Reliance Strategic Business Ventures Limited

Reliance Strategic Business Ventures Limited

Financial Statements
2021-22
Reliance Strategic Business Ventures Limited | 2

INDEPENDENT AUDITOR’S REPORT

To the Members of RELIANCE STRATEGIC BUSINESS VENTURES LIMITED
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying Financial Statements of RELIANCE STRATEGIC BUSINESS VENTURES
LIMITED (“the Company”), which comprise the Balance Sheet as at March 31, 2022, the Statement of Profit and
Loss, including the statement of Other Comprehensive Income, the Cash Flow Statement and the Statement
of Changes in Equity for the year then ended, and a summary of significant accounting policies and other
explanatory information (hereinafter referred to as “Financial Statements”).
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
Financial Statements give the information required by the Companies Act, 2013 (“ the Act”) in the manner so
required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under
Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (“Ind
AS”) and other accounting principles generally accepted in India, of the state of affairs of the Company as at
March 31, 2022, its Profit including Other Comprehensive Income, its Cash Flows and the Statement of Changes
in Equity for the year ended on that date.
Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (“SA”) specified under Section 143(10) of
the Act. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the
Audit of the Financial Statements section of our report. We are independent of the Company in accordance with
the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical
requirements that are relevant to our audit of the Financial Statements under the provisions of the Act and the
Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the ICAI‘s Code of Ethics. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion on the Financial Statements.
Information Other than the Financial Statements and Auditor’s Report Thereon
The Company’s Board of Directors is responsible for the other information. The other information comprises the
information included in the Board report, but does not include the Financial Statements and our auditor’s report
thereon.
Our opinion on the Financial Statements does not cover the other information and we do not express any form
of assurance conclusion thereon.
In connection with our audit of the Financial Statements, our responsibility is to read the other information and,
in doing so, consider whether the other information is materially inconsistent with the Financial Statements or
our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.
If, based on the work we have performed on the other information that we obtained prior to the date of this
auditor’s report, we conclude that there is a material misstatement of this other information, we are required to
report that fact. We have nothing to report in this regard.
Responsibilities of the Management for the Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Act, with respect
to the preparation of these Financial Statements that give a true and fair view of the Financial Position, Financial
Performance including other comprehensive income, cash flows and the statement of changes in equity of the
Company in accordance with the Ind AS and other accounting principles generally accepted in India.
This responsibility also includes maintenance of adequate accounting records in accordance with the provision
of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other
irregularities; selection and application of the appropriate accounting policies; making judgements and
estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and fair presentation of the Financial Statements that give a true and fair
view and are free from material misstatement, whether due to fraud or error.
In preparing the Financial Statements, management is responsible for assessing the Company’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless management either intends to liquidate the Company or to cease operations,
or has no realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis of these Financial Statements. As part of an
audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:
• Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing
our opinion on whether the Company has adequate internal financial controls system in place and the
operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our auditor’s report to the related
disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future
events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Financial Statements, including the
disclosures, and whether the Financial Statements represent the underlying transactions and events in a
manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the Financial Statements that, individually or in aggregate,
makes it probable that the economic decisions of a reasonably knowledgeable user of the Financial Statements
may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our
audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified
misstatements in the Financial Statements.
We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”), issued by the Central
Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the “Annexure A” a
statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge
and belief were necessary for the purposes of our audit;
b) In our opinion, proper books of account as required by law have been kept by the Company so far as
appears from our examination of those books;
c) The Balance Sheet, Statement of Profit and Loss including Other Comprehensive Income , the Cash Flow
Statement and Statement of Changes in Equity dealt with by this report are in agreement with the
books of account;
d) In our opinion, the aforesaid Financial Statements comply with the Ind AS specified under Section 133
of the Act;
e) On the basis of written representations received from the directors as on March 31, 2022 taken on
record by the Board of Directors, none of the directors is disqualified as on March 31, 2022 from being
appointed as a director in terms of Section 164(2) of the Act;
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company
with reference to these Financial Statements and the operating effectiveness of such controls, refer to
our separate Report in “Annexure B”. Our report expresses an unmodified opinion on the adequacy and
operating effectiveness of the Company’s internal financial controls over financial reporting with
reference to these Financial Statements;
g) With respect to the other matters to be included in the Auditor’s Report in accordance with the
requirements of Section 197(16) of the Act, as amended, in our opinion and to the best of our
information and according to the explanations given to us, the remuneration paid by the Company to its
directors during the year is in accordance with the provisions of Section 197 of the Act.
h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rules 11 of
the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our
information and according to the explanations given to us:
i. The Company does not have any pending litigations which would impact on its financial
position;
ii. The Company did not have any long-term contracts including derivative contracts for which
there were any material foreseeable losses;
iii. There were no amounts which were required to be transferred to the Investor Education
and Protection Fund by the Company.
iv. (a) Management has represented to us that, to the best of it’s knowledge and belief, other
than as disclosed in the notes to the accounts no funds have been advanced or loaned or
invested (either from borrowed funds or share premium or any other sources or kind of
funds) by the Company to or in any other persons or entities, including foreign entities
(“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that
the Intermediary shall, whether, directly or indirectly lend or invest in other persons or
entities identified in any manner whatsoever by or on behalf of the Company (“Ultimate
Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries;
(b) Management has represented to us that, to the best of it’s knowledge and belief, other
than as disclosed in the notes to the accounts no funds have been received by the Company
from any person(s) or entity(ies), including foreign entities (“Funding Parties”), with the
understanding, whether recorded in writing or otherwise, that the Company shall, whether,
directly or indirectly, lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries
(c) based on our audit procedure conducted that are considered reasonable and appropriate
in the circumstances, nothing has come to our attention that cause us to believe that the
representation given by the management under paragraph (2) (h) (iv) (a) & (b) contain any
material misstatement.
v. The Company has not declared or paid any dividend during the year.
For Pathak H. D. & Associates LLP

Chartered Accountants
Firm Registration no. 107783W/W100593
Ashutosh Jethlia
Partner
Membership No.: 136007
Place : Mumbai
Date : 13th April, 2022
UDIN : 22136007AGZVVP4095
“ANNEXURE A” TO THE INDEPENDENT AUDITORS’ REPORT ON THE FINANCIAL STATEMENTS OF

