1. A REPORT ON
APOLLO TYRES AND BERGER
PAINTS
BY
Enrollment Number:
IFHE for Higher Education and
Foundation
ICFAI BUSINESS SCHOOL(IBS),
Hyderabad

2. A REPORT ON
APOLLO TYRES AND BERGER
PAINTS
BY
The report was written to
A report submitted in partial fulfilment of
the requirements of BBA Program of IBS
Hyderabad.
DATE OF SUBMISSION:

3. TABLE OF CONTENTS
Chapter 1: Introduction
Chapter 2:Company Profiles.
Chapter 3: Companies Tax rates before GST
Chapter 4: Companies Tax rates After GST implementation
Chapter 5: Summary of Findings and Conclusions
Bibliography

4. Chapter 1
Introduction
What is GST & How it works?
GST stands for Goods and Services Tax. It is an Indirect tax which introduced to replacing a
host of other Indirect taxes such as value added tax, service tax, purchase tax, excise duty, and
so on. GST levied on the supply of certain goods and services in India. It is one tax that is
applicable all over India.
How will GST works:
 Manufacturer: The manufacturer will have to pay GST on the raw material that is
purchased and the value that has been added to make the product.
 Service Provider: Here, the service provider will have to pay GST on the amount that
is paid for the product and the value that has been added to it. However, the tax that has
been paid by the manufacturer can be reduced from the overall GST that must be paid.
 Retailer: The retailer will need to pay GST on the product that has been purchased from
the distributor as well as the margin that has been added. However, the tax that has been
paid by the retailer can be reduced from the overall GST that must be paid.
 Consumer: GST must be paid on the product that has been purchased.
History Of GST
On July 1st 2017, the Goods and Services Tax implemented in India. But, the process of
implementing the new tax regime commenced a long time ago. In 2000, Atal Bihari Vajpayee,
then Prime Minister of India, set up a committee to draft the GST law. In 2004, a task force
concluded that the new tax structure should put in place to enhance the tax regime at the time.
In 2006, Finance Minister proposed the introduction of GST from 1st April 2010 and in 2011
the Constitution Amendment Bill passed to enable the introduction of the GST law. In 2012,
the Standing Committee started discussions about GST, and tabled its report on GST a year
later. In 2014, the new Finance Minister at the time, Arun Jaitley, reintroduced the GST bill in
Parliament and passed the bill in Lok Sabha in 2015. Yet, the implementation of the law
delayed as it was not passed in Rajya Sabha.

5. GST went live in 2016, and the amended model GST law passed in both the house. The
President of India also gave assent. In 2017 the passing of 4 supplementary GST Bills in Lok
Sabha as well as the approval of the same by the Cabinet. Rajya Sabha then passed 4
supplementary GST Bills and the new tax regime implemented on 1st July 2017.
Tax Laws Before the Implementation of GST
 The Centre and the State used to collect tax separately. Depending on the state, the tax
regimes were different.
 Even though import tax was levied on one individual, the burden was levied on
another individual. In the cases of direct tax, the taxpayer must pay the tax.
 Prior to the introduction of GST, direct and indirect taxes were present in India.
Types of GST
The four different types of GST are given below:
1. Central Goods and Services Tax : CGST is charged on the intra state supply of
products and services.
2. State Goods and Services Tax : SGST, like CGST, is charged on the sale of products
or services within a state.
3. Integrated Goods and Services Tax : IGST is charged on inter-state transactions of
products and services.
4. Union Territory Goods and Services Tax : UTGST is levied on the supply of
products and services in any of the Union Territories in the country, viz. Andaman and
Nicobar Islands, Daman and Diu, Dadra and Nagar Haveli, Lakshadweep, and
Chandigarh. UTGST is levied along with CGST.
Who is Eligible for GST?
The below mentioned entities and individuals must register for Goods And Services Tax:
 E-commerce aggregators
 Individuals who supply through e-commerce aggregators
 Individuals who pay tax as per the reverse change mechanism
 Agents of input service distributors and suppliers

