J.K. CEMENT LTD — Interim / Quarterly Report 2020

Nov 9, 2019

CIN: L17229UP1994PLC017199 ISO 9001:2000 & ISO 14001 CERTIFIED COMPANY Phone : +91-512-2371478 to 81 Fax (Office) $: +91 - 512 - 2399854$ Telefax (Direct): +91-512-2332665 E-mail : shambhu.singh@jkcement.com Website : www.jkcement.com

Registered Office: Kamla Tower, Kanpur - 208 001 (U.P.) INDIA

9.11.2019

BY SPEED POST

JKCL/35/SE/2019-20(BM-4/19)

The Bombay Stock Exchange Ltd. Corporate Relationship Department, PhirozeJeejeebhoy Towers, Dalal Street, Fort, Mumbai-400001 Scrip Code: 532644 (ISIN.INE 823G01014) Fax No.022-22722041, 22722039, 22723132 Kind Attn: Mr. Sydney Miranda (AGM)

National Stock Exchange of India Ltd., Exchange Plaza, BandraKurla Complex, Bandra (E), Mumbai-400051 Scrip Code: JKCEMENT (ISIN.INE 823G01014) Fax No.022-26598237,/26598238 Kind Attn: Mr. Hari K (Asstt. V.P.)

Dear Sir(s).

Outcome of the Board Meeting

Pursuant to the applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended in 2018 ('Listing Regulations'), we wish to inform you that the Board of Directors of the Company in their Meeting held today has interalia (i) Considered, approved and taken on record the Unaudited Consolidated and Standalone Financial Results of the Company for the 2nd Quarter and half year Ended on 30th September, 2019, (ii) pursuant to applicable provisions of the Companies Act, 2013 read with applicable Rules of the Companies (Appointment and Qualification of Directors) Rules, 2014, Regulation 17(1A) and other applicable Regulation(s) of Listing Regulations, and as recommended by the Nomination and Remuneration Committee, the Board of Directors recommended to the Members a special resolution to be passed through postal ballot/electronic voting (e-voting) for appointment of Mr. Sudhir Jalan, 75 years as Director (Non Executive) whose office would be liable to retire by rotation. The Directors approved Postal Ballot Notice, fixed cut off date as 9.11.19, dispatch of notice to complete on 16.11.19, voting both through postal ballot and electronic mode shall commence on 17.11.19 and shall end on 16.12.19 and results of postal ballot and e-voting will be declared on or before 18.12.19.

Pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations), we enclose herewith aforesaid Results along with Limited Review Report. A copy of the above is being uploaded on the Company's website www.jkcement.com and also on website of BSE and NSE.

The meeting commenced at 12 Noon and concluded at $1.16$ P.M.

Kindly take a note of the same and inform the Members accordingly.

Yours faithfully, For J.K. Cement Ltd.,

Plut of

(Shambhu Singh) Asst. Vice President (Legal) & Company Secretary. Encl:As above

• J. K. Cement Works, Nimbahera
• UNITS: J. K. Cement Works, Mangrol J. K. Cement Works, Gotan
  • J. K. Cement Works, Muddapur
• J. K. Cement Works, Jharli
  • J. K. White Cement Works, Gotan
  • J. K. White, Katni
  • J. K. Power, Bamania

LTD.

CIN: L17229UP1994PLC017199

Registered & Corporate Office : Kamla Tower, Kanpur-208 001 (U.P.)

Ph.: +91 512 2371478 to 81; Fax: +91 512 2332665; website: www.jkcement.com; e-mail: shambhu.singh@jkcement.com

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2019

Three Months EndedSix Months EndedYear EndedSI.Particulars30.09.201930.06.201930.09.201830.09.2019No.30.09.201831.03.2019UnauditedUnauditedUnauditedUnauditedUnauditedAuditedRevenue:Revenue from Operations1,25,419.001,32,798.021.10.062.112,58,217.022.21.619.724,98,129.88$\mathbf{I}$Other Income1,796.461,720.121,799.493,516.583.352.807,990.66ШTotal Income (I+II)1,27,215.461,34,518.141,11,861.602,61,733.602,24,972.525,06,120.54IVExpensesa) Cost of materials consumed20,707.1221,170.3518,842.7041,877.4738,232.5782,121.80b) Purchase of stock in trade1,018.881,693.972,712.852.153.61c) Changes in inventories of finished Goods, work in progress andstock in trade(75.27)(4,619.98)(1.957.71)(4,695.25)(3,652.44)(472.40)d) Employee benefits expense9,617.939,683.259,018.9919,301.1818,083.4335,350.27e) Finance costs5,614.055,342.655,826.4210,956.7011,272.6222,208.77f) Depreciation and amortisation expense5,176.224,938.784,865.5410,115.009,608.2519,436.50g) Power and fuel22,442.0626,214.0724,091.1948,656.1348,745.891,05,231.62h) Freight and forwarding23,230.8624,738.2423,581.6647,969.1049,995.831.08.177.71i) Other expenses23,074.0023,568.6719,508.9846,642.6738,201.8884,555.32Total Expenses (a to i)1,10,805.851,12,730.001,03,777.772,23,535.852,10,488.034,58,763.20vProfit before exceptional items and tax (III-IV)16,409.6121,788.148,083.8338,197.7514,484.4947,357.34VIExceptional ItemsVII IProfit before tax (V-VI)16,409.6121,788.148,083.8338,197.7514,484.4947,357.34a) Current Tax4,549.447,157.361,790.8411,706.803.137.6710,370.24b) Deferred Tax980.73(749.66)(176.46)231.07(54.79)4,497.565,530.176,407.701,614.3811,937.873,082.8814,867.80IXProfit after tax (VII-VIII)10,879.4415,380.446,469.4526,259.8811,401.6132,489.54xOther Comprehensive Income / (Loss) for the period, net of taxItems that will not be reclassified to profit and loss in subsequent period,net of tax21.9221.9322.1543.8544.5361.39Other Comprehensive Income / Loss for the period, net of tax21.9221.9322.1543.8544.5361.39XITotal Comprehensive Income for the period, net of tax (IX+X)10,901.3615,402.376,491.6026,303.7311,446.1432,550.93XIIPaid-up Equity Share Capital7,726.837,726.836,992.737,726.836,992.737,726.83(Face value of ₹ 10/- per share)Other Equity (Excluding Revaluation Reserves)2,98,542.312,10,757.802.81,553.67Basic and Diluted Earnings Per Share(of ₹10/-each)(Not Annualized*)Before Extraordinary Items (in ₹)14.08*$19.91*$$9.25*$33.99*$16.30*$45.28							$(3\overline{5})$ in lacs)
VIII Tax ExpenseXIII
XIV
	After Extraordinary Items (in ₹)	14.08*	19.91*	$9.25*$	33.99*	16.30*	45.28

