May 26, 2022

Corporate Service Dept.	The Listing Department,
BSE Limited	National Stock Exchange of India Limited
Jeejeebhoy Towers	Exchange Plaza, Bandra Kurla Complex, Bandra
Dalal Street,	(E),
Mumbai - 400 001	Mumbai - 400051.
Script code: 532722	Script code: NITCO

Dear Sir /Madam,

Sub: Outcome of the Board Meeting held tod.ay i.e. May 26, 2022

Pursuant to Regulation 30 & 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform that the Board of directors of the Company at their meeting held on May 26, 2022 has noted/ approved the following :-

1. Standalone and Consolidated Independent Auditors Report for the Financial year ended 31st March, 2022;
1. The Audited Financial Results (Standalone and Consolidated) of the Company for the quarter and financial year ended 31st March, 2022 together with Statement of Assets and Liabilities and Cash Flow Statement as on that date;
1. Statement in the form of declaration that the report of Auditor is with urunodified opinion with respect to Audited Financial Results (Standalone and Consolidated) for the quarter and year ended 31st March, 2022.

The Meeting of Board of Director's Commenced at 12:00 noon and concluded at ~ p.m.

Kindly treat this as a disclosure under Regulation 30 of the Listing Regulations, read with Para A of Part A of Schedule III of the said regulations.

This is for your information and record.

Thanking you, Yours faithfulll For CO LL\ ITE r V, VEKTALWAR CHAIRMAN & MANAGING DIRECTOR

DIN: 00043180

Corporate Office: NITCO Limited, NITCO House, Sheth Govindram Jolly Marg, Kanjur Marg (East), Mumbai- 400 042. Tel.: 91-22-67302500 I 67521555, Fax: 91-22-25786484. CIN: L26920MH1966PLC016547 Email: [email protected], Website:www.nitco.in

INDEPENDENT AUDITOR'S REPORT TO THE BOARD OF DIRECTORS ON AUDITED STANDALONE FINANCIAL RESUTLS OF NITCO LIMITED

OPINION

We have audited the accompanying statement of standalone financial results (the 'statement') of NIT CO Limited ("the Company") for the year ended March 31, 2022", attached herewith, being submitted by the company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 (as amended)(" Listing Regulation") including relevant circ_ulars issued by the SEBI from time to time.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial results:

(i) are presented in accordance with the requirements of Regulation 33 of the listing Regulations, and
(ii) gives a true and fair view in conformity with the IND AS prescribed under section 133 of the Companies Act 2013(the 'Act'), read with relevant rules issued thereunder, and other accounting principles generally accepted in India of the standalone net loss including other comprehensive income and other financjal information of the Corp.pany for the quarter and year ended 31 51 March 2022.

BASIS FOR OPINION

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We conducte'd 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 Standards are further described in the Auditor's Responsibilities for the Audit of the Standalone. Financial Results section of our rep01t. We are independent of the Company in accordance vyith the Code of Ethics issued by the Institute of Chruiered Accountants of India together w~t4 the ethical requirements that are relevant to our audit of the financial results under the provisions of the Companies Act, 2013 ·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.

Mumbai Office A Wing , 201 /202 2nd Floor, Planet Industrial Estate, Subhash Road, ·• Vile Parle (East) Mumbai - 400057.

Te I. No : .. + 91 2 2 2 611 9 0 8 0 / 2 611 9 0 8 1 Em a i I:. nay a k ran e@g ma i I. c 0 m

Material Uncertainty Related to Going Concern

We draw attention to the following points due to which material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern :

i. The Company has been continuously making operating losses. During the current financial year ended 31 st'march2022 company incuned a net loss of Rs.125.87 crores ( Rs. 121.36 crore in financial year ended 31 st March 2021) thereby resulting in a negative net worth ofRs.194.75 crores.
ii. ' The Company has defaulted in repayment ofloan and interest from JMF ARC amounting to Rs.334.79 crores.
ui. Under the restructuring agreement JMF ARC has the right to revoke in the case of . defaul~1 the waiver of Rs 546 er and all the reliefs and concessions granted to the company. As informed by the company they have not yet received any notice from JMFARC.

Having regard to the totality of the facts and circumstances stated above, it is our considered opinion that the company will be able to continue as a going concern only if it is able to restructure or repay its loan from JFMARC , servicing its debts on the due date and raise required funds :

Our opinion about the financial statements for the year under review is not modified in respect of this matter. 1

Emphasis of Matters.

l a Refer Note 3 , Company has not provided for interest on the outstanding loan of LIC of Rs 18.87 er as they are hopeful of its restructuring same in line of JMF ARC.
b. Refer Note no 4 , Additional Director General Foreign Trade (ADGFT) had levied penalty of R~. 170 cro ewhich is confirmed by the Appellate bench ofDGFT, New Delhi. No provision for the deme;tnd is made in the books. Management has received legal opinion that the order is bad in.law .
. ' 1:·: . c. Refer Note no 5, Revenue Department has raised a demand of Rs 51.08 crore. No provision for the demand.is made in the books as company has received interim relief against the order from Bombay High Court.

