Rallis India Ltd — Annual Report 2020

May 5, 2020

RALLIS INDIA LIMITED

May 5, 2020

BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai – 400 001 Scrip Code: 500355

National Stock Exchange of India Ltd. Exchange Plaza Bandra-Kurla Complex Bandra (E) Mumbai – 400 051 Symbol: RALLIS

Dear Sir/Madam,

Sub: Outcome of Board Meeting in accordance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

The Board at its meeting held today, i.e. Tuesday, May 5, 2020 transacted, inter alia, the following businesses:

1. Financial Results:

Approved the Audited Financial Results (Standalone and Consolidated) for the year ended March 31, 2020. ln this regard, please find enclosed:

• a) Audited Standalone and Consolidated Financial Results of the Company for the financial year ended March 31, 2020
• b) Auditor's Report in respect of the Audited Standalone and Consolidated Financial Results of the Company for the financial year ended March 31, 2020

These are also being made available on the website of the Company at www.rallis.co.in.

2. Unmodified Opinion:

BSR & Co. LLP, the Statutory Auditors of the Company, have issued auditors' reports with an unmodified opinion on the Audited Standalone and Consolidated Financial Statements for financial year ended March 31, 2020. This declaration is made pursuant to Regulation 33(3)(d) of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015.

Corporate Office 2nd Floor Sharda Terraces Plot No 65 Sector 11 CBD Belapur Navi Mumbai 400 614 Tel 91 22 6776 1700 Fax 91 22 6776 1634 Registered Office 23rd Floor Lodha Excelus New Cuffe Parade Off Eastern Freeway Wadala Mumbai 400 037 Tel 91 22 6665 2700 website www.rallis.co.in Corporate Identity No. L36992MH1948PLC014083 A TATA Enterprise

RALLIS INDIA LIMITED

3. Recommendation of Dividend:

The Board has recommended a dividend of Rs. 2.5 per share i.e. 250 % for the Financial Year 2019-20.

The date and venue of the 72nd Annual General Meeting for the year ended March 31, 2020 and the dates of book closure for the purpose of determination of entitlement for the final dividend including the date from which dividend will be paid, if approved by shareholders, shall be intimated to the Stock Exchanges in due course.

The Board meeting commenced at 2.45 p.m. (IST) and concluded at 6.00 p.m. (IST).

You are requested to take the above on record.

Yours faithfully, For Rallis India Limited

Yash Sheth Company Secretary

Encl: As above

Corporate Office 2nd Floor Sharda Terraces Plot No 65 Sector 11 CBD Belapur Navi Mumbai 400 614 Tel 91 22 6776 1700 Fax 91 22 6776 1634 Registered Office 23rd Floor Lodha Excelus New Cuffe Parade Off Eastern Freeway Wadala Mumbai 400 037 Tel 91 22 6665 2700 website www.rallis.co.in Corporate Identity No. L36992MH1948PLC014083 A TATA Enterprise

Chartered Accountants

Independent Auditors' Report

To the Board of Directors Rallis India Limited

5th Floor, Lodha Excelus, Apollo Mills Compound N. M. Joshi Mar9,Mahalaxmi Mumbai - 400 011 India

Report on the Audit of the Consolidated Annual Financial Results

Opinion

Telephone +91 (22) 4345 5300 Fax +91 !22) 4345 5399

We have audited the accompanying consolidated annual fmancial results of Rallis India Limited (hereinafter referred to as the "Holding Company") and its subsidiaries (Holding Company and its subsidiaries together referred to as "the Group") for the year ended 31 March 2020, attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations').

In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of report of other auditors on separate audited financial statements of a subsidiary, the aforesaid consolidated annual financial results:

a. include the annual financial results of the following entities

Name of the Entity	Relationship
Rallis Chemistry Exports Limited	Wholly Owned Subsidiary
PT Metahelix Life Sciences Indonesia	Subsidiary

• b. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
• c. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards, and other accounting principles generally accepted in India, of consolidated net profit and other comprehensive income and other fmancial information of the Group for the year ended 31 March 2020.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under Section 143 (10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those SAs are further described in the Auditor's Responsibilities for the Audit of the Consolidated Annual Financial Results section of our report We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act, and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us along with the consideration of audit report of the other auditors referred to in sub paragraph (a) of the "Other Matters" paragraph below, is sufficient and a~riate to provide a basis for our opinion on the consolidated annual fmancial results.

1

'---- ?"f./_ BS R & Co (o partners/up fim, with Regi\$te<ed Office: y · · Registraoon No. 8A61223) oom,ertecf inl<l 5th Floor, Lodha Excelus B S R & O,. LIP {a l mited Liability, Partnership Apollo Mtlls Compound with LLP Regis1ra110n No. AA~l81) N. M. Joshi Marg. MoholoJcm1 with effect from Ocrober 14. 2013 Mumbo,. 400 011. lndoa

Independent Auditors' Report (Condnued)

Rallis India Limited

Management's and Board of Directors' Responsibilities for the Consolidated Annual Financial Results

These consolidated annual financial results have been prepared on the basis of the consolidated annual financial statements.