RELIANCE STRATEGIC BUSINESS VENTURES LIMITED
(Referred to in Paragraph 1 under the heading of “Report on other legal and regulatory requirements” of our
report of even date)
i) As the Company have no Property, Plant and Equipment and Intangible Assets during the year.
Consequently, the requirement of clause (i) (a) to clause (i) (e) of paragraph 3 of the Order is not
applicable to the Company.
ii) (a) In our opinion the inventories have been physically verified during the year by the management at
reasonable intervals. No material discrepancy was noticed on physical verification of stocks by the
management as compared to book records.
(b) The Company has not availed any working capital limits from banks or financial institutions during the
year on the basis of security of current assets. Consequently, the requirement of clause (ii) (b) of
paragraph 3 of the Order is not applicable to the Company.
iii) With respect to investments made in or any guarantee or security provided or any loans or advances in
the nature of loans, secured or unsecured, granted during the year by the Company to companies, firms,
Limited Liability Partnerships or any other parties:-
a) i. Deposits as disclosed in note no. 5 of financial statements amounting to Rs. 3,489.80 Crores has been
granted to one Company during the year and balance outstanding at balance sheet date with respect to
such deposits is Rs. 9,187.84 Crores.
ii. Loan of Rs. 25 Crores has been granted to one Company during the year and balance outstanding at
balance sheet date with respect to such loan is Nil.
iii. No loan has been granted to subsidiaries, joint ventures and associates.
b) In our opinion and according to information and explanations given us and on the basis of our audit
procedures, the investments made and the terms and conditions of all loans made by the Company are
not prejudicial to the Company’s interest. Company has not provided any guarantees or given security
and has not granted any advances in the nature of loans during the year.
c) According to the books of accounts and records examined by us in respect of the loans, where the
schedule of repayment of principal and payment of interest has been stipulated, the repayments or
receipts are regular.
d) In respect of the said loans and interest thereon, there are no overdue amounts.
e) During the year the Company has renewed and extended the existing loans given to the same parties. In
respect of the said loans:-
(Rs. In Crores)
Name of the Parties Aggregate amount of overdues Percentage of the aggregate to
of existing loans renewed or the total loans granted during
extended or settled by fresh the year
loans
JM Financial Products Limited 25.00 0.71%
f) According to the information and explanations given to us and based on the audit procedures
performed by us, we are of the opinion that the deposits as disclosed in clause (iii) (a) (i) are repayable
on demand. No loans or advances in the nature of loans have been granted to promoters and related
parties.
iv) The Company has not directly or indirectly advanced loan to the person or given guarantees or securities
in connection with the loan taken by persons covered under Section 185 of the Act. The Company has
complied with the provisions of the Section 186 of the Act, in respect of investments, loans, guarantee or
security given.
v) According to the information and explanations given to us, the Company has not accepted any deposits
and there are no amounts which are deemed to be deposit, within the meaning of provisions of Section
73 to 76 or any other relevant provisions of the Act and the rules framed there under. Therefore, the
clause (v) of paragraph 3 of the Order is not applicable to the Company.
vi) To the best of our knowledge and explanations given to us, the Central Government has not prescribed
the maintenance of cost records under sub section (1) of Section 148 of the Act in respect of the activities
undertaken by the Company.
vii) In respect of Statutory dues :
a) According to the records of the Company, undisputed statutory dues including goods and service tax,
provident fund, employees’ state insurance, income tax, sales tax, service tax, duty of customs, duty
of excise, value added tax, cess and any other statutory dues as applicable to it have been regularly
deposited with appropriate authorities. According to the information and explanations given to us,
no undisputed amounts payable in respect of the aforesaid dues, were outstanding as at March 31,
2022 for a period of more than six months from the date they became payable.
b) According to the information and explanations given to us, there are no dues of goods and service
tax, provident fund, employees’ state insurance, income tax, sales tax, service tax, duty of customs,
duty of excise, value added tax, cess and any other statutory dues as applicable to it, which have not
been deposited as on March 31, 2022 on account of any dispute.
viii) According to the information and explanations given to us, there are no transactions which have been
surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act,
1961(43 of 1961). Consequently, the requirement of clause (viii) of paragraph 3 of the Order is not
applicable to the Company.
ix) (a) In our opinion and according to the information and explanations given and books of accounts and
records examined by us, the Company has not defaulted in repayment of loans or other borrowings or in
the payment of interest thereon to any lender.
(b) According to the information and explanations given to us and on the basis of our audit procedures,
we report that the Company has not been declared wilful defaulter by any bank or financial institution or
government or any government authority.
(c) In our opinion, and according to the information and explanations given and records examined by us,
the money raised by way of term loans have been applied prima facie for the purpose for which they
were obtained.
(d) According to the information and explanations given to us, and the procedures performed by us, and
on an overall examination of the Financial Statements of the Company, we report that no funds raised on
short-term basis have been used for long-term purposes by the Company.
(e) In our opinion, and according to the information and explanations given to us, the Company has not
taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries,
associates or joint ventures.
(f) According to the information and explanations given to us and procedures performed by us, we report
that the Company has not raised loans during the year on the pledge of securities held in its subsidiaries,
joint ventures or associate companies.
x) (a) The Company has not raised money by way of Initial Public offer or Further Public offer. The Company
has raised money by way of debentures and those have been applied for the purpose for which they are
raised.
(b) In our opinion and according to the information and explanations given to us, the Company has not
made any preferential allotment or private placement of shares or convertible debentures (fully, partially
or optionally convertible) during the year.
xi) (a) Based on the audit procedures performed for the purpose of reporting the true and fair view of the
Financial Statements and as per information and explanations given to us, no fraud by the Company or on
the Company has been noticed or reported during the year.
(b) In our opinion and according to the information and explanations given to us and as represented to us
by the Management, there are no reports under sub-section (12) of Section 143 of the Companies Act,
2013 has been filed by the auditors in Form ADT-4 as prescribed under Rule 13 of the Companies (Audit
and Auditors) Rules, 2014 with the Central Government.
(c) As represented to us by the Management, there are no whistle blower complaints received by the
Company during the year.
xii) In our opinion Company is not a nidhi Company. Therefore, the provisions of clause (xii) of paragraph 3 of
the Order are not applicable to the Company.
xiii) In our opinion and according to the information and explanations given to us, all transactions with related
parties are in compliance with Sections 177 and 188 of the Act and their details have been disclosed in the
financial statements etc., as required by the applicable Accounting Standards.
xiv) (a) In our opinion and based on our examination, the Company has an internal audit system
commensurate with the size and nature of its business.
(b) We have considered the internal audit reports of the company issued till date, for the period under
audit.
xv) In our opinion and according to the information and explanations given to us, the Company has not
entered into any non-cash transaction with the directors or persons connected with him and covered
under Section 192 of the Act. Hence, clause (xv) of the paragraph 3 of the Order is not applicable to the
Company.
xvi) (a) To the best of our knowledge and as explained, the Company is not required to be registered under
Section 45-IA of the Reserve Bank of India Act, 1934.
(b) In our opinion, and according to the information and explanations provided to us and on the basis of
our audit procedures, the Company has not conducted any Non-Banking Financial or Housing Finance
activities during the year as per the Reserve bank of India Act 1934.
(c) In our opinion, and according to the information and explanations provided to us, the Company is
not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India.
(d) The Group does not have any Core Investment Company (CIC) as part of the Group as per the
definition of Group contained in the Core Investment Companies (Reserve Bank) Directions, 2016 and
hence the reporting under clause (xvi)(d) of the Order is not applicable.
xvii) The Company has not incurred cash losses during the financial year covered by the audit and in the
immediately preceding financial year.
xviii) There has been no resignation of the statutory auditors during the year and accordingly this clause is not
applicable.
xix) According to the information and explanations given to us and on the basis of the financial ratios, ageing
and expected dates of realization of financial assets and payment of financial liabilities, other information
accompanying the Financial Statements, our knowledge of the Board of Directors and management plans
and based on our examination of the evidence supporting the assumptions, nothing has come to our
attention, which causes us to believe that any material uncertainty exists as on the date of the audit
report that Company is not capable of meeting its liabilities existing at the date of balance sheet as and
when they fall due within a period of one year from the balance sheet date. We, however, state that this
is not an assurance as to the future viability of the Company. We further state that our reporting is based
on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that
all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the
Company as and when they fall due.
xx) In our opinion and according to the information and explanations given to us, there are no unspent
amounts in compliance with provisions of Section 135 of the Act; hence this clause is not applicable to the
Company.
xxi) According to information and explanations given to us, Company has not prepared the consolidated
financial statement under sub-section 3 of Section 129 of the Act. Therefore, provisions of clause (xxi) of
Paragraph 3 of the Order are not applicable to the Company.

Ashutosh Jethlia
Partner
Place : Mumbai
ANNEXURE “B” TO THE INDEPENDENT AUDITOR’S REPORT ON THE FINANCIAL STATEMENTS OF RELIANCE
STRATEGIC BUSINESS VENTURES LIMITED
(Referred to in paragraph 2 (f) under ‘Report on Other Legal and Regulatory Requirements’ of our report of
even date)
Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section
143 of the Companies Act, 2013 (“the Act”)
We have audited the internal financial controls over financial reporting of

RELIANCE STRATEGIC BUSINESS VENTURES LIMITED (“the Company”) as of March 31, 2022 in conjunction
with our audit of the Financial Statements of the Company for the year ended on that date.
Management’s Responsibility for Internal Financial Controls
The Company’s management is responsible for establishing and maintaining internal financial controls based
on the internal control over financial reporting criteria established by the Company considering the essential
components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over
Financial Reporting (the “Guidance Note”) issued by the Institute of Chartered Accountants of India (“ICAI”).
These responsibilities include the design, implementation and maintenance of adequate internal financial
controls that were operating effectively for ensuring the orderly and efficient conduct of its business,
including adherence to Company’s policies, the safeguarding of its assets, the prevention and detection of
frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of
reliable financial information, as required under the Act.
Auditor’s Responsibility
Our responsibility is to express an opinion on the Company's internal financial controls over financial
reporting with reference to these Financial Statements based on our audit. We conducted our audit in
accordance with the Guidance Note issued by ICAI and the Standards on Auditing prescribed under Section
143(10) of the Act, to the extent applicable to an audit of internal financial controls. Those Standards and the
Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether adequate internal financial controls over financial reporting with
reference to these Financial Statements was established and maintained and if such controls operated
effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal
financial controls system over financial reporting with reference to these Financial Statements and their
operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an
understanding of internal financial controls over financial reporting with reference to these Financial
Statements, assessing the risk that a material weakness exists, and testing and evaluating the design and
operating effectiveness of internal control based on the assessed risk. The procedures selected depend on
the auditor’s judgement, including the assessment of the risks of material misstatement of the Financial
Statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion on the Company’s internal financial controls system over financial reporting with reference to
these Financial Statements.
Meaning of Internal Financial Controls Over Financial Reporting With Reference To These Financial
Statements
A Company's internal financial control over financial reporting with reference to these Financial Statements
is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of Financial Statements for external purposes in accordance with generally accepted accounting
principles. A Company's internal financial control over financial reporting with reference to these Financial
Statements includes those policies and procedures that (1) pertain to the maintenance of records that, in
reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the
Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit
preparation of Financial Statements in accordance with generally accepted accounting principles, and that
receipts and expenditures of the Company are being made only in accordance with authorisations of
management and directors of the Company ; and (3) provide reasonable assurance regarding prevention or
timely detection of unauthorised acquisition, use, or disposition of the Company's assets that could have a
material effect on the Financial Statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting With Reference To These Financial
Statements
Because of the inherent limitations of internal financial controls over financial reporting with reference to
these Financial Statements, including the possibility of collusion or improper management override of
controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of
any evaluation of the internal financial controls over financial reporting with reference to these Financial
Statements to future periods are subject to the risk that the internal financial control over financial reporting
with reference to these Financial Statements may become inadequate because of changes in conditions, or
that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, adequate internal financial controls over financial
reporting with reference to these Financial Statements and such internal financial controls over financial
reporting with reference to these Financial Statements were operating effectively as at March 31, 2022,
based on the internal control over financial reporting criteria established by the Company considering the
essential components of internal control stated in the Guidance Note issued by ICAI.