Our opinion is ~lot modified in respect of this matter.

Management's Responsibilities and those charged with Governance for the Standalone Financial Results

These Standalone annual financial results have been prepared on the basis of the standalone annual statements.

The Compariy's Management and the Board of Directors are responsible for the preparation of these standalone 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 Standard 34 prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other hTegularities; selection and application of appropriate accounting policies; . making judgments and estimates that are reasonable and prudent; and d((sign, imp,lementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, re.lev;mt to the preparation and presentation of the standalone financial results that give a true aq.d fair vie\¥ ·and are free from material misstatement, whether due to fraud or error.

In preparing t,he standalone financial results, the Management and the Board of Directors are responsible for ,assessing the Company's ability to continue as a going concern, disclosing, as applicable, in~tters rel;:tted to going concern and using the going concern basis of accounting unles.s the Boai:d of Pirectors either intends to liquidate the Company or to cease operations, 01: has no realistic alternative but to do so. . I

The Bo.ard ~f Directors are also responsible for overseeing the Company's financial reporting pi:ocess. ^I

Apdit()r's :ti~sponsibilities for the audit of the Standalone financial Results

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Our' pbjectiv~s are to obtain reasonable assurance about whether the standalone financial re·sults as a whole are free from material misstatement, whether due to fraud or e1TOr, and to issue' an auditoi·'s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and ar'e conside1 e~ inater_ial if, individually or in the aggregate, they could reasonably be expected to, influence tµe economic decisions of users taken on the basis of these standalone financial results. , . :

As pait of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

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Identify· and assess the risks of material misstatement of the standalone finan'cial results, whether: due to fraud or error, design and perform audit procedures responsive to those . risks, and obt;:iin audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
Conclude: on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Compapy's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related \fisclosu,res in the financial results or, if such disclosures are inadequate, to modify our opinion.: Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evalu~te the overall presentation, structure and content of the standalone financial results;. :including the disclosures, and whether the financial results represent the underlying transactions and events in a manner that achieves fair presentation.

We cbmmurttcate with those charged with governance regarding, among other matters, the planned scop ^~and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. i .

We also provide those charged with governance with a statement that we have complied with relevant ethidal requirements regarding independence, and to communicate with them all relationships arid other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matters:

The standalone annual Financial results include the result for the quarter ended March 31, 2022 being the balancing figures between the audited figures in respect of the full financial year ended March ·31, 2022 and the published unaudited year-to-date figures up to December 31, 2021, being the date of the end of the third quarter of the current financial year, which were subjected to limited review by us.

ForNayak & Ran~ Chattered Accountants Firm Registration No. 117249 )

(Kishore K Rane)

Place:. Mumbai . . . Date: May 26, 2022

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INDEPENDENT AUDITOR'S REPORT TO THE BOARD OF DIRECTORS ON AUDITED CONSOLIDATED FINANCIAL RESUTLS OF NITCO LIMITED

OPINION

We have audited the accompanying Statement of Consolidated Financial Results ofNITCO LTD ("the Parent") and its subsidiaries (Parent and its subsidiaries together referred to as "the Group"), and its share of the net profit I (loss) after tax and total comprehensive income I loss of its associates and joint ventures for the year ended March 2022("the statement"), being submitted by the Parent company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations'').

In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of the reports of the other auditors on separate financial statements/ financial information of subsidiaries, associates and jointly controlled entities, the Statement:

Sr.No.	Name of the Company
	,Subsidiaries
L	Nitco Realties Private Limited
	Fellow Subsidiaries
1	· Maxwealth Properties Pvt. Ltd.
2	Meghdoot Prope1iies Pvt. Ltd.
3 i	R<;mring - Lion Properties Pvt. Ltd.
4	Feel Better Housing Pvt. Ltd.
5	Quick-Solution Properties Pvt. Ltd.
6 :	:Silver-Sky Real Estates Pvt. Ltd.
7	Opera'Prope1iies Pvt. Ltd.
8;	Ferocity Prope1iies Pvt. Ltd.
9	Glamorous Properties Pvt. Ltd.
10	Nitco IT Parks Pvt. Ltd.
11	N!tco Aviation Pvt. Ltd.
12	Aileen Properties Pvt. Ltd.
13	Quick Innovation Lab Pvt Ltd.

InCludes the results of the following entities:

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Mumbai Office .. : : :. \tile A Wing, Parle 201 (East) /202 Mumbai 2nd Floor.Planet - 400057. Industrial Estate, Subhash Road, ~

. r el. No:. +9122 26119080/ 2611 9081 Email : .nayakrane@gmail . com V (1\

1. is presented in accordance with the requirements of Regulation 33 of the Listing Regulations, as amended; and
1. gives a frue and fair view, in conformity with the applicable accounting standards, and ·other accounting principles generally accepted in India, of consolidated total comprehensive income (comprising of net [profit/loss] and other comprehensive income/ loss) arid. other financial information of the Group for the year ended March 2022.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013 (the Act). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Results section of our repo1t. We are independent of the Group, its associates and jointly controlled entities in accordance with the Code of Ethics issued by the Institute of Chaiiered Accountants pf India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have folfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their report~ {·eferred to in "Other Matter" paragraph below, is sufficient and appropriate to provide a bas.is' for our opinion.

