India Glycols Ltd — Annual Report 2024

May 28, 2024

28th May, 2024

The Manager (Listing) The Manager (Listing) Rotunda Building, P.J. Towers, Bandra Kurla Complex,

BSE Limited National Stock Exchange of India Limited 1st Floor, New Trading Ring, Exchange Plaza, C-1, Block G, Dalal Street, Mumbai – 400 001 Bandra (East), Mumbai- 400 051

Scrip Code: 500201 Symbol: INDIAGLYCO

Dear Sirs,

Sub: Outcome of the Board Meeting held on 28th May, 2024

Further to our letter dated 21st May, 2024 and pursuant to Regulation 30 and Schedule Ill of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Board of Directors of the Company in its meeting held today i.e. 28th May, 2024 has, inter-alia, considered and approved the followings:

1. Audited Financial Results (Standalone and Consolidated) of the Company for the quarter and financial year ended 31st March, 2024.

A copy of Audited Financial Results (Standalone and Consolidated) of the Company for the quarter and financial year ended 31st March, 2024, the Auditor's Report thereon and a declaration in respect of unmodified opinion on the Audited Financial Results are enclosed as Annexure A.

1. Recommended a dividend of Rs. 8/- per equity share (@ 80%) of face value of Rs. 10/- each for the financial year ended 31st March, 2024 which, if confirmed/declared by the members at the ensuing Annual General Meeting ("AGM"), will be paid/dispatched within 30 days from the date of AGM.

The above said Board Meeting commenced at 15:45 Hrs. and concluded at 17:06 Hrs.

This is for your information and record.

Thanking you,

Yours truly, For India Glycols Limited Ankur Jain Head (Legal) & Company Secretary Encl: A/a ANKUR JAIN Digitally signed by ANKUR JAIN DN: c=IN, st=Delhi, 2.5.4.20=f12d4be1c5c932a2c1642c6dad9bb0e5db224d e40e1e7299308e2b62dfc73e0c, postalCode=110091, street=East Delhi, pseudonym=3ba84cb22d38849571ef2c66476c2da3, serialNumber=36bf2107a358d674b88b6a7f2f49ebabe2 ecd54621cb28fbe5bc6616fcae41f0, o=Personal, cn=ANKUR JAIN Date: 2024.05.28 17:13:04 +05'30'

K.N. GUTGUTIA & CO. CHARTERED ACCOUNTANTS

NEW DELHI : KOLKATA

	f},vlV£ XlJ{(c -
	11-K, GOPALA TOWER, 25, RAJENDRA PLACE, NEW OELHl-110008
	Phones : 25713944,25788644,25818644
E-mail	: brg1971@cakng.com, kng1971@yahoo.com Website : www.cakng.com

INDEPENDENT AUDITOR'S REPORT

TO THE BOARD OF DIRECTORS OF INDIA GLYCOLS LIMITED

REPORT ON THE AUDIT OF THE STANDALONE ANNUAL FINANCIAL RESULTS

Opinion

• 1. We have audited the accompanying standalone annual financial results of INDIA GLYCOLS LIMITED (hereafter referred to as the "Company") for the year ended 31st March 2024, attached herewith, 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').
• 1. In our opinion and to the best of our information and according to the explanation 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 regards; and
• (b) give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian 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 ⁵¹March 2024.

Basis for Opinion

1. 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 SAs are further described ·in the Auditor's Responsibilities for 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 statements under the 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 we have obtained, is sufficient and appropriate to provide a basis for our audit opinion on the standalone annual financial results.

K.N. GUTGUTIA & CO. CHARTERED ACCOUNTANTS NEW DELHI: KOLKATA

		NEW DELHl-110008	11·K, GOPALA TOWER, 25, RAJENDRA PLACE,
	Phones : 25713944,25788644,25818644
E-mail	Website : www.cakng.com		: brg1971@cakng.com, kng1971@yahoo.com

Management's and Board of Directors' Responsibilities for the Standalone Annual Financial Results

• 1. 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 and presentation 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 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. 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 ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone annual financial results that give a true and fair view and is free from material misstatement, whether due to fraud or error.
• 1. 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.
• 1. The Board of Directors is responsible for overseeing the Company's financial reporting process.

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

1. 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.

• 1. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
• i) Identify and assess the risks of material misstatement of the standalone 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.
• ii) Obtain an understanding of internal financial controls 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 on through a separate report on the complete set of financial statement on whether the Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
• iii) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the standalone financial results made by management and Board of Directors.
• iv) Conclude on the appropriateness of 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 this assumption. 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 standalone 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 Company to cease to continue as a going concern.
• v) Evaluate the overall presentation, structure and content of the standalone annual financial results, including the disclosures, and whether the standalone annual financial results represent the underlying transactions and events in a manner that achieves fair presentation.

