Dhunseri Ventures Limited — Audit Report / Information 2021

Jun 23, 2021

June 23, 2021

BSE Limited	National Stock Exchange ofIndia Ltd.,
Phiroze-Jeejeebhoy Towers,	Exchange Plaza, C-l, Block G, 5th Floor
Dalal Street,	Bandra Kurla Complex,
Mumbai-400 001	Bandra (E),
Scrip Code: 538902	Mumbai -400 051
	Symbol: DTIL

Sub: Outcome of Board meeting in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Dear Sir,

Further to our letter dated 15th June, 2021, we wish to inform you that the Board of Directors at their Meeting held today have inter alia approved the following:

1. The Annual Accounts for the financial year ended 3 I" March, 2021 and Standalone/Consolidated Audited Financial Results of the Company for the quarter and year ended 31 sr March, 2021.

Please find enclosed:-

• a. Statement of Standalone/Consolidated Audited financial results of the company for the quarter and year ended 31 sr March, 2021. ' .
• b. Auditors Report ofM/S S.R. Batliboi & Co, LLP, the Statutory Auditors of the company for the FY ended 31 5t March, 2021,
• c. Declaration for Audit Report with Unmodified Opinion in respect of the audited financial results for the FY ended 31 sr March, 2021.
• 1. Convening of 24th Annual General Meeting of the Company on Thursday, the 23rd September, 2021.
• 1. The Board has recommended a dividend of 50% (Rs. 5/- per equity share of Rs. 10/- each) for the year 2020-21, subject to the approval of the shareholders in the ensuing 24th Annual General Meeting.
• 1. The Register of Members of the Company shall remain closed from Friday, 2nd July, 2021 till Monday, 5th July, 2021 (both days inclusive) for the purpose of payment of dividend and Annual General Meeting.

Ph. : +91 3322801950 (Five Lines) Fax: +91 3322878350/9274 Email: mail@dhunseritea.com, Website: www.dhunseritea.com

CIN : L 1 5500WB 1 997PLC085661 Registered Office: Dhunseri House, 4A. Woodburn Park, Kolkata 700020

1. Appointment of Mr. Bhagwati Agarwal (ACA 063575) as Chief Financial Officer (CFO) w.e.f., I" July, 2021 in place of Mr. Vikash Jain, whose responsibilities are being re-assigned. A brief profile of Mr. Bhagwati Agarwal is given below:

Mr. Bhagwati Agarwal (D.O.B 07.12.1975), is an Associate Member of the Institute of Chartered Accountants of India. He has several years of experience and has been associated with the Company for last six years. He has attained considerable expertise in the field of F inance/ Accounts/Taxation/Banking etc.

The meeting of the Board of Directors commenced at 14.35 hours and concluded at around 17:30 hours

Thanking You.

Yours faithfully, For ~unserit:!' Industries Limited

f~

R.Mahadevan Company Secretary

Encl: As above

Ph. : +91 3322801950 (Five Lines) Fax: +91 3322878350/9274 Email: mail@dhunseritea.com, Website: www.dhunseritea.com

S.R. BATLIBOL& CO. LLP Chartered Accountants

1. Camac Street 3rd Floor, Block 'B'Kolkata - 700 016, India Tel: +91 33 8134 4000

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

To

The Board of Directors of Dhunseri Tea & Industries Limited

Report on the audit of the Standalone Financial Results

Opinion

We have audited the accompanying statement of quarterly and year to date standalone financial results of Dhunseri Tea & Industries Limited (the "Company") for the quarter ended March 31, 2021 and for the year ended March 31, 2021 ("Statement"), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").

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

• í. is presented in accordance with the requirements of the Listing Regulations in this regard; and
• gives a true and fair view in conformity with the applicable accounting standards and ii. other accounting principles generally accepted in India, of the net loss/profit and other comprehensive loss/income and other financial information of the Company for the quarter ended March 31, 2021 and for the year ended March 31, 2021 respectively.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013, as amended ("the Act"). Our responsibilities under those Standards are further described in the "Auditor's Responsibilities for the Audit of the Standalone Financial Results" section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.

Management's Responsibilities for the Standalone Financial Results

The Statement has been prepared on the basis of the standalone annual financial statements. The Board of Directors of the Company are responsible for the preparation and presentation of the Statement that gives a true and fair view of the net profit and other comprehensive income of the Company and other financial information in accordance with the applicable accounting standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Compromistant preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent Kalkhthe

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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 Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error,

In _preparing the Statement, the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company Or to cease operations, or has no realistic alternative but to do.so.

