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J. Kumar Infraprojects Limited Annual Report 2021
61720_rns_2021-05-26_b9081047-36e0-43ba-8068-5448d6840c0e.pdf
Annual Report
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,J. ~Jtiit.:n' lnfrapl'<>jeds l_td We dream... So we achieve ...
Regd. Of"f.: 16-/, 1\ndheri Industrial Estate, Yeera Desai Road, 1\ndheri (W), Mumhai- 400053. INDIA Ph.: +9 1-22-6 774 3555. Fax+l) 1-22-26 73 OX 14. E-mail : in f"o(ct)jkumar.eom Website : www.jkumar.wm CIN No. : L 7421 OMIII999PLC 122XX6
26th May, 2021
To, The General Manager Department of Corporate Services BSE Ltd Mumbai Samachar Marg Mumbai- 400 001 Fax: 2272 2037 I 39141161 Scrip Code: 532940
The Listing Department National Stock Exchange of India Ltd Exchange Plaza, Plot No.CI1, G- Block Bandra- Kurla Complex, Bandra East Mumbai-400 051 Fax No.26598237 18238 Scrip Name: JKIL
Sub: Outcome of the Meeting of the Board of Directors of the Company held on Wednesday, 26th May, 2021
Dear Sir's,
With reference to the intimation submitted to the Exchange for schedule of the Board Meeting and pursuant to Regulation 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, (hereinafter referred to as the "SEBI Listing Regulations") this is to inform that the Board of Directors at their meeting held through Video Conferencing on 26th May, 2021, which com m •nc •d on ;2. ' DD I .M. and con ·Jud d at 0 \ ~ D 0 I .M., inter-alia considered and approved the following:
- a) The Audited Financial Statements as per Indian Accounting Standards (IND-AS) for the Quarter and Financial Year ended 31st March, 2021 and Audited Financial Results for the Quarter and Financial Year ended 31st March 2021, which has been duly reviewed and recommended by the Audit Committee.
- b) A copy of the Audited Financial Results of the Company for the Quarter and Financial Year ended 31st March, 2021, along with the Statement of the Assets and Liabilities and report issued by the Statutory Auditors of the Company, Mls. Todi Tulsyan & Co., Chartered Accountants, in accordance with Regulation 33 of SEBI Listing Regulations.
- c) Declaration of unmodified opinion on the Standalone Audited Financial Statements for the year ended as on 31st March, 2021.
- d) Directors recommended dividend of Rs 1.00 I- per equity share (i.e. 20% on the Face value of Rs 51- per Equity Share) for the financial year 2020-
J. ~ma1" I fr,aprojeds Ltd. We dream . .. So we achieve ...
Regd. Oil: 16-A, Andheri Industrial Estate, Veera Desai Road, Andheri (W), Mumbai- 400053. INDIA Ph .: +91-22-6774 3555. Fax+91-22-2673 OX 14. E-mail : info«tljkumar.eom Website : www.jkumar.com CIN No.: L74210MIII999PLCI22XX6
e) In furtherance to our letter dated 31st March, 2021, informing that the trading window for trading in securities of the Company by Designated Persons will remain closed from 151 April, 2021, till the end of 48 hours from the declaration of financial results of the Company for the quarter and financial year ended as on 31st March, 2021, we would like to inform you that the trading window will re-open on 29th May, 2021.
You are requested to kindly take a note of the above.