K.N. GUTGUTIA & CO. CHARTERED ACCOUNTANTS NEW DELHI : KOLKATA

	11-K, GOPALA TOWER, 25, RAJENDRA PLACE, NEW DELHl-110008
	Phones: 2571 3944, 25788644,2581 8644
E-mail	: brg1971@cakng.com, kng1 971@yahoo.com Website : www.cakng.com

• 1. 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.
• 1 o. 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

1. The standalone annual financial results includes the results for the quarter ended 31 st March 2024, being the balancing figures 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.N. GUTGUTIA & CO. CHARTERED ACCOUNTANTS Firm Registration No.: 304153E

M.NO. 012172 UOIN: 24012172BJZZDK6547

DATE: 28^{1 h}MAY, 2024 PLACE: NOlDA

INDIA Gl YCOLS LIMITED

Regd. Office; A-1, Industrial Area, Bazpur Road, Kashlpur - 244 713, Dlstt. Udham Singh Nagar (Uttarakhand) Phones: +915947 269000/ 269500., Fax: +915947 275315/ 269535

Email: compliance.officer@lndiaglycols.com, Website: www.indlaglycols.com

CIN No.l24111UR1983PLC009097

	Statement Of Audited Standalone Financial Results for the Quarter & Year ended March 31, 2024			::nanoalone		(~I n Crores, except as stated)
			Quarter ended			Year ended
	S.No. Particulars	31.03.2024	31.12.2023	31.03.2023	31.03.2024	31.03.2023
		(Audited)	(Unaudited}	(Audited}	(Audited)	(Audited}
		Refer Note -3		Refer Note -3
1	Income from operations
	(a) Revenue from operations (b) Other Income	2,036.57 4.65	2,119.19 4.55	1,615.50 4.24	7,918.77 25.73	6,640.86 27.59
	Total Income	2,041.22	2,123.74	1,619.74	7,944.50	6,668.45
	~ ~penses
	(a) Cost of materials consumed	501.46	515.96	320.68	1,818.92	1,444.75
	(b) Purchase of stock-in-trade	113.35	114.11	2.54	319.68	159.49
	(c) Changes In Inventories of finished goods, Stock-In Trade	18.61	(12.S6)	0.51	7.66	(22.13)
	and work-in-progress
	(d) Excise Duty	1,112.94	1,214.72	996.31	4,627.57	3,990.78
	(e) Employee benefits expense	29.50	27.01	2S.84	101.62	87.13
	(f) Finance Costs	32.63	31.41	26.39	120.67	95.19
	(g) Depreciation and amortisation expense	26.03	26.25	28.64	100.76	89.65
	(h) Power and fuel	72.24	78.78	102.84	328.44	417.47
	(i) Other Expenses	83.33	78.01	70.09	317.13	265.85
	Total Expenses	1,990.09	2,073.69	1,573.84	7,742.45	6,528.18
	Profit Before Interest, Depreciation and Tax {EBIDTAJ	109.79	107.71	100.93	423.48	325.11
3	Profit I (Loss) from operations before exceptional Items and tax (1·2)	Sl.13	SO.OS	45.90	202.05	140.27
4	~txcept1on 1 items		-	-		(17.:>I)
s	Profit I (Loss} before Tax 13-4)	51.13	SO.OS	4S.90	202.05	122.70
6	Tax expense :
	(a) Current Tax	1.22	S.S7	(S.71)	10.90
	lbl Deferred Tax	12.17	6.69	11.51	39.42	23.96
7	Profit I (Loss) for the period (5·6)	37.74	37.79	40.10	151.73	98.74
8	Other Comprehensive Income		o.os
	A (I) Items that will not be reclassified to Profit or Loss (ii) Income tax relating to items that will not be	0.10 (0.02)	(0.01)	0.39 (0.08)	0.25 (0.06)	0.45 (0.11)
	reclassified to Profit or loss
	B (i) Items that will be reclassified to Profit or loss	'	-	-		-
	(ii) Income tax relating to items that will be	-	-		-	-
	reclasslfied to Profit or Loss Other Comorehenslve Income INet of Taxi	0.08	0.04	0.31	0.19	0.34
	9 Total comprehensive Income I (loss) for the period (7+81	37.82	37.83	40.41	151.92	99.08
	10 Paid-up Equity Share Capital (Face value Rs. 10/- each)	30.96	30.96	30.96	30.96	30.96
	11 Other Eaulty				1,685.34	l ,SS6.6S
	12 Earning per equity share (face value of Rs 10/- each) Not
	annuallsed (In Rs.)
	- Basic	12.19	12.21	12.95	49.01	31.89
	- Diluted	12.19	12.21	12.9S	49.01	31.89

