India Cements Ltd. — Interim / Quarterly Report 2021

Nov 6, 2020

THE INDIA CEMENTS LIMITED

Corporate Office : Coromandel Towers, 93, Santhome High Road, Karpagam Avenue, R.A. Puram, Chennai -600028. Phone : 044-2852 1526, 2857 2100 Fax 044-2851 7198, Grams I 'INDCEMENT'

CIN : L26942TN1946PLC000931

SH/

06.11.2020

BSE Limited Corporate Relationship Dept. First Floor, New Trading Ring Rotunda Building Phiroze Jeejeebhoy Towers Dalal Street, Fort MUMBAI 400 001.

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

Scrip Code : 530005

Scrip Code: INDIACEM

Dear Sirs,

Sub.: Outcome of Board Meeting

We refer to our letter dated 21.10.2020, on the captioned subject.

The unaudited (standalone and consolidated) financial results, subjected to a 'Limited audit review' by our Company's auditors for the quarter and halfyear ended 30.09.2020 were reviewed by the Audit Committee of our Board and approved by our Board of Directors at their meetings held on 04.11.2020 and 06.11.2020 respectively.

We are electronically filing a certified copy of the aforesaid unaudited financial results along with Limited Review Reports with the Stock Exchange in terms of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Financial results will be published in the English and Tamil dailies on 07.11.2020.

The meeting commenced at 09.30 A.M. and concluded at I t e-cç km.

Thanking you,

End As above

Yours faithfully, for THE INDIA CEMENTS LIMITED 46,

COMPANY SECRETARY

Registered Office Dhun Building, 827, Anna Salai, Chennai - 600 002 www.indiacements,co.in

STANDALONE

THE INDIA CEMENTS LIMITED

Corporate Office:Coromandel Towers, 93, Santhome High Road, Chennal 600 028. WebsIte: www.indlacements."). in Email ID: investorelndiacemend.co.in CIN: L26942TN1946PLC000931 STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30Th SEPTEMBER 2020

