Cemindia Projects Limited — Audit Report / Information 2020

Jun 24, 2020

Commitment, Reliability & Quality

Dept. ofCorporate Services - Corporate Relationship,	National Stock Exchange ofIndia
BSE Limited,	Limited,
Phiroze Jeejeebhoy Towers, Dalal Street,	Listing Department,
Mumbai 400 023	Exchange Plaza, C-l,Block G,
# 2272 3121/2037/2039/2041/2061(Fax13719)	Bandra-Kurla Complex, Bandra
(Email: corp.relations@bscindia.com)	(East),
	Mumbai 400 051

Do"		Our Reference No.	OurConlaet	Direct Line
24th	June, 2020	SECI06/2020	RAHULNEOG1	91 22 67680814

Dear Sir,

Re: Re-submission of Auditors Reports for the Audited Financial Results for the quarter and year ended 31,t March, 2020 - Signature Scrip Code No: 509496 and NSE: ITO CEM

The Company had submitted to the Stock Exchanges the Standalone and Consolidated Audited Financial Results alongwith Auditor's Reports for the quarter and year ended 3 J" March 2020, upon approval of the same by the Board at its Meeting held on 17th June,2020..

The Auditor's Reports were digitally signed by the Statutory Auditors of the Company However, after uploading the aforesaid documents, it was found from the website of the Stock Exchanges that the digital signatures of the Statutory Auditors had not appeared on the Auditor's Reports possibly due to some technical reasons. Hence, we would like to resubmit the Auditor's Reports as Financial Result update.

Please take it on your record as updation.

Thanking you, Yours faithfully, For IT mentation India Limited

GI)"/ CRETARY

ITO CEMENTATION INDIA LIMITED

Registered & Corporate Office: National Plastic Buildin9, A - Subhash Road, Paranjape B Scheme, Vile Parle (East), Mumbai - 400 057. Tel.: 91-22-66931600 Fax: 91-22-66931628 www.itdcem.co.in Corporate Identity Number: L61000MH1978PLC020435

ISO 9001, ISO 14001 & OHSAS 18001

DNVGL

Walker Chand10k & Co LLP 16th n(}Of. Tower II, lndiabulls Finance Centre, 58 Marg, Prabhadevi (W) Mumbai -400 013 India T +91 226626 2699

F +91 2266262601

Independent Auditor's Report on Standalone Annual Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

To the Board of Directors of ITO Cementation India Limited

Opinion

• 1. We have audited the accompanying standalone annual financial results ('the Statement') of ITO Cementation India Limited ('the Company') for the year ended 31 March 2020, allached herewith, being submilled by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('listing Regulations'), including relevant circulars issued by the SEBI from time to time.
• 1. In our opinion and to the best of our information and according to the explanations given to us, the Statement:
  • mpcesents finandal cesulls in accocdance with the cequicements of Regulation 33 of the Usting Regulations; and
  • (ii) gives a true and fair view in confonnily with the applicable Indian Accounting Standards ('Ind AS') 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, of the standalone net profit after tax and other comprehensive income and other financial information of the Company for the year ended 31 March 2020,

Basis for Opinion

1. We conducted our audit in accordance with the Standards on AUditing ('SAs') specified under section 143(10) of the Act. Our responsibilities under those standards are further described in the Auditors Responsibilities for the Audit of the Statement section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ('the ICAI') together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us, is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

1. We draw attention to Note 3 to the accompanying statement, with regard to management's evaluation of uncertainty arising due to the outbreak of COVID-19 pandemic and its impact on the Company's operations and on the financial results of the Company as at and for the year ended 31 March 2020. The impact of these uncertainties on the Company's operations is significantly dependent on future developments. Our opinion is not modified in respect of this matter.

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lTD Cementation IndJaLimited

Independent Auditor's Repotton Standalone Annual Financial Results of the C()mpany Pursuant,lathe Regulation 33 ofthe SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

Responsibilities of Management and Those Charged with Governance for the Statement

• 1. This Statement has been prepared on the basis of the standalone annual audited financial statements and has been approved y the Company's Board of Directors The Company's Board of Directors is responsible for the preparation ·and presentation of the Slatementthat gives a true and fair view ofthe 'netprofiUloss and other comprehensive income and otherfih1:lIicial infbrmation of the Company in accordance with the accounting princlples generally accepted in India, including Ind AS prescribed under Section 13~ 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 Llsting Regulations. This responsibility also includes maintenance of adequate accounting records in accordance With the provisions oflheAct for safeguarding of the assetsoflhe Company and for preventing and detecting fraudsandotherirregulariUes; selection anp application of appropriate accounting policies; making jUd~mentsand estimates that are reasonable and prUdent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness oflheaccounting records, relevant to the preparalion and presentation ofthe Statement that gives a true and fair view and is free from material misstatement, whether due to fraud or error.
• 1. In preparing the statement, the Board of Directors is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable,maltersrelated to going concern, and ,using the going concern basis of accounting unless the Soarp of Directors,either intends to liquidate the Company or 10 cease operations, or has norealistlc alternative but to do 156.
• 1. The Soard of Directors is also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Statement

• 1. Our objectives are to obtain reasonable assurance about whether the Statementasawhole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion: ReasonableassiJrance isa high levelofassurance but is nota.guarantee that an audit conducted in accordance with Standards on Auditing, specified under section 143{10) of the Act, will 'always detect a material misstatemenlwhen it,exists. Misstatements can',arise from fraud orerror and are considered,material if, individually orin the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Statement
• 1. As part ofan audit in accordancewilh the Standardson Aupiting, we exercise professional judgment and mainta:in professional skepticism throughout the audit. We also:
  • .. Identify and assess Iherisks of material misstatement of the Statement, whether due to fraud or, error, design and perform audit procedures responsive 10 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 de:sign ~udit procedures, that are appropriate in the,circumstanqes. Under Section'143(3), (i) oftheAct, we are also responsible for expressingour opinion on whether the Company has in place adequate internal financial controls with re:terence to financial statements andthe operating effectiveness of such controls.
  • .. Evaluate the appropriateness of accounting policies used and the reasonableness of accountinfl estimates and related disclosiJres made by the management.

