Nitco Ltd. — Interim / Quarterly Report 2020

Feb 24, 2020

February 24, 2020

To,

The Listing Deparhnent, National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (E), Mumbai- 400051. Script code: NITCO

Sub: Clarification for Financial Results for the quarter and nine months ended December 31, 2019.

Dear Sir,

With reference to your email dated February 20, 2020 seeking clarification on the financial results submitted to the exchange, enclosed herewith are the financial results duly signed by the Managing Director of Nitco Limited.

We request you to take this on record.

Yours faithfully, For NITCO LIMITED

PANY SECRETARY & COMPLIANCE OFFICER

End: as above

INDEPENDENT AUDITOR'S LIMITED REVIEW REPORT ON STANDALONE UNAUDITED QUARTERLY FI NANCIAL RESU LTS AN D YEAR TO DATE RESULTS OF NITCO LIMITED PURSUANT TO THE REGULATION 33 OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015 (AS AMENDED)

TO THE BOARD OF DIRECTORS OF NITCO LIMITED

• 1. We have reviewed the accompanying Statement of unaudited standalone financial results ("the Statement") of NITCO Limited ("the Company") for the quarter and nine month ended December 31. 20 19.
• 1. The 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, Interim Financial Reporting ('lnd AS 34'), prescribed under Section 133 of the Companies Ac t. 2013 ('the Act'). SEBI Circular CIR/CFD/FAC/62/2016 dated 5 July 2016, (hereinafter referred to as the 'SEBI Circular'). 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 Engagement (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditors of the Entity"' issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statements are free of material misstatement. A review is limited primarily to enquiries of company personnel and analytical procedures applied to financial data and thus provide less assurance than a n audit. We have not performed an audit and accordingly, we do not express an audit opinion.
• 1. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement. prepared in accordance with the applicable Indian Accounting Standards specified under section 133 of the Companies Act. 2013, and other recognized accounting practices and principles generally accepted in India, has not disclosed informa tion 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 c ontains any material miss tatement.

Mu m ba i Offic e : A W i ng, 20 1/202 2nd Fl oo r, Plane t In dust ri al Esta te, Su b has h Ro ad, Vil e Pa r le (E ast) Mumb ai - 400057 . Tel. No :. +9122 2 6 1 19 08 0/ 26 1 1 908 1 Em ai l : .n ayak ra ne@ gma i l.c om

5. Emphasis of Matter

We draw your attention to Note of the Standalone financial statements, regarding borrowing. "Restructuring of company's debt was approved by JMFARC on January 23, 20 18. The company has requested LIC & DBS Bank Limited for restructuring of its facility (outstanding Rs . 20.1 4 crs.) on terms similar to restructuring done by JMFARC. Pending sanction from LIC no further adjustments in respect of LIC facility has b een made.

Pending sale of non core assets, the Company has defaulted in repayment of loans and interest aggrega ting to Rs. 15.49 crores as at December 31, 2019.

Our opinion is not modified in respect of the above matter."

For Nayak & Rane Chartered Accountants

Firm Registration No. 117

(Kishore K R ne) Partner M.No. 100788

Place: Mumbai Date: February 12, 2020 uDIN: :2-.o \ 00 1-'3 ?J 1111f\ A c._s 9 2-2.- Y

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 STANDALONE UNAUDITED FINANCIAL RESULT FOR THE QUARTER & NINE MONTHS ENDED 315T DECEMBER, 2019

