J.K. CEMENT LTD — Interim / Quarterly Report 2021

Feb 6, 2021

Phone : +91-512-2371478 to 81 Fax (Office) : +91-512-2399854 Telefax (Direct) i +91 -51 2-2332665 E.mail : shambhu.singh@kcement.com Website :wwwjkcement.com

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

CIN : L1 7229UP1 994P1C01 71 99

ISO 9001:2000 & ISO '14001 CERTIFIED COMPANY

JKCL/35/SE t2020-21 (BM- I /2 I )

6th February,202l

The Bombay Stock Exchange Ltd.	National Stock Exchange of India Ltd.,
Corporate Relationship Department,	Exchange Plaza, Bandra Kurla Complex,
Phiroze Jeejeebhoy Towers,	Bandra (E), Mumbai-400051
Dalal Street, Fort, Mumbai-400001	Scrip Code: JKCEMENT (ISIN.IIIE
Scrip Code :532644 (ISIN.INE S23G01014)	823G01014)
Through BSE Listins Centre	Through: NEAPS

Dear Sir(s),

J K SEPER CEMENT

BUILD SAFE

Outcome of the Board Meetinq

Pursttant to the applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing Regulations'), we wish to inform you that the Board of Directors of the Company in their Board Meeting (No.l of Z0Zl) heid today has interalia (i) Considered, approved and taken on record the unaudited standalone and consolidated financial results for the quarter and nine months ended 31st December, 2020, (ii) considered the resignation of Mrs. Kavita Y Singhania from Directorship of the Company and request to reclassifu her shareholding in the Company from Promoter Group to public Category, (iii) considered and approved setting up of an integrated Greenfield G'rey Cement plant of 4 Million Tonne per annum by wholly ownecl subsidiary I{/s. Jaykaycem (Central) Ltd at Panna, M.P. with split grinding unit in U.P at estimated cost outlay of fis. 2970 Crores and (iv) considered and approved Risk Management Policy and CSR Poiicy of the Company and Charters of (a) Audit Committee, (b) Stakeholders Relationship Committee, (c) -CSn Committee, (d) Risk Management Committee and (e) Nomination and Remuneration Committee

Purstrant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations), we enclose herewith aforesaid Results along witli Limited Review Report. A copy of the above is uploaded in the Company,s website wwwjkcement.com and also filed/uploaded on website of BSE and NSE.

The meeting commenced at 12.30 p.M. and concluded at ): tg p.NI.

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

Yours faithfully,

For J.K. Cement Ltd.,

$I^^P

(Shambhu Asst. Vice President (Legal) & Company Secretary FCS 5836

Encl: As above

UNITS:

• J. K. Gement Works, Nimbahera J. K. Gement Works, Mangrol
• J. K. Cement Works, Gotan
• J. K. Gement Works, Muddapur
• J. K. Gement Works, Aligarh
• J. K. Cement Works, Jharli
  • J. K. White Cement Works, Gotan
  • J. K. White, Katni
  • J. K. Powei Bamania
  • J. K. Cement Works, Balasinor

$R. Ban IBat xCa. LLF ?nd ll ,lrd f loor

Chrrtrrad Accgu[tcnts

60ll vierCorpotale To{vqr - B SeclDr -42, S€ctor Road Gurugcom - 12? O€2. Hlryana, lndia frl : rgl Ie4 681 6000

Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations' 2015' as amended

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

• We have reviewed the accompanying statement of unaudited standalone financial results of J.K. Cement Limited (the "Company") for the quarter ended December 31, 2020 and year to date from April 01,2020 to December 31,2020 (the "statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations")'
• 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" presoribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other aocounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review. 7
• 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 Auditot of the Entity" issued by the Institute ofChartered Aocountants oflndia. 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 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 enabte us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accotdingly, we do not express an audit opinion' 3
• Based on our review conducted as above nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordanoe with the recognition and measurement prinoiples laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 ofthe 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 tn"lirting Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement, 4

