ACC Ltd - Interim / Quarterly Report 2021

ACC Limited Registered Office Cement House 121, Maharshi Karve Road Mumbai - 400 020, India

CIN: L26940MH1936PLC002515

Phone: +91 22 3302 4321 Fax: +91 22 6631 7458 www.acclimited.com

No. ACC/ Sec./SE/21/049 July 19, 2021

National Stock Exchange of India Limited Exchange Plaza, 5th Floor Plot No.C/1, G Block, Bandra Kurla Complex, Bandra (East), Mumbai 400 051 Tel.: 2659 8235/36 8458 Scrip Code: ACC

BSE Limited Corporate Relations Department P.J. Towers, Dalal Street Mumbai 400 001 Tel.: 2272 8013/15/58/8307 Scrip Code: 500410

Dear Sirs,

Sub: Outcome of the Board Meeting for the quarter and half year ended June 30, 2021 - SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Pursuant to the provisions of Regulation 33 and other applicable provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('SEBI LODR'), we wish to inform you that the Board of Directors (the 'Board') of ACC Limited ('ACC') at its meeting held today i.e. Monday, July 19, 2021, considered and approved the Unaudited Standalone Financial Statements of the Company for the quarter and half year ended June 30, 2021 and Unaudited Consolidated Financial Statements of the Company for the quarter and half year ended June 30, 2021.

A copy of the unaudited financial results along with the Limited Review Report thereon (on the Standalone and Consolidated Financial Results of the Company for the quarter and half year ended June 30, 2021) and the declaration that the Limited Review Report on the Results is with unmodified opinion in pursuance of the Regulation 33(3)(d) of SEBI LODR is enclosed herewith.

The Board Meeting commenced at 2:00 p.m. and concluded at 4:35 p.m. All the above mentioned documents will be simultaneously posted on the Company's website at www.acclimited.com. You are requested to take note of the same.

Yours Sincerely For ACC Limited Rajiv Choubey Chief Legal Officer & Company Secretary Rajiv Kumar Choubey Digitally signed by Rajiv Kumar Choubey DN: c=IN, o=Personal, title=0497, pseudonym=355818b29ebc96f8e3794dc90a1c3388eef74e44c 92b657a9ba9c2b0e890f4b2, postalCode=400054, st=Maharashtra, serialNumber=025caabe7cb51d29f8808c05f530001a06f465f20 7bd5b2421e9c8ac305140e1, cn=Rajiv Kumar Choubey Date: 2021.07.19 16:36:03 +05'30'

Encl.: as above

ACS-13063

Chartered Accountants One lnternatronal Center Tower 3 27th-32nd Floor Senapatr Bapat Marg Elphrnstone Road (West) Mumbar-400 013 Maharashtra , lndra

Tel: +91 22 6185 4000 Fax: +91 22 6185 4101

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF ACC LI MITED

1. We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of ACC LIMITED ("the Company"), for the quarter and six months ended June 30, 2021 ("the Statement"), being subm itted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
1. This Statement, which is the responsibility of the Compa ny's Management and approved by the Company's Board of Directors, has been p1·epared in accordance w ith the recognition and measurement winciples laid down in the Indian Accounting Standa1·d 34 "Interim Financial Repot·ting" ("lnd AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conc lusion on the Statement based on our review.
1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial Information Perfonned by the Independent Audi tor of the Entity', issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial mformation consists of making inquiries, primarily of the Company's personnel responsible for financ1al and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion .
1. Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in wh1ch it is to be disclosed, m that 1t contains any material misstatement.
1. We draw attention to Note 6 to the Statement which describes the following matters .
a. In terms of order dated August 31, 2016, the Competition Commission of India (CCI) had imposed a penalty of~ 1,147.59 crores for alleged contravention of the provisions of the Competition Act, 2002 (the Competition Act) by the Company. On the Com pany's appeal, National Company Law Appellate Tribunal (NCLAT), (which replaced the Competition Appellate Tribunal (COMPAT) effective May 26, 2017), in its order passed on July 25, 2018 had upheld the CCJ's Order. The Company's appeal aga inst the said Judgement of NCLAT before the Hon'ble Supreme Court was admitted vide its order dated October 05, 2018 with a direction that the interim order passed by the Tribunal would continue.

Regd . Offrce: One lnternatronal Center Tower 3, 27th-32nd Floor. Senapatr Bapat Marg, Elphrnstone Road (West). Mumbar-400 0 13, Maharashtra. lndra. (LLP ldentifrcatron No. AAB-8737)

b. In a separate matter, pursuant to a reference filed by the Government of Haryana, the CCI by its order dated January 19, 2017, had imposed a penalty of~ 35.32 crores on the Company for alleged contravention of the provisions of the Competition Act. On Company's filing an appeal together with application for interim stay against payment of penalty, COMPAT has stayed the penalty pending hearing of the application. This matter is listed before the NCLAT for hearing.

Based on the Company's assessment on the outcome of these appeals supported by the advice of external legal counsel, the Company is of the view that no provision is necessary in respect of these matters in these financial results.

Our conclusion on the Statement is not modified in respect of these matters.

For DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm's Registration No. 117366W/W-100018) ~ SAIRA NAINAR

•

(Partner) (Membership No. 040081) (UDIN: 2l.D400S1-PIAF\A DB '8"l9 2..)

