Foseco India Ltd — Interim / Quarterly Report 2019

Jul 25, 2019

~~i~~ ..! �lj FOSECO

25 July 2019

BSE Limited National Stock Exchange of India Limited Listing Department, Listing Department, Phiroze Jeejeebhoy Towers, Exchange Plaza, 5[th ] Floor, Dalal Street, Plot No. C/1, G Block, Mumbai 400 001 Sandra Kurla Complex, Sandra (East), Mumbai-400 051

Scrip Code: 500150 ISIN: INE519A01011

NSE Symbol: FOSECOIND

Dear Sirs,

Sub: 1. Unaudited Financial Results for the quarter and 6 months ended 30 June 2019 2. Submission of the Limited Review Report of the Statutory Auditors 3. Declaration of the 1[st ] interim dividend and fixation of the record date

We write to advice that the Board of Directors of the Company, at its Meeting held today i.e., 25 July 2019, had approved the Unaudited Financial Results of the Company for the quarter and 6 months ended 30 June 2019.

Pursuant to the SEBI (Listing Obligations and Disclosure Requirements) Regulation 2015, ("Listing Regulations") we are submitting herewith the following documents:

1) The Unaudited Financial Results of the Company as above; and

2) The Limited Review Report of the Statutory Auditor on the Financial Results.

The Board of Directors at the said Meeting has declared a 1[st ] interim dividend of Rs. 8.00 (80%) per equity share of Rs. 10/- each, for the financial year ending on 31 December 2019.

Pursuant to Regulation 42 of the SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015, the record date for the purpose of payment of the 1 s[t ] interim dividend will be 3 August 2019.

The interim dividend will be paid / despatched to the shareholders on or before 24 August 2019.

The Meeting of the Board of Directors commenced at 1530 hours and concluded at 1840 hours.

You are requested to take the above information on record.

Yours faithfully, For Foseco India Limited

.�� ' Mahendra f{umar Dutia Controller of Accounts and Company Secretary

Enclosing: as above

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Foseco is a brand of the Vesuvius Group.

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Foseco India Limited[Gat Nos. 922 & 923, Sanaswadi, Taluka Shirur, District Pune - 412 208. Maharashtra (INDIA) ] Tel: +91 (0) 2137 668100 / Fax: +91 (0) 2137 668160 / www.vesuvius.com/www.fosecoindia.com / CIN : L24294PN1958PLC011052

Foseco India Limited

FOSECO

Registered Office: Gal Nos. 922 & 923, Sanaswadi, Taluka Shirur, District Pune - 412208 Tele: +91 2137668100, Fax: +91 2137 668160 Website: www.fosecoindia.com, E-mail ID: investor.grievance@vesuvius.com Corporate Identity Number: L24294PN1958PLC011052

Statement of unaudited results for the quarter and 6 months ended June 30, 2019

		(All fiqures in Rupees Lakhs)	(All fiqures in Rupees Lakhs)	(All fiqures in Rupees Lakhs)	(All fiqures in Rupees Lakhs)	(All fiqures in Rupees Lakhs)	(All fiqures in Rupees Lakhs)
Sr. No.	Pariculars	Current 3 months ended	Preceding Corresponding 3 months ended3 months ended In the previous year		Current Year todatefor 6 months ended	Corresponding Year to date for 6 months ended	Previous Accounting Year Ended
		30-Jun-2019 Unaudited	31-Mar-2019 30-Jun-2018 Unaudited Unaudited		30-Jun-2019 Unaudited	30-Jun-2018 Unaudited	31-Dec-2018 Audited
1 Income from Operations a Revenue from operations b Other income		8,631.66 190.83	8,416.04 8,829.39 135.55 109.48		17,047.70 326.38	18,190.14 188.55	36,215.58 442.70
Total Income from Operations (a to b)		8,822.49	8,551.59 8,938.87		17,374.08	18,378.69	36,658.28
2 Expenses a Cost of materials consumed b Purchase of stock 1n trade C Changes 1n inventories of finished goods, work- in-progress and stock-in-trade d Employee benefit expense e Finance costs f Depreciation and amortisation expense 9 Other expenses		4,583 15 149.36 17 56 908.42 0.13 100.30 1.627.81	4,474.60 5,098.02 148.37 173.62 78.77 (100.42) 871.73 847.84 11.15 96.53 117.13 1,547.23 1,484.32		9,057 75 297 73 96.33 1,780.15 0.13 196.83 3.175.04	10,773.28 289.89 (83.18) 1,645.17 19.35 234.51 2,959.91	20,883.51 608.80 20.62 3,448.18 20.87 453.90 6,215.14
TotalExpenses (a tog) 7,386.73			7,217.23 7,631.66		14,603.96	15,838.93	31,651.02
3 Profit before tax 1,435.76			1,334.36 1,307.21		2,770.12	2,539.76	5,007.26
4 Tax Expense
Current Tax (net) 469.00			444.32 506.00		913.32	917.00	1,841.96
Deferred Tax charge/ (credit) 41.17			27.25 (41.53)		68.42	(13.28)	(38.35)
Total Tax Expense 510.17			471.57 464.47		981.74	903.72	1,803.61
5 Net Profit for the Period 925.59			862.79 842.74		1,788.38	1,636.04	3,203.65
6 Other comprehensive Income, net of Incometax
a Items that will not be reclassified to orofit or loss
Remeasurement of defined employee (7.23) benefit olans			(7.23)	(12.25)	(14.46)	(24 50)	(124 51)
II ,ncome tax relating to remeasurement of 2.49 defined benefitplan			2.56	4.28	5 05	8.52	43.51
Total other comprehensive Income, netof (4 74) income tax			(4.67)	(7.97)	(9.41)	(15 98)	(8100)
7 Total comprehensive income for the period 920.85 f5 +/- 61			858.12	834.77	1,778.97	1,620.06	3,122.65
8 Paidup EquityShare Capital 638.65 (FaceValue Rs. 10/-per share)			638.65	638.65	638.65	638.65	638.65
Reseres excluding Revaluation Resere as per Audited Balance Sheet_of_Previous Accounting Year							14,972.15
10 Earnings per equity share (not annualised)
Basic and diluted earings per share 14.49 fin Rs.l			13.51	13.20	28.00	25.62	50.16