The Holding Company's Management and the Board of Directors are responsible for the preparation and presentation of these consolidated annual financial results that give a true and fair view of the consolidated net profit/loss and other comprehensive income and other financial information of the Group in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Management and Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of each company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal fmancial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated annual financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated annual fmancial results by the Management and the Directors of the Holding Company, as aforesaid.

In preparing the consolidated annual financial results, the Management and the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of each company to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group is responsible for overseeing the financial reporting process of each company.

Auditor's Responsibilities for the Audit of the Consolidated Annual Financial Results

Our objectives are to obtain reasonable assurance about whether the consolidated annual fmancial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated annual financial results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated annual financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the --~ ide f internal control.

I

B SR &Co. LLP

Independent Auditors' Report (Continued) Rallis India Limited

Auditor's Responsibilities for the Audit of the Consolidated Annual Financial Results (Continued)

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion through a separate report on the complete set of fmancial consolidated statements on whether the Holding Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the consolidated financial results made by the Management and Board of Directors.
• Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated annual financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report However, future events or conditions may cause the Group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated annual financial results, including the disclosures, and whether the consolidated annual fmancial results represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial results of the entities within the Group to express an opinion on the consolidated annual financial results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the consolidated financial results of which we are the independent auditors. For the other entity included in the consolidated annual financial results, which has been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audit carried out by them. We remain solely responsible for our audit opinion. Our responsibilities in this regard are further described in para (a) of the section titled "Other Matters" in this audit report.

__ ...,, We also performed procedures in accordance with the circular No CIR/CFD/CMDI/44/2019 issued by the BI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable. /.

We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated annual financial results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

~

Independent Auditors' Report (Continued) Rallis India Limited

Other Matters

(a) The consolidated annual financial results include the audited financial results of a subsidiary P T Metahelix Lifesciences Indonesia, whose financial statements reflect total assets (before consolidation adjustments) of Rs 1.24 crores as at 31 March 2020, total revenue (before consolidation adjustments) of Rs 0.32 crores and total net (loss) after tax (before consolidation adjustments) of Rs 1. 78 crores and net cash outflows of Rs 1.15 crores for the year ended on that date, as considered in the consolidated annual financial results, which have been audited by its independent auditors. The independent auditors' report on financial results of this subsidiary have been furnished to us by the management and our opinion on the consolidated annual fmancial results, in so far as it relates to the amounts and disclosures included in respect of this subsidiary, is based solely on the report of such auditors and the procedures performed by us are as stated in paragraph above.

The aforesaid subsidiary is located outside India whose financial statements and other financial information have been prepared in accordance with accounting principles generally accepted in that country and which have been audited by other auditors under generally accepted auditing standards applicable in that country. The Holding Company's management has converted the financial statements of this subsidiary located outside India from accounting principles generally accepted in that country to accounting principles generally accepted in India. We have audited these conversion adjustments made by the Holding Company's management. Our opinion in so far as it relates to the balances and affairs of such subsidiary located outside India is based on the report of other auditors and the conversion adjustments prepared by the management of the Holding Company and audited by us.

(b) The consolidated annual fmancial results include the fmancial results of a subsidiary Rallis Chemistry Exports Limited, whose financial statements reflect total assets (before consolidation adjustments) of Rs Nil as at 31 March 2020, total revenue (before consolidation adjustments) of Rs Nil and total net (loss) after tax (before consolidation adjustments) of Rs Nil and net cash outflows of Rs Nil for the year ended on that date, as considered in the consolidated annual financial results have not been audited either by us or by other auditors. These unaudited financial results have been furnished to us by the Management and our opinion on the consolidated financial results, in so far as it relates to the amounts and disclosures included in respect of this subsidiary, is based solely on such unaudited financial results. In our opinion and according to the information and explanations given to us by the Management, these unaudited financial results are not material to the Group.

Our opinion on the consolidated annual financial results is not modified in respect of the above matters with respect to our reliance on the work done and the report of the other auditors and the financial statements certified by l¼anagement.

( c) The consolidated annual financial results include the results for the quarter ended 31 March 2020 being the balancing figure between the audited figures in respect of the full fmancial year and the published unaudited year to date figures up to the third quarter of the current financial year which were subject to limited review by us.

Mumbai 5 May 2020

For BS R & Co. LLP Ch __ untants Firm's Registration No:

Partner Members · o: 105149 UDIN :20105149~-v-.i.>S8596

		RALLIS INDIA LIMITED
		A TATA Enterprise
	Registered Office: 23rd Floor, Lodha Excelus at New Cuffe Parade, Off Eastern Freeway, Wadala, Mumbai 400037.
	PART I: CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH, 2020
						$\left(\frac{1}{2}$ in Cr. )
		Quarter ended	Quarter ended	Quarter ended	Year ended	Year ended
		31 March,	31 December,	31 March,	31 March,	31 March,
	Particulars	2020	2019	2019	2020	2019
		Audited	Unaudited (recast	Audited	Audited	Audited
			as per note 6)
	1 Revenue from operations (net of rebates and discounts)	346.29	533.60	339.69	2,251.82	1,983.96
	2 Other income (net)	9.50	10.08	10.95	34.33	30.65
	3 TOTAL INCOME (1+2)	355.79	543.68	350.64	2,286.15	2,014.61
	4 EXPENSES
	a) Cost of materials consumed	274.54	361.97	258.65	1,282.07	1,195.29
	b) Purchase of stock-in-trade	32.09	13.01	4.18	141.21	116.42
c	Changes in inventories of finished goods, work-in-progress and	(111.03)	(44.75)	(69.81)	(33.30)	(140.18)
	stock-in-trade
	d) Employee benefits expense	50.28	50.42	48.10	200.10	180.64
	e) Finance costs	1.09	1.57	1.65	6.11	5.25
	f) Depreciation and amortisation expense	12.68	15.95	10.51	61.51	46.08
	g) Other expenses	110.22	97.21	91.77	402.38	390.85
	TOTAL EXPENSES 4(a) to 4(g) 5 PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX (3-4)	369.87 (14.08)	495.38 48.30	345.05 5.59	2,060.08 226.07	1,794.35 220.26
6 1	Exceptional items	11.42			11.42
	7 PROFIT BEFORE TAX (5+6)	(2.66)	48.30	5.59	237.49	220.26
	8 Tax expenses	(3.34)	10.34	4.24	53.80	65.48
	9 NET PROFIT FOR THE PERIOD (7-8)	0.68	37.96	1.35	183.69	154.78
	Attributable to:
	Shareholders of the Company	0.65	38.05	1.52	184.85	155.38
	Non Controlling Interest	0.03	(0.09)	(0.17)	(1.16)	(0.60)
	10 Other comprehensive income	(1.93)	1.06	(1.70)	(1.88)	(1.48)
	Items that will not be reclassified to profit or loss	(2.26)	1.32	(1.74)	(2.41)	(1.20)
	Income tax relating to items that will not be reclassified to profit or loss	0.52	(0.32)	0.11	0.56	(0.25)
	Items that will be reclassified to profit or loss	(0.19)	0.06	(0.07)	(0.03)	(0.03)
	11 TOTAL COMPREHENSIVE INCOME (9 + 10)	(1.25)	39.02	(0.35)	181.81	153.30
	Attributable to:
	Shareholders of the Company	(1.28)	39.11	(0.18)	182.97	153.90
	Non Controlling Interest	0.03	(0.09)	(0.17)	(1.16)	(0.60)
	12 Paid up equity share capital
	(Face value ₹ 1 per share)	19.45	19.45	19.45	19.45	19.45
	13 Other equity				1,390.69	1,268.32
	14 Basic and diluted earnings per share (in $\ell$ ) See accompanying notes to the consolidated financial results	0.03	1.96	0.08	9.51	7.99

		$(7$ in Cr. $)$
PART II: CONSOLIDATED AUDITED BALANCE SHEET AS AT 31 MARCH, 2020
Particulars	As at 31 March, 2020	As at 31 March, 2019
	Audited	Audited
ASSETS
Non-current assets
a)Property, plant and equipment	360.78	369.77
b)Capital work-in-progress	28.76	12.88
c)Right-of-use asset	26.44	5.50
d)Investment property	0.13 195.82	195.82
e)Goodwill f)Other intangible assets	9.66	9.68
g)Intangible assets under development	46.95	37.83
h)Financial assets
i)Investments	3.80	3.79
ii)Loans	9.07	6.74
iii)Other financial assets	0.77	0.42
i)Income-tax assets (Net)	110.02	75.20
j)Other non-current assets	42.04	31.79
Total non-current assets	834.24	749.42
Current assets
a)Inventories	699.20	673.55
b)Financial assets
i)Investments	298.67	105.48
ii)Loans		0.93
iii)Trade receivables iv)Cash and cash equivalents	450.59 46.52	449.06 41.85
v)Bank Balances other than (iv) above	2.13	3.90
vi)Other financial assets	6.49	4.61
c)Other current assets	106.37	133.81
	1,609.97	1,413.19
Assets classified as held for sale	4.27
Total current assets	1,614.24	1,413.19
Total assets	2,448.48	2,162.61
EQUITY AND LIABILITIES
Equity a) Equity share capital	19.45	19.45
b) Other equity	1,390.00	1,266.48
Equity attributable to owners of the Company	1,409.45	1,285.93
Non-controlling interests	0.69	1.84
Total equity	1,410.14	1,287.77
Liabilities Non-current liabilities
a)Financial Liabilities
Borrowings	12.36	15.80
Lease liability	14.39
b) Other financial liabilities	6.45	6.40
c)Provisions	25.65	21.89
d)Deferred tax liabilities (Net)	28.49	16.44
e)Other non-current liabilities	0.10	0.10
Total non-current liabilities	87.44	60.63
Current Habilities
a)Financial liabilities
i)Borrowings	49.62	52.96
ii)Trade and other payables
-total outstanding dues of micro enterprises and small enterprises -total outstanding dues of creditors other than micro enterprises	3.69	2.89
and small enterprises	633.65	531.93
iii)Other financial liabilities	89.32	106.80
iv)Lease liabilities	13.92
b) Other current liabilities	120.03	99.11
c)Provisions	17.05	16.25
d)Income-tax liabilities (Net)	23.62	4.27
Total current liabilities	950.90	814.21
Total liabilities	1,038.34	874.84
Total equity and liabilities	2,448.48	2,162.61

