DNL/ 1 40l NSE / 11 80 / 2021 May 5,2021

Listing Department National Stock Exchange of lndia Limited, Exchange Ptaza Bandra Kurla Complex Bandra (E) MUMBAT - 400 051

Dear 5ir

Stock Svmbot: DEEPAKNTR

Re: Outcome of Board Meetine - Audited Financial Results

Pursuant to the requirements of Regutations 30 and 33 of the SEB| (Listing Obtigation and Disclosure Requirements) Regutations,2015 ("Listing Regutations") this ii to inform you that the Board of Directors of the Company at their Meeting hetd today, i.e. 5th May, ZOZ1 inter alia approved the Audited Standatone and Consotidated Financial Results of the Company for the quarter and year ended 31't March, ZOZ1.

In this regard, we enclose herewith Audited Standalone and Consotidated Financial Resutts of the Company for the quarter and year ended 31't March, 2021, along with the Auditors' Report issued by M/s. Detoitte Haskins & Setts LLP, Chartered Accountants, Statutory Auditors of the Company.

Further, it is hereby declared that the Statutory Auditors have issued the Audit Report with unmodified opinion in respect of Annual Audited Standalone and Consotidated hnanciat Results for the quarter and year ended 31't March, ZOZ1.

The Meeting of Board Directors of the Company commenced at 2:00 P.M. and concluded at 7-oo P.M.

Kindty take the same on your records.

Thanking you,

LIMITED Yours faithfutty

Encl: as above DEEPAK NITRITE LIMITED CIN: 124110GJ1970P1C001735 Registered & Corporate Office: Aaditya - l, Chhani Road, Vadoda ra-390 024. Gujarat, India. Tel: +91 265 276 5200/396 0200 | Fax: +91 265 2765344 Investor Relations Contact: investor@ godeepak.com wwwgodeepak.com

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Registered Office : Aaditya-l, Chhani Road, Vadodara 390 024, Gujarat Web Site : www.godeepak.com, Investors Relation Contact : [email protected] Corporate Identification Number: L24110GJ1970PLC001735, Tel.: +91-265-2765200, Fax: +91-265-2765344

AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 34ST MARCH, 20214

109 BasOth	8 Pai	7{TotOth		Inc	ii.	1.	a,	6	5{Net		(b)	ta)	4 Tax	3. Pro		{g)	if)	{e)	(a)	(c)			{a)	2		(b)	{a)	1		No,	Sr.	Leamtdliacae	eae
annerualicise&Equid)Diluty+tedEarningpershare(of%2/-each)(not	cl-upEquityShareCapital(FaceValueof=2/-each)	alercomCompreprehenhensivsiveeincIncomeome(fornettheofpertax)iod(5+6)	i, Incometaxrelatedtoitemsabove	ome{FYOCI)	EquityInstrumentsthroughOtherComprehensive	Remeasurementsofthedefinedbenefitplans	Iternsthatwillnotbereclassifiedtoprofitandloss	OtherComprehensiveIncome	Profitfortheperiod(3-4)	Total TaxExpenses	DeferredTax	CurrentTax	Expense	fitbeforeTax{4 -2)	Totalexpenses	Otherexpenses	Power& FuelExpense	Depreciationandamortisationexpense	FinanceCosts	Employeebenefitsexpense	Work:inprogress	(b)Changeswentoriesoffirishedgoodsand	Costofmaterialsconsumed	JExpenses	TotalIncome	Otherincome	Revenuefromoperations	Income			Particulars	beabasiecalsdacesBe:	eae
NA7.41	27.28	1010.1.222	(0.04)		0,01	O15			101.10	36,05	1,32	34.73		137.15	391.37	55.28	40,76	21,40	0.23	42.04		(5.62)	237,58		528.52	2502	525.70		(ReferNote4)	31,03,2024
NA7.418	27.28	97,(0.7221)	0.26						97.93	33,83	(0.39)	34,22		131,76	359,16	47.36	35,34	17.10	0.42	42.66		5.55	210.73		490.92	315	487,77		(Unaudited)	31.12.2020	QuarterEnded	STA
NA8.52	27,28	113(2,,3690)	0.91		(0.03)	(3.78)			116,26	43.45	{7,.55)	51,00		159.74	366,29	50,14	33521	20.69	4.54	42.51		20.69	194.57		526.00	0.76	525.24		(ReferNote4}	31.03.2020		NDALONERESULT
1,817.26,0471	27.28	353(1.3,420)	0.45		0,10	(1.85)			354,72	123,89	0.67	123.22		478.64	1,344.07	187.10	134.03	66.88	4.12	181.05		(7.36)	778.25	i	1,822.68	13.54	1,809,14		(Audited)	34.03,2024	Year	S
1,464.39.8059	27,28	540(3.6.386)	1,10		0.02	(4.78)			544,04	161,99	(30.09)	192.08		706,03	1,534.24	225,78	145,80	47,93	20.32	173.40		3.30	884,68		2,237.24	7.58	2,229.66		(Audited)	31,03,2020	Ended
NA21,27	27.28	2900.3.465	(0.12)		0.01	0.46			290.41	99.83	(0.47)	100.30		389.94	1,079,23	100.44	82.76	56.46	14.20	58.18		(29,95)	797.14		1,469.47	5.94	1,463.23		(ReferNote4)	31.03.2021
NA15,88	27,28	215(0.7.851)	0.26		0,03	(1.00)			216,56	73.74	10,10	63.64		290.30	949,27	83.67	72.75	33.92	15.70	66.90		48.28	628.05		4,239.57	4.88	1,234.69		(Unaudited)	34.12.2020	QuarterEnded	CON
NA12,63	27,28	169(3.0,264)	0.95		(0,03)	(3.96)			172,30	28,55	(22.45)	51,00		200.85	856,89	72.20	63,36	36,23	27.20	54,70		23,50	579.70		1,057.74	2.20	1,055.54		(ReferNote4)	31,03,2020		SOLIDATEDRESU
2,319.56,8378	27,28	TTA(1.0TA7)	0.37		0.10	(1.54),			775,84	265,91	26.26	239,65j	1	1,044.72.	3,239.55	336.68	264,74	152.63	74,20	247,04		(10,01);	2,274.27		4,381.27	21,52	4,359.75		(Audited)	31,03,2021	Year	LTS
1,544.44,6380	27,28	607(3.8,230)	1.44		0.02	(4.96)			611.03	195,37	3.29	192.08		806.40	3,458,514	328,26	285.19	139.73	144,87	216.96		25.59	2,347.94		4,264.94	35.20	4,229.71		(Audited)	34,03,2020	Ended		&inCrores

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Registered Office : Aaditya-l, Chhani Road, Vadodara 390 024, Gujarat Web Site | www.godeepak.com, Investors Relation Contact : [email protected] Corporate Identification Number: L241410GJ1970PLC001735,Tel.: +91-265-2765200, Fax: +91-265-2765344

