BHARATFORG2023-01-012023-03-31 BHARATFORG2023-01-012023-03-31 BHARATFORG2023-01-012023-03-31in-bse-fin:OneOperatingExpenses01Member BHARATFORG2023-01-012023-03-31in-bse-fin:FourOperatingExpenses01Member BHARATFORG2023-03-31 BHARATFORG2023-01-012023-03-31in-bse-fin:OneReportableSegmentRevenue01Member BHARATFORG2023-01-012023-03-31in-bse-fin:OneReportableSegmentRevenue02Member BHARATFORG2023-01-012023-03-31in-bse-fin:FourReportableSegmentRevenue01Member BHARATFORG2023-01-012023-03-31in-bse-fin:FourReportableSegmentRevenue02Member BHARATFORG2023-01-012023-03-31in-bse-fin:OneReportableSegmentResults01Member BHARATFORG2023-01-012023-03-31in-bse-fin:OneReportableSegmentResults02Member BHARATFORG2023-01-012023-03-31in-bse-fin:FourReportableSegmentResults01Member BHARATFORG2023-01-012023-03-31in-bse-fin:FourReportableSegmentResults02Member BHARATFORG2023-01-012023-03-31in-bse-fin:OneReportableSegmentAssets01Member BHARATFORG2023-01-012023-03-31in-bse-fin:OneReportableSegmentAssets02Member BHARATFORG2023-01-012023-03-31in-bse-fin:OneReportableSegmentLiabilities01Member BHARATFORG2023-03-31in-bse-fin:OneReportableSegmentLiabilities01Member BHARATFORG2023-01-012023-03-31in-bse-fin:OneReportableSegmentLiabilities02Member BHARATFORG2023-03-31in-bse-fin:OneReportableSegmentLiabilities02Member BHARATFORG2023-01-012023-03-31in-bse-fin:OneItemsThatWillNotBeReclassifiedToProfitAndLoss01Member BHARATFORG2023-01-012023-03-31in-bse-fin:OneItemsThatWillNotBeReclassifiedToProfitAndLoss02Member BHARATFORG2023-01-012023-03-31in-bse-fin:FourItemsThatWillNotBeReclassifiedToProfitAndLoss01Member BHARATFORG2023-01-012023-03-31in-bse-fin:FourItemsThatWillNotBeReclassifiedToProfitAndLoss02Member BHARATFORG2023-01-012023-03-31in-bse-fin:OneItemsThatWillBeReclassifiedToProfitAndLoss01Member BHARATFORG2023-01-012023-03-31in-bse-fin:FourItemsThatWillBeReclassifiedToProfitAndLoss01Member iso4217:INRxbrli:purexbrli:sharesiso4217:INRxbrli:shares 500493 BHARATFORG NA Bharat Forge Limited Equity 2022-04-01 2023-03-31 2023-05-05 2023-04-27 INR Millions Yearly 10:00:00 12:40:00 2023-05-05 2023-05-05 true Cash Flow Indirect Declaration of unmodified opinion Multi segment 2023-01-01 2023-03-31 Audited Consolidated 36290500000.00 578010000.00 36868510000.00 17322000000.00 667280000.00 -477100000.00 4201150000.00 972870000.00 1811420000.00 10192580000.00 34690200000.00 2178310000.00 -405580000.00 1772730000.00 971880000.00 -481550000.00 490330000.00 0.00 1282400000.00 0.00 0.00 0.00 -4980000.00 1277420000.00 1150887000.00 2428307000.00 2506190000.00 -77890000.00 2506190000.00 -77890000.00 931270000.00 2 2.91 2.91 0.00 0.00 2.91 2.91 0.01 0.02 0.05 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 May 05, 2023. 2.The Board of Directors, at its meeting held on May 05,2023 has recommended final Dividend of Rs.5.50 per Equity share of Rs.2/- each. (275%) 3. Exceptional items in the standalone and consolidated financial results for the quarter and year ended March 31, 2023 are towards expenses in relation to Voluntary Retirement Scheme (VRS) declared by the Company for its employees in April 2022, July 2022 and January 2023 and employee separation costs for certain overseas subsidiaries. Pursuant to the Voluntary Retirement Scheme (VRS) declared by the Company for its employees in June 2021, October 2021, December 2021 and January 2022 expenses of INR 739.56 million were provided for the year and INR 24.77 million for the quarter ended March 31, 2022 in the standalone and consolidated financial results. Expenses of INR 106.53 million for the quarter and year ended March 31,2022 in the consolidated results being in the nature of manpower optimization in overseas subsidiaries. 4.During the previous year, Kalyani Powertrain Limited (KPL) (wholly owned subsidiary of the Company) had converted its investment in Zero Coupon Optionally Convertible Debentures of Tork Motors Private Limited (“TMPL”) into equity shares, amounting to INR 400 million. Pursuant to this conversion, KPL's stake in TMPL’s equity shares increased to 60.6 perc (on fully diluted basis). Consequently, TMPL became a subsidiary of KPL w.e.f. November 22, 2021. Accordingly, gain on fair valuation of shares of TMPL of INR 270.52 million was recorded as a part of “Exceptional items” in the consolidated financial results for the year ended March 31, 2022. The subject conversion has no impact on the standalone financial results of the Company. The Group has accounted the said acquisition as a business combination in accordance with Ind AS 103 Business Combinations. 