Cont.

	Nob Curl.ent Assot8
	(a) Property. Plant & Equipment
	(b) Capital Work ln Progress	4.04.030 26	3.62,496 54
	(c) Right Of use assets	55,964 51	54,377 68
	(d) Other lntangible Assets	1,643 79
	(e) Financial Assets	1,348 75	1.049.89
	(I) Investmems
	(11) Other Financial Assets	67,549 03	61,039 40
	(f) Other non cilrrent Aescts	7,649 13	9,532 79
	Tbtal Nan CuiTont Asects	15.790 47	15,442 06
	Current Assets	5,53,975.94	5,03,938.36
	(a) lnventones
	(b) Financial Assets	66,949 52	57,053 36
	(I) Investments
	(n) Trade Receivables	1.147 46	39.431.14
	(Ill) Cash and cash equlvalents	29,792.99	20.562 74
	(iv) Bank Balances other than (ill) above	9.420.37	20,957 99
	(v) Other Financial Assets	69,937 04	19,607 57
	(c) Current Tax Assets (Net)	13,765 35	9,605,95
	(d) Other Current Assets	1 39 49	180.98
		15,108,97	15.875.48
	(e) Assets held for Sale\TotalEquityTotal Current Ass8t8		1809
	TOTALASSETS	2,06.261.19	1,91,293.30
	EQUITY AND LIABILITIES	7.60,237.13	6,95,231.66
	Equlfy
	(a) Equity Share Capital	7.726 83	7.726 83
	(b) Other Equity	2.98,542 31	2.81,553 67
	Non Current Liabilltles	3,06,269.14	2,89,280.50
	(a) Flnancial Liabillties
	(I) Borrowngs	2,22,781.59	1.95,648 35
	(11) Lease liabllitles	1,359 90
	(/11) Other FlnanCial Liabllltles	26,344,42	23.891.31
	(b) Long Term Provisions	3,711 06	3,468 20
	(c) Deferred tax llabilltles (Net)	36,517 93
	(d) Other Liabilities	8,49618	3 1 . 249 538,668 22
	Total Nan Current Lial)lIItie8	2,99.211.08
	Cument uabilltie§:I (a) Flnanclal Liabillties		2,62,925.61
	(1) Borrowlngs	18,534 37
	(Ii)Lease Llabimles	32716	15,98168
	(nl)Trade Payables
	a)Total outstanding dues of micro enterprises and small enterprises	1.668 22
	b)TofaloutstandingduesofcreditorsotherthanmicroenterprisesandsmaHenterprises	44,035'80	1,05110
	(iv)Other Financial Liabilities		68,774.99
	(b) Other Current Liabili`ies	77,292.36	41,606 41
	(c) Short Term Provisions	11,492 83	14. 593 74
	Total Current Llabilltjes	1,40617	1,017 63
	TOTAL EQUITY AND LIABILITIES	1,54.756.91	1 ,43,025.55
		7,60,237.13	G,95.231.ee

