Nitco Ltd. — Interim / Quarterly Report 2021

Nov 11, 2021

November 11, 2021

To,

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
Script code: 532722	Script code: NITCO

Dear Sir /Madam,

Sub: Outcome of the Board Meeting held today i.e. November 11, 2021

Pursuant to Regulation 30 & 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), we hereby inform that the Board of directors of the Company at their meeting held on November 11, 2021, has noted/ approved the following:-

• 1. Limited Review Report for the quarter ended September 30, 2021;
• 1. Unaudited Financial Results (Standalone & Consolidated) of the Company for the quarter/ half year ended September 30, 2021.

The Meeting of Board of Director's commenced at 11:30 a.m. and concluded at 12.:l_Op.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.

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

INDEPENDENT AUDITOR'S LIMITED REVIEW REPORT ON STANDALONE UNAUDITED QUARTERLY FINANCIAL 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'1) of NITCO Limited ("the Company'') for the quarter ended September 30, 2021.
• 1. This statement is the responsibility of the Company's Management and has been approved by the Board of Directors. Our responsibility is to issue a report on these financial statements 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 an 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 of unaudited financial results prepared in accordance with applicable accounting standards and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement.
• 1. Material Uncertainty Related to Going Concern :
• 1 We draw attention to following Points due to which material uncertainty exist that may cast significant doubt on the company's ability to continue as a going concern. However the accounts of the company have been prepared as a going concern:

Mumba ; Offke, A w ;ng . 20 1 /2 02 2nd Flo ^o •.P la ne t ln ^d , stdal Estate, S"bhosh Roa ^d : r-A J Vil e Parle ( Ea st) Mumb ai - ^{40 0 05} 7. V <\ Tel. No : . +9 122 26 1 19 0 8 0/ 26 1 1 908 1 Ema il: .n ay ak r an e@g mail.co m

• i. There is a default in repayment of term loan from JMFARC of Rs 215.98 crore as on 30th September, 2021. JMFARC is also having a right to revoke the waiver of Rs 546 er already given in case of default.
• ii. Company is continuously making operating cash losses. As on 30th September 2021 there is a negative net worth of Rs 128.15 crore.
• iii. COVID-19 Pandemic will impact the Company's results which depend on the future developments that are highly uncertain.
• 1. Lockout was declared in one of the main Tile Manufacturing unit of Company situated in Alibag in January 2020.

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

6 We draw attention to Note no 3 of the statement, regarding borrowing. "Restructuring of company's debt was approved by JMFARC on January 23, 2018. The company has requested UC for restructuring of its facility (principal outstanding Rs. 18.87 Crs} on terms similar to restructuring done by JMFARC. Pending sanction from LIC no further adjustments in respect of LIC facility has been made. Our opinion is not modified in respect of the above matter."

For Nayak & Rane Chartered Accountants

(Kishore K Ran Partner M.No. 100788

Place: Mumbai Date: November 11, 2021

UDINNo.: 2.l l007'6~AAA-AkX14g-6

INDEPENDENT AUDITOR'S LIMITED REVIEW REPORT ON CONSOLIDATED UNAUDITED QUARTERLY FINANCIAL 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), for the quarter ended 30th September 2021 ,being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI {Listing Obligations and Disclosure Requirements) Regulations, 2015 (the "Listing Regulations, 2015") (as amended) including relevant circulars issued by the SEBI from time to time .
• 1. The Statement, which is the responsibility of the Parent's Management and approved by its Board of Directorst has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ('Ind AS 34'), prescribed under section 133 of the Companies Act, 2013 ('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 for 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 have also performed procedures inaccordance with the circular issued by the SEBI under regulation 33(8) ofthe SEBI (Listing Obligations and Diclosure Requirements) Regulation 2015, as amended, to the extent possible.

