (West), Mumbai 400 083, latest by
Friday, 9th June, 2023:
(a) Form ISR-1 along with supporting documents. The said form is available on the website of the
Company at https://www.voltas.in/investors/kyc-forms-physical-shareholder/ and on the
website of the RTA at https://tcplindia.co.in/home-KYC.html
(b) The following are the documents required for change in / updation of bank details:
l Form ISR-1, duly signed by the shareholder(s);
l opy of the bank statement with details of bank name, branch, account number and IFS
C
Code duly attested by Bank Manager, or

Original cancelled cheque with the name of the first security holder duly printed on the
cheque leaf; and
(c) Self-attested copy of the PAN Card of all the holders; and
(d) Self-attested copy of any document (such as Aadhaar Card, Driving License, Election Identity
Card, Passport) in support of the address of the first holder as registered with the Company.

Further, Members are requested to refer to process detailed on https://tcplindia.co.in/home-KYC.html
and proceed accordingly.
Shares held in electronic form: Members may please note that their bank account details as furnished

by the respective DPs 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 dispatch the dividend warrant / Bankers’ cheque / demand draft to such Members.
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 16th March, 2023 in supersession of earlier 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, the RTA cannot process any service requests or complaints
received from the holder(s) / claimant(s), till PAN, KYC and Nomination documents / details are
updated. Moreover, on or after 1st October, 2023, in case 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 once again
3
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.voltas.com/investors/kyc-forms-physical-shareholder/
or contact the Company’s Registrar and Transfer Agent - 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’s 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.
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 financial year 2008-09 to 2014-15 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 who have not yet encashed their dividend warrant(s) for the financial year ended
31st March, 2016 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, 2016
declared on 29th August, 2016 can be claimed by the Members before 29th September, 2023. Members
attention is particularly drawn to the “Corporate Governance” section of the Annual Report in respect of
unclaimed dividend.
4
14. The Company has uploaded the details of the unclaimed dividends in respect of the financial years
from 2014-15 as on 31st March, 2022 after the 68th AGM held on 24th June, 2022 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 their request by an email to
shareservices@voltas.com mentioning their Name and Folio Number / DP ID and Client ID.
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.
One time registration of e-mail addresses with TCPL: The Company has made special arrangements
(a)
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 Thursday, 15th June, 2023.
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 email 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 2022-23 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 TCPL / DP: Members are requested to register
(b)
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 Thursday, 15th June, 2023 may cast their vote by remote e-voting. A 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
5
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 Notice is sent through e-mail
and holding shares as on the cut-off date, i.e. Thursday, 15th June, 2023, may obtain the User ID
and Password by sending a request at evoting@nsdl.co.in. However, if you are already registered
with NSDL for remote e-voting, then you can use your existing user ID and password for casting
your vote. If you forgot your password, you can reset your password by using “Forgot User Details/
Password” or “Physical User Reset Password” option available on www.evoting.nsdl.com or
call on 022 - 4886 7000 or 022 - 2499 7000.
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. Thursday, 15th June, 2023, may follow steps mentioned below under “Access
to NSDL e-Voting system.”
(c) The remote e-voting period commences on Monday, 19th June, 2023 (9.00 a.m.) (IST) and ends on
Wednesday, 21st June, 2023 (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. Thursday,
15th June, 2023.
(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.
Thursday, 22nd June, 2023.
(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.
6
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 typing the
securities in following URL: https://eservices.nsdl.com/.
demat mode 2. Once the home page of e-Services is launched, click on the “Beneficial
with NSDL. 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.
C. Shareholders / Members can also download NSDL Mobile App “NSDL
Speede” facility by scanning the QR code mentioned below for
seamless voting experience.
7
Type of Login Method
shareholders
Individual 1. Users who have opted for CDSL Easi / Easiest facility, can login
Shareholders through their existing user id and password. Option will be made
holding available to reach e-Voting page without any further authentication.
securities in The users to login Easi / Easiest are requested to visit CDSL website
demat mode www.cdslindia.com and click on login icon and New System Myeasi
with CDSL Tab and then use your existing my easi username & password.
2. After successful login, the Easi / Easiest user will be able to see the
e-Voting option for eligible companies where the e-Voting is in
progress as per the information provided by Company. On clicking
the e-Voting option, the user will be able to see e-Voting page of
the e-Voting service provider for casting your vote during the
remote e-Voting period or joining virtual meeting and voting during
the meeting.
Additionally, there are also links provided to access the system of

