PI Industries Ltd. — Interim / Quarterly Report 2020

Oct 23, 2019

PIIL:SEC:Exc:19-20 23rd October, 2019

BSE Limited, Corporate Relations Deptt. 25th Floor, New Trading Ring Rotunda Building P.J. Towers, Dalal Street, MUMBAI - 400 001 Code No.523642

National Stock Exchange of India Ltd., Exchange Plaza, Plot No.C/1, G-Biock, Bandra Kurla Complex, Bandra (East} MUMBAI - 400 051 Code No.PIIND

Dear Sir,

Sub: Outcome of Board Meeting.

In compliance of Regulation 33 read with Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, we wish to inform you that the Board of Directors of the Company in its meeting held today i.e. October 23, 2019 has inter alia considered and approved the Un-audited Standalone & Consolidated Financial Results including statement of Assets & Liabilities, Cash Flow along with the Limited Review Report of the Company for the quarter and half year ended September 30, 2019. Copy of the said Financial Results together with the Limited Review Report is enclosed herewith.

The meeting ofthe Board of Directors commenced at 2.30 p.m. and concluded at 5.45 p.m .

Thanking you,

Yours faithfully, For PllndustriPJO--I'Yil~ Naresh Kapoo * Company Secretary

End: As above.

PI Industries Ltd.

Two Horizon Center, 28-1601, 16th Floor, Golf Course Road, DLF Phase-V, Sector- 43, Gurugram - 122002, Haryana (India), Tel. : +91124 6790200, Fax : +91124 6790099 Regd. Off.: Udaisagar Road, Udaipur - 313001, Rajasthan (India), Tel. : +91 294 2492451-55, Fax: + 91 294 2491946, 2491384 Email: info@piind.com, www.piindustries.com, CIN: L24211RJ1946PLC000469

Price Waterhouse Chartered Accountants LLP

To The Board of Directors PI Industries Limited 5th Floor, Vipul Square, B-Block, Sushant Lok Phase-1, Gurugram- 122009 Haryana

• 1. We have reviewed the unaudited financial results of PI Industries Limited (the "Company") for the quarter and the half year ended September 30, 2019 which are included in the accompanying 'Statement of standalone un-audited financial results for quarter and half year ended 30th September 2019', the statement of assets and liabilities as on that date and the statement of cash flows for the half-year ended on that date (the "Statement"). The Statement has been prepared by the Company pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the "Listing Regulations, 2015"), which has been initialled by us for identification purposes. The 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 the Statement based on our rev1ew.
• 1. 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 Statement is free of material misstatement.
• 1. A review is limited primarily to inquiries of 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.
• 4- Based on our review conducted as above, nothing has come to our attention that causes us to believe that the Statement has not been prepared in all material respects in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, and has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement.

For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 012754N/N500016

Sou:r-:v "'l~ Partner

Membership Number: 057084 UDIN: 19057084AAAACJ6994

Price Waterhouse Chartered Accountants LLP, Building No. 8, 7th & 8th Floor, Tower- B, DLF Cyber City Gurgaon - 122 002 T: +91 (124) 4620000, 306oooo, F: +91 (124) 4620620

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Registered office and Head office: Sucheta Bhawan, 11A Vishnu Digambar Marg, New Delhi 110 002

Price Waterhouse (a Partnership Firm) converted into Price Waterhouse Chartered Accountants LLP (a Limited Liability Partnership with LLP identity no: LLPINAAC-5001) with·effect from July 25, 2014. Post its conversion to Price Waterhouse Chartered Accountants LLP, 1ts ICAI reg1strat1on number IS 012754N/N500016 (I CAl reg1strat1on number before conversion was 012754N)

Place: Gurugram Date: October 23, 2019

STATEMENT OF STANDALONE UN-AUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER 2019