STATEMENT OF ASSETS AND LIABILITIES

STATEIVIENT OF CASH FLOW

A.a.C.	Ca8li Flow from Operating ActivltlosNetPromboforotaxAdjustmentfor:-
		38,197`75	14.484 49
	DepreCiatlon & amortlzation expenses	10,115.00	9,608 25
	Loss/(Profit) on the sale of property, plant a equipment/ lmpeirment	2,795.99	1 34 62
	Interest pald	10.517 95	10.911 S8
	Interest received	(2,350 58)	( 1.774 88)
	Provision for doubtful clebts / loans and advances	36.81	30`00
	Net falr value gain on financlal assets measurecl at falr value through profit or less	(469.99)	(370 22)
	Income from Government grant	(421 75)	(406 65)
	Mlnes restoration charges	3784	400 28
	Operating Profit Before ^forkl ng Caplfal Changes	58,459.02	33,017.47
	Movements in working caphal :.
	Increase / (Decrease) In trade payables	4,009 37	5,941 03
	Increase / (Decrease) In other financlal Iiabilitles	8,452 69	4,237 44
	Increase / (Decrease) In other liabllltles	(2,851.20)	(3,963 56)
	Increase / (Decrease) In provlslons	637 41	(687 61)
	(Increase )/ Decrease ln I nventories	(9,89616)	(5,628 99)
	(Increase)/ Decrease ln trade recelvables	(9.267 06)	(9.076 82)
	(Increase)/ Decrease ln other financial assets	(2,711 45)	(1,782,94)
	(Increase)/ Decrease ln Other assets	533.82	(6,250 43)
	Cash Generated From Operatlons	47.366.44	15,805.59
	Less : Income Tax pald (Inctusive of tax deducted at source)`	(6,627 98)	(4.167 42)
	Not Cash From operating activities	40,738.46	11,638.17
	Cash U§ed ln lnvcetlng ActJvltles
	Prcoeed from maturlty of fixed depesit	62,632 52	13,033 88
	Investment in Fixed Depceits	(1,12,889,00)	(3.269 97)
	Acquisitlon/Purchase of property, plant & equlpment	(55.143.25)	(21,595 12)
	Sale Of property plant & equipment	229 23	259 96
	Net I nvestments ln Subsidlary/Asscolates	(4,268 27)	(3,819.86)
	Investment ln Equity, Mutual funds & Bonds	(1,915.36)	(502 99)
	Sale of Investment / Impalrment	40,20316	4,300 00
	Interest recelved	937 81	632 23
	Nct Casri Used ln lnvestlng Actlvltles	(70,213.16)
	Cash used ln Flnanclng Activftles		(10.961.87)12107
	Proceeds from long term berrowlngs	44,300.00
	Proceeds Of deferred sales Tax / VAT Loans	141.25
	Repayment Of defeiTed sales Tax / VAT Loans	(333.81 )	(314 60)
	F{epayment of short term borrowngs	2,552 69	19,096 36
	Repayment Of long (erin borTowlngs	(17.396.22)	(8,630.81 )
	Proceeds from vehicle loans	(233 88)	317 20
	I nterest Expense Pald (Inclusive of ta)( deducted at soilrce)	(9,805 53)	(10.326 90)
	Divldend peld (Inctuding dlvldend dlstnbiltlon fax)	(9,315.10)
	Unpald Dlvidends	2768	(8,430.11 )2331
	Net Cash Used in Flnanclng Activities	9,937.08
	Not Increase/( Dccroa8e ) In Cash and Cash Equivalents		(8,144.48)
		(19,537.62)	(7,468.18)
	Cash and Cash Equivalents at the beglnnlng Of the year	28,957 99	18.235 03
	Cash and Casti Equivalents at the end of the year	9,420.37	10,766 85
		(19,537.62)	(7,4ce.18)

Notes:

1 These financial results have been prepared in accordance with lndian Accounting standards (lnd-AS) as prescribed under section 133 Of companiesAct 2013 read with Rule 3 Of the Compames (Indian Accounting Standards) Rules 2015 and relevam amendment thereafter

2 (i) Competition Commission of India (Ccl) vide Its order dated 31 8.2016 Imposed a penalty of Rs.12,854 lakhs on the Company. The Appeal was heard whereupon National Company Law Appellate Tnbunal (NCLjRT) vide order dated 25 7 2018 upheld Ccl's order, The Company has filed statutory appeal before the Hon'ble Supreme Court, whichvideitsorderdated5102018hasadmittedtheappeal,anddirectedthatthelntenmorderOfstaypassedbytheTnbunalinthismatterwillcontinueforthetimebeing The Company, backed by legal opinion, believes that it has a good case and aooordingly no provision has been made in the books of accounts.

(u) ln a separate matter, Ccl impceed penalty of Rs.928 lakhs vide order dated 191 2017 for alleged contravention Of provisions of Compct]tion Act, 2002 by the Company On Company's appeal. NCLAT has stayed the operation of Ccl's order The matter is pending for heanng before NCLAT Based on legal opinion. the Company believes it has a good case ancl accordingly. no provlslon has been made ln the books of accounts

3 The Company has commissioned 1 MnTPA grey cement gnnding unit and 2 64 MnTPA of grey clinker at at J K Cement Works. Nimbehera and J K Cement ^forks, Mangrol, respectively, on 29 9 2019 in Raiasthan

4, The Governmem of lndia. on 20.9.2019. vide the Taxation Law (Amendment) ordinance 2019, Inserted a new secaon 115 RAB in the Income TexACH961, which provides option to the company for paying Income tax at reduced rates as per the provision/ condl`ions specified in the said section The Company is in the process Of evatuating the Impact of this ordinance

5 Additiona! disctosures as per Regulation 52(4) of seounties and Exchange Board of India (listing obligations and Disclosure Requirements Regulations, 2015).

