India Cements Ltd. — Regulatory Filings 2021

May 24, 2021

• THE INDIA CEMENTS LIMITED Corporate Office ' Coromandel Towers, 93, senthome High Road, Karpagam Avenue, P.A. Purace. chennal - 800 028. Phone . 044-2852 1526, 2857 2100 Fax; 044-2tffil 7198. Grams; INDOEMENT'

CIN : L289421141948PLC0009.31

SE Limited Corporate Relationship Dept. First Floor, New Trading Ring Rotunda Building hiroze Jeejeelshoy Towers Dalai Street, Fort MUMBAI 400001.

SH/ 24 05 2021

National Stock Exchange of India Limited Exchange Plaza, 5th Floor Hot 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 Meetino held today (24.05.20211

We refer to our letter dated 17 05 2021 on the captioned Board Meeting

We write this to inform you that the Board of Directors of our Company at the Meeting held today approved the audited annual accounts (both standalone and consolidated) for the year ended 3103.2021 and standalone and consolidated audited financial results for the quarter and year ended 311112021.

We enclose Audited Financial Results (Standalone and Consolidated) for the quarter and year ended 31.03.2021 and Auditors Report thereon.

The audited financial results in the prescribed format WO be published in English and Tamil Dailies on or before 26.05.2021.

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 quarter and year ended 31 03.2021.

The Board of Directors, at the aforesaid meeting, has recommended the following for the approval of the shareholders:

• Dividend of Re.1/- per equity share of Rs.10/- each for the year 2020-21;
• Reappointment of Mr.N.Snnivasan (DIN: 00115726) as Managing Director of the Company for a period of 5 years with effect from 26.05.2021, on the existing terms, as recommended by the Nomination and Remuneration Committee of our Board.

The Meeting commenced at 9.30 A.M. and concluded at IF If A-MI

Thanking you.

COMPANY SECR TAR7ee for THE INDVB Yours faithfully, NTS LIMITED

Connixlel Cans*

End above

Registered Office Dhun BtjlIdh.g, 827. Anne SSW. Menne! - 600 COO wlMN.indiafneFlb.. in

Emil inwasOnthaearnents min

STANDALONE

THE INDIA CEMENTS LIMITED

Registered Office: "Dhun Building", 827, Anna Salai, Chennai 600 002. Corporate Office:Coromandel Towers, 93, Santhome High Road, Chennai 600 028.

Website: www.indiacements.co.in Email ID: investor@indiacements.co.in CIN: L26942TN1946PLC000931 STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2021

			Quarter ended			Year Ended
SI.No.	Particulars	31-Mar-21	31-Dec-20 31-Mar-20			31-Mar-21 31-Mar-20
		Audited	Unaudited	Audited	Audited	Audited
	1 Revenue from Operations	1449.62	1160.30	1151.90	4436.67	5057.54
	2 Other Income	11.82	2.61	18.02	23.45	27.74
	3 Total Income (1+2)	1461.44	1162.91	1169.92	4460.12	5085.28
Δ	Expenses
	(a) Cost of Materials consumed	220.91	190.13	228.77	701.50	925.88
	(b) Purchases of stock-in-trade		0.03	0.18	0.06	0.40
	(c) Changes in inventories of finished goods, stock-in-trade and work in progress	28.25	(12.55)	(48.58)	76.61	(24.66)
	(d) Employee benefits expense	103.36	79.04	77.39	331.03	349.89
	(e) Finance costs	53.02	68.50	92.36	264.95	334.47
	(f) Depreciation and Amortisation expenses	61.32	60.46	64.18	241.90	246.85
	(g) Power and Fuel	372.98	297.98	337.47	1057.28	1355.09
	(h) Transportation & Handling	357.00	262.39	288.49	971.14	1159.59
	(i) Other Expenses	166.60	128.08	200.73	492.94	706.14
	Total Expenses (4)	1363.44	1074.06	1240.99	4137.41	5053.65
	Profit/(Loss) before exceptional items and Tax (3-4)	98.00	88.85	(71.07)	322.71	31.63
	5 Exceptional Items			100.04		100.04
	Profit/[Loss] before Tax (5-6)	98.00	88.85	(171.11)	322.71	(68.41)
	8 Tax Expense
	(1) Current Tax	5.79	22.90	(10.64)	50.30	6.88
	(2) MAT Credit Entitlement / withdrawal	31.45	13.14	(28.74)	87.65
	(3) Deferred Tax	(10.87)	(9.21)	(20.66)	(37.28)	(39.78)
	9 Profit/(Loss) for the period from continuing operations (7-8)	71.63	62.02	(111.07)	222.04	(35.51)
	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)	71.63	62.02	(111.07)	222.04	(35.51)
	14 Other Comprehensive Income
	A.(i) Items that will not be reclassified to Profit / (Loss)	0.35		236.62	(0.61)	239.42
	(ii) Income tax relating to the Items that will not be reclassified to Profit / (Loss)	(0.12)		2.15	0.21	1.19
	B.(i) Items that will be reclassified to Profit / (Loss)
	(ii) Income tax relating to items that will be reclassified to Profit / (Loss)			238.77		240.61
	Total Other Comprehensive Income 15 Total Comprehensive Income for the period (13+14)	0.23 71.86	62.02	127.70	(0.40) 221.64	205.10
	16 Paid up Equity Share Capital (Face Value Rs 10/-each)	309.90	309.90	309.90	309.90	309.90
	17 Other Equities (Reserves)				5308.06	5105.01
	18 Earnings per equity share (for continuing operations)
	Basic	2.32	2.00	4.12	7.15	6.62
	Diluted	2.32	2.00	4.12	7.15	6.62
	19 Earnings per equity share( for discontinued operations)
	Basic
	Diluted
	20 Earnings per equity share (for discontinued and continuing operations)
	Basic	2.32	2.00	4.12	7.15	5.62
	Diluted	2.32	2.00	4.12	7.15	6.62

