Cosmo First Limited — Audit Report / Information 2021

May 20, 2021

CFL/SEC/SE/PS/2021-22/MAY/04 May 20, 2021

The Manager (Listing)	The Manager (Listing)
Bombay Stock Exchange Limited	National Stock Exchange of India Ltd.
Phiroze Jeejeebhoy Towers,	Exchange Plaza,
Dalal Street,	Plot no. C/1, G Block,
Mumbai-400 001	Bandra – Kurla Complex
Scrip Code: 508814	Mumbai-400 051
	Security ID: "COSMOFILMS"

Sub: Audited Financial Results for the quarter and year ended on March 31, 2021 and Outcome of Board Meeting

Dear Sir,

Pursuant to Regulation 30 read with Part A of Schedule III and Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform that the Board of Directors of the Company at its meeting held today i.e. May 20, 2021, has inter alia approved the following:

1. Audited Financial Results of the Company for the Quarter and Year ended as on 31st March, 2021. The Financial Results were duly reviewed by the Audit Committee and thereafter approved by the Board of Directors of the Company.

The above Financial Results are enclosed herewith along with a declaration on Auditor's Report with unmodified opinion.

1. Incorporate a Wholly-owned Subsidiary Company with the name 'COSMO SPECIALITY POLYMERS PRIVATE LIMITED' or any other name, as may be approved by the prescribed authority to undertake the speciality polymer business.

The Meeting commenced at 2.30 P.M. and concluded at 5.10 P.M.

You are requested to take the same on your records.

Thanking You

Yours faithfully For Cosmo Films Limited

Jyoti Dixit Company Secretary & Compliance Officer

Independent Auditor's Report To the Board of Directors of Cosmo Films Limited

Report on the Audit of Standalone Financial Results

Opinion

We have audited the Standalone Financial Results of Cosmo Films Limited ("the Company") for the year ended 31 March 2021 included in the accompanying Statement of 'Standalone Financial Results for the quarter and year ended 31 March 2021' ("the Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us, the Statement:

• i. is presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
• ii. gives a true and fair view in conformity with the applicable Indian Accounting Standards 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 net profit and total comprehensive income and other financial information of the Company for the year ended 31 March 2021.

Basis for Opinion

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 Auditor's 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 standalone 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 ICAI's Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.

Management's Responsibilities for the Statement

This Statement has been prepared on the basis of the standalone annual financial statements. The Company's Board of Directors are responsible for the preparation and presentation of these Standalone Financial Results that give a true and fair view of the net profit and total comprehensive income and other financial information of the Company in accordance with the Indian Accounting Standards 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 of 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 prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone Financial Results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Results, the 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 accounting 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 financial reporting process of the Company.

Auditor's Responsibilities for the Audit of the Statement

Our objectives are to obtain reasonable assurance about whether the Standalone Financial Results as a whole, are free 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 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 if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone Financial Results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Standalone Financial Results, 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 controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to standalone financial statements in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of the Board of Directors use of the 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 ability of the Company to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement 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 going concern.
• Evaluate the overall presentation, structure and content of the Standalone Financial Results, including the disclosures, and whether the Standalone Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.

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 identify 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.

Other Matters

• 1. The Statement includes the financial results for the quarter ended 31 March 2021 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which were subject to limited review by us.
• 1. The comparative standalone financial information of the Company for the corresponding quarter ended 31 March 2020 and the financial statements for the year ended 31 March 2020 were audited by predecessor auditor who expressed an unmodified opinion on those financial information and financial statements on 04 June 2020.

Our opinion is not modified in respect of above matters.