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Page 1 of 4

Statement of Assets and Liabilities as at June 30, 2019

ement	of Assets and Liabilities as at June30, 2019	of Assets and Liabilities as at June30, 2019	of Assets and Liabilities as at June30, 2019
	(All fiqures in Rupees Lakhs!
Partic	ulars	As at Current Half Year Ended 30-Jun-2019 Unaudited	As at Previous Year Ended 31-Dec-2018 Audited
A	ASSETS
1 (a) (b) (c) (d) (e) en 2 (a) (b) (c) (d)	Non-Current Assets Property, plant and equipment Capital work-in-progress Financial Assets i. Loans Deferred tax assets Income tax assets (net) Other non-current assets	1,932.90 1,312.93 84.55 241.76 160.22 210.55	1,970.04 595 95 65.43 305.13 300.03 182.67
	Total Non-Current Assets 3,942.91 3,419.25 Current Assets Inventories 1,870.93 2,097.82 Financial assets I.Trade receivables 8,321.44 8,700.95 11. Cash and cash equivalents 10,315.00 9,239.08 m. Bank balances other than (ii) above 75.04 76 82 1v. Loans 15 01 13.40 v Other financial assets 2110 26 55 Income tax assets {net) 207.92 167.04 Other current assets 227.35 104.97
	Total Current Assets 21,053.79 20,426.63
	TOTAL ASSETS 24,996.70 23,845.88
B	EQUITY AND LIABILITIES
(a) (b)	EQUITY Equity Share Capital 638.65 Other Equity 15,981.20		638.65 14,972.15
	Total Equity 16,619.85 LIABILITIES		15,610.80
1 (a) (b) 2 (a) (b) (C) (d)	Non-Current Liabilities Financial liabilities ,. Other financial liabilities Provisions	169.14 23 09	186 76 47.21
	Total Non-Current Llabllities CurrentLiabilities Financial liabilities ,Trade payables - Total outstanding dues of micro enterprises and small enterprises - Total outstanding dues of creditors other than micro enterpnses and small enterprises ii. Other financial llab1lities Other current liabilities Provisions Current Tax Liabilities	192.23 233,97 11.10 47.65 7,307.29 6,972 58 306.25 548 78 243.49 20203 138.60 230 07 177.89
	Total Current Llabllltles 8,184.62 8,001.11 Total Llabllitles 8,376.85 8,235.08 TOTAL EQUITY AND LIABILITIES 24,996.70 23,845.88

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Page 2 of 4

Statement of Cash Flow for 6 months ended June 30, 2019

(All fioures in Rupees Lakhs)	(All fioures in Rupees Lakhs)	(All fioures in Rupees Lakhs)
Pariculars i	~~A~~s a~~t~~ ~~c~~urren~~t~~ ~~H~~a~~i~~r Year Ended 30-Jun-2019 Unaudited	~~AsatPrevious~~ YearEnded 31-Dec-2018 Audited
A. Cash flow from operating activities
Profit before tax	2,770.12	5,007.26
Adjustments for
Depreciation and amortisation expense	196 83	453.90
Provision of doubtful debts	37.39	179.42
Loss/ (Profit) on sale/ disposal of propery, plant and equipment	1.86	(213)
Finance cost	0.13	20.87
Interest income	(224.85)	(337.57)
Provisions no longer required, written back	(5.52)	(49.38)
Unrealised exchange (gain) / loss (net) Operating profit before working capital changes	(0.24) 2,775.72	4.44 5,276.81

