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Bharat Forge Ltd Interim / Quarterly Report 2020

Aug 13, 2019

61415_rns_2019-08-13_5be8539f-4d72-4466-9145-9ed1a227c7f5.pdf

Interim / Quarterly Report

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August 13, 2019

BHARAT FORGE

==> picture [4 x 79] intentionally omitted <==

To, BSE Limited, 1st Floor, New Trading Ring, Rotunda Building, P.J. Towers, Dalal Street, Fort, Mumbai - 400 001 BSE SCRIP CODE - 500493

National Stock Exchange of India Ltd.,

'Exchange Plaza', Bandra-Kurla Complex, Sandra (East) Mumbai- 400 051 Symbol: BHARATFORG Series: EQ

Sub: Outcome of Board Meeting

Ref: Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Dear Sir/Madam,

This is to inform you that the Board of Directors of the Company in its Meeting held on Tuesday, August 13, 2019 have discussed and approved the Unaudited Standalone & Consolidated Financial Results for the quarter ended June 30, 2019 along with limited review report submitted by the Statutory Auditors of the Company.

A Copy of the same is enclosed herewith.

The Board Meeting commenced at 9 a") and concluded at[l][O ][a][n]

We request you to kindly take the same on record.

Thanking you,

Yours faithfully, For Bhara!!9rge Limited, � Tejaswini Chaudhari Company Secretary

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KALYANI GROUP COMPANY

BHARAT FORGE LIMITED, MUNDHWA, PUNE 411 036, MAHARASHTRA, INDIA. PHONE: +91 20 6704 2777 FAX: +91 20 2682 0699 (Export), 2682 2387 (Sales/Mktg) 2682 2163 (Materials) Website : www.bharatforge.com CIN No L25209PN1961PLC012046

BHARAT FORGE

==> picture [42 x 34] intentionally omitted <==

----- Start of picture text -----

�
�
KALYAN I
----- End of picture text -----

BHARAT FORGE LIMITED Regd. Office : Mundhwa, Pune Cantonment, Pune 411 036,

Maharashtra, India. CIN:L25209PN1961PLC012046 Ph. No. : 91-20-6704 2777 / 2476, Fax No. : 91-20-2682 2163

Email : [email protected]; Website : www.bharatforge.com

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2019

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2019 STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2019 ESULTS FOR THE QUARTER ENDED JUNE 30, 2019
(�in Million)
Quarter ended
Year ended
Sr. No. Particulars
June 30,
March 31,
June 30,
March 31,
2019
2019
2018
2019
(Unaudited)
(Audited)
(Unaudited)
(Audited)
1
Income
a) Revenue from operations
13,465.71
16,686.04
14,796.57
65,199.90
b) Other income
401.00
501.16
342.55
1,660.17
Total income
13,866.71
17,187.20
15,139.12
66,860.07
2
Expenses
a) Cost of raw materials and components consumed
5,495.32
6,564.61
5,570.15
25,568.84
b) Changes in inventories of finished goods,
work-in-progress, dies and scrap
(512.37)
(349.05)
(224.04)
(1,212.07)
c) Employee benefits expense
1,237.85
1,192.40
1,228.68
4,862.86
d) Depreciation and amortisation expense
886.03
821.48
823.89
3,466.31
e) Finance costs
387.92
314.83
252.89
1,024.05
f) Other expenses (see note 6)
3,749.61
4,105.28
3,935.76
16,919.30
Total expenses (a to f)
11,244.36
12,649.55
11,587.33
50,629.29
3
Profit before exceptional items and tax (1-2)
2,622.35
4,537.65
3,551.79
16,230.78
4
Exceptional items
-
-
-
-
5
Profit before tax (3+4)
2,622.35
4,537.65
3,551.79
16,230.78
6
Income tax expense
a) Current tax
848.02
1,317.26
1,231.61
5,350.68
b) Deferred tax
33.00
225.33
(24.38)
167.29
Total Tax expense
881.02
1,542.59
1,207.23
5,517.97
7
Profit for the period/year (5-6)
1,741.33
2,995.06
2,344.56
10,712.81
8
Other comprehensive income
a) Items that will be reclassified to profit and loss
(145.66)
1,425.27
(1,961.27)
72.19
- Tax efect
52.55
(491.80)
660.69
(17.88)
b) Items that will not be reclassified to profit and loss
(25.74)
(121.71)
47.77
(149.01)
- Tax efect
6.94
35.59
(4.32)
27.76
Other comprehensive income (Net of tax)
(111.91)
847.35
(1,257.13)
(66.94)
9
Total comprehensive income (7+8)
1,629.42
3,842.41
1,087.43
10,645.87
10
Earnings per share
- Basic and diluted (in � (not annualised for quarters)
3.74
6.43
5.04
23.00
11
Equity share capital (Face Value f 2/- each)
931.27
931.27
931.27
931.27
12
Other equity
53,050.94
Additional Information
Profit before tax and before other income, depreciation and
3,519.36
4,849.46
4,288.35
18,760.85
amortisation expense, finance costs, exchange gain/(loss) included
in other expenses (see note 6) and exceptional items		 (�in Million)
Quarter ended
Year ended
June 30,
2019
(Unaudited)
13,465.71
401.00
13,866.71
5,495.32
(512.37)
1,237.85
886.03
387.92
3,749.61
Profit before tax, before exchange gain/(loss) included in other
2,646.41
4,214.31
3,554.12
15,930.66
expenses (see note 6) and exceptional items

