Apcotex Industries Limited — Interim / Quarterly Report 2022

Jul 28, 2021

Date: 28th July 2021

To,	To,
Manager -Department of Corporate Services	The Manager -Listing Department,
BSE Limited	The National Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers,	Exchange Plaza, Plot No. C/1,
Dalal Street,Fort,	Block G, Bandra -Kurla Complex,
Mumbai -400 001	Bandra (East),
	Mumbai -400 051
Scrip Code: 523694	Symbol: APCOTEXIND

Sub: Outcome of Board Meeting in accordance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Dear Sir/Madam,

This is to inform you that the Board of Directors of the Company at their meeting held today i.e. on 28th July 2021, has inter-alia, considered and approved the audited financial results for the quarter ended 30th June 2021. Accordingly audited financial results for the said quarter and Audit Report issued by SGDG & Associates LLP, Statutory Auditor of the Company are enclosed.

The Board Meeting started at 11:45 am and concluded at 01:00 pm.

You are requested to acknowledge the receipt and take the same on your records.

Thanking you,

For Apcotex Industries Limited

Anand V Kumashi Company Secretary

SGDG&ASSOCIATESLLP

Chartered Accountants

INDEPENDENT AUDITORS' REPORT ON THE AUDIT OF FINANCIAL RESULTS

To,

I

The Board of Directors of Apaotex lndustries Limited

ODinion

We have audjted the accompanying Financial Results of Apcotex Industries Limited {the "Company''), for quarter ended June 30, 2021, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (tisting Obtigations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us, these financial results:

• a. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
• b, give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards and other accounting principles generally accepted in India of the net profit, total comprehensive income and other financial information of the Company for the quarter ended June 30, 2021.

Basis for ODinion

We conducted our audit of the Financial Statements in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Companies Act, 2013 (the Act). Our responsibilities under those Standards afe further described in the Auditor's Responsibilities for the Audit of the Financial Results section of our report. We are independent of the CompanV in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (,,tCAt,,) together with the ethical requirements that are relevant to our audit of the Financial Results under the provjsions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the lcAl's Code of Ethics. We believe that the audjt evidence we have obtained is sufficient and appropriate to provide a basis for our audit opjnion on the fi nancial statements.

Managemenfs Responsibilitiesforthe Finanaial Results

These financjal results have been prepared on the basis of interim financial statements. The Companys Management and Board of Directors are responsible for the preparation and presentation of the Financial Results that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognitjon and measurement principles laid down in Ind AS 34 "lnterim Financial Reporting,, prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudenU and the design, jmplementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness ofthe accounting records, relevant to the preparation and presentation of the Financial Results that give a true and fair view and is free from material misstatement, whetherdue to fraud or error. ffiffis w#

S G D G & Associates LLP, a Limited Liability Partnership with LLp tdentity No. AAI-324

3/1 f4itra Kunj, 16 Pedder Road, t4umbai - 4OO 026. Contact No. : +91-982085151A, 99749407 OO . Emait : info@sgdg.co.in

In preparing the Financial Results, the Management and Board of Directors are responsible for assessing the Company's ability, to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accountin8 unless the Board of Directors either intends to liquidate the Company or to cease operations/ or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the company's financial reporting process.

Auditor"s ResDonsibilities forthe Audit ofthe Financial Results

our objectives are to obtain reasonable assuaance about whether the Financial Results as a whole are free from material misstatement, whether due to fraud or error, and to issue an audito/s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material it individually or in the aggregate, they could reasonably be expected to influence the economic decisions of userstaken on the basis ofthis Financial Results.

