IFGL Refractories Limited — Audit Report / Information 2020

Jul 18, 2020

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� 0 � REFRACTORIES LIMITED

Head & Corporate Office

3, Netaji Subhas Road, Kolkata - 700 001, India Phone: +913340106100, Fax: +91 3322430886 E-mail : ifgl.ho@ifgl.in, Websites : www.ifglref.com

18th July, 2020

National Stock Exchange of India Ltd 'Exchange Plaza', C-1, Block- G Bandra - Kurla Complex Bandra (E), Mumbai 400 051 Code : IFGLEXPOR

BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai 400 00 I Code: 540774

Dear Sirs,

• Re: Disclosure under Regulation 33 of SEBI LODR Regulations, 2015 - Audited financial results for year ended on 31 st March, 2020

The Board of Directors of the Company in their meeting held to-day have approved and taken on record financial results, both on stand alone and consolidated basis, for year ended on 31 st March, 2020 audited by the Company's Statutory Auditors, M/s S R Batliboi & Co. LLP and reviewed by Company's Audit Committee in their meeting also held earlier today.

In accordance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR), Text of the following along with copy each of Report dated I 8th July, 2020 thereon of Statutory Auditors, without any modified opinion , are submitted herewith for your perusal, necessary action and record .

• a) Audited stand alone financial results for year ended on 31 st March, 2020. - A-t,11...e 'f.. 14,..(,_ A st -

• b) Audited consolidated financial results for year ended on 31 March, 2020. A"-"-� 'f. W.t B

• c) Extract of audited consolidated financial results for year ended on 31 st March, 2020 being published -

• in newspapers following Regulation 47( 1 )(b) of LODR A11...l. ,t f- r.vi.t 't..'

The Board in their meeting also recommended Interim Dividend of 25% on Equity Shares of Rs 10 each i.e. Rs. 2.50 per Equity Share already paid in Februa1y, 2020, as Final Dividend, subject to necessary approvals/permissions including that of Company's Shareholders at their ensuing AGM.

This discosure as well as documents forming part thereof, are also being hosted on Company's Website: www.ifglref.com.

Thanking you,

Yours faithfully, For IFGL Refractories Ltd.

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Company Secretary

Encl: As above

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Formerly known as IFGL EXPORTS LIMITED Registered Office & Kalunga Works Sector 'B', Kolungo Industrial Estate --- � P.O. Kolungo . 770 031, Dist. Sundergorh, Odisho, Indio Phone: +91 661 2660195, Fox: +91 661 2660173

E-mail : ifgl.works@ifgl.in, CIN : L51909OR2007PLC027954 �

--- � h ofrna n n MONQCON ,(Ci:=IRfil C GMBH �

s.R. co� LLP BAruso, & Chut,r.d A(count•nts

z2. cam,c Slr,et 3rd fl<>Of, Block '8' KOJJ,;.>14 • 700 01&, l�d� ll'I ,-+91336134-1000

Independent Auditor's Report on the Quarterly and Year to Date Audlled Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obllgaflons and D.lsclosure Requirements) Regulations, 2015, as ameodod

To

The Board of Directors of IF.GL Refractories Limited

R' eport on the audit of the Standalone Financial Results

Opinion

We h.ave audited the -accompan_ying statement of quarterly and year to date standalone · financial results of IFGL Refractories Limlted (the "Company") tor the qu(trter ended March 31, _ 2020 and for 'the year ended March 31, 2020 (�Statemenr), attached herewith,,.bejng submitted by toe Company purauant to the· requirement of R�Ulation 33 of the SEBI {Listing Obligations �nd Disclosure Requirements) Regulations, 2015, as amended (the •usting Regulations").

ln . our opinion an�'to the best of our Information and according to the explanations given to us, ·Statement-: ·the

• l. is presented In a®otdimce with the requirements · of the Listing Regulations in this regard; ,f;lnd

• . comprehensive incotne I loss and otl\er financial information of the Company for the

• · ii. gives � tl'\le and fair view in conformity with the applicable accounting standards and other accoun1i�g'.·pdnciples. generally, acc�pted in India, of the net profit and other

• · , 1 q1,1art�r e,nded Mar'cl\ 31, 2Qg,o an,{:! for the year ended-March 31,2020.

· aasls fo.r Opinion

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. . " section 1)43(19) of the CompaQlea Ac.I, 2013, as amended (�the Act ),· Our· responsibilities · We '.conducted our au(ilt in accordan� with the Standards on AudiOng ($As):specified under under th� .Stathoso Standards ar� further descrlt>ed In the •Auditor's Responsibilities for the Audit ndalone Frna11cial 'Results• sectlo_n of our report. We are lnctependent of the Companyof 111 a�or<;lance with the Code of Ethics Issued by,the' , lr.istitute of Chartered Accountants of India �Q,9eth�r, with the ethlcal requirements that are relevant to our �udlt of .the flnancrai statemehts · r 1;1tiderthe pro.visions of the Act and the Rufei thereunder, and we have:�lfilled our other ethical responsibilities in accordanCQ with these requlrements,and the Code,of,Ethlcs. We believe that pplnl�:m: · the �udlt evidence obtained by us is sufficient· and appropriate to provide a basis for our

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BATLIBOI & Co. LLP S.ll. C:l!Art•ttd Acn1111b11t1

Em.pha.•ls of Matter

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• a. these w. ere entitles under common control.

• · aforesaid. amalgamation had j9 be re�pgniz�d undeF 'P<?9!ing of Interest Method' since

• and. Goodwtll aritdnQ: or{ such am�fgamatioh aggr�gatlhg Rs. 26.,699 lakhs had been · '

• Method' as•defined underAccoljntlng S(andard,(A�) 14, Accou_nting for Amalgamations, Scheme, the aforesaid business co,mbination was recognized under the 'Purcha,se �� Y,e.�r:,,.As pe.r,hi,.�·Uan1Accouotlng Stc:10dard (Ind A:S) 103, B.uslness combinatiohs, the'

• sectlq�s ,230 .. aod 2.32 of the COfJlpanies Act·, 20,13 (the "Scheme")'. Pursuant to the .fe�ogn1z�cL Based on managements. assesstrien(, such Goodwfll Is being amortised Trit:iun�l1 Kolkata 'Ben.�. vlde Its Order date A1.1gust 03, 2017, under the provisions of ·

• o.ver a r;>eriqd of'te,n.'years With a ch�rg� of Rs. 667 la�hs per'C�tJart�r and Rs. 2,670 lakhs

• following Scheme of Amalgamation app ov�· by th� Hon'ble National Company Law of the erstwhile ·IFGL Refractories Limited witl:l 'the Company (the amalgamated entity was thereafter ren�m�d as l�GL Refractories. Limited) with �ffeot from April 01, 2016 We·draw ,attentlor:rto Note 3 of the standalone fin·ancial' res·ufts, relating to.-amalgamatlon

• We:draw attentlon'tQ Note ' 41t.o'the standalone fjnanclal res�lts regarding.Company's writ ' ·

• petitlory ct:iall�nglng ihe fapl�na,tio�:,,to ;s,ctlor:i 10AA{1) of th� In' .come T� Act, 1961 inserted .on ,and 'from• assessment year b�glnning Ap{il 0 l,. 2018, whic.h �as, admitted by the Hon1ble High Ci:,urt at Calcutta. Pending decisTon by the Hqn'ble High Cour,t 1,1p_�rtal�ty �xiRs. 1,1Ga lat<tis.,sts as regard� (.�'aUsabillty ofre.�ufiant ·recoghized deferred tax assets of

. p�r· ppl,(ijQJ'.l ls not mod.ffle.q in res�ct of th1:r<s1b�ve. mai�ers.

