Polycab India Limited

Polycab House, 771 Mogul Lane, Mahim (W), Mumbai – 400016 CIN: L31300GJ1996PLC114183 Tel : +91 22 2432 7070-74 Fax : +91 22 2432 7075 Email: [email protected] Website: www.polycab.com

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Date: 21[st] January 2022

To Department of Corporate Services BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street Mumbai – 400 001

To Listing Department National Stock Exchange of India Limited C-1, G-Block, Bandra-Kurla Complex Bandra (E), Mumbai – 400 051

Scrip Code: 542652 Scrip Symbol: Polycab ISIN:- INE455K01017

Dear Sir / Madam

Sub: Un-audited Interim Condensed (Standalone and Consolidated) Financial Statements for the quarter and nine months ended 31[st] December 2021.

With reference to the captioned subject, please find enclosed herewith the un-audited Interim Condensed (Standalone and Consolidated) Financial Statements of the Company, along with Review Reports for the quarter and nine months ended 31[st] December 2021 as approved by the Board of Directors at its meeting held today i.e. 21[st] January 2022.

Kindly take the same on your record.

Thanking you

Yours Faithfully

For Polycab India Limited

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Company Secretary and Compliance Officer

Membership No.: A18321 Address: Polycab House, 771, Mogul Lane Mahim (West), Mumbai - 400 016

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Registered Office:

Unit No.4, Plot No.105, Halol Vadodara Road, Village Nurpura, Taluka Halol, Panchmahal, Gujarat-389350 Tel : 2676- 227600 / 227700

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Unaudited Interim Condensed Consolidated Financial Statements 31 December 2021

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Polycab India Limited

Unaudited Interim Condensed Consolidated Financial Statements for the period ended 31 December 2021

Index	Page No.
Auditors'Review Report	1
Balance Sheet	3
Statement of Profit and Loss	4
Statement of Changes in Equity	5
Statement of Cash Flows	5

Overview and notes to the condensed financial statements
A Overview
1 Corporate Information	6
2A Basis of preparation	6
2B Use of estimates and judgements	6
2C Accounting policies	6
2D Recent pronouncement	6

B Notes to condensed financial statements
3 Property, plant and equipment	7
4 Right of use assets	8
5 Intangible assets	8
6 Investment	9
7 Cash and cash equivalents	9
8 Inventories	9
9 Borrowings	10
10 Trade payables	11
11 Revenue from operations	12
12 Other income	12
13 Finance cost	13
14 Other expenses	13
15 Earnings per share	13
16 Discontinued Operations	15
17 Contingent liabilities and commitments	16
18 Related party disclosure	16
19 Segment Reporting	18
20 Financial Instruments and Fair Value Measurement	20
21 Financial Risk Management Objectives And Policies	21
22 Hedging activity and derivatives	24
23 Income Tax order effect	25
24 Events after the reporting period	25
25 Others	25

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Polycab India Limited

Unaudited Interim Condensed Consolidated Balance Sheet as at 31 December 21

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Unaudited Interim Condensed Consolidated Balance Sheet as at 31 December 21 Polycab India Limited	Unaudited Interim Condensed Consolidated Balance Sheet as at 31 December 21 Polycab India Limited	Unaudited Interim Condensed Consolidated Balance Sheet as at 31 December 21 Polycab India Limited
(₹ million)
As at As at 31 Dec 21 31 Mar 21 (Unaudited) (Audited) Notes
ASSETS
Non-current assets
Property, plant and equipment 3	15,381.09	18,261.17
Capital work-in-progress 3	2,043.38	990.50
Goodwill	46.22	22.58
Right of use assets 4	365.33	341.00
Intangible assets 5	195.94	71.25
Investment accounted for usingthe equitymethod 6A	96.36	118.18
Financial assets
(a) Trade receivables	1,177.58	1,283.60
(b) Other financial assets	2,135.28	615.18
Non-current tax assets (net)	496.65	297.59
Deferred tax assets (net)	0.11	0.11
Other non-current assets	506.49	419.52
	22,444.43	22,420.68
Current assets
Inventories 8	27,172.90	19,879.10
Financial assets
(a) Investments 6B	3,546.04	6,231.27
(b) Trade receivables	12,215.73	14,357.67
(c) Cash and cash equivalents 7	753.21	2,378.03
(d) Bank balance other than cash and cash equivalents	1,141.55	2,935.15
(e) Loans	138.05	122.66
(f) Other financial assets	717.00	259.37
Other current assets	3,672.41	1,563.18
	49,356.89	47,726.43
Total assets	71,801.32	70,147.11
EQUITY AND LIABILITIES
Equity
(a) Equity share capital	1,493.89	1,491.19
(b) Other equity	50,666.53	46,048.21
	52,160.42	47,539.40
Non-controlling interests	218.70	188.29
	52,379.12	47,727.69
Liabilities
Non-current liabilities:
Financial liabilities
(a) Borrowings 9A	36.72	1,036.76
(b) Lease liabilities	251.23	226.34
Other non-current liabilities	205.87	340.96
Provisions	318.97	251.44
Deferred tax liabilities (net)	342.57	418.14
	1,155.36	2,273.64
Current liabilities:
Financial liabilities
(a) Borrowings 9B	755.84	1,450.09
(b) Lease liabilities	111.96	111.83
(c) Trade payables 10
Total outstanding dues of micro enterprises and small enterprises	528.91	258.13
Total outstanding dues of creditors other than micro enterprises and small enterprises	13,423.12	13,222.19
(d) Other financial liabilities	319.95	1,306.93
Other current liabilities	2,864.55	3,277.92
Provisions	259.23	235.25
Current tax liabilities (net)	3.28	283.44
	18,266.84	20,145.78
Total equity and liabilities	71,801.32	70,147.11
Corporate information and summaryof significant accounting policies 1&2	-	(0.002454)
Contingent liabilities and commitments 17
Other notes to accounts 18 to25

The accompanying notes are an integral part of the unaudited interim condensed consolidated financial statements.

As per our report of even date For and on behalf of the Board of Directors of For B S R & Co. LLP Polycab India Limited Chartered Accountants CIN : L31300GJ1996PLC114183 ICAI Firm Registration No. 101248W/W-100022

sd/-

Bhavesh Dhupelia Partner Membership No. 042070

sd/sd/-

Inder T. Jaisinghani Chairman & Managing Director DIN : 00309108

Nikhil R. Jaisinghani

Whole Time Director DIN : 00742771

sd/-

Place: Mumbai Date: 21 January 2022

sd/-

Bharat A. Jaisinghani Whole Time Director DIN : 00742995

sd/- Manita Gonsalves Company Secretary Membership No. A18321

Gandharv Tongia Chief Financial Officer Membership No. 4028543

Place: Mumbai Date: 21 January 2022

Polycab India Limited

Unaudited Interim Condensed Consolidated Statement of Profit & Loss for period ended 31 December 21

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(₹ million)

	Notes	Three months period ended 31 Dec 21 (Unaudited)	Three months period ended	Nine months period ended 31 Dec 21 (Unaudited)	Nine months period ended
			31 Dec 20 (Unaudited)		31 Dec 20 (Unaudited)

INCOME
Revenue from operations 11		33,719.96	27,463.40	82,337.79	58,494.93
Other income 12		216.49	325.03	730.99	961.48
Total income		33,936.45	27,788.43	83,068.78	59,456.41
EXPENSES
Cost of materials consumed		25,493.36	18,395.49	63,458.46	36,989.22
Purchases of stock-in-trade		2,394.90	2,356.20	5,123.93	4,544.99
Changesin inventories of finished goods, stock-in-trade andwork-in-progress		(2,036.91)	(68.44)	(5,625.70)	1,070.52
Project bought outs and subcontracting cost		243.68	196.42	807.98	710.12
Employee benefits expense		1,025.47	880.98	3,015.99	2,561.30
Finance cost 13		78.15	65.35	226.75	294.84
Depreciation and amortisation expense		511.09	449.60	1,512.63	1,301.04
Other expenses 14		2,982.52	2,203.59	7,668.55	5,547.79
Total expenses		30,692.26	24,479.19	76,188.59	53,019.82
Profit before share ofprofit/(loss) ofjoint ventures and exceptional items		3,244.19	3,309.24	6,880.19	6,436.59
Share of profit/(loss) of joint ventures (net of tax)		2.64	4.92	(21.82)	(1.31)
Profit before tax and exceptional items		3,246.83	3,314.16	6,858.37	6,435.28
Exceptional items		-	-	-	-
Profit before tax		3,246.83	3,314.16	6,858.37	6,435.28
Income tax expenses
Current tax		752.90	848.92	1,723.71	1,615.62
Adjustment of tax relating to earlier periods (refer note 22)		0.43	1.97	(30.12)	(903.42)
Deferred tax (credit)/charge		9.79	13.05	(34.16)	15.62
Total tax expense		763.12	863.94	1,659.43	727.82
Profit for theperiod from continuing operations		2,483.71	2,450.22	5,198.94	5,707.46
Profit before tax from discontinued operations 16		102.26	226.91	136.03	279.18
Gain on disposal of discontinued operations		817.22	-	817.22	97.18
Tax expense on discontinued operations		(241.63)	(40.96)	(232.72)	(56.60)
Profit for theyear from discontinued operations		677.85	185.95	720.53	319.76
Profit for theperiod		3,161.56	2,636.17	5,919.47	6,027.22
Other comprehensive income
Items that will not be reclassified toprofit or loss
Re-measurement gains / (losses) on defined benefit plans		22.91	(11.59)	(24.78)	14.71
Income tax relating to items that will not be reclassified to Profit or Loss		(5.76)	2.92	6.23	(3.69)
Items that will be reclassified toprofit or loss
Exchange difference on translation of foreign operations		0.25	(2.43)	(0.91)	(2.11)
Designated cash flow hedges		59.02	(78.47)	51.74	259.87
Income tax relating to items that will be reclassified to Profit or Loss		(13.02)	19.75	(13.02)	(65.40)
	Other comprehensive income for theperiod, net of tax	63.40	(69.82)	19.26	203.38
	Total comprehensive income for theperiod, net of tax	3,224.96	2,566.35	5,938.73	6,230.60
Profit/(loss) from continuing operations for theyear attributable to:
Equity shareholders of parent company		2,467.24	2,439.07	5,143.70	5,686.76
Non controlling interests		16.47	11.15	55.24	20.70
		2,483.71	2,450.22	5,198.94	5,707.46
Profit/(loss) from discontinued operations for theyear attributable to:
Equity shareholders of parent company		677.85	185.95	720.53	319.76
Non controlling interests		-	-	-	-
		677.85	185.95	720.53	319.76
Other comprehensive Income attributable to:
Equity shareholders of parent company		63.36	(69.84)	19.22	203.32
Non controlling interests		0.04	0.02	0.04	0.06
		63.40	(69.82)	19.26	203.38
Total comprehensive Income attributable to:
Equity shareholders of parent company		3,208.45	2,555.18	5,883.45	6,209.84
Non controlling interests		16.51	11.17	55.28	20.76
		3,224.96	2,566.35	5,938.73	6,230.60
Earnings per share(not annualised) 15
Continuing Operations
Basic(₹)		16.52	16.36	34.47	38.17
Diluted(₹)		16.50	16.30	34.32	38.02
Discontinuing Operations
Basic(₹)		4.54	1.25	4.83	2.15
Diluted(₹)		4.53	1.24	4.81	2.14
Continuing Operations and Discontinuing Operations
Basic(₹)		21.06	17.61	39.30	40.32
Diluted(₹)		21.03	17.54	39.13	40.16
Weighted average equity shares used in computing earnings per equity share 15
Basic		149,345,969	149,050,947	149,221,215	148,978,785
Diluted		149,569,796	149,593,420	149,890,263	149,563,371
Corporate information and summaryof significant accounting policies 1 & 2
Contingent liabilities and commitments 17
Other notes to accounts 18 to 25

The accompanying notes are an integral part of the unaudited interim condensed consolidated financial statements.

As per our report of even date For and on behalf of the Board of Directors of For B S R & Co. LLP Polycab India Limited Chartered Accountants CIN : L31300GJ1996PLC114183

ICAI Firm Registration No. 101248W/W-100022

sd/-

Bhavesh Dhupelia Partner Membership No. 042070

Place: Mumbai Date: 21 January 2022

sd/-

Inder T. Jaisinghani Chairman & Managing Director DIN : 00309108

sd/-

Gandharv Tongia Chief Financial Officer Membership No. 402854

sd/sd/-

Nikhil R. Jaisinghani Bharat A. Jaisinghani Whole Time Director Whole Time Director DIN : 00742771 DIN : 00742995

sd/Place: Mumbai Manita Gonsalves Date: 21 January 2022 Company Secretary Membership No. A18321

Polycab India Limited

Unaudited Interim Condensed Consolidated Statement of Changes in Equity for period ended 31 December 21

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A) Equity Share Capital	A) Equity Share Capital	(₹ million) 31 Dec 21 31 Mar 21 1,491.19 1,488.79 2.70 2.40 1,493.89 1,491.19 (₹ million)	(₹ million) 31 Dec 21 31 Mar 21 1,491.19 1,488.79 2.70 2.40 1,493.89 1,491.19 (₹ million)	(₹ million) 31 Dec 21 31 Mar 21 1,491.19 1,488.79 2.70 2.40 1,493.89 1,491.19 (₹ million)	(₹ million) 31 Dec 21 31 Mar 21 1,491.19 1,488.79 2.70 2.40 1,493.89 1,491.19 (₹ million)	(₹ million) 31 Dec 21 31 Mar 21 1,491.19 1,488.79 2.70 2.40 1,493.89 1,491.19 (₹ million)	(₹ million) 31 Dec 21 31 Mar 21 1,491.19 1,488.79 2.70 2.40 1,493.89 1,491.19 (₹ million)
			31 Dec 21	31 Mar 21
Balance at the beginning of theperiod			1,491.19	1,488.79
Issue of equityshares on exercise of employee stock options			2.70	2.40
Balance at the end of theperiod			1,493.89	1,491.19
B) Other Equity
		Attributable to owners of the Company
	Share application money pending allotment	Reserves & Surplus		Items of Other comprehensive income		Total attributable to owners of the Company	Total Other Equity Attributable to Non Controlling Interest
		Securities Premium General Reserve ESOP outstanding Retained Earnings		Effective portion of Cash Flow Hedges Foreign Currency translation reserve
As at 1 Apr 2020	27.15	7,149.55 614.00 241.45 28,967.59		(126.49) 2.11		36,875.36	150.00 37,025.36
Profit aftertax fortheninemonths	-	- - - 5,686.76		- -		5,686.76	20.70 5,707.46
Items ofOCI forthe period,net oftax
Re-measurementgains /(losses)on defined benefitplans	-	- - - 10.96		- -		10.96	0.06 11.02
Exchange difference on translation of foreign operations	-	- - - -		- (2.11)		(2.11)	- (2.11)
Designated cash flow hedges	-	- - - -		194.47 -		194.47	- 194.47
Share-based payments to employees	-	- - 87.67 -		- -		87.67	- 87.67
Exercise ofemployee stockoption	54.95	- - (54.95) -		- -		-	- -
Amount received on exercise of employee stock options	71.34	- - - -		- -		71.34	- 71.34
Issue of equityshares on exercise of employee stock options	(138.31)	136.37 - - -		- -		(1.94)	- (1.94)
As at 31 Dec 2020	15.13	7,285.92 614.00 274.17 34,665.31		67.98 0.00		42,922.51	170.76 43,093.27
Profit aftertax forthe threemonths	-	- - - 3,134.18		- -		3,134.18	17.49 3,151.67
Items ofOCI forthe period,net oftax
Re-measurementgains /(losses)on defined benefitplans	-	- - - 24.79		- -		24.79	(0.06) 24.73
Exchange difference on translation of foreign operations	-	- - - -		- (0.05)		(0.05)	0.10 0.05
Designated cash flow hedges	-	- - - -		(67.98) -		(67.98)	- (67.98)
Share-based payments to employees	-	- - 22.52 -		- -		22.52	- 22.52
Exercise ofemployee stockoption	9.77	- - (9.77) -		- -		-	- -
Amount received on exercise of employee stock options	12.71	- - - -		- -		12.71	- 12.71
Issue of equityshares on exercise of employee stock options	(32.65)	32.18 - - -		- -		(0.47)	- (0.47)
As at 31 Mar 2021	4.96	7,318.10 614.00 286.92 37,824.28		- (0.05)		46,048.21	188.29 46,236.50
Profit aftertax fortheninemonths	-	- - - 5,143.70		- -		5,143.70	55.24 5,198.94
Profit aftertax fromdiscontinued operationsfortheninemonths	-	- - - 720.53		- -		720.53	5,938.73 6,659.26
Items ofOCI forthe year,net oftax
Re-measurementgains /(losses)on defined benefitplans	-	- - - (18.55)		- -		(18.55)	0.04 (18.51)
Exchange difference on translation of foreign operations	-	- - - -		- (0.91)		(0.91)	- (0.91)
Designated cash flow hedges	-	- - - -		38.72 -		38.72	- 38.72
Share-based payments to employees	-	- - 117.80 -		- -		117.80	- 117.80
Exercise of employee stock option	87.93	- - (87.93) -		- -		-	- -
Amount received on exercise of employee stock options	108.20	- - - -		- -		108.20	- 108.20
Acquisition of non-controllinginterest	-	- - - 3.10		- -		3.10	(24.87) (21.77)
Transfer on account of employee stock options not exercised	-	- 0.41 (0.41) -		- -		-	- -
Issue of equityshares on exercise of employee stock options	(198.14)	195.47 - - -		- -		(2.67)	- (2.67)
Final equitydividend	-	- - - (1,491.60)		- -		(1,491.60)	- (1,491.60)
As at 31 Dec 21	2.95	7,513.57 614.41 316.38 42,181.46		38.72 (0.96)		50,666.53	6,157.43 56,823.96
Unaudited Interim Condensed Standalone Statement of Cash flows for the nine months ended 31 December 2021							(₹ million)
					Nine months period ended 31 Dec 21 (Unaudited)		Nine months period ended
							31 Dec 20
							(Unaudited)
Profit before tax fromcontinuing operations					6,858.37		6,435.28
Profit before tax fromdiscontinued operations					953.25		376.36
Adjustments toreconcile profit before taxtonet cash flows					416.85		994.80
Movementsin working capital					(7,738.26)		9,308.91
Income taxpaid (includingTDS) (net of refunds)					(2,400.66)		(1,652.49)
Net cash flows generatedform/ (usedin) operating activities					(1,910.45)		15,462.86
Net cash flows generatedform/ (usedin)investing activities					2,170.54		(13,337.04)
Net cash flows generatedform/ (usedin)financing activities					(1,884.07)		(1,364.29)
Net increase /(decrease) incash and cash equivalents					(1,623.98)		761.53
Cashand cashequivalents at the beginning ofthe period					2,377.19		1,721.62
Cash and cash equivalents at the period end					753.21		2,483.15
Unaudited Interim Condensed Standalone Statement of Cash flows for the nine months ended 31 December 2021							(₹ million)
					Nine months period ended 31 Dec 21 (Unaudited)		Nine months period ended
							31 Dec 20
							(Unaudited)
Balances with banks
In current accounts					732.13		283.12
Deposits with original maturity of less than 3 months					17.02		2,200.00
Cash in hand					1.88		0.72
Cheques in hand					2.18		-
Cash and cash equivalents					753.21		2,483.84
Cash Credit from banks (Secured)					-		(0.69)
Cash and cash equivalents in Cash Flow Statement					753.21		2,483.15
CorporateInformationand summary ofsignificant accounting policies 1&2
Contingentliabilities and commitments 17
Other notes to accounts 18 to25
The accompanying notes are an integral part of the unaudited interim condensed consolidated financial statements. As per our report of even date For B S R & Co. LLP Chartered Accountants ICAI Firm Registration No. 101248W/W-100022 sd/- Bhavesh Dhupelia Partner Membership No. 042070 For and on behalf of the Board of Directors of Polycab India Limited CIN : L31300GJ1996PLC114183 sd/- sd/- Inder T. Jaisinghani Chairman & Managing Director DIN : 00309108 Whole Time Director DIN : 00742771 Nikhil R. Jaisinghani							sd/- Whole Time Director DIN : 00742995 Bharat A. Jaisinghani

Place: Mumbai

Date: 21 January 2022

sd/-

Place: Mumbai

Date: 21 January 2022

sd/-

Gandharv Tongia Chief Financial Officer Membership No. 402854

Manita Gonsalves Company Secretary Membership No. A18321

Polycab India Limited

Notes to Unaudited Interim Condensed Consolidated Financial Statements for the period ended 31 December 2021

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1. Corporate information

Polycab India Limited (the “Company”) (CIN - L31300GJ1996PLC114183) was incorporated as ‘Polycab Wires Private Limited’ on 10 January 1996 at Mumbai as a private limited company under the Companies Act, 1956. The Company became a deemed public limited company under Section 43A(1) of the Companies Act, 1956, and the word ‘private’ was struck off from the name of the Company with effect from 30 June 2000. Thereafter, the Company was converted into a private limited company under section 43A(2A) of the Companies Act, 1956, and the word ‘private’ was added in the name of the Company with effect from 15 June 2001. Subsequently, the Company was converted into a public limited company, the word ‘private’ was struck off from the name of the Company and consequently, a fresh certificate of incorporation dated 29 August 2018 was issued by the Registrar of Companies, National Capital Territory of Delhi and Haryana (“ROC”), recording the change of the Company’s name to ‘Polycab Wires Limited’. Thereafter, the name of the Company was changed from ‘Polycab Wires Limited’ to ‘Polycab India Limited’, and a fresh certificate of incorporation dated 13 October 2018 was issued by the ROC. The Consolidated Financial Statements relates to Polycab India Limited (‘the Parent Company’) along with its subsidiaries and joint ventures (collectively referred to as ‘the Group’).

The registered office of the Parent Company is Unit 4, Plot Number 105, Halol Vadodara Road, Village Nurpura, Taluka Halol, Panchmahal, Gujarat 389350.

The Group is the largest manufacturer of Wires and Cables in India and fast growing player in the Fast Moving Electrical Goods (FMEG) space. The Group is also in the business of Engineering, Procurement and Construction (EPC) projects. The Group owns 23 manufacturing facilities, located across the states of Gujarat, Maharashtra, Uttarakhand, and U.T. Daman.

2. Summary of significant accounting policies

A) Basis of preparation

These unaudited interim condensed consolidated financial statements for the nine months ended 31 December 2021 (‘interim financial statements’) have been prepared in accordance with the accounting principles generally accepted in India, including the recognition and measurement principles laid down in Indian Accounting Standards (Ind AS) 34, Interim Financial Reporting as specified under section 133 of the Companies Act, 2013 (‘the Act’) read with relevant rules issued thereunder. Accordingly, the said interim financial statements do not include all the information required for a complete set of annual Ind AS financial statements and should be read in conjunction with the Group’s latest annual financial statements and related notes included in the Group’s Annual Report for the year ended 31 March 2021. However, selected explanatory notes are included to explain events and transactions that are significant for the understanding of the changes in the Group’s financial position and performance since the latest annual financial statements.

All the amounts included in condensed financial statements are reported in ₹ in million, except per share data and unless stated otherwise.

The Board of Directors approved the Consolidated Financial Statements for the nine months ended 31 December 2021 and authorised for issue on 21 January 2022.

B) Use of estimates and judgements

The preparation of the condensed financial statements requires the use of certain critical accounting estimates and judgements. It also requires the Management to exercise judgement in the process of applying the Group’s accounting policies. The areas where estimates are significant to the condensed financial statements, or areas involving a higher degree of judgement or complexity, are the same as those disclosed in the Group’s annual financial statements for the year ended 31 March 2021.

C) Accounting policies

The accounting policies adopted in the preparation of the interim financial statements are consistent with those followed in the preparation of the Group's latest annual financial statements and related notes included in the Group’s Annual Report for the year ended 31 March 2021.

D) Recent pronouncement

The amendments to Schedule III of the Companies Act, 2013 are applicable from 01 April 2021. The Group has given effect of amendment by inclusion of the relevant disclosures under explanatory notes or by way of additional notes, wherever significant in nature

On 18 June 2021, MCA through a notification has notified Companies (Indian Accounting Standards) Amendment Rules, 2021. The notification has made amendments to various Ind AS. The Group does not expect the amendments to have any significant impact in its financial statements.

Polycab India Limited

Notes to Unaudited Interim Condensed Consolidated Financial Statements for the period ended 31 December 2021

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3. Property, plant and equipment

The changes in the carrying value of property, plant and equipment for the period ended 31 December 2021 are as follows:

(₹ million)

	Freehold land	Buildings	Plant and equipments	Electrical installatio ns	Furniture and fixtures	Office equipmen ts	Windmill	Vehicles	Lease- hold improve ments	Total	Capital Work in progress
Gross carrying value(at cost)
As at 01 Apr 2021	1,321.15	9,211.29	13,851.23	899.20	215.02	386.59	295.04	102.68	3.44	26,285.64	990.50
Additions on account of acquisition through business combination(refer note 6)	-	-	-	-	0.73	3.25	-	-	-	3.98	6.58
Additions	20.98	13.47	868.67	201.44	9.96	75.25	-	4.08	-	1,193.85	1,931.96
Transfer	-	-	-	-	-	-	-	-	-	-	(849.81)
Disposal on account of divestment	(292.93)	(716.17)	(1,665.58)	(96.17)	(23.70)	(42.56)	-	(4.18)	-	(2,841.29)	(31.76)
Disposals/Adjustments	-	(0.40)	(73.63)	-	(1.24)	(3.00)	-	(44.07)	-	(122.34)	(4.09)
As at 31 Dec 2021	1,049.20	8,508.19	12,980.69	1,004.47	200.77	419.53	295.04	58.51	3.44	24,519.84	2,043.38
Accumulated depreciation
As at 01 Apr 2021	-	1,374.57	5,866.31	346.64	77.87	219.70	94.30	42.52	2.56	8,024.47	-
Additions on account of acquisition through business combination(refer note 6)	-	-	-	-	0.54	3.08	-	-	-	3.62	-
Depreciation charge for theperiod	-	263.37	1,035.04	63.73	14.92	44.97	13.23	7.27	0.28	1,442.81	-
Disposal on account of divestment	-	(74.84)	(152.10)	(23.30)	(5.85)	(20.33)	(1.38)	(0.67)	-	(278.47)
Disposals/Adjustment	-	(0.03)	(27.54)	-	(0.60)	(2.80)	-	(22.71)	-	(53.68)	-
As at 31 Dec 2021	-	1,563.07	6,721.71	387.07	86.88	244.62	106.15	26.41	2.84	9,138.75	-
Net carrying value
As at 31 Dec 2021	1,049.20	6,945.12	6,258.98	617.40	113.89	174.91	188.89	32.10	0.60	15,381.09	2,043.38
The changes in the carryingvalue ofproperty, plant		and equipment for the		period ended 31 March 2021 are as follows:							(₹ million)
	Freehold land	Buildings	Plant and equipments	Electrical installatio ns	Furniture and fixtures	Office equipmen ts	Windmill	Vehicles	Lease- hold improve ments	Total	Capital Work in progress
Gross carrying value(at cost)
As at 01 Apr 2020	1,018.21	7,168.77	10,445.57	603.36	158.91	296.34	295.04	122.66	4.51	20,113.37	2,411.78
Additions on account of acquisition through
business combination	292.93	715.96	1,544.43	96.17	23.67	41.93	-	-	-	2,715.09	47.52
Additions	11.95	1,327.92	1,897.63	199.67	32.77	54.27	-	6.63	-	3,530.84	1,786.31
Transfer	-	-	-	-	-	-	-	-	-	-	(3,204.98)
Disposals/Adjustments	(1.94)	(1.36)	(36.40)	-	(0.33)	(5.95)	-	(26.61)	(1.07)	(73.66)	(50.13)
As at 31 Mar 2021	1,321.15	9,211.29	13,851.23	899.20	215.02	386.59	295.04	102.68	3.44	26,285.64	990.50
Accumulated depreciation
As at 01 Apr 2020	-	1,024.02	4,604.16	272.13	57.58	160.47	78.58	48.00	2.98	6,247.92	-
Additions on account of acquisition through
business combination	-	28.83	60.33	9.15	2.35	8.64	-	-	-	109.30	-
Depreciation charge for theperiod	-	321.87	1,229.21	65.36	18.10	56.22	15.72	14.34	0.56	1,721.38	-
Disposals/Adjustment	-	(0.15)	(27.39)	-	(0.16)	(5.63)	-	(19.82)	(0.98)	(54.13)	-
As at 31 Mar 2021	-	1,374.57	5,866.31	346.64	77.87	219.70	94.30	42.52	2.56	8,024.47	-
Net carrying value
As at 31 Mar 2021	1,321.15	7,836.72	7,984.92	552.56	137.15	166.89	200.74	60.16	0.88	18,261.17	990.50

Notes:-

(a) Capital work in progress includes machinery in transit ₹ 21.22 million (31 March 2021 : ₹ 1.89 million).