			(Rs. in Lakh except earnings per share)
			Quarter ended		Nine months ended		Year ended
	Particulars	31.12.2019(Unaudited)	30.09.2019(Unaudited)	31.12.2018(Unaudited)	31.12.2019(Unaudited)	31.12.2018(Unaudited)	31.03.2019(Audited)
	Income from Operation
(a)	Revenue from operations	11,459.77	12,744.60	16,617.41	38,110.40	42,088.43	59,036.61
(b)	Other Income	87.69	60.62	36.47	524.74	98.84	159.28
	Total Income from operation (Net)	11,547.46	12,805.22	16,653.88	38,635.14	42,187.27	59,195.89
2	Expenses:
(a)	Cost of materials consumed	964.26	1,919.93	2,781.71	4,675.71	9,595.31	11,631.10
(b)	Purchase of Stock in trade	7,581.43	6,991.38	7,249.11	22,813.39	18,183.04	26,738.13
(C)	Changes in inventories of finished goods, Stock in trade and work-in-progress	660.63	1,070.02	800.24	1,194.74	(1,051.30)	(494.54)
(d)	Employee benefits expense	1,947.21	2.039.75	2.102.99	6,160.13	6,182.00	8,257.93
(e)	Power & fuel expense	51.51	203.61	1,311.24	1,073.20	3,639.91	4,775.82
(f)	Finance cost	556.22	554.90	489.68	1,599.62	1.499.50	1,977.37
(g)	Depreciation and amortization expense	764.54	770.94	784.46	2,299.60	2,342.02	3,111.80
(h)	Other expenses	1,720.90	1,753.56	2,025.72	5,255.99	5,458.58	7,888.92
	Total Expenses	14,246.70	15,304.09	17,545.15	45,072.38	45,849.06	63,886.53
3	Profit / (Loss) before tax	(2,699.24)	(2, 498.87)	(891.27)	(6, 437.24)	(3,661.79)	(4,690.64)
	Exceptional items
	Profit / (Loss) from ordinary activities before tax	(2,699.24)	(2,498.87)	(891.27)	(6, 437.24)	(3,661.79)	(4,690.64)
4	Tax expense
5	Net Profit / (Loss) after tax	(2,699.24)	(2,498.87)	(891.27)	(6, 437.24)	(3,661.79)	(4,690.64)
6	Other Comprehensive Income
	A. Items that will not be reclassified to profit or loss
	(i) Remeasurements of post-employment benefit obligations	59.10	(70.49)	(21.28)	(2.26)	14.25	15.27
	(ii) Tax relating to items that will not be reclassified to profit or loss
	Total other comprehensive expense/ (income), net of income tax	59.10	(70.49)	(21.28)	(2.26)	14.25	15.27
7	Total Comprehensive Income	(2,640.14)	(2, 569.36)	(912.55)	(6, 439.50)	(3,647.54)	(4,675.37)
8	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	7,185.90
$\circ$	Earnings per share (before extraordinary items) (of Rs. 10/- each)(not annualised):
$(\alpha)$	Basic	(3.67)	(3.58)	(1.27)	(8.96)	(5.08)	(6.51)
(b)	Diluted	(3.67)	(3.58)	(1.27)	(8.96)	(5.08)	(6.51)

For NITCO LIMITED

Managing Director

FOR NITCO LAMITED Managing DirectorVIVER TALWAR(DIN) 000 43180)

• 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 121 hFebruary 2020 a nd 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 ('lnd AS') as notified under the Compcmies (lndiar Accounting Standards) Rules. 2015 a s specified under section 133 of the Companies Act. 2013 and other accounting principles generally accepted in India.

Power and fuel expenses are net as under:
		Quarter ended		Nine months ended		Year ended
Particulars--	31.12.2019(Unaudited)	30.09.2019(Unaudited)	31.12.2018(Unaudited)	31.12.2019(Unaudited)	31.12.2018(Unaudited)	31.03.2019(Audited)
lo of Power generated through WindmillSo	21.07	95.93	33.71	248.65	598.14	--"-662.1 2

• 1. Restructuring of c ompany"s debt was approved by JMFARC on January 23, 2018. The company is negotiating with LIC & DBS Bonk Limited for restruc turing o f its fac ility [outstanding Rs. 20. 14 crs. as on 31.12.2019) on terms similar to restructuring done by JMFARC. Pending negotiations with LIC, no further adjustments in respec t of LIC facility has been mode.
• 1. On 27th January, 2020 a lockout has been declared at tiles manufacturing unit at Aliboug for a temporary period. The lockout was necessitated due to non co-operation, coercive a nd threatening tactics by workmen at the factory premises and with a view to safeguard the interest of the organisation, the safety and sec urity of the p ersonnel and the property of the Company. The production at Aliboug plant continued to remain suspended since August 2019.
• 1. In view of the ac cumulated losses. no provision for Tax has been mode for the current year.
• 1. The Compa ny did not raise any funds through preferential allotment or qualified institutions placement during the year under review. However, during FY 2017-18 the company hod raised o n amount of Rs.97.50 crore through preferential allotment of shares/warrants out of which Rs . 85.93 crores hove been utilized by the company till31•1 December 2019 [Rs. 25.65 crores hove been utilized for the period from 1•1 April2019 to 31•' December 2019) towards working capitol requirements and general corporate purposes.
• 1. The previous qua rter/ year figures are regrouped/ restated/ reclassified/ rearranged, wherever necessary, to make them comparable.

