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Nestle India Ltd. Annual Report 2021
60758_rns_2021-02-16_efc14e6b-8a34-4ec2-934d-5a8684a80d11.pdf
Annual Report
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Nestle India Limited
(CIN : L 15202DL 1959PLC003786) Nestle House Jacaranda Marg 'M'Block, DLF City, Phase- II Gurugram - 122002, Haryana Phone 0124 - 3940000 E-mail: [email protected] Website www.nestle.in
BM:PKR: 05:21 16.02.2021
BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai - 400 001 Scrip Code: 500790
- Subject 1 Regulation 33 of Listing Regulations : Audited Financial Results for 2020
- 2. Regulation 30 of Listing Regulations
- Final Dividend for 2020 recommended Rs 65.00 per equity shares of Rs 10I• each.
- 62nd Annual General Meeting on Friday, 7th May 2021 through Video Conferencing I Other Audio Visual Means (VCI OAVM).
- 3. Regulation 42 of Listing Regulations : 62nd Annual General Meeting ('62nd AGM') and Book Closure.
Dear Sir,
1. Audited Financial Results 2020
The Board of Directors at their meeting held today:-
- a) approved the audited financial results for the year ended 31 st December 2020. Enclosed are the audited financial results along with the Report of the Auditors thereon and the declaration in respect of Audit Reports with unmodified opinion for the Financial Year ended 31 st December 2020. The audited financial results shall be published in newspapers as required. Also, find enclosed Press Release relating to the results. The above are being uploaded on the Company's website ;
- b) approved the Financial Statements of the Company for the year 2020 including Balance Sheet as at 31 st December 2020 and Statement of Profit and Loss and the Cash Flow Statement for the year ended on that date.
2. Final Dividend recommended
The Board of Directors recommended final dividend for the year 2020 of Rs. 65/- (Rupees sixty five only) per equity shares of Rs. 10/- each.
3. Annual General Meeting and Book Closure
At the Board Meeting held today, the Board of Directors also approved the convening of 62nd AGM of the Company on Friday, 7th May 2021 through Video Conferencing/ Other Audio Visual Means (VC/ OAVM).
The Register of Members and Share Transfer Books of the Company shall remain closed from 1st May 2021 to ?+Ji May 2021 (both days inclusive) for the purpose of Annual Closing and determining entitlement of the members to the final dividend for 2020. The final dividend, if approved by the shareholders at 62nd AGM, shall be paid on and from 20th May 2021. Intimation of Annual Book Closure is enclosed. Soft copy of the Annual Report and Notice of the 62nd AGM shall be sent in due course. The same shall also be uploaded on the Company's website.
The meeting of the Board of Directors commenced at 15.00 hours and above agenda items concluded at 17.00 hours.
Thanking you, Yours truly,
B. MURLI ~
GENERAL COUNSEL & COMPANY SECRETARY Encl.: as above
Regd. Office: 100 / 101, World Trade Centre, Barakhamba Lane, New Delhi - 11 O 001
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Registered Office: 100 / 101, World Trade Centre, Barakhamba Lane, New Delhi - 110 001
STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 DECEMBER 2020
| THREE MONTHS ENDED | (そ Million) ACCOUNTING YEAR ENDED |
|||||
|---|---|---|---|---|---|---|
| 31.12.2020 (Audited as explained in Note 12) |
30.9,2020 (Un-audited) |