			Quarter ended				( Rs In Crocus)
51.No.	Particulars	30-Sep-20	30-1en-20		Half Year Ends		Year ended
		Unaudited	Unaudited	30-Sep-19Unaudited	30-sep-zo	30-5ep-19	3144ar-20
					Unaudited	Unaudited	Malted
	1 Revenue from Operations	1069.72	757.03	1245.72
	2 Other Income	5.73	3.29	3.22	1826.75	2714.52	5057.54
					9.02	6.42	27.74
	3 Total Income (1+2)	1075.45	760.32	1248.94
					11135.77	2720.94	5085.211
	4 Expenses
	Cost of Materials consumed	174.88	115.58	230.20	290.46
	Purchases of stock-in-trade	0.03		0.14		478.35	925.88
	(4) Changes In inventories of finished goods, stock-in-trade and work In progress	19.80	41.11	0.49	0.0360.91	0.19	0.40
	Employee benefits expense	73.65	74.98	87.14	148.63	11.16	(24.66)
	Finance costs	70.48	72.95	81.61		185.85	349.89
	Depredation and Amortisation expense	60.12	60.00	61.29	143.43	161.53	334.47
	(6) Power and Fuel	232.29	154.03	333.77	120.12	121.17	241.85
	(h) Transportation & Handling	215.52	136.23	272.24	386.32	711.04	135609
	(I)OtherExpenses	118.88	79.38	174.59	351.75	594.12	1159.59
					198.26	344.71	706.14
	Total Expenses (4)	965.65	734.26	1241.47	1699.91
						2608.12	5053.65
5	Profit/(Loss) before exceptional Items and Tax (3-4)	109.80	26.06	7.47	135.86
6	Exceptional items					112.82	31.63
7	Profit/(Loss) before Tax (5-6)	10930	26.06	7.47	13536	11242	100.04
8	Tax Expense						(611.41)
	(1) Current Tax	17.41	4.20	1.50	21.61
	(2) MAT Credit Entitlement / withdrawal	29.42	13.64	4.60	43.06	22.8223.31	6.88
	(3) Deferred Tax	(8.46)	(8.74)	(7.35)	(17.20)
9	Profit/(Loss) for the period from continuing operations (74)	71.43	1646	6.72	8839	(14.24)80.93	(39.78)
10	Profit/(Loss) from discontinued operations						(35.51)
	11 Tax Expense of discontinued operations
	12 Profit / (Loss) from discontinued operations (after Tax) (10-11)
13	PrOfit / (Lass) for the period 19+12)	71.43	i16.96	8.72	88.39	80.93
14	Other Comprehensive Income						(35.51)
	A.(I) Items that MII not be reclassified to Profit! (Loss)	(0.96)		0.33		0.66
	(ii) Income tax relating to the Items that Mil not be reclassified to Profit / (Loss)	0.33		(0.11)	(0.96)0.33		239.42
	6(i) items that wit be reclassified to Profit / (Loss)					(0.22)	1.19
	(II) Income tax relating to Items that will be reclassified to Profit/ (Loss)
	Total Other Comprehensive Income	(0.63)		0.22	(0.63)	0.44
	15 Total Comprehensive Income for the period (13+14)	71/40	16.96	844	87.76	81.37	244.61
	16 Paid up Equity Share Capital (Face Value Rs 10/.each)	309.90	309.90	309.90	309.90	309.90	205.10
	17 Other Equities (Reserves)						309.90510601
	18 Earnings per equity share (for continuing operations)
	Basic	2.28	0.55	0.29	2.83	2.63
	Diluted	2.28	0.55	0.29	2.83	2.63	6.62
	19 Earnings per equity share( for discontinued operations)						6.62
	Basic
	Diluted
	20 Earnings per equity share (for discontinued and continuing operations)		i
	Basic	228	0.55	0.29	2.83	2.63
	Diluted	2.28	0.55	0.29	2.83	2.63	6.626.62

For THE INDIA CEMEN

	STANDALONE STATEMENT OF ASSETS AND LIABILITIES	As at	(Rs In Crores)As at
		30-Sep-20	31-Mar-20
	PARTICULARS	Unaudited	Audited
ASSETS
1 Non-Current Assets
a Property, Plant and Equipment		6673.91	6770.25
Capital work-in-progressb		210.73	195.80
Other Intangible assetsFinancial Assets		46.91	55.55
Investments			735.75
Loans		735.761123.10	1125.09
Other financial assets		64.36	76.18
Deferred tax Assetse
Other non-current assets		318.00	317.32
Total Non Current Assets		9172.77	9275.94
2 Current Assets
Inventoriesa		848.86	826.26
Financial Assets
Investments		1.77	1.19
Trade receivables		641.95	716.26
Cash and cash equivalents		8.91	6.63
Loans		43.81	43.81
c Current tax assets (net)		65.97	124.59
Other current assets		478.63	457.75
Total Current Assets		2089.90	2176.49
TOTAL ASSETS		11262.67	11452.43
EQUITYa Equity share capitalOther Equity		309.905174.18	309.905105.01
b
Total - Equity		5484.08	5414.91
LIABILITIESNon-current liabilities
Financial Liabilities:$\overline{a}$
i Borrowings		2227.69	2374.99
ii Other financial liabilities		5.80	7.23
b Provisions		120.11	122.36
Deferred tax liabilities (Net)		573.84	591.04
Other Non-current liabilities		98.33	103.97
Total Non Current Liabilities		3025.77	3199.59
2 Current liabilities
a Financial Liabilities:
Borrowings		579.00	741.91
Trade payables
	(a) Total Outstanding dues to Micro Enterprises & Small Enterprises	0.69	0.92
Other financial liabilities	(b) Total Outstanding dues of creditors other than Micro Enterprises & Small Enterprises	1064.31918.87	1330.29
b Provisions		0.18	625.530.18
Current tax liabilities (Net)
d Other current liabilities		189.77	139.10
Total Current Liabilities	$\blacksquare$	2752.82	2837.93
TOTAL - FOUITY AND LIABILITIES		11262.67	11452.43

