India Cements Ltd. — Annual Report 2019

May 25, 2019

E MR.A. Puram, Chennai -600028. Phone : 044-2852 1526, 2857 2100 Fax : 044-2851 7198, Grams : 'INDCEMENT' CIN : L26942TN1946PLC000931

SH/NSE 25.05.2019

National Stock Exchange of India Ltd Exchange Plaza, 5th Floor Plot No.C/1, G Block Bandra-Kurla Complex Bandra (E) MUMBAI 400 051.

Dear Sirs,

Sub.: Outcome of Board Meeting(

We refer to our letters dated 15.05.2019 and 22.05.2019, on the captioned subject.

We write this to inform you that the Board of Directors of our Company at the meeting held today approved the audited financial results (Standalone and Consolidated) for the year ended 31.03.2019.

We enclose Audited Financial Results (Standalone and Consolidated) for the year ended 31.03.2019 and Auditors Report thereon.

The audited financial results in the prescribed format will be published in English and Tamil Dailies on or before 27.05.2019.

In terms of Regulation 33(3)(d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we declare that the Statutory Auditors of the Company have issued Audit Reports with unmodified opinion for both Standalone and Consolidated financial results for the year ended 31.03.2019.

The Board of Directors at the aforesaid meeting has also, recommended the Dividend of Re.0.80 per Equity Share of Rs.10/- each for the year 2018-2019 for approval of the shareholders.

The Meeting commenced at 12.00 Noon and concluded at n2_. nntv'

Thanking you,

End.: As above

Yours faithfully, for THE INDIA CEMENTS LIMITED

kan

COMPANY SECRETARY

Registered Office . Dhun Building, 827, Anna Salai, Chennai -600002 www.indiacements.co.tn Coromandel THE INDIA CEMENTS LIMITED

Registered Office:"Dhun Building", 827. Anna Salai, Chennai 600 002.

Corporate Office:Coromandel Towers, 93. Santhorne High Road, Chennai 600 028.

Website: www.indiacements.akin Email ID: investolgindiacements.coin CIN: L269427N1946PLC000931 STATEMENT OF STANDALONE AND CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2019

