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OLECTRA GREENTECH LIMITED Interim / Quarterly Report 2019
60821_rns_2018-11-12_4819aa87-e2b7-44d1-a9e7-21ceb4bc78ab.pdf
Interim / Quarterly Report
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November 12, 2018
The Bombay Stock Exchange Ltd National Stock Exchange of India Limited
Dear $Sir(s)$ ,
| Sub: Outcome of the Board Meeting | ||||||
|---|---|---|---|---|---|---|
| Scrip code Number on BSE | 532439 | |||||
| Name of the entity | Olectra Greentech Ltd. | |||||
| Scrip ID on NSE | OLECTRA |
In accordance with the provisions of Regulation 30 and 33 of Securities Exchange Board of India (Listing Obligations & Disclosure Requirements) Regulations, 2015, we hereby inform you that the Board of Directors of the Company at their meeting held today i.e. 12th Day of November, 2018 have inter-alia:
-
- Approved the un-audited financial results for the quarter ended 30th September. 2018 and Statement of Assets and Liabilities as at 30th September, 2018.
-
- Approved the Limited Review Report submitted by the Statutory Auditors.
Pursuant to Regulation 33 of Securities Exchange Board of India (Listing Obligations & Disclosure Requirements) Regulations, 2015, please find enclosed herewith a copy of the Un-audited Financial Results, Statement of Assets and Liabilities for the period ended 30th September, 2018 and a copy of the Limited Review Report for the said period.
The Meeting commenced at 4:00 P.M. and concluded at 6:05 P.M.
This is for your information and record.
Thanking You, Yours faithfully, For Olectra Greentech Limited FRABAD P'Hanuman Prasad Company Secretary Encl: $a/a$
| Olectra Greentech Limited(CIN: L34100TG2000PLC035451)-Email ID: [email protected] - www.olectra.com | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Registered office: Center point building, 4th floor, Plot No.359 to 363/401, US Consulate lane, Begumpet, Secunderabad - 500003, Telangana; Tel:040-46989999 | |||||||||||
| STATEMENT OF STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30th September, 2018 | |||||||||||
| All amounts in Indian Rupees Lakhs | |||||||||||
| Quarter ended | Six Months Ended | ||||||||||
| SI. | 30.09.2018 | 30.06.2018 | 30.09.2017 | 30.09.2018 | 30.09.2017 | 31.03.2018 | |||||
| N | Particulars | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | ||||
| $\mathbf{0}$ | |||||||||||
| 1 | $\overline{2}$ | 3 | $\overline{4}$ | 5 | 6 | $\overline{7}$ | $\bf 8$ | ||||
| 1 Income | |||||||||||
| (a) Revenue from operations | 7,073.76 | 3,328.86 | 4,682.83 | 10,402.62 | 7,177.52 | 16,421.53 | |||||
| (b) Other Income | 29.93 | 44.41 | 17.27 | 74.34 | 37.99 | 733.74 | |||||
| Total Income | 7,103.69 | 3,373.27 | 4,700.10 | 10,476.96 | 7,215.51 | 17,155.27 | |||||
| 2 Expenses | |||||||||||
| (a) Cost of materials consumed | 7,213.21 | 5,212.71 | 2,920.16 | 12,425.92 | 4,380.89 | 11,190.46 | |||||
| (b) Purchases of stock - in - trade | |||||||||||
| (c) Changes in inventories of finished goods, work-in-progress | |||||||||||
| and stock-in trade | (1,469.02) | (2,822.68) | (21.41) | (4,291.70) | (107.61) | (105.97) | |||||
| (d) Excise Duty | 653.05 | 925.83 | 272.78 | ||||||||
| (e) Power & Fuel | 85.43 | 102.06 | 80.85 | 187.49 | 152.62 | 306.06 | |||||
| (f) Testing & Inspection Charges | 55.88 | 53.22 | 61.87 | 109.10 | 105.65 | 187.13 | |||||
| (h) Employee Benefit Expenses | 707.10 | 561.04 | 286.35 | 1,268.14 | 528.98 | 1,573.55 | |||||
| (i) Finance costs | 531.07 | 306.93 | 156.46 | 838.00 | 289.02 | 612.87 | |||||
| (j) Depreciation and amortization expense | 139.32 | 145.90 | 154.29 | 285.22 | 292.82 | 322.23 | |||||
| (k) Other Expenses | 622.53 | 351.84 | 215.24 | 974.37 | 309.97 | 1,606.87 | |||||
| Total Expenses | 7,885.52 | 3,911.02 | 4,506.86 | 11,796.54 | 6,878.17 | 15,965.98 | |||||
| $3$ Profit/(loss) before exceptional items and tax (1-2) | (781.83) | (537.75) | 193.24 | (1,319.58) | 337.34 | 1,189.29 | |||||
| 4 Exceptional items | 9.90 | ||||||||||
| $5$ Profit / (loss) before tax (3 - 4) | (781.83) | (537.75) | 203.14 | (1,319.58) | 337.34 | 1,189.29 | |||||
| 6 Tax Expense: | |||||||||||
| (a) Current tax | 83.00 | 125.00 | 81.47 | ||||||||
| (b) Deferred Tax charge/(credit) | (141.00) | (143.99) | (19.99) | (284.99) | (38.52) | 218.55 | |||||
| Total Tax Expense | (141.00) | (143.99) | 63.01 | (284.99) | 86.48 | 300.02 | |||||