ITO Cementation India Limited

Independent Auditor's Report on Standalone Annual Financial Results of the Company PurSuant to the Regulation 33 of the SEal (Listing Obllgatrons and Disclosure Requirements) Regulations, 2015 {as amended}

• .. Conclude on the appropriateness of the management's useofthe going concern basis of accounting and, based on the audit evidence obtained, whelhera material uncertainly exists related to events orcondilians that may cast significant doublon the Company's ability to contihLieas a going concern. I(we conclude that amalerial uncertainty exists; we are required to draw attention hi our auditor's report to the related disclosures in the Slalemenlor, ifsuch disclosuresareinadequale, tomodify our opinion. Our conclusions are based on the audit evidence obtainedup tothe date of our auditor's report H0v.'ever, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Statement, inclUding the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.
• 1. 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 thatwe identify dUring our audit.
• 1. We also provide those charged with governance with a statement that we have ccirnpliedwith relevant ethical requirem'ents regarding independence, and to communicate with therriall relationships and other matlers thatmay reasonably be thoughtlo bear on our independence,and where,applicable, related safeguards.

OtheirMatler

1. The Statement includes the financial results for the quarter ended 31 March 2020, being the balancing figures between the audited figures in respect of the fuH financial year and the Pllbl1shed unaudited year-WdatEi figures up to the third quarter of the current financial year, which were subjected to limited review by us.

For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No:001076N/N50qo13

RAKESH Dlgilallysigned by RAKE5H,RAMAWATAR RAMAWATAR 'GARWAL AGARWAL Dale:2010.06.17 " 18:56:44+05'30'

Rakesh R Agarwal Partner Membership "No:1 09632

UDIN:20109632AAAAFA4619

Place: Mumbai Date: 17Jime 2020

	ITD Cementation India Limited
	Regd. Office: National Plastic Building, A-Subhash Road, Paranjape B-Scheme, Vile Parie (East), Mumbal-400 057
		CIN No. 161000MH1978PLC020435
	Tel.: +91-22-8693 1600, Fax: +91-22-6693 1627/28, E-mail: investors.relation@ildcem.co.in, Website: www.lldcem.co.inSTATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2020
						(7 in Lakhs unless specified)
			Precedine	Carresponding		Previous 15
		Quarter ended	ouarter ended	quarter ended in	Year ended	months period
Sr.	Particulars			the previous year		ended
No.		31.03.2020	31.12.2019	31.03.2019	31.03,2020	31.03.2019
		Unaudited	Unaudited	Unaudited	Audited	Audited
		(refer note 8)		(refer note 8)		[refer note 10]
$\mathbf{1}$	Income from operations	55,703.02	51,900.86	45,611.77	214,199.87	228,833.61
2	Other Income	112.08	93.49	686.93	423.67	1,775.91
3	Total Income (1+2)	55,815.10	51,994.35	46,298.70	214.623.54	230,609.52
$\overline{4}$	Expenses
	a) Cost of construction materials consumed	15,411.83	18,198.15	16,581.36	73,329.80	74,775,36
	b) Subcontracting expenses	13,497.99	11,195.95	10,787.97	47,031.58	48,559.21
	c) Employee benefits expense	6,876.27	7,440.02	5,772.12.	28.583.14	31,015.40
	di Finance costs	2,702.73	2,344.73	1,615.87	9,198.42	7,784.57
	e) Depreciation and amortisation expense	2,031,05	2,030.10	1,500.85	7,887.92	6,958.39
	f) Other expensesTotal expenses (a+b+c+d+e+f)	11.179.4352,699.30	9,531:5750,740.52	13,523.7549.781.92	39,189,54	48.080.75
					205,220.40	217,173.68
5	Profit/(loss) before exceptional item and tax (3-4).	3.115.80	1.253.83	(3,483.22)	9,403.14	13,435.84
Ğ	Exceptional item (refer note 4)	(4,093,36)			(4,093.36)
7	Profit/(loss) before tax (5-6)	(977.56)	1,253,83	(3,483.22)	5,309.78	13,435.84
8	Tax expense/ (credit) (Refer note 7)
	(a) Current tax	(422.29)	(243.93)	(939.36)	865.80	5,347.44
	(b) Deferred tax	(8.99)	470.97	983.95	127.38	(99.00)
	Total tax expense (a+b):	(431.28)	227.04	44.59	993.18	5,248.44
9	Profit/(lass) for the period (7-8)	(546.28)	1,026.79	(3,527.81)	4,316.60	8,187,40
10	Other comprehensive income/(loss)
	a) (i) Items that will not be reclassified subsequently to profit or loss	(133.20)	(201.35)	99.72	(421.60)	(186.04)
	(ii) Tax effect on above	33.53	50.67	(34.85)	106.11	65.01
	b) (I) items that will be reclassified subsequently to profit or loss	u.		(31.70)	÷
	(ii) Tax effect on above			11.08
	Other comprehensive income/(loss) for the period, net of tax (a+b)	(99.67)	(150.68)	44.25	(315.49)	[121.03]
11	Total comprehensive income/ (loss) for the period, net of tax (9+10)	(645.95)	876.11	(3,483.56)	4,001.11	8,066.37
12	Paid-up equity share capital (Face Value: ₹ 1 per share)	1,717.88	1,717.88	1,717.88	1,717.88	1,717.88
13	Other equity (excluding revaluation reserve)				103,542.94	100,370,23
14	Earnings per share (Face Value: ₹ 1 per share)
	al Basic $(5)$	(0.32)	$-0.60$	$* (2.05)$	2.51	4.80
	$\mathfrak{b}$ Diluted ( $\mathfrak{b}$ )	(0.32)	.060	(2.05)	2.51	4.80
	*not annualised
	See accompanying notes to the standalone audited financial results