							(in ~ Million)
	Particulars	Quarter Ended			Period Ended		Year Ended
S.No.		30.09.2019Un-Audited	30.06.2019Un-Audited	30.09.2018Un-Audited	30.09.2019Un-Audited	30.09.2018Un-Audited	31.03.2019Audited
I	Revenue from operations	9,074	7,541	7,230	16,615	13,286	28,409
II	Other Income	106	123	124	229	226	600
Ill	Total income (1+11)	9,180	7,664	7,354	16,844	13,512	29,009
IV	Expenses
	Cost of Material Consumed	4,599	3,924	3,505	8,523	6,088	13,728
	Purchases of stock -in- trade	477	670	409	1,147	874	1,274
	Changes in inventories of finished goods, work in progress andstock in trade	147	(430)	211	(263)	398	500
	Employee Benefit expenses	724	766	663	1,490	1,343	2,625
	Finance Costs	22	26	14	46	31	59
	Depreciation and amortisation expenses	315	294	228	609	446	926
	Other Expenses	1,206	1,097	1,076	2,305	2,056	4,551
	Total Expenses	7,492	6,347	6,126	13,839	11,238	23,663
v	Profit/ (Loss) before exceptional items and tax (III-IV)	1,688	1,317	1,228	3,006	2,274	5,346
VI	Exceptional items	-	-	-	-	-	-
VII	Profit/ (Loss) before tax (V-VI)	1,688	1,317	1,228	3,006	2,274	5,346
	VIII Tax expense .
	( 1) Current tax	420	259	276	679	514	1,169
	(2) Deferred tax	40	50	6	90	(0)	100
	Total Tax Expense	460	309	284	769	514	1,269
IX	Profit/ (Loss) for the period (VII-VII)	1,228	1,008	944	2,236	1,760	4,077
X	Other Comprehensive Income I (Loss) after tax (OCI)
A	Items that will not be reclassified to profit or loss	(1)	(0)	6	(1)	9	(2)
	Income tax relating to the above item	0	0	(2)	0	(3)	1
B	Items that will be reclassified to profit or loss	(185)	34	(316)	(151)	(676)	120
	Income tax relating to above items	65	(12)	110	53	236	(42)
	Total Other Comprehensive Income I (Loss) for the period	(121)	22	(202)	(99)	(434)	77
XI	Total Comprehensive Income for the period (IX+X)	1,107	1,030	742	2,137	1,326	4,164
XII	Paid-up equity share capital
	(Face value of~ 1/- each (Previous Year~ 1/- each))	138	138	136	138	138	138
	XIII Other Equity excluding Revaluation Reserves as per Balancesheet of previous accounting year		-	-	-	-	22,609
	XIV Earning per Share* (in f)
	(a) Basic	8.91	7.30	6.65	16.21	12.77	29.56
	(b) Diluted	8.90	7.30	6.84	16.20	12.76	29.54
	See accompanying notes to the financial results

• Actuals for the quarter and half year not annualised

.. STATEMENT OF STANDALONE UN-AUDITED ASSETS AND LIABILITIES AS AT 30TH SEPTEMBER 2019

			{in ~ Million)
			As at
S.No.	Particulars	30.09.2019	31.03.2019
		Un-Audited	Audited
I	ASSETS		Standalone
1	Non Current Assets
	Property, Plant & Equipment	12,037	11,773
	Capital work-in-progress	4,368	1,544
	Other Intangible assets	69	66
	Intangible asset under development	317	284
	Financial Assets
	(i) Investments	110	110
	(ii) Loans	87	97
	(iii) Other financial assets	29	118
	Deferred tax assets	90	127
	Other non-current assetsTotal non-current assets	48517,592	45414,573
2	Current Assets
	Inventories	6,910	5,357
	Financial Assets
	(i) Investments	84	1,119
	(ii) Trade receivables	7,147	6,616
	(iii) Cash and cash equivalents	1,560	567
	(iv) Bank balances other than (iii) above	146	244
	(v) Loans	171	109
	(vi) Other financial assets	141	219
	Contract assets	625	520
	Other current assets	2,152	2,101
	Total current assets	18,936	16,874
	Total assets	36,528	31,447
	EQUITY & LIABILITIES
II
1	Equity
	Equity Share Capital	138
	Other Equity	24,495	138
	Total equity	24,633	22,60922,747
2	Liabilities
	Non Current Liabilities
	Financial Liabilities
	(i) Borrowings	1	99
	(ii) Other financial liabilities	221	190
	Provisions	325	269
	Total Non current liabilities	547	578
	Current Liabilities
	Financial Liabilities
	(i) Trade payables
	a) total outstanding dues of micro enterprises and small enterprises	47	48
	b) total outstanding dues of creditors other than micro enterprises and small enterprises	6,933	5,093
	(ii) Other financial liabilities	3,525	2,414
	Other current liabilities	537	435
	Provisions	136	126
	Current Tax Liabilities	168	6
	Total current liabilities	11,348	8,122
	Total equity and liabilities	36,528	31,447