SEGMENT-WISE REVENUE, RESULTS, SEGMENT ASSETS AND SEGMENT LIABILITIES

						4							3.										2								1	_
TotalSegmentLiabilities	e@)Othersun-allocable	dl)Phenolics	c)PerformanceProducts	b)Fine&SpecialityChemicals	a)BasicChemicals	SegmentLiabilities	TotalSegmentAssets	e)Othersuneallocable	dl)Phenolics	©)PerformanceProducts	b)Fine&SpecialityChemicals	a)Basic Chemicals	SegmentAssets	TotalProfitBeforeTax	allocableIncome)	ii)Otherun-allocableexpenditure(Netofun-	Less:i)Interest	Total	cl)Phenolics	c)PerformanceProducts	b)Fine&SpecialityChemicals	a)Basic Chemicals	{SegmentResultsbeforeTax& Interest:	Total RevenuefromOperations	Less!Intersegmentrevenue	Total	d)Phenolics	c) PerformanceProducts	b) Fine& Speciality Chemicals	a)BasicChemicals	jSegmentRevenue(Revenuefrom operations):	a			eeet
325.76	91,87	:	76,00	83.72	47		2,170.51	868.97		417,85	459.02	'424,67		137.15	16,09		0.23	153.47		3.05	79.71	70.74		525.70	12,12	537.82		86.66	205.95	245,21		(ReferNote4)	34.03.2021	:
328.92	102.76	:	59,11	81,27	85.78		2,072.45	775,40		421.12	166.33	409.60		131.76	13,82		0.42	146.00		8.13	90.99	46.88		487,77	9.57	497,34		90,17	210,93	196.24		(Unaudited)	34.12.2020	QuarterEnded	STA
555.19	311.58		57.AT	10.96	115.24		2,046.52	734.68		A76,.74	381.74	453.36		159.71	17.33		4.54	181.58	:	75.42	50.29	55.87		525.24	12.64	537.88	"	154.20	158,01	225.67		(ReferNote 4)	31.03.2020		NDALONE RESU
325.76	91.87	-4	76.00	83.72	7447		2,170.51,	868,97	-	417.85	459.02	424.67		478,61	67.73		4,12	550.46	"	22.48	332.95	195.03		1,809.14	34.65	1,840.79	-	304.40	766,35	769,84		(Audited)	31.03.2021	_Year	LTS
555.19	311.58	-	57.41	70,96	115.24		2,046.52	734,68		476.74	381.74	453.36		706.03	69.04		20,32	795.39		418.16	167.88	209,35		2,229.66	63,85	2,293.51		767.93	585,26	940,32		(Audited)	31,.03,2020	Ended
1,213.65	91.07	888.67	76.02	83,72	74,17		3,560.30	308,44	1,950.26	417.91	459,02	424,67		389,94	16.94		14,20	420,25	266.78	3.05	79,71	70.71		1,463.23	12.42	1,475.35	937.53	86.66	205,95	245,21		{ReferNote 4)	31.03.2024		are
1,258,03	102.76	929.98	58.24	81.27	85.78		3,319,03	214,87	1,807.02	421,24	466,33	409.60		290,30	13.86		45.70	319,86	173,83	8.16	50,99	46.88		4,234.69	9.57	1,244.26	746,92	90,17	210.93	196,24		(Unaudited)	34.12.2020	QuarterEnded	aCON
1,636.70	311,58	1,082.68	56.55	70.65	115.24		3,208,61	174,00	4,723,014	476.50	381.74	453,36		200.85	17,29		27.45	245.59	63,60	75.38	50.74	55.87		1,055.54	12,64	1,068.18	530.96	153.54	158.04	225.67		(ReferNote4)	31.03.2020		SOLIDATEDRESU
1,213.65	91.07	888.67	76.02	83,72	7447		3,560.30	308.44	1,950.26	417.91	459,02	424,67		1,041.72—	67,88		74,20—	1,183.80	632.57	22.63	333,73	194,87		4,359.75	31,65	4,391.40	2,560.50	304,18	766,55	760.17		(Audited)	34.03.2021	Year	LTS
1,636.70	311.58	1,082.68	56.55	70,65	115.24		3,208,614	174,00	1,723.01	476.50	381.74	453,36		806.40	68.98		115.14	990,52	187.34	418.62	175.24	209.35		4,229.71	63,85	4,293.56	2,000.86	767.12	585.26	940,32		(Audited)	31,.03,2020	Ended	<inCrores

€& DEEPAK NITRITE LIMITED

Registered Office : Aaditya-1, Chhani Road, Vadodara - 390 024, Gujarat Web Site : www.godeepak.com, Investors Relation Contact : [email protected] Corporate identification Number: L24110GJ1970PLC001735,Tel.: +91-265-2765200, Fax: +91-265-2765344

