Deepak Nitrite Limited — Interim / Quarterly Report 2021

Jul 29, 2021

DNL/138/85Et706t2021 July 29,2021

Department of Corporate Services BSE Limited Phiroje Jeejeebhoy Towers Dalal Street MUMBAT - 400 001

Scrip Code: 506401

Re: Un-audited Financial Results for the Quarter ended 30th June, 2021

We wish to inform you that the Board of Directors of the Company at its meeting hetd today i.e. 29th Juty, 2021 has considered and approved the Standatone and Consotidated Un-audited Financial Results of the Company for the Quarter ended 30th June, 2021.

Pursuant to Regutation 33 of the SEBI (Listing Obtigations and Disctosure Requirements) Regulations, 2015 ("Listing Regulations"), we are sending herewith Standatone and Consotidated Un-audited Financiat Resutts of the Company for the Quarter ended 30th June, 2021, duty signed by the Chairman and Managing Director of the Company.

Further, we atso enclose herewith Limited Review Report issued by M/s Detoitte Haskins & Setts LLP, Chartered Accountants, Statutory Auditors of the Company as required under Regutation 33 of the Listing Regutations.

The Board Meeting commenced at 2:00 P.M. and conctuded at 5 '4s p.^.

Please take the same on your record.

Thanking you,

Yours faithfutty, For DEEPAK NITRITE LIMITED

Encl: os above

DEEPAK NITRITE LIMITED CIN: 124110GJ1970P1C001735 Registered & Corporate Office: Aaditya-1, Chhani Road, Vadodara-390 024. Gujarat, India. fel:+9L2652765200/3960200 | Fax:+91265 2765344 Investor Relations Contact: investor@ godeepak.com wwwgodeepak.com

DEEPAK NITRITE LIMITED

Registered Office : Aadflya-I, Chhani Road, Vadodara - 390 024, Gujarat
Web Site : www.godeepak.com, Investors Relation Contact : investor@godeepak.com
Corporate Identification Number: L24110GJ1970PLC001735,Tel.: +91-265-2