ヺ

NATHA

¢, ÷,

éè

Identification
Only FRED ACCOU

$\cdot$ $\cdot$

$\infty$

STANDALONE STATEMENT OF ASSETS AND LIABILITIES	As at 31-Mar-21	[Rs In Crores] As at 31-Mar-20
PARTICULARS	Audited	Audited
ASSETS
1 Non-Current Assets
a Property, Plant and Equipment	6598.56	6770.25
b Capital work-in-progress	187.06	195.80
c Goodwill
d Other Intangible assets	71.45	55.55
e Financial Assets	744.33	735.75
Investments Loans	1201.52	1125.09
Other financial assets	58.50	76.18
f Deferred tax Assets
g Other non-current assets	362.12	317.32
Total Non Current Assets	9223.54	9275.94
2 Current Assets
all nventories	583.77	826.26
b Financial Assets	1.82	1.19
Investments Trade receivables	541.25	716.26
Cash and cash equivalents	6.76	6.63
Loans	43.81	43.81
c Current tax assets (net)	37.56	124.59
d Other current assets	418.23	457.75
e Assets held for Sale	17.26
Total Current Assets	1650.46	2176.49
TOTAL ASSETS	10874.00	11452.43
EQUITY AND LIABILITIES
EQUITY
a Equity share capital	309.90	309.90
b Other Equity	5308.06	5105.01
Total - Equity	5617.96	5414.91
LIABILITIES
1 Non-current liabilities
a Financial Llabilities:
i Borrowings	1979.81	2374.99
ii Other financial liabilities	4.55 96.26	7.23 122.36
b Provisions c Oeferred tax liabilities (Net)	553.77	591.04
djOther Non-current liabilities	84.37	103.97
Total Non Current Liabilities	2718.76	3199.59
2 Current liabilities
Financial Liabilities: a
Borrowings	463.64	741.91
Trade payables	3.08	0.92
(a) Total Outstanding dues to Micro Enterprises & Small Enterprises (b) Total Outstanding dues of creditors other than Micro Enterprises & Small Enterprises	1073.18	1330.29
Other financial liabilities	750.38	625.53
b Pravisions	0.18	0.18
Current tax liabilities (Net) c
di Other current liabilities	246.82	139.10
Total Current Liabilities	2537.28	2837.93
TOTAL - EQUITY AND LIABILITIES	10874.00	11452.43