$\hat{\mathcal{A}}$

Notes:

• 1. The standalone audited financial results have been prepared in accordance with the Indian Accounting Standards ('Ind AS') as prescribed under Section 133 of th Companies Act, 2013 ('the Act') read with Companies (Indian Accounting Standards) Rules as amended from time to time. The above standalone audited financial results have been reviewed and recommended by the Audit Committee and subsequently approved by the Board of Directors of the Company at their respective meetings held on 17 June 2020.
• 1. The Company is principally engaged in a single business segment viz Construction.
• 1. The outbreak of COVID-19 had disrupted regular business operations of the Company due to the lock down restrictions and other emergency measures imposed by the Government from time to time. The business operations have recommenced to a limited scale post relaxation of lockdowns. The management has made an assessment of the possible effects of COVID-19 on the standalone audited financial results and has concluded that the impact of COVID-19 as not material. However, the actual impact of COVID-19 pandemic on the Company's results remain uncertain and dependant on the spread of COVID-19 and steps taken by Government to mitizate the economic impact and may differ from that estimated as at the date of approval of these standalone audited financial results.
• 1. Exceptional item for the quarter and year ended 31 March 2020 represents write off towards current trade receivables and unbilled work-in-progress (other current assets) aggregating ₹ 4,093.35 lakhs receivable from a customer, considered as non-recoverable.
• 1. Effective 1 April 2019, the Company has adopted ind AS 115 Revenue from Customers using the modified retrospective approach which is applied to contracts that were not completed as at 1 April 2019. Accordingly, the comparatives have not been adjusted retrospectively. Also the adoption of ind AS 115 did not have any material impact on recognition and measurement of revenue and related items in the standalone audited financial results for the quarter and year ended 31 March 2020. However, on account of adoption of Ind AS 115, unbilled work-in-progress (contract asset) has been considered as a non-financial asset and accordingly classified under other current asset which was until 31 March 2019 classified under other financial assets.
• 1. Effective 1 April 2019, the Company has adopted ind AS 116, 'Leases' using the modified retrospective approach, as a result of which the comparative information is not required to be restated. On transition, the Company has recorded the lease ijability at the present value of the future lease payments discounted using the Incremental borrowing rate and has also chosen the practical expedient provided in the standard to measure the 'Right-of-use' asset at the same value as the lease liability, adjusted by the amount of any prepaid relating to that lease recognised in the balance sheet immediately before the date of initial application.

The adoption of the new standard resulted in the recognition of 'Right-of-use' asset amounting to ₹7,871.63 lakhs and corresponding lease liability of ₹7,662.57 lakhs at 1 April 2019. During the quarter and year ended 31 March 2020, the Company has recognised finance cost on lease amounting to ₹ 192.62 lakhs and ₹ 823.28 lakhs, respectively, and amortisation on right-of-use assets amounting to ₹ 530.39 lakhs and ₹ 2,113.21 lakhs respectively, which would have been recognised as rent of ₹ 620.04 lakhs and ₹ 2,452.37 lakhs respectively, based on the earlier standard.

• 1. The Company has elected to exercise the option permitted under section 1158AA of the Income Tax Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance, 2019. Accordingly, the Company has recognised provision for income tax for the quarter and year ended 31 March 2020 basis the rate prescribed in the said section. The Company had also remeasured its deferred tax assets basis the revised rate and the Impact of this change was recognised in the statement of profit and loss for the quarter ended 30 September 2019.
• 1. Figures of the quarters ended 31 March 2020 and 31 March 2019 are the balancing figures between the audited standalone figures for the year/fifteen months period ended on that date and the unaudited standalone published year to date figures up to the nine/twelve months period ended of that respective year/period.
• 1. Increase in investment is on account of reclassification of current receivables from an unincorporated entity (subsidiary), representing Company's net investment in that entity, as deemed investment under Ind AS.
• 10} Pursuant to the change in the financial year of the Company from January-December to Abril-March. the previous financial year was for a period of fifteen months i.e. 1 January 2018 to 31 March 2019. Accordingly, the figures for the current year are not comparable with the figures for 15 months period ended 31 March 2019 presented in these standalone audited financial results.
• 1. The Board of Directors of the Company have recommended a final dividend of ₹ 0.30 per share having a face value of ₹ 1 each.
• 1. Previous quarter/ period figures have been regroupped/ rearranged, wherever considered necessary.

Place: Mumbai Date: 17 June 2020

behalf of the Board of Directors ৰতেম চ YD, ۴, Jayanta Basu é ri Managing Director 観光会き DIN.08291114 وتم

		(< in Lakhs unless specified)
STANDALONE STATEMENT OF ASSETS AND LIABILITIES		As at
Particulars	31.03.2020	31.03.2019
ASSETS
Non-current assets
Property, plant and equipment.	46.568.70	42.417.54
Right-of-use assets	6,045.55
Capital work-in-progress	479.93	538,40
Intengloie assets	782.39	771.99
Investments in subsidiary and joint ventures	19,195.46	62.49
Financial assets
- Trade receivables		309.00
- Loans	743.41	228.31
Deferred tax assets (net)	436.72	457.99
income tax assets (net)	1,946.78
Other non-current assets .	10,274,00	11,328.49
Total non-current assets	86,472.94	56,114,21
Current Assets
Inventories	19,675.59	15,433,63
Financial assets
- Trade receivables	46,061.39	33:692.69
- Cash and cash equivalents	18,833.07	6,714.29
- Bank balances other than cash and cash equivalents	4,451.55	1,514.20
- Loans	29,001.44	46,719.25
- Other financial assets	130.62	31,914.65
Other current assets	60,910.61	10,027.95
Total current assets	179,064.27	146,016.66
TOTAL ASSETS	265,537.21	202,130.87
EQUITY AND LIABILITIES
Equity
Equity share capital	1,717.88	1,717.88
Other equity	103,542.94	100,370.23
i total equity	105,260.82	102,088.11
Liablilties
Non-current liabilities
Financial liabilities
- Borrowings	1,664.23	1,706.27
- Other financial liabilities	4,467.21
Provisions	4,060.33	3,409.95
Total non-current liabilities	10,191.77	5,116,22
Current liabilities
Financial liabilities
- Borrowings	26,339.98	19,238.17
- Trade payables
- Total outstanding dues of micro enterprises and small enterprises	216.85	154.94
- Total outstanding dues creditors other than of micro enterprises and small enterprises	47,591.18	42,896.42
- Other financial fiabilities	9,719.64	5,315.68
Other current liabilities	65,190.21	25,761.98
Provisions	1,026,76	947.67
Current tax liabilities (net)		601.68
		94,926.54
Total current liabilities	150,034.62
TOTAL EQUITY AND LIABILITIES	265,537.21	202,130.87

