AI assistant
E.I.D. Parry (India) Ltd. Annual Report 2021
60326_rns_2021-06-29_bd96e382-3763-4c75-a2a4-b38b965599cf.pdf
Annual Report
Open in viewerOpens in your device viewer
E.I.D. - Parry (India) Limited Regd.Office: Dare House, 234,N.S.C. Bose Road, Parrys Corner. Chenrvti hOI) no: . In(lii't. Tel: 91.44.25306789 Fax: 91.44.25341609/25340858 ClN : L24211TN1975PLC006989 Website: www.eidparry.com
June 29, 2021
BSE Limited 1st Floor, New Trading Ring, Rotunda Building, Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai - 400 001. Scrip Code: 500125
National Stock Exchange of India Limited Exchange Plaza, 5th Floor Plot No. C/l, G. Block Bandra Kurla Complex Bandra (E) Mumbai - 400051 Scrip Code: EIDPARRY
Dear Sir/Madam,
Sub: Intimation on the outcome of the Board Meetine held on June 29. 2021.
This is further to our letter dated June 22, 2021, intimating the date of the Board Meeting to consider the audited financial results for the quarter/year ended March 31, 2021.
1. Audited Financial Results for the Quarter/year ended March 31. 2021:
Pursuant to Regulations 30, 33 and other applicable provisions, if any of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (,SEBI LODR'), we would like to inform you that the Board of Directors at their meeting held today (June 29, 2021), approved the Audited Standalone and Consolidated Financial Results of the Company for the quarter/year ended March 31, 2021.
In this connection, we enclose the following:
(a). Audited Standalone Financial Results for the quarter/year ended March 31, 2021; (b). Audited Consolidated Financial Results for the quarter/year ended March 31,2021; (c). Audit Report of M/s. Price Waterhouse Chartered Accountants LLP, Statutory Auditors on the Standalone and Consolidated Financial Results for the quarter/year ended March 31, 2021.
A copy of the press release made with regard to the Audited Financial Results for the year ended March 31, 2021, is also enclosed.
Pursuant to Regulation 47 of the SEBI LODR, we would be publishing an extract of the Consolidated Financial Results in the prescribed format in English and Tamil Newspapers within the stipulated time. The detailed standalone financial results and consolidated financial results of the Company would be available on the website of the Company www.eidparry.com as well as on the websites of Stock Exchanges.
As required under SEBI Circular CIR/CFD/CMD/56/2016 dated May 27, 2016, we declare that the Statutory Auditors of the Company, M/s. Price Waterhouse Chartered Accountants LLP, Chartered Accountants, have in their report, issued an unmodified opinion on the Standalone and Consolidated Financial Results of the Company for the financial year ended March 31, 2021.
E.I.D. - Parry (India) Limited . Regd.Office : Dare House, 234,N.S.C. Bose Road, Parrys Corner. Chenrvti hQ,! no I. Indiil. Tel: 91.44.25306789 Fax: 91.44.25341609 / 25340858 CIN: L24211TN1975PLC006989 Website: www.eidparry.com
2.Closure ofthe wholly owned subsidiary. E.I.D. Parry Europe B.V
The Board of Directors of the Company have approved the closure of the wholly owned subsidiary, E.I.D Parry Europe 8.V,- as per applicable Laws of Netherlands. E.I.D. Parry Europe BV was incorporated last year and has not commenced any business operation.
3.Notin2 Certificate
Pursuant to Regulation 52(4) of the SEBI LODR, the details relating to the Secured Non-Convertible Debentures of the Company issued on private placement basis along with the certificate ref. no.29344jITSLjOPRj2021-2022 of date issued by the Debenture Trustee viz., IDBI Trusteeship Services Limited under Regulation 52(5) of the SEBI (LODR) is enclosed.
The meeting of the Board of Directors of the Company commenced at 2.30 pm and concluded at 7.20 pm.
Kindly take the above information on record.
Thanking you,
Yours faithfully,
For E.I.D. - PARRY (INDIA) LIMITED
nRath Company Secretary Encl.:aja~
Price Waterhouse Chartered Accountants LLP
INDEPENDENT AUDITOR'S REPORT ON THE STATEMENT OF STANDALONE FINANCIAL RESULTS
To the Board of Directors E.I.D. - Parry (India) Limited Dare house, New No.2, Old 234, NSC BOlle Road, Chennai - 600001
Opinion
-
- We have audited the standalone annual financial results of E.I.D. Parry (India) Limited (hereinafter referred to as the 'Company") for the year ended March 31, 2021 and the standalone statement of assets and liabilities and the standalone statement of cash flows as at and for the year ended on that date, attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (,Listing Regulations').
-
- In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial results:
- (i) are presented in accordance with the requirements of Regulation 33 and Regulation 52- of the Listing Regulations in this regard; and
- (ii) give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards prescribed under Section 133 of the Companies Act, 2013 (the" Act") and other accounting principles generally accepted in India, of net profit and other comprehensive income and other financial information of the Company for the year ended March 31, 2021 and the standalone statement of assets and liabilities and the standalone statement of cash flows as at and for the year ended on that date.
Basis for Opinion
- We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. 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.
Board of Directors' Responsibilities for the Standalone Financial Results
- These Standalone financial results have been prepared on the basis of the standalone annual financial statements. The Company's Board of Directors are responsible for the preparation and presentation of these standalone financial results that give a true and fair view of the net profit and other comprehensive income and other financial information of the Company for the year ended March 31, 2021 and the standalone statement of assets and liabilities and the standalone statement of cash flows as at and for the year ended on that date, 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 and Regula,tion 52 of the Listing Regulations. The Board of Directors of the Company are responsible for mamtenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other
T: +91 (44) 4228 5000, F: +91 (44) 4228 5100 o.p:;,I''" MC 500Cco , ~ ~ 7 z Rqi.stcred office aod Head Office: Such eta 8hawan, 11A Vllblll.l Oipmbar MI". New Delhi -110002 ~ ~
with Price ded WalerlH.we £rom July:as. (I Partnenhip 2014- PM Firm) ita Corrvmed COIlVUlloo intu to Prioe Price W,wnOUIe Wal£rhuuae Clartcnd Ch..trtemI ActuuntanlJ Aa:ou.otlnU u.P lLP. (a ililCAJ Umited tion Uahility pnu .- ~ th~~;;~~~~ number beCure coovenion wu ot27S4N) ..
1' p;.i; w~~;;;'h~:~ C;;;';;;~d A~~~~~;~~~~W: 8; ].1~~;: P;~~ p;ndi~;;; B~~~;~: ;;;~~"""' "" ~d''''''''' '' Chennai - 6ao 006, India C\lD.m;ed A '
irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance uf adequate internal financial controls, that were uperating effectively fur ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the standalone financial results by the Directors of the Company, as aforesaid.
-
- In preparing the standalone financial results, the Board of Directors of the Company are responsible for assessing the ability of the Company 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 of the Company are responsible for overseeing the financial reporting process of the Company.
Auditor's Responsibilities for the Audit of the Standalone Financial Results
-
- Our objectives are to obtain reasonable assurance about whether the standalone financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial results.
-
- As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the standalone financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls. (Refer paragraph 11 below)
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
- Conclude on the appropriateness of the Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the standalone 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 Company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the standalone financial results, including the disclosures, and whether the standalone financial results represent the underlying transactions and events in a manner that achieves fair presen:.: tati;;· o;;:n;:. = =::::;:_
•
INDEPENDENT AUDITOR'S REPORT ON TIlE STATEMENT OF STANDALONE FINANCIAL RESULTS To the Board of Directors of E.LD. - Parry (lndia) Limited Report on the Standalone Financial Results Page 3 of3
- We communicate with those charged with governance of the Company regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Other Matters
-
- The Financial Results include the results for the quarter ended March 31, 2021 being the balancing figures between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year (limited review carried out by us till December 31, 2020), which are neither subject to limited review nor audited by us.
-
- The standalone annual financial results dealt with by this report has been prepared for the express purpose of filing with National Stock Exchange of India Limited and BSE Limited. These results are based on and should be read with the audited standalone financial statements of the Company for the year ended March 31, 2021 on which we issued an unmodified audit opinion vide our report dated June 29, 2021.