Partlculars Of Non Convortible Del>on(urce	Prov duodate forPaylron,of Interest	Prov duedatefor peymontOf Principal				Next due date aAmt. for pay OfPrinclpel on NCD'8
lNE823Go7o11rdt.i6o42olo-1o.250/a-QrtiylNE823G07029-dl.20.08,2010-10.5%Q"ylNE823G07037-dt.25.08.2010-105%QrtlyI NE823G07045-dt 09 09.2Oi O-1 1 %-yrtyINE823Go7o52-dt o2 1 1 .2oio-1 o 5o/a-QrtlylNE823G07060-dt 01012011-11%-YrlyiNE823G07078rdt24.Oi,2011-ii%-yrtylN E823G07086rdt o5 o2.2o 1 1 -1 1 a/a-VriylNE823G07102-dt2803.2011-11%-YrlylNE823G071 io rdt 23 o7 2013-1o 5%-Hlf.yrlyINE823G07128-dt 02 08 2013-10 5%-Hlf,VrlyINE823Go7136rdt 08.oB 2ol 3-10,5%,QrtlylNE823G07144" 13.09 2013-11 %-H lf YrlyINE823G07i 51 .dt 01 1 0.201 3-11 %-QrtiyiNE823Go7i 69 -di og 1 o 2oi 3-ii%-QrtiylNE823G07177-dt,0910 2013-11 %-Hlf YrlyINE823Go7i 85-dt oi 1 o.2oi 3-1 o 5%-QrtlylNE823G07193ul 06 05 2015-9 65%-Qruy	16-07-201920-08-201925-08-201909-09-201902-08-201901-01-201924-01 -201905-02-201928-03-201923-07-201902-08-201908-08-201913-09-201901-07-201909-07-201909-04-201901-07-201906-08-2019	16-04-201920-08-201925-08-2019::.i;:::::.;)/RA	1 6- 1 0-20 1 920-11-201925-11-201909-09-202002-11 -201901-01-202024-01-202005-02-202028-03-202023-01-202002-02-202008-11 -20191 3-03-202001-10-201909-10-201909-10-201901 -10-201906-11 -2019	695755'43792181.5015.889900396.00244 20118`80105 86132 3352931914569.32138 6327585293243 23	16-04-202020-08-202025-08-202009-09-202002-11-201901i)1-202024-01 -202005-02-202028-03-202023-07-202002-08-202008-08-202o1 3-09-202001-10-202009-10-202009-10-202001-10-2020	2.700 002.100 00300 001,650 00300.00450.001,800.001,110 00540.002.000 00500 00400 00700.00500 00S.000 00100.00400.002.000 00
					Next due date aAnt. for pry lntron NCEye	06-05-2022

		Half Year ended 30.09 2019	Year ended 31.03 2019
(c)	Del)t service coverage Ratio	307	193
(d)	Interest servlce coverage Ratlo	559	409
(e)	Debenture Redemptlon F`eserve € In lacs)	9.876.90	9.876 90
(f)	Networth ({ln lacs)	3,06,26914	2,89,280,50
(9)	NetprofitafterTax« In lacs)	26,259 88	32,489 54
(h)	Basic Eamings per share for the penod/year ended ({ )	3399	4528

CARE AA (Double A)

{; ::: g::£rnmy :Lnt:n:erst:: ::i;:n,:t:::nt:aft :hoeofoam=tngvaesr =re#em=fa#edN%yD:A£=a#:ts as

(k) Ratios have been calculated as follows.

a ) Debts Equity Ratio--Debts {Long Term Borrowings (Current+Non Current) / Net Worth (Share holders fund)}

b ) Debts Service Coverage Ratio:-PBIDT/(Interest for the period/year+ Pnncipal Repayments of Long Term borrowing due for the penedvyear)

6:I:n6eo¥pta:;TL:acd°oVp:£g|eNBTA'§'-lip:LDe:/£:#£:#efropemri#ia.r2oigasnctfiedbyTheMinistryofcoroorateAffalrs(MCA)Inthecompenles(lndlanAcounllng .Standards) Amendment Rules 2019, using modified retrospective method The adoption Of this standard aces not have any matenal Impact on the profits and retalned

7 :::tn8i%;hye.soue=:'g#one bus,ness segment only re cemem and cement related products

8 The above unaudited financial results of the company for the quarter and half year ended september 30, 2019 have been reviewed by theAudit committee and approved by the Board Of Directors at their meeting held on 9th November, 2019

Place : Kanpur Date : November 9, 2019

JK S5pER CEMENT

un[`,."I woe.rproof putty pTe;I:; aypiu-;-pi=-to-r

For and on Behalf Of Board of Dlrectors ``:-.-.---.. K.B. Agarwal Director (DIN 00339934)

S.R. BAILIBol & Co. LLP

Chartered Accountants

2nd & 3rd Floor Golf View Corporate Tower -8 Sector -42, Sector Boad Giirugram -122 002. Haryana, India Tel : +91124 6816000

Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Standa]one Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to The Board of Directors J.K. Cement Limited

• 1. We have reviewed the accompanying statement of unaudited standalone financial results of J.K. Cement Limited (the "Company") for the quarter ended September 30, 2019 and year to date from April 01, 2019 to September 30, 2019 (the "Statement") 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 (the "Listing Regulations"). Attention is drawn to the fact that the Statement of cash flows for the corresponding period from April 01, 2018 to September 3 0, 2018, as reported in these unaudited standalone financial results have been approved by the Board of Directors of the Company but have not been subjected to review.
• 1. This statement, which is the responsibility of the company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conc`|]]sion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Infomation Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of intenm financial information con.sists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
• 1. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards (`Ind AS') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.
• 1. We draw attention to Note 2 in the accompanying statement of unaudited standalone financial results wherein it has been stated that the Competition Commission of India (`CCI') has imposed penalty of Rs. 12,854 lakhs ('first matter') and Rs. 928 lakhs ('second matter') in two separate orders dated August 31, 2016 and January 19, 2017 respectively for alleged contravention of provisions of competition Act 2002 appeals against the above orders. Company. The Company has filed