	DEEPAK	LIMITEDNITRITE
	€&Registered Office : Aaditya-1, Chhani Road, Vadodara - 390 024, Gujarat
	Web Site : www.godeepak.com, Investors Relation Contact : [email protected]Corporate identification Number: L24110GJ1970PLC001735,Tel.: +91-265-2765200, Fax: +91-265-2765344
	STANDALONE AND CONSOLIDATED	STATEMENT OF ASSETS AND LIABILITIES			% in Crores
	Particulars	Standatone Results31,03.2021(Audited)	34.03.2020(Audited)	Consolidated Results31.03.2021(Audited)	31.03.2020(Audited)
A)	ASSETSNon-current assets
t	Property, Plant and EquipmentRight-of-use-Assets	766.466.88	706.4510.39	1,824.8310,86	1,787.5614.35
	Capital Work-in-Progressintangible Assets	68.762.5/7	89.88 3.29	206.7628.05	172.2730.07
	Intangible Assets under DevelcamentFinancial Assets:	-	-	13.68
	InvestmentsLoans
		563.020.79	562.861.06	2.50 0.79	2.381.06
	Other Financiat AssetsNon-current Tax Assets (net)Other Non-Current Assets	5.23=B78	5.60-7.40	8.76-11.89	8.806.0029.82
il	Total Non-Current Assets Current assets	1,419.44	1,386.93	2,108.42	2,052.31
	inventoriesFinancial Assets:	209.74	233.09	382.69	394.50
	investmentsTrade Receivables	125.58353.74	-365.97	186.79756.30	:612.72
	Cash and Cash EquivalentsBank balances other than Cash and Cash Equivalents abovether Financial Assets	3.061.373:29	2.10 1.63 1,62	8.89 24.54 3.33	2.1429.261,62
	Current Tax Assets (net)Other Current Assets	-52.57	:52.95	5.09 82.83	:113.83
	Assets classified as held for saleTotal Current Assets	1.72754,07	2.23659.59	1.221,452.18	2:234,156.30
B)	TOTAL ASSETS EQUITY AND LIABILITIES	2,170.51	2,046.52 \	3,560.30	3,208.61
{	EQUITYEquity Share Capital	27.28	27.28	27.28	27.28
He	Other EquityTotal Equity[LIABILITIES	1,817.471,844.75	1,464.05 1,491.33	2,319.37 2,346.65	1,544.631,571.91
1	( Non-current liabilitiesFinancial Liabilities:
	BorrowingsLease Liabilities	:7.26	-10.52	524.0410.76	779.4313.46
	ProvisionsDeferred Tax Liabilities (Net)	15.6847.94	13.29 45.41	17.20)107.87	14.4079,61
2	Other Non-Current LiabilitiesTotal Non-Current Liabilities[Current liabilities	- 70.88	69.22	0.36 660.17	0.35887.75
	Financial Liabilities:Borrowings		17755	!3.10	248.42
	Trade Payables Total outstancir			i
	a} micro enterprises and small enterprisesbj creditors other than micro enterprises and small	14.56	6.16	19.04	6.70
	enterprisesLease Liabiliti	204.19 0.63	233.16 0.70	421.701.44	357.56 1.93.
	Other FirProvisionsCurrent Tax Liab'	11.60 10.00 4.59	45.3711.40 1.16	82.84 10.38 4.59	108.5712.040.97
	Other Current LiabitiTotal Current Liabilities'Total Liabilities	12.31 254.88 325.76	10.53485.97555.19	17.39553.481,213.65	12.76 748.95 1,636,760

E DEEPAK NITRITE LIMITED

Registered Office ; Aaditya-I, Chhani Road, Vadodara 390 024, Gujarat Web Site : www.godeepak.cam. Investors Relation Contact : [email protected] Corporate Identification Number: L24110GJ1970PLC001735,Tel.: +91-265-2765200, Fax: +91-265-2765344