all e-Voting Service Providers, so that the user can visit the e-Voting
service providers’ website directly.
3. If the user is not registered for Easi / Easiest, option to register is

available at CDSL website www.cdslindia.com and click on login
and New System Myeasi Tab and then click on registration option.
4. Alternatively, the user can directly access e-Voting page by providing

Demat Account Number and PAN from a e-Voting link available on
www.cdslindia.com home page. The system will authenticate the
user by sending OTP on registered Mobile and Email as recorded in
the Demat Account. After successful authentication, user will be able
to see the e-Voting option where the e-Voting is in progress and also
able to directly access the system of all e-Voting Service Providers.
Individual 1. You can also login using the login credentials of your demat account
Shareholders through your Depository Participant registered with NSDL/CDSL for
(holding e-Voting facility.
securities in
demat mode) 2. Once logged in, you will be able to see e-Voting option. Once you
login through click on e-Voting option, you will be redirected to NSDL/CDSL
their depository Depository site after successful authentication, wherein you can see
participants e-Voting feature.
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.
8
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 request

securities in demat mode with NSDL at evoting@nsdl.co.in or call at 022-4886 7000 or
022-2499 7000.
Individual Shareholders holding Please contact CDSL helpdesk by sending a request at

securities in demat mode with CDSL helpdesk.evoting@cdslindia.com or contact at toll
free no. 1800 22 55 33.
(b) ogin method for e-Voting and joining virtual meeting for Shareholders other than
L
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**************.
l 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 123880 then User ID is 123880V*********.
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.
9
(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:
Click on “Forgot User Details / Password?” (If you are holding shares in your demat
(a)
account with NSDL or CDSL) option available on www.evoting.nsdl.com.
“Physical User Reset Password?” (If you are holding shares in physical mode)
(b)
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. 123880, 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 Meeting”.
3. Now you are ready for e-Voting as the Voting page opens.
10
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 Meeting” menu against Company’s name. You are requested to click on
VC/OAVM link placed under Join Meeting menu. The link for VC/OAVM will be available in
Shareholder/Member login where the EVEN of the Company, i.e. 123880 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 69th 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, 19th June, 2023. Such questions by the Members shall be suitably replied by
the Company.
(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
11
mentioning their names, DP ID and Client ID/ folio number, PAN and mobile number at
shareservices@voltas.com between Friday, 16th June, 2023 (9.00 a.m. IST) and Monday,
19th June, 2023 (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 / 022-4886 7000 or 022-2499 7000 or
contact Ms. Sarita Mote, Assistant Manager, NSDL at evoting@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 e-mail
id: evoting@nsdl.co.in or call at 022 - 4886 7000 or 022 - 2499 7000.
By Order of the Board of Directors
V.P. Malhotra
Head - Taxation, Legal
& Company Secretary
ACS No. 7634
Mumbai, 26th April, 2023
Registered Office:

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
12
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 No. 6 of the accompanying Notice dated
26th April, 2023.
2. Item No. 6:
Pursuant to Section 148 of the Act, read with the Companies (Cost Records and Audit) Rules, 2014, as
amended from time to time, the Company is required to have the audit of its cost records for products
covered under the aforesaid Rules conducted by a Cost Accountant in practice.
The Company is engaged in Unitary Cooling Products business and Electro-Mechanical Projects
and Services. Unitary Cooling Products comprises Room Air conditioners, Air Coolers, Commercial
Refrigeration Products, Commercial Air Conditioning such as Ductables, Package Units, VRF Chillers,
etc., Cost Audit is applicable only to such Unitary Cooling Products which are manufactured by
the Company.
The Board of Directors of the Company have, 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, 2024, at a remuneration of ` 7.00 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. 6 of the Notice for ratification of the remuneration payable to the Cost Auditors for the year ending
31st March, 2024.
The Board commends the Resolution at Item No. 6 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 No. 6 of the
accompanying Notice.
By Order of the Board of Directors
V.P. Malhotra
Head - Taxation, Legal
& Company Secretary
ACS No. 7634
Mumbai, 26th April, 2023
Registered Office:
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
13
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. Noel Tata Mr. Saurabh Agrawal

(Chairman, (Non-Executive,
Non-Executive Director) Non-Independent Director)
Director Identification 00024713 02144558
Number (DIN)
Age 66 years 53 years
Date of first 27-1-2003 21-1-2021

Appointment
on the Board
Qualifications B.A. (Economics) from University of Graduate from the Indian Institute of
Sussex and IEP, INSEAD, France Technology, Roorkee. Post graduate
management degree from the Indian
Institute of Management, Calcutta.
Expertise in specific Marketing and Retail Business Investment Banker and Corporate Finance
functional areas and Please refer to his profile provided in Please refer to his profile provided in
Profile Corporate Governance Report Corporate Governance Report
Directorship in other l Trent Limited l Tata Sons Private Limited

companies (excluding
foreign companies) l Tata International Limited l Tata Steel Limited
as on 31st March, 2023 l Tata Investment Corporation l The Tata Power Company Limited
Limited
l Tata Play Limited
l Titan Company Limited
l Tata Capital Limited
l Tata Steel Limited
l Tata AIA Life Insurance Company
l Trent Hypermarket Private Limited Limited
l Inditex Trent Retail India Private l Tata AIG General Insurance Company
Limited Limited
l Retailers Association of India l Talace Private Limited
l The Cricket Club of India l Gradis Trading Private Limited
l Supermarket Grocery Supplies Private

Limited
l Tata Power Renewable Energy Limited
l Tata 1MG Technologies Private Limited
14
Membership / l Trent Limited l Tata Sons Private Limited
Chairmanship of CSR & Sustainability Committee – Asset Liability Management Committee -
Committees in other Chairman Chairman
companies
Borrowing & Investment Group Risk Management Committee –
(excluding foreign
Committee - Chairman Member
companies)
as on 31st March, 2023 Property Committee – Chairman Risk Management Committee - Member
Executive Committee – Chairman l Tata Capital Limited
Finance Committee - Chairman Risk Management Committee –
Audit Committee – Member Chairman
Nomination & Remuneration Corporate Social Responsibility
Committee – Member Committee – Chairman
Nomination & Remuneration
l Titan Company Limited
Committee – Member
Committee – Member l Tata AIA Life Insurance Company
Limited
l Tata Investment Corporation Corporate Social Responsibility
Limited Committee – Chairman
Investment Committee - Chairman Nomination & Remuneration
Nomination & Remuneration Committee – Member
Committee – Member Investment Committee - Member
l Tata International Limited l Tata Steel Limited
Corporate Social Responsibility Audit Committee - Member
Committee – Member Risk Management Committee –
Nomination & Remuneration Member
Committee - Member Executive Committee of the Board -
Committee of Directors – Member Member
Allotment Committee – Member l Tata AIG General Insurance Company
NCD Allotment Committee - Limited
Member Investment Committee - Chairman
l Trent Hypermarket Private
Committee - Member
Limited
Corporate Social Responsibility
Committee - Member
Committee - Member
Property Committee – Member l The Tata Power Company Limited
Audit Committee - Member
l Tata Steel Limited
l Tata Play Limited
Safety, Health and Environment Corporate Social Responsibility
Committee - Chairman Committee - Chairman
Committee - Member
15
l Tata Power Renewable Energy
Limited
Committee - Member
l Talace Private Limited

