Hindustan Copper Ltd. — Interim / Quarterly Report 2021

Feb 3, 2021

~"q'l Jl'IR ~ Reglslered & Heed Office

1E~~ q5JtR~ -, HINDUSTAN COPPER LIMITED CIN No. : L2720IWBI967GOI02882S 'lffi! ~ "" '<fllim A GOVT.OF INDIA ENTERPRISE

"ffil1 'fq.j TAMRA BHAVAN 1, ~ TlMi 'I'Rl 1, Ashutosh Chow<I1uryAwnue, t/toi/lo<lo P.B.NO.10224 ~ KOlKATA-700019

No. HCL/SCY/SE/ 2016

Date: 3.2.2021

The Sr. General Manager Dept. of Corporate Services BSELimited

Phiroze Jeejeebhoy Towers Dalal Street Mumbai 400 001 BSEScrip Code: 513599

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 NSESymbol: HINDCOPPER

Sir/Madam,

Pursuant to Regulation 30 and 33 of the SEBI(Listing Obligations and Disclosure Requirements) Regulations, 2015, we send herewith Statement of Unaudited Financial Results (Standalone and Consolidated) of Hindustan Copper Ltd for the quarter ended 31[st] December, 2020 prepared in the prescribed format and in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) approved by the Board of Directors in its meeting held on 3[rd] February, 2021 along with the Limited Review Report thereon. The Board meeting commenced at 2:30 PMand concluded at 5:50 PM.

The above is submitted for information and record please.

Thanking you,

Yours faithfully,

lL~ (C S Singhi) ED (Co Secretary)

Encl: As stated

1iiR Tel: 22Ba-2226 (Hunting), fl;;m Fax: (033) 22Ba-2478i2640 ~-1\oi E.mall: hcLho@hlndustaneopper.com, ~ Web: www.h1ndustaneopper.com

HINDUSTAN COPPER LIMITED

(A GOVT. OF INDIA ENTERPRISEI

SINo 1 1 (a) (b ) 2 (a) (b) (el (d) (e) (f) (g) (h) 3 4 5 6 7 B 9 10 11 12 a b 13 14 15 161 16ii 16iii

Regd. omce : Tamra Bhavan 1, AshutO$h Cnowdhury AVIlnue, Kollurta - 700 019. CIN : L21201WB1967GOI02B825 Statement of Standalone Unaudited Financial Results for the Quarter & Nine Months ended 31st December 2020 Quartet Ended (t In crore except EPS) Nine Months Ended Year Ended Particulars 31st Dec 2020 (Unaudited) 30th Sap 2020 (Unaudited) 31st Dec 2019 (Unaudited) 31st Dec 2020 (Unaudited) 31st Dec 2019 (Unaudited) 31st Mar 2020 (Audited) • 7 1264.52 685.01 25.54 37.33 1290.06 722.34 1.61 5.42 325.18 (224.64) 48.41 62.56 196.22 212.86 86.24 146.44 51.04 43.78 201.79 217.21 229.12 295.07 1139.61 778.70 150.45 56.36 . 150.45 56.36 38.32 1.87 /34.65 '3.48 146.98 54.75 0.26 0.26 0.07 0.09 0.19 0.17 146.79 (54.92 11.23 4.00 . 135.56 58.92 462.61 462.61 2 Income Revenue from operations Other income Total income Exoonses Cost of materiels consumed Changes in inventories of finished goods & work-in-progress Cost of stores,spares & tools consumed Employee benefits expense Consumption of power & fuel Finance costs Depreciation and amortisation expense Other expellSes Total expenses ProfiU(Loss) from operations before exceptional Items & tax (1-2) Exceptional items ProfiU(Loss) before tax (~l Tax expense - Current - Oeferrea Profit/(loss) for the period from continuing operatlons (after tax) (5--6) Profrl/(Loss) from discontinued operations Tax expense of discontinued operations Profit I(loss) for the period from discontinued operations (after tax) (8-9) ProfiU(Loss) for the period from continuing and discontinued operations (after taxi (7+101 Other Comprehensive Income (OCI) Items that win not be reclassified to Profit I(Loss) (Net of tax) Items that will be reclassified to Profil/(Loss) (Net of lax) Total Comprehensive Income for the Period (11+12a+12b) Paid-up equity share capital (Face Value ~ 51- Per Share) Other Equity excluding Revaluation Reserves as per balance sheet of previous accounling year Earnings per share (for continuing operations) - Basic (t) - DHuted (f) Earnings per share (for discontinued operations) - Basic (~) - Diluted (t') Earnings per share (for continuing and discontinued operations) - Basic (~) - Diluted (t') 3 4 538.42 294.67 '.26 7.33 546.68 302.00 1.14 0.01 119.99 24.10 17.05 16.91 66.13 63.47 28.90 31.54 15.65 17.91 aO,37 67.32 68.30 63.93 417.53 305.19 129.15 3.19 129.15 3.19 {~~.93 ,,(0.61) 12.04 11.84 108.26 9.26 0.09 0.08 0.03 0.02 0.06 0.06 108.20 9.20 3.75 3.74 104.45 5.46 462.61 462.61 1.170 0.100 1.170 0.100 (0.001) (0.001) (0.001) (0.001) 1.169 0.099 1.169 0.099 5 93.29 13.19 106.48 0.10 (116.13) 32.63 69.96 48.07 14.42 78.84 99.53 227.62 121.14 121.14 (24.32) . (1.28 95.54 0.09 0.03 0.06 195.60 1.00 96.60 462.61 (1.033) (1.033) (0.001) (0.001) (1.034) (1.034) 1.589 1.589 (0.002) (0.002) 1.587 1.587 (0.592) (0.592) (0.002) (0.002) (0.594) (0.594) • 631.85 56.96 888.81 6.28 (51.14) 100.19 259.62 1n.57 60.42 288.61 578.97 1426.52 537.71 537.71 8.42 22.96 569.09 0.35 0.09 0.26 1569.35 22.46 591.81 462.61 497.66 (6.151) (6.151) (0.003) (0003) (6.154) (6.154)