The Board of Directors are also responsible for overseeing the Company' s financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about Whether the Statement 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 thatan 'auditconducted in accordance with BAs will always detect a-material misstatement when it-exists. Misstatements can arise from fraud or error and are considered material if, individualy' 9f in the *,....",.."':<w.''''''''':«:=='''''''''''''',.....,''''': __ "=,=,::=..,'''=''-''=.,''''''"'''''......,'''''''''''''''...,.,,,*"""""*" __ . __. "'''''''''''=''''''==-:<_=oew.,.•• , .•• , , .. _,,,_,,.,_'''',,''',.''',.,'''_,.....,..,,,,'.. ,====,.,:<W. ''''' «''''''1f'=. _"""""""'~ .... ",,'''"''''=''',.'''''',,'''''.'''',. .... :'"'''.'""''~''""''= aggregate; they could reasonably be expected to influence the economic decisions of USers. taken on the baSIS of the Statement.

As part of ;1)1 audit in accordance with SAs, we exercise professional judgment and maintain professionalskepticism throughout the audit. We also:

• Ii Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform aud it 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. ' ,
• Ii Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate inthe circumstances. Under Section 143(3)(1) of the Ad, we are also responsible for expressing our opinion on whether the company has adequate Internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimatesand related disclosures made by the Board of Directors,
• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained; whether a material uncertainly exists related to events 01' conditions that may cast significant doubt on the Cornpany's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention itt our auditor's reportto the related disclosures in the financial.results 01'1 if such disclosures are inadequate, to.modffy our opinion, Our-conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the 'overall presentation, structure and content of the Statement, induding the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation. ' .

S.R. BATU80J 8; ("0. ue Chartered Accountants

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other matter

The Statement includes the results for the quarter ended March 31, 2021 being the balancing figure between the audited figures in respect of the full financial year ended March 31, 2021 and the published unaudited year-to-date figures up to the third quarter of the current financial yeat, which were subjected to a limited review by us, as required under the Listing Regulations.

For S.R. BATLIBOI & Co. LLP Charter ~countants

Member ip 0.: 058652

UDIN: 21058652AAAABZ9384

Place: Kolkata Date: June 23,2021

Dhunseri Tea & Industries Limited

Registeled Office: Dhunserl House, 4A, Woodburn Park, Kolkata 700020 CIN: L15500WB1997PLC085661

Ph: +91 33 2280 1950(Five Lines), Fax: + 91 33 2287 8350/9274 Email: mail@dhunseritea.com, Website:www.dhunseritea.com

Statement of Audited Standalone Financial Results for the Quarter and Year ended March 31, 2021

	(Rupees in lakhs)
SI. No.	Particulars	Three monthsended31/03/2021	PreceedingThree monthsended31/12/2020	CorrespondingThree monthsended31/03/2020	Year ended31/03/2021	Year ended31/03/2020
		Audited(Refer note 9)	Unaudited	Audited(Refer note 9)	Audited	Audited
1	Revenue from Operations	2,952.97	8.904.76	2,223.45	24,820.22
$\mathbf{I}$	Other income	125.03	2,082.22	80.22	2,068.99	17,737.86387.75
Ш	Total Income (I+II)	3,078.00	10,986.98	2,303.67	26,889.21	18,125.61
IV	Expenses
$\mathbf{a}$	Cost of materials consumed (Refer Note 4)	429.14	1,785.85	195.03	7,700.66	4,009.67
b	Purchases of Stock-in-Trade	37.44		21.26	37.44	660.84
c	Changes in inventories of finished goods	2,111.74	1,685.51	2,148.58	(1, 191.15)	(314.98)
d	Changes in inventories of biological assets	(46.85)	196.26		(46.85)	48.91
e	Employee benefits expense	1,568.12	1,833.76	1,108.47	7,664.45	7,050.31
f	Finance costs	31.80	77.06	93.08	323.31	404.82
g	Depreciation charge	201.22	199.30	231.98	803.29	864.37
h	Other expenses	1,789.04	1,494.77	1,889.96	5,861.73	6,788.74
	Total expenses	6,121.65	7,272.51	5,688.36	21,152.88	19,512.68
v	Profit/(Loss) before exceptional items and tax (III-IV)	(3,043.65)	3,714.47	(3,384.69)	5,736.33	(1, 387.07)
V 1	Exceptional items (Refer Note 6)	(131.72)			(1,488.77)	10,069.80
VII	Profit/(Loss) before tax (V+VI)	(3, 175.37)	3,714.47	(3,384.69)	4,247.56	8,682.73
VIII	Tax expense
	Current tax	(436.64)	412.89	(629.12)	602.71	1,971.46
	Deferred tax charge / (credit)	(43.21)	(14.46)	(174.56)	(14.21)	61.19
	Total Tax expense	(479.85)	398.43	(803.68)	588.50	2,032.65
IX	Profit/ (Loss) after tax (VII-VIII)	(2,695.52)	3,316.04	(2,581.01)	3,659.06	6,650.08
X	Other Comprehensive Income/(Loss) (OCI)
	Items that will not be reclassified to profit or loss
	Remeasurement loss on defined benefit plans	(79.91)	(27.97)	(83.00)	(163.82)	(111.88)
	Net (Loss)/Gain on fair valuation of equity instruments through other
	comprehensive income	8.60	304.10	(629.24)	626.20	(204.89)
	Income tax relating to these items	12.21	(8.85)	110.03	(24.57)	54.51
	Other Comprehensive Income/(Loss) (net of tax)	(59.10)	267.28	(602.21)	437.81	(262.26)
XI	Total Comprehensive Income/ (Loss) (IX+X)	(2,754.62)	3,583.32	(3, 183.22)	4,096.87	6,387.82
XII	Paid-up equity share capital (Face Value Rs 10/- each)	700.50	700.50	700.50	700.50	700.50
XIII	Other equity				69,893.55	65,971.79
XIV	Earnings per equity share (of Rs.10/- each) :
	Basic and Diluted (Rs.)	$(38.48)^*$	47.34*	$(36.85)^*$	52.23	94.93
	' Not annualised