For S.N. Dhawan & CO LLP Chartered Accountants Firm Registration No.: 000050N/N500045

Rajeev Kumar Saxena Partner Membership No.: 077974 UDIN: 21077974AAAABX2962

Place: Noida Date: 20 May 2021

		COSMO FILMS LIMITEDAUDITED STANDALONE FINANCIAL RESULTS				(Rs in Crores)
S.No	Particulars	31.03.2021Refer Note-1	3 months ended31.12.2020Unaudited	31.03.2020Refer Note-1	Year ended31.03.2021Audited	31.03.2020Audited
I	Income:a) Revenue from operationsb) Other income	605.5612.82	507.5711.05	473.526.07	2,082.9135.51	2,032.1219.91
ll	Total incomeExpenses:a) Cost of materials consumedb) Purchase of traded goods	618.38404.06-	518.62340.09-	479.59306.591.98	2,118.421,350.18-	2,052.031,394.871.98
	c) Changes in inventories of finished goodsand stock-in-traded) Employee benefit expensese) Depreciation and amortisation expenses	(17.49)44.2312.97	(27.23)38.3513.31	(7.37)35.2612.66	(52.54)152.2052.50	(8.95)125.1249.57
	f) Finance costsg) Allowance for expected credit lossesh) Other expensesTotal expenses	8.310.3875.65528.11	8.82-66.68440.02	15.88-69.41434.41	39.711.06269.881,812.99	49.39-276.591,888.57
IllIV	Profit before tax (I-Il)Tax expense:a) Current tax	90.2714.39	78.6014.60	45.182.27	305.4353.66	163.4628.63
VvVI	b) Deferred tax expense/ (credit)Income tax expenseNet profit for the period (Ill-IV)Other comprehensive income	10.8925.2864.99	10.0324.6353.97	13.8516.1229.06	36.2289.88215.55	20.7949.42114.04
a)b)	i) Items that will not be reclassified to profit or lossIncome tax related to abovei) Items that will be reclassified to profit or lossIncome tax related to above	(7.10)2.4811.64(3.59)	(0.17)0.06(8.35)2.92	(0.65)0.23(11.14)3.89	(7.61)2.6611.39(3.44)	(0.68)0.24(17.43)6.09
VilVIIIX	Total other comprehensive (loss)/ income (net of tax) Total comprehensive income for the period (V+VI) Paid - up equity share capital (Face Value Rs.10) Other equity as per balance sheet	3.4368.4218.17	(5.54)48.4318.17	(7.67)21.3919.44	3.00218.5518.17816.11	(11.78)102.2619.44725.99
xX	Earning per share for the period (of Rs 10/- each)(not annualised)BasicDiluted	36.4736.08	28.6128.39	15.1615.16	115.57114.39	59.5159.51
	AUDITED STANDALONE STATEMENT OF ASSETS AND LIABILITIES

ASSETSANon-current assets1a) Property, plant and equipment964.88973.49b) Capital work-in-progress16.4515.96c) Intangible assets2.472.72d) Financial assets(i) Investments137.41115.40(ii) Loans7.849.69(iii) Other financial assets2.581.80e) Income tax assets (net)12.4114.51f) Other non-current assets62.0652.14Total non-current assets1,206.101,185.71Current assets2271.56170.60a) Inventoriesb) Financial assets(i) Investments202.02145.51(ii) Trade receivables186.36168.39(iii) Cash and cash equivalents35.394.24(iv) Bank balances other than (iii) above11.4333.88(v) Loans1.721.77(vi) Other financial assets52.3947.37c) Other current assets56.0553.20Total current assets816.92624.96Non-current assets classified as held for sale2.505.533Total assets2,025.521,816.20EQUITY AND LIABILITIESBEquity1a) Equity share capital18.1719.44b) Other equity816.11725.99Total equity834.28745.43Non-current liabilities2a) Financial liabilities(i) Borrowings337.57355.30(ii) Other financial liabilities0.060.57b) Provisions15.366.75c) Deferred tax liabilities (net)98.3561.35d) Other non-current liabilities47.7050.07Total non-current liabilities499.04474.04Current liabilities3a) Financial liabilities(i) Borrowings243.14237.94(ii) Trade payables(a) Total outstanding dues of micro enterprises and0.802.41small enterprises(b) Total outstanding dues of creditors other than micro196.24143.98enterprises and small enterprises207.20(iii) Other financial liabilities187.85b) Provisions12.243.19rec) Other current liabilities30.9722.97Total current liabilities692.20596.73Total equity and liabilities2,025.521,816.20	S.No.	Particulars	As at31.03.2021Audited	As at31.03.2020Audited
					uy