For Price Waterhouse Chartered Accountants U..P Firm Registration Number: 012754NfNS00016 Chartered Accountants
~, ~,~~ r
BaskarP~ Partner Membership Number: 213126 UDIN No: 21213126AAAAEQS731
Place: Chennai Date: June 29, 2021
E.I.D.-PARRY (INDIA) LIMITED E.I.D.-FARKT (INDIA) LIBITEDRegistered Office: 'Dare House', Parry's Corner, Chennal - 600 001Standalone Pinancial Results for the quarter and year ended March 31, 2021CIN: L24211TN1975PLC006989
| Rs. in Crore except for per share data | ||||||
|---|---|---|---|---|---|---|
| Stand-alone Company Results | ||||||
| Quarter ended | Year ended | |||||
| March 31. | December 31. | March 31. | March 31, | March 31. | ||
| 2021 | 2020 | 2020 | 2021 | 2020 | ||
| Audited | Unaudited | Audited | Audited | Audited | ||
| (Refer note 8) | (Refer note 8) | |||||
| PART I | ||||||
| 1 Income | ||||||
| a) Revenue from operations | 564.34 | 439.36 | 608.35 | 2,024.25 | 1,874.88 | |
| b) Other income (includes other gains/losses) | 135.93 | 15.20 | 26.76 | 385.40 | 140.69 | |
| Total Income | 700.27 | 454.56 | 635.11 | 2,409.65 | 2,015.57 | |
| 2 Expenses | ||||||
| a) Cost of materials consumed | 553.34 | 427.76 | 522.20 | 1,370.63 | 1,260.46 | |
| b) Purchases of stock-in-trade | 20.71 | 0.87 | 1.07 | 23.08 | 3.51 | |
| c) Changes in inventories of finished goods, by-products, | ||||||
| work-in-progress and stock-in-trade | (302.41) | (117.86) | (196.87) | (6.53) | 12.08 | |
| d) Employee benefits expense | 30.99 | 37.62 | 40.86 | 137.50 | 159.61 | |
| el Finance costs | 17.40 | 20.02 | 39.03 | 92.72 | 135.66 | |
| f) Depreciation and amortisation expense | 27.66 | 30.94 | 30.31 | 119.99 | 119.56 | |
| g) Other expenses | 104.01 | 75.55 | 80.13 | 329.04 | 344.73 | |
| Total expenses | 451.70 | 474.90 | 516.73 | 2,066.43 | 2,035.61 | |
| 3 Profit/(loss) before tax and exceptional items (1-2) | 248.57 | (20.34) | 118.38 | 343.22 | (20.04) | |
| 4 Exceptional items (refer note 4) | (14.24) | 366.60 | 715.17 | |||
| 5 Profit/(loss) before tax $(3 + 4)$ | 234.33 | 346.26 | 118.38 | 1,058.39 | (20.04) | |
| 6 Tax Expenses | ||||||
| Current tax | (0.69) | (0.89) | (0.69) | (0.89) | ||
| Deferred tax (refer note 5) | 66.42 | 7.08 | 50.43 | 194.22 | (20.98) | |
| Total Tax expense | 65.73 | 7.08 | 49.54 | 193.53 | (21.87) | |
| 7 Profit/(loss) after tax for the period (5 - 6) | 168.60 | 339.18 | 68.84 | 864.86 | 1.83 | |
| 8 Other comprehensive income/(loss): | ||||||
| Items that will not be reclassified to profit or loss | ||||||
| Effect of measuring investments at fair value | 13.88 | 0.84 | 1.89 | 14.68 | 1.92 | |
| Actuarial loss on defined benefit obligation | (0.07) | ٠ | (1.14) | 0.35 | (2.13) | |
| Income tax relating to above items | (3.09) | (2.97) | (3.93) | (2.63) | ||
| Total other comprehensive income/(loss) net of tax | 10.72 | 0.84 | (2.22) | 11.10 | (2.84) | |
| 9 Total comprehensive income/(loss) (7+8) | 179.32 | 340.02 | 66.62 | 875.96 | (1.01) | |
| 10 Paid up Equity Share Capital | 17.71 | 17.71 | 17.70 | 17.71 | 17.70 | |
| (Face value Re.1 per equity share) | ||||||
| 11 Paid up Debt Capital | 100.00 | 200.00 | ||||
| 12 Reserves excluding Revaluation Reserve | 2,576.38 | 1,696.05 | ||||
| 13 Networth | 2,594.09 | 1,713.75 | ||||
| 14 Earnings per Share | ||||||
| (i) Basic | 9.52 | 19.17 | 3.89 | 48.86 | 0.10 | |
| (ii) Diluted | 9.52 | 19.16 | 3.89 | 48.85 | 0.10 |
$\mathcal{L}_{\mathcal{A}}$
E.I.D.-PARRY (INDIA) LIMITED
Registered Office: 'Dare House', Parry's Corner, Chennai - 600 001 Standalone Financial Results for the quarter and year ended March 31, 2021 Standalone Segment-wise Revenue, Results, Assets and Liabilities
Rs. in Crore Stand-alone Company Results Year ended Quarter ended March 31, March 31, March 31, March 31. December 31, 2020 2020 2021 2020 2021 Audited Audited Unaudited Audited Audited (Refer note 8) (Refer note 8)
1. Segment Revenue:
(Sales/Income from each segment)
| Revenue from operations | 564.34 | 439.36 | 608.35 | 2,024.25 | 1,874.88 |
|---|---|---|---|---|---|
| Less: Intersegmental Revenue | 25.81 | 16.23 | 29.11 | 51.63 | 48.29 |
| Sub - total | 590.15 | 455.59 | 637.46 | 2,075.88 | 1,923.17 |
| c. Others | (0.25) | 0.17 | 0.57 | ||
| d. Nutraceuticals | 13.90 | 22.04 | 12.59 | 71.74 | 58.19 |
| c. Distillery | 94.20 | 90.76 | 100.97 | 361.61 | 356.80 |
| b. Co-generation | 70.49 | 40.08 | 70.12 | 141.95 | 130.97 |
| a. Sugar | 411.81 | 302.71 | 453.61 | 1,500.58 | 1,376.64 |
2. Segment Results:
(Profit (+) / Loss (-) before Tax and Interest from each segment)
| Sub - total | 151.16 | (5.45) | 135.47 | 91.46 | 7.64 |
|---|---|---|---|---|---|
| Less : (i) Finance Costs (refer note below) | 17.40 | 20.02 | 39.03 | 92.72 | 135.66 |
| (ii) Other un-allocable expenditurenet of un-allocable income | (114.81) | (5.13) | (21.94) | (344.48) | (107.98) |
| Add: Exceptional Items (refer note 4) | (14.24) | 366.60 | 715.17 | ||
| Profit/(Loss) Before Tax | 234.33 | 346.26 | 118.38 | 1,058.39 | (20.04) |
Note: Finance cost also includes finance cost attributable to specific borrowings of certain segments. The same are not included in the measure of segment result as the Chief Operating Decision Maker reviews the result before allocation of finance cost.
3. Segment Assets:
| Total | 4,274.57 | 4,115.63 | 4,077.59 | 4.274.57 | 4.077.59 |
|---|---|---|---|---|---|
| e. Un-allocated | 1,641.21 | .735.86 | 1,291.83 | 1,641.21 | 1,291.83 |
| d. Nutraceuticals | 115.69 | 116.64 | 13.47 | 115.69 | 113.47 |
| c. Distillery | 389.82 | 334.04 | 285.42 | 389.82 | 285.42 |
| b. Co-generation | 283.31 | 298.04 | 350.71 | 283.31 | 350.71 |
| a. Sugar | 1.844.54 | 1.631.05 | 2,036.16 | 1,844.54 | 2,036.16 |
4. Segment Liabilities:
| Total | 1,680.48 | 1.702.45 | 2,363.84 | 1,680.48 | 2,363.84 |
|---|---|---|---|---|---|
| c. Un-allocated | 742.47 | 636.83 | 1,142.14 | 742.47 | 1,142.14 |
| d. Nutraceuticals | 14.40 | 16.94 | 16.67 | 14.40 | 16.67 |
| c. Distillery | 23.59 | 12.64 | 16.94 | 23.59 | 16.94 |
| b. Co-generation | 19.41 | 32.38 | 28.91 | 19.41 | 28.91 |
| a. Sugar | 880.61 | .003.66 | 1,159.18 | 880.61 | 1,159.18 |
Notes on Segment information:
a. The Company is focused on the following business segments: Sugar, Co-generation, Distillery and Nutraceuticals. Based on the "management approach" as defined in Ind AS 108 - Operating Segments, the Chief Operating Decision Maker evaluates the Company's performance and allocates resources based on an analysis of various performance indicators by business segments. Accordingly, information has been presented along these business segments. The accounting principles used in the preparation of the financial results are consistently applied to record revenue and expenditure in individual segments.
b. Segment result represents the profit before interest and tax earned by each segment without allocation of central administrative costs and other income.
E.I.D.-PARRY (INDIA) LIMITED
Registered Office: 'Dare House', Parry's Corner, Chennai - 600 001 Standalone Statement of Assets and Liabilities as at March 31, 2021
Rs. in Crore As at 31.03.2021 31.03.2020 Audited Audited ASSETS Non-current assets $\mathbf{I}$ (a) Property, plant and equipment 1,027.63 1,227.67 (b) Right-of-use assets 55.19 58.73 (c) Capital work in progress 112.30 19.32 (d) Investment property 33.50 24.89 (e) Goodwill 14.52 (f) Other intangible assets $2.13$ 2.74 (g) Financial assets (i) Investments (a) Investments in subsidiaries 812.30 816.25 (b) Investments in joint ventures 10.70 10.70 (c) Other investments 187.18 172.50 (ii) Loans 304.00 8.00 (iii) Other financial assets 4.82 3.87 (h) Deferred tax assets (net) 81.61 (i) Income tax assets (net) 97.27 69.96 (j) Other non-current assets 14.34 16.29 Total non-current assets 2,661.36 2,527.05 $\overline{2}$ Current assets (a) Inventories 957.06 956.81 (b) Financial assets (i) Trade receivables 200.63 161.78 (ii) Cash and cash equivalents 13.38 10.54 (iii) Bank balances other than (ii) above 16.91 4.46 (iv) Loans 104.00 4.00 (v) Other financial assets 154.82 183.49 (c) Other current assets 195.66 101.81 1,548.61 1,516.74 (d) Assets classified as held for sale 64.60 33.80 Total current assets 1,613.21 1,550.54 Total Assets 4,274.57 4,077.59 $\overline{\mathbf{a}}$ EQUITY AND LIABILITIES $\mathbf{1}$ EQUITY (a) Equity Share Capital 17.71 17.70 (b) Other equity 2,576.38 1,696.05 Equity attributable to owners of the Company 2,594.09 1,713.75 Non-Current liabilities $\overline{2}$ (a) Financial liabilities (i) Borrowings 79.42 410.00 (ii) Lease liability 38.10 44.08 (b) Deferred tax liability (net) 125.18 8.64 (c) Long term provisions 7.19 8.62 (d) Other non-current liabilities 4.83 6.61 Total Non - Current Liabilities $254.72$ 477.95 Current Liabilities $\overline{\mathbf{3}}$ (a) Financial liabilities (i) Borrowings 354.59 492.32 (ii) Lease liability 11.01 10.62 (iii) Trade payables (a) total outstanding dues of micro enterprises and small enterprises $3.03$ 1.80 (b) total outstanding dues of creditors other than micro enterprises and small enterprises 302.13 434.47 (iv) Other financial liabilities 704.18 908.37 (b) Short term provisions 13.43 15.48 (c) Other Current liabilities 37.39 22.83 Total Current Liabilities 1,425.76 1,885.89 Total Liabilities 1,680.48 2,363.84 Total Equity and Liabilities 4.274.57 4,077.59
E.I.D.-PARRY (INDIA) LIMITEDRegistered Office: 'Dare House', Parry's Corner, Chennai - 600 001Btandalone Statement of Cash Fiows for the year ended March 31, 2021
| For the year ended | ||||
|---|---|---|---|---|
| March 31, 2021 | March 31, 2020 | |||
| A. Cash flow from operating activities | ||||
| Net profit before tax | 1,058.39 | (20.04) | ||
| Adjustments for: | ||||
| Depreciation, amortisation and impairment | 204.36 | 119.56 | ||
| Finance costs | 92.72 | 135.66 | ||
| Gain on sale of investment in subsidary (exceptional item) | (827.25) | |||
| Dividend income | (305.16) | (62.19) | ||
| Profit on sale of investment property and fixed assets (net) | (12.27) | (3.63) | ||
| Net (gain)/loss arising on FVTPL Transaction | (1.05) | (1.69) | ||
| Interest income (including government grant interest income) | (12.50) | [24.35] | ||
| Liabilities/provisions no longer required written back | (2.35) | (1.90) | ||
| Bad debts written off and provision for doubtful debts | 17.04 | 7.16 | ||
| Provision for employee benefits | (1.73) | 2.74 | ||