		Standalone				Consolidated
		3 Months endedYear ended				Year ended
&No.	Particulars	31-Mar-19	3143es-18	31-Mar-18	31-Mar-19	31-Mar-IS	31-Mar-19	31-Mar-18
		Audited	Unaudited	Audited	Audited	Audited	Audited	Audited
	1 Revenue from Operations
	2 Other Income	1563.99	1316.30	1397.81	5627.99	5340.72	5770.37	5432.27
		17.39	4.27	3.92	30.97	19.41	39.23	24.50
	3 Total Income (1+2)	1511.38	1320.57	1401.73	5658.96	5360.13	5809.60	5456 77
	4 Expenses
	Cost of Materials consumed	304.09	230.29	253.46	1044.40	901.38	1099.31	940.67
	Purchases of stock-in-trade	0.15	0.03	(2.79)	0.38	11.91	0.38	11.91
	(0) Changes in inventories of finished goods, stock-in-trade and work in progress	(3.17)	16.71	(3.70)	(21.57)	28.32	(21.58)	28.36
	Employee benefits expense	90.68	85.45	99.63	357.14	397.10	365.21	406.23
	Finance costs	82.65	72.81	71.82	324.17	340.17	350.42	364.76
	Depredation and Amortisation expense	64.79	63.18	66.40	251.31	255.94	264.74	279.00
	(9) Power and Fuel	430.63	402.63	349.23	1640.99	1238.88	168024	1225.97
	Transportation 8 Handling	341.08	299.37	331.53	1276.10	1193.96	1274.47	1192.47
	Other Expenses	208.31	146.97	211.91	692.62	876.36	738.65	917.66
	Total Expenses (4)	1519.21	1317.44	1377.49	5565.54	5244.02	5759.84	5367.03
	5 Profit/(Loss) before exceptional Items and Tax (3-4)	62.17	3.13	24.24	93.42	116.11	49.76	89.74
	6 Exceptional Items
	7 Profit/(Loss) before Tax (54)	62.17	3.13	24.24	93.42	116.11	49.76	89.74
	8 Tax Expense
	Current Tax	6.99	6.61	(1.70)	32.45	17.90	35.61	24.43
	MAT Credit Entitlement	12.66		(0.02)	12.66	(0.02)	12.66	(0.02)
	Deferred Tax	(1.33)	(6.61)	(9.31)	(21.13)	(2.39)	(23.77)	(5.17)
	9 Profit/(Loss) for the period from continuing operations (7-8)	43.85	3.13	35.27	6944	100.62	25.25	70.50
	10 Profitl(Loss) from discontinued operations
	11 Tax Expense of discontinued operations
	12 Profit '(Loss) from discontinued operations (after Tax) (10-11)
	13 Profit ((Loss) for the period (9+12)		3.13
	14 Share Of Profit/(Loss) of associates	43.85		35.27	69.44	100.62	25.25	70.50
	15 Minority interest						(0.72)	0.28
							(5.44)	(4.34)
	16 Net Profit? (Loss) after taxes, minority interest and share of Profiti(Loss) of associates (13+14+15)	43.85	3.13	36.27	69.44	100.62	19.10	68.44
	17 Other Comprehensive Income
	A.(i) Items that will not be reclassified to Profit / (Loss)	(8.15)		9.62	(8.15)	9.62	(8.18)	9.60
	(ii) Income tax relating to the Items that will not be reclassified to Profit? (Loss)	2.85		(3.33)	2.85	(3.33)	2.85	(3.33)
	13.(i) Items that will be reclassfied to Profit/ (Loss)						(5.12)	(1.99)
	(ii) Income tax relating to items that will be reclassified to Profit? (Loss)
	Total Other Comprehensive Income	(5.30)		6.29	(5.30)	6.29	(10.45)	4.28
	18 Total Comprehensive Income for the period (16+17)	38.55	3.13	41.56	64.14	106.91	8.65	70.72
	19 Paid up Equity Sham Capital (Face Value Rs 101each)	309.90	309.66	308.15	309.90	308.15	309.90	308.15
	20 Other Equities (Reserves)				4929.80	4892.18	4936.08	4960.93
	21 Earnings per equity Share (for continuing operations)
	Basic	1.24	0.10	1.35	2.07	3.47	0.28	2.29
	Diluted	1.24	0.10	1.35	2.07	347	0.28	2.29
	22 Earnings per equity share( for discontinued operations)
	Basic
	Diluted
	23 Earnings per equity share (for discontinued and continuing operations)•'	a;
	BasicFor 111E INDIA.CEMENTS IMAMS		0.10	1.35	2.07	3.47	0.28	2.29
	i r)Diluted	1.24-	0.10	1.35	2.07	3.47	0.28	2.29

		Standalone		Conso idated
		Mat	As at	Mat	Mat
		31-Mar-19	31-Mar-18	31-Mar-19	31-Mar-18
	ASSETS	Audited	Audited	Audited	Audited
	1Non-Current Assets
	a Properly. Plant and Equipment	668003	6769.68	6885.89	7017.62
	b Capital work-in-progress	177.02	171.22	195.74	175.73
	c Goodwill			152.67	102.21
cl	Other Intangible assets	33.02	26.64	33.02	26.64
e	Financial Assets
	Investments	692.40	586.22	368.89	356.28
	Loans	1027.32	1042.73	957.14	955.27
	IOther financial assets	53.24	49.42	54.55	50.38
	Deferred Tax Assets			2.83	0.17
	g Other non-current assets	317.84	320.27	318.08	320.27
	Total Non Current Assets	89130.87	8966.18	8968.81	9004.57
	2 Current Assets
a	Inventories	823.21	672.25
b	Financial Assets			848.76	694.65
	Invesbnents	2.22	2.13	2.22	2.13
	Trade receivables	728.97	62947	745.55	645.34
	Cash and cash equivalents	6.73	8.37	48.72	53.54
	Loans	42.81	42.81	41.73	38.00
	C Current tax assets (net)	99.08	133.86	99.45	134.46
	d Other current assets	421.13	243.72	547.02	373.07
	Total Current Assets	2124.15	173241	2331.45	1941.19
	TOTAL ASSETS	11105.02	10898.79	11300.26	10945.76
	EQUITY AND LIABILMES
	EQUITY
	a Equity share capital	309.90	308.15	309.90	308.15
	b Other Equity	4929.80	4892.18	493608	4960.93
	C Non Controlling Interest			54.08	39.97
	Total - Equity	5239.70	5200.33	5300.06	5309.05
	LIABILITIES
1	Non-current liabilities
a	Financial Liabilities:
	Borrowings	264330	2797.47	2691.43	2878.16
	b Provisions	140.36	142.65	140.56	142.80
	e Deferred tax liabilities (Net)	630.82	653.23	630.134	653.25
	d Other Non-current liabilities	29.02	28.41	29.07	33.42
	Total Non current Liabilities	3443.50	3621.76	3491.90	3707.63
2	Current liabilities
a	Financial Liabilities:
	Borrowings	337.19	154.83	356.30	155.98
	Trade payables
	Total Outstanding dues to Micro Enterprises 8. Small Enterprises	4.41		4.41
	Total Outstanding dues of creditors other than Micro Enterprises 8. Small Enterprises	1311.92	1175.92	1347.50	1186.48
	Other financial liabilities	566.98	334.94	594.90	37382
	b Provisions	0.18	0.18	0.18	0.18
	C Current tax liabilities (Net)			1.82	0.82
	d Other current liabilities	201.14	210.83	203.19	21190
	Total Current Liabilities	242182	1876.70	2508.30	1929.08
	TOTAL - EQUITY AND LIABILITIES	11105.02	10698.79	11300.26	10945.76