Man we M. SRINIVASAN VICE CHAIRMAN & MANAGING DIRECTOR

For THE INDIA CEMENTS LIMITED

$\mathcal{E}$

$\frac{1}{2}$

STANDALONE CASH FLOW STATEMENT				(Rs In Crores)
		Half Year Ended		Half Year Ended
PARTICULARS		30-Sep-20Unaudited		30-Sep-19
A Cash Flow from Operating Activities
Net profit/(loss) before tax & extra-ordinary items		135.86		112.82
Other Comprehensive Income		(0.96)		0.66
Net profit(loss) before tax		134.90		113.48
Adjusted for:
Depreciation	120.12		121.17
Provision for Doubtful Debts & Advances	7.89
Foreign Exchange
Profit/Loss of sale of Investment	(0.95)		(0.00)
Profit/Loss of sale of Assets	(0.80)		0.51
Interest Expense	144.60		151.00
Interest Income	(3.26)		(4.07)
Dividend Income	(0.00)
Perquisite value of Employees stock Options
Deferred revenue expenditure/income		267.60		268.61
Operating Profit Before Working Capital Changes
Trade and Other Receivables		402.50		382.09
Inventories	60.58		(194.27)
Trade payables	(22.61)		(9.65)
	(127.65)	(89.68)	(2.57)	(206.49)
Cash generated from operations		312.82		175.60
Direct Taxes	(5.72)	(5.72)	(13.71)	(13.71)
Cash flow before extra-ordinary items		307.10		161.89
Net cash from Operating Activities(A)		307.10		161.89
B Cash Flow From Investing Activites
Purchase of Fixed Assets
Sale of Fixed Assets		(37.12)		(59.99)
Sale of Investment		2.74		0.17
Purchase of Investment		0.37		(28.93)
Interest Received
Dividend Received		3.26		4.07
Refund by/advances to subsidiaries, Associates and others		0.00
		1.57		(65.78)
Net Cash from Investing Activities(B)		(29.18)		(150.46)
C Cash Flow from Financing Activities
Proceeds from issue of share capital
Dividend paid		(18.59)
Proceeds from long term borrowings		325.31		(29.89)
Repayment of borrowings		(445.79)		371.77
Interest paid (net)		(136.57)		(206.54)(145.25)
Net cash from financial activities(C)
		(275.64)		(9.91)
Increase/(Decrease) in cash and cash equivalent$(A+B+C)$		2.28		1.52
Cash and cash equivalent at the beginning of the year		6.63		6.73
Cash and cash equivalent at the end of the period		8.91		8.25

$\mathcal{L}$ $\mathcal{L}_{\mathcal{L}}$

For THE INDIA CEMENTS LIMITED A A AL SRINIVASAN VICE CHAIRMAN & MANAGING DIRECTOR

$\mathbf{1}$

Notes:

The above Financial Results have been reviewed by the Audit Committee and approved by the Board of Directors at the meetings held on 4th Nov 2020 and 6th Nov 2020 respectively. 1

The Company is primarily engaged in manufacture and marketing of cement and cement related products. Subsidiaries and Associate companies are mainly engaged in the business of Sugar, Power, Financial Services, Trading, Mining and Transportation. The reportable segment is only cement. 2

The Enforcement Directorate Authorities had issued an attachment order dated 25th February 2015 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 has already appealed against the said Order and the matter is presently Sub judice. The Auditors have continued to draw an emphasis on this matter in their Report. 3

The Competition Commission of India ICC° vide its Order dated 31.08.2016 imposed a penalty of Rs.187.48 Crores on the Company. The Company filed an appeal before COMPAT (Presently NCLAT). The COMPAT in its interim order directed the Company 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 an appeal 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. The Auditors have continued to draw an emphasis on this matter in their Report. 4