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Managemenf'a Res'pons(bllitlei for the s'tan�alone,FlpaQ�iaf �.es,..ltiJ

1 · , · �d·,\:' .ue to . fraUd. ,or error. ' . , "'· 1 • \• I '( · , a ' lfhe.sttemen't �as bee.n prep�red on lh'3 basis of, the stan9alone annual finandal statements. - The .. e·oi;\rd of Director.s of the Company are. .- · respo1,1sible for-Jhe preparaU�in an!1 p· reseritation .�f 11'\�ome/loss of lhe:\h.e S!,at�m�nt: tJu�t glve�'Co,;np�n. y,,·.a truehd other finanoand; fair -view 'rif the net.lai lt;1formation i• _op· accorcfance wit�rofit, and o\h,er··co.the applicable mprehensive tp��unq,r and :o�her�c;:�untlng prfnciples· g·enerally accepted !n .ln4ia ana·tn.¢�pllance \Vifh a�uhfltjg s{�ndarda pre·sc�be·d under Se�tion_J3� of ,�e �-� reap witli",relev�ht rules lisued adeqqate· . of th' a'Ccountlng iecorcts In accordance Wi� trye wovlslons e AeH6r. �feguarding of ,RegijJat1on 33 of the L,lsJl,ng ReguJat!oM. This �S�!:\�lblli.W also .lnch.ides .• malntenance of 1 t�e-�s�_te df th� Comp�ny !nd 'fpr preven{lng• and d�tectlng }rauds �nd, . ottJei' Irregularities; · �ac;leqvate lntemaJ,fin.a:pcia� coq,t,(ol.1, �hat were .. o�raf!ng �ffectlvely for ensuring·th� �ccuracy , , . ' ��le.ctjo.n imdthal �a,e r��3onabLe appllcatlon of appropriate:a:,tdprud.Emt: and t�tlaccountlng po.llcles, 'rria,: de.sign. ·1mp,i�,neptatlon ancf niainte�a�klng judgments and estimates ce of · · .en:�t�e,y$�htmenflha�.q_mplete�ess.,'.o! q!,ve � !!'-'ethe ci6c9untln� records, relevanti�0:<1 falr.,vlevJ,and�are freerto fbe 'f(om niatenawep.flr�tion.-and l,OJ.is$t.atement. Whetherpres�ritati. on of

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SR. BATUBOI & Co. LLP Chtttffld Accountam1

h;i preparl� the Statement, the Board of Directors are responsible for asset1sing the ' Company's ability to continue as a going co�cern, di.scloslng, as applicable, matters related to c going concern and vsing the going conern basis of accounting unl.ess the Boa.rd of Directors either Intends to liquidate the Company or to cease ope.rations, or has no realistic alternative but lo do so.

• The Board of Directors are also responsible for oye:rseeing the Company's financlal reporting pr9cess,

. A�dito(a �espor,slbllitlea fqr the Audit of the Standalone Ffnanclal Results

Our ohj�ves are to obtaln r�asonable assurance about whether the Statement as a whole is free.from material mfsstatemerit, whether du� to fraud or error, and to is.sue an auditors report that 1ncluQes a,ur; opiniqn. Reasonaote assurance is a high leV:el of assurance but Is not a guarantee ·that an audit conducted In accordance with SAs will always detect a material mis'state·ment when it exists. Misstatem.ents can arjse from fraud or ,error and are considered · material if, individually or In the aggregate1 the,y �uld reasonably be expected to influence .the econol'l)i.c decisions of users taken on the basis Qf the St'1)tem�nt.

· As pa� of an audtt In aq<;0Tdance with SAs, we exercise professional Jl.ldgmenf and maintain profe�looal sk�pticism throughout the' . . · audit. We- also:

• ,

• Identify and assess the Jlsks ofmaterial mlsstaterrient of the Statement, whether due to fraud or error, design and perform audit rm>cedures responsive to those· risks, and obtain audit evidence that is sufficient and �pproprta'�e. to provide � basis for our opinion. The risk of not c:letecting a material misstatement resutting from fraud· is higher than for one r��ultlng from err.or, as fraud may Involve coll4sion, •forgery, Intentional omissions, tnt$repre�Qntatlons,, or the overrid.� ot lntemal·control.

• , -.Obtain an understanalng of lhternai contr:ol relevarif to the audit In oraer to design audit

• _p,roce�ures th�t;�r� appropriate In the circum'stances/ Under S.ecti,;:m 1'43{3)(i) of the Act, we are .. also responsible for•e�presslng our opinion on whether the company has adequate Internal financial controls with reference to financial statements in place and the'operating 'effectivenErss of sµch controls.

• Evaluate the i�ppro�riafeness of accounting policies used. and ·the reasonableness of a'C®unting estimates and related disclosures made by the· Board ¢f'Direct9�.

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• ·• · r

• ''Conclude on the �pptopriateness df,accountin� and,, based on the audit evl<tence'of the Board,of Directors' i;l$e of the golng· obt1.tlrie,d, wheiher a.m�terfal uncertaintyyconcern basis e.xl!lts related to 'events or conditions :that may �st slgniflcanr doubt on the company's �[IJ(y tQ continue .a,s. a going conced,. If we conclude that a ma,terlal uncertalnty·exists, 'fin:anclilU· reaulij: or, if such disclosures are lna,de�u:ate, to modlf� our opin we are-· reqal�� ta draw attehUon In qur auditor's report to .th_� related'dlsclosure� in the

· r � 'I> . . . C' 0 !J') . �'oOl cf cc K I

BATLIBOI & LLP S.R. Ca Chtd•tu Account.Intl

g:olng CQncem. . :, . · Howe.v$r, future events or conditions maycause the,Company to ce�se to continue as a ¢oncluslons are based on the audit evidence obtafned up to the (iate of our audrto(s report

• ., In a , mann�fi that achieves fair presentation.

• dlsclosU(8s,·and whether't'1e,Statemert represents the und,E,Jrlylng_ transactions and events Evaluate the 9v.erall presentation, structure and �ntent orthe Statement, including the

We communicate wi,th' those· charged with governance regarding, among other matters, the planned scope and t)mtng of the audit and sJgnffJcant audrt findings, including any significant d�ft�lencles in.infef!1al control tha1 we identify during our audit.

' We-al so provioe tb9.$e charged,¼ith governance with a st�tem�nt that we have complied with " reteva�t ·ethical"req1,1irem�n�,regatding independen� •. and to communicate with the{Tl all relation�hips;a,nd ·ottleli'rnat ers that m�y .reasonably .be thoughtl9 be�r on our lndependen�; apd.whQte aP,pl_rcable, related:ljaf$9U�rds.

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"I:h�.. , C9.�paratiYe Ind A,S frnihcial Inf onriatlon of the Go.rnpa,ny for the correcspeoding quarter ' ,and year.�nded M�rch.31. 2019, ll')(!luded In t,h?se startdalqne �nanqia!.results,:W!3re audited ' · . by the pre<;lecessor: au(1 tor who expressed an unmodified opin.ion on those financial ·· ·. , in(Qrr,tlatiQn on Mar11, 2019.

The figureSt�temen· petween _t' incfu�es the audited the results for th� figures In respect quarteof thefull'flhanciaJ year ended March ri-enqed March 31, 2020,being the batancing31, 2020 - . and·tt)ij pµbllshe'.d unaudJte.d y�ar-to-cfate flgu.r.es up to the third quarter ofthe cl.l enHinancial •�ear, wt;i cry.:weA.} $ubJe,cted to a llmit.ed· review �Y us, as r.eq�it•ed under the Llstln.g Regulations.

For S"'R. f;,atllbo) & q� . .'LLP Chartered ACQOUAtant&

lGAl FJtJ)1 R;f)glatratloo Number:-301003E/E3QOOOS

� - �, \•_ . - .... ...j�� ;Mem�e�hlp N.01: o s s.� y.�IN:. 20.055596MAACH7257 I • ·.f(.gf1<t1;t,a iJuly-'18, �020. .,PfJH3haswar Sarkar 1 Fa�r,

IFOL REFRACTORIES LIMITED Reglstorod Office: Sector 0, Kalunga lndusulal Estate, P.O Kelunga 770031. 0151. Sundergarh, Od11h3 Hoad 4 COfporolO Olfice.3, Neta, Subl u RODd. Kobl• 700001 CIN: L519090R2007PLC027954; E-moll: IIQl,hollll lnl.ln: Wubsllo: www.llalrel.com