: I. Material Uncertainty Related to Going Concern

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. ·, . I ^~ We draw attention to the following points due to which material uncertainty exists that may cast significant doµbt on the company's ability to continue as a going concern.

i. ·The Company has been continuously making operating losses. During the current financial year ended 3 l5¹march 2022 company incurred a net loss of Rs.125.87 crores (Rs. 121.36 drore in financial year ended 3151 March 2021) thereby resulting in a negative net wo1ih of ~ Rs.194:75 crores. :· i
1. Jhe CQrhpany has defaulted in repayment of loan and interest from JMF ARC amounting . I . I . to Rs.~;34 ⁷⁹crores.
-, . ' ! 111. . Under the restructuring agreement JMF ARC has the right to revoke in the case of default, the wa~ er of Rs 546 er and all the reliefs and concessions granted to the company. As infor~ed ,by the company they have not yet received any notice from JMF ARC.

:· I·: Having regai;c;l t<;> the totality of the facts and circumstances stated above, it is our considered opinion that the company will be able to continue as a going concern only if it is able to restructure or repay its loap:from JFMARC , servicing its debts on the due date and raise required funds .

Our opinion about the financial statements for the year under review is not modified in respect of this matter.

Emphasis of Matters.

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a Refei'Note 3 ,Company has not provided for interest on the outstanding loan ofLIC of Rs 18.87 er as they are hopeful of its restructuring same in line of JMF ARC.
b. Refer Note no 4 , Additional Director General Foreign Trade (ADGFT) had levied penalty of Rs. 170 crore which"is confirmed by the Appellate bench of DGFT, New Delhi. No provision for the demapd in made in the books. Management has received legal opinion that the order is bad in law.
c. Refer Note no 5 , Revenue Depaiiment has raised a demand of Rs 51.08 crore . No provision for the demand i_s inrade in the books as company has received interim relief against the order from Bombay High Comi.

Our opinion is ,not modified in respect of this matter.

M~nagement'_s Responsibilities for the Consolidated Financial Results

These consolidated financial results have been prepared on the basis of the consolidated annual finan~ial stat~rpents. .

The Pa1:ent Cdinpany's Board of Directors ai·e responsible for the preparation and presentation of . .. 1· . ^~ these consoliClated financial results that give a true and fair view of the net profit/ loss and other comprehensive income and other financial information of the Group including its associates and jointly controlled entities in accordance with the recognition and measurement principles laid down :ii) Indian Accounting Standard 34, prescribed under Section 133 of the Act read with relevant rules:issued thereunder and other accounting principles generally accepted in India and in compliance wiith Regulation 33 of the Listing Regulations. The respective Board of Directors of the companies included in the Group and of its associates and jointly controlled entities are responsible fpr maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and its associates and jointly controlled entities and for preventing a~1d detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; anq the d~sigi1,J ilnpleinentation and maintenance of adequate internal financial controls, that were op~rating eff~~tt;vely for ensuring accuracy and completeness of the accounting records, relevant to the preparatiO'n and presentation of the consolidated financial results that give a true and fair view Cj.lld are :free from material misstatement, whether due to fraud or error, which have been used fcfr the BtJl;pose of preparation of the consolidated financial results by the Directors of the Holding Con;ip,any, as aforesaid.

In preparing the consolidated annual financial results, the Management and the respective Board of Directors of the companies included in the Group and of its associates and jointly controlled entities are responsible for assessing the ability of the Group and of its associates and jointly controlled entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group and of its associates and jointly controlled entities are responsible for overseeing the financial reporting process of the Group and of its' associates and jointly controlled entities.

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

Our objectives are to obtain reasonable assurance about whether the consolidated financial results as a whole an~ free from material misstatement, whether due to fraud or error, and to issue an auditor's repo'rt that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guara~t~e that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or enor and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic deci~ibns ofusers taken on the basis of these consolidated financial results.

As· part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

I . 'i • Identify apd assess the risks of material misstatement of the consolidated financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, anid obtajn ~udit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting , f~om eqor, as fraud may involve collusion, forgery, intentional omissions, rriisrepreseritations, or the override of internal control.
Obtain a~ understanding of internal control relevant to the audit in order to design audit procedui·es that are appropriate in the circumstances, but not for the purpose of expressing 1 I. an opinio~ on the effectiveness of the company's internal control.
Evaluate . the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors. t 'I '
Conclude on the appropriateness of the Board of Directors' use of the going concern basis of: accounti!'lg and, based on the audit evidence obtained, whether a material uncertainty 1 ex,ists relat1d to events or conditions that may cast significant doubt on the ability of the Group and its associates and jointly controlled entities to continue as a going concern. If we conclude.that a material unce1iainty exists, we are required to draw attention in our auditor's ' . I . report to tpe related disclosures in the consolidated financial results or, if such disclosures ar~ inadeq~ate, to modify our opinion. Our conclusions are based on the audit evidence o~tained _up1 to the. date of our auditor's report. However, future events or conditions may caµs<:( the Oroup and its associates and jointly controlled entities to cease to continue as a gomg c01:ic~rn.