$\mathbb{R}$

Kabupatén

Previous 15Year ended 31months periodended 31 MarchMarch 20202019A. CASH FLOW FROM OPERATING ACTIVITIESNet profit before tax5,309.7813,435.84Adjustments forDepreciation and amortisation expense7,887.92Finance costs9,198.42${997.90}$Interest income(354.31)1,413,45ImpaIrment allowance on financial assets4,093.36Receivables from a customer written off as exceptional item(2,396.34)Share of profit/(loss) from unincorporated entities (net)Loss on disposal of property, plant and equipment (net)230.60Profit on sale of units of mutual funds(198.39)8.01Unrealised foreign exchange loss (net)(487.69)Excess provision no longer required written back(761.00)Operating profit before working capital changes24,629.89Adjustment for changes in working capitalIncrease in Inventories[4, 241.96](12, 421.19)Increase in trade receivables-[15,454.44](Increase)/Decrease in financial and other assets(19, 226.10)(7,679.51)Increase/(Decrease) in trade payables.5,199.65Increase/(Decrease) in financial and other liabilities40,529.25(25,569.36)31,436.2911,826.91Cash generated from operationsDirect taxes paid (net)(3,817.70)(3,324.94)28,111.358,009.21Net cash generated from operating activitiesPurchase of property, plant and equipment (including intangible assets, capital work-in-progress, capital(9, 832, 25)advances/payables]Proceeds from disposal of property, plant and equipment465.05Purchase of units of mutual funds.Proceeds from sale of units of mutual funds.Investments in bank deposits (net)(2, 937.12)Interest received125,50(12, 178.82)Net cash used in investing activities33,121.91Proceeds from issue of share capital (net of share issue expenses)1,412.30Proceeds from non-current borrowings1,302.26Repayment of non-current borrowings(1, 115.87)Proceeds from/ Repayment of short term borrowings (net)7,101.81Repayment of lease obligation[2,452.37]interest and other finance charges paid[7,821.41]Dividend paid (including dividend distribution tax)(828.17)Net cash used in financing activities(3,813.75)[3,984.62]Net increase/(decrease) in cash and cash equivalents $(A + B + C)$12,118.78Cash and cash equivalents at the beginning of year / period6,714.2910,698.916,714.29Cash and cash equivalents at the end of year / period18,833.07	Statement of Audited Standalune Cash Flow	(で in Lakhs)
	Particulars
		6,958.39
		7,784.57
		1,055.17
		1,786.22
		548.73
		29, 884.94
		(3,473.17)
		31,085.20
	B. CASH FLOW FROM INVESTING ACTIVITIES
		(9,325,00)
		109.94
		(24,700.00)
		24,898.39
		(1,264.29)
		529.18
		(9,751.78)
	C. CASH FLOW FROM FINANCING ACTIVITIES
		(5,245.12)
		(23,000.35)
		(7,703.44)
		(827.35)
		(2, 242.05)

$\textcircled{\tiny{\textcircled{\tiny{M}}}}$

Walker Clutndiok & Co LLP 16th noor. Tower II, IndiabuRs Finance Centre, sa Marg. Prnbhadevi Mumbal-400 013 India

T +91 226626 2699 F +91 2266262601

Independent Auditor's Report on Consolidated Annual Financial Results of the Company Pursuant to the Regulation 33 afthe SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

To the Board of Directors of ITO Cementation India limited

Opinion

• 1. We have audited the accompanying consolidated annual financial results ('the Statement') of ITO Cementation India limited ('the Holding Company') and its subsidiaries (the Holding Company and ils subsidiaries together referred to as 'the Group') and its joint ventures for the year ended 31 March 2020, 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) ('Usting Regulations'), induding relevant circulars issued by the SEBI from time to time.
• 1. In our opinion and to the best of our infonnation and according to the explanations given to us and based on the consideration of the report of other auditor on separate audited financial statements of the subsidiary, as referred to in paragraph 13 below, the Statement:
  • (i) includes the annual financial results of the following entities;

s,.	Name of the entity	RelationshiD
1.	ITO Cem Pro'ects India Limited	Subsidiary
2.	ITO Cem-Ma tas Consortium	Unincorporated entities treated as subsidia
3.	rTD Cemlndia Joint Venture	Unincor orated entities treated as subsidia
4.	ITO-ITO Cem Joint venture(Consortium of ITO-ITO Cementation\	Unincorporated entities (treated as Joint Venture)
5.	ITO-ITO Cern Joint Venture	Unincor orated entities treated as Joint Venture
6.	CEC-ITD-TPL Joint Venture	Unincorated entities treated as Joint Venture)

• (it) presents the annual financial results in accordance with the requirements of Regulation 33 of the Usting Regulations; and
• (iii) gives a true and fair view in confonnily with the applicable Indian Accounting Standards ('Ind AS') prescribed under Section 133 of the Companies Ad, 2013 Cine Ad') read with relevant rules issued thereunder, and other accounting principles generally accepted in India, of the consolidated net profit after tax and other comprehensive income and other financial information of the Group and its joint ventures, for the year ended 31 Mardl2020.