CIN: L519090R2007PLC027954; E-moll: IIQl,hol lnl.ln: Wu	CIN: L519090R2007PLC027954; E-moll: IIQl,hol lnl.ln: Wu	ol lnl.ln: Wu	bsllo: w.llalrel.com	bsllo: w.llalrel.com
STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUA Sr. No. Particular 31-3-2020 (AUdllodJ Ra•••'••• 8 1,Revonue from Opo11l 11.601 2.01/\er Incoe 174 3,Tolal lncoro (1 + 21 11775 ..E•ponsos a.Coll ol Matonals Consumed 5,233 b. Purchase ol S1o.ir,lrado 1,1◄6 c Chang es In lnvenl01les ol Fln,shod GOds, Slo•lri-Trade and Worl-ln-Prcgress (8 28) d.Employee Benefit Expenses 1,139 e.Flnunce Cosio 61 I.Oop,ocn�on and Amortlsallon Expensos 1.018 g.Olher Expnses 3,324 5.Totol l•p1n1os (4(a) to 4(Ql) 11,093 6.Prom boforo T■- (3-51 # 682 7.Tu ExpnnH a,CurrontTox 115 b.Oofe((cd Tal (Crdit) I Chargo (59) 8.Prom for Iha yoar I porlod (8•7) 626 9.Olhor Comprohan1lvo lncomo / (Lou) a.ller 11al wll nol bo recaulrred lo pror.t or lou 27 b. lnccme tu rolalino lo lloms that w tI be racaulled lo proft 0 tn (10) 10.Tolol Othor Comprohvnsln lncoma/ (Loss) for tho year/ porlod 17 11.Total Comprohonslvo lncomo for lho yoar / period 643 12.Paid up Eqully Shara Copilal (Faco valuO l 10/, oach) 360◄ 13.Othor Equity 14.Earnings Po, Shs1e (of t 10/• oach) • nasle & DJutcd tt** 1.74 # Tho re aro n ExcoulioMI and lx1tn-ordlnor iloms. • Floures loouartus nt oMu3tiaod. STATEMENT OF STANDALONE ASSETS AO LIABILITIES Sr. No. Parlculara AASSETS I, ilon•CUr,ont Assets (al P;ool�v. Planl and EaU:oment !bl Riohl lo Use Auol (cl Coo�•I w-in-oro,eu ldl Godl'lfi Col Olher lntallilla assots Il Flnanclal Assels (lJ IM«slments fil Loans ond Doosit• (liilOthers ta) OeferTed ta• as;et; (MIi (hl Income Ta• Auots tnoll Cil Olor non,curronl anets Tolol Non• Curronl Assot• 2, current A ott (1) lnventonos (bl Fancol AHOII OI Investents (tll Trade receivables (i ) Cuh and co.i e<ulvolonts fivl Bank balances olher 1an Clll above M Olcrs - Jcl Olh•r curronl usels - Tolal Current As111s Total Assots 11+21 BEQUITY ANO UA81LITIES 1. Equity Col Eauitv Share eaoilal lb) Olhor EalI Tolal Equttv LlublllUos 2, Non,Curr,nl Llabllillos /al Finonclot Uabl ies (IJ LODSO llubwhOS Cb) Income Tax Uobllitos rnll fc) Provisions Total Non• Cur ronl Llabllltlos J. Current Llobllltlo1 l•l Flnnoclol Llabl:illos O BOor,s (i Lease Uabtes ff� Trudo pavobles Tolal oulslanc ng dues al rnkro enlerpllsos and sma� enle(Jtlsos Total ouillanding dues ol c,e<£1ors 010, I/Ion mluo cn!orptlsos ond sroa enlorprisos (Iv) OIiir fnancial UoblliUu (bl Olt O,J((ent �ab"l• kl Provision, Total Curronl LlablhUu Total Eoult and Llabllillos ()+2+31**		OR THE QUA	RTER ANO YEA ENDED MACH 31, 2020 tf In lakhs oxr1nt 1• oita,lao ••••od Ouiror ondod Vo•r•ndtd
		31-3-2020 (AUdllodJ Ra•••'••• 8 11.601 174 11775 5,233 1,1◄6 (8 28) 1,139 61 1.018 3,324 11,093 682 115 (59) 626 27 (10) 17 643 360◄ 1.74	31-12-2019 31-3-2019 31-03-2020 (Unaudllodl (Auctod) (Aidllod) ......�. l2,H2 13.21!1 ◄9.861 178 10 88 12,320 13,316 50,669 •.e, 5,422 21,19 970 1,238 ◄.03 522 6U ◄85 1.151 971 ◄,425 71 81 296 867 1.07 3,937 2,95◄ 3,05 11817 11,296 12,587 47,092 1,02◄ 729 3,577 18- 16 628 112 (189} (24) 728 75 2,973 (2) (95) (4) I 33 t (ti (62) m 727 692 2,970 3,6 3,604 3.64 ◄7.7f7 2.02 2.09 825	31-3-2019 (Audllod) ◄8,895 3 '9,195 2◄.0 3.876 (2,877) ◄,158 33 3,887 12,◄82 45,9'0 3,255 714 .(55) 2,596 (5) 20 (]II 2,558 3.64 •6,998 7.20
			(r In lakhsl 4• al 31-3-2020 31-3•2019 (Audited) (Audltod) 8.09 7,349 1,623 389 580 18,020 18,69 7 3 6.877 6,077 :no 173 . 29 529 5 145 1.314 10 874 32 788 35 223 T.375 8-672 9.321 ◄.5 12,55 ,�.058 777 3 108 875 208 38 596 652 30890 28.877 •J 678 4" 100 3,6 3.G04 47797 ◄8.998 51401 50602 8 67 - - - . -= ◄1 41 ◄9 908 90 3,179 8,57 - 77 259 246 5,979 5.89S 478 6◄4 1,371 150 26· -s. 11 369 13408 eJ,678 64,100
	EQUITY ANO UA81LITIES 1. Equity Col Eauitv Share eaoilal lb) Olhor EalI Tolal Equttv LlublllUos 2, Non,Curr,nl Llabllillos /al Finonclot Uabl ies (IJ LODSO llubwhOS Cb) Income Tax Uobllitos rnll fc) Provisions Total Non• Cur ronl Llabllltlos J. Current Llobllltlo1 l•l Flnnoclol Llabl:illos O BOor,s (i Lease Uabtes ff� Trudo pavobles Tolal oulslanc ng dues al rnkro enlerpllsos and sma� enle(Jtlsos Total ouillanding dues ol c,e<£1ors 010, I/Ion mluo cn!orptlsos ond sroa enlorprisos (Iv) OIiir fnancial UoblliUu (bl Olt O,J((ent �ab"l• kl Provision, Total Curronl LlablhUu Total Eoult and Llabllillos ()+2+31

