SMLISUZU2023-01-012023-03-31 SMLISUZU2023-01-012023-03-31 SMLISUZU2023-01-012023-03-31in-bse-fin:OneOperatingExpenses01Member SMLISUZU2023-01-012023-03-31in-bse-fin:FourOperatingExpenses01Member SMLISUZU2023-03-31 SMLISUZU2023-01-012023-03-31in-bse-fin:OneItemsThatWillNotBeReclassifiedToProfitAndLoss01Member SMLISUZU2023-01-012023-03-31in-bse-fin:FourItemsThatWillNotBeReclassifiedToProfitAndLoss01Member SMLISUZU2023-01-012023-03-31in-bse-fin:OneItemsThatWillBeReclassifiedToProfitAndLoss01Member SMLISUZU2023-01-012023-03-31in-bse-fin:FourItemsThatWillBeReclassifiedToProfitAndLoss01Member iso4217:INRxbrli:purexbrli:sharesiso4217:INRxbrli:shares 505192 SMLISUZU NOTLISTED SML Isuzu Limited Equity 2022-04-01 2023-03-31 2023-05-29 2023-05-03 INR Crores Yearly 11:00:00 13:55:00 2023-05-29 2023-05-29 true Cash Flow Indirect Declaration of unmodified opinion Single segment COMMERCIAL VEHICLE 2023-01-01 2023-03-31 Audited Standalone 5832200000.00 16400000.00 5848600000.00 4379300000.00 233500000.00 23800000.00 471200000.00 93900000.00 104300000.00 291900000.00 5597900000.00 250700000.00 0.00 250700000.00 -2300000.00 -14900000.00 -17200000.00 0.00 267900000.00 0.00 0.00 0.00 0.00 267900000.00 -16900000.00 251000000.00 0.00 0.00 144800000.00 10 18.52 18.52 0.00 0.00 18.52 18.52 Notes: 1. The above audited results were reviewed by the Audit Committee on 28 May 2023 and approved by the Board of Directors in their meeting held on 29 May 2023. The above results for the year ended 31 March 2023 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 'disdosure 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') as notified under the Companies (Indian Accounting Standards) Rules. 2015 as amended by Companies (Indian Accounting Standard) Rules. 2016 prescribed under Section 133 of the Companies Act. 2013 ('the Act'), 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) Rcgulationo, 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 or the Company as a single unit. 4. The figures for the Quarter ended 31 March 2023 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 !inane.at year and the published year to date figures upto the end cl 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. The Company has unrecognized deferred tax assets of Rs. 81 .96 crores on unabsorbed depreciation and unused tax losses of Rs. 234.56 crores as on 31 March 2022. During the current year. the Company has earned profit before tax of Rs. 17 .28 crores and is also expecting taxable profits in Mure based on future projections. The management has recognized deferred tax asset of Rs. 15.70 crores during the quarter and year ended 31 March 2023 on carry forward of unused tax losses based on the probability of sufficient taxable profits in near future. 6. During the year ended 31 March 2023. the Company has opted for tower tax rate under section 11 SBAA of the Income Tax Act. 1961 Inserted vide Taxation Laws (Amendment) Act. 2019 ('new tax regime'). Per new tax regime. the Company has an irrevocable option of shifting to lower rate with consequent reduction in certain tax incentives. ConsequenUy, deferred tax asset has been derecognized amounting to Rs. 7.68 crores on account of Minimum alternate tax (MAT) which is not available in new tax regime and net deferred tax asset amounting to Rs. 2.06 crores has been reversed on account of change in tax rate. Single segment 2022-04-01 2023-03-31 Audited Standalone 18215900000.00 31200000.00 18247100000.00 14918300000.00 784800000.00 -1091200000.00 1724500000.00 250500000.00 424300000.00 1063100000.00 18074300000.00 172800000.00 0.00 172800000.00 -2300000.00 -23200000.00 -25500000.00 0.00 198300000.00 0.00 0.00 0.00 0.00 198300000.00 -33700000.00 164600000.00 0.00 0.00 144800000.00 10 0.00 13.71 13.71 0.00 0.00 13.71 13.71 Other Expenses 