(b) All property, plant and equipment are held in the name of the Group, except which are shown below :

				Whether title	deed holder is a
	Description of item of property	Gross carrying (₹ million)	value	promoter, director or relative of promoter / director or employee		Property held since which date	Reason for not being held in the name of the Group
				of promoter/director
	Freehold land- Delhi	21.73			No	2009	Mutation is inprocess
	Freehold land- Halol		0.11		No	2008	Mutation is inprocess
							Title deed is in dispute and is pending
	Freehold land- Halol	10.48					resolution with government authority at
					No	2009	Gujarat
	Freehold land- Kolkata		1.14		No	2008	Mutation is inprocess
	Freehold land- Daman		1.82		No	2008	Mutation is inprocess
(c)	CWIP ageingschedule							(₹ million)
		Less than 1 year			1-2 years	2-3 years	More than 3 years	Total
	Projects inprogress
	Cable & Wire Projects			304.60	25.02	68.98	13.64	412.24
	FMEG Projects			495.22	341.61	-	-	836.83
	Backward Integration Projects			209.16	157.48	-	-	366.64
	Other Projects			317.48	1.95	106.72	1.52	427.67
				1,326.45	526.06	175.70	15.16	2,043.38

(d) Assets pledged and Hypothecated against borrowings: There is a first pari passu charge by way of registered mortgage on specific immovable fixed assets at Halol and hypothecation of all movable fixed assets acquired on or after 01 April 2015.

(e) For capital expenditures contracted but not incurred - Refer note 17(B).

(f) CWIP completion schedule, whose completion is overdue or has exceeded its cost compared to its original plan: None (31 March 2021 : None)

Polycab India Limited

Notes to Unaudited Interim Condensed Consolidated Financial Statements for the period ended 31 December 2021

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4. Right of use assets

The changes in the carrying value of right of use assets for the period ended 31 December 2021 are as follows:

The changes in the carryingvalue of right of use assets for theperiod ended 31 December 2021 are as f	ollows: (₹ million)	ollows: (₹ million)	ollows: (₹ million)
	Categoryof ROU asset		Total
	Leasehold Land	Buildings
Gross carrying value
As at 01 Apr 2021	41.78	470.56	512.34
Additions	-	149.14	149.14
Disposals	(0.03)	(133.30)	(133.33)
As at 31 Dec 2021	41.75	486.40	528.15
Accumulated depreciation
As at 01 Apr 2021	0.91	170.43	171.34
Depreciation charge for theperiod	0.38	113.38	113.76
Disposals	-	(122.28)	(122.28)
As at 31 Dec 2021	1.29	161.53	162.82
Net carrying value
As at 31 Dec 2021	40.46	324.87	365.33
The changes in the carryingvalue of right of use assets for theperiod ended 31 March 2021 are as follows: (₹ million)
	Leasehold Land Buildings Category of ROU asset		Total

Gross carrying value
As at 01 Apr 2020	41.78	403.41	445.19
Additions	-	149.11	149.11
Disposals	-	(81.96)	(81.96)
As at 31 Mar 2021	41.78	470.56	512.34
Accumulated depreciation
As at 01 Apr 2020	0.45	106.82	107.27
Depreciation charge for theperiod	0.46	128.57	129.03
Disposals	-	(64.96)	(64.96)
As at 31 Mar 2021	0.91	170.43	171.34
Net carrying value
As at 31 Mar 2021	40.87	300.13	341.00

5. Intangible assets

The changes in the carrying value of intangible assets for the period ended 31 December 2021 are as follows:

The changes in the carrying value of intangible assets for the period ended 31 Decemb	er 2021 are as follows: (₹ million)	er 2021 are as follows: (₹ million)	er 2021 are as follows: (₹ million)	er 2021 are as follows: (₹ million)
	Technical Knowhow	Brand	Computer Software	Total
Gross carrying value(at cost)
As at 01 Apr 2021	-	46.35	121.91	168.26
Additions on account of acquisition through business combination(refer note 6)	212.89	-	-	212.89
Additions	5.96	-	1.13	7.09
Disposal on account of divestment	-	-	(9.93)	(9.93)
Disposals/Adjustments	-	-	-	-
As at 31 Dec 2021	218.85	46.35	113.11	378.31
Accumulated amortization
As at 01 Apr 2021	-	1.54	95.47	97.01
Additions on account of acquisition through business combination(refer note 6)	60.78	-	-	60.78
Amortisation charge for theperiod	13.88	3.49	11.31	28.68
Disposal on account of divestment	-	-	(4.10)	(4.10)
Disposals/ Adjustments	-	-	-	-
As at 31 Dec 2021	74.66	5.03	102.68	182.37
Net carrying value
As at 31 Dec 2021	144.19	41.32	10.43	195.94
The changes in the carryingvalue of intangible assets for theperiod ended 31 March 2021 are as follows: (₹ million)
Technical Knowhow Brand Computer Software Total
Gross carrying value(at cost)
As at 01 April 2020 - - 105.19 105.19
Additions on account of acquisition through business combination - - 9.87 9.87
Additions - 46.35 18.45 64.80
Disposals - - (11.60) (11.60)
As at 31 Mar 2021 - 46.35 121.91 168.26
Accumulated amortization
As at 01 April 2020 - - 88.43 88.43
Additions on account of acquisition through business combination - - 1.55 1.55
Amortisation charge for theperiod - 1.54 13.76 15.30
Disposals/ Adjustments - - (8.27) (8.27)
As at 31 Mar 2021 - 1.54 95.47 97.01
Net carrying value
As at 31 Mar 2021 - 44.81 26.44 71.25

Polycab India Limited

Notes to Unaudited Interim Condensed Consolidated Financial Statements for the period ended 31 December 2021

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6. Investment

A Non-current investments

Non-current investments	Non-current investments	(₹ million)	(₹ million)	(₹ million)
Face Value Per Unit Number		31 Dec 21	Number 31 Mar 21
Investments carried at cost(Unquoted)
Investment in Equity Instruments of Joint Venture(Fully paid-up)
Techno Electromech Private Limited ₹ 10	4,040,000	118.18	4,040,000 112.40
Add: Share in currentperiodprofit /(loss)		(21.82)	5.78
		96.36	118.18
Aggregate amount of unquoted investments - At cost		96.36		118.18
Current Investments held for sale		(₹ million)
			31 Dec 21	31 Mar 21
Investments measured at FVTPL(Quoted)
Investments in Liquid/ Overnight Mutual Funds			3,546.04	6,231.27
			3,546.04	6,231.27
Aggregate amount ofquoted investments - At cost			3,544.30	6,222.79
Aggregate amount ofquoted investments - At market value			3,546.04	6,231.27
Note : Ryker Dis-investment: Refer note 16(i)

Note : Dowells Cable Accessories Private Limited Acquisition:

During the quarter, the Group has increased its stake in a subsidiary viz Dowells Cables Accessories Private Limited from 51% to 60% for a purchase consideration of Rs. 21.77 million.

Note : Silvan Acquisition:

On 18 June 2021, the Group acquired 100% stake in Silvan Innovations Labs Pvt. Ltd. making it a wholly-owned subsidiary at a consideration of ₹ 101.54 million. The acquisition will augment the Groups Internet of Things(IOT) based automation offerings and expand the potential addressable market in FMEG space.

The results of Silvan operations have been consolidated by the Group on a line by line basis from the acquisition date. Further, the Group has allocated purchase price on net assets acquired on provisional basis as under:

(a) The fair value of assets and liabilities recognised as a result of the acquisition are as follows:
Assets	(₹ million)
Tangible and Intangible assets	158.40
Inventories	4.35
Trade receivables	0.50
Cash and cash equivalents	6.19
Other assets	4.44
	173.88
Liabilities
Borrowings	(21.84)
Tradepayables	(21.86)
Provisions	(7.78)
Deferred Tax Liabilities(Net)	(12.36)
Other liabilities	(54.72)
	(118.56)
Fair value of net assets acquired	55.32
(b) Computation of Goodwill
Consideration transferred	101.54
Fair value of net assets acquired	(55.32)
Goodwill	46.22
Cash and cash equivalents	(₹ million)
	31 Dec 21	31 Mar 21
Cash and cash equivalents(at amortised cost)
Balances with banks
In current accounts	732.13	765.14
Deposits with original maturity of less than 3 months	17.02	1,611.86
Cash in hand	1.88	1.03
Cheques in hand	2.18	-
	753.21	2,378.03
Inventories (₹ million) There is no repatriation restriction with regard to cash and cash equivalents at the end of reporting period and prior periods.
31 Dec 21 31 Mar 21
Raw materials	9,945.68	8,186.85
Work-in-progress	1,843.18	1,417.27
Finished goods	12,069.71	8,060.36
Stock-in-trade	2,136.51	1,171.80
Stores and spares	260.80	290.16
Packing materials	376.15	293.15
Scrap materials	458.53	237.49
Project materials for long-term contracts	82.34	222.02
	27,172.90	19,879.10

Notes:-

(a) The above includes goods in transit of ₹ 805.39 million (31 March 2021 - ₹ 1,171.24 million)

(b) Inventories are hypothecated with the bankers against working capital limits (refer note 9).

Polycab India Limited

Notes to Unaudited Interim Condensed Consolidated Financial Statements for the period ended 31 December 2021

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9. Borrowings

A Borrowings- non-current

Borrowings	Borrowings
Borrowings- non-current		(₹ million)
31 Dec 21 Rate of Interest Tenure end date Gross/ Carrying Value		31 Mar 21
		Gross/ Carrying Value
At amortised cost
External commercial borrowing (secured)
Foreign currencyloan from SCB 2 February2024 4.90%	-	1,455.40
Rupee loan(secured)
Indian rupee loan from Citibank N.A. 23 August 2021 8.80%	-	29.93
Indian rupee loan from HDFC Bank(i) 7 July2024 8.37% fluctuating	78.36	111.88
	78.36	1,597.21
Less: Current maturities of long-term borrowings	(41.64)	(560.45)
	36.72	1,036.76

(i) Rate of Interest is calculated at Weighted average rate of interest. Tenure end date is date of last EMI date of loan repayment schedule as on 31 December 2021.

Notes:

(a) The above loans are secured by way of

(i) First pari passu charge by way of registered mortgage on specific immovable fixed assets at Halol and hypothecation of all movable fixed assets acquired on or after 1 April 2015.
(ii) Second pari passu charge by way of hypothecation of all movable fixed assets appearing in balance sheet as on 31 March 2015 and on all current assets of the Parent Company.
(iii) Charges with respect to above borrowing has been created in favour of security trustee. No separate charge created for each of the borrowing.
(iv) Term Loan of Group's subsidiary Tirupati Reels Private Limited (TRPL) is secured against hypothecation of a) Stock in trade both present & Future consisting of raw material, finished goods, goods in process of manufacturing and other goods, movable assets or merchandise property; b) Receivables; c) Plant & Machinery both present & future; d) Fixed Deposits and e) Moveable assets.

(v) All charges are registered with ROC within statutory period by the Group.

(vi) Term loans were applied for the purpose for which the loans were obtained.

(b) Movement in borrowing schedule for the period ended 31 December 2021

(b) Movement in borrowing schedule for the period ended 31 December 2021 ECB As at 01 Apr 2021 1,455.40 Less: Repayments (322.05) Less: Transferred on account of divestment (1,133.35) Less: Foreign exchange loss - As at 31 Dec 2021 - Movement in borrowing schedule for the period ended 31 March 2021 ECB As at 01 Apr 2020 251.29 Additions on account of acquisition 1,965.51 Add: Proceeds - Less: Repayments (769.82) Add: Foreign exchange loss 8.42 As at 31 Mar 2021 1,455.40 Borrowings- current	Movement in borrowing schedule for the period ended 31 December 2021	Movement in borrowing schedule for the period ended 31 December 2021	(₹ million)	(₹ million)
		ECB	Rupee loan Total
	As at 01 Apr 2021	1,455.40	141.81 1,597.21
	Less: Repayments	(322.05)	(63.45) (385.50)
	Less: Transferred on account of divestment	(1,133.35)	- (1,133.35)
	Less: Foreign exchange loss	-	- -
	As at 31 Dec 2021	-	78.36 78.36
	Movement in borrowing schedule for the period ended 31 March 2021
		ECB	Rupee loan Total
	As at 01 Apr 2020	251.29	204.76 456.05
	Additions on account of acquisition	1,965.51	- 1,965.51
	Add: Proceeds	-	33.47 33.47
	Less: Repayments	(769.82)	(96.42) (866.24)
	Add: Foreign exchange loss	8.42	- 8.42
	As at 31 Mar 2021	1,455.40	141.81 1,597.21
			(₹ million)
			31 Dec 21 31 Mar 21
At amortised cost
Cash Credit from banks (Secured)			-	0.84
Short-term loan from banks (Unsecured)			714.20	883.56
Short-term loan from banks (Secured)			-	5.24
Current maturities of long-term borrowings			41.64	560.45
			755.84	1,450.09

Note:

(a) The above loans are secured by way of

(i) Secured borrowings from banks are secured against pari passu first charge by way of hypothecation of inventories and receivables .

(ii) Pari passu first charge on specific properties, plant and equipment of the Parent Company such as Daman staff quarters, Daman godown premises, factory land and building at Halol, Daman and office building at Mumbai.

(iii) Pari passu first charge by way of hypothecation of all movable fixed assets appearing in balance sheet as on 31 March 2015.

(iv) Pari passu second charge by way of registered mortgage on all movable assets acquired on or after 01 April 2015.
(v) Charges with respect to above borrowing has been created in favour of security trustee. No separate charge has been created for each of the
(vi) All charges are registered with ROC within statutory period by the Group.
(vii) Funds raised on short term basis have not been utilised for long term purposes and spent for the purpose it were obtained.

Polycab India Limited

Notes to Unaudited Interim Condensed Consolidated Financial Statements for the period ended 31 December 2021

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10. Trade payables


Trade payables (₹ million)
31 Dec 21 31 Mar 21
At Amortised Cost
Total outstandingdues of micro and small enterprises
Tradepayables to relatedparties(refer note - 18)	-	40.89
Tradepayables - Others	528.91	217.24
	528.91	258.13

Total outstandingdues of creditors other than micro and small enterprises
Acceptances-(refer note below (a))	6,936.24	6,537.51
Otherthanacceptances
Trade payables to related parties (refer note-18)	353.77	220.91
Trade payables-Others (refer note below (b))	6,133.11	6,463.77
	13,423.12	13,222.19

Notes:-

(a) Acceptances represent amounts payable to banks on due date as per usance period of Letter of Credit (LCs) issued to raw material vendors under nonfund based working capital facility approved by Banks for the Group. The arrangements are interest-bearing. Non-fund limits are secured by first paripassu charge over the present and future current assets of the Group.

(b) Others includes amount payable to vendors, employees liability and accrual of expenses that are expected to be settled in the Group's normal operating cycle or due to be settled within twelve months from the reporting date.

(d) Trade Payables ageing schedule

Trade Payables ageing schedule
As at 31 December 2021	(₹ million)
	Outstandingfor following periods from due date ofpayment
Not due	Less than 1 year 1-2 years 2-3 years More than 3 years TOTAL
(i)MSME 378.23	150.68 - - - 528.91
(ii) Others
Acceptances 6,936.24	- - - - 6,936.24
Other than acceptances 1,696.24	4,736.66 39.49 8.15 6.34 6,486.88
8,632.48	4,736.66 39.49 8.15 6.34 13,423.12
As at 31 March 2021	(₹ million)
	Outstandingfor following periods from due date ofpayment
Not Due	Less than 1 year 1-2 years 2-3 years More than 3 years TOTAL
(i)MSME 194.02	64.11 - - - 258.13
(ii) Others
Acceptances 6,537.51	- - - - 6,537.51
Other than acceptances 1,479.35	4,714.96 117.65 236.62 136.10 6,684.68
8,016.86	4,714.96 117.65 236.62 136.10 13,222.19

Polycab India Limited

Notes to Unaudited Interim Condensed Consolidated Financial Statements for the period ended 31 December 2021

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11. Revenue from operations


Revenue from operations					(₹ million)
Three months period ended 31 Dec 21			Three months period ended Nine months period ended 31 Dec 20 31 Dec 21		Nine months period ended 31 Dec 20
Revenue from contracts with customers
Revenue on Sale of Products
Finishedgoods		30,075.01	23,388.72	73,188.70	49,701.05
Tradedgoods		2,752.51	2,875.52	6,233.79	6,061.34
Revenue from Construction Contracts		462.38	438.25	1,393.90	1,308.81
		33,289.90	26,702.49	80,816.39	57,071.20
Other operating revenue
Job work income		1.57	3.07	4.66	7.20
Scrapsales		320.88	499.84	1,331.72	966.14
Total revenue from contracts with customers		33,612.35	27,205.40	82,152.77	58,044.54
Export incentives		7.64	7.15	18.48	70.06
Governmentgrant		99.97	250.85	166.54	380.33
Total Revenue from operations		33,719.96	27,463.40	82,337.79	58,494.93
Notes: (a) Disaggregated revenue information Three months period ended Three months period ended Nine months period ended 31 Dec 21 31 Dec 20 31 Dec 21 Type of Goods or Services Wires & Cables 29,486.41 23,541.30 71,275.27 Fast Moving Electrical Goods (FMEG) 3,374.81 3,055.02 8,722.29 Revenue from construction contracts 462.38 438.25 1,393.90 Others 288.75 170.83 761.31 Total revenue from contracts with customers 33,612.35 27,205.40 82,152.77 Location of customer India 30,891.88 24,258.45 75,775.93 Outside India 2,720.47 2,946.95 6,376.84 Total revenue from contracts with customers 33,612.35 27,205.40 82,152.77 Timing of revenue recognition Goods transferred at apoint in time 33,134.45 26,932.54 80,721.77 Goods and Services transferred over aperiod of time 477.90 272.86 1,431.00 Total revenue from contracts with customers 33,612.35 27,205.40 82,152.77 (b) Reconciliation of the revenue from contracts with customers with the amounts disclosed in the segment information Three months period ended Three months period ended Nine months period ended 31 Dec 21 31 Dec 20 31 Dec 21 Total revenue from contracts with customers 33,612.35 27,205.39 82,152.77 Export incentives(i) 7.64 7.15 18.48 Government grant(ii) 99.97 250.85 166.54 Other income excludingfinance income 107.20 228.81 372.38 Total income asper Segment(Refer note 18) 33,827.16 27,692.20 82,710.17					(₹ million)
	Three months period ended		Three months period ended Nine months period ended		Nine months period ended
	31 Dec 21		31 Dec 20 31 Dec 21		31 Dec 20
	Type of Goods or Services
	Wires & Cables	29,486.41	23,541.30	71,275.27	49,511.12
	Fast Moving Electrical Goods (FMEG)	3,374.81	3,055.02	8,722.29	6,868.11
	Revenue from construction contracts	462.38	438.25	1,393.90	1,308.81
	Others	288.75	170.83	761.31	356.50
	Total revenue from contracts with customers	33,612.35	27,205.40	82,152.77	58,044.54
	Location of customer
	India	30,891.88	24,258.45	75,775.93	51,830.03
	Outside India	2,720.47	2,946.95	6,376.84	6,214.51
	Total revenue from contracts with customers	33,612.35	27,205.40	82,152.77	58,044.54
	Timing of revenue recognition
	Goods transferred at apoint in time	33,134.45	26,932.54	80,721.77	57,062.77
	Goods and Services transferred over aperiod of time	477.90	272.86	1,431.00	981.77
	Total revenue from contracts with customers	33,612.35	27,205.40	82,152.77	58,044.54
	Reconciliation of the revenue from contracts with customers with the amounts disclosed in the segment information				(₹ million)
	Three months period ended Three months period ended Nine months period ended				Nine months period ended
	31 Dec 21 31 Dec 20 31 Dec 21				31 Dec 20
	Total revenue from contracts with customers	33,612.35	27,205.39	82,152.77	58,044.54
	Export incentives(i)	7.64	7.15	18.48	70.06
	Government grant(ii)	99.97	250.85	166.54	380.33
	Other income excludingfinance income	107.20	228.81	372.38	555.11
	Total income asper Segment(Refer note 18)	33,827.16	27,692.20	82,710.17	59,050.04

(i) Export incentive includes merchandise export from India scheme (MEIS) incentives, The Remission of Duties and Taxes on Export Products Scheme (RoDTEP) and duty drawback incentives.

(ii) Government grant includes advance licence benefits and deferred income released to the statement of profit and loss on fulfilment of export obligation under the export promotion capital goods (EPCG) scheme.

12. Other income


Other income (₹ million)
Three months period ended Three months period ended Nine months period ended Nine months period ended 31 Dec 21 31 Dec 20 31 Dec 21 31 Dec 20
(a) Interest income on financial assets
Carried at amortised cost
Bank deposits	48.21	18.60	137.65	74.56
Others(i)	10.28	13.98	51.48	213.96
Carried at FVTPL
Others	3.09	5.11	12.94	12.22
(b) Income from Investments designated at FVTPL
Gain on liquid/overnight mutual funds	47.71	44.44	156.54	83.67
Fair valuationgain on overnight mutual funds	-	14.09	-	21.96
(c) Fair valuegain / loss on financial instruments
Derivatives at FVTPL(refer note(ii)below)	24.86	-	26.37	-
(d) Other non-operating income
Exchange differences(net)	74.01	213.83	302.71	505.43
Gain on sale ofproperty, plant and equipment	-	3.43	-	3.63
Gain on termination of Lease	0.08	0.19	3.97	0.91
Sundrybalances written back	0.39	1.52	5.99	9.84
Miscellaneous income	7.86	9.84	33.34	35.30
	216.49	325.03	730.99	961.48

(i) Nine months period ended 31 December 2020 includes interest on Income Tax refund of Rs. 163.89 million (refer note 22).

(ii) Gain on fair valuation of financial instruments at FVTPL includes foreign exchange fluctuation on forward contracts that did not qualify for hedge accounting and on embedded derivatives, which have been separated.

Polycab India Limited

Notes to Unaudited Interim Condensed Consolidated Financial Statements for the period ended 31 December 2021

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13. Finance costs


Finance costs (₹ million)
Three months period ended Three months period ended Nine months period ended Nine months period ended 31 Dec 21 31 Dec 20 31 Dec 21 31 Dec 20
Interest expense on financial liabilities at amortised cost	21.88	34.49	57.27	159.96
Interest expense on financial liabilities at FVTPL	8.54	7.11	24.89	21.67
Exchange differences regarded as an adjustment to borrowing costs	-	-	-	18.06
Other borrowing costs(i)	47.73	23.75	144.59	95.15
	78.15	65.35	226.75	294.84

(i) Other borrowing costs would include bank commission charges, bank guarantee charges, letter of credit charges, premium on forward contract, fair value loss/(gain) on forward contracts, other ancillary costs incurred in connection with borrowings.

14. Other expenses


Other expenses (₹ million)
Three months period ended Three months period ended Nine months period ended Nine months period ended 31 Dec 21 31 Dec 20 31 Dec 21 31 Dec 20
Consumption of stores and spares	188.90	147.97	567.13	364.73
Sub-contracting expenses	565.50	481.90	1,571.83	1,218.89
Power and fuel	408.59	358.53	1,008.16	800.97
Rent	17.86	18.70	45.78	52.95
Advertising and sales promotion	435.87	372.29	656.26	538.15
Brokerage and commission	112.43	108.77	270.15	265.76
Travelling and conveyance	112.91	41.91	271.59	85.99
Legal and professional fees	287.49	118.86	600.45	296.02
Freight & forwarding expenses	858.98	520.36	1,949.01	1,254.45
Sundry advances written off	9.44	3.84	15.93	4.78
Loss on sale of property, plant and equipment and non-current assets held for sale	0.91	-	4.55	-
Derivatives at FVTPL (refer below note (a))	-	19.38	-	31.82
Impairment allowance for trade receivable considered doubtful	(358.58)	(246.17)	(236.23)	(128.15)
CSR expenditure	51.30	0.22	153.91	40.55
Other miscellaneous expenses	291.44	257.03	790.03	720.88
	2,982.52	2,203.59	7,668.55	5,547.79

(a) Derivatives at FVTPL relates to foreign exchange fluctuation on forward contracts that did not qualify for hedge accounting and on embedded derivatives, which have been separated.