	Notes:
1.	The above Financial Results have been reviewed by the Audit Committee and approved by the Board of Directors at the meetings held on 25th May 2019
21	The Company is primarily engaged in manufacture and marketing of cement. Subsidiaries and Associate companies are mainly engaged in the business of Sugar. Power, Financial Services, Trading, Mining and Transportation, etc.
3	Till 30-June 2017. Excise Duty recovered from Sale of excisable goods was included in Revenue from Operations and the Excise duty paid was included in Other Expenses 4(I). Consequent to introduction of GST (Goods and Services Tax) from 1stJuly 2017. as the Excise Duty is Subsumed under GST, the said income and expenditure from July 1,2017 are net of GST and hence not comparable.
4	The Company had, as on 1st April 2017, granted 18.35 lakhs Options to eligible employees under Employees Stock Option Scheme 2016 (Scheme). Out of the above, 17.45 lakhs Options were vested. The Options so vested are to be exercised withinone year from the date of vesting. During the quarter, upon certain option holders exercising their Options. the company allotted 2,35,000 equity shares of Rs 10/-each fully paid up (During the Year: 17,45,000 equity shares of Rs.10/-each fully paidp).and the balance option have been cancelled. Consequently the paid up equity share capital stands at Rs 309.90 Crores.
5	Revenue from operations includes Rs.20.25 Crores representing subsidy receivable from Government of Rajasthan as per Rajasthan Investment Promotion Scheme, 2010 (RIPS 2010). The incentive was sanctioned in the name of Trinetra Cement Ltd(TCL) which has since merged with the Company under scheme of amalgamation duly approved by NCLT. Since the said customised package of Incentives continues to be in the name of TCL, the company filed a request seeking change of theincentive package from TCL to The India Cements Ltd and the approval for the name change is awaited.
6	The Enforcement Directorate Authorities had issued an attachment order under the Prevention of Money Laundering Act, 2002 (PMLA) attaching certain assets of the Company for an aggregate carrying value of Rs.120.34 Crores. The Company, hasalready appealed against the said Order and the matter is presently Sub judice. (Without qualifying their report, the Auditors have drawn attention to this matter).
7	The Competition Commission of India (CCI) vide its Order dated 31.08.2016 imposed a penally of Rs.187.48 Crores on the Company. The Company filed an appeal before COMPAT (Now called NCLAT). The COMPAT in its interim order directed theCompany to pay 10% of the penalty amount (Rs 18.75 Crores) before granting stay which was deposited by the Company. NCLAT vide its order dated 25/07/2018 dismissed the appeal filed by the Company. Against this the Company has filed anappeal in the Supreme Court challenging the NCLAT order and the Supreme Court vide its Order dated 5-10-2018 admitted the Company's appeal and directed that the interim order passed by the Tribunal in the matter, will continue. (VVithout qualifyingtheir report, the Auditors have drawn attention to this matter).
81)	During the quarter, MSTB Indonesia, a step down subsidiary, engaged in mining coal, has become an Associate Company.
811)	During the year the Company has acquired the 100% voting interest in NKJA Mining Psi Ltd on 03.12.2018 pursuant to which the company is able to obtain 51% controlling interest in the paid-up equity share capital of Springway Mining Private Limited(A Company which owns Lime stone mining rights), thereby both Spdngway Mining Private Limited and NKJA Mining Pvt Ltd has become a subsidiaries of the company.
9	Managerial Remuneration to Vice Chairman & Managing Director has been restricted to limits permitted under Companies Act.
10	The figures for the quarter ended 31.03.2019 and 31.03.2018 are the balancing figures between audited figures in respect of the full finandal year and year to date figures upto the third quarter of the relevant financial year.
11	The previous periods' figures have been regrouped to conform to current periods' required classification.
12	The Board of Directors has recommended a dividend of Re. 0.80 per share for the year ended 31.03.2019 (previous year Re 0.80 per share) Upon approval by the shareholders at the ensuing Annual General Meeting, the dividend for the year endedMar 31. 2019, will be met out of surplus in Statement of Profit & Loss in the Balance Sheet.
13	IND AS 115: Adoption of IND AS 115 wet of 01.04.18 resulted in no material impact.
	for THE INDIA CEMENTS LIMITED
	4-1
	ChennalN.SRINIVASAN
	25th May 2019'vice Chairman & Mananinn Direct

