Hindustan Copper Ltd. — Interim / Quarterly Report 2021

Aug 7, 2021

CIN No.: L27201WB1967GOI028825

भारत सरकार का उपक्रम A GOVT. OF INDIA ENTERPRISE पंजीकृत एवं प्रधान कार्यालय Registered & Head Office

ताम्र भवन TAMRA BHAVAN 1. आशुतोष चौधरी एवेन्यू 1. Ashutosh Chowdhury Avenue, पोर्व्वार्क्ष P.B. NO. 10224 कोलकाता KOLKATA - 700 019

No. HCL/SCY/SE/ 2016

The Sr. General Manager Dept. of Corporate Services BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai 400 001 BSE Scrip Code: 513599

Date: 7th August, 2021

The Vice President Listing Department National Stock Exchange of India Ltd Exchange Plaza, C-1, Block G Bandra-Kurla Complex, Bandra(East) Mumbai 400 051 NSE Symbol: HINDCOPPER

Sir/Madam,

Pursuant to Regulation 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we send herewith statement of financial results of Hindustan Copper Ltd (Standalone & Consolidated) for the quarter ended on 30^th June, 2021 approved by the Board of Directors in its meeting held on 7^th August, 2021 along with the Limited Review Report thereon. The Board meeting commenced at 12:00 Noon and concluded at 2:45 PM.

The above is submitted for information and record please.

Thanking you,

Yours faithfully,

ED (Co Secretary)

Encl: As stated

CHATURVEDI & CO.

CHARTEREDACCOUNTANTS

Park Centre, 24 Park Street, Kolkata - 700 016'

Phone: 2229 2229, 45Ol 2507

E'mrit: chlturaGdikol@holmlil'com; chrlurv'disc@yrhoo'co in ( H.O' Kolkrte Brrnchls tt : Dclhi }luribri 'Chennai Luclinorr)

tndEpEndent Auditors' REview Report on Standalone unaudlted Flnalgial FelglF:o[ HINPIiIPTAN COPPF4LI!/i|TED 33 of the SEBI (Listino Obliqations and Dlsclosure ReouiEmentsl Reoulations. 2015 as amended

To The Board of oirectoB of Hindustan Copper Llmited Kolkata

• We have reviewed the accompanying statement of Standalone Unaudited Financial Results of Hindustan Copper Llmited for the quarter ended 3Oh June 2021 (hereinafter refened to as 'the Statement'). This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Direclors has been prepared in ac@rdance with the recognition and measurement principles laid down in lndian Accounting Standards 34'lnterim Financial Reporting'("lnd AS 34"), pressibed under Section 133 of the Companies Act, 2013 read wilh relevant rules issued lhere-under and other accounting principles generally accepted in lndia. Our responsibility is to issue a report on the Statement based on our review.
• 1. We conduded our review of the Statement in accordanc€ with lhe Standard on Review Engagements (SRE) ²⁴¹⁰ 'Review of lnterim Financial lnformalion Perlomed by the lndependenl Auditor of lhe Entiy issued by the lnstitute of Chartered Accountiants of lndia. This standard requires that we plan and perfom the review to obtain moderate assurancs as to whelher the financial statements are free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial datra and thus provide less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.
• 1. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying statement of Standalone Unaudited Financial Results prepared in accordancs with applicable lndian Accounting Standards and other recognized accounting practices and policies, has not disclosed the information requared to be disclosed in terms of Regulation 33 of the SEBI (Usting Obligations and Disclosure Requirements) Regulations, 2015,as amended including the manner in which it is to be disclosed, or that it contains any malerial misstatement.
• 1. We draw attention to the following matters: a) Title deeds for fteehold and leasehold land and building acquired in ;espect of Gujarat Copper Projecl (GCP) with book value of Rs.52.29 Crore as al 30h June 2021 are yet to be execuled in favor ofthe Company.
• b) Note No.8 of the accompanying Results which describes ths unc€rtainties and the management assessment of possible impac{ of COVI0-19 pandemic on its business operations, Iinancial assets, conlractual obligations and its overall liquidity posilion as at 30b June 2021. Management will continue to monitor in future any material changes arising on financial and operational performance of the Company due to the impact of this pandemic and necessary measure to address the situation.

Our conclusion on the Statement is nol modified in respecl of the above rnatters.