15. Earnings per share

(a) Basic Earnings per share

Continuing Operations Three months period ended Three months period ended Nine months period ended Nine months period ended	Continuing Operations Three months period ended Three months period ended Nine months period ended Nine months period ended	Continuing Operations Three months period ended Three months period ended Nine months period ended Nine months period ended	Continuing Operations Three months period ended Three months period ended Nine months period ended Nine months period ended	Continuing Operations Three months period ended Three months period ended Nine months period ended Nine months period ended
31 Dec 21 31 Dec 20 31 Dec 21 31 Dec 20
Profit after taxation ₹ in million A	2,467.24	2,439.07	5,143.70	5,686.76
Number B Weighted average number of equity shares for basic earning per share	149,345,969	149,050,947	149,221,215	148,978,785
₹ per share (A/B) Earnings per shares - Basic (one equity share of ₹ 10 each) (not annualised)	16.52	16.36	34.47	38.17

Discontinuing Operations Three months period ended Three months period ended Nine months period ended Nine months period ended
31 Dec 21 31 Dec 20 31 Dec 21 31 Dec 20
Profit after tax ₹ in million A	677.85	185.95	720.53	319.76
Number B Weighted average number of equity shares for basic earning per share	149,345,969	149,050,947	149,221,215	148,978,785
₹ per share (A/B) Earnings per shares - Basic (one equity share of ₹ 10 each) (not annualised)	4.54	1.25	4.83	2.15

Continuing Operations and Discontinuing Operations Three months period ended Three months period ended Nine months period ended Nine months period ended
31 Dec 21 31 Dec 20 31 Dec 21 31 Dec 20
Profit after tax ₹ in million A	3,145.09	2,625.02	5,864.23	6,006.52
Number B Weighted average number of equity shares for basic earning per share	149,345,969	149,050,947	149,221,215	148,978,785
₹ per share (A/B) Earnings per shares - Basic (one equity share of ₹ 10 each) (not annualised)	21.06	17.61	39.30	40.32

Polycab India Limited

Notes to Unaudited Interim Condensed Consolidated Financial Statements for the period ended 31 December 2021

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15. Earnings per share

Diluted Earnings per share	Diluted Earnings per share	Diluted Earnings per share	Diluted Earnings per share	Diluted Earnings per share
Three months period ended Three months period ended Nine months period ended Nine months period ended 31 Dec 21 31 Dec 20 31 Dec 21 31 Dec 20
Number A Weighted average number of equity shares for basic earning per share	149,345,969	149,050,947	149,221,215	148,978,785
Effect of dilution
Share options Number B	223,827	542,473	669,048	584,586
Number C=(A+B) Weighted average number of equity shares adjusted for effect of dilution	149,569,796	149,593,420	149,890,263	149,563,371

Continuing Operations Three months period ended Three months period ended Nine months period ended Nine months period ended 31 Dec 21 31 Dec 20 31 Dec 21 31 Dec 20
Profit after tax ₹ in million A	2,467.24	2,439.07	5,143.70	5,686.76
Number B Weighted average number of equity shares for basic earning per share	149,569,796	149,593,420	149,890,263	149,563,371
₹ per share (A/B) Earnings per shares - Diluted (one equity share of ₹ 10 each) (not annualised)	16.50	16.30	34.32	38.02

Discontinuing Operations Three months period ended Three months period ended Nine months period ended Nine months period ended 31 Dec 21 31 Dec 20 31 Dec 21 31 Dec 20
Profit after tax ₹ in million A	677.85	185.95	720.53	319.76
Number B Weighted average number of equity shares for basic earning per share	149,569,796	149,593,420	149,890,263	149,563,371
₹ per share (A/B) Earnings per shares - Diluted (one equity share of ₹ 10 each) (not annualised)	4.53	1.24	4.81	2.14

Continuing Operations and Discontinuing Operations Three months period ended Three months period ended Nine months period ended Nine months period ended 31 Dec 21 31 Dec 20 31 Dec 21 31 Dec 20
Profit after tax ₹ in million A	3,145.09	2,625.02	5,864.23	6,006.52
Number B Weighted average number of equity shares for basic earning per share	149,569,796	149,593,420	149,890,263	149,563,371
₹ per share (A/B) Earnings per shares - Diluted (one equity share of ₹ 10 each) (not annualised)	21.03	17.54	39.13	40.16

Polycab India Limited

Unaudited Interim Condensed Consolidated Statement of Profit & Loss for period ended 31 December 21

==> picture [39 x 22] intentionally omitted <==

(₹ million)

16. Discontinued Operations

On 17 November 2021, the Group had entered into agreement with Renuka Investments and Finance Limited (a wholly-owned subsidiary of Hindalco Industries Limited) for divesting 100% stake of Ryker Base Private Limited at a consideration of ₹ 1,778.92 million (including advance tax of ₹1.78 million).

In accordance with Ind AS 105, “Non-current Assets Held for Sale and Discontinued Operations”, the businesses forming part of the Ryker disposal have been classified as discontinued operations. The pre-tax gain on disposal amounting ₹ 817.22 million is included as exceptional gain within profit/ (loss) from discontinued operations. Statement of profit/ (loss) are prepared after elimination of intercompany transactions.

	Statement of profit/ (loss) are prepared after elimination of intercompany transactions.	Statement of profit/ (loss) are prepared after elimination of intercompany transactions.
					(₹ million)
		01 Oct 21 to 17 Nov 21	Three months period ended	01 Apr 21 to 17 Nov 21	Nine months period ended
			31 Dec 20		31 Dec 20
INCOME
Revenue from operations		1,365.10	985.61	3,452.76	1,263.53
Other income		5.51	30.04	28.81	71.62
Total income		1,370.61	1,015.65	3,481.57	1,335.15
EXPENSES
Cost of materials consumed		956.08	433.82	2,813.11	670.91
Changes in inventories of finished goods, stock-in-trade and work-in-progress		173.41	196.32	2.92	(24.35)
Employee benefits expense		12.60	15.46	52.14	44.78
Finance cost		37.57	33.27	119.82	94.90
Depreciation and amortisation expense		15.31	28.65	72.87	75.95
Other expenses		73.38	81.22	284.68	185.70
Total expenses		1,268.35	788.74	3,345.54	1,047.89
Profit before share ofprofit/(loss) ofjoint ventures and exceptional items		102.26	226.91	136.03	287.26
Share of profit/(loss) of joint ventures (net of tax)		-	-	-	(8.08)
Profit before tax and exceptional items		102.26	226.91	136.03	279.18
Gain on disposal of discontinued operations		817.22	-	817.22	97.18
Profit before tax		919.48	226.91	953.25	376.36
Income tax expenses
Current tax		197.60	-	197.60	-
Deferred tax (credit)/charge		44.03	40.96	35.12	56.60
Total tax expense		241.63	40.96	232.72	56.60
Profit for theperiod from discontinuing operations		677.85	185.95	720.53	319.76
Other comprehensive income
Items that will not be reclassified toprofit or loss
Re-measurement gains / (losses) on defined benefit plans		0.05	0.17	(0.18)	0.11
Income tax relating to items that will not be reclassified to Profit or Loss		(0.01)	(0.05)	0.04	(0.03)
	Other comprehensive income of discontinuing operations for theperiod, net of tax	0.04	0.12	(0.14)	0.08
	Total comprehensive income of discontinuing operations for theperiod, net of tax	677.89	186.07	720.39	319.84
The net cash flows generated from the sale of Ryker Base Private Limited are, as follows:					(₹ million)
					Nine months period ended 31 Dec 21 (Unaudited)

	Cash received from sale of the discontinued operations				1,777.14
	Cash sold as a part of discontinued operations				(312.29)
					1,464.85
The net cash flowsgenerated/(incurred) by Ryker Base Private Limited are, as follows:					(₹ million)
				17 Nov 21	31 Dec 20
Operating				456.49	1,945.41
Investing				(99.69)	(18.78)
Financing				(432.48)	(142.51)
				(75.68)	1,784.12
Earnings per share (not annualised)
	Three months period ended 31 Dec 21		Three months period ended	Nine months period ended 31 Dec 21	Nine months period ended
			31 Dec 20		31 Dec 20
	DiscontinuingOperations
	Basic(₹)	4.54	1.25	4.83	2.15
	Diluted(₹)	4.53	1.24	4.81	2.14

Notes

(i) During the FY 2020-21, the Group had acquired the balance 50% equity shares in Ryker Base Private Limited for a consideration of ₹ 303.80 million making it a wholly-owned subsidiary. As per Ind AS 103 - Business Combinations, the Group had allocated purchase price on net assets acquired and ₹ 97.18 million was recognised as gain on derecognition of previously held equity interest and disclosed as an exceptional item.

(ii) During the quarter, the Group has divested its 100% stake in Ryker Base Private Limited, a wholly-owned subsidiary for a consideration of ₹ 1,778.92 million. Consequently, Ryker’s operations including gain on disposal of Ryker of Rs ₹ 817.22 million has been recognised as discontinuing operations and related comparatives have been restated in accordance with the applicable IndAS.

		(₹ million)	(₹ million)
			Nine months period ended 31 Dec 21 (Unaudited)

	Total Aseets		3,788.53
	Total Liabilities		(2,826.84)
	Net assets disposed on account of divestment	(A)	961.69
	Consideration received	(B)	1,778.92
Gain on disposal of discontinued operations		(B-A)	817.23

Polycab India Limited

Notes to Unaudited Interim Condensed Consolidated Financial Statements for the period ended 31 December 2021

==> picture [42 x 24] intentionally omitted <==

17. Contingent liabilities and commitments

(A) Contingent liabilities (to the extent not provided for)

ntingent liabilities and commitments	ntingent liabilities and commitments	ntingent liabilities and commitments
Contingent liabilities (to the extent not provided for) (₹ million)
	31 Dec 21	31 Mar 21
(i) Taxation matters
Disputed liabilityin respect of sales tax /VAT demand &pendingsales tax / VAT forms	4.90	4.30
Disputed liabilityin respect of Service tax dutydemand	18.17	18.17
Disputed liabilityin respect of excise dutydemand	8.60	8.60
Disputed liabilityin respect of custom dutydemand	17.08	17.04
(ii) Customs Duty on Capital goods imported under Export Promotion Capital Goods Scheme, against which export obligation is to be fulfilled	82.28	96.99
(iii) Customs Duty on Raw Materials imported under Advance License, against which export obligation is to be fulfilled	220.07	207.38

Notes:

(a) In respect of the items above, future cash outflows in respect of contingent liabilities are determinable only on receipt of judgements/decisions pending at various forums/authority. The Group doesn't expect the outcome of matters stated above to have a material adverse effect on the Group's financial conditions, result of operations or cash flows.

(b) There is uncertainty and ambiguity in interpreting and giving effect to the guidelines of Honourable Supreme Court vide its ruling in February 2019, in relation to the scope of compensation on which the organisation and its employees need to contribute towards Provident Fund. The Group will evaluate its position and act, as clarity emerges.

(B) Commitments


Commitments (₹ million)
	31 Dec 21	31 Mar 21
Capital commitments
(Estimated value of contracts in capital account remaining to be executed and not provided for (net of capital advances))
towards Property, Plant and Equipment	1,779.76	1,241.81

18. Related party disclosure

The transactions with related parties are made on terms equivalent to those that prevail in arm's length transactions. Outstanding balances at the periodend are unsecured and settlement occurs in cash or credit as per the terms of the arrangement.

(A) Enterprises where control exists

Country of	Ownership interest (%)	Ownership interest (%)
incorporation	31 Dec 21	31 Mar 21
(i) Joint Ventures
Techno Electromech Private Limited(TEPL) India	50%	50%
Enterprises owned or significantly influenced by key managerialpersonnel
AK Enterprises(A K)
Dowells Elektro Werke(DEW)
Dowells Electricals(DE)
D J Electricals Private Limited(DJEPL)
Tirupati Tradelinks Private Limited(TTPL)
Polycab Social Welfare Foundation
EPMR Australia PtyLtd
Transigo Fleet LLP
Asia Trade Link Corporation
Newland Global GroupPtyLtd
Shreeji Traders
T.P. Ostwal & Associates LLP

(B) Enterprises owned or significantly influenced by key managerial personnel

(C) Key management personnel

Key management personnel	Key management personnel
(i) Executive directors
Mr. Inder T. Jaisinghani		Chairman and managingDirector
Mr. Ramesh T. Jaisinghani(c)		Whole-time director(upto 12 May2021)
Mr. Ajay T. Jaisinghani(c)		Whole-time director(upto 12 May2021)
Mr.Shyam Lal Bajaj(a) (c)		Whole time director(upto 12 May2021)
Mr. Rakesh Talati(d)		Whole-time director(w.e.f. 13 May2021)
Mr. Bharat A. Jaisinghani(d)		Whole-time director(w.e.f. 13 May2021)
Mr. Nikhil R. Jaisinghani(d) (ii) Non- Executive directors		Whole-time director(w.e.f. 13 May 2021)
Mr. R S Sharma		Independent director
Mr. T P Ostwal		Independent director
Mr. PradeepPoddar		Independent director
Ms. Hiroo Mirchandani		Independent director(upto 12 May2021)
Ms. Sutapa Benerjee		Independent director(w.e.f. 13 May2021)
(iii) Key managementpersonnel
	Mr. Gandharv Tongia	Chief financial officer(w.e.f. 31 May2020)
	Mr.SubramaniamSai Narayana(b)	Companysecretaryand compliance officer(upto 23 Jan 2021)
Ms. Manita Gonsalves (iv) Relatives of Key managementpersonnel	Ms. Manita Gonsalves	Companysecretaryand compliance officer (w.e.f. 24 Jan 2021)
Mr. Girdhari T. Jaisinghani		Brother of Mr. Inder T. Jaisinghani,Mr. AjayT. Jaisinghani & Mr. Ramesh T. Jaisinghani
Mr. Kunal I. Jaisinghani		Son of Mr. Inder T. Jaisinghani
Ms. Ritika Nikhil Jaisinghani		Wife of Mr. Nikhil R. Jaisinghani
Ms. Jayshriben Talati		Wife of Mr. Rakesh Talati
Mr. Puneet Sehgal		Son in law of Ramesh T. Jaisinghani

(a) Mr. Shyam Lal Bajaj resigned from CFO position w.e.f. closing business hours 30 May 2020 and continued as a whole time director till 12 May 2021.

(b) Mr. Subramaniam Sai Narayana resigned from Company secretary and compliance officer position w.e.f. 23 January 2021.

(d) Appointed as Whole-time director w.e.f. 13 May 2021.

Polycab India Limited

Notes to Unaudited Interim Condensed Consolidated Financial Statements for the period ended 31 December 2021

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Transactions with group companies	Transactions with group companies	Transactions with group companies	(₹ million)	(₹ million)
	Three months period ended 31 Dec 21	Three months period ended 31 Dec 20	Nine months period ended Nine months period ended 31 Dec 21 31 Dec 20
(i) Sale ofgoods(including GST)
Techno Electromech Private Limited Joint Venture	11.32	14.96	35.78	26.37
Tirupati Tradelinks Private Limited Enterprises owned or significantly influenced by key managerial personnel	0.26	-	0.45	-
Asia Trade-Link Corporation Enterprises owned or significantly influenced by key managerial personnel	2.76	-	2.76	-
(ii) Purchase ofgoods(including GST)
Techno Electromech Private Limited Joint Venture	316.85	158.55	674.86	342.71
Tirupati Tradelinks Private Limited Enterprises owned or significantly influenced by key managerial personnel	51.02	46.88	139.57	79.80
(iii) Sub-contracting expense(including GST)
Techno Electromech Private Limited Joint Venture	6.08	4.07	17.87	19.09
Ryker Base Private Limited(upto 5 May2020) Joint Venture	-	-	-	1.34
Tirupati Tradelinks Private Limited Enterprises owned or significantly influenced by key managerial personnel	0.09	0.27	0.36	0.91
(iii) Professional fees
Newland Global Group Pty Ltd Enterprises owned or significantly influenced by key managerialpersonnel	0.31	-	0.31	-
(iv) Rent received
Ryker Base Private Limited(upto 5 May2020) Joint Venture	-	-	-	0.05
(v) Interest received
Techno Electromech Private Limited Joint Venture	3.17	3.48	9.84	10.42
(vi) Testing chargespaid(including GST)
Techno Electromech Private Limited Joint Venture	0.30	-0.39	0.64	8.54
(vii) Sale of Fixed Assets(including GST)
Techno Electromech Private Limited Joint Venture	-	-	-	34.81
(viii) Loangiven repaid
Techno Electromech Private Limited Joint Venture	-	-	10.51	-
(ix) Commissionpaid
EPMR Australia Pty Ltd Enterprises owned or significantly influenced by key managerial personnel	0.00	-	2.83	-
Outstanding as at:			(₹ million)
			31 Dec 21	31 Mar 21
(i) Loans
Techno Electromech Private Limited Joint Venture			104.70	115.21
(ii) Trade Receivables
Techno Electromech Private Limited Joint Venture			36.67	23.61
(iii) Other Receivables
Techno Electromech Private Limited Joint Venture			85.19	85.19
Dowells Elektro Werke (DEW) Enterprises owned or significantly influenced by key managerial personnel			1.72	2.32
(vi) Interest accrued on loan given
Techno Electromech Private Limited Joint Venture			2.80	3.18
(v) Trade Payables
Techno Electromech Private Limited Joint Venture			25.72	71.30
Dowells Electricals(DE) Dowells Elektro Werke(DEW) D J Electricals Private Limited(DJEPL) Tirupati Tradelinks Private Limited(TTPL) Enterprises owned or significantly influenced by key managerial personnel			0.08	0.08
			-	0.34
			0.20	0.20
			54.25	40.89
AK Enterprises Enterprises owned or significantly influenced by key managerial personnel			2.23	-
(vi) Commission Payable
EPMR Australia Pty Ltd Enterprises owned or significantly influenced by key managerialpersonnel			-	10.57
(vii) Security Depositsgiven
AK Enterprises Enterprises owned or significantly influenced by key managerial personnel			6.17	5.91

Notes to Unaudited Interim Condensed Consolidated Financial Statements for the period ended 31 December 2021

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(F) Transactions with KMP:

Remunerationpaid for theperiod ended and outstanding as at:(a) (₹ million)	Remunerationpaid for theperiod ended and outstanding as at:(a) (₹ million)	Remunerationpaid for theperiod ended and outstanding as at:(a) (₹ million)	Remunerationpaid for theperiod ended and outstanding as at:(a) (₹ million)	Remunerationpaid for theperiod ended and outstanding as at:(a) (₹ million)
31 Mar 21 31 Dec 20 31 Dec 21
Three months period ended Nine months period ended Outstanding as at Three months period ended			Nine months period ended	Outstanding as at
Executive directors (Includes Salary, Performance Incentive and commission to CMD)
Mr. Inder T. Jaisinghani	53.17 111.80 78.26	41.51 94.84 99.07
Mr. Ramesh T. Jaisinghani	- 3.76 -	8.08 22.35 7.50
Mr. AjayT. Jaisinghani	- 3.76 -	8.08 22.35 7.50
Mr. Bharat A. Jaisinghani	4.48 12.40 2.13	- - -
Mr. Nikhil R. Jaisinghani	4.48 12.40 2.13	- - -
Mr. Rakesh Talati	4.23 11.24 1.83	- - -
Mr. Shyam Lal Bajaj	- 3.25 0.72	7.04 19.58 6.17
Non- Executive directors (Includes sitting fees and commission)
Mr. T P Ostwal	1.04 2.58 1.50	0.68 2.38 2.00
Mr. R S Sharma	0.96 2.50 1.50	0.68 2.38 2.00
Mr. PradeepPoddar	0.96 2.66 1.50	0.76 2.38 2.00
Ms. Hiroo Mirchandani	- - -	0.68 2.22 2.00
Ms. Sutapa Benerjee	0.96 2.34 1.50	- - -
Key management personnel (Includes Salary and Performance Incentive)
Mr. Gandharv Tongia	4.92 15.61 2.40	3.99 9.98 1.67
Ms. Manita Gonsalves	0.80 2.42 0.15	- - 0.22
Mr. Subramaniam Sai Narayana	- - -	0.77 2.18 -

Share based payments to KMP(a) (a) As the liabilities for gratuity and leave encashment are provided on actuarial basis for the Group as a whole, the	Share based payments to KMP(a) (a) As the liabilities for gratuity and leave encashment are provided on actuarial basis for the Group as a whole, the	amounts pertaining to the directors a	amounts pertaining to the directors a	nd KMP are not i	(₹ million) ncluded above.
		Three months period ended 31 Dec 21	Three months period ended 31 Dec 20	Nine months period ended 31 Dec 21	Nine months period ended 31 Dec 20
Mr. Shyam Lal Bajaj		-	1.19	0.55	6.47
Mr. Gandharv Tongia		0.37	0.54	2.40	2.42
Mr. Rakesh Talati		0.37	-	2.15	-
Mr. Subramaniam Sai Narayana		-	0.12	-	0.65
Sale of fixed assets to KMP (Including GST) (a)Represents expense by way of share based payments attributable to directors and KMP					(₹ million)
Three months period ended Nine months period ended 31 Dec 21		Outstanding as at Three months period ended 31 D		Nine months period ended ec 20	31 Mar 21 Outstanding as at
Mr. Inder T. Jaisinghani	- 2.63	-	-	-	-
Mr. Ramesh T. Jaisinghani	- -	-	-	-	1.35
Mr. AjayT. Jaisinghani	- 3.18	-	-	-	0.17
Mr. Bharat A. Jaisinghani	- 1.14	-	-	-	-
Mr. Girdhari T. Jaisinghani	- 2.23	-	-	-	-
Ms. Ritika Nikhil Jaisinghani	- 4.08	-	-	-	-
Mr. Puneet Sehgal	- -	-	-	-	0.55
Transactions where KMP's are interested					(₹ million)
Three months period ended Nine months period ended 31 Dec 21 Nature of transaction		Outstanding as at Three months period ended 31 D		Nine months period ended ec 20	31 Mar 21 Outstanding as at
Polycab Social Welfare Foundation Donation	50.95 152.95	52.53	-	39.73	-
Transigo Fleet LLP Professional fees	4.78 10.53	-	-	-	-
AK Enterprises Reimbursement of ElectricityExpense	0.32 0.96	-	-	-	-
AK Enterprises* Rent paid (including GST)	7.29 21.88	2.23	7.29	14.58	-
Shreeji Traders Purchase of goods (including GST)	- 0.94	-	-	-	-
T.P. Ostwal & Associates LLP Professional fees (excluding GST)	0.02 0.16	0.02	0.17	0.93	0.16

*Security deposit given to AK Enterprises amounting to ₹ 6.17 million (31 March 2021 : ₹ 5.91 million).

(G) Transactions with relatives of KMP:

Remuneration paid for the period ended and outstanding as at:

Transactions with relatives of KMP:	Transactions with relatives of KMP:	Transactions with relatives of KMP:
Remunerationpaid for theperiod ended and outstanding as at:			(₹ million)
Three months period ended Nine months period ended Outstanding as at Three months period ended Nine months period ended 31 Dec 21 31 Dec 20			31 Mar 21 Outstanding as at
Mr. Bharat A. Jaisinghani	- 0.84 -	3.32 9.20	2.98
Mr. Nikhil R. Jaisinghani	- 0.84 -	3.32 9.20	2.98
Mr. Girdhari T. Jaisinghani	- - -	2.31 5.09	2.18
Mr. Kunal I. Jaisinghani	0.71 2.25 0.34	0.60 1.81	0.01
Rentpaid for theperiod ended and outstanding as at:			(₹ million)
Three months period ended Nine months period ended Outstanding as at Three months period ended Nine months period ended 31 Dec 21 31 Dec 20			31 Mar 21 Outstanding as at
Ms. Jayshriben Talati	0.15 0.34 -	- -	-

The Group is organised into business units based on its products and services and has three reportable segments as follows: Wire and Cable : Manufacture and sale of wires and cables.

Fast moving electrical goods (FMEG): Fans, LED lighting and luminaires, switches, switchgears, solar products, pumps, conduits and domestic appliances. Copper : Manufacturing, selling and job work on Copper rods and wires. (Discountinued from 18 Nov 2021) Others : It comprise of EPC business which includes design, engineering, supply of materials, survey, execution and commissioning of power distribution, rural electrification projects on a trunkey basis. 18

19. Segment reporting

Polycab India Limited

Notes to Consolidated Financial Statements for period ended 31 December 21

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19. Segment Reporting

The following summary describes the operations in each of the Group's reportable segments for nine months period ended: (₹ million)	The following summary describes the operations in each of the Group's reportable segments for nine months period ended: (₹ million)	The following summary describes the operations in each of the Group's reportable segments for nine months period ended: (₹ million)	The following summary describes the operations in each of the Group's reportable segments for nine months period ended: (₹ million)	The following summary describes the operations in each of the Group's reportable segments for nine months period ended: (₹ million)	The following summary describes the operations in each of the Group's reportable segments for nine months period ended: (₹ million)	The following summary describes the operations in each of the Group's reportable segments for nine months period ended: (₹ million)
	Wires & Cables FMEG Copper Others Eliminations Total 31 Dec 21 Nine months period ended		Wires & Cables FMEG Copper Others Eliminations Total 31 Dec 20 Nine months period ended
Income
External sales	71,843.09 8,751.68 - 2,115.40 - 82,710.17		50,501.58 6,872.65 - 1,675.81 - 59,050.04
Inter segment revenue	694.73 - - 541.96 (1,236.69) -		91.47 - - 362.27 (453.74) -
Total Income	72,537.82 8,751.68 - 2,657.36 (1,236.69) 82,710.17		50,593.05 6,872.65 - 2,038.08 (453.74) 59,050.04
Segment Results
External	6,340.74 91.43 - 316.16 - 6,748.33		5,755.61 322.27 - 247.18 - 6,325.06
Inter segment results	98.44 - - 43.80 (142.24) -		7.23 - - 22.48 (29.71) -
Segment/Operating results	6,439.18 91.43 - 359.96 (142.24) 6,748.33		5,762.84 322.27 - 269.66 (29.71) 6,325.06
Un-allocated items:
Financeincome	358.61		406.37
Finance costs	226.75		294.84
Share of profit/(loss) of joint venture (Net of tax)	(21.82) (21.82)		(1.31) (1.31)
Exceptional items	-		-
Profit before tax	6,858.37		6,435.28
Income tax expenses
Current tax	1,723.71		1,615.62
Adjustment of tax relatingto earlieryear	(30.12)		(903.42)
Deferred tax(credit)/charge	(34.16)		15.62
Profit for theyear from continuing operations	5,198.94		5,707.46
Profit for theyear from discontinuingoperations	720.53		319.76
Profit for theyear	5,919.47		6,027.22
Depreciation & amortisation expenses	1,337.35 153.79 - 21.49 - 1,512.63		1,165.50 118.64 - 16.90 - 1,301.04
Non-cash expenses/(Income)other than depreciation	(268.29) 57.08 - 0.73 - (210.48)		(415.26) 44.66 - 78.07 - (292.53)
Total cost incurred during the period to acquire segment assets(net of disposal)	1,636.94 747.82 - 52.90 - 2,437.66		1,127.16 144.07 - 30.99 - 1,302.22
The following summary describes the operations in each of the Group's reportable segments for Three months period ended: (₹ million)
	Wires & Cables FMEG Copper Others Eliminations Total 31 Dec 21 Three months period ended		Wires & Cables FMEG Copper Others Eliminations Total Three months period ended 31 Dec 20
Income
External sales	29,678.87 3,403.56 - 744.73 - 33,827.16		24,022.87 3,055.07 - 614.27 - 27,692.21
Inter segment revenue	308.68 - - 244.73 (553.41) -		49.66 - - 180.76 (230.42) -
Total Income	29,987.55 3,403.56 - 989.46 (553.41) 33,827.16		24,072.53 3,055.07 - 795.03 (230.42) 27,692.21
Segment Results
External	3,044.03 62.71 - 106.31 - 3,213.05		3,010.70 181.64 - 86.03 - 3,278.37
Inter segment results	45.21 - - 19.93 (65.14) -		5.47 - - 11.79 (17.26) -
Segment/Operating results	3,089.24 62.71 - 126.24 (65.14) 3,213.05		3,016.17 181.64 - 97.82 (17.26) 3,278.37
Un-allocated items:
Finance income	109.29		96.22
Finance costs	78.15		65.35
Share ofprofit/(loss) ofjoint venture(Net of tax)	2.64 2.64		4.92 - 4.92
Exceptional items	-		-
Profit before tax	3,246.83		3,314.16
Income taxexpenses
Current tax	752.90		848.92
Adjustment of tax relatingto earlieryear	0.43		1.97
Deferred tax(credit)/charge	9.79		13.05
Profit for theyear from continuing operations	2,483.71		2,450.22
Profit for theyear from discontinuingoperations	677.85		185.95
Profit for theyear	3,161.56		2,636.17
Depreciation & amortisation expenses	449.39 54.60 - 7.10 - 511.09		404.22 39.85 - 5.53 - 449.60
Non-cash expenses/ (Income) other than depreciation	(503.92) 22.79 - (15.24) - (496.36)		(417.14) 11.71 - 66.42 - (339.01)
Total cost incurred during the period to acquire segment assets(net of disposal)	641.84 362.14 - 28.27 - 1,032.26		532.16 87.79 - 19.79 - 639.74
Revenue by Geography The amount of its revenue from external customers analysed by the country, in which customers are located, are given below: (₹ million)
		Three months period ended 31 Dec 21	Three months period ended 31 Dec 20	31 Dec 21 Nine months period ended	Nine months period ended 31 Dec 20
Within India		31,106.69	26,560.57	76,333.33	52,835.54
Outside India		2,720.47	2,946.95	6,376.84	6,214.51
		33,827.16	29,507.52	82,710.17	59,050.05
Segment assets as at: (₹ million)
	Wires & Cables FMEG Copper Others Eliminations Total 31 Dec 21		Wires & Cables FMEG Copper Others Eliminations Total 31 Mar 21
Segment assets	49,381.33 7,811.30 - 4,041.47 - 61,234.10		44,278.50 5,896.31 3,314.41 5,001.61 - 58,490.83
Unallocated assets:
Investment accounted for using the equity method	96.36		118.18
Current investments	3,546.04		6,231.27
Income tax assets (net)	496.65		269.66
Deferred tax assets (net)	0.11		-
Cash and cash equivalents and bank balance (Includingfixed deposit)	3,986.27		4,710.15
Loans	138.05		206.60
Goodwill	46.22		22.58
Other unallocable assets	2,257.52		97.84
Total assets	71,801.32		70,147.11
Segment liabilities as at: (₹ million)
	Wires & Cables FMEG Copper Others Eliminations Total 31 Dec 21		Wires & Cables FMEG Copper Others Eliminations Total 31 Mar 21
Segment liabilities	11,402.83 2,907.59 - 2,926.17 - 17,236.59		12,643.75 2,666.93 361.97 3,376.25 - 19,048.90
Unallocated liabilities:
Borrowings (Non-Current and Current, including Current Maturity)	792.56		2,385.86
Current tax liabilities(net)	3.28		267.45
Deferred tax liabilities(net)	342.57		337.64
Other unallocable liabilities	1,047.20		379.57
	19,422.20		22,419.42
Non-current assets by Geography The total of non-current assets excluding financial assets and deferred tax assets analysed by the country in which assets are located are given below: (₹ million)
					As at 31 Dec 21	As at 31 Mar 21
Within India					19,131.46	20,521.79
Outside India					-	-
					19,131.46	20,521.79

Polycab India Limited

Notes to Unaudited Interim Condensed Consolidated Financial Statements for the period ended 31 December 2021

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20. Financial Instruments and Fair Value Measurement

For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risk of the assets or liability are explained as in the accounting policy of the Group.

