Andhra Cement Ltd. — Interim / Quarterly Report 2024

Jan 24, 2024

,... ANDHRA CEMENTS LIMITED •f1. Subsidiary of SAGAR CEMENTS LIMITED

Ref. ACL.SE:2024

24 [th ] January, 2024

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, Sandra (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 3[rd ] Quarter ended 31[st ] December, 2023

We are pleased to inform you that the Board of Directors of the Company at its meeting held today i.e24 [th ] January, 2024, considered and approved the Un-audited Financial Results for the 3[rd] quarter / nine months period ended 31[st ] December, 2023. The Meeting was commenced at 11.00 am and concluded at 12.45 pm

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

Encl; As Above

Regd. Office & Works : Durga Cement Works, Durgapuram, Srinagar Post, Dachepalli Manda!. Palnadu District, A.P - 522414. Phone: +91 8649-257441 / 42 I Fax: +91 8649-257428 Vizag Unit: Yisakha Cement Works, Parlupalem Village. Durganagar Post, Visakhapatnam - 530029, A.P. 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: investorcell@andhracements.com I CIN: L26942AP1936PLC002379 I GSTIN: 37MBCA9263D2ZQ

Chartered Accountants KRB Towers, Plot No.1 to 4 & 4A 1 R, 2"" & 3["' ] Floor Jubilee Enclave, Madhapur Hyderabad - 500 081 Telangana, India

Deloitte Haskins & Sells

Tel: +91 40 7125 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 and nine months ended December 31, 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 thelndian 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 ac_companying 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. 0080725) �

C Manish Muralidhar (Partner) (Membership No. 213649) (UDIN: 24213649BKCJBF7380)

Place: Hyderabad Date: January 24, 2024

ANDHRA CEMENTS LIMITED CIN No: L26942AP1936PLC002379

Sri Durga Cement Works, Sri Durgapurnm, Sriongnr Post, Dachepalli Mnndai, Pnlnadu District, Andhrn Prndesh - 522 414, Phone: +91 8649 257441 Fox: +918649 257428, Email: inveslorcell@andhrnccmenls.eom, Website: www.andhracements.com

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2023

								(1 in lukhs cxceot oer share dn1a and unless . .	(1 in lukhs cxceot oer share dn1a and unless . .	(1 in lukhs cxceot oer share dn1a and unless . .	(1 in lukhs cxceot oer share dn1a and unless . .	(1 in lukhs cxceot oer share dn1a and unless . .	(1 in lukhs cxceot oer share dn1a and unless . .	(1 in lukhs cxceot oer share dn1a and unless . .	(1 in lukhs cxceot oer share dn1a and unless . .	otherwise staled)
SI. No.	Particuli1rs				Ouurlcr ended Nine months ended December 31, September 30, December 31, December 311 December 31, 2023 2023 2022 2023 2022			d Nine months ended								Ye1r ended
											December 311 December 31, 2023 2022					March 31, 2023
					(naudited) <UDJlWlitedl (nauditedl						(Unaudited) (Unaudited)					(Auditedl
I	Income
	(;) Revenue rroinoncrations				9,792		6.515 ~~-~~					17.627			~~-~~
(bl Other income					44		25 (5)					10	5		37 37	48
TotaJJncome					9.836		6 540 15)					17,73	2			48
2	Expenses
	CalCost ofmaterials con.<ume				1.227		1.031 ~~-~~ (2.240) -					2.965				~~-~~
	(b) Ch�nges in inventories of finished goo, :nd wc nrot cs.	l�-	i	n•	**(200) **							(2.445)			-	33
(c) Emolovee benefts exoense					342		314		158			936			500	744
	Id)Finance com				2.000 1.879				4.10			5.293 4.14			12.530	I.S67
	(i) DcDri::ia1ion nnd �morris:1ion cxocn:r				L559 1.303				1.168				9		3.499	4.679
	( I) Powerand fel exoenses				5.332 4.919				15 ~~-~~			10,727 2.691			82	[05 ~~-~~ 1.713
	(e) Freilhl and frwardinl exm:n.it				1,482 921
	lhl Oihut txocn<e				1.151 795				293			2.617			665
	TotaJ cxoenses				12 893 8 922				5.738			26 933			17.276	8 841
3	Loss befre cxceotional items and tax ( - 2) Exccurionol 110111> <Reier note SA ond SB) (Ln,sl/uroft b•frc taxf3 + 41				(3.057 (2,382)				(5,743}			(9.201) (17 239				(8.793)
4 s					~~-~~ 1.479				~~-~~			1479 ~~-~~				97163
					13.057 (903) (5 743)							(7,722) (17 239				88,370
6 Tux cxncnse
(al Curent tax					~~-~~	~~-~~						~~-~~ ~~-~~
lb) Deforrcd Lax					(938	) (805)			~~-~~			(3.039) 13.039l ~~-~~				(6.592)
Totnl tni CXDensc					(938	) (8051			~~-~~							(6.592l
7 Net floss)/ oroft for tho oeriod/ year IS - 6)												(4.6831 (7 239)				94.962
8 Other Comorchensivc Income
	Ill Rc1ne;surcmcn1s Q;in on dcfincd beneft plan, (ii) Income iax relating to items that will not be reclassife to a.roftor loss						~~-~~ ~~-~~					~~-~~		~~-~~
					,		- -					-		-		-
	Total Other Comorchcnsivc Income Total Con,orchenslvc {loss)/ lncomc (7+81				~~-~~		~~-~~		~~.~~			~~-~~		~~-~~		~~-~~
9					fl.119		1981		(S,7431			(-,683' (17,239				94962
10	Paid up equity share capirnl (Face value of { 10 per share) **/Refer note 4l **															9.217
II	Other eauitv															26,307
12 Earinosper share an IO each
(a) Basic(in �)					(2,30) (0. ( I) **(1.961 **							(S.OSJ		~~cs.an~~		34.82
(bl Oilu1cd (int)					(2.30) (0.11) (1.9					6)		**{5.08) **		(5.87)		34.82
					r•> (•) **r•1 **							_(•) _		~~(~~•~~)~~

