Nitco Ltd. — Interim / Quarterly Report 2018

Oct 30, 2018

30th October, 2018

To,

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

Dear Sir,

Sub: Outcome of the Board Meeting held today i.e. 30th October, 2018:

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 30th October, 2018, has approved the following:-

• 1. Limited Review Report for the quarter ended 30th September 2018;
• 1. Unaudited Financial Results of the Company for the quarter ended 30th September, 2018.

The Meeting of Board of Director's Commenced at 10 a.m. and concluded at 2:30 p.m.

Kindly treat this as a disclosure under Regulation 30(6) of the Listing Regulations, read with Para A of Part A of Schedule III of the said regulations

Thanking you. Yours faithfully,

MOTWANI P ANY SECRETARY & COMPLIANCE OFFICER

End: as above

INDEPENDENT AUDITOR'S LIMITED REVIEW REPORT ON UNAUDITED QUARTERLY FINANCIAL RESULTS OF NITCO LIMITED

TO THE BOARD OF DIRECTORS Of NITCO LIMITED

• 1. We hove reviewed the accompanying Statement of unaudited standalone financial results of NITCO Limited ("the Company") for the quarter ended September 30, 2018 and year to dote from April 1. 20 18 to September 30. 2018 oltoched herewith,, being submilted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 20 15 ('Listing Regulotions'). This statement is the responsibility of the Company's Management and has been approved by the Boord of Directors. Our responsibility is to issue a report on these financial results based on our review.
• 1. We conduc ted our review of the Statement in ac cordance with the Standard on Review Engagement (SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditors of the Entity issued by the Institute of Chartered Accountants of Indio . This Standard requires that we plan and perform the review to obtain moderate assurance as to w hether the Statements ore free of material misstatement. A review is limited primarily to enquiries of company personnel and analytical procedures applied to financ ial data and thus provide less assurance than on audit. We hove not performed on audit and accordingly, we do not express on audit opinion.
• 1. Based on our review conducted as above, nothing has come to our attention that causes us to believe tha t the accompanying Statement, prepared in accordance w ith the applicable Indian Accounting Standards specified under section 133 of the Companies Act. 20 13, and other recognized accounting practices and principles generally accepted in Indio, has not disclosed information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation 2015, including the manner in which it is to be disclosed. or that it contains any material misstatement.

For Nayak & Rone Chartered Accountants Firm Registration No. 117249W

Place: Mumboi Dote: Oc tober 30, 20 18

Mumb ^a l omce 'A Wing. 20 1/ 202 2nd Flooc.P iane tln du•t dal C.tate. Sub ha.h Road . ^~A-J ^V ile Pa ^r le ( Ea st ) Mumba ⁱ - 400057. ~ Tel . No:. +9 1 22 26119080/2611 9081 Ema i l:.nayak rane @gmail.com

$\sim 4$

NITCO LIMITED

Registered office: Plot No.3, Nitco House, Kanjur Village Road, Kanjurmarg (East), Mumbai - 400042. Tel No.; 022 67521555/, Fax: 022 67521500, email: investorarievances@nitco.in, Website: www.nitco.in, CIN : L26920MH1966PLC016547