	PART III : CONSOLIDATED AUDITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH, 2020
	Particulars	For the year ended 31 March, 2020	For the year ended 31 March, 2019
		Audited	Audited
A	CASH FLOW FROM OPERATING ACTIVITIES:
	Profit before tax	237.49	220.26
	Adjustments for: Finance costs	6.11	5.25
		61.51	46.08
	Depreciation and amortisation expense Interest Income	(4.03)	(2.89)
	Dividend Income	(2.26)	(2.84)
	Fair valuation gain on investment in Mutual fund	(3.81)	(0.17)
	Gain on redemption of current investments Credit balances written back	(1.56)	(0.67) (3.90)
	Allowance for doubtful debts (net)	(4.30) 6.96	2.91
	Allowance for doubtful advances	0.02	0.32
	Capital work-in-progress written off	0,27
	Investment written off		0.25
	Tangible assets written off	0.09	3.08
	Impairment of intangible assets and intangible assets under development Bad debts	1.77 2.23	2.42
	(Reversal)/provision for indirect tax matters	(2.45)	0.10
	Provision for Directors pension liability Provision/(reversal) for supplemental pay	0.28 0.82	7.23 (0.42)
	Provision for gratuity	1.90	0.33
	Provision for compensated absences	2.13	0.43
	Mark-to-market loss / (gain) on forward contract	0.04	(0.79)
	Net unrealised foreign exchange loss / (gain)	4.66	(3.42)
	(Gain)/loss on disposal of property, plant and equipment and investment property	(11.52)	0.60
	Operating profit before working capital changes	296.35	274.16
	Movements in working capital:
	(Increase) in trade receivables	(8.26)	(58.59)
	(Increase) in Inventories	(23.50)	(101.37)
	(Increase) in Loans	(1.40)	(0.10)
	(Increase) in other financial assets	(1.84)	(0.63)
	Decrease/(increase) in other assets	27.42	(6.94)
	Increase in trade payables	97.55	20.71
	(Decrease)/increase in other financial liabilities	(14.03)	14.93
	Increase in other liabilities.	20.91	8.79
	CASH GENERATED FROM OPERATIONS	393.20	150.96
	Income taxes paid (Net of refunds)	(56.36)	(70.90)
	NET CASH FLOWS GENERATED FROM OPERATING ACTIVITIES (A)	336,84	80.06
8	CASH FLOW FROM INVESTING ACTIVITIES:
	Interest received Dividend received	3,94	2.97
	Payments for purchase of property, plant and equipment	2.26	2.84
	(including adjustments on account of capital work-in-progress,
	capital creditors and capital advances)	(61.97)	(33.79)
	Payments for intangible assets	(16.63)	(12.75)
	Proceeds from disposal of property, plant and equipment and investment property	12.97	0.33
	Payment for purchase of investment in equity shares		(0.20)
	Purchase of current investments	(713.42)	(151.79)
	Proceeds from sale of current investments	525.60	138.96
	Proceeds from issue of shares to miniority shareholder		1.34
	Investments in bank deposits	1.33	0.64
	NET CASH FLOWS (USED IN) INVESTING ACTIVITIES (B)	(245.92)	(51.45)
c	CASH FLOW FROM FINANCING ACTIVITIES:
	Repayment of long-term borrowings (including current maturities)	(3.99)	(4.53)
	Proceeds from short-term borrowings	289.00	107.00
	Payment of lease liabilities	(16.84)	(0.08)
	Repayment of short-term borrowings	(280.50)	(90.00)
	Dividend paid on equity shares (including dividend distribution tax)	(58.73)	(58.53)
	Interest paid	(3.47)	(5.28)
	Bank balances in dividend account	0.12	(0.08)
	NET CASH FLOWS (USED IN) FINANCING ACTIVITIES (C)	(74.41)	(51.50)
	NET INCREASE / DECREASE IN CASH AND CASH EQUIVALENTS (A) + (B) + (C)	16.51	(22.89)
	CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR
	Cash in hand	0.05	0.04
	Balances with banks in current account and deposit account	41.80	28,89
	Bank overdrafts and cash credit facility (secured)	(35.96)	(0.15)
	CASH AND CASH EQUIVALENTS	5.89	28.78
	Net Cash and cash equivalents as per Cash flow statement	22.40	5.89
	CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR
	Cash in hand	0.03	0.05
	Balances with banks in current account and deposit account	46.49	41.80
	Bank overdrafts and cash credit facility (secured)	(24.12)	(35.96)
	CASH AND CASH EQUIVALENTS	22.40	5.89

•

Notes:

• 1 The above results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 5 May, 2020. The statutory auditors have expressed an unqualified audit opinion.
• 2 Financial results for all the periods presented have been prepared in accordance with the recognition and measurement principles of Ind AS notified under the Companies (Indian Accounting Standards) Rules, 2015 as amended from time to time.
• 3 The business of the Company and Its subsidiaries (the "Group") is seasonal In nature and the performance can be Impacted by weather conditions and cropping pattern.

• 4 The Company and its subsidiaries has one reportable business segment vii. Agrl-inputs".

