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Foseco India Ltd Annual Report 2024

Feb 28, 2025

61556_rns_2025-02-28_bd4e69a7-fb88-48ea-949e-d4adce137ddf.pdf

Annual Report

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February 28, 2025

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 Bandra Kurla Complex, Bandra (East), Mumbai-400 051

Dear Sirs,

Ref: BSE Scrip Code: 500150, NSE Symbol: FOSECOIND, ISIN: INE519A01011

Sub: Outcome of the Board Meeting

1. Audited Financial Results of the Company for the quarter and year ended 31 December 2024

2. Declaration in respect of Unmodified Opinion on Audited Financial Statement

3. Recommendation of the Final Dividend

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation 2015, we write to advice that the Board of Directors of the Company at its Meeting held today, i.e., February 28, 2025, has inter-alia , taken the following decisions:

1. Audited Financial Results of the Company for the quarter and year ended 31 December 2024

The Audited Financial Results of the Company for the quarter and year ended 31 December 2024 was approved by the Board of Directors. In this regard, following documents are submitted herewith:-

a) Audited Financial Results of the Company for the above period; and

b) Statutory Auditor’s Report on the Financial Results.

2. Declaration in respect of Unmodified Opinion on Audited Financial Statement

In compliance with Regulation 33(3)(d) of the SEBI (LODR), as amended from time to time, the Board of Directors had declared that the Statutory Auditors of the Company, Price Waterhouse Chartered Accountants LLP (Firm Registration no. 012754N / N500016) have issued an Audit Report with unmodified opinion on the Audited Financial Results of the Company for the year ended 31 December 2024.

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3. Recommendation of the Final Dividend

The Board of Directors of the Company has recommended for approval of the Members at the next Annual General Meeting of the Company, a final dividend of Rs. 25/- (250%) on a paid-up equity share of Rs. 10/- each for the financial year ended 31 December 2024.

The Meeting of the Board of Directors commenced at 1650 hours and concluded at 1845 hours.

You are requested to take the above information on record.

Thanking you,

Yours faithfully, For FOSECO INDIA LIMITED

MAHENDRA KUMAR DUTIA

Digitally signed by MAHENDRA KUMAR DUTIA Date: 2025.02.28 19:34:41 +05'30'

Mahendra Kumar Dutia

Controller of Accounts and Company Secretary

Enclosing: as above

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Foseco India Limited

Registered Office: Gat Nos 922 & 923, Sanaswadi, Taluka Shirur, District Pune-412208 Tele: +91 2137 668100, Fax: +91 2137 668160

Website: ww fosecoindia corn, E-mail ID: investor grievance@vesuvius corn Corporate Identity Number: L24294PN1958PLC011052

FOSECO

Statement of flnancials results for the quarter and year ended 31st December 2024


(All foues ,n Rups lakhsl
(All foues ,n Rups lakhsl
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(All foues ,n Rups lakhsl
(All foues ,n Rups lakhsl
S
N
1
2		 r.
Parlculan
o		 Curent
Preceding
Corespnding
3 monla ended
3 months ended 3 months ended
In le prvious
year

Current
Accounting Year
Ended
Previous
AccounUng Year
Ended
31st December,
3th Sptember
31 st December,
2024
224
2023
Unaudited
Unaudited
Unaudited
IRefer note-21
_I_Refer note2I
13,66 91
14,074 81
12,232.34
635.08
426-8
423,24
14,281.99
14,501.29
12,655.58		 31st December,
2024
Audited		 31st December,
2023
Audited

Income from Operations
a
Revenue from Operations
b
Other Income
Total Income from Operations (a to b)
13,66 91
635.08
14,281.99		 52,478.39
1,823 31		 47,740.90
2,148 05
54,30 1.70 49,888.95

Expenses
a
Cost of materials consumed
b
Purchase of Stock in Trade
C
Changes In Inventories of Finished Goods, Work-in-
Proaress and Stock-in-Trade
d
Employee benefit expense
e
Finance cost
r
Depreciation and amorisation expense
g
Other expenses		 7,308 48
7,356.01
6,242 22
532 04
521.84
430 02
(129 62)
157 49
51 66
1,162 92
1,203.67
1,274.84
4 07
4 31
7 31
290.75
237 00
229 12
2,483 53
2,440.75
2,280 46
27,026 77
2,114 17
(195 01)
4,895 71
15 36
1,000 87
9,61042		 24,788 85
1,665.42