K.S. RAO & CO., Chartered Accountants 7-B, 7th Floor, Century Plaza, 560-562 Anna Salai, Chennai —600 018

S. VISWANATHAN LIP., Chartered Accountants 17, Bishop Wailers Avenue (West) Mylapore, Chennai — 600 004

Auditor's Report on Standalone Financial Results of The India Cements limited Pursuant to the Regulation 33 of the SEW (Listing Obligations and Disclosure Requirements) Regulations, 2015

To

Board of Directors of The India Cements Ltd

• We have audited the accompanying standalone financial results of The India Cements Ltd ('the Company') for the year ended 31 March 2019 (the Statement), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Attention is drawn to the fact that the figures for the Quarter Ended 31 March 2019 and the corresponding quarter ended in the previous year as reported in these Standalone financial results are the balancing figures between audited figures in respect of the full financial year and the published year to date figures up to the end of the third quarter of the current and the previous financial years respectively. Also, the figures up to the end of the third quarter of the respective financial years had only been reviewed and not subjected to an audit.
• These quarterly standalone financial results as well as the year to date standalone financial results have been prepared on the basis of the reviewed standalone financials results up to the end of the third quarter and audited annual standalone financial statements, which are the responsibility of the company's management. Our responsibility is to express an opinion on these standalone annual financial results based on our audit of such standalone financial statements, which have been prepared in accordance with the recognition and measurement principles laid down in Companies (Indian Accounting Standards) Rules, 2015, prescribed under section 133 of the companies Act, 2013 and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations.
• We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the standalone annual financial results are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts disclosed as financial results. An audit also includes assessing the accounting principles used and significant estimates made by management. We believe that our audit provides a reasonable basis for our opinion.
• In our opinion and to the best of our information and according to the explanations given to us, these financial results:

lot 2

K.S. RAO & CO., S. VISWANATHAN LIP., Chartered Accountants Chartered Accountants 7-B, 7' Floor, Century Plaza, 560-562 17, Bishop Walters Avenue (West) Anna Salai, Mylapore,

