Ceat Ltd. — Regulatory Filings 2021

Jan 19, 2021

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January 19, 2021

BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Bandra Kurla Complex, Dalal Street, Bandra (East), Mumbai 400 051 Mumbai 400 001 Symbol: CEATLTD Security Code: 500878 NCD symbol: CL23, CL25 CP Listed ISIN: INE482A14AC1

Sub: Outcome of Board Meeting held on January 19, 2021

Dear Sir/Madam,

Pursuant to the provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that the Board of Directors of the Company at its meeting held today, i.e. on Tuesday, January 19, 2021, inter-alia:

• a) Considered and approved the Unaudited Standalone and Consolidated Financial Results of the Company, for the quarter and nine months ended December 31, 2020, which are enclosed herewith, together with the respective Limited Review Reports issued thereon by the Statutory Auditors of the Company and taken on record by the Board.

• b) Noted the resignation of Ms. Punita Lal (DIN 03412604) as an Independent Director from the Directorship of the Company with effect from January 20, 2021 and consequent relinquishment of her position on Corporate Social Responsibility Committees of the Board.

The Board placed on record its appreciation for the contribution made by Ms. Punita Lal during her tenure with the Company.

• c) Reconstituted the Corporate Social Responsibility Committee, by appointing Mr. Paras Kumar Chowdhary in place of Ms. Punita Lal consequent to her resignation. The revised compositions of these Committees would be as under –

• Mr. Anant Goenka – Chairman

• Mr. Vinay Bansal - Member

• Mr. Paras K. Chowdhary- Member

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Page 1 of 2

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• d) Approved revisions to the Code of Fair Disclosure (Including Policy on Determination of Legitimate Purpose), Internal Procedure and Conduct for Regulating, Monitoring and Reporting of Trading by Designated Person(s) (“the Code”) of the Company, pursuant to various recent amendments made to the SEBI (Prohibition of Insider Trading) Regulations, 2015. The said amended Code is being made available on the Company’s website, viz. www.ceat.com.

The Board meeting commenced at 11.00 a.m. and concluded at 3.00 p.m.

You are requested to kindly take the same on record and disseminate appropriately.

Thanking you,

Yours faithfully, For CEAT Limited

Vallari Gupte

Company Secretary and Compliance Officer

Encl. A/a

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12th Floor, The Ruby 29 Senapati Bapat Marg Dadar (West) Mumbai - 400 028, India Tel: +91 22 6819 8000

Chartered Accountants

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Independent Auditor’s Review Report on the Quarterly and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to The Board of Directors CEAT Limited

1. We have reviewed the accompanying statement of unaudited standalone financial results of CEAT Limited (the “Company”) for the quarter ended December 31, 2020 and year to date from April 01, 2020 to December 31, 2020 (the “Statement”) attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”).

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 Indian Accounting Standard 34, (Ind AS 34) “Interim Financial Reporting” prescribed under Section 133 of the Companies Act, 2013 as amended, 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. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons 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 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 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 Standards (‘Ind AS’) specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For S R B C & CO LLP Chartered Accountants ICAI Firm registration number: 324982E/E300003

Digitally signed by Vinayak Shriram Pujare Vinayak Shriram DN: cn=Vinayak Shriram Pujare, c=IN,o=Personal, email=vinayak.pujare@srb.in Pujare Location: Mumbai Date: 2021.01.19 13:19:40 +05'30'

per Vinayak Pujare Partner Membership No.: 101143

UDIN: 21101143AAAAAQ5157

Place: Mumbai Date: January 19, 2021

S R B C & CO LLP, a Limited Liability Partnership with LLP Identity No. AAB-4318 Regd. Of � ce : 22, Camac Street, Block ‘B’, 3rd Floor, Kolkata-700 016

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CEAT LIMITED

CIN : L25100MH1958PLC011041

Registered Office

RPG House, 463, Dr. Annie Besant Road, Mumbai 400 030.