31,12,2019 (Audited as explained in Note 12) (Restated)* |
PARTICULARS | 31.12.2020 (Audited) |
31.12.2019 (Audited) (Restated)* |
|
| A | INCOME | |||||
| 32,607.0 | 33,501.0 | 29,607.8 | DOMESTIC SALES | 126,427.7 | 116,567.9 | |
| 1,568.2 | 1,753.1 | 1,699.6 | EXPORT SALES | 6,473.9 | 6,384.8 | |
| 34,175.2 | 35,254,1 | 31,307.4 | SALE OF PRODUCTS | 132,901.6 | 122,952.7 | |
| 150.6 | 162.9 | 185.5 | OTHER OPERATING REVENUES | 598.7 | 736.3 | |
| 34,325.8 | 35,417,0 | 31,492.9 | ÷ | REVENUE FROM OPERATIONS | 133,500.3 | 123,689.0 |
| 306.0 | 344.7 | 447.0 | -ii | OTHER INCOME | 1,458.5. | 2,468.8 |
| 34,631.8 | 35,761.7 | 31,939.9 | TOTAL INCOME | 134,958.8 | 126,157.8 | |
| в | EXPENSES | |||||
| 14,884.9 | 13,877.7 | 14,695.9 | COST OF MATERIALS CONSUMED | 55,542.4 | 51,503.0 | |
| 455.8 | 316.9 | 567.3 | - II | PURCHASES OF STOCK-IN-TRADE | 1,890.0 | 2,178.1 |
| (1,296,1) | 648.0 | $(1,649.1)$ III | CHANGES IN INVENTORIES OF FINISHED GOODS, WORK IN PROGRESS AND STOCK-IN-TRADE |
(693.3) | (1,441.9) | |
| 4,033.0 | 3,696.8 | $3,220.4$ iv | EMPLOYEE BENEFITS EXPENSE | 15,009.5 | 12,581.7 | |
| 419.7 | 404.5 | $311.2$ $\vee$ | FINANCE COSTS (INCLUDING INTEREST COST ON EMPLOYEE BENEFIT PLANS) |
1,641.8 | 1,291.2 | |
| 955.0 | 911.1 | 935.6 | - Vi | DEPRECIATION AND AMORTISATION | 3,703.8 | 3,701.5 |
| 8,488.6 | 7,798.2 | 7,631.7 vil | IOTHER EXPENSES | 29,132.8 | 28,977.4 | |
| VIII | IMPAIRMENT LOSS ON PROPERTY, PLANT AND EQUIPMENT | |||||
| (31.5) | [99.6] | NET PROVISION FOR CONTINGENCIES | ||||
| (164.8) | 55.1 | $(49.2)$ ix | - OPERATIONS - OTHERS |
139.7 | 248.8 | |
| 185.5 | 88.8 | $-135.1$ | x xì |
CORPORATE SOCIAL RESPONSIBILITY EXPENSE | ||
| 27,930.1 | 27,896.7 | 25,798.9 | TOTAL EXPENSES | 464.2 106,830.9 |
383.1 99,422.9 |
|
| 6,701.7 | 7,865.0 | 6,141.0 | -C | PROFIT BEFORE TAX (A-B) | 28,127.9 | 26,734.9 |
| Đ | TAX EXPENSE: | |||||
| 1,938.4 | 2,082.0 | 1,444.1 | CURRENT TAX | 7,634.2 | 7,470.0 | |
| (69.8) | (87.9) | (29.5) | DEFERRED TAX | (330.6) | (419.5) | |
| 4,833.1 | 5,870.9 | 4,726.4 | E | PROFIT FOR THE PERIOD (C-D) | 20,824.3 | 19,684.4 |
| F | OTHER COMPREHENSIVE INCOME a. (i) ITEMS THAT WILL NOT BE RECLASSIFIED TO PROFIT OR LOSS - |
|||||
| 292.6 | (678.1) | (427.4) (30.0) |
- RE-MEASUREMENT OF RETIRAL DEFINED BENEFIT PLANS - CHANGES IN FAIR VALUE OF EQUITY INSTRUMENTS |
(1,236,5) | (2,036,7) (30.0) |
|
| (73.6) | 170.6 | 107.5 | (ii) INCOME TAXES RELATING TO ITEMS THAT WILL NOT BE RECLASSIFIED TO PROFIT OR LOSS |
311.2 | 523.3 | |
| 6.6 | 1.7! | 12.7 | (b. (i) ITEMS THAT WILL BE RECLASSIFIED TO PROFIT OR LOSS - CHANGES IN FAIR VALUE OF CASH FLOW HEDGES |
4.31 | (8.0) | |
| (1.7) | (0.4) | (3.1) | (ii) INCOME TAXES RELATING TO ITEMS THAT WILL BE | (1.1) | 3.75 | |
| 223.9 | (506, 2) | (340.3) | RECLASSIFIED TO PROFIT OR LOSS TOTAL OTHER COMPREHENSIVE INCOME (a+b) |
(922.1) | (1,547.7) | |
| 5,057.0 | 5,364.7 | $4,386.1$ G | TOTAL COMPREHENSIVE INCOME (E+F) | 19,902.2 | 18,136.7 | |
| 964.2 | 964.2 | 964.21 | H | PAID UP EQUITY SHARE CAPITAL (FACE VALUE ~ ₹10 PER SHARE) | 964.2 | 964.2 |
| 50.12 | 60.89 | 49.02 I | EARNINGS PER SHARE (EPS) BASIC/ DILUTED EPS (₹) |
215.98 | 204.16 | |
| ADDITIONAL INFORMATION: | ||||||
| 6,836.1 | 8,066.7 | 6,140.3 | $ {\sf PROFIT}$ FROM OPERATIONS $[C - A(i)) + B(v) + B(x) + B(x)]$ | 28,775.4 | 25,940.4 | |
*Refer note on first time adoption of Ind AS 116 Leases.