The spread of novel coronavirus disease (COVID 19) has severely impacted businesses In India and abroad. The regular business operations have been disrupted severely due to lockdowns, restrictions in transportation, supply chain disruptions, travel bans, social distancing and other emergency measures. In consequence of the lockdown and other measures imposed by the Central and State Governments under the Disaster Management Act, 2005, the operations were shutdown during the last week of March 2020. Operations restarted in phases during April 2020, duly following the Government guidelines. The pandemic situation has affected the normal business operations of the Company and production, sales and profitability, inter alia, have been impacted. 5

The Company also has assessed, in fine with "Advisory on Impact of Coronavirus on Financial Reporting" issued by the Institute of Chartered Accountants of India, the recoverability and carrying values of its assets comprising property, plant and equipment, intangible assets, trade receivables, inventory and investments as at the balance sheet date. Based on the assessment by the Management the net carrying values of the said assets will be recovered at the values stated. The Company evaluated the internal controls including internal controls with reference to financial statements, which have been found to be operating effectively given that there have been no dilution of such controls due to factors caused by COVID 19 situation.

The Code of Social Security,2020 (Code) passed by the Parliament subsumes various legislations relating to employee Benefits including Provident fund and Gratuity.Pending Notifications of the effective date of the Code, all the employee benefits have been accounted as per the existing laws. 6

The Statutory Auditors have carried out a limited Review of the Standalone and Consolidated financial results for the Quarter and Half Year ended 30th September 2020. 7

The previous periods figures have been regrouped to confirm to Current period's required classification.

for THE INDIA CEMENTS LIMITED

frs—

Chennai N.SRINIVASAN 6th November 2020 Vice Chairman & Managing Director

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

Independent Auditor's Review Report on Unaudited Quarterly and Year to Date Standalone Financial Results of The India Cements Limited Pursuant to the Regulation 33 of the SEW (listing Obligations and Disclosure Requirements) Regulations, 2015(as amended)

To

Board of Directors of The India Cements Ltd

• We have reviewed the accompanying statement of unaudited standalone financial results of The India Cements Ltd ('the Company') for the quarter ended 30th September 2020 and year to date results for the period from 1stApril 2020 to 30th September 2020, ('the Statement'), being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (listing Regulations').
• The 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 Standard 34, Interim Financial Reporting ('Ind AS 34'), prescribed under Section 133 of the Companies Act, 2013 ('the Act'), and other accounting principles generally accepted in India and in compliance with regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing Regulations'). Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements ('SRE') 2410, 'Review of 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 results 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.
• 1. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement prepared in accordance with the applicable 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 including the manner in which it is to be disclosed, or that it contains any material misstatement.

KS. 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

• 1. Without qualifying our report, we draw attention to
  • a. Note no. 3 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 and pending the outcome of the proceedings the impact if any is not ascertainable at this stage.
  • b. Note no. 4 of the financial results, relating to the order cif 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 provision is made in the financial results.

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

i•-tt e_ko,Afkst,--v—)

M. Krishna Chaithanya Partner Membership No.231282 UDIN: 2023 \ 7_ 82-^AckiiNE_v 9 355

Place: Chennai Date: 6th November 2020

For S. Viswanathan LIP., Chartered Accountants Firm Regn No: 0047705/5200025

l e•""1"1%/414 Chella K. Srinivasan '\ A TH4 REGN. No. '..0

r--

ACC,

Partner Membership No.0233 UDIN: .1.00.2_1305 Pock.AnE.13 004770S1 * cS200025 n CHENNAI 2

CONSOLIDATED

Rs In Cores)

Registered Office:^Dhun Building", 827, Anna Salai, Chennai 600002.

Corporate Office:Coromandel Towers, 93, Santhome High Road, Chennal 600028.