(537 20)
5,635 65
7 31
77917
9,222 89
3
4		 Total Expenaes (a to 91
 11,652.17
11,921.07		 10,515 63 4 68.29 41562.09
Proft fr the perod / year
*(before tax and exceotlonal items*
 2,629.82 2,580.22 2,139.95 9,833.4 1 8,326.86
Exceptional Item (pront on sale of leasehold right)
(refer note 7 below)		 40 00 1,188.50
5 Pr ofit before tax 2,629.82 2,580.22 2,179.95 9,833 .41 9,515.38
6 Ta x Expense
- . Current tax 675 55 671 00 517.76
2, 574 55		 2,23.43
7
8		 Deferred lax (044)
(3.78)
30.92		 (43 88)
(17.38)
To tal Tax Expense 675.1 1 667 22 548.68 2,530 .87 2,217.05
Ne t Profit for the Perod/ Year 1,95.71 1,913.00 1,631.27 7,302.74 7,298.31
Oth er comprehensive income net of tax
aItems that will not be reclassified lo profit or loss
i
Tot		 i Remeasurements of post employment benefit obligations **(13.60) **
(3 67)
(19 39)		 (24 61)
(58 00)
iTax relating lo lhis item 342 0 92
(2,75)		 4 88

(14.51)
6 19
(18.42)
9
10		 al other comprehensive Income, net of tax (10 18 )
Tot al comprehensive income for the period / year (7 +/- 81 1,94.53 1,910.25 1,616.76
Pai d up Equity Share Capital (Face Value Ra. 10/- per share! 838 ,65 638.65 638.65 638.85
838.65
11 Earings per equity share (not annualised) 29 95 25 54 114 35 114 28
Basic and diluted earings par share (in Rs) 30.61
12
Reserves excluding Rovaluatlon Rnsore as por Audltod
Balance Shoot of 31st December, 2024 and 31st December,
2023		 33,700 99 28,022 62

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Page 1 of 4

Statement of Assets and Liabilities as at 31st December, 2024 Statement of Assets and Liabilities as at 31st December, 2024 Statement of Assets and Liabilities as at 31st December, 2024
!All figureo in Ruoees Lahs I
!All figureo in Ruoees Lahs I
Pariculars Asat Asal
31st December, **31st December. **
2024 2023
Audited Audi ted
A **ASSET S **
1 Non-Current Asset s
(a) Propery, plant and equipment 4,313,75 3,764 89
(b) Capital work-in-progress 16 044 148.73
(c) Intangible assets 37 37 **416 0 **
(d) Right of use assets 168.51 111 81
(e) Financial Assets
i Loans 1074 15.92
ii. Other financial assets 84,72 74,32
(f) Deferred lax assets 415,8 0
365.73
(g) Income tax assels (net) 86,33
(h) Other non-current assets 32 12 158.67
Total Non-Current Asset s 5,309.78 4,681.67
2 Current assets
(a) Inventories 3,739-6
3,291.56
**(b) ** Financial assels
i Trade receivables 12,117 84 1 0,154.77
ii Cash and cash equivalents 9, 066,27 2 0,758 79
iii Bank balances other than cash and cash equivalents 16,736,55 2,232. 00
iv Loans 716 1 0,61
v. Other financial assets **153.3 0 ** 238,25
(c) Other current assets 1,146,55 583,23
Total Current Assets 42,967.43 37,269.21
**TOTAL ASSET S ** 48,277.21 41,950.88
B EQUIT AND LIABILITIES
EQUIT
(a) Equity share capital 638,65 638,65
(b) Other equity - Reserves and surlus 33,7 0099 28,022.62
Total Eauit 34,339.64 28,661.27
LIABILITIES
1 Non-Current Liabilities
(a) Financial liabilities
i Lease liabilities 132.15 91.74
ii Other financial liabilities 23 97 38.18
Total Non-urrant Liabilities 156.12 129.92
2 Current Liabilites
(a) Financial liabilities
i. Trade payables
- Total outstanding dues of micro enterprises and
small enterrises		 31.78 0.14
- Total oulstanding dues of creditors other than micro
enterprises and small enterprises		 **12,241.3 0 ** 11,344.32
ii Lease liabilities 48.66 23 02
iii Other financial liabilities 713.27 1,18 044
(b) Employ ee benefit obligations 356,26 36 042
(c) Current tax liabilities 17.94 5 97
**(d) ** Other current liabilities 372.24 245 38
Total Curent Liabili ties 13,781.45 13,159.69
Total Liabilities 13,937.57 13,289.61
TOTAL EQUIT AND LtlSILITIES 48,277.21 41,950.88
754N/t$000
'
urnba\~~*~~