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KALYA.N I

BHARAT FORGE LIMITED Regd. Office : Mundhwa, Pune Cantonment, Pune 411 036, Maharashtra, India.

CIN:L25209PN1961PLC012046 Ph. No. : 91-20-6704 2777 / 2476, Fax No. : 91-20-2682 2163

BHARAT FORGE

Email : [email protected]; Website : www.bharatforge.com

STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2019

Sr. Pariculars
No.
1
Income
a) Revenue from operations
b) Other income
Total income
2
Expenses
a) Cost of raw materials and components consumed
b) Purchase of traded goods
c) Changes in inventories of finished goods, traded goods
work-in-progress, dies and scrap
d) Employee benefits expense
e) Depreciation, amorisation and impairment expense
f) Finance costs
g) Other expenses
Total expenses (a to g)
3
Profit before share of (loss) of associates, joint ventures,
exceptional items and tax (1-2)
4
Share of (loss) of associates and joint ventures
Income tax expense/(credit)
Share of (loss) of associates and joint ventures after tax
5
Profit before exceptional items and tax (3+4)
6
Exceptional items
7
Profit before tax (3+4)
8
Income tax expense
a) Current tax
b) Deferred tax
Total Tax expense
9
Profit for the period/year (7-8)
10 Other comprehensive income
a) Items that will be reclassified to profit and loss
- Tax effect
b) Items that will not be reclassified to profit and loss
- Tax effect
Other comprehensive income (Net of tax)
11 Total comprehensive income (9+10)
12 Total comprehensive income above attributable to:
- Owners of the parent
- Non-controlling interest
13 Of the total comprehensive income above,
Profit for the year attributable to:
- Owners of the parent
- Non-controlling interest		 June 30,
2019
(Unaudited)
23,278.56
449.37
Quarer ended
March 31,
2019
(See note 5)
26,707.78
694.3S
June 30,
2018
(See note 5)
24,137.00
403.76
l' in Million)
Year ended
March 31,
2019
(Audited)
101,457.33
2,027.93
23,727.93
27,402.13
24,540.76
103,485.26
9,484.64
1,031.11
(S82.19)
3,225.63
1,382.04
455.28
6,015.14
10,520.41
1,089.62
(672.30)
3,060.61
1,270.26
369.87
6,764.94
10,186.02
670.29
(1,027.74)
3,183.93
1,261.50
316.11
6,298.04
42,386.06
3,511.01
(3,753.70)
12,462.98
5,207.94
1,272.15
26,295.26
21,011.65
2,716.28
(55.96)
(55.96)
2,660.32
2,660.32
875.87
65.25
22,403.41
4,998.72
(75.62)
(6.58)
(69.04)
4,929.68
4,929.68
1,484.58
204.26
20,888.15
3,652.61
(3.01)
(3.01)
3,649.60
3,649.60
1,314.80
(52.66)
87,381.70
16,103.56
(120.33)
(6.58)
(113.75)
15,989.81
15,989.81
5,742.68
(78.83)
941.12
1,719.20
(309.26)
52.55
(25.83)
6.94
1,688.84
3,240.84
1,074.10
(491.80)
(116.88)
33.77
1,262.14
2,387.46
(1,827.72)
660.69
47.71
(4.32)
5,663.85
10,325.96
(135.79)
(17.88)
(144.16)
25.94
(275.60)
1,443.60
1,454.98
(11.38)
1,730.58
(11.38)
499.19
3,740.03
3,702.82
37.21
3,203.56
37.28
(1,123.64)
1,263.82
1,271.37
(7.55)
2,395.01
(7.55)
(271.89)
10,054.07
10,049.91
4.16
10,321.73
4.23