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Evaluate the overall presentation, structure and content of the consolidated financial results, including , the disclosures, and whether the consolidated financial results represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial results/financial fr1formation of the entities within the Group and its associates and jointly controlled entities to express an opinion on the consolidated Financial Results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the consolidated financial results of which we are the independent auditors. For the other entities included in the consolidated Financial Results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and perforrriahce of.the audits carried out by them. We remain solely responsible for our audit opinion.

We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated financial results of which we are the independent auditors regardi,ng, an;io.ng other matters, the plam1ed scope and timing of the audit and significant audit findings, including my significant deficiencies in internal control that we identify during our audit. .

We alsc;> prov ^~those charged with governance with a statement that we have complied with relevant ethic;ar requirements regarding independence, and to communicate with them all relationships.and other matters that may reasonably be thought to bear on our independence, and wherr;<applicaqie, related safeguards.

I, • '. 1 . We al\$,O pefforined procedures in accordance with the circular issued by the SEBI under Regulation 3~(8) of the Listing Regulations, as amended, to the extent applicable. • • •. • I,

Other ·Matters

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' • : i' ~ ( : :· I The c9!1solid ted Financial Results include the audited Financial Results of One subsidiary and Thirte~r ~elloy.r Subsidiaries, whose Financial Statements/ financial information reflect Group's sh&re .of tota~ ¹ assets of Rs.9563.10 lakhs as at 31.3.2022, Group's share of total revenue of Rs.196'.57 lakhs- and Group's share of total net profit/(loss) after tax of Rs. (27.52 lakhs),total comprehensive income /loss of Rs Nil for the year ended on that date, as considered in the consolidated.Fin,ancial Results. These audited Financial Results/ financial information have been furnished to us: by the Board of Directors and our opinion on the consolidated Financial Results, · I . :. . in ~o f~r as if r~lates to the amounts and disclosures included in respect of these subsidiaries, associates a:n4 c jointly controlled entities is based solely on such audited Financial Results/finandal infoimation. In our opinion and according to the information and explanations gi"'.en to us l>Y. he Board of Directors, these Financial Results I financial information are not ma~erial to the Group. . )

Our opinion on the consolidated Financial Results is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors and the Financial Results/financial information certified by the Board of Directors. ' I ,

The consolidated annual financial results include the results for the quaiier ended 31 March 2022 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 Nayak & Rane Charfered Accountants Firm Registration No. 117249 ;:J

·. (Kls~o re K Rane Partner '

I '' l ' J •. Place: I\11umbal : Date: 26111 May 2022

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NITCO LIMITED Registered Office: Plot No.3. Nitco House, Kanjur Village Road. Kanjurmarg {East), Mumbai - 400042 Tel No.: 022 67521555, Fax: 022 67521500, Email: [email protected], Website: www.nitco.in, CIN: L26920MH1966PLC016547 -i

STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2022 (/)