1) The above financial results have been reviewed by the Audit Committee and then approved by the Board of Directors at its meeting held on February 03, 2021. The auditors have conducted a 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 welal, which has been grouped as a single segment in the above disdosures. The said treatment is in accordance with the 'Ind AS 108 - Operating Segments',

3) The Company adopted Indian Accounting Standards ('lndAS') from Aprl11,2016 and accordingly above financial results have been prepared in accordancewiththe recognition and measurement principles laid down in the Indian Accounting Standard (lnd 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 accepled in Inclia.

4) A Joint Venture Company (JVC) named Chhaltisgartl Copper limited (CCl) was formed between Hindustan Copper limited (HCl) and Chhattisgam Mineral Development Corporation limited (CMDC) for exploration, mining and beneficiation of copper and its associated minerals in the State of Chhattisgartl on 21.05.2018. Since HCL holds 74% equity in JVC, it is also e Subsidiary of HCL as per Section 2(87) of the Companies Act, 2013.

5)A Joint Venture Company (NC) named Khanij Bidesh India limited (KABIL) was formed on 01.08,2019 among Nationa! A1munium Company (NALCO) ,Hindustan Copper limited (HCL) and Min8f81 Exploration Corporation Limitea (MECL) 10 identify, explore, acquire, develop, process primarily strategic minerals overseas fOf supply to India for meeting domestic requirements and for sale 10 any other countries for commercial use. HCL holds 30% equity in NC. 6) The cost of productlon per unit has gone up owing to low volume of production during the nine months ended 31.12.2020 due to measures taken by !he Government of India to contain COVID-19 pandemic situation prevalent in lhe country. Post unlocking of the lockdown, the Company's operations are gradually stabilising. The Company has considered the possible effects that may result from COVID-19 in the preparation of these financial results including r8COverability of carrying amounts of financial and non-financial assets.The Company will continue to dosely monitor any material changes arising out of future ~conomic conditions and the resultant imps:;t un its business.

7) The figures for the previous period have been regrouped/rearranged wherever necessary. In terms of our report of even date attached ~VE6~ -<. 24~~ Par Street ~ * I [fj] .•. Kolkata Place: Kolkata ~ 9~1: 70001~~ ~~ Date : 03.02.2021 ~ fJ/'&d AcCO)

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For and on be~' fro of Directors
(SUKHEN KU~YOPADHYAY)
DIRECTOR (FINANCE) & CFO
(DIN 08173882)
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CHATURVEDI & co.

CHARTERED ACCOUNTANTS,.