Ashutosh Jethlia
Partner
Place : Mumbai
Balance Sheet as at 31st March, 2022
₹ in Crore
As at As at
Notes 31st March, 2022 31st March, 2021
ASSETS
Non-Current Assets
Financial Assets
Investments 1 10,857.66 10,447.16
Loans 2 49.82 3,549.82
Other Non-Current Assets 3 40.79 145.74
Total Non-Current Assets 10,948.27 14,142.72
Current Assets
Financial Assets
Trade Receivables 4 - 3.91
Cash and cash equivalents 5 9,188.84 5,870.94
Loans 6 - 37.13
Other Financial Assets 7 0.21 38.43
Other Current Assets 9 8.05 8.13
Total Current assets 9,197.10 5,958.54
Total Assets 20,145.37 20,101.26
EQUITY AND LIABILITIES
Equity
Equity Share Capital 10 100.00 100.00
Other Equity 11 12,831.87 11,023.98
Total equity 12,931.87 11,123.98
Liabilities
Non-Current Liabilities
Borrowings 12 7,156.31 8,930.04
Deferred Tax Liabilities (Net) 13 14.56 12.22
Total Non-Current Liabilities 7,170.87 8,942.26
Current Liabilities
Financial Liabilities
Trade Payables 14
Micro and Small Enterprises - -
Other than Micro and Small Enterprises - 0.20
Other Current Liabilities 15 42.63 34.82
Total current liabilities 42.63 35.02
Total Liabilities 7,213.50 8,977.28
Total Equity and Liabilities 20,145.37 20,101.26

Significant Accounting Policies
See accompanying Notes to the Financial Statements 1 to 28
As per our Report of even date For and on behalf of the Board
For PATHAK H. D. & ASSOCIATES LLP

Firm Registeration No : 107783W/W100593
Chartered Accountants Raj Mullick Vidhya Sagar Tyagi
Director Director
Ashutosh Jethlia
Partner
Membership No: 136007
Ketan Patil Avani Gangapurkar
Chief Financial Officer Company Secretary
Dated : 13th April,2022
Statement of Profit & Loss for the Year ended 31st March, 2022
₹ in Crore
Notes 2021-22 2020-21
INCOME
Revenue from Operations 16 801.83 645.60

Other Income 17 676.29 528.47
Total Income 1,478.12 1,174.07
EXPENSES
Purchases 801.03 645.08

Finance Cost 18 421.75 459.35
Other Expenses 19 21.95 1.18
Total Expenses 1,244.73 1,105.61
Profit Before Tax 233.39 68.46
Tax Expenses
Current Tax 8 51.24 20.39
Deferred Tax 2.34 (2.57)
Profit For the Year 179.81 50.65
Other Comprehensive Income :

a} Items that will be reclassified to Statement of Profit & loss - -
b} Items that will not be reclassified to Statement of Profit & loss
Fair value changes relating to financial assets 988.44 395.08
Income tax relating to items that will not be reclassified to Profit or Loss (113.08) (45.40)
Total Other Comprehensive Income for the Year (Net of Tax) 875.36 349.68
Total comprehensive income for the year 1,055.17 400.33
Earnings per equity share of face value of ` 10 each

Basic (in ₹) 20 17.98 5.06
Diluted (in ₹) 20 15.71 4.89
Significant Accounting Policies

See accompanying Notes to the Financial
Statements 1 to 28

Director Director
Ashutosh Jethlia
Partner Ketan Patil Avani Gangapurkar
Membership No: 136007 Chief Financial Officer Company Secretary

Statement of Changes in Equity for the Year ended 31st March, 2022
A. Equity Share Capital
(1) Current reporting period ₹ in Crore
Balance as at Changes in equity share capital during Balance as

1st April, the year 2021-22 at 31st
2021 March,
100.00 - 2022
100.00
(2) Previous reporting period
Balance as at Changes in equity share capital during Balance as
1st April, the year 2020-21 at 31st
2020 March,
100.00 - 100.00
B. Other Equity
(1) Current reporting period ₹ in Crore
Instruments
Reserves and Surplus
Classified as Equity
Other
Debenture Zero Comprehensive Total
Capital Securities Retained
Redemption OCPS Coupon Income
Reserve Premium Earnings
Reserve OFCD
As on 31st March, 2022

Balance at beginning of reporting period i.e. 1st April, 2021 1.91 11,534.64 0.40 59.64 2.78 7.43 (582.82) 11,023.98
Add: Increase for the year - 745.81 6.40 - - 6.91 - 759.12
Add: Total Comprehensive Income for the year - - - 179.81 - - 875.36 1,055.17
Less: Debenture Redemption Reserve created for the year (6.40) (6.40)
Balance at the end of the reporting period i.e. 31st
1.91 12,280.45 6.80 233.05 2.78 14.34 292.54 12,831.87
March, 2022
(2) Previous reporting period
Instruments
Reserves and Surplus
Classified as Equity Other
Debenture Zero Comprehensive Total
Capital Securities Retained
Redemption OCPS Coupon Income
Reserve Premium Earnings
Reserve OFCD
As on 31st March, 2021
Balance at beginning of previous period i.e. 1st, April 2020 1.91 10,725.27 - 9.39 2.78 - (932.50) 9,806.85
Add: Increase for the year - 809.37 0.40 - - 7.43 - 817.20
Add: Total Comprehensive Income for the year - - - 50.65 - - 349.68 400.33
Less: Debenture Redemption Reserve created for the year (0.40) (0.40)
Balance at the end of the reporting period i.e. 31st
March, 2021 1.91 11,534.64 0.40 59.64 2.78 7.43 (582.82) 11,023.98
Director Director
Ashutosh Jethlia

Cash Flow Statement for the Year ended 31st March, 2022
₹ in Crore
Notes 2021-22 2020-21
A CASH FLOW FROM OPERATING ACTIVITIES
Net Profit / (Loss) before tax as per Profit and Loss Statement 233.39 68.46
Adjusted for :
Share of (Profit) / Loss of Associates and Joint Ventures (0.00) (0.01)
Provision for doubtful debts 3.25 -
Interest Income (521.60) (518.19)
Net gain on Venture Fund Investments (90.81) (10.27)
(Profit) / Loss on Sale of Investments (62.94) -
Dividend Income (0.73) -
Finance Costs 421.75 459.35
Operating Profit / (Loss) before Working Capital Changes (17.69) (0.66)

Adjusted for :
Trade and Other Receivables 0.74 40.36
Trade and Other Payables 7.60 9.93
Cash Generated from / (used in) Operations (9.35) 49.63
Tax Paid (Net off Refund) (59.36) (42.33)
Net Cash flow from / (used in) Operating Activities* (68.71) 7.30
B CASH FLOW FROM INVESTING ACTIVITIES

Interest Received 526.11 533.16
Dividend Income 0.73 -
Movement in Loans 3,537.13 (3,550.80)
Purchase of Investments (908.04) (1,166.92)
Sale of Investments 1,638.81 1,806.81
Share application money (paid)/Received back 34.62 -
Net Cash (used in) / from Investing Activities 4,829.36 (2,377.75)
C CASH FLOW FROM FINANCING ACTIVITIES

Proceeds from Debenture including premium 752.72 816.80
Proceeds from Borrowing - Non-Current 7,402.10 11,989.22
Repayment of Borrowing - Non-Current (9,175.83) (8,409.78)
Interest Paid (421.75) (459.35)
Net Cash from / (used in) Financing Activities (1,442.75) 3,936.89
Net Increase/ (Decrease) in Cash and Cash Equivalents 3,317.90 1,566.44
Opening Balance of Cash and Cash Equivalents 5,870.94 4,304.50

Closing Balance of Cash and Cash Equivalents 9,188.84 5,870.94
(Refer Note No. 5)
Change in Liability arising from financing activity

2021-22 2020-21
Borrowings - Non Current (Refer Note 12)
Opening Balance as at beginning 8,930.04 5,350.60
Cash Flow during the period (1,773.73) 3,579.44
Closing Balance at the end of the year 7,156.31 8,930.04
* Includes amount spent in cash towards Corporate Social Responsibility of ₹ 0.93 Cr (Previous Year ₹
0.24 Cr)
Director Director
Ashutosh Jethlia
Partner
Membership No: 136007 Ketan Patil Avani Gangapurkar
Chief Financial Officer Company Secretary


Notes to the Financial Statements for the year ended 31st March, 2022
A. CORPORATE INFORMATION
Reliance Strategic Business Ventures Limited ['The Company'] is a limited company incorporated in India having CIN
U74999GJ2019PLC108789.The registered office of the Company is located at Office-101, Saffron, Nr.Centre Point, Panchwati 5
Rasta, Ambawadi, Ahmedabad - 380006, Gujarat, India.The Principal activities of the Company are trading of goods and holding
strategic interests in businesses and providing business support services.
B. SIGNIFICANT ACCOUNTING POLICIES

B.1 Basis of Preparation and Presentation
The financial statements have been prepared on the historical cost basis except for following assets and liabilities which have been
measured at fair value amount:
i) Certain financial assets and liabilities

ii) Defined benefit plans - plan assets
The Financial Statements of the Company have been prepared to comply with the Indian Accounting standards (‘Ind AS’), including
the Accounting Standards notified under the relevant provisions of the Companies Act, 2013 ( as amended from time to time) and
presentations requirements of Division II of Schedule III to the Companies Act,2013,( Ind AS Compliant Schedule III) as amended
time to time..
The Company’s financial statements are presented in Indian Rupees (`), which is also its functional currency and all values are
rounded to the nearest Crore (`00,00,000), except when otherwise indicated. Amount in zero (0.00) represents amount below `
50,000.
B.2 Summary of Significant Accounting Policies

(a) Current and Non-Current Classification
The Company presents assets and liabilities in the Balance Sheet based on Current/ Non-Current classification
An asset is treated as Current when it is –
- Expected to be realised or intended to be sold or consumed in normal operating cycle;
- Held primarily for the purpose of trading;
- Expected to be realised within twelve months after the reporting period, or
- Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the
reporting period
All other assets are classified as non-current.
A liability is current when:
- It is expected to be settled in normal operating cycle;
- It is held primarily for the purpose of trading;
- It is due to be settled within twelve months after the reporting period, or
- There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.
The Company classifies all other liabilities as non-current

Deferred tax assets and liabilities are classified as non-current assets and liabilities.
(b) Cash and Cash Equivalents

Cash and cash equivalents comprise of cash on hand, cash at banks, short-term deposits and short-term highly liquid investments
that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
(c) Finance Costs

Borrowing cost are charged to the Profit and Loss Statement in the period in which they are incurred.
(d) Inventories
Items of inventories are measured at lower of cost and net realisable value after providing for obsolescence, if any. Cost of
inventories comprises of cost of purchase and other costs incurred in bringing them to their respective present location and condition.
Cost of trading and other products are determined on weighted average basis.
(e) Provisions
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is
probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate
can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are discounted using a
current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the
provision due to the passage of time is recognized as a finance cost.