AUDITED STANDALONE CASH FLOW STATEMENT

	AUDITED STANDALONE CASH FLOW STATEMENT
S.No	Particulars	Year ended31.03.2021Audited	Year ended31.03.2020Audited
A.	Cash flow from operating activitiesProfit before taxAdjustment for	305.43	163.46
	Depreciation and amortisation expensesFinance costsGain on investments carried at fair value through profit and loss	52.5039.71(2.64)	49.5749.39
	Gain on investments carried at fair value through other comprehensive incomeDividend Income	(3.71)(0.11)	(1.51)--
	(Decrease)/ increase in allowance for expected credit lossesInterest Income	1.06(15.70)	(0.29)(12.54)
	Grant income on export promotion capital goodsLiabilities no longer required written backLoss on sale of property, plant and equipment	(2.90)(0.55)0.16	(2.89)(0.11)-
	Profit on disposal of non current assets held for saleEmployee share based compensation	(6.13)0.52	-1.03
	Unrealised gain on exchange fluctuationUnrealised sales tax incentives	(1.12)(14.99)	(4.18)(17.15)
	Operating profit before working capital changesAdjustment for	351.53	224.78
	InventoriesTrade receivablesLoans	(100.97)(17.51)(13.82)	1.1843.810.34
	Other financial assetsOther assets	2.189.11	13.54(4.14)
	Trade payablesOther financial liabilities	53.7523.55	(47.12)16.48
	Other liabilities and provisionsCash flow from operating activities post working capital changesIncome tax paid (net)	17.21325.03(51.56)	9.15258.02(32.31)
	Net cash flow from operating activities (A)	273.47	225.71
B.	Cash flow from investing activitiesPurchase of property, plant and equipment and intangible assets (including
	capital advances)Sale of property, plant and equipmentProceeds from disposal of non current assets held for sale	(56.08)0.6310.58	(47.40)0.09-
	Purchase of current and non-current investments (net)Interest received	(62.36)16.57	(67.48)6.56
	Dividend receivedInvestments in / (redemption of) fixed deposits (net)Advance received against non-current assets held for saleNet cash flow used in investing activities (B)	0.1120.940.82(68.79)	-1.383.85(103.00)
Cc.	Cash flow from financing activities
	Proceeds from long term borrowingsRepayment of long term borrowingsProceeds from short term borrowings (net)	124.15(132.66)4.92	18.31(113.10)35.76
	Sale/ (acquisition) of treasury sharesInterest paid	4.86(39.72)	(4.52)(49.67)
	Dividend and tax thereon paidBuyback of equity shares including expenses and tax	(44.53)(90.55)	(48.64)-
	Net cash flow used in financing activities (C)(Decrease)/increase in net cash and cash equivalents (A+B+C)	(173.53)31.15	(161.86)(39.15)

Notes:

1 The above audited financial results were reviewed by the Audit Committee and approved by the Board of Directors on 20th May 2021. The figures for the quarter ended 31st March 2021 and 31st March 2020 are the balancing figures between audited figures in respect of the full financial year and published year to date figures upto to the third quarter of years ended 31st March 2021 and 31st March 2020 respectively.

2 These financial results have been prepared in accordance with the recognition and measurement principles of applicable Indian Accounting Standards ('Ind AS') notified under the Companies (Indian Accounting Standards) Rules, 2015 as specified in section 133 of the Companies Act, 2013.

• 3 During the quarter ended 31st December 2020, the Company bought back 12.67 lakhs equity shares (6.52% of equity capital) through the "Tender Offer" route at a price of Rs. 576 per share. Consequently, the paid-up equity share capital has reduced from Rs. 19.44 crores to Rs. 18.17 crores. An amount of Rs 90.55 crores (including income tax and direct buyback costs) has been utilized from the other equity for the aforesaid buyback and capital redemption reserve account of Rs 1.27 crores (representing the nominal value of the equity shares bought back) has been created.
• 4 The Code on Social Security, 2020 ('Code') relating to employee benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified and related rules are yet to be framed. The impact of the changes, if any, will be assessed and recognised post notification of the relevant provisions.
• 5 Figures for the previous period have been regrouped wherever required.