1. Based on our review conducted and procedures performed as stated in paragraph 3 above and 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 Statement, prepared in accordance with the recognition and measurement principles laid down in t he aforesaid Indian

information required to be disclosed in terms regulation 33 of the SEBI ( Listing Obligations and Disclousre Requirements) Regulation , 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

5. Material Uncertainty Related to Going Concern:

• 5.1 We draw attention to following Points due to which material uncertainty exist that may cast significant doubt on the company's ability to continue as a going concern. However the accounts of the company have been prepared as a going concern:
• I. There is a default in repayment of term loan from JMFARC of Rs 215.98 crore as on 30th September, 2021. JMFARC is also having a right to revoke the waiver of Rs 546 er already given in case of default.
• II. Company is continuously making operating cash losses. As on 301 h September 2021 there is a negative net worth of Rs 148.92 crore of the group.
• Ill. COVID -19 Pandemic will impact the Company's results which depend on the future developments that are highly uncertain.
• 5.2. Lockout was declared in one of the main Tile Manufacturing unit of Company situated in Alibag in January 2020.

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

6. Other Matter

We did not review the interim financial statements/financial information/ financial results of 1 subsidiary and 13 fellow subsidiaries included in the consolidated unaudited financial results, whose interim financial statements/ financial information/financial results reflect total assets of Rs. 6,456.82 Lacs as at September 30, 2021 and total revenue of Rs. 42.40 lacs and total net loss after tax of Rs. 6.62 lacs and total comprehensive loss of Rs. 6.18 Lacs, for the quarter ended September 30, 2021, 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 included 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. 117248 (Kishore K Rane) Partner M.No. 100788

Place: Mumbai Date: November 11, 2021

UDIN No.: 21100788AAAAKY9696

Annexue-A

List of entities consolidated:

Sr.No.	Name of the Company
	Subsidiaries
1	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.
13	Quick Innovation lab 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: lnvestororlevances@nitco.in, Website: www.nltco.ln. CIN: L26920MH1966PLC016547 ^m

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021

	STANDALONE								CONSOLIDATED
	Three Months Ended		I	Six Months Ended	I Year ended			Three Months Ended	I	Six Months Ended		I Year ended
30.09.2021	I 30.06.2021	I 30.09.2020	I 30.09.2021	I 30.09.2020	I 31.03.2021	Particulars	30.09.2021	I 30.06.2021	I 30.09.2020	I 30.09.2021	I 30.09.2020	I 31.03.2021
(Unaudited!	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
						CONTINUING OPERATIONS
						Revenue from Operations
8,693.62	7,870.35	7,633.77	16,563.97	9,938.41		32,323.30 Sale of Products	8,735.83	7,909.47	7,676.62	16,645.30	10,026.36	32,511.50
246.47	70.86	37.61	317.33	40.79		184.45 Other operational revenue	246.47	70.86	37.61	317.33	40.79	184.45
8,940.09	7,941.21	7,671.38	16,881.30	9,979.20		32,507.75 Total Revenue from Operations	8,982.30	7,980.33	7,714.23	16,962.63	10,067.15	32,695.95
535.42	102.54	80.82	637.96	173.45		259.67 Other Income	535.61	102.73	81.05	638.34	173.91	312.43
9,475.51	8,043.75	7,752.20	17,519.26	10,152.65		32,767.42 Total Income	9,517.91	8,083.06	7,795.28	17,600.97	10,241.06	33,008.38
						Expenses
605.03	486.95	372.49	1,091.98	503.36		2,173.26 Cost of materials consumed	642.33	521.63	414.77	1,163.96	583.99	2,329.76
5,840.07	5,785.98	5,158.18	11,626.05	7,249.73		22,204.07 Purchase of Stock In trade	5,840.07	5,78S.98	5,158.18	11,626.05	7,249.73	22,204.07
138.29	17.68	367.97	155.97	174.70	700.	97 Changes in inventories of finished goods, Stock in trade and work·ln·progress	138.29	17.68	367.97	155.97	174.70	700.97
1,375.70	1,278.16	1,178.56	2,653.86	2,383.43		5,097 .08 Employee benefits expense	1,375.70	1,278.16	1,178.56	2,653.86	2,383.43	5,097.08
758.61	750.50	740.06	1,509.11	1,483.90		3,074.97 Depreciation and amortization expense	758.61	750.50	740.06	1,509.11	1,483.90	3,074.97
1,577.84	1,541.90	1,298.92	3,119.74	2,562.35		5,362.07 Finance cost (net)	1,577.89	1,541.90	1,299.09	3,119.79	2,562.55	5,362.07
1,854.52	1,321.63	1,429.21	3,176.15	2,010.85		6,291.08 Other expenses	1,866.23	1,343.29	1,454.02	3,209.52	2,047.88	7,231.16
12,150.06	11,182.80	10,545.39	23,332.86	16,368.32		44,903.50 Total Expenses	12,199.12	11,239.14	10,612.65	23,438.26	16,486.18	46,000.08
(2,674.55)	(3,139.05)	(2,793.19)	(5,813.60)	(6,215.67)		(12,136.08) Profit/ (Loss) from Continuing Operations before tax	(2,681.21)	(3,156.08)	(2,817.37)	(5,837.29)	(6,245.12)	(12,991. 70)
						Tax expense
						Current Tax (current year} 376.51 Current Tax (earlier years)
						Deferred Tax						376.51
(2,674.55)	(3,139.05)	(2,793.19)	(5,813.60)	(6,215.67)		(12,512.59) Net Profit for the period from Continuing Operations	(2,681.21)	(3,156.08)	(2,817.37)	(5,837.29)	(6,245.12)	(13,368.21)
						Profit/ (Loss) attributable to Non-Controlling Interest	(0.44)	(0.33)	(1.46)	(0.77)	(1.78)	(0.83)
						Profit attributable to the Owners of the Parent	(2,680.77)	(3,155.75)	(2,815.91)	(5,836.52)	(6,243.34)	(13,367.38)
						Discontinued Operations
						Profit/ (Loss) before tax from discontinued operations			(206.70)		(425.11)	(626.23)
						Tax expense of discontinued operations
	-					Net Profit/ (loss) for the period from Discontinued	-		(206.70)		(425.11)	(626.23)
						Operations Profit/ (Loss) attrlbutable to Non-Controlling Interest			(101.28)
						Profit attributable to the Owners of the Parent			(105.42)		(208.30) (216.81)	(306.85) (319.38)
(2,674.55)	(3,139.05)	(2,793.19)	(5,813.60)	(6,215.67)		(12,512.59) Net Profit/ (Loss) after tax	(2,681.21)	(3,156.08)	(3,024.07)	(5,837.29)	(6,670.23)	(13,994.44)
						Profit/ (Loss) attributable to Non-Controlling Interest	(0.44)	(0.33)	(102.74)	(0.77)	(210.08)	(307.68)
						Profit attributable to the Owners of the Parent	(2,680.77)	(3,155.75)	(2,921.33)	(5,836.52)	{6,460.15)	(13,686.76)