	Audited Segment wise Revenue, Results and Assets and Liabilities			Standalone
			Quarter ended			Year ended
	S.No. Particulars	31.03.2024	31.12.2023	31.03.2023	31.03.2024	31.03.2023
		(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)
$\mathbf{1}$	Segment Revenue
	- Bio-based Specialities and Performance Chemicals*	620.65	609.52	389.12	2,138.71	1,703.94
	- Potable Spirits	1,360.25 55.67	1,459.08 50.59	1,183.02 43.36	5,574.91 205.15	4,745.25
	- Ennature Biopharma Total	2,036.57	2,119.19	1,615.50	7,918.77	191.67 6,640.86
$\overline{2}$
	Segment Results (Profit / (Loss) before Interest and Tax) - Bio-based Specialities and Performance Chemicals*	47.78	38.65	43.83	163.49	130.40
	- Potable Spirits	39.98	41.44	29.18	164.23	101.66
	- Ennature Biopharma	6.93	11.98	11.42	38.60	48.69
	Total	94.69	92.07	84.43	366.32	280.75
	Less/(Add):
	- Interest (Net)	32.63	31.41	26.39	120.67	95.19
	-Exceptional Items					17.57
	- Unallocated corporate expenses net of unallocable income	10.93	10.61	12.14	43.60	45.29
	Profit Before Tax	51.13	50.05	45.90	202.05	122.70
3	Segment assets
	- Bio-based Specialities and Performance Chemicals*	4,166.43	3,884.79	3,523.03	4,166.43	3,523.03
	- Potable Spirits	466.38	348.96	354.47	466.38	354.47
	- Ennature Biopharma	427.18	415.63	388.06	427.18	388.06
	- Unallocated	221.13	236.01	277.92	221.13	277.92
	Total	5,281.12	4,885.39	4,543.48	5,281.12	4,543.48
4	Segment liabilities
	- Bio-based Specialities and Performance Chemicals*	1,342.66	1,190.91	989.66	1,342.66	989.66
	- Potable Spirits	397.27	341.95	411.19	397.27	411.19
	- Ennature Biopharma - Unallocated	92.88	78.60	92.35 1,462.67	92.88 1,732.01	92.35 1,462.67
	Total	1,732.01 3,564.82	1,595.42 3,206.88	2,955.87	3,564.82	2,955.87
	*Include Boi-Fuel Segment

Notes:

1 The above results were reviewed by the Audit committee in its meeting held on May 28, 2024 and have been approved by the Board of Directors in its meeting held on May 28, 2024. The auditors of the Company have carried out audit of the same.

2 Financial results have been prepared and presented In accordance with the recognition and measurement principles prescribed under Section 133 of the Companies Act, 2013.

3 The figures for the quarter ended 31st March 2024 & 31st March 2023 are the balancing figures between audited figures in respect of full financial year and unaudited year to date figures upto 3rd quarter of the respective years.

4 The Board of directors have recommended a dividend @'I: 8.00/- per share of face value of '1:10/- each subject to the approval of the members of the Company at Its ensuing Annual General Meeting.

s The figures of the previous period/year have been restated/regrouped wherever necessary, to make them comparable.

~\\\1111 ///////t. #t,) i GU 'ft}fl/,~ for INDIA GLYCOLS LIMITED ~ ~~ ~ .. "::-.· q. ^~ :: 0:: ~* NE J 1 • ~ H :::C'> """ (!) ~ U.S. BHARTIA ~:~ ~)~ Place : Noida ~~~ ^~.. ^~<! NOIDA -{ j Chairman and Managing Director <'i9, ,~1···.ff' Date : 28th Mav, 2024 '//t11,/D Accou\~~i' '(; r ,,.,. DIN: 00063091 • j , 1'//11 ll \\ ~ .. /.

~cOLs --;7\,--::::: ~~': C>~

Statement of Standalone Audited Cash Flows

(II! In Crores)

			Standalone
			Year ended
	Particulars	31.03.2024 (Audited)	31.03.2023 (Audited)
A.	Cash Flow from Operating Activities
	Net Proflt/(Loss) B.efore Tax	202.05	122.70
	Adjustments For:
	Depreciation and amortisation expense	100.76	89.65
	(Proflt)/Loss on Sale of Property, plant & equipment	(3.89)	(1.43)
	Net Unrealised Foreign Exchange Fluctuation (Gain)/ Loss	6.99	(3.62)
	Govt Grant (Net)	(D.12)	(0.12)
	Profit on Sale of Non-Current Investments	(0.18)	(28.27)
	Provision for diminution in value of investment	1.54	-
	Bad debts & Provision for doubtful debts	5.22	-
	ICD including Interest receivable from subsidiary company written off	-	45.71
	Provision No Longer Required Written Back	(0.19)	(9.83)
	Finance Costs	123.48	98.48
	Interest Income	(23.58)	(28.61)
	Operating Profit/ (Loss) before Working Capital Changes	412.08	284.66
	Adjustments For:
	(lncrease)/Decrease in Trade & Other Receivables	63.33	83.42
	(lncrease)/Decrease in Inventories	(350.64)	(63.62)
	Increase I (Decrease) in Trade & Other Payables	324.59	71.71
	Cash Generated from/ (Used In) Operations	449.36	376.17
	Income Tax Paid (Net)	(10.90)	(50.26)
	Net Cash flow from I {Used in) Operating Activities	438.46	325.91
B.	Cash Flow from Investing Activities
	Purchase of Property, plant & equipment	(552.93)	(438.77)
	Sale of Property, plant & equipment	10.92	4.11
	Interest received	38.38	23.88
	Sale consideration received on Sale of Non-Current Investments	0.18	55.31
	ICDs received back	-	25.15
	Net Cash flow from I {Used In) Investing Activities	(503.45)	(330.32)
c.	Cash Flow from Financing Activities
	Net Proceeds from Borrowings	463.31	297.13
	Repayment of Borrowings	(236.47)	(166.00)
	Proceeds/( Payment) of lease liabilities	8.92	(9.63)
	Finance Costs paid	(122.86)	(98.88)
	Dividends Paid	(22.97)	(23.04
	Net Cash flow from I (Used In) Financing Activities	89.93	{0.42)
	Net lncrease/(Decrease) In Cash & Cash Equivalents [A+B+C)	24.94	(4.83)
	Opening Cash & cash Equivalents	1.81	6.64
	Closing Cash & Cash Equivalents	26.75	1.81

The above Cash Flow Statement has been prepared under the "indirect Method" as set out In Indian Accounting Standard -7, "Statement of Cash Flows".