Place: Kolkata Dated: 76 August 202'l UDIN: 21510574AAAACR7738

HINDUSTAN COPPER LIMITED
	(A GOVT. OF INDIA ENTERPRISE) Regd. Office : Tamra Bhavan 1, Ashutosh Chowdhury Avenue, Kolkata - 700 019.
	CIN: L27201WB1967GOI028825
	Phone: 2283-2226, Fax:2283-2676, E-mail: investors_cs@hindustancopper.com Website: www.hindustancopper.com
	Statement of Standalone Unaudited Financial Results for the quarter ended 30th June 2021				(7 in crore except EPS)
			Quarter Ended		Year Ended
SL NO	Particulars	30th Jun 2021 (Unaudited)	31st March 2021 (Audited)	30th Jun 2020 (Unaudited)	31st Mar 2021 (Audited)
1D.	(2)	(3)	(4)	15)	(6)
1.	income from operations
(a) (b)	Revenue from operations lOtter Income	267.60 11.13	522.24 9.31	431.43 9.95	1786.76 34.85
	Total income from operations	278.73	531.55	441.38	1821.61
$\overline{\mathbf{z}}$ (a)	Expenses Cost of materials consumed	4.29	2.03	0.46	3.64
(b) (c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade Cost of stores, spares & tools consumed	(125.94) 17.70	13.93 24.86	181.09 14.45	339.11 73.27
(d)	Employee benefits expense Consumption of power & fuel	76.25	80.89	66.62	277.11
(e) (f)	Finance costs	29.97 10.88	30.54 11.57	25.80 17.48	116.78 62.61
(9) (h)	Depreciation and amortisation expense Other Expenditure	59.12 145.14	91.68 339.25	54.10 56.89	294.82 567.02
з	Total expenses Profit/(Loss) from operations before exceptional items & tax (1-2)	217.41 61.32	594.75 (63.20)	416.89 24.49	1734,36 87.25
4 5	Exceptional items Profit i (Loss) before tax (3-4)	61.32	(63.20)	$\blacksquare$ 24.49	87.25
6	Tax expense - Current	23.50	39.68	6.00	78.00
7	- Deferred Profit/(Loss) for the period from continuing operations (after tax) (5-6)	(7.86) 45.68	(66.14) (36.74)	(10.97) 29.46	(100.99) 110.24
8 9	Profit /(Loss) from discontinued operations before tax Tax expense of discontinuing operations	(0.09) (0.02)	(0.09) (0.02)	(0.09) (0.02)	(0.35) (0.09)
10	Profit I(Loss) for the period from discontinued operations (after tax) (8-9) Profit/(Loss) for the period from continuing and discontinued operations	(0.07)	(0.07)	(0.07)	(0.26)
11	(after tax) (7+10)	45.61	(36.81)	29.39	109.98
12 a	Other Comprehensive Income (OCI) Items that will not be reclassified to Profit /(Loss) (Net of tax)	0.19	12.18	(3.74)	0.95
Þ 13	Items that will be reclassified to Profit /(Loss) (Net of tax) Total Comprehensive income for the Period (11+12a+12b)	45.80	(24.63)	25.65	110.93
14	Paid-up equity share capital (Face Value ₹ 5/- Per Share)	483 51	462.61	462.61	462.61
15	[Other Equity excluding Revaluation Reserves as per balance sheet or previous accounting year				626.71
16i	Earnings per share (for continuing operations) - Basic 仍	0.475	(0.307)	0.318	1.191
16ä	- Diluted (で) Earnings per share (for discontinuing operations)	0.475	(0.397)	0.318	1.191
	- Basic $\left( \mathcal{R}\right)$ - Diluted (マ)	(0.001)	(0.001)	(0.001)	(0.003)
168	Earnings per share (for continuing and discontinuing operations)	(0.001)	(0.001)	(0.001)	(0.003)
	- Basic ®, - Driuted (र)	0.474 0.474	(0.396) (0.398)	0.317 0.317	1.188 1.188
Notes :
	1) The above financial results have been reviewed by Audit Committee and then approved by the Board of Directors at its meeting held on August 07, 2021. The statutory auditors have conducted the limited review of the above financial results.
	2) The Company, a vertically integrated copper producer, is primarily engaged in the business of mining and processing of copper ore to produce refined copper metal, which has been grouped as a single segment in the above disclosures. The said treatment is in accordance with the 'Ind AS 108 - Operating Segments'.
	3) The Company adopted Indian Accounting Standards ('Ind AS') from April 1,2016 and accordingly above financial results have been prepared in
	accordance with the recognition and measurement principles laid down in the Indian Accounting Standard (Ind AS) -34 'Interim Financial Reporting' prescribed under section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and the other accounting principles generally accepted in India.
	4) A Joint Venture Company (JVC) was formed between Hindustan Copper Limited (HCL) and Chhattisgarh Mineral Development Corporation Limited (CMDC) for exploration, mining and beneficiation of copper and its associated minerals in the State of Chhattiscarh on 21.05.2018. Since HCL holds 74% equity in JVC, it is also a Subsidiary of HCL as per Section 2(87) of the Companies Act, 2013.
	5) A Joint Venture Company (JVC) named Khanij Bidesh India Limited (KABIL) was formed on 01.08.2019 among National Aluminium Company (NALCO), Hindustan Copper Limited (HCL) and Mineral Exploration Corporation Limited (MECL) to identify, explore, acquire, develop, process primarily strategic minerals overseas for supply to India for meeting domestic requirements and for sale to any other countries for commercial use. HCL holds 30% equity in JVC.
	6) During the current quarter ending 30th June 2021, Other Expenses include Provision for impairment of GCP assets amounting to ₹25.00 crore since the commercial operation of Gujarat Copper Project was suspended since August 2019.
	7) During the current quarter ending 30th June 2021, the Company has issued 4,18,06,020 nos. of Equity Shares with par value of ₹ 5.00 per share and premium of ₹114.60 per share amounting to ₹500.00 crore through Qualified Institutional Placement (QIP) to fund the ongoing capital expenditure and mine expansion plan of the Company.
	(8) The Company has considered the possible effects that may result from COVID-19 in the preparation of these financial results including recoverability of canying amounts of financial and non-financial assets. The Company will continue to closely monitor any material changes arising out of future economic conditions and the resultant impact on its business.
9) Figures for the previous period have been regrouped/rearranged wherever necessary.
	For and on behalf of the Board of Directors In terms of our report of even date attached ЕĐ
FRY 30213FE CAIR B Padri	For CHATURVEDI & CO. Chartened Accountants ААКЫ	(SUKHEN KUMAR BANDYOPADHYAY) DIRECTOR (FINANCE) & CFO (DIN 08173882)
(M No. 510574)
	Piace : Kolkata Date: 07.06.2021