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	(Rs. in Lakh except earnings per share )
STANDALONE								CONSOLIDATED
	Three Month Ended			Year ended			Three Month Ended			Year ended
31.03.2022	31.lZ.ZOZl	31.03.ZOZl	31.03.ZOZZ	31.03.ZOZl	Particulars	31.03.ZOZZ	31.lZ.ZOZl	31.03.ZOZl	31.03.ZOZ2	31.03.ZOZl
(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)		(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)
					CONTINUING OPERATIONS
					Revenue from Operations
11,887.08	11,893.99	11,775.75	40,345.04		32,323.30 Sa le of Products	11,960.07	11,933.71	11,826.28	40,539.08	32,511.50
91.52	113.36	94.44	522.21		184.45 Other operationa l revenue	91.52	113.36	94.44	522.21	184.45
11,978.60	lZ,007.35	11,870.19	40,867.25		32,507.75 Total Revenue from Operations	12,051.59	lZ,047.07	11,920.72	41,061.29	32,695.95
72.69	33.99	71.16	744.64		259.67 Other In come	74.66	34.18	122.49	747.18	312.43
lZ,051.29	12,041.34	11,941.35	41,611.89		32,767.42 Total Income	12,126.25	12,081.25	12,043.21	41,808.47	33,008.38
					Expenses
1,084.72	614.38	789.83	2,791.08		2,173 .26 Cost of materials consumed	1,146.96	649.32	826.05	2,960.24	2,329.76
8,561.61	8,722.03	8,095 .66	28,909.69		22,204.07 Purchase of Stock in trade	8,561.61	8,722.03	8,095.66	28,909.69	22,204.07
328.60	491.18	327.56	975.75		700.97 Changes in inventories of finished goods, Stock in trade and work-in-progress	328.60	491.18	327.55	975 .75	700.97
1,334.61	1,346.09	1,324.95	5,334.56		5,097.08 Employee benefits expense	1,334.61	1,346.09	1,320.52	5,334.56	5,097.08
736.89	754.38	861.37	3,000.38		3,074.97 Depreciation and amo rtization expense	736.88	754.38	861.37	3,000.37	3,074.97
1,644.36	1,668.51	1,452.21	6,432.61		5,362.07 Finance cost (net)	1,644.26	1,668.56	1,452.02	6,432.61	5,362.07
2,085.56	1,492.76	2,732.98	6,754.47		6,291.08 Other expenses	2,097.61	1,502.07	3,617.55	6,809.20	7,231.16
15,776.35	15,089.33	15,584.56	54,198.54		44,903.50 Total Expenses	15,850.53	15,133.63	16,500.72	54,422.42	46,000.08
(3,725.06)	(3,047 .99)	(3,643.21)			(lZ,586.65) (lZ,136.08) Profit I (Loss) from Continuing Operations before tax	(3,724.28)	(3,052.38)	(4,457.51)	(12,613.95)	(12,991.70)
					Tax expense
					Current Tax (current year)	0.20	-	-	0.20	-
-	-	376.51	-		376.51 Current Tax (earlie r years)	-	-	376.51	-	376.51
					Deferred Tax	-	-	-	-	-
(3,725 .06)	(3,047.99)	(4,019.72)			(lZ,586.65) (12,512.59) Net Profit for the period from Continuing Operations	(3,724.48)	(3,052.38)	(4,834.02)	(lZ,614.15)	(13,368.Zl)
					Profit/ (Loss) attributable to Non-Controlling Interest	0.27	(0.32)	0.59	(0.82)	(0.83)
					Profit attributable to the Owners of the Parent	(3,724.75)	(3,052.06)	(4,834.61)	( 12,613.33)	(13,367.38)
					Discontinued Operations
-	-	-		-	Profit/ (Loss) before tax from discontinued operations		-	-	-	(626.23)
					Tax expe nse of discontinued operations	-	-	-	-	-
-	-	-	-	-	Net Profit/ (loss) for the period from Discontinued Operations	-	-	-	-	(626.23)
	~~				Profit/ (Loss) attributab le to Non-Co ntrolling Inte rest	-	-	-	-	(306.85)
tt:~	~(>-				Profit attributable to the Owners of the Parent	-		-	-	(319.38)

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STANDALONE		CONSOLIDATED
	Three Month Ended		Year ended		Particulars		Three Month Ended		Year ended
31.03.2022	31.12.2021	31.03.2021	31.03.2022	31.03.2021		31.03.2022	31.12.2021	31.03.2021	31.03.2022	31.03.2021
(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)		(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)
(3,725.06)	(3,047.99)	(4,019.72)	(12, 586.65)		$(12,512.59)$ Net Profit/ (Loss) after tax	(3, 724.48)	(3,052.38)	(4,834.02)	(12, 614.15)	(13,994.44)
					Profit/ (Loss) attributable to Non-Controlling Interest	0.27	(0.32)	0.59	(0.82)	(307.68)
					Profit attributable to the Owners of the Parent	(3,724.75)	(3,052.06)	(4,834.61)	(12, 613.33)	(13,686.76)
					Other Comprehensive Income
34.18	77.98	46.88	38.29		54.50 (i) Items that will not be reclassified to profit or loss	34.18	77.98	46.88	38.29	54.50
					(ii) Tax relating to items that will not be reclassified to profit
					lor loss
34.18	77.98	46.88	38.29		54.50 Other Comprehensive Income (OCI)	34.18	77.98	46.88	38.29	54.50
					OCI attributable to Non-Controlling Interest
34.18	77.98	46.88	38.29		54.50 OCI attributable to the Owners of the Parent	34.18	77.98	46.88	38.29	54.50
(3,690.88)	(2,970.01)	(3,972.84)	(12, 548.36)		(12,458.09) Total Comprehensive Income	(3,690.30)	(2,974.40)	(4,787.14)	(12, 575.86)	(13,939.94)
					Non-Controlling Interest	0.27	(0.32)	0.59	(0.82)	(307.68)
(3,690.88)	(2,970.01)	(3,972.84)	(12, 548.36)		(12,458.09) Net Profit/ (Loss) after taxes, Non-Controlling Interest	(3,690.57)	(2,974.08)	(4,787.73)	(12, 575.04)	(13, 632.26)


7,185.90	7,185.90	7,185.90	7,185.90		7,185.90 Paid-up equity share capital (Face Value Rs. 10 per share)	7,185.90	7,185.90	7,185.90	7,185.90	7,185.90
					Reserves excluding revaluation reserves as per balance
			(26, 661.29)	(14, 112.93)	sheet			$\frac{1}{2}$	(27, 018.32)	(14, 443.26)
					Earnings per share (before extraordinary items) (of Rs. 10/-
					each) (not annualized):
(5.14)	(4.13)	(5.53)	(17.46)		(17.34) Basic - Continuing Operations	(5.14)	(4.14)	(6.66)	(17.50)	(18.53)
(5.14)	(4.13)	(5.53)	(17.46)		(17.34) Diluted - Continuing Operations	(5.14)	(4.14)	(6.66)	(17.50)	(18.53)
					Basic - Discontinuing Operations					(0.44)
					Diluted - Discontinuing Operations					(0.44)
(5.14)	(4.13)	(5.53)	(17.46)		(17.34) Basic - Continuing & Discontinuing Operations	(5.14)	(4.14)	(6.66)	(17.50)	(18.97)
(5.14)	(4.13)	(5.53)	(17.46)		(17.34) Diluted - Continuing & Discontinuing Operations	(5.14)	(4.14)	(6.66)	(17.50)	(18.97)