STANDALONE AND CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2021

									East of Light
			STANDALONE RESULTS				CONSOLIDATED RESULTS
$x \frac{3}{2}$	Particulars		Quarter Endec		Year Ended		Quarter Ended		Year Ended
		30.06.202	31.03.2021	30.06.2020	31.03.2021	30.06.202	31.03.2021	30,06.2020	31.03.2021
		(Unaudited)	Refer Note 4	(Unaudited)	(Aud ted)	(Unaudited)	Refer Note 4)	(Unaudited)	[Audited]
	Income
	(a) Revenue from operations	527.25	525.70	350.40	1,809.14	1,526.22	1,463.23	574.49	4,359.75
	(b) Other income iRefer note 2)	43.47	2.82	4.86	13.54	8.25	5.94	6.75	21.52
	Total Income	570.72	528.52	355.26	1,322.68	1,534.47	1,469.17	681.24	4,381.27
$\sim$	Expenses
	(a) Cost of materials consumed	268.68	237.58	148.20	778.25	915.52	797.14	318.47	2.274.27
	(b) Changes in inventories of finished goods and	(34.82)	(5.62)	16.09	(7.36)	(95, 86)	(29.95)	15.32	(10.01)
	Work-in-progress
	(c) Employee benefits expense	50,64	42.04	50.12	81.05	68.98	58.18	61.81	247.04
	(d) Finance Costs	0.32	0.23	2.88	4.12	10.94	14.20	74.73	74.20
	(e) Depreciation and amortisation expense	17,51	21.10	14.28	66.88	43.56	56.46	51.01	152.63
	(f) Power & Fuel Expenses	44.45	40.76	24.31	134.03	88.98	82.76	42.23	264.74
	(g) Other expenses	56,15	55.28	36.25	187.10	97.10	100.44	52.03	336.68
	Total expenses	402.93	391.37	269.95	, 344.07	1,129.22	1,079.23	548.60	3,339.55
x¥x.	Profit before Tax (1 - 2)	167.79	137.15	85.31	478.61	405.25	389.94	132.64	1,041.72
$\gamma_i$	Tax Expense
	(a) Current Tax	33.69	34.73	20.95	123.22	99.77	100.30	26.62	239.65
	(b) Deferred Tax	(0.82)	1.32	0.75	0.67	2.85	(0.47)	07	26.26
	Total Tax Expenses	32.87	36,05	21.70	123.89	102.62	99.83	23.69	265.91
$\overline{m}$	Net Profit for the period (3-4)	34.92	101.10	63.61	354.72	302.63	290.11	\$8.95	775.8
$\Omega$	Other Comprehensive Income
	a. Items that will not be reclassified to profit and loss							(0.25)	1.54
	Remeasurements of the defined benefit plans	(3.45)	0.15	(0.25)	(1.85)	(0.45)	0.46
	ii. Equity Instruments through Other Comprehensive	0.03	0.01	0.07	0.10	0.03	$\overline{0}$	D.B	0.10
	Income (FVOCI)			0.05	0.45	0.10	(0.12)	0.05	0.37
	iii, Income tax related to items above	0.10	(0.04)		(1.30)	(0.32)	0.35	(0.13)	(1,07)
	Other Comprehensive Income (net of tax)	(0.32)	0,12	(0.13)		302.31	290.46	98.82	774.74
$\overline{ }$	Total comprehensive income for the period (5+6)	134.60	101.22	63.48	353.42			27.28	27.28
$\infty$	Paid-up Equity Share Capital (Face Value of ₹ 2/ each).	27.28	27.28	27.28	27.28	27.28	27.28
	Other Equity	$\frac{1}{2}$	$\frac{4}{2}$	Á	1,817.47			$\frac{4}{2}$	2.319.37
	K Diluted Earning per share (of ₹ 2/- each) (not	9.89	7.41	4.56	26.01	22.19	21.2	7.25	56.88

$101$

DEEPAK NITRITE LIMITED

Registered Office : Aaditya-I, Chhani Road, Vadodara : 390 024, Gujarat
Web Site : www.godeepak.com, Investors Relation Contact : investor@godeepak.com
Corporate Identification Number: L24110GJ1970PLC001735,Tel.: +91-265-2