Place: Mumbai Date: July 19, 2021

ACC LIMITED GIN: L26940MH1936PLC002515

Registered Office : Cement House,

121, Maharshi Karve Road, Mumbai - 400 020

Tel. No.: 022-41593321 ; Fax No.: 022-66317458; Website: www.acclimited.com; e-mail: [email protected]

							( ~ in Crore)
	Statement of Standalone Unaudited Results for the Quarter and Six months Ended 30-06-2021
	Particulars	3 months ended	Preceding 3 months ended	Corresponding 3 months ended	Year to date figures for current period	Year to date figures for the previous	Previous year ended
					ended	period ended
		30-06-2021	31 -03-2021	30-06-2020	30-06-2021	30-06-2020	31-12-2020
1	Revenue from Operations	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited

	a) Sales I Income from Operations	3,810.40	4,213.28	2,520.30	8,023.68	5,953.32	13,486.83
	b) Other operating revenue	74.40	78.60	80.53	153.00	149.22	297.71
	Total Revenue from Operations	3 884.80	4 291.88	2 600.83	8 176.68	6 102.54	13 784.54
2	Other Income	44.70	43.15	50.24	87.85	104.89	203.98
3	Total Income	3 929.50	4 335.03	2 651.07	8 264.53	6 207.43	13 988.52
4	Expenses
	a) Cost of materials consumed	506.88	62808	217.86	1,134.96	747.85	1,673.09
	b) Purchases of stock-in-trade	207.75	180.26	156 09	388 01	266.25	696.89
	c) Changes in inventories of finished goods. work-in-progress and stock-in-trade	(212.03)	(62.35)	125.44	(274 38)	(3923)	142.41
	d) Employee benefits expense	208.66	205.81	176.20	414.47	384.66	839.07
	e) Power and Fuel	829.26	803.98	457.04	1,633.24	1,190.86	2,572.38
	~ f) Freight and Forwarding expense	924.71	1,088.98	603.39	2,013.69	1,549.09	3,431 .81
	g) Finance costs ---:-	13.36	11 .22	13 07	24.58	23.66	57 04
	h) Depreciation and amortisation expense	145.63	142.39	.79 161	28802	318.87	635.30
	IY i) Other expenses (Refer Note- 4) ~\	544.86	587.77	340.38	1,132.63	892.78	2,076.74
	I I ,. ' \
	\ i1. .r.v., J I -t& Total expenses 1*	3 169.08	3586.14	2 251.26	6 755.22	5 334.79	12124.73
	\~ ) ~ /~I
5	Profit before exceptional item and tax (3-4) ~07 ~i/;	760.42	748.89	399.81	1 509.31	872.64	1 863.79
6	Exceptional item (Refer Note - 3a & 3b)
	-=-	38.10	-	-	38.10	-	176 01
7	~s~rvs~ Profit before tax (5-6)						1 687.78
	fl-.<:/ "\" ~	722.32	748.89	399.81	1 471.21	872.64
8	Tax expense (Refer Note - 5) ti.~r .~.
	~ 1\ \11-.\ "'r\7 r- a) Current tax IJ	.63 201	172.58	147.95	374.21	290.59	547.38
	/,::!J b) Deferred tax (credit) I charge ~00._	(13.12)	18.90	(1613)	5.78	(5.88)	(274 54
	oY ~.::~a	188.51	191.48	131 .82	379.99	284.71	272.84
	-='-""'
9	Profit for the period (7 -8)	533.81	557.41	267.99	1 091.22	587.93	1 414.94

			-2-
							I~ in Crore)
	Particulars	3 months ended	Preceding 3 months ended	Corresponding 3 months ended	Year to date fiQures for current period ended	Year to date fiQures for the previous period ended	Previous year ended
		30-06-2021	31-03-2021	30-06-2020	30-06-2021	30-06-2020	31 -12-2020
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
10	Other Comprehensive Income (OCI)
	Items that will not be reclassified to profit or loss
	Re-measurement gains I (loss) on defined benefit plans Income tax relating to items that will not be reclassified to profit or loss	-	14.92	-	14.92	(445)	(6.01)
	(Refer Note - 5)	-	(3.76)	-	(3.76)	1.56	(8.53)
	Other Comprehensive Income for the period, net of tax	-	11 .16		11.1 6	(2.89)	(14.54)

11	Total Comprehensive Income (9+1 0)	533.81	568.57	267.99	1 102.38	585.04	1 400.40
12	Paid-up equity share capital (Face value per share ~ 1 0)	187.99	187.99	187.99	187.99	187.99	187.99
13	Other Equity
							12.47345
14	Earnings per share of~ 10 each (not annualised)
	(a) Basic ~	28.43	29.68	14.27	58.11	31 .31	75.35
	(b) Diluted ~	28.35	29.61	14.24	57.96	31 .24	75.17