	EDEEPAKRegistered Office ; Aaditya-I, Chhani Road, Vadodara	NITRITELIMITED	390 024, Gujarat
	Web Site : www.godeepak.cam. Investors Relation Contact : [email protected]Corporate Identification Number: L24110GJ1970PLC001735,Tel.: +91-265-2765200, Fax: +91-265-2765344
	STANDALONE AND CONSOLIDATED	CASH FLOW STATEMENT		Consolidated Results	% in Crores
:i	Particulars	Standalone ResultsYear Ended31.03.2021	31.03.2020	Year Ended31.03.2021	31.03.2020
i'	CASH FLOW FROM OPERATING ACTIVITIES	(Audited) __	(Audited)	(Audited)	(Audited)
	Profit Before Taxi\Non-cash adjustment to reconcile Profit Before Tax to net Cash Flows	478.614	706.03	1,044.72	806.40
	1. Depreciation and Amortisation Expense 2. Lass on Sale of Fixed Assets	<br>66.88 0.69	7.36.32	152.631.86	139,736.33
	3. Pravision/ (Reversal) for Doubtful Debts4. Provision/ (Reversal) for Inventory Obsolescence	(4.31)(4.62)	7.820.45	16.86	7.41
	5. Bad Debts (net of recovery}i6. Gain on Redemption of investment 7. Finance Costs	(0.80){0.93}4.12	0.86(0.33)20.32	(1.36)74,20	{0.33)114.87
	§. Interest Income 3. Dividend income (Previous Year % 878)	(0.59)-	(0.58)(0.00)	(3.29)-(0.02}	(2.12)(0.00)0.04
	10. Fair Value (Gains)/Loss11, Unrealised Foreign Exchange Loss/(Gain)neta	10.02)(2.74),	0.04OB]	300)	0.03
	Operating Profit before change in Operating assets and liabilitiesMovements in working capital :	539.29)—24.97	849.04 (4.03)	1,279.60)11.82	1,072.3616.18
	1. (Increase)/Decrease in inventories 2. (increase}/Decrease in Trade Receivables 3. (increase}/Decrease in Non Current LoansI	12.870.27	(28.63)0.30	(163.06)0.27	(40.24)0.29
	4. (increase)/Decrease in Other Financial Assets 5. (increase)/Decrease in Other Assets	5.39 0.83 (19.78);	(0.87)(3.94){86.89}	14.9621,2470.36	(2.88)34.15(142.74)
	'6. Increase/ (Decrease) in Trade Payables{7- increase/ (Decrease) in Other financial liabilitiesi8. increase/ (Decrease) in Other liabilities	{2.33)L.78	5.69(8.18)	(2.15)2.85
	ee9. increase/ (Decrease) in Provisionsa a eeesCash gen ated from operations _ eeieeddate	___ (0.86)562.43,		(0.35))fo_—1,235.54236.50
	_ :Net cash, 'inflow from om operating activitieseet	120.48441.95		999.04
	CASH FLOW FROM INVESTING ACTIVITIES i Purchase of Property, Plant & Equipment, including Capital Work in		(269.67)	(207.03)	(398.39)
	(Progress, Capital Advances and Expenditure 2. Purchase of Intangible Assetsi3. Proceeds from Sale of Property, Plant & Equipment	(402.12)(0.43)0.91	(0.21)1.22	(2.53)0.96	(19.04)1.43
	(4. Investment in Subsidiaries 15. Purchase of Current Investmentsi	(0.05)(295.99)	7(221.00)	:{1,310.46}	4(221.00}221,33
	'6. Proceeds from redemption/maturity of Current investmentsi\7_ interest receivedi8. Dividend received (Previous Year represents = 878)i	171.340.59	221.330.58ee6.00	4,125.043.29	2.120.06
	9. increase/(Decrease} in Liebitities related to Capital Assets _iNet cash outflow fram investing ai	Pale)(225.75),	ot_ (267.75)	6.43) 43))inet (396.16)	437}(427,92)
	'cASH FLOW FROM FINANCING ACTIVITIES			48.13	24.76
	\1. Proceeds from Non-Current Borrowingsi12. Repayment of Non-Current Borrowingsi{3. Net Proceeds from Current Borrowings	- (36.00);(177.55)}	-(113.19)(8.40)	(324.49)(245.33)	{125.37}(8.17)
	4. Interest paidi S. Dividend paid on Equity Shares and Dividend Distribution Taxi	(3.67)}(0.38);	(19.86)(106.01)	(73.57)(0,38)	(173.42)(106.01)}
	\6.Margin Money Depositi\7. Principal repayment of Lease Liability (8. Interest costofLease" -	(0.13)](2.47) (1.04)]:	2.01 (1.41)dai(RSL:	4.34(3. 28)!552	(5.59),(1.77)(1.99)
	Net cash outflow from financing activitiesitINet increase/(decrease) in cash and cash equivalents(A+B+C)	(215. 24),0.96	~(248.17)] 7{0.71}x		(337. 5 J{0.82}
	[Cash and cash equivalents at the beginning b of the financial year	2.10 t:	2.81 i	=	2.96
	Cash and cash equivalents at the end of the financial year_i	3:06.	2.10 i		2.414
	"Reconciliation of Cash and Cash equivaientsi	i			!
	{Balances with Banks:In Current AccountsiEEFC Accounts	}0.38 1.56	1.50 0.46	0.461.56	7.54 0.46
	: Cash Credit Accounts<br>date!Deposit with banks with maturity (ess than 3 months from thelof acquisition	1.07	nit Badond	1.075.75	- Soda