(f) Contingent Liabilities

Disclosure of contingent liability is made when there is a possible obligation arising from past events, the existence of which will be
confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the
Company or a present obligation that arises from past events where it is either not probable that an outflow of resources embodying
economic benefits will be required to settle or a reliable estimate of amount cannot be made.
(g) Tax Expenses

The tax expenses for the period comprises of current tax and deferred income tax. Tax is recognised in Statement of Profit and Loss,
except to the extent that it relates to items recognised in the Other Comprehensive Income. In which case, the tax is also recognised
in Other Comprehensive Income.
Current Tax
Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the Income Tax authorities,
based on tax rates and laws that are enacted at the Balance sheet date.
Deferred Tax
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the Financial
Statements and the corresponding tax bases used in the computation of taxable profit.
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled
or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting
period. The carrying amount of Deferred tax liabilities and assets are reviewed at the end of each reporting period.
(h) Foreign Currencies Transactions and Translation

Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of transaction.
Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency closing rates of exchange
at the reporting date.
Exchange differences arising on settlement or translation of monetary items are recognised in Statement of Profit and Loss.
(i) Revenue recognition

Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an
amount that reflects the consideration entitled in exchange for those goods or services. The Company is generally the principal as it
typically controls the goods or services before transferring them to the customer.
Generally, control is transferred upon shipment of goods to the customer or when the goods is made available to the customer,
provided transfer of title to the customer occurs and the Company has not retained any significant risks of ownership or future
obligations with respect to the goods shipped.
Revenue from rendering of services is recognized over time by measuring the progress towards complete satisfaction of
performance obligations at the reporting period.
Revenue is measured at the amount of consideration which the Company expects to be entitled to in exchange for transferring
distinct goods or services to a customer as specified in the contract, excluding amounts collected on behalf of third parties (for
example taxes and duties collected on behalf of the government). Consideration is generally due upon satisfaction of performance
obligations and a receivable is recognised when it becomes unconditional. Consideration are determined based on its most likely
amount.
Difference between final settlement price and provisional price is recognised subsequently. The Company does not adjust short-term
advances received from the customer for the effects of significant financing component if it is expected at the contract inception that
the promised good or service will be transferred to the customer within a period of one year.

Contract Balances
Trade Receivables
A receivable represents the Company’s right to an amount of consideration that is unconditional.
Contract Liabilities
A contract liability is the obligation to transfer goods or services to a customer for which the Company has received consideration (or
an amount of consideration is due) from the customer. If a customer pays consideration before the Company transfers goods or
services to the customer, a contract liability is recognised when the payment is made or the payment is due (whichever is earlier).
Contract liabilities are recognised as revenue when the Company performs under the contract.
Interest income
Interest Income from a Financial Assets is recognized using effective interest rate method.
Dividend income
Dividend Income is recognised when the Company’s right to receive the amount has been established.
(j) Financial instruments

i) Financial Assets
A. Initial recognition and measurement:
All Financial assets are initially recognised at fair value. Transaction costs that are directly attributable to the acquisition or issue of
Financial Assets, which are not at fair value through profit or loss, are adjusted to the fair value on initial recognition. Purchase and
sale of Financial Assets are recognised using trade date accounting.
B. Subsequent measurement
a) Financial assets measured at Amortised cost (AC)
A Financial asset is measured at Amortised Cost if it is held within a business model whose objective is to hold the asset in order to
collect contractual cash flows and the contractual terms of the Financial Asset give rise on specified dates to cash flows that
represent solely payments of principal and interest on the principal amount outstanding.
b) Financial assets measured at fair value through other comprehensive income (FVTOCI)
A Financial asset is measured at FVTOCI if it is held within a business model whose objective is achieved by both collecting
contractual cash flows and selling Financial Assets and the contractual terms of the Financial Asset give rise on specified dates to
cash flows that represents solely payments of principal and interest on the principal amount outstanding.
c) Financial assets measured at fair value through profit or loss (FVTPL)

A Financial Asset which is not classified in any of the above categories are measured at FVTPL. Financial assets are reclassified
subsequent to their recognition, if the Company changes its business model for managing those financial assets. Changes in
business model are made and applied prospectively from the reclassification date which is the first day of immediately next reporting
period following the changes in business model in accordance with principles laid down under Ind AS 109 – Financial Instruments.
C. Investment in Subsidiaries, Associates and Joint Ventures

The Company has accounted for its investments in subsidiaries, associates and joint ventures at cost less impairment loss (if any).
D. Other Equity Investments

All Other Equity Investments are measured at fair value, with value changes recognized in Statement of Profit and Loss, except for
those equity investments for which the Company has elected to present the value changes in ‘Other Comprehensive Income’.
However, dividend on such equity investments are recognised in Statement of Profit and loss when the company’s right to receive
payment is established.

E. Impairment of financial assets

In accordance with Ind AS 109, the Company uses ‘Expected Credit Loss’ (ECL) model, for evaluating impairment of Financial
Assets other than those measured at Fair Value Through Profit and Loss (FVTPL).
Expected credit losses are measured through a loss allowance at an amount equal to:
The 12-months expected credit losses (expected credit losses that result from those default events on the financial instrument
that are possible within 12 months after the reporting date); or
Full lifetime expected credit losses (expected credit losses that result from all possible default events over the life of the
financial instrument)
For Trade Receivables the Company applies ‘simplified approach’ which requires expected lifetime losses to be recognised from
initial recognition of the receivables. The Company uses historical default rates to determine impairment loss on the portfolio of trade
receivables. At every reporting date these historical default rates are reviewed and changes in the forward-looking estimates are
analysed.
For other assets, the Company uses 12 month ECL to provide for impairment loss where there is no significant increase in credit risk.
If there is significant increase in credit risk full lifetime ECL is used.
ii) Financial liabilities

A. Initial recognition and measurement:
All financial liabilities are recognized at fair value and in case of borrowings, net of directly attributable cost. Fees of recurring nature
are directly recognised in the statement of profit and loss as finance cost.
B. Subsequent measurement:
Financial liabilities are carried at amortized cost using the effective interest method. For trade and other payables maturing within one
year from the balance sheet date, the carrying amounts approximate fair value due to the short maturity of these instruments.
iii) Derecognition of financial instruments

The Company derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire or it
transfers the financial asset and the transfer qualifies for derecognition under Ind AS 109. A financial liability (or a part of a financial
liability) is derecognised from the Company’s Balance Sheet when the obligation specified in the contract is discharged or cancelled
or expires.
iv) Offsetting
Financial assets and financial liabilities are offset and the net amount is presented in the balance sheet when, and only when, the
Company has a legally enforceable right to set off the amount and it intends, either to settle them on a net basis or to realise the
asset and settle the liability simultaneously.
(k) Earnings per share

Basic earnings per share is calculated by dividing the net profit after tax by the weighted average number of equity shares
outstanding during the year adjusted for bonus element in equity share. Diluted earnings per share adjusts the figures used in
determination of basic earnings per share to take into account the conversion of all dilutive potential equity shares. Dilutive potential
equity shares are deemed converted as at the beginning of the period unless issued at a later date.

C. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY:

The preparation of the Company’s financial statements requires management to make judgement, estimates and assumptions that
affect the reported amount of revenue, expenses, assets and liabilities and the accompanying disclosures. Uncertainty about these
assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities
affected in next financial years.
a) Recoverability of trade receivables:

Judgements are required in assessing the recoverability of overdue trade receivables and determining whether a provision against
those receivables is required. Factors considered include the credit rating of the counterparty, the amount and timing of anticipated
future payments and any possible actions that can be taken to mitigate the risk of non-payment.
b) Provisions:
The timing of recognition and quantification of the liability (including litigations) requires the application of judgement to existing facts
and circumstances, which can be subject to change. The carrying amounts of provisions and liabilities are reviewed regularly and
revised to take account of changing facts and circumstances.
c) Impairment of financial assets:

The impairment provisions for financial assets are based on assumptions about risk of default and expected cash loss rates. The
Company uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on Company’s
past history, existing market conditions as well as forward-looking estimates at the end of each reporting period.
In case of non-financial assets Company estimates asset’s recoverable amount, which is higher of an asset’s or Cash Generating
Units (CGU’s) fair value less costs of disposal and its value in use.
In assessing value in use, the estimated future cash flows are discounted to their present value using pre-tax discount rate that
reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less
costs of disposal, recent market transactions are taken into account, if no such transactions can be identified, an appropriate
valuation model is used.
d) Recognition of Deferred tax assets and liabilities

Deferred tax assets and liabilities are recognised for deductible temporary differences and unused tax losses for which there is
probability of utilisation against the future taxable profit. The Company uses judgement to determine the amount of deferred tax that
can be recognised, based upon the likely timing and the level of future taxable profits and business developments.
e) Fair value measurement

For estimates relating to fair value of financial instruments refer note 24.3 of financial statements.
f) Global Health Pandemic on COVID-19

The outbreak of corona virus (COVID-19) pandemic globally and in India is causing significant disturbance and slowdown of
economic activity. The Company has taken into account the possible impact of COVID-19 in preparation of financial statements,
including its assessment of recoverable value of its assets based on internal and external information upto the date of approval of
these financial statements and current indicators of future economic conditions.
D. STANDARDS ISSUED BUT NOT EFFECTIVE
On March 23, 2022, the Ministry of Corporate Affairs (MCA) has notified Companies (Indian Accounting Standards) Amendment Rules, 2022. This
notification has resulted into amendments in the following existing accounting standards which are applicable to company from April 1, 2022.
i Ind AS 101 – First time adoption of Ind AS

ii Ind AS 103 – Business Combination
iii Ind AS 109 – Financial Instrument
iv Ind AS 16 – Property, Plant and Equipment
v Ind AS 37 –Provisions, Contingent Liabilities and Contingent Assets
vi Ind AS 41 – Agriculture
Application of above standards are not expected to have any significant impact on the company’s financial statements.
Notes to the Financial Statement for the Year ended 31st March, 2022
₹ in Crore
As at As at
31st March, 2022 31st March, 2021
1 Investments - Non-Current Units Amount Units Amount
A) Investments measured at Cost
In Equity Shares of Subsidiary Companies