5 Emphasis of Matter- CCI Case

We draw attention to Note 4 (D & (iD in the accompanying statement of unaudited standalone financial results, wherein it has been stated that the Competition Commission of India ('CCI') has imposed penalty ofRs. i2,854 lakhs ('first matter) and Rs. 928 lakhs ('second matter) in two separate orders dated August 3I , 20 I 6 and January lg, 2017 respectively for alteged conhavention of provisions of Competition Act zoozty 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, upheftl the decision of CCI fot ievying the penalty vide its order dated July 25, 20 I 8' Post order of the Ntief, CCI issued a revised demand notice dated August 7,2018 of Rs. 15,492 lakhs consisting of ;r;;by ;f R.. 12,854 lakhs and interest of Rs. 2,638 lakhs. The Company has filed appeal with Hon'ble 'SG;;. Cout against the above order. Hon'ble Supreme Cowt has stayed the NCLAT order. While the appeal ofthe -ompany is pending for hearing, the Company bac,ked by a legal opinion, believes that iittur u gooO and'accbrdingly no provision has been considet'ed in the books ofaocounts'

S.R. BATLIBOI & CO. LLP

Chartered Accountants

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In the second matter, demand has been stayed and the matter is pending for the hearing before NCALT. 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 ICAI Firm registration number: 301003E/E300005

per Atul Seksaria Partner Membership No.: 086370 UDIN: 21086370AAAAAH3570 Place: Faridabad Date: February 06, 2021

Notes:

• 1 These standalone linancial resulb have been prepared in accordance with recognition and measurement principles of lndian Accounting Standards (lnd-AS) as prescdbed under section 133 of Companies Act 2013 read with Rule 3 of the Companies (lndian Accounting Standards) Rules 2015, as amended.
• 2 ihe above unaudited standalone linancial resulb of the Company for the quarter & nine months ended December 31, 2020 have been reviewed by the Audit Committee and approved by the Board of Directos at their meeting held on February 6, 2021 ,The statutory auditos have conducted limited review of the same, pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requkements) Regulations 2015.
• 3 The Company is engaged in one business segment only i,e, cement and cement related producb'
• 4(i) "Competition Commission of lndia (CCl)' vide its order dated August 31, 2016 imposed a penalty of 112,854 lakhs on lhe Company. The appeal.was heard whereupon ' ' National Company Law Appellate Tribunal (NC|"AT) vide order dated July 25, 2018 upheld GCI's order, The Company has filed statutory appeal before the Hon'ble Supreme Court, which videlts order dated October 5, 2018 has admitted the appeal and directed lhat the interim order of stay passed by the tribunal in this matter will continue for lhe time being. The Company, backed by legal opinion, believes that it has a good case and accordingly no provision has been considered in the books of accounts.
• 4(ii) lnaseparatemafter,CClimposedpenaltyoftg2SlakhsvideorderdatedJanuarlg,20lTforallegedcontraventionofprovisionsofCompetitionAct,2002bytheCompany. ' ' 0n Gompany's appeal, NC1AT has stayed lhe operation of CCI's order, The matter is pending for hearing before NCLAT. The Gompany, backed by legal opinion, believes it has a good case and accordingly no provision has been considered in the books of accounts.
• 5 The Govemment of lndia on September 20 2019, vide the Taxation Laws (Amendment) Ordinance 2019, inserted a new section 115BM in lhe lncome'tax Act, 1961, which provides domestic companies a non-reversible option to pay corponate tax at reduced rates efective, April 1 2019, subject to certain conditions, The Company is continuing to ,provide for income tax at old nates, considering available unutilised minimum alternalive tax credit and other tax beneflb/holidays.
• 6 J,K, Cement Works (Fujainah) FZC is incuning losses for the past several years since its incorporation and ib net worth has been signifcantly erded. During lhe quarter and year ended Marctr 3i, dOZO, Lased on business valuation of J,K, Cement Works (Fujairah) FZC (subsidiary of J.K. Cement (Fujainh) FZC) by an independent extemal valuer, ihe Company had recognised provision towards diminution of carrying amount of investment in J.K. Cement (Fuiairah) FZC of t 16,151 lakhs' Additionally, the Company had also provided for outstanding receivable from earlier yean from J.K, Cement (Fujairah) FZC amounting to t 1,664 lakhs. The total amount of {, 17,815 lakhs was disclosed as an eiceptional item in the audited linancial resulb/statements for the quarter and year ended March 31, 2020.
• Z The Company has considered the possible effecb that may result from COVID-19 in lhe preparation of these standalone financial results including the recoverability of the .rnylns value of fnancial and non-linancial asseb, Based on the cunent quarter perform-an-ce and estimates anived at using intemal and extemal sources of information' the Compa-ny does not expect any material impact on such carrying values, The impact of COVID-19 on the Company's linancial statements may differfrom that estimated as at tne date'of approval oithe standalone linancial resulb and it will closely monitor any material changes to future economic conditions.
• g The Code on Social Security, 2020 ('Code ) relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of lnJia. However, the date on which the Code will come into effect has not been notified and the final rules/interpretation have not yet been issued. The Company is in the process of assessing the impact of the Code and will record the same, if any, in the period the Code becomes effective'
• I The ligures for the mnesponding previous period have been regrouped / reclassified wherever necessary, to make them comparable,

