Bosch Ltd — Interim / Quarterly Report 2021

May 31, 2021

The Manager Listing Department National Stock Exchange of India Ltd Exchange Plaza, ^C-i, Block ^G Bandra-Kurla Complex Bandra (E) Mumbai -^{400 051} Scrip code: BOSCH LTD

The Manager Corporate Relationship Department BSE Limited 1st Floor, New Trading Ring Rotunda Building, Phiroze Jeejeebhoy Towers Dalal Street, Fort, Mumbai-400001 Scrip code:500530

Bosch Limited Post Box No:3000 Hosur Road, Adugodi Bangalore-560030 Karnataka, India Tel +91 80 67521750 www.bosch.in L85110KA1951PLC000761

31.05.2021

Dear Sir/Madam,

Sub: Submitting Results in Machine Readable form I Legible Copy of Financial Results.

Ref: NEAPS E-mail dated May 27, 2021

This is with reference to NSE's email dated May 27, 2021, wherein the Exchange has sought the following clarification on results submitted by the Company for the quarter and the year ended March 31, 2021:

¯ Company has not submitted financial results for the period ended March 31, 2021 in Machine Readable Form / Legible copy.

We wish to inform you that the Board at its meeting held on May 20, 2021, had approved audited financial results (Standalone and Consolidated) for the year ended March 31, 2021 together with the Auditors Report thereon. A copy of the same along with press release were submitted on May 20, 2021.

However, as required, we are resubritting the legible copy of Audit Report and copy of audited financial results (Standalone and Consolidated) for the quarter and the year ended March 31, 2021.

Further, we wish clarify that the audited financial results are not revised and we are resubmitting the same as the copies submitted earlier were not legible.

Request you to take this information on record.

Yours faithfully,

For Bosch Limited

Rajesh Parte Company Secretary & Compliance Officer

End: as above

Registered Office: Bosch Limited, Hosur Road, Bangalore-560030, Karnataka, India Managing Director: Soumitra Bhattacharya, Joint Managing Director: S C Srinivasan

Bosch Limited
Registered office: Hosur Road, Adugodi, Bengaluru- 560 030
Website: www.bosch.in, e-mail ID: 8067521750 investor©in.bosch.com, Tel: +91
CIN: L85110KA1951PLC000761

						IRs. In Lakitsi
		three months ended	Preceding three months ended	Corresponding three months ended	Year ended	Year ended
Particulars		March 31, 2021	December31	March 2020 31	March 2021 31	Mardi 31, 2020
		(tinaudited)	tUnauduted)	(Urraudited)	J (Audited)	(Audutetil
Income
(a) Revenue	operations from	321,707	302,964	223,687	971.803	984,163
	(b)øtherlecorne	11,712	11.132	14,041	50,397	54,655
Total Income	(a+b)	333,479	314,096	237,728	1,022.200	1,038,919
2xpensen
(a) Cost	of materials consumed	78,363	76,714	11,699	233,551	230.468
(B)	of stock-in-trade Purchases	139,685	115,084	50,421	358.939	278.125
(c)Changes	of finished goods, work-in-progress in inventories and stock-in-	(20,618)	(16,311)	58,453	(15,229)	22,339
(cl)	Employee enpenae (Refer benefits Note 11)	13,514	24.546	27,630	93,161	126853
(e) Finance	costs	408	681	491	1.402	1,016
(I)	Depreciation expense amortisation and	9,208	9,693	11,580	34,144	38,328
(g) Other	expenses	48.915	67,123	41,345	185.135	178.043
Total expenses		269,475	277,530	201,619	891,103	875,178
Profit before	-2) exceptional items tax and (1	64,004	3e.566	36,109	131,097	163,644
Exceptional Items	(Refer 6) Note	-	14,667	29.699	74,385	71,675
Profit before	-4) tax from continuing operatIons (3	64,004	21,899	6,410	56,712	51.869
expense Tan	cOntinuing operations 01
Current tax (i)fortheyear		7,718
relating (ii)	eartieryears to	-	6.693 -	9,129 512	19281 (2983)	35.237 (1.994)
Deferred	chargel (credit) tax	8,086	(3,369)	(11.345)	(7,836)	(14237)
Total tax	expense/(credit)	15,804	3,324	(1.704)	8,462	19,006
ProfIt for change (5-6)	continuing the period from operations impact of tax before rate	48.200	18,575	8,114	48,250	72,963
expense Tan (Refer Noted)	- Impact of change the tax opening asset in rate on deferred tax	-	-	-	-	14,483
Profit for	period the from continuing operations (7-8)	48,200	18,575	8,114	48,250	58,480
Profit before	tax 4 & from discontinued operation (Refer Note 5)	-	-	-	-	8,714
expense Tax	of discontnued operation (Refer Note 5)	-	-	-	-	2.212
Profit for	period -11) (Refer Note the from discontinued operation 5) (10	-	-	-	-	6,502
Net Profit for	period the (9+12)	48,200	18,576	8,114	48,250	64,982
Other	comprehensive (net of income tax) income/lIons)	196	32,634	(28.965)	37.987	(13.325/
(Items	that wilt not be to Statement of Profit arid rednssified Loss) Total comprehensive for the period (13 + 14)		51,209
Paid-up	incorruel)Iosn) equity share capital (Face of Ps each) value 101-	48.398 2,949	2.549	(20,851) 2,949	85,237 2.949	51654 2.949
Reserve	esctuding revaluation reserves				879.204	923.990
Eamings average)	(of Ps each) from per share continuing operations (weighted 10/-
(a) Basic (b) Diluted		163.4 163.4	63.0 63.0	275	163.6 163.6	198.2 192
Earnings 15 averagu)	per (of Rx share 10/- each) trom discontinued operations (weighted				I
(a) Basic (bl Dilutep		- -	- -	-	- -	22.0 220
Earninps	per shars (of Rs ench) from averagei totaloperations (weighted 101-
(a) Bos'c		163.4	53.1)	27.5	163.5	220.4
(5) Diluted		163.4		27.5	163,6	220.4

Bosch Limited

Registered office: ^F-(osur Road, Adugodi, Berigaluru- 560 030 Website: www.boschjn, e-mail ID: investor©in.bosch.com, Tel: +91 80 67521750 CIN: L85110KA1951PLC000761

PART- II

Segment wise Standalone Revenue, Results, Assets and Liabilities under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015