Unquoted, fully paid up
Reliance Exploration & Production DMCC

of AED 1000 each (` 1, previous year ` 1) 1 76 200 0.00 1 76 200 0.00
Reliance Innovative Building Solutions
Private Limited of ` 10 each 6 46 93 950 32.35 6 46 93 950 32.35
Reliance Jio Messaging Services Limited 9 73 28 000 97.33 9 73 28 000 97.33

of ` 10 each
Strand Life Sciences Private Limited of ₹ 10 1 97 08 554 340.43 -
each
Enercent Technologies Private Limited of ₹ 10 95 667 14.08 -

each
484.19 129.68
In Preferred Shares of Subsidiary Companies

Series AA Preferred Stock of Skytran,Inc. of 30 11 471 23.24 30 11 471 23.24

USD 0.001 Par Value
Series AAA Preferred Stock of Skytran,Inc. of 55 14 355 44.92 55 14 355 44.92
USD 0.001 Par Value
Series B Preferred Stock of Skytran,Inc. of 2 31 01 912 194.13 2 31 01 912 194.13
USD 0.001 Par Value
262.29 262.29
In Equity Shares of Associates /Joint Ventures / LLP

D.E. Shaw India Securities Private Limited 1 07 00 000 - 1 07 00 000 -

of ` 10 each
GenNext Ventures Investments Advisers LLP 0.11 0.11
0.11 0.11
In Equity Shares of Associates /Joint Ventures / LLP
Unquoted, partly paid up
Neolync Solutions Private Limited of ₹ 10 each

6 667 20.00 -
( ₹ 9.25 Paid up)
20.00 -
In Preference Shares of Subsidiary companies
5% Non Cumulative Compulsorily Convertible 14 90 700 1,726.67 14 90 700 1,726.67

Preference Shares of Reliance Exploration
& Production DMCC of AED 1000 each
1,726.67 1,726.67
Total (A) 2,493.26 2,118.75

B) Investments measured at Fair Value through Amortised Cost

In PTC
PTC - Master Trust 2019 Series I - 2 300 405.19
Marigold Trust 799 60.45 799 251.39
First Business Receivables Trust - 875 875.00
Total (B) 60.45 1,531.58
C) Investments measured at Fair Value

Through Other Comprehensive Income
In Equity Shares
Quoted, fully paid up
EIH Limited of ` 2 each 11 77 60 869 1,821.17 11 77 60 869 1,094.58
Affinity Energy and Health Limited - 1 58 350* -

of AU$ 0.1636 each
HFCL Limited of ` 1 each 4 85 32 764 381.95 4 85 32 764 122.06
2,203.12 1,216.64
* Consolidated in the ratio of 286:1

Enercent Technologies Private Limited
of ` 10 each - 21 000 3.15
- 3.15
In Preference Shares
6% Non-Cumulative Optionally Convertible

Preference Shares of Teesta Retail Private
Limited of ` 10 each 2 025 465.75 2 025 465.75
Zero Coupon Compulsory Convertible 400 00 00 000 4,000.00 400 00 00 000 4,000.00
Preference Shares of Pipeline Infrastructure
Limited of ₹10 each
Zero Coupon Redeemable Preference Shares 5 00 00 000 50.00 5 00 00 000 50.00

of Pipeline Infrastructure Limited of ` 10 each
4,515.75 4,515.75
In Debentures
Zero Coupon Optionally Fully Convertible Debenture

of Reliance Commercial Dealers Limited 139 24 00 000 1,392.40 85 78 00 000 857.80
of ₹ 10 Each
1,392.40 857.80
Total (C) 8,111.28 6,593.34

D) Investments measured at Fair Value

Through Profit and Loss
In Venture fund
GenNext Ventures Fund - Class A units 1 33 58 384 25.92 1 98 38 351 78.08

of ` 10 each
Multiples Private Equity Fund II LLP 8 70 522 166.75 9 66 872 125.41

of ` 1000 each
192.67 203.49
Total (D) 192.67 203.49
Total Investment - Non-Current (A+B+C+D) 10,857.66 10,447.16
Aggregate amount of Quoted Investments 2,203.12 1,216.64

Market Value of Quoted Investments 2,203.12 1,216.64
Aggregate amount of Unquoted Investments 8,654.53 9,230.52
Aggregate provision for impairment in value of Investments - -
₹ in Crore
As at As at
1.1 Category-wise Investment - Non-current Amount
Financial assets measured at Cost 2,493.26 2,118.75

Financial assets measured at Amortised Cost 60.45 1,531.58
Financial assets measured at Fair Value Through Other
8,111.28 6,593.34
Comprehensive Income
Financial assets measured at Fair Value Through Profit and
192.67 203.49
Loss
Total Investment - Non-current 10,857.66 10,447.16
₹ in Crore
As at As at
2 Loans - Non-Current
(Unsecured and considered good)
Loan to Related Parties (Refer Note no.23) 49.82 3,549.82
49.82 3,549.82
A. Loans and Advances in the nature of Loans Given to Related Parties :
Maximum Maximum
As at As at
Sr. Name of the Company Balance Balance
No 31st March, during 31st March, during
2022 the year 2021 the year
Loans - Non-Current ^
1 Reliance Projects & Property Management 49.82 3549.82 3,549.82 3549.82
Services Limited
49.82 3,549.82 3,549.82 3,549.82
Loans - Current
1 Reliance Innovative Building Solutions - 12.13 12.13 12.13
Private Limited
- 12.13 12.13 12.13
Total 49.82 3,561.95
All the above loans and advances have been given for business purposes.
^ Loans and Advances that fall under the category of 'Loans - Non-Current ' and are re-payable after more than 1 year.
₹ in Crore
As at As at
3 Other Non-Current Assets
(Unsecured and considered good)
Advance Income Tax (Net of Provision) 40.79 145.74
40.79 145.74
As at As at
Advance Income Tax (Net of Provision)
At start of the year 145.74 169.20

Charge for the Year - Current Tax (51.24) (20.39)
Others (Provision for Tax on OCI) (113.08) (45.40)
Tax paid (net of refund received) during the year 59.36 42.34
At end of the year 40.78 145.74
4 Trade Receivables ₹ in Crore

(Unsecured and Considered Good) As at As at
Trade Receivables - 3.91
- 3.91
4.1 Trade Receivables ageing schedule as at 31st March, 2022
Outstanding for following periods from due date of payment

Particulars Less than 6 6 months - 1 More than 3 Total
1-2 year 2-3 year
months year years
Undisputed Trade receivables –
considered good - -
Undisputed Trade Receivables
– which have significant
increase in credit risk -
– credit impaired -
Disputed Trade receivables –
considered good -
Disputed Trade Receivables –
which have significant increase
in credit risk -
credit impaired -
Subtotal - - - - - -
4.2 Trade Receivables ageing schedule as at 31st March, 2021

Particulars Less than 6 6 months - 1 More than 3 Total
1-2 year 2-3 year
months year years
Undisputed Trade receivables –
considered good
3.91 3.91
– which have significant
increase in credit risk -
– credit impaired -
Disputed Trade receivables –
considered good -
which have significant increase
in credit risk -
credit impaired -
Subtotal - - 3.91 - - 3.91
₹ in Crore
As at As at
5 Cash and Cash Equivalents
Balance With Bank 1.00 0.78

Deposits to Others 9,187.84 5,870.16
Cash and cash equivalents as per balance sheet 9,188.84 5,870.94
Cash and cash equivalent as per statement of cash flows 9,188.84 5,870.94
₹ in Crore
As at As at
6 Loans - Current
(Unsecured and Considered Good)
Loan to Related Parties ( Refer note no. 24) - 12.13

Loan to Others - 25.00
- 37.13
Note : Refer note 2.A for details of loan ₹ in Crore
As at As at
7 Other Financial Assets - Current
Share Application Money - 33.72

Interest receivable 0.21 4.71
0.21 38.43
₹ in Crore
Year ended Year ended
8 Taxation
a) Income Tax recognised in Statement of Profit and Loss
Current Tax
In respect of the current year 51.24 20.39
Deferred Tax
In respect of the current year 2.34 (2.57)
Total income tax expenses recognised in the current year 53.58 17.82
The income tax expenses for the year can be reconciled to the accounting profit as follows:
Year ended Year ended

Profit before tax 233.39 68.46

Applicable Tax Rate 25.17% 25.17%
Computed Tax Expense 58.74 17.23
Tax effect of :
Others (7.50) 3.16
Current Tax Provision (A) 51.24 20.39

Incremental Deferred Tax Liability on account of Financial
Assets and Other Items 2.34 (2.57)
Deferred Tax Provision (B) 2.34 (2.57)
Tax Expenses recognised in Statement of Profit & Loss

53.58 17.82
(A+B)
Effective Tax Rate 22.96% 26.02%
₹ in Crore
As at As at
9 Other Current Assets
(Unsecured and Considered good)
Balance with Government authorities, etc. 0.48 0.56

Other current asset to related parties ( Refer note no. 23) 7.49 7.49
Other recoverables 0.08 0.08
Total 8.05 8.13

₹ in Crore
As at As at
Units Amount Units Amount
10 Share Capital
Authorised Share Capital
Equity Shares of ₹10 each 10 00 10 000 100.01 10 00 10 000 100.01
Preference Shares of ₹10 each 1 00 00 000 10.00 1 00 00 000 10.00
110.01 110.01
Issued, Subscribed and Paid-Up Share Capital:
Equity Shares of ₹10 each fully paid up 10 00 00 000 100.00 10 00 00 000 100.00
TOTAL 100.00 100.00
The reconciliation of the number of outstanding shares is set out below:

As at As at
Equity Shares
Shares outstanding at the beginning of the year 10 00 00 000 10 00 00 000
Add: Shares
Less : SharesIssued during
reduced thethe
as per year
scheme - -
Shares outstanding at the end of the year 10 00 00 000 10 00 00 000
The details of shareholder holding more than 5% shares :
As at 31st March, 2022 As at 31st March, 2021
No. of Shares % of No. of Shares % of Holding

Name of Shareholder held Holding held
Equity Shares
Reliance Industries Limited 10 00 00 000 100.00 10 00 00 000 100.00
10 00 00 000 100.00 10 00 00 000 100.00
10.1 The details of Promoters of the Company
Shares held by Promoters at the end of the year

% Change during the
No. of % of total year
Promoter name Shares shares
1 Reliance Industries Limited 10 00 00 000 100 -
Total 10 00 00 000 100 -
10.2 Rights, Preferences and Restrictions attached to Shares:

The company has only one class of equity shares having a par value of ₹ 10 per share. The Equity Shareholder is eligible
for one vote per share held. The dividend proposed, if any, by the Board of Directors is subject to the approval of the
shareholders in the Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity
shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amount, in
proportion to the number of equity shares held.
10.3 The above equity shares 10 00 00 000 are held by Reliance Industries Limited, the Holding Company.
₹ in Crore
11 Other Equity As at As at
Capital Reserve
Opening Balance 1.91 1.91
Add: Increase during the year - -
1.91 1.91
Securities Premium
Opening Balance 11,534.64 10,725.27
Add: Increase during the year 745.81 809.37
12,280.45 11,534.64
Debenture Redemption Reserve
Opening Balance 0.40 -
Add: Increase during the year 6.40 0.40
6.80 0.40
Retained Earnings
Add: Profit for the year 179.81 50.65
Less: DRR created during the year (6.40) (0.40)
233.05 59.64
Instruments Classified as Equity
6% Non Cumulative Optionally Convertible
Preference Share (11.1)
Add: Issued taken during the year - -
2.78 2.78
Zero Coupon Optionally Fully Convertible
Debentures
Opening Balance (11.2) 7.43 -
Add: Issued during the year (11.3 to 11.6) 6.91 7.43
14.34 7.43
Other Comprehensive Income
Opening Balance (582.82) (932.50)
Add: Total Comprehensive Income for the year 875.36 349.68
292.54 (582.82)
Total 12,831.87 11,023.98
11.1 6% Non-Cumulative Optionally Convertible Preference Shares (OCPS) of ₹ 10 each amounting to ₹ 2,77,50,000 (27,75,000
OCPS held by Reliance Industries Limited - Holding Company) are convertible into 1 (One) Equity Share of ₹ 10 each at a
premium of ₹ 1028 per share at any time at the option of the Company, but not later than 20 years from the date of allotment
i.e. March 31, 2020. Each OCPS, if not opted for conversion, shall be redeemable at ₹ 10 each at a premium of ₹ 1028 per
share at any time after the expiry of 30 days from the date of allotment at the option of the Company, but not later than 20
years from the date of allotment. The OCPS will carry the preferential rights vis-à-vis equity shares of the Company with
respect to payment of dividend and repayment of capital. The OCPS shall be non-participating in the surplus funds and shall
also be non-participating in surplus assets and profits on winding-up, which may remain after the entire capital has been
repaid. The OCPS shall carry voting rights as prescribed under the Companies Act, 2013.
The reconciliation of the number of outstanding shares is set out below:
As at As at
No. of Shares No. of Shares
Shares outstanding at the beginning of the year 27 75 000 27 75 000

Add: Shares issued during the year - -
Shares outstanding at the end of the year 27 75 000 27 75 000
11.2 Zero Coupon Unsecured Optionally Fully Convertible Debentures (OFCDs or Debentures) of ₹ 10 each amounting to ₹
7,42,54,540 (74,25,454 OFCDs held by Reliance Industries Limited - Holding Company) are either redeemable at ₹ 10 each
at a premium of ₹ 1090 per OFCD or convertible into 1 (one) Equity Share of ₹ 10 each at a premium of ₹ 1090 per OFCD, at
any time at the option of the Company, but not later than 20 years from the date of allotment of the OFCD i.e. February 24,
2021.
The reconciliation of the number of outstanding debentures is set out below:
As at As at
No. of Debentures No. of Debentures
Debentures outstanding at the beginning of the year 74 25 454 -
Add: Debentures issued during the year - 74 25 454
Debentures outstanding at the end of the year 74 25 454 74 25 454
any time at the option of the Company, but not later than 20 years from the date of allotment of the OFCD i.e. May 18, 2021.
As at As at
Debentures outstanding at the beginning of the year - -
Add: Debentures issued during the year 34 60 000 -
Debentures outstanding at the end of the year 34 60 000 -
any time at the option of the Company, but not later than 20 years from the date of allotment of the OFCD i.e. October 14,
2021.
As at As at
any time at the option of the Company, but not later than 20 years from the date of allotment of the OFCD i.e. December 01,
2021.
As at As at
90,90,900 (9,09,090 OFCDs held by Reliance Industries Limited - Holding Company) are either redeemable at ₹ 10 each at a
premium of ₹ 1090 per OFCD or convertible into 1 (one) Equity Share of ₹ 10 each at a premium of ₹ 1090 per OFCD, at any
time at the option of the Company, but not later than 20 years from the date of allotment of the OFCD i.e. January 12, 2022.
As at As at

₹ in Crore
As at As at
12 Borrowings - Non-Current
From Related Parties ( Refer note no. 23)
Loan from Holding Company 7,049.44 5,331.31
Loan from Fellow Subsidiary Company 106.87 3,598.73
Total 7,156.31 8,930.04

₹ in Crore
As at As at
13 Deferred Tax Liability (Net)
At the start of the year 12.22 14.79

Charge / (credit) to Statement of Profit and Loss 2.34 (2.57)
At the end of the year 14.56 12.22
Component of Deferred Tax Liabilities :
As at Charge/(credit) to As at
Statement of
Profit and Loss
Deferred tax liabilities in relation to:
Financial Assets 12.22 2.34 14.56
Total 12.22 2.34 14.56
14 Trade Payables ₹ in Crore

As at As at
Trade Payables - 0.20
- 0.20
14.1 Trade Payables ageing schedule As at 31st March,2022

Particulars Total
Less than 1 year 1-2 years 2-3 years More than 3 years
MSME -
Others - -
Disputed dues -MSME -
Disputed dues -Others -
Subtotal - - - - -
14.2 Trade Payables ageing schedule As at 31st March,2021

Particulars Total
Less than 1 year 1-2 years 2-3 years More than 3 years
MSME -
Others 0.20 0.20
Disputed dues -MSME -
Disputed dues -Others -
Subtotal - 0.20 - - 0.20
15 Other Current Liabilities ₹ in Crore

As at As at
Other Payables * 42.63 34.82
Total 42.63 34.82

* Includes statutory liabilities
₹ in Crore
2021-22 2020-21
16 Revenue from Operations
Sale of Exempted Goods 801.83 645.60
Total 801.83 645.60
Revenue from contract with customers differ from the revenue as per contracted price due to factors such as taxes
recovered, volume rebate, discounts, hedge etc.
₹ in Crore
17 Other Income 2021-22 2020-21
Interest on Financial assets measured at amortised cost

On Loans / Deposits 386.32 267.03
On investement in PTCs 135.29 251.16
521.61 518.19
Dividend
On investments designated at FVOCI 0.73 -
0.73 -
Gain / (Loss) on Financial Assets measured at FVTPL

Realised Gain / (loss) 62.94 -
Unrealised Gain / (Loss) 10.40 (11.44)
73.34 (11.44)
Other income from venture fund investment designated at FVTPL 79.51 21.71
Foregin Exchange Gain 0.90 0.00
Sundry Balances Written Back 0.20 -
Share of Profit in LLP 0.00 0.01
676.29 528.47

₹ in Crore
18 Finance Cost 2021-22 2020-21
Interest expenses 421.75 459.35
421.75 459.35
₹ in Crore
19 Other Expenditure 2021-22 2020-21
Rates & Taxes 2.38 0.17

