Andhra Cement Ltd. — Interim / Quarterly Report 2024

Jul 27, 2023

it♦ili . ANDHRA CEMENTS LIMITED f. Subsidiary of SAGAR CEMENTS LIMITED

Ref. ACL.SE:2023

27[th ] July, 2023

The Manager The Manager Listing Department Listing Department National Stock Exchange of India Ltd BSE Limited Exchange Plaza, C-1, G-Block 25[th ] Floor, New Trading Ring, Bandra-Kurla Complex, Bandra (E), P J Towers, Dalal Street, Fort Mumbai -400051 Mumbai -400 001 NSE Symbol: ACL BSE Scrip Code - 532141

Dear Sirs,

Re: Un-audited Financial Results for the i[st ] Quarter ended 30[th ] June, 2023

We are pleased to inform you that the Board of Directors of the Company at its meeting held today i.e 27[th ] July, 2023, (Commenced at 11.30 am and Concluded at 1.30 pm) considered and approved the Un-audited Financial Results for thei[st ] quarter ended 30[t][h ] June, 2023.

Copies of Financial Results along with Auditors Limited Review Report under Reg, 33 (3) (d) of SEBI (LODR) Regulations, 2015 is attached herewith for your kind information and records.

Thanking you,

Yours truly, For ANDHRA CEMENTS LTD �� G. TIRUPATI RAO COMPANY SECRETARY M.No. F2818

Encl; As Above

Regd. Office & Works : Durga Cement Works, Durgapuram, Srinagar Post, Dachepalli Mandal, Palnadu District, AP. 522414. · Phone: +91 8649-257441 / 42 I Fax: +91 8649-257428 Vizag Unit: Visakha Cement Works, Parlupalem Village, Durganagar Pose, Visakhapacnam . 530029, AP. Corporate Office : Plot No. I I 1, Road No. I 0,Jubilee Hills, Hyderabad - 500033,Telangana, India. Phone: +91-40-23351571, 23356572 Fax: +91-40-23356573

Website: www.andhracements.com I E-mail: invescorcell@andhracemencs.com I CIN: L26942APl936PLC002379 I GSTIN: 37 MBCA9263D2ZQ

ANDHRA CEMENTS LIMITED

CIN No: L26942AP1936PLC002379

Durga Cement Works, Durgapuram, Srinagar Post, Dachepalli Mandal, Palnadu District, Andhra Pradesh - 522 414, Phone: +91 8649 257441 Fax: +91 8649 257428, Email: investorcell@andhracements.com, Website: www.andhracerncnts.com

STATEMENT OF UNAUDITED FINANCIAL RES UL TS FOR THE QUARTER ENDED JUNE 30, 2023

	(� in Lakhs,exceptper share data and unless otherwise stated)	(� in Lakhs,exceptper share data and unless otherwise stated)	(� in Lakhs,exceptper share data and unless otherwise stated)	(� in Lakhs,exceptper share data and unless otherwise stated)	(� in Lakhs,exceptper share data and unless otherwise stated)	(� in Lakhs,exceptper share data and unless otherwise stated)	(� in Lakhs,exceptper share data and unless otherwise stated)
SI.No.		Particulars	Quarter ended June 30, March 31, June 30, 2023 2023 2022 (Unaudited) (Refer note 8) (Unaudited)			Year ended
						March 31, 2023 (Audited)
1		Income				~~-~~
		(a) Revenue from operations (b)Other income	1,320 36	~~-~~ ~~-~~ 10 14
						48
2		Total income	1,356	IO 14		48
		Expenses
		(a) Cost of materials consumed (b) Changes in inventories of finished goods and work-in- progress	707 ~~-~~ ~~-~~ (5) 33 -			~~-~~
						33
		(c) Employee benefits expense	280 243 192			744
		(d)Finance costs(Refr note 6)	1,414 (10,964) 4,137			1,567
3		(e)Depreciation and amortisation expense	1,287 1,180 1,163			4,679
		(t)Power and fel expenses	476 23 36			105
		(g)Freight and forwardingexpense	288 ~~-~~ ~~-~~			~~-~~
		(h)Other expenses	671 1,049 159			1,713
		Total expenses	5,118 (8,436) 5,687			8,841
		(Loss)/ profit before exceptional items and tax(1 - 2)	(3,762) 8,446 (5,673) (8,793)
4		Exceptional items(Refer note 7)	~~-~~ 97,163 ~~-~~ **97,163 **
5		(Loss)/ profit before tax(3 + 4)	(3,762) 1,05,609 (5,673) **88,370 **
6		Tax expense	~~-~~ ~~-~~ ~~-~~ ~~-~~ (1,296) (6,592) ~~-~~ (6,592)
		(a) Current tax	~~-~~ ~~-~~ ~~-~~ (1,296) (6,592) ~~-~~
		(b)Deferred tax	(1,296) (6,592)
		Total tax expense (1,296) (6,592)			~~-~~		(6,592)
7		Net(loss)/ profit for theperiod/year(5 - 6) (2,466) 1,12,201			(5,673)		94,962
8		Other Comprehensive Income
		(i)Remeasurementsgain on defned benefitplans ~~-~~ ~~-~~			~~-~~		~~-~~
		(ii) Income tax relating to items that will not be reclassifed toproft or loss -		-	-		-
		Total Other Comprehensive lncome ~~-~~		~~-~~	~~-~~		~~-~~
9		Total Comprehensive(loss)/ Income(7+8) (2,466)		1,12,201	(5,673)		94,962
10		Paid upequityshare capital(Face value of � 10per share)					9,217
II		Other equity					26,307
12		Earingsper share of� 10 each
		(a)Basic(in �) (2.68)		53.64	(1.93)		34.82
		(b)Diluted(in �) (2.68)		53.64	(1.93)		34.82
		() ()			(*)