( NITCOLIMI~ · irector anagm fl- f-_ vrvtK lA LV'l CorrJ· avo t.t~130 )

(Rs. in Lakh) Nine months ended Year ended Quarter ended $Sr$ 31.12.2018 31.12.2019 31.03.2019 No. 31.12.2019 30.09.2019 31.12.2018 Particulars (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) $\overline{1}$ Segment Revenue 11,460.89 12,262.98 16,604.36 37,616.85 42.049.29 58,973.20 - Tiles and other related products 493.55 - Real estate $(1.12)$ 481.62 13.05 $39.14$ $63.41$ 38,110.40 11.459.77 12,744.60 16.617.41 42.088.43 59.036.61 Total Revenue $\overline{2}$ Segment results - Tiles and other related products $(2,096.98)$ $(1.814.60)$ $(406.38)$ $(4,662.58)$ $(2.176.71)$ $(2,741.41)$ $(175.04)$ $28.14$ $(46.04)$ $(129.37)$ 4.79 14.42 - Real estate $(2,713.27)$ Total Seament Profit Before Finance Cost and Tax $(2.143.02)$ $(1, 943.97)$ $(401.59)$ $(4,837.62)$ $(2,162,29)$ 489.68 Finance cost 556.22 554.90 1,599.62 1,499.50 1,977.37 Exceptional items Profit Before Tax $(2,699.24)$ $(2, 498.87)$ $(891.27)$ $(6, 437.24)$ $(3,661.79)$ $(4,690.64)$ Tax Expenses $\overline{\phantom{a}}$ $\sim$ $(2, 498.87)$ $(891.27)$ $(2,699,24)$ $(6, 437.24)$ $(3,661.79)$ $(4,690.64)$ Profit After Tax Other Comprehensive Income 59.10 $(70.49)$ $(21.28)$ $(2.26)$ 14.25 15.27 Total Comprehensive Income for the period/year $(2,640.14)$ $(2, 569.36)$ $(912.55)$ $(6,439.50)$ $(3,647.54)$ $(4,675.37)$ Quarter Ended Nine months ended Year ended 31,12,2019 30.09.2019 31.12.2018 31.12.2018 31.03.2019 31.12.2019 Segment Assets & Liabilities (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Tiles and other related products 88,205.86 90,683.44 92.284.47 88,205.86 92.284.47 92.689.14 26,352.29 Real Estate 25,709.99 25.641.54 26,414.58 25,709.99 26,414.58 Other Un-allocable Assets 2,805.46 4,289,80 6,460,10 2,805.46 6,460,10 6.265.85 Total Seament Assets 1,16,721,31 1,20,614.78 1,25,159,15 1.16.721.31 1,25,159,15 1,25,307,28 Segment Liabilities 24.129.44 Tiles and other related products 24.129.44 25,470.15 25,967,64 25.967.64 26,841.05 $142.19$ 164.78 180.62 Real Estate 180.62 164.78 194.33 Other Un-allocable Liabilities 25,612.34 26,132.42 24,310.06 Total Segment Liabilities 24,310.06 26,132.42 27,035.38

SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER & NINE MONTHS ENDED 315T DECEMBER, 2019

or NITCO LIMITED Managing DirectorVIVEK TALWAR(DIN: 00043180)

INDEPENDENT AUDITOR'S LIMITED REVIEW REPORT ON CONSOLIDATED UNAUDITED QUARTERLY FINANCIAL RESULTS AND YEAR TO DATE RESULTS OF NITCO LIMITED PURSUANT TO THE REGULATION 33 OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015 (AS AMENDED)

TO THE BOARD OF DIRECTORS OF NITCO LIMITED

• 1. We have reviewed the accompanying statement of consolidated unaudited financial results ("the Statement") of Nitco Limited (hereinafter referred to as the "the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as the "Group"), (refer annexure "A" for the list of subsidiaries included in the statement), and its share of the net profit /(loss) after tax and total comprehensive income/loss of its associates and joint ventures for the quarter and nine months ended December 31, 2019 and for the period from Jsf April 20 19 to 31st December 20 19 being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 20 15 (the "Listing Regulations, 20 15") (as amended). Attention is drawn to the fact that the consolidated figures for the corresponding quarter ended 31st December 2019 and the corresponding period from Jsf April 2019 to 31st December 2019, as reported in the financial results have been approved by the Parents Board of Directors, but have not been subjected to review.
• 1. The Statement, which is the responsibility of the Parent's Management and approved by its Board of Directors! has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ('lnd AS 34'), prescribed under section 133 of the Companies Act, 20 13 ('the Act') 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 Engagement (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries , primarily of persons responsible tor financial and accounting matters, and applying analytical and other review 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 p erformed procedures inaccordance with the circular issued by the SEBI under regulation 33(8) of the SEBI (Listing Obligations and Diclosure Requirements ) Regulation 2015, as amended, to the exte nt possible.
• 1. Based on o ur review conducted and procedures performed as stated in paragraph 3 above a nd based on the consideration of the review reports of the other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying {/ f ~1-