S.R. BATLIBol & Co. LIP

Chartered Accountants

The National Company Law Appellate Tribunal (`NCLAT'), on hearing the appeal in the first matter, upheld the decision of CCI for levying the penalty vide its order dated July 25, 2018. Post order of the NCLAT, CCI issued a revised demand notice dated August 7, 2018 of Rs. 15,492 lakhs consisting of penalty of Rs.12,854 lakhs and interest of Rs. 2,638 lakhs. The Company has filed appeal with Hon'ble Supreme Court against the above order. Hon'ble Supreme Court has stayed the NCLAT order. While the appeal of the Company is pending for hearing, the Company backed by a legal opinion, believes that it has a good case and accordingly no provision has been considered in the books of accounts.

In the second matter, demand had been stayed and the matter is pending for the hearing before NCLAT. While the appeal of the Company is pending for hearing, the Company backed by a legal opinion, believes that it has a good case and accordingly no provision has been considered in the books of accounts.

\

Our conclusion is not modified in respect of this matter.

For S.R. Batliboi & Co. LLP Chartered Accountants

Partner Membership No.: 086370 UDIN:

Place. G49Lrty~

Date: November 09, 2019

CIN: L17229UP1994PLC017199

Registered & Corporate Office . Kamla Tower, Kanpur-208 001 (U.P.)

Ph.: +91512 2371478 to 81 ; Fax: +91512 2332665 ; website: www.jkcement.com ; e-mail: shambhu.siiigh@jkcement.com

Revenue from operations	1,31,763 03	1.39.392 89	1,17.79104	2,78.420 58	2,43,854 27	5,25,868.04
Other Income	1,75011	1,73419	1.782.97	3,484 21	3,384 15	8,037 63
Total Income (I+11)	1,33,513.14	1,41,127.08	1,19,574.01	2,81,004.79	2,47,238.42	§,33,905.67
Expenses
a) Cost of materials consumed	21,58155	22,226 36	19,929 46	45,281 96	41,174 62	85.057 43
b) Purchase Of stock ln trade	1.339 82	597'19		1.079 90		2,153 61
c) Changes in Inventories of finished Gcods,work in progress and
stock ln trade	(192.78)	(4,332 00)	(1.998 76)	(5,12157)	(2,883 22)	1,229.97
d) Employee benerits expense	10,794 76	11,063 77	10,447 94	23,024,52	21.693 37	40.10919
e) Finance costs	6,914 88	6.486 77	6,653 83	14,39014	14.323 94	26.11177
f) Depreclat(on and amortisation expense	6.946 28	6,425.94	6,231 04	14,52127	13,222 59	24.12814
g) Power and fuel	23,860.46	27.71714	25.68214	53.841 50	53,084 94	1.10,661.91
h) Freight and forwardlng	24,557 24	26,173,38	24.744 84	52,132 .76	53,148 21	1,12,459.50
I) Other expenses	24.239 35	25,12019	21,303.81	50,997.78	42.941 37	90,750 73
Total Expon8e8 (a to i)	1,20,041.56	1,21,478.14	1,1 Z,994.30	2,50,148.26	2,36,705.82	4,92,662.25
Prom before exceptlonal it®m8 and tax (Ill-lv)	13,471.58	19,648.9®	6,579.71	31,756.53	10,532.60	41,243.42
Exceptlonal Items
Profit before tax (V-VI)	13,471.58	19,648.94	6,579.71	31,756.53	10,532.60	41,243.42
a) Currem Tax	4,550.43	7,157 44	1.79123	11.707 87	3,139 77	10.374 47
b) Deferred Tax	970 56	(739 04)	( 1 76 46)	221 74	(54,79)	4,505 55
Tax Expense	5,520.99	6,418.40	1.614.77	11,929.6t	3,084.98	14,880.02
Profit after tax (Vll-Vlu)	7,950.59	13,230.54	4,964.94	19,826.92	7,447.62	26,363.40
Attrlbutable to Equity Holders Of the J.K,Cement LtdNon Controlling Interest	7,950.59	13,230.54	4,964.94	19, 826` 92	7,447.62	26,363 40
Otli®r Comprehen8lve Income / (LoSS) for the period, not of taxItems that wll not be recla8slfied to profit and loss ln silbsequent perlod.
net 0' tax	437 78	18165	1,75910			2,052 60
Othor Comprchon8ive Income / Lo88 for the period, net Of tax	437.78	181.65	1,759.10			2,052.60
Attrlbutable to Equlty Holders of the J K Cement Ltd	437 78	18165	1,75910			2,052.60
Non Controlling I nterest
Total Compi.ehon8ive Income for the period, net of fax (lx.X)	8,388.37	13,412.19	6,724.04			28.416.00
Attributable to Equity Holders of the J`K Cement LtdNan Controlling Interest	8,388.37	13,412.19	6,724 04			28,416 00
Paid-up Equlty Share Capltal	7.726,83	7.726 83	6,992 73			7,726.83
(Face value of i 10/- per share)
Other Equity ( Excl ud ing Revaluation Reserves)						2.61, 770.47
Basic and DIluted Earnlng8 Per Sl`are (of ? 10/. each)
(NotAnnualized*)
Before Extraoj.dlnary Items (In {)						36'74
Items ('n {)						36.74