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JIii";.
KALYANI
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BHARAT FORGE LIMITED Regd. Office : Mundhwa, Pune Cantonment, Pune 411 036, Maharashtra, India. CIN:L2S209PN1961PLC012046 Ph. No. : 91-20-6704 2777 / 2476, Fax No. : 91-20-2682 2163

BHARAT FORGE

Email : [email protected]; Website : www.bharatforge.com

STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2019

STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2019 STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2019 STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2019 STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2019
(?in MIiiion}
Quarter ended
Year ended
Sr. Pariculars
June 30,
March 31,
June 30,
March 31,
No.
2019
2019
2018
2019
(Unaudited)
(See note 5)
(See note 5)
(Audited)
14 Of the total comprehensive income above,
Other comprehensive income for the year attributable to:
- Owners of the parent
(275.60)
499.26
(1,123.64)
(271.82)
- Non-controlling interest
-
(0.07)
-
(0.07)
15 Earnings per share
- Basic and diluted (in �) (not annualized for quarters)
3.72
6.88
5.14
22.17
16 Equity share capital (Face Value� 2/- each)
931.27
931.27
931.27
931.27
17 Other equity
52,829.29
Additional Information :
Profit before share of (loss) of associates, joint ventures, tax and
4,148.34
5,S92.96
before other income, depreciation, amortization and impairment
expense, finance costs, exchange gain/(loss) included in other
expenses (see note 6) and exceptional items		 4,899.44
20,283.67
Profit before share of (loss) of associates, joint ventures, tax, before
2,760.39
exchange gain/(loss) included in other expenses (see note 6) and
exceptional items		 4,647.18
3,72S.59
lS,831.51

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BHARAT FORGE LIMITED
� Regd. Office : Mundhwa, Pune Cantonment, Pune 411 036,
� Maharashtra, India.
KALYAN I CIN:L25209PN1961PLC012046
Ph. No. : 91-20-6704 2777 / 2476, Fax No. : 91-20-2682 2163
Email : [email protected]; Website : www.bharatforge.com
----- End of picture text -----

BHARAT FORGE

STATEMENT OF STANDALONE AND CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2019

NOTES TO FINANCIAL RESULTS

  • 1 The above results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on August 13, 2019. The Statutory Auditors of the Company have carried out a "Limited Review" of the results for the quarter ended June 30, 2019.

  • 2 The Ministry of Corporate Affairs has notified Ind AS 116 Leases, with effect from April 1, 2019. The Company has applied the standard to lease contracts existing as on April 1, 2019 using modified retrospective method. Accordingly, comparative amounts for year ended March 31, 2019 have not been retrospectively adjusted. Adoption of the new standard has resulted in recognition of "Right-of-Use asset" (ROU) and lease liability and did not have any significant impact on the standalone and consolidated retained earnings as on April 1, 2019 and financial results for the quarter ended June 30, 2019.

  • 3 On May 21, 2019, the Company entered into a Share Subscription Agreement with Aeron Systems Private Limited (Aeron). Pursuant to the said agreement, the Company has acquired 17.8% of equity shares of Aeron. Subject to the provisions of the share subscription agreement, the Company will acquire a total stake of 26% in Aeron eventually.

  • 4 In case of standalone results, the figures for the quarter ended March 31, 2019 represent the derived figures between the audited figures in respect of the financial year ended March 31, 2019 and the published year-to-date figures up to December 31, 2018, being the date of the end of third quarter of the financial year, which were subject to a limited review.

  • 5 The consolidated amount for the quarters ended June 30, 2018 and March 31, 2019, as reported in these unaudited consolidated financial results, have not been subjected to limited review or audit by the statutory auditors of the Company.

  • 6 "Other expenses" includes impact of exchange fluctuations on foreign currency transactions including revaluation of foreign currency assets and liabilities.