					Lakhsl IRs. In
Particulars	Current three monlhs ended	Preceding three months ended	dorresporiding thre: months	Year ended	Year ended
	March31 2021	December31	March31 2020	31,2021 March	March 31, 2020
	(Unuudiled)	(Unaudited)	(Unaudited)	(Audited)	(Audited)
Segment Revenue - Continuing operations
-Automotive products	276749	267,135	187,844	837.982	833.522
-Others	45,119	36,486	36,056	135,424	153,432
Total segment revenue	321,868	303.621	223,900	973,406	986,954
Less: Inter segment revenue	lOt	657	213	1603	2,791
from Net income operations	321,767	302.964	223,687	971,803	984,163
-Continuing Segment Results operations
-Automotive products	51 '611	14,422	(5,473)	20,610	49,336
- Others	11,116	7,288	3,748	22,204	14,630
Total segment results	62,727	21,710	(1.725)	42.814	63,966
Less: Finance costs	405	681	491	1,402	1,016
Less corporate expenditure :UnsliocabJe	8,112	10,262	5,415	33,182	25.637
Add: Unallocable income	9,797	11,132	14,041	48,482	54,650
Total profit before tax from operations continuing	64,004	21,899	6,410	56,712	91,969
Segment Assess
-Aulomotive products	376,992	362,008	369,724	376,992	360,724
-Others	64,197	60,650	65,588	64,197	65,588
	441,189	422,658	435,312	441,189	435,312
- Unallocable Assets	1,036,160	1,017,725	896,692	1,036,160	896,692
Total Assets	1,477,349	1,440,383	1,332,004	1,477,349	1,332,004
Segment Liabilities
-Aulomo8ve products	400,285	405,132	310,014	400,285	319,614
-Others	53.508	51,569	46,904	53,508	46,964
	453,793	456,701	366,578	453,793	3118,578
-Unallocable Liabilities	41,342	49,685	38,484	41.342	38,484
Total Liabilities	495,135	506,366	405,062	495,135	405,062

V

Umited

Registered office: Hosur Road, Adugodi, Bengaluru- 560 030 Website: www.bosch.in, e-mail 8: nvestoriin.boschcom, Tel: +91 8067521750

			(Rs. In Lateral
		Anal	Asot
		31.03.2021	31.03.2020
		(Audited)	(Audited)
	Assets
	1. Non-current assets
	Property, plant and equipment	90871	97,291
	Right of use assets	20015	22,250
	Capital work-in progress	48,778	48,702
	Investment properties	13,177	14,660
	joint venture Investments subsidiaries, associate and in	2,177	2,080
	Financial assets
	(i) Investments	340,768	372.388
	(ii) Loans	5,824	10960
	Income tax assitbi	18.784	9,089
	Deferred tax assets	50,587	45,665
	non-current assets Other	10,344	6,997
	Total non-current assets	601,125	830,082
	2. Current assets
	Inventories	129,848	111,593
	Financial assets
	Investments (I)	172,762	29,684
	(ii) Trade receivable	138,938	141.305
	(Oil Cash cash equivalents and	28.890	25,524
	(ti) above (iv) Bank balances other than	216,163	200,076
	(v) Loans	52,554	60,810
	linancial assets (vi) Other	93,630	90,767
	Other current assets	43,439	42,057
	Total current assets		701,922
	Total assets (1+2)	876.224 1,477,349	1,332,004
	Equity and Liabilities
1.	Equity
	Equity share capital	2,949	2,949
	Other equity
	Reserves and surplus (I)	877,761	857,634
	reserves (ii) Other	101,504	66,359
	Total equIty	982,214	926,942
	LiabIlities
	Non-current liabilities
	Financial liabilities
	(i) Financial Lease liabilites	3,396	5,206
	Other tnanclal lIabilities (it)	18,733	274
	Provisions	23,820	32,684
	Total non-current liabilities	45,949	38,164
	liabilities Currant
	Financial liabilities
	psyables (i) Trade dues to	11,405	5,164
	total outstanding micro enterprises and small enterprises
	enterprises outstanding dues of creditors than and small enterprises total other micro	210,890	155,335
	Financial lease liabilIties (ii)	1,980	2,176
	Otherllnancial liabilities 80)	73,994	47,618
	Provisions	107,310	129,114
	current tabilities Other	43,607	27,491
	Total current liabilities	449,186	365,898
	Total liabilities	495,135	405,062
	Total equity (1+2) and liabilities	1,477,349	1,332,004

Bosch Limited Registered office : Hosur Road, Adugodi, Bengaluru- 560 030 Website: www.bosch.in, e-mail ID: investor@in.bosch.com, Tel: +91 80 67521750

CIN: L85110KA1951PLC000761

Statement of Standalone Cash Flows under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (Rs. In Lakhs) For the year ended
March 31, 2020 For the year ended
March 31, 2021 (Audited) (Audited) İA. Cash flow from operating activities Profit before income tax from continuing operations 56,712 91.969 Profit before income tax from discontinued operation 8.714 Adjustments for : Depreciation and impairment expense 44,448 34,144 Unrealised exchange loss (net) 265 1.629 one investment property written off

(Profit)/ Loss on sale of property, plant and equipment (net)

Provision for doubtful debts 420 $(662)$
$(391)$
$712$ $\alpha$ $(4, 844)$ 9,940 Bad debts written off $(2,710)$
(11,107) Provision/ liabilities no longer required written back $(308)$ Rental income $(11.304)$ Gain on sale of business
Dividend from equity investments designated at FVOCI $(9,503)$
$(658)$ $(715)$ Interest income $(23.774)$ $(29.476)$ Net gain on financial assets measured at FVTPL $(23, 105)$ $(20.540)$ $(91$
$110$ Amortisation of deferred income Arriviusandrichter. 1,610 1,402 Finance cost 1,016 36,312 77.676 Operating profit before working capital changes Changes in working capital: (Increase)/ decrease in inventories (18.255 28.251 (Increase)/ decrease in trade receivables
(Increase)/ decrease in trade receivables
(Increase)/ decrease in other financial assets
(Increase)/ decrease in other current assets $(2,753)$
$(7,249)$
$(1,382)$ 13,023 $(87)$ $13,851$ (Increase)/ decrease in loans 1.311 $(592)$ (Increase)/ decrease in other non-current assets
(Increase)/ decrease in other non-current assets
Increase/ (decrease) in trade payables
Increase/ (decrease) in other financial liabilities $(2.832)$ $\frac{117}{91}$ $(2,332, 408)$
64.511
42.979 3,663
1,185 Increase/ (decrease) in provisions
Increase/ (decrease) in other current liabilities $(30, 664)$ 52.322 16.114 $(9,766)$ Net cash generated from operations 98.500 179 734 Income taxes paid (net of refunds) $(26.947)$ $(46.122)$ Net cash from operating activities 71,553 133.612 Cash flow from investing activities R. Additions to property, plant and equipment
Additions to Investment Property
Investment in Joint Venture $(19.983)$ (43.567) 963
118
(97
482 $(98)$
$(320)$
$1,234$ Proceeds from sale of property, plant and equipment Proceeds from sale of business 14.940 $(245,690)$
$253,410$
$(104,000)$ Purchase of investments
Proceeds from sale of investments $(190.816)$ (139,950)
139,950
(138,500)
137,000 Inter corporate deposit given Inter corporate deposit repayment received 107,500 $(15,100)$
300 Loan to fellow subsidiaries given $(5.013)$ Loan to fellow subsidiaries repayment received 17,500 $(272.604)$ Investment in deposit accounts (original maturity of more than 3 months) $(215.000)$ Maturity of deposit accounts (original maturity of more than 3 months)
Dividends received 178,601 198,510 717
11,953 658
11,304 Rental income received Interest received 28,815 26,147 Net cash from/ (used in) investing activities $(34, 364)$ $(87, 285)$ Cash flow from financing activities Dividends paid
Dividend distribution tax
Lease rentals paid $(30.950)$ $(30.950)$ $(6, 361)$ $(2,714)$ $(2.592)$ Interest paid $(159)$ Net cash from/ (used in) financing activities $(33, 823)$ $(39, 903)$ Net cash flows during the year (A+B+C) 3,366 $6,424$ Unrealised exchange gain/(loss) on cash and cash equivalents Cash and cash equivalents at the beginning of the year 25.524 19,100 Cash and cash equivalents at the end of the year 28,890 25,524 As of $Ae₂$ March 31, 2021 March 31, 2020 Cash and cash equivalents as per above comprise of the following Cash and cash equivalents 28,890 25.524

