MAHINDCIE2022-01-012022-03-31in-bse-fin:OneOperatingExpenses01Member iso4217:INRxbrli:purexbrli:sharesiso4217:INRxbrli:shares MAHINDCIE 2022-01-01 2022-12-31 2022-03-30 INR Millions First quarter Single segment AUTOMOTIVE 2022-01-01 2022-03-31 Unaudited Standalone 9924900000.00 937570000.00 10862470000.00 5289040000.00 0.00 149170000.00 1158300000.00 35050000.00 309540000.00 1945700000.00 8886800000.00 1975670000.00 0.00 1975670000.00 259890000.00 28870000.00 288760000.00 0.00 1686910000.00 0.00 0.00 0.00 0.00 1686910000.00 0.00 1686910000.00 0.00 0.00 3791220000.00 0 4.45 4.45 0.00 0.00 4.45 4.45 1.The statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognized accounting practices and policies to the extent applicable. 2.In September 2018, the Board of Directors of Mahindra CIE Automotive Limited decided to dispose off the forging business in the United Kingdom, corresponding to the company Stokes Group Limited. Due to that decision, the Company has discontinued the operations of Stokes Group Limited, classifying them as a disposal group, and reclassifying the profit and loss account of the Company to results from discontinued operations in its consolidated result. 3.The above results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their meetings held on April 25, 2022. The results are subjected to Limited Review by the auditors of the Company in terms of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR). 4.The Finance Act, 2021 has introduced an amendment to section 32 of the Income Tax Act, 1961, whereby Goodwill of a business will not be considered as a depreciable asset and depreciation on goodwill will not be allowed as deductible expenditure effective April 1, 2020. In accordance with the requirements of Ind AS 12 - Income Taxes, the Company has recognised tax expense amounting to INR 1,425 million in the quarter ended March 31, 2021 as the outcome on the difference between Goodwill as per the books of account and its updated tax base of NIL resulting from the aforementioned amendment, in addition to the current tax expense debited to the statement of profit and loss. This deferred tax liability is not expected to be a cash outflow in the future and its reversal is deemed unlikely as the value of its associated goodwill is expected by value in use. 5.Exceptional Items pertains to onetime payment made to employees opting for early retirement under the Voluntary Retirement Scheme declared in December 2021 in Stampings Division. 6.The Company has considered the possible effects that may result from the COVID 19 pandemic and has also considered external and internal information for assessing the possible impact of COVID 19 in the preparation of the financial information including the recoverability of carrying amounts of financial and non-financial assets. However, the impact assessment of COVID-19, is subject to estimation uncertainties and the actual impacts in future may be different from those estimated as at the date of approval of these financial results. The Company will continue to monitor any material changes to future economic conditions and consequential impact on its financial results. 7.The subsidiaries and associate companies forming part of consolidated financial results of Mahindra CIE Automotive Limited (MCIE) are listed in Annexure A annexed herewith the statement. 8.The Consolidated and Standalone results for the quarter ended December 31, 2021 are the derived figures between the audited figures for the year ended December 31, 2021 and figures for the period upto September 30, 2021. These figures have been approved by the Board of Directors but have not been subjected to review/ audit by the previous auditors. 9.The Board of Directors of Company at their meeting held on February 22, 2022 recommended final dividend of INR 2.50 per Equity Share of INR 10 each fully paid up for finacial year ending December 31, 2021. 10.Other income in the standalone results for the quarter ended March 31, 2022 includes dividend received from subsidiary of INR 859 million. Other Expenses 1945700000.00