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

Phone: 2229 2229,46012507

[-mail: chaturvedikol@hotmail.com;chaturvedisc@}.ahoo.co.in

( H.O. Kolkata. Branchts at : Delhi . Mum~ai .Chennai . Luclmow) Independent Auditors' Review Report on Standalone Unaudited Financial Results of HINDUSTAN COPPER LIMITED for Quarter and Nine Months Ended 31[s1] December 2020 pursuant to the Regulation 33 ofthe SEBI lListing Obligations and Disclosure Reguirements) Regulations, 2015

To The Board of Directors of Hindustan Copper Limited Kolkata

1. We have reviewed the accompanying statement of Standalone Unaudited Financial Results of Hindustan Copper Limited for the quarter ended December 31, 2020 and for the period from April 1, 2020 to December 31, 2020 (hereinafter referred to as "the Statement') . This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standards 34,"lnterim' Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued there-under and other accounting principles generally accepted in India, Our responsibility is to issue a report on the Statement based on our review.

2. We conducted our review of the Statement in accordance with the Standard on Review Engagement.,; (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 financial statements are free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

3. 3, 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 accordance with applicable Indian Accounting Standards and other recognized accounting practices and policies, 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.

4. . ,

5. 1. Withoul'qualifying our report, we draw attention to the following matters:

6. (a) Title deeds for freehold and leasehold land and building acquired in respect of Gujrat Copper Project (GCP) with book value of INR 53.66 Crore are yet to be executed in favour of the company. Title deeds for freehold and leasehold lands or other evidences of title in respect of lands at KCC,MCP and ICC, as stated by the management, is in the process of reconciliation with financial record; and

7. (b) Gujarat Copper project valuing INR 275.59 Crore where the project is not operating due to various constraints, viability assessment needs to be done to evaluate and adjust for possible impairment loss, if any

8. ForCHATURVEDI & CO. Chartered Accountants

Firm Registration NO.302137E h~'

~VEDI Partner Membership No- 012705

Place: New Delhi Dated: 3rd February 2021

UDIN: 2101270SAAAAAF3008

HINDUSTAN COPPER LIMITED

(A GOVT. OF INDIA ENTERPRISE)