DEEPAK NITRITE LIMITED

Registered Office : Aaditya-!, Chhani Roed, Vadodara - 390 024, Gujarat Web Site : www.godeepak.com. Investors Relation Contact : [email protected] Corporate identification Number: L24110GJ1970PLC001735.Tel.: +91-265-2765200, Fax: +91-265-2765344

NOTES:

} The Board of Directors has recommended, subject tc the approval of shareholders, a dividend of € 4.50 (225%) per equity share. Further, over and above the normal dividend, the Board has also recommended for approval of shareholders, a special dividend of = 1.00 (50%) per equity share to commemorate Golden Jubilee year of the Company. Accordingly, the total dividend shall be = 5.50 (275%) per equity share of face value of = 2.00 (Rupees Two only} each for the year ended March 31, 2021 on 13,63,93,041 equity shares.
2 Deepak Clean Tech Limited (DCTL"), a wholly owned subsidiary of the Company. has been incorporated on October 07, 2020.
1. The Group has considered the possible effects of COVID 19 in the preparation of these financial results including recoverability of trade receivables and inventories. The management has considered relevant internal and external sources of information, including economic forecasts as at the date of approval of these financial results. The impact of the same may vary considering the prevailing uncertain situation.
be The figures of the last quarter are the balancing figure between audited figures in respect of the full financial year and the published year to date figures upto the end of third quarter of the financiai year.
wn The above Audited financial results were reviewed by the Audit Committee and have been considered and approved by the Board of Directors at their meeting held on May 05, 2021.

For DEEPAK NITRITE LIMITED.

ee a etn

Chairman & Manaaing Director

Vadodara, May 05, 2021 DIN NO: 00028377

: a Chartered Accountants Deloitte 19" Floor, Shapath - V S G Highway Haskins & Sells LLP hrmedabad 38009

Tel: +91 79 6682 7300 Fax: +91 79 6682 7400

INDEPENDENT AUDITOR'S REPORT ON AUDIT OF ANNUAL STANDALONE FINANCIAL RESULTS AND REVIEW OF QUARTERLY FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF

DEEPAK NITRITE Limited

Opinion and Conclusion

We have (a) audited the Standalone Financial Results for the year ended March 31, 2021 and (b) reviewed the Standalone Financial Results for the quarter ended March 31, 2021 (refer "Other Matters' section below), which were subject to limited review by us, both included in the accompanying "Statement of Standalone Financial Results for the Quarter and Year Ended March 31, 2021 of DEEPAK NITRITE Limited ("the Company"), ("the Statement"), being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the Listing Regulations").

(a) Opinion on Annual Financial Results

In our opinion and to the best of our information and according to the explanations given to us, the Standalone Financial Results for the year ended March 31, 2021:

is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended; and
gives a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standards 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 then ended.

(b) Conclusion on Unaudited Standalone Financial Results for the quarter ended March 31, 202i

With respect to the Standalone Financial Results for the quarter ended March 31, 2021, based on our review conducted as stated in paragraph (b) of Auditor's Responsibilities section below, nothing has come to our attention that causes us to believe that the Standalone Financial Results for the quarter ended March 31, 2021, prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

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Basis for Opinion on the Audited Standalone Financial Results for the year ended March 31, 2021

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under Section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those Standards are further described in paragraph (a) of Auditor's Responsibilities section below. 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 Results for the year ended March 31, 2021 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 audit opinion.