$\hat{\mathcal{A}}$

CHATURVEDI & CO.

CHARTEREDACCOUNTANTS

Park Centre, 24 Park Street, Kolkata - 700 016.

Phone: 2229 2229, 46OL 2507

E-mril; ch.aurlcdikol@totm.il..om; chrturvtdisc@yrhoo co.in ( H.O. liolkrlr. BrrDd.s rt: D.lhi . tlu\$5ri .Chcnnri . LucLnorr)

rE

To Tho Board of Dlrecto]s of Hindustan Copper Limlted Kolkata

1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of Hindustan Copper Limited (hereinafrer refened as "ttre Farcnf') and its one subsidiary company (Parent and Subsidiary together refered to as ,.thL Group") and its jointly controlled entity for the quarter ended 3Oh June 2021 (hereinafier refened to as 'the Statemenf), Ueihg submittdd bythe Parent company pursuant to the requirement of Regulalion 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

This Statement, which is the responsibility of the Parents Managemenl and approved by the Parents Board of Direclors, has been prepared in accordance with the recognition and measurement principles laid do\$rn in lndian Accounting Standards 34 "lnterim Financial Reporting" ("lnd AS 34") prescribed under Sedion 133 ofthe Companies Ac't,2013 read with relevant rules issued thero-under and other accounting principles generally accepted in lndia. Our responsibility is to issue a report on the Statement based on our review.

1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 'Review of lnterim Financial lnformation Performed by the lndep€ndent Auditor of the Enfitf issued by the lnstitute of Chartered Accountants of lndia. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review proceduras. A review is subslantially less in scope than an audit conducled in accordance wilh Standards on Auditing and consequenlly does not enable us to obtain assurance that we would become aware of all signilicant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circxrlar issued by the SEBI under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 20'15, as amended, to the extend applicable.