. Financial Instruments and Fair Value Measurement For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risk of the assets or liability are explained as in the accounting policy of the Group.	. Financial Instruments and Fair Value Measurement For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risk of the assets or liability are explained as in the accounting policy of the Group.	. Financial Instruments and Fair Value Measurement For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risk of the assets or liability are explained as in the accounting policy of the Group.	. Financial Instruments and Fair Value Measurement For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risk of the assets or liability are explained as in the accounting policy of the Group.	. Financial Instruments and Fair Value Measurement For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risk of the assets or liability are explained as in the accounting policy of the Group.
Set out below, is a comparison by class of the carrying amounts and fair value of the Group's financial instruments, other than those with carrying amounts that are reasonable approximations of fair values: (₹ million)
Carrying value Fair value
	30 Dec 21	31 Mar 21	30 Dec 21	31 Mar 21
Financial assets
Measured at amortised cost
Trade receivables	13,393.31	15,641.27	13,393.31	15,641.27
Cash and cash equivalents	753.21	2,378.03	753.21	2,378.03
Bank balance other than cash and cash equivalents(refer note h)	1,141.55	2,935.15	1,141.55	2,935.15
Loans	138.05	122.66	138.05	122.66
Other financial assets	2,596.99	840.76	2,596.99	840.76

Measured at fair value through profit or loss account(FVTPL)
Investment in mutual funds	3,546.04	6,231.27	3,546.04	6,231.27
Derivative Assets	255.29	33.79	255.29	33.79
	21,824.44	28,182.93	21,824.44	28,182.93
Financial liabilities
Measured at amortised cost
Borrowings - longterm includingcurrent maturities and short term	792.56	2,486.85	799.27	2,603.89
Tradepayables	13,952.03	13,480.32	13,952.03	13,480.32
Creditors for capital expenditure	189.40	273.78	189.40	273.78
Obligations under lease	363.19	338.17	373.99	348.53
Other financial liabilities	62.65	56.51	62.65	56.51

Measured at fair value through profit or loss account(FVTPL)
Derivative liabilities	67.90	976.64	67.90	976.64
	15,427.73	17,612.27	15,445.24	17,739.67

(a) Interest rate swaps, foreign exchange forward contracts and embedded commodity derivative are valued using valuation techniques, which employ the use of market observable inputs (closing rates of foreign currency and commodities).

(b) Embedded foreign currency and commodity derivatives are measured similarly to the foreign currency forward contracts and commodity derivatives. The embedded derivatives are commodity and foreign currency forward contracts which are separated from purchase contracts.
(c) The management assessed that cash and cash equivalents, trade receivables, trade payables, short-term borrowings, loans to related party, loans to employees, short term security deposit and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.
(d) The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.
(e) The fair values of the mutual funds are based on NAV at the reporting date.
(f) The fair value of interest rate swaps are based on MTM bank rates as on reporting date.
(g) The Group enters into derivative financial instruments with various counterparties, principally financial institutions with investment grade credit ratings. Foreign exchange forward contracts are valued using valuation techniques, which employs the use of market observable inputs. The most frequently applied valuation techniques include forward pricing and swap models, using present value calculations. The models incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, yield curves of the respective currencies, currency basis spreads between the respective currencies, interest rate curves. The changes in counterparty credit risk had no material effect on the hedge effectiveness assessment for derivatives designated in hedge relationships and other financial instruments recognised at fair value.
(h) Fixed deposit of ₹ 437.80 million (31 Mar 2021: ₹ 500 million) is restricted for withdrawal, considering it is lien against commercial arrangements.
(i) Non-current other financial assets includes fixed deposit having maturity period of more than 12 months of ₹ 2,091.51 million (31 Mar 2021: ₹ 579.70 million).

Fair value hierarchy

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, to provide an indication about the reliability of inputs used in determining fair value, the Group has classified its financial statements into three levels prescribed under the Ind AS as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities
Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable
Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable
The following table provides the fair value measurement hierarchy of the Group's assets and liabilities.

Polycab India Limited

Notes to Unaudited Interim Condensed Consolidated Financial Statements for the period ended 31 December 2021

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20. Financial Instruments and Fair Value Measurement

Quantitative disclosures fair value measurement hierarchy for assets and liabilities as at 31 December 2021:

. Financial Instruments and Fair Value Measurement	. Financial Instruments and Fair Value Measurement
Quantitative disclosures fair value measurement hierarchy for assets and liabilities as at 31 December 2021: (₹ million)
Quoted prices in active markets Significant observable inputs Significant unobservable inputs (Level 1) (Level 2) (Level 3) Date of valuation Total Fair value measurement using
Assets measured at fair value:
Units of mutual funds	31 Dec 21 3,546.04 3,546.04 - -
Derivative Assets
Embedded derivatives	31 Dec 21 200.37 - 200.37 -
Forward Contract	31 Dec 21 54.92 - 54.92 -

Liabilities measured at fair value:
Derivative liabilities :
Commoditycontracts	31 Dec 21 67.90 - 67.90 -
Quantitative disclosures fair value measurement hierarchy for assets and liabilities as at 31 March 2021: (₹ million)
Quoted prices in active markets Significant observable inputs Significant unobservable inputs (Level 1) (Level 2) (Level 3) Date of valuation Total Fair value measurement using
Assets measured at fair value:
Units of mutual funds 31 Mar 21 6,231.27 6,231.27 - -
Derivative Assets
Forward Contract 31 Mar 21 31.37 - 31.37 -
Interest rate and cross currencyswap 31 Mar 21 2.42 - 2.42 -

Liabilities measured at fair value:
Derivative liabilities :
Embedded derivatives 31 Mar 21 320.09 - 320.09 -
Commoditycontracts 31 Mar 21 656.55 - 656.55 -

The Group's policy is to recognise transfers into and transfers out of fair value hierarchy levels as of the date of the event or change in circumstances that caused the transfer. However, there were no transfers between the levels as at the end of the reporting period.

21. Financial Risk Management Objectives And Policies

The Group's principal financial liabilities, other than derivatives, comprise loans and borrowings and trade and other payables. The main purpose of these financial liabilities is to finance the Group's operations and to provide guarantees to support its operations. The Group's principal financial assets include loans, trade and other receivables, and cash and cash equivalents that derive directly from its operations. The Group also holds FVTPL investments and enters into derivative transactions.

The Group is exposed to market risk, credit risk and liquidity risk. The Board of Directors of the Group has formed a Risk Management Committee to periodically review the risk management policy of the Group so that the management manages the risk through properly defined mechanism. The Risk Management Committee's focus is to foresee the unpredictability and minimize potential adverse effects on the Group's financial performance. The Group's overall risk management procedures to minimise the potential adverse effects of financial market on the Group's performance are as follows:

(A) Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk. Financial instruments affected by market risk include loans and borrowings, deposits, FVTPL investments and derivative financial instruments.

(i) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group's exposure to the risk of changes in market interest rates relates primarily to the Group's long-term debt obligations with floating interest rates. The Group is also exposed to the risk of changes in market interest rates relates due to its investments in mutual fund units in overnight funds.

The Group manages its interest rate risk by having a fixed and variable rate loans and borrowings. The Group enters into interest rate swaps for long term foreign currency borrowings, in which it agrees to exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to an agreed-upon notional principal amount. At 31 December 2021, after taking into account the effect of interest rate swaps, approximately 3% of the Group's borrowings are at a fixed rate of interest (31 March 2021: 64%). Total borrowing as on 31 December 2021 is ₹ 792.56 million (31 March 2021 ₹ 2,486.85 million).

Polycab India Limited

Notes to Unaudited Interim Condensed Consolidated Financial Statements for the period ended 31 December 2021

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21. Financial Risk Management Objectives And Policies

Interest rate sensitivity

ial Risk Management Objectives And Policies Interest rate sensitivity	ial Risk Management Objectives And Policies Interest rate sensitivity
The following table demonstrates the sensitivity to a reasonably possible change in interest rates		on that portion of loans and borrowings
affected, after the impact of hedge accounting. With all other variables held constant, the Group's profit before tax is affected through the
impact on floating rate borrowings, as follows:			(₹ million)
	Exposure to interest rate risk (Principal amount of loan)	Increase/ decrease in basis points	Effect on profit before tax- gain/(loss)
31 Dec 2021	771.65
Increase		+100	(7.72)
Decrease		-100	7.72
31 Mar 2021	883.56
Increase		+100	(8.84)
Decrease		-100	8.84

(ii) Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group's exposure to the risk of changes in foreign exchange rates relates primarily to the Group's operating activities (when revenue or expense is denominated in a foreign currency) and the Group's borrowings in foreign currency.

Derivative financial instruments

The Group enters into derivative contracts with an intention to hedge its foreign exchange price risk and interest risk. Derivative contracts which are linked to the underlying transactions are recognised in accordance with the contract terms. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Any gains or losses arising from changes in the fair value of derivatives are taken directly to Statement of Profit & Loss. To some extent the Group manages its foreign currency risk by hedging transactions.

Particulars of unhedged foreign currency exposures as at the reporting date:

Currency Currency Symbol	Foreign currency Indian Rupees 30 Dec 21	Foreign currency Indian Rupees 31 Mar 21
United StatesDollar USD	(71.03) (5,277.61)	(73.77) (5,422.40)
EURO Euro	1.78149.60	1.32 113.33
Pound GBP	(0.07) (6.64)	1.00101.39
SwissFranc CHF	0.2924.01	0.05 3.86
Japanese yen JPY	0.65 0.42	- -
Australian Dollar AUD	0.6233.26	(7.10) (395.77)
SingaporeDollar SUD	(0.01) (0.14)	- -

Foreign currency sensitivity

The following tables demonstrate the sensitivity to a reasonably possible change in USD, Euro, GBP, CHF, JPY and AUD exchange rates, with all other variables held constant. The impact on the Group's profit before tax is due to changes in the fair value of monetary assets and liabilities including non-designated foreign currency derivatives and embedded derivatives. Sensitivity due to unhedged Foreign Exchange Exposures is as follows:

Impact on profit before tax and equity- gain/ ( loss)

Impact on profit before tax and equity- gain/ ( loss)	Impact on profit before tax and equity- gain/ ( loss)	Impact on profit before tax and equity- gain/ ( loss)	Impact on profit before tax and equity- gain/ ( loss)
(₹ million)
Currency +2% -2% Currency Symbol 30 Dec 21			+2% -2% 31 Mar 21
United StatesDoller USD	(105.55)	105.55	(108.45) 108.45
EURO Euro	2.99	(2.99)	2.27 (2.27)
Pound GBP	(0.13)	0.13	2.03 (2.03)
SwissFranc CHF	0.48	(0.48)	0.08 (0.08)
Japanese yen JPY	0.01	(0.01)	- -
Australian Dollar AUD	0.67	(0.67)	(7.92) 7.92
SingaporeDollar SUD	-	-	- -

Polycab India Limited

Notes to Unaudited Interim Condensed Consolidated Financial Statements for the period ended 31 December 2021

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21. Financial Risk Management Objectives And Policies

(iii) Commodity price risk

The Group's exposure to price risk of copper and aluminium arises from :

Trade payables of the Group where the prices are linked to LME prices, payment is therefore sensitive to changes in copper and aluminium prices quoted on LME. The provisional pricing feature (Embedded Derivatives) are classified in the balance sheet as fair value through profit or loss. The option to fix prices at future LME prices works as a natural hedge against the movement in value of inventory of copper and aluminium held by the Group. The Group also takes sell LME positions to hedge the price risk on inventory due to ongoing movement in rates quoted on LME. The Group applies fair value hedge to protect its copper and aluminium Inventory from the ongoing movement in rates.
Purchases of copper and aluminium results in exposure to price risk due to ongoing movement in rates quoted on LME affecting the profitability and financial position of the Group. The risk management strategy is to use the buy future contracts linked to LME to hedge the variation in cash flows of highly probable future purchases. There are no outstanding buy future contracts link to LME as of 31 December 2021 and 31 March 2021.

Sensitivity analysis for unhedged exposure for the period ended 31 December 2021 are as follows:

Exposure of Group in Inventory


Exposure of Group in Inventory (₹ million)
Metal Hedge instruments	+2% -2% +2% -2% Exposure in ₹ million Impact in Profit before tax -gain/ ( loss) 31 Dec 21 31 Mar 21 Exposure in Metric Tonne Exposure in ₹ million Impact in Profit before tax - gain/ ( loss) Exposure in Metric Tonne
Copper Embedded derivative	2,047 1,500.99(30.02) 30.02	- - - -
Aluminium Embedded derivative	2,856 772.76 (15.46) 15.46	3,293 588.35 (11.77) 11.77

(B) Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments.

Trade receivables and contract assets

The Group has adopted a policy of only dealing with counterparties that have sufficient credit rating. The Group’s exposure and credit ratings of its counterparties are continuously monitored and the aggregate value of transactions is reasonably spread amongst the counterparties. Credit risk has always been managed through credit approvals, establishing credit limits and continuously monitoring the credit worthiness of customers to which the Group grants credit terms in the normal course of business. On account of adoption of Ind AS 109, the Group uses expected credit loss model to assess the impairment loss or gain. The Group has applied Expected Credit Loss (ECL) model for measurement and recognition of impairment losses on trade receivables. ECL has been computed as a percentage of revenue on the basis of Group's historical data of delay in collection of amounts due from customers and default by the customers along with management's estimates.

The Group has sold without recourse trade receivable under channel finance arrangement for providing credit to its dealers. Evaluation is made as per the terms of the contract i.e. if the Group does not retain any risk and rewards or control over the financial assets, then the entity derecognises such assets upon transfer of financial assets under such arrangement with the banks. Derecognition does not result in significant gain / loss to the Group in the Statement of profit and loss.

In certain cases, the Group has sold with recourse trade receivables to a bank for cash proceeds. These trade receivables have not been derecognised from the statement of financial position, because the Group retains substantially all of the risks and rewards – primarily credit risk. The amount received on transfer has been recognised as a financial liability (Refer note 9(B)). The arrangement with the bank is such that the customers remit cash directly to the bank and the bank releases the limit of facility used by the Group. The receivables are considered to be held within a held-to-collect business model consistent with the Group’s continuing recognition of the receivables.

The carrying amount of trade receivables at the reporting date that have been transferred but have not been derecognised and the associated liabilities is amounting to ₹ 714.20 million (31 Mar 2021: ₹ 883.56 million).

Credit risk arising from investment in mutual funds, derivative financial instruments and other balances with banks is limited and there is no collateral held against these because the counterparties are banks and recognised financial institutions with high credit ratings assigned by the international credit rating agencies.

(C) Liquidity risk

The Group's principle sources of liquidity are cash and cash equivalents and the cash flow that is generated from operations. The Group believes that the working capital is sufficient to meet its current requirements.

Further, the Group manages its liquidity risk in a manner so as to meet its normal financial obligations without any significant delay or stress. Such risk is managed through ensuring operational cash flow while at the same time maintaining adequate cash and cash equivalents position. The management has arranged for diversified funding sources and adopted a policy of managing assets with liquidity in mind and monitoring future cash flows and liquidity on a regular basis. Surplus funds not immediately required are invested in certain financial assets (including mutual funds) which provide flexibility to liquidate at short notice and are included in current investments and cash equivalents. Besides, it generally has certain undrawn credit facilities which can be accessed as and when required, which are reviewed periodically.

The Group has developed appropriate internal control systems and contingency plans for managing liquidity risk. This incorporates an assessment of expected cash flows and availability of alternative sources for additional funding, if required.

Corporate guarantees given on behalf of Group Companies might affect the Liquidity of the Group if they are payable. However, the Group has adequate liquidity to cover the risk. (Refer note 17(A))

Maturity Analysis

The table below summarises the maturity profile of the Group's financial liabilities based on contractual undiscounted payments.

Maturity Analysis	Maturity Analysis	Maturity Analysis
The table below summarises the maturity profile of the Group's financial liabilities based on contractual undiscounted payments. (₹ million)
< 1 year > equal to 1 year Total < 1 year > equal to 1 year Total 31 Dec 21 31 Mar 21
Borrowings	755.84 42.93 798.77	1,450.10 1,138.21 2,588.31
Lease liability	139.23 292.11 431.34	136.59 274.03 410.62
Other financial liabilities	319.95 - 319.95	1,306.93 - 1,306.93
Tradepayables	13,952.03 - 13,952.03	13,480.32 - 13,480.32
	15,167.05 335.04 15,502.09	16,373.94 1,412.24 17,786.18

The other financial liabilities includes derivative liability, for maturity analysis refer note 21(B).

Polycab India Limited

Notes to Unaudited Interim Condensed Consolidated Financial Statements for the period ended 31 December 2021

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22. Hedging activity and derivatives

(A) Fair value hedge of copper and aluminium price risk in inventory

(i) The Group enters into contracts to purchase copper and aluminium wherein the Group has the option to fix the purchase price based on LME price of copper and aluminium during a stipulated time period. Accordingly, these contracts are considered to have an embedded derivative that is required to be separated. Such feature is kept to hedge against exposure in the value of inventory of copper and aluminium due to volatility in copper and aluminium prices. The Group designates the embedded derivative in the payable for such purchases as the hedging instrument in fair value hedging of inventory. The Group designates only the spot-to-spot movement of the copper and aluminium inventory as the hedged risk. The carrying value of inventory is accordingly adjusted for the effective portion of change in fair value of hedging instrument. Hedge accounting is discontinued when the hedging instrument is settled, or when it is no longer qualifies for hedge accounting or when the hedged item is sold.
(ii) To use the Sell future contracts linked with LME to hedge the fair value risk associated with inventory of copper and aluminium. Once the purchases are concluded and its final price is determined, the Group starts getting exposed to price risk of these inventory till the time it is not been sold. The Group’s policy is to designate the copper and aluminium inventory which are already priced and which is not been sold at that point in time in a hedging relationship against Sell LME future positions based on the risk management strategy of the Group. The hedged risk is movement in spot rates.

To test the hedge effectiveness between embedded derivatives/derivatives and LME prices of copper and aluminium, the Group uses the said prices during a stipulated time period and compares the fair value of embedded derivatives/derivatives against the changes in fair value of LME price of copper and aluminium attributable to the hedged risk.

The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying embedded derivative/derivative is identical to the LME price of Copper and Aluminium.

Disclosure of effects of fair value hedge accounting on financial position:

Hedged item:

Changes in fair value of inventory attributable to change in copper and aluminium prices.

Hedging instrument:

Changes in fair value of the embedded derivative of copper and aluminium trade payables and Sell future contracts, as described above.

(B) Cash flow hedge associated with highly probable forecasted purchases of copper and aluminium:

The Group has purchases of copper and aluminium which results in exposure to price risk due to ongoing movement in rates quoted on LME which affects the profitability and financial position of the Group. The risk management strategy is to use the Buy future contracts linked to LME to hedge the variation in cash flows of highly probable future purchases. The Group designate the monthly copper and aluminium purchases as a highly probable forecasted transaction in a hedging relationship based on the risk management strategy of the Group.

As at 31 December 2021	As at 31 December 2021	(₹ million)
	Asset- increase/ (decrease) Liabilities- increase/ (decrease) Equity- increase/ (decrease) Commodity price risk Carrying amount Maturity date	Effective portion of Hedge - Gain/ ( loss) Ineffective portion of Hedge -Gain/ ( loss) Hedge Ratio Balance sheet classification
Fair Value Hedge
Hedged item Hedging instrument	41.20 - - - - 51.74 - (200.37) - - (51.74) - - 119.64 - Embedded derivative in trade payables of Copper and aluminium Buy Derivative Position Sell Derivative Position Inventory of Copper and aluminium Range within 1 to 8 months Highly probable future purchases	1:1 Inventory 1:1 Cash flow hedge Reserve 1:1 Current financial liabilities 1:1 Current financial liabilities 1:1 Current financial liabilities (41.20) 121.93

- (51.74 - 119.64 Buy Derivative Position Sell Derivative Position Hedging instrument	- (51.74 - 119.64 Buy Derivative Position Sell Derivative Position Hedging instrument	) - 1:1 financial liabilities - 1:1 Current financial liabilities	) - 1:1 financial liabilities - 1:1 Current financial liabilities	) - 1:1 financial liabilities - 1:1 Current financial liabilities
The following table presents details of amounts held in effective portion of Cash		Flow Hedge and the period during which these are going to be released and
affecting Statement of profit and Loss - gain/ (loss)				(₹ million)
			As at 31 Dec 21
		Cash Flow hedge release to P&L
	Less than 3 Months	3 Months to 6 Months 6 Months to 12 Months		Total
Commodity Price risk
BuyFuture Contracts- Copper	28.94	-	-	28.94
BuyFuture Contracts- Aluminium	22.80	-	-	22.80
Sell Future Contracts- Copper	(85.67)	(25.54)	-	(111.20)
Sell Future Contracts- Aluminium	(8.43)	-	-	(8.43)

Polycab India Limited

Notes to Unaudited Interim Condensed Consolidated Financial Statements for the period ended 31 December 2021

==> picture [43 x 24] intentionally omitted <==

22. Hedging activity and derivatives

As at 31 March 2021		(₹ million)
	Asset- increase/ (decrease) Liabilities- increase/ (decrease) Equity- increase/ (decrease) Commodity price risk Carrying amount Maturity date	Hedge Ratio Balance sheet classification Effective portion of Hedge - Gain/ ( loss) Ineffective portion of Hedge -Gain/ ( loss)
Fair Value Hedge
Hedged item Hedging instrument	896.65 - - - 320.08 - - (22.97) - - 679.51 - Inventory of Copper and aluminium Range within 1 to 6 months Embedded derivative in trade payables of Copper and aluminium Buy Derivative Position Sell Derivative Position	1:1 Inventory 1:1 Current financial liabilities 1:1 Current financial liabilities 1:1 Current financial liabilities (896.65) (79.99)

The following table presents details of amounts held in effective portion of Cash Flow Hedge and the period during which these are going to be released and affecting Statement of profit and Loss - gain/ (loss) (₹ million)

			As at 31 Mar 21
		Cash	Flow hedge release to P&L
	Less than 3 Months	3 Months to 6 Months 6 Months to 12 Months		Total
Commodity Price risk
BuyFuture Contracts- Copper	(1.33)	-	-	(1.33)
BuyFuture Contracts- Aluminium	24.29	-	-	24.29
Sell Future Contracts- Copper	(396.87)	(173.78)	-	(570.65)
Sell Future Contracts- Aluminium	(82.32)	(26.06)	(0.48)	(108.86)

The Board of Directors has constituted a Risk Management Committee (RMC) to frame, implement and monitor the risk management plan of the Group which interalia covers risks arising out of exposure to foreign currency fluctuations. Under the guidance and framework provided by the RMC, the Group uses various derivative instruments such as foreign exchange forward, currency options and futures contracts in which the counter party is generally a bank. For the purpose of the Group’s capital management, capital includes issued equity capital, securities premium and all other equity reserves attributable to the equity shareholders. The primary objective is to maximise the shareholders value.