r;;~,, ·N"'' ",..j "«; ~' ·-p..... WI'-') '9fo ('- ~

Mumbai Office : A W i ng, 201/2 0 2 2n d Fl oor, Pla n et Indus t r i al Estate, Subha sh Roa d , Vi l e Pa rle (Eas t ) Mum b ai - 400057. Tel. No:. +9 1 22 26119080/26 1 1 908 1 Em ai l:.nayakra n e@g ma il.co m Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms regulation 33 of the SEBI ( Listing Obligations and Disclousre Requirements) Regulation , 201 5, as amended, including the manner in which it is to b e disclosed, or that it contains any material misstatement.

5. Emphasis of MaHer

We draw your attention to Note of the Standalone financial statements, regarding borrowing. "Restructuring of company's debt was approved by JMFARC on January 23, 2018. The company has requested LIC & DBS Bank Limited for restructuring of its facility (outstanding Rs. 20.1 4 crs.) on terms similar to restructuring done by JMFARC. Pending sanction from LIC no further adjustments in respect of LIC facility has been made.

Pending sale of non core assets, the Company has defaulted in repayment of loans and interest aggregating toRs. 15.49 crores as at December 31, 2019.

6. Other MaHer

We did not review the interim financial statements/financial information/ financial results of 2 subsidiaries and 12 fellow subsidiaries included in the consolidated unaudited financial results, whose interim financial statements/ financial information/financial results reflect total assets of Rs . 19.429.98 Lacs as at 31st December 2019 and total revenue of Rs. 58.68 lacs and Rs. 287.03 lacs, and total net loss after tax of Rs.(22 1.60) lacs and Rs . (869.48) Lacs and total comprehensive income of Rs. (221.60) Lacs and Rs. (869.48) Lacs, for the quarter ended 31st December 2019 and for the period from pt April 2019 to 31st December 2019, respectively, as considered in the Statement. These interim financial statements/ financial information/financial results have been reviewed by other auditors whose reports have been furnished to us by the management and our conclusion on the Statement , in so far as it relates to the amounts and disclosures inc luded in respect of these subsidiaries is based solely on the report of such other auditors and the . procedures performed by us as stated in paragraph 3 above.

Our conculsions on the statements is not modified in respect of the above matters .

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

(Kishore K Rane) Partner

Place: Mumbai l'.r~/J Date: February 12, 2020 4c~~ UDIN: 2-o IOO :t 8'3 AA 11 ACI ~ ::r- r 2-

Annexue ·A

List of entities consolidated:

Sr.No.	Name of the Company
	Subsidiaries
1	New Vardhman Vitrified Pvt. Ltd.
2	Nitco Realties Private Limited
	Fellow Subsidiaries
1	Maxwealth Properties Pvt. Ltd.
2	Meghdoot Properties Pvt. Ltd.
3	Roaring- 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 Properties Pvt. Ltd.
8	Ferocity Properties Pvt. Ltd.
9	Glamorous Properties Pvt. Ltd.
10	Nitco IT Parks Pvt. Ltd.
11	Nitco Aviation Pvt. Ltd.
12	Aileen Properties Pvt. Ltd.

NITCO LIMITED

Registered office: Plot No.3, Nitco House, Kanjur Village Road, Kanjurmarg (East), Mumbai - 400042.