Page 1 of4

ITO Cementation India Limited

Independent Auditor's Report on Consolidated Annual Financial Results ofthe Company Pursuant to the Regulation 330fthe SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

Basis for Opinion

1. We conducted our auditin accordance with the Standards onAuditing ('SAs') specified under section 143(10) of the Act Our responsibilities under those standards are further described ·in the Auditor's Responsibilities for the Audit oHlle Statement seclionofour report. We are independentQflhl;l Group and ils jorntventures, in accordance wlth the Gode of Ethics issued by the Instituteof CharleredAccQuntants of India ('the ICAI') together with the ethical requirements that are relevant to our audit of the financial statements under the provisions ofihe Act, and the rules thereunder, and we have fulfilled our Otherethical responsibilities iii accordance with these reCjuirements and the Code ofEthics. We believe that the auditevidence obtained by us and that obtaineci by the other auditor in terms of their report referred to in paragraph 13 of the Other Matter section below, is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

1. We ciraw attention to Note 3 to the accompanying Statement, with regard to management's evaluation of uncertainty arising due to the outbreak of COVID-19 pandemic and its impact on the operations of the Group and its joint ventures and On the consolidated financial resullsas at and for the year ended 31. March 2020. The impact of these uncertainties on the Group and iii; joint ventures is significantly dependent on future developments. Our opinion is·notmodified in respect ofthis mClUer.

Responsibilities of Managerilentand Those Charged with Governance for the Statement

• 1. The Statement, whiCh isthe responsibility oftheHoldlngCompany's management and has been approved by the Holding Company's Board of Directors, has been prepared on the basis. of the consolidated annual audited financial statements. The Holding Company's Board ofDirectors is responsible for the preparation and presentation of the Statementthat gives atrue and fair view of the consolidated net·prOfitlloss aftertax and other comprehensive income, and otherfinancialinformation of the Group inclUding its joint ventures in accordance withthe accounting principles generally accepted in India, including the IndAS prescribedundElr section 133 of the Act; read with relevant rules Issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation330flhe Listing Regulations. TheHolding Company's Board of Directors is also responsible for ensurlngaccuracy of records inclUding financial information considered necessary for the preparation of the Statement. Further, in terms of the provisions of the Act, the respective Board of Directorsl management of the companies included in the Group and its' joint ventures, coVered undertheAct,are responsible for rriaintenanceof adequate accounting records in accordance with the provisions ofthe Act, forsafeguarding ofthe assetsofthe Group, and it$ joint ventures, and for preventing and detecting frauds ard other irregularities; selection andappljcation of appropriate accounting policies: making jUdgments and estimates that are reasonable and prudent; and design, impJementationand maintenance ofadequate internal financial controls, Ihatwereoperatingeffiactively, for ensuririgtheaccuracy and compieteness of the accounling records, relevant to the preparalion and presentation Of the financial results, Ihat give a true and fair view and are free from material misstatement, whether due to fraud or error. These financial results have been LiSed for the purpose of preparation Of the Statement by the Directors of the Holding Company, as aforesaid.
• R In preparing the Statement, the respective Board ofDirectorsI management of the companies/entilies included in the Group and of its joint ventures, are responsible for asseSSing the ability of the Group and of Us joint ventures, to continue as a going concern, disclosing, as applicable, matters related to going concern and using the goingtoncernbasis ofaccounling, unless the respeclive Board of Directorsl management of the Group or its joint ventures, either intends to liquidate orlo ceaseoperations,or has no realistic alternative but to do sa.
• 1. The respective Board of Directorsl managementof the companies/entities included in the Group andof its joint ventures; are responsible for overseeing the financial reporting process of the companieslentities inchidedin the Group and of its joint ventures.

lTD Cementation India Limited

IndependentAuditor's Report on Consolidated Annual Financial Results of the Company Pursuant to the Regufation 330ftheSEBI(lIstlngOl:lllgations and Disclosure Requirements) Regulationsj.2015 (as amended)

Auditor's Responsibilities for the Audit ofthe Statement

• 8, Our objectives are to obtain reasonable assurance about whether the Statement as a whole isfre~ from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guaranteefhal an audit conducted in accordance with Standards on Audiling,specified.under sE!ction 143(10) of the Ac!; will. always detect.a material misstatement, When it exists. Misstatements can arise from fraud or error, and are considered material if, individually, orin the aggregate, they could reasonablY be expected to influence the economic decisions of users taken on the basis of this Statement.
• 1. As part of an audit in accordancewith the Standards on Auditing, we exercise professional judgment and maintain professional skeptidsm througholltthe audit, We also:
  • Identify and assess the risks bfmateria.lmisstatement of the Statement, whether due to fraud or error, design and perform audit procedures respqnsiveto those risk.s, and obtain audit evidence that is sufficient and appropriate to provide a basis for OUf 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. Undersection 143(3} (i) of the-Act, weare also responsible for expressing our opinion on whether the Holding Company has adequate internal financialcontro!s with reference 10 financial statements in place and the operating effectiveness ofsuch controls,
  • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the 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 theabilityofthe Group and its joint ventures, to continue as a going concern. Ifwe conclude that a material uncertaintye"ists, weare required to drawaltention in our auditor's report to the related disclosures in the Statementor, if such disclosures are inadequate, to modify ouropinibli. Our condusionsare based on Iheaudit eVidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and its joint ventures to cease to continue as a going concern.
  • Evaluate the overall presentation, structure and content oftheStatement, incltiding the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.
  • Obtain sufficient appropriate audit evidence regarding the financial statementsl financial information of the entities within the Group and its joint ventures, to express an opinion on the Statement We are responsibleforthe direction, supervision and performance bfthe audit of financial information ofsuch entities included in the Statement, of which weare the independent auditors. For the other entity included in the Statement. which has been audited by the other auditor, such other auditor remain responsible for the direction,supervision andpetformance oftheauditscarried out by them. Weremain solely responsible for our audit opinion.
• 10, We communicate With those charged with governance of the Holding Company and such other entities included in the Statement. of which we are theihdependent auditors, regarding, among other matters, the planned scope and timingoftheauditand significant aUdiffindings, including any significant defic:;ienciesin internal control that we identify during our audit

