Deepak Nitrite Limited — Annual Report 2021

May 5, 2021

DNL/138/BSE/679/2021 May 5, 2021

Department of Corporate Services BSE Limited Phiroze Jeejeebhoy Towers, Dala[ Street, MUMBAT - 400 001

Dear 5ir,

Scrip Code: 506401

Re: Outcome of Board Meetine - Audited Financial Results

Pursuant to the requirements of Regutations 30 and 33 of the SEBI (Listing Obtigation and Disctosure Requirements) Regulations, 2015 ("Listing Regutations") this is to inform you that the Board of Directors of the Company at their Meeting hetd today, i.e. 5th May,2021 inter alia approved the Audited Standatone and Consotidated Financial Results of the Company for the quarter and year ended 31't March, 2021.

ln this regard, we enclose herewith Audited Standatone and Consotidated Financiat Results of the Company for the quarter and year ended 31't March, 2021, atong with the Auditors' Report issued by M/s. Deloitte 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 Standatone and Consotidated Financial Resutts for the quarter and year ended 31't March, 2021.

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

Kindty take the same on your records.

Thanking you,

LIMITED Yours faithfutty

AI

Encl: os above

DEEPAK NITRITE LIMITED

CIN: 124110GJ1970P1C001735 Registered & Corporate Office: Aaditya-1, Chhani Road, Vadodara-390 024. Gujarat, India. Tet: +91 265 276 5200/396 0200 | Fax: +91 265 ^2765344 Investor Relations Contact: investor@ godeepak.com www.godeepa k.com