Statement of Cash Flow as at the financial year ended 31 st December, 2024

Pariculars
Curent
Previous
Accounting Year
Accounting Year
Ended
Ended
31st December,
31 st December1
2024
2023
Audited
Audited
A. Cash fow from Operating actvities
Profit for the year before tax (afer exceptional item)
9,833.41
9,515.36
Adjustments for :
Depreciation and Amorisalion expense
1.00087
779 17
(Profit)/ Loss on disposal of propery, plant and equipment
48 75
2 57
(Profit) / Loss on disposal of leasehold rights
~~-~~
(1,188.50)
Finance Cosl
15 36
7 31
Interest Income
(1,664.57)
(1,083.89)
Unrealised foreign excange differences
164
(2 17)
Employee share based payment expense
139 67
149.01
Operating proft bafore working capital changes
9;375.13
8,178.86
Woring ceplU adjustmnts for:		 Pariculars
Curent
Previous
Accounting Year
Accounting Year
Ended
Ended
31st December,
31 st December1
2024
2023
Audited
Audited
A. Cash fow from Operating actvities
Profit for the year before tax (afer exceptional item)
9,833.41
9,515.36
Adjustments for :
Depreciation and Amorisalion expense
1.00087
779 17
(Profit)/ Loss on disposal of propery, plant and equipment
48 75
2 57
(Profit) / Loss on disposal of leasehold rights
~~-~~
(1,188.50)
Finance Cosl
15 36
7 31
Interest Income
(1,664.57)
(1,083.89)
Unrealised foreign excange differences
164
(2 17)
Employee share based payment expense
139 67
149.01
Operating proft bafore working capital changes
9;375.13
8,178.86
Woring ceplU adjustmnts for:		 Pariculars
Curent
Previous
Accounting Year
Accounting Year
Ended
Ended
31st December,
31 st December1
2024
2023
Audited
Audited
A. Cash fow from Operating actvities
Profit for the year before tax (afer exceptional item)
9,833.41
9,515.36
Adjustments for :
Depreciation and Amorisalion expense
1.00087
779 17
(Profit)/ Loss on disposal of propery, plant and equipment
48 75
2 57
(Profit) / Loss on disposal of leasehold rights
~~-~~
(1,188.50)
Finance Cosl
15 36
7 31
Interest Income
(1,664.57)
(1,083.89)
Unrealised foreign excange differences
164
(2 17)
Employee share based payment expense
139 67
149.01
Operating proft bafore working capital changes
9;375.13
8,178.86
Woring ceplU adjustmnts for:
(1,664.57)
(1,083.89)
164
(2 17)
139 67
149.01
9;375.13
8,178.86
(Increase)_I_Decease in Trade receivables
(Increase)/ Decrease in Inventories		 (1,959.84)
(1.637 87)
(448 20)
(1,289.6)
(37.70)
314 51
(Increase)/ Decease in Other fnancial assets
(Increase) / Decrease in Other current assets (53,32)
137 59
(Increase)/ Decrease in Loans 8.63
(2A5)
923 40
2,215 21
Increase/ (Decrease) in Trade payables
IncreaseI(Decrease) in Other financial liabilities (373A0)
309 89
IncreaseI(Decrease) in Other liabilities (22.15)
(197 40)
Increase/ (Decrease) in Employe benefil obligations
Cash generated from operations		 (28.77)
41.98
6,873.78
8,070.66
(2,648 91)
(2,360 42)
4,224.87
5,710.24
Income laxes paid (nel of refunds)
Nat cash generated from operating activities (a)
B. Cash now from Investing activities
Payments for popry, plant. equipments and inlangible asse
(1.553 9)
(1,25 4)
Proceeds from sale of property, plant and euipment
13 33
1.58
Deposits matured during the year (with maturity more than
27,199 93
.
three months)
Proceeds from sale of leasehold rights
1,188.50
Deposits placed during the year (with maturity more
(41,704 93)
(2,185 50)
lhan three monlhs)
lnleresl received
1,777 27
1,001.8
Net cash used in Investing activities (b)
(14,268.39)
(1,250.28)
C. Cash now from Financing activites
lnleresl paid
(15.36)
'(7 31)
Princple elemets of lease payments
(3693)
(14 25)
Dividends paid
(1.597.0)
(2.55 18)
Net cash used in financing activities (c)
(1,649.35)
(2,571.74)
Net increase in cash and cash equivalents - (a+b+c)
(11,692 87)
1,888 22
Effects of excange rate changes on cash and cash equivalents
0 35
(0 45)
Cash and cash equivalents at the beginning of the year
20,758 79
18,871.02
Cash and cash equivalents at the end of the year
9,066.27
20,758.79
Cash and cash equivalents comprise of :
Cash on hand 2.25
2 06
Balancos wnh ban.s
- in current accounts

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

b) Addition to non-cash financing and investing activity - Righl of Use Asset during the ye�r is Rs 102 98 lakhs (Previous year 129, 01 lakhs)

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  • NOTES: 1 The results have been r,:vlewed by the Audit Committee and approved by the Company's Board of Directors at their respective meetings held on 28th February, 2025. The stal!Jlory auditors have carried out the audit for the year ended 31 st December, 2024 and have issued an unmodified opinion.

  • 2 Figures of the quarter ended 31 st December, 2024 and 31st December, 2023 are the balancing figures between audited figures in respect of the relevant full financial year and the published year to date figures up to third quarter of relevant financial year.

