BHARATFORG2022-10-012022-12-31 BHARATFORG2022-10-012022-12-31 BHARATFORG2022-10-012022-12-31in-bse-fin:OneOperatingExpenses01Member BHARATFORG2022-10-012022-12-31in-bse-fin:FourOperatingExpenses01Member BHARATFORG2022-12-31 BHARATFORG2022-10-012022-12-31in-bse-fin:OneItemsThatWillNotBeReclassifiedToProfitAndLoss01Member BHARATFORG2022-10-012022-12-31in-bse-fin:OneItemsThatWillNotBeReclassifiedToProfitAndLoss02Member BHARATFORG2022-10-012022-12-31in-bse-fin:FourItemsThatWillNotBeReclassifiedToProfitAndLoss01Member BHARATFORG2022-10-012022-12-31in-bse-fin:FourItemsThatWillNotBeReclassifiedToProfitAndLoss02Member BHARATFORG2022-10-012022-12-31in-bse-fin:OneItemsThatWillBeReclassifiedToProfitAndLoss01Member BHARATFORG2022-10-012022-12-31in-bse-fin:FourItemsThatWillBeReclassifiedToProfitAndLoss01Member iso4217:INRxbrli:purexbrli:sharesiso4217:INRxbrli:shares 500493 BHARATFORG NA Bharat Forge Limited Equity 2022-04-01 2023-03-31 2023-02-14 2023-01-30 INR Millions Third quarter 11:30:00 13:15:00 2023-02-14 2023-02-14 Not applicable Single segment Forging 2022-10-01 2022-12-31 Unaudited Standalone 19521010000.00 377470000.00 19898480000.00 8458370000.00 0.00 143130000.00 1364930000.00 848510000.00 1079070000.00 4203770000.00 16097780000.00 3800700000.00 42810000.00 3843510000.00 1026110000.00 -74390000.00 951720000.00 0.00 2891790000.00 0.00 0.00 0.00 0.00 2891790000.00 -936140000.00 1955650000.00 0.00 0.00 931270000.00 2 6.21 6.21 0.00 0.00 6.21 6.21 0.01 0.02 0.06 1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on February 14, 2023. 2. Exceptional items a. Exceptional items in the standalone and consolidated financial results for the quarter and nine months ended December 31, 2022 are towards expenses in relation to Voluntary Retirement Scheme (VRS) declared by the Company for its employees in April 2022 and July 2022 and employee separation costs for certain overseas subsidiaries. b. Exceptional items in the standalone financial results for the quarter and nine months ended December 31, 2022 of INR 42.81 million includes surplus on transfer of investment in Analogic Controls India Limited to Kalyani Strategic systems and the resultant reversal of impairment provision. This has no impact on consolidated financial result. 3. The code on Social Security, 2020 ('Code') relating to employees benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified and the final rules/interpretation have not yet been issued. The Group will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective. 4. The consolidated financial results include a period of 15 months pertaining to certain foreign components for the year ended March 31, 2022. The statutory financial reporting period of the Holding Company for standalone and consolidated financial results is April 01 to March 31. For certain foreign components (refer note 11), the reporting period till December 31, 2021 was January 01 to December 31 ( non-coterminous period ). The Board of Directors of the Holding Company considered the above and in the previous year decided to align the accounting periods for consolidation purposes of all the subsidiaries, associates and joint ventures for better presentation of operating performance of the Group. As a result, the accounting year of those foreign components was aligned with that of the Holding Company in the previous year. 5. The Company has decided to house all its defence business initiatives under Kalyani Strategic Systems Limited (‘KSSL’), a wholly-owned subsidiary of the Company, for a better strategic alignment. Accordingly, the Company has thus approved the transfer of the Company’s stake in Analogic Controls India Limited (‘ACIL’) to KSSL in consideration of the subscription of equity shares of KSSL. This transaction has been concluded on October 14,2022. There is no impact of this transaction on the consolidated financial statements of the Company. 6. On January 13, 2023, the Company has declared a Voluntary Retirement Scheme( VRS) for its employees at Mundhwa Plant. The Scheme would be open till February 15,2023. 7. The Company through its wholly owned subsidiary BF Industrial Solutions Limited (BFISL) has acquired JS Auto Cast Foundry Private Limited ( JS Auto ) a Coimbatore based casting and machining Company on July 1, 2022 for a consideration of INR 4,896.30 million. The Company has calculated the fair value of the acquired assets and liabilities on a provisional basis in accordance with Ind AS 103 Business Combinations resulting in goodwill of INR 2,515.08 million. 8. On December 31, 2022, J S Auto Cast Foundry India Private Limited (“JS Auto”), step-down subsidiary of the Company has entered into Business Transfer Agreement with Indo Shell Mould Limited (“ISML”) for acquiring their SEZ Unit in SIPCOT, Erode which supplies fully machined critical castings to marquee customers in the automotive industry. The closing of the transaction is subject to customary conditions and regulatory approvals. Single segment 2022-04-01 2022-12-31 Unaudited Standalone 55754280000.00 1114190000.00 56868470000.00 25143120000.00 0.00 -987990000.00 4072750000.00 1469310000.00 3208930000.00 13294690000.00 46200810000.00 10667660000.00 6280000.00 10673940000.00 2839030000.00 -174620000.00 2664410000.00 0.00 8009530000.00 0.00 0.00 0.00 0.00 8009530000.00 -1656480000.00 6353050000.00 0.00 0.00 931270000.00 2 17.20 17.20 0.00 0.00 17.20 17.20 0.01 0.02 0.10 Other expenses 4203770000.00 Other expenses 13294690000.00 Re-measurement gains on defined benefit plans 18540000.00 Net gain on FVTOCI equity securities 37180000.00 Re-measurement gains on defined benefit plans 55620000.00 Net gain on FVTOCI equity securities -32490000.00 55720000.00 23130000.00 8970000.00 3910000.00 Net movement on cash flow hedges -1313470000.00 Net movement on cash flow hedges -2239280000.00 -1313470000.00 -2239280000.00 -330580000.00 -563580000.00