Management's Responsibilities for the Statement

This Statement which includes the Standalone Financial Results is the responsibility of the Company's Board of Directors and has been approved by them for the issuance. The Standalone Financial Results for the year ended March 31, 2021 has been compiled from the related audited standaione financial statements. This responsibility includes the preparation and presentation of the Standalone Financial Results for the quarter and year ended March 31, 2021 that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in 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 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 the 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 is 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 applicabie, 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

(a) Audit of the Standalone Financial Results for the year ended March 31, 2021

Our objectives are to obtain reasonable assurance about whether the Standalone Financial Results for the year ended March 31, 2021 as a whole is 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 this 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:

eIdentify and assess the risks of material misstatement of the Annual 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.
eObtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
eEvaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors.
Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the Listing Regulations.
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.
eEvaluate the overail presentation, structure and content of the Annual Standalone Financial Results, including the disclosures, and whether the Annual Standalone Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.
eObtain sufficient appropriate audit evidence regarding the Annual Standalone Financial Results of the Company to express an opinion on the Annual Standalone Financial Results.

Materiality is the magnitude of misstatements in the Annual Standalone Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Annual Standalone Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Annual Standalone Financial Results.

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.

(b) Review of the Standalone Financial Results for the quarter ended March 31, 2021

We conducted our review of the Standalone Financial Results for the quarter ended March 31, 2021 in accordance with the Standard on Review Engagements ("SRE") 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the ICAI. A review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with SAs specified under section 143(10) of the Act and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Gther Matters

The Statement includes the results for the Quarter ended March 31, 2021 being the balancing figure between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year which were subject to limited review by us. Our report on the Statement is not modified in respect of this matter.

For Deloitte Haskins & Sells LLP Chartered Accountants (Firm's Registration No. 117366W/W-100018)

K cutihoga. Rewed

Kartikeya Raval Partner (Membership No. 106189) (UDIN: 21106189AAAADZ1859)

Place: Ahmedabad Date: May 5, 2021

. Chartered Accountants Deloitte 19" Floor, Shapath - V SG Highway Haskins & Sells LLP Anmedabad - 380 015

Gujarat, India

Tel: +91 79 6682 7300 Fax: +91 79 6682 7400

INDEPENDENT AUDITOR'S REPORT ON AUDIT OF ANNUAL CONSOLIDATED FINANCIAL RESULTS AND REVIEW OF QUARTERLY FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF DEEPAK NITRITE LIMITED

Opinion and Conclusion

We have (a) audited the Consolidated Financial Results for the year ended March 31, 2021 and (b) reviewed the-Consolidated Financial Results for the quarter ended March 31, 2021 (refer 'Other Matters' section below), which were subject to limited review by us, both included in the accompanying "Statement of Consolidated Financial Results for the Quarter and Year Ended March 31, 2021" of DEEPAK NITRITE LIMITED ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), being submitted by the Parent pursuant to the requirements of Regulation 33 *W21L of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the Listing Regulations").

(a) Opinion on Annual Consolidated Financial Results

In our opinion and to the best of our information and according to the explanations given to uS, and based on the consideration of the audit reports of other auditors on separate financial statements of subsidiaries referred to in Other Matters section below, the Consolidated Financial Results for the year ended March 31, 2021:

(i) includes the results of the following entities: e Deepak Nitrite Limited the Parent
- eDeepak Phenolics Limited wholly-owned subsidiary e Deepak Nitrite Corporation, Inc. wholly-owned subsidiary e Deepak Clean Tech Limited wholly-owned subsidiary (from October 9, 2020)
(ii) is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure R quirements) Regulations, 2015, as amended; and
(iii)gives a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standards 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 March 31, 2021.

(b) Conclusion on Unaudited Consolidated Financial Results for the quarter ended March 31, 2021

With respect to the Consolidated Financial Results for the quarter ended March 31, 2021, based on our review conducted and procedures performed as stated in paragraph (b) of Auditor's Responsibilities section below and based on the consideration of the review reports of other auditors referred to in Other Matters section below, nothing has come to our attention that causes us to

believe that the Consolidated Financial Results for the quarter ended March 31, 2021, prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Basis for Opinion on the Audited Consolidated Financial Results for the year ended March 31, 2021

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under Section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those Standards are further described in paragraph (a) of Auditor's Responsibilities section below. 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 Results for the year ended March 31, 2021 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 the audit evidence obtained by other auditors in terms of their reports referred to in Other Matters section below, is sufficient and appropriate to provide a basis for our audit opinion.