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STATEMENT OF ASSETS AND LIABILITIES AS AT MARCH 31, 2022

				(Rs in Lakh)
	STANDALONE		CONSOLIDATED
Particulars	Year ended		Yea r ended
	31.03.2022	31.03.2021	31.03.2022	31.03.2021
	(Audited)	(Audited)	(Audited)	(Audited)
Assets
Non-current assets
(a) Property, plant & equipm ent	36,249.14	39,003.26	36,367.39	39,111.29
(b) Capital work-in-progress	260.67	310.76	439.84	477.93
(c) Right-of-use Assets	70.99	208.66	70.99	208.66
(d) Goodwill On Consolidation	-	-	323.77	323.77
(e) Financial assets	-
I (1) Investments	694.59	694.59	-	-
(2) Other Financial assets	3,419.62	3,404.93	3,419.62	3,404.93
(f) Other non-current assets	1,532.21	1,501.48	1532.21	1,501.48
Sub-total - Non-current assets	42,227.22	45,123.68	42,153.82	45,028.06
Current assets
(a) Inventories	6,360.88	7,849.62	6,363.01	7,853.02
(b) Inventori es Real Estate	15,000.00	15,000.00	18,734.30	18,734.30
(c) Financial assets	-		-
(1) Current investments	-	-	-	-
(2) Trade receivabl es	9,655.00	9,915.25	9,661.36	9,971.53
(3) Cash and cash equiva lents	1,167.08	1,187.62	1,244.00	1,270.77
(4) Loans	5,895.02	5,930.65	2,023.00	2,041.52
(5) Other Financial assets	36.84	21.77	36.84	21.77
(d) Other current assets	3,775.44 -	4,292.92 -	3,798.08 3,084.24	4,311.71 3,084.24
Asset/ Disposal Group held for sa le Sub-total - Current assets	41,890.26	44,197.83	44,944.83	47,288.86
Tota I - Assets	84,117.48	89,321.51	87,098.65	92,316.92
Equity and liabilities
Equity
(a) Equity Share capital	7,185.90	7,185.90	7,185.90	7, 185.90
(b) Other equity	(26,661.29)	(14,112.93)	(27,018.32)	(14,443.26)
(c) Non-controlling interest	-	-	(1,724.32)	(1,723.50)
Sub-total-Equity	(19,47S.39)	(6,927.03)	(21,S56.74]	(8,980.86]
Non-current liabilities
(a) Financial liabiliti es
Borrowings	20,002.63	45,722.55	20,002.63	45,722.55
Lease Liabilities	33.93	69.88	33 .93	69.88
(b) Provisions	214.60	215.33	214.60	215.33
(c) Deferred tax li abilities (Net) Sub-total-Non-current liabilities	- 20,251.16	- 46,007.76	- 20,251.16	- 46,007.76
Current liabilities
Financial liabiliti es
Trade payables
a) Total outstanding dues of micro enterprises and small enterprises;
and	640.26	616.13	640.26	616.13
b) Total outstanding dues of creditors other than micro enterpri ses and	13,588.22	11,961.73	13,644.61	12,021.45
sma ll enterpri ses
Lease Liabilities	51.63	162.37	51.63	162.37
Other financial liabilities	62,957.27	31,642.67	63,173.59	31,850.74
(a) Other current liabilities	5,766.87	5,518.33	5,862.83	5,606.08
(b) Provisions Liabi lity/ Disposa l Group held for sa le	337.46 -	339.55 -	339.64 4,691.70	341.55 4,691.70
Sub-total-Current liabilities	83,341.71	50,240.78	88,404.26	55,290.02
	84,117.48	89,321.51	87,098.65	92,316.92

Place : MUMBAI Date : 26-May-2022

Registred office: NITCO Limited, NITCO House, Sheth Govindram Jolly Marg, Kanjur Marg (E) Mumbai - 400 042. Tel.: 91-22-67302500 I 67521555, Fax: 91-22-25786484. CIN: L26920MH1 966PLC016547. Email : [email protected]:www.nitco.in

