Integrated Filing — IndAS



General information about company
Scrip Code 505192
NSE Symbol SMLISUZU
MSEI Symbol NOTLISTED
ISIN INE294B01019
Name of company SML ISUZU LIMITED
Type of company Main Board
Class of security Equity
Date of start of financial year 01-Apr-2024
Date of end of financial year 31-Mar-2025
Date of board meeting when results were approved 30-May-2025
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 09-May-2025
Description of presentation currency INR (in Actuals)
Reporting Type Quarterly
Reporting Quarter Fourth quarter
Nature of report standalone or consolidated Standalone
Whether results are audited or unaudited for the quarter ended Audited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Audited
Segment Reporting Single segment
Description of single segment COMMERCIAL VEHICLE
Start date and time of board meeting 30-May-2025   11:00:00
End date and time of board meeting 30-May-2025   13:55:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification Declaration of unmodified opinion
Whether the company has any related party? Yes
Whether the company has entered into any Related Party transaction during the selected half year for which it wants to submit disclosure? Yes
(I) We declare that the acceptance of fixed deposits by the bans/Non-Banking Finance Company are at the terms uniformly applicable/offered to all shareholders/public NA
(II) We declare that the scheduled commercial bank, as per RBI circular RBI/DBR/2015-16/19 dated March 03, 2016, has allowed additional interest of one per cent per annum, over and above the rate of interest mentioned in the schedule of interest rates on savings or a term deposits of banks staff and their exclusive associations as well as on deposits of Chairman, Chairman & Managing Director, Executive Director or such other Executives appointed for a fixed tenure. NA
Whether the company is a high value debt listed entity according to regulation 15 (1A)? No
(a) If answer to above question is Yes, whether complying with proviso to regulation 23 (9), i.e., submitting RPT disclosures on the day of results publication?
(b) If answer to above question is No, please explain the reason for not complying.
Whether the updated Related Party Transactions (RPT) Policy (in compliance with Reg. 23 of SEBI LODR) has been uploaded on the website of the Company? Yes
Latest Date on which RPT policy is updated 2025-02-07
Indicate Company website link for updated RPT policy of the Company https://www.smlisuzu.com/storage/uploads/finance_reports/RPTPolicy.pdf
Whether statement on deviation or variation for proceeds of public issue, rights issue, preferential issue, qualified institutions placement etc. is applicable to the company for the current quarter? No
No. of times funds raised during the quarter
Whether the disclosure for the Default on Loans and Debt Securities is applicable to the entity? No
Not applicable



Financial Results Ind-AS
Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-Jan-2025 01-Apr-2024
B Date of end of reporting period 31-Mar-2025 31-Mar-2025
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Standalone Standalone
Part I Blue color marked fields are non-mandatory. For Consolidated Results, if the company has no figures for 3 months / 6 months ended, in such case zero shall be inserted in the said column.
1 Income
Revenue from operations 7713800000 23989900000
Other income 17200000 60600000
Total income 7731000000 24050500000
2 Expenses
(a) Cost of materials consumed 5395900000 17264800000
(b) Purchases of stock-in-trade 246800000 878500000
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade 171500000 77900000
(d) Employee benefit expense 526600000 2062600000
(e) Finance costs 89300000 298800000
(f) Depreciation, depletion and amortisation expense 120900000 483500000
(f) Other Expenses
1 Other Expenses 468600000 1360600000
Total other expenses 468600000 1360600000
Total expenses 7019600000 22426700000
3 Total profit before exceptional items and tax 711400000 1623800000
4 Exceptional items 0 0
5 Total profit before tax 711400000 1623800000
6 Tax expense
7 Current tax 24400000 33100000
8 Deferred tax 157500000 374000000
9 Total tax expenses 181900000 407100000
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0 0
11 Net Profit Loss for the period from continuing operations 529500000 1216700000
12 Profit (loss) from discontinued operations before tax 0 0
13 Tax expense of discontinued operations 0 0
14 Net profit (loss) from discontinued operation after tax 0 0
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 0 0
16 Total profit (loss) for period 529500000 1216700000
17 Other comprehensive income net of taxes -12400000 -14400000
18 Total Comprehensive Income for the period 517100000 1202300000
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent
Total profit or loss, attributable to non-controlling interests
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent
Total comprehensive income for the period attributable to owners of parent non-controlling interests
21 Details of equity share capital
Paid-up equity share capital 144800000 144800000
Face value of equity share capital 10 10
27 Details of debt securities
22 Reserves excluding revaluation reserve 0
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 36.6 84.08
Diluted earnings (loss) per share from continuing operations 36.6 84.08
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations 36.6 84.08
Diluted earnings (loss) per share from continuing and discontinued operations 36.6 84.08
24 Debt equity ratio
25 Debt service coverage ratio
26 Interest service coverage ratio
27 Disclosure of notes on financial results Textual Information(1)