1. Statement of Standalone Cash Flows for the year ended March 31, 2021

Particulars	(Rupees In lakhs)Year ended
	31/03/2021
	(Audited)
A. Cash Flow From Operating Activities
Net Profit before tax	4,247.56
Adjustments for:
Depreciation charge	803.29
Interest income	(27.78)
Guarantee fee income	(10.35)
Income from government grant	(5.47)
(Gain)/Loss on fair valuation of investments classified as fair value through profit or loss	(618.75)
(Gain)/Loss on sale of investments classified as fair value through profit or loss	(1,249.80)
Exceptional items (Refer Note 6)	1,488.77
Finance cost	323.31
Liabilities no longer required written back	-
Allowance for expected credit losses	175.98
(Gain)/Ioss on disposal of property, plant and equipment	15.29
Gain on derecognition ofright of use assets	(24.35)
Unrealised exchange loss	-
Dividend income	(26.02\
Operating proflt/(Ioss) before working capital changes	5,091,68
Adjustments for changes In working capital:
Inventories and biological assets other than bearer plants	(1,161.60)
Non-Current/Current financial and other assets	(736.77)
Non-Current/Current financial and other liabilities/provisions	(152.21)
Cash used In Operations	3,041.10
Taxes paid (net of refund)	(635.15\
Net cash flows from 1 (used In) operating activities	2,405.95
B. Cash flow from Investing Activities:
Purchase of property, plant and equipment	(1,339.08)
Proceeds from disposal of property, plant and equipment	1,727.52
Proceeds from disposal of investment property	-
Proceeds from sale of branded tea business namely Lal Ghora and Kala Ghora	-
Registration cost of investment property	-
Loan repaid by subsidiary	-
Purchase of current investment	(26,150.79)
Proceeds from sale of currnt investmente	26,818.32
Purchase of non-current investments	(453.61)
Proceeds from sale of non-current investment	773.74
Government Grant Received	24.54
Investment in fixed deposits	(6.34)
Dividendreceived	26.02
Interest received	40.34
Net cash flows from Investing activities	1,460.66
C. Cash flow from Financing Activities
Payment towards lease liability	(452.40)
Dividends paid(including tax thereon)	(175.12)
Finance cost paid	(409.42)
Proceeds from
- Long term borrowings	150.00
- Short term borrowings (net)	-
Repayment of
- Long term borrowings	(206.20)
- Short term borrowings (net)	(3,426.07)
Net cash flows from 1 (used In) financing activities	(4,519.21)
Net (decrease)/lncrease In cash and cash equivalents	(652.60)821.21
Cash and cash equivalents at the beginning of the yearCash & cash equivalents at the end of the year	168.61

