Apar Industries Ltd — Annual Report 2019

May 29, 2019

AFIAR INDUSTRIES LTD.

CORPORAIE OFFICE : AFAR HOUSE, CORPORATE PARK, V. N. PURAV MARG, CHEMBUR, MUMBAI -400 071. INDIA T :(+91)(22)25263400/67800400 F : (+91)(22)25246326 E : corporate@apar.com url : www.apar.com

SEC/2905A2019 Bv e-filinq 29th May, 2019

National Stock Exchange of India Ltd.	BSE Ltd.
"Exchange Plaza",
C-1, Block G,	97°t[PF°,:aot:a:i:jz°en:::PjeDeebphaoprT:nJ:rs,
Bandra-Kurla Complex,Bandra (E),	Dalal Street, Fort,
lvlumbai -400 051.	Ivlumbai -400 001.
Scrip Symbol : APARINDS	Scrip Code : 532259
Kind Attn.: The Manacier. Listina Dent.	Kind Attn. : Debt. of CorDorate Services

Ref.: Our Letter No. SEC/1705/2019 clated 17th May, 2019

Subo : Outcome of Boarcl Meeting -Approval of Annual Audited Accounts & Audited Financial Results of the Company for the financial year ended 3|St March, 2019 (2018-19)

Listing Regulation : Disclosure under Reg. 30 read with Para A(4) of Part A of Scheclule 111, Reg. 33 & all other applicable Regulations, if any, of the SEBI (LODR) Regulations, 2015, as amended from time to time.

Dear Sir,

A:thcroeie5::;eatt°t#V;::t:n:j3:,td°tjon€:ryT:ie2Et¥C#:;?#hgai;hv::%3rr:v°efdD:r::t?ar;e°nf on record the following items:

1. Standalone and Consolidated Auclitecl Financial Results for the Fourth Quarter _ancl Financial Year endecl 31St March, 2019 (2018-2019).

In this connection, we are enclosing herewith the following:

• a) Copy of Standalone audited financial results of the Company for the Fourth Quarter and Financial Year ended 31St March, 2019 (2018-2019) (Annexure -1).
• b) Copy of Consolidated audited financial results of the Company for the Fourth Quarter and Financial Year ended 31St March, 2019 (2018-2019) (Annexure -2).
• C)i:::#:jnaie3!at%:d:tn°trss'(Sya/:aasohnaerpan&dTcaonnnsao|id:Lepd')¥:maia;)ispeMP:rrtch:n2otl: (Annexure -3).
• d) Declaration on the Unmodified Opinion of Statutory Auditors of the Company viz. M/s. Sharp & Tannan LLP, Mumbai, on the Standalone and Consolidated

2o:R_ecommendationofDividL[±±±£[

Recommended Dividend @ Rs. 9.50 (95%) per equity share of Rs.10/, each fully paid on the equity share capital of Rs. 382,686,190/-(38,268,619 equity shares of Rs.10/-each) for the financial year 2018-2019. This shall be paid subject to the approval by the members at the ensuing Annual General Meeting of the Company.

The above information is also available on the Company's website at y4rty±anar.com_.

The Board Meeting commencecl at 13.30 hours (lsT) and concludecl at 16.30 hours (IST).

You are requestec§ to kindly take note ©f above anc! bring the same to the notice of investors and members.

Thanking you,

Yours faithfully, For Apar lnclustries ELtclo

(Sanjaya Kumder) Company Secretary

Encl. : As above

CIN: L91110GJ1989PLC012802

Registered Office : 301, Panorama Complex, R.C. Dutt Road, Vadodara - 390 007

website; www.apar.com ; email : com_sec@apar.com ; Tel : (91) (0265) 2339906, 2331935 ; Fax : (91) (0265) 2330309

STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2019

						(₹ in crore)
				Standalone
Sr.	Particulars	3 months ended			Financial year ended
No.		31.03.2019	31.12.2018	31.03.2018	31,03,2019	31.03.2018
		Refer No 7	Reviewed	Refer No 7	Audited	Audited
	Revenue from operations
	Sales Income	2,347.92	1,988.4613.80	1,680.8114.56	7,524.4361.84	5,593,8442.07
Ш	Other Operating Income	25,972.373.89	2.002.26	1,695.37	7.586.27	5.635.91
1$\mathbf{z}$	Total Revenue from operations (Note 4)Other income	4.15	3.04	2,63	14,82	10.92
3	Total Income (1+2)	2.378.04	2,005.30	1,698.00	7,601.09	5,646.83
4	Expenses
	(a) Cost of materials consumed	1,762,43	1,674.55	1,286.68	6,065.45	4,160.22
	(b) Purchases of stock-in-trade	23.86	22.60	27.28	74.89	87.05
	(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	120.94	(107.13)	(0.75)	(124.69)	6.10
	(d) Excise duty					120.17
	(e) Employee benefits expense	36.17	35.32	30.95	139.57	118.77
		49.43	39.49	52.41	192.28	134.93
	(f) Finance costs	16.00	15.40	13.21	60.13	49.59
	(g) Depreciation and amortisation expense	294.27	257.64	233.09	968.40	751.04
	(h) Other expenses	2,303.10	1,937.87	1,642.87	7,376.03	5,427,87
	Total expenses	0.52	0.94	0.24	2.69	2.40
	Less: Transfer to capital assets	2,302.58	1.936.93	1,642.63	7.373.34	5,425.47
	Net total expenses	75.46	68.37	55.37	227.75	221.36
5	Profit before tax (3-4)
6	Tax expense	27.12	21.80	22,68	75.69	74.25
	(a) Current Tax
	(b) Deferred Tax	(0.54)	2.47	(2.86)	4.97	3.06
7	Profit for the period (5-6)	48.88	44.10	35.55	147,09	144.05
8	Other comprehensive income (OCI)
(A)	Items that will not be reclassified to profit or loss
	(i) Items that will not be reclassified to profit or loss	(0.84)	(0.01)	0.79	(0.87)	(0.04)
	(ii) Income tax relating to items that will not be reclassified to profit or loss	0.29	0.00	(0.27)	0.30	0.01
(B)	Items that will be reclassified to profit or loss
	(i) Items that will be reclassified to profit or loss	43.53	(42.49)	(19.99)	4.48	(40.88)
	(ii) Income tax relating to items that will be reclassified to profit or loss	(15.18)	14.85	7.20	(1.53)	14.43
	Other comprehensive income (OCI)	27,80	(27, 65)	(12.27)	2.38	(26.48)
g	Total comprehensive income for the period/year (7+8)	76.68	16.45	23.28	149.47	117.57
10	Paid-up equity share capital (Face value of the share ₹ 10 each)	38.27	38.27	38.27	38.27	38.27
11	Reserves excluding Revaluation Reserve				1,086.93	981.30
12	Eamings Per Share (EPS) (₹)	12.77	11.52	9.29	38,44	37.64
	- Basic and Diluted (not annualised)

$\Delta \sim 10^{10}$ M $_{\odot}$

ANNEXURE-1

AUDITED STANDALONE SEGMENT-WISE REVENUE, RESULTS, ASSETS AND LIABILITIES UNDER REGULATION 33 OF THE LISTINGREGULATIONS
FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2019					(₹ in crore)
			Standalone
Particulars		3 months ended			Financial year ended
	31.03.2019	31.12.2018	31.03.2018	31.03.2019	31.03.2018
	Refer No 7	Reviewed	Refer No 7	Audited	Audited
Segment Revenue (Note 4)
Conductors	1,330,45	1.053.53	889.18	3,919,94	2,610.46
Transformer and Speciality Oils	604.48	609.14	464.97	2,247.62	1,864.22
Power/Telecom Cable	507.93	419.83	336.15	1,683.93	1,134.83
Others	8.34	9.19	11.38	45.32	46.55
Total	2,451.20	2.091.69	1,701.68	7,896.81	5.656.06
Less: Inter-Segment Revenue	77.31	89.43	6.31	310,54	20.15
Gross Sales/ Income from operations	2,373.89	2,002.26	1,695.37	7,586.27	5,635,91
Segment Results before finance costs and tax
Conductors	35.73	32.29	37.30	152,85	129.25
Transformer and Speciality Oils	35.73	47.18	46.20	120.58	158.63
Power/Telecom Cable	63.88	35.86	31.75	172.80	91.30
OthersTotal	(0.56)	0.05	0.55	2,15	2.74
	134.7849.43	115.38	115.80	448.38	381.92
Less : Finance costs		39.49	52.41	192.28	134.93
: Unallocable expenditure (net of income)	9.89	7.52	8.02	28,35	25.63
Profit before tax	75,46	68.37	55.37	227.75	221.36
Segment Assets
Conductors	2.124.36	2,105.43	1,876.96	2,124.36	1,876.96
Transformer and Speciality Oils	1.210.43	1.290.42	1,062.34	1,210.43	1.062.34
Power/Telecom Cable	1,088,84	1.036.02	827.17	1,088.84	827.17
Others/Unallocable	323.81	160.78	232.46	323.81	232.46
Total	4,747,44	4,592.65	3,998,93	4,747.44	3,998.93
Segment Liabilities
Conductors	2,019.10	1,913.64	1,495.38	2.019.10	1.495.38
Transformer and Speciality Oils	937.89	994.43	795.32	937.89	795.32
Power/Telecom Cable	419.15	387.45	416.53	419.15	416.53
Others/Unallocable	1,371.30	1,297.13	1,291.70	1,371.30	1,291.70
Total	4,747,44	4,592.65	3,998,93	4.747.44	3,998,93

$\sim$

$\mathcal{L}^{\pm}$

$\sqrt{2}$

Notes:.