The Board of Directors has constituted a Risk Management Committee (RMC) to frame, implement and monitor the risk management plan of the Group which inter- alia covers risks arising out of exposure to foreign currency fluctuations. Under the guidance and framework provided by the RMC, the Group uses various derivative instruments such as foreign exchange forward, currency options and futures contracts in which the counter party is generally a bank. For the purpose of the Group’s capital management, capital includes issued equity capital, securities premium and all other equity reserves attributable to the equity shareholders. The primary objective is to maximise the shareholders value.	The Board of Directors has constituted a Risk Management Committee (RMC) to frame, implement and monitor the risk management plan of the Group which inter- alia covers risks arising out of exposure to foreign currency fluctuations. Under the guidance and framework provided by the RMC, the Group uses various derivative instruments such as foreign exchange forward, currency options and futures contracts in which the counter party is generally a bank. For the purpose of the Group’s capital management, capital includes issued equity capital, securities premium and all other equity reserves attributable to the equity shareholders. The primary objective is to maximise the shareholders value.	The Board of Directors has constituted a Risk Management Committee (RMC) to frame, implement and monitor the risk management plan of the Group which inter- alia covers risks arising out of exposure to foreign currency fluctuations. Under the guidance and framework provided by the RMC, the Group uses various derivative instruments such as foreign exchange forward, currency options and futures contracts in which the counter party is generally a bank. For the purpose of the Group’s capital management, capital includes issued equity capital, securities premium and all other equity reserves attributable to the equity shareholders. The primary objective is to maximise the shareholders value.
The Group has entered into derivative instruments not in hedging relationship by way of foreign exchange forward contracts. The notional amount of outstanding contracts and loss/(gain) on fair valuation of such contracts are given below: (₹ million)
	31 Dec 21	31 Mar 21
Foreign exchange forward contracts- Buy	3,970.77	3,150.01
Foreign exchange forward contracts- Sale	(4,294.05)	(457.25)
	(323.28)	2,692.76
Fair valuationgain on foreign exchange forward contracts	(54.91)	(31.37)

23. During nine months ended 31 December 20, the Parent Company had received a favourable order from Honourable Income-Tax Appellate Tribunal for AY 2012-13 to 2015-16 resulting into write back of income-tax provision of ₹ 839.52 million and recognition of interest on income tax refund of ₹ 163.89 million.

24. Events after the reporting period

No significant adjusting event occurred between the balance sheet date and date of the approval of these financial statements by the Board of Directors of the Group requiring adjustment or disclosure.

25. Others

Figures representing ₹ 0.00 million are below ₹ 5,000.

As per our report of even date

For B S R & Co. LLP

Chartered Accountants

For and on behalf of the Board of Directors of Polycab India Limited CIN : L31300GJ1996PLC114183

ICAI Firm Registration No. 101248W/W-100022

sd/-

Bhavesh Dhupelia Partner Membership No. 042070 Place: Mumbai Date: 21 January 2022

sd/sd/sd/- Inder T. Jaisinghani Nikhil R. Jaisinghani Bharat A. Jaisinghani Chairman & Managing Director Whole Time Director Whole Time Director DIN : 00309108 DIN : 00742771 DIN : 00742995 sd/sd/- Gandharv Tongia Place: Mumbai Manita Gonsalves Chief Financial Officer Date: 21 January 2022 Company Secretary Membership No. 402854 Membership No. A18321

==> picture [540 x 218] intentionally omitted <==

Unaudited Interim Condensed Standalone Financial Statements

31 December 2021

==> picture [421 x 421] intentionally omitted <==

a

Polycab India Limited

Unaudited Interim Condensed Standalone Financial Statements for the nine months ended 31 December, 2021

Index	Page No.
Auditors' Review Report	1
Balance Sheet	2
Statement of Profit andLoss	3
Statement ofChangesin Equity	4
Statement ofCash Flows	4

Overviewandnotes to thefinancialstatements
A Overview
1 CorporateInformation	5
2A Basis ofpreparation	5
2B Use ofestimates and judgements	5
2C Accounting policies	5
2D Recent pronouncement	5

B Notes tofinancialstatements
3 Property, plant and equipment	6
4 Right ofuse assets	7
5 Intangible assets	7
6 Investment	7
7 Cashand cashequivalents	8
8 Inventories	8
9 Borrowings	9
10 Trade payables	9
11 Revenuefromoperations	11
12 Other income	11
13 Finance costs	12
14 Otherexpenses	12
15 Earnings pershare	12
16 Contingentliabilities and commitments	13
17 Related party disclosure	13
18 SegmentReporting	17
19 Financial Instruments andFair ValueMeasurement	20
20 Financial Risk Management ObjectivesAndPolicies	21
21 Hedging activity and derivatives	24
22 IncomeTaxordereffect	25
23 Events afterthereporting period	25
24 Others	25

==> picture [433 x 724] intentionally omitted <==

Polycab India Limited

Unaudited Interim Condensed Standalone Balance Sheet as at 31 December 2021

==> picture [59 x 32] intentionally omitted <==

(₹ million)	(₹ million)	(₹ million)
As at As at 31 Dec 21 31 Mar 21 (Unaudited) (Audited) Notes
ASSETS
Non-current assets
Property, plant and equipment 3	15,136.15	15,448.17
Capital work-in-progress 3	2,036.49	984.65
Right of use assets 4	363.68	338.81
Intangible assets 5	10.42	19.58
Financial assets
(a) Investment in Subsidiaries 6A	303.04	633.28
(b) Investment in Joint Venture 6A	105.20	105.20
(c) Trade receivables	1,177.28	1,283.60
(d) Other financial assets	2,133.71	591.35
Non-current tax assets (net)	388.65	269.66
Other non-current assets	446.98	417.59
	22,101.60	20,091.89
Current assets
Inventories 8	26,679.49	19,511.78
Financialassets
(a) Investments 6B	3,546.04	6,231.27
(b) Tradereceivables	12,234.32	14,312.16
(c) Cash and cash equivalents 7	626.70	1,974.12
(d) Bankbalance otherthancashand cashequivalents	1,106.30	2,904.75
(e) Loans	202.55	447.73
(f) Other financial assets	718.07	261.10
Othercurrent assets	3,593.82	1,534.13
	48,707.29	47,177.04
Total assets	70,808.89	67,268.93
EQUITY AND LIABILITIES
Equity
(a) Equity share capital	1,493.89	1,491.19
(b) Otherequity	50,443.83	45,581.11
	51,937.72	47,072.30
Liabilities
Non-current liabilities:
Financial liabilities
(a) Borrowings 9A	-	-
(b) Leaseliabilities	249.79	224.05
Other non-current liabilities	205.87	206.37
Provisions	313.50	247.80
Deferred tax liabilities (net)	306.36	337.64
	1,075.52	1,015.86
Current liabilities:
Financial liabilities
(a) Borrowings 9B	714.20	918.73
(b) Leaseliabilities	111.06	111.17
(c) Trade payables 10
Totaloutstanding dues of micro enterprises and smallenterprises	491.51	340.30
Totaloutstanding dues ofcreditors otherthan micro enterprises and smallenterprises	13,112.65	12,721.13
(d) Other financial liabilities	305.77	1,348.50
Othercurrentliabilities	2,803.70	3,238.37
Provisions	256.76	235.12
Current tax liabilities (net)	-	267.45
	17,795.65	19,180.77
Total equity and liabilities	70,808.89	67,268.93
Corporate information and summaryof significant accounting policies 1&2	-	-
Contingent liabilities and commitments 16
Other notes to accounts 17to24

The accompanying notes are an integral part of the unaudited interim condensed standalone financial statements.

As per our report of even date For B S R & Co. LLP Chartered Accountants ICAI Firm Registration No. 101248W/W-100022

For and on behalf of the Board of Directors of Polycab India Limited CIN : L31300GJ1996PLC114183

sd/-

Bhavesh Dhupelia Partner Membership No. 042070

Place: Mumbai Date: 21 January 2022

sd/-

Inder T. Jaisinghani Chairman & Managing Director DIN : 00309108

sd/-

Nikhil R. Jaisinghani

Whole Time Director DIN : 00742771

Place: Mumbai Date: 21 January 2022

sd/-

Bharat A. Jaisinghani Whole Time Director DIN : 00742995

sd/-

Gandharv Tongia Chief Financial Officer 2 Membership No. 402854

Manita Gonsalves Company Secretary Membership No. A18321

Polycab India Limited

==> picture [57 x 32] intentionally omitted <==

Unaudited Interim Condensed Standalone Statement of Profit & Loss for the period ended 31 December 2021

					(₹ million)
Notes		Three months period ended 31 Dec 21 (Unaudited)	Three months period ended	Nine months period ended 31 Dec 21 (Unaudited)	Nine months period ended
			31 Dec 20 (Unaudited)		31 Dec 20
					(Unaudited)
INCOME
Revenue from operations 11		33,414.49	27,472.37	81,713.20	58,344.22
Other income 12		213.50	326.92	733.66	970.18
Total income		33,627.99	27,799.29	82,446.86	59,314.40
EXPENSES
Cost of materials consumed		25,453.07	18,375.49	63,280.03	36,969.61
Purchases of stock-in-trade		2,238.99	2,302.41	4,848.83	4,454.08
Changesin inventories of finished goods, stock-in-trade andwork-in-progress		(1,980.70)	82.91	(5,394.43)	1,212.51
Project bought outs and subcontracting cost		243.68	196.42	807.98	710.12
Employee benefits expense		994.58	869.30	2,936.29	2,529.00
Finance costs 13		74.46	61.50	213.93	283.38
Depreciation and amortisation expense		498.89	444.19	1,480.13	1,285.91
Other expenses 14		2,908.28	2,167.30	7,498.51	5,462.05
Total expenses		30,431.25	24,499.52	75,671.27	52,906.66
Profit before tax and exceptional items		3,196.74	3,299.77	6,775.59	6,407.74
Exceptional items (refer note 6A)		1,243.25	-	1,243.25	-
Profit before tax		4,439.99	3,299.77	8,018.84	6,407.74
Income tax expenses
Current tax		1,032.98	840.70	1,976.72	1,601.94
Adjustment of tax relating to earlier periods (refer note 22)		-	-	(30.55)	(905.39)
Deferred tax (credit)/charge		26.87	17.81	(38.08)	26.26
Total tax expenses		1,059.85	858.51	1,908.09	722.81
Profit for theperiod		3,380.14	2,441.26	6,110.75	5,684.93
Other comprehensive income
Items that will not be reclassified toprofit or loss
Re-measurement gains / (losses) on defined benefit plans		22.74	(11.83)	(24.70)	14.43
IncomeTax relating toitems thatwill not bereclassified toProfit or Loss		(5.72)	2.98	6.22	(3.63)
Items that will be reclassified toprofit or loss
Designated cash flow hedges		59.02	(78.47)	51.74	259.87
Income tax relating to items that will be reclassified to Profit or Loss		(13.02)	19.75	(13.02)	(65.40)
	Other comprehensive income for theperiod, net of tax	63.02	(67.57)	20.24	205.27
	Total comprehensive income for theperiod, net of tax	3,443.16	2,373.69	6,130.99	5,890.20
Earnings per share(not annualised) 15
Basic(₹)		22.63	16.38	40.95	38.16
Diluted(₹)		22.60	16.31	40.77	38.01
Weighted average equity shares used in computing earnings per equity 15
Basic		149,345,969	149,050,947	149,221,215	148,978,785
Diluted		149,569,796	149,593,420	149,890,263	149,563,371

Corporate information and summaryof significant accounting policies 1 & 2
Contingent liabilities and commitments 16
Other notes to accounts 17 to 24

The accompanying notes are an integral part of the unaudited interim condensed standalone financial statements.

As per our report of even date

For B S R & Co. LLP Chartered Accountants ICAI Firm Registration No. 101248W/W-100022

sd/-

Bhavesh Dhupelia Partner Membership No. 042070

Place: Mumbai Date: 21 January 2022

For and on behalf of the Board of Directors of Polycab India Limited CIN : L31300GJ1996PLC114183

sd/-

Inder T. Jaisinghani Chairman & Managing Director DIN : 00309108

Nikhil R. Jaisinghani

Whole Time Director DIN : 00742771

sd/-

Gandharv Tongia Chief Financial Officer Membership No. 402854

Place: Mumbai Date: 21 January 2022

sd/- Bharat A. Jaisinghani Whole Time Director DIN : 00742995

sd/- Manita Gonsalves Company Secretary Membership No. A18321

Polycab India Limited

Unaudited Interim Condensed Standalone Statement of Changes in Equity for the period ended 31 December 2021

==> picture [47 x 26] intentionally omitted <==

A) Equity Share Capital	A) Equity Share Capital	(₹ million) 31 Dec 21 31 Mar 21 1,491.19 1,488.79 2.70 2.40 1,493.89 1,491.19 (₹ million)	(₹ million) 31 Dec 21 31 Mar 21 1,491.19 1,488.79 2.70 2.40 1,493.89 1,491.19 (₹ million)	(₹ million) 31 Dec 21 31 Mar 21 1,491.19 1,488.79 2.70 2.40 1,493.89 1,491.19 (₹ million)	(₹ million) 31 Dec 21 31 Mar 21 1,491.19 1,488.79 2.70 2.40 1,493.89 1,491.19 (₹ million)	(₹ million) 31 Dec 21 31 Mar 21 1,491.19 1,488.79 2.70 2.40 1,493.89 1,491.19 (₹ million)
			31 Dec 21	31 Mar 21
Balance at the beginning of theperiod			1,491.19	1,488.79
Issue of equityshares on exercise of employee stock options			2.70	2.40
Balance at the end of theperiod			1,493.89	1,491.19
B) Other Equity
	Share application money pending allotment	Reserves & Surplus			Items of Other comprehensive income (OCI)	Total other equity
		Capital Reserve Securities Premium General Reserve ESOP outstanding Retained Earnings			Effective portion of Cash Flow Hedges
As at 1 Apr 2020	27.15	0.13 7,149.55 650.69 241.45 28,971.62			(126.49)	36,914.10
Profit aftertax fortheninemonths	-	- - - - 5,684.93			-	5,684.93
Items of OCI for the period, net of tax						-
Re-measurement gains / (losses) ondefined benefit plans	-	- - - - 10.80			-	10.80
Designated cash flow hedges	-	- - - - -			194.47	194.47
Share-based payments to employees	-	- - - 87.67 -			-	87.67
Exercise ofemployee stockoption	54.95	- - - (54.95) -			-	-
Amountreceived onexercise ofemployee stockoptions	71.34	- - - - -			-	71.34
Issue ofequity share onexercise ofemployee stockoptions	(138.31)	- 136.37 - - -			-	(1.94)
As at as at 31 Dec 2020	15.13	0.13 7,285.92 650.69 274.17 34,667.35			67.98	42,961.37
Profit aftertax forthe threemonths	-	- - - - 2,628.37			-	2,628.37
Items ofOCI forthe period,net oftax
Re-measurement gains / (losses) ondefined benefit plans	-	- - - - 24.59			-	24.59
Designated cash flow hedges	-	- - - - -			(67.98)	(67.98)
Share-based payments to employees	-	- - - 21.04 -			-	21.04
ESOPchargerecoveredfromgroup companies	-	- - - 1.48 -			-	1.48
Exercise ofemployee stockoption	9.77	- - - (9.77) -			-	-
Amountreceived onexercise ofemployee stockoptions	12.70	- - - - -			-	12.70
Issue of equity share on exercise of employee stock options	(32.64)	- 32.18 - - -			-	(0.46)
As at 31 Mar 2021	4.96	0.13 7,318.10 650.69 286.92 37,320.31			-	45,581.11
Profit aftertax fortheninemonths	-	- - - - 6,110.75			-	6,110.75
Items of OCI for the period, net of tax
Re-measurement gains / (losses) on defined benefit plans	-	- - - - (18.48)			-	(18.48)
Designated cash flow hedges	-	- - - - -			38.72	38.72
Finalequity dividend	-	- - - - (1,491.60)			-	(1,491.60)
Share-based payments to employees	-	- - - 111.12 -			-	111.12
ESOPchargerecoveredfromgroup companies	-	- - - 6.68 -			-	6.68
Transferonaccount ofemployee stockoptionsnot exercised	-	- - 0.41 (0.41) -			-	(0.00)
Exercise ofemployee stockoption	87.93	- - - (87.93) -			-	-
Amountreceived onexercise ofemployee stockoptions	108.20	- - - - -			-	108.20
Issue ofequity share onexercise ofemployee stockoptions	(198.14)	- 195.47 - - -			-	(2.67)
As at 31 Dec 2021	2.95	0.13 7,513.57 651.10 316.38 41,920.98			38.72	50,443.83

Unaudited Interim Condensed Standalone Statement of Cash flows for the period ended 31 December 2021

Unaudited Interim Condensed Standalone Statement of Cash flows for the period ended 31 December 2021	Unaudited Interim Condensed Standalone Statement of Cash flows for the period ended 31 December 2021
		(₹ million)
	Nine months period ended 31 Dec 21 (Unaudited)	Nine months period ended
		31 Dec 20
		(Unaudited)
Profit before tax	8,018.84	6,407.74
Adjustments toreconcile profit before taxtonet cash flows	(80.36)	888.63
Movements in working capital	(8,022.37)	7,611.91
Income taxpaid (includingTDS) (net of refunds)	(2,330.83)	(1,632.54)
Net cash flows generatedform/ (usedin) operating activities (A)	(2,414.73)	13,275.74
Net cash flows generatedform/ (usedin)investing activities (B)	2,806.35	(11,665.01)
Net cash flows generatedform/ (usedin)financing activities (C)	(1,739.04)	(875.20)
Net increase /(decrease) in cash and cash equivalents (A+B+C)	(1,347.42)	735.53
Cashand cashequivalents at the beginning ofthe period	1,974.12	1,700.43
Cash and cash equivalents at theperiod end -(Refer Note 7)	626.70	2,435.96
CorporateInformationand summary ofsignificant accounting policies 1&2
Contingentliabilities and commitments 16
Other notes to accounts 17 to24

The accompanying notes are an integral part of the unaudited interim condensed standalone financial statements.

As per our report of even date For and on behalf of the Board of Directors of For B S R & Co. LLP Polycab India Limited CIN : L31300GJ1996PLC114183 Chartered Accountants ICAI Firm Registration No. 101248W/W-100022 sd/sd/sd/sd/- Inder T. Jaisinghani Nikhil R. Jaisinghani Bharat A. Jaisinghani Bhavesh Dhupelia Chairman & Managing Director Whole Time Director Whole Time Director DIN : 00309108 DIN : 00742771 DIN : 00742995 Partner Membership No. 042070 sd/sd/Place: Mumbai Gandharv Tongia Place: Mumbai Manita Gonsalves Date: 21 January 2022 Chief Financial Officer Date: 21 January 2022 Company Secretary Membership No. 402854 Membership No. A18321

Polycab India Limited

Notes to Unaudited Interim Condensed Standalone Financial Statements for the period ended 31 December 2021

==> picture [55 x 31] intentionally omitted <==

1. Corporate information

The registered office of the Company is Unit 4, Plot Number 105, Halol Vadodara Road, Village Nurpura, Taluka Halol, Panchmahal, Gujarat 389350.

The Company is the largest manufacturer of Wires and Cables in India and fast growing player in the Fast Moving Electrical Goods (FMEG) space. The Company is also in the business of Engineering, Procurement and Construction (EPC) projects. The Company owns 23 manufacturing facilities, located across the states of Gujarat, Maharashtra, Uttarakhand, and U.T. Daman.

2.[Summary of significant accounting policies]

A) Basis of preparation

These unaudited interim condensed standalone financial statements for the nine months ended 31 December 2021 (‘interim financial statements’) have been prepared in accordance with the accounting principles generally accepted in India, including the recognition and measurement principles laid down in Indian Accounting Standards (Ind AS) 34, Interim Financial Reporting as specified under section 133 of the Companies Act, 2013 (‘the Act’) read with relevant rules issued thereunder. Accordingly, the said interim financial statements do not include all the information required for a complete set of annual Ind AS financial statements and should be read in conjunction with the Company’s latest annual financial statements and related notes included in the Company’s Annual Report for the year ended 31 March 2021. However, selected explanatory notes are included to explain events and transactions that are significant for the understanding of the changes in the Company’s financial position and performance since the latest annual financial statements.

All the amounts included in condensed financial statements are reported in ₹ in million, except per share data and unless stated otherwise.

The Board of Directors approved the Standalone Financial Statements for the nine months ended 31 December 2021 and authorised for issue on 21 January 2022.

B) Use of estimates and judgements

The preparation of the condensed financial statements requires the use of certain critical accounting estimates and judgements. It also requires the Management to exercise judgement in the process of applying the Company’s accounting policies. The areas where estimates are significant to the condensed financial statements, or areas involving a higher degree of judgement or complexity, are the same as those disclosed in the Company’s annual financial statements for the year ended 31 March 2021.

C) Accounting policies

The accounting policies adopted in the preparation of the interim financial statements are consistent with those followed in the preparation of the Company's latest annual financial statements and related notes included in the Company’s Annual Report for the year ended 31 March 2021.

D) Recent pronouncement

The amendments to Schedule III of the Companies Act, 2013 are applicable from 01 April 2021. The Company has given effect of amendment by inclusion of the relevant disclosures under explanatory notes or by way of additional notes, wherever significant in nature.

On 18 June 2021, MCA through a notification has notified Companies (Indian Accounting Standards) Amendment Rules, 2021. The notification has made amendments to various Ind AS. The Company does not expect the amendments to have any significant impact in its financial statements.

Polycab India Limited

Notes to Unaudited Interim Condensed Standalone Financial Statements for the period ended 31 December 2021

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3. Property, plant and equipment

The changes in the carrying value of property, plant and equipment for the period ended 31 December 2021 are as follows:

The changes in the carryingvalue o	fproperty, plant	and equipm	ent for thep	eriod end	ed 31 Dec	ember 20	1 are as	follows:			(₹ million)
	Freehold land	Buildings	Plant and equipments	Electrical installatio ns	Furniture and fixtures	Office equipmen ts	Windmill	Vehicles	Lease- hold improve ments	Total	Capital Work in progress
Gross carrying value(at cost)
As at 01 Apr 2021	1,028.21	8,418.70	12,130.79	796.17	184.46	328.11	294.99	80.41	3.42	23,265.26	984.65
Additions	20.81	13.42	749.09	201.38	9.96	74.86	-	4.08	-	1,073.60	1,901.65
Transfer	-	-	-	-	-	-	-	-	-	-	(849.81)
Disposals/Adjustments	-	-	(29.77)	-	(1.24)	(3.00)	-	(44.07)	-	(78.08)	-
As at 31 Dec 2021	1,049.02	8,432.12	12,850.11	997.55	193.18	399.97	294.99	40.42	3.42	24,260.78	2,036.49
Accumulated depreciation
As at 01 Apr 2021	-	1,307.29	5,795.12	326.86	69.77	190.75	94.33	30.43	2.54	7,817.09	-
Depreciation charge for theperiod	-	242.75	984.52	57.54	13.31	40.24	11.85	6.14	0.28	1,356.63	-
Disposals/Adjustment	-	-	(22.98)	-	(0.60)	(2.80)	-	(22.71)	-	(49.09)	-
As at 31 Dec 2021	-	1,550.04	6,756.66	384.40	82.48	228.19	106.18	13.86	2.82	9,124.63	-
Net carrying value
As at 31 Dec 2021	1,049.02	6,882.08	6,093.45	613.15	110.70	171.78	188.81	26.56	0.60	15,136.15	2,036.49
The changes in the carryingvalue ofproperty, plant		and equipment for theperiod ended 31 March 2021 are as follows:									(₹ million)
	Freehold land	Buildings	Plant and equipments	Electrical installatio ns	Furniture and fixtures	Office equipmen ts	Windmill	Vehicles	Lease- hold improve ments	Total	Capital Work in progress
Gross carrying value(at cost)
As at 01 Apr 2020	1,018.20	7,094.48	10,320.78	596.51	157.05	293.38	294.99	113.56	4.51	19,893.46	2,409.71
Additions	11.95	1,325.58	1,842.08	199.66	32.23	52.71	-	2.45	-	3,466.66	1,779.92
Transfer	-	-	-	-	-	-	-	-	-	-	(3,204.98)
Disposals/Adjustments	(1.94)	(1.36)	(32.07)	-	(4.82)	(17.98)	-	(35.60)	(1.09)	(94.86)	-
As at 31 Mar 2021	1,028.21	8,418.70	12,130.79	796.17	184.46	328.11	294.99	80.41	3.42	23,265.26	984.65
Accumulated depreciation
As at 01 Apr 2020	-	1,015.21	4,664.43	270.41	57.26	159.43	78.61	46.12	2.98	6,294.45	-
Depreciation charge for theperiod	-	292.23	1,158.01	56.45	15.83	47.77	15.72	12.90	0.56	1,599.47	-
Disposals/Adjustment	-	(0.15)	(27.32)	-	(3.32)	(16.45)	-	(28.59)	(1.00)	(76.83)	-
As at 31 Mar 2021	-	1,307.29	5,795.12	326.86	69.77	190.75	94.33	30.43	2.54	7,817.09	-
Net carrying value
As at 31 Mar 2021	1,028.21	7,111.41	6,335.67	469.31	114.69	137.36	200.66	49.98	0.88	15,448.17	984.65

Notes:-

(a) Capital work in progress includes machinery in transit ₹ 21.22 (31 March 2021 : ₹ 1.89 million).