Statement of Unaudited Standalone financial results for the quarter and nine months ended December 31, 2020

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(₹ in lacs)
Standalone
Quarter ended Nine months ended Year ended
Particulars 31-Dec-20 30-Sep-20 31-Dec-19 31-Dec-20 31-Dec-19 31-Mar-20
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
(Refer note 4) (Refer note 4) (Refer note 4)
1 INCOME
2 Revenue from operations 2,21,248 1,96,513 1,75,039 5,29,376 5,18,333 6,74,786
3 Other income 996 422 314 2,870 2,949 3,072
4 Total income [2+3] 2,22,244 1,96,935 1,75,353 5,32,246 5,21,282 6,77,858
5 EXPENSES
a) Cost of materials consumed 1,21,979 1,04,859 1,04,088 2,72,836 2,97,876 3,87,296
b) Purchases of stock-in-trade 158 491 548 689 2,023 1,957
c) Changes in inventories of finished goods, work-in-progress and stock-in trade (1,486) (425) (5,001) 19,013 5,470 1,277
d) Employee benefits expenses 17,845 15,888 14,252 48,656 39,462 53,409
e) Finance costs 4,116 4,440 3,748 13,384 10,893 14,905
f) Depreciation and amortisation expenses 8,727 8,391 7,051 24,971 20,209 27,711
g) Other expenses 50,169 46,647 42,894 1,16,337 1,21,896 1,59,082
Total expenses 2,01,508 1,80,291 1,67,580 4,95,886 4,97,829 6,45,637
6 Profit before exceptional items and tax [4-5] 20,736 16,644 7,773 36,360 23,453 32,221
7 Exceptional Items (Refer note 3) 1,227 - 25 3,406 166 2,984
8 Profit before tax [6-7] 19,509 16,644 7,748 32,954 23,287 29,237
9 Tax expenses
a) Current tax (Refer note 4) 3,395 1,655 1,724 5,050 5,008 7,401
b) Deferred tax charge / (credit) (Refer note 4) 3,359 (2,026) 1,246 724 830 (625)
10 Profit for the period [8-9] 12,755 17,015 4,778 27,180 17,449 22,461
11 Other comprehensive income
a) i) Items that will not be reclassified to profit or loss (188) 403 (92) (202) (515) (725)
ii) Income tax relating to above 66 (138) 30 71 174 243
b) i) Items that will be reclassified to profit or loss 25 (1,148) 985 (1,106) 3,371 4,214
ii) Income tax relating to above (9) 408 (324) 381 (1,073) (1,347)
Total other comprehensive income / (loss) for the period (106) (475) 599 (856) 1,957 2,385
12 Total Comprehensive Income for the period (Comprising profit and other comprehensive
income for the period) [10+11] 12,649 16,540 5,377 26,324 19,406 24,846
13 Paid-up equity share capital 4,045 4,045 4,045 4,045 4,045 4,045
(Face value of the Share - ₹ 10 each)
14 Other equity 2,72,015
15 Earnings Per Share (of ₹ 10 each) (not annualised except for year ended March)
a) Basic (in ₹) 31.53 42.06 11.81 67.19 43.14 55.53
b) Diluted (in ₹) 31.53 42.06 11.81 67.19 43.14 55.53
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Notes:

1. The unaudited standalone financial results of the Company for the quarter and nine months ended December 31, 2020 have been prepared in accordance with the Indian Accounting Standards (“Ind AS”) as prescribed under section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting Standards) Rules, 2015, as amended.

2. The above unaudited standalone financial results of the Company for the quarter and nine months ended December 31, 2020 have been reviewed by the Audit Committee at their meeting held on January 18, 2021 and thereafter approved by the Board of Directors at their meeting held on January 19, 2021. The statutory auditors have carried out a limited review of these results.

3. The Company had introduced a Voluntary Retirement Scheme (‘VRS’) for its employees. Compensation to employees who opted for the Company’s voluntary retirement scheme, aggregated ₹ 1,227 lacs for quarter ended December 31, 2020, ₹ 25 lacs for quarter ended December 31, 2019, ₹ 1,245 lacs for nine months ended December 31, 2020, ₹ 166 lacs for nine months ended December 31, 2019 and ₹ 1,390 lacs for year ended March 31, 2020, has been disclosed as an exceptional Item. Further, exceptional items includes ₹ 150 lacs pertaining to estimated loss due to fire at one of the Company’s manufacturing facility for nine months ended December 31, 2020.