STANDALONE CASH FLOW STATEMENT	For the Year Ended		For the Year Ended
	31-Mar-21		31-Mar-20
PARTICULARS		Audited
A Cash Flow from Operating Activities
Net profit/(loss) before exceptional items, tax & extra-ordinary items		322.71		31.63
Other Comprehensive Income		(0.61)		(3.40)
Net profit(loss) before tax		322.10		28.23
Adjusted for:
Depreciation	241.90		246.85
Pravision for Doubtful Debts & Advances	13.07		3.41
Foreign Exchange	0.42
Profit/Loss of sale of Investment	(9.77)		(14.52)
Profit/Loss of sale of Assets	0.19		3.20
Interest Expense	264.95		313.76
Interest Income	(5.82)		[8.76]
Dividend Income	(0.01)		[0.14]
Perquisite value of Employees stock Options
Deferred revenue expenditure/income		504.93		543.80
Operating Profit Before Working Capital Changes		827.03		572.03
Trade and Other Receivables	208.52		(57.81)
Inventories	242.49		[3.05]
Trade payables	[191.77]	259.24	(66.05)	(126.91)
Cash generated from operations		1086.27		445.12
Direct Taxes	(50.70)	(50.70)	(31.20)	(31.20)
Cash flow before extra-ordinary items.		1035.57		413.92
(A) Net cash from Operating Activities		1035.57		413.92
B Cash Flow From Investing Activities
Purchase of Fixed Assets		(147.42)		(140.08)
Sale of Fixed Assets		21.87		3.54
Sale of Investment		0.57
Purchase of Investment				(27.80)
Interest Received		5.82		8.77
Dividend Received		0.01		0.14
Refund by/advances to subsidiaries, Associates and others		(76.67)		(184.83)
Net Cash from Investing Activities (B)		(195.82)		(340.26)
C Cash Flow from Financing Activities
Proceeds from issue of share capital
Dividend paid		(18.70)		(29.99)
Proceeds from long term borrowings		132.94		571.76
Repayment of borrowings		(673.00)		(315.53)
Interest paid (net)		(280.86)		(300.00)
Net cash from financial activities [CI]		(839.62)		(73.76)
Increase/(Decrease) in cash and cash equivalent $(A+B+C)$		0.13		(0.10)
Cash and cash equivalent at the beginning of the year		6.63		6.73
Cash and cash equivalent at the end of the year		6.76		6.63

• 80

$\chi$ , and $\chi$

se a

5 a) 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 euidelines. The pandemic situation has affected the normal business operations of the Company and production, sales and profitability, inter alia, have been impacted.

b) 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.

• 6 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.
• 7 The figures for the quarter ended 31.03.2021 and 31.03.2020 are the balancing figures between audited figures in respect of the full financial year and year to date figures upto the third quarter of the relevant financial year.
• B (i) The Statutory Auditors have carried out the laudit of the financial results for the quarter and lthe year ended 31st March 2021.
• (ii) The previous periods' figures have been regrouped to confirm to current period's required classification.
• 9 The Board of Directors has recommended a dividend of Re. 1/- per share for the year ended 31.03.2021 (previous year : Re. 0.60 per share).

Chennai 24th May 2021

RAO $\mathbf{d}$

For

Identification $On x$ TRIERED ACCOUN

NANATH

REGN No

004770S/

S200025

CHENNAI 600.004

S

9

a

for THE INDIA CEMENTS LIMITED

N SRINIVASAN Vice Chairman & Managing Director KS RAO &CO., Chartered Accountants 7-B, rh Floor, Century Darn, 560-562 Anna Salai, Chennai - 600 01g

S. VISWANATHAN UP., Chartered Accountants 17, Bishop Wailers Avenue (West) Mylapore, Chennai - 600004

Independent Auditor's Report

To the Board of Directors of The India Cements Limited

Report on the audit of the Standalone Annual Financial Result,

Opinion

We have audited the accompanying standalone annual financial results of The India Cements Ltd the company) for the year ended 31.03.2011, attached herewith, being submitted by the company pursuant to the requirement of Regulation 33 of the SEM Listing Obligations and Disclosure Requirements) Regulations, 1015, as amended (listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us. the aforesaid standalone annual financial results:

• a) are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
• bi give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards and other accounting principles generally accepted In India, of the net profit and other comprehensive income and other financial information for the year ended 31 March 2021.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013 the Act). Our responsibilities under those Standards are further described In the Auditor's Responsibilities fry the Audit of the Standalone Annual Financial Results section of our report. We are independent of the Company, in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial results under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

K.S. RAO & CO., Chartered Accountants 7-11, 74 Floor, Century Plan, 560-562 Anna Sala], Chennai 600 018

1. VISWANATHAN LIP., Chartered Accountants 17, Bishop Wailers Avenue (West) MylaPOre, Chennai — 500 004

Emphasis of Matter

Without qualifying our report, we draw attention to

• Note No. 3 to the Standalone Financial Results, regarding the order of attachment issued under Prevention of Money laundering Act through which certain assets of the company amounting to Rs.120.34Crores 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 Standalone 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. 1S7.48 Crores on the Company. On Company's appeal, National Company Law Appellate Tribunal (NCLA T), 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.