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

		STANDALONE RESULTS				CONSOLIDATED RESULTS
Particulars Sr.		Quarter Ended		Year Ended		Quarter Ended		Year Ended
$\dot{z}$	1.2021 30.06	31.03.2021	30.06.2020	31,03.2021	30.06.202	31.03.2021	30.06.2020	31.03.2021
	Idited (Unau	(Refer Note 4)	(Unaudited)	(Audited)	(Unaudited)	(Refer Note 4)	(Unaudited)	(Audited)
Segment Revenue (Revenue from operations):
a) Basic Chemicals	248.89	245.21	52.89	769.84	248.89	245.21	146.51	760.17
b) Fine & Speciality Chemicals	206.93	205.95	139.77	766.55	206.93	205.95	139.77	766.55
c) Performance Products	93.28	86.66	60.55	304.40	93.28	86.66	60.33	304,18
d) Phenolics					998.97	937.53	330.69
Total	549.10	537.82	353.21	1,340.79	1,548.07	1,475.35	677.30	2,560.50
Less : Inter segment revenue	21.85	12,12	2.81	31.55	21.85	12.12	2.81	31.65 4,391.40
Total Revenue from Operations	527.25	525.70	350.40	1,809.14	526.22	1,463.23	674.49	4,359.75
Segment Results before Tax & Interest: $\sim$
a) Basic Chemicals	85.06	70.71	36.56	195.03	85.07	70.71	36.41	94.87
b) Fine & Speciality Chemicals	67.41	79.71	51.58	332.95	67.41	79.71	61.85	333.73
c) Performance Products	2.12	3.05	6.65	22.48	2.11	3.05	6.67	22.63
d) Phenolics		ない			287.26	266.78	69.08	632.57
Total	54.59	153.47	104.89	550.46	441.85	420.25	174.01	1,183.80
Less: i) Interest	0.32	0.23	2.88	4.12	10.94	14.20	24.73	74.20
ii) Other un-allocable expenditure (Net of un-
allocable Income)	(13, 52)	16.09	16.70	67.73	25.66	16.11	16.64	67.88
Total Profit Before Tax	167.79	137.15	85.31	478.61	405.25	389.94	132.64	0.1171
Segment Assets $\mathbf{r}$
a) Basic Chemicals	460.21	424.67	419,64	424.67	460.21	424.67	419.64	424.67
b) Fine & Speciality Chemicals	440.41	459.02	370.27	459.02	440.41	459.02	370.12	459.02
c) Performance Products	423.78	417.85	418.40	417.85	423.78	417.91	416.39	417.91
d) Phenolics					2,072.72	1,950.26	1,712.14	1,950.26
e) Others un-allocable	003.80	868.97	730.25	868.97	442.83	308.44	169.11	308.44
Total Segment Assets	2,328.20	2,170.51	1,938.56	2,170.51	3,839.95	3,560.30	3,087.40	3,560.30
Segment Liabilities 4
a) Basic Chemicals	88.07	74.17	82.54	74.17	88.02	74.17	82.54	74.17
b) Fine & Speciality Chemicals	79.37	83.72	70.10	83.72	79.37	83.72	68.86	33.72
c) Performance Products	67.91	76.00	47.85	76.00	67.95	76.02	47.05	76.02
Reported abon eur					843.00 112.68	888.67	1,034.95	888.67
www.allocable	113.53	91.87	183.26	91.87		2010	183.26	91.07
Expent Liabilities	348.88	325.76	383.75	325.76	1,191.02	1,213.65	1,416.66	1,213.65

			Chairman & Managing Director For DEEPAK NITRITE LIMITED C. MEHTA a WITED Motose
LIMITED NITRITE DEEPAK	Corporate Identification Number: L24110GJ1970PLC001735,Tel.: +91-265-2765200, Fax: +91-265-2765344 Web Site: www.godeepak.com, Investors Relation Contact : investor@godeepak.com ffice: Aaditya-I, Chhani Road, Vadodara - 390 024, Gujarat Registered Or	Other income in standalone results for the quarter ended June 30, 2021 includes Dividend income of ₹ 39.20 Crores received from Deepak Phenolics Limited, a wholly owned subsidiary of the preparation of these financial results including recoverability of trade receivables and inventories. In developing the information, including economic forecasts as at the date of approval of these financial results. The impact of the same may differ from that estimated as at the date of approval of these re economic conditions due to COVID-19; the management has considered relevant internal and external sources of 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 The above Unaudited financial results were reviewed by the Audit Committee and have been considered and approved by the Board of Directors at their meeting held on July 29, 2021. financial results and the Group will continue to closely monitor the developments. assumptions and estimates relating to the future uncertainties in th The Group has considered the possible effects of COVID 19 in the financial year. Company. NOTES: $\sim$ $\mathbf{\tilde{z}}$ 4	$\frac{1}{\sqrt{2}}$ Vadodara, July 29, 2021	Ou $\mathbf{u}$ Coses KINS $\overline{5}$ JO d	$^{\prime}$

Deloitte Haskins & Sells LLP

Chartered Accountants ¹9th floor, Shapath-V S.G. Highway Ahmedabad-380 01 5 Gujarat, India

Teli +91 79 66827300 Fax: +91 79 66827400

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF DEEPAK NITRITE LIMITED

1. We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of Deepak Nitrite Limited ("the Company"), for the quarter ended June 30, 2021 ("the Statement"), beinq submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 201,5, as amended

2. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in india. Our responsibility is to express a conclusion on the Statement based on our review.