Notes

Balance as per statement of cash flows

(a) Above cash flow statement has been prepared under indirect method in accordance with the Indian Accounting Standard (Ind AS) 7 on "Statement of Cash Flows".

(b) Mutual Fund dividend reinvested has not been considered above as there was no cash inflow/ outflow.

28,890

25,524

Notes

• I The above standalone results have been prepared in accordance with Indian Accounting Standards ('tnd AS') notified under Section 133 of the Companies Act, 2013, read together with the Companies (Indian Accounting Standards) Rules, 2015 (as amended).
• 2 The above standalone financial results were revIewed by the Audit Committee and approved by the board at their meeting field oilMay 20, 2021. The standalone results for the quarter ended December31 2020, March 31 2020 and year ended March 31, 2021 and March 31, 2020 have been subject to review / audit by the statutory auditors of the Company.
• 3 The Board of directors at the meeting held on May 20, 2021 recommended a final dividend ofRs. 115/- per equity share for the year (previous year Rs. 105/ per equity share), subject to approval of shareholders.
• 4 In accordance with the approvals received from the Board of Directors on May 21,2019 and from the shareholders on August 23, 20I9, the Company has executed the Business Transfer Agreement on October 1, 2019 and transferred the business of Packaging under the non-automotive products segment of the Company on a going concern basis by way of slump sale to Robert Bosch Packaging Technology India Private Limited. Consequently, profit before tax and profit after tax for the Packaging business have been disclosed separately as discontinued operation under the above results.
• S Results of discontinued operation

	Current three months ended	Preceding three months ended	Corresponding three months ended	Year ended	Year ended
Particulars	31, 2021 March	December 31, 2020	March 31, 2020	March31, 2021	31,2020 March
	(Unaudited)	(Urtaudited)	(Unaudited)	(Audited)	(Audited)
Total Income	-	-	-	-	16,556
Total Expenses	-	-	-	-	7,842
tax from Profit before discontinuing operation	-	-	-	-	8,714
Tax expense of discontinued operation	-	-	-	-	2,212
Profit for the period from discontinued operation	-	-		-	6,502
Net cash flow from operating activities	-	-	-	-	(439)
Net cash flow from investing activities	-	-	-	-	12,727
Net cash flow from financing activitlas	-	-	-		-
Net generated from discontinued cash operation	-	-	-	-	12,288

• 6 The Company is undergoing major transformation with regard to structural and cyclical changes in automotive market and emerging opportunities in the etactro mobility and mobility segmeet. An amount of Rs.74,385 lakhs for the current year (Previous year Rs.71 '676 taInts) has been expensed in the standalone financial results towards various restructuring and transformational costs and disclosed as an exceptional item. Provision of Rs.24,581 lakhs towards such Costs saat March31, 2021 is included in curreqi provisions (As at March 31, 2020 Rs.59,128 lakhs).
• 7 The Company has considered the possible effects that may result from the pandemic relating to COVtD-1 9 in the preparation of these standalone financial results including the recoverability of carrying amounts of property, plant and equipment, receivables, inventories, investments and other assets and ii does not anticipate any major challenge in meeting its financiltl obligations, on a long term basis. In developing the assumptions relating ¹⁰ the possible future uncertainties in the global economic conditions because of this pandemic, the Company has, at the dato of approval of these standalone financial results, used internal and external sources ofinformation and expects that the carrying amount of these assets wilt be recovered. The impact of COVID-19 on the Company's standalone financial results may differ from that estimated as at the dato of approval of these standalone financial results.
• 8 During the previous year ended March 31, 2020, the Company elected to exercise the option permitted under Section I15BAA of the Income-tax Act, 1961 as iniroduced by the Taxation Laws (Amendment) 0m4jnance, 2019 under which a concessional lax rate of 22% plus applicable surcharge and cess was available to domestic companies. Consequently, the Compeqy had applied concessional tax rate on the profit for the previous year and the opening deferred tax asset (not) as at April 1, 2019 was remeasured at the lower rate, with one time charge of Rs.14,483 lakhs pertaining to tax rate change to the Statement of profil and Ices for the previous year ended March 31, 2020.
• 9 Robert Bosch India Manufacturing and Technology Private Limited, a wholly owned subsidiary of Bosch Limited, has been incorporated on May 31. 2020 for the purpose of carrying on the business of manufacturing, assembly and services in automotive, industrial, consumer goods, energy and building sectors.
• 10 The Code on Social Security, 2020 ('The Code) which ouId impact the contributions by the Company towards Provident Fund and Gratuity has received Presidential assent in September 2020. The Code have been published in the Gazette ofIndia. However, the date from which the Code will come into effect has not been notified. The Ministry of Labour and Employment (Ministry) has released draft rules for the Code on November 13, 2020 and lax invited suggestions from stake holders which are under active consideration by the Minisiry. The Company will complete its evaluation and will give appropriate impact in its standalone financial results in the period in which the Code becomes effective and the related rules are published.
• II Consequent to transformation and restructuring initiatives daring the financial year and other employee settlements, the impact of employee benefit liabilities associated with employee pensions, leave compensation and other provisions have been factored into Employee benefits expense.
• 12 The figures for the current quarter ended March 3t, ²⁰²¹ awl quarter ended March 31, 2020 are the balancing figures between the audited figures in respect of the fult financial year ended March 31, 2021 and March 31, 2020 respectively and published year to date figures up to third quarter ended December 31, 2020 and December 31, 2019, respectitely which were subjected to limited review,
• 13 Previous period figures have been regrouped to conform wil)i the classification adopted in these standal ne nancial results.