(Rs. In lakh except earnings per share}

~z (/) i-1 ~n ~o

						other Comprehensive Income
(41.31)	(32.56)	6.21	(73.87)	64.99	54	will not be reclassified to profit or oss .50 (i) Items that l	(41.31)	(32.56)	6 .21	(73 .87)	64.99	54
						(II) Tax relatlng to items that will not be reclassified to profit or loss
(41.31)	(32.56)	6.21	(73.87)	64.99		54.50 Other Comprehensive Income (OC I)	(41.31}	(32.56)	6.21	(73.87)	64.99
						OCI attr le to Non-Controlling Inte ibutab rest
(41.31)	(32.56)	6.21	(73.87)	64.99		rent 54.50 OCI attr ibutable to the Owne rs of the Pa	(41.31)	(32 .56)	6.21	(73.87)	64 .99
(2,715.86)	(3,171.61)	(2,786 .98)	(5,887.47)	(6,150.68)		(12,458.09) Total Comprehensive Income	(2,722.52)	(3,188.64)	(3,017.86)	(5,911.16)	(6 ,605.24)	(13 , 939 9 4)
						est Non-Controlling Inter	(0.11)	(0.33)	(102 .74)	(0 .77)	(210.08)	(3 07 68
(2,715.86)	(3 ,171.61)	(2,786.98)	(5,887.47)	(6,150.68)		(12,458.09) Net Profit/ (Loss) after taxe s, Non-Controlling Interest	(2,722.41)	(3,188.31)	(2,915.12)	(5,910.39)	(6,395.16)
7,185.90	7,185.90	7,185.90	7,185.90	7,185.90	7 1185.90 Paid	-up equity share capital (Face Value Rs. 10 per share)	7,185.90	7,185.90	7,18 5.90	7,185.90	7,185.90	7,18 5 .90
					(l , _ 4 112	931 Reserves excluding rev a luation reserves as per balance sheet						(14,443.26)
						ings per share (before e xtraordinary ite m s} (of Rs. Earn 10/- each) (not annualized ):
(3.78)	(4.41)	(3.88)	(8.19)	(8.56)	(17.34) Basic	- Continuing Ope rations	(3.79)	(4 .44)	(3 .91)	(8.22)	(8.60)	(18.53)
(3.78)	(4.41)	(3.88)	(8.19)	(8.56)		(17.34) Diiuted -Continuing Operat i ons	(3 .79)	(4.44)	(3.91)	(8.22)	(8.60)	(18.53)
						- Basic - D iscon tinuing Operations			(0 .15)		(0.30)	(0.44)
						- Diluted - D iscontinuing Ope ra tions			(0.15)		(0.30)	(0.4 4)
(3.78)	(4.41)	(3.88)	(8.19)	(8.56)		(17.34) Basic -Continuing & Discon t inuing Operations	(3.79)	(4.44)	(4.06)	(8.22)	(8.90)	(18. 97)
(3.78)	(4.41)	(3.88)	(8.19)	(8.56)		(17.34) Diluted -continuing & Discontinuing Operations	Q.79)	(4.44)	(4.06)	(8.22)	(8.90)	( 1 8 97)