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Regd. amee : Taml1l Shann 1. Ashutolh ClIowdhury Avenue, Kolka1a. 700 019.
elN: U1201WS1967GOI028825
Statement of Consolidated Unaudited Financial Results for the Quarter & Nine Months ended 31&t December 2020
(t In crore except EPS)
QUlrter Ended Nine Months Ended Year Endfl1:i
31st Dec 2020 30th 5ep 2020 31st Dec 2019 31111Dec 2020 31st Dec 2019 31st Mar 2020
SINo Particulars (UnaulfJted) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
1 2 3 4 • • •
1 !!!£2!n!.
(a) Revenue rrom opera~ons 538.42 294.67 93.29 1264.52 685.01 831.65
(b) Other Income 8.26 7.33 13.19 25.54 37.33 56.86
Total Income 546.88 302.00 106.48 1290.06 722.34 888.81
2 Expenses
(.) Cost of materials consumed 1.14 0.Q1 0.10 1.61 5..42 6.28
(0) Changes in inventories offinished goods & work-in-progress 119.99 24.10 (116.13) 325.16 (224.64) (51.14)
(0) Cost of stores,spares & tools lXlnsumed 17.05 16,91 32.03 48.41 82.56 10619
(d) Employee benefits e)Q:ll'lnse 66.13 63.47 69.86 196.22 212.86 259.62
(a) Consumption of power & fuel 28.90 31.54 48.07 86.24 146.44 177.57
(Q Fmance costs 15.65 17.91 14.42 51.04 43.78 60.42
(0) Depreciation and amortisation expensa 80.38 67.32 78.85 201.80 217.22 288.62
(h) Other expenses 88.30 84.01 99.53 228.90 295.08 578.82
Total expemes 417.64 305.27 227.63 1139.40 778.72 1426.38
, ProflU(Loss) from opemlons before excepUonalitems & tax (1-2) 129.14 3.27 121.15 150.86 56.38 53U
4 Exceptional items . .
• ProflU(Loss} before tax (~) 129.14 3.27 121.15 150.66 56.38 537.67
6 Tax expense - Current /~2.93 11(0.61) (~~.32) /~.32 1.87 8.42
• Defarrad 12.04 11.84 1.28 34.85 nAB 22.86
7 ProfltNLossl-for the nerlod from contfnulnn nneratlons 'aftertax' '5-8\ 108.25 9.18 95.55 147.19 54.7 568.95
Attrlbutable to Owne"" of the Company 108.26 .~1 (95.55) 1~;.22 (54.77) (568.95)
B Profill(Loss)Non Controlllnnfrom rnterestdiscontinued operations 0.09 0.030.08 0.09 0.25 0.03 0.26 o~.
, Tax expense of discontinued operations 0.03 0.02 0.03 0.07 0.09 0.09
10 Profit I(Loss) for the perlod from dIscontinued operations (after tax) (8-9) 0." 0.06 0." 0.19 0.17 0.26
ProflU{Loss) for the perlod from continuing and discontinued operations
11 aftertaxl ri.10l 108.19 9.12 r95.61 147.00 IU94 1569.21
12 SfIare of ProfIU Loss of Joint venture! Associate 0.28
Net Profit I(~~S) ~~ the period lIfterux & Share of prontt(L05S} of
13 JV/Assoclate 11+12 108.19 9.12 195.61 147.00 154.94 (569.49
Attrlbutable to Owne"" of the Company 108.19 9.15 (95.611 1~~.03 (64.94J (569.49)
Non Contrornn"lnterest 10.03 0.03
14 Other Comprehensive Income (OCI)
• Items that will not be reclassified to profit I(:~ (Net Of tax) 3.75 3.74 1.00 11.23 4.00 22.46
0 Items that will be reclassified to Profit I(Loss Net of tax) .
15 Total Com rehenslve Income forthe Perlod 11+12a+12b 104.44 '.38 96.61 135.n 58.94 591.95
Attrlbutable to Ownenl of the Company 104.44 5.41 (9S.61) 1~~.80 (58.94) (591.95)
Non Controll1n"lntenlsl fO.03 0.03
16 Paid-up equity share capital 462.61 462.61 462.61 462.61 462.61 462.61
(Face Value r 5/- Per Share)
17 Other Equity exduding Revaluallon Reserves as per 497.34
balance sheet Of previous accounting year
181 Earnings per share (for continuing operations)
-Basic C'l 1.170 0.100 (1.033) 1.591 (0.592) (6.152)
• Diluted C'l 1.170 0.100 (1.033) 1.591 {O.592) (6.152)
1Bii EarnIngs per share (for discontinued operations)
- Basic C'l (0.001) (0.001) (0.001) (0.002) (C.002) (0.003)
- Diluted C'l (0.001) (0.001) (0.001) (0.002) (0.002) (0.003)
1Biil Eamtngs per share (for continuing and discontinued operatiOns)
-Basic C'l 1.169 0.099 (1.034) 1.589 (0.594) (6.155)
-muted C'l 1.169 0.099 (1.034) 1.••• (0.594) (6.155)
Notes ;
1) The above consolidated financial results have been reviewed by the Audit COmmittee and lhen epproved by the Board of Oiradors at its meeti'lg held on February 03, 2021.
The auditors have conducted a limited review of the above financial resUlts.
2) The GIOl.IP, a vertically integrated ropper produt:er, is primarily engaged In the business of mining and processing Of copper ore to produce refined copper metal,
wtIlch has been grouped as a single segmemln the above disdosureE. The said treatment Is In accordance wilh the 'ITId AS 100 - Operating Segments'.
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3) The Group adopted Indian Accounting S1andards rInd AS) from Apri11,2016 and accon:fingly above financial results have been prepared In accordance with the recognition and measurement pmciples laid down in the Indian Accounting Standard (Iod AS)- 34 'Interim Financial Reporting' prescribed under Section 133 of the Companies Act, 2013 read with the relevant MeS issued thereunder and the other accounting principles generaUy aa:apted in India.

4) The aboVe consolidated financial results for !he quarter and nina months ended December 31, 2020 inclUde financial results of holding rompany and one subsidiary rornpany named Chhattisgarh Copper Umited (CCL). A Joint Venture Company (JVC) named Khanij Bidesh India Urnited (KASIL) was follTled on 01.00.2019 among National Almunium Company (NALCO), Hlndustan Copper Limited (HCL) and MineraI Exploration Corporation Limited (MECL) to identify, explom, acqui"e, develop, process primarily strategic mInerals overseas for supply \0 India for meeting domestic requIrements and fOf sale to any other colXltries for commercial use. HCL holds 30% equity in JVC.

5) The cost of production per unit has gone up owing to low volume of production dUling the nine months endad 31.12.2020 due to measures laken by the Government of India to contain COVlo.19 paTldemlc situation prevalent in the counlJy. Post un!oclting of the Iockdown, the Group's operatlons are gradually stabl~slng. The Group has considered the possible efIecIs lhat may resu!t from ooVlo.19 In the preparation 01these financial resu!ts including recoverablfity Of carrying amounts of financial and non-frnanc::ial assets.The Group win continue to closely monitor any material changes arising out Of future economic rondilions and !he resultant impact on its bll!ilness.