Independent Auditor's Report To the Board of Directors of Cosmo Films Limited

Report on the Audit of Consolidated Financial Results

Opinion

We have audited the Consolidated Financial Results of Cosmo Films Limited ("the Holding Company") and its subsidiaries (Holding Company and its subsidiaries together referred to as "the Group"), for the year ended 31 March 2021 included in the accompanying Statement of 'Consolidated Financial Results for the quarter and year ended 31 March 2021 ("the Statement"), being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations').

In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of reports of other auditors on separate audited financial results of the subsidiaries as referred to in 'Other Matters' paragraph below, the Statement:

• i. include the annual financial results of the following entities:
  • 1. Cosmo Films Singapore Pte Ltd.
  • 1. Cosmo Films Korea Limited
  • 1. Cosmo Films Japan, GK
  • 1. Cosmo Films Inc.
  • 1. CF (Netherlands) Holdings Ltd B.V.
  • 1. CF Investment Holding Private (Thailand) Company Limited
  • 1. Cosmo Films Poland Sp z.o.o.
  • 1. Cosmo Speciality Chemicals Private Limited
• ii. is presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
• iii. give a true and fair view in conformity with the applicable Indian Accounting Standards 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 consolidated net profit and consolidated total comprehensive income and other financial information of the Group for the year ended 31 March 2021.

Basis for Opinion

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 Auditor's Responsibilities for the Audit of the Statement section of our report. We are independent of the Group, 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 consolidated 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 ICAI's Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in "Other Matters" paragraph below, is sufficient and appropriate to provide a basis for our opinion.

Management's Responsibilities for the Statement

This Statement has been prepared on the basis of the consolidated annual financial statements. The Holding Company's Board of Directors are responsible for the preparation and presentation of these Consolidated Financial Results that give a true and fair view of the consolidated net profit and consolidated total comprehensive income and other financial information of the Group in accordance with the Indian Accounting Standards 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. The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Consolidated Financial Results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Consolidated Financial Results by the Directors of the Holding Company, as aforesaid.

In preparing the Consolidated Financial Results, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group are responsible for overseeing the financial reporting process of the companies included in the Group.

Auditor's Responsibilities for the Audit of the Statement

Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Results as a whole are free 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 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 if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Consolidated Financial Results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Consolidated Financial Results, 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 controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to consolidated financial statements in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

• Conclude on the appropriateness of the Board of Directors use of the 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 ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement 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 Group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Consolidated Financial Results, including the disclosures, and whether the Consolidated Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial results of the entities within the Group, to express an opinion on the Consolidated Financial Results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the Consolidated Financial Results of which we are the independent auditors. For the other entities included in the Consolidated Financial Results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

We communicate with those charged with governance of the Holding Company and such other entities included in the Consolidated Financial Results of which we are the independent auditors 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 identify 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.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.

Other Matters

1. We did not audit the financial results of 3 subsidiaries included in the Statement whose financial results reflects total assets (after eliminating intra-group balances) of Rs. 219.62 crores as at 31 March 2021, total revenue of Rs. 296.84 crores, net profit after tax of Rs. 15.58 crores, total comprehensive income of Rs. 18.03 crores (after eliminating intra-group transactions) and net cash inflows of Rs. 2.21 crores for the year then ended on that date, as considered in the Consolidated Financial Results. These financial results have been audited by other auditors whose reports have been furnished to us by the Board of Directors and our opinion on the Consolidated Financial Results, in so far as it relates to the amounts and disclosures included in respect of these entities, is based solely on the report of such auditors and the procedures performed by us are as stated Auditor's Responsibility section above. Further annual financial results of these three subsidiaries located outside India have been prepared in accordance with accounting principles generally accepted in their respective countries and have been audited by other auditors under auditing standards generally accepted in the United States of America, Korean Standards on Auditing and Singapore Standards on Auditing.