• 5 During the quarter ended 31 December, 2019, the Hon'ble National Company Law Tribunal (NCLT), Bengaluru Bench and the NCLT, Mumbai Bench have approved the Scheme of Merger by Absorption of its wholly-owned subsidiary, Metahelix Life Sciences Limited with the Company ('the Scheme') on 11 November, 2019 and 20 December, 2019 respectively from the appointed date of 1 April, 2019. The certified copy of the order is flied with the Registrar of Companies on 1 February, 2020. The Company has already given effect of the merger in Its standalone unaudited results of the quarter ended 31 December, 2019 as per the guidance set out In Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 14 (Issue 4).

• 6 During the quarter ended 31 March, 2020, the NCLT, Mumbai Bench has approved the Scheme of Merger by Absorption of its wholly. owned subsidiary, Zero Waste Agro Organics Limited with the Company ('Scheme') on 22 February, 2020 from the appointed date of 1 April, 2017. Though the certified copy of the Order is yet to be filed with the Registrar of Companies, the Company has eiven effect of the merger in its standalone audited results for the quarter and year ended 31 March, 2020 as per the guidance set out in Ind AS Transition Facilitation Group (fTFG) Clarification Bulletin 14 (Issue 4). Accordingly, being a common control transaction, the results for the quarter ended 31 December, 2019 has been recast to reflect the impact of the merger on the consolidated audited financial results of the Company.
• 7 Rallis Oiemistry Exports limited (a wholly owned subsidiary) had made an application to the Registrar of Companies for removal of Its name from the register of companies for which the approval is awaited.
• a The Group has adopted Ind AS 116, effective annual reporting period beginning April 1, 2019 and applied the standard to its leases, retrospectively, with the cumulative effect of initially applying the Standard, recognised on the date of Initial application (April 1, 2019). Acx:ordlngly, the Group has not restated comparative information, instead, the cumulative effect of initially applying this standard has been recognised as an adjustment to the opening balance of retained earnings as on April 1, 2019.The Group has adopted Ind AS 116 using the cumulative effect method for transitioning.
• 9 Exceptional Item (as disdosed in the column ("Quarter ended 31 March, 2020 and Year ended 31 March, 2020") comprises profit on sale of flats (net of costs).
• 10 Figures for the quarter ended 31 March, 2020 and the corresponding quarte,- ended in the previous year as reported in these financial results are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto the end of the third quarter of the relevant financial year. Also the figures upto the end of the third quarter had only been reviewed and not subjected to audit.
• 11 The Ministry of Home Affairs vide order No.40-3/2020 dated 24 March, 2020 notified the first ever nationwide lockdown in India to contain the outbreak of COVID 19. The operations were disrupted at certain manufacturing facilities and depotS of the Group, as a result of which goods worth "' 16.04 crores could not be dispatched to the domestic market. Further, international shipments were also disrupted due to absence of transportation facilities in the last week of March 2020 resulting in lower shipment of '{' 53,18 crores.
• ¹²The Board of Directors at Its meeting held on 5 May, 2020 has recommended a dividend off 2.50 per equity share.
• 13 The Group has decided to exercise the option permitted under Section 115BAA of the Income tax Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance, 2019 from financial year 2020-21. Accordingly, there is no Impact on the provision for income tax for the quarter and year ended 31 March 2020. The Group has utilized the deferred tax balances In the current financial year. Accordingly, the deferred tax balances have been re-measured using the tax rate expected to be prevalent in the period in which the deferred tax balances are expected to reverse, and the resultant Impact has been recognised in the current period Statement of Profit and loss at the effective tax rate.
• ¹⁴The results of the Company are available for investors at www.raHls.co.ln, www.nselndl ,coro and www,b@lndla.com.

For ,nd on behalf of Rallls India Limit.cl

Mumbai

SMay,2020 Manllfns Director & CEO

Chartered Accountants

Independent Auditors' Report

5th Floor, Lodha Excelus, Apollo Mills Compound N. M . Joshi Marg,Mahalaxmi Mumbai - 400 011 India

To the Board of Directors of Rallis India Limited

Report on the audit of the Standalone Annual Financial Results

Opinion

Telephone +91 (22) 4345 5300 Fax +91 (22) 4345 5399

We have audited the accompanying standalone annual financial results of Rallis India Limited (hereinafter referred to as the 'Company') for the year ended 31 March 2020, attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations').

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone annual financial results:

• a. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
• b. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards, and other accounting principles generally accepted in India, of the net profit and other comprehensive income and other financial information for the year ended 31 March 2020.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under Section 143 (10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those SAs are further described in the Auditor's Responsibilities for the Audit of the Standalone Annual Financial Results section of our report. We are independent of the Company, in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act, and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained, is sufficient and appropriate to provide a basis for our opinion on the standalone annual financial results.