Disclosure of notes on financial results
Textual Information(1) 1.tThe above audited results were reviewed by the Audit Committee on 29 May 2025 and approved by the Board of Directors in their meeting held on 30 May 2025. The above results for the year ended 31 March 2025 have been audited by the Statutory Auditors of the Company. The unmodified audit report of the Statutory Auditors is being filed with the BSE and National Stock Exchange Limited. For more details on the audited results, visit disclosure section of our website at www.smlisuzu.com and Financial Results in Corporates section of www.nseindia.com and www.bseindia.com. 2.The above financial results have been prepared in accordance with the recognition and measurement principles of the Indian Accounting Standards Ind AS prescribed under section 133 of the Companies Act, 2013 the Act read with the Companies Indian Accounting Standards Rules, 2015 as amended from time to time, and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015 as amended, including relevant circulars issued by the SEBI from time to time. 3.The Company is primarily engaged in the business of manufacturing of commercial vehicles and related components which constitutes a single business segment and accordingly, disclosure requirements of Ind AS 108, Operating Segments are not required to be given. As defined in Ind AS 108, the Chief Operating Decision Maker CODM, i.e. the Board of Directors, evaluates the performance of the Company and allocates resources based on the analysis of the various performance indicators of the Company as a single unit. 4.The figures for the quarter ended 31 March 2025 and the corresponding quarter ended in the previous year, as reported in these financial results, are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto the end of third quarter of the relevant financial year. Also, the figures upto the end of the third quarter had only been reviewed and not subjected to audit. 5. Subsequent to the year ended 31 March 2025, Sumitomo Corporation, Japan Promoter shareholder and Isuzu Motors Limited, Japan Public shareholder have entered into Share Purchase Agreements with Mahindra and Mahindra Limited Acquirer on 26 April 2025, whereby they have agreed to sell 63,62,306 equity shares representing 43.96% of the equity share capital of the Company and 21,70,747 equity shares representing 15.00% of the equity share capital of the Company respectively, of face value of Rs.10 each, at a price of Rs. 650 per share.Further, on 5 May 2025, the Acquirer has published a Detailed Public Statement to the public shareholders announcing the Open Offer for acquisition of upto 37,62,628 fully paid equity shares of face value of Rs.10 each, representing 26% of the equity share capital of the Company, at a price of Rs. 1,554.60 per share.tThe aforesaid acquisition and the Open Offer are subject to satisfaction of customary conditions precedent including, but not limited to, receipt of approval from the Competition Commission of India CCI.t6. The Board of Directors at their meeting held on 30 May 2025, has considered and recommended a final dividend of 180% Rs. 18 per equity share of Rs. 10 each fully paid up amounting to Rs. 26.05 crores for the year ended 31 March 2025, subject to approval by the shareholders at the ensuing Annual General Meeting.t7. The Company has received anonymous complaint alleging that some employees may have financial dealings with specific dealers. To investigate the matter, the Company, on the directions of Audit Committee, has appointed an external expert who has submitted their report to the Audit Committee and the Audit Committee has appointed a subcommittee of two independent directors to look into all aspects and conclude the matter. Based on experts findings, there is no evidence of financial impropriety or fraud against the Company. Management is confident that this matter is not expected to have any material impact on the accompanying financial results and consequently, no adjustment is required to be made to the financial results for the quarter and year ended 31 March 2025.t8. The CEO and CFO have certified these results under Regulation 332 of SEBI LODR Regulations, 2015.ttttt