Management's and Board of Director? Responsibilities for the Standalone Annual financial Results

These standalone annual financial results have been prepared on the basis of the standalone annual financial statements.

The Company's Management and the Board of Directors are responsible for the preparation of these standalone annual financial results that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuringthe accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Chartered Accountants 7-B, 7A Floor, Century Plaza' 560-557 Anna Salai, Chennai — 600 Olg

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

In preparing the standalone annual financial results, the Management and the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Company's Management and Board of Directors are also responsible for overseeing the Company's financial reporting process

Auditor's Responsibilities for the Audit of the Standalone Annual Financial Results

Our objectives are to obtain reasonable assurance about whether the standalone annual financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone annual financial results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of Internal control.
• Obtain an understanding of Internal control relevant to the audit in order to design audit procedures that are appropriate In the circumstances, Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion through a separate report on the complete set of standalone financial statements on whether the company has adequate Internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to

Chartered Accountants 7-13, 7th Floor, Century Plaza, 560-562 Anna Salai, Chennai - 600018

S. VISWANATHAN LIP., Chartered Accountants 17, Bishop Walters Avenue (West) Myla pore, thermal- 600 004

continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial results or, If such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditods report. However, future events or conditions may cause the Company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the standalone annual financial results, including the disclosures, and whether the standalone financial results represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we Identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our Independence, and where applicable, related safeguards.

Other Matters

The standalone annual financial results include the results for the quarter ended 31 March 2021 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which were subject to limited review by us.

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

AM

M. Krishna Chaithanya Partner Membership No.231282 UDIN: 21231282AAAA036053

Place: Chennai Date 24 May 2021

	For S. Viswanathan LIP.,
Chartered Accountants
	Firm Regn No: 004770515200025
CHELLA
SRINIVASAN
Melia K. SrInteasan
Partner
	Membership No.023305

UDIN: 2102330SAAAM31281S

CONSOLIDATED

46

THE INDIA CEMENTS LIMITED

Registered Office: "Dhun Building", 827, Anna Salai, Chennai 600 002. Corporate Office:Coromandel Towers, 93, Santhome High Road, Chenna-600 028

Website: www.indiacements.co.in Email ID: investor@indiacements.co.in CIN: L269421N1946P1C000931