Thanking You Yours faithfully, For J. Kumar Infraprojects Ltd
- ) *4*L bo-4 0 1 r1'\c,
-::;2---. Poornima Reddy Company Secretary
Enclosures: As Above
J. Kumar lnfraprojects Ltd
CIN No. l74210MH1999PLC122886 Reg. office: 16-A, Andheri Industrial Estate, Veera Desai Road, Andheri(W), Mumbai · 400 053 Tel : 022-67743555, Fax 022-26730814, Email- [email protected], Website: jkumar.com Statement of Standalone Audited Financial Result for the Quarter & Year ended March 31, 2021
| Sr.No. | Particulars | Quarter ended | ~In lakhYear Ended | |||
|---|---|---|---|---|---|---|
| 31-Mar-21 | 31-Dec-20 | 31-Mar-20 | 31-Mar-21 | 31-Mar-20 | ||
| Audited | Unaudited | Audited | Audited | Audited | ||
| REVENUE | ||||||
| 1 | Revenue from operations | 99,199.16 | 81,621.03 | 87,778.08 | 2,57,084.41 | 2,97,053.67 |
| 2 | Other income | 645.74 | 686.06 | 804.19 | 2,528.95 | 2,829.91 |
| 3 | Total Revenue (1+2) | 99,844.90 | 82,307.09 | 88,582.27 | 2,59,613.36 | 2,99,883.58 |
| 4 | EXPENSES | |||||
| il) Cost of construction materials consu med | 65,669.39 | 51,254.64 | 57,016.22 | 1,61,210.87 | 1,81,694 .91 | |
| b) Employee benefits expense | 7,975.83 | 6,576.85 | 8,227.67 | 23,116.07 | 29,870.48 | |
| c) Finance costs | 2,920.03 | 2,448.41 | 2,467.74 | 10,438.63 | 9,768.97 | |
| d) Depreciation expense | 3,723.27 | 3,612.49 | 3,498.92 | 14,371.13 | 12,625.38 | |
| e) Other expenses | 15,112.78 | 12,243.58 | 13,340.33 | 41,619.83 | 42,597.08 | |
| Total Ekpenses | 95,401.29 | 76,135.97 | 84,550.89 | 2,50,756.54 | 2,76,556.83 | |
| 5 | Profit before exceptional items and tax (3-4) | 4,443.61 | 6,171.12 | 4,031.38 | 8,856.82 | 23,326.75 |
| Exceptional Items | ||||||
| 6 | Profit/ (Loss) before tax | 4,443.61 | 6,171.12 | 4,031.38 | 8,856.82 | 23,326.75 |
| 7 | Tax expense: | |||||
| Current tax | 1,380.17 | 1,247.66 | 826.21 | 2,711.89 | 5,959.36 | |
| Deferred tax | (207.19) | 432.34 | 99.47 | (246.53) | (990.17) | |
| Total tax expenses | 1,172.98 | 1,680.00 | 925.68 | 2,465.36 | 4,969.19 | |
| 8 | Profit/ (loss) for the year (6 -7) | 3,270.63 | 4,491.12 | 3,105.70 | 6,391.46 | 18,357.56 |
| 9 | Other Comprehensive Income/ (loss) | |||||
| Items not to be reclass ified to profit and loss insubsequent periods: | ||||||
| Remeasurement of gains (losses) on defined benefit plans | (25.35) | 47.61 | 201.22 | 117.47 | 190.42 | |
| Income tax effect | (20.41) | 16.66 | (70.41) | 29.56 | (66.64) | |
| 10 | Total Comprehensive Income/ (Loss) for the period/year(8+9) | 3,224.87 | 4,555.38 | 3,236.51 | 6,538.50 | 18,481.34 |
| 11 | Paid - up equity share capital | 3,783.28 | 3,783.28 | 3,783.28 | 3,783.28 | 3,783.28 |
| 12 | Other equity | 1,84,905.69 | 1, 79,313.01 | |||
| 13 | Earning per Share( in~ ) | |||||
| Face Value of~ 5/- each | ||||||
| (a) Basic | 4.32 | 5.94 | 4.10 | 8.45 | 24.26 | |
| m~(a) Diluted | ~I.2 | 5.94 | 4.10 | 8.45 | 24.26 |
Notes:
- 1 The above standalone audited financial results which are published in accordance with Regulation 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 ('Listing Regulations') have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on Wednesday, May 26, 2021. The above standalone audited financial results have been audited by the statutory auditors of the Company. The statutory auditors have expressed an unmodified opinion.
- 2 These results have been prepared in accordance with the Indian Accounting Standards as prescribed under section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules as amended from time to time.