The Holding Company's management has converted the financial results of such subsidiaries from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have audited these conversion adjustments made by the Holding Company's management. Our opinion, in so far as it relates to the balances and affairs of these subsidiaries, is based on the audit report of other auditors and the conversion adjustments prepared by the management of the Holding Company and audited by us.

1. The Statement includes the annual financial information of four subsidiaries which have not been audited, whose annual financial information reflect total assets (after eliminating intra-group balances) of Rs. 70.15 crores as at 31 March 2021, total revenues of Rs. 124.87 crores, total net profit after tax of Rs. 5.43 crores, total comprehensive income of Rs. 5.67 crores (after eliminating intra-group transactions) and net cash inflows of Rs. 3.64 crores for the year then ended on that date, as considered in the Statement.

These financial information have been furnished to us by the management of the Holding Company and our opinion on the Consolidated Financial Results, in so far as it relates to the amounts and disclosures included in respect of aforesaid subsidiaries, is based solely on such unaudited and management certified financial information. In our opinion and according to the information and explanations given to us by the management, these financial information are not material to the Group.

• 1. The Consolidated Financial Results include the results for the quarter ended 31 March 2021 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which were subject to limited review by us.
• 1. The comparative consolidated financial information of the Group for the corresponding quarter ended 31 March 2020 and the consolidated financial statements of the Group for the year ended 31 March 2020 were audited by predecessor auditor who expressed an unmodified opinion on those financial information and financial statements on 4 June 2020.

Our opinion is not modified in respect of above matters.

For S.N. Dhawan & CO LLP Chartered Accountants Firm Registration No.: 000050N/N500045

Rajeev Kumar Saxena Partner Membership No.: 077974 UDIN: 21077974AAAABY1440

Place: Noida Date: 20 May 2021

COSMO FILMS LIMITED AUDITED CONSOLIDATED FINANCIAL RESULTS

		COSMO FILMS LIMITEDAUDITED CONSOLIDATED FINANCIAL RESULTS				(Rs in Crores)
S.No	Particulars	31.03.2021	3 months ended31.12.2020	31.03.2020	31.03.2021	Year ended31.03.2020
	Income:a) Revenue from operations	Refer Note-1671.80	Unaudited572.31	Refer Note-1524.11	Audited2,285.18	Audited2,203.53
II	b) Other incomeTotal incomeExpenses:	13.23685.03	14.00586.31	6.09530.20	37.742,322.92	19.462,222.99
	a) Cost of materials consumedb) Purchase of traded goodsc) Changes in inventories of finished goodsand stock-in-trade	429.070.16(10.78)	359.530.16(9.90)	341.182.90(14.36)	1,436.060.62(36.34)	1,484.503.56(16.46)
	d) Employee benefit expensese) Depreciation, amortisation and impairment expensesf) Finance costs	54.8016.318.75	50.4814.779.08	45.5224.7716.64	193.0459,2241.68	162.5765.0552.57
	g) Allowance for expected credit lossesh) Other expenses	0.6085.22	-73.95	0.1876.80	1.12298.78	0.66307.70
lllIV	Total expenses Profit before tax (I-Il) Tax expense:a) Current tax	584.13100.9016.03	498.0788.2314.94	493.6336.572.30	1,994.18328.7455.65	2,060.15162.8429.01
	b) Deferred tax expense/ (credit)Income tax expense	10.4226.45	10.5425.48	13.4215.72	36.1991.84	20.3949.40
V_VIa)	{Net profit for the period (Ill-IV) Other comprehensive income i) Items that will not be reclassified to profit or loss	74.45(7.10)	62.75(0.17)	20.85(0.65)	236.90(7.61)	113.44(0.68)
b)	Income tax related to abovei) Items that will be reclassified to profit or loss	2.489.97	0.06(5.34)	0.23(7.75)	2.6614.26	0.24(6.20)
Vil	Income tax related to aboveTotal other comprehensive income (net of tax) Total comprehensive income for the period (V+VI)	(4.12)1.2375.68	3.13(2.32)60.43	3.73(4.44)16.41	(3.62)5.69242.59	5.96(0.68)112.76
VIIl_IXx	Paid - up equity share capital (Face Value Rs.10) Other equity as per balance sheetEarning per share for the period (of Rs 10/- each)	18.17	18.17	19.44	18.17835.69	19.44721.48
	(not annualised)BasicDiluted	41.7941.34	33.2633.00	10.8810.88	127.02125.72	59.1959.19
	REPORTING OF SEGMENTWISE REVENUE, RESULTS, ASSETS AND LIABILITIES
	Particulars	31.03.2021	3 months ended31.12.2020	31.03.2020		Year ended31.03.2021 31.03.2020