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STANDALONE CASH FLOW STATEMENT Cf In lakhsl
for tho yoa, Far tho yoar
Pot11culats andod M.arch endad March
31 202n 31 2019
Cash Flo--. from Oporntlna AGllvlUo,
Prom bofon1 lax for tho po,lod 3.255
Adfu,1mont1 for:
Finance eosls 2-96 ™
lnlor••I I1\Come (215) (8-4)
Provision fotunsponl I/abUitie• reversed (158) (I)
Loss/ (Gain) on diapos�I of p1ope1ty, plant and equ1pmenl 29
PIO�! on solo of lnvcsImenl$ In Muluol Fund (nol) (398)
Nel gain arising on fl ancial essu\5 measured al fo� valoo lhroug� profit 01
loss (38) (142)
Sund,y debil baloncoo/advarn:o, wrfll•n off 476 16
lmpalrmen1 IOU I (rovcrsal) recognised on frade rocelvablos / advances 83 (118}
OcptocuiUon ond •n10<tisaI,on expense 3.!l37 3.887
UM!abed foreign exchange (ouln) I Joss •2091 39
7,382 7,111
Chango In working copllll :
Occroase In ttacle lll1d other receivablos 1,156 7.241
Oeaoaso / (Increase) In lnventorlea 1.297 (3,623)
lncteMo I (Decrease) Inf/Me. olhcr poyoblu and provisions 1521 18541
Cash 11onoratod from Oporatlons 11,356 9,875
lncomo taxes paid JneJ ol rerlll)ds) 541 18041
Nol ca1h ,qonoratod ln,m oooratlna ocllvltlH 111 11 897 9071
Cash Flowa from lnvoalln11 AclMJIO$
lnvestll'lents In Mulual Funds & bonds 125,378) (6.◄7◄1
Procoods from sole ol Mutual Funds 21,044 3.333
Proceeds frqo, malulily or lorm deposits Wilh banlcs 2,326 1225)
Payment rot term deposits wnn banks (1.515)
lnlcrust recelved 2◄4 140
Poymcnt, (or propetty, plont ancJ equlpl)lonl. other loInnglbles ;,nd c•pl!nl v.'Ol!c-ln-PtOQAIU fl,718)
Proa,ed1 from disposal of property, planl and equipment 3 152
Not cuh u1od In )nvoatlnq •ctlvltlos (2l ,. 99◄ 15 626
Cash Flows from flnanclnq Activities
OM<lend on Eqv,ty sha,e sJ\d Dividend OislribU1ion l'ax·lhere on (2,172) (869)
Repaymenl or IOng•lerm bo<rovl.ngs 1188) (253)
Rcpaynldnl /tom short-lom1 lwrowlngs {net) (3,504i {2.012}
payments or Lease L1ebl11lios (74)
InIero4t paid '218) (409
Not Cash usod In fonanefnQ ucllvltloo Ill 161561 13 543
Nol lncraaso I ldocroosul In Cash ond Cash Eoutvolonts lf+2+31
C1!'sh and Cash Equivalcnls al the b�alnl'Wlll or Ille vear - 30 - 128
Cuh ond Cash E"qulvalonts at tho ond of tho yu, 1n 30
(68)
'Audfl-•• IAudit.adl
(91)
(2.�1)
{6)
3,677
747
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NOTES:
1. Above r1r1anc:lal re suns have be�n 1evlewed by the Audit Comn�ttoe at Its mooting held on JvJy 1 e. 2020 and app,o'lod by tho BOlllll of Oiteci°'• (Boatd) aI lhc.s mo l,nQ hold
on th.it dnto. ThO otatuto,y auditor hove audited the •�mo.
2. Tho •bova ouditod fl(lattdal ,esul1$ or the Company have been l)(epared In accordaoc.a wilh lndlan Accoonting Standan!s (Ind AS) n<>ld'.-d Ull<ler Iha Compen.e.• (1"11
A«ounUno Standards) Rules, 2015 as amended by lhc Companl•• (lodlan Accoun!Jn9 Standards) (Amclld=nI) Rules, 20111. TM Company adopled Jnd AS 1nm, l<pnl 01,
2017 and occonllngly. these r1r1and:il res""' have boon proporcd 1o accon!anco wilh Iha rccognilion and mcasur�m!int PM(lples of Ind AS • 3-4 • lt\ oMI Flnancl.!I R��
p1escribed IJ'ldet Section t 33 of the Compan:es Act, 2013 read wflh lhe relevant rules lsss'ed thereunder and I/WI Olhcr 110C:OUnlii\Q principle• gb�:Cly IICCepted In !Mha.
3. A schoma of emo!gamaUon o( crstwhi!'o IFGL Relmctoti4s Ltd. witn Iha Company v.,'\h tfJo,;\ from Aplil 01, 2016 was apf)<ove.d by lhe Hon'ble Natlona Company Lew Tribunol.
Koll<ala vldo on!or dated August 03. 2017. Goodv.,11 of Rs. 26.699 lakha atose Oil such merger wt,lch was accounted IOI undff'Purehate Melhcd· as defltled under erstwhile
Accounting Standord 14 -AccounUlig for Amalgamo!Jon. Useful rtfe of such GoodwUI was estlmaled to he IO yea,s an<I K Is b<!lng amortised accocding,'y.
4. The Company's Writ Pouuon No. 544 of 2019 c;hOPenolno vlres of the Explanation 10 Sectlcn 10M(I) of lhe Income Ta• Act. 1961 inserted on and from lineuroent yea,
bcg!nnillg April 1. 2018, on grounds that 1uch explanation denies tile benefit that was lnlended to be p,ovided undot the said secrlon. w•• admottcd by the Hon'blo Hl!ih Covn at
Cnlcuua on Noven1ber 7. 2019, Supported by• lcgul 091nion ol>tolnod in ih:s raorud. man.1gomanl bell<,ve, IMI tho Company hlls • 0004 =• on merfl In I/is mallet �lld Ille
resultant deferred taJr assols of Rs. 1.16-4 lakhs ere contldC,rod Os reeovemole ln fut1.11c.
6. The Company operatos ln o slno•• sagmenl and ls ongagod In Ill<> buslne$s of manufacrure, trading and sale 1>1' refractories basod on customer speofut.ons.
6. TM Mlnlslry of Corpomte affairs has noURed Indian ACCOUJlting standard 118 rtnd AS 116"), leases. v.flll ollect Item Ap,il 01, 2019. The Compa11y has adop(cd Il e •tandiitd
wIlh oflect from tM dale Of lnilial apj>lleatioo le. April 1, 2019 using lho mod,fiod rotrospoci)vo method uncle• tho l1'3Mllional r,,ovlslon ol 1/le ,tandat . As •,.,�.it.Ill•
Company Ms recognltod IJghl of uso essot •nd co,responding lease liabll,ly of Rs 1,623 lakhs and Rs 9"4 �• respoctiy as on Ma/Ch 31, 2020. F"'1ifflr. expense towards
lon;o Is now iecordod as depreciation on tlghl of use assets and finance costs Qr\ lease labmy. instead or renL On aceounl of adopllon ol Ind AS 118. profil bef01a fAlt for lf'lc
year ended March 31. 2020 ts lower by Rs 54 lll ms.
7, Opemtlons of !he Company were f")rtial/y lmpacled in March 2020 due to temporary dlsrupUcns followl11g nationwide Jocie
Govermtenl of lndlA btcause of pandomle COVID• 10 oolbrea:. HOW<!vor. operations a, reduced levels were COl lioocd at Company's Kalunga (Odisha) manulacl\lmg
la(ll/11ea. Based on sl!Ultlon tulh�rto pteval!lng partlcula.rly of lil<oly tmpacl on overaU economk: envitonmant and especlaily on steel lnduslly. lhe Company's managemeru
expoels d�mand for Its products and services lo stabilise It\ due course, us also dt.ven by !fleuures ln�en / e,cpecled to be tni.•n by lh• Oovemmo,nt nnd lurth<: . docs nol
onGclpnto any challongo iii 1ho Company's abl�ty to conUova as a oolfl\1 eo11cem Ql' meelloQ •IS finll iar ob!iga110ns. HOWl!ver. !he abo..re evalualiont Ille based on 1cenarlo
analysis ot intomal and oxtomel Information avollablo uplo !he date of approval of lhcso ,.,anclal slolomenl.s.
8. Tho r,gure, of the Jail quarter MaJch 31, 2021) an� M;,rth 31, 2019 are tho balancing f,guros be!wond Morch 31. 2019 Jr;d lho unaudited publishOd yoar to llalo figuros up to O•cc111be131.20I9 and Oocembl'J' 31, 2018. bolng ll>o dala of ll>o ond of Iha 1/ud quontt of thal
nnancla( yearwhkh were 1ubJectcd to Limited Review.
9. Tho r,gu,os of pro�!ous pcrl(>ds l0t lhe quarter end for lhe year ended oo Mwch 31.2019, were re�e.ved / aud,led by a f!llll or Chartered Accooolallts other than s. R. Bo!Lbo, & Co, LLP, .
Kolkata
Jul 1d, 2020
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BATLIBOI & Ca LLP S.1l. C!lut..,\cc:qvnt•nta

22, C;tm.K Slrfff Jrd rJOOI', &loci! ·o· K<J!kohi • 700 0.16. lnd,.- f#-1 : •-91 J3 6114 -4000

Independent At1d£(or's Report on the Ql,Jarterly and Year to Date Consolidated Financial Results of the Company Pursuant to the Regul�tfon 3:J of the SEBI (Llstlng ObUgatJons and Disclosure Requirements) Regulatlona, 2018, as amended

To

Ttte Board of Directors of lFGL Refractories Limited

Report on the e.udlt of the �Qnsolldated Financial.Results

Opln1on

We have audited the . accqmpanying. statement of quarterly and year to date consolidated Un.anoial res1,1lts 1of IFGL Refractories Limited (•Holdln'g Company") and its subsidlartes (the Holdil')g Company and its subsidiaries together referred to as "the Group;, for the quarter , ended March 31, 2020 and for the year enqed March 31, 2020 (:"Statemenf'), attached :�e((iwith; oeing submitted by the Holdin,g Company-pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations. and Disclosure Requirements) Regulations., 2015, as amend�d ("Listing Regt,1latlons�).

In our Qplnlon an<:! to. the oost of. our Information and according to the explanations given to us and bas_ed on the consideration Qf the reports of the other auditors on separate audited ftnanctal .statements of'tne subsidiaries, the Statement:

• l. inch.idea the r:e11ulls ·ofthe entitles as mentioned in Annexure Ii

• ,II. are pre&ented in a.ccordance with the requirements of the Listing Regulations in 'this regar<,l; and

• iii, gives a true and'J�ir view, ln,c:onformity with the- �pplicable accoun�hg standards, and other accounOlig ptlnolples generally accepted In India,. of. the consolidate� net profiHmd other,comprehem3Ive income and other 'flnJlncial • lnformatlon of the G�p for the quarter

• ,ended Miu� 31, 2020 and for .the year ended March 31, 2020.

Buls·for· opl11lon

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(,twt rt<l ACCOIIJIUI\U BATLIBOI & Ca LLP S.R.

.a basis .for our opinion. . · provide reports referred to in "Other Matter" paragraph below, is sufficient and appropriate to of Ethics, We believe that the audit evidence obtalneci by us and other auditors In terms of their fuimled our other ethical responsibilities in accordan� with these requJrements and the Code financial �tatements under the provisions of the � and the Rules thereunder, and we have

Emphasis of Matter

• a. and Goodwill arising on such amalgamation 'aQgregati_ng Rs .. 2�1699 lakh� had been reeognized. B.aS® on management's assessment, such G o wl.il is belng-amortised common control.

• these were entitles under.