1. This Statement has been prepared in accordance unth the Companies (Indian Accounting Stanclards) Rules. 2015 (as amended) (lncl AS). prescnbod under section 133 of the Companies Act, 2013 and other recognised accounting practises and polictes to the extent applicable.

2. The above standalono audi(ed financial results were reviewed by the Audit Committee Of Directors and approved by the Board of Directors at their nee ng held on 29lh May, 2019. The Statutory Auditors have issued an unmodified audit opinion on the financial results. The audit report has been filed with the stock exchanges and is also available on the Company.s website.

3. lTe Company has aligned its policy Of revenLie recognitlon wi(h lND AS 115 " Revenue from Contract wth Customers " wtiich is effective from lst Apnl 2018. There ls no impact on the financial results upto 31st March 2018 . However,the export benefits amounting to Rs 9.43 Crores and Rs 24.32 Crores for the quarter and year ended 31 March 2019 , Rs 4.92 Crores for the quarter ended 31 December 2018 and Rs 3.64 Crore§ and Rs 15.62 Crores for the quarter and year ended 31 March 2018 respectively which was hitherto included ln s alas Income has now been included in Other operating revenue which is disclosed as a separate lino item under the head of I Income from operations '.This adjustment has no impact on the profit and loss and Equity for the respective periods.

4. Consequent to the introduction of Goods and SerricBs Ten (GST) with effect from lst July,2017 , CBntral Excise, Value Added Tax OVAT) etc. have been subsumecl imo GST. In accordance wilh Indian Accounting Standard -115 on Revenue from Contract with Customers and schedule Ill of the Companies act, 2013. unlik8 Excise Duties, levies like GST. VAT eto. are not part of rovonue.Accordingly, gross revenue from sale of proclucts and services for the year ended 31st Mar, 2019 are not comparable with the previoua perjod. The followtng additional informaton is being provided to facilitate a meaningful comparison :

Particulars	3 months ended			Financial year ended
		31.03.2019 31.12.2018 31.03.2ol8 31.03.2019			31.03.2018
Segment Roveiiue (N8t of excise duty / CST)
Conductors	1,330.45	1,053.53	889.18	3.919.94	2.564.87
Transformer and Speciality ojls	604.48	609.14	464.97	2,247.62	1.807.86
PowerITelecom Cable	507.93	419.83	336.15	1.683.93	1.116.99
Others	8.34	9.19	1 1 .38	45.32	46.17
Total	2,451.20	2,091.69	1,701.68	7,896.81	S,535.89
Less: Inter-Segment Revenue	77.31	89.43	6.31	310.54	20.15
Revenue from Operations	2,373.89	2,002.26	1,695.37	7,586.27	5,515.74

The Board of Directors of the Company at its meeting held today. recommended dividend for the financial year 2018 -19 @ Rs.9.50/-per share aggregating to Rs 43.83 crore (including dMdend tax Rs. 7.47 croro) on 38,268,619 Equity shares of Rs.10/-each fully paid. Ttiis will be paid after approval by momb8rs at the ensuing Annual General Meeting.

Others / unallocated' segmer`t liabilitios in the segment information includes equity share capital and unallocatod reserves excluding cashflow hedging reserve anounting to € 1128.75 cTore as at 31st March,2019,{ 1080.40 crore as at 31st December.2018, €1026.07 crore as at 31st March, 2018.

Tte figures for the last quarter are the balancing figures between audited figures in I.especl of the full financial year upto 31st March, 2019 and the Lmauditod published year to date figures uplo 31st December, 2018 being the date of the end of the third quarter of the finarclal year, which were subjected to limited review by the statutory auditors.

The financial results of the Company are being forvardBd to the Stock Exchanges (BSE and NSE) for ui]loading on their I.e active websltos and the same are also made available on the Company's website viz., www.aoar.com

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1. Plgures for previous periods have been regrouped, wherEtver necessary. =..iPlaceMumbai\\ /:'.++ ;!haima(nDate:29thMay.2019^~',`,,;,'