Statement of Standalone Audited Assets and Liabilities

			(" In Crores)
		Standalone
		As At
	Particulars	31.03.2024	31.03.2023
		(Audited}	(Audited)
A.	ASSETS
1	Non-current Assets
	(a) Property, Plant and Equipment	3,171.28	2,689.82
	(b) Capital work-in-progress	83.55	124.75
	(c) Investment Property	6.56	7.61
	(d) Other Intangible assets	1.63	1.90
	Right to use assets (e)	25.48	17.54
	(f) Financial Assets
	(i) Investments	0.03	1.57
	(ii) Loans	0.54	0.30
	(iii) Others	42.52	44.30
	(g) Other non-current assets	5.39	7.39
	Total Non Current Assets	3,336.98	2,895.18
2	Current Assets
	(a) Inventories	1,103.70	753.05
	(b) Financial Assets
	(i) Trade receivables	389.45	436.26
	(ii) Cash and cash equivalents	26.75	1.81
	(iii) Bank balances other than (ii) above	110.87	111.29
	(iv) Loans	20.42	20.42
	(v) Others	103.86	146.57
	(c) Current Tax Assets (Net)	6.26	5.87
	(d) Other current assets	182.83	173.03
	Total Current Assets	1,944.14	1,648.30
	Total Assets	5,281.12	4,543.48
B.	EQUITY AND LIABILITIES
1	Equity
	(a) Equity Share capital	30.96	30.96
	(b) Other Equity	1,685.34	1,556.65
	Total Equity	1,716.30	1,587.61
2	Liabilities
2.1	Non·current Liabilities
	(a) Financial Liabilities
	(i) Borrowings	725.08	550.77
	(ii) Lease Liabilities	20.16	14.37
	(iii) Other financial liabilities	39.59	47.05
	(b) Provisions	4.85	4.45
	(c) Deferred tax liabilities (Net)	398.41	358.93
	~ (d) Others ~~\',\ \111!111/////;l. .·~~~'(, I .~L rL, 1,t~	2.96	116.41
2.2	Total Non-current Liabilities ~ ,,. ~' , ~- ~ · Current Liabilities C>~	1,191.05	1,091.98
	o~ ·.,j (a) Financial liabilities 1JEWDELHJ ~.;
	~ ~ <j. (i) Borrowings</j.	596.03	543.30
	%~ .~~· (ii) Lease liabilities ,,\~"\$ ~:,>-(,',	6.96	3.83
	·~11?~0 ACCO) ~~~ (iii) Trade payables ·~///f//J:lll\\\\
	total outstanding dues of micro enterprises and small enterprises	0.17	0.17
	total outstanding dues of creditors other than micro enterprises and small enterprises	1,099.21	751.62
	(iv) Other financial liabilities	374.11	318.24
	(b) Other current liabilities	294.55	243.98
	(c) Provisions -	2.74	2.75
	,,,,, Total Current liabilities	2,373.77 !'	1,863.89
	/ ')~ (" '\ Total EQuitv and Liabilities	5,281.12	4,543.48
	~ NOIDA	~
	l:::5}	6'
	0-'V, / * --

K.N. GUTGUTIA & CO.

CHARTERED ACCOUNTANTS

NEW DELHI : KOLKATA

	NEW DELHl-110008
	Phones: 25713944, 25788644, 25818644
E-mail	: brg1971@cakng.com, kng1971@yahoo.com
	Website : www.cakng.com

INDEPENDENT AUDITOR'S REPORT

TO THE BOARD OF DIRECTORS OF INDIA GLYCOLS LIMITED REPORT ON THE AUDIT OF THE CONSOLIDATED ANNUAL FINANCIAL RESULTS

Opinion

• 1. We have audited the accompanying consolidated annual financial results of INDIA GLYCOLS LIMITED (hereinafter referred to as the "the Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group"), and its joint venture (refer Annexure 1 for the list of subsidiaries and joint venture) for the year ended 31 st March 2024, attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations').
• 1. In our opinion and to the best of our information and according to the explanation given to us, the aforesaid consolidated annual financial results.
• (i) includes the annual financial results of the entities listed in Annexure 1;
• (ii) are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regards; and
• (iii) give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards, and other accounting principles generally accepted in India, of the consolidated net profit and other comprehensive income and other financial information of the Group and its joint venture, for the year ended 31 s ¹March 2024.