6.  Non-Resident individuals who pay tax
 Businesses that have a turnover that is more than the threshold limit
 Individuals who have registered before the GST law was introduced
Registration of GST
Any company that is eligible under GST must register itself in the GST portal created by the
Government of India. The registered entities will get a unique registration number called
GSTIN.
It is mandatory for all Service providers, buyers, and sellers to register. A business that makes
a total income of Rs.20 lakhs and more in a financial year must be required to do GST
registration. It takes 2-6 working days to process.
Know the GSTIN – GST Identification Number
A 15-digit distinctive code that is provided to every taxpayer is the GSTIN. The GSTIN will
be provided based on the state you live at and the PAN. Some of the main uses of GSTIN are
mentioned below:
 Loans can be availed with the help of the number.
 Refunds can be claimed with the GSTIN.
 The verification process is easy with the help of the GSTIN.
 Corrections can be made.
GST Certificate
A GST Certificate is an official document that is issued by the concerned authorities for a
business that has been enrolled under the GST system. Any business with an annual turnover
of Rs.20 lakh or more and certain special businesses are required to be registered under this
system. The GST registration certificate is issued in Form GST REG-06. If you are a registered
taxpayer under this system, you can download the GST Certificate from the official GST Portal.
The certificate is not issued physically. It is available in digital format only. GST Certificate
contains GSTIN, Legal Name, Trade Name, Constitution of Business, Address, Date of
liability, Period of Validity, Types of Registration, Particulars of Approving Authority,
Signature, Details of the Approving GST officer, and Date of issue of a certificate.

7. GST Returns
A GST Returns is a document that contains information about the income that a taxpayer must
file with the authorities. This information used to compute the taxpayer’s tax liability. Under
the Goods and Services Tax, registered dealers must file their GST returns with details
regarding their purchases, sales, input tax credit, and output GST. Businesses are expected to
file 2 monthly returns as well as an annual return.
GST Rates
The GST Council has assigned GST rates to different goods and services. While some products
can be purchased without any GST, there are others that come at 5% GST, 12% GST, 18%
GST, and 28% GST. GST rates for goods and services have been changed a few time since the
new tax regime was implemented in July 2017.
Name of Item Applicable GST Rate
Mobile Phone 12%
Sanitizer 18%
Gold Jewellery 3%
Two wheeler 28%
Car 28%
How do I calculate GST?
Calculating the amount that needs to be paid as GST when filing your returns can be quite
tedious. Several aspects and factors must be taken into consideration, such as ITC, exempted
supplies, reverse charge, etc. Failure to pay the entire GST amount can see you slapped with

8. an 18% interest on the shortfall, thereby making it necessary to ensure that you pay the right
amount towards GST.
The GST Calculator makes it simple for taxpayers to calculate the amount that needs to paid
as GST. You will have to enter all the required details such as the month for which you are
calculating GST, the due date for filing returns for the particular month, the actual date on
which the returns are filed, the tax liability for the month, the purchases that attract Reverse
Charge Mechanism, the opening balance of your cash ledger as well as your credit ledger and
the eligible ITC.
Here is an example showing how you can calculate your GST liability:
Particulars Amount
Overall value of interstate sales Rs.20 lakh
Overall value of intrastate sales Rs.25 lakh
Advance received Rs.8 lakh
SGST Rs.25 lakh x 9% = Rs.2.25 lakh
CGST Rs.25 lakh x 9% = Rs.2.25 lakh
IGST
Rs.20 lakh x 18% = Rs.3.6 lakh
Rs.8 lakh x 18% = Rs.1.44 lakh
Total = Rs.5.04 lakh
GST Payments
Currently, the GST must be paid every month. The GSTR-1 and GSTR-3B must be filed. In
the case of refunds, the relevant forms must be submitted as well. GST payments can be made
both online and offline. Once the payment has made, a challan must be generated.

9. GST E-Way Bill
An electronic document that is generated to show proof of goods movement is the E-Way bill.
You can generate the bill from the GST portal.
Advantages of GST
The following are the advantages of goods and services tax in India
1. Regulation of the unorganized sector
2. E-commerce operators no longer suffer from differential treatment
3. Fewer complications
4. Composition scheme
5. Registration process and filing of returns are simple
6. Higher threshold
7. Elimination of the cascading tax effect
GST Council
Any recommendations that are made to the State and Union Government regarding any issues
that are related to GST is done by the GST Council. The chairman of gst council is Union
Finance Minister of India. The other members of the GST Council are the Union State Minister
of Revenue or Finance of all the states.
GSTN - Goods and Service Tax Network
The GSTN is the Goods and Services Tax Network which is responsible for managing the IT
system concerning the GST Portal. It is a non-profit, non-government organization and is the
database for the official GST Portal.
The current structure of the GST Network can be summed up as follows:
 Central Government – 24.5%
 State Governments and EC – 24.5%
 LIC Housing Finance Ltd. - 11%
 01ICICI Bank, HDFC, NSE Strategic Investment Co., and HDFC Bank – 10% each.