Chennai — 600 018 Chennai — 600 004

• Are presented in accordance with the requirements of regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 in this regard; and
• Give a true and fair view of the financial performance including other comprehensive income and other financial information for the year ended 31 March 2019
• 1. Without qualifying our report, we draw attention to
• Note No. 6 to the Financial Results, regarding the order of attachment issued under Prevention of Money laundering Act through which certain assets of the company amounting to Rs.120.34 Crores have been attached vide provisional attachment Order dated 25th February 2015 which the company is disputing before legal forums. The company has been legally advised that it has strong grounds to defend its position, pending the outcome of the proceedings the impact if any is not ascertainable at this stage.
• Note No. 7 of the financial results relating to the order of the Competition Commission of India (CCI), concerning alleged contravention of the provisions of Competition Act, 2002 and imposing a penalty of Rs.187.48 Crores on the Company. On Company's appeal, National Company Law Appellate Tribunal (NCLAT), in its Order passed on 25th July, 2018, has reportedly upheld the CCI's Order. The company appealed against the order before Supreme Court and the Supreme Court vide its Order dated 05th October, 2018 admitted the Company's appeal and directed that the interim order passed by the Tribunal in the matter, will continue. Pending the outcome, no adjustments have been made in the financial results.

For K.S. Rao & Co., Chartered Accountants Firm Regn No: 003109S

M. Krishna Chaithanya Partner Membership No231282

Place: Chennai Date: 25 May 2019 For S. Viswanathan Chartered Accountants Firm Regn No: 0047705/S200025

HAN lex)

600N.:Ss

cRE AC,C1j

EGN.W; 004*-00S1* (1) sizegto

Chella K. Srinivasan Partner Membership No.023305 ,C2e1.02,41t.7

K.S. RAO & CO.,

Chartered Accountants 7-B, 7thFloor, Century Plaza, 560-562 Anna Salai, Chennai — 600 018

S. VISWANATHAN LLP., Chartered Accountants 17, Bishop Wailers Avenue (West) IVIylapore, Chennai — 600 004

Auditor's Report on Year to Date Consolidated Financial Results of The India Cements Ltd Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

To Board of Directors of The India Cements Ltd

We have audited the accompanying consolidated Financial Results of The India Cements Limited ('herein after referred to as 'the Holding Company'), its subsidiaries (the holding and its subsidiaries together referred to as "the group"), and its share of the net profits/(loss) after tax and total comprehensive income/(loss) of its associates for the year ended 31 March 2019, ('the Statement'), attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The consolidated financial results for the year ended 31 March 2019 have been prepared on the basis of the audited annual consolidated financial statements as at and for the year ended 31 March 2019, and the relevant requirements of Regulation 33 of SEBI (Listing Obligations and disclosure Requirements) Regulations, 2015 and are the responsibility of the company's management and have been approved by the board of directors of the company. Our responsibility is to express an opinion on these consolidated financial results based on our audit of such consolidated financial statements, as at and for the year ended 31 March 2019 which have been prepared in accordance with the recognition and measurement principles laid down in Companies (Indian Accounting Standards) Rules, 2015, prescribed under section 133 of the Companies Ad, 2013 and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations.

We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated annual financial results are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts disclosed as financial results. An audit also includes assessing the accounting principles used and significant estimates made by management. We believe that our audit provides a reasonable basis for our opinion.

1 of 4

K.S. RAO & CO., S. VISWANATHAN LIP., Chartered Accountants Chartered Accountants 7-B, 7thFloor, Century Plaza, 560-562 17, Bishop Wailers Avenue (West) Anna Salai, Mylapore,

Chennai — 600 018 Chennai — 600 004

1. Based on our audit conducted as above, in our opinion and to the best of our information and according to the explanations given to us and based on consideration of reports of other auditors on separate financial statements of the subsidiaries and the associates, these consolidated financial results for the year ended 31 March'2019:

Include the financial results of the following entities:

Name Of the Entity	Relationship
ICL International Limited	Wholly Owned Subsidiary
ICL Securities Limited	Wholly Owned Subsidiary
ICL Financial Services Limited	Wholly Owned Subsidiary
India Cements Infrastructures Limited	Wholly Owned Subsidiary
PT Coromandel Minerals Resources, Indonesia	Wholly Owned Subsidiary
Coromandel Minerals Pte. Ltd, Singapore	Wholly Owned Subsidiary
Raasi Minerals Pte. Ltd, Singapore	Wholly Owned Subsidiary
PT Adcoal Energindo, Indonesia	Wholly Owned Subsidiary
NKJA Mining Private Limited	Wholly Owned Subsidiary
Industrial Chemicals and Monomers Limited	Subsidiary
Coromandel Electric Company Limited	Subsidiary
Coromandel Travels Limited	Subsidiary
Springway Mining Private Limited	Subsidiary
Raasi Cement Limited	Associate
Coromandel Sugars Limited	Associate
India Cements Capital Limited	Associate
Unique Receivable Management Pvt. Limited	Associate
PT Mitra Setia Tanah Bumbu, Indonesia	Associate
	Transferor company existing
Trinetra Cement Limited	as per order of Hon'ble High
	Court of Madras