DE EP AK NI TR IT E LI MI TE D

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

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

Leamt e dliac a ae e beabas ea iecals	Sr.	No,		1 In com e	{a) Rev enu e	(b) Othe r inc	Tota l Inc ome	2 JEx pen ses	{a) Cost of	(b) Cha nge s	Work: in p	(c) Emp loy ee	(a) Fin anc e	{e) Dep rec iat		if) Pow er & F	{g) Othe r exp	Tota l exp ens	3. Pro fit bef ore	4 Tax E xpe nse	ta) Cur ren t	(b) Def err ed	Tota l T ax Exp	5 {Net Prof it for	6 Oth er Com pre	a, 1. Iter Rem ns eas that ure	ii. Equ ity Ins	Inc ome { FYOC	i, I nco me tax	Oth er Com pre	7 {Tot al com pre	8 Pai cl-u p Equi	9 Oth er Equi ty	10 Bas ic & Dilu
e daces Be :	Par tic ula rs				from ope rat ion s	ome			mate rial s con sum ed	wen tor ies of f iris hed goo ds and	rogr ess	bene fits exp ens e	Cost s	ion a nd amo rti sat ion e xpe nse	uel Exp ens e		ens es	es	Tax {4 - 2)		Tax	Tax	ens es	the per iod (3-4 )	hen siv e Inc ome	men will ts not of be the recl def assi ine fied d bene to fit prof it plan and s loss	tru men ts thr oug h Othe r Com pre hen siv e	I)	rela ted to item s abo ve	hen siv e Inc ome ( net of tax)	hen siv e inc ome for the per iod (5+6 )	ty Shar e Capi tal (Fac e Valu e of = 2/- each )		ted Earn ing per shar e (of % 2/- each ) (not
		31, 03, 202 4	(Ref er Not e 4)		525 .70	2502	528 .52		237 ,58	(5.6 2)		42. 04	0.23	21, 40		40, 76	55. 28	391 .37	137 .15		34.7 3	1,32	36, 05	101 .10		O15	0,01		(0.0 4)	0.1 2	101 .22	27.2 8	NA	7.41
STA	Qua rte r End ed	31. 12. 202 0	(Un aud ite d)		487 ,77	315	490 .92		210 .73	5.55		42.6 6	0.42	17.1 0	35,3 4		47.3 6	359 ,16	131 ,76		34,2 2	(0.3 9)	33, 83	97. 93					0.2 6	(0.7 1)	97, 22	27.2 8	NA	7.418
NDA LON E RES ULT		31. 03. 202 0	(Ref er Not e 4}		525 .24	0.76	526 .00		194 .57	20. 69		42.5 1	4.54	20. 69	3352 1		50, 14	366 ,29	159 .74		51, 00	{7,. 55)	43. 45	116 ,26		(3.7 8)	(0.0 3)		0.91	(2, 90)	113 ,36	27, 28	NA	8.52
S	Yea r	34. 03, 202 4	(Au dit ed)		1,80 9, 14	13.5 4	1,8 22. 68	i	778 .25	(7.3 6)		181 .05	4.12	66. 88		134 .03	187 .10	1,3 44. 07	478 .64		123. 22	0.67	123 ,89	354 ,72		(1.8 5)	0,10		0.45	(1.3 0)	353 ,42	27. 28	1,8 17. 47	26,0 1
	End ed	31, 03, 202 0	(Au dit ed)		2,2 29. 66	7.58	2,2 37. 24		884 ,68	3.30		173. 40	20.3 2	47,9 3		145, 80	225 ,78	1,5 34. 24	706 ,03		192. 08	(30. 09)	161 ,99	544 ,04		(4.7 8)	0.02		1,10	(3.6 6)	540 .38	27,2 8	1,4 64. 05	39.8 9
		31. 03. 202 1	(Ref er Not e 4)		1,4 63. 23	5.94	1,4 69. 47		797 .14	(29, 95)		58.1 8	14.2 0	56. 46		82. 76	100 .44	1,0 79, 23	389 .94		100 .30	(0.4 7)	99. 83	290 .41			0.01 0.46		(0.1 2)	0.3 5	290 .46	27.2 8	NA	21, 27
CON	Qua rte r End ed	34. 12. 202 0	(Un aud ite d)		1,23 4.69	4.88	4,2 39. 57		628. 05	48.2 8		66.9 0	15.7 0	33.9 2	72.7 5		83.6 7	949 ,27	290 .30		63.6 4	10,1 0	73. 74	216 ,56			(1.0 0,03 0)		0.2 6	(0.7 1)	215 .85	27,2 8	NA	15,8 8
SOL IDA TED R ESU		31, 03, 202 0	(Ref er Not e 4)		1,0 55. 54	2.20		1,0 57. 74	579 .70	23, 50		54, 70	27. 20	36,2 3	63, 36		72.2 0	856 ,89	200	.85	51, 00	(22. 45)	28, 55	172 ,30			(0,0 (3.9 6) 3)		0.95	(3.0 4)	169 ,26	27, 28		NA 12,6 3
LTS	Yea r	31, 03, 202 1	(Au dit ed)		4,3 59. 75	21,5 2		4,3 81. 27	2,2 74. 27	(10, 01);		247 ,04	74,2 0	152. 63	264 ,74	336. 68			3,2 39. 55	1,0 44. 72.	239 ,65 j 1	26.2 6	265 ,91	775 ,84			(1.5 0.10 4),		0.37	(1.0 7)	TTA TA	27,2 8		2,3 19. 56,8 37 8
& in Cro res	End ed	34,0 3, 202 0	(Au dit ed)		4,2 29. 71	35.2 0		4,2 64. 94	2,3 47. 94	25.5 9		216 .96	144 ,87	139 .73	285 .19	328 ,26			3,45 8,51 4	806 .40	192 .08	3.29	195 ,37	611 .03			(4.9 0.02 6)		1.44	(3.8 0)	607 ,23	27,2 8		1,5 44. 44, 63 80