			3 months ended			Year ended
	Particulars	31.03.2021	31.12.2020	31.03.2020		31.03.2021 31.03.2020
		Refer Note-1	Unaudited	Refer Note-1	Audited	Audited
	a) Segment revenue
	Packaging films	671.50	571.62	523.65	2,283.17	2,200.50
	Others	0.30	0.69	0.46	2.01	3.03
	Sub total	671.80	572.31	524.11	2,285.18	2,203.53
	Less: Inter segment revenue	-	-	-	-	-
	Total	671.80	572.31	524.11	2,285.18	2,203.53
b)	Segment results
	Profit before tax and interest
	Packaging films	115.71	102.09	58.39	389.93	229.03
	Others	0.12	0.41	(1.12)	1.09	(1.01)
	Sub Total	115.83	102.50	57.27	391.02	228.02
	Less: Finance costs	8.75	9.08	16.64	41.68	52.57
	Less: Unallocable expenses net of unallocable income	6.18	5.19	4.06	20.60	12.61
	Profit from ordinary activity before tax	100.90	88.23	36.57	328.74	162.84
c)	Segment assets
	Packaging films	1,776.42	1,733.87	1,670.46	1,776.42	1,670.46
	Others	-	-	-	-	-
	Unallocated	348.91	318.40	239.76	348.91	239.76
	Total	2,125.33	2,052.27	1,910.22	2,125.33	1,910.22
d)	Segment liabilities
	Packaging films	411.85	391.83	317.27	411.85	317.27
	Others	-	-	-	-	-
	Unallocated	859.62	821.40	852.03	859.62	852.03
	Total	1,271.47	1,213.23	1,169.30	1,271.47	1,169.30

AUDITED CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

	AUDITED CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES
S.No.A	Particulars ASSETS	As at31.03.2021Audited	As at31.03.2020Audited
1	Non-current assetsa) Property, plant and equipmentb) Capital work-in-progress	1,002.5320.23	1,001.1715.96
	c) Investment propertyd) Intangible assetse) Financial assets	15.442.47	18.852.72
	(i) Investments(ii) Loans(iii) Other financial assets	0.207.842.58	0.209.691.80
	f) Deferred tax assets (net)g) Income tax assets (net)h) Other non-current assets	4.9510.7463.91	4.9714.3453.76
2	Total non-current assetsCurrent assets	1,130.89	1,123.46
	a) Inventoriesb) Financial assets(i) Investments	374.79247.25	275.34145.51
	(ii) Trade receivables(iii) Cash and cash equivalents(iv) Bank balances other than (iii) above	188.5163.4611.43	193.1426.4833.88
	(v) Loans(vi) Other financial assetsc) Other current assets	2.1241.0363.35	2.9747.3756.54
3	Total current assetsNon-current assets classified as held for sale	991.942.50	781.235.53
	Total assets	2,125.33	1,910.22
B1	EQUITY AND LIABILITIESEquitya) Equity share capital	18.17	19.44
	b) Other equityTotal equity	835.69853.86	721.48740.92
2	Non-current liabilitiesa) Financial liabilities(i) Borrowings	337.57	355.30
	(ii) Other financial liabilitiesb) Provisions	0.0621.36	0.5711.88
	c) Deferred tax liabilities (net)d) Other non-current liabilitiesTotal non-current liabilities	98.4247.70505.11	61.3550.08479.18
3	Current liabilitiesa) Financial liabilities
	(i) Borrowings(ii) Trade payables(a) Total outstanding dues of micro enterprises and	293.722.41	306.510.80
	small enterprises(b) Total outstanding dues of creditors other than microenterprises and small enterprises	201.29	156.31
	(iii) Other financial liabilitiesb) Provisionsc) Other current liabilities	225.7012.24	194.653.19
	Total current liabilitiesTotal equity and liabilities	31.00766.362,125.33	28.66690.121,910.22