Apar Industries Limited
Statement of Asset and Liabilities (Standalone Balance Sheet)
		₹ in crore
	As at 31.03.2019	As at 31.03.2018
ASSETS
Non-current assets
Property, Plant and Equipment	598,47	537,61
Capital work-in-progress	103.49	18.21
Goodwill	2.10	4.76
Other Intangible assets	3.04	1,81
Intangible asset under development	÷	0.86
Invesments in Subsidiaries and Joint Ventures	0.27	0.28
Financial Assets
Trade receivables	1,93	0.86
Other non-current assets	11.54	6,08
Other non-current assets	18.54	16.21
Other tax assets	10,20	10.11
Total non current assets	749.58	596.79
Current Assets
Inventories	1,223.34	1,141.38
Financial Assets
Investments	186.92
Trade receivables	2,077.12	1,683.63
Cash and cash equivalents	183.42	204,39
Bank balances other than above	12,05	30.97
Short-term loans and advances	21.84	15.04
Derivatives	25.48	6.07
Other current assets	213,49	264,12
Other tax assets	54.20	56.54
Total current assets	3,997.86	3,402.14
TOTAL ASSETS	4,747.44	3,998.93
EQUITY AND LIABILITIES
Equity
(a) Equity share capital	38.27	38.27
(b) Other equity
Reserves and Surplus	1,053.62	950,36
Other reserves	33.31	30.93
Total equity	1,125.20	1,019.56
Non current liabilities
Financial liabilities
Borrowings	84.48	105.80
Other financial liabilities	3.30	2.52
Provisions	5.49	4.64
Deferred tax liabilities (net)	39.16	32.96
Total non current liabilities	132.43	145.92
Current liabilities
Financial liabilities
Borrowings	87.82	169.75
Trade and other payables
a) Total Outstanding dues of micro enterprises and small enterprise:	7.83	7.70
b) Total outstanding dues of creditors other than micro enterprisesand small enterprises.
	3,124.56	2,417.97
Other financial liabilities	61.16	56.64
Derivatives	39.44	15.22
Other current liabilities	91.73	90.89
Short term provisions	1.58	1.03
Liabilities for current tax	75.69	74.25
Total current liabilities	3,489.81	2,833.45
Total liabilities	3,622.24	2,979.37
TOTAL EQUITY AND LIABILITIES	4,747.44	3,998.93

$\hat{U}$

$\frac{1}{\sqrt{2}}$ $\hat{\mathcal{E}}$

APAR INDUSTRIES LIMITED (AN ISO 9001:2000 COMPANY)

CIN: L91110GJ1989PLC012802

Registered Office : 301, Panorama Complex, R.C. Dutt Road, Vadodara - 390 007

website: www.apar.com ; email : com_sec@apar.com ; Tel : (91) (0265) 2339906, 2331935 ; Fax : (91) (0265) 2330309

STATEMENT OF CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2019

						(₹ in crore)
				Consolidated
Sr.No.	Particulars		3 months ended		Financial year ended
		31.03.2019	31.12.2018	31.03.2018	31.03.2019	31.03.2018
		ReferNote 8	Reviewed	ReferNote 8	Audited	Audited
	Revenue from Operation
	i Sales Income	2,440,60	2,105,94	1,752.92	7,905.51	5,895.42
	Other Operating Income	23.97	13.11	14.58	58.34	43.28
1	Revenue from operations (Note 5)	2.464.57	2.119.05	1.767.50	7.963.85	5,938.70
2	Other income	4.17	3,13	2,68	15,05	11.11
3	Total Income (1+2)	2,468.74	2,122.18	1,770.18	7,978.90	5,949.81
4	Expenses
	(a) Cost of materials consumed	1,845.29	1,771.99	1,343.91	6,387.59	4,405.50
	(b) Purchases of stock-in-trade	23.86	22.60	27.28	74.89(126.48)	87.052.49
	(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	117.33	(97.34)	(6.08)$\blacksquare$		120.17
	(d) Excise duty
	(e) Employee benefits expense	38.33	37.52	32.88	148.02	126.08
	(f) Finance costs	51.42	41.68	53.64	199.87	140.00
	(g) Depreciation and amortisation expense	17.63	17.11	14.80	66,67	55,87
	(h) Other expenses	305.06	270,87	243.93	1,015.21	792.87
	Total expenses	2,398.92	2,064,43	1,710.36	7,765.77	5,730.03
	Less: Transfer to capital assets	0.63	0.98	0.27	3.09	2.99
	Net total expenses	2,398.29	2,063.45	1,710.09	7,762.68	5,727.04
5	Profit before tax (3-4)	70,45	58.73	60.09	216,22	222,77
6	Tax expense
	(a) Current Tax	27.08	21.78	22.95	75.69	75.03
	(b) Deferred Tax	(0.35)	2.23	(2.89)	4,47	3.00
$\overline{7}$	Profit before Non-controlling interest/Share in net profit (loss) of associates(5-6)	43.72	34,72	40.03	136.06	144,74
	Share in net profit (loss) of associates / Others	$\blacksquare$	ä,	$\overline{a}$	$\overline{a}$
8	Profit for the period	43,72	34.72	40,03	136,06	144.74
9	Other comprehensive income (OCI)
(A)	Items that will not be reclassified to profit or loss
	(i) items that will not be reclassified to profit or loss	(0.84)	(0.01)	0.79	(0.87)	(0.04)
	(ii) Income tax relating to items that will not be reclassified to profit or loss	0.29	0,00	(0.27)	0.30	0.01
	(B) items that will be reclassified to profit or loss
	(i) Items that will be reclassified to profit or loss	42.60	(42.25)	(19.42)	3,94	(40.98)
	(ii) Income tax relating to items that will be reclassified to profit or loss	(14.96)	14.60	7.00	(1.49)	14.45
	Other comprehensive income (OCI)	27.09	(27.66)	(11.90)	1.88	(26.56)
10	Total comprehensive income for the period/year (8+9)	70,81	7.06	28.12	137,94	118,18
	Profit for the period/year attributable to
	a) Owners of the Company	43,72	34.72	40.03	136.06	144.74
		$\overline{a}$	$\ddot{\phantom{a}}$	(0.00)		(0.00)
	b) Non-Controlling Interest
	Other comprehensive income attributable to	27.09	(27.66)	(11.90)	1,88	(26, 56)
	a) Owners of the Company	÷,	$\blacksquare$	$\ddot{\phantom{0}}$	$\tilde{\phantom{a}}$	$\blacksquare$
	b) Non-Controlling Interest
	Total comprehensive income attributable to
	a) Owners of the Company	70.81	7.06	28.13	137,94	118.18
	b) Non-Controlling Interest		$\overline{a}$	(0.00)		(0.00)
11	Paid-up equity share capital (Face value of the share ₹ 10 each)	38.27	38.27	38.27	38.27	38.27
12	Reserves excluding Revaluation Reserve				1,164.11	1,069,99
13	Earnings Per Share (EPS) (₹)
	. Resia and Diluted (pat annualised)	11.42	9.07	10.46	35.55	37.82