5. 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. The draft rules has been released by The Ministry of Labour and Employment on November 13, 2020. The Company 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. 6. 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’) and Aeron Systems Private Limited to KSSL in consideration of the subscription of equity shares of KSSL. Post that ACIL amalgamated into KSSL w.e.f. March 10, 2023. The transaction relating to Aeron Systems Private Limited has been concluded on February 23, 2023. There is no impact of this transaction on the consolidated financial statements of the Company. 7.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 May 31,2023. Multi segment 2022-04-01 2023-03-31 Audited Consolidated 129102590000.00 1728570000.00 130831160000.00 60649930000.00 1664030000.00 -2700430000.00 15631000000.00 2986200000.00 7355860000.00 36182830000.00 121769420000.00 9061740000.00 -457910000.00 8603830000.00 3951570000.00 -765990000.00 3185580000.00 0.00 5418250000.00 0.00 0.00 0.00 -334380000.00 5083870000.00 -697380000.00 4386490000.00 4586540000.00 -200050000.00 4586540000.00 -200050000.00 931270000.00 2 66123990000.00 11.35 11.35 0.00 0.00 11.35 11.35 0.01 0.02 0.06 Other Expenses 10192580000.00 Other Expenses 36182830000.00 360720000.00 52723010000.00 6963860000.00 2890000.00 2954720000.00 5928480000.00 47750000.00 0.00 586520000.00 14601130000.00 113250000.00 56780000.00 1392310000.00 16163470000.00 1495300000.00 6955690000.00 93821690000.00 31262540000.00 10500560000.00 30874570000.00 5087130000.00 5308060000.00 127020000.00 2059600000.00 53956940000.00 85219480000.00 0.00 4800700000.00 183841870000.00 931270000.00 66123990000.00 67055260000.00 67415980000.00 17512720000.00 0.00 4698940000.00 22211660000.00 1411730000.00 2153270000.00 0.00 7880660000.00 33657320000.00 51010610000.00 21513400000.00 2293090000.00 74817100000.00 6563980000.00 901320000.00 486170000.00 0.00 82768570000.00 0.00 0.00 116425890000.00 183841870000.00 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 May 05, 2023. 2.The Board of Directors, at its meeting held on May 05,2023 has recommended final Dividend of Rs.5.50 per Equity share of Rs.2/- each. (275%) 3. Exceptional items in the standalone and consolidated financial results for the quarter and year ended March 31, 2023 are towards expenses in relation to Voluntary Retirement Scheme (VRS) declared by the Company for its employees in April 2022, July 2022 and January 2023 and employee separation costs for certain overseas subsidiaries. Pursuant to the Voluntary Retirement Scheme (VRS) declared by the Company for its employees in June 2021, October 2021, December 2021 and January 2022 expenses of INR 739.56 million were provided for the year and INR 24.77 million for the quarter ended March 31, 2022 in the standalone and consolidated financial results. Expenses of INR 106.53 million for the quarter and year ended March 31,2022 in the consolidated results being in the nature of manpower optimization in overseas subsidiaries. 4.During the previous year, Kalyani Powertrain Limited (KPL) (wholly owned subsidiary of the Company) had converted its investment in Zero Coupon Optionally Convertible Debentures of Tork Motors Private Limited (“TMPL”) into equity shares, amounting to INR 400 million. Pursuant to this conversion, KPL's stake in TMPL’s equity shares increased to 60.6 perc (on fully diluted basis). Consequently, TMPL became a subsidiary of KPL w.e.f. November 22, 2021. Accordingly, gain on fair valuation of shares of TMPL of INR 270.52 million was recorded as a part of “Exceptional items” in the consolidated financial results for the year ended March 31, 2022. The subject conversion has no impact on the standalone financial results of the Company. The Group has accounted the said acquisition as a business combination in accordance with Ind AS 103 Business Combinations. 5. 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. The draft rules has been released by The Ministry of Labour and Employment on November 13, 2020. The Company 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. 6. 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’) and Aeron Systems Private Limited to KSSL in consideration of the subscription of equity shares of KSSL. Post that ACIL amalgamated into KSSL w.e.f. March 10, 2023. The transaction relating to Aeron Systems Private Limited has been concluded on February 23, 2023. There is no impact of this transaction on the consolidated financial statements of the Company. 