Digitally signed by VIVEK PRANNATH TALWAR DN: c=IN, o=EDUCATION DEPARTMENT, ou=EDUCATION DEPARTMENT, postalCode=400006, st=MAHARASHTRA, serialNumber=487a93c67f0077b930e213 846f4b5034936c03ce6ac9ee1c56371ad80 0c03dc8, cn=VIVEK PRANNATH TALWAR Date: 2021.11.11 12:31:17 +05'30'

Vivek Talwar Chairman & Managing Di rector

VIVEK

PRANNATH TALWAR

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.50 I m Cf) ~z - 54.50 1-1 54.50 ) ~n ~o (13,632.26)

TILES MARBLE MOSAICO STATEMENT OF ASSETS AND LIABILITIES

(Rs in Lakh)
		STANDALONE	CONSOLIDATED
Particulars	30.09.2021	31.03.2021	30.09.2021	31.03.2021
	(Unaudited)	(Audited)	(Unaudited)	(Audited)
Assets
Non-current assets
(a) Property, plant & equipment	37,633.89	39,003.26	37,741.92	39,111.29
(b) Capital work-in-progress	256.09	310.76	430.82	477.93
(c) Right-of-use Assets	139.82	208.66	139.82	208.66
(d) Goodwill On Consolidation	-	-	323.77	323.77
(e) Financial assets
(1) Investments	694.59	694.59	-	-
(2) Other Financial assets	3,397.17	3,404.93	3,397.17	3,404.93
(f) Other no n-current assets	1,527.47	1,501.48	1,527.47	1,501.48
Sub-total - Non-current assets	43,649.03	45,123.68	43,560.97	45,028.06
Current assets
(a) Inventories	7,094.62	7,849.62	7,097.03	7,853.02
(b) Inventories Real Estat e	15,000.00	15,000.00	18,734.28	18,734.30
(c) Financial assets
(1) Tra de receivables	7,292.75	9,915.25	7,303.04	9,971.53
(2) Cash and cash equivalents	1,003.22	1,187.62	1,072.91	1,270.77
(3) Other Bank balances	1.01	-	1.01	-
(4) Loans	5,896.91	5,930.65	1,988.78	2,041.52
(5) Other Financia l assets	47.12	7.01	47.12	7.01
(d) Other current assets	4,341.73	4,292.92	4,362.12	4,311.71
Asset/ Disposal Group held for sale		-	3,084.24	3,084.24
Sub-total - Current assets	40,677.36	44,183.07	43,690.53	47,274.10
Total - Assets Equity and liabilities	84,326.39	89,306.75	87,251.50	92,302.16
Equity
(a) Equity Share capital	7,185.90	7,185.90	7,185.90	7,185.90
(b) Other equity	(20,000.40)	(14,112.93)	(20,353.62)	(14,443.26)
(c) Non-controlling interest Sub-total-Equity	- (12,814.50)	- {6,927.03)	(1,724.26) (14,891.98)	(1,723.50)
Non-current liabilities				(8,980.86)
(a) Financial liabilities
(1) Borrowings	32,868.21	45,722.55	32,868.21	45,722.55
(2) Lease Liabilities	33.21	69.88	33.21	69.88
(b) Provisions	207.30	215.33	207.30	215.33
Sub-tota l-Non-current liabilities	33,108.72	46,007.76	33,108.72	46,007.76
Current liabilities
(a) Financial liabilities
(1) Trade paya bles	10,575.78	12,577.86	10,612.92	12,637.58
(2) Lease Liabilities	125.70	162.37	125.70	162.37
(3) Other financial liabilities	47,156.89	31,642.67	47,330.96	31,850.74
(b) Other current lia bilitie!	5,695.19	5,503.57	5,792.91	5,591.32
(c) Provisions	478.61	339.55	480.58	341.55
Liability/ Disposal Group held for sale	-	-	4,691.70	4,691.70
Sub-total-Current liabilities	64,032.17	50,226.02	69,034.77	55,275.26
Total-Equity and liabilities	84,326.39	89,306.75	87,251.50	92,302.16