Basis of Opinion

1. 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 SAs are further described in the Auditor's Responsibilities for the Audit of the Consolidated Annual Financial Results section of our report. We are independent of the Group, and its joint venture, 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 under the provisions of the Act, and the Rules made

K.N. GUTGUTIA & CO. CHARTERED ACCOUNTANTS NEW DELHI : KOLKATA 11-K, GOPALA TOWER, 25, RAJENDRA PLACE, NEW DELHl-110008 Phones : 25713944, 25788644,25818644 E-mail : brg1971@cakng.com, kng1971@yahoo.com Website: www.cakng.com

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 is sufficient and appropriate to provide a basis for our audit opinion on the consolidated annual financial results.

Management's and Board of Directors' Responsibilities for the Consolidated Annual Financial Results

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

The Holding Company's management and Board of Directors, are responsible for the preparation and presentation of these consolidated annual financial results that gives a true and fair view of the consolidated net profit and other comprehensive income, and other financial information of the Group including its joint venture 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 Holding Company's Board of Directors is also responsible for ensuring accuracy of records including financial information considered necessary for the preparation of the Statement. Further, in terms of the provisions of the Act, the respective Board of Directors/ management of the companies included in the Group and its joint venture, 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 its joint venture, 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 ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the 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 Directors of the Holding Company, as aforesaid.

1. In preparing the consolidated annual financial results, the Management and the respective Board of Directors of the companies included in the Group and of its joint venture, are responsible for assessing the ability of the Group and of its joint venture, 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 . \\\II~ '1'111.'IJ.

K.N. GUTGUTIA & CO. CHARTERED ACCOUNTANTS

NEW DELHI : KOLKATA

		11-K, GOPALA TOWER, 25, RAJENDRA PLACE, NEW DELHl-110008
		Phones : 25713944, 25788644,25818644
E-mail	Website : www.cakng.com	: brg1971@cakng.com, kng1971@yahoo.com

Directors/ management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

1. The respective Board of Directors/ management of the companies included in the Group and of its jointly ventures, are responsible for overseeing the financial reporting process of each company.

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

• 1. Our objectives are to obtain reasonable assurance about whether the consolidated annual financial results as a whole is 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 consolidated annual financial results.
• 1. As part of an audit in accordance with the SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
• i) 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.
• ii) Obtain an understanding of internal financial controls 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 on whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls.
• iii) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the consolidated financial results made by management and Board of Directors.

• iv) Conclude on the appropriateness of management's 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 Group's ability to 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 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 joint ventures to cease to continue as a going concern.
• v) 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.
• vi) Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within the Group, and its joint ventures, 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 annual financial results, of which we are the independent auditor. For the other entity included in the consolidated annual financial results, which have been audited by the other auditor, such other auditor remain responsible for the direction, supervision and performance of the audit carried out by them. We remain responsible solely for our audit opinion.
• 1. We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated annual financial results of which we are the independent auditors, 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.
• 1. 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.
• 11 . We also performed procedures in accordance with SEBI Circular CIR/CFD/CMD1/44/2019 dated 29 March 2019, issued by the SEBI under Regulation 33 (8) of the Listing Regulations, to the extent applicable.

Other Matters

1. The consolidated annual financial results includes the Group's share of net profit after tax of Rs. 1666.31 lakhs and. total comprehensive income of Rs. 1667 lakhs for the year ended 31 51 March 2024 as considered in the consolidated annual financial results, in respect of a joint venture, whose financial statements/financial information/financial results has been audited by other auditor. The independent auditor's report on financial statements/financial result/financial information of this entity has been furnished to us by the management.

Our opinion on the consolidated annual financial results, is so far as it relates to the amounts and disclosures included in respect of this entity is based solely on the report of such other auditor and the procedure performed by us are as stated in paragraph above.

Our opinion on the consolidated annual financial results is not modified in respect of the above matter with respect to our reliance on the work done and the report of the other auditor.

1. The consolidated annual financial results includes the results for the quarter ended 31 st March 2024, being the balancing figures 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.N. GUTGUTIA & CO. CHARTERED ACCOUNTANTS Firm Registration No.: 304153E

(B.R. GOYAL) PARTNER M.NO. 012172 UDIN: 24012172BJZZDL 1954 DATE: 28TH MAY, 2024 PLACE: NOIDA

K.N. GUTGUTIA & CO.

CHARTERED ACCOUNTANTS

NEW DELHI : KOLKATA

		NEW DELHl-110008	11 ·K, GOPALA TOWER, 25, RAJENDRA PLACE,
	Phones : 25713944, 25788644, 25818644
E-mail	Website : www.cakng.com		: brg1971@cakng.com, kng1971@yahoo.com

INDIA GLYCOLS LTD.