Notes:

The above financial results were reviewed and recommended by the Audit Committee of the Board and approved by the Board of Directors at their meeting held on October 23, 2019,

• 2 Financial results for all the periods presented have been prepared in accordance with the recognition and measurement principles of lnd AS notified under the Companies (Indian Accounting Standards) Rules, 2015.
• 3 The Statutory auditors of the Company have carried out a limited review of the results
• 4 Standalone statement of Cash Flow is attached in Annexure I
• 5 The Company is in the business of manufacturing and distribution of Agro Chemicals and accordingly has one reportable business segment viz. 'Agro Chemicals'.
• 6 Effective April 1, 2019, the Company has adopted lnd AS 116 "Leases" and applied the same to all lease contracts existing on April 1, 2019 retrospectively with the cumulative effect of initially applying the standard recognised at the date of initial application, with right-of-use asset recognised at an amount equal to the lease liability, adjusted by the prepaid lease rent. In the statement of profit and loss account depreciation for the right of use assets and finance cost for interest accrued on lease liability is being accounted for as against operating lease rent included under Other Expenses earlier. This change did not have a material impact on the financial results for the quarter ended September 30, 2019 and half year ended September 30, 2019
• 7 In Annual general meeting held on September 9, 2019, the shareholders of the Company approved the conversion of 50,00,000 preference shares of Rs. 100/ each forming part of authorised share capital into 50,00,00,000 Equity shares of Rs.1/-(Rupee one only) each.
• 6 The previous period's figures have been regrouped/ rearranged/ reclassified wherever necessary.

For PI Industries Ltd Date: October 23, 2019 Mayank Singhal

Place: Gurugram

, ...

Regd. Office: Udaisagar Road, Udaipur- 313001 (Raj) Phone: 0294 2492451-55 Fax: 0294 2491946 CIN: L24211RJ1946PLC000469