Professional Fees * 14.35 0.58
Rent 0.01 0.01
Transport Charges 0.67 0.13
Provision for Doubtful debts 3.25 -
Misc Expenses 0.17 0.01
CSR Expenses 0.93 0.25
Payment to Auditors
Audit Fees 0.07 0.02
Tax Audit Fees 0.01 0.01
Fees for Other Services 0.10 0.00
0.19 0.03
Total 21.95 1.18
* Professional Fees include payment to Key Managerial Personnel ₹ 0.64 Crore (Previous Year ₹ 0.32 Crore)
19.1 Corporate Social Responsibility (CSR):
a) CSR amount required to be spent as per Section 135 of the Companies Act, 2013 read with Schedule VII thereof by the
Company during the year is ₹ 0.93 Crore (Previous Year ₹ 0.25 Crore)
b) Company spent CSR amount in below areas:- ₹ in Crore
2021-22 2020-21
Promoting Health Care including Preventive Health Care 0.93 0.25
Total 0.93 0.25
c) Total ₹ 0.93 Crore (Previous Year ₹ 0.25 Crore) is spent through Reliance Foundation, the Implementing Agency.
20 EARNINGS PER SHARE (EPS) 2021-22 2020-21
FACE VALUE PER EQUITY SHARE (` `) 10 10
BASIC EARNINGS PER SHARE (` `) 17.98 5.06
Net Profit after Tax as per Statement of Profit and Loss attributable to Equity Shareholders ( `) 1,79,81,19,118 50,64,74,745
Weighted Average number of Equity Shares used as denominator for calculating Basic EPS 10,00,00,000 10,00,00,000
DILUTED EARNINGS PER SHARE (` `) 15.71 4.89
Net Profit after Tax as per Statement of Profit and Loss attributable to Equity Shareholders ( `) 1,79,81,19,118 50,64,74,745
Weighted Average number of Equity Shares used as denominator for calculating Diluted EPS 11,44,52,034 10,35,07,374
RECONCILIATION OF WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
Weighted Average number of Equity Shares used as denominator for calculating Basic EPS 10,00,00,000 10,00,00,000
Total Weighted Average Potential Equity Shares 1,44,52,034 35,07,374
Weighted Average number of Equity Shares used as denominator for calculating Diluted EPS 11,44,52,034 10,35,07,374
₹ in Crore
21 Contingent Liabilities and Commitments As at
31st March, 2022 31st March,
2021
i) Commitments towards LLP investments 0.44 0.96
22 Segment Reporting
The Company has identified two reportable segments viz. Finance & Investment, Trading and Others. Segments have been identified and reported taking into account nature of products and
services, the differing risks and returns and the internal businessreporting systems. The accounting policies adopted forsegment reporting are in line with the accounting policy of the Company
with following additional policies for segment reporting.
Revenue and expenses have been identified to a segment on the basis of relationship to operating activities of the segment.
Segment assets and segment liabilities represent assets and liabilities in respective segments.
i) Primary Segment Information ₹ in Crore
Sr. No. Particulars Finance & Investment Trading Others Total
2021-22 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 2020-21
1 Segment Revenue
External Turnover 676.29 528.47 801.83 645.60 - 0 1,478.12 1,174.07
(including other income)
2 Segment results before 254.54 69.12 0.80 0.52 (21.95) (1.18) 233.40 68.46
Interest and Taxes
Less: Interest expense - - - - - - - -
Add: Interest Income - - - - - - - -
Profit/(loss) before tax 254.54 69.12 0.80 0.52 (21.95) (1.18) 233.40 68.46
Current Tax - - - 51.24 20.39 51.24 20.39
Deferred Tax - - - 2.34 (2.57) 2.34 (2.57)
Net profit/(loss) after tax 254.54 69.12 0.80 0.52 (75.52) (19.00) 179.82 50.64
3 Other Information
Segment Assets 20,104.58 19,951.61 - 3.91 40.79 145.74 20,145.36 20,101.27
Segment Liabilities 7,213.49 8,977.08 - 0.20 - - 7,213.49 8,977.28
Capital Expenditure - - - - - - - -
Depreciation - - - - - - - -
i) Secondary Segment Information ₹ in Crore
(a) Segment Revenue – External Turnover 2021-22 2020-21
Within India 1,478.12 1,173.93
Outside India 0.00 0.14
Total 1,478.12 1,174.07
(b) Non-Current Assets
Within India 8,959.31 12,153.76
Outside India 1,988.95 1,988.95
Total 10,948.26 14,142.72
23 Related Party disclosure
As per Ind AS 24, the disclosures of transactions with the related parties are given below:
i) List of related parties where control exists and related parties with whom transactions have taken place and relationships:
Sr.
Name of the Related Party Relationship
No.
1 Reliance Industries Limited Holding Company
2 Reliance Exploration & Production DMCC
3 Reliance Innovative Building Solutions Private Limited
4 Reliance Jio Messaging Services Limited
Subsidiary Company
5 SkyTran Inc.*
6 Strand Life Sciences Private Limited *
7 Enercent Technologies Private Limited *
8 Reliance Projects & Property Management Services Limited
9 Reliance Retail Finance Limited
Fellow Subsidiary Company
10 Reliance Commercial Dealers Limited
11 Reliance O2C Limited
12 D E Shaw Securities Private Limited Joint Venture
14 Neolync Solutions Private Limited * Associate
15 GenNext Ventures Investments Advisers LLP LLP
16 Shri Ketan Patil
17 Shri Manoj Anchlia (upto October 29, 2021) Key Managerial Personnel (KMP)
18 Ms Avani Gangapurkar
* Related party part of the year
ii) Transactions during the year with Related Parties: ₹ in Crore
Sr. No. Nature of Transactions Fellow
Subsidiary Joint Venture Key Managerial
(Excluding Holding Company Subsidiary Total
Company /Associates Personnel
Reimbursements) Company
1 Loans Taken / (Repaid) 1,718.13 (3,491.86) - - - (1,773.73)
(19.29) 3,598.73 - - - 3,579.44
2 Finance Costs 403.98 17.76 - - - 421.75
417.48 41.87 - - - 459.35
3 Issue of OFCD at premium 752.72 - - - - 752.72

816.80 - - - - 816.80
4 Interest Income - 14.52 0.83 - - 15.36

- 66.66 0.87 - - 67.53
5 Loans Given / (Repaid) - (3,500.00) (12.13) - - (3,512.13)

- 3,549.82 0.98 - - 3,550.80
6 Sale of Investments - - - - - -
- 189.22 - - - 189.22
7 Rental Expenses 0.01 - - - - 0.01

0.01 - - - - 0.01
8 Share Application Money Paid / (Refund) - - (33.72) - - (33.72)
- - - - - -
9 Professional Fees - - - - 0.64 0.64
- - - - 0.32 0.32
10 Purchase of Investments - 534.60 - - - 534.60

- 857.80 224.89 - - 1,082.69
11 Income - Share of Profit 0.00 0.00

0.01 0.01
Balances as at 31st March, 2022
1 Equity Share Capital 10,540.01 - - - - 10,540.01
(including premium) 10,540.01 - - - - 10,540.01
2 Optionally Convertible Preference Shares 288.05 - - - - 288.05

(including premium) 288.05 - - - - 288.05
3 Optionally Fully Convertible Debenture 1,569.52 - - - - 1,569.52

(including premium) 816.80 - - - - 816.80
4 Investments - 1,392.40 2,473.14 20.11 - 3,885.65

- 857.80 2,118.63 0.11 - 2,976.54
5 Loans Taken 7,049.44 106.87 - - - 7,156.31

5,331.31 3,598.73 - - - 8,930.04
6 Share Application Money paid - - - - - -

- - 33.72 - - 33.72
7 Loans Given - 49.82 - - - 49.82

- 3,549.82 12.13 - - 3,561.95
8 Other Current Assets - - - 7.49 - 7.49

- - - 7.49 - 7.49
iii) Disclosure in respect of Major Related Party Transactions during the year:
₹ in Crore
Sr. No. Particulars Relationship 2021-22 2020-21
1 Loans Taken / (Repaid)
Reliance Industries Limited Holding Company 7,386.10 8,352.54
Reliance Industries Limited Holding Company (5,667.97) (8,371.83)
Reliance Retail Finance Limited Fellow Subsidiary Company 16.00 3,636.68
Reliance Retail Finance Limited Fellow Subsidiary Company (3,507.86) (37.95)
2 Finance Costs
Reliance Industries Limited Holding Company 403.98 417.48
Reliance Retail Finance Limited Fellow Subsidiary Company 17.76 41.87
3 Issue of OFCD at premium

4 Interest Income
Reliance Innovative Building Solutions Private Limited Subsidiary Company 0.83 0.87
Reliance Projects & Property Management Services Limited Fellow Subsidiary Company 14.52 66.66
Reliance O2C Limited Fellow Subsidiary Company - 0.00
5 Loans Given / (Repayment)

Reliance Innovative Building Solutions Private Limited Subsidiary Company (12.13) 0.98
Reliance Projects & Property Management Services Limited Fellow Subsidiary Company - 5,399.82
Reliance Projects & Property Management Services Limited Fellow Subsidiary Company (3,500.00) (1,850.00)
Reliance O2C Limited Fellow Subsidiary Company - 0.16
Reliance O2C Limited Fellow Subsidiary Company - (0.16)
6 Sale of Investments
Reliance Retail Ventures Limited Fellow Subsidiary Company - 189.22
7 Rental Expenses
8 Share Application Money Paid (refund)

Reliance Exploration & Production DMCC Subsidiary Company (33.72) -
9 Professional Fees
Shri Ketan Patil (CFO) KMP 0.30 0.05
Shri Manoj Anchlia (Manager) KMP 0.18 0.22
Ms Avani Gangapurkar (Company Secretary) KMP 0.16 0.05
10 Purchase of Investments
SkyTran Inc Subsidiary Company - 224.89
Reliance Commercial Dealers Limited Fellow Subsidiary Company 534.60 857.80
11 Income - Share of Profit

GenNext Ventures Investment Advisor LLP LLP 0.00 0.01
24 NON DERIVATIVES FINANCIAL INSTRUMENTS

24.1 Capital Management
The Company manages its capital to ensure that it will continue as going concern while maximising the return to stakeholders. The Company manages its capital structure and make
adjustment in light of changes in business condition. The overall strategy remains unchanged as compare to last year.
The Net Gearing Ratio at end of the reporting period was as follows:
₹ in Crore
As at
31st March, 31st March,
2022 2021
Gross Debt 7,156.31 8,930.04
Cash and Marketable 9,188.84 5,870.94
Securities
Net debt (A) (2,032.53) 3,059.10
Total Equity (As per Balance Sheet) (B) 12,931.87 11,123.98
Net Gearing Ratio (A/B) (0.16) 0.28
24.2 Financial Risk Management