STATEMENT OF UNAUDITED FINANCIAL RESULT FOR THE QUARTER & SIX MONTHS ENDED 30TH SEPTEMBER, 2018

		(Rs. in Lakh except earnings per share)
			Quarter ended		Six months ended	Year ended
	Particulars	30.09.2018 (Unaudited)	30.06.2018 (Unaudited)	30.09.2017 (Unaudited)	30.09.2018 (Unaudited)	30.09.2017 (Unaudited)	31.03.2018 (Audited)
$\mathbf{1}$	Income from Operation
(a)	Revenue from operations	13.191.38	12.279.64	13,356.97	25.471.02	30.914.73	60.572.57
(b)	Other Income	35.55	26.82	4.81	62.37	35.19	125,24
	Total Income from operation (Net)	13,226.93	12,306.46	13,361.78	25,533.39	30,949.92	60,697.81
$\overline{2}$	Expenses:
a	Cost of materials consumed	3,690.62	3,122.98	2,998.51	6.813.60	7,867,86	12,949.88
(b)	Purchase of Stock in trade	5,500.34	5,433.59	5,313.99	10,933.93	11,679.37	23,470.10
c	Changes in inventories of finished goods, Stock in trade and work- in-progress	(926.55)	(924.99)	164.88	(1,851.54)	523.86	2,349.15
(d)	Excise Duty					699.14	699.14
(e)	Employee benefits expense	2,067.20	1,957.90	1,914.35	4,025,10	3,944.76	7,844.03
(f)	Power & fuel expense	1,065.07	1,263.60	952.27	2.328.67	1,994.97	4,582.96
g	Finance cost	529.62	480.20	57.90	1,009.82	100.27	845.50
(h)	Depreciation and amortization expense	786.28	771.28	948.42	1,557.56	1,883.08	7,245.87
(i)	Other expenses	1,806.52	1,680.25	1,924.74	3,486.77	4,100.65	8,275.15
	Total Expenses	14,519.10	13,784.81	14,275.06	28,303.91	32,793.96	68,261.78
$\overline{3}$	Profit / (Loss) before tax Exceptional items	(1, 292.17)	(1, 478.35)	(913.28)	(2,770.52)	(1,844.04)	(7, 563.97) (24, 786, 41)
	Profit / (Loss) from ordinary activities before tax (7 $\pm$ 8)	(1, 292.17)	(1, 478.35)	(913.28)	(2,770.52)	(1,844.04)	17,222.44
4	Tax expense						(2,034.84)
5	Net Profit / (Loss) after tax	(1, 292.17)	(1, 478.35)	(913.28)	(2,770.52)	(1,844.04)	19,257.28
6	Other Comprehensive Income A. Items that will not be reclassified to profit or loss
	(i) Remeasurements of post-employment benefit obligations (ii) Tax relating to items that will not be reclassified to profit or loss	(61.15)	96.68	9.16	35.53	4.98	(20.49)
	Total other comprehensive expense/ (income), net of income tax	(61.15)	96.68	9.16	35.53	4.98	(20.49)
$\overline{ }$	Total Comprehensive Income	(1, 353.32)	(1, 381.67)	(904.12)	(2.734.99)	(1,839.06)	19,236.79
8	Paid-up equity share capital (Face Value Rs. 10 per share)	7,185.90	7,185,90	5,469.93	7,185.90	5,469.93	7,185.90
9	Earnings per share (before extraordinary items) (of Rs. 10/-each)
	(not annualised):
$\alpha$	Basic	(1.88)	(1.92)	(1.65)	(3.81)	(3.36)	34.43
(b)	Diluted	(1.88)	(1.92)	(1.65)	(3.81)	(3.36)	34.43

• 1. The above financial results were reviewed by the audit committee and thereafter taken on record by the Board of Directors at their Meeting held on 30^th October 2018 and have undergone "Limited Review" by the statutory auditors of the Company.
• 1. The above results have been prepared in accordance with the principles and procedures of the Indian Accounting Standards ("Ind AS") as specified under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India.

Power and fuel expenses are net as under:
		Quarter ended		Six months ended	Year ended
Particulars	30.09.2018 (Unaudited)	30.06.2018 (Unaudited)	30.09.2017 (Unaudited)	30.09.2018 (Unaudited)	30.09.2017 (Unaudited)	31.03.2018 (Audited)
Sale of Power generated through Windmill	276.51	287.92	228.55	564.43	490.57	569.33

Consequent to introduction of Goods and Service Tax (GST) with effect from 1st July 2017, Central Excise, Value Added Tax(VAT) have been subsumed into GST. In $\overline{4}$ . accordance with the Indian Accounting Standard -18 on Revenue and Schedule III of The Companies Act 2013, unlike Excise Duty, levies of GST, VAT etc are not the part of Revenue, Accordinaly, the figures for period upto June 2017 are not strictly relatable to those thereafter. The following additional information is being provided to facilitate such understanding.

(Rs. in Lakh)

		Quarter ended		Six months ended	Year ended
Particulars	30.09.2018 (Unaudited)	30.06.2018 (Unaudited)	30.09.2017 (Unaudited)	30.09.2018 (Unaudited)	30.09.2017 (Unaudited)	31.03.2018 (Audited)
Revenue from operations	13.191.38	12,279.64	13,356.97	25,471.02	30.914.73	60,572.57
Less: Excise Duty	-			×	.532.31	1,532,31
Revenue from operations excluding excise duty on sales	13.191.38	12,279.64	13,356.97	25.471.02	29.382.42	59.040.26

1. Subsequent to current quarter, New Vardhman Vitrified Pvt Ltd, a joint venture and subsidiary of NITCO Limited having its manufacturing unit in Guiarat has suspended its production. NITCO Limited has made necessary alternate arrangement of sourcing of the products being manufactured at New Vardhman Vitrified Pvt Ltd.