M.anagement's and Board of Directors' Responsibilities for the Standalone Annual Financial Results

These standalone armual financial results have been prepared on the basis of the standalone annual --~ c· l statements. ._ __ , I

r

8 SR & Co (a partno1Sh,pf1rm w,th Ae9istret10n No. 8A61223} oo,nve~ into ij ~ II & <.;o, UP!• Lrnlted L11bd,ty, l'llnn&llhlp with U P RQOlsrr•rlnn No AAR.R1R1) w1lh effool from October 14. 201J

Registerod Office: Sthfloor,l.oct'le E>cc:eluo Ai>olk> N M X'llli Mll1\$ Mttg. ~ Mahtla><mi M<•nlw - 4001111 ho'-

. . . -

Independent Auditors' Report (Continued)

Rallis India Limited

Management's and Board of Directors' Responsibilities for the Standalone Annual Financial Results (Continued)

The Company's Management and the Board of Directors are responsible for the preparation and presentation of these standalone annual financial results that give a true and fair view of the net profit/ loss and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal fmancial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone annual financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone annual financial results, the Management and the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is responsible for overseeing the Company's financial reporting process

Auditor's Responsibilities for the Audit of the Standalone Annual Financial Results

Our objectives are to obtain reasonable assurance about whether the standalone annual financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone annual financial results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone annual fmancial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion through a separate report on the complete set of fi nancial _ .... s ...;tements on whether the Company has adequate internal financial controls with reference to taJJc:talone fmancial statements in place and the operating effectiveness of such controls .

...___...,.

Independent Auditors' Report (Continued) Rallis India Limited

Auditor's Responsibilities for the Audit of the Standalone Annual Financial Results (Continued)

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the standalone fmanciaJ results made by the Management and Board of Directors.
• Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the standalone annual financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concem
• Evaluate the overall presentation, structure and content of the standalone annual financial results, including the disclosures, and whether the standalone annual fmancial results represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit fmdings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to commwiicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related

safeguards.

Other Matters

The standalone annual fmancial results include the results for the quarter ended 31 March 2020 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which were subject to limited review by us.

Mumbai 05May 2020

For B SR & Co. LLP Chane ccountants Firm's Registration N · 1248W -2022

^I~

Aniruddha od ole Partner Memb hip o: 105149 UDIN :20105149~1M.ABR1332

	RALLIS INDIA LIMITED
	A TATA Enterprise
Registered Office: 23rd Floor, Lodha Excelus at New Cuffe Parade, Off Eastern Freeway, Wadala, Mumbai 400037.
PART I:STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH, 2020
					$($ \left in Cr. )]
	Quarter ended 31 March,	Quarter ended 31 December,	Quarter ended 31 March,	Year ended 31 March,	Year ended 31 March,
	2020	2019	2019	2020	2019
Particulars
	Audited		Unaudited (recast Audited (recast as	Audited	Audited (recast as
		as per note 6)	per note 5 and 6)		per note 5 and 6)
1 Revenue from operations (net of rebates and discounts)	346.31	533.21	338.73	2,251.50	1,983.61
2 Other income (net)	9.50	10.08	10.95	34.33	30.61
3 TOTAL INCOME (1+2)	355.81	543.29	349.68	2,285.83	2,014.22
4 EXPENSES
a) Cost of materials consumed b) Purchase of stock-in-trade	276.77 32.09	359.24	257.81	1,280.93	1,194.48
c) Changes in inventories of finished goods, work-in-progress and	(113.03)	15.55 (44.85)	4.18 (69.65)	141.21 (33.30)	116.42 (140.03)
stock-in-trade
d) Employee benefits expense	50.21	50.20	47.89	199.37	179.85
e) Finance costs	1.09	1.57	1.65	6.11	5.25
f) Depreciation and amortisation expense	12.69	15.94	10.50	61.51	46.07
g) Other expenses	110.20	97.18	94.86	402.15	393.60
TOTAL EXPENSES 4(a) TO 4(g) 5 PROFIT / (LOSS) BEFORE EXCEPTIONAL ITEMS AND TAX (3 - 4)	370.02	494.83	347.24	2,057.98	1,795.64
	(14.21)	48.46	2.44	227.85	218.58
6 Exceptional Items	11.42			11.42
7 PROFIT BEFORE TAX (5 - 6)	(2.79)	48.46	2.44	239.27	218.58
8 Tax expenses	(3.34)	10.35	3.15	53.80	64.39
9 NET PROFIT FOR THE PERIOD (7 - 8)	0.55	38.11	(0.71)	185.47	154.19
10 Other Comprehensive Income	(1.73)	1.00	(1.45)	(1.84)	(1.45)
Items that will be reclassified to profit or loss
Items that will not be reclassified to profit or loss Income tax relating to items that will not be reclassified to	(2.25)	1.31	(1.56)	(2.40)	(1.20)
profit or loss	0.52	(0.31)	0.11	0.56	(0.25)
11 TOTAL COMPREHENSIVE INCOME (9 + 10)	(1.18)	39.11	(2.16)	183.63	152.74
12 Paid up equity share capital	19.45	19.45	19.45	19.45	19.45
(Face value ₹1 per share)
13 Other equity				1,390.55	1,266.37
14 Basic and diluted earnings per share (in $\ell$ )	0.03	1.96	(0.04)	9.54	7.93
See accompanying notes to the standalone financial results