291900000.00 Other Expenses 1063100000.00 2753100000.00 9400000.00 0.00 0.00 805800000.00 102400000.00 0.00 0.00 0.00 0.00 8200000.00 41900000.00 50100000.00 175000000.00 88200000.00 3984000000.00 4218900000.00 0.00 757500000.00 34900000.00 23500000.00 4500000.00 5700000.00 826100000.00 0.00 336600000.00 5381600000.00 9365600000.00 144800000.00 1634700000.00 1779500000.00 1779500000.00 165200000.00 0.00 154000000.00 319200000.00 400700000.00 0.00 0.00 16600000.00 736500000.00 2415900000.00 2916000000.00 168800000.00 5500700000.00 1188400000.00 159000000.00 1500000.00 0.00 6849600000.00 7586100000.00 9365600000.00 7. The Covid-19 pandemic had a significant impact on the Company's operations for financial years 2020-21 and 2021-22, resulting in slowdown of business activities and significant tosses. The Company gradually returned to normalcy in the current year. Management believes there is no further impact or COVID19 given increase in revenues. improvement in overall financial results of the Company and no disruption in business operations. Company's current liabilities exceeds current assets by Rs. 146.80 crores as at 31 March 2023. However. in view of improved results, strong net worth. established technical excellence. continued support from various stakeholders including its promotor group and through availability of financing from lenders. the Company will continue as a going concern and will be able to meet its financial obligations in the foreseeable future. The financial results are accordingly prepared on a going concern basis of accounting. 8. The Company considers its property, plant and equipment and intangible assets as a single cash generating unit or CGU. The total carrying value of its CGU as at 31 March 2023 is Rs. 349.96 crores. Based on its assessment of the various factors that indicate impairment. the Company decided to test its CGU for impairment :is per the requirements of Ind AS 36 on 'Impairment of Assets. In accordance with the requirements of Ind AS 36. the Company was required to determine a recoverable amount or 1ts CGU. The Company has considered fair value less costs to sell (1he fair value') of the CGU as its recoverable amount and engaged an independent third party valuer ('the Valuer') to arrive at this fair value. As per the report issued by the Valuer. the fair value of the CGU is higher than its carrying v:ilue and hence the Company has concluded that no impairment provision needs to be recorded in the financial results for the quarter and year ended 31 March 2023 9. The CEO and CFO have certified these results under Regulation 33(2) or SEBI (LODR) Regulations, 2015. 10. The figures for the previous year have been re-classified/ regrouped wherever necessary. 250400000.00 -1250400000.00 43000000.00 0.00 -88100000.00 0.00 -600000.00 17200000.00 0.00 470000000.00 0.00 748500000.00 6600000.00 424300000.00 0.00 64800000.00 18700000.00 -2800000.00 4300000.00 100000.00 0.00 16300000.00 0.00 0.00 0.00 0.00 0.00 -23400000.00 0.00 666300000.00 839100000.00 0.00 0.00 0.00 -61500000.00 0.00 900600000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 413000000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5800000.00 0.00 -13600000.00 0.00 -420800000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -104400000.00 175000000.00 0.00 32100000.00 2100000.00 240100000.00 0.00 2100000.00 -551600000.00 -71800000.00 0.00 -71800000.00 106700000.00 34900000.00 Remeasurement (losses)/gains on defined benefit plans -26400000.00 Remeasurement (losses)/gains on defined benefit plans -37700000.00 -26400000.00 -37700000.00 -9500000.00 -9500000.00 Effective portion of gains on hedging instruments in cash flow hedges 0.00 Effective portion of gains on hedging instruments in cash flow hedges 2800000.00 0.00 2800000.00 0.00 8300000.00