Remarks
Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Statement of Asset and Liabilities
Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-Apr-2024
Date of end of reporting period 31-Mar-2025
Whether results are audited or unaudited Audited
Nature of report standalone or consolidated Standalone
Assets
1 Non-current assets
Property, plant and equipment 2634500000
Capital work-in-progress 422900000
Investment property 0
Goodwill 0
Other intangible assets 575900000
Intangible assets under development 172000000
Biological assets other than bearer plants 0
Investments accounted for using equity method 0
Non-current financial assets
Non-current investments 0
Trade receivables, non-current 0
Loans, non-current 15100000
Other non-current financial assets 28800000
Total non-current financial assets 43900000
Deferred tax assets (net) 0
Other non-current assets 112000000
Total non-current assets 3961200000
2 Current assets
Inventories 5779900000
Current financial asset
Current investments 0
Trade receivables, current 2652500000
Cash and cash equivalents 31000000
Bank balance other than cash and cash equivalents 167300000
Loans, current 9000000
Other current financial assets 22000000
Total current financial assets 2881800000
Current tax assets (net) 0
Other current assets 371200000
Total current assets 9032900000
3 Non-current assets classified as held for sale 0
4 Regulatory deferral account debit balances and related deferred tax Assets 0
Total assets 12994100000
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 144800000
Other equity 3681800000
Total equity attributable to owners of parent 3826600000
Non controlling interest
Total equity 3826600000
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 625500000
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises 0
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 0
Total Trade payable 0
Other non-current financial liabilities 148200000
Total non-current financial liabilities 773700000
Provisions, non-current 480100000
Deferred tax liabilities (net) 178300000
Deferred government grants, Non-current 0
Other non-current liabilities 18400000
Total non-current liabilities 1450500000
Current liabilities
Current financial liabilities
Borrowings, current 2592300000
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 326500000
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 3374800000
Total Trade payable 3701300000
Other current financial liabilities 279400000
Total current financial liabilities 6573000000
Other current liabilities 790000000
Provisions, current 331000000
Current tax liabilities (Net) 23000000
Deferred government grants, Current 0
Total current liabilities 7717000000
3 Liabilities directly associated with assets in disposal group classified as held for sale 0
4 Regulatory deferral account credit balances and related deferred tax liability 0
Total liabilities 9167500000
Total equity and liabilites 12994100000
Disclosure of notes on assets and liabilities



Format for Reporting Segmenet wise Revenue, Results and Capital Employed along with the company results
Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-Jan-2025 01-Apr-2024
Date of end of reporting period 31-Mar-2025 31-Mar-2025
Whether accounts are audited or unaudited Audited Audited
Nature of report standalone or consolidated Standalone Standalone
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
Total Segment Revenue
Less: Inter segment revenue
Revenue from operations
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
Total Profit before tax
i. Finance cost
ii. Other Unallocable Expenditure net off Unallocable income
Profit before tax
3 (Segment Asset - Segment Liabilities)
Segment Asset
Total Segment Asset
Un-allocable Assets null null
Net Segment Asset null null
4 Segment Liabilities
Segment Liabilities
Total Segment Liabilities
Un-allocable Liabilities null null
Net Segment Liabilities null null
Disclosure of notes on segments



Other Comprehensive Income
Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-Jan-2025 01-Apr-2024
B Date of end of reporting period 31-Mar-2025 31-Mar-2025
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Standalone Standalone
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
1 Remeasurement gains / (losses) gains on defined benefit plans -16700000 -19300000
Total Amount of items that will not be reclassified to profit and loss -16700000 -19300000
2 Income tax relating to items that will not be reclassified to profit or loss -4300000 -4900000
3 Amount of items that will be reclassified to profit and loss
Total Amount of items that will be reclassified to profit and loss
4 Income tax relating to items that will be reclassified to profit or loss 0 0
5 Total Other comprehensive income -12400000 -14400000