Place Bengaturu (Soumitra Bhattachprt' Date: May 20, 2021 Managing Directo

Bosch Umited

Registered office: Hosur Road, Adugodi, Bengaluru-. 560 030 Website: w'.bosch.in, e-mail ID: investorcin.bosch.com, Tel: +91 80 67521750 CIN: L85110KA1951 P1C000761

Statement of Consolidated Results for the quarter and year ended March 31, 2021

	PART'					(Ps. In Lakhs)
		Current months three ended	Preceding three months ended	Corresponding three months ended	Year ended	Year ended
	Particulars	March 31 2021	December 31,	March 31, 2020	March 31, 2021	March 2020 31
		(Unaudited)	2020 (Unaudited)	(Unaudited)	(Audited)	(Audited)
	I Income (a) Revenue from operations	321.587	302,964	223,687	971,623	984,163
	(b) Other Income	11,712	11,132	14,041	50.397	54,656
	(a'b} Total Income	333,299	314,096	237,728	1,022,020	1,038,818
2	Expenaes
	(a) Cost of materials consumed	78,363	76,714	11,689	233,551	230,468

Bosch Limited

Registered office : Hosur Road, Adugodi, Bengaluru- 560 030 Website: www.bosch.in, e-mail ID: investor@in.bosch.com, Tel: +91 80 67521750 GIN: L85110KA1951PLC000761

PART-Il

Segment wise Consolidated Revenue, Results, Assets and Liabilities under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015

					(Re. In Lakhs)
Particulars	Current three months ended	Preceding three months ended	Corresponding three months ended	Year ended	Year ended
	31,2021 March	December31.	31, 2020 March	31, 2021 March	March 31, 2020
	(Unaudited)	(Unaudited)	(Uriauditedl	(Audited)	(Audited)
-Continuing Segment Revenue operations
-Automotive products	276.569	267,135	187.844	837802	833,522
-Others	45,119	36,486	36,056	135,424	153.432
Total segment revenue	321,688	303,621	223,900	973,226	986,954
Less: Inter segment revenue	101	657	213	1,603	2.791
Net income from operations	321,587	302.964	223.687	971,623	984,163
-Continuing Segment Results operations
-Automotiveproducts	51431	14.422	5.473l	20.430	49.336
-Others	11.116	'2S8	3748	22.204	14630
Total segment results	62,547	21,710	(1.725)	42.634	63,966
LeSs: Financecosts	408	681	491	1,402	1016
Less: Unallocabtecorporateexpendilure	7,937	10422	5,415	33.182	25,637
' Unallocabte Add income	9,797	11132	1.041	48.482	54656
continuing Total profit betore tax from operations	63.999	.739 21	6,410	56.532	91,969
Segment Assets
-Automotive products	376.824	362,008	382 724	378,824	369724
- Others	64,197	60.650	85 008	64.197	65588
	441.021	22.658	436.32	441.021	435,312
-Unallocable Assets	1,035,407	016.563 1	895,821	1035437	895,521
Total Assets	1,476,428	1,439,521	1,331.133	1,476,428	1,331,133
Segment Liabilities
-Automotive products	400.285	405.132	39 514	400285	319514
-Others	53.508	51,569	48944	53.504	46,964
	453,794	456.701	366 578	403.793	366.578
- Uriallocable Liabilities	41,342	49840	36,484	41.322	38.484
Total LiabilIties	495,135	506.541	405,062	495,135	405,062

Bosch Limited

Registered office: Hosur Road, Adugodi, 8ertgaluru- 560 030 Website: wwbosch.in, e-mail 10: investor@in.bosch.com, Tel: +91 8067521750 CIN: L85110KA1951 PLC00076I

		Lakhs) (Ru. Is
	Asat 31.032021 (Audited)	Asat 31.03.2020 (Audited)
Assets
1. Non-current assets
Property, plant and equipment	90.871	97.291
Right of ute assets	28,015	22,250
progress Capital worts-in	48,778	48.702
Investment properties	13.177	14,060
Invesimenlo accounted for using equity method the	1.427	1.200
Financial assets	340,768	372,3811
Investments (i) (ii) Loans	5,624	10,900
Itcome tax assets	18,784	9,089
lax assets Deferred	50.887	45,065
Other non-current assets	10,344	6,996
Total non-current assets	600,375	629,201
2. Current assets Inventories	129,848	111.593
Financial assets
investments Ii)	172,762	29,684
(ii) Trade receivable	138,736	141,305
(iii) Cash and cash equivalents	28.891	25.524
balances (iii) above (iv) Bank other than	216,173	280,0811
(v) Loans	52.540	60.910
Other financial assets (vi)	03,630 43,473	90,767 42,057
Other current assets
Total current assets	876,053	701,932
Totalassets(1+2)	1,476,428	- 1,331,133
Equity Liabilities and
Equity
Equity share capital	2,949	2,949
equity Other
surplus Ii) Reserves and	876.842	856.764
Other reserves (ii)	101,502	65,358
		926,071
Total equity	981,293
2, Liabilities Non-current liabilities
Financial liabilities
Financial Lease liabilities (i)	3,306
Other financial liabilities (U)	18,733
Provisions	23.820
-current liabilities Total non	45,949
Current liabilities Financial liabilities
Trade payables (i)		5.206 274 32,684 38,164
lola) outstanding small enterpnses to micro enlerpnses and dues	11,405	5,164
small enterprises ottterlhan micro enterprises and total outstanding of creditors dues	210.890	155,335
Fitancial lease liabilities (ü)	1.980	2,176
Other financial liabilities (hi)	73,994	47,618
Provisions	107.310	129,114 27.49)
Other current liabilities	43.607
Total current liabilities Total liabilities	449,186 495,135	366895 405,062

Bosch Limited
Registered office : Hosur Road, Adugodi, Bengaluru- 560 030
Website: www.bosch.in, e-mail ID: investor@in.bosch.com, Tel: +91 80 67521750
CIN: L85110KA1951PLC000761