For and on behalf of the Board of Directors :.qstdt jtndby RAGHAVPATn^6H^WAT i'!N6HNtA SINGHANIA m*rcutoroe /; ttatT+octt Raghavpat Singhanla Managlng Dlrector DIN No.02426556

Place: Kanpur Dated :6th February' 2021

. For Kind Attention of Shareholders : As a part of Green lnitiative of the Government, all the Shareholders are requested to get their email addresses registered with the Company for recelving Annual Report ,etc on email'

S.fr- Berttrot* Co. LLP z-rrd & "lrd Fl6oa

Goll vielv Corporate Tower ' l] Sector - 42, Sector Road Gurugram . Chsttcrrd AccountEntc l?2 WZ, Halysfla, lndia tel .l9l 12,{ 681 6000

Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

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

• L 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 subsidiarigs tgqgther referred to as "the Group"), for the quarter ended December 31,2020 and year to date from April 0l' 2020 to December 31,2020 (the "statement") attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations')'
• Z. This Statement, which is the responsibility of ttre Holding Company's Management and approved by the Holding eompany's Board of birectors, has been prepared in accordance with the recognition and measur-ement principles laid down in Indian Accounting Standard 34, flnd AS 34) "Interim Financial nrporting,' prescrited under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thireunder 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 Engagernents (SRE) 2410, ,,Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute ofChartered Accountants oflndia. This standard requires thatwe plan and perform thereview to obtain moderate assurance as to whether the Statement is free, of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for frnancial and accounting matters, and applying analytical and other review procedures. A review is substantially less in ,rop. tt ui'un audii conduc'tei itiuoooid*.e 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 wittr the Circular No. CIR/CFD/CMD ll44/2llg dated March 29, z0l9 issued by-the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable'

S.No.	NameCom	Nature
I	J.K. Cement Limited
	Subsidiaries
2.	(Fujairah) FZCCement	of I.K. CementWholly owned subsidiary company
		Limited
J	FZCJ.K. Cement Works	FZCof J.K Cement
4.	ff$nite Cement (Africa) Limited	company of JCementWholly owned
		FZCWorks
	(Central) LimitedJaykaycem	company of I.K. Cementowned
5.		Limited