STATEMENT OF STANDALONE UN-AUDITED CASH FLOW FOR THE HALF YEAR ENDED JOTH SEPTEMBER 2019

			(in ₹ Million
PARTICULARS	Period ended30.09.2019	Period ended30.09.2018	Year ended31.03.2019
A. CASH FLOW FROM OPERATING ACTIVITIES	Un-Audited	Un-Audited	Audited
Profit before income Tax	3.005	2.274
			5.346
Adjustments for :-
Depreciation and amortisation expanse	609	448	926
Finance costs	48	31	59
Provision for Bad and Doublful debts & Advances	59	48	179
Interest Income on Financial Assets at amortised cost	(80)	(50)	(193
Unwinding of discount on Security Deposits	(7)	(4)	(10)
Expense on Employee Stock Option Scheme(Gain)/Loss on Sale/Rethement of property, plant & equipment (Net)	(0)4	14	1313
(Gain)/Loss on sale of investments (Net)	(16)	(30)	(198)
(Gain)/Loss on financial assets measured at fair value through profit or loss (Net)		(29)	89
impact of Ind AS 115 adjustment taken to retained samings		217	216
Unrealised (Gain)/Loss on foreign currency transactions (Net)	$\overline{2}$	175	127
Operating Profit before Working Capital changes	3,628	3,085	6,567
(Increase) / Decrease in Trade Receivables	(571)	(1,700)	(1, 493)
(increase) / Decrease in Current financial assets - Loans	(55)	(18)	(21)
(Increase) / Decrease in Current Contract Assets	(105)		(520
(increase) / Decrease in Non-current financial assets - Loans	10	(3)	(23)
(Increase) / Decrease in Other current financial assets	18	12	(48)
(increase) / Decrease in Other non-current financial assete	89	9	(82)
(Increase) / Decrease in Other current assete(Increase) / Decrease in Other non-current assets	(80)	161	(437)
(Increase) / Decrease in Ofher bank balances	$\overline{2}$18	(2)17	(5)
(Increase)/Decrease in Inventories	(1, 553)	(031)	18(837)
Increase / (Decrease) in Current Provisions and Trade Payables	1,791	1.724	1.490
Increase / (Decrease) in Non-current Provisions	36	18	56
Increase / (Decrease) in Other current financial flabilities	908	262	119
Increase / (Decrease) in Other non-current financial ilabilities	3	7	7
increase / (Decreass) in Other current sabilities	101	(19)	238
Cash generated from Operations before tax	4,240	2,614	8,025
Income Taxes paid	(617)	(440)	(1,177)
Net cash inflow (outflow) from Operating Activities	3,723	2,174	3,848
B. CASH FLOW FROM INVESTING ACTIVITIES
Payments for purchase of property, plant & equipment including Capital Work in Progress,
Intangible Assets and Capital Advances	(3, 475)	(1,201)	(3.683)
Proceeds from sale of property, plant & equipment
Purchase of investment in SubskliaryPurchase and Sale of Current Investments		(95)	(95)
Interest income on Financial Assets at amortised cost	1,13260	(603)	379
Net cash used in investing Activities	(2, 262)	50(1, 849)	193
Net cash inflow (outflow) from Operating and investing Activities	1,461	326	(3, 198)650
C. CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from Issue of Equity Share Capital			o
Premium on issue of equity shares under ESOP scheme			75
Repayment of Borrowings - Term Loan	(189)	(112)	(399)
Interest paid (Net)	(49)	(31)	(59)
Olvidends paid (including Tax)	(250)	(416)	(832)
Net Cash inflow (outflow) from Financing Activities	(485)	(559)	(1, 215)
Net Cash Inflow (outflow) from Operating, investing & Financing Activities	973	(234)	(665)
Net increase (decrease) in Cash & Caeh equivalents	973	(234)	(588)
Opening balance of Cesh & Cash equivalentsClosing balance of Cash & Cash equivalents	5871,860	1,152918	1,152567
Note: Cash and cash equivalents included in the Cash Flow Statement comprise of the following
i) Cash on Hand	1	1	1
(i) Balance with Banks :
-In Current Accounts	173	342	125
-In Fixed Deposits	1,386	575	461
Total	1,660	918	587

The above Cash Flow Statement has been prepared under the Indirect method as set out in IND AS - 7

Figures in breckets indicate cash outflows.

spel

ngustrie Gurugram F.

Price Waterhouse Chartered Accountants LLP

To The Board of Directors PI Industries Limited 5th Floor, Vipul Square B-Block, Sushant Lok Phase-1, Gurugram - 122009 Haryana

• 1. We have reviewed the unaudited consolidated financial results of PI Industries (the "Parent"), its subsidiaries (the parent and its subsidies hereinafter referred to as the "Group"), controlled trust, joint venture and associate company [(refer Note 3 on the Statement)] for the quarter and half year ended ended September 30, 2019 which are included in the accompanying 'Statement of consolidated unaudited financial results for the quarter and half year ended 3oth September, 2019' , the unaudited consolidated statement of assets and liabilities as on that date and the consolidated statement of cash flows for the half-year ended on that date (the "Statement"). The Statement is being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "listing regulations"), which has been initialled by us for identification purposes. Attention is drawn to the fact that the consolidated figures for the corresponding quarter ended September 30, 2018 and the corresponding period from April!, 2018 to September 30, 2018, as reported in these financial results have been approved by the Parent's Board of Directors, but have not been subjected to review.
• 1. This Statement, which is the responsibility of the Parent's Management and approved by the Parent'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" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• 3- We conducted our review of the Statement 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 of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance 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 performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

4- The Statement includes the results of the following entities namely, Subsidiaries a) PILL Finance and Investments Limited b) PI Life Science and Research Limited c) PI Japan Co. Limited; controlled trust: d) PII ESOP Trust; e) PI Kumiai Private Limited (Joint Venture) f) Solinnos Agro Sciences Private Limited (Associate).