(b) All property, plant and equipment are held in the name of the Company, except which are shown below :

		Whether title	deed holder is a
Description of item of property	Gross carrying value(₹ million)	promoter, director or relative of promoter / director or employee		Property held since which date	Reason for not being held in of the company	the name
		of promoter/director
Freehold land- Delhi	21.73		No	2009	Mutation is inprocess
Freehold land- Halol	0.11		No	2008	Mutation is inprocess
					Title deed is in dispute and is	pending
Freehold land- Halol	10.48				resolution with government authority at
			No	2009	Gujarat
Freehold land- Kolkata	1.14		No	2008	Mutation is inprocess
Freehold land- Daman	1.82		No	2008	Mutation is inprocess
CWIP agingschedule						(₹ million)
	Less than 1 year		1-2 years	2-3 years	More than 3 years Total
Projects inprogress
Cable & Wire Projects		298.04	25.02	68.98	13.64	405.68
FMEG Projects		495.22	341.61	-	-	836.83
Backward Integration Projects		209.09	157.48	-	-	366.57
Other Projects		317.22	1.95	106.72	1.52	427.41
		1,319.57	526.06	175.70	15.16	2,036.49

(e) For capital expenditures contracted but not incurred - Refer note 16(B). (f) CWIP completion schedule, whose completion is overdue or has exceeded its cost compared to its original plan: None (31 March 2021 : None)

Polycab India Limited

Notes to Unaudited Interim Condensed Standalone Financial Statements for the period ended 31 December 2021

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4. Right of use assets

The changes in the carrying value of right of use assets for the period ended 31 December 2021 are as follows:

Right of use assets
The changes in the carryingvalue of right of use assets for theperiod ended 31 December 2021 are as follows:	(₹ million)
	Categoryof ROU asset		Total
	Leasehold Land	Buildings
Gross carrying value
As at 01 Apr 2021	41.78	466.90	508.68
Additions	-	149.14	149.14
Disposals/ Adjustments	(0.03)	(133.30)	(133.33)
As at 31 Dec 2021	41.75	482.74	524.49
Accumulated depreciation
As at 01 Apr 2021	0.91	168.96	169.87
Depreciation charge for theperiod	0.38	112.83	113.21
Disposals/ Adjustments	-	(122.27)	(122.27)
As at 31 Dec 2021	1.29	159.52	160.81
Net carrying value
As at 31 Dec 2021	40.46	323.22	363.68
The changes in the carryingvalue of right of use assets for theperiod ended 31 March 2021 are as follows:	(₹ million)
	Leasehold Land Buildings Category of ROU asset		Total

Gross carrying value
As at 01 Apr 2020	41.78	399.75	441.53
Additions	-	149.11	149.11
Disposals/ Adjustments	-	(81.96)	(81.96)
As at 31 Mar 2021	41.78	466.90	508.68
Accumulated depreciation
As at 01 Apr 2020	0.45	106.09	106.54
Depreciation charge for theperiod	0.46	127.87	128.33
Disposals/ Adjustments	-	(65.00)	(65.00)
As at 31 Mar 2021	0.91	168.96	169.87
Net carrying value
As at 31 Mar 2021	40.87	297.94	338.81
Intangible assets The changes in the carrying value of intangible assets for the period ended 31 December 2021 are as follows:			(₹ million)
			Computer Software
Gross carrying value(at cost)
As at 01 Apr 2021			111.98
Additions			1.13
Disposals/Adjustments			-
As at 31 Dec 2021			113.11
Accumulated amortization
As at 01 Apr 2021			92.40
Amortisation charge for theperiod			10.29
Disposals/ Adjustments			-
As at 31 Dec 2021			102.69
Net carrying value
As at 31 Dec 2021			10.42
The changes in the carryingvalue of intangible assets for theperiod ended 31 March 2021 are as follows:			(₹ million)
			Computer Software
Gross carrying value(at cost)
As at 01 April 2020			105.14
Additions			18.44
Disposals/ Adjustments			(11.60)
As at 31 Mar 2021			111.98
Accumulated amortization
As at 01 April 2020			88.38
Amortisation charge for theperiod			12.29
Disposals/ Adjustments			(8.27)
As at 31 Mar 2021			92.40
Net carrying value
As at 31 Mar 2021			19.58

5. Intangible assets

6. Investment

A Non-current investments

As at 31 Mar 2021 Net carrying value As at 31 Mar 2021 Investment Non-current investments	As at 31 Mar 2021 Net carrying value As at 31 Mar 2021 Investment Non-current investments	92.40 19.58	92.40 19.58
		(₹ million)
Face Value Per Unit Number		31 Dec 21	Number 31 Mar 21
Investments carried at cost(Unquoted)
Investment in Equity Instruments of Subsidiaries(Fully paid-up)
Ryker Base Private Limited(refer below note(a)and(c)) ₹ 10	-	-	52,020,000 541.72
Tirupati Reels Private Limited ₹ 10	3,300,000	33.00	3,300,000 33.00
Dowells Cable Accessories Private Limited ₹ 10	5,400,000	67.67	4,590,000 45.90
Uniglobus Electricals and Electronics Private Limited ₹ 10	1,000,000	10.00	- -
₹ 100 Silvan Innovations Labs Private Limited (Equity share) (refer below note(b))	101,956	8.95	- -

Polycab India Limited

Notes to Unaudited Interim Condensed Standalone Financial Statements for the period ended 31 December 2021

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6. Investment

Investment	Investment	Investment
Non-current investments			(₹ million)
Face Value Per Unit Number			31 Dec 21	Number 31 Mar 21
₹ 10 Silvan Innovations Labs Private Limited (0.1% Compulsorily convertible preference shares		291,177	39.03	- -
₹ 200 Silvan Innovations Labs Private Limited (0.1% Compulsorily convertible preference shares(Class A1)		1,451	2.07	- -
₹ 200 Silvan Innovations Labs Private Limited (0.1% Compulsorily convertible preference shares(Class A2)		4,353	6.22	- -
₹ 200 Silvan Innovations Labs Private Limited (0.1% Compulsorily convertible preference shares(Class A3)		13,236	17.02	- -
₹ 200 Silvan Innovations Labs Private Limited (0.1% Compulsorily convertible preference shares(Class B)		10,864	28.25	- -
₹ 100 Silvan Innovations Labs Private Limited (0.01% Compulsorily Convertible Debentures) [in nature of equity]		780,700	78.07	- -
Polycab Australia PtyLtd AU$1		205,000	11.66	205,000 11.66
Polycab Support Force Pvt Ltd ₹ 10		10,000	0.10	- -
Polycab Electricals And Electronics Private Limited ₹ 10		100,000	1.00	100,000 1.00
			303.04	633.28
Investment in Equity Instruments of Joint Venture (Fully paid-up)
Techno Electromech Private Limited ₹ 10		4,040,000	105.20	4,040,000 105.20
			105.20	105.20
Total Non-current investments			408.24	738.48
Aggregate amount of unquoted investments - At cost			408.24		738.48
Notes: (a) 31 Dec 21 31 Mar 21 Investment at amortised cost 514.15 260.10 Add : Investment duringtheyear - 303.80 Less: Divestment (549.93) - Less: Put option derecognised - (49.75) Add : Guaranteeprovided on credit facility 35.78 27.57 - 541.72 The fair value of corporate guarantee has been included in carrying cost of investment in Ryker base Private Limited. The movement of the investment in Ryker base Private Limited is given as under: (₹ million)
				31 Dec 21	31 Mar 21
	Investment at amortised cost			514.15	260.10
	Add : Investment duringtheyear			-	303.80
	Less: Divestment			(549.93)	-
	Less: Put option derecognised			-	(49.75)
	Add : Guaranteeprovided on credit facility			35.78	27.57
				-	541.72

A Non-current investments

(b) On 18 June 2021, the Company acquired 100% stake in Silvan Innovations Labs Pvt. Ltd. making it a wholly-owned subsidiary at a consideration of ₹ 101.54 million. The acquisition will augment the Company's Internet of Things (IOT) results based automation offerings and expand the potential addressable market in FMEG space.

(c) During the quarter, the Company has divested its 100% stake in Ryker Base Private Limited, a wholly-owned subsidary for a consideration of ₹ 1,778.92 million and recognised a gain of ₹ 1,243.25 million which has been disclosed as an exceptional item.

(d) During the quarter, the Company has increased its stake in a subsidiary viz Dowells Cables Accessories Private Limited from 51% to 60% for a purchase consideration of ₹ 21.77 million.

Current Investments held for sale (₹ million)	Current Investments held for sale (₹ million)	Current Investments held for sale (₹ million)
	31 Dec 21	31 Mar 21
Investments measured at FVTPL(Quoted)
Investments in Liquid/ Overnight Mutual Funds	3,546.04	6,231.27
	3,546.04	6,231.27
Aggregate amount ofquoted investments - At cost	3,544.30	6,222.79
Aggregate amount ofquoted investments - At market value	3,546.04	6,231.27
Cash and cash equivalents (₹ million)
31 Dec 21		31 Mar 21
Cash and cash equivalents(at amortised cost)
Balances with banks
In current accounts	620.69	725.03
Deposits with original maturity of less than 3 months	2.02	1,248.20
Cash in hand	1.81	0.89
	626.70	1,974.12
Inventories (₹ million) There is no repatriation restriction with regard to cash and cash equivalents at the end of reporting period and prior periods.
31 Dec 21 31 Mar 21
Raw materials	9,777.52	7,967.09
Work-in-progress	1,823.79	1,405.07
Finished goods	12,059.10	8,005.96
Stock-in-trade	1,853.47	1,158.24
Stores and spares	250.39	237.46
Packing materials	378.90	289.30
Scrap materials	453.98	226.64
Project materials for long-term contracts	82.34	222.02
	26,679.49	19,511.78

Notes:-

(a) The above includes goods in transit of ₹ 794.81 million (31 March 2021 - ₹ 1,153.72 million)

(b) Inventories are hypothecated with the bankers against working capital limits (refer note 9).

Polycab India Limited

Notes to Unaudited Interim Condensed Standalone Financial Statements for the period ended 31 December 2021

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9. Borrowings

A Borrowings- non-current

Borrowings	Borrowings
Borrowings- non-current		(₹ million)
31 Dec 21 Rate of Interest Tenure end date Gross/ Carrying Value		31 Mar 21
		Gross/ Carrying Value
At amortised cost
Rupee loan(secured)
Indian rupee loan from Citibank N.A. 8.80% 23 August 2021	-	29.93
	-	29.93
Less: Current maturities of long-term borrowings	-	(29.93)
	-	-

Notes:

(a) The above loans are secured by way of

(i) First pari passu charge by way of registered mortgage on specific immovable fixed assets at Halol and hypothecation of all movable fixed assets acquired on or after 1 April 2015.

(ii) Second pari passu charge by way of hypothecation of all movable fixed assets appearing in balance sheet as on 31 March 2015 and on all current assets of the Company.

(iii) Charges with respect to above borrowing has been created in favour of security trustee. No separate charge created for each of the borrowing.

(iv) All charges are registered with ROC within statutory period by the Company. (v) Term loans were applied for the purpose for which the loans were obtained.

(b) Movement in borrowing schedule for the period ended 31 December 2021


B	(b) Movement in borrowing schedule for the period ended 31 December 2021 ECB As at 01 Apr 2021 - Less: Repayments - As at 31 December 2021 - Movement in borrowing schedule for the period ended 31 March 2021 ECB As at 01 Apr 2020 251.29 Less: Repayments (252.74) Add: Foreign exchange loss 1.45 As at 31 Mar 2021 - Borrowings- current	Movement in borrowing schedule for the period ended 31 December 2021		(₹ million)
			ECB	Rupee loan Total
		As at 01 Apr 2021	-	29.93 29.93
		Less: Repayments	-	(29.93) (29.93)
		As at 31 December 2021	-	- -
		Movement in borrowing schedule for the period ended 31 March 2021
			ECB	Rupee loan Total
		As at 01 Apr 2020	251.29	89.78 341.07
		Less: Repayments	(252.74)	(59.85) (312.59)
		Add: Foreign exchange loss	1.45	- 1.45
		As at 31 Mar 2021	-	29.93 29.93
				(₹ million)
				31 Dec 21 31 Mar 21
	At amortised cost
	Short-term loan from banks (Unsecured)			714.20	883.56
	Short-term loan from banks (Secured)			-	5.24
	Current maturities of long-term borrowings			-	29.93
				714.20	918.73
	Note:

(a) The above loans are secured by way of

(i) Secured borrowings from banks are secured against pari passu first charge by way of hypothecation of inventories and receivables .

(ii) Pari passu first charge on specific properties, plant and equipments of the Company such as Daman staff quarters, Daman godown premises, factory land and building at Halol and Daman and office building at Mumbai.

(iii) Pari passu first charge by way of hypothecation of all movable fixed assets appearing in balance sheet as on 31 March 2015.

(iv) Pari passu second charge by way of registered mortgage on all movable assets acquired on or after 1 April 2015.

(v) Charges with respect to above borrowing has been created in favour of security trustee. No separate charge has been created for each of the borrowing.

(vi) All charges are registered with ROC within statutory period by the Company. (vii) Funds raised on short term basis have not been utilised for long term purposes and spent for the purpose it were obtained.

Trade payables (₹ million)	Trade payables (₹ million)	Trade payables (₹ million)
31 Dec 21 31 Mar 21
At Amortised Cost
Total outstandingdues of micro and small enterprises
Tradepayables to relatedparties(refer note - 17(e), (f), (g))	25.99	117.03
Tradepayables - Others	465.52	223.27
	491.51	340.30

Total outstandingdues of creditors other than micro and small enterprises
Acceptances-(refer note below (a))	6,936.24	6,537.51
Other than acceptances
Trade payables to related parties (refer note-17 (e), (f), (g))	177.89	212.77
Trade payables-Others (refer note below (b))	5,998.52	5,970.85
	13,112.65	12,721.13

10. Trade payables

(a) Acceptances represent amounts payable to banks on due date as per usance period of Letter of Credit (LCs) issued to raw material vendors under non-fund based working capital facility approved by Banks for the Company. The arrangements are interest-bearing. Non-fund limits are secured by first pari-passu charge over the present and future current assets of the Company.

(b) Others includes amount payable to vendors, employees liability and accrual of expenses that are expected to be settled in the Company’s normal operating cycle or due to be settled within twelve months from the reporting date.

Polycab India Limited

Notes to Unaudited Interim Condensed Standalone Financial Statements for the period ended 31 December 2021

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10. Trade payables

Notes:-

(d)	Trade Payables ageing schedule As at 31 December 21	(₹ million)
	Not due	Less than 1 year 1-2 years 2-3 years More than 3 years Outstandingfor following periods from due date ofpayment TOTAL
	(i)MSME 404.22	87.29 - - - 491.51
	(ii) Others
	Acceptances 6,936.24	- - - - 6,936.24
	Other than acceptances 2,124.05	4,001.73 36.14 8.15 6.34 6,176.41
	9,060.29	4,001.73 36.14 8.15 6.34 13,112.65
	As at 31 March 21	(₹ million)
	Not Due	Less than 1 year 1-2 years 2-3 years More than 3 years Outstandingfor following periods from due date ofpayment TOTAL
	(i)MSME 308.07	32.23 - - - 340.30
	(ii) Others
	Acceptances 6,537.51	- - - - 6,537.51
	Other than acceptances 1,482.33	4,210.92 117.65 236.62 136.10 6,183.62
	8,019.84	4,210.92 117.65 236.62 136.10 12,721.13

Polycab India Limited

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Notes to Unaudited Interim Condensed Standalone Financial Statements for the period ended 31 December 2021

11. Revenue from operations

Revenue from operations	Revenue from operations	Revenue from operations			(₹ million)
Three months period ended 31 Dec 21			Three months period ended Nine months period ended 31 Dec 20 31 Dec 21		Nine months period ended 31 Dec 20
Revenue from contracts with customers
Revenue on Sale of Products
Finishedgoods		30,220.37	23,478.73	73,374.82	49,695.74
Tradedgoods		2,322.65	2,811.32	5,501.01	5,947.97
Revenue from Construction Contracts		462.38	438.25	1,393.90	1,308.81
		33,005.40	26,728.30	80,269.73	56,952.52
Other operating revenue
Job work income		1.35	2.74	4.28	5.84
Scrapsales		300.59	483.33	1,264.19	935.48
Total revenue from contracts with customers		33,307.34	27,214.37	81,538.20	57,893.84
Export incentives		7.64	7.15	18.46	70.05
Governmentgrant		99.51	250.85	156.54	380.33
Total Revenue from operations		33,414.49	27,472.37	81,713.20	58,344.22
Notes: (a) Disaggregated revenue information Three months period ended Three months period ended Nine months period ended 31 Dec 21 31 Dec 20 31 Dec 21 Type of Goods or Services Wires & Cables 29,480.27 23,721.10 71,438.95 FastMovingElectricalGoods (FMEG) 3,364.69 3,055.02 8,705.35 Revenuefromconstructioncontracts 462.38 438.25 1,393.90 Total revenue from contracts with customers 33,307.34 27,214.37 81,538.20 Location of customer India 30,143.23 24,311.01 74,593.02 Outside India 3,164.11 2,903.36 6,945.18 Total revenue from contracts with customers 33,307.34 27,214.37 81,538.20 Timing of revenue recognition Goods transferred at apoint in time 32,832.28 26,761.57 80,107.20 Goods and Services transferred over aperiod of time 475.06 452.80 1,431.00 Total revenue from contracts with customers 33,307.34 27,214.37 81,538.20 (b) Reconciliation of the revenue from contracts with customers with the amounts disclosed in the segment information Three months period ended Three months period ended Nine months period ended 31 Dec 21 31 Dec 20 31 Dec 21 Total revenue from contracts with customers 33,307.34 27,214.37 81,538.20 Exportincentives (i) 7.64 7.15 18.46 Government grant (ii) 99.51 250.85 156.54 Other income excludingfinance income 103.45 230.93 373.61 Total income asper Segment(Refer note 18) 33,517.94 27,703.30 82,086.81					(₹ million)
	Three months period ended		Three months period ended Nine months period ended		Nine months period ended
	31 Dec 21		31 Dec 20 31 Dec 21		31 Dec 20
	Type of Goods or Services
	Wires & Cables	29,480.27	23,721.10	71,438.95	49,716.92
	FastMovingElectricalGoods (FMEG)	3,364.69	3,055.02	8,705.35	6,868.11
	Revenuefromconstructioncontracts	462.38	438.25	1,393.90	1,308.81
	Total revenue from contracts with customers	33,307.34	27,214.37	81,538.20	57,893.84
	Location of customer
	India	30,143.23	24,311.01	74,593.02	51,783.39
	Outside India	3,164.11	2,903.36	6,945.18	6,110.45
	Total revenue from contracts with customers	33,307.34	27,214.37	81,538.20	57,893.84
	Timing of revenue recognition
	Goods transferred at apoint in time	32,832.28	26,761.57	80,107.20	56,545.65
	Goods and Services transferred over aperiod of time	475.06	452.80	1,431.00	1,348.19
	Total revenue from contracts with customers	33,307.34	27,214.37	81,538.20	57,893.84
	Reconciliation of the revenue from contracts with customers with the amounts disclosed in the segment information				(₹ million)
	Three months period ended Three months period ended Nine months period ended				Nine months period ended
	31 Dec 21 31 Dec 20 31 Dec 21				31 Dec 20
	Total revenue from contracts with customers	33,307.34	27,214.37	81,538.20	57,893.84
	Exportincentives (i)	7.64	7.15	18.46	70.05
	Government grant (ii)	99.51	250.85	156.54	380.33
	Other income excludingfinance income	103.45	230.93	373.61	564.32
	Total income asper Segment(Refer note 18)	33,517.94	27,703.30	82,086.81	58,908.54

(i) Export incentive includes merchandise export from India scheme (MEIS) incentives, Remission of Duties and Taxes on Export Products (RoDTEP) and duty drawback incentives.

12. Other income


Other income (₹ million)
Three months period ended Three months period ended Nine months period ended Nine months period ended 31 Dec 21 31 Dec 20 31 Dec 21 31 Dec 20
(a) Interest income on financial assets
Carried at amortised cost
Bank deposits	47.61	18.40	136.82	74.06
Others (i)	11.58	13.74	53.75	213.91
Carried at FVTPL
Others	3.15	5.32	12.94	12.26
(b) Income from Investments designated at FVTPL
Gain on liquid/overnight mutual funds	47.71	44.44	156.54	83.67
Fair valuationgain on overnight mutual funds	-	14.09	-	21.96
(c) Fair valuegain / loss on financial instruments
Derivatives at FVTPL(refer note(ii)below)	24.86	-	26.37	-
(d) Other non-operating income
Exchange differences(net)	68.23	214.04	296.84	507.10
Gain on sale ofproperty, plant and equipment	-	3.43	-	3.63
Gain on termination of Lease	0.08	0.19	3.97	0.91
Sundrybalances written back	0.39	1.52	5.99	9.84
Miscellaneous income	9.89	11.75	40.44	42.84
	213.50	326.92	733.66	970.18

(i) Nine months period ended 31 December 2020 includes interest on Income Tax refund of Rs. 163.89 million (refer note 22).

Polycab India Limited

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Notes to Unaudited Interim Condensed Standalone Financial Statements for the period ended 31 December 2021

13. Finance costs


Finance costs (₹ million)
Three months period ended Three months period ended Nine months period ended Nine months period ended 31 Dec21 31 Dec20 31 Dec21 31 Dec20
Interest expense on financial liabilities at amortised cost	19.95	31.77	50.83	151.18
Interest expense on financial liabilities atFVTPL	8.48	7.03	24.72	21.44
Exchange differencesregarded as anadjustment to borrowing costs	-	-	-	18.06
Otherborrowing costs(i)	46.03	22.70	138.38	92.70
	74.46	61.50	213.93	283.38

14. Other expenses


Other expenses (₹ million)
Three months period ended Three months period ended Nine months period ended Nine months period ended 31 Dec21 31 Dec20 31 Dec21 31 Dec20
Consumptionofstores and spares	179.86	146.34	546.90	360.14
Sub-contracting expenses	548.66	464.51	1,527.78	1,182.60
Powerandfuel	403.76	355.25	995.11	793.68
Rent	17.35	18.70	44.79	52.95
Advertising and sales promotion	433.81	372.24	653.63	537.98
Brokerage and commission	107.37	108.47	262.50	265.39
Travelling and conveyance	111.93	41.76	269.67	85.80
Legaland professional fees	282.61	117.20	591.25	293.33
Freight &forwarding expenses	837.10	510.16	1,897.22	1,233.13
Sundry advanceswrittenoff	9.44	3.84	14.36	4.78
Loss onsale ofproperty, plant and equipment andnon-current assetsheldforsale	0.91	-	4.55	-
Derivatives atFVTPL(referbelow note (a))	-	19.38	-	31.82
Impairment allowancefortradereceivable considered doubtful	(359.07)	(246.41)	(236.66)	(128.65)
CSRexpenditure	51.00	0.01	153.00	39.91
Other miscellaneous expenses	283.55	255.85	774.41	709.19
	2,908.28	2,167.30	7,498.51	5,462.05

(a) Derivatives at FVTPL relates to foreign exchange fluctuation on forward contracts that did not qualify for hedge accounting and on embedded derivatives, which have been separated.

15. Earnings per share

(a) Basic Earnings per share

Three months period ended Three months period ended Nine months period ended Nine months period ended	Three months period ended Three months period ended Nine months period ended Nine months period ended	Three months period ended Three months period ended Nine months period ended Nine months period ended	Three months period ended Three months period ended Nine months period ended Nine months period ended	Three months period ended Three months period ended Nine months period ended Nine months period ended
31 Dec 21 31 Dec20 31 Dec 21 31 Dec20
Profit aftertax ₹ in million A	3,380.14	2,441.26	6,110.75	5,684.93
Number B Weighted average number of equity shares for basic earning per share	149,345,969	149,050,947	149,221,215	148,978,785
₹ per share (A/B) Earnings per shares - Basic (one equity share of ₹ 10 each) (not annualised)	22.63	16.38	40.95	38.16

(b) Diluted Earnings per share

Three months period ended Three months period ended Nine months period ended Nine months period ended	Three months period ended Three months period ended Nine months period ended Nine months period ended	Three months period ended Three months period ended Nine months period ended Nine months period ended	Three months period ended Three months period ended Nine months period ended Nine months period ended	Three months period ended Three months period ended Nine months period ended Nine months period ended
31 Dec 21 31 Dec20 31 Dec 21 31 Dec20
Profit aftertax ₹ in million A	3,380.14	2,441.26	6,110.75	5,684.93
Number B Weighted average number of equity shares for basic earning per share	149,345,969	149,050,947	149,221,215	148,978,785
Effect of dilution
Share options Number C	223,827	542,473	669,048	584,586
Number D=(B+C) Weighted average number of equity shares adjusted for effect of dilution	149,569,796	149,593,420	149,890,263	149,563,371
₹ per share (A/D) Earnings per shares - Diluted (one equity share of ₹ 10 each) (not annualised)	22.60	16.31	40.77	38.01

Polycab India Limited

Notes to Unaudited Interim Condensed Standalone Financial Statements for the period ended 31 December 2021

16. Contingent liabilities and commitments

==> picture [58 x 33] intentionally omitted <==

Contingent liabilities (to the extent not provided for) (₹ million)	Contingent liabilities (to the extent not provided for) (₹ million)	Contingent liabilities (to the extent not provided for) (₹ million)
	31 Dec 21	31 Mar 21
(i) Outstanding corporate guarantees given on behalf of subsidiaries (Refer note 17 (E))	520.00	4,704.62
(ii) Taxation matters
Disputedliabilityin respect ofsales tax/VATdemand & pending sales tax/VAT forms	4.90	4.30
Disputedliabilityin respect ofService taxduty demand	18.17	18.17
Disputedliabilityin respect ofexcise duty demand	8.60	8.60
Disputedliabilityin respect ofcustomduty demand	17.08	17.04
(iii) Customs Duty on Capital goods imported under Export Promotion Capital Goods Scheme, against which export obligation is to be fulfilled	44.89	37.05
(iv) Customs Duty on Raw Materials imported under Advance License, against which export obligation is to be fulfilled	205.02	207.38

Notes:

(a) In respect of the items above, future cash outflows in respect of contingent liabilities are determinable only on receipt of judgements/decisions pending at various forums/authority. The Company doesn't expect the outcome of matters stated above to have a material adverse effect on the Company's financial conditions, result of operations or cash flows.

(b) There is uncertainty and ambiguity in interpreting and giving effect to the guidelines of Honourable Supreme Court vide its ruling in February 2019, in relation to the scope of compensation on which the organisation and its employees need to contribute towards Provident Fund. The Company will evaluate its position and act, as clarity emerges.

	(b) judgements/decisions pending at various forums/authority. The Company doesn't expect the outcome of matters stated above to have a material adverse effect on the Company's financial conditions, result of operations or cash flows. There is uncertainty and ambiguity in interpreting and giving effect to the guidelines of Honourable Supreme Court vide its ruling in February 2019, in relation to the scope of compensation on which the organisation and its employees need to contribute towards Provident Fund. The Company will evaluate its position and act, as clarity emerges.	(b) judgements/decisions pending at various forums/authority. The Company doesn't expect the outcome of matters stated above to have a material adverse effect on the Company's financial conditions, result of operations or cash flows. There is uncertainty and ambiguity in interpreting and giving effect to the guidelines of Honourable Supreme Court vide its ruling in February 2019, in relation to the scope of compensation on which the organisation and its employees need to contribute towards Provident Fund. The Company will evaluate its position and act, as clarity emerges.	(b) judgements/decisions pending at various forums/authority. The Company doesn't expect the outcome of matters stated above to have a material adverse effect on the Company's financial conditions, result of operations or cash flows. There is uncertainty and ambiguity in interpreting and giving effect to the guidelines of Honourable Supreme Court vide its ruling in February 2019, in relation to the scope of compensation on which the organisation and its employees need to contribute towards Provident Fund. The Company will evaluate its position and act, as clarity emerges.
(B)	Commitments (₹ million)
		31 Dec 21	31 Mar 21
	Capital commitments
	(Estimated value of contracts in capital account remaining to be executed and not provided for (net of capital advances))
	towards Property, Plant and Equipment	1,772.92	1,241.81

17. Related party disclosure

The transactions with related parties are made on terms equivalent to those that prevail in arm's length transactions. Outstanding balances at the period-end are unsecured and settlement occurs in cash or credit as per the terms of the arrangement.