• Metho.d' as d�flned under Acco.unttng Standard (AS) 14,,Accounting for t,\hlalgamaUons, ov�r a period of ten.years with a charQe of Rs. 667lak.hs per quarter and.Rs. 2 1670 lakhs to lh�.$them..�. the•�or�said business co;,,binailon was.recognized under.the 'Purchase per year. As. per lndlan Accounting Standard (Ind AS) 103, BOsiness Combinations the • •

• provision� of sect,ions 230 and 232 of the Companies Act, 2013 (the scheme ),. Pursuant �foresaid amaJgamatlon 9ad to be recognized under 'Pooling of,lnte�est Meth�'. ·sin�

• Company law-Tribunal, Kolkata Bench, vide it-s Order dat� August 03, 2017, under the ·

• from April o.1 ,.2016 following Scheme of Amalgamation approved by the Hon'ble National amalgamate:d •entity w�s th�reafter renam·e_d as IFGL R�tractortes Urtifted) with effeo.t amalgarn�tf�n of·tne.er�twhne IFGL R_etract.ori�s Limited with the Holding Company (the We oraw attention to Note 4 of the ton�olidated financial results, relating to

• tax �ssets of Rs. 1 1 164 lakhs. We d.raw �lten.tion to N.Compa,nys,wn� petition .ote 5 to the challengln,g • consolidated the 'Explanation financial 1 :to Sec results t on 10AA(1) regarding the Hqldlng ,of'the Income Tax Act, �fl61 tn�rted on and fr<?JTI �ss.essment year ,beginning April 01, 2018, which Was admitted by the Hon'ble High Court at Calcutta. P�ndlng decision by the Hon'ble High Court, uncecra,lnty exists a.s regards realisability of 'resultant recQgnized deferred

• c. management assessment ther�qf, uncerta1nbe$ and Impact of COVIC).;19 pandemic on tne ope ti f

• · We draw to Note 8 of the:,cons9Udated· �ttenUon �nancial results which de-scribes the ra ons,.o . tt:ie Group_ and

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· Our opinion ls not modified in res�ct of the abov. . , . ma ers. tt

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BATL1Bo1 & Ca LLP S.R. ctwtered Acc:ount•ntil

rules is,su�d there.under and other accounting principles generally ·accepted In ·Jndla and ln compliance with Regulation 33 of the- Listing Regulations. The res�ctlve Board of Directors of the · · companies Included in lhe Group are responsible for maintenance of adequate �ccounttng records·in ac�rdance with the provisions of the Act for safeguarding of the assets of the Group and for preventing �nd detecting frauds and other irregularities; selection and applicatton Qf appropriate accounting policies; maki'19. judgments and estimat�s that are reasonable and prudent; and the design, Implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accouhting_ recprds, relevant to the preparation and presentation of the State,ment th�t give·a true and fair vley., and are fr -from m_aterial misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Statement by the ' Directors of-the Holdlng Company, as �f6resald.

· lo-prepa'ring the 'Statement, the.respective Board of Dlrectors ofthe 9ompanies included in the Group are responsi�le for assessing th� ability of the Gr.oup to confln,ue as a golng concern, disclosing, as applicable, matters related to going concern and using the going concem basis of accou�ting unless the resl)ective Board 6f Directors .either intends tp liquidate the Group or . to cease,operatlons. or has no realisiic "'ltematlve but.to do so,

Tile.' respective Boa.rd of Directors of the corT)panies l_nc;luded r n the_ ,GrC>up·are also responsible for overseelng the financial reporting process of the Group.

A.uc tor's Re�ponslbllltlQs for the Audlt ofth� Conso!ldatl'!d Flnanc.lal Results

· Our �!:>jectives,are to obtain reasoriabte assurane about Whether the,�.latement as a whole is free from materlal'mlsstatement1 whether due to f�ud·or error, an� to issue an auc; tor's repqrt that inch:Jdes · our opinion. Reasonable assur�nce. Is a high level ,of assurance, but Is· not, a guarantee_ tl)at an audit. con�ucI�d in· a�cordan� with SAs• will always detect a material mlsstatemenf:when It exists.[Misstatements c] ao arise from f�ud or error and are· considel'ed material If, individually-or in the.aggregate) lhey could reasonably be expected to Influence the · econo.mlc decisions of users taken on the .basis of the Statement

· : nd maintain ,-s pafj, of an audit In acqQrda��e with SAs, we exe_rcise professional judgment a Pf[ofessJonal skepticism][.][throughout the audit We also: ]

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• ·

• ld�ntlfy and assess the risks of maferial mJe.statement of the State ment,, whether due to fraud or e�rqr, design.and perfotm auglt procedures resl)onsive to.·those risk�. and.obf'81n ·

• audit evidence thatls sufflclent and a�proprlateof not dete.cting a material misstatement refmlUng from �o provide a basis fof·fral,ld Is ;<?Uf opfrilon. The riskhigher than for one ·

• resnJi&representations; or the override of Internal control. ultl�g from,, error, as fraud may Involve colluslon, · for�ery, lntentlonai omissions,·

• , .. ob�alrt an un(ienJ,tandlng of lnte:nal cpnttol relev<Jnf to the audit' In on;ter to- ,.de,lgn audit pr�,cedures that are appropriate In tha clrc�mstances. Und.er Section 143(3 · I) of the Act,

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S.R. BA1L Bo1 & Ca LLP Cfiaf1e,W A�cow,bl);b

effeet,iveness of svch controls. . . · internal financial, controls with refecence to financial· statements in place and the o�r.atlng we are-also responsipl� ,Or expressing our opinion qn Y(hett}erthe company has adequate

• Evaluale,'the apprQpriatene.ss of accounting poficfes used. and the reasonableness of •accounting e.stlmates and related disclosures made �y the Board,of'Dlrectors.

• CaMlude on the appropriateness of the Boan:t of Directors' ule oflhe going concern ba$is•' o,f accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to a.vents or con'ditlons th�t' may cast significant doubt on the ability of the Gro.up,to.continu� as a gQing concern. lfwe conclude that. a maferial uncertainty ·exists, ·

• we are �uirecrto draw attention in: our auditor's report. to the relat�d disclosures tn the Sfatemenror,.lf such d(sclosures are'lnadequate,.to modify our opinion. 01.,1r conclusions ·

• arEt,l:>asec! on th� audit .evidence obtajned,Up to the-,d�te of our audlto,'.s report H�wever, future,evel')t& or conditiQOS may cause �he Group .tQ cea$8 ,to continue as a going concem.

• •. Evaluat,e'{be ove�lf presentation, structure and content of the· Statem.ent. Including the ·

• discJo�ures, anc;f .w�etner the statemelit represer_ll·the,undertying transactions and events ·

• in a manner that achi�ve� fair present�tion.

• liu •• . . I ' •

• • Obtain sufficient appropriate audit �vldence regar,dlng ttie financial iilfomiation· of •the entities wit.nfh the Group ,of which w�, are the in�ependent auditors, to express-en-opinion on t.He-Statement. We are respqns�le f(?r•,thEf_�i�ction, supervi'slon·aild perfonnance of th,e �udit of the flnanclaJ lnfomration of such t)�tities lnciu.ded in the'State'ment of whlcn we a� ·u,e ilidependerit auditors. For the other erit�ies lnclu�ed in'the Statement, which hc,1ve · '

• be n audit� oY, ofher audltor.t.such other a�qltors remafn resP9nsible for.the directiqn, �u�rvlsion and performance of the audits carried out by them. We remain. solely responsi.ble fQr our audit 9plnlon.

' , lntities ln�uded Jn the $tijlement of-whl¢tl we a.re tlitflni:f�pendent audi.o� rega(din9, among t applicable, related safeguards. W,e com�UFticate·� those eti'.arged.wiltl governance of .the Hpl�in,g,Company .. and such o�her .other matters, the planned scqpe and .�ming of the aQdlt and significant audit.findings:, including ' any signtficant deficiencies lo Internal cont(QJ lhat�e lderitlfy during oun;1udlt. We aJso provide those chafged with govemance with a statem�nt'that we have compll� With. rt)levant ethical . �r matters ��t may 're.asonably. be thought to bear on our lndependttnce,. a�d-.where · requlrem�nlt r,gardlng lhd:ependence1 and \o c.ommunlcat� With them aJI relatipnships and

· ,..,.· :::::;--� (SJ of'ttt& �tirl,� Regulations, lo the &xt nt appllQ'l�le: e · ,'(" 111� pa_rfQnned ����'-in accordanet, with the c' irtular No •. CIRJCFO/CMD1/44/2019 d;.t, �; Maq;ll i&: ,2Q19 1$$u.ed by ttle Securiti�: E�change· Board o.fl lnd1a.µnder Regulation 33

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-S.R 8ATl.lBOI·& Co. LLP Cl\a(t r.dA¢o�unt•nta

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Ttle accompanying Statement Includes the audited financial �tat�ments an.d Qther ·rinancia .in fnfonnation, respect of sev�n (7)' subsidi�ries (including st.ep,.down subsidiaries), whose •financial ;statem�nts Include total. assets· �f Rsu53,73� la�hs as at Mardi 31, 2020, total revenues of Ra 12,332·1akhs and Rs 48,464 lakt,;$, toU1I net lqss.:after tax of Rs. 1,704 lal<hs and Rs. 755 lakhs, total comprehensive .loss of Rs. 1,704 lakhs and Rs. 755 lakhs, for the qy_arter and the ,year ended on that dijte respectively, and.net cash.Inflows of Rs. 2,319 lakhs for the ye�r ended March 31, 2020, as consider� 1n the Statement which have been audited ' ' by their �spective . .lnqependent auditors. The independent auditors report on the financial stat�m·ents· of these entitles have. been fumlstied·to us.,by the Management and our opinion on the. Statement iii so,far _as it relates to lhe amounts c1nd discfosures:lncluded in respect of these ' Subsidrarles ,s based solely on the reports pf sue� auditors .and the procedures performed by us as''stated in paragraph above:•