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STATEMENT OF ASSETS AND LIABILITIES AS AT 31 DECEMBER 2020
$\ell_{\rm s}$
$\boldsymbol{\beta}$
| PARTICULARS | As at 31.12.2020 |
(₹ Million) As at 31.12.2019 (Restated)* |
|
|---|---|---|---|
| А | ASSETS | (Audited) | (Audited) |
| 1 | NON-CURRENT ASSETS | ||
| (a) PROPERTY, PLANT & EQUIPMENT | 19,680.0 | ||
| (b) CAPITAL WORK IN-PROGRESS | 6,385.8 | 21,088.1 | |
| (c) RIGHT OF USE ASSETS | 2,114.1 | 1,433.0 2,326.4 |
|
| (d) FINANCIAL ASSETS | |||
| (i) INVESTMENTS | 7,408.3 | 7,436.0 | |
| (ii) LOANS | 465.5 | 469.8 | |
| (e) DEFERRED TAX ASSET | 199.2 | ||
| (f) OTHER NON-CURRENT ASSETS. | 893.6 | 804.4 | |
| Sub-total - NON-CURRENT ASSETS | 37,146.5 | 33,557.7 | |
| 2 | CURRENT ASSETS | ||
| (a) INVENTORIES | 14,164.8 | 12,830.7 | |
| (b) FINANCIAL ASSETS | |||
| (i) INVESTMENTS | 7,229.4 | 10,074.5 | |
| (ii) TRADE RECEIVABLES | 1,649.3 | 1,243.3 | |
| (iii) CASH AND CASH EQUIVALENTS | 17,548.0 | 12,931.6 | |
| (iv) BANK BALANCES OTHER THAN CASH AND CASH EQUIVALENTS (v) LOANS |
150.7 | 148.9 | |
| (vi) OTHER FINANCIAL ASSETS | 132.2 | 124.6 | |
| (c) CURRENT TAX ASSETS (NET) | 589.6 | 557.9 | |
| (d) OTHER CURRENT ASSETS. | 386.8 | 260.2 | |
| Sub-total - CURRENT ASSETS | 41,850.8 | 38,171.7 | |
| TOTAL-ASSETS | 78,997.3 | 71,729.4 | |
| в | EQUITY AND LIABILITIES | ||
| EQUITY | |||
| (a) EQUITY SHARE CAPITAL | 964.2 | 964.2 | |
| (b) OTHER EQUITY | 19,229.2 | 18,224.5 | |
| Sub-total - EQUITY | 20,193.4 | 19,188.7 | |
| LIABILITIES | |||
| 1 | NON-CURRENT LIABILITIES | ||
| (a) FINANCIAL LIABILITIES | |||
| (I) BORROWINGS (ii) LEASE LIABILITIES |
317.2 | 531.4 | |
| (b) PROVISIONS | 657.6 32,682.7 |
896.0 | |
| (c) DEFERRED TAX LIABILITIES (NET) | 29,069.1 134.4 |
||
| (d) OTHER NON-CURRENT LIABILITIES | 220.9 | $4.3^{\circ}$ | |
| Sub-total-NON-CURRENT LIABILITIES | 33,878.4 | 30,635.2 | |
| 2. | CURRENT LIABILITIES | ||
| (a) FINANCIAL LIABILITIES | |||
| (i) BORROWINGS | 31.2 | ||
| (ii) TRADE PAYABLES | |||
| TOTAL OUTSTANDING DUES OF MICRO ENTERPRISES AND SMALL ENTERPRISES | 937.6 | 340.2 | |
| TOTAL OUTSTANDING DUES OF CREDITORS OTHER THAN MICRO ENTERPRISES AND SMALL | 14,228.2 | 14,575.1 | |
| ENTERPRISES (III) LEASE LIABILITES |
|||
| (iv) PAYABLES FOR CAPITAL EXPENDITURE | 468.9 | 462.0 | |
| TOTAL OUTSTANDING DUES OF MICRO ENTERPRISES AND SMALL ENTERPRISES | 202.3 | ||
| TOTAL OUTSTANDING DUES OF CREDITORS OTHER THAN MICRO ENTERPRISES AND SMALL | |||
| ENTERPRISES | 2,722.0 | 888.5 | |
| (v) OTHER FINANCIAL LIABILITIES | 3,687.6 | 3,426.3 | |
| (b) PROVISIONS | 1,059.6 | 854.6 | |
| (c) CURRENT TAX LIABILITIES (NET) | 98.0 | 19.2 | |
| (d) OTHER CURRENT LIABILITIES | 1,490.1 | 1,339.6 | |
| Sub-total - CURRENT LIABILITIES | 24,925.5 | 21,905.5 | |
| TOTAL - EQUITY AND LIABILITIES | 78,997.3 | 71,729.4 |
*Refer note on first time adoption of Ind AS 116 Leases.