STATEMENT OF CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2021

Particulars	31-Mar-21
		31-Dec-20	31-Mar-20		Year Ended 31-Mar-21 31-Mar-20
	Audited	Unaudited	Audited	Audited	Audited
1 Revenue from Operations	1472.45	1184.68	1176.40	4510 55	5186.45
2 Other income	22.85	4.56	21.72
				40.45	41.67
3 Total Income (1+2)	1495.30	1189.24	1198.12	4551.00	5228.12
4 Expenses
(a) Cost of Materials consumed	229.50	198.42	241.67	731.99	981.19
(b) Purchases of stock-in-trade	0.04	0.05	8.43	0.16	28.74
(c) Changes in inventories of finished goods, stock in trade and work in progress.	28.24	(12.51)	(48.57)	76.69	(24.65)
(d) Employee benefits expense	105.06	80.71	79.36	337.80	358.96
(e) Finance costs	54.22	69.77	81.82	271.01	343.19
(f) Depreciation and Amortisation expenses	62.52	61.62	66.77	245.60	255.90
(g) Power and Fuel	378.08	300.71	330.62	1061.36	1361.73
(h) Transportation & Handling	356.56	261.99	288 16	969.51	1158.12
(i) Other Expenses:	209.20	132.29	204.83	545.22	727.55
Total Expenses [4]	1423.42	1093.05	1253.09	4240.34	5190.73
5 Profit/(Loss) before exceptional items and Tax (3-4).	71.88	96.19	[54.97]	310.66	37.39
6 Exceptional items			13.78		13.78
7 Profit/[Loss] before Tax (5-6)	71.8R	96.19	[68.75]	310.66	23.61
8 Tax Expense
(1) Current Tax	10.00	22.90	(7.601)	54.51	9.92
(2) MAT Credit Entitlement / withdrawal	31.44	13.14	(28.74)	87.64
(3) Deferred Tax	(13.53)	(9.21)	(20.651)	[39.94]	(39.77)
9 Profit/(Loss) for the period from continuing operations (7-8)	43.97	69.36	(11.76)	208.45	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)	43.97	69.36	(11.76)	208.45	53.46
14 Share Of Profit/(Loss) of associates	154	2.28	1.11	0.72	(2.20)
15 Minority interest	4.68	(3.74)	0.25	(2.40)	(1.10)
16 Net Profit / [Loss] after taxes, minority interest and share of Profit/[Loss] of associates (13+14+15]	50.19	67.90	(10.40)	206.77	50.16
17 Other Comprehensive Income
A.(i) items that will not be reclass fied to Profit / (Loss)	14.65		236.62	13.69	239.42
(ii) income tax relating to the Items that will not be reclassified to Profit / (Loss).	[4.83]		2.15	(4.50)	1.19
B.(i) items that will be reclassified to Profit / (Loss)	11.901	1.89	16.35	1.14	(6.35)
(ii) Income tax relating to items that will be reclassified to Profit / (Loss)
Total Other Comprehensive Income	7.92	1.89	232.42	10.33	234.26
18 Total Comprehensive Income for the period (16+17)	58.11	69.79	222.02	217.10	284.42
19 Faid up Equity Share Capital (Face Value Rs 10/ each).	309.90	309.90	309.90	309.90	309.90
20 Other Equities (Reserves)				5396.77	5188.13
21 Earnings per equity share (for continuing operations)
Basic	1.88	2.25	7.15	7.01	9.18
Diluted	1.88	2.25	7.16	7.03	9.18
22 Earnings per equity share) for discontinued operations)
Basic
Diluted
23 Earnings per equity share (for discontinued and continuing operations).					9.18
Basic	1.88	2.25	7.16	7.01

	CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES
	PARTICULARS
ASSETS
1 Non-Current Assets
a Property, Plant and Equipment
b Capital work-in-progress
c Goodwill
d Other Intangible assets
e Financial Assets
Investments
Loans
Other financial assets f Deferred tax Assets
glOther non-current assets
Total Non Current Assets
2 Current Assets
a Inventories
b Financial Assets
Investments
Trade receivables
Cash and cash equivalents
loans
c Current tax assets (net)
diOther current assets
el Assets held for Sale
Total Current Assets
TOTAL ASSETS
EQUITY AND LIABILITIES
EQUITY
a Equity share capital
b Other Equity
c Non Controlling Interest
Total - Equity
LIABILITIES
1 Non-current liabilities
a Financial Liabilities:
Borrowings
Cther Financial liabilities
b Provisions
c Deferred tax liabilities (Net)
d Other Non-current liabilities
Total Non Current Liabilities
2 Current liabilities
a Financial Liabilities:
Borrowings
Trade payables
	(a) Total Outstanding dues to Micro Enterprises & Small Enterprises

(b) Total Outstanding dues of creditors other than Micro Enterprises & Small Enterprises

Other financial liabilities

c Current tax liabilities (Net)

d Other current liabilities

Total Current Liabilities

TOTAL - EQUITY AND LIABILITIES

b Provisions

ENN

1

(Rs in Crores)