							(~in Crore)
		Standalone e~ ment wise Revenue Results Assets and Liabilities
	Pa rticulars	3 months	Preceding	Corresponding	Year to date	Year to date	Previous
		ended	3 months ended	3 months ended	figures for	fig ures for	year ended
					current peri od ended	the previous pe riod ended
		30-06-2021	31-03-2021	30-06-2020	30-06-2021	30-06-2020	31-12-2020
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
1	Segment Revenue (Including inter-segment revenue)
a	Cement	3,672.17	3,980.75	2,549.58	7.652 92	5,702.65	12,952.23
b	Ready Mix Concrete	255.08	359.78	62.23	614 .86	452.06	961 .56
	Total	3 927.25	4 340.53	2 611.81	8 267.78	6 154.71	13 913.79
	Less: Inter Segment Revenue Total Revenue from Operations	42.45	48.65	10.98	91 .1 0	52.17	129.25
		3 884.80	4 291.88	2 600.83	8 176.68	6 102.54	13 784.54
2	Segment Results
a	Cement	727.96	691 .65	403.27	1,419.61	796.94	1,708.06
b	Ready Mix Concrete	2 .73	27.01	(39.13	29.74	(2 86)	13.51
	Total	730 .69	718.66	364 .14	1.449.35	794 .08	1,721 .57

	Less: i Finance costs	13.36	11 .22	13.07	24.58	23.66	57 .04
	ii Other Un-allocable Expenditure net of Un-allocable (Income)	(0.7 1)	. (0.27)	(2 24)	(0 98)	(4.75)	(1654)
	Add· Interest and Dividend Income	42.38	41 .18	46.50	83.56	97.47	182.72
	Total Profit before Exceptional item and tax	760.42	748.89	399.81	1 509.31	872.64	1 863.79
	Less: Exceptional item (Refer Note- 3)	38.10	-		38.10	-	176.01
	Total Profit before tax	722 .32	748.89	399.81	1 471.21	872.64	1 687.78
3	Segment Assets
a	Cement	11,648.35	11.309.56	11 ,074 96	11 .648 35	11 ,074.96	10,50041
b	Ready Mix Concrete	462.19	488.95	456.42	462.19	45642	447.99
c	Unallocated	6.893.83	7,177 73	5,833.7 (	6,893.83	5.833.77	7,177 53
	T ota I Assets	19 004.37	18 976.24	17.365.1 5	19 004.37	17 365.15	18 125.93
4	Segment Liabilities
a	Cement	3.845 65	4 ,134.07	3,696.51	3,845 65	3.696 51	3.900 80
b	Ready Mix Concrete	347.47	395.06	358.28	347.47	358.28	416.54
c	Unallocated	1.307 .88	1.214 84	1.466 35	1.307.88	1.466.35	1,147.15
	Total Liabilities	5 501 .00	5 743.97	5,521 .14	5 501 .00	5.521.14	5 464.49

-3-

Balance sheet

		(~in Crore)
Particulars	As at current period end 30-06-2021	As at previous year end 31-12-2020
	Unaudited	Audited
A ASSETS
1) Non-current assets
a) Property, Plant and Equipment (Refer Note- 3b)	6,532.48	6,482.91
b) Capital work-in-progress	539.35	545.30
c) Other intangible assets	44.36	45.80
d) Right of use assets	151 .17	129.89
e) Investments in subsidiaries, associates and joint ventures (Refer Note - 3a)	174.33	212.43
f) Financial Assets
(i) Investments	18.40	8.20
(ii) Loans	158.89	129.35
(iii) Other Financial Assets	736.59	645.65
g) Non-current tax assets (Net)	919.07	942.04
h) Other non-current assets	681.31	653.86
Total Non-current assets	9,955.95	9,795.43
2) Current assets
a) Inventories	1,316.90	900.47
b) Financial Assets
(i) Trade receivables	829.02	451.53
(ii) Cash and Cash Equivalents	5,571 .88	5,734.92
(iii) Bank balances other than Cash and Cash	157.08	156.17
(iv) Loans	61 .03	59.80
(v) Other financial assets	259.73	266.27
c) Current tax assets (Net)	-	71.26
d) Other current assets	850.35	687.17
Sub-total -Current assets	9,045.99	8,327.59
e) Non-current assets classified as held for sale	2.43	2.91
Total Current assets	9,048.42	8,330.50
TOTAL-ASSETS	19,004.37	18,125.93

-4-

Balance sheet (Contd.)

Particulars	As at current period end 30-06-2021	(~in Crore) As at previous year end 31 -12-2020
	Unaudited	Audited
EQUITY AND LIABILITIES B
Equity
a) Equity Share Capital	187.99	187.99
b) Other Equity	13,315.38	12,473.45
Total Equity	13,503.37	12,661 .44
Liabilities
Non-current liabilities
a) Financial Liabilities
Lease Liabilities	99.07	83.98
b) Provisions	202.08	213.57
c) Deferred tax liabilities (Net) (Refer Note - 5)	385.74	376.20
Total Non-current liabilities	686.89	673.75
Current liabilities
a) Financial Liabilities
(i) Trade payables
Total outstanding dues of micro and small enterprises	15.52	6.29
Total outstanding dues of creditors other than micro and small enterprises	1,329.16	1,41 0.01
(ii) Other financial liabilities	948.70	1 ,025.84
b) Other current liabilities	2,008.26	1,993.1 0
c) Provisions	18.90	15.87
d) Current tax liabilities (Net)	493.57	339.63
Total -Current liabilities	4,814.11	4,790.74
Total - Liabilities	5,501 .00	5,464.49
TOTAL- EQUITY AND LIABILITIES	19,004.37	18,125.93