Have been presented in accordance with the requirements of Regulation 33 of SEW (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEW circular dated 05 July 2016 in this regard; and

Chartered Accountants Chartered Accountants 7-B, 7thFloor, Century Plaza, 560-562 17, Bishop Wailers Avenue (West) Anna Sala', Myla pore,

K.S. RAO & CO., S. VISWANATHAN LLP., Chennai — 600 018 Chennai — 600 004

• (c) Give a true and fair view of the consolidated financial performance including other comprehensive income and other financial information for the year ended 31 March 2019.
• Without qualifying our report, we draw attention to
  • (a) Note no. 6 to the Financial Results, regarding the order of attachment issued under Prevention of Money laundering Act through which certain assets of the company amounting to Rs.120.34 Crores have been attached vide provisional attachment Order dated 25 February 2015 which the company is disputing before legal forums. The company has been legally advised that it has strong grounds to defend its position, pending the outcome of the proceedings the impact if any is not ascertainable at this stage.
  • (b)Note no. 7 of the financial results relating to the order of the Competition Commission of India (CCI), concerning alleged contravention of the provisions of Competition Act, 2002 and imposing a penalty of Rs.187.48 Crores on the Company. On Company's appeal, National Company Law Appellate Tribunal (NCLAT), in its Order passed on 25thJuly, 2018 has reportedly upheld the CCI's order. The company appealed against the order before Supreme Court and the Supreme Court vide its Order dated 5thOctober, 2018 admitted the Company's appeal and directed that the interim order passed by the Tribunal in this matter, will continue. Pending the outcome, no adjustments have been made in the financial results.

Other Matters

We did not audit the financial statements and other financial information of fourteen subsidiaries, whose financial statements reflect total assets of Rs.108189.96 Lakhs and net assets of Rs.30492.43 Lakhs as at March 31, 2019, total revenues of Rs.15656.04 Lakhs and net cash flows amounting to Rs.1444.98 Lakhs for the year ended on that date, as considered in the consolidated Ind AS financial results. The Consolidated Ind AS financial results also include the Group's share of net loss of Rs.5144.22 Lakhs for the year ended 31g March 2019, as considered in the consolidated Ind AS financial results, whose financial statements have not been audited by us. These financial statements have been audited by

K.S. RAO & CO., Chartered Accountants 7-B, 7thFloor, Century Plaza, 560-562 Anna Salai, Chennai —600 018

S. VISWANATHAN LIP., Chartered Accountants 17, Bishop Wailers Avenue (West) Mylapore, Chennai — 600 004

other auditors whose reports have been furnished to us by the management and our opinion on the consolidated Ind AS financial results, in so far as it relates to the aforesaid subsidiaries is based solely on the reports of the other auditors. Our opinion is not modified in respect of this matter.

1. In respect of the financial information pertaining to the associates considered in the consolidated financial results for the year ended 31 March 2019 whose financial statements reflect the Group's share of loss aggregating to Rs.71.85 Lakhs for the year then ended on 31 March 2019 are not audited by us. These financial statements of the aforesaid associates are unaudited and have been furnished to us by the management of the holding company and our opinion on the consolidated Ind AS financial results, in so far as it relates to the aforesaid associates are based solely on such unaudited financial statements. In our opinion and according to the information and explanations given to us by the Management of the holding company, these financial results are not material to the Group. Our opinion is not modified in respect of this matter.

For K.S. Rao & Co., Chartered Accountants Firm Regn No: 0031095

M. Krishna Chaithanya Partner Membership No.231282

Place: Chennai Date: 25thMay, 2019 For S. Viswanathan LIP., Chartered Accountants Firm Regn No: 0047705/S200025

Chella K. Srinivasan Partner Membership No.023305