~co~ ^l~ ~~ _\ ·r ...., ~ 0177.

Place: IVlOIVltSAI Vivek Talwar

VIVEK PRANNATH TALWAR

Digitally signed by VIVEK PRANNATH TALWAR DN: c=IN, o=EDUCATION DEPARTMENT, ou=EDUCATION DEPARTMENT, postalCode=400006, st=MAHARASHTRA, serialNumber=487a93c67f0077b930e213846f 4b5034936c03ce6ac9ee1c56371ad800c03dc8, cn=VIVEK PRANNATH TALWAR Date: 2021.11.11 12:33:10 +05'30'

Date: November 11, 2021 Chairman & Ma naging Director

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 : investorgrievances@nitco.inWebsite:www.nitco.in

Cash Flow Statement for the period ended 30 September 2021

		Standalone			(Rs in Lakh) Consolidated
Particulars	30.09.2021	Six Months ended		Six Months ended 30.09.2020	Six Months ended 30.09.2021			Six Months ended 30.09.2020
A. CASH FLOW FROM OPERATING ACTIVITIES
Net Profit before tax (before exceptional items)		(5,813.60)		(6, 215.67)		(5,837.29)		(6,670.23)
Adjusted for:
Depreciation & amortisation expense	1,509.11		1,483.90		1,509.11		1,886.15
(Profit)/Loss on sale of Property, plant & equipment (Net)	(451.57)				(451.57)
Finance costs	3,119.74		2,562.35		3,119.74		2,562.60
Provisions against current assets	763.65	4,940.92	724.87	4,771.12	763.65	4,940.92	724.87	5,173.62
Operating Profit before Working Capital Changes		(872.68)		(1,444.55)		(896.37)		(1, 496.61)
Working capital adjustments:
Adjustment for (increase)/decrease:
(Increase)/decrease in inventories	469.20		98.92		470.20		100.75
(Increase)/decrease in trade receivables	2,167.53		4,776.47		2,213.52		4,777.30
(Increase)/decrease in and other receivables	(89.18)		(100.49)		(71.79)		(108.28)
Increase/(decrease) in trade and other payables	(1,833,33)		(2,912.74)	1,904.12	(1,845.90)		(2,808.19)
Increase/(decrease) in provisions	65.19	779.40	41.96	459.57	65.16	831.18	41.63	2,003.21
Cash Generated from Operations		(93.27)		(4.22)		(65.18)		506.60 3.50
Taxes paid (net of refunds) Net Cash generated from Operations		(93.27)		455.35		(65.18)		510.10
B. CASH FLOW FROM INVESTING ACTIVITIES
Increase/ decrease Property, plant & equipment (Net)	366,50		(33.69)		358.95		(45.13)
Net Cash flow (used in) Investing Activities		366.50		(33.69)		358.95		(45.13)
C. CASH FLOW FROM FINANCING ACTIVITIES
Proceeds/ (Repayment) of Long Term Borrowings (Net)	(46.74)		(18.99)		(46.74)		(18.99)
Advance against sale of subsidiary			137.50				137.50
Proceeds from subsidiary	34.00		100.00
Finance costs paid (net)	(443.88)		(337.74)		(443.88)		(337.74)
Net Cash flow (used in) Financing Activities		(456.62)		(119.23)		(490.62)		(219.23)
Net increase in Cash and Cash Equivalents (A+B+C)		(183.39)		302.43		(196.85)		245.74
Cash and Cash Equivalents at the beginning of the year		1,187.62		823.82		1,270.77		1,067.25
Less: Amount difference due to assets held for sale								(25.66)
Cash and Cash Equivalents at the end of the year		1,004.23		1,126.25		1,073.92		1,287.33
Components of cash and cash equivalents
Cash on hand		4.52		4.00		7.27		6.25
Balance in current account and deposits with banks		999.71		1,122.25		1,066.65		1,281.08
Cash and Cash Equivalents at the end of the year		1.004.23		1,126.25		1,073.92		1,287.33