	Cash flow statement

			in Crore)
		For the period	For the period
		ended June	ended June 30 ,
	Particulars	30, 2021	2020
		Unaudited	Unaudited
A.	Cash flow from operating activities
	Profit before Tax	1,471.21	872.64
	Adjustments to reconci le profit before tax to net cash flows:
	Depreciation and amortisation expense	288.02	318.87
	Exceptional item (Refer Note - 3a)	38.10	-
	(Profit) I Loss on sale I write off of Property, Plant and Equipments (net)	6.25	8. 32
	Gain on sale of current financial assets measured at FVTPL	(3.38)	(7.34)
	Dividend and Interest income	(83.56)	(97.47)
	Finance costs	24.58	23.66
	Other Adjustments	(3.38)	42.34
	Operating profit before working capital changes	1,737.84	1, 161. 02
	Changes in Working Capital	(1 '193.82)	(394.39)
	Cash generated from operations	544.02	766.63
	Direct tax paid - (Net of refunds)	(126.04)	(206.28)
	Net Cash flow from operating activities	417.98	560.35
B.	Cash flow from investing activities Purchase of Property, Plant and Equipments (Including Capital work- in-progress and Capital Advances)	(342.32)	(174.18)
	Dividend and Interest received	811 8	96.52
	Other Adjustments	(12.63)	5.37
	Net cash used in investing activities	(273.77)	(72.29)
C.	Cash flow from financing activities
	Interest paid	(24.85)	(33.18)
	Dividend paid	(262.90)	(262.90)
	Repayment of Lease Liability	(19. 77)	(11.82)
	Net cash used in financing activities	(307.52)	(307.90)
	Net increase I (decrease) in cash and cash equivalents	(163.31)	180. 16
	Add: Cash and cash equivalents at the beginning of the year	5,734.92	4,383.18
	Add: Adjustment for gain on fair valuation of current financial assets measured at FVTPL	0.27	0.07
	Cash and cash equivalents at the end of the period	5,571.88	4,563.41

Notes:

The above results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on July 19, 2021 . The Statutory Auditors have carried out a limited review of the above results.

-6-

2 The Company has considered the possible effects that may result from COVID-19 in the preparation of these financial results including the recoverability of carrying amounts of financial and non-financial assets. In developing the assumptions relating to the possible future uncertainties in the economic conditions because of COVID-19, the Company has, at the date of approval of the financial results, used internal and external sources of information and expects that the carrying amount of the assets will be recovered. The impact of COVID-19 on the Company's financial results may differ from that estimated as at the date of approval of the same.
3 Exceptional items represents following :

a) During the current quarter and six months ended June 30, 2021 there is a charge of '{ 38.10 Crore in respect of impairment in the value of investment in Lucky Minmat Limited, a wholly owned subsidiary company as the carrying amount exceeds its recoverable amount. b) During the previous year ended December 31, 2020 there was a charge of '{ 176.01 Crore in respect of impairment of assets at Madukkarai Unit as the carrying amount exceeded its recoverable amount.

4 In view of the management re-assessing the expected recovery period for incentives receivables from the government accrued based on the respective State Industrial Policy, a charge of~ 128.92 Crore due to time value of money computed based on the expected credit loss method was included in Other Expenses for the previous year ended December 31, 2020.
5 During the previous year ended December 31 , 2020, the Company had adopted the reduced rate and accordingly, the net deferred tax liability as on January 01 , 2020 amounting to Z 179.57 Crore was reversed (including reversal of deferred tax assets on 10.04 Crore in OCI).
6 The Competition Commission of India ('CCI'), on grounds of alleged cartelisation , vide its order dated August 31 , 2016 had imposed a penalty of Z 1,147.59 Crore on the Company. The Company had appealed against the penalty to the Competition Appellate Tribunal (COM PAT) which granted a stay with a condition to deposit 10% of the penalty amount, which was deposited (the "Interim order"). COMPAT was replaced by the National Company Law Appellate Tribunal (NCLAT) effective May 26, 2017, who vide its judgment dated July 25, 2018, dismissed the Company's appeal and upheld the CCI's order.

Against the above judgment of NCLAT, the Company appealed before the Hon'ble Supreme Court, which by its order dated October 05, 2018 had admitted the appeal and directed that the interim order passed by the Tribunal in this case will continue in the meantime.

In a separate matter, pursuant to a reference fi led by the Government of Haryana , the CCI by its order dated January 19, 2017 had imposed a penalty on 35.32 Crore on the Company. On Company's filing an appeal, COMPAT had stayed the penalty. Matter is now listed before NCLAT and is pending for hearing.

Based on the advice of external legal counsel, the Company bel ieves it has a strong case on merits for successful appeal in these matters. Accordingly, the Company is of the view that no provision is necessary in these financial results.

7 Figures for the previous periods have been regrouped I reclassified wherever necessary to conform to the current period's presentation.