| Rental income from investment property net of expense | (12.00) | (860.19) | (13.87) | 157.49 |
| Operating profit before working capital changes | 198.20 | 137.45 | ||
| Changes in operating assets & liabilities | ||||
| (Increase)/decrease in Trade Receivables | (54.43) | (6.41) | ||
| (Increase)/decrease in Inventories | (0.25) | 15.91 | ||
| (Increase)/decrease in Bank balances considered as other than cash and | ||||
| cash equivalent | (12.49) | 0.33 | ||
| (Increase)/decrease in Other Assets | 100.98 | (9.88) | ||
| (Increase)/decrease in Other Financial Assets | 26.16 | (105.78) | ||
| Increase/(decrease) in Trade Payable | (128.76) | 30.10 | ||
| Increase/(decrease) in Other Liabilties | 14.42 | 3.85 | ||
| Increase/(decrease) in Other Financial Liabilties | 25.74 | 14.72 | ||
| Increase/(decrease) in Cane Bills Due | (180.03) | (92.43) | ||
| (208.66) | (149.59) | |||
| Cash used in operations | (10.46) | (12.14) | ||
| Income tax paid net of refund | (26.62) | (3.42) | ||
| Net cash used in operating activities | (37.08) | (15.56) | ||
| B. Cash flow from investing activities | ||||
| Purchase of property, plant and equipment and intangible assets | [130.60] | (100.99) | ||
| Proceeds from sale of investment property and fixed assets | 15.58 | 6.65 | ||
| Sale of investments and investment income | 1.05 | 1.69 | ||
| Investments in subsidiary companies | ۰ | (18.88) | ||
| Investments in Joint venture | (4.10) | |||
| Intercorporate loan | 4.00 | 4.00 | ||
| Intercorporate loan (given to)/repaid by subsidiary | (400.00) | 0.51 | ||
| Rent received from investment property net of expenses | 12.00 | 13.87 | ||
| Interest received | 2.63 | 3.49 | ||
| Proceed from sale of investment in subsidary (exceptional item) | 835.16 | |||
| Dividend income received | 305.16 | 62.19 | ||
| Net cash from/(used in) investing activities | 644.98 | (31.57) | ||
| C. Cash flow from financing activities | ||||
| Proceeds from issue of equity shares | ||||
| Proceeds from long term borrowings | 2.98 | |||
| Repayment of long term borrowings | 64.03 | 191.04 | ||
| Net increase/(decrease) in working capital borrowing | (407.50) | (105.60) | ||
| Finance costs paid | (138.53) | 116.01 | ||
| Lease Rent payment under Ind AS 116 | (114.44)(11.60) | (134.10)(10.38) | ||
| Net cash (used in)/from financing activities | (605.06) | 56.97 | ||
| Net increase in cash and cash equivalents (A+B+C) | 2.84 | 9.84 | ||
| Reconciliation: | ||||
| Cash and cash equivalents as at beginning of the year | 10.54 | 0.70 | ||
| Cash and cash equivalents as at end of the year | 13.38 | 10.54 | ||
| Net increase in cash and cash equivalents | 2.84 | 9.84 |
$\bar{\mathbf{v}}$
$\overline{\phantom{a}}$
E.I.D.-PARRY (INDIA) LIMITED
Registered Office: 'Dare House', Parry's Corner, Chennai - 600 001
Standalone Financial Results for the quarter and year ended March 31, 2021
- The above Financial Results were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their respective $\mathbf{1}$ meetings held on June 29, 2021.
- The listed Non Convertible Debentures of the Company aggregating to Rs. 100 Crores as on March 31, 2021 are secured by way of first $\overline{a}$ mortgage/charge on various properties of the Company and assets cover thereof exceeds hundred percent of the principal amount of the said debentures.
The information for Listed Secured Debentures Outstanding as on March 31, 2021 are as follows:
| 8.8 o | Series | Outstanding(Rs. in crore) | PreviousInterestpayment date [Y/N/NA] | PreviousInterest | Next due date forPaid Principal/Interestpayment | Rating |
|---|---|---|---|---|---|---|
| 8.25% Secured Redeemable Nonconvertible debentures 2018-19series | 100 | 27-Apr-2020 | 27-Apr-2021 | 'AA-' (Stable) |
3 Pursuant to the requirements of SEBI circular no SEBI/HO/DDHS/DDHS/CIR/P/2019/115 dated October 22, 2019, the Company has listed commercial papers on a recognised stock exchange.
a. The Company has a short term credit rating of "CRISIL Al+" by CRISIL Limited and "CARE A1+" by CARE Ratings Limited for its Commercial Papers at the time of issue.
b. The Company has the following Ratios:
| Particulars | As at March31, 2021 | As at March31, 2020 | |
|---|---|---|---|
| Debt Equity ratio | 0.21 | 0.60 | |
| Debt Service Coverage Ratio (DSCR) | 2.98 | 0.96 | |
| Interest Service Coverage Ratio (ISCR) | 14.62 | 1.73 |
Debt-Equity Ratio: (Long term borrowings + Short term borrowings + Current maturities of long term debt)/Total Equity Debt service coverage ratio: (Earnings before interest on long term borrowings, tax, depreciation and amortisation)/(Interest on long term borrowing + Long term borrowings principal repayment) Interest service coverage ratio: EBITDA/Interest
Exceptional items include the following:
a. Rs. 362.81 Crores gain on sale of 58,50,000 number of equity shares representing 2% stake in its subsidiary, Coromandel International Limited at Rs. 629.19 per share aggregating to a value of Rs. 368 Crores in the quarter ended June 30, 2020.
b. Rs. 464.44 Crores gain on sale of 58,50,000 number of equity shares representing 2% stake in its subsidiary, Coromandel International Limited at Rs. 800.7 aggregating to a value of Rs. 468 Crores in the quarter ended December 31, 2020.
c. The Board at its meeting held on July 29, 2019 had approved the closure of the sugar unit at Pudukkottai duc to non-availability of adequate sugarcane. The Board has approved the closure of the sugar unit at Pettavaithalai due to non-availability of adequate sugarcane as the expectation of the revival of cane cultivation in the areas is low due to a variety of factors. The Company proposed to transfer the assets of the units to its other units/dispose of other assets as it deemed appropriate. Consequently, the Company has charged Rs. 96.28 Crores to the profit and loss account (representing Rs. 68.57 Crores of impairment charges and Rs. 27.71 Crores towards dismantling/ transportation expenses) for the year ended March 31, 2021. Of the said amount, Rs. 83.32 Crores (representing Rs. 65.53 Crores of impairment changes and Rs. 17.79 Crores towards dismantling/transportation expenses) was charged to profit and loss account during the quarter ended December 31, 2020 and Rs. 12.96 Crores (representing Rs. 3.04 Crores of impairment changes and Rs. 9.92 Crores towards dismantling/transportation expenses) was charged to profit and loss account during the quarter ended March 31, 2021.
d. The Company has impaired Goodwill of Rs. 14.52 Crores relating to Ramdurg factory based on evaluation of the recoverability, being a leased plant, during the quarter ended December 31, 2020.
e. The Company has impaired Rs. 1.28 Crores relating to fixed assets of its Lycopene facility in Pune during the quarter and year ended March 31, 2021.
5 Consequent to the Company's decision to move to the new tax regime under section 115BAA of the Income Tax Act, 1961, the Company has remeasured its deferred tax balance and has written off the unutilised Minimum Alternate Tax credit. On account of this change, the charge to the statement of profit and loss for year ended March 31, 2021 is Rs. 88.90 Crores.
Pursuant to the exercise of stock options by certain employees, the Company has allotted 1,07,410 equity shares during the year ended March 31, 6 2021 (year ended March 31, 2020: Nil) each at the respective exercise price.
- Subsequent to the balance sheet, the Board of Directors of the Company's subsidiary, Coromandel International Limited have recommended a final $\overline{7}$ dividend of Rs. 6 per share (estimated dividend inflow for the Company would be Rs. 99 Crores), which is subject to the approval by the subsidiary's shareholders.
- 8 The figures for the current quarter and the quarter ended March 31, 2020 are the balancing figures between audited figures of the full financial year ended March 31, 2021 and March 31, 2020, respectively and published year to date figure upto third quarter ended December 31, 2020 and December 31, 2019 respectively.
- 9 The spread of COVID 19 has severely impacted businesses around the globe. Due to outbreak of coronavirus global pandemic, Government of India, implemented a Pan India lockdown from March 2020 with certain relaxations and exceptions. The Company's significant business is sugar and it has been identified as an essential service. The Company's factory was operating during the lockdown except for few days in the initial lock down period and was able to complete the crushing of sugarcane as per the schedule with slight delay. The Company has made detailed assessment of its liquidity position including the ability of the Company to continue as going concern. The Company has sanctioned credit facilities which can be used as and when necessary and has the ability to repay the debts as and when it falls due. Management believes that it has taken into account all the possible impact of events arising from COVID 19 pandemic in the preparation of the standalone financial results for the year ended March 31, 2021, which are not significant.
- 10 The Code on Social Security, 2020 ("Code") relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.
- 11 Due to the seasonal nature of the business, figures for the current and previous quarters are not comparable.
- 12 Figures for the comparative periods have been regrouped wherever necessary in conformity with present classification.
Op behalf of the Board Managing Director
$\mathbf{I}$
Chennai June 29, 2021
Price Waterhouse Chartered Accountants LLP
Independent Auditor's Report on the Statement of Consolidated Financial Results
The Board of Directors E.J.D. - Parry (India) Umited Dare House, New NO. 2, Old 234, NSC Bose Road, Chennai - 600001
Opinion
-
- We have audited the consolidated financial results of E.I.D. Parry (India) Umited (hereinafter referred to as the 'Holding Company") and its subsidiaries (Holding Company and its
- / subsidiaries together referred to as "the Group"), its associate and joint ventures (Refer note 11 to the consolidated financial results) for the year ended March 31, 2021 and the consolidated statement of assets and liabilities and the consolidated statement of cash flows as at and for the year ended on that date, attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 and Regulation 52 of the SEBI (Usting Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Usting Regulations').
