ORIENT CERATECH LIMITED — Interim / Quarterly Report 2020

Feb 3, 2020

Ref No.: Orient/Stock Exch/Letter/198

The Dy. General Manager, Corporate Relations & Services Dept., Bombay Stock Exchange Limited Phirojsha Jeejibhoy Towers, Dalal Street, Mumbai - 400 023.

3rd February, 2020

The Dy. Gen. Manager, National Stock Exchange of India Ltd., Corporate Relations Dept., Exchange Plaza, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051.

Scrip Code: ORIENTABRA

Sub: Outcome of Board Meeting

Dear Sir/Madam,

Scrip Code: 504879

We are pleased to inform you that the Board of Directors of the Company at their meeting held today i.e. 3rd February, 2020, have transacted the following business:

• 1. Considered and approved the Un-Audited Financial Results for the 3rd Quarter and Nine Months ended 31st December, 2019 (enclosed herewith).
• 1. Limited Review Report (LRR) dated 3rd February, 2019, as issued by the Statutory Auditors of the Company viz. M/s. Sanghavi & Company, Chartered Accountants (enclosed herewith).
• 1. Considered and approved the proposal for shifting the Registered Office from the State of Gujarat to the State of Maharashtra, subject to approval of Shareholders through Postal Ballot.

The meeting of the Board of Directors of the Company concluded at 4.00 P.M

Kindly take the same on your record.

Thanking you,

Yours faithfully, For Orient Abrasives Limited

Bimal Parmar

Secretary End. a/a.

Orient Abrasives Limited (Associate of Ashapura Group) Registered Office : G.l.D.C. Industrial Area, Porbandar - 360 577, Gujarat, India Website : www.orientabrasives.com Tel.: +91-2862221788/9, Fax: +91-2862222719 Email : orientabrasives@oalmail.co.in

Administrative Office: Jeevan Udyog Building, 2nd Floor, 278, D. N. Road, Fort, Mumbai - 400 001, India lnvestor@oatmail.co .ln Tel.: +91-2266651700, Fax: +01 2222079395 CIN:L24299GJ1971PLC093248

		ORIENT ABRASIVES LIMITED
	Regd. Office: G.I.D.C. Industrial Area, Porbandar - 360577, Gujarat (India)
		Phone No. 0286-2221788-9
	CIN No. L24299GJ1971 PLCO93248 Website: www.orientabrasives.com
Part 1							[Rs. in Lacs]
		Statement of Unaudited Financial Results for the Quarter and nine months ended December 31, 2019
		Quarter Ended			Nine Months Ended		Year Ended
SI.No.	Particulars	December 31,	September 30,	December 31,	December 31,	December 31,	March 31, 2019
		2019	2019	2018	2019	2018
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
	1 Income from Operations
	(a) Revenue from operations	8,662.86	8,150.59	8,445.45	25,592.88	22,790.02	31,296.80
	(b) Other income	32.61	67.34	21.73	119.26	59.32	162.36
	Total Income from Operations	8,695.48	8,217.93	8,467.18	25 712.15	22 849.35	31 459.16
	2 Expenses
	(a) Cost of materials consumed	2,397.36	2,206.36	2,340.69	6,491.66	6.121.73	8,297.63
	(b) Purchase of traded goods	1,428.38	1869.92	1,578.90	5,234.90	3,596.93	5,225.81
	(c) Change in inventories of finished goods, work in progress and	(306.05)	(546,33)	(1,278.36)	(723.31)	(1,361.60)	(1,370.33)
	stock in trade
	(d) Stores and Spares consumed	649.54	495.86	648.11	1,722.24	1.405.66	1,907.32
	(e) Employee benefit expenses	848.64	811.94	709.50	2,412.86	1,966.38	2,621.37
	(() Depreciation and amortisation expense	245.60	259.32	271.41	760.66	833.70	1,094.85
	(g) Power and fuel	1,507.31	1,299.44	1,567.12	4,106.20	3,832.78	5,170.07
	(h) Royalty and Levies on Export (Mining)	99.70	110.69	278.62	311.40	977.11	1,137.75
	(i) Freight, forwarding and clearing expenses	384.15	361.01	704.04	1,158.61	1,477.24
	(I) Other expenses	463.55	474.16				1,948.59
	(k) Foreign exchange (gain)Aoss (net)			695.11	1,520.66	1,896.30	2,420.26
		(3.13)	(73.00)	103.33	(94.97)	(53.61)	(70,74)
	Finance costsTotal Expenses	226.48	240.30	219.05	686.56	652.98	924.48
		7,941.61	7,511.66	7,831.51	23 587.47	21 405.61	29 387.06
	3 Profit before tax (1.2)	753.97
			706.27	629.67	2,124.68	1,443.74	2,072.10
	4 Tax expenses
	Current tax charge	201.00	173.00	167.00	554.00	380.84	520.84
	MAT credit entitlement	-	-	-	-	(26.00)	(36.00)
	Deferred tax charge / (credit	93.35	68.46	(40.87)	49,82	(58.51)	30.21
	Total Tax Expenses	294.35	104.54	126.13	504.18	296.33	454.63
	5 Net for the period (3-4)	459.62	601.73	503.54	1,620.50	1,147.41	1,617.47
	6 Other Comprehensive Income (net of tax)
	Items that will not be reclassified to profit or loss	2.77	2.76	(0.97)	8.31	(2.92)	10.07
	7 Total Comprehensive Income for the period (5+6)	462.39	604.49	502.57	1,628.81	1,144.49	1 627.54
	Paid-up Equity Share Capital (Face Value Re. 1/- per share) (including	1,196.52	1,196.52	1,196.52	1,196.52	1,196.52	1,196.52
	forfeited amount of Rs. 0.13 lacs
	9 Other equity						20 423.99
	Earning Per Share (EPS) (of Re. 1/- each) (Rs.)
	Basic EPS (Rs.)	0.38	0.50	0.42	1.35	0.96	1.35
	Diluted EPS Rs.	0.38	0.50	0.42	1.35	0.95	1.33
	See accompanying notes to the Financial Results
	Figures being nullified on conversion to Rs. In lacs

Notes:

1 The above results of Orient Abrasives Limited ("the Company"), for the quarter and nine months ended December 31, 2019 have been reviewed by the Audit Committee and approved by the Board of Directors in its meeting held on February 3, 2020.