			(Rs. In Lakhs)
		For the year ended March 31, 2021 (Audited)	For the year ended March 31, 2020 (Audited)
А.	Cash flow from operating activities
	Profit before income tax from continuing operations Profit before income tax from discontinued operation	56,660	91,940 8,714
	Adjustments for:
	Depreciation and impairment expense	34,144	44,448 1,629
	Unrealised exchange loss (net) Investment property written off	265	420
	(Profit)/ Loss on sale of property, plant and equipment (net)	85	(662)
	Provision for doubtful debts Bad debts written off	(4, 844) 9,940	(391) 712
	Provision/ liabilities no longer required written back	(2,710)	(308)
	Rental income	(11.107)	(11, 304)
	Gain on sale of business Dividend from equity investments designated at FVOCI	(715)	(9,503) (658)
	Interest income	(23, 774)	(29.476)
	Net gain on financial assets measured at FVTPL Amortisation of deferred income	(23, 105) (91)	(20, 540)
	Share of profits in associate and joint venture	(128)	29
	Government grant	110	1,610
	Finance cost	1,402	1,016
	Operating profit before working capital changes	36,132	77,676
	Changes in working capital:	(18, 255)	28,251
	(Increase)/ decrease in inventories (Increase)/ decrease in trade receivables	(2, 554)	13,023
	(Increase)/ decrease in other financial assets	(7.249)	(87)
	(increase)/ decrease in other current assets (Increase)/ decrease in loans	(1, 414) 1,311	13,851 (592)
	(Increase)/ decrease in other non-current assets	(2, 832)	117
	(Increase)/ decrease in other bank balances Increase / (decrease) in trade payables	408 64,511	91 3,663
	Increase/ (decrease) in other financial liabilities	42,979	1,185
	Increase/ (decrease) in provisions Increase/ (decrease) in other current liabilities	(30, 664) 16,114	52,322 (9,766)
		98,487	179,734
	Net cash generated from operations Income taxes paid (net of refunds)	(26, 947)	(46.122)
	Net cash from operating activities	71,540	133,612
в.	Cash flow from investing activities
	Additions to property, plant and equipment	(19, 983)	(43, 567)
	Additions to Investment Property	118 (97)	(98) (320)
	Investment in Joint Venture Proceeds from sale of property, plant and equipment	482	1.234
	Proceeds from sale of business		14,940
	Purchase of investments Proceeds from sale of investments	(190, 816) 139,950	(245, 690) 253,410
	Inter corporate deposit given	(138, 500)	(104, 000)
	Inter corporate deposit repayment received	137,000	107,500
	Loan to fellow subsidiaries given Loan to fellow subsidiaries repayment received	(4,999) 17,500	(15, 100) 300
	Investment in deposit accounts (original maturity of more than 3 months)	(215,000)	(272, 604)
	Maturity of deposit accounts (original maturity of more than 3 months)	198,510	178,601
	Dividends received Rental income received	717 11,953	658 11,304
	Interest received	28,815	26,147
	Net cash from/ (used in) investing activities	(34, 350)	(87.285)
	C. Cash flow from financing activities
	Dividends paid Dividend distribution tax	(30.950)	(30, 950) (6, 361)
	Lease rentals paid	(2, 714)	(2, 592)
	Interest paid	(159) (33, 823)	(39, 903)
	Net cash from/ (used in) financing activities Net cash flows during the year (A+B+C)	3,367	6.424
	Unrealised exchange gain/(loss) on cash and cash equivalents
	Cash and cash equivalents at the beginning of the year	25,524	19,100
	Cash and cash equivalents at the end of the year	28,891	25.524
		As at	As at
		March 31, 2021	March 31, 2020
	Cash and cash equivalents as per above comprise of the following
	Cash and cash equivalents	28,891	25,52
	Balance as per statement of cash flows	28,891	25,52

Notes:
(a) Above cash flow statement has been prepared under indirect method in accordance with the Indian Accounting Standard (Ind AS) 7 on "Statement of Cash [-
Flows".

(b) Mutual Fund dividend reinvested has not been considered above as there was no cash inflow/ outflow.

P.B. No. $3000$

nent of Consolidated Cash Flows under Regulation 33 of the SEBI (Listing Obligations and Disclosure R ents) Regulations 2015 Staten

Notes:

• ¹ The above consolidated results have been prepared in accordance with Indian Accounting Standards ('md AS) notified under Section 133 of the Companies Act. 2013, read together with the Companies (Indian Accounting Standards) Rules, 2015 (as amended).
• 2 The above consolidated financial results were reviewed by the Audit Committee and approved by the Board attheir meeting held on May 20, 2021 The consolidated results for the quarter ended December31 2020, March ³¹ 2020 and year ended March31 2021 and March31 2020 have been sublect to review / audit by the statutory auditors of the Company.
• 3 The Board of directors at the meeting held on May 20, 2021 recommended a final dividend of Ps. 115/- per equity share for the year (previous year Rs.1051- per equity share), subject to approval of shareholders,
• 4 In accordance with the approvals received from the Board of Directors on May 21, 2019 and from the shareholders on August 23, 2019, the Company has executed the Business Transfer Agreement on October 1, 2019 arid transferred the business of Packaging under the non-automotive products segment of the Company on a going concern basis by way of slump sale to Robert Bosch Packaging Technology India Private Limited Consequently, profit before tax and profit after tax for the Packaging business have been disclosed separately as discontinued operation under the above results,

^S Results of discontinued operation

Particulars	Current three months ended	Preceding three months ended	Corresponding three months ended	Year ended	Year ended
	March 31. 2021	December 31,	March 31, 2020	March 31, 2021	March 31, 2020
	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)	(Audited)
Total Income	-	-	-	-	16.556
Total Expenses	-		-	-	7.842
Profit before discontinued operation tax from	-	-	-	-	8,714
Tax expense ofdiscontinued operation	-	-	-	-	2,212
for the period from discontinued operation Profit	-	-	-	-	6502
Net cash flow from operating activities	-	-	-	-	(439)
investing Net cash flow from activities	-	-	-	-	12,727
financing Net cash flow from activities	-	-	-		-
generated from operation Net cash discontinued		-	-	-	12288

6 The Group is undergoing major transformation with regard to structural and cyclical changes in automotive market and emerging opportunities in the electro mobility and mobility segment. An amount of Rs.74.385 lakhs for the current year (Previous year Rs.71,675 lakhs) has been expensed in the consolidated financial results towards various restructuring and transformational costs and disclosed as an exceptional item. Provision of Rs.24,581 lakhs towards such costs as at March 31,2021 is included in current provisions (As at March 31,2020 Rs.59,1 28 lakhs).