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Registered Office : Aaditya-l, Chhani Road, Vadodara 390 024, Gujarat Web Site | www.godeepak.com, Investors Relation Contact : investor@godeepak.com 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
Tota e@) Othe l Seg rs men un- t all oca Liab ble ilit ies	dl) Phen olic s	c) Per for man ce Pro duc ts	b) Fine & Spec iali ty Che mic als	a) Basi c Che mic als	Se gme nt Liab ilit ies	Tota l Seg men t Ass ets	e) Othe rs une all oca ble	dl) Phe nol ics	©) Per for man ce Pro duc ts	b) Fine & Spec iali ty Che mic als	a) Basi c C hem ica ls	Se gme nt Asse ts	Tota l Prof it Bef ore Tax	allo cabl e Inc ome )	ii) Oth er un- all oca ble exp end itu re (Net of un-	Less : i) Inte rest	Tota l	cl) Phe nol ics	c) Per for man ce Pro duc ts	b) Fine & Spec iali ty Che mic als	a) Basi c C hem ica ls	{Se gme nt Resu lts bef ore T ax & I nter est:	Tota l R eve nue f rom O per ati ons	Less ! Inte r seg men t rev enu e	Tota l	d) Phe nol ics	c) P erf orm anc e Pro duc ts	b) F ine & S peci alit y C hem ica ls	a) Basi c Che mic als	a jSe gme nt Rev enu e (Re ven ue fro m o per ati ons ):			ee et
325 91, .76 87	:	76, 00	83. 72	47		2,1 70. 51	868 .97		417 ,85	459 .02	' 424 ,67		137 .15	16,0 9		0.23	153 .47		3.05	79.7 1	70.7 4		525 .70	12,1 2	537 .82		86. 66	205 .95	245 ,21	(Ref er Not e 4)	34. 03. 202 1	:
328 102. .92 76	:	59,1 1	81,2 7	85.7 8		2,0 72. 45	775 ,40		421. 12	166 .33	409. 60		131 .76	13,8 2		0.42	146. 00		8.13	90.9 9	46.8 8		487 ,77	9.57	497, 34		90,1 7	210, 93	196. 24	( Una udi ted )	34. 12. 202 0	Qua rte r End ed	STA
555 311 .19 .58		57.A T	10.9 6	115 .24		2,0 46. 52	734 .68		A76, .74	381 .74	453 .36		159 .71	17.3 3		4.54	181 .58	:	75. 42	50. 29	55. 87		525 .24	12. 64	537 .88	"	154 .20	158, 01	225 .67	(Ref er Not e 4 )	31. 03. 202 0		NDA LON E R ESU
325 91. .76 87	-	76.0 0	83.7 2	744 7		2,1 70. 51,	868 ,97	-	417 .85	459 .02	424 .67		478 ,61	67.7 3		4,12	550 .46	"	22.4 8	332 .95	195. 03		1,8 09. 14	34.6 5	1,8 40. 79	-	304 .40	766 ,35	769 ,84	(Aud ited )	31. 03. 202 1	_ Yea r	LTS
555 311 .19 .58	4 -	57.4 1	70, 96	115 .24		2,0 46. 52	734 ,68		476 .74	381 .74	453 .36		706 .03	69. 04		20, 32	795 .39		418 .16	167 .88	209 ,35		2,2 29. 66	63, 85	2,2 93. 51		767 .93	585 ,26	940 ,32	(Au dit ed)	31, .03 ,20 20	End ed
1,2 13. 91.0 65 7	888 .67	76.0 2	83,7 2	74,1 7		3,5 60. 30	308, 44	1,95 0.26	417. 91	459 ,02	424 ,67		389 ,94	16.9 4		14,2 0	420 ,25	266 .78	3.05	79,7 1	70.7 1		1,4 63. 23	12.4 2	1,4 75. 35	937 .53	86.6 6	205, 95	245, 21	{Ref er Not e 4 )	31. 03. 202 4
1,2 58, 102. 03 76	929. 98	58.2 4	81.2 7	85.7 8		3,3 19, 03	214 ,87	1,80 7.02	421, 24	466, 33	409 .60		290 ,30	13.8 6		45.7 0	319, 86	173, 83	8.16	50,9 9	46.8 8		4,2 34. 69	9.57	1,24 4.26	746, 92	90,1 7	210 .93	196, 24	(Un aud ite d)	34. 12. 202 0	Qua rte r End ed	CON
1,6 311 36. ,58 70	1,0 82. 68	56.5 5	70.6 5	115 .24		3,2 08, 61	174 ,00	4,72 3,01 4	476 .50	381 .74	453 ,36		200 .85	17,2 9		27.4 5	245 .59	63, 60	75.3 8	50. 74	55.8 7		1,0 55. 54	12,6 4	1,0 68. 18	530 .96	153 .54	158. 04	225 .67	(Ref er Not e 4)	31. 03. 202 0		SOL IDA TED R ESU
1,2 13. 91.0 65 7	888 .67	76.0 2	83,7 2	744 7		3,5 60. 30	308. 44	1,95 0.26	417. 91	459, 02	424 ,67		1,0 41. 72 —	67,8 8		74,2 0 —	1,18 3.80	632. 57	22.6 3	333, 73	194, 87		4,3 59. 75	31,6 5	4,3 91. 40	2,5 60. 50	304, 18	766, 55	760. 17	(Aud ited )	34. 03. 202 1	Yea r	LTS
1,6 311 36. .58 70	1,0 82. 68	56. 55	70, 65	115 .24		3,2 08, 614	174 ,00	1,7 23. 01	476 .50	381 .74	453 ,36		806 .40	68. 98		115 .14	990 ,52	187 .34	418 .62	175 .24	209 .35		4,2 29. 71	63, 85	4,2 93. 56	2,0 00. 86	767 .12	585 .26	940 ,32	(Au dit ed)	31, .03 ,20 20	End ed