The previous quarter/year figures are regrouped/restated/reclassified/rearranged, wherever necessary, to make them comparable. 6.

MARBLE

							(Rs. in Lakh)
Sr.			Quarter ended		Six months ended	Year ended
No.	Particulars	30.09.2018 (Unaudited)	30.06.2018 (Unaudited)	30.09.2017 (Unaudited)	30.09.2018 (Unaudited)	30.09.2017 (Unaudited)	31.03.2018 (Audited)
	Segment Revenue
	- Tiles and other related products	13,178.33	12,266.59	13,344.26	25,444.93	29,205.49	57,573.51
	- Real estate	13.05	13.05	12.71	26.09	1,744.43	2,999.06
	Total Revenue	13,191.38	12,279.64	13,356.97	25,471.02	30,949.92	60,572.57
$\overline{2}$	Segment results
	- Tiles and other related products	(770.84)	(999.49)	(844.19)	(1,770.33)	(1,900.72)	(7, 234.68)
	- Real estate	8.29	1.34	(11.19)	9.63	156.95	516.21
	Total Segment Profit Before Finance Cost and Tax	(762, 55)	(998.15)	(855.38)	(1,760.70)	(1,743.77)	(6, 718.47)
	Finance cost	529.62	480.20	57.90	1,009.82	100.27	845.50
	Exceptional items						(24, 786.41)
	Profit Before Tax	(1, 292.17)	(1, 478.35)	(913.28)	(2.770.52)	(1,844.04)	17,222.44
				Quarter Ended	Six months ended	Year ended
	Segment Assets & Liabilities	30.09.2018 (Unaudited)	30.06.2018 (Unaudited)	30.09.2017 (Unaudited)	30.09.2018 (Unaudited)	30.09.2017 (Unaudited)	31.03.2018 (Audited)
	Tiles and other related products	83,628.86	83.263.77	91,659.94	83,628.86	91,659.94	84,258.91
	Real Estate	26,399.11	26,412.57	35,450.12	26,399.11	35,450.12	26,909.38
	Other Un-allocable Assets	13,080.54	13,721.15	7,857,88	13,080.54	7,857,88	13,892.00
	Total Segment Assets	123,108.51	123,397.49	134,967.94	123,108.51	134,967.94	125,060.29
	Segment Liabilities
	Tiles and other related products	19,285.09	18,605.27	18,575.36	19,285,09	18,575.36	19,035.82
	Real Estate	161.79	122.11	82.31	161.79	82.31	156.93
	Other Un-allocable Liabilities	4,108.91	4,046.02	1,368.10	4,108.91	1,368.10	4,252.76
	Total Segment Liabilities	23,555.79	22,773.40	20,025.77	23,555.79	20,025.77	23,445.51

SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER & SIX MONTHS ENDED 30¹⁴ SEPTEMBER, 2018

TILES MARBLE MOSAICO

$\mathcal{P}^{\mathcal{E}}$

STATEMENT OF ASSETS AND LIABILffiES

(Rs. in Lakh)