For and on behalf of the Board of Directors

{Scidha,C MANAGING DIRECTOR & CEO DIN 08699523

Chartered Accou ntants One International Center Tower 3. 27th-32nd Floor Senapat1 Bapat Marg Elph111stone Road (West) Mumbal-400 013 Maharash tra , Ind ia

Tel: +91 22 6185 4000 Fax: +91 22 6185 4101

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM CONSOLI DATED FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF ACC LIMITED

1. We have reviewed the accompa nying Statement of Conso lidated Unaud ited Financial Results of ACC LIMITED ("the Parent") and its subs idiaries (the Parent and its subsid iaries together referred to as "the Group"), and its share of the net profit after tax and total comprehen sive income of its associates and joint ventures for the quarter and six months ended June 30, 2021 ("the Sta tement") which includ es four joint operations of a subsidiary (conso lidated on proportionate basis w ith su bsidiary), being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Ob ligations and Disclosure Req uiremen ts) Regu lations, 2015, as amended.
1. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Fina ncial Reporting" ("lnd AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rul es issued thereunde1· and other accounting principles generally accepted in India. Our responsib ility is to express a conclusion on the Statement based on ou r review.
1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE ) 2410 "Review of Interim Financia l Information Performed by the Independent Auditor of the Entity", issued by the Institute of Cha rtered Accountants of India (I CAl ). A review of interim financial information consists of making inqu iries, primarily of Parent's personnel responsible for financial and accounting matters, and applying analytical and other review procedures . A review is substantially less in scope than an audit co nducted in accordance wi th Sta nd ards on Auditing specified under Section 143 (10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not expre ss an audit opinion.

We also performed procedures in accordance w ith the circular issued by the SEBI under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

The State ment includes the results of the following entities:

Pa ren t Company ACC Limited

Su bs idiary Companies

a. Bu lk Cement Corporation (India) Limited
b. ACC Mineral Resources Limited (AMRL) includi ng following four JOint operations:
1. MP AMRL (Semaria) Coal Com pany Limited (Joint ope rati on of AM RL)
i1. MP AMRL (Morga ) Coal Company Limited (Joint operation of AMRL)
iii. MP AMRL (Ma rki Ba rka) Coal Compa ny Limited (Joint ope ra tion of AM RL)
iv. MP AM RL (Bicharpur) Coal Company Limited (Joint operation of AMR L)
c. Lu cky Min mat Limited
d. Si nghania Minera ls Private Limited

Regd. Off1ce: One International Center. Tower 3, 27th-32nd Floor, Senapau Bapat Marg, Elph111stone Road (West). Mumbal-400 0 13, Maharashtra . India. (LLP Identification No. AAB-8737)

Joint Ventures

a. Onelndia BSC Private Limited
b. Aakaash Manufacturing Company Private Limited

Associates

a. Alcon Cement Company Private Limited
b. Asian Concretes and Cements Private Limited
1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.
1. We draw attention to Note 6 to the Statement which describes the following matters:
a. In terms of order dated August 31, 2016, the Competition Commission of India (CCI) had imposed a penalty of~ 1,147.59 crores for alleged contravention of the provisions of the Competition Act, 2002 (the Competition Act) by the Company. On the Company's appeal, National Company Law Appellate Tribunal (NCLAT), (which replaced the Competition Appellate Tribunal (COMPAT) effective May 26, 2017), in its order passed on July 25, 2018 had upheld the CCI's Order. The Company's appeal against the said Judgement of NCLAT before the Hon'ble Supreme Court was admitted vide its order dated October 05, 2018 with a direction that the interim order passed by the Tribunal would continue.
b. In a separate matter, pursuant to a reference filed by the Government of Haryana, the CCI by its order dated January 19, 2017, had imposed a penalty of~ 35.32 crores on the Company for alleged contravention of the provisions of the Competition Act. On Company's filing an appeal together with application for interim stay against payment of penalty, COMPAT has stayed the penalty pending hearing of the application. This matter is listed before the NCLAT for hearing.

Our conclusion on the Statement is not modified in respect of these matters.

We did not review the interim financial information of three subsidiaries (including four joint operations of a subsidiary) included in the consolidated unaudited financial results, whose interim financial information reflect total assets of~ 91.77 crores as atJune 30, 2021, total revenues on 1.07 crores and Rs 1.71 crores for the quarter and six months ended June 30, 2021 respectively, total net profit after tax of~ 0.24 crores and ~ 0.53 crores for the quarter and six months ended June 30, 2021 respectively, total comprehensive income of~ 0.24 crores and ~ 0.53 crores for the quarter and six months ended ~

June 30, 2021 respectively and net cash flows of~ 1.51 crores for the six months ended June 30, 2021, as considered in the Statement.

The consolidated unaudited financial results also includes the Group's share of profit after tax of~ 3.35 crores and ~ 7.61 crores for the quarter and six months ended June 30, 2021 respectively and total comprehensive income of~ 3.35 crores and ~ 7.60 crores for the quarter and six months ended June 30, 2021 respectively, as considered in the Statement, in respect of one joint venture and two associates, whose interim financial information have not been reviewed by us.

These interim financial information have been reviewed by other auditors whose reports have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, joint venture and associates, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.

Our conclusion on the Statement is not modified in respect of these matters.

For DELOITIE HASKINS & SELLS LLP Chartered Accountants {Firm's Registration No. 117366W/W-100018) ~ SAIRA NAINAR

Partner {Membership No. 040081) (UDIN: 2.10~0D€1.~t:\PIP!PC131.5)

Place: Mumbai Date: July 19, 2021

ACC LIMITED GIN: L26940MH1936PLC002515 Registered Offi ce : Cement Ho use,

121, Mahars hi Karve Road, Mumbai - 400 020

Tel. No.: 022-41593321; Fax No.: 022-66317458; Website: www.acc limited.com; e-mail: [email protected]