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

2. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration or ilre review r-eports oi other auditors referred to in paragraph 7 below, nothing has come to our attention ttrat causes us io believe that ttre accompanying Slatement, prepared in aocordance with recognition unA n.,rururrirrrrt priitipt.t laid down in the'aforesaid Indian Accounting Standards ('Ind AS') specified under section iis ir the companies Act, 2013, as amel{ed-, read with relevant rules issued thereunder and other accounting principles generally "..tp-ttd l" I"qt"'has not disclosed the information required to be discloseJ in t"ti'ti of the Listing R.gututiont, including the manner in which it is to be disclosed, or that it contains any material misstatement'

S-R Snn IB,at&Co. LLP

chariered Accounfonts

6. Emphasis of Matter- CCI Case

We draw attention to Note 4 (i) & (iD in the accompanying statement of 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 3 l, 20I 6 and January I 9, 20 I 7 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 mattrr, upheld the decision of CCi foi tevyingthe penalty vide its order dated July 25, 2018. Post order of the NCLAT' CCI issued a revised demand notici auteO August 7, 2018 ofRs, 15,492 lakhs consisting ofpenalty ofRs. 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 Cbmpany backed by alegal opinion, believes that it has a good case and accordingly no provision has been considered in the books ofaccounts.

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

Our conclusion is not modified in respect of this matter'

• 7, The accompanying Statement includes unaudited interim finanoial results and other unaudited financial information in respect of four subsidiaries, whose unaudited interim financial results and other unaudited frnancial information reflect total revenues of Rs. 7,975 laktrs and 21,724 lakhs, total net loss after tax of Rs' i,OiO fuf.nr and Rs. 4,804 lakhs, total comprehensive loss ofRs. 1,493 lakhs and Rs. 3,246 lakhs, for the qlurteren6"dOecember 3l,z}z1andforthiperiodfromApril 0l,2020toDeoember3l,2020respectively, as considered in the Statement which have been reviewed by their respective independent auditors. The independent auditor's reports on interim financial resutts and other financial information of these entities have been furnished to ui Uy ttre Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures in respect Jfthese subsidiaries is based solely on the report ofsuch auditors and procedures performed by us as stated in paragraph 3 above'
• g. Certain ofthese subsidiaries are looated outside Indiawhose finanoial results and other financial information i"u, U..n prepared in accordance with accounting principle,s generally.accepted in their respective countries and which have been audited by other auditors unJer generallyaccepted auditing standards applicable in their respective countries. the ttoiding Company's management has converted the financial results of such subsidiaries looated outside India iom u..ounting priniiples generatly accepted in their respective countries io ..rounting principtes len"ralty accepted in naia. We have reviewed these conversion adjustments made by the Holdi-n! Cornp-yir r.nug.rrr"nt. Our_conclusion in so far as it relates to the balances and affairs of such subsidiaries locatej outside india is based on the report ofother 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 ,,.p,.t to our reliance on the work done and the reports ofthe other auditors.

For S.R. Batliboi & Co. LLP Chartered Accountants ICAI Firm registration number: 301003E/E300005

per Atul Seksaria Partner MembershiP No.: 086370 UDIN: 2 I 08637044AAA14902 Place: Faridabad Date February 06,2021

CIN: L17229UP1994PLC017199

Registered & Corporate Office : Kamia Tower, Kanpur -208001 (U.P.)

Ph.: +91 512 2371478 to 81; Fax: +91 512 2399854/ 2332665;