• ⁷ The Group has considered the possible effects that may result from the pandemic relating to COVID-it in the preparation of these consolidated financial results including the recoverability of carrying amounts of property, plant and equipment, receivables, inventories, investments and other assets and it does not anticipate any major challenge in meeting its financial obligations, on a long term basis. In developing the assumptions relating to the possible future uncertainties in the global economic conditions because of this pandemic, the Group has, at the date of approval of these consolidated financial results, used internal and external sources of information and expects that the carrying amount of these assets will be recovered. The impact of COVID-l 9 on the Group's consolidated financial results may differ from that estimated as at the date of approval of these consolidated financial results.
• 8 During the previous year ended March 31, 2020. the Group elected to exercise the option permitted under Section 116BAA of the Income-tax Act, 1961 na introduced by the Taxation Laws (Amendment) Ordinance, 2019 under which a concessional tax rate of 22% pIus applicable surcharge and cess was available to domestic companies. Consequently, the Group had applied concessional tax rate on the profit for the previous year and the opening deferred tax asset (net) as at April 1, 2019 was remeasured atthe lower rate, with one time charge qf P5.14,483 Iakhs pertaining to tax rate change to the Statement of profit and loss for the previous year ended March 31, 2020.
• 9 Robert Bosch India Manufacturing and Technology Private Limited, a wholly owned subsidiary of Bosch Limited, has been incorporated ort May 31, 2020 for the purpose of carrying on the business of manufacturing, assembly and services in automotive, industrial, consumer goods, energy and building sectors.
• 10 The Code on Social Security, 2020 ("the Code) which would impact the contributions by the Group towards Provident Fund and Gratuity has received Presidential assent in September 2020. The Code have been published in the Gazette ofIndia. However, the date from which the Code will come into effect has not been notified. The Ministry of Labour and Employment (Ministry) has released draft rules for the Code on November 13, 2020 and has invited suggestions from stake holders which are under active consideration by the Ministry. The Group will complete its evaluation and will give appropriate impact in its consolidated financial results in the period in which the Code becomes effective and the related rules are published.
• ii Consequent to transformation and restructuring initiatives during the financial year and other employee settlements, the impact of employee benefit liabilities associated with employee pensions, leave compensation and other provisions have been factored into Employee benefits expense.
• 12 The figures for the currant quarter ended March 31, 2021 and quarter ended March 31, 2020 are the balancing figures belween the audited figures in respect of the full financial year ended March 31, 2021 and March 31, 2020 respectively and published year to date figures up to third quarter ended December 31, 2020 and December 31, 2019, respectively which were aubjected to limitd review.

13 Previous period figures have been regrouped to conform with the c)assjflcation adopted in these consolidated financial results.

Place ^I Bengaluru (Soumilra Bhattacpci

Date May 20, 2021 Managing Dirctor'

Chartered Accountont> Prestige Trade Tower, Level 19 46, Potoce Road, High Grounds Bengoluru - 560 00 I Kornotako, Indio

Tel : +91 80 6188 6000 Fox: +91 BO 61886011

INDEPENDENT AUDITOR'S REPORT ON AUDIT OF ANNUAL STANDALONE FINANCIAL RESULTS AND REVIEW OF QUARTERLY FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF BOSCH LIMITED

Opinion and Conclusion

JI

We have (a) audited the Standalone Financial Results for the year ended March 31, 2021 and (b) reviewed the Standalone Financial Results for the quarter ended March 31, 2021 (refer 'Other Matters' section below), which were subject to limited review by us, both Included In the accompanying "Statement of Standalone Financial Results for the Quarter and Year Ended March 31, 2021 n of BOSCH LIMITED ("the Company") ("the Statement"), being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations").

(a) Opinion on Annual Financial Results

In our opinion and to the best of our Information and according to the explanations given to us, the Standalone Flnanciai Results for the year ended March 31, 2021:

• I. Is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended; and
• ii. gives a true and fair view In conformity with the recognition and measurement principles laid down In the Indian Accounting Standards and other accounting principles generally accepted in India of the net profit and total comprehensive Income and other financial Information of the Company for the year then ended.

(b) Conclusion on Unaudited Standalone Financial Results for the quarter ended March 31, 2021

With respect to the Standalone Financial Results for the quarter ended March 31, 2021, based on our review conducted as stated In paragraph (b) of Auditor's Responsibllltles section below, nothing has come to our attention that causes us to believe that the Standalone Financial Results for the quarter ended March 31, 2021, prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted In India, has not disclosed the information required to be disclosed In terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, Including the manner In which It is to be disclosed, or that It contains any material misstatement.

Basis for Opinion on the Audited Standalone Financial Results for the year ended March 31, 2021

We conducted our audit In accordance with the Standards on Auditing ("SAs") specified under Section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those Standards are further described In paragraph (a) of Auditor's Responsibilities section below. We are independent of the Company in accordance with the Code of Ethics Issued by the Institute of Chartered Accountants of India ("the !CAI") together with the ethical requirements that are relevant to our audit of the Standalone Financial Results for the year ended March 31, 2021 under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibllltles In accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

M;,nogcmcnt's Responsibilities for th e Statem ent

This Statement which lndudes the Standalone Ftnanclal Results Is the responslblllty or the Company's Board or Directors and has been approved by them for the Issuance The Standalone Financial Results for lhe year ended March 31, 2021 has been complied from the related audited standalone financial statements This responslblllty Includes the preparation and presentation or the Standalone Financial Results for the quorter and year ended March 31, 2021 that give a true and fair view of the net profit and other comprehensive Income and other financial Information In accordance with the recognition and measurement principles laid down In the Indian Accounting Standards prescribed under Section 133 or lhe Acl read with relevant rules Issued thereunder and other accounting principles generally accepted In India and In compliance with Regulation 33 or the Listing Regulatlons. This responsibility also Includes maintenance or adequate accounting records In accordance with the provisions of the Acl ro, sareguardlng the assets or the Company and ror preventing and detecting frauds i!nd other Irregularities; selection and appllcatfon or appropriate accounting policies; making Judgments and esllmi!tes lhat are reasonable and prudent , and the design, rmplementatlon and maintenance or adequate Internal rtnanclal controls that were operating effectively for ensuring the accuracy and completeness or the accounting records, relevant to the preparation and presentation or the Standalone Financial Results that give a true and fair view and ts free from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Results, the Board of Directors are responsible for assessing the Company's ability, to continue as a going concern, disclosing, as appllcable, matters related to going concern and using the going concern basis or accounting unless the Board of Directors either Intends to liquidate the Company or to cease operations, or has no reall~tlc alternative but to do so.

The Board of Directors are also responsible for overseeing the financial reporting process or the Company.