	Statement of Consolidated Unaudited Results for the Quarter and Six months Ended 30-06-2021						( ~ in Crore)
	Particulars	3 months ended 30-06-2021	Preceding 3 months ended 31-03-2021	Corresponding 3 months ended 30-06-2020	Year to date figures for current period ended 30-06-2021	Year to date figures fo r the previous period ended 30-06-2020	Previous year ended 31-12-2020
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
1	Revenue from Operations
	a) Sales I Income from Operations	3,81040	4,213.28	2,520.30	8,023.68	5,953.32	13,486.83
	b) Other operating revenue	74.54	78.69	81.94	153.23	150.63	299.15
	Total Revenue from Operat ions	3 884.94	4,291.97	2,602.24	8,1 76.91	6,1 03.95	13,785.98
2	Other Income	45.55	43.97	51.28	89.52	107.20	216.74
3	Total Income	3,930.49	4,335.94	2,653.52	8,266.43	1.15 6,21	14,002.72

4	Expenses
	a) Cost of materials consumed	506.67	62806	217.89	1,134.73	747.88	1,673.21
	b) Purchases of stock-in-trade	207.75	180.26	156 09	388 01	266.25	696.89
	c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(212.03)	(62.35)	12544	(274.38)	(39.23)	14241
	d) Employee benefits expense	209.19	206.37	176.83	415.56	385.83	841.21
	e) Power and Fuel	830.17	804.92	457.22	1,635.09	1,191.58	2,574.65
	f) Freight and Forwarding expense	919.95	1,083.74	600.69	2,003.69	1,542.16	3,416.09
	g) Finance costs	13.38	11 .23	13 07	24.61	23.67	57 08
	h) Depreciation and amortisation expense	14648	143.23	162.67	289.71	320.62	638.84
	i) Other expenses (Refer Note- 4)	553.91	590.73	342.72	1 '144.64	897.64	2,08641
	Total expenses	3,175.47	3,586.19	2,252.62	6,761 .66	5,336.40	12,126.79

	5 Profit before share of profit of associates and joint ventu res and tax (3-4)	755.02	749.75	400.90	1,504.77	874.75	1,875.93
6	Share of profit I (loss) of associates and joint ventures	3.27	446	2.21	7.73	444	8.93
	a Lim~
7	Profit before exceptional item and tax (5+6) 1~7 II ~0'.	758.29	754.21	403.11	1,512.50	879.19	1,884.86
	L/_\ I
8	r;,; 11 Exceptional item (Refer Note - 3) '' J	-	-	-	-	-	176 01
9	\ \ I ~-y ¥i;':- Profit before tax (7 -8)	758.29	754.21	403.11	1,512.50	879.19	1,708.85
	~ .;¥ ~
	£sKINs' 10 Tax expense (Refer Note - 5)
	11-<-'/ a) Current tax ~.~	20201	172.75	148.34	374.76	291.17	54806
	f'.l.l.l( b) Deferred tax (credit) I charge \~	(13. 17)	18.87	(16.18)	5.70	(5 95)	(26947)
	1 r-. \ '"'\'l'\X.' 1 r- "'""" I! \	188.84	191.62	132.16	380.46	285.22	278.59
	~0~ \ /,.,"~
	11 Profit for the period (9-10) ~() ~'_,//	569.45	562.59	270.95	1,1 32.04	593.97	1,430.26
	-=-

ACt:

						( ~ in Crore)
Particulars	3 months ended 30-06-2021	Preceding 3 months ended 31-03-2021	Corresponding 3 months ended 30-06-2020	Year to date figures for current period ended 30-06-2021	Year to date figures for the previous period ended 30-06-2020	Previous year ended 31-12-2020
	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
12 Other Comprehensive Income (OCI)
Items that will not be reclassified to profit or loss
Re-measurement gains I (loss) on defined benefit plans	-	14.91	(003)	14.91	(452)	(6.05)
Income tax relating to items that will not be reclassified to profit or loss (Refer Note - 5)	-	(3.76)	-	(3.76)	1.56	(8.53)
Other Comprehensive Income for the period, net of tax	-	11.15	(0.03)	11.15	(2.96)	(14.58)
13 Total Comprehensive Income (11+12)	569.45	573.74	270.92	1,143.19	591 .01	1,41 5.68
14 Profit Attributable to:
Owners of the Company	569.42	562.57	270.92	1,131.99	593.92	1,430.18
Non-controlling interests	0.03	0.02	0.03	0.05	0.05	0.08
Profit for the period	569.45	562.59	270.95	1,1 32.04	593.97	1,430.26
15 Other Comprehensive Income Attributable to :
Owners of the Company	-	.15 11	(0.03)	11 .15	(2.96)	(14 58)
Non-controlling interests	-	-	-	-	-	-
Other Comprehensive Income	-	11.15	(0.03)	11.1 5	(2.96)	(14.58)
16 Total Comprehensive Income Attributable to:
Owners of the Company	569.42	573.72	270.89	1,143.14	590.96	1,415.60
Non-controlling interests	0.03	0.02	0.03	0.05	0.05	0.08
Total Comprehensive Income	569.45	573.74	270.92	1,143.19	591 .01	1,415.68
17 Paid-up equity share capital (Face value per share ~ 1 0)	187.99	187.99	187.99	187.99	187.99	187.99
18 Other Equity						.14 12,511
19 Earnings per share of ~ 10 each (not annualised)
(a) Basi c ~	30.32	29.96	14.43	60.28	.63 31	76.16
(b) Diluted ~	30.24	29.88	14.39	60.13	31.55	75.98