Annexure-1

Subsidiaries

• i) IGL Finance Limited
• ii) IGL Chem International PTE LTD
• iii) IGL Chem International USA LLC
• iv) IGL Chemicals And Services Private Limited
• v) Ennature Bio Pharma Private Limited

Joint Venture

i) Clariant IGL Specialty Chemicals Private Limited

INDIA Gl YCOLS LIMITED

Regd. Office; A·l, Industrial Area, Bazpur Road, Kashlpur • 244 713, Dlstt. Udham Singh Nagar (Uttarakhand) Phones: +91 5947 269000/ 269500., Fax: +91 5947 275315/ 269535 Email: compliance.officer@lndlaglycols.com, Website: www.indiaglycols.com

CIN No.L24111UR1983PLC009097

Statement Of Consolidated Audited Financial Results for the Quarter & Year ended March 31, 2024 {t: In Croress, except as stated)

			Consolidated
		Quarter ended			Year ended
S.N Particulars	31.03.2024	31.12.2023	31.03.2023	31.03.2024	31.03.2023
	(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)
	Refer Note ·3		Refer Note -3
1 Income from operations
(a) Revenue from operations	2,039.08	2,118.94	1,615.65	7,921.54	6,641.64
!bl Other Income Total Income	4.65	4.55	4.47	25.73	23.89
z txpenses	2,043.73	2,123.49	1,620.12	7,947.27	6,665.53
(a) Cost of materials consumed	501.46	515.96	320.68	1,818.92	1,444.75
(b) Purchase of stock-in-trade	115.69	114.16	2.64	321.80	160.12
{c) Changes in inventories of finished goods, Stock-in Trade	18.61	(12.55)	0.53	8.11	{22.56)
and work-In-progress
(d) Excise Duty	1,112.94	1,214.72	996.31	4,627.57	3,990.78
{e) Employee benefits expense	29.94	27.44	26.26	103.37	88.80
(f) Finance Costs	32.63	31.41	26.43	120.67	99.96
(g) Depreciation and amortisation expense	26.04	26.24	29.72	100.77	93.96
{h) Power and fuel	72.24	78.78	102.84	328.44	417.47
(I) Other Expenses	83.62	78.17	70.38	310.97	266.75
Total Expenses	1,993.17	2,074.33	1,575.79	7,740.62	6,540.03
Profit Before Interest, Depreciation and Tax (EBIDTAJ	109.23	106.81	100.48	428.09	319.42
3 Profit I (Loss) from operations before exceptional Items and tax (1· 2)	50.56	49.16	44.33	206.65	125.50
4 Exceptional Items					Z!!.1'1
5 Profit I (Loss) before Tax (3-4)	50.56	49.16	44.33	206.65	153.63
6 Share of net profit/ (loss) of Joint Ventures	5.04	4.73	1.31	16.66	11.37
7 Profit I (Loss) before Tax (5+6)	55.60	53.89	45.64	223.31	165.00
8 Tax exoense :
{a) Current Tax	1.22	5.57	(5.71)	10.90
(b) Deferred Tax	12.17	6.69	11.51	39.42	23.96
9 Profit I (Loss) after tax (7·8)	42.21	41.63	39.84	172.99	141.04
10 Other Comprehensive Income
A {i) Items that will not be reclassified to Profit or Loss (ii) Income tax relating to items that will not be	{0.06) 0.01	0.22 (0.05)	0.75 (0.17)	0.26 {0.07)	1.08 (0.27)
reclassified to Profit or Loss
B (I) Items that will be reclassified to Profit or Loss	(0.09)	0.34	0.16	(0.38)	(0.41)
{ii) Income tax relating to items that will be reclassified to Profit or Loss
Other Comorehenslve Income /Net of Taxl	(0.14)	0.51	0.74	(0.19)	0.40
11 Total comprehensive Income I (loss) for the period (9+10)	42.07	42.14	40.58	172.80	141.44
12 Net Profit/ (Loss) attributable to
{a) Owners of the Company	42.21	41.63	40.32	172.99	125.08
{b) Non Controlling interest			{0.48)		15.96
13 Other Comprehensive Income attributable to
(a) Owners of the Company (b) Non Controlling interest	(0.14)	0.51	0.74	(0.19)	0.40
14 Total Comprehensive Income attributable to
(a) Owners of the Company	42.07	42.14	41.06	172.80	125.48
{b) Non Controlling Interest			(0.48)		15.96

15 Paid-up Equity Share Capital (Face value Rs. 10/- each)	30.96	30.96	30.96	30.96	30.96
16 Other Equity				2.020.06	1,870.46
17 Earning per equity share (face value of Rs 10/- each) Not annualised (In Rs.)
Basic	13.63	13.45	12.87	55.87	45.55
- Diluted	13.63	13.45	12.87	55.87	45.55