7.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 May 31,2023. Forgings 33336850000.00 Others 3122160000.00 Forgings 119780420000.00 Others 9638600000.00 36459010000.00 129419020000.00 36459010000.00 129419020000.00 Forgings 2587300000.00 Others 136430000.00 Forgings 11749530000.00 Others 449780000.00 2723730000.00 12199310000.00 972870000.00 2986200000.00 -16890000.00 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 May 05, 2023. 2.The Board of Directors, at its meeting held on May 05,2023 has recommended final Dividend of Rs.5.50 per Equity share of Rs.2/- each. (275%) 3. Exceptional items in the standalone and consolidated financial results for the quarter and year ended March 31, 2023 are towards expenses in relation to Voluntary Retirement Scheme (VRS) declared by the Company for its employees in April 2022, July 2022 and January 2023 and employee separation costs for certain overseas subsidiaries. Pursuant to the Voluntary Retirement Scheme (VRS) declared by the Company for its employees in June 2021, October 2021, December 2021 and January 2022 expenses of INR 739.56 million were provided for the year and INR 24.77 million for the quarter ended March 31, 2022 in the standalone and consolidated financial results. Expenses of INR 106.53 million for the quarter and year ended March 31,2022 in the consolidated results being in the nature of manpower optimization in overseas subsidiaries. 4.During the previous year, Kalyani Powertrain Limited (KPL) (wholly owned subsidiary of the Company) had converted its investment in Zero Coupon Optionally Convertible Debentures of Tork Motors Private Limited (“TMPL”) into equity shares, amounting to INR 400 million. Pursuant to this conversion, KPL's stake in TMPL’s equity shares increased to 60.6 perc (on fully diluted basis). Consequently, TMPL became a subsidiary of KPL w.e.f. November 22, 2021. Accordingly, gain on fair valuation of shares of TMPL of INR 270.52 million was recorded as a part of “Exceptional items” in the consolidated financial results for the year ended March 31, 2022. The subject conversion has no impact on the standalone financial results of the Company. The Group has accounted the said acquisition as a business combination in accordance with Ind AS 103 Business Combinations. 5. 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. The draft rules has been released by The Ministry of Labour and Employment on November 13, 2020. The Company 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. 6. 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’) and Aeron Systems Private Limited to KSSL in consideration of the subscription of equity shares of KSSL. Post that ACIL amalgamated into KSSL w.e.f. March 10, 2023. The transaction relating to Aeron Systems Private Limited has been concluded on February 23, 2023. There is no impact of this transaction on the consolidated financial statements of the Company. 7.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 May 31,2023. 943660000.00 1767750000.00 8269450000.00 Forgings 121293140000.00 Others 18015890000.00 139309030000.00 44532840000.00 183841870000.00 Forgings 27229230000.00 Others 11003920000.00 38233150000.00 4868380000.00 43101530000.00 2986030000.00 -3623380000.00 -7687580000.00 0.00 -1531410000.00 0.00 0.00 247030000.00 0.00 4338990000.00 0.00 8150970000.00 0.00 7355860000.00 0.00 -320570000.00 0.00 62510000.00 0.00 -412880000.00 0.00 291940000.00 21110000.00 654120000.00 0.00 0.00 0.00 0.00 0.00 9948860000.00 18552690000.00 -5110000.00 0.00 0.00 4172330000.00 -1430590000.00 12944660000.00 0.00 113750000.00 -113521160000.00 -109816430000.00 0.00 0.00 0.00 0.00 263180000.00 9961820000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4280000.00 11560000.00 0.00 0.00 5110000.00 168130000.00 0.00 -3376730000.00 0.00 -16713330000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 77101660000.00 68289810000.00 368840000.00 0.00 3252830000.00 2111420000.00 0.00 -276070000.00 2802690000.00 -965980000.00 57580000.00 -908400000.00 5584240000.00 4675840000.00 Re-measurement gains on defined benefit plans -22665000.00 Net gain on FVTOCI equity securities 275079000.00 Re-measurement gains on defined benefit plans 357750000.00 Net gain on FVTOCI equity securities 242590000.00 252414000.00 600340000.00 -19503000.00 121040000.00 Net movement on cash flow hedges 913120000.00 Net movement on cash flow hedges -1706110000.00 913120000.00 -1706110000.00 34150000.00 -529430000.00