€& DEEPAK NITRITE LIMITED

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

	DEEPAK €&	LIMITED NITRITE
	Registered Office : Aaditya-1, Chhani Road, Vadodara - 390 024, Gujarat Web Site : www.godeepak.com, Investors Relation Contact : investor@godeepak.com
	Corporate identification Number: L24110GJ1970PLC001735,Tel.: +91-265-2765200, Fax: +91-265-2765344 STANDALONE AND CONSOLIDATED	STATEMENT OF ASSETS AND LIABILITIES
	Particulars	Standatone Results 31,03.2021	34.03.2020	Consolidated Results 31.03.2021	% in Crores 31.03.2020
A)	ASSETS	(Audited)	(Audited)	(Audited)	(Audited)
t	Non-current assets Property, Plant and Equipment	766.46	706.45	1,824.83	1,787.56
	Right-of-use-Assets Capital Work-in-Progress	6.88 68.76	10.39 89.88	10,86 206.76	14.35 172.27
	intangible Assets Intangible Assets under Develcament Financial Assets:	2.5/7 -	3.29 -	28.05 13.68	30.07
	Investments Loans	563.02 0.79	562.86 1.06	2.50 0.79	2.38 1.06
	Other Financiat Assets Non-current Tax Assets (net)	5.23 =	5.60 -	8.76 -	8.80 6.00
	Other Non-Current Assets Total Non-Current Assets Current assets	B78 1,419.44	7.40 1,386.93	11.89 2,108.42	29.82 2,052.31
il	inventories Financial Assets:	209.74	233.09	382.69	394.50
	investments Trade Receivables	125.58 353.74	- 365.97	186.79 756.30	: 612.72
	Cash and Cash Equivalents Bank balances other than Cash and Cash Equivalents above	3.06 1.37	2.10 1.63	8.89 24.54	2.14 29.26
	ther Financial Assets Current Tax Assets (net) Other Current Assets	3:29 - 52.57	1,62 : 52.95	3.33 5.09 82.83	1,62 : 113.83
	Assets classified as held for sale Total Current Assets	1.72 754,07	2.23 659.59	1.22 1,452.18	2:23 4,156.30
B)	TOTAL ASSETS EQUITY AND LIABILITIES EQUITY	2,170.51	2,046.52 \	3,560.30	3,208.61
{	Equity Share Capital Other Equity	27.28 1,817.47	27.28 1,464.05	27.28 2,319.37	27.28 1,544.63
He	Total Equity [LIABILITIES	1,844.75	1,491.33	2,346.65	1,571.91
1	( Non-current liabilities Financial Liabilities:
	Borrowings Lease Liabilities Provisions	: 7.26 15.68	- 10.52 13.29	524.04 10.76 17.20)	779.43 13.46 14.40
	Deferred Tax Liabilities (Net) Other Non-Current Liabilities	47.94 -	45.41	107.87 0.36	79,61 0.35
2	Total Non-Current Liabilities [Current liabilities	70.88	69.22	660.17	887.75
	Financial Liabilities: Borrowings
			17755	! 3.10	248.42
	Trade Payables Total outstancir			i
	a} micro enterprises and small enterprises bj creditors other than micro enterprises and small	14.56	6.16	19.04	6.70
	enterprises Lease Liabiliti Other Fir	204.19 0.63 11.60	233.16 0.70 45.37	421.70 1.44 82.84	357.56 1.93. 108.57
	Provisions Current Tax Liab'	10.00 4.59	11.40 1.16	10.38 4.59	12.04 0.97
	Other Current Liabiti Total Current Liabilities 'Total Liabilities	12.31 254.88 325.76	10.53 485.97 555.19	17.39 553.48 1,213.65	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 : investor@godeepak.com Corporate Identification Number: L24110GJ1970PLC001735,Tel.: +91-265-2765200, Fax: +91-265-2765344