(*) - Not Annualised

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Notes:

• I The above financial results of Andhra Cements Limited ("the Company") as reviewed by the Audit Committee have been approved by the Board of Directors at its meeting held on July 27. 2023 The Statutory auditors of the Company has issued an unmodified conclusion in respect of the limited review of the quarter ended June 30, 2023.

The Company is engaged in manufacture and sale of "cement and cement related products" which constitutes a single reportable business segment as per Ind AS 108 - 'Operating Segments'.

• The financial results of the Company have been prepared in accordance with the Indian Accounting Standards as prescribed under section 133 or the Companies Act, 2013 ("the Act") read with relevant rules issued thereunder ('Ind AS') and other accounting principles generally accepted in India and guidelines issued by the Securities and Exchange Board or India ("SEBI") .

• 4 The implementation of the Approved Resolution Plan commenced on February 17, 2023, the entire process was completed within the prescribed timeline of 30 days as mentioned in the approved Resolution Plan. Pursuant to the implementation of resolution plan, Erstwhile promoter fully paid up equity shares or20,17,41,371 has been cancelled and the public shareholding have been reduced from 9, 17,79, 121 shares to 45,88.956 oft IO each (i.e., reduced to 5%) of the reconstituted paid up equity share capital of the Company. The Board of Directors of the Company at its mccling held on March 23, 2023 approved allotment of 8,75,63,533 fully paid equity shares { I Of- each to Sagar Cements Limited with a premium of { 26.80 per share, aggregating tot 32,223 Lakhs, representing 95% of the equity share capital of the Company.

• Post implementation of the resolution plan, the Monitoring Committee was dissolved on March 17, 2023 and the Board or Directors took charge for managing the affairs of the company and to maintain the Company as a going concern.

• 6 During the previous quarter ended March 31, 2023, company has written back the interest cost accrued in the prior quarters of the year ended March ) I, 2023 in accordance with approved Resolution plan.

Exceptional Income on account of gains recognised in accordance with the approved Resolution Plan comprises of

?inLakhs	?inLakhs
P:1rticulars	for lhe quarter ended M11rch JI, 2023
Extin�uishment of dues towards secured fnancial creditors	58,462
Liabilities or capitalgoods cxtinguishment	8,120
Statutorremittances written back	1,972
Other current and non•current liabilities written back	34,317
Tolal income (A) O1her current and non-current assets wrillen ofT	1,02,872 1,000
Provision fr impairment in Property, plan! & equipment 4,709
Total expense(B) 5,709
Neteain(A -8) 97.163

• The figures for the quarter ended March 31, 2023 arc the balancing figures of the audited financials for 1he year ended March 31, 2023 and unaudited the year to date published results for the nrne months ended December 31, 2022, which were Sl1bjcct to limited review by the statutory auditors. The financials results of the Company for the quarter ended June 30, 2022 and quarter ended March 31, 2023 were reviewed by the predecessor auditors (M/s Dass Gupta & Associates, Chartered Accountants), who had expressed an unmodified review conclusion. The financial results of the Company for the year ended March 31, 2023 were audited by the predecessor auditors (Mis Dass Gupta & Associates, Chartered Accountants), who had expressed an unmodified audit opinion.