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Registered office and Head office: Sucheta Bhawan, 11A Vishnu Digambar Marg, New Delhi 110 002

Price Waterhouse (a Partnership Firm) converted into Price Waterhouse Chartered Accountants LLP (a Limited LiabBity Partnership with LLP identity no: LLPINAAC-5001) with effect from July 25, 2014. Post its conversion to Price Waterhouse Chartered Accountants LLP, 1ts I CAl reg1strat1on number IS 012754N/N500016 (I CAl reg1strat1on number before conversion was 012754N)

• 5· 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 the paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement has not been prepared in all material respects in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India and has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.
• 1. We did not review the interim financial results of two subsidiaries and one controlled trust included in the consolidated unaudited financial results, whose interim financial results reflect total assets of Rs. 448.64 Mn and net assets of Rs. 324.13 Mn as at September 30, 2019 and total revenues of Rs. 10.09 Mn and Rs. 22.09 Mn, total net profit after tax of Rs. 4-45 Mn and Rs. 11.01 Mn and total comprehensive income of Rs. 4-45 Mn and Rs. 11.01 Mn, for the quarter ended and for the period from April 1, 2019 to September 30, 2019, respectively, and cash flows (net) of Rs. 48.83 Mn for the period from April 1, 2019 to September 30, 2019, as considered in the consolidated unaudited financial results. These interim financial results have been reviewed by other auditors and their reports dated October 22, 2019, vide which they have issued an unmodified conclusion, 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 and controlled trust, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.

Our conclusion on the Statement is not modified in respect of the above matter.

1. The consolidated unaudited financial results includes the interim financial results of one subsidiary which has not been reviewed by its auditors, whose interim financial results reflect total assets of Rs. 24.23 Mn and net assets of Rs. 19.17 Mn as at September 30, 2019 and total revenue of Rs. 14.51 Mn and Rs. 27.51 Mn, total net profit after tax of Rs. 0.70 Mn and Rs. 1.31 Mn and total comprehensive income of Rs. 0.70 Mn and Rs. 1.31 Mn for the quarter ended September 30, 2019 and for the period from April 1, 2019 to September 30, 2019, respectively, and cash flows (net) of Rs. 1.84 Mn for the period from April 1, 2019 to September 30, 2019, as considered in the consolidated unaudited financial results. The consolidated unaudited financial results also includes the Group's share of net profit after tax of Rs. o.6o Mn and Rs. 0.62 Mn and total comprehensive income of Rs. o.6o Mn and Rs. 0.62 Mn for the quarter ended September 30, 2019 and for the period from April 1, 2019 to September 30, 2019, respectively, as considered in the consolidated unaudited financial results, in respect of one associate and one joint venture, based on their interim financial results which have not been reviewed by their auditors. According to the information and explanations given to us by the Management, these interim financial results are not material to the Group.

Our conclusion on the Statement is not modified in respect of the above matter.