	CONSOLIDATED$(3 \nvert \text{in} \text{ lacs})$
SI.PARTICULARS	Half Year Ended	Year Ended
ASSETS	30.09.2019 (Unaudited)	31.03.2019 (Audited)
1.Non Current Assets
(a) Property, Plant & Equipment
(b) Capital Work in Progress	4.90.372.30	4,50,736.64
(c) Right of use assets	58,538.95	56,175.64
(d) Other Intangible Assets	16,624.01
(e) Financial Assets:	2,696.40	2,938.34
(i) Investments
(ii) Other Financial Assets	4,391.22	4,395.34
(f) Other non current Assets	5,884.43	5,563.17
Total Non Current Assets	16,390.27	15,646.60
2.Current Assets	5,94,897.58	5, 35, 455. 73
(a) Inventories
	74.226.02	63,654.56
(b) Financial Assets:
(i) Investments	1.147.46	39,431.14
(ii) Trade Receivables	34,988.33	26,064.77
(iii) Cash and cash equivalents	10,154.20	31,521.99
(iv) Bank Balances other than (iii) above	70,745.40	19,632.18
(v) Other Financial Assets	12,334.40	8,182.78
(c) Current Tax Assets (Net)	137.08	180.15
(d) Other Current Assets	16,260.95	17,630.98
(e) Assets held for Sale		18.09
Total Current Assets	2,19,993.84	2,06,316.64
TOTAL ASSETS	8,14,891.42	7,41,772.37
EQUITY AND LIABILITIES
1.Equity
(a) Equity Share Capital	7.726.83	7,726.83
(b) Other Equity	2,70,046.44	2,61,770.47
Total Equity	2,77,773.27	2,69,497.30
2.Non Current Liabilities
(a) Financial Liabilities
(i) Borrowings	2.66.041.88	2,43,978.83
(ii) Lease Liabilities	1,359.90
(iii) Other Financial Liabilities	44,909.40	23,891.31
(b) Long Term Provisions	4,510.07	4,144.82
(c) Deferred tax liabilities (Net)	36,486.21	31.227.20
(d) Other Liabilities	8,496.18	8,668.22
Total Non Current Liabilities	3,61,803.64	3,11,910.38
3.Current Liabilities
(a) Financial Liabilities
(i) Borrowings	26.846.34	23,815.56
(ii) Lease liabilities	327.16
(iii) Trade Payables
a) Total outstanding dues of micro enterprises and small enterprises	1,668.22	1.051.10
b) Total outstanding dues of creditors other than micro enterprises and small enterprises	48,171.07	71,392.56
(iv) Other Financial Liabilities	83,778.56
(b) Other Current Liabilities	13,116.99	47,211.54
(c) Short Term Provisions	1,406.17	15,876.30
Total Current Liabilities	1,75,314.51	1,017.63
TOTAL EQUITY AND LIABILITIES	8,14,891.42	1,60,364.697,41,772.37

Cont.

STATEMENT OF CASH FLOW

SI.	PARTICULARS	Half Year Ended30.09.2019 (Unaudited)	Half Year Ended30.09.2018 (Unaudited)(Refer Note 10)
А.	Cash Flow from Operating Activities
	Net Profit before tax	31,756.53	10,532.60
	Adjustment for :-
	Depreciation & amortization expenses	14,521.27	13,222.59
	Loss on the sale of property, plant & equipment/ Impairment	2,796.01	134.62
	Interest paid	13,863.30	13.895.43
	Interest received	(2,317.93)	(1,792.76)
	Provision for doubtful debts / loans and advances	36.81	30.00
	Net fair value gain on financial assets measured at fair value through profit or loss	(469.99)	(370.22)
	Income from Government grant	(421.75)	(406.65)
	Mines restoration charges	37.84	400.28
	Operating Profit Before Working Capital Changes	59,802.09	35,645.89
	Movements in working capital :-
	Increase / (Decrease) in trade payables	5,696.34	6,660.19
	Increase / (Decrease) in other financial liabilities	8,466.68	6,206.98
	Increase / (Decrease) in other liabilities	(2,509.60)	(2,753.84)
	Increase / (Decrease) in provisions	759.80	(524.00)
	(Increase )/ Decrease in Inventories	(10, 571.46)	(8, 110.77)
	(Increase)/ Decrease in trade receivables	(9, 106.69)	(10,036.67)
	(Increase)/ Decrease in other financial assets	(2,737.94)	(1,700.29)
	(Increase)/ Decrease in Other assets	1.138.62	(6,736.17)
	Cash Generated From Operations	50,937.84	18,651.32
	Less : Income Tax Paid (inclusive of tax deducted at source)	(6,628.81)	(4, 171.92)
	Net Cash From operating activities	44,309.03	14,479.40
В.	Cash Used in Investing Activities
	Proceed from maturity of fixed deposit	62,632.52	13,048.26
	Investment in Fixed Deposits	(1, 13, 668.53)	(3, 280.03)
	Acquisition/Purchase of property, plant & equipment	(57, 160.03)	(22, 936.67)
	Sale of property, plant & equipment	764.00	260.86
	Investment in Equity, Mutual funds & Bonds «	(4.12)	18.88
	Sale of Current Investment / Impairment	40,203.16	4,300.00
	Interest received	942.36	650.59
	Net Cash Used In Investing Activities	(66, 290.64)	(7,938.11)
C.	Cash used in Financing Activities
	Proceeds from long term borrowings	44,300.00
	Proceeds of deferred sales Tax / VAT Loans	141.25	121.07
	Repayment of deferred sales Tax / VAT Loans	(333.81)	(314.60)
	Repayment of short term borrowings	3,030.78	22,771.00
	Repayment of long term borrowings	(22,071.95)	(10,600.42)
	Proceeds from vehicle loans	(233.88)	317.20
	Interest Expense Paid (inclusive of tax deducted at source)	(12, 396.65)	(14, 760.49)
	Dividend paid (including dividend distribution tax)Unpaid dividends	(9,315.10)	(8,430.11)
	Net Cash Used in Financing Activities	27.68	23.31
		3,148.32	(10, 873.04)
	Net Increase/(Decrease) in Cash and Cash Equivalents	(18, 833.29)	(4,331.75)
	Exchange rate fluctuation reserve on conversion
	Cash and Cash Equivalents at the beginning of the year	(2,534.50)	(4,908.95)
	Cash and Cash Equivalents at the end of the year	31,521.99	21, 133, 27
		10,154.20	11,892.57
		18,833.29	(4,331.75)