Website: swAv.Indlacements.co.in Email ID: investor@indlacements.co.in CIN: L26942791946PLC000931

STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER 2020

			Quarter ended			Half Year Ended	Year ended
SI.No.	Particulars	30-Sep-20	30-Jun-20	30-Sep-19	30-5eP-20	30-Sep-19	31-Mar-20
			Unaudited Unaudited	Unaudited	Unaudited	Unaudited	Audited
	1 Revenue from Operations	108996	763.46	1269.40	1853.42	2765.77	5186.45
	2 Other Income	4.62	8.42	6.04	13.04	13.28	41.67
	3 Total Income (1+2)	1094.58	77128	1275.44	186696	2779.05	5228.12
	4 Expenses
	Cost of Materials consumed	184.41	119.66	243.38	304.07	507.25	981.19
	Purchases of stock-in-trade	0.05	0.02	0.10	0.07	0.22	28.74
	Changes In Inventories of finished goods, stock-in-trade and work in progress	19.85	41.11	0.50	60.96	11.19	(2465)
	Employee benefits expense	75.27	76.76	89.40	152.03	190.59	358.96
	Finance costs	72.40	74.62	88.00	147.02	174.22	343.19
	Depreciation and Amortisation expense	61.28	61.18	63.45	122.06	125.47	255.90
	Power and Fuel	229.59	152.98	336.89	382.57	719.39	1361.73
		215.00	135.96	271.82	350.96	593.29	1158.12
	Transportation & Handling	122.98	80.75	177.44	203.73	350.89	727.55
	(I) Other Expenses
		98083	743.04	1271.02	1723.87	2672.51	5190.73
	Total Expenses (4)
			28.84	9.42	142.59	106.54	37.39
	5 Profit/(Loss) before exceptional Items and Tax (3-4)	113.75					13.78
	6 Exceptional items		MU				23.61
	7 Profit/(Loss) before Tax (5-6)	113.75		4.42	142.59	106.54
	8 Tax Expense
	Current Tax	17.41	4.20	1.50	21.61	22.82	9.92
	MAT Credit Entitlement / withdrawal	29.42	13.60	4.60	43.06	23.31
	Deferred Tax	(8.46)	(8.74)	(7.35)	(17.20)	(14.24)	39.17)
	9 Profit/(Loss) for the period from continuing operations (7-8)	75.38	19.74	5.57	95.12	74.65	53.46
	10 Profit/(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)	75.38	19.74	5.57	95.12	74.65	53.46
	14 Share Of Profit/(Loss) of associates	(3.10)		0.01	(3.10)	(3.75)	(2.20)
	15 Minority Interest	(3.07)	(0.27)	(0.61)	(3.34)	(1.55)	(1.10)
	16 Net Profit! (Loss) after taxes, minority interest and share of Profit/(Loss) of associates (13+14415)	69.21	19.47	5.07	88.68	69.35	50.16
	17 Other Comprehensive Income
	A.(I) Items that will not be reclassified to Profit / (Loss)	(0.96)		0.33	(0.96)	0.66	23942
	(II) Income tax relating to the Items that will not be reclassified to Profit / (Loss)	0.33		(0.11)	0.33	(0.22)	1.19
	13.11) Items that will be reclassified to profit/ (Loss)	0.45	0.70		1.15		(6.351
	(II) Income tax relating to items that will be reclassified to Profit/ (Loss)
	Total Other Comprehensive Income	(0.18)	0.70	0.22	0.52	0.44	234.26
	18 Total Comprehensive Income for the period (16+17)	69.03	20.17	5.29	89.20	69.79	284.42
	19 Paid up Equity Share Capital (Face Value Rs 10/-each)	309.90	309.90	30990	309.90	309.90	309.90
	20 Other Equities (Reserves)						5188.13
	21 Earnings per equity share (for continuing operations)
	Basic	2.23	0.65	0.17	2.88	2.25	9.18
	Diluted	2.23	0.65	0.17	2.88	2.25	9.18
	22 Earnings per equity share( for discontinued operations)
	Basic
	Diluted
	23 Earnings per equity share (for discontinued and continuing operations)
	BaSIC	2.23	0.65	I0.17	2.88	2.25	9.18
	Diluted	2.23	0.65	0.17	2.88	2.25	9.18