. .Af�saia sul:>sidlarles are located outside India Whose financial statements and other financial ' · intormatlon have be n prepared In accordance with �c¢0unting piincfples generally accepted lil their respective cou.ntrle� and'whi'ch have be.en-'audlted by other audrtors.-under generally acbepted audrt1pg_ stat)dards "ppll�bie in thelr.re�pe�ti� courtries. Th� Holdit'!Q Company's management has converted the 'financlai ·statements· of sl-'ch- subsidiaries from accounting Prit)Ci,Paccepted in India. We have audite<;f'these con.version adjt,istments ,le,s ·ge�eraUy accepted in �efr r,a�pective ·countries to accounting principles generally.. made by 'the Holding · Cocnpants management. _<:)ur opinion in so far as·it relates to - - the balances and affairs of such ,su��!dlaries locat�d oul$ide· India is based on the r�porfof �thet auditors and the conversion adjustments pr�pared �Y. .the management of the'it-ioiding Company_.a,id 3.ldited by us,

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• • • •. . t • I I 1 I , ' flnan9ial lnformatiQn In respect·ol six (6) su�ldiari®:(l�cludingstep;-down stibsidiaries), whos� financtal· statements an� other flrianclal information reflect total assets of, Rs 18 862 lakhs as The accompariying' Statemen(includes unaucined flnahq!�I stat�nietrts and other unaudited · tax of Rs. 73 lakh.s and Rs. 103 lal<li's, totaJat March 31, 2020, and l9tal revenues of Rs 154 lakhs an'd Rs 764 lakhs, total net loss coriiprehensive loss of Rs. 92 lakhs and Rs. 103 .. after la�s, '9r the qu�rter ai:,� the y�ar .end�d on thafda'te res'peqively ahd ,;ieU:ash inflows of Rs. 25 lakhs for the year ended Mar.ch 31,.2020. These uoeuqited financial stalements have be n approv:ed an�ffurntshed to us by the Management and our opinion .on the Statement, In-so far as It-re lates to (tle amounts .anq disclosures Included in respect ofthe.se subsidiaries, is baeed sdlely on such una·ud.ited financial .statements: In otJr' oplnl6n · and accordlhg ·to the Information a1c;t explan1 $tions:glven to us- by the Management1 th.ese: financial statements are not material to the �roup,

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s.1i BATL1B01 & co. LLP Citl'ittrtf Actolll\t,nh

The comparative: Ind AS •financial Information of the Group for the comf&pondfng quarter and l for the .year ended, March 31, 2019, Included ,In these consoldated financial results, were audited · by the predecesJor auditor who e-xpressed an unmodified opinion on those consolidated flna11clal Information on May 11, 2019.,

Th.e Statement rncludes the results for the quarter enaed March _31, 2020 beln� the balancing figures between the audited tlgurea In Je$pect of the full financial year ended M.arch 31,. 2020 and. the pubtJshed unaudited, year�to-date'figures. up to:the end,'of the third quarter of the current flnanola.l y�a( I. which were subje'cted •to a limited review by us, as ·required under the Listing R,egutatlons.

For S.R. Batll�ot.& Co. l,.'LP

Chartered A'cc,9�ntants ICAI Firm Ret,l&tratlon �umber� 301003E/E30,0005

, r7'1_._ ' � �� · .. 1 · �emperahlP-N.o,:: .0�55,9(; UDIN: �Q0!f5596�Cl5A �t July 1'8, '2Q:ZO Kolka\a. per Bhasw.ar. Sarkar Partner

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BATLIBOI & Ca. LLP S.ti

C!�tfM ��Ol.ll'ltfftb

Annexure J

List-of Subaldlaries '(lncludlng stepdown aubstdiar(es)

81. No. Name 1 IFGL Worldwide Holdings Limited

• 2 11anjin' Mono·c;on Alumlnous Refractorles ,Company Umfted 3 Limited Tian)ln Monocon Rafr,actories Company

• .4 Monotec Refra.tarios Ltd

• 5 IFGL "4onocon Hpldlngjl Limited

• 6 Monocon lntematlorial Refractories Umltec;f

• '

• 7. IFGL G�bH

• . ,;J

• B Hofmann Ceramlc.GrribH 9 Hofmann .Ceramic CZ s.r.o, 10 Monocon ·overseas Limited 11 Mono Ceramlcs Inc. ·2 IFGL Inc, ..

• 13 E.1 Ceramics LLC .. "· ·14 Gorlco'nJ�e,lallurgicall'Servlces Limited '

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,
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l'OL RfERCIDRIES LIM O �og;i1,,� Of. Sto, D. tatJ ivJfral &111t, PO K.-• 7700Ji ° $:t,a.u,, O kud I C 1 Of(il t41t•, S�s Re KGUf1 1C1 CIN: LJ1tOR007PtC021U4; £-all : Ital h.;toUn; W•b•lt•: .wJlolt•f com SIATE.EIIT Of COIISOLlATEO AUOIfQ rwcWAESULn roR T£ QUATR AO VEA ENDED MCH,,. ,l s,. Ho, P■r\lcutsu ll>>J' 0 l"""l!dl ,f,, Ntt• t ~~,.~~ AO'fl l\ 0Pt111 2'.201 2.O,�. )ti l, ro111 lfcot·(1•2) 21,Sil ..ttptlUI..c� cf Maf.ctatt to. 106ll Q Jt ol : 04•k· tret $lt C. CN ln hnn1ot$ of Flnt Oao1 Stoi-t.,,Y,)•J WQ,}r.lron·M t◄OJ d. Emp&)·tt 8tr,tf,1 �H 3,131 .AMn♦ CotlJ 113 I. OiC"t� ar\d Amru1tan (pu,u1 1.,0, o. Othfr EA,.. n, �.l'7 $. To1o Expenu, (.(1) to 4(gH 21,rc, ,,Ptof b•fct• ••<♦pllo",I N�a a1d In fl • 5) 114 1. !cpont Rtffj (rtfer Mle 7) 1.o, L P,om b■fo,• Tn fl•Jt l',111) 9. T1£ietl\M I Cu111N. Ta . 1.7 b O•lim Tu {Cte)_I_Clar�• 111 10. Ptofh lo, ff• yurl�rlod (I-) (1,191} 11. PtD f6t th )fU/pr lllftbultf tb [qv,ty ho.r, of tle CQp/J n .. lUJ uon Conttr� lr.t,rht 11. Othtr Corpt•htntt'lt lnct I (Lou) A OHtcc Colpth�n1Ne ko� nol b tlcJd IQ pofi ft lt* l R4mU$1ttm4lll Gain I kHU Ot Of'td Bene(& Ptat J ij llcol tu rtbtU ta ,ovJ iem Pl 0 Oirtr Comt;nhflltN• flmt l1 w b 1d.usiRa lo ►mfil o tu bUf d1llertneu 1 ltfali lhe �fJ .,, \latmfnt1 ol fon(,n oi,.,� 1), tot,1 Olhu Com,t.i.n1hi lntofni t (l00) tot lh• yh.rlpulod •11 ,,.ToUI Cor,,pthf'tl1• lfCi•1 J (Lt.U) fot th• yoarfp•r1od Total COpeensivt 11 lort ,·n,llflod 11\J� lo [t11) '�u h S ol IM COfpl) (116) llof COUci.'Q to..,,., IS. 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latal An.at, 11♦2\ 't 02 tll ,u,20
8 EQUflY ANO UAOILIIIES
,. fqu!ty
{If E®�y Shltf taJllltJ )tot . .
Cb) Olhcr £<.;u';ly nn, 1ueo
Cq.l ty 1tttJt,whbl• to I►-• 11wn.n � .
tl'Gtl tol:tl(aW.1•Sl
tol,al E,quity .. . .. ,. ... r,.i
Ll•blllllu J. ijol.CUrttnf UabhJH••
<•I Fi,anI U•bilW<>s
(ii} u.no UbbtMiu Ci) Sp,ro,,lng us: I.Off usa
(II) foc.otr. Tu U•bO u (lj,I) 0 ..
(t) p,o-.-lt,l()n.j - 0
td"; [OtfCruTohl Hon• CUttanl lltbilrtt..• 1419 , e41\
l. cu,ttnt lt1bllltln\
(ti fln•l!d� U.blf.fie>
M Boncwlno• l� Uil
(ii) Leuoll:abJ4ie.l 201
(I/<) tr""' p•y.1bl,s
ro111 0111,toncfWIO d•os of Miuo En1 rprisu lr4 sman i;ntclJl",su �•t
Total Qubt:,� dve, ol e,� Othct lhtn Mkto E�tfP",s<s-ar.d $n,alt Entf.,pdus 12,tu n.iu �
(;Y) Cthff fin1nclol U1b1Mfts "° an
(b) OtNr Cwrel"f U.aO.uilts ,.� 1$2
(<) P10Yt,lcw 21 21 1,
Tot.at C1..1 111,1 LbblNtlu u, .. ,o�u wV �
Total Eatlrtv and lbblliiiu fhJ♦.ll 'to,,,, "'?;r:,.CTo
/.•i'li ¼ � , . - .
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S:t�1
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ao,n
259
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==> picture [604 x 848] intentionally omitted <==