$\mathcal{N}$

ANNEAURE-2

AUDITED CONSOLIDATED SEGMENT-WISE REVENUE, RESULTS, ASSETS AND LIABILITIES UNDER REGULATION 33 OF THE LISTINGREGULATIONSFOR THE QUARTER AND YEAR ENDED 31ST MARCH 2019
					(₹ in crore)
			Consolidated
Particulars		3 months ended			Financial year ended
	31.03.2019	31.12.2018	31.03.2018	31.03.2019	31.03.2018
	ReferNote 8	Reviewed	ReferNote 8	Audited	Audited
Segment Revenue (Note 5)
Conductors	1,329.32	1,052.21	894.20	3,915.25	2,615.48
Transformer and Speciality Oils	696.28	727.26	532.32	2,629.89	2,162.23
Power/Telecom Cable	507.93	419.83	335.90	1,683,93	1,134.58
Others	8,34	9.19	11,38	45.32	46.55
Total	2.541.87	2,208.49	1,773.81	8,274.39	5,958.85
Less: Inter-Segment Revenue	77.30	89.44	6.31	310.54	20,15
Gross Sales/ Income from operations	2,464.57	2,119.05	1,767.50	7.963.85	5,938.70
Segment Results before finance costs and tax
Conductors	36.22	31.28	38.58	150.69	130.81
Transformer and Speciality Oils	31.97	40.75	51.01	118.56	163.79
Power/Telecom Cable	64.12	35.87	31,62	173,04	91.06
Others	(0.56)	0.05	0.55	2.15	2.74
Total	131.75	107.95	121.76	444,44	388.40
Less : Finance costs	51.42	41,68	53.64	199.87	140.00
: Unallocable expenditure (net of income)	9.88	7.54	8.03	28.35	25.63
Profit before tax	70.45	58.73	60.09	216.22	222.77
Segment Assets
Conductors	2,125.46	2,106,31	1,884.22	2,125.46	1,884.22
Transformer and Speciality Oils	1,483,43	1,615.91	1,333.41	1,483.43	1,333,41
Power/Telecom Cable	1,088.84	1,036,02	826.91	1,088.84	826.91
Others/Unallocable	323,72	160,72	231,31	323.72	231.31
Total	5,021.45	4,918.96	4,275,85	5,021,45	4,275,85
Segment Liabilities
Conductors	2.020.65	1,915.33	1,501.49	2,020,65	1,501.49
Transformer and Speciality Oils	1.136.23	1.239.58	981.06	1.136.23	981.06
Power/Telecom Cable	419.15	387.45	416.45	419.15	416.45
Others/Unallocable	1,445.42	1,376.60	1,376,85	1,445.42	1,376,85
Total	5,021.45	4,918.96	4,275.85	5,021.45	4,275.85