E DEEPAK	LIMITED NITRITE
Registered Office ; Aaditya-I, Chhani Road, Vadodara Web Site : www.godeepak.cam. Investors Relation Contact : investor@godeepak.com Corporate Identification Number: L24110GJ1970PLC001735,Tel.: +91-265-2765200, Fax: +91-265-2765344		390 024, Gujarat
STANDALONE AND CONSOLIDATED	CASH FLOW STATEMENT			% in Crores
Particulars	Standalone Results Year Ended		Consolidated Results Year Ended	31.03.2020
	31.03.2021 (Audited) __	31.03.2020 (Audited)	31.03.2021 (Audited)	(Audited)
CASH FLOW FROM OPERATING ACTIVITIES Profit Before Tax	478.614	706.03	1,044.72	806.40
i\Non-cash adjustment to reconcile Profit Before Tax to net Cash Flows 1. Depreciation and Amortisation Expense	\ 66.88	7.3	152.63	139,73
2. Lass on Sale of Fixed Assets 3. Pravision/ (Reversal) for Doubtful Debts	0.69 (4.31)	6.32 7.82	1.86 16.86	6.33 7.41
4. Provision/ (Reversal) for Inventory Obsolescence 5. Bad Debts (net of recovery}	(4.62) (0.80)	0.45 0.86
i 6. Gain on Redemption of investment 7. Finance Costs	{0.93} 4.12	(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) -	(2.12) (0.00)
10. Fair Value (Gains)/Loss	10.02) (2.74),	0.04 OB]	(0.02} 300)	0.04 0.03
11, Unrealised Foreign Exchange Loss/(Gain)net a Operating Profit before change in Operating assets and liabilities	539.29) —	849.04	1,279.60)	1,072.36
Movements in working capital : 1. (Increase)/Decrease in inventories	24.97	(4.03)	11.82	16.18
2. (increase}/Decrease in Trade Receivables 3. (increase}/Decrease in Non Current Loans I	12.87 0.27	(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	(0.87) (3.94)	14.96 21,24	(2.88) 34.15
'6. Increase/ (Decrease) in Trade Payables { 7- increase/ (Decrease) in Other financial liabilities	(19.78); {2.33)	{86.89} 5.69	70.36 (2.15)	(142.74)
ee i 8. increase/ (Decrease) in Other liabilities 9. increase/ (Decrease) in Provisions	L.78 ___ (0.86)	(8.18)	2.85 (0.35)) _—
a a ee es i Cash gen ated from operations _ ee eed date _	562.43, 120.48		fo 1,235.54 236.50
: Net cash, 'inflow from om operating activities ee t	441.95		999.04
CASH FLOW FROM INVESTING ACTIVITIES i Purchase of Property, Plant & Equipment, including Capital Work in
(Progress, Capital Advances and Expenditure 2. Purchase of Intangible Assets i	(402.12) (0.43)	(269.67) (0.21)	(207.03) (2.53)	(398.39) (19.04)
3. Proceeds from Sale of Property, Plant & Equipment (4. Investment in Subsidiaries	0.91 (0.05)	1.22 7	0.96 :	1.43 4
15. Purchase of Current Investments i '6. Proceeds from redemption/maturity of Current investments i	(295.99) 171.34	(221.00) 221.33	{1,310.46} 4,125.04	(221.00} 221,33
\7_ interest received i 8. Dividend received (Previous Year represents = 878) i	0.59	0.58 ee 6.00	3.29	2.12 0.06
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
\1. Proceeds from Non-Current Borrowings i 12. Repayment of Non-Current Borrowings	- (36.00);	- (113.19)	48.13 (324.49)	24.76 {125.37}
i {3. Net Proceeds from Current Borrowings	(177.55)} (3.67)}	(8.40) (19.86)	(245.33) (73.57)	(8.17) (173.42)
4. Interest paid i S. Dividend paid on Equity Shares and Dividend Distribution Tax i \6.Margin Money Deposit	(0.38);	(106.01)	(0,38)	(106.01)}
i \7. Principal repayment of Lease Liability	(0.13)] (2.47) (1.04)]	2.01 (1.41) dai (RSL	4.34 (3. 28)! 55	(5.59), (1.77) (1.99)
(8. Interest costofLease " - Net cash outflow from financing activities it	: (215. 24),	: ~(248.17)] 7	2	(337. 5 J
INet increase/(decrease) in cash and cash equivalents (A+B+C) [Cash and cash equivalents at the beginning b of the financial year	0.96 2.10 t :	{0.71} x 2.81 i	=	{0.82} 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 equivaients i {Balances with Banks:	i }
In Current Accounts i EEFC Accounts	0.38 1.56	1.50 0.46	0.46 1.56	7.54 0.46
	1.07	nit	1.07	-
: Cash Credit Accounts \			5.75	-
Deposit with banks with maturity (ess than 3 months from the date! lof acquisition /Cash on hand	- 4 9.05	Bad ond	O65 [0 &.89	Soda 2.14

DEEPAK NITRITE LIMITED

Registered Office : Aaditya-!, Chhani Roed, Vadodara - 390 024, Gujarat Web Site : www.godeepak.com. Investors Relation Contact : investor@gadeepak.com 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)

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.

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 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)