PART II:STANDALONE AUDITED BALANCE SHEET AS AT 31 MARCH, 2020
	As at 31 March, 2020	As at 31 March, 2019
Particulars	Audited	Audited (recast as per note 5 and
ASSETS		6)
Non-current assets
a)Property,plant and equipment	360,78	369.76
b)Capital work-in-progress	28.76	12.88
c)Right-of-use asset	26.44
d)Goodwill on amalgamation	195.82	195.82
e)Investment property	0.13	5.50
f)Other Intangible assets	9.66	9.68
g)Intangible assets under development h)Financial assets	46.95	37.83
i)Investments	3.80	3.79
ii)Loans	9.07	6.74
iii)Other financial assets	0.77	0.42
i)Income-tax assets (Net)	110.02	75.20
j)Other non-current assets	42.04	31.79
Total non-current assets	834.24	749.41
Current assets
a)Inventories	699.20	673.22
b)Financial assets
i) Investments	298.67	105.48
ii) Loans		0.93
iii)Trade receivables	450.02	448.21
iv) Cash and cash equivalents v)Bank Balances other than (iv) above	45.86 2.13	40.04 3.90
vi)Other financial assets	6.49	4.60
c)Other current assets	106.37	133.69
	1,608.74	1,410.07
Assets classified as held for sale	4.27
Total current assets	1,613.01	1,410.07
Total assets	2,447.25	2,159.48
EQUITY AND LIABILITIES Equity
a) Equity share capital	19.45	19.45
b) Other equity	1,390.55	1,266.37
Total equity	1,410.00	1,285.82
Liabilities
Non-current liabilities
a)Financial liabilities Borrowings
Lease liabilities	12.36 14.39	15.80
Other financial liabilities	6.45	6.41
b)Provisions	25.65	21.89
c)Deferred tax liabilities (Net)	27.40	15.35
d) Other non-current liabilities	0.10	0.10
Total non-current liabilities	86,35	59.55
Current liabilities
a)Financial liabilities i)Borrowings
ii)Trade and other payables	49.62	52.96
-total outstanding dues of micro enterprises and small enterprises	3.69	2.89
-total outstanding dues of creditors other than micro enterprises and small enterprises	633.65	531.85
iii)Other financial liabilities	89.32	106.80
iv)Lease liabilities	13.92
b) Other current liabilities	120.03	99.10
c)Provisions	17.05	16.24
d)income-tax liabilities (Net)	23.62	4.27
Total current liabilities	950.90	814.11
Total liabilities	1,037.25	873.66
Total equity and liabilities	2,447.25	2,159.48

	PART III:STANDALONE AUDITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH, 2020
	Particulars	For the year ended 31 March, 2020	For the year ended 31 March, 2019
		Audited	Audited (recast as per note 5 and $6$
A	CASH FLOW FROM OPERATING ACTIVITIES:
	Profit before tax	239.27	218.57
	Adjustments for:		5.25
	Finance costs Depreciation and amortisation expense	6.11 61.50	46.07
	Interest income	(4.02)	(2.85)
	Dividend income	(2.26)	(2.84)
	Fair valuation gain on investment in Mutual fund	(3.81)	(0.17)
	Gain on redemption of current investments	(1.56)	(0.67)
	Credit balances written back	(4.30)	(3.90)
	Allowance for doubtful debts (net)	6.96	2.92
	Allowance for doubtful advances	0.02	0.32
	Capital work-in-progress written off Investment written off	0.27	0.25
	Tangible assets written off	0.09
	Impairment of Intangible assets and intangible assets under development	1.77	3.08
	Bad debts	2.23	2.42
	(Reversal)/Provision for indirect tax matters	(2.45)	0.10
	Provision for Directors pension liability	0.28	7.23
	Provision/(reversal) for supplemental pay	0.82	(0.42)
	Provision for gratuity Provision for compensated absences	1.94 2.13	0.35 0.43
	Mark-to-market loss / (gain) on forward contract	0.04	(0.79)
	Net unrealised foreign exchange loss / (gain)	4.66	(3.41)
	(Gain) / loss on disposal of property, plant and equipment and investment property	(11.52)	0.60
	Operating profit before working capital changes	298.17	272.54
	Movements in working capital: (increase) in trade receivables	(8.54)	(58.21)
	(Increase) in inventories	(23.83)	(101.11)
	(Increase) In Ioans	(1, 40)	(0.10)
	(increase) in other financial assets	(1.85)	(0.63)
	Decrease/(increase) in other assets Increase in trade payables	27.30 97.62	(6.85) 20.67
	(Decrease)/Increase in other financial liabilities	(14.03)	14.93
	Increase in other liabilities	20.92	8.79
	CASH GENERATED FROM OPERATIONS	394.36	150.03
	Income taxes paid (Net of refunds) NET CASH FLOWS GENERATED FROM OPERATING ACTIVITIES (A)	(56.36) 338.00	(70.90) 79.13
B	CASH FLOW FROM INVESTING ACTIVITIES:
	Interest received	3.93	2.93
	Dividend received	2.26	2.84
	Purchase of current investments Payment for purchase of Investment in equity shares	(713.42)	(151.79)
	Proceeds from sale of investments from equity shares		(0.20) 2.04
	Proceeds from sale of current investments	525.60	138.96
	Payments for purchase of property, plant and equipment
	(including adjustments on account of capital work-in-progress,	(61.97)	(28.43)
	capital creditors and capital advances) Payments for intangible assets	(16.63)	(18.10)
	Proceeds from disposal of property, plant and equipment and investment property	12.97	0.33
	Investments in bank deposits	1.33	0.64
	NET CASH FLOWS (USED IN) INVESTING ACTIVITIES (B)	(245.93)	[50.78]
c	CASH FLOW FROM FINANCING ACTIVITIES:
	Repayment of long-term borrowings (including current maturities)	(3.99)	(4.53)
	Proceeds from short-term borrowings	289,00	107.00
	Repayment of short-term borrowings Payment of lease liabilities	(280.50) (16.84)	(90.00) (0.08)
	Dividend paid on equity shares (including dividend distribution tax)	(58.73)	(58.53)
	Interest paid	(3.47)	(5.28)
	Bank balances in dividend account	0.12	(0.08)
	NET CASH FLOWS (USED IN) FINANCING ACTIVITIES (C)	(74.41)	(51.50)
	NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS (A) + (B) + (C)	17.66	(23.15)
	CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR Cash in hand	0.04	0.03
	Balances with banks in current account and deposit account	40.00	27.34
	Bank overdrafts and cash credit facility (secured)	(35.96)	(0.15)
	CASH AND CASH EQUIVALENTS	4.08	27.23
	Net Cash and cash equivalents as per Cash flow statement	21.74	4.08
	CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR
	Cash in hand	0.03	0.04
	Balances with banks in current account and deposit account Bank overdrafts and cash credit facility (secured)	45.83 (24.12)	40.00
	CASH AND CASH EQUIVALENTS	21.74	(35, 96) 4.08