Walker Chandiok &'Co LLP

ITO Cementation India Limited

Independent Auditor's Reporton.c:onsolidatec:iAnnual Financial Results ofthe Company Pursuanttci the Regulation 33 of the SEBI (LisUngObligations and Disclosure ReqUirements) RegUlations, 2015 (as amended)

• 1. We also provide those charged with governance with a statementthat 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 oUrindependence, and where applicable, related safeguards.
• 1. We also performed procedures in accordancewi!h SEBr CircularCIRfCFD/CMD1144/2019 dated 29 March 2019, issued by the SEBr under Regulation 33 (8) of the Listing Regulations, 10 Iheextent applicable.

other Matters

1. We did not audit Ihe annual financiatstatements of one (1) subsidiary included in theStatemer'lt, whose financial statement (before eliminating inter-company transactions and balances) reflects total assets of 38.64 !akhs as at31 March 2020, total revenues of 0.23 lakhs, tolal net loss after tax of OAO lakhs, tolal comprehensive Joss oft OAOlakhs,and cash flows (net) on 0.75lakhsforthe year ended on that date; as considered in Ihe Statement. These annual finanCial statements have been audited by other auditors whose audit report has been furnished to us by the management, and our opinion in so far as it relates to the amounts and disclosures included ih respect ofthissubsidiary is based solely on the audit report of such olher auditors, and the procedures performed by us as stated in paragraph 9 and paragraph 12 above.

Our opinion is riot modified in respect of this matlerwith respect to our reliance ohlhe work done.by and the report of the other audilor.

1. TheStatemenlincludes the consolidated financial results for the quarter ended 31 March 2020; being Ihe balancing figuresbelween the audited consolidated figures in respect of the full financial year and the published unaudiled year-to-date consolidated figures up to the third quarter ofthe currehl firiancial year, which were subjected 10 limited review by us.

ForWaJker Chandiok&Co LLP Chartered Accountants Firm Registration No:001 076N/N500013

RAKESH Digilallysigned by RAKESH RAMAWATAR RAMAWATAR AGARWAL AGARWAL Date:2020.06.17 19:1 S:32 +05'30'

Rakesh R. Agarwal Parlner Membership No:109632

UDIN:20109632AAAAFF8771

Place: Mumbai Date: 17 June 2020

	ITD Cementation India LimitedRegd. Office: National Plastic Building, A-Subhash Road, Paranjape B-Scheme, Vile Parle (East), Mumbal-400 057CIN No. 161000MH1978PLC020435
	Tel.: +91-22-6693 1600, Fax: +91-22-6693 1627/28, E-mall: investors.relation@itdcem.co.in, Website: www.itdcem.co.inSTATEMENT OF CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2020.
						(て in Lakhs unless specified)
Sr.		Quarter ended	Precedingquarter ended	Correspondingquarter ended inthe previous year	Year ended	Previous 15months periodended
No.	Particulars	31.03.2020	31.12.2019	31.03.2019	31.03.2020	31.03.2019
		Unaudited	Unaudited	Unaudited	Audited	Audited
		(refer note 8)		(refer note 8)		(refer note 9)
1	Income from operations	73,960,95	70,734.40	58,994.69	286,071.38	317,045.13
ż	Other Income	81.37	99.07	742.32	457.12	1,895.83
3	Total Income (1+2)	74,042.32	70.833.47	59,737.01	286,528.50	318,940.96
-4	Expenses
	al Cost of construction materials consumed	25,211.78	27,302.43	25.481.00	106,560.55	119,555.97
	b) Subcontracting experises	19,676.98	15,986.65	14,001.15	68,695.96	67,272.95
	c) Employee benefits expense	7,694.05	9,183.71	7,574.63	34,628.15	39,810.71
	d) Finance costse) Depreciation and amortisation expense	3,533.092,529.68	3,276,932,426.72	2,793.341,864.87	13,049.619,648.45	12,432.318,244.86
	f) Other expenses	12,961.39	11,858.41	11,973.58	46,627.27	58,159.35
	Total expenses (a+b+c+d+e+f)	71,606.97	70,034.85	63,688.57	279,209.99	305,476.15
5	Profit/(loss) before share of profit/(loss) of Joint ventures, exceptional
	items and tax (3-4)	2,435,35	798.62	(3,951.56)	7,318,51	13,464.81
6.	Share of profit/(loss) of joint ventures (net)	988.68	682.74	125,74	2,784.09	(14.55)
7	Profit/(loss) before exceptional item and tax (5+6)	3,424.03	1,481.36	(3,824,82)	10,102.60	13,450.26
8	Exceptional item (refer note 4)	(4,093.36)			(4,093.36)
9	Profit/(loss) before tax (7-8)	(669,33)	1,481.36	(3,824,82)	6,009.24	13,450,26
	10 Tax expense/ (credit) (Refer note 7)
	tal Current tax	(374.52)	(120.99)	(1, 239.42)	1,203.30	5,420.07
	(b) Deferred tax	250.90	543.33	943.58	429.98	(285.65)
	Totul tax expense (a+b)	(123.62)	422.34	(295.84)	1,633,28	5,134,42
11	Profit/(loss) for the period (9-10)	(545.71)	1,059,02	(3,528.98)	4,375.96	8,315.84
	12 Other comprehensive income/(loss)
	a) (i) items that will not be reclassified subsequently to profit or loss	(133.20)	(201.35)	99.72	(421.60)	(186.04]
	(ii) Tax effect on above	33.53	50.67	(34.85)	106.11	65.01.
	b) (i) items that will be reclassified subsequently to profit or loss	بہ		(31.70)
	(ii) Tax effect on above			11.08
	Other comprehensive income/(loss) for the period, not of tax (a+b)	(99.67)	(150.68)	44.25	(315.49)	(121.03)
	13 Total comprehensive income/(loss) for the period, net of tax$(11+12)$	(645.38)	908.34	(3,484.73)	4,066.47	8,194.81
	Net Profit/(loss) for the period attributable to:
	- Owners of the garent	(546, 26)	1,026.72	(3,527,88)	4,316.21	8,187.18
	- Non-controlling interest	0.55	32.30	(1.10)	59.75	128.66
	Other comprehensive income/(loss) for the period attributable to:Owners of the parent	(99.67)	(150.68)	44.25	(315.49)	(121.03)
	Non-controlling interest-
	Total comprehensive Income/(loss) for the period attributable to:
	Owners of the parentNon-controlling interest	(645.93)0,55	876.0432.30	(3,483.63)(1.10)	4,000.7259.75	8,066.15128.66
14	Paid-up equity share capital (Face Value: 7.1 per share)	1,717.88	1,717.88	1,717.88	1,717.88	1,717.88
						100,369.37
15	Other equity (excluding revaluation reserve)				103,541.69
	16 Earnings per share (Face Value: ₹1 per share)
	a) Basic (C)b) Diluted $(\overline{x})$	$'$ (0.32)(0.32)	* 0.60.0.60	' (2,05)	2.51	4.804.80
				* (2.05)	2.51
	*not annualised-
	See accompanying notes to the consolidated audited financial results