10. Features of GSTN
The salient features of the GST Network can be listed as follows:
 Keeping the information of all the taxpayers safe and secure.
 Maintaining confidentiality of the taxpayers’ information.
 It is a trusted National Information Utility (NIU).
Functions of GSTN
The main functions of the GST Network or GSTN can be summed up as follows:
 It is responsible for handling the invoices
 It is responsible for handling the registrations
 It is responsible for handling the payments and refunds (if any)
 It is responsible for handling different types of returns.

11. Chapter 2
Company Profiles
APOLLO TYRES
Apollo Tyres Ltd is the leading tyre manufacturing company in India. They are engaged in
manufacturing of automobile tyres and tubes. They are the first Indian tyre company to launch
exclusive branded outlets for truck tyres and also the first Indian company to introduce radial
tyres for the farm category. Apollo Tyres currently has four manufacturing facilities in India -
- two (including a leased facility) in the rubber-producing state of Kerala and one each in
Gujarat and Tamil Nadu. Outside India the company has a manufacturing facility each in The
Netherlands and Hungary. The company was incorporated on September 28 1972. They started
their production in the year 1977 at Perambra in Kerala. In the year 1991 the company
commissioned their second plant at Limda in Gujarat. In the year 1995 they acquired Premier
Tyres at Kalamassery in Kerala. In the year 1996 exclusive tubes plant commissioned in
Ranjangoan in Maharashtra and in the year 2000 they established exclusive radial capacity in
Limda. On November 17 2003 the company entered into an strategic alliance Michelin France
for setting up a joint venture company namely Michelin Apollo Tyres Pvt Ltd for producing
dual branded truck & bus radial tyres in India. In the year 2004 they produced India's first H-
speed rated tubeless passenger car radial tyres. Also they increased the production capacity of
Automobile Tyres and Automobiles Tubes by 1283560 Nos and 414000 Nos respectively and
in the next year they further increased the production capacity by 1466432 Nos and 1567200
Nos respectively. During the year 2005-06 the company incorporated a wholly owned
subsidiary company Apollo (Mauritius) Holdings Pvt Ltd in Mauritius and they also formed
Apollo Automotive Tyres Ltd and Apollo Radial Tyres Ltd as wholly owned subsidiaries of
the company. In the same year PTL Enterprises Ltd ceased to be a subsidiary company. Also
the company realigned their relationship with Michelin and exited from the joint venture
company Michelin Apollo Tyres (P) Ltd. The company increased the production capacity of
Automobiles Tyres and Automobile Tubes by 1045632 Nos and 1379360 Nos respectively
during the year 2005-06 and they further increased the production capacity by 888340 Nos and
218440 Nos during the next year. During the year 2007-08 they increased the production