Corporate Social Responsibility
Committee - Chairman
Listed entities from l Kansai Nerolac Paints Limited l None
which the Director
has resigned from
Directorship in last three
(3) years
Number of Meetings of
Board during 2022-23:
(a) Total Meetings 7 7
held during
respective tenure
(b) Attended 7 5
Inter-se relationship None None

with other Directors/
KMP
Terms and conditions of Re-appointment in terms of Section Re-appointment in terms of

appointment 152(6) of the Companies Act, 2013 Section 152(6) of the Companies Act, 2013
Details of remuneration Sitting Fees: ` 4,70,000 Sitting Fees: ` 2,50,000

last drawn (2022-23) Commission: ` 16,50,000 Commission: Nil *
Details of remuneration Sitting Fees and Commission Sitting Fees as recommended by NRC and
sought to be paid as recommended by NRC and approved by the Board
approved by the Board
No. of shares held

(a) Own Nil Nil
(b) For other persons
on Nil Nil
a beneficial basis
#In line with the internal guidelines of the Company, no commission is paid to Mr. Saurabh Agrawal, Non-Executive
Director of the Company, as he is in full-time employment with other Tata company.
16

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26th May, 2023

BSE Limited National Stock Exchange of India Limited

Sub: Annual Report for the financial year 2022-23

4. This is for your information and records.

From Roots to Wings: A Journey of 4 Highlights 116

Value Creation Approach 31

Our Sound Financial Standing – 44

Our Journey of Manufacturing 46

Our Journey with Technology 48

Our Holistic Approach to ESG 58

Corporate Information 90 financial statements

REPORTING APPROACH Market Capitalization as at ` 27,075 crores

SCOPE AND BOUNDARY

This Report uses a holistic approach and furnishes information

The Company has followed the principles of Integrated

` 9,667 crores ` 307 crores ` 136 crores

Annual Report 2022-23 3

The theme ‘From Roots to Wings: A Journey of Transformation’ beautifully

Annual Report 2022-23 5

The story of Voltas is one of relentless innovation and unwavering

Residential Convenience Stores Offices & Businesses

Societal Infrastructure Textile Industry Mining &

Driven By Values learning, and build caring and collaborative relationships

Smart Thinking Innovative Teamwork

Fact-based analysis Look at things with a Act, think and

Winning Attitude Flexible

Take responsibility for Adapt to every change

Annual Report 2022-23 9

Our journey began in

Annual Report 2022-23 11

Annual Report 2022-23 13

Annual Report 2022-23 15

Unitary Cooling Products (UCP) caters to a diverse range of Highlights

Market Share (%)

2018-19 2019-20 2020-21 2021-22 2022-23

Annual Report 2022-23 17

Since its launch, Voltas Beko, one of India’s fastest-growing Highlights

Voltas Beko - A range of Consumer Durables

Annual Report 2022-23 19

Mechanical, Electrical and Plumbing (MEP)

Voltas’ International Operations Business is dedicated to Highlights

DEWA HQ Al Sheraa Building

Zayed National Museum, UAE

Annual Report 2022-23 21

Voltas recently underwent an internal restructuring process, consolidating

Dragline Boom repaired by Voltas

Mechanical, Electrical and Plumbing (MEP)

Voltas, through its 100% wholly-owned subsidiary (UMPESL), Highlights

Annual Report 2022-23 23

Capital Machinery Allied Machinery

TMD specializes in offering engineering products and Highlights

LMW Comber LK69

Mining and Construction Equipment (M&CE)

Operations and Maintenance

In 1954, Voltas established the M&CE division as the Highlights

In the Indian context, M&CE excels in providing specialized

Powerscreen Premiertrak 600

Annual Report 2022-23 25

– United Arab Emirates Zonal Headquarters