6) The figures lot the previous period have been regroupedlrearranged wherever necessary.

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In terms 01our report Of even dale attached
I~JHATURVEDI • CO.
C rtered Accountants
'N 3 13 E \ /
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Partner
1M No. 0127051
Place: Kolkata
Date : 03.02.2021
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~I'-VED~ F" aod on be~,", of D;"",""
(SUKHEN KU BANDYOPAOHYAY)
~~U.•. Kolkata ,treet S'lfo DIRECTOR(DIN (FINANCE)08173882) & CFO
~OOO1~ 9>..z ~~
(Jrlidi:i.co ":>
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CHATURVEDI & co. CHARTERED ACCOUNTANTS

Park Centre, 24 Park Street, Kolkata - 700016.

Phone: 2229 2229,46012507

[-mail: chaturvedikol@hotmail.com;chatun.edisc@}.ahoo.co.in

( H.O. Kolkata. BrancJlts at : Delhi. Mum!Jai .Che-nnai . Luclmow n udi vi w R ansoli di e Fi . esults DUSTAN. R UMITED 0 Quarter and Nine Months Ended 31[st] December 2020 pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations. 2015

To

The Board of Directors of Hindustan Copper Limited Kolkata

1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of Hindustan Copper Limited (hereinafter referred as "the Parent") and its one subsidiary company (Parent and Subsidiary together referred to as "the Group") and its jointly controlled entity for the quarter ended 31[st] December, 2020 and for the period from April 1, 2020 to December 31, 2020 (hereinafter referred to as "the Statement"), being submitted by the Parent company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,as amended.

2. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standards 34, "Interim Financial Reporting" ("lnd AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to issue a report on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the EntityH, issued by the Institute of Chartered Accountants of India. 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 procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently.does flot enable us to obtain assurance th?lt we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the SEBI(Usting Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable

1. The Statement includes the results of its one Subsidiary company named Chhattisgarh Copper Limited' (74% holding) for the quarter and nine months ended 31[th] December, 2020,The Company is owning 30% share in one joint venture company named Khanij Bidesh India Limited during the period under review.

2. Based on our review conducted and procedures performed as stated in paragraph 2 above and based on the consideration of the review report of other auditor referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement of Consolidated Unaudited Financial Results prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards and oth.er accounting principles generally accepted in India, has not disclosed the information required 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 material misstatement.

3. Without qualifying our report, we draw attention to the following matters:

4. (a) Title deeds for freehold and leasehold land and building acquired in respect of Gujrat Copper Project (GCP) with book value of INR'S3.66 Crore are yet to be executed in favour of the company. Title deeds for freehold and leasehold lands or other evidences of title in respect of lands at KCC,MCPand ICC, as stated by the management, is in the process of reconciliation with financial record; and

5. (b) Gujarat Copper project valuing INR 275.59 Crore where the project is not operating due to various constraints, viability assessment needs to be done to evaluate and adjust for possible impairment loss, if any.

6. We did not review the interim financial informationj financial results of its subsidiary company included in the consolidated unaudited financial results whose interim financial informationj financial results reflect total revenues of Nil, total net loss after tax of INR 0,87 Lacs and INR 10.32 Lacs and total comprehensive loss of INR.O.87 Lacs and INR 10.32 Lacs for the quarter ended December 31 , 2020 and for the period from April 1 2020 to December 31 2020 respectively, as considered in the consolidated unaudited financial results. These interim financial information / financial results have been reviewed by the other auditor whose report have oeen furnished to us by the Management and our conclusion on the S~tement in so far as it relates to the amounts and disclosures included in respect of the subsidiary company, is based solely on the report of other auditor and the procedures performed by us as stated in paragraph 2 above. In case of Joint Venture Company, the consolidated Unaudited Financial Results include the Group's share of loss of NIL for the quarter and nine months ended 31[st] December, 2020 and whose last available accounts up to 31[st] March, 2020 have been considered for consolidation. In the view of management, the impact of time gap is not significant and which have been relied upon by us.

Our conclusion on the Statement is not modified in respect of the above matter,

For CHATURVEDI &. CO. Chartered Accountants

~.~02~37E

..cA-S:c.CHATURVEDI Partner Membership No. 012705 Place: New Delhi Dated: 3[rd] February 2020 UDIN:2101270SAAAAAGS306