Auditor's Responsibilities

Jr

(a) Audit of the Standalone Financial Results for the year ended March 31, 2021

Our objectives are to obtain reasonable assurance about whether the Standalone Financial Results for the year ended March 31, 2021 as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that Includes our opinion. Reasonable assurance Is a high level of assurance, but Is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, Individually or In the aggregate, they could reasonably be expected to Influence the economic decisions of users taken on the basis or this Standalone Financial Results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Annual Standalone Financial Results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that Is sufnclent and appropriate to provide a basis for our opinion. The risk or not detecting a material misstatement resulting from fraud ts higher than for one resulting from error, as fraud may Involve collusion, forgery, Intentional omissions, misrepresentations, or the override of Internal control.

• Obtain an understanding of Internal conll ol relevanl to the audll In order lo design audit procedures that are appr oprlal e In the circumstances, but not for the purpose of e pressing an opinion on the errccllveness of the Company's Internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors.

• Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors In terms of the requirements specified under Regulation 33 of the Listing Regulations.
• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a materlal uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention In our auditor's report to the related disclosures In the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Annual Standalone Financial Results, Including the disclosures, and whether the Annual Standalone Financial Results represent the underlying transactions and events In a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the Annual Standalone Financial Results of the Company to express an opinion on the Annual Standalone Financial Results.

Materiality Is the magnitude of misstatements in the Annual Standalone Financial Results that, Individually or In aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Annual Standalone Financial Results may be Influenced. We consider quantitative materiality and qualitative factors In (I) planning the scope of our audit work and In evaluating the results of our work; and (ii) to evaluate the effect of any Identified misstatements In the Annual Standalone Financial Results.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in Internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

(b ) Review of the Standalone Financial Results for the quarter ended March 31, 2021

We conducted our review of the Standalone Financial Results for the quarter ended March 31, 2021 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 !CAI. A review of Interim financial Information consists of making inquiries, primarily of the c ompany's personnel responsible for financial and accounting matters, and applying an alytical and other review procedures. A review is substantially less In scope than an audit conducted In accordance with SAs specified under sect ion 143(10) of the Act 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. r

Other Matters

• The Statement includes the results for the Quarter ended March 31, 2021 being the balancing figure between audited figures In respect of the full financial year and the published year to date figures up to the third quarter of the current financial year which were subject to limited review by us. Our report on the Statement Is not modified in respect of this matter.

Our report on the Statement Is not modified in respect of this matter.

For DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm's Registration No. 117366W/W-100018)

Monisha Parikh Partner (Membership No.47840) UDIN: ~ 104 1~Lt, OAAAABV63/9

Bengaluru, May 20, 2021

Page 4 of4

Chartered Accountants Prestige Trade Tower, Level 19 46, Palace Road, High Grounds Bengaluru - 560 001 Karnataka, India

Tel: +91 80 6188 6000 Fax: +91 80 6188 6011

INDEPENDENT AUDITOR'S REPORT ON AUDIT OF ANNUAL CONSOLIDATED FINANCIAL RESULTS AND REVIEW OF QUARTERLY FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF BOSCH LIMITED

Opinion and Conclusion

We have (a) audited the Consolidated Financial Results for the year ended March 31, 2021 and (b) reviewed the Consolidated Financial Results for the quarter ended March 31, 2021 (refer 'Other Matters' section below), which were subject to limited review by us, both included in the accompanying "Statement of Consolidated Financial Results for the Quarter and Year Ended March 31, 2021" of BOSCH LIMITED ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), and its share of the net profit after tax and total comprehensive income of its joint venture and associate for the quarter and year ended March 31, 2021, ("the Statement") 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 Listing Regulations").

(a) Opinion on Annual Consolidated Financial Results

In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of the audit reports of the other auditors on separate financial statements of subsidiary and joint venture referred to in Other Matters section below, the Consolidated Financial Results for the year ended March 31, 2021:

• includes the results of the following entities: $(i)$
• 1) Bosch Limited, Parent;
• 2) MICO Trading Private Limited, wholly owned subsidiary;
• 3) Robert Bosch India Manufacturing and Technology Private Limited, wholly owned subsidiary;
• 4) Newtech Filter India Private Limited, associate;
• 5) Prebo Automotive Private Limited, Joint Venture;
• is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing $(ii)$ Obligations and Disclosure Requirements) Regulations, 2015, as amended; and
• gives a true and fair view in conformity with the recognition and measurement principles $(iii)$ laid down in the Indian Accounting Standards and other accounting principles generally accepted in India of the consolidated net profit and consolidated total comprehensive income and other financial information of the Group for the year ended March 31, 2021.

(b) Conclusion on Unaudited Consolidated Financial Results for the quarter ended March 31, 2021

With respect to the Consolidated Financial Results for the quarter ended March 31, 2021, based on our review conducted and procedures performed as stated in paragraph (b) of Auditor's Responsibilities section below and based on the consideration of the audit reports for the year ended March 31, 2021 of the other auditors referred to in Other Matters section below, nothing has come to our attention that causes us to believe that the Consolidated Financial Results for

the quarter ended March 31, 2021, prepared In accordance with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the Information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obhgat1ons and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which 1t Is to be disclosed, or that it contains any material misstatement.

Basis for Opinion on the Audited Consolidated Financial Results for the y ear ended March 31, 2 0 21

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under Section 143(10) of the Companies Act, 2013 ("the Act"). Our respons1bi11ties under those Standards are further described In paragraph (a) of Auditor's Responsib1lit1es section below. We are Independent of the Group, its associate and Joint venture in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("!CAI") together with the ethical requirements that are relevant to our audit of the Consolidated Financial Results for the year ended March 31, 2021 under the prov1s1ons of the Act and the Rules thereunder, and we have fulfi lled our ot her ethical responsib1l1t1es in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us and the audit evidence obtained by the other auditors in terms of their reports referred to in Other Matters section below, 1s sufficient and appropriate to provide a basis for our audit opinion.

Management's Responsibilities for the Statement

This Statement, which includes the Consolidated Financial Results is the responsibility of the Parent's Board of Directors and has been approved by them for the issuance. The Consolidated Financial Results for the year ended March 31, 2021, has been compiled from the related audited consolidated financial statements. This responsibility includes the preparation and presentation of the Consolidated Financial Results for the quarter and year ended March 31, 2021 that give a true and fair view of the consolidated net profit and consolidated other comprehensive income and other financial information of the Group including its associate and Joint venture in accordance with the recognition and measurement principles laid down 1n the Indian Accounting Standards, prescribed under Section 133 of the Act, read with relevant rules issued t hereunder and other accounting principles generally accepted in India and In compliance with Regulation 33 of the Listing Regulations.