As part of an audit in accordance with sAs, we exercise professional judgment and maintain professional scepticism thfoughout the audit. We also:

• ldentify and assess the risk of material misstatement ofthe financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control,
• . Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness ofcompany's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
• conclude on the appropriateness of management's use ofthe going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. lf we conclude that a material uncertainty exists, we are required to draw attention in our audito/s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions 'may cause the company to cease to continue as a goang concern.
• Evaluate the overall presentation, structure and content of the financial results including the disclosures, and whether the financial results represent the underlying transactions and events in a manner that achieves fair presentatior,.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identifo during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

ForSG DG &Associates LIP chartered Accountants Firm's Registration No: W100188

&,"--4

Sharad Gupta Partner Membership No.116560 UDIN: 21116560AAA4AT4778

Place: Mumbai Date: July 28,2021

STATEMENT OF AUDITED FINANCIAL RESULTS FOR QUARTER ENDED 30 TH JUNE 2021

		Rs in Lakhs
		Quarter ended			Year ended
Sr.	Particulars	30 th June	31st March	30 th June	31st March
No.		2021	2021	2020	2021
		(Audited)	(Audited)	(Audited)	(Audited)
1	Income from operations
	(a) Revenue from Operations	18,522.53	18,691.68	5,986.45	54,063.59
	(b) Other Income	238.28	203.53	187.34	647.99
	Total income (a+b)	18,760.81	18,895.21	6,173.79	54,711.58
2	Expenses
	(a) Cost of material consumed	13,352.04	11,465.55	3,605.76	33,144.94
	(b) Changes in Inventories of Finished Goods, Stock-in-Trade and
	Work-in-Progress.	(1,674.97)	192.97	544.13	793.08
	(c) Employee benefits expenses	1,106.98	1,085.26	918.10	4,306.98
	(d) Finance costs	80.40	79.41	87.17	381.08
	(e) Depreciation and amortisation expenses	334.62	325.13	370.46	1,451.19
	(f) Other Expenses	2,806.19	2,943.85	1,348.96	8,960.70
	Total expenses	16,005.26	16,092.17	6,874.58	49,037.97
3	Profit / ( Loss ) before Tax	2,755.55	2,803.04	(700.79)	5,673.61
4	Tax expenses
	(a) Current Tax	688.00	838.00	-	1,682.00
	(b) Deferred Tax	(118.94)	(295.48)	(33.60)	(425.05)
	(c) Short/ (Excess) Tax provision for earlier years	-	0.78	-	0.78
	Total Tax	569.06	543.30	(33.60)	1,257.73
5	Profit / ( Loss ) after Tax	2,186.49	2,259.74	(667.19)	4,415.88
6	Other Comprehensive Income
	Item that will not be reclassified to Statement of Profit and Loss	787.49	167.30	369.82	1,989.08
	Income Tax on Item that will not be reclassified to Statement of
	Profit and Loss	(9.25)	(13.67)	(19.97)	(214.28)
	Other Comprehensive Income	778.24	153.63	349.85	1,774.80
7	Total Comprehensive Income for the period	2,964.73	2,413.37	(317.34)	6,190.68
8	Paid up equity share capital (face value Rs 2/- each)	1,036.90	1,036.90	1,036.90	1,036.90
9	Other Equity				29,503.44
10	Earnings per Equity share
	Basic & Diluted	4.22	4.36	(1.29)	8.52
Notes:
The above results have been prepared in accordance with Indian Accounting Standards (IND AS) notified u/s 133 of the
Companies Act, 2013 read together with the companies (Indian Accounting Standards) Rules, 2015 (as amended).

12345 Previous period figures have been regrouped wherever necessary. The Company i s engaged i n the business of Synthetic Emulsion Polymers. A s the Company has only one business segment, disclosure under Ind-AS 108, on Segment Reporting is not applicable.

The above financial results were reviewed by the Audit Committee after audit by the statutory auditors of the Company and the Board of Directors approved the same at their meeting held on 28th July 2021.

The Company has taken into account all information for assessing possible impact of Covid 19 on various elements of its financial results including recoverability of its assets.

Date: 28th July 2021

Place: Mumbai For and behalf of the Board

Atul C. Choksey Chairman