Exceptional items also includes expenses recognized towards unusable Semi Finished Inventory and Raw Materials due to abrupt stoppage of facilities, borrowing costs not capitalized due to suspension of ongoing capital projects, contract manpower costs and detention charges (for the period attributable to the COVID-19) aggregating ₹ 2,011 lacs for nine months ended December 31, 2020 and ₹ 1,594 lacs for year ended March 31, 2020.

1. On August 19, 2020, the Company received the certified copy of the order dated March 13, 2020 of the National Company Law Tribunal, Mumbai Bench ('the Order') sanctioning the Scheme of Amalgamation (‘the Scheme’) of CEAT Specialty Tyres Limited (a wholly-owned subsidiary of the Company, the transferor company) with CEAT Limited (the transferee company). This order has been filed with the Registrar of Companies, Mumbai in e-Form INC - 28 on September 01, 2020. As stated under the Scheme, the Scheme takes effect from the Appointed Date being April 01, 2019 and becomes operative from the Effective Date being the date of filing the certified copy of the Order with the Registrar of Companies, Mumbai, i.e. September 01, 2020. The amalgamation has been accounted for in accordance with Appendix C of Ind AS 103 ‘Business Combinations’ and accordingly, results of all the previous periods have been restated from April 01, 2019, i.e. beginning of the previous financial year. Further, current tax and deferred tax for the quarter ended on September 30, 2020 and nine months ended on December 31, 2020 includes the impact on tax expenses consequent to the aforesaid amalgamation.

2. The Company has issued 2,500 Non-Convertible Debentures of face value ₹ 10 lacs each aggregating to ₹ 25,000 lacs on private placement in October 2020 which were approved by the board at their meeting held on September 25, 2020.

3. The Code on Social Security 2020 has been notified in the Official Gazette on September 29, 2020, which could impact the contributions by the company towards certain employment benefits. The effective date from which the changes are applicable is yet to be notified and the rules are yet to be framed. Impact if any of the change will be assessed and accounted in period of notification of the relevant provisions.

4. The Company has considered the possible effects that may result from COVID-19 in the preparation of these financial results including the recoverability of the carrying value of financial and nonfinancial assets. In developing the assumptions relating to the possible future uncertainties in the global 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 value 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.

5. The Company’s business activity falls within a single reportable business segment, viz. “Automotive Tyres, Tubes and Flaps”.

6. The figures for the previous periods have been regrouped wherever necessary to conform to the current period presentation.

By order of the Board

ANANT Digitally signed by ANANT VARDHAN VARDHAN GOENKA GOENKA Date: 2021.01.19 13:07:48 +05'30'

Place: Mumbai Date: January 19, 2021

Anant Vardhan Goenka Managing Director

12th Floor, The Ruby 29 Senapati Bapat Marg Dadar (West) Mumbai - 400 028, India

Chartered Accountants

Tel: +91 22 6819 8000

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Independent Auditor’s Review Report on the Quarterly and Year to Date Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to The Board of Directors CEAT Limited

1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of CEAT Limited (the “Holding Company”) and its subsidiaries (the Holding Company and its subsidiaries together referred to as “the Group”), its associates and joint ventures for the quarter ended December 31, 2020 and year to date from April 01, 2020 to December 31, 2020 (the “Statement”) attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”).

2. This Statement, which is the responsibility of the Holding Company’s Management and approved by the Holding Company’s Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) “Interim Financial Reporting” prescribed under Section 133 of the Companies Act, 2013 as amended, 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. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons 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 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.

We also performed procedures in accordance with the Circular No. CIR/CFD/CMD1/44/2019 dated March 29, 2019 issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.