12. capacity of Automobile Tyres by 836620 Nos. Thus the total capacity for Automobile Tyres
and Automobile Tubes increased to 9659232 Nos and 6741000 Nos.On April 21 2006 the
company acquired Dunlop Tyres International (Pty) Ltd South Africa. During the year 2006-
07 they increased the manufacturing capacity of Camel Back/Pre Cured Tread Rubber by
217000 Nos to 220000 Nos and in the next year they further increased to 248040 Nos.The
company incorporated Apollo Tyres AG Switzerland as a wholly owned subsidiary with effect
for July 4 2007. Also two subsidiaries namely Apollo Automotive Tyres Ltd and Apollo
Radical Tyres Ltd have been desubsidiarized with effect from December 21 2007.In May 2008
the company opened their first full-services branded commercial vehicle tyre outlet called
Apollo Trust in Salem Tamilnadu. In September 2008 Apollo Tyres launches XT-100K which
is a cross-ply tyres designed for unmatched performances. On 10 February 2011 Apollo Tyres
formally inaugurated its 9th global tyre manufacturing unit and the 4th in India on the outskirts
of Chennai city. The Chennai plant currently produces 7000 passenger vehicle tyres and 1300
commercial vehicle tyres a day. At its terminal capacity production is expected to reach 16000
passenger vehicle and 6000 commercial vehicle tyres a day. On 30 May 2011 Apollo Tyres
announced the launch of India's only full-service outlet for commercial vehicles Apollo
Commercial Vehicle (CV) Zone on the outskirts of Delhi in Sanjay Gandhi Transport Nager.
On 14 June 2011 Apollo Tyres announced its entry into Sri Lanka market through a tie-up with
Ideal Motors the automobile distribution and marketing arm of the Ideal Group of Companies.
Initially Apollo Tyres will focus on passenger vehicle and cross-ply truck and light truck tyres.
This will be gradually expanded over time to include Apollo's entire range currently sold in
India including truck bus radial agriculture and off-highway tyres if and when needed. On 10
May 2012 Apollo Tyres announced that its consolidated revenue crossed yet another milestone
of US$ 2.5 billion in the year 2011-12 despite challenging circumstances. On 14 January 2013
Apollo Tyres announced the opening up of its global R&D centre in Enschede the Netherlands.
This state-of-the-art facility will serve as a hub for the development and testing of car and van
tyres for all product brands -- Apollo Vredestein and Dunlop (32 countries in Africa) -- of the
company. On 2 May 2013 Apollo Tyres inaugurated its Sales Office in Bangkok to serve the
entire ASEAN region with Thailand as the hub of operations. The ASEAN region has gradually
become one of Apollo's strongest export markets out of India accounting for more than 40%
of exports revenue.

13. BERGER PAINTS
Berger Paints India Ltd is the second largest paint company in India. The company is engaged
in manufacturing and selling of paints varnishes and enamels for various applications. They
are offering their customers a variety of innovative painting solutions decorative or industrial.
The company is headquartered in Calcutta and services the market through a distribution
network comprising of about 110 stock points and more than 25000 dealers. They are having
their manufacturing facilities in West Bengal Uttar Pradesh Pondicherry Goa and Jammu &
Kashmir. The company also has an international presence in 4 countries viz. Nepal Bangladesh
Poland and Russia. Presently U.K. Paints (India) Private Limited is the holding
company(50.09%) of Berger Paints India. The Company has Technical License Agreements
with DuPont Performance Coatings in the area of automotive coatings Nippon Paint Co Ltd
for new generation of automotive coatings Orica Australia Pty Ltd In the area of protective
coatings TIGERWERK Lack-u. Farbenfabrik GmbH & C. KG Austria for specialized powder
coatings and Nippon Bee Chemical Co Ltd for coating on plastic auto parts and mobile phones.
The company was incorporated on December 17 1923 as Hadfield's (India) Ltd in Kolkata. In
December 12 1947 British Paints Holdings acquired the company and the name was changed
into British Paints India Ltd. In the year 1965 British Paints (Holdings) Limited UK was
acquired by Celanese Corporation USA. As a result the controlling interest of the Company
passed on to CELEURO NV Holland. In the year 1969 Celanese Corporation sold their interest
in the Indian company to Berger Jenson Nicholson Limited UK. In December 1983 the
company name was changed to Berger Paints India Ltd. From 1983 till date the company has
solely used and developed the name and trademark of Berger and all their other variants in
India. The company launched Color Bank tinting system through which the consumer can
select form a range of over 5000 colors and which are then made available in minutes. In the
year 1997 a new paint manufacturing unit at Pondicherry was commissioned. In the year 1999
Rajdoot Paints Ltd was merged with the company. In the year 2000 the company acquired
100% share in Jenson & Nicholoson Nepal Pvt Ltd which was wholly owned subsidiary of
Jenson & Nicholson India Ltd and renamed Berger Jenson & Nicholson Nepal. During the year
2001-02 the Motors & Industrial paints business of ICI India was acquired through their
subsidiary Berger Auto & Industrial Coatings Limited. During the year 2003-04 a new unit in