(?In MIiiion)

(?In MIiiion)
Pariculars
Exchange gain/(loss)		 Standalone
Consolidated
Quarer ended
Year ended
Quarer ended
Year ended
June 30,
March 31,
June 30,
March 31,
June 30,
March 31,
June 30,
March 31,
2019
2019
2018
2019
2019
2019
2018
2019
(Unaudited!
{Audited)
{Unaudited)
{Audited)
{Unaudited)
{See note 5)
(See note 5)
(Audited)
(24.06)
323.34
(2.33)
300.12
(44.11)
351.54
(72.98)
272.05

MAKING IN INDIA FOR THE WORLD �

rn -. : .. � � � -10�0�____.......

� - - _ c-- ')_: !__ L___!!/�,v_,_ ) �, � � ...... i9I

� � KALYAN I

BHARAT FORGE

BHARAT FORGE LIMITED Regd. Office : Mundhwa, Pune Cantonment, Pune 411 036, Maharashtra, India. CIN:L25209PN1961PLC012046 Ph. No. : 91-20-6704 2777 / 2476, Fax No. : 91-20-2682 2163

Email : [email protected], Website : www.bharatforge.com

STATEMENT OF STANDALONE AND CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2019

NOTES TO FINANCIAL RESULTS (Contd.):

7 The consolidated financial statements include results of all the Subsidiaries, Associates and Joint Ventures of Bharat Forge Limited and step down Subsidiaries, Joint Ventures and Associates. The names, country of incorporation or residence and proportion of ownership interests are as under:

Name of the company
A Subsidiaries :
- Bharat Forge Global Holding GmbH
and its wholly owned subsidiaries
i. Bharat Forge CDP GmbH
and its wholly owned subsidiaries
- Bharat Forge Daun GmbH
- Bharat Forge CDP Trading
ii. Bharat Forge Holding GmbH
and its wholly owned subsidiary
- Bharat Forge Aluminiumtechnik GmbH
iii. Mecanique Generale Langroise
iv. Bharat Forge Kilsta AB
v. Bharat Forge Hong Kong Limited
- Bharat Forge International Limited
- Bharat Forge America Inc.
and its wholly owned subsidiaries
i. Bharat Forge PMT Technologie LLC
ii. Bharat Forge Tennessee INC.
- indigenous IL Limited (not consolidated)
- BF Infrastructure Limited and its subsidiary
i. BFIL-CEC JV
- Kalyani Strategic Systems Limited and its subsidiary
i. Kalyani Rafael Advanced Systems Private Limited
- BF Elbit Advanced Systems Private Limited
- Analogic Controls India Limited
- Eternus Performance Materials Private Limited
B Associates:
- Talbahn GmbH (not consolidated)
- Ferrovia Trans Rail Solutions Private Limited
- Hospet Bellary Highways Private Limited (not consolidated)
- Tork Motors Private Limited
i. Lycan Electric Private Limited$ ii. Tork Motors (UK) Limited
- Tevva Motors (Jersey ) Ltd.
i. Tevva Motors Limited $ - Aeron Systems Private Limited
Countr of
Incorporation
Germany
Germany
Germany
Russia
Germany
Germany
France
Sweden
Hong Kong
U.K.
U.S.A.
U.S.A.
U.S.A.
Israel
India
India
India
India
India
India
India
Germany
India
India
India
India
U.K.
U.K.*
U.K.
India		 Parent's ultimate
Parent's ultimate
Parent's ultimate
holding as on
holding as on
holding as on
June 30, 2019
March 31, 2019
June 30, 2018
100%
100%
100%
100%@
100%@
100%@
100%@
100%@
100%@
100%@
100%@
100%@
100%@
100%@
100%@
100%@
100%@
100%@
100%@
100%@
100%@
100%@
100%@
100%@
100%@
100%@
100%@
100%
100%
100%
100%
100%
100%
100%@
100%@
100%@
100%@
100%@
100%@
NA
NA
NA
100%
100%
100%
100%@
100%@
100%@
51%
51%
51%
50%@
50%@
50%@
51%
51%
51%
100%
100%
100%
51%
-
-
35%@
35%@
35%@
49%@
49%@
49%@
35%@
35%@
35%@
48.86%
45.30%
30.37%
48.86%@
45.30%@
-
NA@
NA@
-
35.26%
35.26%
-
35.26%@
35.26%@
-
17.80%
-
-
51%
51%
51%
50%@
50%@
50%@
C Joint Venture Companies:
- BF-NTPC Energy Systems Limited (not consolidated)
- BF Premier Energysystems Private Limited
India
India
  • @ held through subsidiary and associates