	Particulars	As at 30.09.2018 {Unaudited)	As of 31.03.2018 (Audited)
A	Assets
1	Non-current assets
	(a) Property, p lant & equipment	45,307.86	46.429.21
	(b) Capitol work-in-progress	444.40	326.56
	(c) Intangible assets	6.72	9.41
	(d) Financial assets
	( 1)1nvestment in subsidiaries	2.735.36	2.735.36
	(2) Other Financial assets	2.246.5 1	2.248.25
	(q) Other non-current assets	3.046.88	2,933.72
	Sub-total - Non-current assets	53,787.73	54.682.51
2	Current assets
	(o)lnventories	16,677.94	14,427.88
	(b) Inventories Real Estate (c) Financial assets	15.575.65	15,575.65
	( 1) Current investments	-	-
	(2) Trade receivables	15.733.78	18,118.89
	(3) Cosh and cash equivalents	1,641.80	1,279.60
	(4) Other Bank balances	3.585.49	4,851.01
	(5) Loons	9,001.19	9.042.42
	(6) Other Financial assets	1.471.73	1.448.40
	ldl Other current assets	5.633.21	5,633.92
	Sub-total - Current assets	69,320.79	70 377.77
	Total - Assets	123,108.52	125,060.28
8	Equity and liabilities
1	Equity {a) Equity Shore capitol
	(b) Shore Warrants	7.185.90	7,185.90
	{c ) Other equity	1.750.00 4.730.1 1	1.750.00
	Sub-total-EQuity	13,666.01	7.465.10 16.401.00
2	Non-current liab!IIHes
	(a) Finoncioliiobilities
	{I ) Borrowings	77,885.0 1	81.397.79
	(b ) Provisions	182.07	189.96
	(c ) Deferred tax liabilities (Net)	-	-
	_ldl Other non-current liabilities	-	-
		78,067.08	81,587.75
	Sub-total-Non-current liabilities
3	Current liabilities
	(a) Financial liabilities
	( 1) Short-term borrowings	-
	(2) Trade poyables	15.454.37
	(3) Other financial liabilities	8.818.99	- 15,101.45 4.471.65
	(b) Other current liabilities	6,760.22	7,178.50
	(c:} Provisions Sub-total-Current liabilities	341.85 31,375.43	319.93 27,071.53

Place : Mumboi Dote: 30th October 2018

kTalwar ( irmon & M\oging Dl ector I I

Corporate Office: NITCO Ltd., NITCO House, Sheth Govindram Jolly Marg, Kanjur Marg (E) Mumbai - 400 042. Tel.: 91 -22-67302500 I 67521555, Fax: 91 -22-25786484. CIN: L26920MH1966PLC016547. Email:investorgrievances@nitco.in, Website: www.nitco.in

NITCO LIMITED

Registered office: Plot No.3, Nitco House, Kanjur Village Road, Kanjurmarg (East), Mumbai - 400042. Tel No.: 022 67521555/, Fax: 022 67521500, email: investorarievances@nitco.in, Website: www.nitco.in. CIN: L26920MH1966PLC016547

EXTRACT OF STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULT FOR THE QUARTER & SIX MONTHS ENDED 30TH SEPTEMBER, 2018

						(Rs. in Lac except earnings per share)
			Quarter ended		Six months ended		Year ended
	Particulars	30.09.2018 (Unaudited)	30.06.2018 (Unaudited)	30.09.2017 (Unaudited)	30.09.2018 Unaudited)	30.09.2017 (Unaudited)	31.03.2018 (Audited)
	Total Income	13,226.93	12,306.46	13,361.78	25,533.39	30,949.92	60,697.81
$\overline{2}$	Net Profit / (Loss) for the period from (before tax exceptional and/or extraordinary items)	(1, 292.17)	(1, 478, 35)	(913.28)	(2,770.52)	(1, 844.04)	(7,563.97)
3	Net Profit / (Loss) before tax (after exceptional and/ or extraordinary items)	1,292.17	(1, 478.35)	(913.28)	(2,770.52)	(1, 844.04)	17,222.44
	Net Profit / (Loss) after tax	(1, 292, 17)	(1, 478.35)	(913.28)	(2,770.52)	(1,844.04)	19,257.28
5	Total Comprehensive Income (after tax)	(1, 353.32)	(1, 381.67)	(904.12)	(2,734.99)	(1, 839.06)	19,236.79
6	Paid-up equity share capital (Face Value Rs. 10 per share)	7,185.90	7,185.90	5.469.93	7,185,90	5,469.93	7,185.90
	Reserves (excluding Revaluation Reserve) as shown in the last balance sheet of previous year						7,465.10
8	Earnings per share (before extraordinary items) (of Rs. 10/-each) (not annualised):
$\vert 0 \rangle$	Basic	1.88	(1.92)	1.65	(3.81)	(3.36)	34.43
(b)	Diluted	1.881	(1.92)	1.65	(3.81)	(3.36)	34.43

• 1. Note: 1. The above financial results were reviewed by the audit committee and thereafter taken on record by the Board of Directors at their Meeting held on 30^th October 2018 and have undergone "Limited Review" by the statutory auditors of the Company.
• 1. The above is an extract of the detailed format of Quarterly Financial Results filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015. The full format of the Quarterly Financial Results are available on the Stock Exchange websites. (www.bseindia.com and www.nseindia.com) and on Company's website (www.nitco.in).

Place: Mumbai Date: 30th October 2018

Vivek Talwar Chairman/& Managing Director