Motes:
	1) The consolidated audited financial results have been prepared in accordance with the indian Accounting Standards ('Ind AS') as prescribed under Section 133 ofthe Companies Act, 2013 (the Act') read with Companies (Indian Accounting Standards) Rules as amended from time to time. The above consolidated auditedfinancial results have been reviewed and recommended by the Audit Committee and subsequently approved by the Board of Directors of the Holding Company attheir respective meetings held on 17 June 2020.
2)	The Group is principally engaged in a single business segment viz Construction.
	3) The outbreak of COVID-19 had disrupted regular business operations of the Group due to the lock down restrictions and other emergency measures imposed bythe Government from time to time. The business operations have recommenced in a limited scale post relaxation of lockdowns. The management has made an:assessment of the possible effects of COVID-19 on the consolidated audited financial results and has concluded that the Impact of COVID-19 as not material.However, the actual impact of COVID-19 pandemic on the Group's results remain uncertain and dependant on the spread of COVID-19 and steps taken byGovernment to mitigate the economic impact and may differ from that estimated as at the date of approval of these consolidated audited financial results.
41.	Exceptional item for the quarter and year ended 31 March 2020 represents write off towards current trade receivables and unbilled work-in-progress (othercurrent assets) aggregating 7 4,093.36 lakhs receivable from a customer, considered as non-recoverable.
5).	Effective 1 April 2019, the Group has adopted ind AS 115 - Revenue from Customers using the modified retrospective approach which is applied to contracts thatwere not completed as at 1 April 2019, Accordingly, the comparatives have not been adjusted retrospectively. Also the adoption of Ind AS 115 did not have anymaterial impact on recognition and measurement of revenue and related items in the consolidated audited financial results for the quarter and year ended 31March 2020. However, on account of adoption of Ind AS 115, unbilled work-in-progress (contract asset) has been considered as a non-financial asset andaccordingly classified under other current asset which was until 31 March 2019 classified under other financial assets.
	6) Effective 1 April 2019, the Group has adopted ind AS 116, 'Leases' using the modified retrospective approach, as a result of which the comparative information isnot required to be restated. On transition, the Group has recorded the lease lability at the present value of the future lease payments discounted using theincremental borrowing rate and has also chosen the practical expedient provided in the standard to measure the 'Right-of-use' asset at the same value as the leaseliability, adjusted by the amount of any prepaid relating to that lease recognised in the balance sheet immediately before the date of initial application.
	The adoption of the new standard resulted in the recognition of 'Right-of-use' asset amounting to ₹ 8,490.31 lakhs and corresponding lease liability of ₹ 8,248.45lakhs as at 1 April 2019. During the quarter and year ended 31 March 2020, the Group has recognised finance cost on lease amounting to ₹ 203.81 lakhs and ₹B71.75 lakhs, respectively, and amortisation on right-of-use assets amounting to ₹ 746.85 lakhs and ₹ 2,713.98 lakhs, respectively, which would have beenrecognised as rent of ₹ 842.94 lakhs and ₹ 3,063.94 lakhs respectively, based on the earlier standard.
	7) The Holding Company and its subsidiary have elected to exercise the option permitted under section 1158AA of the Income Tax Act, 1961 as introduced by theTaxation Laws (Amendment) Ordinance, 2019, Accordingly, these companies have recognised provision for income tax for the quarter and year ended 31 March2020 basis the rate prescribed in the said section. These companies had also remeasured their deferred tax assets basis the revised rate and the impact of thischange was recognised in the statement of profit and loss for the quarter ended 30 September 2019.
81	Figures of the quarters ended 31 March 2020 and 31 March 2019 are the balancing figures between the audited consolidated figures for the year/fifteen monthsperiod ended on that date and the unaudited consolidated published year to date figures up to the nine/twelve months period ended of that respectiveyear/period.
	9) Pursuant to the change in the financial year of the Holding Company from January-December to April March, the previous financial year was for a period offifteen months i.e. 1 January 2018 to 31 March 2019. Accordingly, the figures for the current year are not comparable with the figures for 15 months period ended31 March 2019 presented in these consolidated audited financial results.
	10) The Board of Directors of the Company have recommended a final dividend of ₹0.30 per share having a face value of ₹1 each.
	11) Previous quarter/ period figures have been regroupped/ rearranged, wherever considered necessary.
	12) Standalone audited financial results
	Particulars .	Quarter ended	Precedingquarter ended	Correspondingquarter ended inthe previous year	Year ended	Previous 15months periodended.
		31.03.2020	31,12.2019	31.03.2019	31.03.2020	31.03.2019
		Unaudited	Unaudited	Unaudited	Audited	Audited
	la) income from operations	55,703.02	51,900.86	45,611.77	214,199.87	228,833.61
	b) Profit/(loss) before exceptional item and taxc) Profit/(loss) after tax for the period-	3,115.80(546.28)	1,253.831,026.79	${3,483.22}$(3,527.81)	9,403.144,316.60	13,435.848,187.40
	d) Total comprehensive income/(loss) for the period, net of tax	(645.95)	876.11	(3, 483.56)	4,001.11	8,066,37
	Place : Mumbai		Jayanta BasuManaging Director	For and on behalf of the Board of Directors
	Date: 17 June 2020		DIN. 08291114