website: www.jkcement.com ; e-mail: shambhu.singh@jkcement.com

STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2020

							(T in Lacs)
		CONSOLIDATED
		Three Months Ended			Nine Months Ended		Period Ended
SI.No.	Particulars	31.12.2020	30.09.2020	31.12.2019	31.12.2020	31.12.2019	31.03.2020(Note 7)
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
	Revenue:
	[ Revenue from Operations	183,271.23	163,439.68	147,178.04	447,195.46	425,598.62	580,163.78
	II Other Income	3.022.51	2.855.62	2.318.82	7,891.28	5.803.03	8.532.52
	III Total Income (I+II)	186,293.74	166,295.30	149,496.86	455,086.74	431,401.65	588,696.30
	IV Expenses
	a) Cost of materials consumed	30,448.14	26,959.74	24,030.24	69,541.80	69,312.20	92,310.59
	b) Purchase of traded goods	1,149.83	1,061.82	788.61	2,777.05	1,868.51	2,575.91
	c) Changes in inventories of finished Goods, work in progress and stock in trade	(4, 113.22)	(3.549.50)	9.90	106.13	(5, 111.67)	(7,778.25)
	d) Employee benefits expense	12,423.45	10,942.45	11,268.58	33,836.66	34,293.10	45,521.82
	e) Finance costs	6,631.83	6,078.27	6.633.42	19,361.49	21,023.56	27,636.29
	f) Depreciation and amortisation expense	7.755.40	7,517.19	7,020.35	22,638.09	21,541.62	28,796.17
	g) Power and fuel	33,918.95	29,457.71	27,349.45	79,141.99	81,190.95	109,447.48
	h) Freight and forwarding	36,627.33	31,132.35	28,411.76	86,106.76	80,544.52	110,243.04
	i) Other expenses	27,784.07	24,292.97	26,367.93	66,252.33	77,365.71	106,498.56
	Total Expenses (a to i)	152,625.78	133,893.00	131,880.24	379,762.30	382,028.50	515,251.61
	V Profit before exceptional items and tax (III-IV)	33,667.96	32,402.30	17,616.62	75,324.44	49,373.15	73,444.69
	VI Exceptional Items
	VII Profit before tax (V-VI)	33,667.96	32,402.30	17,616.62	75,324.44	49,373.15	73,444.69
	a) Current Tax	10.765.68	8,852.56	2,944.57	21,968.00	14,649.17	17,123.87
	b) Deferred Tax	1,173.74	1,393.96	2,242.15	4,477.48	2,467.16	7,981.51
	VIII Tax Expense	11.939.42	10,246.52	5,186.72	26,445.48	17,116.33	25,105.38
	IX Profit after tax (VII-VIII)	21,728.54	22,155.78	12,429.90	48,878.96	32,256.82	48,339.31
	Attributable to: Equity Holders of the J.K.Cement Ltd.	21,937.98	22,173.59	12,552.75	49,380.73	32,976.15	48,571.25
	: Non Controlling Interest	(209.44)	(17.81)	(122.85)	(501.77)	(719.33)	(231.94)
	X Other Comprehensive Income /(Loss)
	Items that will not be reclassified to profit and loss in subsequent period, net of tax	(342.30)	(720.03)	277.58	(371.91)	619.11	1.714.29
	Other Comprehensive Income /(Loss) for the period, net of tax	(342.30)	(720.03)	277.58	(371.91)	619.11	1,714.29
	XI Total Comprehensive Income/(Loss) for the period, net of tax (IX+X)	21,386.24	21,435.75	12,707.48	48,507.05	32,875.93	50,053.6048.571.25
	Profits attributable to: Equity Holders of the J.K.Cement Ltd.	21,937.98	22,173.59	12,552.75	49,380.73	32,976.15	(231.94)
	: Non Controlling Interest	(209.44)	(17.81)	(122.85)	(501.77)	(719.33)	2.785.15
	Other comprehensive income attributable to: Equity Holders of the J.K.Cement Ltd.	(372.50)	(778.55)	281.66	(501.63)	729.23	(1,070.86)
	: Non Controlling Interest	30.20	58.52	(4.08)	129.72	(110.12)	7.726.83
	XII Paid-up Equity Share Capital	7,726.83	7,726.83	7,726.83	7,726.83	7,726.83
	(Face value of ₹ 10/- per share)					$\blacksquare$	295,041.50
	XIII Other Equity (Excluding Revaluation Reserves)	$\blacksquare$	$\sim$ $\sim$	$\bullet$	٠
	XIV Basic and Diluted Earnings Per Share(of ₹10/-each)
	(Not Annualized except year ended)						62.56
	il Before Extraordinary Items (in ₹)	28.12	28.67	16.09	63.26	41.7541.75	62.56
	ii After Extraordinary items (in ₹)	28.12	28.67	16.09	63.26