For THE

INDIA CEMENT

		Rs In Cores)
CONSOUDATED STATEMENT OF ASSETS AND UABILMES		As at
	30-Sep-20	31-Mar-20
PARTICULARS	Unaudited	Audited
ASSETS
Non-Current Assets
Property, Plant and Equipment	686960	6968.24
Capital work-in-progress	251.19	234.91
Goodwill	181.78	181.78
Other intangible assets	46.91	55.55
Financial Assets
Investments	377.85	380.95
Loans	1018.15	1009.76
Other financial assets	67.07	78.96
fDeferred tat Assets
g Other non-current assets	377.80	377.11
Total Non Current Assets	9190.35	9281.26
2 Current Assetse	86111	841.54
inventories
bFinancial Assets	1.77	1.19
Investments	646.77	736.16
Trade receivables	11.79	43.16
Cash and cash equivalents,	43.81	43.81
Loans	86.68	145.18
Current tax assets (net)cd Other current assets	646.66	571.32
Total Current Assets	2299.29	2382.36
	11489.60	11669.52
EQUITY AND LIABILITIES
EQUITY	309.90	309.90
a Equity share capitalb Other Equity	5259.84	5188.13
c Non Controlling interest	59.57	5623
Teal' Equity	562931	555426
LIABILITIESNon-current liatallUes
Financial Debilities:ai Borrowings	2257.813	2411.15
	5.80	7.23
II Other financial liabilities	120.26	122.51
b Provisions	575.47	592.67
c Deferred tax liabilities (Net)d Other Non-current liabilities	98.32	103.95
Total Non Current Liabilities	905113	3237.51
2 Current liabilities
a Financial Liabilities:
	58832	751.89
Borrowings
Trade payables	0.69	0.92
Total Outstanding dues to Micro Enterprises & Small Enterprises	1052.81	1323.09
Total Outstanding dues of creditors other than Micro Enterprises & Small Enterprises	95031	641.61
Other financial liabilities
b Provisions	0.18	0.18
c Current tax liabilities (Net)d Other current liabilities	19.49190.80	19.61140.55
		2877.85
Total Current Liabilities	2802.60

TOTAL' EQUITY AND LIABILITIES 11089.64 11669.62

For THE INDIA CEMENTS LIMTED I

CC

CONSOLIDATED CASH FLOW STATEMENT		Half Year Ended	Half Year Ended	(Rs In Crores)
		30-Sep-20	30-Sep-19
PARTICULARS		Unaudited
Cash Flow from Operating Activities
Net profit/(loss) before tax & extra-ordinary items		142.60		106.54
Other Comprehensive Income		0.20		0.66
Net profit(loss) before tax		142.80		107.20
Adjusted for:
Depreciation	122.46		$-125.48$
Provision for Doubtful Debts & Advances	6.99
Foreign Exchange	(1.15)		2.54
Profit/Loss of sale of Investment	(0.95)
Profit/Loss of sale of Assets	(0.80)		0.51
Interest Expense	148.19		162.50
Interest Income	(7.12)		(8.12)
Dividend Income	(0.00)
Perquisite value of Employees stock Options
Deferred revenue expenditure/income		267.62		282.91
Operating Profit Before Working Capital Changes		410.42		390.11
Trade and Other Receivables	22.22		(224.73)
Inventories	(20.27)		(7.72)
Trade payables	(115.99)	(114.04)	(5.83)	(238.28)
Cash generated from operations		296.38		151.83
Direct Taxes	(5.96)	(5.96)	(14.17)	(14.17)
Cash flow before extra-ordinary items		290.42		137.66
(A)Net cash from Operating Activities		290.42		137.66
B Cash Flow From Investing Activites
Purchase of Fixed Assets		(38.51)		(157.21)
Sale of Fixed Assets		2.74		0.06
Sale of Investment		0.37		0.17
Purchase of Investment
Interest Received		7.12		8.12
Dividend Received		0.00
Refund by/advances to subsidiaries, Associates and others		(8.82)		7.32
Net Cash from Investing Activities(B)		(37.10)		(141.54)
CCash Flow from Financing Activities
Proceeds from issue of share capital
Dividend paid		(17.48)		(28.30)
Proceeds from long term borrowings		329.65		377.19
Repayment of borrowings		(456.46)		(221.96)
Interest paid (net)		(140.39)		(159.17)
Net cash from financial activities(C)		(284.68)		(32.24)
Increase/(Decrease) in cash and cash equivalent$(A+B+C)$		(31.36)		(36.12)
Cash and cash equivalent at the beginning of the year		43.16		48.72
Cash and cash equivalent at the end of the period		11.80		12.60