As at

31-Mar-20

Audited

6968.24

234.91

181.78

55.55

380.95 1009.76

78.96

$377.11$

9287.26

841.54

$1.19$ 736.16

43.16

43.81

145.18

571.32

2382.36 11669.62

309.90

5188.13

5554.26

2411 15

$7.23$

122.51

592.67

103.95

3237.51

751.89

$0.92$

1323.09

641.61

$0.18$

19.61

140.55

2877.85

11669.62

56.23

As at

31-Mar-21

Audited

6810.66

300.39

181.78

$72.41$

379.13

1083 56 59.16

364.49

9251.58

597.49

1.82

563.95 40.14

43.81

37.88

536.02

17.26

1838.37

11089.95

309.90

65.61

5396.77

5772.28

1997.59

4.55

96.41

555.35

2738.26

472.25

3.08

1078.21

776.34

$0.18$

1.31

248.04

2579.41

11089.95

84.36

Đ 7.T

$\overline{\phantom{a}}$

$\epsilon$

CONSOLIDATED CASH FLOW STATEMENT	For the Year Ended		For the Year Ended
	31-Mar-21	31-Mar-20
PARTICULARS		Audited
A Cash Flow from Operating Activities
Net profit/[loss] before exceptional items, tax & extra ordinary items		310.66		37.39
Other Comprehensive Income		3.12		(9.75)
Net profit(loss) before tax		313.78		27.64
Adjusted for:
Depreciation	246.59		255.89
Provision for Doubtful Debts & Advances	26.39		3.41
Foreign Exchange	0.60		5.19
Profit/Loss of sale of Investment	(9.77)		(14.52)
Profit/Loss of sale of Assets	5.83		3.31
Interest Expense	271.02		322.45
Interest Income	(21.99)		(17.06)
Dividend Income	(0.01)		[0.14]
Perquisite value of Employees stock Options
Deferred revenue expenditure/income		518.66		558.53
Operating Profit Before Working Capital Changes		832.44		586.17
Trade and Other Receivables	190.40		(54.42)
Inventories	244.05		5.22
Trade payables	(165.51)	268.94	(118.07)	(167.27)
Cash generated from operations		1101.38		418.90
Direct Taxes	(55.03)	(55.03)	(32.24)	(32.24)
Cash flow before extra-ordinary items		1046.35		386.66
Net cash from Operating Activities A		1046.35		386.66
B Cash Flow From Investing Activities
Purchase of Fixed Assets		(165.35)		(250.32)
Sale of Fixed Assets		16.25		3.45
Sale of Investment		11.69		1.29
Purchase of Investment
Interest Received		21.99		17.06
Dividend Received		0.01		0.14
Refund by/advances to subsidiaries, Associates and others		(74.03)		(53.52)
Net Cash from Investing Activities (B)		(189.44)		(281.90)
ċ Cash Flow from Financing Activities
Proceeds from issue of share capital
Movement in Other Equity		897
Dividend paid		(17.50)		(28.39)
Proceeds from long term borrowings		136.56		572.93
Repayment of borrowings		(699.40)		(342.49)
Interest paid (net)		(288.56)		(312.37)
Net cash from financial activities (C)		(859.93)		(110.32)
Increase/(Decrease) in cash and cash equivalent $(A + B + C)$		${13.021}$		[5.56]
Cash and cash equivalent at the beginning of the year.		43.16		48.72
Cash and cash equivalent at the end of the year.		40.14		43.16

B.RAO & $\sim$ Equito Contraction

$\cdot$

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

ROIA CEMENTO THE NENNA

1. The Company is orimarily engaged in manufacture and marketing of comport and comport 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.

3 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 Subjudice. The Auditors have continued to draw an emphasis on this matter in their Report.

4 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.

5 a) 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.

b) 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.

• 6 The Cade of Social Security, 2020 (Cade) 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.
• 7 The flaures for the quarter ended 31.03.2021 and 31.03.2020 are the balancing figures between audited figures in respect of the full financial year and year to date figures upto the third quarter of the relevant financial year.
• 8 (i) The Statutory Auditors have carried out the laudit of the financial results for the quarter and the year ended 31st March 2021.
• (ii) The previous periods' figures have been regrouped to confirm to current period's required classification
• 9 The Board of Directors has recommended a dividend of Re 1/- per share for the year ended 31.03.2021 (previous year : Re. 0.60 per share)

Chennai 24th May 2021

Notes:

RS. RAO & CO, Chartered Accountants 7-B, Pf Floor, Century Plaza, 560-562 Anna Salai, Chennai- COO 018

S. VISWANATHAN Chartered Accountants 11, Bishop Wailers Avenue (West) Mylapo re, Chennai - 600 004

Independent Auditor's Report

To the Hoard of Directors of The India Cements Limited

Report on the Audit of the Consolidated Annual Financial Results

Opinion

We ave audited the accompanying consolidated annual financial results of The India Cements Limi S hereinafter referred to as the 'Holding Company") and its subsidiaries fiHolding Company and its subsidiaries together referred to as "the Group") and its associates for the year ended 31" March 2021, attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEM (Listing Obligations and Disclosure Requirements) Reg lations, 1015, as amended (listing Regulations').