Cash on hand Current accounts

142.02

168.61 821.21

784.51

• (3) The above results for the quarter and year ended 31st March, 2021, were reviewed by the Audit Committee and thereafter approved by the Board of Directors at its meeting held on 23rd June, 2021.
• (4) Cost of Materials consumed represents Green Leaf purchased.
• (5) Cultivation and manufacture of tea being seasonal in nature, the performance of the Company varies from quarter to quarter and results for the quarter as such are not representative of the annual performance of the Company
• (6) With a view to rationalise the operations and improving the profitability, the Company has sold the specified assets of Khetojan Tea Estate and Bahadur Tea Estate and net loss arising due to this sale is represented under the head "Exceptional Items' in the current year.The exceptional items in the previous year represents net gain on sale of land at Jaipur, Rajasthan and net gain on transfer of branded tea business namely Lal Ghora and Kala Ghora to Tata Global Beverages Limited.The Company has also performed impairment assessment of other Tea Estates of the Company aggregating to Rs. 48,632.41 lakhs by engaging an external valuer and concluded that no impairment loss is required in these standalone financial results.
• (7) In view of the lockdown across the country due to COVID-19, the operations of the Company's tea estates located in Assam were adversely impacted during March & April, 2020. The shutdown resulted in delay and disruptions in production and sales operations of the Company due to restriction on labour deployment and logi.stical issues. The operations have now stabilised. The Company has assessed the recoverability and carrying values of its assets comprising property, plant and equipment, inventories, receivables and other current assets as at the balance sheet date i.e March 31,2021 and on the basis of such evaluation, has concluded that no material adjustments are required to be considered in the standalone financial results for the quarter and year ended March 31, 2021. The Company is taking all the necessary steps and precautionary measures to ensure smooth functioning of its operations and also to ensure the safety and wellbeing of all its employees.
• (8) The Board of Directors at its meeting held on June 26, 2020, decided to acquire with effect from April 1, 2020, the land, structure including building and plant and machinery pertaining to Tea packaging unit at Jaipur (Rajasthan), from Dhunseri Investments Ltd. for a total consideration of Rs. 5.08 crores. The Company has executed necessary agreement with the seller in this regard, however the conveyance deeds are yet to be executed for immovable properties.
• (9) The figures of the last quarter for the current year and the previous year are the balancing figures in respect of the full financial year ended 31st March and the unaudited published year to date figures upto third quarter ended 31st December, which were subject to limited review.
• (10) The Board of Directors has recommended (i) dividend of 50% (Rs.5.00 per equity share of Rs. 10/- each) for the year 2020-21, subject to the approval of the shareholders in the ensuing Annual General Meeting, (ii) issuance of fully paid up one Bonus equity share of Rs.1 0 each for every two equity shares held as on the record date subject to the approvals of the shareholders of the Company.
• (11) Previous period figures have been regrouped/rearranged wherever necessary.

Place: Kolkata Date: 23rd June, 2021

C. K. Dhanuka Chairman & Managing Director

SJl" BAJ1JBOI & (J. lJ_P Charterl!d Accountants

22, Carnac Street 3(c1 Floor, Block 'B' <on;.)la" TOO O-H5. Indle

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

To

The Board of Directors of Dhunseri Tea &; Industries Limited

Report on the audit of the Consolidated Financial Results

Opinion

We have audited the accompanying statement of quarterly and year to date consolidated financial results of Dhunseri Tea & Industries Limited ("Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group") for the quarter ended March 31, 2021 and for the year ended March 31, 2021 ("Statewent"), attached herewith, being submitted by-the Holding Company pursuantto the requirement of.Regulation 33 of theSEBVpsting_Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations")' ... ..,.....,__, ,.."" .• "",,-,.,.""""'''- '" '""'=- ,.,""""=----=-- -=-:='- "'- =,. -:-<"::<":<"""","",,,,=-------=,.....,,-=-= ""~~,., ~~-- -- :=-,.,- ,.....-"'---.:="------- ..•• -.:-"--"'" -,._---- """'-"".="'''''''- ~="".. ~""- - , =." .. =' ••. . .",.,""",." .,...,.

In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of the other auditors on separate audited financial statements of the subsidiaries, the Statement:

• i. includes the results of the following entities;
  • a, Dhunseri Petrochern and Tea Pte Limited
  • b. Dhunseri Mauritius Pte Limited
  • c. Makandi Tea and Coffee Estates Limited
  • d. AM Henderson & Sons Ltd
  • e. Chiwale Estate Management Services Ltd
  • f. Ntimabi Estate Limited
  • g. Kawalazi Estate Company Limited
• ii. are presented in accordance with the requirements. of the Listing Regulations in this regard; and
• iii, gives a true and fair view in conformity with the applicable accounting standards, and other accounting principles generally accepted in India, of the consolidated net loss/profit and other comprehensive loss/Income and other financial information of the Group for the quarter ended March 31, 2021 and for the year ended March 31, 2021 respectively.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs), as specified under Section 143(lO}of the Companies Act, 2013, as amended ("the Act"). Om' responsibilities under those Standards are further described in the ,i Auditor's Responsibilities for the Audit of the Consolidated Financial Results" section of our report. We are independent of the Group, in accordance with the 'Code of Ethics' issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in "Other Matter" paragraph below.Js sufficient and appropriate to provide a basis for our opinion. ' {.. fd :,.,.t.Lt:T.·."',