- 2 . In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of reports of other auditors on consolidated/separate audited
- / financial statements /financial results/ financial information of the subsidiaries, associate and joint ventures, the aforesaid consolidated financial results:
- (i) include the annual financial results of the following entities:
Subsidiaries:
-
- Coromandellnternational Umited, its subsidiaries, joint ventures and an associate.
- 2 . Parry Infrastructure Company Private Umited
-
- Parrys Sugar Umited
-
- Parrys Agrochem Exports Umited (by itself and investments through its subsidiary -
- Parrys Investments Umited)
-
- Parrys Investments Umited
-
- Parry Sugars Refinery India Private Umited
-
- Parry International DMCC (subsidiary of Parry Sugars Refinery India Private Limited)
-
- US Nutraceuticals Inc (Formerly known as US Nutraceuticals LLC) and its subsidiary
-
- Alimtec SA
-
- E.I.D. Parry Europe B.V.
Joint venture:
-
- Algavista Green Tech Private Umited
- (ii) are presented in accordance with the requirements of Regulation 33 and Regulation 52 of the Usting Regulations in this regard; and
- (iii) give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards prescribed under Section 133 of the Companies Act, 2013 (the "Act") and other accounting principles generally accepted in India, of net profit and other comprehensive income and other financial information of the Group, its associate and joint ventures for the year ended March 31, 2021 and the consolidated statement of assets and liabilities and the consolidated statement of cash flows as at and for the year ended on that date.
ResiAlf'mI office II.Dd I-lead Office:: SUdlda 8haWlln, ItA Va hoo Dipmbftr MIUJ, New Delhi - 1l0002.
Prlt:e Watahw.ae (a Partncrah.ip Firm) Converted intu PrIce Wott:rhuusc: o.ar1.cred .o\ttountanll UP (a limited Uability Partnmhlp "'ith llJI' identity hU: U-PlNAAC-SOOt) with dred (rom July 25, :10,"". Poa ita conwmon \0 PriI% W.terhowe Ol..vred Aa :ountanta UP, its leAl rt'palntioR Rumbel" is ol27$4N{Nsooo16 OCAI ~~tion numbe-r bdore wnveniun wu OI27S4Nl
Baals for Opinion
- , 3. We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act and other applicable authoritative pronouncements issued by the
- Institute of Chartered Accountants of India. Our responsibilities under those Standards are further described in the 'Auditor's Responsibilities for the Audit of the Consolidated Finandal Results' section of our report. We are independent of the Group, its associate and joint ventures 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, other than the unaudited financial statements/ financial information as certified by the management and referred to the Other Matters paragraph below, is sufficient and appropriate to provide a basis for our opinion.
Empbasis of Matters in respect of Subsidiary Companies
/' 4· We draw your attention to Note 5 to the consolidated financial results regarding inventory differences aggregating to Rs. 120.45 Crores arising out of physical verification of inventories carried out by Parry Sugars Refinery India Private Limited (PSRIPL), a subsidiary company as at the year end and included under the heading 'Cost of materials consumed' in the 'Consolidated Statement of Profit and Loss' for the year ended Marm 31, 2021. As indicated in the fact finding report of an independent consultant and the legal opinion obtained by the subsidiary company, the year wise impact of sum losses relating to the earlier years, cannot be ascertained and consequently the entire difference of Rs. 120.45 Crores has been recorded in the Consolidated Statement of Profit and Loss for the year ended Marclt 31, 2021 in accordance with Ind AS 8 "Accounting Policies, Changes in Accounting Estimates and Errors'.
Our opinion is not modified in respect of this matter.
- The following emphasis of matter has been included in the Independent Auditor's Report of Parry International DMCC, a step down subsidiary of the Holding Company vide their report dated June 21, 2021. Refer Note 14 to the consolidated financial results.
"Without qualifying the report, we wish to highlight the content of (Note 12) to the financial statement with regards to the going concern status of the Company. These financial statements have been prepared under going concern concept despite the fact that the Company has negative equity and working capital deficit, considering the undertaking provided by the shareholder."
Our opinion is not modified in respect of this matter.
Board of Directors' Responsibilities for the Consolidated Financial Results
- These Consolidated financial results have been prepared on the basis of the consolidated annual financial statements. The Holding Company's Board of Directors are responsible for the preparation and presentation of these consolidated financial results that give a true and fair view I of the net profit and other comprehensive income and other financial information of the Group including its associate and joint ventures for the year ended March 31, 2021 and the consolidated statement of assets and liabilities and the consolidated statement of cash flows as at and for the year ended on that date 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 and Regulation 52 of the Listing Regulations. The respective Board of Directors of the companies included in the Group and of its associate and joint ventures
are responsible for maintenance of adcquate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and its associate and joint ventures and for preventing and detet:ting 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 accuraL'Y and completeness of the a"counting records, relevant to tbe preparation and presentation of the consolidated financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have becn used for the purpose of preparation of the consolidated financial results by the Directors of the Holding Company, as aforesaid.
- 7· In preparing the consolidated financial results, the respective Board of Directors of the companies included in the Group and of its associate and joint ventures are responsible for assessing the ability of the Group and its associate and joint ventures 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 and its associate and joint ventures 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 and of its associate and joint ventures are responsible for overseeing the financial reporting process of the Group and of its associate and joint ventures.
Auditor's Responsibilities for the Audit of the Consolidated Financial Results
-
- Our objectives are to obtain reasonable assurance about whether the consolidated financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to , influence the economic decisions of users taken on the basis of these consolidated financial results.
- 10, As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the consolidated financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls. (Refer paragraph 18 below)
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
/
- Conclude on the appropriateness of the Board of Diret10rs use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or cunditiuns that may cast significant doubt on the ability of the Group and its associate and joint ventures 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 consolidated financial results or, if such disclosures arc 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 and its associate and joint ventures to cease to continue as a going concern .
- Evaluate the overall presentation, structure and content of tbe consolidated financial results, including the disclosures, and whether the consolidated financial results represent the underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within tbe Group and its associate and joint ventures to express an opinion on tbe consolidated Financial Results. We are responsible for the diret1ion, supervision and performance of the audit of financial information of such entities included in the consolidated financial results ofwbich we are the independent auditors. For the other " entities included in the consolidated financial results, whicb have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them, We remain solely responsible for our audit opinion.
-
- We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated financial results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
-
- We also performed procedures in accordance with the circular issued by the SEBI under "., Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.
Other Matters
- We did not audit the financial statements / financial information/ financial results of eight subsidiaries (including their relevant subsidiaries/ a step down subsidiary/joint venture/ associate) included in the consolidated financial results, whose financial statements / financial information/ financial results reflect total assets of Rs. 9,168.60 Crores and net assets of Rs. 5,275.98 Crores as at March 31, 2021, total revenues ofRs. 14,417.23 Crores, total net profit after tax of Rs. 1,299.09 Crores, and total comprehensive income of Rs. 1,318.19 Crores for the year ended March 31, 2021, and cash inflows (net) of Rs. 628.27 Crores for the year ended March 31, 2021, as considered in the consolidated financial results. The consolidated financial results also include the Group's sbare of net loss after tax ofRs. 3·30 Crores and total comprehensive loss of Rs. 3.29 Crores for the ycar ended March 31, 2021 respectively, as considered in the consolidated financial results, in respect of a joint venture, whose financial statements / financial information/financial results have not been audited by us. These financial statements / financial information/financial results have been audited by other auditors whose reports have been furnished to us by the Holding Company's Management and our opinion on the consolidated financial results, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries (including their relevant subsidiaries/ a step down subsidiary/joint ventures/ associates), and joint venture, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 12 above.
-
- The consolidated financial results includes the unaudited financial statements/ financial information/ financial results of one subsidiary, whose financial statements/ financial information reflect total assets of Rs. NIL and net assets of Rs. NIL as at March 31, 2021, total revenue of Rs. NIL, total net profit after tax of Rs. NIL, and total comprehensive income of Rs. NIL for the year ended March 31, 2021, and cash inflows (net) ofRs. NIL for the year then ended, as considered in the consolidated financial results. These financial statements/ financial information/financial results are unaudited and have been furnished to us by the Management and our opinion on the consolidated financial results, in so far as it relates to the amounts and disclosures included in respect of this subsidiary, is based solely on such unaudited financial statements/ financial information/ financial results. In our opinion and according to the information and explanations given to us by the Management, these financial statements / financial information/ financial results are not material to the Group.
- 15· Of the above, the financial statements of three subsidiaries (including one step down subsidiary) located outside India, included in the consolidated financial results, which constitute total assets of Rs 238.08 Crores and net assets of Rs 99.51 Crores as at March 31, 2021, total revenue of Rs. 203.75 Crores, total comprehensive loss (comprising ofloss and other comprehensive income) of Rs. 29.05 Crores and net cash outflow amounting to Rs 1.51 Crores for the year then ended, have been prepared in accordance with accounting principles generally accepted in their respective countries and have been audited by other auditors under generally accepted auditing standards applicable in their respective countries. The Holding Company's management has converted the financial statements of sum subsidiaries located outside India from the accounting principles generally accepted in their respective countries to the accounting principles generally accepted in India. We have audited these conversion adjustments made by the Holding Company's management. Our opinion in so far as it relates to the balances and affairs of such subsidiaries located outside India, including other information, is based on the report of other auditors and the conversion adjustments prepared by the management of the Holding Company and audited by us.
-
- The following emphasis of matter paragraph was included in the audit report on the financial statements of A1gavista Greenteclt Private Limited, a Joint venture of the Holding Company issued by an independent firm of Chartered Accountants vide its report dated May 19, 2021 reproduced by us as under:
'We draw your attention to Note 37 to the financial statements whim explains the management's assessment of the financial impact due to the lock-downs and other restrictions and conditions related to the Covid-19 pandemic situation, for whiclt definitive assessment of the impact in the subsequent period would largely depend upon the circumstances as they evolve.
Our Opinion is not modified in respect of this matter."