Cash flow statement, indirect
Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-Apr-2024
B Date of end of reporting period 31-Mar-2025
C Whether results are audited or unaudited Audited
D Nature of report standalone or consolidated Standalone
Part I Blue color marked fields are non-mandatory.
Statement of cash flows
Cash flows from used in operating activities
Profit before tax 1623800000
Adjustments for reconcile profit (loss)
Adjustments for finance costs 298800000
Adjustments for decrease (increase) in inventories 7100000
Adjustments for decrease (increase) in trade receivables, current -961900000
Adjustments for decrease (increase) in trade receivables, non-current 0
Adjustments for decrease (increase) in other current assets -127200000
Adjustments for decrease (increase) in other non-current assets 7200000
Adjustments for other financial assets, non-current 2600000
Adjustments for other financial assets, current -7000000
Adjustments for other bank balances 0
Adjustments for increase (decrease) in trade payables, current 383000000
Adjustments for increase (decrease) in trade payables, non-current 0
Adjustments for increase (decrease) in other current liabilities 134900000
Adjustments for increase (decrease) in other non-current liabilities -100000
Adjustments for depreciation and amortisation expense 483500000
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0
Adjustments for provisions, current -2800000
Adjustments for provisions, non-current -42000000
Adjustments for other financial liabilities, current 2400000
Adjustments for other financial liabilities, non-current 5000000
Adjustments for unrealised foreign exchange losses gains 1200000
Adjustments for dividend income 0
Adjustments for interest income 41000000
Adjustments for share-based payments 0
Adjustments for fair value losses (gains) 0
Adjustments for undistributed profits of associates 0
Other adjustments for which cash effects are investing or financing cash flow 0
Other adjustments to reconcile profit (loss) 0
Other adjustments for non-cash items 11900000
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0
Total adjustments for reconcile profit (loss) 155600000
Net cash flows from (used in) operations 1779400000
Dividends received 0
Interest paid 0
Interest received 0
Income taxes paid (refund) 4600000
Other inflows (outflows) of cash 0
Net cash flows from (used in) operating activities 1774800000
Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0
Cash flows used in obtaining control of subsidiaries or other businesses 0
Other cash receipts from sales of equity or debt instruments of other entities 0
Other cash payments to acquire equity or debt instruments of other entities 0
Other cash receipts from sales of interests in joint ventures 0
Other cash payments to acquire interests in joint ventures 0
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0
Proceeds from sales of property, plant and equipment 2500000
Purchase of property, plant and equipment 619800000
Proceeds from sales of investment property 0
Purchase of investment property 0
Proceeds from sales of intangible assets 0
Purchase of intangible assets 0
Proceeds from sales of intangible assets under development 0
Purchase of intangible assets under development 0
Proceeds from sales of goodwill 0
Purchase of goodwill 0
Proceeds from biological assets other than bearer plants 0
Purchase of biological assets other than bearer plants 0
Proceeds from government grants 0
Proceeds from sales of other long-term assets 0
Purchase of other long-term assets 0
Cash advances and loans made to other parties 0
Cash receipts from repayment of advances and loans made to other parties 0
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0
Dividends received 0
Interest received 40000000
Income taxes paid (refund) 0
Other inflows (outflows) of cash -32100000
Net cash flows from (used in) investing activities -609400000
Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 0
Payments from changes in ownership interests in subsidiaries 0
Proceeds from issuing shares 0
Proceeds from issuing other equity instruments 0
Payments to acquire or redeem entity's shares 0
Payments of other equity instruments 0
Proceeds from exercise of stock options 0
Proceeds from issuing debentures notes bonds etc 0
Proceeds from borrowings 580900000
Repayments of borrowings 1519700000
Payments of lease liabilities 24500000
Dividends paid 232400000
Interest paid 287700000
Income taxes paid (refund) 0
Other inflows (outflows) of cash 800000
Net cash flows from (used in) financing activities -1482600000
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes -317200000
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 0
Net increase (decrease) in cash and cash equivalents -317200000
Cash and cash equivalents cash flow statement at beginning of period 348200000
Cash and cash equivalents cash flow statement at end of period 31000000