$ 100% subsidiary of associates

  • Non coterminous period consolidated as per year-end policy

Place: Pune Dated : August 13, 2019

For BHARAT FORGE LIMITED �� (B. N. KALYANI) CHAIRMAN AND MANAGING DIRECTOR DIN:00089380

MAKING IN INDIA FOR THE WORLD � A-.[=-] �c:.:-�-0 �----__.,;�" � I i9 .:. * � �-----· -

� � KALYANI

BHARAT FORGE

BHARAT FORGE LIMITED

Regd. Office : Mundhwa, Pune Cantonment, Pune 411 036,

Maharashtra, India.

CIN: L2S209PN1961PLC012046 Ph. No. : 91-20-6704 2777 / 2476, Fax No. : 91-20-2682 2163 Email : [email protected], Website : www.bharatforge.com

CONSOLIDATED SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED JUNE 30, 2019

The Group's business is divided into two reporting segments which comprises of "Forgings" and "Others" which represents the Group's businesses not covered in Forgings segment. The Chief Operating Decision Maker monitors the operating results of the business units separately for the purpose of making decisions about resource allocation and performance assessment based on an analysis of various performance indicators.

The Forgings segment produces and sells forged products comprising of forgings and machined components for automotive and industrial sectors. Others primarily includes various new initiatives which the Group is carrying out other than forging related activities.

Consolidated statement of profit and loss Consolidated statement of profit and loss I? in Million)
I? in Million)
I? in Million)
Sr.
No.
1
a
b
2
a
b		 Pariculars
Segment Revenue
Revenues from external customers
Forgings
Others
Less: Inter-segment revenue
Total
Adjustments and eliminations I
Revenue from operations
Segment Results
Forgings
Others
Total segment profit (before interest and tax from each reporable segment)
Less: Finance cost from continuing operations
Less: Unallocable expenditure net of unallocable income
Total profit before tax and exceptional items
Add: Exceptional items (loss)/ gain
Profit before tax		 June 30, 2019
(Unaudited)
23,190.27
147.79		 Quarer ended
March 31, 2019
June 30, 2018
(See note)
(See note)
25,189.06
24,111.97
1,559.74
41.93
Year ended
March 31, 2019
(Audited)
98,428.76
3,123.44
23,338.06
43.55		 26,748.80
41.02		 24,153.90
0.23		 101,552.20
76.09
23,294.51
(15.95)		 26,707.78

-		 24,153.67
(16.67)		 101,476.11
(18.78)
23,278.56
3,059.43
(31.00)		 26,707.78
5,232.27

107.08		 24,137.00
4,143.41
(10.15)		 101,457.33
16,892.86
420.46
3,028.43
455.28
(87.17)		 5,339.35
369.87
39.80		 4,133.26
316.11
167.55		 17,313.32
1,272.15
51.36
2,660.32
-		 4,929.68
-
4,929.68		 3,649.60
-
3,649.60
2,660.32
Consolidated BalanceSheet
Sr.
No.
3
a
b
C
4
a
b
C		 Pariculars
Segment assets
Forgings
Others
Unallocable assets including unutilised fund
Total
Adjustments and eliminations I
Total assets
Segment liabilities
Forgings
Others
Unallocable
Total
Adjustments and eliminations I
Total Liabilities
Net capital employed		 June 30, 2019
(Unaudited)
91,291.86
4,654.55
22.355.90
118,302.31
(364.91)		 March 31, 2019
(Audited)
90,792.53
4,580.66
21,479.13		 June 30, 2018
March 31, 2019
(See note)
(Audited)
83,643.50
90,792.53
1,961.77
4,580.66
23,056.78
21,479.13
116,852.32
(429.98)		 108,662.05
116,852.32

(45.00)
(429.98)
117,937.40
17,616.59
382.04
3,880.81		 **116,422.34 ** 108,617.05
**116,422.34 **
18,204.36
21,176.00
18,204.36
507.60
259.40
507.60
3,337.56
3,591.34
3.337.56
21,879.44
(51.54)
22,049.52
25,026.74
22,049.52
(47.53)
(12.30)
(47.53)
21,827.90
22,001.99
25,014.44
22,001.99
96,109.50
94,420.3S
83,602.61
94,420.35

Adjustment and eliminations include elimination on assets and liabilities of joint ventures and associates which have been accounted under equity method.