In o r opinion and to the best of our information and according to the explanations given to us and based on the consideration of reports of other au itors on separate audited financial statements / financial information of the subsidiaries and assoclates, the aforesaid consolidated fina dal results:

Name of the Entity	Relationship
Id L International Limited	Wholly Owned Subsidiary
Cl Securities Limited u	Wholly Owned Subsidiary
ICL Financial Services Limited	Wholly Owned Subsidiary
India Cements Infrastructures Limited	Wholly Owned Subsidiary
NW Mining Private 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
Industrial Chemicals and Monomers Limited	Subsidiary
Coromandel Electric Company Limited	Subsidiary
Coromandel Travels Limited	Subsidiary
Spdngway Mining Private Limited	Subsidiary
Raasl Cement Limited	Associate
Coromandel Sugars Limited	Associate
India Cements Capital Limited	Associate

i. include the annual financial results of the following entities

K.S. RAO & CO., Chartered Accountants 7-13, 7th Floor, Century Plaza, 560-562 Anna Salal, Chennal - 600018

S. MSWANATHAN LIP., Chartered Accountants 17, Bishop Wailers Avenue West) Myla pore, Chennai - 600 000

Unique Receivable Management Pvt. Limited	Associate
PT Mitre Setia Tanah Rumba, Indonesia	Associate
Trinetra Cement Limited	Transferor company under the scheme u/s 230, existing as per order of Hon'ble High Court of madras/NCLT

• Are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
• Give a true and fair view in conformity with the recognition and measurement principle laid down in the applicable Indian Accounting Standards and other accounting principles generally accepted in India, of consolidated net profit and other comprehensive income and other financial information of the Group for the year ended 31 March 2021.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 103(10)of the Companies Act, 2013 C'Act). Our responsibilities underthose Standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Results section of our report. We are independent of the Group and its associates in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements underthe provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us along with the consideration of audit reports and other auditors referred to in &Other Matter paragraph below, is sufficient and appropriate to provide a basis for our opinion on the consolidated annual financial results.

Emphasis of Matter

Without qualifying our report, we draw attention to

• Note no. 3 to the Group Financial Results, regarding the order of attachment issued under Prevention of Money launderingAct through which certain assets of the company amounting to Rs.120.30 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.
• Note no. 0 to the Group Financial Results, relating to the order of the Competition Commission of India (CCII, concerning alleged contravention of the provisions of Competition Act, 2002 and imposing a penalty of Rs.187.08 Crores on the Company. On

KS RAO &CO., Chartered Accountants 7-B, 7th Floor, Century Plaza, 560-562 Anna Salai, Chennal- 600 018

S. VISWANATHAN LIP., Chartered Accountants 17, Bishop Wailers Avenue (West) Mylapore, Channel -600004

Company's appeal, National Company Law Appellate Tribunal iNCLAT), 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 5th October, 2018 admitted the Company's appeal and directed that the interim order passed by the Tribunal in this matter, shall continue. Pending the outcome of the matter pending before Supreme Court, no adjustments have been made in the Group's Financial Results.

Managements and Board of Directors' Responsibilities for the Consolidated Annual Finandal Results

These consolidated annual financial results of the Group have been prepared on the basis of the consolidated annual financial statements. The Holding Company's Board of Directors are responsible for the preparation and presentation of these consolidated annual financial results that give a true and fair view of the net profit and other comprehensive income and other financial information of the Group including its associates in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Management and Board of Directors of the companies included in the Group and its associates are responsible for maintenance of adequate accounting records In accordance with the provisions of the Act for safeguarding of the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making Judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated annual financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated annual financial results by the Management and Directors of the Holding Company, as aforesaid.

In preparing the consolidated annual financial results, the Management and respective Board of Directors of the companies included in the Group and its associates are rwponsIble for assessing the ability of the each company to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

The respective Company's Management and Board of Directors of the companies included in the Group and its associates are responsible for overseeing the financial reporting process of each company.

KS RAO& CO., Chartered Accountants 7-B, 77Floor, Century Plaza, 560-561 Anna 5alai, Chennal — 600 018

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

Auditor's Responsibilities for the Audit of the Consolidated Financial Resulth

Our objectives are to obtain reasonable assurance about whether the consolidated annual financial results as a whole are free from material misstatement whether due to fraud or error, and to issue an auditors report that Includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when R exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated annual financial results.