(•) - Not Annualised

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'.'/otts:

• I The Jbo,·c linancial rcsuhs or Anc.Jhra Ccmcntli Limited ("the Company") as reviewed by the Audit Committee ha\lc been approved by lhe Board of Direclors ill ils mceling heh.I on January 24, 2024. The S1a1u1ory audi1ors or 1he Company hnvc issued .in u11moc.Jified conclusion in respccl or the limilcd review of !he quarter and nine months ended December 31, 2023. The Company is engaged in numuracturc und s:ilc or "cement and cement related products" which conslilutcs :1 single reportable business segment as per Ind AS 108- 'Operating Segments'

• The financial rcsulls of the Company have been prepared in accordance with the Indian Accounlin� Slandards ('Ind AS') ns prescribed under Section 133 of the Companies Act, 2013 ("the Act") read with relevant rules issued I.hereunder and other accounting principles generally Hcccptcd in India and guii.lelincs issued by lhc Securities and EKchangc Board orJncJia ("SEBI[1] ').

• The implcmcnlalion or lhc Approved Resolution Plan commcuccd on February 17, 2023, lhc entire process wos complctccl within the prescribed limelinc of 30 duys as mentioned in the approved Resolution Plan. Pursuant to the implementntion of rcsolulion plan, erstwhile promoter rul!y paid up equity shares of20,17,41,37I has been cancelled and lhe public shareholding have been reduced from 9,17,79, 121 shares to 46,08,607 of, 10 each (i.e., reduced to 5% of the reconstituted paid up equity shore capit.JI or lhc Comp:my). The Bo.::ird of Directors orthc Company at its meeting held on M;,rch 23. 2023 appnwcd allotment of8,75.63,533 fuJly paid equity shares, 10/- each to SDgar Cements Liinilcd with .i premium oft 26 80 per sh11rc, 11ggre1;-�1ing lo f 32,223 lakh�. representing 9S% of the rccons,irutcd puid U> �quity share c1.1pit:.il of the Company

• P05t implcmcntalion of the resolution phm, the Monitoring Committee was dissolved on Mareh 17, 2023 and the Board of Directors look charge far managing the a IT airs of the Company und to maintain 1hc Company as a going concern.

• 5A Exccplional item in the financial results reprcsc11ts impairment reversal recorded in the previous quarter ended September 30, 202J, bused on rcmea.surcmcnt of certain usscls at foir v;iluc as per the agreement cntcn::d by the Company.

• 58 Exccplional Income on account or gains rccogni�ed in uccordance wilh the npproved Resolution Plan comprises of:

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�lnlokM
Pnrticulars For the ye::ar ended
Moreb 31, 2023
Extin1?.uishmcnt of duc!i towards secured financial creditors 58.462
LiabjJj1i.c.'> orcanitnJ .1?.0ods �>-tina.uish1ocot 8.120
S1arutorv n:mittnnces wriuen back 1.973
Other cum:nt and non-curnmt liabilities wri11en back 34..1 7
Tot:il income (A) 1,02,872
Oihcr current and non-currcnl assets wriucn o1T 1.000
Provision for impainncnt in rroocr, plant & equipment 4,709
Tot.l cxocnsc 18) 5,709
Net 2aln [A -Bl 97,163
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• The fin::mci.il r�sulls of lhe Company for the quarter :ind nine months ended December 31, 2022 were reviewed by th.e predecessor auditors (Mis Dass Gupla & Associates, Chartered Accountnnls), who have expressed an unmodified n:vicw conclusion. The financial resulls of the Company for 1hc year ended March JI, 202) were audited by the predecessor auditors (Mis Dass Gupta & Associates, Ch:1rlcrcd Accountants), who lmvc cxprcssec.J a.n unmodified opinion

Place: Dachcp11 li O;ui.: January 24. 2024

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For Andhrn Cemenls Limited
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Dr. S. Anand Reddy
r' (Mannging Director) "' \
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