SJl. BATUBO! 8.: Co. Ll P Chartered Accountants

Management's Responsibilities for the Consolidated Financial Results

The Statement has been prepared on the basis of the consolidated annual financial statements. The Holding Company's Board of Directors ate responsible for the preparation and presentation of the Statement that give a true and fair view of the net profit and other comprehensive income and other financial information of the Group in accordance with the applicable accounting standards prescribed under section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and. presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error, Which have peen used for the purpose of preparation of the Statement by the Directors at theHolding Company; as aforesaid. "',' -" " , '" '" " '" ,

'" -"-, , -"",,-"-Jfl"prepating;the;St:atementTthe-Fespeetive.Boa,rcof",J;)i.FedoFs>of~the"€0mpaniesiFlc.Juded..irhthe_Gr0up .. -_", ~"'," are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Group orto cease operations, or has no realistic alternative but to do so,

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

Auditor's Responsibilities for the Audit ofthe Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement 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 the Statement.

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

• Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive t-o those 'risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk ofnot 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 infernal control.
• Obtain an understanding of internal control relevantto the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls,
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board ofDlretors. • Conclue on the appropriateness ?f th,e Board of irectbrs' use of the ging, c9Fc;aSi of
• accountmg and, based OI~ he audit evidence o.btaed, whether a_matenl uc,t'!!t1YlStS related to events or conditions that may cast SIgnificant doubt on the .a,bl¥ty pE the u, to

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continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial results of the entities within the Group of which we are the independent auditors to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of the financial information of such entities included in the Statement of which we are the independent auditors. For the other entities included in the Statement, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

We communicate with those charged with governance of the Holding Company and such other entities included in the Statement of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

We also performed procedures in accordance with the Circular No. CIR/CFD/CMD1/44/2019 dated March 29, 2019 issued by the Securities Exchange Board of India under Regulation 33 (8) of the Listing Regulations, to the extent applicable.

Other Matter

The accompanying Statement includes the audited financial statements and other financial information, in respect of:

Seven subsidiaries, whose financial statements include total assets of Rs 53,832.14 lakhs as at March 31, 2021, total revenue of Rs 2,401.58 lakhs and Rs 13,931.59 lakhs, total net profit/(loss) after tax of Rs. 239.61 lakhs and Rs. (286.10) lakhs, total comprehensive income/(loss) of Rs. 239.61 lakhs and Rs. (286.10) lakhs, for the quarter and the year ended on that date respectively, and net cash inflows of Rs. 155.23 lakhs for the year ended March 31, 2021, as considered in the Statement which have been audited by their respective independent auditors.

The independent auditor's report on the financial statements of these entities have been furnished to us by the Management and our opinion 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 such auditors and the procedures performed by us as stated in paragraph above.

Our opinion 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 the other auditors.

S.1l BA1I/BOl lk ((). LI,P Chartered Accountants

The Statement includes the results for the quarter ended March 31, 2021 being the balancing figures between the audited figures in respect of the full financial year ended March 31, 2021 and the published unaudited year-fa-date figures up to the end of the third quarter of the current financial year; which were subjected to a limited review by us, as required tinder the Listing Regulations.

UDIN: 21058652AAAABY9230 Place: Kplkata Date: June 23, 2021

Dhunseri Tea & Industries Limited

Registeried Office : Dhunserl House, 4A, Woodburn Park, Kolkata 700020CIN : L15500WB1997PLC085661

Ph: +91 33 2280 1950(Five Lines), Fax: + 91 33 2287 8350/9274Email : mail@dhunseritea.com, Website:www.dhunseritea.com

Statement of Audited Consolidated Financial Results for the Quarter and Year ended March 31 2021