Details of Impact of Audit Qualification
Whether results are audited or unaudited Audited
Declaration of unmodified opinion or statement on impact of audit qualification Declaration of unmodified opinion
Auditor's opinion
Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results Yes
Sr No. Audit firm's name Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI Certificate valid upto
1 Walker Chandiok & Co LLP Yes 31-May-2028


Format for Disclosure of Related Party Transactions (applicable only for half-yearly filings i.e., 2nd and 4th quarter)
Sr No. Additional disclosure of related party transactions - applicable only in case the related party transaction relates to loans, inter-corporate deposits, advances or investments made or given by the listed entity/subsidiary. These details need to be disclosed only once, during the reporting period when such transaction was undertaken.
Details of the party (listed entity/subsidiary) entering into the transaction Details of the counterparty Type of related party transaction Details of other related party transaction Value of the related party transaction as approved by the audit committee Remarks on approval by audit committee Value of the related party transaction ratified by the audit committee Date of Audit Committee Meeting where the ratification was approved Value of transaction during the reporting period In case monies are due to either party as a result of the transaction In case any financial indebtedness is incurred to make or give loans, inter-corporate deposits, advances or investments Details of the loans, inter-corporate deposits, advances or investments Notes
Name PAN Name PAN Relationship of the counterparty with the listed entity or its subsidiary Opening balance Closing balance Nature of indebtedness (loan/ issuance of debt/ any other etc.) Details of other indebtedness Cost Tenure Nature (loan/ advance/ intercorporate deposit/ investment ) Interest Rate (%) Tenure Secured/ unsecured Purpose for which the funds will be utilised by the ultimate recipient of funds (endusage)
1 SML ISUZU LIMITED Sumitomo Corporation, Japan Promoter Purchase of goods or services 9300000 Approved 3800000 -1600000 -1800000
2 SML ISUZU LIMITED Sumitomo Corporation, Japan Promoter Any other transaction Fee on Corporate Gurantee taken in respect of banking facilities 28200000 Approved 0 0 0
3 SML ISUZU LIMITED Sumitomo Corporation, Japan Promoter Any other transaction Other current Liabilities/Assets 0 NA 0 2600000 1000000
4 SML ISUZU LIMITED Sumitomo Corporation, Japan Promoter Dividend paid Dividend approved by the shareholders 101800000 0 0
5 SML ISUZU LIMITED Isuzu Motors Limited, Japan Significant shareholder Dividend paid Dividend approved by the shareholders 34700000 0 0
6 SML ISUZU LIMITED Navodaya Enterprises (including PAC) Shareholder (PAC) Dividend paid Dividend approved by the shareholders (Navodya Enterprises (Acquirer) along with Person Acting in Concert (PAC) - SPV Traders, Anandam Enterprises, Sapna Gupta and Sachin Bansal) 45600000 0 0
7 SML ISUZU LIMITED Junya Yamanishi Managing Director & CEO (ceased w.e.f. 16th April, 2025) Remuneration Managerial remuneration as approved by Board 11100000 0 6900000
8 SML ISUZU LIMITED Rakesh Bhalla Chief Financial officer Remuneration Managerial remuneration as approved by Board 4300000 0 0
9 SML ISUZU LIMITED Parvesh Madan Company Secretary Remuneration Managerial remuneration as approved by Board 2900000 0 0
10 SML ISUZU LIMITED Surender Kumar Tuteja Independent Director Remuneration Sitting fee and remuneration of Independent Directors as approved by Board 1300000 0 1300000
11 SML ISUZU LIMITED Sudhir Nayar Independent Director Remuneration Sitting fee and remuneration of Independent Directors as approved by Board 1300000 0 1300000
12 SML ISUZU LIMITED Atima Khanna Independent Director Remuneration Sitting fee and remuneration of Independent Directors as approved by Board 2900000 0 2500000
13 SML ISUZU LIMITED Chandra Shekhar Verma Independent Director Remuneration Sitting fee and remuneration of Independent Directors as approved by Board 2900000 0 2500000
14 SML ISUZU LIMITED Sanjeev Mehan Independent Director Remuneration Sitting fee and remuneration of Independent Directors as approved by Board 1700000 0 1300000
Total value of transaction during the reporting period 214300000