Cash Flow Statement for the year ended 31st March 2022

Cash Flow Statement for the year ended 31st March 2022
		Standalone				(Rs in Lakh) Consolidated
Particulars		31.03.2022	31.03.2021		31.03.2022		31.03.2021
A. CASH FLOW FROM OPERATING ACTIVITIES
Net Profit before tax (before exceptional items)		(1 2,586.63)		(1 2,136.08)		(12,613.95)		(12,991.70)
Adjusted for :
Depreciation & amortisation expense	3,000.38		3,074.97		3,000.38		3,074.97
(Profit)/ Loss on sa le of Property, plant & equipment (Net)	(451.59)		(18.91)		(451.59)		(18.91)
Finance costs	6,432.61		5,362.07		6,432.61		5,362.07
Provisions against current assets	1,147.35	10,128.75	2,440.81	10,858.94	1,147.35	10,128.75	3,279.18	11,697.31
Operating Profit before Working Capital Changes		(2,457.88)		(1,277.14)		(2,485.20)		(1,294.39)
Working capital adjustments:
Adjustment for (increase)/decrease:
(lncrease)/decrease in inventories	1,134.88		943.33		1,136.15		991.83
(lncrease)/decrease in trade receivables	(407.58)		2,964.13		(344.66)		2,964.13
(lncrease)/decrease in and other receivables	235.28		157.93		235.28		103.56
Increase/( decrease) in trade and other payables	2,027.44		(1,683.58)		2,040.73		(1,579.86)
Increase/( decrease) in provisions	35.53	3,025.55	0.66	2,382.46	35.53	3,103.03	0.66	2,480.32
Cash Generated from Operations		567.67		1,105.32		617.83		1,185.92
Taxes paid (net of refunds)		-		0.00		(0.20)		0.00
Net Cash generated from Operations		567.67		1,105.32		617.63		1,185.92
B. CASH FLOW FROM INVESTING ACTIVITIES
(Purchases)/ Sa les Property, plant & equipment (Net)	393.08		(1 29.67)		370.88		(190.90)
Net Cash flow (used in) Investing Activitiei		393.08		(1 29.67)		370.88		(190.90)
C. CASH FLOW FROM FINANCING ACTIVITIES
Proceeds/ (Repayment) of Long Term Borrowings (Net)	(53.67)		(284.89)		(53.67)		(284.89)
Payment of lease liability	(146.69)		(149.70)		(146.69)		(149.70)
Advance against sa le of subsidiary			279.19				279.19
Proceeds from subsidiary	34.00		154.00
Finance costs paid (n et)	(814.93)		(610.45)		(814.93)		(610.45)
Net Cash flow (u sed in) Financing Activities		(981.29)		(611.85)		(1,015.29)		(765.85)
Net increase in Cash and Cash Equiva lents (A+B+C)		(20.53)		363.80		(26.77)		229.17
Cash and Cash Equivalents at th e beginning of th e year		1,187.62		823.82		1,270.77		1,067.25
Less: Amou nt difference due to assets held for sa le								(25.65)
Cash and Cash Equivalents at the end of the year		1,167.08		1,187.62		1,244.00		1,270.77
Com ponents of cash and cash equivalents
Cash on hand		4.93		4.47		7.29		6.80
Balance in current account and deposits with banks		1,162.15		1,183.15		1,236.71		1,263.97
Cash and Cash Equivalents at the end of th e year		1,167.08		1,187.62		1,244.00		1,270.77

' \ '

SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER AND YEAR ENDED MARCH 31, 2022

										(Rs. in La kh )
	STANDALONE						CONSOLIDATED
	Three Month Ended Year ended				Three Month Ended		Year ended
31.03.2022	31.12.2021	31.03.2021	31.03.2022	31.03.2021	Particulars	31.03.2022	31.12.2021	31.03 .2021	31.03 .2022	31.03 .2021
(Audited)	(Unaudited )	(Audited )	(Audited )	(Audited)		(Audited)	(Unaudited)	(Audited)	(Audited )	(Audited)
					Net Sa les/ Income from Operations
11,972.86	12,007.35	11,870.19	40,861.51		32,495.67 - Ti les and ot her related products	11,978.61	12,007.35	11,870.19	40,861.52	32,495.67
5.74	-		5.74		12.08 - Rea l estate	72.98	39.72	50.53	199.77	200.28
11,978.60	12,007 .35	11,870.19	40,867.25		32,507.75 Total Revenue	12,051.59	12,047 .07	11,920.72	41,061.29	32,695 .95
					Segment results
(2,085.08)	(1,376.33)	(2,159.72)	(6,030.66)		(6,659.42) - Tiles and other related products	(2,085.08)	(l,376.33)	(2,159.72)	(6,030.64)	(7,285.65)
4.38	(3.15)	(31.28)	(123.38)		(114.59) - Real estate	5.91	(7.49)	(845.59)	(150.70)	(970.21)
(2,080.70)	(1,379.48)	(2,191.00)	(6,154.04)		(6,774.01) Total Segment Profit Before Finance Cost and Tax	(2,079.17)	(1,383.82)	(3,005.31)	(6,181.34)	(8,255.86)
1,644.36	1,668.51	1,452.21	6,432.61		5,362.07 Interest and other finan cia l cost	1,644.26	1,668.56	1,452.02	6,432.61	5,362.07
(3,725.06)	(3,047.99)	(3,643.21)			(12,586.65) (12,136.08) Profit Before Tax		(3,052.38)	(4,457.33 )		(12,613 .95 ) (13,617.93)