$\frac{1}{\sqrt{2}}$ , $\frac{1}{2}$

$\int$

• 1. lliis Statement has b8Bn prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (as amended) (lnd AS), prescribed under section 133 of the Companies Act. 2013 and other recognisod accounting practices and policies to the extenl applicable.
• 1. The Company has opted to publish consolidated firiancial rosults on qiiarlerty basis from QIFY18-19 pursuant to the option made available as per rogulation 33 of the SEBl (Listing obligations ancl disclosure r8quiremenls) Regulations, 2015 as amended.
• 1. The above consolidated audited financial results ^/ere reviewed by the Audit Commlltee of Directors and approved by the Board of Directors at their meeting helcl on 29lh May, 2019. The Statutory Audilars have issued an unmodified audit opinion on the financial resutts. The audit report has been filed with the stock exchanges and is also avallable on the Company's website.
• 1. The Company has aligned jls pollcy of revenue recognition with lND AS 115 " Rovonue from Contract with Ciistomers " which is effective from lst April 2018. ThBi.a is no jmpact on the financial results upto 31 st March 2018 . Howovor.the oxporl benefits amounting to Rs 9.43 CrorBs and Rs 24.32 Crores for the quarter and year ended 31 March 2019 , Rs 4.92 Crores for the quarler ended 31 December 2018 and Rs 3.64 Croros and Rs 15.62 Crores for the quarfer ancl year ended 31 March 2018 respectively which ^/as t`itherto included in sales Income has now been iricludecl in other Operating revenue which is disclosed as a sopBrato lino item under the head Of . Income from Operations '.This adjustment has no impact oil the profit and loss and Equity for the rospectjve periods.

1. Conseqiieiit to the introduction of Goods and Sorvlcos Tax (GST) with effect from 1 st July,2017. Central Excise, Value Added Tax OVAT) etc. have bcon subsumed into GST. In accordance with Indian Aceouning Standard -115 on Revenue from Conlract vnh Ciistomers and schedule Ill ol the Compaiiles acl, 2013, unlike Exclso Duties, levies like GST. VAT eta. are not part of roveniie. Accordingly, gross reveniie from sale of products and services for (he year ended 31st March, 2019 are not comparable with the previous period. The following additional information is being provided (o facilitate a moaningful comparison :

Segment rovoliuo (not of excise duty / CST)
conductors
Ti.ansformer an a Speciality Oils
PoworITolecom Cable
Others

1. The Board of Directors of the Company at its meeting held today, recommended dividend for the financial year 2018 -19 @ Rs.9.50/-per share aggregating to Rs 43.83 crore (including dividend tax Rs. 7.47 croro) on 38,268,619 Equity shares af Rs.10/. each fully paid. This will bo paid after approval by members at the ensuing Annual General Meeting.

2. Others / unallocatod' segment liabilities in the segment information includes equity share capital and unallocated I.eserves excluding cashflow hedging reserve amounting to i 1202.87 croro as at 31 sl March,2019,€ 1159.87 crore as at 31 §1 December.2018, €1111.22 croro as at 31st March, 2018.

• 1. The figiires for the last quarter are the balanong figures between aiiditod figures in rospBct of the full financial year upto 31 sl March, 2019 arid the unauditecl published year to date figures upto 31st Docomb8r. 2018 being the date of the and of the third quarter of the financial year, which were subjected to liniitod review by the statutory auditors.
• 1. The financial results of the Company are being forwarded to the Stock Exchanges (BSE and NSE) for uploading ori their respBctiv8 wobsites and the same are also made available on the Company's websito viz.. www.apar.com

1. Figuros for previous periods/year have been regrouped. wherovor nBcossary.

Apar Industries Limited
Statement of Assets and uabilitie§ ( Consolidated Balance Sheet)
		€ in crore
	As at 31.03.2019	As at 31.03.2018
ASSETSNon-current assets
Property, Plant and Equipment
Capital workinaprogress		641.95
GoodwiH		18.644.76
Other infang ible assets
Intangible asset under development		1.81
Financial Assets		0.86
Trade receivables	1.93	0.86
Other nan.current assets	12.28	7.28
Oth er non-current assets	18.63	16.71
Other tax asst	10.24	10.10
Total ilon current assets	85540	70 2,97
Current Assets
inventories
	1,282.88	1,212.26
Fi nancfal Assets
lnvestlTrents	186.92
Trade receivables	2,141.61	1,734.48
Cash and cash equivalents	213.24	243.40
Bank balances other than above	12.05	30.97
Shortrterm loans and advances	21.76	13.17
Derivatives	25.48	6.07
Other current assets	2ZH.Sfl	T] 5.Sfl
Other tax assets	54.24	56.66
Total current assets
	4,166.05	3,572.88
TOTAL ASSETS	5,021.45	4,275.85
EQUITY AND uABILlllES
Equity
(a) Equrty share capital	38.27	38. 27
to) Other equfty
Reserves and surplus	1.127.87	1,035.63
Other reserves	36.23	34.35
Equity attributable to equity holders Of
the parent	1,202.37	1,108.25
Nonngontromng interests
Total equfty	1,202.37	1,108.25
Non current liabilitiesFi nancial liabilities
Borrowings	130.31	161.86
Other financial liabilities	3.30	2.52
Provisiorrs	6.00	4.91
Deferred tax liabilities (net)	40.27	34.62
Total non current liabilities	179.88	203.91
Curreut liabilities
Financial liabilities
Borrowings	87.82	169.75
Trade and other payables
a) Total Outstanding dues of micro enterprises and small enterprise!b) Total outstanding dues of creditors other than micro enterprises	7.83	7.69
and small enterprises.	3,255.90	2,543.43
Other financial liabilities	75.55	59.42
Derivatives	39.86	15.22
Other cLirrent liabilities	94.89	92.18
Short term provisions	1.58	1.03
Liabilities for current tax	7 5m	7 4.f ffl
Total current llabilitles	3,639.20	2,963.69
Total liabilities
	3,819.08	3,167.60
l®`TAL EQUITY AND LIABILITIES	5,021.45	4,275.85