-2-

Consolidated Segment wise Revenue, Results, Assets and Liabilities 3 months Preceding Corresponding Year to date Year to date Particulars 3 months ended 3 months ended figures for figures for ended the previous current period ended period ended 30-06-2021 31-03-2021 30-06-2020 30-06-2021 30-06-2020 Unaudited Unaudited Unaudited Unaudited Unaudited Audited Segment Revenue (Including inter-segment revenue) 1 3,672.31 3,980.84 2,550.99 7,653.15 a Cement 5,704.06 255 08 45206 Ready Mix Concrete 359.78 62.23 614.86 b 3,927.39 4,340.62 2,613.22 8,268.01 Total 6,156.12 42.45 48.65 Less: Inter segment revenue 10.98 91.10 52.17 4,291.97 Total Revenue from Operations 3,884.94 2,602.24 8,176.91 6,103.95 2 Segment Results 721 .73 691 .70 403.32 1,413.43 796.75 a Cement 2.73 27.01 (39.13) 29.74 Ready Mix Concrete (2 86) b 724.46 718.71 364.19 1,443.17 793.89 Total 11 .23 13 07 24.61 13.38 23.67 Less : i Finance costs ii Other Un-allocable Expenditure net of Un-allocable (Income) (1 .00) (0.53) (2.46) (1 53) (533) 42.94 41.74 47.32 Add : Interest and Dividend Income 84.68 99.20 Profit before exceptional item, share of profit of associates and joint 755.02 749.75 400.90 1,504.77 874.75 ventures and tax Less: Exceptional item (Refer Note - 3) - - - - - 3.27 4.46 2.21 7.73 Add : Share of profit I (loss) of associates and joint ventures 4.44 758.29 754.21 403.11 1,512.50 Total Profit Before Tax 879.19 Segment Assets 3 11 ,68667 11 ,355.09 11 ,1 30.95 11 ,686.67 Cement 11 ,130.95 a 462.19 488.95 456.42 Ready Mix Concrete 462.19 456.42 b 7,211.91 6,971.16 5,835.85 6,971 .1 6 c Unallocated 5,835.85 Total Assets 19,120.02 19 055.95 17 423.22 19 120.02 17 423.22 Segment Liabilities 4 3,860.90 4,148.98 3.709.37 3,860.90 a Cement 3.709.37 347.47 395 06 358.28 347.47 b Ready Mix Concrete 358.28		-3-
							('{' in Crore)

							Previous
							year ended


							31-12-2020


							12,953.67
							961 .56
							13,915.23
							129.25
							13,785.98


							1.707.48
							13.51
							1,720 99

							57.08
							(2656
							185.46
							1,875.93

							176.01
							8.93
							1,708.85


							10,546.28
							447.99
							7,205.96
							18 200.23


							3,915.48
							416.54
	Unallocated c	1,326.54	1,233.53	1,479.94	1,326 54	1,479.94	1,165.84
Total Liabilities 5 534.91 5 777.57 5 547.59 5 534.91 5 547.59							5 497.86

		(~in Crore)
	As at	As at
Particulars	current period end previous year end 30-06-2021	31-12-2020
	Unaudited	Audited
A ASSETS
1) Non-current assets
a) Property, Plant and Equipment (Refer Note - 3)	6,556.30	6,508.38
b) Capital work-in-progress	543.09	548. 11
c) Other Intangible assets	44.54	45.98
d) Right of use assets	151 .17	129.89
e) Goodwill on consolidation	3.77	10.1 9
f) Investments in associates and joint ventures	128.79	121 .07
g) Financial Assets
(i) Investments	18.40	8.20
(ii) Loans	165.25	135.91
(iii) Other Financial Assets	736.80	645.65
h) Non-cu rrent tax assets (Net)	920.76	944 06
i) Other non-current assets	681 .67	654.1 6
Total Non-current assets	9,950.54	9,751 .60
2) Current assets
a) Inventories	1,317.67	901 .27
b) Financial assets
(i) Trade receivables	828.40	451 .41
(ii) Cash and Cash Equivalents	5,689.84	5,849.36
(iii) Bank balances other than Cash and Cash Equivalents	157.36	156.34
(iv) Loans	60.21	58.99
(v) Other financial assets	259.57	266.33
c) Current Tax Assets (Net)	"	71.26
d) Other current assets	854.00	690.76
Sub-total- Current assets	9,167.05	8,445.72
e) Non-current assets classified as held for sa le	2.43	2.91
Total Current assets	9,169.48	8,448.63
TOTAL· ASSETS	19,120.02	18 ,200.23

Consolidated Balance sheet (Contd.)

		(~in Crore)
Particulars	As at current period end previous year end 30-06-2021	As at 31-12-2020
	Unaudited	Audited
B EQUITY AND LIABILITIES

Equity
a) Equity Share Capital	187.99	187. 99
b) Other Equity	13,393.83	12,511 .14
Eq uity attributable to owners of the parent	13,581 .8 2	12,699.13
Non-controlling Interest	3.29	3.24
Total Equity	13,585.11	12,702.37
Liabilities
Non-current liabilities
a) Financial Liabilities
Lease Liabilities	99.07	83.98
b) Provisions	203.36	214.83
c) Deferred tax liabilities (Net) (Refer Note - 5)	404.26	394.79
Total Non-current liabilities	706.69	693.60
Current liabilities
a) Financial Liabilities
(i) Trade payables
Total outstanding dues of micro and small enterprises	15.52	6.30
Total outstanding dues of creditors other than micro and small enterprises	1,335.44	1,415.93
(ii) Other financial liabilities	951.07	1,028.36
b) Other current liabilities	2,013.58	1,998.07
c) Provisions	18.90	15.87
d) Current tax liabilities (Net)	493.71	339.73
Total -Current liabilities	4,828.22	4,804.26
Total - Liabilities	5,534.91	5,497.86
TOTAL- EQUITY AND LIABILITIES	19,120.02	18,200.23