Place: Hyderabad Date: July 27, 2023

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For Andhra Cements Limited
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Dr. S. Anand Reddy
(Managmg Director)
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ANDHRA CEMENTS LIMITED

Regd. Office : Durga Cement Works, Durgapuram, Srinagar Post, Dachepalli Manda!, Palnadu District, Andhra Pradesh - 522 414 Website: andhracements.com, E-mail Id: investorcell@andhracements.com, CIN No. L26942APl936PLC002379

STATEMENT OF UNAUDITED F[NANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2023

	STATEMENT OF UNAUDITED F[NANCIAL RESULTS FOR THEQUARTER ENDED JUNE 30, 2023	STATEMENT OF UNAUDITED F[NANCIAL RESULTS FOR THEQUARTER ENDED JUNE 30, 2023	STATEMENT OF UNAUDITED F[NANCIAL RESULTS FOR THEQUARTER ENDED JUNE 30, 2023	STATEMENT OF UNAUDITED F[NANCIAL RESULTS FOR THEQUARTER ENDED JUNE 30, 2023	STATEMENT OF UNAUDITED F[NANCIAL RESULTS FOR THEQUARTER ENDED JUNE 30, 2023	STATEMENT OF UNAUDITED F[NANCIAL RESULTS FOR THEQUARTER ENDED JUNE 30, 2023	STATEMENT OF UNAUDITED F[NANCIAL RESULTS FOR THEQUARTER ENDED JUNE 30, 2023	STATEMENT OF UNAUDITED F[NANCIAL RESULTS FOR THEQUARTER ENDED JUNE 30, 2023
	(Rs. ln Lakhs except EPS)
SI. No.		Particulars		Quarter ended 30.06.2023 (Unaudited)	Quarter ended 31.03.2023 (Refer note 3)		Quarter ended 30.06.2022 (Unaudited)	Year ended 31.03.2023 (Audited)
I 2		Total Income		1,356		IO	14	48
		Net Profit/(Loss) for the period befre Tax and Exceptional items		(3,762)		8,446	(5,673)	(8,793)
3		NetProft/(Loss)frtheperiodbefreTaxbutafter Exceptional items		(3,762)		1,05,609	(5,673)	88,370
4		Net Proft/(Loss) for the period afer Tax and Exceptional items		(2,466)		1,12,201	(5,673)	94,962
5 6		Total Comprehensive Income for the period[Comprising Profit/(Loss)fortheperiod(afertax)andOther Comprehensive income (after tax)]		(2,466)		1,12,201	(5,673)	94,962
		Paid-up Equity Share Capital (Face value Rs. IO/- per share)		9,217		9,217	29,352	9,217
7		Reserve (excluding Revaluation Reserves as shown in the Audited Balance Sheet ofpreviousyear)		-		-	-	26,307
8		Earing Per Share (of Rs. 10/- each) (for continuing and discontinued operations)
		a) Basic		(2.68)		53.64	( 1.93)	34.82
		b) Diluted		(2.68)		53.64	( 1.93)	34.82
				Not Annualised	Not Annualised		Not Annualised	Annualised

Note:

• I The above financial results of Andhra Cements Limited ("the Company") as reviewed by the Audit Committee have been approved by the Board of Directors at its meeting held on July 27, 2023. The Statutory auditors of the Company has issued an unmodified conclusion in respect of the limited review of the quarter ended June 30, 2023.

• 2 The above is an extract of the detailed format of Quarterly and Yearly Financial Results filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015. The full format of the Quarterly and Yearly Financial Results are available on Websites of NSE (www.nseindia.com) and BSE (www.bseindia.com) and the Company's website(www.andhracements.com).

• 3 The figures for the quarter ended March 31, 2023 are the balancing figures of the audited financials for the year ended March 3 I, 2023 and unaudited the year to date published results for the nine months ended December 31, 2022, which were subject to limited review by the statutory auditors. The financials results of the Company for the quarter ended June 30, 2022 and quarter ended March 31, 2023 were reviewed by the predecessor auditors (M/s Dass Gupta & Associates, Chartered Accountants), who had expressed an unmodified review conclusion. The financial results of the Company for the year ended March 31, 2023 were audited by the predecessor auditors (Mis Dass Gupta & Associates, Chartered Accountants), who had expressed an unmodified audit opinion.

Hyderabad Date: July 27, 2023

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Chartered Accountants KRB Towers Plot No.1 to 4 & 4A 1st, 2nd & 3rd Floor Jubilee Enclave, Madhapur Hyderabad-500 081 Telangana, India

Deloitte Haskins & Sells

Tel: +91407125 3600 Fax: +91 40 7125 3601

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

TO THE BOARD OF DIRECTORS OF ANDHRA CEMENTS LIMITED

1. We have reviewed the accompanying Statement of Unaudited Financial Results of ANDHRA CEMENTS LIMITED (the "Company"), for the quarter ended June 30, 2023 (the "Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

2. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind 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 conclusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of the Company'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 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.

4. 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 which it is to be disclosed, or that it contains any material misstatement.

For DELOITTE HASKINS &. SELLS Chartered Accountants (Firm's Registration No. 008072S)

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C Manish Muralidhar (Partner) (Membership No. 213649)

Place: Hyderabad Date: July 27, 2023 UDIN: 23213649BGVCAS2879