Our opinion on the consolidated Financial Results is not modified in respect of0e above matters with respect to our reliance on the work done and the reports of the other auditors.
- The Financial Results include the results for the quarter ended March 31, 2021 being the balancing figures between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quer of th current !inanci~ ~ear (limited review carried out by us till December 31, 2020), which are neither subject to Imnted review nor audited by us.
Independent Auditor's Report on the Statement of Coosolidated Financial Results To the Board of Directors of E.I.D. - Parry (India) limited Report on the Consolidated Financial Results Page 6 of6
- The consolidated annual financial results dealt with by this report have been prepared for the express purpose of filing with National Stock Exchange ofIndia Limited and BSE Limited. These results are based on and should be read with the audited consolidated financial statements of the grouP. its associate and joint ventures. for the year ended March 31. 2021 on which we have issued an unmodified audit opinion vide our report dated June 29. 2021. Also refer the Emphasis of Matters in respect of Subsidiary Companies paragraph above.
For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 012754N/NSOO0l6 Chartered Accountants
.. t.~.
Partner Membership Number: 213126 UDIN: 21213126AAAAER9540
Place: Chennai Date: June 29. 2021
E.I.D.-PARRY (INDIA) LIMITED
Registered Office: 'Dare House', Parry's Corner, Chennai - 600 001 Consolidated Financial Results for the quarter and year ended March 31, 2021CIN: L24211TN1975PLC006989
| Ra. in Crore except for per share data | |||||
|---|---|---|---|---|---|
| Consolidated Results | |||||
| Quarter ended | Year ended | March 31. | |||
| March 31. | December 31. | March 31, | March 31. | 2020 | |
| 2021 | 2020 | 2020 | 2021 | ||
| (Refer Note 12) | (Refer Note 12) | Audited | |||
| Audited | Unaudited | Audited | Audited | ||
| PART I | |||||
| 1 Income | 18,587.45 | 17,128.92 | |||
| a) Revenue from operations | 3,907.96 | 4,701.19 | 4,245.09 | 43.15 | 18.88 |
| b) Other income (Including other gains/losses) | 20.56 | (6.52) | 15.93 | 18,630.60 | 17,147.80 |
| Total Income | 3,928.52 | 4,694.67 | 4,261.02 | ||
| 2 Expenses | 10,454.51 | 10,327.69 | |||
| a) Cost of materials consumed (refer note 5) | 3,205.42 | 2,707.77 | 2,748.93 | 2.184.58 | 1,354.20 |
| b) Purchases of stock-in-trade | 132.54 | 694.66 | 114.36 | ||
| c) Changes in inventories of finished goods, by-products, | 16.52 | 593.68 | 478.08 | ||
| work-in-progress and stock-in-trade | [540.91] | (91.47) | 167.09 | 724.84 | 66373 |
| d) Employee benefits expense | 179.28 | 193.32 | 96.22 | 235.61 | 430.49 |
| e) Finance costs | 40.07 | 48.07 | 87.04 | 331.70 | 31896 |
| f) Depreciation and amortisation expense | 81.41 | 82.95 | 573.67 | 2,456.36 | 2,306.08 |
| g) Other expenses | 629.443,727.25 | 631.754,267.05 | 3,803.83 | 16,981.28 | 15,879.23 |
| Total expenses | |||||
| 3 Profit before share of profit of equity accounted investees,exceptional items and $lax(1 - 2)$ | 201.27 | 427.62 | 457.19 | 1,649.32 | 1,268.57 |
| (14.24) | [97.84] | (112.08) | |||
| 4 Exceptional item (refer note 4)5 Profit before share of profit of equity accounted investees and | |||||
| $tan(3 + 4)$ | 187.03 | 329.78 | 457.19 | 1,537.24 | 1,268.57 |
| Add: Share of Profit/(Loss) from Associates | (0.47) | 0.04 | (0.82) | ||
| Add: Share of Profit/(Loss) from Joint Ventures | (1.33) | 0.26 | (0.79) | 2.04 | (1.51) |
| 6 Profit before tax | 185.70 | 330.04 | 455.93 | 1,539.32 | 1,266.24 |
| 7 Tax Expenses | |||||
| Current tax | 55.43 | 109.57 | 92.94 | 459.22 | 382.78 |
| Deferred tax (refer note 6) | 68.66 | (24.90) | 112.68 | 80.28 | (5.42) |
| Total tax expense | 124.09 | 84.67 | 205.62 | 539.50 | 377.36 |
| 8 Profit after Tax (6 - 7) | 61.61 | 245.37 | 250.31 | 999.82 | 888.88 |
| Profit for the period attributable to: | |||||
| a. Owners of the Company | (6.34) | 106.58 | 157.23 | 447.37 | 467.87 |
| b. Non-controlling Interest | 67.95 | 138.79 | 93.08 | 552.45 | 421.01 |
| ı9 Other Comprehensive income (OCI): | |||||
| a. Items that will not be reclassified to profit or loss | |||||
| - Effect of measuring investments at fair value | 20.09 | 5.14 | 12.80 | 27.79 | 7.03 |
| - Actuarial loss on defined benefit obligation | (11.40) | 2.23 | (9.49) | (1.32) | |
| - Gain on Bargain Purchase (refer note 8) | 0.73 | 2.66 | |||
| - Share of OCI as reported by Joint ventures and associate | (0.01) | (0.01) | |||
| - Income tax relating to above items | (1.55) | (0.16) | (7.44) | (2.93) | (6.90) |
| b. Items that will be reclassified subsequently to profit or loss | |||||
| Exchange differences on translation | 2.4062.23 | 1.57 | 3.30 | 2.72 | 3.70 |
| Fair value movement of cashflow hedge instrument (net of tax) | 72.50 | [43.49](36.94) | (68.89)(58.01) | (12.17)8.58 | (106.22) |
| Total Other Comprehensive income/(loss) net of tax | (103.72) | ||||
| OCI for the period attributable to:a. Owners of the Company | 74.92 | [37.99] | [59.62] | 3.36 | (103.27) |
| b. Non-controlling Interest | (2.42) | 1.05 | 1.61 | 5.22 | |
| 10 Total Comprehensive income (8+9) | 134.11 | 208.43 | 192.30 | 1,008.40 | (0.45) |
| Total comprehensive income for the period attributable to: | 785.16 | ||||
| a. Owners of the Company | 68.58 | 68.59 | 97.61 | 450.73 | 364.60 |
| b. Non-controlling Interest | 65.53 | 139.84 | 94.69 | 557.67 | 420.56 |
| 11 Paid up Equity Share Capital | 17.71 | 17.71 | 17.70 | 17.71 | 17.70 |
| (Face value Re. 1 per equity share) | |||||
| 12 Reserves excluding Revaluation Reserve | 4,565.31 | 3,501.78 | |||
| 13 Networth (Total Equity) | 6,828.69 | 5,226.28 | |||
| 14 Earnings per Share (EPS) | |||||
| (i) Basic | (0.36) | 6.02 | 8.88 | 25.27 | 26.43 |
| (ii) Diluted | (0.37) | 5.98 | 8.84 | 25.15 | 26.34 |
| (Not annualised) (Rs.per Equity Share) | |||||
| See accompanying notes to the financial results |
$\frac{2}{3}$
B.I.D.-PARRY (INDIA) LIMITED Consolidated Pinancial Results for the quarter and year ended March 31, 2021
Consolidated Segment-wise Revenue, Results, Assets and Liabilities
| Consolidated Results | Ra. in Crore | ||||
|---|---|---|---|---|---|
| Quarter ended | Year ended | ||||
| March 31.2021 | December 31.2020 | March 31.2020 | March 31.2021 | March 31.2020 | |
| (Refer Note 12) | [Refer Note 12] | ||||
| Audited | Unaudited | Audited | Audited | Audited | |
| 1.Segment Revenue :the contract of the contract of the contract of the contract of the contract of the contract of the contract of |
(Sales/Income from each segment)
| Revenue from Operations | 3,907.96 | 4,701.19 | 4,245.09 | 18,587.45 | 17,128.92 |
|---|---|---|---|---|---|
| Less : Intersegmental Revenue | 56.64 | 44.41 | 39.06 | 171.02 | 150.76 |
| Sub-total | 3,964.60 | 4,745.60 | 4,284.15 | 18,758.47 | 17,279.68 |
| g. Others | (0.25) | 0.17 | 0.57 | ||
| f. Nutraceuticals | 66.41 | 56.13 | 61.09 | 254.38 | 210.26 |
| e. Distillery | 94.20 | 90.76 | 100.97 | 361.61 | 356.80 |
| d. Co-generation | 70.49 | 40.08 | 70.12 | 141.95 | 130.97 |
| c. Sugar | 853.33 | .002.01 | 1,173.55 | 3,684.82 | 3,345.65 |
| b. Crop Protection | 515.21 | 511.35 | 442.01 | 2,083.87 | .685.40 |
| a. Nutrient and allied business | 2,365.21 | 3,045.27 | 2,436.24 | 12,231.84 | 11,550.03 |
2. Segment Results:
[Profit [+] / Loss [-] before Tax and Interest from each segment]
| a. Nutrient and allied business | 200.55 | 408.68 | 311.87 | 1,685.18 | .506.98 |
|---|---|---|---|---|---|
| b. Crop Protection | 64.61 | 89.43 | 59.79 | 346.81 | 220.29 |
| c. Sugar | [49, 46] | (13.52) | 140.90 | (68.20) | 23.80 |
| d. Co-generation | 11.03 | 15.02 | 8.26 | (20.70) | (37.37) |
| e. Distillery | 17.72 | 0.83 | 21.15 | 31.55 | 61.03 |
| f. Nutraceuticals | 19.23 | 2.56 | 4.33 | 19.34 | (6.55) |
| Sub-total | 263.68 | 503.00 | 546.30 | 1,993.98 | 1,768.18 |
| Less : (i) Finance Costs | 40.07 | 48.07 | 96.22 | 235.61 | 430.49 |
| (ii) Other un-allocable expenditure net of un-allocableincome | 22.34 | 27.31 | (7.11) | 109.05 | 69.12 |
| Less : Exceptional Items (refer note 4) | 14.24 | 97.84 | 112.08 | ||
| Add: Share of Profit/(Loss) from Joint Venture/Associate | (1.33) | 0.26 | (1.26) | 2.08 | (2.33) |
| Profit Before Tax | 185.70 | 330.04 | 455,93 | 1,539.32 | 1.266.24 |
Note:
Finance Cost also includes finance cost attributable to specific borrowings of certain segments. The same are not included in the measure of segment result as the Chief Operating Decision Maker reviews the result before allocation of finance cost.