For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 012754N/Nsoo016

(AC>r ~v ~

Sougata Mukherjee (} artn.er Membership Number: 057084 UDIN: 19057084AAAACK4101

Place: Gurugram Date: October 23, 2019

STATEMENT OF CONSOLIDATED UN-AUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER 2019

					(In ~ Million}
	Particulars	Quarter Ended			Period Ended		Year Ended
S.No.		30.09.2019	30.06.2019	30.09.2018	30.09.2019	30.09.2018	31.03.2019
		Un-Audited	Un-Audited	Un-Audited**	Un-Audited	Un-Audited**	Audited
III	Revenue from operationsOther Income	9,074109	7,541121	7,230124	16,615230	13,286227	28,409595
Ill	Total income (1+11)	9,183	7,662	7,354	16,845	13,513	29,004
IV	Expenses
	Cost of Material Consumed	4,599	3,924	3,505	8,523	6,088	13,728
	Purchases of stock -in- tradeChanges in inventories of finished goods, work in progress and	477	670	408	1,147	873	1,274
	stock in trade	147	(430)	211	(283)	398	500
	Employee Benefit expenses	728	769	690	1,497	1,355	2,647
	Finance Costs	25	23	14	48	31	50
	Depreciation and amortisation expenses	317	295	229	612	450	930
	Other Expenses	1,198	1,083	1,067	2,281	2,035	4,496
	Total Expenses	7,491	6,334	6,124	13,825	11,230	23,625
v	Share of Profit I (Loss) of associates	1	0	0	1	0	0
VI	Profit! (Loss) before exceptional items and tax (111-IV+V)	1,693	1,328	1,230	3,021	2,283	5,379
VII	Exceptional items		-	-	-	-	-
	VIII Profit! (Loss) before tax (VI-VII)	1,693	1,328	1,230	3,021	2,283	5,379
IX	Tax expense
	(1) Current tax	423	261	278	684	515	1,176
	(2) Deferred tax	38	51	6	89	-	101
	Total Tax Expense	461	312	284	773	515	1,277
X	Profit! (Loss) for the period (VIII-IX)	1,232	1,016	946	2,248	1,768	4,102
XI	Other Comprehensive Income I (loss) after tax (OCI)
A	Items that will not be reclassified to profit or loss	(1)	(0)	6	(1)	9	(2)
	Income tax relating to the above item	0	0	(2)	0	(3)	1
B	Items that will be reclassified to profit or loss	(184)	34	(317)	(150)	(676)	120
	Income tax relating to above items	65	(12)	111	53	236	(42)
	Total Other Comprehensive Income I (Loss) for the period	(120)	22	(202)	(98)	(434)	77
XII	Total Comprehensive Income for the period (X+XI)	1,112	1,038	744	2,150	1,334	4,179
	XIII Paid-up equity share capital
	(Face value of~ 1/- each (Previous Year~ 11- each))	138	138	138	138	138	138
	XIV Other Equity excluding Revaluation Reserves as per Balancesheet of previous accounting year	-	-	-	-	-	22,716
	XV Earning per Share • (in I!')
	(a) Basic	8.95	7.35	6.87	16.30	12.82	29.74
	(b) Diluted	8.94	7.35	6,87	16.29	12.81	29.73
	See accompanying notes to the financial results

• Actuals for the quarter and half year not annuallsed

•• Refer Note 4

STATEMENT OF CONSOLIDATED UN-AUDITED ASSETS AND LIABILITIES AS AT 30TH SEPTEMBER 2019

			(i n~ Million)As at
		30.09.2019	31.03.2019
S.No.	Particulars	Un-Audited	Audited
			Consolidated
I	ASSETS
1	Non Current Assets
	Property, Plant & Equipment	12,051	11,791
	Capital work-in-progress	4,369
	Other Intangible assets	69	1,54466
	Intangible asset under development	318	284
	Investments accounted for using the equity method	102	102
	Financial Assets
	(i) Investments	70
	(ii) Loans	28	70
	(iii) Other financial assets	60	41
			149
	Deferred tax assets	102	141
	Other non-current assets	485	451
	Total non-current assets	17,654	14,639
2	Current Assets
	Inventories	6,910	5,357
	Financial Assets
	(i) Investments	84	1,119
	(ii) Trade receivables	7,147	6,618
	(iii) Cash and cash equivalents	1,637	614
	(iv) Bank balances other than (iii) above	181	278
	(v) Loans	123	63
	(vi) Other financial assets	176	254
	Contract assets	625	520
	Other current assets	2,143	2,086
	Total current assets	19,026	16,909
	Total assets	36,680	31 ,548
II	EQUITY & LIABILITIES
1	Equity
	Equity Share Capital	138	138
	Other Equity	24,651	22,716
	Total equity	24,789	22,854
2	Liabilities
	Non Current Liabilities
	Financial Liabilities
	(i) Borrowings	1	99
	(ii) Other financial liabilities	221	190
	Provisions	326	290
	Total Non current liabilities	548	579
	Current Liabilities
	Financial Liabilities
	(i) Trade payables
	a) total outstanding dues of micro enterprises and small enterprises	47	48
	b) total outstanding dues of creditors other than micro enterprises and small enterprises	6,926	5,082
	(ii) Other financial liabilities	3,530	2,419
	Other current liabilities	536	435
	Provisions	138	126
	Current Tax Liabilities	166	5
	Total current liabilities	11,343	8,115
	Total equity and liabilities	36,680	31,548