2 The statutory auditors have carried out the limited review of financial results of the Company for the quarter & nine months ended on December 31, 2019.

3 This financial information has been prepared in accordance with the Companies (Indian Accounting Standard) Rules, 2015 (Ind AS) (as amended) prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder.

4 For the purpose of above financial results, the Company has recognised tax expense based on tax rates enacted as on reporting date as per Ind AS 12 "Income taxes". There is positive effect of Rs. 65.38 lacs and 196.14 lacs for the quarter and Nine months ended December 31, 2019 on enactment of finance bill 2019 on August 01, 2019.

5 Investor complaints received during the Quarter ended December 31, 2019 - Ni)

Place: Mumbai Hemul Shah

For Orient Abrasives Ltd.

Date: February 3 2020 Director (DIN 00058558

Segment Wise Revenue, Results, Segment Assets and Liabilities are given below:
		(Rs. in Lacs)
Particulars	2019	Quarter Ended2019	2018	December 31, September 30, December 31, December 31, December 31,2019	Nine months Ended2018	Year EndedMarch 31,2019
	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
1, Segment revenue
A. Alumina Refactories & Monolithics products
& bauxite ores	8,576.82	7,883.98	8,356.03	25,015.01	22,093.99	30,459.16
B. Power division	1,474.41	1,562.96	1,250.83	4,324.79	2,878.17	4,440.18
Total	10,051.22	9,446.94	9,606.86	29,339.80	24,972.16	34,899.32
Less: Inter segment revenue	1,388.36	1,296.35	1,161.41	3,746.92	2,182.14	3,602.52
Net sales! income from operations	8,662.86	8,1 50.59	8,445.45	25,592.88	22,790.02	31,296.80
2. Segment results
(Profit before interest and Tax)
A. Alumina Refactories & Monolithics products	869.57	634.16	834.58	2,222.92	1,964.73	2,361.25
& bauxite ores
B. Power division	382.73	500.29	146.60	1,229.59	561.42	1,077.37
Total	1,252.29	1,134.44	981.19	3,452.51	2,526.15	3,438.62
Less Interest	215.06	222.25	146.04	635.80	418.92	844.96
Less Unallocable expenditure net off	283.27	205.92	205.48	692.03	663.49	521.56
unallocable_income
Profit before tax	753.96	706.27	629.67	2,124.68	1,443.74	2,072.10
3. Segment Assets & Liabilities
Segment Assets
A. Alumina Refactories & Monolithics products	27,692.58	28,982.73	28,299.19	27,692.58	28,299.19	27,802.99
& bauxite ores
B. Power division	7,135.40	6,908.31	6,506.28	7,135.40	6,506.28	6,667.34
C. Unallocated	1,619.42	1,249.66	1,808.44	1,619.42	1,808.44	1,606.83
Total	36,447.40	37,140.70	36,613.91	36,447.40	36,613.91	36,077.16
Segment Liabilities
A. Alumina Refactories & Monolithics products	4,740.06	5,045.09	6,865.29	4,740.06	6,865.29	4,701.41
& bauxite ores
B. Power division	1,260.47	839.52	324.66	1,260.47	324.66	841.45
C. Unallocated	7,558.13	8,829.72	8,286.48	7,558.13 1	8,286.48	8,913.79
Total	13,558.66	14,714.33	15,476.44 1	13,558.66 1	15,476.441	14,456.65

ORIENT ABRASIVES LIMITED

For Orient Abrasives Ltd.

Place: Mumbal Hemul Shah

Date: February 3, 2020 Director (DIN 00058558)

chartered accountants

Independent Auditor's Review Report on the Unaudited Quarterly and Year to Date Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligation Disclosure Requirements) Regulations, 2015

To The Board of Directors ORIENT ABRASIVES LIMITED

We have reviewed the accompanying statement of unaudited financial results of Orient Abrasives Limited ("the Company") for the quarter ended 311 1December, 2019 and year to date from April 1, 2019 to December 31, 2019 ("the Statement") attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("the Regulation") read with SEBI Circular No. CIR/CFD/CMDI/44/2019 dated March 29, 2019 ("the Circular").

This Statement, which is the responsibility of the Company's management and approved by the Board of Directors 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 read with relevant rule; issued thereunder and other accounting principles generally accepted in India. Our responsibility is to issue a report on the Statement based on our review.

We conducted our review in accordance with the Standard on Review Engagements (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 Statement is free of material misstatement. A review is limited primarily to inquiries of the Company personnel and analytical procedures applied to financial data and thus provides 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 stated above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with applicable Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SE!)! (Listing Obligations and Disclosure Requirements) Regulation, 2015 including the manner in which it is to be disclosed, or that contains any material misstatement.

Mumbai 3rd February, 2020

For SANGI-IAVI & COMPANY Chartered Accountants FRN: 109099W

LPL

. Partner * Membership No. 043485 U DIN: 20043485AAAABB89%