• 1. The Statement includes the results of its one Subsidiary company named Chhattisgarh Copper Limited (740lo holding) and results of its one Joint venlure company named as Khanii Bidesh lndia Limited (30% holding).
• 1. Based on our review conduded and procedures p€rfomed as stated in paragraph 2 above and based on the consideration of the review report of other auditor refened to in paragraph 6 below, nothing has come to our attention that causes us to believe that lhe accompanying Statement of Consolidated Unaudited Financial Results prepared in accordance with the recognition and measurement principles laid down in the aforesaid lndian Accounting Standards and other accounting principles generally accepted in lndia, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement_
• 1. We draw attention to he follor.ring matters of Parenl company.
• a) Title deeds for freehold and leasehold land and building acquired in respecl of Gujarat Copper Projec{ (GCP) of the Parent Company with book value of Rs.52.29 Crore as at 30h June 2021 are yet to be executed in favor of the Parent Company.
• b) Note No.7 of the acmmpanying Results which describes the uncertainties and the Group's assessment of possible impact of COVID-lg pandemic on its business operations, financial assets, contractual oblig€tions and its overall liquidity position as at 30h June 2021. Management will continue to monitor in future any matedal changes arising on financial and operational performance of the Group due to the impact of this pandemic and ne@ssary measure to address the situation.

Our conclusion on the Slatement is not modified in resp€ct of the above matters

PaBe l of 2

1. We did not reviaf, the intelim financial infumatiory' financial results of its subsidiary company incJuded in lhe Consolidated Unaudited Financial Resulb whose interim financial infomation/ financial results reflec{ total revenues of Nil for the quarter ended 30h June 2021 and total comprehensive loss of INR 0.05 Crore reported for the quarter ended 30s June 2021, as considered in the Consolidated Unaudited Financial Results. These inlerim fnancial infomation / fnancial results drawn upto 30h June 2021 have b€En reviEwed by the other auditor whose report have b6€n fumished to us by tho Management and our conclusion on the Statemenl in so far as it relales to ths amounb and disclosures induded in resp€cl of the subsidiary company, is based solely on th6 report of other auditor and the procedures performed by us as stated in paragraph 2 above.

ln case of Joint Venture Company, the Consolidated Unaudited Financial Results include the Group'B share of loss of Nil for ths quarter ended 30h June 2021. The last available accounts up to 31't March 2021 have b6en considered for consolidation and in the view of management, the impact of time gap is not significant and which have be€n relied upon by us.

Our conclusion on the Statemenl is not modifEd in r3sped of the above mafters.