  • 3 The Company does not have any subsidiary/associate/Joint venture company(ies) as on the year and the quarter ended on the above dates of the financial results Therefore, the Company is not required to prepare and present the consolidated financial statements

  • 4 The aforesaid financial results of the Company have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (as amended) (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognized accounting practices and policies to the extent applicable.

  • 5 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.

  • 6 The Board of Directors of the Company has recommended for approval of the Members at the next Annual General Meeting of the Company, a final dividend of Rs. 25/- per share (250%) on a paid-up equity share of Rs. 101- each for the financial year ended 31st December 2024.

  • 7 In the previous year, in the quarter ended 30th June, 2023, the Company surrendered the lease-hold land situated at Akurdi, Chinchwad, Pune together with the structure standing thereon on "as is where is" basis as regards the physical attributes thereof, to Greaves Cotton Li_mited ("the Lessor') and terminateo the leases against a consideration of Rs. 1,200 lakhs plus applicable taxes and recognised a gain of Rs 1,148.50 lakhs. Subsequent to the completi<>n of the aforesaid transaction in the quarter ended 31st December, 2023, the management had written back certain expenses wh eh were provided for earlier towards the cost to complete the transaction to the extent of Rs 40 lakhs,

  • 8 In accordance with the SEBI Circular No. SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2023/172 dated October 19, 2023, the Company hereby confirms that it has neither borrowed any amount from any party nor did it had any outstanding qualified borrowings, either at the start of the financial year or at the end of the financial year. In this regard, the information as required by the aforesaid circular is given hereinbelow:

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Date . 28th February 2025
Place: Pune
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For FOSECO INDIA LIMITED
Prasad Chavera
Managing Director & Chief Executive Officer
DIN : 08846863
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Page 4 of 4

Price Waterhouse Chartered Accountants LLP

INDEPENDENT AUDITOR'S REPORT

To the Board of Directors of Foseco India Limited

Report on the Audit of Financial Results

Opinion

  1. We have audited the annual financial results of Foseco India Limited (hereinafter referred to as the 'Company") for the year ended December 31, 2024 and the statement of assets and liabilities and the 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 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the 'Listing Regulations') which has been initialled by us for identification purposes.

  2. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial results:

  3. (i) are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and

  4. (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 December 31, 2024 and the statement of assets and liabilities and the 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 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 Financial Results

  1. These financial results have been prepared on the basis of the annual financial statements. The Company's Board of Directors are responsible for the preparation and presentation of these financial results that give a true and fair view of the net profit and other comprehensive income and other financial information of the Company and the statement of assets and liabilities and the statement of cash flows in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Board of Directors of the Company are responsible for maintenance 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 irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the

Price Waterhouse Chartered Accountants LLP, Nesco IT Building III, 8th Floor, Nesco Western Express Highway, Goregaon East, Mumbai - 400 063 T: +91 (22) 61197810

'3!:'11

Registered office and Head office: 11-A, Vishnu Oigamber Marg, Sucheta Bhawan, New Delhi - 110002

Price Waterhouse (a Partnership Firm) converted into Price Walerhouse Chartered Accountants LLP (a Limiled Liability C-5001) with effect from July 25, 2014. Post its conversion to Price Waterhouse Chartered Accountants LLP, its ICAI registration number 1s 0 ��mf!�!iiili�:S: 27S4N N 16 Al registration number before conversion was 012754N)

Price Waterhouse Chartered Accountants LLP

INDEPENDENT AUDITOR'S REPORT To the Board of Directors of Foseco India Limited Report on the Audit of Financial Results Page 2 of3

design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the 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 financial results by the Directors of the Company, as aforesaid.

  • 5[.] In preparing the 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 Financial Results

  1. Our objectives are to obtain reasonable assurance about whether the 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 financial results.

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

  3. Identify and assess the risks of material misstatement of the 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.

  4. 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)

  5. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

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Price Waterhouse Chartered Accountants LLP

INDEPENDENT AUDITOR'S REPORT

To the Board of Directors of Foseco India Limited Report on the Audit of Financial Results Page 3 of 3

  • 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 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 financial results, including the disclosures, and whether the financial results represent the underlying transactions and events in a manner that achieves fair presentation.

  • 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

  1. The Financial Results include the results for the quarter ended December 31, 2024 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, which are neither subject to limited review nor audited by us.

  2. The annual financial results dealt with by this report has been prepared for the express purpose of filing with stock exchanges. These results are based on and should be read with the audited financial statements of the Company for the year ended December 31, 2024 on which we issued an unmodified audit opinion vide our report dated February 28, 2025.

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

� Ali Akbar Partner Membership Number: 117839 UDIN: 25117839BMNYXQ7747

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Place: Mumbai Date: February 28, 2025

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