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V
$\bar{z}$
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020
| PARTICULARS | As at 31.12.2020 (Audited) |
(र Million) As at 31.12.2019 (Restated)* (Audited) |
|
|---|---|---|---|
| Α | CASH FLOWS FROM OPERATING ACTIVITIES | ||
| PROFIT BEFORE TAX | 28,127.9 | 26,734.9 | |
| ADJUSTMENTS FOR: | |||
| DEPRECIATION AND AMORTISATION | 3,703.8 | 3,701.5 | |
| DEFICIT/ (SURPLUS) ON PROPERTY, PLANT AND EQUIPMENT SOLD/SCRAPPED/WRITTEN OFF | (49.0) | ||
| (NET) | (15.6) | ||
| OTHER INCOME | (1,458.5) | (2,468.8) | |
| INTEREST ON LEASE LIABILITIES | 180.4 | 16.9 | |
| INTEREST ON BANK OVERDRAFT AND OTHERS ALLOWANCE FOR IMPAIRMENT ON FINANCIAL ASSETS |
85.0 | 92.9 | |
| UNREALISED EXCHANGE DIFFERENCES | 6.0 | 18.3 | |
| 12.6 | (31.1) | ||
| OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES ADJUSTMENTS FOR WORKING CAPITAL CHANGES: |
30,608.2 | 28,049.0 | |
| DECREASE/(INCREASE) IN TRADE RECEIVABLES | |||
| DECREASE/(INCREASE) IN INVENTORIES | (416.0) | (0.4) | |
| DECREASE/(INCREASE) IN LOANS, OTHER FINANCIAL ASSETS & OTHER ASSETS | (1,334.1) | (3,175.2) | |
| INCREASE/(DECREASE) IN TRADE PAYABLE | (109.7) 225.6 |
(66.9) | |
| INCREASE/(DECREASE) IN OTHER FINANCIAL LIABILITIES & OTHER LIABILITIES | 412.0 | 2,533.3 676.0 |
|
| INCREASE/(DECREASE) IN PROVISION FOR CONTINGENCIES | 114.3 | 248.8 | |
| INCREASE/(DECREASE) IN PROVISION FOR EMPLOYEE BENEFITS | 2,073.4 | 1,416.4 | |
| CASH GENERATED FROM OPERATIONS | 31,573.7 | 29,681.0 | |
| INCOME TAXES PAID (NET OF REFUNDS) | (7,028.9) | (6,728.5) | |
| NET CASH GENERATED FROM OPERATING ACTIVITIES | 24,544.8 | 22,952.5 | |
| в | CASH FLOWS FROM INVESTING ACTIVITIES | ||
| PURCHASE OF PROPERTY, PLANT AND EQUIPMENT | (4,783.6) | (1, 545.2) | |
| SALE OF PROPERTY, PLANT AND EQUIPMENT | 42.4 | 23,2 | |
| PURCHASE OF TAX-FREE LONG-TERM BONDS AND T-BILLS | (158.6) | ||
| DECREASE/(INCREASE) IN LOANS TO EMPLOYEES | 29.1 | 1,2 | |
| INCOME FROM MUTUAL FUNDS | 20.4 | 129.2 | |
| LOANS GIVEN TO RELATED PARTIES | (350.0) | (150.0) | |
| LOANS REPAID BY RELATED PARTIES | 350.0 | 150.0 | |
| INTEREST RECEIVED ON BANK DEPOSITS, INVESTMENTS, TAX FREE BONDS, EMPLOYEE LOANS ETC. |
1,477.1 | 2,380.1 | |
| NET CASH GENERATED FROM INVESTING ACTIVITIES | (3, 214.6) | 829.9 | |
| c | CASH FLOWS FROM FINANCING ACTIVITIES | ||
| INCREASE IN DEFERRED VAT LIABILITIES UNDER STATE GOVERNMENT SCHEMES | 30.8 | 180.0 | |
| INTEREST ON BANK OVERDRAFT AND OTHERS | (5.4) | (16.9) | |
| INTEREST ON LEASE LIABILITIES | (85.0) | (92.9) | |
| PAYMENT OF LEASE LIABILITIES | (601.8) | (522.9) | |
| DIVIDENDS | (18, 897.5) | (29, 503.2) | |
| DIVIDEND DISTRIBUTION TAX | (6,059.4) | ||
| NET CASH USED IN FINANCING ACTIVITIES | (19,558.9) | (36, 015.3) | |
| NET INCREASE IN CASH AND CASH EQUIVALENTS (A+B+C) | 1,771.3 | (12, 232.9) | |
| CASH AND CASH EQUIVALENTS | 12,931.6 | 15,987.7 | |
| CURRENT INVESTMENTS | 10,074.5 | 19,251,3 | |
| TOTAL CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR (AS PER IND AS 7) |
23,006.1 | 35,239.0 | |
| CASH AND CASH EQUIVALENTS | 17,548.0 | 12,931.6 | |
| CURRENT INVESTMENTS | 7,229,4 | 10,074.5 | |
| TOTAL CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR (AS PER IND AS 7) | 24,777.4 | 23,006.1 | |
| NET INCREASE/ (DECREASE) IN CASH AND CASH EQUIVALENTS | 1,771.3 | (12, 232.9) |