3.Segment Assets:
| Total | 13,263.61 | 14,740.95 | 15,024.02 | 13,263.61 | 15,024.02 |
|---|---|---|---|---|---|
| h. Unallocated Assets | 2.894.26 | 2,076.22 | 1.246.90 | 2,894.26 | 1.246.90 |
| g. Others | 27.01 | 25.76 | 21.64 | 27.01 | 21.64 |
| Mutraceuticals | 311.55 | 321.02 | 308.74 | 311.55 | 308.74 |
| e. Distillery | 389.49 | 333.90 | 284.92 | 389.49 | 284.92 |
| d. Co-generation | 283.31 | 298.04 | 350.71 | 283.31 | 350.71 |
| c. Sugar | 2.944.55 | 2,955.90 | 3,455.20 | 2,944.55 | 3.455.20 |
| b. Crop Protection | 1,454.72 | 1,491.41 | 1,519.05 | 1,454.72 | 1.519.05 |
| a. Nutrient and allied business | 4,958.72 | 7,238.70 | 7,836.86 | 4,958.72 | 7,836.86 |
4.Segment Liabilities :
| Total | 6,434.92 | 7,970.19 | 9,797.74 | 6,434.92 | 9,797.74 |
|---|---|---|---|---|---|
| h. Unallocated Liabilities | 905.40 | 966.37 | 3,417.57 | 905.40 | 3,417.57 |
| g. Others | 1.13 | 0.80 | 0.77 | 1.13 | 0.77 |
| f. Nutraceuticals | 78.05 | 103.36 | 89.19 | 78.05 | 89.19 |
| e. Distillery | 23.59 | 12.64 | 16.94 | 23.59 | 16.94 |
| d. Co-generation | 19.41 | 32.38 | 28.91 | 19.41 | 28.91 |
| c. Sugar | 1.838.37 | 2,467.78 | 2,632.88 | 1,838.37 | 2,632.88 |
| b. Crop Protection | 658.91 | 579.96 | 453.70 | 658.91 | 453.70 |
| a. Nutrient and allied business | 2.910.06 | 3,806.90 | 3,157.78 | 2,910.06 | 3.157.78 |
Notes on Segment Information:
a. The Group is focused on the following business segments: Nutrient and allied business, Crop protection, Sugar, Co-generation, Distillery and Nutraceuticals. Based on the "management approach" as defined in Ind AS 108 - Operating Segments, the Chief Operating Decision Maker evaluates the Group's performance and allocates resources based on an analysis of various performance indicators by business segments. Accordingly, information has been presented along these business segments. The accounting principles used in the preparation of the financial results are consistently applied to record revenue and expenditure in individual segments.
b. Segment result represents the profit before interest and tax earned by each segment without allocation of central administrative costs and other income.
E.I.D.-PARRY (INDIA) LIMITED
Registered Office: 'Dare House', Parry's Corner, Chennai - 600 001Consolidated Statement of Assets and Liabilities as at March 31, 2021
| Rs. in Crore | |||
|---|---|---|---|
| As at | |||
| 31.03.2021 | 31.03.2020 | ||
| A | Audited | Audited | |
| ABSETS | |||
| ١ | Non-current assets | ||
| (a) Property, Plant and Equipment | 3,066.03 | 3,307.00 | |
| (b) Right of use assets | |||
| (c) Capital work in progress | 445.32 | 470.74 | |
| (d) Investment Property | 191.66 | 69.13 | |
| (e) Goodwill | 33.50 | 24.89 | |
| (f) Other Intangible Assets | 15.97 | 31.43 | |
| 22.59 | 23.67 | ||
| (g) Intangible Assets under Development | 14.06 | 16.22 | |
| (h) Financial Assets | |||
| (i) Investments | |||
| (a) Investments in Associate | 0.06 | 0.02 | |
| (b) Investments in Joint Venture | 16.59 | 27.15 | |
| (c) Other investments | 396.83 | 368.19 | |
| (ii) Loans | 4.00 | 8.00 | |
| (iii) Other Financial Assets | 5.07 | 4.72 | |
| (i) Deferred tax assets (net) | 7.08 | 88.28 | |
| (j) Income tax assets (net) | |||
| (k) Other Non-Current assets | 99.15 | 71.19 | |
| 72.48 | 65.60 | ||
| $\overline{a}$ | Current assets | 4,390.41 | 4,576.23 |
| (a) Inventories | |||
| 4,070.58 | 4,354.05 | ||
| (b) Financial Assets | |||
| (i) Investments | 39.56 | 17.96 | |
| (ii) Trade receivables | 861.41 | 2,115.97 | |
| (iii) Government subsidy receivable | 718.86 | 2,464.79 | |
| (iv) Cash and Cash equivalents | 730.99 | 105.99 | |
| (v) Bank balances other than (iv) above | 62.07 | 32.25 | |
| (vi) Loans | 1,517.68 | 432.57 | |
| (vii) Other Pinancial Assets | 187.51 | 227.41 | |
| (c) Other Current assets | 619.94 | 666.96 | |
| 8,808.60 | 10,417.95 | ||
| (d) Assets classified as held for sale | 64.60 | 29.84 | |
| Total Current Assets | 8,873.20 | 10,447.79 | |
| TOTAL ASSETS | 13,263.61 | 15,024.02 | |
| в | EQUITY AND LIABILITIES | ||
| 1 | EQUITY | ||
| (a) Equity Share Capital | |||
| (b) Other equity | 17.71 | 17.70 | |
| 4,565.31 | 3,501.78 | ||
| Equity attributable to owners of the Company | 4,583.02 | 3,519.48 | |
| Non Controlling Interest | 2,245.67 | 1,706.80 | |
| Total Equity | 6,828.69 | 5,226.28 | |
| Non-Current liabilities | |||
| (a) Financial liabilities | |||
| (i) Borrowings | 79.42 | 610.00 | |
| (ii) Lease liability | 400.01 | 419.51 | |
| (iii) Other financial liabilities | |||
| (b) Provisions | ۰ | 1.98 | |
| 22.87 | 31.00 | ||
| (c) Deferred tax liability (Net) | 182.81 | 138.64 | |
| (d) Other Non-Current liabilities | 4.83 | 6.61 | |
| 689.94 | 1,207.74 | ||
| 3 | Current Liabilities | ||
| (a) Financial liabilities | |||
| (i) Borrowings | 497.27 | 3,155.63 | |
| (ii) Lease liability | 32.44 | 29.17 | |
| (iii) Trade payables | |||
| - Total outstanding dues of micro enterprises and small enterprises | 13.08 | 11.23 | |
| - Total outstanding dues of other than micro enterprises and small enterprises | 3,948.77 | 3,989.03 | |
| (iv) Other Financial liabilities | 1,069.61 | 1,227.16 | |
| (b) Short term Provisions | 35.37 | 30.36 | |
| (c) Current tax liability (net) | 37.21 | 43.16 | |
| 111.23 | 104.26 | ||
| (d) Other Current liabilities | 5,744.98 | 8,590.00 | |
| Total LiabilitiesTOTAL EQUITY AND LIABILITIES | 6,434.9213,263.61 | 9,797.7415,024.02 |
$\sum_{i=1}^{n}$
| E.I.D.PARRY (INDIA) LIMITEDRegistered Office: 'Dare House', Parry's Corner, Chennai - 600 001 | |||||
|---|---|---|---|---|---|
| Consolidated Statement of Cash Flows for the year ended March 31, 2021 | |||||
| For the Year ended | |||||
| March 31, 2021Rs. in Crore | March 31, 2020Rs. in Crore | ||||
| A. Cash flow from operating activities | |||||
| Wet profit before tax | 1,539.32 | 1,266.24 | |||
| Adjustments for : | |||||
| Depreciation, amortisation and impairment | 416.07 | 318.96 | |||
| Finance costs | 235.61 | 430.49 | |||
| Dividend Income | (0.37) | (0.61) | |||
| Profit on sale of investment property, fixed assets and fixed asset scrapped (net) | (6.54) | 1.15(1.83) | |||
| Net (Gain)/loss arising on FVTPL TransactionInterest Income (including government grant interest income) | (3.43) | (64.00) | |||
| Liabilities/provisions no longer required written back | (53.05)(34.62) | (2.35) | |||
| Bad debts written off and provision for doubtful debts | 39.08 | 15.61 | |||
| Net unrealised exchange gain or lose | (82.57) | 156.58 | |||
| Net (gain)/loss arising on derivatives | (67.13) | 18.21 | |||
| Earnings on equity method | (2.08) | 2.33 | |||
| Provision for employee benefits | (8.19) | 14.96 | |||
| Rental income from investment property net of expense | (12.00) | (13.87) | |||
| Others | (0.27) | 420.51 | 0.04 | 875.67 | |
| Operating profit before working capital changes | 1,959.83 | 2,141.91 | |||
| ٠ | |||||
| Changes in operating assets & liabilities | |||||
| (Increase)/decrease in Trade and other receivables | 1,242.18 | (46.23) | |||
| (Increase)/decrease in Government subsidies receivable | 1,726.56 | (22.31) | |||
| (Increase)/decrease in Inventories | 293.72 | 1,382.47 | |||
| (Increase)/decrease in Bank balances considered as other than cash and cash | |||||
| equivalent(Increase)/decrease in Other assets | (12.49) | 52.00 | |||
| (Increase)/decrease in Other financial assets | 126.55 | 136.98 | |||
| Increase/(decrease) in Trade payable | (9.32)86.75 | (79.66)(1,074.67) | |||
| Increase/(decrease) in Other liabilties | (12.82) | 76.32 | |||
| Increase/(decrease) in Other financial liabilties | 25.74 | (61.36) | |||
| Increase/(decrease) in Exchange differences on translation to presentation currency | 19.32 | (43.99) | |||
| Increase/(decrease) in Cane bills due | (180.03) | 3,306.16 | (92.43) | 227.12 | |
| Cash generated from operations | |||||
| Income tax paid net of refund | 5,265.99 | 2,369.03 | |||
| Net cash from operating activities | (495.00) | (383,06) | |||
| 4,770.99 | 1,985.97 | ||||
| B. Cash flow from investing activities | |||||
| Purchase of Property, plant and equipment and intangible assets | (334.04) | (364.84) | |||
| Proceeds from sale of investment property and fixed assetsSale/Purchase of investments and bank deposits (net) | 18.45 | 6.93 | |||
| Investments in subsidiary/Joint venture | (34.38) | 17.03 | |||
| Intercorporate deposits/loans given | (12.00) | (11.71) | |||
| Intercorporate deposits matured/loans received | (1, 813.68)732.57 | (424.57) | |||
| Rent received from investment property net of expenses | 12.00 | 428.05 | |||
| Proceeds from sale of investments in Subsidiary (refer note 3) | 835.16 | 13.87 | |||
| Interest received | 35.35 | ۰ | |||
| Dividend income received | 0.58 | 41.661.19 | |||
| Net cash used in investing activities | (559.99) | (292.39) | |||
| C. Cash flow from financing activities | |||||
| Proceeds from issue of equity shares | 17.36 | ||||
| Repayment of lease liability | (30.51) | 13.66 | |||
| Proceeds from long term borrowings | 64.03 | (26.46) | |||
| Repayment of long term borrowings | (509.80) | 291.04(242.98) | |||
| Net increase/(decrease) in working capital borrowing | (2,655.50) | (1,307.45) | |||
| Finance costs paid | (260.69) | (448.15) | |||
| Dividends paid Including Dividend Tax | (222.88) | (48.68) | |||
| Net cash used in financing activities | (3,597.99) | (1,769.02) | |||
| Net increase/(decrease) in cash and cash equivalents (A+B+C) | |||||
| Reconciliation: | 613.01 | (75.44) | |||
| Cash and cash equivalents as at beginning of the year | |||||
| Add: Cash & Cash Equivalents pursuant to acquisition of controlling interest | 105.99 | 170.60 | |||
| Exchange gain/(loss) on cash and cash equivalents | 12.39(0.40) | 8.432.40 | |||
| Cash and cash equivalents as at end of the period | 730.99 | 105.99 | |||
| Net increase/(decrease) in cash and cash equivalents | 613.01 | (75.44) | |||
$\frac{1}{2}$
murugappa
Registered Office: 'Dare House', Parry's Corner, Chennai - 600 001 Consolidated Financial Results for the quarter and year ended March 31, 2021
- The above Financial Reaults were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their respective meetings held on June 29, 2021.