AUDITED CONSOLIDATED CASH FLOW STATEMENT

	AUDITED CONSOLIDATED CASH FLOW STATEMENT
S.No.	Particulars		Year ended31.03.2021Audited		Year ended31.03.2020Audited
A.	Cash flow from operating activitiesProfit before taxAdjustment for		328.74		162.84
	Depreciation and amortisation expensesFinance costsGain on investments carried at fair value through profit and loss		59.2241.68(2.64)		65.0552.57(1.51)
	Gain on investments carried at fair value through other comprehensive incomeIncrease in allowance for expected credit losses		(3.71)1.12		-0.66
	Dividend IncomeInterest IncomeGrant income on export promotion capital goods		(0.11)(17.12)(2.90)		-(12.54)(2.89)
	Liabilities no longer required written backLoss on sale of property, plant and equipmentProfit on disposal of non current assets held for sale		(0.55)0.75(6.13)		(0.11)(0.14)
	Employee share based compensationUnrealised (gain)/loss on exchange fluctuation		0.52(1.12)		-1.03(4.18)
	Unrealised sales tax incentivesOperating profit before working capital changesAdjustment for		(14.99)382.76		(17.15)243.63
	InventoriesTrade receivables		(99.65)4.86		2.5224.61
	LoansOther financial assetsOther assets		(1.94)2.875.02		0.6014.59(1.60)
	Trade payablesOther financial liabilitiesOther liabilities and provisions		46.1935.16		(43.10)18.592.18
	ProvisionsCash flow from operating activities post working capital changes		1.4110.91387.59		10.91272.93
	Income tax paid (net)Net cash flow from operating activities (A)		(52.11)335.48		(32.53)240.40
B.	Cash flow from investing activities
	Purchase of property, plant and equipment, investment property, intangibleassets and capital work in progress (including capital advances)Sale of property, plant and equipment		(74.57)0.74		(49.97)(0.05)
	Proceeds from disposal of non current assets held for salePurchase of investments (net)Interest received		10.58(81.62)17.99		-(67.50)6.56
	Dividend receivedInvestments in / (redemption of) fixed deposits (net)		0.1120.94		-1.38
	Advance received against non-current assets held for saleNet cash flow used in investing activities (B)		0.82(105.01)		3.85(105.73)
Cc.	Cash flow from financing activitiesProceeds from long term borrowingsRepayment of long term borrowings		124.15(132.66)		18.31(113.10)
	Proceeds from /(repayment of) short term borrowings (net)Sale/ (acquisition) of treasury shares		(13.07)4.86		34.89(4.52)
	Interest paidDividend and tax thereon paidBuyback of equity shares including expenses and tax		(41.69)(44.53)(90.55)		(52.38)(48.64)-
	Net cash flow used in financing activities (C)(Decrease) / increase in net cash and cash equivalents (A+B+C)Cash and cash equivalents at the beginning of the yearCash and cash equivalents at the end of the year		(193.49)36.9826.4863.46		(165.44)(30.77)57.2526.48
Notes:1	The above audited financial results were reviewed by the Audit Committee and approved by the Board of Directors on 20th May 2021. The figures for the quarter ended31st March 2021 and 31st March 2020 are the balancing figures between audited figures in respect of the full financial year and published year to date figures upto tothe third quarter of years ended 31st March 2021 and 31st March 2020 respectively.
2	These financial results have been prepared in accordance with the recognition and measurement principles of applicable Indian Accounting Standards ('Ind AS') notifiedunder the Companies (Indian Accounting Standards) Rules, 2015 as specified in section 133 of the Companies Act, 2013.
3	During the quarter ended 31st December 2020, the Company bought back 12.67 lakhs equity shares (6.52% of equity capital) through the "Tender Offer" route at aprice of Rs. 576 per share. Consequently, the paid-up equity share capital has reduced from Rs. 19.44 crores to Rs. 18.17 crores. An amount of Rs 90.55 crores(including income tax and direct buyback costs) has been utilized from the other equity for the aforesaid buyback and capital redemption reserve account of Rs 1.27crores (representing the nominal value of the equity shares bought back) has been created.
4	The Code on Social Security, 2020 ('Code') relating to employee benefits received Presidential assent in September 2020. The Code has been published in the Gazetteof India. However, the date on which the Code will come into effect has not been notified. The impact of the changes, if any, will be assessed and recognised postnotification of the relevant provisions.
5	Key numbers of Standalone financial results are as given below. The standalone financial results are available at Company's website.Particulars	31.03.2021	3 months ended31.12.2020	31.03.2020	Year ended31.03.2021
	Income from operations	Refer Note-1605.56	Unaudited507.57	Refer Note-1473.52	Audited2,082.91
	Profit from ordinary activities before tax	90.27	78.60	45.18	305.43