As part of an audit in accordance with 5As, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• identify and assess the risks of material misstatement of the consolidated annual financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act we are also responsible for expressing our opinion through a separate report on the complete set of consolidated financial statements on whether the company has adequate internal financial controls with reference to consolidated financial statements in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the consolidated annual financial results made by the Management and Board of Directors.
• Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of the assumption. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the consolidated annual financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and its associates to cease to continue as a going concern.

KS RAO & CM, Chartered Accountants 7-13,77Floor, Century Plaza, 560-562 Anna Salai, Chennai EGO 0113

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

• Evaluate the overall presentation, structure and content of the consolidated annual financial results, Including the disclosures, and whether the consolidated annual financial results represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within the group and its associates to express an opinion on the consolidated annual financial results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the consolidated financial results of which we are independent auditors. For the other entitles Included in the consolidated annual financial results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion. Our responsibilities in this regard are further described in para (a) of the section titled &Other Matter? in this audit report.

We communicate with those charged with governance of the Holding Company and such other entitles included in the consolidated annual financial results of which we are the independent auditors regarding, among other mailers, the planned scope and timing of the audit and significant audit findings, Including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other mailers that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

We also performed procedures in accordance with the circular No CIR/CFO/CMD1/314/2019 issued by the SERI under Regulation 33(8) of the Ifisfing Regulations, as amended, to the extent applicable.

Other Matter

a) The consolidated annual financial results include the audited financial results of two overseas subsidiaries, whose financial statements reflect Group's share of total assets of Rs. 12,811.97 Lakhs as at March 31, 2021, Group's share of total revenue of M. NIL, Group's share of net loss of Rs.444.93 Lakhs and Group's share of net cash flows of Rs.16.08 Lakhs for the year ended on that date, as considered in the consolidated annual financial results which have been audited by their respective independent auditors. The independent auditors' reports on financial statements of these entitles have been furnished to us by the management and our opinion on the consolidated annual financial results, insofar as it relates to the amounts and disclosures included in respect of these entities, is based solely on the report of such auditors and the procedures performed by us are as stated in the paragraph above.

Chartered Accountants 7-B, 7th Floor, Century Plaza, 560-552 Anna Salai, Chennai 600018

S. VISWANATHAN Chartered Accountants 17, Bishop Wailers Avenue (West) Myla pore, Chennai - 600 004

• 10 We did not audit the financial statements of two overseas subsidiaries whose financial statements reflect total assets of R5.0,313.02 Lakhs as at 31st March 2021, Group's share of total revenue of Rs.351.17 Lakhs, Group's share of net loss of Rs.744.21 Lakhs and Group's share of net cash flows of fts.56.13 Lakhs for the year ended on that date, as considered in the consolidated financial statements. These financial statements are unaudited and have been furnished to us by the Management and our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of these subsidlades is based solely on such unaudited financial statements. In our opinion and according to the information and explanations given to us by the Management, these financial statements are not material to the Group.
• c) The consolidated annual financial results include the Group's share of net profit after tax of Rs.258.33 Lakhs for the year ended 31 March 2021, as considered in the consolidated annual financial results, in respect of five associates whose financial statements are unaudited. These unaudited financial statements have been furnished to us by the Board of Directors and our opinion on the consolidated annual financial results, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and associate is based solely on such annual financial statements. In our opinion and according to the information and explanations given to us by the Board of Directors, these financial statements are not material to the Group.

Our opinion on the consolidated annual financial results is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors and the financial results/financial information certified by the Board of Directors.

The consolidated annual financial results include the results for the quarter ended 31a March 2021 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which were subject to limited review by us.

For K.S. Rao gi Co., Chartered Accountants Firm Regn No: 0031092

KRISHNA mvadrieskrd M

M. Krishna Chalthanya Partner Membership No.231282 UDIN:21231282AAAACAS562

Place: Chennal Date: 20 May 2021

For S. VIswanathan LIP., Chartered Accountants Firm Regn No: 004770S/S200025

KRISHNANn•":"-."-4 CHELLA SRINIVASAN Chella K. Sriran0i2Wir Partner Membership No.023305 UDIN: 21023305AAAAM(5361