----- Start of picture text -----

CONSOLIO,\TEO CASH FLOW STA EMENT If lnb\M)
For lht yoar Fort,.hoyu,
P.utlcuflll ended M•t31, 1020 31,201'\
(AL>dll•d) (AAidltad)
Cash Flowa from Oporallng At lvltloi
Pro� be{Ofl I.U tM tho oariod 2.907 e.•o�
Adiutlmenls lo<
flMllCe C01IS 361 369
lntetosl tneome (2ll5l ,, ,
ProvfJ:loO tot unspent ltabliLlea reve11ed (14)
Lon on di,poul of p,opPrc�t en nit ol lnvostmcnli In Mu!�I Fund (nol) (3!16 (4$)\
Nel gllln arls(og on fA1 assttJ nlOIUl'ed bl (alt valw l/llcugh p(Of.l o, lou (38) (142)\
Sundty debit balancul•dvancei won•n off 470 16\
l111paltmenl of (;ood,,\1 2,061 .\
Jtttpallm.enl kJSI / (r1veru.lJ reci)(inised on trade recerYabiH /�dvances 659 (85)\
t>cptti,CIB�M p('d al'I\Oltintion O,J:peflU 4,634 •.�
Al!>Oi1isolion of Prepaid Ren, n
Vnt•>llttd fote\Qn e>chongo ga,nl(lossl · (20'.I 36
Eff•c:t o( cJl•�ge ln Foreign E>c:J>•M• Transla1ion
10,«7 11,130
Change In worldng c.af>l•I:
OeCJ,�$0 kt tr.-de end other l'ec,;:vable.s 1.317 6;125
CtcrtHe I (lncreUt) In lnven1orios l,6i7 (4,810)
lna••u I tDoCtaan) In it ado payables ond ottier hbi ilies 1.567 1811
Clih 0•110,atod hom Opor.1Uon1 IS,028 12,AS7
lneome Lu:es p� 1411
Not cuh o•n•••lod by Oporoling Aollvitlot (1) 14917 10.an
C11h flow• hom lnvosllng Acll,illo•
1n,esu.en1s 1n 1/.utu,,1 Fundl � 001 8atul (25,316) (6,AOS)
PIGGt•d• from u/o or MuM>l FU/ld 21,0A 3,333
P1ocecu, kom maturity of letm dopoS<U \�JI banb (Al&)
P•y•r.enl for term dopostts w.lh tw\ks (1,515) .
lil &rttl ree<tNed m f60
Payff'.enlS fO( p10po11y. planl ar.d eq"Pmen� olhtl lnlllllo,bles aM Caplol Wo,t In Progress (2,495) (3.1139)
P1ocetds from di1µoul ol p,opor:y, o14nt a/Id equipment 75 15A
N•• cuh uud In lnvollng ActMllu [2) 15310 n.1u
C,Uh flowe' f,on·, F"fntnclng A.cU11ltlot
lli'iidcr.d on Equ,!y shato and Dividend Oit\Nll,l:00 lijJ< ll trton (2,111) IM9J
Ropaymtnl ol lot,Q-rarm boo�• (A25J (A�)
Repayment of shllrt•ll!ilt liO<'rowlng ('not) 13.633) (1.8'3)
Payment, cl Leuo LloWiUu (2f7)
lnl■1nl Pa.'d
Nol cUh �atd In financing octlvitlo, (3) 11.11, IJtSI
Exchongo Dlffortncu On Tranalallan OfFotolgn CUtlfncy � 69
Nol lnoroo.to In Cash ond CHh Equlvalo�tl (1•2+3) 3331 2GI
Cash •lld cash -�•aJ<nl• 31 lho beginn,ng ol lhl ye4/ 7,634 7.373
Cath and cash oqulvalenlo •I tho end of lh• yoar H3,
S(GMEIH ,.,, ., REIIENU�. RESULTS AND CN'ITAL EMPLOYED OH CuN�OLIDATED
BASIS lflnl•'-hol
0111rte, onded Yott tndtd
Jt-Ol-2020 31-12-2019 31-43-2019 ll-43-1020 31-0l•201t
ParticulJ!'I
(Audltod) (Audilod)
RoforHolo t (Vn•udiltd) R.forNoll. (Audlt..i) (AUdit1d)
Sogmonl R1von1.10 (Gtc)ta S.at,1 / lncomct from Opo,.stlona)
trn!ia ll,556 11,1123 12.964 ,a,aiu 0.552
Ovlii,.II• EOtopo e>CIUd<r.a A,988 "'32 4,507 380 7,001 481 20,957 1,578 18,415 1,614
AmtOCI 6-233 010 20.303
G,ou Salor /lncomo from OpUdtlonr 2220� 21760 2514' 91735 95 0'1
Sogmonl Ruullo (Pronl(+J / laH(-1 boforo lu •nd finance Co1t•J
lr\di;j 717 811 3.875 3.5'0
o.,tJ/lfo IM1'
Asl4 o•cJU<linQ ),dia 109 4$ 9? ™ 603
EutCp(! tt36& [) ] 1401) 2H 12.SlSJ 665
Alneriul 414 m 343 1,6SS 1,6116
Tol•I (i,12◄) 1,1n 1,$17 3,158 6,7TA
Add/f1 .. 1) . Flnaru Cosu (113) (7Sl (93) (loll 1lt3)
Prall! boro,o Tu l12JTI IOU 10◄ 2997 HOS
Segmont Anttls
India 58.4')5 S7.J9\l 53,919 S9,49S 58 979
Du!1ido India
Atla udu<llllg llldia 2,88� 2U3 2,56! 2.6M 2.$1
EU{Opo 17.9C.S 18.™ 10,031 17,!/03 l�.031
Amerlc:u 13,271 12.eos 11,693 13.271 11,893
Un,,lloc.atod 10.354 12.090 9,956 10.364 U'h
Tol•I soumoo1 Anolo 102,n 10)013 I 07410 1.02911 fOU20
,Sogmonl Ll•blllllos
looia 12,207 1\,2'2 7.$$6 12,207 7,9!6
o,;t ido lndi.J
All� e.dodinQ lndjJ 1,360 ◄93 5S2 1.350 552
Europe 5,742 5.6AI ◄.BM 5,742 ◄.�
Amon<•• - 2.714 2,?32 2.210 2.71� 2,210
ToUI S..,m,nl U•bllfilo• u ... 'lotattMI £�� :U.02l 20,10• 2U!lll 7,35' 22,0lJ u.,ie 1,3$1
• \ �t; t;.�}.
,>I J f . • j £t1 Kolka!G [en ] [) ]
t!,, . ata 1 . �
/ �'<.; ,-. ·��� (;
'�" :-,.. �,I ,., [.,, ] . oJ f - �
324
n,:91
1,605
1�,350
1,119
11,5201
1••u
�/ .o
(3951
14'5
C,703
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2.

3.

4.

5.

6,

7.

0.

0.

10.

• NOTES :

Above financial resulls have bean rewed by the Audit Commltlee a t lls meeting hold on July 1 B , 2020 and approved by the Board ol OirectOfs (Board) a t theft meet'ng held on that date. Tho statutory audllor hove audited the same.

Tho above audited financial results of the Group [IFGL Refractories Limitod and fourteen subsfdiar,os) have been prepared In aceotdance with lnd1an Accounflno Standords (Ind AS) nollfiod under the Companies (Indian Accounting Stondards) Rules, 2015 as amended by the Companies (Indian Accounting Standards) (Arnendmenl) Rules, 2016. The Group ad.opted Ind AS from April 01. 2017 and accordingly, lheso f,nancial results have been prepared In accordance with the recognltlot> ond measurement principles ol Ind AS • 34 • Interim Financial Reporting. prescn'bed under Section 133 or the Companies Ael, 2013 read wilh lhe relevant rules Issued !hereunder o.nd lho other oc@unUng principles oonern(ly 3ccopIod In lndi3.

Tho Group p1e<lomlnanlly ope1atos fn o slnglo sogmonl and ls engaged in the bualnoss or monufaclure, trading and &ale of relracloties and Is manag!'d orgat1lsalional(y as a single unit, The Group has adopted geog1nphlcaJ locallon of Its opotallons (where its p1oducts aro produced 01 sel'\l ce rendering aC11viUes are based) as its operating segmenl In terms Of Ind AS 108 'Operating Segments'.