3. \ffe conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 'Review of interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India (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 Standards on Auditing specified under section 143(10) of the Companies Act,2013 and consequently does not enable us to obtain assurance that we would become aware of ali significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

4. Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid indian Accounting Standard 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 (t-isting 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.

For Deloitte Haskins & Sells LLP Chartered Accountants (Firm's Registration No. L17366W/W -100018)

d("q-tn*''1*rr

raltikeva Ravai (Partner) (Membership No. 106189) (UDIN : 21 106189 AAAAJI2257 )

Piace: Vadodara Date: July 29, 2O2I

Regd. Office: One International Center, Tower 3, 27th India.(LLP ldentification No. AAB-8737) 32nd Floor, Senapati Bapat Marg, Elphinstone Road (West), lVumbai-400 013, Maharashtra,

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Deloitte Haskins & Sells LLP

Chartered Accountants ¹9th floor, Shapath-V S.G. Highway Ahmedabad-380 01 5 Gujarat, India

Tel: +91 79 66827300 Faxj +91 79 66827400

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED FINANCIAL RESU LTS

TO THE BOARD OF DIRECTORS OF DEEPAK NITRITE LIMITED

1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial ___Beslte_,qf qecp-q!Jl!1te Li|]a]led_C!he P-arcn!:Lan_d_ts sLr-b"srdic_1€8,{!hp_ Paret-r,t -a-I]d,j,ts subsidiaries together referred to as "the Group"), for the quarter ended June 30, 2021 ("the Statement") being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,2OL5, as amended.

2. This Statement, which is ihe responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in r^']i^ ^"- -^-^lnsibility li tuto, vut r gJPL is to express a conclusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Fnnanomenfc rSRE) \ 2410 "Review of Interim Financial Information Performed by the Tnr{onanrianl- !,vvP!, arrll16; of the Entity", issued by the Institute of Chartered ACcOuntants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of Parent'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 concjucted in accordance with Standards on Auditing specified under Section 143(10) of the ^^*^^^:^^ A^L \,uil rpdr ilE> ,aLL/ ²⁰¹³and 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 audii opinion.

rlr^ vvc dr>u ^l^^ pcr ^^-C^-^rurrned procedures in accordance with the circular issued by the SEBI under Regulation 33(B) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

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

2. a. Deepak Nitrjte Limited Parent Company

3. b. Deepak Phenolics Limited Subsidiary Company
4. c. Deepak Nitrite Corporatlon Inc., United States of America Subsidiary Company

5. d. Deepak Clean Tech Limited Subsidiary Company

6. Based on our review conducted and procedures performed as stated in paragraph ³ above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe thai the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in india, has not disclosed the information required to be

Center, Tower 3, 2lth-32nd Floor, Senapati Bapat IVlarg, Elphinstone Road (West), Mumbai-400 013, lvaharashtra,

Deloitte Haskins & Sells LLP

disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2O\5, as amended, including the manner in which it is to be disclosed, or that it contains anv material misstatement.

1. We did not review the financial results of one subsidiary included in the consolidated unaudited financial results, whose financial results reflect total assets of Rs. 0.87 crore as ar June 30, 2027 and, total revenues of Rs.0.05 crore for the quarter ended June 30, 2021, total net profit after tax of Rs. 0.01 crore for the quarter ended lune 30, 2021 and total comprehensive income of Rs 0.01 crore for the quarter ended June 30, 202L, whose financial results have not been reviewed by us. These financial results have been reviewed by other auditor whose report has been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of this subsidiary is based solely on the report of the other auditor and the procedlrres performed by us as stated in paragraph 3 above.

Our conclusion on the Statement is not modified in respect of this matter.

-

Place: Vadodara Date: July 29,2O2L