| 7 Net Profit after tax $(5-6)$ | (640.83) | (393.76) | 140.13 | (1,034.59) | 250.86 | 889.27 | |||||
| 8 Other Comprehensive income (net of tax) | (6.01) | (53.30) | |||||||||
| 9 Total Comprehensive income (7+8) | (640.83) | (393.76) | 134.12 | (1,034.59) | 250.86 | 835.97 | |||||
| 10 Paid up equity share capital (Face value of $Rs.4/-$ each) | 2,007.23 | 2,007.23 | 1,443.23 | 2,007.23 | 1,443.23 | 2,007.23 | |||||
| 11 Other equity | 17,827.86 | ||||||||||
| 12 Earnings per share in Rupees (Face value of Rs.4/-each)*: | |||||||||||
| (a) Basic | (1.28) | (0.78) | 0.37 | (2.06) | 0.70 | 2.07 | |||||
| (a) Diluted | (1.20) | (0.74) | 0.37 | (1.94) | 0.70 | 1.96 | |||||
| * Not Annualised for the Ouarter |
$\overline{\mathcal{E}}$
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For OLECTRA GREENTECH LIMITED
Managing Director
Notes:
- 1 The above un-audited standalone financial results were reviewed by the audit committee and thereafter approved at the meeting of the Board of Directors held on 12th November, 2018. The auditors have issued an unqualifed Audit opinion on these results.
- 2 Pursuant to Regulation 33(3)(b) of SEBI(LODR) Regulations, 2015 the company has opted not to consolidate the results for the first three quarters of the financial Year 2018-2019. Therefore only standalone financial results are being submitted.
- 3 The above Standalone financial results of the Company have been prepared in accordance with the Indian Accounting Standards ("Ind AS") as prescribed under section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standard) Rules, 2015, as amended.
- Effective 1st April 2018, the Company has adopted Ind AS 115 'Revenue from Contracts with Customers'. Based on the assessment done by the $\overline{4}$ management, there is no material impact on the revenue recognised.
- Segment reporting: In line with the provisions of Ind AS 108 operating segments, the operations of the Company fall primarily under manufacturing of 5 Composite Polymer Insulators and Electric Buses, which has commenced commercial operation in the second quarter of previous financial year and accordingly considered under reportable segments by the management
- 6 The Government of India introduced the Goods and Services Tax (GST) with effect from 1st July 2017, consequently revenue from operations for the quarters ended 30th September 2018, 30th September 2017 and June 2018 is net of GST. However revenue for all other periods presented is inclusive of excise duty, where applicable.
- 7 Provision for taxation is made at the effective Income Tax rates
- 8 Previous period figures have been re-grouped / re-classified wherever necessary, to confirm to this period's classification.
Place: Secunderabad Date: 12th November, 2018
(CIN: L34100TG2000PLC035451)-Email ID: [email protected] - www.olectra.com Registered office: Center point building, 4th floor, Plot No.359 to 363/401, US Consulate lane, Begumpet, Secunderabad - 500003, Telangana; Tel: 040-46989999 Segment Revenue, Results and Capital Employed for the Quarter and Half Year ended 30th September, 2018 All amounts in Indian Rupees Lakhs Quarter ended Six Months Ended Year ended 30.09.2018 30.09.2017 30.09.2018 30.09.2017 31.03.2018 30.06.2018 Sl.No Particulars (Unaudited) (Audited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Segment wise revenue and results: 1 Segment revenue: a) Insulator division 3,380.61 3,084.66 3,520.34 6,465.27 6,035.75 11,179.52 1,179.76 1,179.76 b) e-bus division 3,693.15 244.20 3,937.35 5,242.01 Total 7,073.76 3,328.86 4,700.10 10,402.62 7,215.51 16,421.53 Less: Inter-segment revenues Net revenue from operations 7,073.76 3,328.86 4,700.10 10,402.62 7,215.51 16,421.53 2 Segment results: (Profit before Tax & Interest) 341.74 608.50 1,063.83 a) Insulator division 43.28 123.26 166.54 b) e-bus division $-294.04$ $-354.08$ 17.86 $-648.12$ 17.86 238.33 Total $-250.76$ $-230.82$ 359.60 $-481.58$ 626.36 1,302.16 531.07 306.93 156.46 838.00 289.02 612.86 Less: Interest $-500.00$ Less: Unallocable expenditure/(income) (net) $-537.75$ 337.34 Total profit before tax $-781.83$ 203.14 $-1,319.58$ 1,189.30 3 Segment assets: 17,885.99 17,315.44 17,885.99 17,315.44 16,867.97 a) Insulator division 17,732.67 23,709.03 b) e-bus division 23,709.03 15,788.41 5,173.46 5,173.46 14,672.96 c) Unallocated Total 41,595.02 33,521.08 22,488.90 41,595.02 22,488.90 31,540.93 4 Segment liabilities: 8,825.94 a) Insulator division 8,825.94 8,044.28 12,753.21 12,753.21 7,658.39 210.54 4,047.45 b) e-bus division 13,968.72 6,035.47 210.54 13,968.72 c) Unallocated 14,079.75 12,963.75 22,794.66 12,963.75 11,705.84 Total 22,794.66 $5$ Capital Employed (3-4) Insulator 9,060.05 9,688.39 4,562.23 9,060.05 4,562.23 9,209.58 E Bus 9,740.31 9,752.94 4,962.92 9,740.31 4,962.92 10,625.51 Un allocated 9,525.15 18,800.36 9,525.15 19,835.09 Total 18,800.36 19,441.33