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N. SRINIVASANVICE CHAIRMAN & MANAGING DIRECTOR $\checkmark$

For THE INDIA CEMENTS LIMITED

Notes:

The above Financial Results have been reviewed by the Audit Committee and approved by the Board of Directors at the meetings held on 4th Nov 2020 and 6th Nov 2020 respectively. 1

The Company is primarily engaged in manufacture and marketing of cement and cement related products. Subsidiaries and Associate companies are mainly engaged in the business of Sugar, Power, Financial Services, Trading, Mining and Transportation. The reportable segment is only cement. 2

The Enforcement Directorate Authorities had issued an attachment order dated 25th February 2015 under the Prevention of Money Laundering Act, 2002 (PMEA) attaching certain assets of the Company for an aggregate carrying value of Rs.120.34 Crores. The Company has already appealed against the said Order and the matter is presently Sub judice. The Auditors have continued to draw an emphasis on this matter in their Report. 3

The Competition Commission of India (CCI) vide its Order dated 31.08.2016 imposed a penalty of Rs.187.48 Crores on the Company. The Company filed an appeal before COMPAT (Presently NCLAT). The COMPAT in its interim order directed the Company 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 an appeal 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. The Auditors have continued to draw an emphasis on this matter in their Report. 4

The spread of novel coronavirus disease (COVID 19) has severely impacted businesses in India and abroad. The regular business operations have been disrupted severely due to lockdowns, restrictions in transportation, supply chain disruptions, travel bans, social distancing and other emergency measures. In consequence of the lockdown and other measures imposed by the Central and State Governments under the Disaster Management Act, 2005, the operations were shutdown during the last week of March 2020. Operations restarted in phases during April 2020, duly following the Government guidelines. The pandemic situation has affected the normal business operations of the Company and production, sales and profitability, inter alia, have been impacted. 5

The Company also has assessed, in line with "Advisory on Impact of Coronavirus on Financial Reporting" issued by the Institute of Chartered Accountants of India, the recoverability and carrying values of its assets comprising property, plant and equipment, intangible assets, trade receivables, inventory and investments as at the balance sheet date. Based on the assessment by the Management the net carrying values of the said assets will be recovered at the values stated. The Company evaluated the internal controls including internal controls with reference to financial statements, which have been found to be operating effectively given that there have been no dilution of such controls due to factors caused by COVID 19 situation.