Notes:

The above Consolidated financial results were reviewed and recommended by the Audit Committee of the Board and approved by the Board of Directors at their meeting held on October 23, 2019.

• 2 Consolidated Financial results for all the periods presented have been prepared in accordance with the recognition and measurement principles of lnd AS notified under the Companies (Indian Accounting Standards) Rules, 2015.
• 3 The Consolidated financial results include the results of the followin!l e'nti.ties namely, Subsidiaries a) PILL Finance and Investment Limited b) PI Life Science Research Limited c) PI Japan Co. Limited; Controlled trust: d) PI ESOP Trust; Equity accounted entities: e) PI Kumiai Private Limited (Joint Venture) f) Solinnos Agro Sciences Private Limited (Associate).
• 4 The Statutory auditors of the Company have carried out a limited review of the consolidated results. Consolidated figures for the corresponding quarter and half year ended September 30, 2018, as reported in these financial results have been approved by the parent's Board of directors, but have not been subjected to limited review by the statutory auditors.
• 5 Consolidated statement of Cash Flow is attached in Annexure I
• 6 The Company is in the business of manufacturing and distribution of Agro Chemicals and accordingly has one reportable business segment viz. 'Agro Chemicals'.
• 7 Effective April 1, 2019, the Company has adopted lnd AS 116 "Leases" and applied the same to all lease contracts existing on April 1, 2019 retrospectively with the cumulative effect of initially applying the standard recognised at the date of initial application, with right-of-use asset recognised at an amount equal to the lease liability, adjusted by the prepaid lease rent. In the statement of profit and loss account depreciation for the right of use assets and finance cost for interest accrued on lease liability is being accounted for as against operating lease rent included under Other Expenses earlier. This change did not have a material impact on the financial results for the quarter ended September 30, 2019 and half year ended September 30, 2019.
• 8 In Annual general meeting held on September 9, 2019, the shareholders of the Company approved the conversion of 50,00,000 preference shares of Rs. 100/- each forming part of authorised share capital into 50,00,00,000 Equity shares of Rs.1/-(Rupee one only) each.
• 9 The previous period's figures have been regrouped/ rearranged/ reclassified wherever necessary.

( For PI Industries Ltd.

Place: Gurugram Date: October 23, 2019

.. .

Regd. Office: Udaisagar Road, Udaipur- 313001 (Raj) Phone: 0294 2492451-55 Fax: 0294 2491946 CIN: L24211 RJ1946PLC000469