)
Y
Notes:
Financial results have been presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, Ind-AS and Schedule III (Division II) to the Companies Act. 2013.
For better understanding of the financial performance, the Company has chosen to present Profit from Operations as an additional information in the Statement of Profit and Loss. Profit from Operations is derived from Profit before Tax less Other Income and adding back Finance Costs (Including Interest Cost on Employee Benefit Plans), Net Provision For Contingencies (Others) and Corporate Social Responsibility Expense.
First time adoption of Ind AS 116 Leases
The Company has adopted Ind AS 116 Leases w.e.f. 1 January 2020 with a transition date of 1 January 2019, replacing the existing standard Ind AS 17 Leases. The Company adopted this standard using the full retrospective method, accordingly previous periods figures have been restated to make them comparable.
Reconciliation of Profit reported for previous periods to Restated Profit after adoption of Ind AS 116 Leases is as under: (र Million)
| . | |||
|---|---|---|---|
| PARTICULARS | THREE MONTHS ENDED |
Accounting Year ended |
|
| 31.12.2019 | 31.12.2019 | ||
| Profit for the period as reported in accordance with Ind AS 17 | 4,730.2 | 19,695.5 | |
| a) Recognition of depreciation on ROU assets | (139.9) | (537.9) | |
| b) Recognition of finance cost on lease liabilities | (27.4) | (92.9) | |
| c) De-recognition of operating lease expenses | 162.2 | 615.8 | |
| Tax Impact on above | 13 | 3.9 | |
| Restated Profit for the period in accordance with Ind AS 116 | 4,726.4 | 19,684,4 | |
| Restated Profit from Operations in accordance with Ind AS 116 | 6,140.3 | 25.940.4 | |
Reconciliation of Equity reported for previous periods to Restated Equity after adoption of Ind AS 116 Leases is as under: (₹ Million)
| PARTICULARS | Accounting Year ended 31.12.2019 |
|---|---|
| Equity reported in accordance with Ind AS 17 | 19,322.6 |
| a) Recognition of ROU assets (excluding reclassifications from Property, Plant & Equipment) | 1.147.4 |
| b) Recognition of short term and long-term lease liabilities | (1.326.4) |
| Tax Impact on above | 45.1 |
| Restated Equity in accordance with Ind AS 116 | 19.188.7 |
Effect on the Statement of Cash Flows for the year ended 31 December 2019 is as under:
| (そ Million) | |||
|---|---|---|---|
| PARTICULARS | Pre- implementation of Ind AS 116 |
Implementation Adjustments |
Post- implementation of Ind AS 116 |
| Profit Before Tax | 26,749.9 | (15.0) | 26,734.9 |
| Depreciation and Amortisation | 3,163.6 | 537.9 | 3,701.5 |
| Interest on lease liabilities | 92.9 | 92.9 | |
| Others | (7,576.8) | (7,576,8) | |
| Net cash generated from operating activities | 22,336.7 | 615.8 | 22,952.5 |
| Net cash generated from investing activities | 829.9 | 829.9 | |
| Interest on lease liabilities | (92.9) | (92.9) | |
| Principal payment on lease liabilities | (522.9) | (522.9) | |
| Others | (35, 399.5) | (35, 399.5) | |
| Net cash used in financing activities | (35, 399.5) | (615.8) | (36, 015.3) |
| Net decrease in cash and cash equivalents | (12, 232.9) | $\mathbf{r}$ | (12, 232.9) |
| Total cash and cash equivalents at the beginning of the year | 35,239.0 | 35,239.0 | |
