5220642022-04-012022-06-305220642022-04-012022-06-30in-bse-fin:OtherExpenses1Member5220642022-04-012022-06-30ItemsThatWillNotBeReclassifiedToProfitAndLoss1iso4217:INRiso4217:INRxbrli:shares522064HONDAPOWERNOTLISTEDINE634A01018Honda India Power Products LimitedEquity2022-04-012022-03-312022-08-052022-07-21INRLakhsFirst quarterSingle segmentPower Products2022-08-0516:03:002022-08-0516:30:00Not applicable2022-04-012022-06-30UnauditedStandalone20006000005750000020581000001682100000227200000-7453000003838000006000004830000039580000019925000006560000006560000027900000-1140000016500000049100000000049100000-1000004900000000101400000104.844.84004.844.841.The above financial results of the Company have been prepared in accordance with the recognition and management principles of Indian Accounting Standards ("Ind AS") as notified under the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules issued thereafter. <BR> <BR> 2.The above results were reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on August 5, 2022. <BR> <BR> 3.The Company is in the business of “Power Products” which is a single business segment in accordance with Ind AS-108 "Operating Segment" notified pursuant to Companies (Accounting Standards) Rule, 2015. <BR> <BR> 4.The figures of the quarter ending March 31, 2022 are the balancing figures between the audited figures in respect of the relevant financial years and the published unaudited year to date figures up to the third quarter of the relevant financial years. <BR> <BR> 5.The Company’s major export is to its fellow subsidiaries located in the United States of America (USA), Canada, Australia, UK and the countries in European Union (EU) and European Free Trade Association (EFTA). <BR> In line with the regulatory requirements of the above-mentioned countries, the Company is required to do product line testing (PLT) on regular intervals for one of the key products being sold to these countries to comply with emission norms. Results of such testing done during 2nd half of the financial year 2021-22, were not in confirmation with required norms in case of Australia, UK, and the countries in EU/EFTA and exceeded the declarations on the products but within the required norms in case of USA and Canada models. <BR> As a precautionary measure, the Company stopped dispatches during March 2022 and is further analysing the root cause. Further, the Company is assessing the coverage and its monetary impact which may be in the form of replacement cost of components in the products and regulatory fees, if any, in the importing countries. The Company would be engaging with a lawyer after ascertaining the root cause for this issue along with countermeasures for taking up the matter with regulatory authorities in related regions. Considering the above-mentioned facts, it is not practicable for the management to make reasonable estimate regarding the ultimate outcome of the matter and the corresponding impact in the current financial results. <BR> <BR> In June 2022, the Company has started dispatches to USA and Canada under the revised declaration. <BR> <BR> 6.Beginning FY 2022-23, to comply with the proposed Code on Social Security, 2020 issued by the Ministry of Labour and Employment, the Company has restructured the salary components paid to its employees. Pursuant to this, the liability for the past service cost amounting to INR 799 lacs has been booked in the current quarter (INR 508 lacs for gratuity and INR 291 lacs for leave encashment) and accordingly the resultant employee cost is not comparable with earlier quarters.Other Expenses395800000Remeasurement of post-employment benefit obligations-100000-10000000