- 2 Summarised figures of EID Parry (India) Limited for the quarter ended and year ended March 31, 2021 as a Standalone entity are:
| Description | Quarter ended | ||||
|---|---|---|---|---|---|
| Mar 312021 | Dec 312020 | Mar 312021 | Mar 312020 | ||
| Audited(Refer note 12) | Un-audited | Audited(Refer note 12) | Audited | Audited | |
| Revenue from operations | 564.34 | 439.36 | 608.35 | 2,024.25 | 1,874.88 |
| EBIDTA | 279.39 | 397.22 | 187.72 | 1,271.10 | 235.18 |
| Profit/(Loss) Before Tax* | 234.33 | 346.26 | 118.38 | 1,058.39 | (20.04) |
| Profit/(Loss) After Tax* | 168.60 | 339.18 | 68.84 | 864.86 | 1.83 |
| Total Comprehensive income/(loss) | 179.32 | 340.02 | 66.62 | 875.96 | (1.01) |
ncludes exceptional items loss of Rs. 14.24 Crores, gain of Rs. 366.60 Crores and gain of Rs. 715.17 Crores recorded during the quarter ended March 31, 2021, quarter ended December 31, 2020 and year ended March 31, 2021 respectively.
| Disclosures as per Listing of Debt Securities | ||||||
|---|---|---|---|---|---|---|
| Debt Equity Ratio | 0.21 | 0.60 | ||||
| Debt Service Coverage Ratio (DSCR) | 2.98 | 0.96 | ||||
| Interest Service Coverage Ratio (ISCR) | 14.62 | 1.73 | ||||
| term borrowing + Long term borrowings principal repayment)Interest service coverage ratio: EBITDA/Interest | Debt service coverage ratio: (Earnings before interest on long term borrowings, tax, depreciation and amortisation)/ (Interest on longDebt-Equity Ratio: (Long term borrowings + Short term borrowings + Current maturities of long term debt)/ Total Fourity |
The Standalone financial results can be accessed at Stock Exchange websites www.nseindia.com and www.bseindia.com. The results can also be accessed at the company's website www.eidparry.com.
3 During the quarters ended June 30, 2020 and December 31, 2020, the Holding Company had sold 58,50,000 number of equity shares each in two tranches, representing 4% stake in its subsidiary, Coromandel International Limited, aggregating to a value of Rs. 836 Crores. As per Ind AS 110 -Consolidated Financial Statements, the changes in ownership interest in a subsidiary that do not result in the parent losing control of the subsidiary are equity transactions (i.e. transactions with owners in their capacity as owners). Accordingly, the gain arising out of the transactions over and above the relative interest for the 4% in the subsidiary on the respective dates of sale is recognised directly in equity in the consolidated financial statements.
Exceptional items include the following:
a. The Holding Company's Board at its meeting held on July 29, 2019 had approved the closure of the sugar unit at Pudukkottai due to nonavailability of adequate sugarcane. The Holding Company's Board has approved the closure of the sugar unit at Pettavaithalai due to non-availability of adequate sugarcane as the expectation of the revival of cane cultivation in the areas is low due to a variety of factors. The Holding Company proposed to transfer the assets of the units to its other units/dispose of other assets as it deemed appropriate. Consequently, the Holding Company has charged Rs. 96.28 Crores to the profit and loss account (representing Rs. 68.57 Crores of impairment charges and Rs. 27.71 Crores towards dismantling/ transportation expenses) for the year ended March 31, 2021. Of the said amount, Rs. 83.32 Crores (representing Rs. 65.53 Crores of impairment changes and Rs. 17.79 Crores towards dismantling/transportation expenses) was charged to profit and loss account during the quarter ended December 31, 2020 and Rs. 12.96 Crores (representing Rs. 3.04 Crores of impairment changes and Rs. 9.92 Crores towards dismantling/transportation expenses) was charged to profit and loss account during the quarter ended March 31, 2021.
b. The Holding Company has impaired Goodwill of Rs. 14.52 Crores relating to Ramdurg factory based on evaluation of the recoverability, being a leased plant, during the quarter ended December 31, 2020.
c. The Holding Company has impaired Rs. 1.28 Crores relating to fixed assets of its Lycopene facility in Pune during the quarter and year ended March 31, 2021.
- Cost of materials consumed includes Rs 120.45 Crores representing cumulative adjustment relating to the current and earlier years arising from the 5 inventory differences out of the physical verification in one of its subsidiaries. The Subsidiary Company appointed an independent consultant to find the reasons for the difference. The fact finding report indicated reasons for the difference as errors in considering sugar lost in the processing, production disruptions and others. Based on the fact finding report and the legal opinion obtained with regard to relevant provisions of Companies Act, 2013 it was concluded that there is no indication of misappropriation of inventory or fraud and it is impracticable to determine the period specific effect of these errors or the cumulative effect of these errors at the beginning of the current period, amounting to Rs.120.45 Crores which were accounted in FY 21 and in the quarter ended March 31, 2021 as per paragraph 45 of Ind AS 8"Accounting Policies, Changes in Accounting Estimates and Errors.
- Consequent to the Holding Company's decision to move to the new tax regime under section 115BAA of the Income Tax Act, 1961, the Holding 6 Company has remeasured its deferred tax balance and has written off the unutilised Minimum Alternate Tax credit. On account of this change, the charge to the statement of profit and loss for the quarter ended June 30, 2020 and year ended March 31, 2021 is Rs. 68.59 Crores.
- The listed Non Convertible Debentures of the Holding Company aggregating to Rs. 100 Crores as on March 31, 2021 are secured by way of first mortgage/charge on various properties of the Holding Company and assets cover thereof exceeds hundred percent of the principal amount of the said debenture. The information for Listed Secured Debentures Outstanding as on March 31, 2021 are as follows:
| S.No | Series | Outstanding(Rs. in orore) | PreviousInterestpayment date | PreviousInterest Paid(Y/N/NA) | Next due date for Principal/ RatingInterest payment | |
|---|---|---|---|---|---|---|
| 8.25% Secured Redeemable Non-convertible debentures 2018-19 series | 100 | 27-Apr-2020 | 27-Apr-2021 | 'AA-' Stable |
- Pursuant to Share Purchase Agreement dated 10 July 2020, Coromandel International Limited (CIL), a subsidiary of the Company, has acquired $\mathbf{a}$ 50,00,000 equity shares held by M/s Soquirnich European Holdings B. V. for a consideration of Rs. 12 crores. Consequent to this acquisition, Coromandel SQM (India) Private Limited (CSQM) has become a wholly owned subsidiary of CIL with effect from August 24, 2020. The transaction was accounted in accordance with Ind AS 103 - Business Combinations and the initial accounting has been provisionally determined at the end of the reporting period, and values have been considered as per books of accounts. The excess of identifiable assets acquired and the liabilities assumed over the consideration paid has been recognised as gain on bargain purchase in capital reserve through other comprehensive income in Consolidated Financial Results. Consolidation of CSQM as a subsidiary was done w.e.f. August 31. 2020 as there were no material transactions between August 24, 2020 to August 31, 2020.
- The Board of directors of Coromandel International Limited (CIL) approved the proposed Scheme of Amalgamation of Liberty Pesticides and Fertilizers Limited and Coromandel SQM (India) Private Limited with CIL and have decided to make the requisite application to the Hon ble National Company Law Tribunal, Hyderabad (NCLT) under section 230 and 232 of the Companies Act 2013. Upon approval of the Scheme by NCLT, the undertakings of Liberty Pesticides and Fertilizers Limited and Coromandel SQM (India) Private Limited shall get transferred to and vested in CIL with the Appointed Date of April 01, 2021 or such other date as the NCLT may approve.