Consolidated Audited Segment wise Revenue, Results and Assets and Liabilities

			Quarter ended		Year ended
	S.N Particulars	31.03.2024	31.12.2023	31.03.2023	31.03.2024	31.03.2023
		(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)
$\mathbf{1}$	Segment Revenue
	- Bio-based Specialities and Performance Chemicals* - Potable Spirits	623.16 1,360.25	609.27 1,459.08	389.27 1,183.02	2.141.48 5,574.91	1,704.72 4,745.25
	- Ennature Biopharma	55.67	50.59	43.36	205.15	191.67
	Total	2,039.08	2,118.94	1,615.65	7,921.54	6,641.64
$\overline{2}$	Segment Results (Profit / (Loss) before Interest and Tax) - Bio-based Specialities and Performance Chemicals* - Potable Spirits	47.22 39.98	37.76 41.44	42.40 29.18	168.11 164.23	124.69 101.66
	- Ennature Biopharma	6.93	11.98	11.42	38.60	48.69
	Total Less/(Add):	94.13	91.18	83.00	370.94	275.04
	- Interest (Net)	32.63	31.41	26.43	120.67	99.96
	-Exceptional Items					(28.13)
	- Unallocated corporate expenses net of unallocable income	10.94	10.61	12.24	43.62	49.58
	Profit before share of profit / (Loss) from joint venture and exceptional items	50.56	49.16	44.33	206.65	153.63
	Share of profit/(loss) of Joint Venture	5.04	4.73	1.31	16.66	11.37
	Profit Before Tax	55.60	53.89	45.64	223.31	165.00
3	Segment assets
	- Bio-based Specialities and Performance Chemicals*	4,164.01 466.38	3,883.00 348.96	3,517.99 354.47	4,164.01 466,38	3,517.99 354.47
	- Potable Spirits - Ennature Biopharma	427.18	415.63	388.06	427.18	388.06
	- Unallocated	559.23	569.17	597.81	559.23	597.81
	Total	5,616.80	5,216.76	4,858.33	5,616.80	4,858.33
4	Segment liabilities
	- Bio-based Specialities and Performance Chemicals*	1,343.32	1,191.56	990.41	1,343.32	990.41
	- Potable Spirits	397.27	341.95	411.19	397.27	411.19
	- Ennature Biopharma	92.88	78.60	92.35	92.88	92.35
	- Unallocated	1,732.31	1,595.71	1,462.96	1,732.31	1,462.96
	Total Klushude Rei Fuel Company	3,565.78	3,207.82	2,956.91	3,565.78	2,956.91

•include Bol-Fuel Segment

Notes:

• 1 The above results were reviewed by the Audit committee In Its meeting held on May 28, 2024 and have been approved by the Board of Directors In Its meeting held on May 28, 2024. The auditors of the Company have carried out audit of the same.
• 2 Financial results have been prepared and presented In accordance with the recognition and measurement principles prescribed under Section 133 of the Companies Act, 2013.
• 3 The figures for the quarter ended 31st March 2024 & 31st March 2023 are the balancing figures between audited figures in respect of full financial year and unaudited year to date figures upto 3rd quarter of the respective years.
• 4 The Board of directors of the parent Company have recommended a dividend @ ~ 8.00/- per share of face value of ~10/· each subject to the approval of the members of the Company at its ensuing Annual General Meeting.
• 5 The figures of the previous period/year have been restated/regrouped wherever necessary, to make them comparable.

\II \11111 ii' I ·~'' - GU for INDIA GLYCOLS LIMITED .: tiq,,_ ~ ·\' \ 114 ·.,, .~~ ----..:. '? .. ~ J- ~ ~% !!;' ~CJ, ~i, ·::~ti ~"':.:·~ {: .. ;~ ( ~~ U.S. BHARTIA Place : Nolda ;: .. ,,', ~ ~ Chairman and Managing Director '011.~· •<:0 Ar,r,a '':~~ Date : 28th May, 2024 •

¹¹¹111111.11\\\\• DIN: 00063091 ~

Statement of Consolidated Audited Cash Flows

			'"In Crores)
		Consolidated
		Year ended
	Particulars	31.03.2024	31.o3.2023
		(Audited)	(Audited)
A.	Cash Flow from Operating Activities
	Net Profit/( Loss) Before Tax	206.65	153.63
	Adjustments For:
	Depreciation and amortisation expense	100.77	93.96
	(Proflt)/Loss on Sale of Property, plant & equipment	(3.89)	(1.43)
	Net Unrealised Foreign Exchange Fluctuation (Gain)/ Loss	6.99	(3.62)
	Govt Grant (Net)	(0.12)	(0.12)
	Profit on Sale of Non-Current Investments	(0.18)	(28.27)
	Bad debts & Provision for doubtful debts	S.22
	Provision No Longer Required Written Back	(0.19)	(9.83)
	Finance Costs	123.48	103.29
	Interest Income	123.581	(24.72)
	Operating Profit/ (Loss) before Working Capital Changes	415.15	282.89
	Adjustments For:
	(lncrease)/Decrease In Trade & Other Recelvables	62.04	86.85
	(lncrease)/D~crease In Inventories	(352.45)	(63.62)
	Increase/ (Decrease) In Trade & Other Payables	324.67	69.85
	Cash Generated from/ (Used In) Operations	449.41	375.97
	Income Tax Paid (Net)	110.901	(S0.26)
	Net Cash flow from/ (Used In) Operating Activities	438.51	325.71
B.	Cash Flow from Investing Activities
	Purchase of Property, plant & equipment	(552.93)	(438.77)
	Sale of Property, plant & equipment	10.92	4.11
	Interest received	38.38	23.93
	Sale consideration received on Sale of Non-Current Investments	0.18	SS.31
	ICDs received back	-	2S.14
	Net Cash flow from I (Used In) Investing Activities	(503.45)	(330.28)
c.	Cash Flow from Financing Activities
	Net Proceeds from Borrowings	463.31	297.13
	Repayment of Borrowings	(236.47)	(166.00)
	Payment of lease llabllltles	8.92	(9.63)
	Finance Costs	(122.86)	(98.97)
	Dividends Paid	122.97:	(23.04)
	Net Cash flow from I (Used In) Financing Activities	89.93	(0.51)
	Net lncrease/(Decrease) in Cash & Cash Equivalents [A+B+C)	24.99	(5.08)
	Opening Cash & Cash Equivalent	1.97	7.05
	Closlnit Cash & Cash Eaulvalent	26.96	1.97