						(Rs in lakhs)
			Quarter Ended		Year Ended
SI.No.	Particulars	31.03.2021	31.12.2020	31.03.2020	31.03.2021	31.03.2020
		Audited	Unaudited	Audited	Audited	Audited
		(Refer note 11)		(Refer note 11)
1Ш	Revenue from OperationsOther income	5,217.08	11,381.28	4,048.74	37,672.86	30,248.32
Ш	Total Revenue (I+II)	184.62	2,095.47	169.91	2,209.95	534.18
		5,401.70	13,476.75	4,218.65	39,882.81	30,782.50
IV	Expenses
a	Cost of Materials Consumed (Refer Note 5)	429.14	1.785.85	195.03	7,700.66	4,009.67
b	Purchase of stock-in-trade	37.44		21.26	37.44	660.84
c	Changes in inventories of finished goods	1,591.24	2,744.80	2.185.22	(852.83)	(768.10)
d	Changes in inventories of biological assets	(308.01)	94.17	(719.47)	231.17	(5.17)
$\bullet$f	Employee Benefits expenseFinance Costs	2,853.76	2,635.89	1,489.24	12,225.74	11,158.39
		147.99	250.68	127.86	940.65	1,054.53
gh	Depreciation and amortisation expenseOther expenses	326.28	614.17	373.80	1,964.83	1,948.33
	Total expenses	2,938.87	2.453.65	4,039.57	12,076.63	13,338.09
		8,016.71	10,579.21	7,712.51	34,324.29	31,396.58
$\mathbf v$	Profit/(Loss) before exceptional item and tax (III-IV)	(2,615.01)	2,897.54	(3, 493.86)	5,558.52	(614.08)
VI	Exceptional items (Refer Note 8)	(131.72)			(1,488.77)	10,069.80
VII	Profit/(Loss) before tax (V+VI)	(2,746.73)	2,897.54	(3, 493.86)	4,069.75	9,455.72
VIII	Tax expense
	Current Tax	(336.04)	310.11	(979.78)	703.32	2,007.90
	Deferred tax charge / (credit)	53.53	181.14	(42.37)	294.63	128.32
	Total Tax expense	(282.51)	491.25	(1,022.15)	997.95	2,136.22
IX	Profit/(loss) after tax (VII-VIII)	(2,464.22)	2,406.29	(2, 471.71)	3,071.80	7,319.50
X	Other Comprehensive Income(OCI)
	Items that will not be reclassified to profit or loss
	Remeasurements loss on defined benefit plans	(79.91)	(27.97)	(83.00)	(163.82)	(111.88)
	Net (loss)/Gain on fair valuation of equity instruments through other
	comprehensive income	8.60	304.10	(629.24)	626.20	(204.89)
	Income tax relating to these items	12.21	(8.85)	110.03	(24.57)	54.51
	Items that will be reclassified to profit or loss
	Exchange differences on translation of foreign operations	(800.23)	(987.50)	94.56	(491.84)	144.59
	Other comprehensive loss for the period / year (net of tax)	(859.33)	(720.22)	(507.65)	(54.03)	(117.67)
XI	Total comprehensive income/(loss) for the period / year (IX+X)	(3,323.55)	1,686.07	(2,979.36)	3,017.77	7,201.83
	Paid-up equity share capital(Face Value Rs 10/- each)	700.50	700.50	700.50	700.50	700.50
XII	Other Equity				84,756.98	81,901.62
XIII	Earnings per equity share (of Rs.10/- each): (*Not Annualised for the period)
	(a) Basic & Diluted (Rs.)	$(35.18)^*$	34.35*	$(35.28)^*$	43.85	104.49

Notes to the Audited Consolidated Financial Results

(1) Statement of Consolidated Assets and Liabilities as at March 31, 202

31.03.2021Audited1.089.327772.829.113.12652.592.324.853,493.991,017.03274.43	(Rs In lakhs)31.03.2020Audited3,187.91
	74.702.24568.838,441.28652.592.268.22
	396.35
	276.53
109.23	145.71
307.53	231.08
90.14	125.80
89,245.05	90996.54
6,249.11	5,542.21
1,560.98	1,816.71
	8,962.55
	3,123.38
	914.23
	29.41
	12.13
	353.06
	1,142.19
	21 895.87'
	176.3422072.21
	113068.75
	700.50
	81,901.62
85457.48	8262.120
	4,300.24
	894.32
	11,542.10
	287.6817024.34
	7,195.16
	2.31
	2,714.82
3,154.54	2,626.69
670.66	538.91
	81.54
120.49
234.78	244.86
10967.85
38.0011005.85	13404.2938.0013442.29
	10,163.572,024.06409.5129.3111.771,165.411,160.6322774.3'5176.3422950.69112195.74700.5084,756.982,980.29736.0711,708.56307.4915732.414.267.4819.242,500.66