SHARP & TANNAN LLP Chartered Accountants

Firm's Registration No.127145W / W100218

Independent Auditor's report on audit of standalone financial results

To' The Board of Directors of Apar Industries Limited

• 1. We have audited the accompanying statement of standalone financial results of Apar Industries Limited (the Company'), for the quarter and year ended 31 March 2019 (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 modified by circular No. CIR/CFDffAC/62/2016 dated July 5, 2016.
• 1. This Statement is the responsibility of the Company's management and is approved by the Board of Directors. The Statement, as it relates to the quarter ended 31 March 2019, has been compiled from the related interim standalone financial statements, which have been prepared in accordance with recognition and measurement principles laid down in Indian Accounting Standard 34 Interim Financial Reporting' (Ind AS 34') and as it relates to the year ended 31 March 2019, has been compiled from the related annual standalone financial statements prepared in accordance with Indian Accounting Standard, prescribed under section 133 of the Companies Act, 2013 (`the Act') read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express an opinion on the Statement based on our audits of such interim standalone financial statements and annual standalone flnancial statements.
• 1. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of chartered Accountants of India. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Statement is free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Statement. The procedures selected depend on the auditor's judgment, including the assessment of the risk of material misstatement of the Statement, whether due to fraud or error. In making those risk assessments, the auditor considers intei.nal financial control relevant to the Company's preparation and fair presentation of the Statement in order to design audit procedures that are appropriate in the

Ravindra Annexe,194, Churchgate Reclamation, Djnshaw Vachha Road, Mumbai -400 020, India. Tel. (22) 2204 7722/23, 2286 9900 Fax (22) 2286 9949 E-mail : admin.iiiumbai@stllp.in Shrccdhar T Kunte Edwin p. Augustine Raghunath p. Acharya Firdosli D Buchia Tirtharaj A. Khot Also at Goa

the reasonableness of the accounting estimates made by the management, as well as evaluating the overall presentation of the Statement.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Statement.

• 1. In our opinion and to the best of our information and according to the explanations given to us, the Statement:
  • a. is presented in accordance with the requirements of regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as modified by circular no. CIR/CFDffAC/62/2016 dated 5 July 2016; and
  • b. gives a true and fair view in conformity with the aforesaid Indian Accounting Standards and other accounting principles generally accepted in India of the profit, total comprehensive income and other financial information of the Company for the quarter and year ended 31 March 2019.

Firm's For Sharp & Tannan LLP C hartered Acco untants registration no.127145W/W100218

EEREnREfi

Firdosh D. Buchia Partner Membership no. 038332

Mumbai, 29 May 2019

SHARP & TANNAN LLP

Chartered Accountants

Firm's Registration No.127145W / W100218

Independent Auditor's report on audit of consolidated financial results

To

The Board of Directors of Apar Industries Limited

• 1. We have audited the accompanying statement of consolidated financial results of Apar Industries Limited (the Company') and its subsidiaries (the Company and its subsidiaries together referred to as the Group') for the quarter and year ended 31 March 2019 (`the Statement'), being submitted by the Company pursuant to the requirements of regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as modified by circular No. CIR/CFD/FAC/62/2016 dated 5 July 2016.
• 1. This Statement is the responsibility of the Company's management and is approved by its Board of Directors. The Statement, as it relates to the quarter ended 31 March 2019, has been compiled from the related interim consolidated financial statements, which have been prepared in accordance with recognition and measurement principles laid down in Indian Accounting Standard 34 Interim Financial Reporting' (Ind AS 34') and as it relates to the year ended 31 March 2019, has been compiled from the related annual consolidated financial statements prepared in accordance with Indian Accounting Standard, prescribed under section 133 of the Companies Act, 2013 (`the Act') read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express an opinion on the Statement based on our audits of such interim consolidated financial statements and annual consolidated financial statements.
• 1. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of chartered Accountants of India. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Statement is free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Statement. The procedures selected depend on the auditor's judgment, including the assessment of the risk of material misstatement of the Statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation and fair presentation of the Statement in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an eness of the Company's

Page 1 of 3

Ravindra Annexe,194, Churchgate Reclamation, Dinshaw Vachha Road, Mumbai -400 020, India. Tel. (22) 2204 7722/23, 2286 9900 Fax (22) 2286 9949 E-mail : admin.mumbai@stllp.in Shrccdhar T. Kunte Edwin p. Augustine Raghunath p. Acharya Firdosh D. Buchia Tirtharaj A. Kho( Also at Goa

internal financial controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the management, as well as evaluating the overall presentation of the Statement.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Statement.