Olectra Greentech Limited
For and on behalf of the Board of Directors
ENTE Olectra Greentech Limited
N K Rawal
Managing Director
VDERABAD
Place: Secunderabad Date: 12th November, 2018
Olectra Greentech Limited
(CIN: L34100TG2000PLC035451)-Email ID: [email protected] - www.olectra.com
Reg office: Center point building, 4th floor, Plot No.359 to 363/401, US Consulate lane, Begumpet, Secunderabad - 500003, Telangana;Tel:040-46989999
Statement of Assets & Liabilities (Standalone) for the period ended 30th September, 2018
| Particulars | As at 30-09-2018 | As at 31-03-2018 |
|---|---|---|
| (Unaudited) | (Audited) | |
| ASSETS | ||
| Non current assets | ||
| Property, Plant and Equipment | 8,644.48 | 6,771.40 |
| Capital work in progress | 456.72 | 649.32 |
| Intangible assets | 439.87 | 389.34 |
| Financial assets | ||
| Investments | ||
| Others | 128.10 | 85.94 |
| Other non-current assets | 2,199.62 | 1,849.95 |
| Deferred tax assets, net | 699.95 | 414.96 |
| Total non current assets | 12,568.74 | 10,160.91 |
| Current assets | ||
| Inventories | 11,235.65 | 6,341.81 |
| Financial assets | ||
| Trade receivables | 10,845.78 | 8,801.58 |
| Cash and cash equivalents | 140.83 | 98.28 |
| Other bank balances | 1,805.41 | 2,123.81 |
| Loans | 95.07 | 100.00 |
| Others | 112.66 | 693.03 |
| Current tax assets | 321.77 | 293.14 |
| Other current assets | 4,469.12 | 2,928.37 |
| Total current assets | 29,026.29 | 21,380.01 |
| Total assets | 41,595.03 | 31,540.93 |
| EQUITY AND LIABILITIES | ||
| Equity | ||
| Equity share capital | 2,007.23 | 2,007.23 |
| Other equity | 16,793.13 | 17,827.86 |
| Total equity | 18,800.36 | 19,835.09 |
| Non current liabilities | ||
| Financial Liabilities | ||
| Borrowings | 358.70 | 973.45 |
| Provisions | 285.71 | 286.62 |
| Total non current liabilities | 644.41 | 1,260.06 |
| Current liabilities | ||
| Financial Liabilities | ||
| 9,632.66 | 6,268.80 | |
| BorrowingsTrade payables | 10,488.23 | 2,744.70 |
| Other financial liabilities | 972.15 | 768.68 |
| Other current liabilities | 860.13 | 466.51 |
| Current Tax Liabilities (Net) | 197.09 | 197.09 |
| 22,150.26 | 10,445.77 | |
| Total liabilities | 22,794.67 | 11,705.84 |
| Total equity and liabilities | 41,595.03 | 31,540.93 |
For and on behalf of the Board of Directors
Olectra Greentech Limited
Place: Secunderabad Date: 12th November, 2018
N K Rawal Managing Director
PCN&ASSOCIATES CHARTERED ACCOUNTANTS Plot No. 12, "N Heights" Ground Floor, Software Layout Unit Cyberabad, Hyderabad - 500 081.
LIMITED REVIEW REPORT
To The Board of Directors Olectra Greentech Limited Hyderabad
Limited Review Report for the quarter and half year ended 30th September, 2018
-
- We have reviewed the accompanying statement of unaudited financial results of M/s. Olectra Greentech Limited for the quarter ended 30th September, 2018 and year to date from April 1st 2018 to September 30th 2018 attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure requirements) Regulations, 2015.
- This statement is the responsibility of the Company's Management and has been approved by the Board of Directors/ committee of Board of Directors in their meeting held on 12th November, 2018. Our responsibility is to issue a report on these financial statements based on our review.
- We conducted our review 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. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review is limited primarily to inquiries 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.
- Based on our review conducted as above, nothing has come to our attention that causes us to 4. believe that the accompanying statement of unaudited financial results prepared in accordance with applicable Ind AS 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 and SEBI circular dated 05th July 2016 including the manner in which it is to be disclosed, or that it contains any material misstatement.
For P C N & Associates., Chartered Accountants FRN: 016016S
Place: Hyderabad Date: 12th November, 2018
For OLECTRA GREENTECH
Managing Director