Management's Responsibilities for the Statement

This Statement, which includes the Consolidated Financial Results is the responsibility of the Parent's Board of Directors and has been approved by them for the issuance. The Consolidated Financial Results for the year ended March 31, 2021, has been compiled from the related audited consolidated financial statements. This responsibility includes the preparation and presentation of the Consolidated Financial Results for the quarter and year ended March 31, 2021 that give a true and fair view of the consolidated net profit and consolidated other comprehensive income and other financial information of the Group in accordance with the recognition and measurement principles laid Gown in 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 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 the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the respective 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 this Consolidated Financial Results by the Directors of the Parent, 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 respective entities 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 their respective entities 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 Group.

Auditor's Responsibilities

(a) Audit of the Consolidated Financial Results for the year ended March 31, 2021

Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Results for the year ended March 31, 2021 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 this 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:

eIdentify and assess the risks of material misstatement of the Annual 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.
eObtain an understanding of internal contro! relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of such controls.
eEvaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors.
° Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the Listing Regulations.
eConclude 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 materia! uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Consolidated Financial Results 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.
eEvaluate the overall presentation, structure and content of the Annuai Consolidated Financial Results, including the disclosures, and whether the Annual Consolidated Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.
ePerform procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations to the extent applicable.

eObtain sufficient appropriate audit evidence regarding the Annual Standalone Financial Results of the entities within the Group to express an opinion on the Annual Consolidated Financial Results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the Annual Consolidated Financial Results of which we are the independent auditors. For the other entities included in the Annual 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.

Materiality is the magnitude of misstatements in the Annual Consolidated Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Annual Consolidated Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work: and (ii) to evaluate the effect of any identified misstatements in the Annual Consolidated Financial Results.

We communicate with those charged with governance of the Parent 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.

(b) Review of the Consolidated Financial Results for the quarter ended March 3i, 2021

We conducted our review of the Consolidated Financial Results for the quarter ended March 31, 2021 in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the ICAI. A review of interim financial information consists of making inquiries, primarily of the Company's personnei responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with SAs specified under section 143(10) of the Act and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

The Statement includes the results of the entities as listed under paragraph (a)(i) of Opinion and Conclusion section above,

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

Other Matters

eThe Statement includes the results for the Quarter ended March 31, 2021 being the balancing figure between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year which were subject to limited review by us. Our report is not modified in respect of this matter.

eWe did not audit the financial statements of two subsidiaries included in the consolidated financial results, whose financial statements reflect total assets of Rs. 1,962.59 crores as at March 31, 2021 and total revenues of Rs. 940.73 crores and Rs. 2,571.85 crores for the quarter and year ended March 31, 2021 respectively, total net profit after tax of Rs. 188.96 crores and Rs. 421.17 crores for the quarter and year ended March 31, 2021 respectively and total comprehensive income of Rs 189.19 crores and Rs. 421.40 for the quarter and year ended March 31, 2021 respectively and net cash flows (net) of Rs. 5.74 crores for the year ended March 31, 2021, as considered in the Statement. These financial statements have been audited by other auditors whose reports have been furnished to us by the Management and our opinion and conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of the other auditors and the procedures performed by us as stated under Auditor's Responsibilities section above.
eOne subsidiary of the Group is located outside India whose financial statements and other financial information have been prepared in accordance with accounting principles generally accepted in the country and which have been audited by other auditor under generally accepted auditing standards applicable in the country. The Company's management has converted the financial statement of such subsidiary located outside India from accounting principles generally accepted in its country to accounting principles generally accepted in India. We have audited these conversion adjustments made by the Company's management. Our Opinion in so far as it relates to the balances and affair of such subsidiary located outside India is based on the report of the other auditor and the conversion adjustment prepared by the management of the Company and audited by us.

Our report on the Statement is not modified in respect of the above matters with respect to our reliance on the work done and the reports of other auditors.

For Deloitte Haskins & Sells LLP Chartered Accountants (Firm's Registration No. 117366W/W-100018)

Kerby Renal

Kartikeya Raval Place: Ahmedabad Partner Date: May 5, 2021 (Membership No. 106189) (UDIN: 21106189AAAAEA5647)

AI assistant

Deepak Nitrite Limited Annual Report 2021

60910_rns_2021-05-05_41669173-4ac1-4e2e-98cc-690126b08939.pdf

Re: Outcome of Board Meetine - Audited Financial Results