I'lotes:

Place: Kanpur

Dated : 6th February,2021

• as the "Grouy'l, These linancial results have been prepared in accordance with lndian Accounting Standards (lnd-AS) as prescribed under section 133 of Companies Act 2013 read w1h Rule 3 of the Companies (lndlan Acounting Standards) Rules 2015 and relevant amendment thereafter,The said linancial results of the Group have been prepared ln accordance with "lnd AS 1 1O-Consolidated linancial statements",
• 2 The above unaudited consolidated financial results of the Company for the quarter & nine months ended December 31, 2020 have been reviewed by the Audit Committee and approved by the Board of Directos at theh meeting held on February 6, 2021 .The statutory auditors have conducted limited review of the same, pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulatlons 2015.
• 3 The Group is engaged in one business segment only i.e. cement and cement related products,
• 4(i) "Competition Commission of lndia (CCl)" vide its order dated August 31, 2016 imposed a penalty of t12,854 lakhs on the Company, The appeal was heard whereupon National Group Law Appe1ate Tdbunal (NCLAT) vide order dated July 25, 2018 upheld CCI's order. The Company has filed statutory appeal before the Hon'ble Supreme Couil, which vide its order dated october 5, 2018 has admifted the appeal and directed that the interim order of stay passed by the tribunal in this matter will continue for the time being, The Company, backed by legal opinion, believes that it has a good case and accordingly no provision has been considered in the books of accounts.
• ' Company's appeal, NCLAT has stayed the operation of CCI's order. The matter is pending for hearing before NCLAT, The Company, backed by legal opinion, believes it has a good case and accordingly no provision has been considered in the books of accounts.
• 5 The Govemment of lndia on September 20 2019, vide the Taxation Laws (Amendment) Ordinance 2019, inserted a new section 1158M in the lncometax Act, 1961, whlch provide for income tax at old rates, considering available unutilised minimum altemative tax credit and other tax benefits/ttolidays.
• read with circular no.ClR/CFD/CMD1/44/2019 dated March 29, 2019'
• 7 Till year ending March 31, 2019, subsldiaries located outslde lndia were using 31 December as the year end and consolidated on a yeady basls with a time lag of one quarter. This change in management estimate ls applied in preparation of the consolldated fnancial statements for the period ended March 31, 2020 accordingly the foreign subsldiades have prepared linanclal statements for the 15 ' month period ended March 31 ' 2020
• value of frnancial and non-finanbid assets. Based on the cunent quarter performance and estimates anived at using lntemal and extemal sources of information, the Group does ^not expect any material lmpact on such carrylng values, The impact of COVID-19 on the Group's financial statements may differ from that estlmated as at the date of approval of the consolidated linancial results and lt wlll closely monitor any material changes to future economic condilions.
• 9 The Code on Social Security, 2020 (Code) relating to employee benefits during employment and post€mployment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of lndla, However, the date on which the Code will come into effect has not been notified and the final rules/interpretation have not yet been issued. The Group ls ln the process of asessing the impact of the Code and will reord the same, if any, in the period the Code beomes effective'
• 10 The figures for the conespondlng prevlous period have been regrouped / reclassilied wherever necessary, to make them companble'

For and on behalf ofthe Board of Dhec{ors RAG H AVPAJiL?,Xfrili$?"*^ slNGHANlt'. ssio'i16'Erx Raghavpat Slnghanla Managlng Dlrector DIN N0.02426556

For Kind Attention of Shareholders : As a part of Green lnitiative of the Government' all the Shareholders are requested to get their email addresses registered with the Group for receiving Annual Report 'etc on email