The Code of Social Security,2020 (Code) passed by the Parliament subsumes various legislations relating to employee Benefits including Provident fund and Gratuity .Pending Notifications of the effective date of the Code, all the employee benefits have been accounted as per the existing laws. 6

The Statutory Auditors have carried out a limited Review of the Standalone and Consolidated financial results for the Quarter and Half Year ended 30th September 2020. Fl

The previous periods' figures have been regrouped to confirm to Current period's required classification.

for THE INDIA CEMENTS LIMITED

Chennal N.SRINIVASAN 6th November 2020 Vice Chairman & Managing Director

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

Independent Auditor's Review Report on Unaudited Consolidated Quarterly and Year to Date Financial Results of The India Cements Limited Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015(as amended)

To

Board of Directors of The India Cements Ltd

• 1. We have reviewed the accompanying statement of unaudited consolidated financial results of The India Cements Ltd ('the Holding Company') and its subsidiaries (the Holding Company and its subsidiaries together referred to as 'the Group') and its share of net profit/(loss) after tax and total comprehensive income/loss of associates for the quarter ended 30th September 2020 and year to date results for the period from 1stApril 2020 to 30th September 2020 ('the Statement'), being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended('Listing Regulations').
• 1. This Statement, which is the responsibility of the Holding Company's management and approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ('Ind AS 34'), prescribed under section 133 of the Companies Act, 2013 ('the Act'), and other accounting principles generally accepted in India and in compliance with Regulation 33 of Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review.
• 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 Entity', 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 not enable us to obtain assurance that 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 Listing Regulations, to the extent applicable.

The statement includes results of the following entities:

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

Subsidiaries:

• Coromandel Electric Company Limited
• Coromandel Travels Limited
• ICL Financial Services Limited
• India Cements Infrastructures Limited
• Industrial Chemicals and Monomers Limited
• ICL International Limited
• ICL Securities Limited
• NKJA Mining Private Limited
• Springway Mining Private Limited
• Coromandel Minerals Pte. Ltd, Singapore
• PT Coromandel Minerals Resources, Indonesia
• PT Adcoal Energindo, Indonesia
• Raasi Minerals Pte. Ltd, Singapore
• Trinetra Cement Limited
  • (Transferor company existing as per order of Hon'ble High Court of Madras)

Associates:

• Coromandel Sugars Limited
• India Cements Capital Limited
• Raasi Cement Limited
• Unique Receivable Management Pvt. Limited
• PT Mitra Setia Tanah Bumbu, Indonesia
• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.
• Without qualifying our report, we draw attention to
• Note no. 3 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. 4 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

K.S. RAO & CO., Chartered Accountants 7-8, 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

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 provision is made in the financial results.

1. The Statement includes the interim financial statements/ financial information/ financial results of fourteen subsidiaries, which have not been reviewed/audited, whose interim financial statements/ financial information/ financial results reflect total assets of Rs.972.29 Crores as at 30thSeptember 2020 and total revenues of Rs.24.99 Crores and Rs.36.76 Crores, net profit after tax of Rs.0.31 Crores and total net loss Rs.9.02 Crores and total comprehensive income of Rs.0.31 Crores and total comprehensive loss of Rs.9.02 Crores for the quarter and half year ended on 30th September 2020 respectively and cash flows of Rs.33.85 Crores(Net) for the period from ft April 2020 to 30th September 2020, as considered in the Unaudited Consolidated Financial result. The Statement also includes the Group's share of net loss of Rs.2.03 Crores and Rs.4.32 Crores and total comprehensive loss of Rs.3.10 Crores and Rs.0.00 Crores for the quarter and half year ended 3O' September 2020, as considered in the unaudited consolidated financial result, in respect of five associates, based on their interim financial statements/ financial information/ financial results, which have not been reviewed/audited. According to the information and explanations given to us by the management, these financial statements/ financial information/ financial results of aforesaid subsidiaries and associates are not material to the Group. Our conclusion on the statement is not modified in respect of the above matter.

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

Mt eiko1/44

M. Krishna Chaithanya Partner Membership No.231282 UDIN: 2.0223 t2_ i'k Eut.i" eS

Place: Chennai Date: 6th November 2020 For S. Viswanathan LIP., Chartered Accountants Firm Regn No: 0047705/5200025

t

Co C./)

REGN. No. 004770S1

CHENNAI 600 004

Chella K. Srinivasan Partner Membership No.02330 UDIN: 2.0t1-3,105 FNAPA Sal co 5200025