- 3 The Company has considered the possible effects that may result from COVID-19 in preparation of the financial results. The Company continues to monitor the impact of COVID-19 on its business, customers, vendors and employees, etc. The Company has exercised due care in significant accounting judgements and estimates in relation to the recoverability of receivables, investments and loans and advances, based on the information available to date, both internal and external, while preparing the Company's financial results for the current period.
- '1 The Company is primarily engaged in "Construction and Engineering Activities" and there are no other reportable segments under lnd AS 108 "Operating Segments".
- 5 The figures for the last quarter are the balancing figures between audited figures in respect of full financial year and the published year to date figures upto third quarter of the respective financial years.
- 6 The Board of Directors at its meeting held on May 26, 2021 have recommended a dividend ~ 1/- per equity share of face value of '1: 5/- each for the financial year 2020-21, which is subject to approval of the share holders in the ensuing Annual General Meeting.
- 7 The figures for the previous period have been regrouped and /or rearranged wherever considered necessary.
Date : May 26, 2021 Place : Mumbai
J. KUMAR INFRAPROJECTS LIMITED
CIN No.: L74210MH1999PLC122886
Reg. Office: 16-A, Andheri Industrial Estate, Veera Desai Road, Andheri (W), Mumbai- 400 053 Tel: 022-67743555, Fax 022-26730814, Email- [email protected], Website: www.jkumar.com
STANDALONE AUDITED BALANCE SHEET
| ('tIn Lakh ) | ||
|---|---|---|
| Particulars | As at March 31, 2021 | As at March 31, 2020 |
| ASSETS | ||
| Non-Current Assets | ||
| (a) Property, Plant and Equipment | 80,555.71 | 85,450.20 |
| (b) Capital Work-in-Progress | 14,980.70 | 9,867.61 |
| (c) Financial Assets | ||
| (i) Investments | 160.42 | 123.73 |
| (ii) Other Financial Assets | 26,681.56 | 30,025.49 |
| (d) Other Non-Current Assets | 6.0!13.60 | 4,8111.27 |
| 1,28,471.99 | 1,30,308.31 | |
| Current assets | ||
| ( ) Inventories</td L!l,uU/.bL .:H,L!:>/.Ub | L!l,uU/.bL | .:H,L!:>/.Ub |
| (b) Financial Assets | ||
| (i) Tr"trlP F!Pr"i" <lbl~>5</lbl~> | 61,982 ~5 | 6~.~76.27 |
| (ii) Cash and Cash Equivalents | 4,572.99 | 5,911.73 |
| (iii) Bank Balances Other than (ii) above | 55,278.90 | 43,590.29 |
| (iv) Loans | 1,074.21 | 1,051.90 |
| (v) Other Financial Assets | 4,302.54 | 6,602.55 |
| (c) Other Current Assets | 80,L10.n | 8.11,753.89 |
| 2,36,029.48 | 2,37,643.68 | |
| TOTAL | 3,64,501.47 | 3,67,9S1.99 |
| EQUITY AND LIABILITIES | ||
| Equity | ||
| (a) Equity Share capital | 3,783.28 | 3,783.28 |
| (b) Other Equity | 1,84,905.691,88,688.96 | 1,79,313.011,83,096.28 |
| Liabilities | ||
| Non Current Liabilities | ||
| (a) Financial Liabilities | ||
| Borrowings | 5,802.11 | 9,775.08 |
| Lease liabilities | 1,891.79 | 1,921.28 |
| (b) Provisions | 164.58 | 91.28 |
| (c) Deferred Tax liabilities (Net) | 2,458.94 | 2,735.03 |
| 10,317.42 | 14,522.67 | |
| Current Liabilities | ||
| (a) Financial Liabilities | ||
| (i) Borrowings | 40,703.12 | 47,871.55 |
| (ii) Trade Payables | ||
| Micro, Small and Medium Enterprises | 1,800.98 | 1,075.16 |
| Others | 43,981.10 | 44,968.31 |
| (iii) Lease liabilities | 1,717.13 | 1,458.22 |
| (iv) Other Financial Liabilities | 31,294.62 | 36,547.17 |
| (b) Other Current Liabilities | 45,998.14 | 38,412.63 |
| 1,65,495.09 | 1,70,333.05 | |
| TOTAL | 3,64,501.47 | 3,67,952.00 |
TOTAL
Date : May 26, 2021 Place : Mumbai
By Order of the Board
Jagdishkumar M.Gupta Executive Chairman DIN No.:00628053
J. KUMAR INFRAPROJECTS LIMITED
CIN No.: L74210MH1999PLC122886
Reg. Office: 16-A, Andheri Industrial Estate, Veera Desai Road, Andheri (W), Mumbai- 400 053 Tel: 022-67743555, Fax 022-26730814, Email- [email protected], Website: www.jkumar.com