Cash & cash equivalents at the end of the year

		(Rs In lakhs)
Particulars	31.03.2021	31.03.2020
A. Cash Flow From Operating Activities	Audited	Audited
Net Profit before tax	4.069.75	9,455.72
Adjustments for:
Depreciation and amortisation expense	1,964.83	1.948.33
Interest income	(27.78)	(41.88)
Income from government grant	(5.47)	(4.22)
Allowance for Doubtful Debt	175.98	70.44
(Gain)noss on fair valuation of investments classified as fair value through profrt or loss	(618.75)	163.42
(Gain)/Loss on sale of investments classified as fair value through profit or loss	(1.249.80)	(232.22)
Exceptional items (Refer Note 8)	1,488.77	(10,069.80)
Finance cost	940.65	1,054.53
Liabilities no longer required written back		(48.45)
(Gain)noss on disposal of property. plant and equipment	15.29	(1.04)
Unrealised exchange loss	-	80.35
Exchange difference on translation of foreign currency operations	(255.47)	(145.90)
Gain on de-recoqnitlon of right of use assets	(24.35)	-
Dividend income	(26.02)	(20.51)
Operatin!l profit before workln!l capital chan!les	6447.63	2208.77
Adjustments for:
lnventones and biological assets other than bearer plants	(451.17)	(567.10)
Non-Current/Current financial and other assets	(492.50)	1,824.11
Non-Current/Current financial and other liabilities/provisions	(193.96)	93.07
Cash Generated from Operations	5,310.00	3,558.85
Taxes paid (net of refund)	(698.04)	(2,921.57)
Net cash flow from operating activities	4611.96	637.28
B. Cash flow from Investing Activities:
Purchase of property, plant and equipment	(2,440.67)	(4,336.67)
Proceeds from disposal of property, plant and equipment	1,733.70	9.83
Proceeds from disposal of investment property	-	359.49
Purchase of investment property	-	(31.87)
Proceeds from sale of business of brand Lal Ghora and Kala Ghora	-	10,101.00
Purchase of current investment	(26,150.79)	(33,258.42)
Proceeds from sale of current investment	26,818.32	25,095.02
Purchase of non-current investments	(453.61)	(6,107.44)
Proceeds from sale of non-current investment	773.73	6,296.48
Government Grant Received	24.54	77.71
Investment in fixed deposits	(6.34)	(100.00)
Dividend received	26.02	20.51
Interest received	40.34	48.61
Net cash flow fromJ(used In) Investing activities	365.24	(1,825.75)
C. Cash flow from Financing Activities
Dividends paid (including tax thereon)	(175.22)	(422.24)
Payment towards rights to use of assets	(452.39)	(159.83)
Finance cost paid	(1,023.91)	(1,051.93)
Proceeds from
- Long term borrowings	150.00	1,086.68
- Short term borrowings (net)	-	2.918.97
Repayment of
- Long term borrowings	(1,055.03)	(897.65)
- Short term borrowings (net)	(2,927.69	-
Net cash flow fromJ(used In flnancln!l activities	5484.24	1474.00
In cash and cash equivalentsNet (decrease)/Increase	(507,04)	285.53
Exchange difference on translation of foreign currency cash and cash equivalents	2.32	1.84
Cash and cash equivalents at the beginning of the year	914.23	626.86
Cash & cash equivalents at the end of the year	409.51	914.23

						(Rs in lakhs)
SI.	Particulars	Quarter Ended			Year Ended
No.		31.03.2021Audited	31.12.2020Unaudited	31.03.2020Unaudited	31.03.2021Audited	31.03.2020Audited
÷	Segment Revenue
	a) India	2,952.97	8,904.76	2,223.45	24,820.22	17,737.86
	b) Rest of the world	2,264.11	2,476.52	1,825.29	12,852.64	12,510.46
	Total Revenue from operations	5,217.08	11,381.28	4,048.74	37,672.86	30,248.32
ii	Segment Results
	a) India	(3, 136.91)	1,709.31	(3,371.83)	3,990.62	(1,370.00)
	b) Rest of the world	485.27	(656.56)	(164.08)	298.60	1,276.27
	Total Segment profit/(loss) before exceptional item, Interest and tax	(2,651.64)	1,052.75	(3,535.91)	4,289.22	(93.73)
	Finance Costs	147.99	250.68	127.86	940.65	1,054.53
	Other income	184.62	2,095.47	169.91	2,209.95	534.18
	Exceptional items	(131.72)			(1,488.77)	10,069.80
	Profit/(loss) before tax	(2,746.73)	2,897.54	(3, 493.86)	4,069.75	9,455.72
	Tax Expense	(282.51)	491.24	(1,022.15)	997.95	2,136.22
	Profit/(loss) after tax	(2,464.22)	2,406.29	(2,471.71)	3,071.80	7,319.50
iii	Segment Assets
	a) India	57,492.99	61,758.07	58,012.82	57,492.99	58,012.82
	b) Rest of the world	39,459.82	42,998.72	40,902.27	39,459.82	40,902.27
	c) Unallocated	15,242.93	16,724.60	14,153.66	15,242.93	14,153.66
	Total	1,12,195.74	1,21,481.39	1,13,068.75	1,12,195.74	1,13,068.75
iv	Segment Liabilities
	a) India	3,650.38	3,086.05	3,716.39	3,650.38	3,716.39
	b) Rest of the world	2,189.66	1,706.80	2,228.55	2,189.66	2,228.55
	c) Unallocated	20,898.22	27,920.21	24,521.69	20,898.22	24,521.69
	Total	26,738.26	32,713.06	30,466.63	26,738.26	30,466.63

The above consolidated results for the quarter and year ended 31st March, 2021, were reviewed by the Audit Committee and thereafter approved by the Board of $(4)$ Directors at its meeting held on 23rd June, 2021.