1. The Statement includes the results of the following entities:

Name ofthe entity	Relationship
CEAT Limited	Holding Company
Associated CEAT Holdings Company (Pvt.)Limited	Subsidiary
CEAT AKKHAN Limited	Subsidiary
RADOTyresLimited	Subsidiary
CEATSpecialtyTyresB.V	Subsidiary
CEATSpecialtyTiresInc.	Subsidiary
Tyresnmore OnlinePrivateLimited	Associate
Greenzest Solar PrivateLimited	Associate
CEAT Kelani Holdings (Pvt.)Limited	JointVenture
Associated CEAT(Pvt.)Limited	JointVenture
CEAT Kelani International Tyres (Pvt.)Limited	JointVenture
CEAT Kelani Radials (Pvt.)Limited	JointVenture
Asian Tyres (Pvt.)Limited	JointVenture

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 other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards (‘Ind AS’) specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

S R B C & CO LLP, a Limited Liability Partnership with LLP Identity No. AAB-4318 Regd. Of � ce : 22, Camac Street, Block ‘B’, 3rd Floor, Kolkata-700 016

Chartered Accountants

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1. The accompanying Statement includes the unaudited interim financial results and other financial information, in respect of:

2. Three subsidiaries, whose unaudited interim financial results include total revenues of Rs. 3,943 lacs and Rs. 8,768 lacs, total net profit after tax of Rs. 105 lacs and Rs. 29 lacs, total comprehensive income of Rs. 105 lacs and Rs. 29 lacs, for the quarter ended December 31, 2020 and the period ended on that date respectively, as considered in the Statement which have been reviewed by their respective independent auditors.

3. One associate and five joint ventures, whose unaudited interim financial results include Group’s share of net profit of Rs. 1,143 lacs and Rs. 2,825 lacs and Group’s share of total comprehensive income of Rs. 1,141 lacs and Rs. 2,819 lacs for the quarter ended December 31, 2020 and for the period from April 01, 2020 to December 31, 2020 respectively, as considered in the Statement whose interim financial results and other financial information have been reviewed by their respective independent auditors.

The independent auditor’s reports on interim financial results of these entities 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 in respect of these subsidiaries, joint ventures and the associate is based solely on the report of such auditors and procedures performed by us as stated in paragraph 3 above.

1. The accompanying Statement includes unaudited interim financial results and other financial information in respect of:

2. One associate, whose interim financial results includes the Group’s share of net profit of Rs. 27 lacs and Rs. 24 Lacs and Group’s share of total comprehensive income of Rs. 27 lacs and Rs. 24 lacs for the quarter ended December 31, 2020 and for the period ended on that date respectively.

The unaudited interim financial results and other financial information of this associate have not been audited by their auditor and have been approved and furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the affairs of this associate, is based solely on such unaudited interim financial results and other unaudited financial information. According to the information and explanations given to us by the Management, these interim financial results are not material to the Group.

Our conclusion on the Statement in respect of matters stated in paragraph 6 and 7 is not modified with respect to our reliance on the work done and the reports of the other auditors and the financial results certified by the Management.

For S R B C & CO LLP Chartered Accountants ICAI Firm registration number: 324982E/E300003

Digitally signed by Vinayak Shriram Pujare Vinayak Shriram DN: cn=Vinayak Shriram Pujare, c=IN,o=Personal, email=vinayak.pujare@srb.in Pujare Location: Mumbai Date: 2021.01.19 13:22:22 +05'30'

per Vinayak Pujare Partner Membership No.: 101143

UDIN: 21101143AAAAAR2106

Place: Mumbai Date: January 19, 2021

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CEAT LIMITED

CIN : L25100MH1958PLC011041

Registered Office

RPG House, 463, Dr. Annie Besant Road, Mumbai 400 030.

Statement of Unaudited Consolidated financial results for the quarter and nine months ended December 31, 2020

(₹ in lacs)