					Capital Employed
					Segmental Assets
60,732.48	61,560.40	65,993.41	60,732.48		65,993.41 - Ti les and other related products	63,816.71	64,644.62	69,077.66	63,816.71	69,077.66
22,979.27	22,962.82	22,997.91	22,979.27		22,997.91 - Real estate	22,876.18	22,832.95	22,909.08	22,876.18	22,909.08
405.73	383.10	330.18	405.73		330.18 - Una ll ocated/ Corporate	405.75	383.10	330.18	405.75	330.18
84,117.48	84,906.32	89,321.50	84,117.48		89,321.50 Total Segmenta l Assets	87,098.65	87,860.67	92,316.92	87,098.65	92,316.92
					Segment Liabilities
22,056.34	20,438.48	20,135.91	22,056.34		20,135.91 Ti les and other related products	26,748.04	25,130.19	25,002.97	26,748.04	25,002.97
173.61	157.60	104.21	173.61		104.21 Real Estate	544.45	502.14	461.74	544.45	461.74
22,229.95	20,596.08	20,240.12	22,229.95		20,240.12 Tota l Segment Liabilities	27,292.49	25,632.33	25,464.71	27,292.49	25,464.71

Place: MUMBAI Date : 26-May-2022

Vivek Talwar Chair an & Managing Direct

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The above financial results were reviewed by the audit committee and thereafter taken on record by t he Board of Directors at their Meeting held on 26th-May-2022 and were duly audited by the Statutory auditors.
The above results have been prepared in accordance with the principles and proced ures of the Indian Accounting Standards ('Ind AS') as notified under the Companies (Indian Accounting Standards) Rules, 2015 as specified under section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India.
Res tructuring of company's debt was approved by JMFARC on January 23, 2018. The company is negotiating with UC for restructuring of its facility principal amount outstanding Rs . 18.87 crore as on 31.03.2022 on terms similar to restructuring done by JMFARC. Pending negotiations with UC, the provision for interest amounting to Rs 24.28 crore is considered as Contingent in nature.

4.The Additional Director General Foreign Trade (ADGFT) had levied penalty of Rs. 17,000 lakhs for irregular/ non fulfilment of export obligation and the same has been confirmed by the Appellate Bench of DGFT, New Delhi. The company has been advised that the order is bad in law and accordingly has agitated the matter before the appropriate fo rum. No provision has been made in the Accounts for the same.

Pursuant to scheme of amalgamation sa nctioned by the Hon'ble Bombay High Court with Particle Board India Limited during 2011, a land parcel held by Particle Boa rd India Limited was transferred to the Company. Reven ue department has raised a demand for unearn ed income of Rs. 5,105.88 Lakh in this regard . The company has fil ed a fil ed writ petition with the Hon'ble Bombay High Court in respect of same and the writ is pending for hearin g. Stay was granted on 26th March,2018. However same was confirmed as interim relief by order dated 09th September, 2019
New Vardhman Vitrified Pvt. Ltd . (NVVPL) was subsid iary of NITCO limited till 10th December, 2020. NVVPL ceased to be subsidiary with effect from this date However, the share tra nsfer has not been effected pending NOC from some of the lenders. Accord ingly, the assets and liabilities of NVVPL has been classified as Held for Sale in the Statement of Asset and Liabilities and profit/loss have been reported as discontinued operations in the Statement of Profit and Loss.
In view of the accumulated losses, no provision for Tax has been made for the current year.
The figures of corresponding last and previous quarters are the balancing figures between aud ited figures in respect of the full financial year and the published year to date figures upto third quarter of thE current financial year.
The previous quarter/ year figures are regrouped/ restated/ reclassified/ rearranged, wherever necessary, to make them comparable

Place : MUMBAI Date : 26-May-2022

Vivek Talwar Chairman & Managing Director

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May 26, 2022

Corporate Service Dept.	The Listing Department,
BSE Limited	National Stock Exchange of India Limited
Jeejeebhoy Towers	Exchange Plaza, Bandra Kurla Complex,
Dalal Street,	Bandra (E),
Mumbai - 400 001	Mumbai - 400051.
Scriptcode:532722	Script code: NITCO

Sub: Declaration on Auditors Report with Unmodified Opinion under Regulation 33 (3) (d) of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015

Dear Sir / Madam,

I, Vivek Talwar, Chairman and Managing Director of NITCO Limited (CIN: L26920MH1966PLC016547) having registered office at Plot No 3, Nitco House, Kanjur Village Road, Kanjurmarg East, Mumbai - 400 042, hereby declare that in accordance with Regulation 33 (3) (d) of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, M/s. Nayak & Rane, Chartered Accountant, Statutory Auditors of the Company, have issued an Audit Report with unmodified opinion on Audited Financial Results of the Company (Standalone and Consolidated) for the quarter and year ended on March 31, 2022.

This is for your information and record.

Thanking you, Yours faithfully,

VIVEK TALWAR

CHAIRMAN & MANAGING DIRECTOR DIN: 00043180

AI assistant

Nitco Ltd. Audit Report / Information 2022

62410_rns_2022-05-26_af3e5c90-0d5e-4b2d-8edf-fa2030a20e27.pdf

Sub: Outcome of the Board Meeting held tod.ay i.e. May 26, 2022