TILES MARBLE MOSAICO

Registred office: NITCO Limited, NITCO House, Sheth Govindram Jolly Marg, Kanjur Marg (E) Mumbai - 400 042.
Tel.: 91-22-67302500 / 67521555, Fax: 91-22-25786484. CIN: L26920MH1966PLC016547.
Email : investorgrievances@nitco

Place: MUMBAI Date: November 11, 2021

MUMBA

VIVEK PRANNATH TALWAR

Digitally signed by VIVEK PRANNATH
TALWAR
DN: c=IN, o=EDUCATION DEPARTMENT,
ON: c=IN, O=EDUCATION DEPARTMENT,
postalCode=400006, st=MAHARASHTRA, postalCode=400006, st=MAHARASHIRA,
serialNumber=487a93c67f0077b930e213
846f4b5034936c03ce6ac9ee1c56371ad80
0c03dc8, cn=VIVEK PRANNATH TALWAR
Date: 2021.11.11 12:33:46 +05'30'

Vivek Talwar Chairman & Managing Director

		SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
--	--	----------------------------------------------------------------------------------------------------------	--	--

STANDALONE
									CONSOLIDATED
	Three Months Ended		Six Months Ended		Year ended			Three Months Ended			Six Months Ended	Year ended
	30.09.2021 30.06.2021	30.09.2020	30.09.2021	30.09.2020	31.03.2021	Particulars	30.09.2021	30.06.2021	30.09.2020 30.09.2021		30.09.2020	31.03.2021
		(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)			(Audited)			(Unaudited) (Unaudited )		(Unaudited) (Unaudited) (Unaudited)		(Audited)
						Net Sales/ Income from Operations
8,940.09	7,941.21	7,665.91	16,881.30	9,973.73		32,495.67 - Tiles and other related products	8,940.09	7,941.21	7,665.91	16,881.30	9,973.73	32,495.67
	-	5.47		5.47		12.08 - Real estate	42.21	39.12	48.32	81.33	93.42	200.28
8,940.09	7,941.21	7,671.38	16,881.30	9,979.20		32,507.75 Total Revenue	8,982.30	7,980.33	7,714.23	16,962.63	10,067.15	32,695.95
						Segment results
(1,010.19)	(1,559.07)	(1,483.89)	(2,607.34)	(3,606.54)		(6,659.42) - Tiles and other related products	(1,010.19)	(1,559.07)	(1,690.54)	(2,607.34)	(4,031.23)	(7,285.65)
(86.52)	(38.08 )	(10.38)	(86.52)	(46.78)		(114.59) - Real estate	(93.14)	(55.11)	(34.44)	(110.21)	(76.45)	(970.21)
(1,096.71)	(1,597.15)	(1,494.27)	(2,693.86)	(3,653.32)		(6,774.01) Total Segme nt Profit Before Finance Cost and Tax	(1,103.32)	(1,614.18)	(1,724.98)	(2,717.50)	(4,107.68)	(8,255.86)
1,577.84	1,541.90	1,298.92	3,119 .74	2,562.35		5,362.07 Interest and other financial cost	1,577.89	1,541.90	1,299.09	3,119.79	2,562.55	5,362.07
(2,674.55)	(3,139.05)	(2,793.19)	(5,813.60)	(6,215.67)		(12,136.08) Profit Before Tax	(2,681.21)	(3,156.08)	(3,024.07)	(5,837.29)	(6,670.23)	(13,617.93)
						Capital Employed
						Segmental Assets
60,967.30	63,900.08	68,031.33	60,967.30	68,031.33		65,978.67 - Tiles and other related products	64,051.52	66,984.30	71,316.68	64,051.52	71,316.68	69,062.88
22,980.34	22,968.40	23,045.35	22,980.34	23,045.35		22,997.91 - Real estate	22,821.22	22,818.20	23,760.56	22,821.22	23,760.56	22,909.08
378.72	366.69	671.51 91,748.19	378.72 84,326.36	671.51 91,748.19		330.18 - Unallocated/ Corporate 89,306.76 Total Segmental Assets	378.72 87,251.46	366.69 90,169.19	671.51 95,748.75	378.72 87,251.46	671.51 95,748.75	330.18 92,302.14
84,326.36	87,235.17					Segment Llabllltles
18,421.47	19,786.08	18,824.42	18,421.47	18,824.42		20,135.91 Tiles and other related products	23,113.18	24,477.79	21,889.67	23,113.18	21,889.67	24,827.61
180.24	138.10	37.30	180.24	37.30		104.21 Real Estate	491.14	451.31	372.70	491.14	372.70	461.74
18,601.71	19,924.18	18,861.72	18,601.71	18,861.72		20,240.12 Total Seeme nt Liabilities	23,604.32	24,929.10	22,262.37	23,604.32	22, 262.37	25, 289.35