-2 بيهدمة

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES		(< in Lakhs unless specified)
Particulars		As at
	31.03.2020	31.03.2019
ASSETS
Non-current assets
Property, plant and equipment	55,371.76	52,171.28
Right-of-use assets	6,229,89
Capital work-In-progress	485.79	734.82
Intangible assets	782.39	771.99
Investments in joint ventures	57.49	57.49
Financial assets
- Trade receivables		309.00
$-$ toans	753.41	238.31
Deferred tax assets (net)	197.40	521.27
Income tax assets (net)	4,488.12	1,936,33
Other non-current assets
	10,420.43	11,653.58
Total non-current assets	78,786,68	68,394,07
Current assets
inventories -	28,935,75	24,609.06
Financial assets
- Trade receivables	58,512.02	43.650.22
- Cash and cash equivalents	23,690.04	8,953.46
- Other bank balances	4,453.55	1,917.50
∵⊸ Loans	28,540.72	33,384.56
- Other financial assets
	131.56	60,876.37
Other current assets	87,521.31	17,943.94
Total current assets i	231,784.95.	191,335.11
TOTAL ASSETS	310,571.63	259,729.18
EQUITY AND LIABILITIES
Equity
Equity share capital	1,717.88	1,717.88
Other equity	103,541.69	100,369.37
Total equity attributable to equity holders of the parent	105,259,57	102,087.25
Non-controlling interest	276.72	216.97
Total equity.	105,536.29	102,304.22
l Liabilities
Non-current liabilities
Financial liabilities
- Borrowings	1,664.23	1,706.27
- Other financial liabilities	4,467.21
Provisions	4,060,33	3,409.95
Total non-current (labilities	10,191.77	5,116.22
Current Liabliities
Financial liabilities
- Borrowings	44.412.38	50,440.95
- Trade payables
+ Total outstanding dues of micro enterprises and small enterprises	249.15	169,14
- Total outstanding dues of creditors other than micro enterprises and small enterprises.	65,424.14	55,749.08
- Other financial liabilities	10,777.90	7,164.55
Other current liabilities	72,953.24	37,156.62
Provisions	1,026.76	947.67
Current tax liabilities (net)		680.73
Total current liabilities	194,843.57	152,308.74
TOTAL EQUITY AND LEABLITIES	310,571.63
		259,729.18

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$\bar{\mathbf{r}}$

		(Cin Lakhs)
Statement of Audited Consolidated Cash Flow
	Year ended 31	Previous 15months period
Particulars	March 2020	ended 31 March .
		2019
A. CASH FLOW FROM OPERATING ACTIVITIES
Net profit before tax	6,009.24	13,450.26
Adjustments for
Depreciation and amortisation expense	9,648.45	8,244,86
Finance costs	13,049.61	12,432.31
Interest Income	${386.24}$	(1, 117.82)
Impairment allowance on financial assets	1,413.45	1,055.17
Receivables from a customer written off - exceptional item	4,093.36.
Share of (profit)/loss of Joint ventures (net)	(2,784.09)	14.55
Loss on disposal of property, plant and equipment (net)	159.52	506.26
Profit on sale of units of mutual funds		(198.39)
Unrealised foreign exchange loss (net)	11:36
Excess provision no longer required written back	(1,091.86)	(538.19)
Operating profit before working capital changes	30,122.80	33,849.01
Adjustment for changes in working capital
Increase in Inventories	(4,326.69)	(8,867,36)
Increase in trade receivables	(17,947,54)	(20,782.08)
(Increase)/Decrease in financial and other assets.	(1,881.06)	12,324.60
Increase/(Decrease) in trade payables	10,204.71	(5,714.21)
Increase/(Decrease) in financial and other liabilities	35,819.72	(18,654.46)
Cash generated from/ (used in) operations	51,991.54	[7,844.50]
Direct taxes paid (net)	(4.346.50)	(5,567.41)
Net cash generated from/ (used in) operating activities	47,645.44	(13, 411.91)
B. CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment (including intangible assets ,capital work-in-progress, capital	(10, 966.99)	(13, 901.52)
advances/payables)
Proceeds from disposal of property, plant and equipment	1,629.27	1,423.82
Purchase of units of mutual funds		(24,700.00)
Proceeds from sale of units of mutual funds		24,898.39
Investments in bank deposits (net)	(2, 535.82)	(1,663.04)
Interest received	176.65	629.79
Net cash used in Investing activities	(11, 696.89)	(13,312.56)
C. CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from issue of share capital (net of share issue expenses)		33,121.91
Proceeds from non-current borrowings	1,302.26	1,412.30
Repayment of non-current borrowings	${1,115.87}$	(5,245,12)
Proceeds from/ Repayment of short term borrowings (net)	(6,028.57)	8,202.44
Repayment of lease obligation	(3,063.94)
Interest and other finance charges paid	(11, 477, 68)	(12, 311, 14)
Dividend paid (including dividend distribution tax)	(828.17)	(827.35))
Net cash (used in)/ generated from financing activities	(21, 211.97)	24,353.04
Net increase / (decrease) in cash and cash equivalents $(A + B + C)$	14,736.58	(2,371.43)
Cash and cash equivalents at the beginning of year / period	8,953.46	11,324.89
Cash and cash equivalents at the end of year / period	23,690.04	8,953.46

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