14. Jammu started commercial production. Also the company entered into a joint venture with
Principal Financial Group USA Punjab National Bank and Vijaya Bank for Pension Fund and
Insurance Business. Berger Auto & Industrial Coatings Ltd a wholly owned subsidiary
company amalgamated with the company with effect from April 1 2004 and operates as BAICL
Division of the company. The company invested in Berger Cyprus a company incorporated in
Cyprus on February 3 2005 for the purpose of setting up a paint manufacturing facility in
Russia. During the year 2005-06 the company started the commercial production at their new
2400 MTPA powder coating plant in Jammu. In April 2007 the Jammu Resin plant of the
Company with a capacity of 9000 MTPA commenced production. The Company has entered
into a Joint Venture Agreement with Nippon Bee Chemical Co Ltd Japan for the purpose of
formation of a company for manufacture and sale of coatings for plastic substrates used in
automobiles and parts thereof in India. Berger Paints Overseas Ltd in Russia has commenced
commercial production in September 2007 at their modern plant in the Republic of Adygeya
with alkyd based and water based paints. The company expanded the capacity in the Goa
solvent based paint to 18000 KL per annum. The company is in the process of setting up an
automobile paint manufacturing plant with a combined capacity of 24000 MTPA at Jejuri
Industrial Estate in Pune. The Company has started preliminary work for expansion of water
based paint and resin manufacturing capacity in their existing plant at Rishra in West Bengal
and installation of a resin manufacturing plant in Goa. In August 2008 the company acquired
Bolix SA (Bolix) a leading provider of External Insulation Finishing Systems (EIFS) in Poland
from Advent International a global private equity group. On 7 August 2009 Berger Paints India
announced the Board of Directors of the company has decided to install a water based paint
plant with a capacity of about 1 lakh tonnes per annum in South India.In 2009 British Paints
was re-introduced in India with its globally recognized corporate brand as a SBU of Berger
Paints India Limited with headquarters in New Delhi. It now operates in the Retail Industrial
& Projects verticals. On 11 March 2013 Berger Paints India announced that it has agreed to
acquire the architectural operations of Sherwin Williams Paints India Private Limited for an
undisclosed sum through its wholly owned subsidiary Brushworks Paints Ltd. The transaction
will significantly increase Berger Paints' presence in key markets and it builds on the
company's strategy of growing its architectural paints business throughout India. On 10 April
2013 Citland Commercial Credits Ltd Wang Investments And Finance Pvt. Ltd Bigg
Investments And Finance Pvt. Ltd .

15. Chapter 3
Companies Tax rates before GST
APOLLO TYRES
HERO MOTORS.
The global economic growth remained largely subdued at 3.1%in CY2015as against 3.4% in
CY2014. The emerging markets anddeveloping economies’ growth which still accounts for
over 70%of global growth, declined for the fifth consecutive year and the advanced
economies witnessed a modest but uneven recovery. However, the global economy saw a
sizeable leg down in the last quarter of CY2015 – in both advanced and emerging markets and
developing economies. During the year, the global economic.
INDIA
India’s GDP grew by 7.6% in FY2016, registering a stellar performance in a world battered
by sluggish growth as well as turbulent financial and commodity markets.
The Indian economy, however, also faced major headwinds during the year in the form of : a)
slow agricultural growth due to two consecutive years of poor monsoons, b) disappointing
manufacturing output owing to weak demand and low commodity prices, c) sharp contraction
in exports due to weakglobal demand and low commodity prices.
Relevant facts about global : Performance in CY 2015over CY 2014
 Capacity: 2384 MnT grew by 1.4% (2351MnT)
 Production: 1621 MnT de-grew by (2.9%) (1670 MnT)
 Consumption: 1500 MnT de-grew by (3%) (1547 MnT)
Gross turnover in FY 2015-16 declined by 19% from
`49,658 crores to `40,354 crores.
Interest Cost 2,687 2,909
Profit before Exceptional Items 794 3,645

16. from `49,658 crores to `40,354 crores mainly due to a decline in realisations, inspite of
increase of 1 lacs tonnes of volume of sales. The operating EBITDA for the year was at `
5,723 crores, lower by 35% over last year, and EBIDTA margin stood at 15.6%. EBIDTA is
lower due to reduction in sales realisation in line with international prices and import of
steel products at predatory prices into India. However lower prices of Iron ore and Coal and
operational efficiencies has mitigated the impact of lower realisation to some extent.
The Company registered a net loss after tax of ` 3,498 crores, primarily driven by provision
for diminution in value of investments and loans and advances in 3Q FY 2016.
The Company’s total net debt gearing was at `1.41 (vis-à-vis
` 1.02, as on March 31, 2015). The weighted average interest cost of debt was at 7.50% (vis-
à-vis 7.75% as on March 31, 2015).
Revenue Analysis
Trade receivables (` Crores)
2015-16 2014-15 Change Change%
Trade 2,511 2,027 484 24%