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Consolidated
Quarter ended Nine months ended Year ended
Particulars
31-Dec-20 30-Sep-20 31-Dec-19 31-Dec-20 31-Dec-19 31-Mar-20
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
1 INCOME
2 Revenue from operations 2,22,125 1,97,847 1,76,177 5,31,988 5,20,542 6,77,883
3 Other income 405 377 357 1,064 1,977 2,051
4 Total income [2+3] 2,22,530 1,98,224 1,76,534 5,33,052 5,22,519 6,79,934
5 EXPENSES
a) Cost of materials consumed 1,21,979 1,05,157 1,03,729 2,72,836 2,97,518 3,87,296
b) Purchases of stock-in-trade 914 1,164 1,377 2,129 3,484 3,583
c) Changes in inventories of finished goods,
work-in-progress and stock-in trade (1,933) (405) (4,632) 18,838 4,991 629
d) Employee benefits expenses 18,059 16,097 14,427 49,281 40,000 54,177
e) Finance costs 4,188 4,496 3,800 13,562 11,028 15,093
f) Depreciation and amortisation expenses 8,729 8,392 7,053 24,975 20,202 27,651
g) Other expenses 50,340 46,588 42,955 1,16,691 1,22,478 1,59,814
Total expenses 2,02,276 1,81,489 1,68,709 4,98,312 4,99,701 6,48,243
6 Profit / (Loss) before share of profit of joint ventures and associates,
exceptional items and tax [4-5] 20,254 16,735 7,825 34,740 22,818 31,691
7 Share of profit from joint ventures and associates 1,170 1,331 464 2,849 1,470 1,722
8 Profit / (Loss) before exceptional items and tax [6+7] 21,424 18,066 8,289 37,589 24,288 33,413
9 Exceptional items (Refer note 3) 1,227 - 25 3,406 166 2,984
10 Profit / (Loss) before tax [8-9] 20,197 18,066 8,264 34,183 24,122 30,429
11 Tax expenses
a) Current tax (Refer note 4) 3,587 1,804 1,890 5,438 5,429 7,932
b) Deferred tax charge/ (credit) (Refer note 4) 3,376 (1,956) 1,124 817 859 (509)
12 Profit / (Loss) for the period [10-11] 13,234 18,218 5,250 27,928 17,834 23,006
Attributable to :
Owners of the parent 13,214 18,186 5,279 27,924 17,937 23,125
Non-controlling interests 20 32 (29) 4 (103) (119)
13 Other comprehensive income
a) (i) Items that will not be reclassified to profit or loss (191) 401 (92) (210) (512) (734)
(ii) Income tax relating to above 66 (138) 30 72 173 245
b) (i) Items that will be reclassified to profit or loss (136) (1,750) 804 (1,341) 3,047 4,369
(ii) Income tax relating to above (9) 408 (324) 381 (1,073) (1,347)
Total other comprehensive income / (Loss) for the period (270) (1,079) 418 (1,098) 1,635 2,533
Attributable to :
Owners of the parent (270) (1,079) 418 (1,098) 1,635 2,533
Non-controlling interests - - - - - -
14 Total Comprehensive Income / (Loss) for the period (Comprising profit / 12,964 17,139 5,668 26,830 19,469 25,539
(Loss) and other comprehensive income / (Loss) for the period) [12+13]
Attributable to :
Owners of the parent 12,944 17,107 5,697 26,826 19,572 25,658
Non-controlling interests 20 32 (29) 4 (103) (119)
15 Paid-up equity share capital 4,045 4,045 4,045 4,045 4,045 4,045
(Face value of the Share - ₹ 10 each)
16 Other equity 2,86,747
17 Earnings Per Share (of ₹ 10 each) (not annualised except for year ended
March)
a) Basic ( in ₹ ) 32.67 44.96 13.05 69.03 44.34 57.17
b) Diluted ( in ₹ ) 32.67 44.96 13.05 69.03 44.34 57.17
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Notes:

1. The unaudited consolidated financial results of CEAT Ltd and its subsidiaries (“the Group”), together with its associates and joint ventures for the quarter and nine months ended December 31, 2020 have been prepared in accordance with the Indian Accounting Standards (“Ind AS”) as prescribed under section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting Standards) Rules, 2015, as amended.

2. The above unaudited standalone financial results of the Group for the quarter and nine months ended December 31, 2020 have been reviewed by the Audit Committee at their meeting held on January 18, 2021 and thereafter approved by the Board of Directors at their meeting held on January 19, 2021. The statutory auditors have carried out a limited review of these results.