Tel No.: 022 67521555/ Fax: 022 67521500, email: investorgrievances@nitco.in, Website: www.nitco.in, CIN: L26920MH1966PLC016547

STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULT FOR THE QUARTER & NINE MONTHS ENDED 315T DECEMBER, 2019

		(Rs. in Lakh except earnings per share)
		Quarter ended			Nine months ended		Year ended
	Particulars	31.12.2019	30.09.2019	31.12.2018	31.12.2019	31.12.2018	31.03.2019
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
$\mathbf{1}$	Income from Operation
(a)	Revenue from operations	11,511.25	12,848.23	16,742.91	38,325.15	42,644.96	59,645.67
(b)	Other Income	87.92	60.86	42.99	541.46	134.52	199.89
	Total Income from operation (Net)	11,599.17	12,909.09	16,785.90	38,866.61	42,779.48	59,845.56
$\overline{2}$	Expenses:
(a)	Cost of materials consumed	1,015.58	2,046.00	2,951.93	4,906.15	11,450.18	13,542.47
(b)	Purchase of Stock in trade	7,574.46	6,975.84	6,696.88	22,757.82	13,052.38	21,501.98
(c)	Changes in inventories of finished goods, Stock in trade and work-	661.17	1,310.48	1,197.87	1,483.55	167.53	834.51
	in-progress
(d)	Employee benefits expense	1,948.46	2,040.62	2,118.82	6,124.67	6,351.12	8,430.45
(e)	Power & fuel expense	51.51	203.61	1,383.26	1,073.20	4,982.94	6,118.84
(f)	Finance cost	556.28	555.03	572.17	1,625.59	1,784.57	2,306.61
(g)	Depreciation and amortization expense	967.57	973.95	987.24	2,908.69	2,950.36	3,923.00
(h)	Other expenses	1,753.10	1,829.28	2,114.20	5,428.16	6,852.74	9,324.98
	Total Expenses	14,528.13	15,934.81	18,022.37	46,307.83	47,591.82	65,982.84
3	Profit / (Loss) before tax	(2,928.96)	(3,025.72)	(1, 236.47)	(7, 441.22)	(4,812.34)	(6, 137.28)
	Exceptional items
	Profit / (Loss) from ordinary activities before tax	(2,928.96)	(3,025.72)	(1, 236.47)	(7, 441.22)	(4,812.34)	(6, 137.28)
4	Tax expense
	Current tax					(0.18)	(0.18)
	Deferred Tax	(8.12)	(14.07)		(134.53)		(131.38)
5	Net Profit / (Loss) after tax	(2,920.84)	(3,011.65)	(1, 236.47)	(7, 306.69)	(4,812.16)	(6,005.72)
6	Other Comprehensive Income
	A. Items that will not be reclassified to profit or loss
	(i) Remeasurements of post-employment benefit obligations	59.10	(70.49)	(21.28)	(2.26)	14.25	15.27
	(ii) Tax relating to items that will not be reclassified to profit or loss
	Total other comprehensive expense/ (income), net of income tax	59.10	(70.49)	(21.28)	(2.26)	14.25	15.27
$\overline{7}$	Total Comprehensive Income	(2,861.74)	(3,082.14)	(1, 257.75)	(7,308.95)	(4,797.91)	(5,990.45)
	Non-controlling Interest	(106.75)	(250.34)	(169.22)	(422.10)	(564.74)	(640.20)
8	Net Profit / (Loss) after tax, Minority Interest	(2,754.99)	(2,831.80)	(1,088.53)	(6,886.85)	(4, 233.17)	(5,350.25)
9	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	7,185.90
10	Earnings per share (before extraordinary items) (of Rs. 10/-each)
	(not annualized):
(a)	Basic	(3.83)	(3.94)	(1.51)	(9.58)	(5.89)	(7.45)
(b)	Diluted	(3.83)	(3.94)	(1.51)	(9.58)	(5.89)	(7.45)

For NITCO LIMITED Managing DirectorVIVER TALWAR

• 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 1211' February 2020 a nd have undergone "Limited Review" by the statutory auditors of the Company.
• 1. The a bove results have been prepared in accordance with the principles and procedures of the Indian Accounting Standards ('lnd 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.