STATEMENT OF CASH FlOWS FOR THE YEAR ENDED MARCH 31, 2021
| Year Ended 31 March | (~In Lakh) | ||
|---|---|---|---|
| Particulars | 2021 | Year Ended 31 March2020 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Profit/(Loss) before income tax from: | 8,856.82 | 23,326.75 | |
| Profit before income tax including discontinued operations | |||
| Adjustments for: | |||
| Depreciation and amortisation expense | 14,371.13 | 12,625.38 | |
| (Profit) I Loss on sale of investments | (16.65) | 39.46 | |
| Interest income and Rent received | (1,794.77) | (2,313.14) | |
| Finance costs | 10,438.63 | 9,768.97 | |
| Net Gain I Loss on financial instruments fair valued through profit and loss | 8.75 | (5.84) | |
| account | |||
| Gain on sale I fair value adjustments of investments through profit and | (4- .13) | (55.62) | |
| loss (Net) | |||
| (Gain)/loss on discounting of lease | 25.48 | - | |
| Other Accrual | - | 34.01 | |
| (Gain)/ Loss on sale of property, plant and equipment (net) | (26.97) | 11.62 | |
| Change in operating assets and liabilities: | |||
| (lncrease)/Decrease in trade receivables | 2,493.82 | (14,615.85) | |
| (lncrease)/Decrease in inventories | 2,649.11.4 | 60,610.57 | |
| (lncrease)/Decrease in Other Bank Balance | (11,688.61) | (3,502.78) | |
| Increase/( decrease) in trade payables | (26L40) | 15,755.95 | |
| (Increase)/ Decrease in loans | (22.32) | 6.86 | |
| (Increase)/ Decrease in other current financial assets | 2,291.27 | 4,039.34 | |
| (Increase)/ Decrease in other current assets | 4,543.12 | (58,160.16) | |
| (Increase)/ Decrease in other non current financial assets | 3,343.94 | 509.66 | |
| Increase/ (Decrease) in other financial liabilities | (2,106.71) | 1,718.73 | |
| Increase/ (Decrease) in other liabilities | 7,585.51 | (14,809.66) | |
| Increase/ (Decrease) in provisions | 190.77 | 241.20 | |
| Cash generated from operations | 40,836.14 | 35,225.47 | |
| Less : Income tax paid (net of refund) | (3,964.21) | (9,340.84) | |
| Net cash inflow from operating activities | 36,871.93 | 25,884.63 | |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Payments for property, plant and equipment | (7,926.22) | (15, 768.58) | |
| Proceed from Sale of property, plant and equipment | 85.26 | 33.08 | |
| Payments for Capital work in progress | (5,113.09) | (1,888.19) | |
| Payments for purchase of investments | (112.00) | (3,085.92) | |
| Proceeds from sale of Investment | 137.08 | 6,136.36 | |
| Interest and rent received | 1,794.77 | 2,313.14 | |
| Net cash outflow from investing activities | (11,134.20) | (12,260.10) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
|---|---|---|
| Proceeds from borrowings | 1,618.88 | 5,958.50 |
| Repayments of non-current borrowings | (8,737.69) | (9,305.33) |
| Net change in current borrowings | (7,168.44) | 1,621.56 |
| Interest and finance charges paid | (10,134.04) | (9,445.15) |
| Dividends paid including dividend distribution tax | (945.82) | (2,052.50) |
| Payment Towards Lease Obligation | (1,709.36) | (1,530.88) |
| Net cash inflow (outflow) from financing activities | (27,076.46) | (14,753.80) |
| Net increase (decrease) in cash and cash equivalents | (1,338. 73) | (1,129.27) |
| Cash and Cash Equivalents at the beginning of the financial year | 5,911.73 | 7,041.00 |
| Effects of exchange rate changes on Cash and Cash Equivalents | ||
| Cash and Cash Equivalents at end of the year | 4,572.99 | 5,911.73 |
| Reconciliation of cash and cash equivalents as per the cash flow statement: | ||
| Cash and cash equivalents as per above comprise of the following: | ||
| Balances with banks on current accounts | 3,861.12 | 5,392.32 |
| Cash on hand | 711.87 | 519.40 |
| Balances per statement of cash flows | 4,572.99 | 5,911.73 |
Date : May 26, 2021 Place : Mumbai
Jagdishkumar M .Gupta Executive Chairman DIN No.:00628053
Todi Tulsyan & Co.