Cont.

Notes.

• 1. The Consolldated financial results of J K Cement Llmlted (Holding Compeny) Includes trie resuts of one sub8Idlary located ln lndla and three subsidlarles located outside India [together referred as the VGroup'] These financlal results have been prepared ln accordance wlth Indian Accountlng Standards (Ind-AS) as prescrlbed under section 133 of Companies Act 2013 read with F`ule 3 Of the Companies (lndian Accounting Standards) Rules 2015 and relevant amendment thereafter The said financial results Of Group have been prepered ln accordance wlth lnd AS 110 -Consolidated financial statements"
• 2 (I). Competitlon Commisslon of lndla (CCI) vlde ife order dated 31 8 2016 Imposed a penalty of {12.854 lakhs on the Compeny The Appeal was heard whereupon Natlonal Company Law Appella(e Tnbunal (NCLjtry vide order dated 25.7 2018 upheld Ccl's order The Company has filed sfa`utory appeal before the Hon'ble Supreme Court, which vlde Its order dated 5 10.2018 has admltted the appeal, and directed that the intenm order of §fay passed by the TrLbunal In thi8 matter will contlnue for the tlme being The Company, backed by legal oplnlon, believes that it has a good case and accordlngly no provlslon has been made in the books of accoilnt8
• (ii) In a separate matter. CCI imposed penalty of !928 lakhs vide order dated 19.1.2017 for alleged contraventlon of provisions Of Competition Act, 2002 by the Company. On Compeny's appeal. NCLAT has stayed the operation of CCI's order The matter is pending for liearing before NCLAT Based on legal oplnlon. the Compeny belleves it has a good case and accordlngly, no provision has I)een made ln the books Of accolints.
• 3 The Company has commissioned 1 MnTPA grey cement grinding unit and 2 64 MnTPA of grey ctinker at at J K Cement Works, Nimbahera and J K Cement Vtorks, Mangrol, respectively, on 29 9 2019 in Ra|asthan.
• 1. The Group has adopted INDAS 116 -Leases, effectiveApril 1,2019 as notified by The Ministry of CorporateAffairs (MCA) in the Companies (Indian Accounting Standards) Amendment Rules 2019, using modlfied re(rospective method. The adoptlon of thls standai.d does not have any materlal Impact on the consolldated profit and eamings per Share for the penods
• 1. The Gavel.nment Of lndra, on 20 9 2019, vide the Taxation Law (Amenclment) oi.dinance 2019. inserted a new section 115 BAB in the Income Tax Act 1961. which provides an option to the company for peylng Income tax at reduced rates as per the provision/ conditlons speclfied in the said section The Company ls ln the process of evaluating the impect of this ordinance.
• 6` The company is engaged in one buslness segment only I.e. cement and cement related products.
• 7 The Group ls submlttlng the quarterly consolidated financlal resillts ln accordance with SEBI (Listing obllgatlons and Dlsclosure Requlrements) Regulatlons, 2015 as amended read with circular no CIRICFD/CMD1/44/2019 dated March 29, 2019,
• 8 llll prevlous financlal year, subslcllanes located outslde lndla I e. J.K. Cement (Fujalrah) FZc and J`K. Cement works (Fu|alrah) FZC (qforelgn subsldlanes') were uslng 31 :bea:gme:fro::::%:daarti:nndt::#nw:#':ha:rof°:aareyne,a(':y,bMa:;SchY':rap:em;::o°nf:fn:n::acra:r±ru::;::t::r:::etvyaen:r;:hr:+;epT°hTsncgh::::nofm'::e:::::::I:;:,nmea8tehawv,:ai:,ny prospectively ln preparation Of the consolidated financlal statements for the year encled March 31. 2020 and acoordlngly the foreign subsidianes shall be prepenng financlal statements for the 15 month penod endlng March 31, 2020 comprlslng the above consolidated reportecl figures Accordingly, the above consolidated reported figures have been presented as below

• For the quarter ancl half year ended September 30, 2019 finanaal results have been revlewed by the Audit Committee and approved by the Board of Dlrectors at thelr meettng held on November 9. 2019 The statutory auditors have carned out limited revlew of the same