3.	Power and fuel expenses are net as under:	(Rs. in Lakh)
			Quarter ended			Nine months ended
	Particulars--	31.12.2019(Unaudited)	30.09.2019(Unaudited)	31.12.2018(Unaudited)	31 .12.2019(Unaudited)	31.12.2018(Unaudited)	31.03.2019(Audited)
	Sale of Power generated through Windmill	21.07	95.93	33.71	248.65	598.14	662.12

• 1. Restructuring of company's debt was approved by JMFARC on January 23, 20 18. The company is negotiating with LIC & DBS Bank Limited for restructuring of its facility (outstanding Rs . 20.14 crs. as on 31 .12.2019) on terms similar to restructuring done by JMFARC. Pending negotiations with LIC, no further adjustments in respect of LIC facility hos been made.
• 1. On 27th January, 2020 a lockout has been declared at tiles manufacturing unit at Alibaug. The lockout was necessitated due to non co-operation, c oercive and threatening tactics by w orkmen at the factory premises and with a view to safeguard the interest of the organisation, the safety and security of the personnel and the property o f the Company. The production at Alibaug plant continued to remain suspended since August 2019.
• 1. In view of the accumulated losses, no provision for Tax has been mode for the current year.
• 1. The Company did not raise any funds through preferential allotment or qualified institutions placement during the year under review. However. during FY 2017-18 the company had raised on amount of Rs.97 .50 crore through preferential allo tment of shares/warrants out of which Rs. 85.93 crores hove been utilized by the company till 31st December 2019 (R s. 25.65 crores have been utilized for the period from 1 ' 1April 2019 to 31 ' 1December 2019) towards working capitol requirements and general corporate purposes.
• 1. Tho previous quarter/ year figures are regrouped/ restated/ reclassified/ rearranged, wherever necessary, to make them comparable.

SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER & NINE MONTHS ENDED 31" DECEMBER, 2019

							[Rs. in LakhJ
Sr.			Quarter ended		Nine months ended	Year ended
No.	Particulars	31.12.2019(Unaudited)	30.09.2019(Unaudited)	31.12.2018(Unaudited)	31 .12.2019(Unaudited)	31.12.2018(Unaudited)	31.03.2019(Audited)
1	Segment Revenue
-	Tiles and other related products-	11.460.89	12,316.86	16,673.11	37,679.63	42,441.35	59,365.?.6
	-Real estate	50.36	531.37	69.80	645.52	203.61	280.41
	Total Revenue	11,511.25	12,848.23	16,742.91	38,325.15	42,644.96	59,645.67
2	Segment results
	_ -Tiles and other related products	(2,320.95)	[2,338.55)	[669.38)	[5,628.50)	[3,045.661	(3,854.73)
--,_	Real estate-	[51.73)	[132.14)	5.08	[187.13)	17.89	24.06
	Total Segment Profit Before Finance Cost and Tax-	(2,372.68)	(2.470.69)	(664.30)	(5,815.63)	(3,027.77)	(3,830.67)
	Finance cost	556.28	555.03	572.17	1,625.59	1,784.57	2.306.61
--	xc~ptiona itcms _-=-	---		-
	Profit Before Tax	(2, 928. 96)	C3.o25nJ	f--·-( 1.236.4 7) --	}7.441.22J	(4~812 .34-)- !----	(6,137.28)
	Tax Expenses	[8.12)_	[14.07)	-	(134.53)	(0.18)	(131.56)
	Profit After Tax	(2,920.84)	(3,011.65)	(1 ,236.47)	(7,306.69)	(4,812.16)	(6,005.72)
	Other Comprehensive Income	59.10	(70.49)	(21.28)	(2.26)	14.25	15.27
	Total Comprehensive Income for the period/year	(2,861.74)	(3,082.14)	(1,257.75)	(7,308.95)	(4,797. 91)	(5,990.45)
			Quarter ended		Nine months ended		Year ended
-	-Segment Assets & Liabilities	31 .12.2019(Unaudite~)	30.09.2019{Unaudited)	31.12.2018(Unaudited)	31.12.2019(Unaudited)	31.12.2018(Unaudited)	31.03.2019(Audited)_
	Tiles and other related products	92,256.85	94,949.05	97,986.80	92,256.85	97,986.80	97,601.93
	Real Estate	26,252.01	26,187.16	26,949.57	26,252.01	26,949.57	26,887.21
	Other Un-allocable Assets	2,805.46	4.289.79	6,460.10	2,805.46	6.460.10	6,265.85
	Total Segment Assets	1,21,314.32	1,25,426.00	1,31,396.47	1,21,314.32	1,31,396.47	1 ,30, 754.99
	Segment Liabilities
·-	Tiles and other related products	26,637.76	27,973.57	29,039.29	26,637.76	29,039.29	---30,951.21
	Real Estate	445.89	403.49	398.14	445.89	398.14	436.50
	Other Un-allocable Liabilities	-	-	-	-	-	-
	Total Segment Liabilities	27,083.65	28,377.06	29,437.43	27,083.65	29,437.43	31,387.71