$(5)$ Cost of Materials consumed represents Green Leaf purchased.

• Cultivation and manufacture of tea being seasonal in nature, the performance of the Group varies from quarter to quarter and results for the quarter as such are not $(6)$ representative of the annual performance of the Group.
• In view of the lockdown across the country due to COVID-19, the operations of the Parent Company tea estates located in Assam were adversely impacted during $(7)$ March and April, 2020. The shutdown resulted in delay and disruptions in production and sales operations of the Parent Company due to restriction on labour deployment and logistical issues. The operations have now stabilised. The Parent Company has assessed the recoverability and carrying values of its assets comprising property, plant and equipment, inventories, receivables and other current assets as at the balance sheet date i.e. March 31, 2021 and on the basis of such evaluation, has concluded that no material adjustments are required to be considered in the Consolidated financial results for the quarter and year ended March 31, 2021. The Parent Company is taking all the necessary steps and precautionary measures to ensure smooth functioning of its operations and also to ensure the safety and well-being of all its employees. The subsidiaries of the Parent Company have also been affected by the impact of COVID-19 pandemic that has resulted in lockdown in the global economy. Based on the assessment of the local management, this pandemic is not expected to have a significant adverse impact on the smooth operations of the subsidiaries.
• With a view to rationalise the operations and improving the profitability, the Parent Company has sold the specified assets of Khetojan Tea Estate and Bahadur Tea $(8)$ Estate and net loss arising due to this sale is represented under the head "Exceptional Items" in the current year. The exceptional items in the previous yearrepresents net gain on sale of land at Jaipur, Rajasthan and ne Beverages Limited.The Parent Company has also performed impairment assessment of other Tea Estates of the Parent Company aggregating to Rs. 48,632.41 lakhs by engaging an external valuer and concluded that no impairment loss is required in these consolidated financial results.
• The Parent Company had in its meeting held on June 26, 2020 of its Board of Directors, decided to acquire with effect from April 01,2020, the land, structure $(9)$ including building and plant and machinery pertaining to Tea packaging unit at Jaipur (Rajasthan), from Dhunseri Investments Ltd. for a total consideration of Rs. 5.08 crores. The Parent Company has executed necessary agreement with the seller in this regard, however the conveyance deeds are yet to be executed for immovable properties.
• (10) The figures of the last quarter for the current year and the previous year are the balancing figures in respect of the full financial year ended 31st March and the unaudited published year to date figures upto third q
• (11) The Board of Directors has recommended (i) dividend of 50 % (Rs.5.00 per equity share of Rs. 10/- each) for the year 2020-21, subject to the approval of the shareholders in the ensuing Annual General Meeting, (ii) issuance of fully paid up one Bonus equity share of Rs.10 each for every two equity shares held as on the record date subject to the approvals of the shareholders.
• (12) Previous period figures have been regrouped/rearranged wherever necessary.

Place: Kolkata Date: 23rd June 2021

Indust Kolkata ġ 700 020

For and on behalf of Board of Directors Dranuka Chairman & Managing Directo

CIN : L 1 5500WB 1 997PLC085661 Registered Office: Dhunseri House, 4A, Woodburn Park, Kolkoto 700020

June 23, 2021

BSE Limited	National Stock Exchange of India Ltd.,
Phiroze-Jeejeebhoy Towers,	Exchange Plaza, C-1, Block G, 5th Floor
Dalal Street,	Bandra Kurla Complex,
Mumbai-400 001	Bandra (E),
Scrip Code: 538902	Mumbai -400 051
	Symbol: DTIL

Sub: Declaration with respect to Audit report with unmodified opinion to the audited financial results for the financial year ended 3ptMarch, 2021

Dear Sirs,

Pursuant to Regulation 33(3)(d) of the Securities and Exchange Board of India (Listing Obligations and Disclosure) Regulations, 2015, as amended, we do hereby confirm that the Statutory auditors of the Company MIS S.R. BATLlBOI & Co. LLP have not expressed any modified opinion(s) in its audit report pertaining to the audited financial results for the year ended 31" March, 2021.

Thanking You.

Yours faithfully, For Dhunseri Tea & Industries Limited

~~ V~sh'Jain Chief Financial Officer

Ph. : +91 3322801950 (Five Lines) Fax: +91 3322878350/9274 Email: mail@dhunseritea.com, Website: www.dhunseritea.com