The Company’s activities expose it to liquidity risk and credit risk.
The Company’s risk management is carried out by the Company as per policies approved by the management. The Company identifies, evaluates and mitigates financial risk in close co-
operation with its operation team. The Company’s overall risk management programme focuses on unpredictability of financial markets and seeks to minimise potential adverse effects on the
Company’s financial performance.
A) Liquidity Risk
Liquidity risk is the risk that suitable sources of funding for the Company’s business activities may not be available. Management monitors rolling forecasts of the Company’s liquidity position
and cash and cash equivalents on the basis of expected cash flows. Company manages liquidity risk by maintaining adequate reserves and matching maturity profiles of financial assets and
financial liabilities.
B) Credit Risk
Credit risk is the risk that a customer will fail to pay amounts due causing financial loss to the Company. It arises from cash and cash equivalents and principally from credit exposures to
customers relating to outstanding receivables.
24.3 Fair Valuation Measurements
₹ in Crore
Particulars Carrying Level of Input used Carrying Level of Input used
Amount Level 1 Level 2 Level 3 Amount Level 1 Level 2 Level 3
Financial Assets
At Amortised Cost
Cash and Cash Equivalents 9,188.84 - - - 5,870.94 - - -
Trade Receivables - - - - 3.91 - - -
Loans 49.82 - - - 3,586.95 - - -
Other Financial Assets 0.21 - - - 38.43 - - -
Investments* 60.45 - - - 1,531.58 - - -
At FVTPL
Investments 192.67 - 192.67 - 203.49 - 203.49 -
At FVTOCI
Investments 6,718.88 2,203.12 - 4,515.75 5,735.55 1,216.64 - 4,518.90
Financial Liabilities
At Amortised Cost
Borrowings 7,156.31 - - - 8,930.04 - - -
Trade Payables - - - - 0.20 - - -
* Excludes financial assets measured at cost (Refer Note 1)
Reconciliation of fair value measurement of the investment categorised at level 3:

Particulars At FVTPL At FVTOCI At FVTPL At FVTOCI
Opening Balance - 4,518.90 - 4,556.86
Addition during the year - - - 3.15
Sale/Reduction during the year - - - -
Regrouped during the year - (3.15) - (37.39)
Fair Valuation during the year - - - (1.96)
Total Gain/(Loss) - - - (1.76)
Closing Balance - 4,515.75 - 4,518.90
Line item in which gain/loss recognised

Other Income - unrealised - - - (1.76)
Fair Valuation Through OCI - - - (1.96)
- - - (3.72)
The financial instruments are categorized into three levels based on the inputs used to arrive at fair value measurements as described below:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2: Inputs other than the quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
Level 3: Inputs based on unobservable market data.
25 Details of Loans given, Investments made and Guarantees given covered under Section 186(4) of Companies Act, 2013 :
i) Details of Loans given during the Financial Year 2021-22 (also Refer Note no. 2, 6 & 23)
₹ in Crore
Purpose
Closing for which
Opening Loans given Loans repaid
balance as the loan is
Name of the Entity balance as on during the during the
on 31st March, proposed to
Apr 01, 2021 year year
Sr. 2022 be utilised by
No. the recipient
1 JM Financial Products Limited 25.00 - 25.00 - Business
Reliance Innovative Building Solutions Private Business
2 12.13 - 12.13 -
Limited
Reliance Projects & Property Management Business
3 3,549.82 - 3,500.00 49.82
Services Limited
ii) Investments made during the Financial Year 2021-22 (also Refer Note no. 1 & 23)
₹ in Crore
Opening Investment Investment Closing
Sr. Nature of
Name of the Entity balance as on made during sold during balance as
No. Investment
April 01, 2021 the year the year on 31st March, 2022
1 Master Trust 2019 Series I PTC 405.19 - 405.19 -
2 Marigold Trust PTC 251.39 - 190.94 60.45
3 First Business Receivables Trust PTC 875.00 - 875.00 -
4 EIH Limited Equity Shares 1,781.10 - - 1,781.10
5 Affinity Energy and Health Limited Equity Shares 1.96 - 1.96 -
6 HFCL Limited Equity Shares 91.24 - - 91.24
7 Teesta Retail Private Limited Preference Shares 465.75 - - 465.75
8 Pipeline Infrastructure Limited Preference Shares 4,000.00 - - 4,000.00
9 Pipeline Infrastructure Limited Preference Shares 50.00 - - 50.00
10 GenNext Ventures Fund - Class A units Venture Fund 24.77 - 8.11 16.66
11 Multiples Private Equity Fund II LLP Venture Fund 125.50 2.08 15.20 112.39
iii) Guarantees given and securities provided by the Company in respect of loans ₹ Nil ( Previous year ₹ Nil)
26 Ratios Disclosure
26.1 Ratios
Sr. No. Particulars FY 2021-22 FY 2020-21 % Changes

1 Current Ratio a 215.76 170.13 26.82%
2 Debt Equity Ratio b 0.55 0.80 -31.07%
3 Debt Service Coverage Ratio 0.07 0.06 14.70%
4 Return on Equity c 0.01 0.00 229.01%
5 Inventory Turnover Ratio NA NA NA
6 d
Trade Receivables Turnover Ratio NA 164.92 NA
7 Trade Payables Turnover Ratio e NA 3,170.30 NA
8 Net Capital Turnover Ratio 0.06 0.06 15.09%
9 Net Profit Ratio f 0.22 0.08 185.87%
10 Return on Capital Employed g (1.27) (0.01) 22582.52%
11 Return on Investments 0.07 0.09 -18.32%
a Increase on account of Deposit given to Teesta Retail Private Limited

b Decrease on account of Debt from Group companies
c Increase in profit for the year compared to previous year
d No Trade receivable outstanding on current reporting period
e No Trade payable outstanding on current reporting period
f Increase in net profit due to sale of Investments included in Other Income
g Increase on account of Cash & Cash Equivalents (Deposits given to Teesta Retail Private Limited)
26.2 Formulae for computation of ratios are as follows
Sr. No. Particulars Formula

Current Assets
1 Current Ratio Current Liabilities
Total Debt
2 Debt Equity Ratio Total Equity
Earnings before Interest, Tax and Exceptional Items
3 Debt Service Coverage Ratio Interest Expense + Principal Repayments made during the
period for long term loans
Profit After Tax (Attributable to Owners)
4 Return on Equity Ratio
Average Net Worth
Cost of Goods Sold
5 Inventory Turnover Ratio Average Inventories of Finished Goods, Stock-in-
Process and Stock-in-Trade
Value of Sales & Services
6 Trade Receivables Turnover Ratio Average Trade Receivables
Cost of Materials Consumed (after adjustment of RM
7 Trade Payables Turnover Ratio Inventory) + Purchases of Stock-in-Trade + Other Expenses
Average Trade Payables
Value of Sales & Services
8 Net Capital Turnover Ratio
Net Worth
Profit After Tax ( after Exceptional items)
9 Net Profit Ratio Value of Sales & Services
Net Profit After Tax + Deferred Tax Expense/(Income) +
Return on Capital Employed (Excluding
10 Finance Cost (-) Other Income
Working Capital financing)
Average Capital Employed*
Other Income (Excluding Dividend)
11 Return on Investments Average Cash, Cash Equivalents & Other Marketable
Securities
27 Other Statutory Information

(i) As per section 248 of the Companies Act, 2013, there are no balances outstanding with struck off companies.
(ii) The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the
Intermediary shall:
(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or
(b) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
(iii) The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or
otherwise) that the Company shall:
(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or
(b) Provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(iv) The Company have not any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax
assessments under the Income-tax Act, 1961.
28 Approval of Financial Statements

The financial statements were approved for issue by the Board of Directors on April 13, 2022.

Director Director
Ashutosh Jethlia

Reliance Strategic Business Ventures Limited

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Reliance Strategic Business Ventures Limited

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Reliance Strategic Business Ventures Limited

INDEPENDENT AUDITOR’S REPORT

To the Members of RELIANCE STRATEGIC BUSINESS VENTURES LIMITED

Report on the Audit of the Financial Statements

Basis for Opinion

Responsibilities of the Management for the Financial Statements

Auditor’s Responsibilities for the audit of the Financial Statements

Report on Other Legal and Regulatory Requirements

2. As required by Section 143(3) of the Act, we report that:

For Pathak H. D. & Associates LLP

“ANNEXURE A” TO THE INDEPENDENT AUDITORS’ REPORT ON THE FINANCIAL STATEMENTS OF

vii) In respect of Statutory dues :

For Pathak H. D. & Associates LLP

We have audited the internal financial controls over financial reporting of

Management’s Responsibility for Internal Financial Controls

For Pathak H. D. & Associates LLP

Total Non-Current Assets 10,948.27 14,142.72

Total Current assets 9,197.10 5,958.54

Total Assets 20,145.37 20,101.26

EQUITY AND LIABILITIES

Total Liabilities 7,213.50 8,977.28

Total Equity and Liabilities 20,145.37 20,101.26

For PATHAK H. D. & ASSOCIATES LLP

Notes 2021-22 2020-21

Revenue from Operations 16 801.83 645.60

Total Income 1,478.12 1,174.07

Purchases 801.03 645.08

Total Expenses 1,244.73 1,105.61

Profit Before Tax 233.39 68.46

Other Comprehensive Income :

Total comprehensive income for the year 1,055.17 400.33

Earnings per equity share of face value of ` 10 each

Significant Accounting Policies

For PATHAK H. D. & ASSOCIATES LLP

Dated : 13th April,2022

Balance as at Changes in equity share capital during Balance as

As on 31st March, 2022

Dated : 13th April,2022

Operating Profit / (Loss) before Working Capital Changes (17.69) (0.66)

B CASH FLOW FROM INVESTING ACTIVITIES

Net Cash (used in) / from Investing Activities 4,829.36 (2,377.75)

C CASH FLOW FROM FINANCING ACTIVITIES

Net Cash from / (used in) Financing Activities (1,442.75) 3,936.89

Net Increase/ (Decrease) in Cash and Cash Equivalents 3,317.90 1,566.44

Opening Balance of Cash and Cash Equivalents 5,870.94 4,304.50

Change in Liability arising from financing activity

Dated : 13th April,2022