1 The above audited financial results were reviewed by the Audit Committee and approved by the Board of Directors on 20th May 2021. The figures for the quarter ended 31st March 2021 and 31st March 2020 are the balancing figures between audited figures in respect of the full financial year and published year to date figures upto to the third quarter of years ended 31st March 2021 and 31st March 2020 respectively.

2 These financial results have been prepared in accordance with the recognition and measurement principles of applicable Indian Accounting Standards ('Ind AS') notified under the Companies (Indian Accounting Standards) Rules, 2015 as specified in section 133 of the Companies Act, 2013.

3 During the quarter ended 31st December 2020, the Company bought back 12.67 lakhs equity shares (6.52% of equity capital) through the "Tender Offer" route at a price of Rs. 576 per share. Consequently, the paid-up equity share capital has reduced from Rs. 19.44 crores to Rs. 18.17 crores. An amount of Rs 90.55 crores (including income tax and direct buyback costs) has been utilized from the other equity for the aforesaid buyback and capital redemption reserve account of Rs 1.27 crores (representing the nominal value of the equity shares bought back) has been created.

4 The Code on Social Security, 2020 ('Code') relating to employee benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified. The impact of the changes, if any, will be assessed and recognised post notification of the relevant provisions.

		3 months ended	Year ended
Particulars	31.03.2021	31.12.2020	31.03.2020	31.03.2021	31.03.2020
	Refer Note-1	Unaudited	Refer Note-1	Audited	Audited
Income from operations	605.56	507.57	473.52	2,082.91	2,032.12
Profit from ordinary activities before tax	90.27	78.60	45.18	305.43	163.46
Profit from ordinary activities after tax	64.99	53.97	29.06	215.55	114.04

6 Figures for the previous period have been regrouped wherever required.

ASHOK JAIPURIA CHAIRMAN

CFL/SEC/SE/PS/2021-22/MAY/04 May 20, 2021

The Manager (Listing)	The Manager (Listing)
Bombay Stock Exchange Limited	National Stock Exchange of India Ltd.
Phiroze Jeejeebhoy Towers,	Exchange Plaza,
Dalal Street,	Plot no. C/1, G Block,
Mumbai-400 001	Bandra – Kurla Complex
Scrip Code: 508814	Mumbai-400 051
	Security ID: "COSMOFILMS"

Sub: Declaration With Respect to Audit Report with Unmodified Opinion for the Financial Year ended March 31, 2021

Dear Sir

Pursuant to clause 4.1 of SEBI Circular No. CIR/CFD/CMD/56/2016 dated May 27, 2016 we hereby declare that the Statutory Auditors of the Company M/s. S.N. Dhawan & Co. LLP, Chartered Accountants, have issued the Audit Report with unmodified opinion on the Standalone and Consolidated Financial Results of the Company for the Financial Year ended on March 31, 2021 as per Regulation 33(3) (d) of SEBI (LODR) Regulations, 2015.

You are requested to take note of the above.

Thanking You, For Cosmo Films Limited

Neeraj Jain Chief Financial Officer