3. The Group had introduced a Voluntary Retirement Scheme (‘VRS’) for its employees. Compensation to employees who opted for the voluntary retirement scheme, aggregated ₹ 1,227 lacs for quarter ended December 31, 2020, ₹ 25 lacs for quarter ended December 31, 2019, ₹ 1,245 lacs for nine months ended December 31, 2020, ₹ 166 lacs for nine months ended December 31, 2019 and ₹ 1,390 lacs for year ended March 31, 2020, has been disclosed as an exceptional Item. Further, exceptional items include ₹ 150 lacs pertaining to estimated loss due to fire at one of the Company’s manufacturing facility for nine months ended December 31, 2020.

Exceptional items also includes expenses recognized towards unusable Semi Finished Inventory and Raw Materials due to abrupt stoppage of facilities, borrowing costs not capitalized due to suspension of ongoing capital projects, contract manpower costs and detention charges (for the period attributable to the COVID-19) aggregating ₹ 2,011 lacs for nine months ended December 31, 2020 and ₹ 1,594 lacs for year ended March 31, 2020.

1. On August 19, 2020, the Company received the certified copy of the order dated March 13, 2020 of the National Company Law Tribunal, Mumbai Bench ('the Order') sanctioning the Scheme of Amalgamation (‘the Scheme’) of CEAT Specialty Tyres Limited (a wholly-owned subsidiary of the Company, the transferor company) with CEAT Limited (the transferee Company). This order has been filed with the Registrar of Companies, Mumbai in e-Form INC - 28 on September 01, 2020. As stated under the Scheme, the Scheme takes effect from the Appointed Date being April 01, 2019 and becomes operative from the Effective Date being the date of filing the certified copy of the Order with the Registrar of Companies, Mumbai, i.e. September 01, 2020. The amalgamation has been accounted for in accordance with Appendix C of Ind AS 103 ‘Business Combinations’ and accordingly, results of all the previous periods have been restated from April 01, 2019, i.e. beginning of the previous financial year. Further, current tax and deferred tax for the quarter ended on September 30, 2020 and nine months ended on December 31, 2020 includes the impact on tax expenses consequent to the aforesaid amalgamation.

2. The Group has issued 2,500 Non-Convertible Debentures of face value ₹ 10 lacs each aggregating to ₹ 25,000 lacs on private placement in October 2020 which were approved by the board at their meeting held on September 25, 2020.

3. The Code on Social Security 2020 has been notified in the Official Gazette on September 29, 2020, which could impact the contributions by the Company towards certain employment benefits. The effective date from which the changes are applicable is yet to be notified and the rules are yet to be framed. Impact if any of the change will be assessed and accounted in period of notification of the relevant provisions.

4. The Group has considered the possible effects that may result from COVID-19 in the preparation of these financial results including the recoverability of the carrying value of financial and non-financial assets. In developing the assumptions relating to the possible future uncertainties in the global economic conditions because of COVID-19, the Group has, at the date of approval of the financial results, used internal and external sources of information and expects that the carrying value of the assets will be recovered. The impact of COVID-19 on the Group’s financial results may differ from that estimated as at the date of approval of the same.

5. The Group’s business activity falls within a single reportable business segment, viz. “Automotive Tyres, Tubes and Flaps”.

6. The figures for the previous periods have been regrouped wherever necessary to conform to the current period presentation.

7. The Standalone results are available on Company’s website viz, www.ceat.com and on website of BSE (www.bseindia.com) and NSE (www.nseindia.com). Key Standalone financial information is given below.

						(₹ in lacs)
Particulars		Quarter ended		Nine months ended		Year ended
	31-Dec-20	30-Sep-20	31-Dec-19	31-Dec-20	31-Dec-19	31-Mar-20
	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
Revenue from operations	2,21,248	1,96,513	1,75,039	5,29,376	5,18,333	6,74,786
Profit/(Loss)before tax	19,509	16,644	7,748	32,954	23,287	29,237
Profit/(Loss)for theperiod	12,755	17,015	4,778	27,180	17,449	22,461

By order of the Board

Place: Mumbai Date: January 19, 2021

ANANT Digitally signed by ANANT VARDHAN VARDHAN GOENKA GOENKA Date: 2021.01.19 13:06:39 +05'30' Anant Vardhan Goenka Managing Director