annual-report-FY2021

330 COMPANY OVERVIEW BOARD’S REPORT MANAGEMENT DISCUSSION AND ANALYSIS CORPORATE GOVERNANCE BUSINESS RESPONSIBILITY REPORT STANDALONE ACCOUNTS CONSOLIDATED ACCOUNTS 22. Revenue from Operations Revenue from operations comprises of : Rupees crores Particulars 2021 2020 (a) From contract with customers (as defined under Ind AS 115) Sale of products................................................................................................................................................ 54,154.35 54,724.29 Sale of services.................................................................................................................................................. 6,596.18 7,441.64 Income from long term contracts. .................................................................................................................. 171.15 612.26 Other operating revenue................................................................................................................................. 586.07 504.45 61,507.75 63,282.64 (b) From financial services Interest income of financial services business................................................................................................ 11,757.30 11,525.88 11,757.30 11,525.88 (c) Others Government grant and incentives................................................................................................................... 695.86 252.90 Other operating revenue................................................................................................................................. 316.87 320.51 1,012.73 573.41 Total (a + b + c) ......................................................................................................................................................... 74,277.78 75,381.93 The Group undertakes periodic revalidations in the estimate of variable consideration on account of various economic factors. The amount of revenue recognised from performance obligations satisfied (or partially satisfied) in previous periods is aggregating to Rs. 170.08 crores . (2020: Rs. 125.78 crores) The following table includes revenue expected to be recognised in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the reporting date: Rupees crores Particulars 2021 2020 Time Band Less than 1 year......................................................................................................................................................... 1,792.48 1,655.96 Greater than 1 year but less than 5 year................................................................................................................ 3,371.67 2,673.82 Greater than 5 year. ................................................................................................................................................. 3,105.64 3,541.60 Total ............................................................................................................................................................................ 8,269.79 7,871.38 The Group applies the practical expedient of Ind AS 115 and does not disclose information about remaining performance obligations that have original expected duration of one year or less. Revenue disclosed above does not include estimated amount of variable consideration that are constrained. Reconciliation of revenue recognised in the consolidated statement of profit and loss with contracted price Rupees crores Particulars 2021 2020 Revenue from contract with customer as per the contract price......................................................................... 63,103.97 65,985.88 Adjustments made to contract price – Trade discounts, volume rebates, return etc.................................................................................................. (2,669.69) (3,635.32) – Deferment of revenue...................................................................................................................................... (225.04) (394.36) – Recognition of revenue out of opening balance of contract liability......................................................... 1,298.52 1,326.44 Revenue from contract with customer as per the consolidated statement of profit and loss . ....................... 61,507.75 63,282.64 Revenue disaggregation as per nature of products and geography has been included in segment information. (Refer note 38)