Note The consolidated amounts for the quarters ended June 30, 2018 and March 31, 2019, as reported in these unaudited consolidated financial results, have not been subjected to limited review or audit by the auditors.

Place: Pune Dated : August 13, 2019

FOR BHARAT FORGE LIMITED &l� (B.N.KALYANI) CHAIRMAN & MANAGING DIRECTOR DIN:00089380

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C-401. 4th Floor Panchshil Tech Park, Yerwada ( Near Don Bosco School) Pune-411 006, India Tel : +91 20 6603 6000 Fax : +91 20 6601 5900

SR BC & CO LLP Chartered Accountants

Independent Auditor's Review Report on the Quarterly Unaudited Ind AS Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to The Board of Directors Bharat Forge Limited

  1. We have reviewed the accompanying statement of unaudited Ind AS standalone financial results of Bharat Forge Limited (the 'Company') for the quarter ended June 30, 2019 (the ··Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (' the Regulation') as amended, read with SEBI Circular No. CIR/CFD/CMDI/44/2019 dated March 29, 2019 ('the Circular').

  2. The preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, read with the Circular is the responsibility of the Company's management and has been approved by the Board of Directors of the Company. Our responsibility is to express a conclusion on the Statement based on our review.

  3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, ··Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

  4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other recognised accounting practices and policies has not disclosed the information required to be disclosed in terms of the Regulation, read with the Circular, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For S RB C & CO LLP Chartered Accountants ICAI Firm jegistration number: 324982E/E300003 �elwal Partner Membership No.: 501160 UDIN:1':!>01160 AMAf:\26�g Place: Pune Date: August 13, 2019

SR BC & CO LLP, a Limited Liability Partnership with LLP Identity No. AAB-4318 Regd Office: 22, Camac Street. Block 'C', 3rd Floor, Kolkata-700 016

SR BC & CO LLP Chartered Accountants

C-401, 4th Floor Panchshil Tech Park, Yerwada ( Near Don Bosco School) Pune-411 006, India Tel :+912066036000 Fax : +91206601 5900

Independent Auditor's Review Report on the Quarterly Unaudited Consolidated Ind AS Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to The Board of Directors Bharat Forge Limited

  1. We have reviewed the accompanying Statement of unaudited Consolidated Ind AS Financial Results of Bharat Forge Limited ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as 'the Group'), and its share of the net loss after tax and total comprehensive income of its associates and joint ventures for the quarter ended June 30, 2019 (the "Statement") attached herewith, being submitted by the Parent pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended ('the Regulation'), read with SEBI Circular No. CIR/CFD/CMD 1/44/2019 dated March 29, 2019 ('the Circular'). Attention is drawn to the fact that the consolidated figures for the corresponding quarter ended June 30, 2018, last quarter ended March 31, 2019, as reported in these unaudited consolidated Ind AS financial results have been approved by the Parent's Board of Directors, but have not been subjected to review.

  2. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India read with the Circular. Our responsibility is to express a conclusion on the Statement based on our review.

  3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, ·'Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the Circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended, to the extent applicable.

  1. The Statement includes the results of the entities as mentioned in Annexure I

  2. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standard specified under Section 133 of the Companies Act, 2•i..H:�=� as amended, read with relevant rules issued thereunder and other accounting principles J i61-!�-.... h

accepted in India, has not disclosed the information required to be disclosed in te

SR BC & CO LLP, a Limited Liability Partnership with LLP Identity No AAB-4318 Regd. Office: 22, Camac Street, Block 'C', 3rd Floor, Kolkata-700 016

SR BC & CO LLP Chartered Accountants

Regulation, read with the Circular, including the manner in which it is to be disclosed, or that it contains any material misstatement.

  1. We did not review the Ind AS financial information and Ind AS financial results of eleven subsidiaries, included in the consolidated unaudited Ind AS financial results, whose Ind AS financial results reflect total revenues of Rs. 14,997.00 million, total net loss after tax of Rs. 35. 76 million, total comprehensive loss of Rs. 35.24 million, for the quarter ended June 30, 2019 and March 31, 2019 (for certain overseas entities), as considered in the consolidated unaudited Ind AS financial results. These Ind AS financial results and Ind AS financial information have been reviewed by other auditors, whose reports have been furnished to us by the management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures in respect of these subsidiaries is based solely on the report of the other auditors and procedures performed by us as stated in paragraph 3 above. Our conclusion on the Statement is not modified in respect of the above matter.