17. Receivables

18. Chapter 4
Companies Tax rates After GST
ROYAL ENFIELD
The Company’s motorcycle business is led by the iconic brand, Royal Enfield, the world’s
oldest motorcycle brand, still in continuous production. It is revered among motorcycle
enthusiasts globally for its distinctive range of authentic, simple, engaging, and accessible
motorcycles, and its range of apparel and accessories. Its ecosystem of definitive premium
A. FINANCIAL REVIEW
Financial Results ('' crore)
Sl.
N
o. Standalone Year ended
Particulars
31st March 2021
Audited
31st March 2020
Audited
1 Income
(a) Revenue from operations 69110.02 61660.55
(b) Other income 1011.69 985.22
Total Income 70121.71 62645.77
2 Expenses
a) Cost of materials consumed 23136.17 29212.87
b) Changes in inventories of finished goods, work-i
n-progress and by-products 4268.58 (5555.82)
c) Employee benefits expense 10445.94 8781.32
d) Finance costs 2817.14 3486.76
e) Depreciation and Amortisation expenses 4102.00 3755.05
f) Other expenses 18531.28 19023.17
Total Expenses 63301.11 58703.35
3 Profit before Exceptional items and Tax 6820.60 3942.42

19. Add / (Less): Exceptional items 58.43 (771.76)
4 Profit before Tax 6879.03 3170.66
Less: Tax expense
Current tax 12.05 224.14
Deferred tax (refer note 8) 3016.96 924.98
Total Tax expense 3029.01 1149.12
5 Net Profit for the period 3850.02 2021.54
power rates, interest charges etc. and higher dividend income, foreign exchange gain and
reversal of Covid-19 discount on sub grade iron ore fines.
Your Company continued its thrust on judicious fund management with timely repayment of
loans including interest, advance planning and action for future fund raising, etc. to meet our
growth objectives. There has been significant reduction in the borrowings of the company
during the FY 2020-21due to improved cash flows because of increasing steel prices and
demand in India. The Company had borrowings of ''37,677 crore as on 31st March 2021 vis-
a-vis ''54,127 crore as on 31st March 2020 in line with INDAS. The Company has hedged the
foreign currency risk on Buyers'' Credit and External Commercial Borrowings. The debt
equity ratio of the Company as on 31st March, 2021 decreased to 0.87:1 from 1.36:1 as on
31st March, 2020 primarily due to decrease in borrowings during the year. The net worth of
the Company increased to ''43,495 crore as on 31st March 2021 from ''39,777 crore as on
31st March 2020.
An Interim Dividend of 10% i.e. Re.1/- per equity share was paid during the month of
January, 2021. The Board of Directors of your Company has further recommended a Final
Dividend of 18%, subject to approval of Members in the ensuing Annual General Meeting of
the Company, i.e. total dividend for FY 2020-21 being 28% on equity share capital of the
Company. Further, no amount has been transferred to general reserve during the year under
review.
M/s. CARE Ratings, M/s. India Ratings and M/s Brickwork Ratings, RBI approved Credit
Rating Agencies, assigned ‘CARE AA Outlook: Stable'', ‘India Ratings AA- Outlook:
Negative'' and ‘BWR AA Outlook: Negative'' ratings respectively for SAILs long-term
borrowing programme.