The above Cash Flow Statement has been prepared under the "lndlrect¹ Methpd" as set out In Indian Accounting Standard -7, . \\ ~r · .j 1/1111. "Statement of Cash Flows". ,.~', '- -~LI L /1,f.<,,, . ·•r.:;,v ,._, '~ ...... ~ '~ . ^~

Statement of Consolidated Audited Assets and Liabilities

			I~ In Crores)
			Consolidated
			As At
	Particulars	31.03.2024	31.03.2023
		(Audited)	(Audited)
A.	ASSETS
1	Non-current Assets
	(a) Property, Plant and Equipment	3,171.29	2,689.83
	(b) Capital work-in-progress	83.55	124.75
	(c) Investment Property	6.56	7.61
	(d) Other Intangible assets	1.63	1.90
	Right to use assets (e)	25.48	17.54
	(f) Investments in Joint Venture	335.14	318.47
	(g) Financial Assets
	(i) Loans	0.54	0.30
	(ii) Others	42.52	44.30
	(h) Other non-current assets	5.39	7.39
	Total Non Current Assets	3,672.10	3,212.09
2	Current Assets
	(a) Inventories	1,106.29	753.83
	(b) Financial Assets
	(i) Trade receivables	384.10	430.34
	(ii) Cash and cash equivalents	26.96	1.97
	(iii) Bank balances other than (ii) above	110.87	111.29
	(iv) Others	127.21	169.91
	(c) Current Tax Assets (Net) (d) Other current assets	6.26	5.87 173.03
		183.01 1,944.70	1,646.24
	Total Current Assets
	Total Assets	5,616.80	4,858.33
B.	EQUITY AND LIABILITIES
1	Equity
	(a) Equity Share capital Other Equity (b)	30.96 2,020.06	30.96 1,870.46
	Total Equity	2,051.02	1,901.42
2	Liabilities
	2.1 Non-current Liabilities
	(a) Financial liabilities
	(i) Borrowi ngs	725.08	550.77
	(ii) Lease liabilities	20.16	14.37
	(iii) Other financial liabilities (b) Provisions	39.59 4.85	47.05 4.45
	(c) Deferred tax liabilities (Net)	398.41	358.93
	(d) Others	2.96	116.41
	Total Non-current Liabilities	1,191.05	1,091.98
2.2	Current Liabilities
	(a) Financial liabilities
	(i) Borrowings	596.03	543.30
	(ii) Lease liabilities (iii) Trade payables	6.96	3.83
	total outstanding dues of micro enterprises and small enterprises	0.17	0.17
	total outstanding dues of creditors other than micro enterprises and small enterprises	1,099.28	751.68
	(iii) Other financial liabilities	375.04	319.25
	(b) Other current liabilities	294.51	243.95
	(c) Provisions	2.74	2.75
	Total Current Liabilities ·•"'""'"	2,374.73 5,616.80	1,864.93 4,858.33
	Total Equity and Liabilities .~~''~:tGU T/~1111~,. ,,. v " .

	DNV
	SO 9001, ISO 14001, ISO 45001,

ISO~t.Q>I

Plot No. 2-B, Sector - 126, NOIDA-201304, Distt. Gautam Budh Nagar (Uttar Pradesh), Tel. : +91 (120) 6860000, 3090100, 3090200 Fax: +91(120)3090111, 3090211', E-mail: iglho@indiaglycols.com, Website: www.indiaglycols.com

28th May, 2024

The Manager (Listing) BSE Limited l st Floor, New Trading Ring, Rotunda Building, P.J. Towers, Dalal Street, Mumbai- 400 001

The Manager (Listing) National Stock Exchange of India Limited Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (East) Mumbai - 400 051

Scrip Code: 500201

Symbol: INDIAGLYCO

Dear Sirs,

Sub: Declaration pursuant to Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

L Anand Singhal, Chief Financial Officer of India Glycols limited (CIN: L24lllUR1983PLC009097) having its registered office at A- l , Industrial Area, Bazpur Road, Kashipur-244713, Udham Singh Nagar, Uttarakhand, hereby declare that the Statutory Auditors of the Company, M/s K.N. Gutgutia & Co .. Chartered Accountants (Registration No. 304 l 53E) have issued Audit Report(s) with unmodified opinion on Audited Financial Results (Standalone and Consolidated) of the Company for the quarter and financial year ended 31st March, 2024 as approved by the Board of Directors at its meeting held today i.e. 28'h May, 2024.

This declaration is given in compliance to Regulation 33(3)(d) of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 and SEBI Circular no. CIR/CFD/CMD/56/2016 dated 27th May, 2016.

This is for your information and record.

Thanking you,

You~~l~yc For \iols Limited

Anand-Si;~ C~~-i~·I Officer