Working capital adjustments for:	Working capital adjustments for:	Working capital adjustments for:
(Increase)/ Decrease 1n Trade Receivables	345.16	1,214.05
(Increase)/ Decrease 1n lnventones	226.89	(426.67)
(Increase)/ Decrease in Other financial assets	6.83 (5.71)
(Increase)/ Decrease 1n Otherassets	(143.12)	(44.69)
Increase/ (Decrease) in Trade Payables	300.88	679.02
Increase/ (Decrease) 1n Other financial liabilities	(260 14)	194.29
Increase/ (Decrease) 1n Other liabilities	41.48	(185.51)
IncreaseI(Decrease) in Provisions	(130.06)	(32.65)
Increase/ (Decrease) in Current Tax Laibilities 177.89 Cash generated from operations 3,341.53		6,668.94
Income taxes paid (net of refunds) (814.39) Net cash Inflow from operating activities (a) 2,527.14		(1,977.69) 4,691.25
B. Cash flow from Investing activities
Payments for propery, plant and equipment	(906.42)	(806.12)
Proceeds from dIsposat of property, plant and equipment		3.35
Redemption of bank deposits (with maturity more than three months)	0.40	0.52
Investment in bank deposits (with maturity more than three months)		(040)
Interest income 224.85 Net cash outflow from Investing activities {b) (681.17)		337.57 (465.08)
C. Cash flow from financing activities
Repayment of sales tax deferral loan		(64.53)
Interest paid	(0.13)	(1,724.35)
Dividends paid	(638.65)	(352.93)
Tax on dividends Net cash outflow from financing activities (c)	(131.27) (770.05)	(20.87) (2,162.68)
Net cash inflow/ (outflow) -
Net increase in cash and cash equivalents - (a+b+c)	1,075.92	2,063 49
Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year	9,239.08 10,315.00	7,175.59 9,239.08
Cash and cash equivalents comprise of:
Cash on hand 2.65 1.51
Balances with banks 10,312.35 9,237 57 Total cash and cash equivalents 10,315.00 9,239.08

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Note The above Statement of Cash Flow has been prepared under the �Indirect Method" as set out in the Ind AS - 7 on Statement of Cash Flow.

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Page 3 of 4

NOTES:

• 1 The results have been reviewed by the Audit Committee and approved by the Company's Board of Directors at their respective meetings held on July 25, 2019. The Statutory Auditors have conducted a limited review of the financial results for the quarter and half year ended June 30, 2019 and have issued an unmodified opinion.

• 2 The Company has only one reportable segment, metallurgical products and services, in accordance with Ind AS 108 - "Operating Segments", notified pursuant to the Companies (Indian Accounting Standards) Rules, 2015.

• 3 viz. Ind AS 18 'Revenue' and Ind AS 11 'Construction ContrEffective January 1, 2019, the Company has adopted Ind AS 115 - 'Revenue from Contracts with Customers, replacing existing revenue recognition standards acts'. Using the modified retrospective approach, there were no adjustments required to the retained earnings as at January 1. 2019. Also the adoption of the Ind AS 115 did not have any material impact on the recognition and measurement of revenue and related items m the financial results of the Company.

• 4 The Board of Directors of the Company has declared a 1 st interim dividend of Rs 8/- (80%) on per equity share of Rs.10/- each The intenm dividend will be paid to those shareholders i) whose names appear In the Company's Register of Members, In respect of the shares held in physical form, on the record date i.e., August 3, 2019 and ii) whose names appear as beneficial owners, in respect of shares held in demat form, as per the details furnished for this purpose by the National Securities Depository limited and the Central Depository Services (India) Limited, on the record date i.e .. August 3, 2019. The interim dividend will be paid / dispatched to the shareholders on or before August 24, 2019

ForFOSE.'.:OIND Date· July 25, 2019 Place · Mumbai � �

Managing Director DIN : 00029858

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Price Waterhouse Chartered Accountants LLP

The Board of Directors Foseco India Limited Gat Nos. 922 and 923, Sanaswadi, Shirur Taluka, District Pune 412208 Maharashtra, India

1. We have reviewed the unaudited financial results of Foseco India Limited (the "Company") for the quarter ended June 30, 2019 which are included in the accompanying "Statement of unaudited results for the quarter and 6 months ended June 30, 2019", the statement of assets and liabilities as on that date and the statement of cash flows for the half year ended on that date (the "Statement"). The Statement has been prepared by the Company pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the "Listing Regulations, 2015"), which has been initialled by us for identification purposes. The Statement is the responsibility of the Company's management and has been approved by the Board of Directors. Our responsibility is to issue a report on the Statement based on our reVIew.

2. We conducted our review in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement.

3. A review is limited primarily to inqumes of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and, accordingly, we do not express an audit opinion.

4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the Statement has not been prepared in all material respects in accordance with the applicable Accounting Standards prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies, and has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement.

For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 012754N/N500016

�

Place: Mumbai Date: July 25, 2019

Amit Borkar Partner Membership Number: 109846 UDIN 19109846AAAAAU9766

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