- 10 The spread of COVID 19 has severely impacted businesses around the globe. Due to outbreak of coronavirus global pandemic, Government of India, implemented a Pan India lockdown from March 2020 with certain relaxations and exceptions. The Group's significant business is in Agriculture and allied products (Fertiliser, Sugar etc)and it has been identified as an essential service. The Group's factories were operating during the lockdown except for few days in the initial lock down period and was able to conduct the operations with minor delays in certain factories/business. The Group has made detailed assessment of its liquidity position including the ability of the Group to continue as going concern. The Group has sanctioned credit facilities which can be used as and when necessary and has the ability to repay the debts as and when it falls due. Management believes that it has taken into account all the possible impact of events arising from COVID 19 pandemic in the preparation of the Consolidated financial results for the quarter and year ended March 31, 2021, which are not significant.
- 11 The consolidated audited results (the 'Statement') includes the results of the following entities:
Subsidiaries:
- i. Coromandel International Limited, its subsidiaries, jointly controlled entities and an associate
- ii. Parry Infrastructure Company Private Limited
- iii. Parrys Sugar Limited
- iv. Parry Agrochem Exports Limited (by itself and investments through its subsidiary Parrys Investments Limited)
- v. Parrys Investments Limited
- vi. Parry Sugara Refinery India Private Limited
- vii. Parry International DMCC (subsidiary of Parry Sugars Refinery India Private Limited)
- viii. US Nutraceuticals Inc and its subsidiary
- ix. Alimtec S.A.
x. E.I.D. Parry Europe B.V.
Jointly Controlled Entity:
i. Algavista Green Tech Private Limited
- 12 The figures for the current quarter and the quarter ended March 31, 2020 are the balancing figures between audited figures of the full financial year ended March 31, 2021 and March 31, 2020, respectively and published year to date figure upto third quarter ended December 31, 2020 and December 31, 2019 respectively.
- 13 The Code on Social Security, 2020 ("Code") relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified. The Group will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.
- 14 The auditor of the subsidiary, Parry International DMCC (PDMCC), has given an Emphasis of Matter in their audit report relating to uncertainty relating to going concern of the subsidiary. However, PDMCC shall continue as a going concern for the foreseeable future as the Parent company is willing and able to finance its activities.
- 15 Due to seasonal nature of the business, figures for the current and previous quarters are not comparable.
- 16 Figures for the comparative periods have been regrouped wherever necessary in conformity with present classification.
Chennai June 29, 2021
On-hebield of the Board Managing Director
E.I.D . • Parry (India) Limited Regd.Office : Dare HOllse, 234,N.S.C.Bose Road, Parrys Corner, Chennai-600 001, India. Tel: 91.44.25306789 Fax: 91.44.25341609/25340858 CIN : L24211TN197SPLC006989 Website: www.eidparry.com
Press Release
E.I.D.-Parry (India) Limited Financial Results
Chennai, 29th June 2021 EID Parry (India) Limited, one of the largest manufacturers of Sugar in India, has reported financial results for the quarter and year ended 31st March 2021.
Consolidated performance for the year ended 31st March 2021 and Q4 (Jan'21- Mar'21):
The consolidated revenue from operations for the quarter ended 31st March 2021, was Rs. 3,908 Crores registering a decrease of 8% in comparison to the corresponding quarter of previous year of Rs. 4,245 Crores. Earnings before depreciation, interest, taxes and exceptional items (EBITDA) for the quarter ended 31st March 2021 was Rs. 321 Crores against corresponding quarter of previous year of Rs. 639 Crores. Consolidated loss after tax and non-controlling interest was Rs. 6 Crores compared to a profit of Rs. 157 Crores in corresponding quarter of previous year.
The consolidated revenue from operations for the year ended 31st March 2021 was Rs. 18,587 Crores registering an increase of 9% against previous year of Rs. 17.129 Crores. Earnings before depreciation, interest, taxes and exceptional items (EBITDA) for the year ended 31st March 2021 was Rs. 2,219 Crores registering an increase of 10% against previous year of Rs. 2,016 Crores. Consolidated profit after tax and non-controlling interest is Rs. 447 Crores against previous year of Rs. 468 Crores.
Standalone performance for the year ended 31st March 2021 and Q4 (Jan'21 - Mar'21):
The Standalone revenue for the quarter ended 31st March 2021 was Rs. 564 Crores in comparison to the corresponding quarter of previous year of Rs. 608 Crores. Earnings before depreciation, interest, taxes and exceptional items (EBlTDA) for the quarter ended were Rs. 294 Crores in comparison to the corresponding quarter of previous year ofRs. 188 Crores. Standalone profit after tax for the quarter is Rs. 169 Crores as against corresponding quarter of previous year Rs. 69 Crores.
1
E.I.D . • Parry (India) Limited . Regd.Office: Dare House, 234,N.S.C.Bose Road, Parrys Corner, Chennai-600 001, India. Tel: 91.44.25306789 Fax: 91.44.25341609 / 25340858 CIN : L24211TN1975PLC006989 Website: www.eidparry.com
The Standalone revenue from operations for the year ended 31st March 2021 was Rs.2,024 Crores against previous year of Rs.1,875 Crores and Earnings before depreciation, interest, taxes and exceptional items (EBITDA) for the year ended was Rs. 556 Crores against previous year of Rs. 235 Crores. Standalone Profit after tax was Rs. 865 Crores as against Rs. 2 Crores.
Sugar Division
The Consolidated Sugar operations reported an operating loss of Rs. 21 Crores (corresponding quarter of previous year: profit of Rs. 170 Crores) for the quarter.
Farm Inputs Division
The Consolidated Farm Inputs operations reported an operating profit of Rs. 265 Crores (corresponding quarter of previous year: profit of Rs. 372 Crores) for the quarter.
Nutraceuticals Division
For the quarter, the Consolidated Nutraceuticals Division reported an operating profit of Rs. 19 Crores (corresponding quarter of previous year profit of Rs. 4 Crore).
Mr S. Suresh, Managing Director commenting on the standalone results for the year mentioned as follows:
"The performance of the Company was better than the last year on account of better realisation from sugar and distillery, higher export volumes and various cost control measures. Overall cane crushed during this year is at 39.69 LMT as against 36.72 LMT ofLY. During the quarter, the Company had exported 41037 MT of sugar as part of the Maximum Admissible Export Quantity quota.
As part of debt reduction programme, the proceeds of the 4% stake divested in Coromandel International Limited along with the dividend received from Coromandel International Limited were utilised to reduce the debt of the Company. The Company continued its focus on sweating of assets by initiating the process oftransferring and installing the assets ofPudukkottai unit at Haliyal, Karnataka. Also, the company closed the Pettavaithalai unit in Tamilnadu during the year.
E.I.D .• Parry (India) Limited Regd.Office : Dare House, 234,N.S.C.Bose Road, Parrys Corner, Chennai-600 001, India. Tel; 91.44.25306789 Fax; 91.44.25341609/25340858 CIN : L24211TN197SPLC006989 Website: www.eidparry.com
Nutraceuticals division registered a strong profit growth at Rs. 19 Crores as against profit of Rs. 4 Crore in corresponding quarter of previous year on account of better performance in the USA operations and increased sales to Europe."
About E.I.D. - Parry (India) Limited
E.I.D. Parry is a significant player in Sugar with interests in promising areas of Nutraceuticals business. E.I.D. Parry was incorporated in 1975. The company also has a significant presence in Farm Inputs business through its subsidiary, Coromandel [nternational Limited. EID Parry has a 100% stake in Parry Sugars Refinery India Private Limited and US Nutraceuticals Inc, USA.
E.I.D. Parry has six sugar factories having a capacity to crush 40,300 Tonnes of Cane per day, generate 140 MW of power and four distilleries having a capacity of 237 KLPD. [n the N utraceutica[s business, it holds a strong position in the growing wellness segment mainly catering to the world markets with its organic products.
About the Murugappa Group
Founded in 1900, the [NR 381 Billion (38,105 Crores) Murugappa Group is one of India's leading business conglomerates. The Group has 29 businesses including ten listed Companies traded in NSE & BSE. Headquartered in Chennai, the major Companies of the Group include Carborundum Universal Ltd., CG Power and Industrial Solutions Ltd., Cholamandalam Financia[ Holdings Ltd., Cholamandalam Investment and Finance Company Ltd., Cholamandalam MS General Insurance Company Ltd., Coromandel International Ltd., Coromandel Engineering Company Ltd., E.I.D. Parry (India) Ltd., Parry Agro Industries Ltd., Shanthi Gears Ltd., Tube Investments of India Ltd., and Wendt (India) Ltd.
Market leaders in served segments including Abrasives, Auto Components, Transmission systems, Cycles, Sugar, Farm Inputs, Fertilisers, Plantations, Bio-products and Nutraceuticals, the Group has forged strong alliances with leading international companies such as Groupe Chimique Tunisien, Foskor, Mitsui Sumitomo, Morgan Advanced Materials, Sociedad Quimica y Minera de Chile (SQM),
E.I.D. - Parry (India) Limited Regd.Office: Dare House, 234, N.5.C.Bose Road, Parrys Corner, Chennai 600001, India. Tel: 91.44 25306789 Fax: 91.44. 25341609/25340858 CIN : L24211TN1975PLC006989 Website: www.eidparry.com
Yanmar & CO. and Compagnie Des Phosphat De Gafsa (CPG). The Group has a wide geographical presence all over India and spanning 6 continents.
Renowned brands like BSA, Hercules, Montra, Mach City, Ballmaster, Ajax, Parry's, Chola, Gromor, Shanthi Gears and Paramfos are from the Murugappa stable. The Group fosters an environment of professionalism and has a workforce of over 51,000 employees.
For more details, visit www.murugappa.com
For Further Information, please contact: Gopi Kannan. S Murugappa Group +91 9500011238
BhargavTS Adfactors PR +91-9884883350
Ref. No. 29344/ITSL/OPR/2021-2022
Date: 29th June, 2021
EID Parry (India) Limited 234, NSC Bose Road, Dare House, Parry Corner, Chennai-600 001
Dear Sir/Madam,
Sub.: Certificate for receipt and noting of information [Pursuant to Regulation 52(5) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015]
We, IDBI Trusteeship Services Limited ("Debenture Trustee") hereby confirm that we have received and noted the information, as specified under regulation 52(4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Regulations"), provided to us by EID Parry (India) Limited ("the Company") for the year ended March 31, 2021
This Certificate is being issued pursuant to the requirements of Regulation 52(5) of the aforesaid Regulations, for onward submission to Stock Exchange(s) by the Company.
Yours truly, For IDBI Trusteeship Services Limited Authorised Signatory