Place: MUMBAI Date: November 11, 2021 VIVEK PRANNATH

TALWAR

Digitally signed by VIVEK PRANNATH TALWAR DN: c=IN, o=EDUCATION DEPARTMENT, ou=EDUCATION DEPARTMENT, postalCode=400006, st=MAHARASHTRA, serialNumber=487a93c67f0077b930e213846f 4b5034936c03ce6ac9ee1c56371ad800c03dc8, cn=VIVEK PRANNATH TALWAR Date: 2021.11.11 12:34:22 +05'30'

Vivek Talwar Chairman & Managing Director

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.. _ .... --·-... m ~z (J) - 1-1 ~n o 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 November 11, 2021. The Statutory auditors of the Company have conducted a "limited Review" of the above Unaudited Financial Results for the period ended September 30, 2021.

1. The above results have been prepared in accordance with the principles and procedures 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.

2. Restructuring of company's debt was approved by JMFARC on January 23, 2018. The company is negotiating with LIC for restructuring of it s facility (principal out standing Rs. 18.87 Crs as on 30.09.2021) on terms similar to restructuring done by JMFARC. Pending negotiations with LIC, no further adjustments in respect of LIC facility has been made.

3. On 27th January, 2020 lock out was declared at tiles manufacturing unit at Alibaug for a temporary period. The lock out was necessitated due to non-co-operation, coercive and threatening tactics by workmen 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 of the Company.

4. New Vardhman Vitrified Pvt. Ltd. (NWPL) was subsidiary of NITCO limited till 10th December, 2020. NWPL ceased to be subsidiary with effect from this date. However, the share transfer has not been effected pending NOC from some of the lenders. Accordingly, the assets and liabilities of NWPL 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.

5. In view of the accumulated losses, no provision for Tax has been made for the current year.

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

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Vivek Talwar VIVEK PRANNATH TALWAR Digitally signed by VIVEK PRANNATH TALWAR DN: c=IN, o=EDUCATION DEPARTMENT, ou=EDUCATION DEPARTMENT, postalCode=400006, st=MAHARASHTRA, serialNumber=487a93c67f0077b930e213846f4b5 034936c03ce6ac9ee1c56371ad800c03dc8, cn=VIVEK PRANNATH TALWAR Date: 2021.11.11 12:35:04 +05'30'

Chairman & Managing Director

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