-5-

Consolidated Cash flow statement

			(~in Crore)
	Particulars	For the period ended June 30, 2021	For the period ended June 30, 2020
		Unaudited	Unaudited
A.	Cash flow from operating activities Profit before Tax Adjustments to reconcile profit before tax to net cash flows:	1,512.50	879.19
	Depreciation and amortisation expense	289.71	320.62
	Goodwill Write off in subsidiary company	6.42	-
	(Profit) I Loss on sale I write off of Property, Plant & Equipments (net)	6.25	8.32
	Gain on sale of current financial assets measured at FVTPL	(3.88)	(7 .94)
	Interest income	(84.68)	(100.71)
	Finance costs	24.61	23.67
	Other Adjustments	(11.15)	37.91
	Operating profit before working capital changes	1,739.78	1 '161.06
	Changes in Working Capital	(1 '192.52)	(396.96)
	Cash generated from operations	547.26	764.10
	Direct tax paid - (Net of refunds)	(126.21)	(206.30)
B.	Net Cash flow from operating activities Cash flow from investing activities	421.05	557.80
	Purchase of Property, Plant & Equipments (Including Capital work-in-progress and Capital Advances)	(343.52)	(176.50)
	Dividend and Interest received	82.39	99.74
	Other Adjustments	(12.24)	6.10
	Net cash used in investing activities Cash flow from financing activities	(273.37)	(70.66)
C.	Interest paid	(24.85)	(33.17)
	Dividend paid	(262.90)	(262 .90)
	Repayment of Lease Liability	(19 .77)	(11.82)
	Net cash used in financing activities	(307.52)	(307.89)
	Net increase I (decrease) in cash and cash equivalents	(159.84)	179.25
	Add : Cash and cash equivalents at the beginning of the year	5,849.36	4,492.53
	Add : Adjustment for gain on fair valuation of current financial assets measured at FVTPL	0.32	0.06
	Cash and cash equivalents at the end of the period	5,689.84	4,671 .84

Notes:

The above results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on July 19, 2021. The Statutory Auditors have carried out a limited review of the above results.

-7-

2 The Company has considered the possible effects that may result from COVID-19 in the preparation of these financial results including the recoverability of carrying amounts of financial and non-financial assets. In developing the assumptions relating to the possible future uncertainties in the economic conditions because of COVID-19, the Company has, at the date of approval of the financial results, used internal and external sources of information and expects that the carrying amount of the assets will be recovered. The impact of COVID-19 on the Company's financial results may differ from that estimated as at the date of approval of the same.
3 During the previous year ended December 31 , 2020 there was a charge of ^~176.01 Crore in respect of impairment of assets at Madukkarai Unit as the carrying amount exceeded its recoverable amount and disclosed as an exceptional item.
4 In view of the management re-assessing the expected recovery period for incentives receivables from the government accrued based on the respective State Industrial Policy, a charge of~ 128.92 Crore due to time value of money computed based on the expected credit loss method was included in Other Expenses for the previous year ended December 31 , 2020.
5 During the previous year ended December 31 , 2020, the Group had adopted the reduced rate and accordingly, the net deferred tax liability as on January 01 , 2020 amounting to ^~179.57 Crore was reversed (including reversal of deferred tax assets of ^~10.04 Crore in OCI).
6 The Competition Commission of India ('CCI'), on grounds of alleged cartelisation , vide its order dated August 31 , 2016 had imposed a penalty of ^~1,147.59 Crore on the Company. The Company had appealed against the penalty to the Competition Appellate Tribunal (COMPAT) which granted a stay with a condition to deposit 10% of the penalty amount, which was deposited (the "Interim order"). COMPAT was replaced by the National Company Law Appellate Tribunal (NCLAT) effective May 26 , 2017 , who vide its judgment dated July 25, 2018, dismissed the Company's appeal and upheld the CCI's order.

In a separate matter, pursuant to a reference filed by the Government of Haryana, the CCI by its order dated January 19, 2017 had imposed a penalty of ^~35.32 Crore on the Company. On Company's filing an appeal , COMPAT had stayed the penalty. Matter is now listed before NCLAT and is pending for hearing. Based on the advice of external legal counsel , the Company believes it has a strong case on merits for successful appeal in these matters. Accordingly, the Company is of the view that no provision is necessary in these financial results.

7 Figures for the previous periods have been regrouped I reclassified wherever necessary to conform to the current period' s presentation.

For and on behalf of the Board of Directors

(Sridhar Balakrishnan ) MANAGING DIRECTOR & CEO DIN 08699523

Mumbai- Jul 19,2021

AI assistant

ACC Ltd Interim / Quarterly Report 2021

59068_rns_2021-07-19_4a506f67-9952-4d22-81e3-d8808def0512.pdf

Sub: Outcome of the Board Meeting for the quarter and half year ended June 30, 2021 - SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE FINANCIAL RESULTS