A scheme of amalgamallon or erstwhile IFGL Refractories Lid. with the Holding Company with effect from Apnl 01, 2016 was app,oved by the Hon'ble Nal!onal CQrnpany Law Tribunal, Kolkala vlde order dated August 03, 2017. Goodwin or Rs. 26,699 lakh• arose on such merger which was accounlod for under ·Purchase Method· as defined under Ol!IWhile Accounllng Standard 14 - AccountJng tor Amalgamation. Useful life of such Goodwill wa, estimated 10 bo 10 years arid lt ll being amotlised accordingly.

The Holding Company's Wril Potillon No, 544 of 2019 challonglng vlres of lhe E.xpliil\aUon to Section 10AA(1 ) ol lho lneomo Ta,o: Act. 1961 lnHrled on ar>d from assessment year beginning April 1 . 2016, on grounds that such explanation denies lhe benefit that was in1onded lo be provided under tho said section, was admittod by lho Hon'blo High Cour1 al Calculta on November 7, 2019, Suppor1ed by a legal opinion obtained In this regard, management bolicves that the HO:ding Company has a good case on merit In !his mattor end the resullanl deferred lax assets ol Rs. 1 ,164 are considered as recoverable tn future

The M1nls1ry of CorpOrale aHalrs has notified Indian Accounlll\g \landard 1 1 6 ("Ind AS 1 16·), Leases wilh elfecl from Apni 01. 2019. The Group h.is adopled lhe standard With effect from the date of inllial applicaUon I.e. April 1, 2019 using ths modified retrospective melhod under the transibOflal provisions Of lhe standard. As a tesult, the Gloup has rccognizod right of U$e asset and coteesponding leas11 rtabllily of Rs 2.199 lakhs and Rs 1 ,287 lail.M 1e$pectr.1oly as on March 31, 2020. Fur\her, e�pense tolvards loaso is now rocorded os deprectalion Or\ right ol use assets and finance cosls on lease liablllly, Instead of renl, On account or adoption of Ind AS 116. profit before lax for tho year ended March 3 t . 2020 is lower by Rs 66 lakhs.

During the year, th11 Group has recognisod Impairment loss omounling to Rs 2,061 lakhs, 11 hich Is diaclosed as an exceptional Item ln tti�e Ci)O$Clidatod financial results. This impairment loss represents lhe write-down ol carrying value of goodwill lo lhe recoverable amount pertaining to German operations (IFGL GmbH and its step-down subsidiaries). The recoverable amount Is based on value in use calculalions using present value of lulure cash flows estlmnled by the managomcnt and is dolorm,ned at tho lavol or CGV whlch consists of the as,ets of IFGL GmbH and Its step-down subsidi:n!es

TIIO outbroak of Coronavlrus (COVID- I 9) pandemic globally and In India Is causing significant di.sturbanco and �k>Wdown or economic acb>itin. In many countries. businesses ore being forced to cease or lfmlt their operations tor long or indefinite period ot time. Measures 1al(en lo contain the $p1cad of the virus, includino travel bans. quaranllnes, social distancing, and closures of non,essenUal sorvlca, have 1rtggered s(gnifican1 disruptions to businesses WO<ldwide, resul�ng in an economic slowdown and uncertalntles pertaining to future opo,alions ol their businesses.

The COVID· 19 pandemic and its disrupUon of Industrial production have ad11er$ely Impacted metals production In certain markeb lnciu<l no the Uruled Kingdom (UK). This was preceded by sloWdown In demand or metal products rrom oms users that had also impacted tariffs in UK. The Group's component in ll)al geography ha.s, however. been able to manage tho challpng<1s fac4!d by it duo 10 the pandemic with retention of most cl Its producllon slalf and has been able to lulrd lls nles orders. procure raw materials and keep Its operations running dunno the period or lockdown in April and May 2020. Though there has been 'SOme reduction In otders and detays in shipments due lo cuslomors reducing their production, lho sales and despalches during the aforesafd months has been in line wilh those achieved ln the last quartor of 2019-20,

The auditors or the component In the UK have included in their audit repor1 on lho r.nanclal stalemen!5 of the component, a paragra,ph hlghf.ghling male1Ial uncertatnty relating to going concern omanntlng liom the Covld 19 pandcmtc. The Board or Directors of I.he Group's UK component (!he UK Board) has assessed !he forecasts (0( tho porlod till June 2021 , the cur,ont order bool< and trade receivable position as w[1] 1II as !he uncortalnlles cau11ed by the pandemic. Based on such ass@ssmen� the UK Board believes that oven with a potential 20% drop In sale& the component wlJI bo able lo continue to ttade profitably. Given the fonicasted perfQfmance and a strong cash posiUon, the Oo,ird believes that tho c.omponenl docs not have any going concern luue.

The Group resumed ii� buslnoss aclivitles after a brief disruption in certain components, Manogemunts ol all components ha�e a$sessed their operations till dale. 11qu;d;1y posl{Jon and developed business plans which have been tested lot ,ensltMty. Based on such assossrnenl. the Group management is r:cnfidenl of dealing with the c.apex and working capital requiremont, for the next tv1clvo months and docs not an1icipato· any challongo to the componeo1s of tho Group lo continuB as a going concern or meeUng 11, r.oancial obligaUon.

The figures or the last quarter March 31, 2020 and March 31, 2019 arc the balancing figure& between tho audited figures In 1CJ1pect of the financial year ended Match 31. 2020 and March 31, 2019 and the unaudiled published year lo dale figures up to December 31, 2019 and December 31, 2018, being the date of the end or the third quarter ol thi'lt financial year which we/'O subjected to Limited Review.

The figures or previous periods for the quarter artd lor the year ended on March 31, 2018, \I/lite reviewed I audited by a firm or Chartered Accountants other than S. R. Balfibol & Co. LLP,

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COMMITTED TO CLEAN MET AL
----- End of picture text -----

On behalf of the Boa1d ol lFGL Refractories Limited � (DIN : 00084031) �lanaglng Dlroctor

Kolknla July 1 8, 2020

IFGL REFRACTORIES LIMITED Registered Office : Sector B, Kalunga Industrial Estate, P.O. Kalunga 770031, Dist: Sundergarh, Odisha. Head & Corporate Office : McLeod House, 3, Netaji Subhas Road, Kolkata 700001 CIN: L51909OR2007PLC027954; E-mail: lfgl.ho@lfgl.ln; Website : www.lfglref.com

(? In lakhs except as otherwise stated)

EXTRACT OF STATEMENT OF CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2020

		Quarter ended		Year ended
Particulars	31-Mar-20	31-Dec-19	31-Mar-19	31-Mar-20	31-Mar-19
	!Audited|/Unaudited)	(Audited|(Audited}	*IAud.lted*
Total Income	22,528	21 939	25,283	92,831	95,544
Net Profit before Tax from Ordinarv Activities	824	1,082	1,424	5,058	6,405
Net Profit/ (Loss} before Tax after exceptional item	(1,237)	1,082	1,424	2,997	6,405
Net Profit/ (Loss} after Tax and exceptional item	(1,393)	727	1,305	1,945	5,046
Total Comprehensive Income [Comprising profit for
the period after tax and other comprehensive	(916)	2,584	1,351	3,610	5,134
income after taxi
Paid up Equity Share Capital (Face Value � 10/­ loer Share)	3,604	3,604	3,604	3,604	3,604
Other Equity	-	-	-	77,291	75,860
Earnings Per Share (of� 1 O /- each} Basic and Diluted#	(3.87)	2.02	3.62	5.40	14.00

Figures for the quarter are not annualised.

Note:-

1. Above audited financial results for the Quarter and Year ended 31st March, 2020 have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on Saturday, July 18, 2020.

2. Key Stand-alone financial information are as follows :

					(tinLakhs'
Particulars	31-Mar-20	Quarter ended 31-Dec-19	31-Mar-19	Year ended 31-Mar-20	31-Mar-19
	(Audited!	/Unaudited}	(Audited!	/Audited|/Audited|
Total Income	11,775	12,320	13,316	50,669	49,195
Net Profit before Tax from Ordinarv Activities	682	1,024	729	3,577	3,255
Net Profit after Tax from Ordinarv Activities	626	728	754	2,973	2,596
Total Comprehensive Income [Comprising profit for
the period after tax and other comprehensive
income after tax]	643	727	692	2,970	2,558

1. The figures of the last quarter 31st March, 2020 are the balancing figures belween the audited figures in respect of the financial year ended 31st March 2020 and the unaudited published year to date figures up to the third quarter of that financial year which were subject to Limited Review.

2. This is an extract of the detailed format of audited Consolidated and Stand-alone Financial Results for the quarter and year ended 31st March, 2020 filed with the Stock Exchanges under Regulation 33 of the SEBl(Listing Obligations and Disclosure Requirements) Regulations, 2015. Detailed format of the audited Consolidated and Stand-alone Financial Results are available on the Websites of BSE (www.bseindia.com), NSE(www.nseindia.com) and Company's Website (www.ifglref.com).

Kolkata 18th July 2020

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On behalf of the Board of IFG�<lo'.I" umlted �:ria (DIN : 00084031) Managing Director

COMMITTED TO CLEAN METAL