(A) Enterprises where control exists

Country of	Country of	Ownership interest (%)	Ownership interest (%)
incorporation		31 Dec 21	31 Mar 21
(i) Subsidiaries
Italy Polycab Wires Italy SRL Liquidated (PWISRL) (Ceased to be Wholly-Owned Subsidiaryw.e.f. 05 Mar 2021)		-	-
Tirupati Reels Private Limited(TRPL) India		55%	55%
Dowells Cable Accessories Private Limited(DCAPL) India		60%	51%
Polycab Electricals & Electronics Private Limited(PEEPL) India		100%	100%
Polycab USA LLC(PUL) USA		100%	100%
India Ryker Base Private Limited (Ryker)(a) (Ceased to be Wholly-Owned Subsidiaryw.e.f. 18 Nov 2021)		-	100%
Polycab Australia Pty Ltd(b) Australia Polycab Support Force Private Limited (PSFPL)(c) India	ycab Australia Pty Ltd(b) Australia	100%	100%
		100%	100%
UniglobusElectricals andElectronicsPrivateLimited (UEEPL)(d) India		100%	100%
Silvan Innovations Labs Pvt. Ltd.(e) India		100%	-

(ii) Joint Ventures
Techno Electromech Private Limited(TEPL) India		50%	50%

(a) Joint venture till 05 May 2020 and became wholly owned subsidiary from 06 May 2020

(b) incorporated on 01 July 2020

(d) incorporated on 24 March 2021

(e) acquired on 18 June 2021

(B) Enterprises owned or significantly influenced by key managerial personnel

AK Enterprises (A K) Polycab Social Welfare Foundation Transigo Fleet LLP Shreeji Traders

T.P. Ostwal & Associates LLP

(C) Key management personnel

(i) Executive directors

Mr. Inder T. Jaisinghani Chairman and managing Director Mr. Ramesh T. Jaisinghani[ (c)] Whole-time director (up to 12 May 2021) Mr. Ajay T. Jaisinghani[ (c)] Whole-time director (up to 12 May 2021) Mr. Shyam Lal Bajaj[ (a) (c)] Whole time director (up to 12 May 2021) Mr. Rakesh Talati[ (d)] Whole-time director (w.e.f. 13 May 2021) Mr. Bharat A. Jaisinghani[ (d)] Whole-time director (w.e.f. 13 May 2021) Mr. Nikhil R. Jaisinghani[(d)] Whole-time director ~~13~~ (w.e.f. 13 May 2021)

Polycab India Limited

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Notes to Unaudited Interim Condensed Standalone Financial Statements for the period ended 31 December 2021

17. Related party disclosure

(C) Key management personnel

(ii)	Non- Executive directors
	Mr. R S Sharma Independent director
	Mr. T P Ostwal Independent director
	Mr. PradeepPoddar Independent director
	Ms. Hiroo Mirchandani Independent director(upto 12 May2021)
	Ms. Sutapa Benerjee Independent director(w.e.f. 13 May2021)
(iii)	Key managementpersonnel
	Mr. Gandharv Tongia Chief financial officer(w.e.f. 31 May2020)
	Mr. Subramaniam Sai Narayana(b) Companysecretaryand compliance officer(upto 23 Jan 2021)
(iv)	Ms. Manita Gonsalves Companysecretary and compliance officer (w.e.f. 24 Jan 2021) Relatives of Key managementpersonnel
	Mr. Girdhari T. Jaisinghani Brother of Mr. Inder T. Jaisinghani,Mr. AjayT. Jaisinghani & Mr. Ramesh T. Jaisinghani
	Mr. Kunal I. Jaisinghani Son of Mr. Inder T. Jaisinghani
	Ms. Ritika Nikhil Jaisinghani Wife of Mr. Nikhil R. Jaisinghani
	Ms. Jayshriben Talati Wife of Mr. Rakesh Talati
	Mr. Puneet Sehgal Son in law of Ramesh T. Jaisinghani

(a) Mr. Shyam Lal Bajaj resigned from CFO position w.e.f. closing business hours 30 May 2020 and continued as a whole time director till 12 May 2021. (b) Mr. Subramaniam Sai Narayana resigned from Company secretary and compliance officer position w.e.f. 23 January 2021.

(d) Appointed as Whole-time director w.e.f. 13 May 2021.

(D) Transactions with group companies


Transactions with group companies (₹ million)
	Three months period ended 31 Dec 21	Three months period ended Nine months period ended Nine months period ended 31 Dec 20 31 Dec 21 31 Dec 20
(i) Sale ofgoods(including GST)
Tirupati Reels Private Limited Subsidiary	-	(0.06)	-	25.14
Dowells Cable Accessories Private Limited Subsidiary	2.00	0.76	2.72	1.56
Ryker Base Private Limited Subsidiary	198.36	1,552.14	1,167.52	2,889.40
Techno Electromech Private Limited Subsidiary	11.32	14.96	35.78	26.37
Polycab Australia PTY Ltd Subsidiary	287.77	179.25	615.51	179.25
(ii) Purchase ofgoods(including GST)
Tirupati Reels Private Limited Subsidiary	270.83	197.54	601.43	399.16
Dowells Cable Accessories Private Limited Subsidiary	4.26	1.47	5.54	2.98
Ryker Base Private Limited Subsidiary	438.77	370.05	906.50	636.96
Techno Electromech Private Limited Joint Venture	311.54	158.55	674.86	342.71
(iii) Sub-contracting expense(including GST)
Ryker Base Private Limited Subsidiary	87.92	164.81	321.53	366.97
Techno Electromech Private Limited Joint Venture	6.08	4.07	17.87	19.09
(iv) Job work Income(including GST)
Ryker Base Private Limited Subsidiary	1.22	3.07	4.40	4.38
(v) Recovery for Employee Stock Optionsgranted
Ryker Base Private Limited Subsidiary	1.88	-	6.68	-
(vi) Reimbursement of Gas Expense
Ryker Base Private Limited Subsidiary	3.80	-	7.53	-
(vii) Commission received(including GST)
Tirupati Reels Private Limited Subsidiary	0.77	0.77	2.30	2.30
(viii) Rent received(including GST)
Dowells Cable Accessories Private Limited Subsidiary	2.06	2.06	6.19	6.13
Ryker Base Private Limited Subsidiary	0.07	0.16	0.37	0.47
Uniglobus Electricals and Electronics Private Limited Subsidiary	0.13	-	0.13	-
(ix) Interest received
Dowells Cable Accessories Private Limited Subsidiary	-	0.01	-	0.18
Silvan Innovations Labs Pvt. Ltd. Subsidiary	0.97	-	1.77	-
Ryker Base Private Limited Subsidiary	3.55	6.35	17.09	16.22
Polycab Australia PTY Ltd Subsidiary	0.10	-	0.55	-
Uniglobus Electricals and Electronics Private Limited Subsidiary	0.48	-	0.74	-
Techno Electromech Private Limited Joint Venture	3.17	3.48	9.84	10.42
(x) Testing chargespaid(including GST)
Techno Electromech Private Limited Joint Venture	0.30	(0.39)	0.64	8.54
(xi) Other charges recovered(including GST)
Dowells Cable Accessories Private Limited Subsidiary	1.73	0.94	4.19	1.72
Ryker Base Private Limited Subsidiary	-	-	0.52	0.67
Uniglobus Electricals and Electronics Private Limited Subsidiary	-	-	0.16	-
Polycab Support Force Private Limited Subsidiary	0.33	-	0.33	-
(xii) Sale of Fixed Assets(including GST)
Techno Electromech Private Limited Joint Venture	-	-	-	34.81
(xiii) Purchase of Fixed Assets(including GST)
Ryker Base Private Limited Subsidiary	2.58	-	47.23	-

Polycab India Limited

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Notes to Unaudited Interim Condensed Standalone Financial Statements for the period ended 31 December 2021 17. Related party disclosure

(D) Transactions with group companies

Related party disclosure	Related party disclosure	Related party disclosure	Related party disclosure	Related party disclosure
Transactions with group companies (₹ million)
Three months period ended Three months period ended Nine months period ended Nine months period ended
	31 Dec 21	31 Dec 20	31 Dec 21	31 Dec 20
(xiv) Investment made
Polycab Electricals & Electronics Private Limited Subsidiary	-	1.00	-	1.00
Dowells Cable Accessories Private Limited Subsidiary	-	-	21.77	-
Polycab Australia PTY Ltd Subsidiary	-	0.28	-	0.28
Polycab Support Force Private Limited Subsidiary	-	-	0.10	-
Uniglobus Electricals and Electronics Private Limited Subsidiary	-	-	10.00	-
(xv) Loansgiven
Ryker Base Private Limited Subsidiary	-	-	-	300.00
Silvan Innovations Labs Pvt. Ltd. Subsidiary	1.50	-	35.50	-
Uniglobus Electricals and Electronics Private Limited Subsidiary	18.30	-	29.00	-
(xvi) Loangiven repaid
Dowells Cable Accessories Private Limited Subsidiary	-	0.66	-	4.47
Polycab Australia PTY Ltd Subsidiary	13.37	-	25.07	-
Techno Electromech Private Limited Joint Venture	-	-	10.51	-
(xvii) Corporateguaranteegiven
Ryker Base Private Limited Subsidiary	-	-	-	4,173.34
(xviii) Fair value Corporateguarantee
Ryker Base Private Limited Subsidiary	2.60	3.95	9.94	8.34
(xix) Recovery of Manpower charges
Dowells Cable Accessories Private Limited Subsidiary	0.28	-	1.07	-
Uniglobus Electricals and Electronics Private Limited Subsidiary	-	-	5.06	-
(xx) Investment made in Compulsorily Convertible Debentures
Silvan Innovations Labs Pvt. Ltd. Subsidiary	-	-	78.07	-
Outstanding of group companies (₹ million)
			31 Dec 21	31 Mar 21
(i) Loans
Ryker Base Private Limited Subsidiary			-	300.00
Silvan Innovations Labs Pvt. Ltd. Subsidiary			35.50	-
Uniglobus Electricals and Electronics Private Limited Subsidiary			29.00	-
Polycab Australia PTY Ltd Subsidiary			-	25.07
Techno Electromech Private Limited Joint Venture			104.70	115.21
(ii) Trade Receivables
Tirupati Reels Private Limited Subsidiary			3.79	3.20
Dowells Cable Accessories Private Limited Subsidiary			2.03	-
Techno Electromech Private Limited Joint Venture			36.67	23.61
Ryker Base Private Limited Subsidiary			-	456.69
Polycab Australia PTY Ltd Subsidiary			410.74	480.67
Polycab Support Force Private Limited Subsidiary			0.33	-
Uniglobus Electricals and Electronics Private Limited Subsidiary			5.35	-
(iii) Other Receivables
Techno Electromech Private Limited Joint Venture			85.19	85.19
(iv) Receivable under liquidation
Polycab Wires ItalySRL,Liquidated Subsidiary			-	1.03
(v) Advancegiven for material and services
Ryker Base Private Limited Subsidiary			-	28.62
(vi) Interest accrued on loangiven
Silvan Innovations Labs Pvt. Ltd. Subsidiary			1.77	-
Techno Electromech Private Limited Joint Venture			2.80	3.18
Uniglobus Electricals and Electronics Private Limited Subsidiary			0.74	-
Polycab Australia PTY Ltd Subsidiary			0.33	0.25
Ryker Base Private Limited Subsidiary			-	2.14
(vii) Trade Payables
Tirupati Reels Private Limited Subsidiary			25.99	117.03
Dowells Cable Accessories Private Limited Subsidiary			3.42	3.03
Techno Electromech Private Limited Joint Venture			25.72	71.30

(E) Outstanding of group companies

Note:

Company has provided a guarantee for credit facility availed by the Tirupati Reels Private Limited amounting to ₹ 520.00 Million (31 March 2021 : ₹ 520.00 Million).

Polycab India Limited

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Notes to Unaudited Interim Condensed Standalone Financial Statements for the period ended 31 December 2021

17. Related party disclosure

(F) Transactions with KMP:

Remunerationpaid for theperiod ended and outstanding as at:(a)	Remunerationpaid for theperiod ended and outstanding as at:(a)	(₹ million)	(₹ million)	(₹ million)	(₹ million)
31 Dec 21		31 Mar 21 31 Dec 20
Three months period ended Nine months period ended		Outstanding as at Three months period ended		Nine months period ended	Outstanding as at
Executive directors (Includes Salary, Performance Incentive and commission to CMD)
Mr. Inder T. Jaisinghani	53.17 111.80	78.26	41.51 94.84 99.07
Mr. Ramesh T. Jaisinghani	- 3.76	-	8.08 22.35 7.50
Mr. AjayT. Jaisinghani	- 3.76	-	8.08 22.35 7.50
Mr. Bharat A. Jaisinghani	4.48 12.40	2.13	- - -
Mr. Nikhil R. Jaisinghani	4.48 12.40	2.13	- - -
Mr. Rakesh Talati	4.23 11.24	1.83	- - -
Mr. Shyam Lal Bajaj	- 3.25	0.72	7.04 19.58 6.17
Non- Executive directors (Includes sitting fees and commission)
Mr. T P Ostwal	1.04 2.58	1.50	0.68 2.38 2.00
Mr. R S Sharma	0.96 2.50	1.50	0.68 2.38 2.00
Mr. PradeepPoddar	0.96 2.66	1.50	0.76 2.38 2.00
Ms. Hiroo Mirchandani	- -	-	0.68 2.22 2.00
Ms. Sutapa Benerjee	0.96 2.34	1.50	- - -
Key management personnel (Includes Salary and Performance Incentive)
Mr. Gandharv Tongia	4.92 15.61	2.40	3.99 9.98 1.67
Ms. Manita Gonsalves	0.80 2.42	0.15	- - 0.22
Mr. Subramaniam Sai Narayana	- -	-	0.77 2.18 -

(a) As the liabilities for gratuity and leave encashment are provided on actuarial basis for the Company as a whole, the amounts pertaining to the directors and KMP are not included above.

(ii) Share based payments to KMP[(a)]


(ii) Share based payments to KMP(a) (₹ million) Three months period ended Three months period ended Nine months period ended Nine months period ended 31 Dec 21 31 Dec 20 31 Dec 21 31 Dec 20 Mr. Shyam Lal Bajaj - 1.19 0.55 6.47 Mr. Gandharv Tongia 0.37 0.54 2.40 2.42 Mr. Rakesh Talati 0.37 - 2.15 - Mr. Subramaniam Sai Narayana - 0.12 - 0.65 (iii) Sale of fixed assets to KMP and relative (Including GST) (₹ million) 31 Mar 21 Three months period ended Nine months period ended Outstanding as at Three months period ended Nine months period ended Outstanding as at Mr. Inder T. Jaisinghani - 2.63 - - - - Mr. Ramesh T. Jaisinghani - - - - - 1.35 Mr. AjayT. Jaisinghani - 3.18 - - - 0.17 Mr. Bharat A. Jaisinghani - 1.14 - - - - Mr. Girdhari T. Jaisinghani - 2.23 - - - - Ms. Ritika Nikhil Jaisinghani - 4.08 - - - - Mr. Puneet Sehgal - - - - - 0.55 Transactions with KMP: (iv) Transactions with enterprises owned or significantly influenced by key managerial personnel (₹ million) 31 Mar 21 Three months period ended Nine months period ended Outstanding as at Three months period ended Nine months period ended Outstanding as at Polycab Social Welfare Foundation Donation 50.95 152.95 52.53 - 39.73 - Transigo Fleet LLP Professional fees 4.78 10.53 - - - - AK Enterprises Reimbursement of Electricity Expense 0.32 0.96 - - - - AK Enterprises Rent paid (including GST) 7.29 21.88 2.23 7.29 14.58 - Shreeji Traders Purchase of goods (including GST) - 0.94 - - - - Professional fees (excluding GST) 0.02 0.16 0.02 0.17 0.93 0.16 (a)Represents expense by way of share based payments attributable to directors and KMP 31 Dec 20 31 Dec 21 31 Dec 20 31 Dec 21 Nature of transaction* T.P. Ostwal & Associates LLP	Share based payments to KMP(a)				(₹ million)
			Three months period ended 31 Dec 21	Three months period ended 31 Dec 20	Nine months period ended 31 Dec 21	Nine months period ended 31 Dec 20
	Mr. Shyam Lal Bajaj		-	1.19	0.55	6.47
	Mr. Gandharv Tongia		0.37	0.54	2.40	2.42
	Mr. Rakesh Talati		0.37	-	2.15	-
	Mr. Subramaniam Sai Narayana		-	0.12	-	0.65
	Sale of fixed assets to KMP and relative (Including GST) (a)Represents expense by way of share based payments attributable to directors and KMP				(₹ million)
	31 Dec 21			31 Mar 21 31 Dec 20
	Three months period ended Nine months period ended Outstanding as at			Three months period ended	Nine months period ended	Outstanding as at
	Mr. Inder T. Jaisinghani	- 2.63 -		- - -
	Mr. Ramesh T. Jaisinghani	- - -		- - 1.35
	Mr. AjayT. Jaisinghani	- 3.18 -		- - 0.17
	Mr. Bharat A. Jaisinghani	- 1.14 -		- - -
	Mr. Girdhari T. Jaisinghani	- 2.23 -		- - -
	Ms. Ritika Nikhil Jaisinghani	- 4.08 -		- - -
	Mr. Puneet Sehgal	- - -		- - 0.55
				(₹ million)
	31 Dec 21			31 Mar 21 31 Dec 20
	Three months period ended Nine months period ended Outstanding as at Nature of transaction			Three months period ended	Nine months period ended	Outstanding as at
	Polycab Social Welfare Foundation Donation	50.95 152.95 52.53		- 39.73 -
	Transigo Fleet LLP Professional fees	4.78 10.53 -		- - -
	AK Enterprises Reimbursement of Electricity Expense	0.32 0.96 -		- - -
	AK Enterprises* Rent paid (including GST)	7.29 21.88 2.23		7.29 14.58 -
	Shreeji Traders Purchase of goods (including GST)	- 0.94 -		- - -
	Professional fees (excluding GST) T.P. Ostwal & Associates LLP	0.02 0.16 0.02		0.17 0.93 0.16

(F) Transactions with KMP:

*Security deposit given to AK Enterprises amounting to ₹ 6.17 million (31 March 2021 : ₹ 5.91 million).

Polycab India Limited

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Notes to Unaudited Interim Condensed Standalone Financial Statements for the period ended 31 December 2021

17. Related party disclosure

(G) Transactions with relatives of KMP:

Remuneration paid for the period ended and outstanding as at:

Related party disclosure Transactions with relatives of KMP:	Related party disclosure Transactions with relatives of KMP:
Remunerationpaid for theperiod ended and outstanding as at:		(₹ million)
Three months period ended Nine months period ended Outstanding as at 31 Dec 21		31 Mar 21 Three months period ended Nine months period ended Outstanding as at 31 Dec 20
Mr. Bharat A. Jaisinghani	- 0.84 -	3.32 9.20 2.98
Mr. Nikhil R. Jaisinghani	- 0.84 -	3.32 9.20 2.98
Mr. Girdhari T. Jaisinghani	- - -	2.31 5.09 2.18
Mr. Kunal I. Jaisinghani	0.71 2.25 0.34	0.60 1.81 0.01
Rentpaid for theperiod ended and outstanding as at:		(₹ million)
Three months period ended Nine months period ended Outstanding as at 31 Dec 21		31 Mar 21 Three months period ended Nine months period ended Outstanding as at 31 Dec 20
Ms. Jayshriben Talati	0.15 0.34 -	- - -

18. Segment reporting

The Company is organised into business units based on its products and services and has three reportable segments as follows:

Wire and Cable : Manufacture and sale of wires and cables.

Fast moving electrical goods (FMEG): Fans, LED lighting and luminaires, switches, switchgears, solar products, pumps, conduits and domestic appliances.

Others : It comprise of EPC business which includes design, engineering, supply of materials, survey, execution and commissioning of power distribution, rural electrification projects on a trunkey basis.

Polycab India Limited

Notes to Unaudited Interim Condensed Standalone Financial Statements for the period ended 31 December 2021

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18. Segment Reporting

The following summary describes the operations in each of the Company's reportable segments for nine months period ended: (₹ million)	The following summary describes the operations in each of the Company's reportable segments for nine months period ended: (₹ million)	The following summary describes the operations in each of the Company's reportable segments for nine months period ended: (₹ million)	The following summary describes the operations in each of the Company's reportable segments for nine months period ended: (₹ million)	The following summary describes the operations in each of the Company's reportable segments for nine months period ended: (₹ million)	The following summary describes the operations in each of the Company's reportable segments for nine months period ended: (₹ million)	The following summary describes the operations in each of the Company's reportable segments for nine months period ended: (₹ million)
	Wires & Cables FMEG Others Eliminatio ns Total 31 Dec 21 Nine months period ended			Wires & Cables FMEG Others Eliminatio ns Total 31 Dec 20 Nine months period ended
Income
External sales	71,974.06 8,707.23 1,405.52 - 82,086.81			50,714.92 6,872.65 1,320.97 - 58,908.54
Inter segment revenue	69.71 - - (69.71) -			57.39 - - (57.39) -
Total Income	72,043.77 8,707.23 1,405.52 (69.71) 82,086.81			50,772.31 6,872.65 1,320.97 (57.39) 58,908.54
Segment Results
External	6,280.04 112.56 236.87 - 6,629.47			5,772.00 322.27 190.99 - 6,285.26
Inter segment results	6.11 - - (6.11) -			6.60 - - (6.60) -
Segment/Operating results	6,286.15 112.56 236.87 (6.11) 6,629.47			5,778.60 322.27 190.99 (6.60) 6,285.26
Un-allocated items:
Finance income	360.05			405.86
Finance costs	213.93			283.38
Exceptional items	1,243.25			-
Profit before tax	8,018.84			6,407.74
Income tax expenses
Current tax	1,976.72			1,601.94
Adjustment of tax relating to earlieryear	(30.55)			(905.39)
Deferred tax(credit)/charge	(38.08)			26.26
Profit for theyear	6,110.75			5,684.93
Depreciation & amortisation expenses	1,337.35 139.88 2.90 - 1,480.13			1,164.86 118.64 2.41 - 1,285.91
Non-cash expenses/ (Income) other than depreciation	(254.02) 57.73 3.79 - (192.50)			(415.26) 44.66 77.47 - (293.13)
Total cost incurred during the period to acquire segment assets (net of disposal)	1,538.89 727.86 - - 2,266.75			1,127.16 144.07 - - 1,271.23
The following summary describes the operations in each of the Company's reportable segments for three months period ended: (₹ million)
	Wires & Cables FMEG Others Eliminatio ns Total Three months period ended 31 Dec 21			Wires & Cables FMEG Others Eliminatio ns Total Three months period ended 31 Dec 20
Income
External sales	29,687.60 3,365.93 464.41 - 33,517.94			24,204.58 3,055.07 443.65 - 27,703.30
Inter segment revenue	17.07 - - (17.07) -			46.04 - - (46.04) -
Total Income	29,704.67 3,365.93 464.41 (17.07) 33,517.94			24,250.62 3,055.07 443.65 (46.04) 27,703.30
Segment Results
External	3,031.49 56.43 73.23 - 3,161.15			3,027.87 181.64 55.77 - 3,265.28
Inter segment results	2.04 - - (2.04) -			5.41 - - (5.41) -
Segment/Operating results	3,033.53 56.43 73.23 (2.04) 3,161.15			3,033.28 181.64 55.77 (5.41) 3,265.28
Un-allocated items:
Finance income	110.05			95.99
Finance costs	74.46			61.50
Exceptional items	1,243.25			-
Profit before tax	4,439.99			3,299.77
Income tax expenses
Current tax	1,032.98			840.70
Adjustment of tax relating to earlieryear	-			-
Deferred tax(credit)/charge	26.87			17.81
Profit for theyear	3,380.14			2,441.26
Depreciation & amortisation expenses	449.18 48.75 0.96 - 498.89			403.41 39.85 0.93 - 444.19
Non-cash expenses/ (Income) other than depreciation	(417.38) 22.79 0.62 - (393.97)			(414.18) 11.72 65.82 - (336.64)
Total cost incurred during the period to acquire segment assets (net of disposal)	540.86 352.51 - - 893.37			532.16 87.79 - - 619.95
Revenue by Geography The amount of its revenue from external customers analysed by the country, in which customers are located, are given below: (₹ million)
		Three months period ended 31 Dec 21	Three months period ended 31 Dec 20		Nine months period ended 31 Dec 21	Nine months period ended 31 Dec 20
Within India		30,353.83	24,799.94		75,141.63	52,798.09
Outside India		3,164.11	2,903.36		6,945.18	6,110.45
		33,517.94	27,703.30		82,086.81	58,908.54

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Polycab India Limited

Notes to Unaudited Interim Condensed Standalone Financial Statements for the period ended 31 December 2021

(C) Segment assets


Segment assets (₹ million)
	Wires & Cables FMEG Others Eliminatio ns Total 31 Dec 21	Wires & Cables FMEG Others Eliminatio ns Total 31 Mar 21
Segment assets	49,315.31 7,628.83 3,192.55 - 60,136.69	44,545.63 5,896.31 4,247.92 - 54,689.86
Unallocated assets:
Investments (Non-current and Current)	3,954.28	6,969.75
Income tax assets (net)	388.65	269.66
Cash and cash equivalents and bank balance (Including fixed deposit)	3,824.51	4,710.15
Loans	202.55	447.73
Other unallocable assets	2,302.21	181.78
Total assets	70,808.89	67,268.93
Segment liabilities (₹ million)
	Wires & Cables FMEG Others Eliminatio ns Total 31 Dec 21	Wires & Cables FMEG Others Eliminatio ns Total 31 Mar 21
Segment liabilities	11,438.60 2,877.52 2,451.99 - 16,768.11	12,723.64 2,666.93 2,902.67 - 18,293.24
Unallocated liabilities:
Borrowings (Non-Current and Current, including Current Maturity)	714.20	918.73
Current tax liabilities (net)	-	267.45
Deferred tax liabilities (net)	306.36	337.64
Other unallocable liabilities	1,082.50	379.57
	18,871.17	20,196.63

(D) Segment liabilities

(E) Non-current assets by Geography

The total of non-current assets excluding financial assets and deferred tax assets analysed by the country in which assets are located are given below:

Non-current assets by Geography The total of non-current assets excluding financial assets and deferred tax assets analysed by the country in which assets are located are given below:	Non-current assets by Geography The total of non-current assets excluding financial assets and deferred tax assets analysed by the country in which assets are located are given below:	Non-current assets by Geography The total of non-current assets excluding financial assets and deferred tax assets analysed by the country in which assets are located are given below:
(₹ million)
	31 Dec 21	31 Mar 21
Within India	18,382.37	17,478.46
Outside India	-	-
	18,382.37	17,478.46

Polycab India Limited

Notes to Unaudited Interim Condensed Standalone Financial Statements for the period ended 31 December 2021

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19. Financial Instruments and Fair Value Measurement

For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the basis of the nature, characteristics and risk of the assets or liability are explained as in the accounting policy of the Company.