| Total cash and cash equivalents at the end of the year | 23,006.1 | 23,006.1 |
Impact of restatement on Earnings per share (EPS) for the year ended 31 December 2019 is not significant.
Comparisons with reference to full year ended 31.12.2019 unless otherwise specified:
-
- Total Sales and Domestic Sales for the year increased by 8.1% and 8.5% respectively. Domestic Sales growth is largely driven by volume & mix and is broad based. Demand in Out of Home channel was impacted throughout the year due to COVID. Export Sales growth at 1.4% impacted by lower coffee exports.
-
- Total Sales and Domestic Sales for the quarter increased by 9.2% and 10.1% respectively. Domestic Sales growth is broad based largely driven by volume & mix. Demand in Out of Home channel further improved in the quarter but continues to be impacted by COVID. Export Sales were lower by 7.7% due to lower coffee exports.
-
- Other Income decreased due to lower yields and average liquidities. Other Income for the quarter was impacted by lower yields.
-
- Cost of materials consumed [B(i)+B(ii)+B(iii)] for the quarter has decreased due to lower commodity prices, particularly milk and its derivatives.
-
- Employee Benefits Expense for the quarter and year increased mainly due to higher incentives in view of COVID. The current quarter was further impacted due to finalisation of long-term compensation arrangements for most factory employees in line with industry practice.
-
- Other Expenses are positively influenced by reduction in overheads due to restricted operations.
-
- Net Provision for Contingencies is mainly for matters related to litigations/related disputes and other uncertainties requiring management judgement. Provisions for Contingencies/Contingent Liabilities are recognised/disclosed after a careful evaluation of the facts and legal aspects of the matters involved, in line with Ind AS 37 Provisions, Contingent Liabilities and Contingent Assets and Ind AS 12 Income Taxes.
-
- Re-Measurement of Retiral Defined Benefit Plans represents actuarial gains/losses on defined benefit plans.
-
- The Board of Directors have recommended a final dividend of $\bar{\tau}$ 65.00 per equity share amounting to $\bar{\tau}$ 6,267.0 million for the year 2020. The total dividend for 2020 aggregates to $\overline{\epsilon}$ 200.00 per equity share which includes one interim dividend of ₹135.00 per equity share paid on 20 November 2020. The final dividend is subject to approval by the shareholders at the ensuing Annual General Meeting of the Company and therefore has not been recognised as a liability as at the balance sheet date in line with Ind AS 10 on "Events after the Reporting Period".
-
- Based on the quiding principles given in Ind AS 108 Operating Segments, the Company's business activity falls within a single operating segment, namely Food. The disclosure requirements of Ind AS 108 are not applicable.
-
- Legal proceedings in the MAGGI Noodles case are currently before the Honourable Supreme Court. The issue has been adequately explained in the Annual Report 2015 and in the press releases in 2015 available on the Company's website www.nestle.in.
-
- Figures of last quarter are the balancing figures between audited figures in respect of the full year and the un-audited published figures up to the period ended 30 September.