Chartered Accountants
201/202, B-Wing Extn., 2nd Floor, Rolex Shopping Centre, Station Road, Goregaon (W), Murnbai- 400 104. Telefax : 022 - 6755 6030, Mob. : 93233 44556, Email: [email protected] GSTIN:27 AACFT0522C1ZS
Independent Auditor's Report
To the Board of Directors of J. Kumar lnfraprojects Limited
Report on the Audit of the Standalone Financial Results
Opinion
We have audited the accompanying standalone financial results of J. Kumar lnfraprojects Limited (hereinafter referred as the "Company") for the year ended March 31, 2021, which includes 19 jointly controlled operations consolidated on proportionate basis and the standalone statement of assets and liabilities and the standalone statement of cash flows as at and for the year ended on that date attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial results:
- i. are presented in accordance with the requirements of Regulation 33 the Listing Regulations in this regard; and
- ii. 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 of the Company for the year ended March 31, 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, as amended ("the Act"). Our responsibilities under those SAs are further described in the "Auditor's Responsibilities for the Audit of the Standalone 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 Pthir.nl rPfJIIirPmPnt~ th8t 8re relev8nt tn nur 8udit 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 obtained by us is sufficient and appropriate to provide a basis for our opinion.
Emphasis of Matter
We draw attention to Note 3 of the statement, which describes that the potential impact of COVID - 19 pandemic on the financial results of the Company are dependent on future developments, which remain uncertain.
Our Opinion is not modified in respect of this matter
Management's and Board of Directors' Responsibilities for the Standalone Financial Results
These standalone financial results have been prepared on the basis of the standalone annual financial statements.
The Company's Management and the Board of Directors of the Company are responsible for the preparation and presentation of these standalone financial results that gives a true and fair view of the profit, other comprehensive income and other financial information of the Company in accordance with the recognition and measurement principles laid down in applicable 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 the 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 financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone 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 Board of Directors is responsible for overseeing the Company's financial reporting process.
Auditor's Responsibilities for the Audit of the Standalone Financial Results.
Our objectives are to obtain reasonable assurance about whether the standalone 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 financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism 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.
- •
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 ability of the Company 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 standalone 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 ;:l<; ~ noinn t:'Ont:'l?rn
- Evaluate the overall presentation, structure and content of the standalone 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 of the Company 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.
We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.
Other Matters
The Standalone Financial Results includes the results for the quarter ended March 31, 2021 being the balancing figures between the audited figures in respect of the full financial year ended March 31, 2021 and the published unaudited year-to-date figures up to the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.
For Todi Tulsyan & Co Chartered Accountants FRN: 002180C
CA Dilip Kumar Partner Membership No.: 054575
Place: Mumbai Date: 26.05.2021 UDIN: 21 OS4S7-5AAAAC T5JJ;,f,