For CHATURVEDI & CO. Chartered Accountants n No.302137E

K. Nanda artner Membership No- ⁵¹⁰⁵⁷⁴ ..J o

Place: Kolkata Dated: 7s August 2021

UDIN : 21 51 0574AAAACS5389

ED FRNi30213IE KOLKATA

HINDUSTAN COPPER LIMITED (A GOVT. OF INDIA ENTERPRISE)
Regd. Office : Tamra Bhavan 1, Ashutosh Chowdhury Avenue, Kolkata - 700 019. CIN: L27201WB1967GO1028826 Statement of Consolidated Unaudited Financial Results for the quarter ended 30th June 2021
					(7 in crore except EPS)
			Quarter Ended		Year Ended
SI No	Particulars	30th Jun 2021 (Unaudited)	31st March 2021 (Audited)	30th Jun 2020 (Unaudited)	31st Mar 2021 (Audited)
79	(2)	(3)	141	${5}$	(6)
1	Income
(a) Ф)	Revenue from operations Other Income	267.60 11.13	522.24 9.31	431.43 9.95	1786.76 34.85
	Total income	278.73	531 55	441.38	1821.61
$\overline{\mathbf{z}}$	Expenses
(a) (b)	Cost of materials consumed Changes in inventories of finished goods & work-in-progress	4.29 (125.04)	2.03 13.93	0.46 181.09	3.64 339.11
(c) (d)	Cost of stores spares & tools consumed Employee benefits expense	17.70 76.25	24.86 80.89	14.45 66.62	73.27 277.11
(e)	Consumption of power & fuel Finance costs	29.97	30.54	25.80	116.78
m (0)	Depreciation and amortisation expense	10.88 59.12	11.57 91.68	17.48 54.10	62.61 294.83
(ኬ)	Other Expenses Total expenses	145.12 217.39	339.26 594.76	56.59 416.59	506.81 1734.16
3 4	Profit/(Loss) from operations before exceptional items & tax (1-2) Exceptional items	61.34	(63.21)	24.79	87.45
5	Profit /(Loss) before tax (3-4)	61.34	(63.21)	24.79	67.45
6	Tax expense - Current - Deferred	23.60 (7.86)	39.68 (86.14)	8.00 (10.97)	78.00 (100.99)
7	Profit/[Loss) for the period from continuing operations (after tax) (5-6) Attributable to Owners of the Company	45.70 45.70	(36.75) (36.74)	29.76 29.76	110.44 110.48
8	Non Controlling Interest Profit /(Loss) from discontinued operations before tax	(0,09)	(0.01) (0.09)	(0.09)	(0.04) (0.35)
9	Tax expense of discontinuing operations	(0.02)	(0.02)	(0.02)	(0.09)
10	Profit /(Loss) for the period from discontinued operations (after tax) (8-9) Profit/(Loss) for the period from continuing and discontinued operations	(0.07)	(0.07)	10.07)	(0.26)
11	(after tax) (7+10) Share of Profiti(Loss) of Joint venture/ Associate	45.63	(36.82)	29.69	110.18
12	Net Profit /(Loss) for the pariod after tax & Share of profit/(Loss) of
13	JV/Associate (11+12) Attributable to Owners of the Company	45.63 45,63	(36.82) (36.81)	29.69 29.69	110.18 110.22
14	Non Controlling Interest Other Comprehensive Income (OCI)		(0.01)		(0.04)
a ь	Items that will not be reclassified to Profit /(Loss) (Net of tax) Items that will be reclassified to Profit /(Loss) (Net of tax)	0,19	12.18	(3.74)	0.95
15	Total Comprehensive Income for the Period (11+12a+12b)	45.82	(24.64)	25.95	111.13
	Altributable to Owners of the Company Non Controlling Interest	45.82	(24.63) (0.01)	25.95	111.17 (0.04)
18	Paid-up equity share capital	483.51	462.61	462.61	482.61
17	(Face Value ₹ 5/- Per Share) Other Equity excluding Revaluation Reserves as per balance sheet				626.64
17i	Earnings per share (for continuing operations)
	- Вазіс $\mathbb{R}$ - Dikned (?)	0.475 0.475	(0.397) (0.397)	0.322 0.322	1.194 1.194
170	Earnings per share (for discontinuing operations)	(0.001)	(0.001)	(0.001)	(0.003)
	- Basic O - Diluted ര	(0.001)	(0.001)	(0.001)	(0.003)
17ii	Earnings per share (for continuing and discontinuing operations) - Basic ®.	0.474	(0.398)	0.321	1.191
	- Oiluted (7)	0.474	(0.398)	0.321	1.191
1) The above financial results have been reviewed by Audit Committee and then approved by the Board of Directors at its meeting held on August 07, 2021. The statutory auditors have conducted a limited review of the above financial results. 2) The Group, a vertically integrated copper producer, is primarily engaged in the business of mining and processing of copper ore to produce refined copper metal, which has been grouped as a single segment in the above disclosures. The said treatment is in accordance with the 'Ind AS 108 - Operating Segments'. 3) The Group adopted Indian Accounting Standards ('Ind AS') and accordingly above financial results have been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard (Ind AS) -34 'Interim Financial Reporting prescribed under
section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and the other accounting principles generally accepted in India. 4) A Joint Venture Company (JVC) named Khanij Bidesh India Limited (KABIL) was formed on 01.08.2019 among National Aluminium Company (NALCO), Hindustan Copper Limited (HCL) and Mineral Exploration Corporation Limited (MECL) to identify, explore, acquire, develop, process primanly strategic minerals overseas for supply to india for meeting domestic requirements and for sale to any other countries for commercial use. HCL holds 30% equity in JVC. The last available accounts upto 31st March, 2021 have been considered for consolidation and in the view of the management the impact of the time gap is not significant.
	5) During the current quarter ending 30th June 2021, Other Expenses include Provision for impairment of GCP assets amounting to ₹25.00 crore since the commercial operation of Gujarat Copper Project was suspended since August 2019. (6) During the current quarter ending 30th June 2021, the Group has issued 4,18,06,020 nos. of Equity Shares with par value of ₹ 5.00 per share
	and premium of ₹114.60 per share amounting to ₹500.00 crore through Qualified Institutional Placement (QIP) to fund the ongoing capital expenditure and mine expansion plan of the Group.
	7) The Group has considered the possible effects that may result from COVID-19 in the preparation of these financial results including recoverability of carrying amounts of financial and non-financial assets. The Group will continue to closely monitor any material changes arising out of future economic conditions and the resultant impact on its business.
	8) Figures for the previous period have been regrouped/rearranged wherever necessary.
	For and on behalf of the Board of Directors in terms of our report of even date attached
	For CHATURVED! & CO. Chartered Accouptants			(SUKHEN KUMAR BANDYOPADHYAY) DIRECTOR (FINANCE) & CFO
KN 3021	JТ			(DIN 08173882)
	R KAIANDA
Parther	(M No. 510574)
	Place : Kolkata Date: 07.08.2021