-For the quarter and half year ended September 30, 2018, the extracted financial results and cash flow statement have been reviewed by the Audit Committee and approved by the Board Of Dlrectors at thelr meetlng held on November 9, 2019 and have not been sub|ectecl to review by the statutory auditors Of the Compeny

For and on Behalf of Board of Directors

S.R. BAILIBol & Co. LIP

Chartered Accou nta nt s

2nd & 3rd Floor Golf View Corporate Tower -8 Sector -42. Sector Fioad Gurugram .122 002. Haryana. India Tel : +91124 6816000

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

Review Report to The Board of Directors J.K. Cement Limited

• I. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of J.K. Cement Limited (the "Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as `the Group"), for the quarter ended September 30, 2019 and year to date from April 01, 2019 to September 30, 2019 (the "Statement") attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"). Attention is drawn to the fact that the consolidated flgures for the corresponding quarter ended September 30, 2018 and the consolidated figures as well as the consolidated figures for the net cash outflows for the corresponding period from April 01, 2018 to September 30, 2018, as reported in these unaudited consolidated financial results have been approved by the Holding Company's Board of Directors, but have not been subjected to review.
• 1. This Statement, which is the responsibility of the Holding Company's Management and approved by the Holding Company's Board of Directors,`has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquirles, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the Circular No. CIR/CFD/CMD I /44/2019 dated March 29, 2019 issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.

1. The statement includes the results of the following entities:

S.No.	Company Name	Nature
I.	J.K. Cement Limited	Holding Company
	Subsidiaries

S.R. BAILIBol & CO. LLP

Chartered Accountants

2.	J.K. Cement (Fujairah) FZC	Whollyownedsubsidiaryof J.K.Cement
		Limited
3.	J.K.CementWorks(Fujairah)	Subsidiary company of J.K Cement (Fujairah)
	FZC	FZC
4.	J.K.WhiteCement(Africa)	Wholly owned subsidiary ofJ.K. Cement Works
	Limited	(Fuiairah) FZC
5.	Jaykaycem (Central) Limited	Whollyownedsubsidiaryof J.K.Cement
		Limited

1. Based on oiir review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragraph 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards (`Ind AS') specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in temis of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

2. We draw attention to Note 2 in the accompanying statement of the unaudited consolidated Financial Results wherein it has been stated that the Competition Commission of India (`CCI') has imposed penalty of Rs. 12,854 lakhs ('first matter') and Rs. 928 lakhs ('second matter') in two separate orders dated August 31, 2016 and January 19, 2017 respectively for alleged contravention of provisions of competition Act 2002 by the Company. The Company has filed appeals against the above orders. \

The National Company Law Appellate Tribunal (`NCLAT'), on hearing the appeal in the first matter, upheld the decision of CCI for levying the penalty vide its order dated July 25, 2018. Post order of the NCLAT, CCI issued a revised demand notice dated August 7, 2018 of Rs.15,492 lakhs consisting of penalty of Rs.12,854 lakhs and interest of Rs. 2,638 lakhs. The Company has filed appeal with Hon'ble Supreme Court against the above order. Hon'ble Supreme Court has stayed the NCLAT order. While the appeal of the Company is pending for hearing, the Company backed by a legal opinion, believes that it has a good case and accordingly no provision has been considered in the books of accounts.

In the second matter, demand had been stayed and the matter is pending for the hearing before NCLAT. While the appeal of the Company is pending for hearing, the Company backed by a legal opinion, believes that it has a good case and accordingly no provision has been considered in the books of accounts

Our conclusion is not modified in respect of this matter.

1. The accompanying Statement includes unaudited interim financial results and other unaudited financial information of4 subsidiaries, whose interim financial results refleet Group's share of total assets of Rs. ]20,521 lakhs as at September 30, 2019, and Group's share of total revenues of Rs. 7,714 lakhs and Rs. 22,735 lakhs, Group's share of total net loss after tax of Rs. 2,308 lakhs and Rs. 5,664 lakhs, Group's share of total comprehensive loss of Rs. 2,890 lakhs and Rs. 6,134 lakhs, for the quarter ended September 30, 2019 and for the period from April 01, 2019 to September 30, 2019 respectively, and net cash outflows of Rs. I ,118 lakhs for the period from April 01, 2019 to September 30, 2019, as considered jn the Statement, which have been reviewed by their respective independent auditors. The independent auditor's reports on interim financial results of these entities have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures in respect of these subsidiaries is based solely on the report of such auditors and procedures perfomed by us as stated in paragraph 3

S.R. BAILIBol & Co. LLP

Chartered Accountants

1. Certain of these subsidiaries are located outside India whose financial results and other financial information have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been audited by other auditors under generally accepted auditing standards applicable in their respective countries. The Holding Company's management has converted the financial results of such subsidianes located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have reviewed these conversion adjustments made by the Holding Company's management. Our conclusion in so far as it relates to the balances and affairs of such subsidiaries located outside India is based on the report of other auditors and the conversion adjustments prepared by the management of the Holding Company and reviewed by us.

Our conclusion on the Statement in respect of matters stated in para 7 and 8 above is not modified with respect to our reliance on the work done and the reports of the other auditors and the financial information certified by the Management.

For S.R. Batliboi & Co. LLP Chartered Accountants ICAI Firm registration number: 301003Eff300005

Partner Membership No.: 086370 UDIN:

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