. Financial Instruments and Fair Value Measurement For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the basis of the nature, characteristics and risk of the assets or liability are explained as in the accounting policy of the Company.	. Financial Instruments and Fair Value Measurement For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the basis of the nature, characteristics and risk of the assets or liability are explained as in the accounting policy of the Company.	. Financial Instruments and Fair Value Measurement For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the basis of the nature, characteristics and risk of the assets or liability are explained as in the accounting policy of the Company.	. Financial Instruments and Fair Value Measurement For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the basis of the nature, characteristics and risk of the assets or liability are explained as in the accounting policy of the Company.	. Financial Instruments and Fair Value Measurement For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the basis of the nature, characteristics and risk of the assets or liability are explained as in the accounting policy of the Company.
Set out below, is a comparison by class of the carrying amounts and fair value of the Company's financial instruments, other than those with carrying amounts that are reasonable approximations of fair values: (₹ million)
Carrying value Fair value
	31 Dec 21	31 Mar 21	31 Dec 21	31 Mar 21
Financial assets
Measured at amortised cost
Trade receivables	13,411.60	15,595.76	13,411.60	15,595.76
Cash and cash equivalents	626.70	1,974.12	626.70	1,974.12
Bank balance other than cash and cash equivalents(refer note h)	1,106.30	2,904.75	1,106.30	2,904.75
Loans	202.55	447.73	202.55	447.73
Other financial assets	2,596.49	818.66	2,596.49	818.66

Measured at fair value through profit or loss account(FVTPL)
Investment in mutual funds	3,546.04	6,231.27	3,546.04	6,231.27
Derivative Assets	255.29	33.79	255.29	33.79
	21,744.97	28,006.08	21,744.97	28,006.08
Financial liabilities
Measured at amortised cost
Borrowings - longterm includingcurrent maturities and short term	714.20	918.73	714.20	919.51
Tradepayables	13,604.16	13,061.43	13,604.16	13,061.43
Creditors for capital expenditure	189.40	273.78	189.40	273.78
Obligations under lease	360.85	335.22	371.83	345.58
Fair value of corporateguarantee	-	15.31	-	15.31
Other financial liabilities	48.47	46.10	48.47	46.10

Measured at fair value through profit or loss account(FVTPL)
Derivative liabilities	67.90	1,013.31	67.90	1,013.31
	14,984.98	15,663.88	14,995.96	15,675.02

(b) Embedded foreign currency and commodity derivatives are measured similarly to the foreign currency forward contracts and commodity derivatives. The embedded derivatives are commodity and foreign currency forward contracts which are separated from purchase contracts.
(c) The management assessed that cash and cash equivalents, trade receivables, trade payables, short-term borrowings, loans to related party, loans to employees, short term security deposit and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.

(d) The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

(e) The fair values of the mutual funds are based on NAV at the reporting date.
(f) The fair value of interest rate swaps are based on MTM bank rates as on reporting date.
(g) The Company enters into derivative financial instruments with various counterparties, principally financial institutions with investment grade credit ratings. Foreign exchange forward contracts are valued using valuation techniques, which employs the use of market observable inputs. The most frequently applied valuation techniques include forward pricing and swap models, using present value calculations. The models incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, yield curves of the respective currencies, currency basis spreads between the respective currencies, interest rate curves. The changes in counterparty credit risk had no material effect on the hedge effectiveness assessment for derivatives designated in hedge relationships and other financial instruments recognised at fair value.
(h) Fixed deposit of ₹ ₹ 437.80 million (31 Mar 2021: ₹ 500 million) is restricted for withdrawal, considering it is lien against commercial
(i) Non-current other financial assets includes fixed deposit having maturity period of more than 12 months of ₹ 2,091.51 million (31 Mar 2021: ₹ 557.20 million).

Fair value hierarchy

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, to provide an indication about the reliability of inputs used in determining fair value, the Company has classified its financial statements into three levels prescribed under the Ind AS as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities
Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable
Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

The following table provides the fair value measurement hierarchy of the Company's assets and liabilities.

Polycab India Limited

Notes to Unaudited Interim Condensed Standalone Financial Statements for the period ended 31 December 2021

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19. Financial Instruments and Fair Value Measurement

. Financial Instruments and Fair Value Measurement	. Financial Instruments and Fair Value Measurement
Quantitative disclosures fair value measurement hierarchy for assets and liabilities as at 31 December 2021 : (₹ million)
Quoted prices in active markets Significant observable inputs Significant unobservable inputs (Level 1) (Level 2) (Level 3) Date of valuation Total Fair value measurement using
Assets measured at fair value:
Units of mutual funds	31 Dec 21 3,546.04 3,546.04 - -
Derivative Assets
Embedded derivatives	31 Dec 21 200.37 - 200.37 -
Forward Contract	31 Dec 21 54.91 - 54.91 -

Liabilities measured at fair value:
Derivative liabilities :
Commoditycontracts	31 Dec 21 67.90 - 67.90 -
Quantitative disclosures fair value measurement hierarchy for assets and liabilities as at 31 March 2021: (₹ million)
Quoted prices in active markets Significant observable inputs Significant unobservable inputs (Level 1) (Level 2) (Level 3) Date of valuation Total Fair value measurement using
Assets measured at fair value:
Units of mutual funds 31 Mar 21 6,231.27 6,231.27 - -
Derivative Assets
Forward Contract 31 Mar 21 31.37 - 31.37 -
Interest rate and cross currencyswap 31 Mar 21 2.42 - 2.42 -

Liabilities measured at fair value:
Derivative liabilities :
Embedded derivatives 31 Mar 21 356.38 - 356.38 -
Commoditycontracts 31 Mar 21 656.93 - 656.93 -

The Company's policy is to recognise transfers into and transfers out of fair value hierarchy levels as of the date of the event or change in circumstances that caused the transfer. However, there were no transfers between the levels as at the end of the reporting period.

20. Financial Risk Management Objectives And Policies

The Company's principal financial liabilities, other than derivatives, comprise loans and borrowings and trade and other payables. The main purpose of these financial liabilities is to finance the Company's operations and to provide guarantees to support its operations. The Company's principal financial assets include loans, trade and other receivables, and cash and cash equivalents that derive directly from its operations. The Company also holds FVTPL investments and enters into derivative transactions.

The Company is exposed to market risk, credit risk and liquidity risk. The Board of Directors of the Company has formed a Risk Management Committee to periodically review the risk management policy of the Company so that the management manages the risk through properly defined mechanism. The Risk Management Committee's focus is to foresee the unpredictability and minimize potential adverse effects on the Company's financial performance. The Company's overall risk management procedures to minimise the potential adverse effects of financial market on the Company's performance are as follows:

(A) Market Risk

(i) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company's exposure to the risk of changes in market interest rates relates primarily to the Company's long-term debt obligations with floating interest rates. The Company is also exposed to the risk of changes in market interest rates relates due to its investments in mutual fund units in overnight funds.

The Company manages its interest rate risk by having a fixed and variable rate loans and borrowings. The Company enters into interest rate swaps for long term foreign currency borrowings, in which it agrees to exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to an agreed-upon notional principal amount. At 31 December 2021, after taking into account the effect of interest rate swaps, approximately 0% of the Company's borrowings are at a fixed rate of interest (31 March 2021: 4%). Total borrowing as on 31 December 2021 is ₹ 714.20 million (31 March 2021 ₹ 918.73 million).

Polycab India Limited

Notes to Unaudited Interim Condensed Standalone Financial Statements for the period ended 31 December 2021

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20. Financial Risk Management Objectives And Policies

Interest rate sensitivity

ial Risk Management Objectives And Policies Interest rate sensitivity	ial Risk Management Objectives And Policies Interest rate sensitivity
The following table demonstrates the sensitivity to a reasonably possible change in interest rates		on that portion of loans and borrowings
affected, after the impact of hedge accounting. With all other variables held constant, the Company's profit before			tax is affected through
the impact on floating rate borrowings, as follows:				(₹ million)
	Exposure to interest rate risk (Principal amount of loan)	Increase/ decrease in basis points		Effect on profit before tax- gain/(loss)
31 Dec 21	714.20
Increase			+100	(7.14)
Decrease			-100	7.14
31 Mar 21	883.56
Increase			+100	(8.84)
Decrease			-100	8.84

(ii) Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company's exposure to the risk of changes in foreign exchange rates relates primarily to the Company's operating activities (when revenue or expense is denominated in a foreign currency) and the Company's borrowings in foreign currency.

Derivative financial instruments

The Company enters into derivative contracts with an intention to hedge its foreign exchange price risk and interest risk. Derivative contracts which are linked to the underlying transactions are recognised in accordance with the contract terms. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Any gains or losses arising from changes in the fair value of derivatives are taken directly to Statement of Profit & Loss. To some extent the Company manages its foreign currency risk by hedging transactions.

Particulars of unhedged foreign currency exposures as at the reporting date:

Currency Currency Symbol	Foreign currency Indian Rupees 31 Dec 21	Foreign currency Indian Rupees 31 Mar 21
United StatesDoller USD	(71.16) (5,287.35)	(54.07) (3,974.68)
EURO Euro	3.27 274.97	1.32 113.33
Pound GBP	(0.07) (6.64)	1.00101.39
SwissFranc CHF	0.2924.01	0.05 3.86
Japanese yen JPY	0.65 0.42	- -
Australian Dollar AUD	6.69 360.71	1.5284.91

Foreign currency sensitivity

The following tables demonstrate the sensitivity to a reasonably possible change in USD, Euro, GBP, CHF, JPY and AUD exchange rates, with all other variables held constant. The impact on the Company's profit before tax is due to changes in the fair value of monetary assets and liabilities including non-designated foreign currency derivatives and embedded derivatives. Sensitivity due to unhedged Foreign Exchange Exposures is as follows:

Impact on profit before tax and equity- gain/ (loss)

Impact on profit before tax and equity- gain/ (loss)	Impact on profit before tax and equity- gain/ (loss)	Impact on profit before tax and equity- gain/ (loss)	Impact on profit before tax and equity- gain/ (loss)
(₹ million)
Currency +2% -2% 31 Dec 21 Currency Symbol			+2% -2% 31 Mar 21
United StatesDoller USD	(105.75)	105.75	(79.49) 79.49
EURO Euro	5.50	(5.50)	2.27 (2.27)
Pound GBP	(0.13)	0.13	2.03 (2.03)
SwissFranc CHF	0.48	(0.48)	0.08 (0.08)
Japanese yen JPY	0.01	(0.01)	- -
Australian Dollar AUD	7.21	(7.21)	1.70 (1.70)

Polycab India Limited

Notes to Unaudited Interim Condensed Standalone Financial Statements for the period ended 31 December 2021

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20. Financial Risk Management Objectives And Policies

(iii) Commodity price risk

The Company's exposure to price risk of copper and aluminium arises from :

Trade payables of the Company where the prices are linked to LME prices, payment is therefore sensitive to changes in copper and aluminium prices quoted on LME. The provisional pricing feature (Embedded Derivatives) are classified in the balance sheet as fair value through profit or loss. The option to fix prices at future LME prices works as a natural hedge against the movement in value of inventory of copper and aluminium held by the Company. The Company also takes sell LME positions to hedge the price risk on inventory due to ongoing movement in rates quoted on LME. The Company applies fair value hedge to protect its copper and aluminium inventory from the ongoing movement in rates.
Purchases of copper and aluminium results in exposure to price risk due to ongoing movement in rates quoted on LME affecting the profitability and financial position of the Company. The risk management strategy is to use the buy future contracts linked to LME to hedge the variation in cash flows of highly probable future purchases. There are no outstanding buy future contracts link to LME as of 31 December 2021 and 31 March 2021.

Sensitivity analysis for unhedged exposure for the period ended 31 December 2021 are as follows:

Sensitivity analysis for unhedged exposure for the period ended 31 December 2021 are as follows:	Sensitivity analysis for unhedged exposure for the period ended 31 December 2021 are as follows:	Sensitivity analysis for unhedged exposure for the period ended 31 December 2021 are as follows:
Exposure of Company in Inventory (₹ million)
Metal Hedge instruments	+2% -2% +2% -2% Exposure in ₹ million Impact in Profit before tax -gain/ ( loss) 31 Dec 21 31 Mar 21 Exposure in Metric Tonne Exposure in ₹ million Impact in Profit before tax - gain/ ( loss) Exposure in Metric Tonne
Copper Embedded derivative	2,047 1,500.99(30.02) 30.02	- - - -
Aluminium Embedded derivative	2,856 772.76 (15.46) 15.46	3,293 588.35 (11.77) 11.77

(B) Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments.

Trade receivables and contract assets

The Company has adopted a policy of only dealing with counterparties that have sufficient credit rating. The Company’s exposure and credit ratings of its counterparties are continuously monitored and the aggregate value of transactions is reasonably spread amongst the counterparties. Credit risk has always been managed through credit approvals, establishing credit limits and continuously monitoring the credit worthiness of customers to which the Company grants credit terms in the normal course of business. On account of adoption of Ind AS 109, the Company uses expected credit loss model to assess the impairment loss or gain. The Company has applied Expected Credit Loss (ECL) model for measurement and recognition of impairment losses on trade receivables. ECL has been computed as a percentage of revenue on the basis of Company's historical data of delay in collection of amounts due from customers and default by the customers along with management's estimates.

The Company has sold without recourse trade receivable under channel finance arrangement for providing credit to its dealers. Evaluation is made as per the terms of the contract i.e. if the Company does not retain any risk and rewards or control over the financial assets, then the entity derecognises such assets upon transfer of financial assets under such arrangement with the banks. Derecognition does not result in significant gain / loss to the Company in the statement of profit and loss.

In certain cases, the Company has sold with recourse trade receivables to a bank for cash proceeds. These trade receivables have not been derecognised from the statement of financial position, because the Company retains substantially all of the risks and rewards – primarily credit risk. The amount received on transfer has been recognised as a financial liability (Refer note 9(B)). The arrangement with the bank is such that the customers remit cash directly to the bank and the bank releases the limit of facility used by the Company. The receivables are considered to be held within a held-to-collect business model consistent with the Company’s continuing recognition of the receivables.

(C) Liquidity risk

The Company's principle sources of liquidity are cash and cash equivalents and the cash flow that is generated from operations. The Company believes that the working capital is sufficient to meet its current requirements.

Further, the Company manages its liquidity risk in a manner so as to meet its normal financial obligations without any significant delay or stress. Such risk is managed through ensuring operational cash flow while at the same time maintaining adequate cash and cash equivalents position. The management has arranged for diversified funding sources and adopted a policy of managing assets with liquidity in mind and monitoring future cash flows and liquidity on a regular basis. Surplus funds not immediately required are invested in certain financial assets (including mutual funds) which provide flexibility to liquidate at short notice and are included in current investments and cash equivalents. Besides, it generally has certain undrawn credit facilities which can be accessed as and when required, which are reviewed periodically.

The Company has developed appropriate internal control systems and contingency plans for managing liquidity risk. This incorporates an assessment of expected cash flows and availability of alternative sources for additional funding, if required.

Corporate guarantees given on behalf of Group Companies might affect the Liquidity of the Company if they are payable. However, the Company has adequate liquidity to cover the risk. (Refer note 16(A))

Maturity Analysis

Maturity Analysis	Maturity Analysis	Maturity Analysis
The table below summarises the maturity profile of the Company's financial liabilities based on contractual undiscounted payments. (₹ million
< 1 year > equal to 1year Total < 1 year > equal to 1year Total 31 Dec 21 31 Mar 21
Borrowings	714.20 - 714.20	918.81 - 918.81
Lease liability	138.33 290.66 428.99	135.35 271.85 407.20
Other financial liabilities	305.77 - 305.77	1,333.19 - 1,333.19
Tradepayables	13,604.16 - 13,604.16	13,061.43 - 13,061.43
	14,762.46 290.66 15,053.12	15,448.78 271.85 15,720.63

During the year ended 31 March 2021, other financial liabilities includes contractual undiscounted value of financial guarantees provided to Ryker Base Pvt. Ltd. It also includes derivative liability, for maturity analysis refer note 21(B).

Polycab India Limited

Notes to Unaudited Interim Condensed Standalone Financial Statements for the period ended 31 December 2021

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21. Hedging activity and derivatives

(A) Fair value hedge of copper and aluminium price risk in inventory

(i) The Company enters into contracts to purchase copper and aluminium wherein the Company has the option to fix the purchase price based on LME price of copper and aluminium during a stipulated time period. Accordingly, these contracts are considered to have an embedded derivative that is required to be separated. Such feature is kept to hedge against exposure in the value of inventory of copper and aluminium due to volatility in copper and aluminium prices. The Company designates the embedded derivative in the payable for such purchases as the hedging instrument in fair value hedging of inventory. The Company designates only the spot-to-spot movement of the copper and aluminium inventory as the hedged risk. The carrying value of inventory is accordingly adjusted for the effective portion of change in fair value of hedging instrument. Hedge accounting is discontinued when the hedging instrument is settled, or when it is no longer qualifies for hedge accounting or when the hedged item is sold.
(ii) To use the sell future contracts linked with LME to hedge the fair value risk associated with inventory of copper and aluminium. Once the purchases are concluded and its final price is determined, the Company starts getting exposed to price risk of these inventory till the time it is not been sold. The Company’s policy is to designate the copper and aluminium inventory which are already priced and which is not been sold at that point in time in a hedging relationship against sell LME future positions based on the risk management strategy of the Company. The hedged risk is movement in spot rates.

To test the hedge effectiveness between embedded derivatives/derivatives and LME prices of copper and aluminium, the Company uses the said prices during a stipulated time period and compares the fair value of embedded derivatives/derivatives against the changes in fair value of LME price of copper and aluminium attributable to the hedged risk.

The Company has established a hedge ratio of 1:1 for the hedging relationships as the underlying embedded derivative/derivative is identical to the LME price of copper and aluminium.

Disclosure of effects of fair value hedge accounting on financial position:

Hedged item:

Changes in fair value of inventory attributable to change in copper and aluminium prices.

Hedging instrument:

Changes in fair value of the embedded derivative of copper and aluminium trade payables and sell future contracts, as described above.

(B) Cash flow hedge associated with highly probable forecasted purchases of copper and aluminium:

The Company has purchases of copper and aluminium which results in exposure to price risk due to ongoing movement in rates quoted on LME which affects the profitability and financial position of the Company. The risk management strategy is to use the Buy future contracts linked to LME to hedge the variation in cash flows of highly probable future purchases. The Company designate the monthly copper and aluminium purchases as a highly probable forecasted transaction in a hedging relationship based on the risk management strategy of the Company.

As at 31 December 21


As at 31 December 21		(₹ million)
	Asset- increase/ (decrease) Liabilities- increase/ (decrease) Equity- increase/ (decrease) Commodity price risk Carrying amount Maturity date	Hedge Ratio Balance sheet classification Effective portion of Hedge -gain/ ( loss) Ineffective portion of Hedge -gain/ ( loss)
Fair Value Hedge
Hedging instrument Hedged item	41.20 - - - - 51.74 - (200.37) - - (51.74) - - 119.64 - Buy Derivative Position Sell Derivative Position Inventory of Copper and aluminium Range within 1 to 8 months Embedded derivative in trade payables of Copper and aluminium Highly probable future purchases	1:1 Inventory 1:1 Cash flow hedge Reserve 1:1 Current financial liabilities 1:1 Current financial liabilities 1:1 Current financial liabilities (41.20) 121.93

- (51.74) - 1:1 financial liabilities - 119.64 - 1:1 Current financial liabilities Buy Derivative Position Sell Derivative Position	- (51.74) - 1:1 financial liabilities - 119.64 - 1:1 Current financial liabilities Buy Derivative Position Sell Derivative Position	- (51.74) - 1:1 financial liabilities - 119.64 - 1:1 Current financial liabilities Buy Derivative Position Sell Derivative Position	- (51.74) - 1:1 financial liabilities - 119.64 - 1:1 Current financial liabilities Buy Derivative Position Sell Derivative Position	- (51.74) - 1:1 financial liabilities - 119.64 - 1:1 Current financial liabilities Buy Derivative Position Sell Derivative Position
The following table presents details of amounts held in effective portion of Cash Flow Hedge and the period during which these are going to be released and
affecting Statement of profit and Loss -gain/ (loss)				(₹ million)
		As at 31 Dec 21
		Cash Flow hedge release to P&L
	Less than 3 Months	3 Months to 6 Months	6 Months to 12 Months	Total
Commodity Price risk
BuyFuture Contracts- Copper	28.94	-	-	28.94
BuyFuture Contracts- Aluminium	22.80	-	-	22.80
Sell Future Contracts- Copper	(85.67)	(25.54)	-	(111.21)
Sell Future Contracts- Aluminium	(8.43)	-	-	(8.43)

Polycab India Limited

Notes to Unaudited Interim Condensed Standalone Financial Statements for the period ended 31 December 2021

==> picture [53 x 30] intentionally omitted <==

21. Hedging activity and derivatives

As at 31 March 2021


As at 31 March 2021		(₹ million)
	Asset- increase/ (decrease) Liabilities- increase/ (decrease) Equity- increase/ (decrease) Commodity price risk Carrying amount Maturity date	Effective portion of Hedge -gain/ ( loss) Ineffective portion of Hedge -gain/ ( loss) Hedge Ratio Balance sheet classification
Fair Value Hedge
Hedged item Hedging instrument	896.65 - - - 356.38 - - (23.62) - - 680.55 - Buy Derivative Position Sell Derivative Position Inventory of Copper and aluminium Range within 1 to 6 months Embedded derivative in trade payables of Copper and aluminium	1:1 Inventory 1:1 Current financial liabilities 1:1 Current financial liabilities 1:1 Current financial liabilities (896.65) (116.66)


affectingStatement ofprofit and Loss -gain/(loss)				(₹ million)
		As at 31 Mar 21
		Cash Flow hedge release to P&L
	Less than 3 Months	3 Months to 6 Months	6 Months to 12 Months	Total
Commodity Price risk
BuyFuture Contracts- Copper	(0.67)	-	-	(0.67)
BuyFuture Contracts- Aluminium	24.29	-	-	24.29
Sell Future Contracts- Copper	(397.91)	(173.78)	-	(571.69)
Sell Future Contracts- Aluminium	(82.32)	(26.06)	(0.48)	(108.86)

The Board of Directors has constituted a Risk Management Committee (RMC) to frame, implement and monitor the risk management plan of the Company which inter-alia covers risks arising out of exposure to foreign currency fluctuations. Under the guidance and framework provided by the RMC, the Company uses various derivative instruments such as foreign exchange forward, currency options and futures contracts in which the counter party is generally a bank. For the purpose of the Company’s capital management, capital includes issued equity capital, securities premium and all other equity reserves attributable to the equity shareholders. The primary objective is to maximise the shareholders value.

The Company has entered into derivative instruments not in hedging relationship by way of foreign exchange forward contracts. The notional amount of outstanding contracts and loss/(gain) on fair valuation of such contracts are given below: (₹ million)	The Company has entered into derivative instruments not in hedging relationship by way of foreign exchange forward contracts. The notional amount of outstanding contracts and loss/(gain) on fair valuation of such contracts are given below: (₹ million)	The Company has entered into derivative instruments not in hedging relationship by way of foreign exchange forward contracts. The notional amount of outstanding contracts and loss/(gain) on fair valuation of such contracts are given below: (₹ million)
	31 Dec 21	31 Mar 21
Foreign exchange forward contracts- Buy	3,970.77	3,150.01
Foreign exchange forward contracts- Sale	(4,294.05)	(457.25)
	(323.28)	2,692.76
Fair valuationgain on foreign exchange forward contracts	(54.91)	(31.37)

22. During nine months ended 31 December 2020, the Company had received a favourable order from Honourable Income-Tax Appellate Tribunal for AY 2012-13 to 2015-16 resulting into write back of income-tax provision of ₹ 839.52 million and recognition of interest on income tax refund of ₹ 163.89 million.

23. Events after the reporting period

No significant adjusting event occurred between the balance sheet date and date of the approval of these financial statements by the Board of Directors of the Company requiring adjustment or disclosure.

24. Others

Figures representing ₹ 0.00 million are below ₹ 5,000.

As per our report of even date

For B S R & Co. LLP Chartered Accountants

For and on behalf of the Board of Directors of Polycab India Limited CIN : L31300GJ1996PLC114183

ICAI Firm Registration No. 101248W/W-100022

sd/-

Bhavesh Dhupelia

Partner Membership No. 042070

Place: Mumbai Date: 21 January 2022

sd/sd/sd/- Inder T. Jaisinghani Nikhil R. Jaisinghani Bharat A. Jaisinghani Chairman & Managing Director Whole Time Director Whole Time Director DIN : 00309108 DIN : 00742771 DIN : 00742995

sd/sd/- Gandharv Tongia Place: Mumbai Manita Gonsalves Chief Financial Officer Date: 21 January 2022 Company Secretary Membership No. 402854 Membership No. A18321

AI assistant

Polycab India Limited — Interim / Quarterly Report 2022

61384_rns_2022-01-21_097ce51b-689a-49f8-a8c7-821e8d15e282.pdf

POLYCAB INDIA LIMITED

Scrip Code: 542652 Scrip Symbol: Polycab ISIN:- INE455K01017

Company Secretary and Compliance Officer

Polycab India Limited

Unaudited Interim Condensed Consolidated Financial Statements for the period ended 31 December 2021

Polycab India Limited

Unaudited Interim Condensed Consolidated Balance Sheet as at 31 December 21

Polycab India Limited

Unaudited Interim Condensed Consolidated Statement of Profit & Loss for period ended 31 December 21

Polycab India Limited

Unaudited Interim Condensed Consolidated Statement of Changes in Equity for period ended 31 December 21

Polycab India Limited

1. Corporate information

2. Summary of significant accounting policies

A) Basis of preparation

B) Use of estimates and judgements

C) Accounting policies

D) Recent pronouncement

Polycab India Limited

3. Property, plant and equipment

Notes:-

Polycab India Limited

4. Right of use assets

5. Intangible assets

Polycab India Limited

6. Investment

Note : Dowells Cable Accessories Private Limited Acquisition:

Note : Silvan Acquisition:

Notes:-

Polycab India Limited

9. Borrowings

Notes:

(a) The above loans are secured by way of

Note:

(a) The above loans are secured by way of

Polycab India Limited

10. Trade payables

Notes:-

Polycab India Limited

11. Revenue from operations

12. Other income

Polycab India Limited

13. Finance costs

14. Other expenses

15. Earnings per share

Polycab India Limited

15. Earnings per share

Polycab India Limited

Unaudited Interim Condensed Consolidated Statement of Profit & Loss for period ended 31 December 21

16. Discontinued Operations

Polycab India Limited

17. Contingent liabilities and commitments

Notes:

18. Related party disclosure

(A) Enterprises where control exists

(B) Enterprises owned or significantly influenced by key managerial personnel

(C) Key management personnel

(F) Transactions with KMP:

(G) Transactions with relatives of KMP:

Polycab India Limited

Notes to Consolidated Financial Statements for period ended 31 December 21

19. Segment Reporting

Polycab India Limited

20. Financial Instruments and Fair Value Measurement

Fair value hierarchy

Polycab India Limited

20. Financial Instruments and Fair Value Measurement

21. Financial Risk Management Objectives And Policies

(A) Market Risk

(i) Interest rate risk

21. Financial Risk Management Objectives And Policies

Interest rate sensitivity

(ii) Foreign currency risk

Derivative financial instruments

Particulars of unhedged foreign currency exposures as at the reporting date:

Foreign currency sensitivity

Impact on profit before tax and equity- gain/ ( loss)

Polycab India Limited Interim / Quarterly Report 2022