THE ABOVE RESULTS AND THIS RELEASE HAVE BEEN REVIEWED BY THE AUDIT COMMITTEE OF THE BOARD AND APPROVED BY THE BOARD OF DIRECTORS AT THEIR MEETING HELD ON 16 FEBRUARY 2021.
By Order of the Board
Suresh Narayanan Chairman and Managing Director
Date: 16 February 2021 Place: Gurugram
Head Office: Nestlé House, Jacaranda Marg, M Block, DLF City Phase - II, Gurugram 122 002 (Haryana) Registered Office: 100 / 101, World Trade Centre, Barakhamba Lane, New Delhi - 110 001 Corporate Identity Number: L15202DL1959PLC003786 Email ID: [email protected], Website: www.nestle.in
Phone: 011-23418891, Fax: 011-23415130
BSR&Co.LLP
Chartered Accountants
Building No. 10, 12th Floor, Tower-B DLF Cyber City, Phase - IF Gurugram - 122 002, India
Telephone: +91 124 719 1000 Fax 3 +91 124 235 8613
INDEPENDENT AUDITOR'S REPORT
TO THE BOARD OF DIRECTORS OF NESTLE INDIA LIMITED
a di Kabupatén Sumah Kabupatén Ing Kabupatén Ing
Report on the audit of the Annual Financial Results
Opinion 2008
Callendary County www.com
sija tidu anti
angelo atèlis
Short Controller
We have audited the accompanying annual financial results of Nestle India Limited thereinafter referred to as the "Company") for the year ended 31 December 2020, altached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 as amended ('Listing Regulations').
ಾಣಜೆಕೆ
side et se
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid annual financial results:
- $\alpha$ are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
- give a true and fair view in conformity with the recognition and measurement principles laid down Ъ. in the applicable Indian Accounting Standards, and other accounting principles generally accepted in India, of the net profit and other comprehensive income and other financial information for the year ended 31 December 2020.
Basis for Opinion
And the units
We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those SAs are further described in the Auditor's Responsibilities for the Audit of the Annual Einancial Results section of our report. We are independent of the Company, in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act, and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained, is sufficient and appropriate to provide a basis for our opinion on the annual financial results.
Management's and Board of Directors' Responsibilities for the Annual Financial Results
- 松野 陸城
These annual financial results have been prepared on the basis of the annual financial statements. The Company's Management and the Board of Directors are responsible for the preparation and presentation of these annual financial results that give a true and fair view of the net profit/ loss and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the
SARAHAN YA SANA
Revistered Office:
S" Floor, Lodha Experies
Apollo Mills Compound N.M. Joshi Mary, Mahalaxm Mulnbal - 400 011
BSR&Co.LLP
$\blacksquare$ Evaluate the overall presentation, structure and content of the annual financial results, including the disclosures, and whether the annual financial results represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Other Matters
The annual financial results include the results for the quarter ended 31 December 2020 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which were subject to limited review by us.
For B S R & Co. LLP Chartered Accountants Firm's Registration No. 101248W/W-100022
VIKRAM Digitally signed by ADVANIDate: 2021.02.16
Vikram Advani Partner Membership No.: 091765 UDIN: 21091765AAAAAAL8718
Place: Delhi Date: 16 February 2021
Nestlé India Limited
(CIN: L15202DL1959PLC003786) Nestle House Jacaranda Marg 'M' Block, OLF City, PHASE - II GURUGRAM - 122002, HARYANA Phone 0124 - 3940000 E-mail: [email protected] Website: www.nestle.in
FEBRUARY 16, 2021
BSE Limited Phiroze Jeejeebhov Towers Dalal Street, Fort, Mumbai - 400 001
Scrip Code - 500790
Subject : Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Declaration in respect of Audit Reports with unmodified opinion for the Financial Year ended on 31 December 2020
Dear Sir.
Pursuant to SEBI Circular No. CIR/CFD/CMD/56/2016 dated May 27, 2016; this is hereby declared that the Auditors of the Company, M/s. B S R & Co. LLP, Chartered Accountants, has issued the Audit Reports for Financial Statements as prepared under the Companies Act. 2013 and Financial Results as prepared under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the Financial Year ended on 31 December 2020 with unmodified opinion.
Nestlé India Limited
Mun
David McDaniel Executive Director - Finance & Control and CFO