STATEMENT OF CONSOLIDATED UN-AUDITED CASH FLOW FOR THE HALF YEAR ENDED 30TH SEPTEMBER 2019

PARTICULARSPeriod ended30.09.2019Un-Audited	Period ended30.09.2018Un-Audited	(in č Million)Year ended31.03.2019
		Audited
A. CASH FLOW FROM OPERATING ACTIVITIES
3,021Profit before Income Tax	2,283	5,379
Adjustments for :-
Depredation and amortisation expense612	450	930
Finance costs48	31	50
Provision for Bad and Doubtful debts & Advances59	48	179
Interest income on Financial Assets at amortised cost(84)	(55)	(184)
Unwinding of discount on Security Deposits(7)	(4)	(10)
Dividend Income0	(0)	$\mathbf 0$
Expense on Employee Stock Option SchemeO	14	13
(Gain)/Loss on Sale/Retirement of property, plant & equipment (Net)4	٥	13
(Gain)/Loss on sale of Investments (Net)(16)	(30)	(198)
(Gain)/Loss on financial assets measured at fair value through profit or loss (Net)4	(29)	89
impact of Ind AS 115 adjustment taken to retained carnings٥	217	216
Share of (profit)/loss of associate and joint venture(1)	0	$\Omega$
Unrealised (Gain)/Loss on foreign currency transactions (Net)2	175	127
Operating Profit before Working Capital changes3,842	3,091	6,694
(571)(Increase) / Decrease in Trade Receivables	(1,708)	(1.493)
(Increase) / Decrease in Current financial assets - Loans(53)	(31)	(17)
(Increase) / Decrease in Current Contract Assets(105)		(520)
(Increase) / Decrease in Non-current financial saseta - Loans13	(1)	(2)
(Increase) / Decrease in Other current financial assets23	24	(44)
(Increase) / Dacrease in Other non-current financial assets69	ø	(82)
(Increase) / Decrease in Other current assets(B4)	157	(433)
(Increase) / Decrease in Other non-current assets(1)	(2)	(3)
(increase) / Decrease in Other bank balances13(Increase)/Dacrease In inventories	30	10
(1, 554)Increase / (Decrease) In Current Provisions and Trade Payables1,793	(930)1,724	(637)
Increase / (Decrease) in Non-current Provisions36	18	1,498
Increase / (Decrease) in Other current financial liabilities909	263	57
increase / (Decrease) in Other non-current financial liabilities4	7	119
Increase / (Decrease) in Other current liabilities101	(19)	237
Cash generated from Operations before tax4,255	2,632	5,091
(518)Income Taxes paid	(442)	(1, 183)
3,737Net cash inflow (outflow) from Operating Activities	2,190	3,908
B. CASH FLOW FROM INVESTING ACTIVITIES
Psymants for purchase of property, plant & equipment including Capital Work in Progress,
intangible Assels and Capital Advances(3.494)	(1, 203)	(3,685)
Proceeds from sale of property, plant & equipment17		8
Purchase of Equity Investment٥	(0)	(65)
Investment in associate and joint venture۵	(94)	(95)
Purchase and Sale of Current Investments1,132	(646)	427
Inlerest Income on Financial Assets at amortised cost84	55	194
Dividend receivedo	$\mathbf o$	O
Net cash used in investing Activities(2, 261)	(1, 690)	(3, 216)
Net cash inflow (outflow) from Operating and investing Activities1,476	300	892
C. CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from Issue of Equity Share Capital	(0)	$\mathbf o$
36Premium on issue of equity shares under ESOP scheme	13	29
(190)Repayment of Borrowings - Term Loan	(111)	(399)
(50)Interest paid (Net)	(31)	(50)
Dividends paid (Including Tax)(249)	(415)	(831)
Net Cash inflow (outflow) from Financing Activities(453)	(544)	(1, 251)
Net Cash inflow (outflow) from Operating, investing & Financing Activities1,023	(244)	(559)
Effect of exchange differences on translation of foreign currency Cash & Cash equivalents	(O)
Net Incresse (decresse) in Cash & Cash equivalents1,023	(244)	(559)
Opening balance of Cash & Cash equivalents814	1,172	1,173
Closing balance of Cash & Cash equivalents1,637Note: Cash and cash equivalents included in the Cash Flow Statement comprise of the following	928	614
S Cash on Hand
1(f) Balance with Banks :	ា	1
-In Current Accounts212	350	150
In Fixed Deposits1,424	577	463
1,837Total	928	614

The above Cash Flow Statement has been prepared under the Indirect method as set out in IND AS - 7

Figures in brackets indicate cash outflows

$\overline{\text{SMO}_S}$ Gurugram