The respective Board of Directors of the companies included in the Group and of its associate and joint venture are responsible for maintenance of adequate accounting records in accordance with t he provisions of the Act for safeguarding the assets of the Group and Its associate and joint venture and for preventing and detecting frauds and other Irregulant1es; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, 1mplemenlat1on and maintenance of adequate Internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the respective financial results that give a true and fair view and are free from material misstatement, whether due l o fraud or error, which have been used for the purpose of preparation of this Consolidated Financial Results by the Directors of the Parent, as aforesaid.

ln preparing the Consolidated Financial Results, the respective Board of Directors of the companies Included in the Group and of its associate and joint venture are responsible for assessing the abi lity of the respective entitles to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless t he respective Board of Directors either intends to liquidate their respective entities or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies Included in the Group and of its associate and jointly controlled entity are responsible for overseeing the financial reporting process of the Group ^~and of its associate and Joint venture.

Auditor's Responsibilities

( a ) Audit of the Consolidat ed Financial Results for the year ended March 3 1, 20 2 1

Our obJect1ves are to obtain reasonable assurance about whether the Consol1dalcd Financial Results for the year ended March 31, 2021 as a whole are free from malerral mrssl atement, whether due to fraud or error, and to rssue an audrtor's report Lhat includes our opinron. Reasonable assurance rs a high level of assurance, but 1s not a guarantee that an audit conducted rn accordance wrth SAs wrll always detect a material mrsstatement when rl exrsls. Misstatements can arrse from fraud or error and are consrdered material If, lnd1v1dually or rn the aggregate, they could reasonably be expected to rnnuence the economrc decrsrons of users taken on the basrs of thrs Consolidated Financral Results.

As part of an audrt in accordance wrth SAs, we exercrse professional judgment and marntaln professional skepticism throughout the audit. We also:

• Identify and assess the rrsks of materral misstatement of the Annual Consolrdated Frnancial Results, whether due to fraud or error, desrgn and perform audrt procedures responsive to those rrsks, and oblarn audit evrdence that rs sufflcrent and approprrate to provide a basrs for our opinion. The rrsk of not detecting a materral misstatement resulting from fraud rs hrgher than for one resulting from error, as fraud may Involve collusion, forgery, intentional omissions, misrepresentations, or the override of rnternal control.
• Obtarn an understanding of internal control relevant to the audrt In order to design audit procedures that are approprrate rn the crrcumstances, but not for the purpose of expressing an opinron on the effectiveness of such controls.
• Evaluate the approprrateness of accountrng policies used and the reasonableness of accounting estrmates made by the Board of Drrectors.
• Evaluate the approprrateness and reasonableness of disclosures made by the Board of Directors rn terms of the requirements specified under Regulation 33 of the Ustrng Regulatrons.
• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accountrng and, based on the audit evidence obt ained, whether a material uncertarnty exists related to events or conditions that may cast significant doubt on the ability of the Group and its associate and joint venture to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Consolidated Financial Results or, If such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtarned up to the date of our auditor's report. However, future events or conditions may cause the Group and its associate and Joint venture to cease to contrnue as a gorng concern.
• Evaluate the overall presentation, structure and content of the Annual Consolidated Frnanc1al Results, including the disclosures, and whether the Annual Consolidated Frnanc,al Results represent the underlying transactions and events in a manner that achieves fair presentation.
• Perform procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listrng Regulations to the extent applicable.
• Obtain sufficient approprrate audit evidence regarding the Annual Standalone Frnancial Results/ Financial Information of the entities withrn the Group and its associate and joint venture to express an opinion on the Annual Consolidated Financial Results. We are b

responsible for the direction, supervision and performance of the audit of n11anc1al information of such entitles included 111 the Annual Consolidated Financial Results of which we are the independent auditors. For the entitles Included 111 the Annual Consolidated Financial Results, which have been audited by other auditors, such other auditors remain responsible for the d1rect1on, supervision and performance of the audit s earned out by them. We remain solely responsible for our audit opinion.

Materiality ls the magnitude of misstatements In the Annual Consolidated Financial Results that, individually or In aggregate, makes 1t probable that the economic decisions of a reasonably knowledgeable user of the Annual Consolidated Financial Results m ay be influenced. We consider quantitative materiality and qualitative factors 1n (I) planning the scope of our audit work and in evaluating the results of our work; and (1i) to evaluate the effect of any identified misstatements In the Annual Consolidated Financial Resu lts.

We commu nicate with those charged with governance of the Parent and such other entities Included in the Consolidated Financial Results of which we are the Independent auditors regarding, among other matters, the planned scope and timing of the audit and slgnincant audit findings including any sig nificant deficiencies in Internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

(b) Review of the Consolidated Financial Results for the quarter ende d March 31, 2021

We conducted our review of the Consolidated Financial Results for the quarter ended March 31, 2021 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 !CAI. A review of interim fi nancial information consists of making inquiries, primarily of the Company's personnel 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 SA specified under section 143( 10) of the Act 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.

The Statement includes the results of the entities as listed under paragraph (a)(i) of Opinion and Conclusion section above.

As part of our annual audit we also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

Othe r Matters

• The Statement Includes the results for the Quarter ended March 31, 2021 being the balancing figure between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year which were subject to limited review by us. Our report is not modified in respect of this matter.
• We did not audit the financial statements of one subsidiary included in the consolidated financial statements, whose financial statements reflect total assets of Rs. 1 lakh as at March 3 1, 2021 and total revenues of Rs. Nil for the year ended March 3 1, 2021 respectively, total net loss a~er tax of Rs. 180 lakhs for the year ended March 3 1, 2021 and total comprehensive loss of Rs. 180 lakhs for the year ended March 31, 2021 and net cash flows of Rs. 1 lakh for the year ended March 31 ~ 202 1, as considered in the Statement . The consolidated financial results also Includes the Group'~

share of profit after tax of Rs. 66 lakhs for the year ended March 31, 2021 respectively and lolal comprehensive income of Rs. 66 lakhs for lhe year ended March 3 1, 2021 respectively, as considered in the Statement, In respect of one joinl venture whose financial statements have not been audited by us. These financial statements have been audited, by other auditors whose reports have been furnished to us by the Management and our opinion and conclusion on the Statement, in so far as 1t relates to the amounts and disclosures included in respect of this subsidiary and Joint venture, 1s based solely on the reports of the other auditors and the procedures performed by us as stated under Auditor's Respons1blht1es section above.

Our report on the Statement is not modified In respect of the above matters with respect lo our reliance on the work done and the reports of the other auditors.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants (Firm's Registration No. 117366W/W-100018)

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Monisha Parikh Partner (Membership No.47840) UDIN: 21047840AAAABW3550

Bengaluru, May 20, 2021