20. Steel Authority of India Limited New Delhi
The Board of Directors has the pleasure of presenting the 49 Annual Report of Steel
Authority of India Limited (SAIL the Company) together with the Audited Standalone and
Consolidated Financial Statements for the Financial Year ended 31 March2021.
(Rs.in crore)
STANDALONE YEAR
ENDED
PARTICULARS
31 MARCH
2021
31 MARCH
2020
AUDITED AUDITED
1 INCOME
(A) REVENUE FROM OPERATIONS 69110.02 61660.55
(B) OTHER INCOME 1011.69 985.22
TOTAL INCOME 70121.71 62645.77
2 EXPENSES
A) COST OF MATERIALS CONSUMED 23136.17 29212.87
B) CHANGES IN INVENTORIES OF FINISHED GOODS
WORK-IN-PROGRESS AND BY-PRODUCTS
4268.58 (5555.82)
C) EMPLOYEE BENEFITS EXPENSE 10445.94 8781.32
D) FINANCE COSTS 2817.14 3486.76
E) DEPRECIATION AND AMORTISATION EXPENSES 4102.00 3755.05

21. F) OTHER EXPENSES 18531.28 19023.17
TOTAL EXPENSES 63301.11 58703.35
3 PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX 6820.60 3942.42
ADD / (LESS): EXCEPTIONAL ITEMS 58.43 (771.76)
4 PROFIT BEFORE TAX 6879.03 3170.66
LESS: TAX EXPENSE
CURRENT TAX 12.05 224.14
DEFERRED TAX (REFER NOTE 8) 3016.96 924.98
TOTAL TAX EXPENSE 3029.01 1149.12
5 NET PROFIT FOR THE PERIOD 3850.02 2021.54
HERO MOTORS
The last 15 months have been perhaps the most eventful in living memory. The COVID-19
pandemic has impacted the lives and livelihoods of people across the world in what might be
one of the most significant black swan events of our time. However, through these
unpredictable times, we have witnessed remarkable scientific progress, multilateral
cooperation, government responsiveness, and rapid global transformation – many of which
will impact the way we live and interact with each other. Several countries, including India,
are now emerging from the throes of a brutal second wave of COVID-19. I am hopeful that
the worst is behind us and that better days are ahead.
We are committed to a circular economy and it is with that focus that we strive to
consistently optimise our water, waste, carbon and energy footprint. For example, we have
resolved to improve net carbon emission intensity well beyond India’s Nationally Determined

22. Contributions as per the Paris Accord commitments, with an aim of achieving more than 41%
reduction by 2030 (from the base year of 2005).
Emerging Market and Developing Economies (EMDEs) Following a 2.2% de-growth in CY
2020, EMDEs are expected to witness a y-o-y growth of 6.7% in CY 2021, indicating a V-
shaped recovery. The trend lines on forecast also align with those of the AMEs.
Percentage of GST charged on each product.
Wire Rods Wire rod are manufactured at JSW Vijayanagar and Salem comprising 5% of
product portfolio with an overall sales growth of 13% y-o-y

24. Chapter 5
Summary, Findings and Conclusion
Albert Eadie and Robert Walker Smith were the founders of Enfield Manufactur i ng
Company Limited that ceased to exist after 1971. It produced its first ever bike
under the brand name of 'Royal Enfield' in the same year in Redditch,
Worcestershire, England. The present day Royal Enfield company is a subsidiar y
of the Indian automobile stalwart Eicher Motors Limited. Royal Enfield has been
the most trusted high capacity bike and the most favourite of the Indian
government for the past six decades. Considering that this was just about 52,000
motorcycles in 2010, it gives you a sense of the phenomenal growth Royal Enfie ld
has achieved over the years. Royal Enfield was the name the Indian governme nt
counted on. Sales Volume Interest Rate before GST HERO MOTORS. INDIA
India’s GDP grew by 7.6% in FY2016, registering a stellar performance in a world
battered by sluggish growth as well as turbulent financial and commodit y
markets. The original Enfield Manufacturing Company Limited went defunct in
1971; however, Enfield India just kept on growing in stature and repute. Royal
Enfield Royal Enfield is a well-known automobile company that primarily deals
in manufacturing of motor cycles and cycles. State Goods and Services Tax :
SGST, like CGST, is charged on the sale of products or services within a state. In
1955, Redditch Company and Madras Motors became partners and formed Enfie ld
India, which is currently based in Chennai. The company was founded as Enfie ld
Manufacturing Company Limited in 1890. This manufacturing plant has been
functional since 1955 and still produces the Royal Enfie ld Bullet 350cc and 500cc
models. Central Goods and Services Tax : CGST is charged on the intra state
supply of products and services. Royal Enfield Plants Royal Enfield has one
manufacturing and assembly facility in Chennai, Tamil Nadu. Integrated Goods
and Services Tax : IGST is charged on inter-state transactions of products and
services.

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