1. In our opinion and to the best of our information and according to the explanation given to us, and based on the consideration of the reports of the other auditor on separate financial statements of the subsidiaries referred to in paragraph 5 below, the statement:

Sr.No.	Entity Name	Relationship
1	PetroleumSpecialitiesPte.Limited(`PSPL')	Wholly owned subsidiary	Singapore
2	Petroleum Specialities FZE	Wholly owned subsidiary ofpspL	U. A. E
3	AparTransmission&DistributionProj ects Private Limited	Wholly owned subsidiary	India
4	CEMA Optilinks Private Limited*	subsidiary	India

a) includes the results of the following entities:

* The entity ceased to be subsidiary of the Company with effect from 18 September 2018.

• b) is presented in accordance with the requirements of regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as modified by circular no. CIR/CFDffAC/62/2016 dated 5 July 2016; and
• c) gives a true and fair view in conformity with the aforesaid Indian Accounting Standards and other accounting principles generally accepted in India, of the consolidated profit, total comprehensive income and other financial information of the Group for the quarter and year ended 31 March 2019.
• 1. We did not audit the financial statements of two subsidiary companies incorporated outside India included in the Statement, whose financial statements reflect total assets of Rs. 277.97 crore as at 31 March 2019, total revenue of Rs. 92.5 crore and Rs. 387.88 crore, loss after tax of Rs. 5.68 crore and Rs. 9.44 crore and

Page 2 of 3

SHARP & TANNAN LLP

total comprehensive income / (loss) of Rs. (6.39 crore) and Rs. (9.94 crore) for the quarter and year ended 31 March 2019 respectively, as considered in the Statement. These financial statements have been audited by another auditor whose audit report has been furnished to us by management and our opinion on the Statement, in so far as it relates to the amounts and disclosure of this subsidiary, is based solely on audit

report of the other auditor.

Two subsidiaries are located outside India whose financial statements have been prepared in accordance with accounting principles generally accepted in that country (`local GAAP') and which have been audited by another auditor under generally accepted auditing standards applicable in that country. The Company's management has converted the financial statements of these subsidiary from local GAAP to accounting principles generally accepted in India. We have audited these conversion adjustments prepared by management of the Company. Our opinion in so far as it relates to the amounts and disclosures of these subsidiary are based on the audit report of another auditor and the conversion adjustments prepared by management of the Company and audited by us.

Our oplnlon ls not modified in respect of these matters.

Firm's For Sharp & Tannan LLP Chartered Accountants registrationno.127145W/W100218

.:I,,,:i.--,-

Firdosh D. Buchia Partner Membership no. 038332

Mumbai, 29 May 2019

AFIAR INDUSTRIES LTD.

CORPORAIE OFFICE : AFAR HOUSE, CORPORA1.E PARK, V. N. PURAV MARG, CHEMBUR, MUMBAI -400 07] . INDIA T : I+91) (22) 2526 3400/6780 0400 F : {+91)(22)25246326 E : corporate@apar.com url : www.apar.com

Annexure -4

SEC/2905/2019 29th May, 2019

National Stock Exchange of India Ltd."Exchange Plaza"9C-1, Block G,Bandra-Kurla Complex,Banc!ra (E),Mumbai -400 0511.	BSE LtdoCorporate Relationship Department,27th Floor, Phiroze Jeejeebhoy Towers,Dalal Street,Fort'Mumbai -400 001.
Scrip Symbol : APARINDS	Scrip Code : 532259
Kind Attn.: The Ivlanaaer, Listina Debt.	Kind Attn. : Corporate Relationshio Debt.

Sub. : Declaration pursuant to Regulation 33(3)(d) of the Securities & Exchange of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time

DECLARA"ON

I, V. C. Diwadkar, Chief Financial Officer of Apar Industries Limited (CIN : L91110GJ1989PLC012802) having Registered Office situated at 301, Panorama Complex, R. C. Dutt Road, Vadodara -390 007, Gujarat, hereby declare that, the Statutory Auditors of the Company, M/s. Sharp & Tannan LLP (Firm Registration No.127145W / W100218) have issued an Audit Report with unmodified opinion on the Audited Financial Results of the Company (Standalone & Consolidated) for the financial year ended on 31St March, 2019 (2018-19).

This declaration is given in accordance with the provisions of Regulation 33(3)(d) of the SEBl (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time.

Thanking you,

Yours Sincerely, r Industries Limited

zf ('``,.`,,.', adkar) Chief Financial Officer