  2. The accompanying unaudited consolidated Ind AS financial results includes unaudited Ind AS financial results and other unaudited Ind AS financial information in respect of nine subsidiaries, which have not been reviewed by their auditors, whose Ind AS financial results reflect total revenues of Rs. 259.71 million, total net loss after tax of Rs. 24.14 million and total comprehensive loss of Rs. 24.07 million, for the quarter ended June 30, 2019 and March 31, 2019 (for certain overseas entities), as considered in the unaudited consolidated Ind AS financial results. The unaudited consolidated Ind AS financial results also include the Group's share of net loss after tax of Rs. 55.96 Million and total comprehensive loss of Rs. 56.02 Million, for the quarter ended June 30, 2019 and March 31, 2019 (for certain overseas entities), as considered in the unaudited consolidated Ind AS financial results, in respect of seven associates and one joint venture, based on their Ind AS financial results which have not been reviewed by their auditors. These unaudited Ind AS financial results and other unaudited Ind AS financial information have been approved and furnished to us by the management. Our conclusion, in so far as it relates to the affairs of these subsidiaries, joint ventures and associates, is based solely on such unaudited Ind AS financial results and other unaudited Ind AS financial information. According to the information and explanations given to us by the Management, these Ind AS financial results are not material to the Group. Our conclusion on the Statement is not modified in respect of the above matter.

Fors RB C & co LLP Chartered Accountants ICAI Firm egistration number: 324982E/E300003

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per ridevlal Khandelwal Partner Membership No.: 501160 UDIN:1':\5011,oAMi>.8" ;gl!I Place of Signature: Pune Date: August 13, 2019

SR BC & CO LLP Chartered Accountants

Annexure -1

I. List of subsidiaries: List of subsidiaries:
Sr.
No.
I.		 Name of the Company Country of
incorporation
Bharat Forge Global Holding GmbH and its wholly owned subsidiaries * Germany
1.1 Bharat Forge Holding GmbH and its wholly owned subsidiaries~~*~~ Germany
1.1.1 Bharat Forge Aluminiumtechnik GmbH * Germany
Sweden
1.2 Bharat Forge Kilsta AB *
1.3 Bharat Forge Hong Kong Limited
Bharat Forge CDP GmbH and its wholly owned subsidiaries		 Hong Kong
Germany
1.4
1.4.1
1.4.2
1.5		 Bharat Forge Daun GmbH
Bharat Forge CDP Trading
Mecanique Generale Langroise *
 Germany
Russia
France
2
3
3.1		 Bharat Forge Interational Limited
Bharat Forge America Inc. and its wholly owned subsidiaries
Bharat Forge PMT Technologie LLC
Bharat Forge Tennessee Inc. *
BF Infrastructure Limited		 U.K.
U.S.A.
U.S.A.
U.S.A.
India
3.2
4
4.1
5
5.1		 BFIL-CEC (AOP)
Kalyani Strategic Systems Limited and its subsidiary
 India
India
Kalyani Rafel Advanced Systems Private Limited 'India
6 Analogic Controls India Limited India
India
7 BF Elbit Advanced Systems Private Limited
8 Indigenous IL Limited (Not consolidated on materiality)
 Israel
9 Eterus Performance Materials Private Limited India

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SR BC & CO LLP Chartered Accountants

II. List of associates: List of associates: List of associates:
Sr.
No.
l.		 Name of the Company
Country of
incorporation
Talbahn GmbH (Not consolidated on materiality)
Germany
2. Ferovia Transrail Solutions Private Limited
India
3. Hospet Bellary Highways Private Limited (Not consolidated on
India
materiality)
4.
4.1
4.2
5.
5.1
6		 Tork Motors Private Limited
Lycan Electric Private Limited
Tork Motors (U) Limited		 India
India
U.K.
U.K.
U.K.
India
Tevva Motors (Jersey) Limited*
Tevva Motors Limited*
Aeron Systems Private Limited
III. List of joint ventures:
Name of the Company
Country of
incorporation
BF Premier Energy Systems Private Limited
India
BF NTPC Energy Systems Limited (Not consolidated as entity is under
India
liquidation)
Sr.
No.
l.
2
  • Overseas subsidiaries / associates with non-coterminous period

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