Notes:

1 The above results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 5 May, 2020. The statutory auditors have expressed an unqualified audit opinion.

• 1. Financial results for all the periods presented have been prepared in accordance with the recognition and measurement principles of Ind AS notified under the Companies (Indian Accounting Standards) Rules, 2015 as amended from time to time.
• 3 The Company's business is seasonal in nature and the performance can be impacted by weather conditions and cropping pattern.
• 4 The Company has one reportable business segment viz. "Agri-Inputs".

5 During the quarter ended 31 December, 2019, the Hon'ble National Company Law Tribunal (NCLT), Bengaluru Bench and the NCLT, Mumbal Bench have approved the Scheme of Merger by Absorption of its wholly-owned subsidiary, Metahelix Life Sciences Limited with the Company ('the Scheme') on 11 November, 2019 and 20 December, 2019 respectively from the appointed date of 1 April, 2019.

The cartified copy of the order is filed with the Registrar of Companies on 1 February, 2020. The Company has already given effect of the merger in its standalone unaudited results of the quarter ended 31 December, 2019 as per the guidance set out in Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 14 (Issue 4).

Accordingly, being a common control transaction, the results for quarter and year ended 31 March, 2019 has been recast to reflect the impact of the merger on the standalone audited financial results of the Company.

• 6 During the quarter ended 31 March, 2020, the NCLT, Mumbai Bench has approved the Scheme of Merger by Absorption of its wholly-owned subsidiary, Zero Waste Agro Organics Limited with the Company ('Scheme') on 22 February, 2020 from the appointed date of 1 April, 2017. Though the certified copy of the Order is yet to be filed with the Registrar of Companies, the Company has given effect of the merger in its standalone audited results for the quarter and year ended 31 March, 2020 as per the guidance set out in Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 14 (Issue 4). Accordingly, being a common control transaction, the results for the quarter ended 31 December, 2019 and quarter and year ended 31 March, 2019 has been recast to reflect the Impact of the merger on the standalone audited financial results of the Company.
• 7 Rallis Chemistry Exports Limited (a wholly owned subsidiary) had made an application to the Registrar of Companies for removal of its name from the register of companies for which the approval is awaited.
• 8 The Company has adopted Ind AS 116, effective annual reporting period beginning April 1, 2019 and applied the standard to its leases, retrospectively, with the cumulative effect of initially applying the Standard, recognised on the date of initial application (April 1, 2019). Accordingly, the Company has not restated comparative information, instead, the cumulative effect of initially applying this standard has been recognised as an adjustment to the opening balance of retained earnings as on April 1, 2019. The Company has adopted Ind AS 116 using the cumulative effect method for transitioning.
• 9 Exceptional Item (as disclosed in the column ("Quarter ended 31 March, 2020 and Year ended 31 March, 2020") comprises profit on sale of flats (net of costs).
• 10 Figures for the quarter ended 31 March, 2020 and the corresponding quarter ended in the previous year as reported in these financial results are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto the end of the third quarter of the relevant financial year. Also the figures upto the end of the third quarter had only been reviewed and not subjected to audit.
• 11 The Ministry of Home Affairs vide order No.40-3/2020 dated 24 March, 2020 notified the first ever nationwide lockdown in India to contain the outbreak of COVID 19. The operations were disrupted at certain manufacturing facilities and depots of the Company, as a result of which goods worth ₹ 16.04 crores could not be dispatched to the domestic market. Further, international shipments were also disrupted due to absence of transportation facilities in the last week of March 2020 resulting in lower shipment of ₹53.18 crores.
• 12 The Board of Directors at its meeting held on 5 May, 2020 has recommended a dividend of ₹ 2.50 per equity share.
• 13 The Company has decided to exercise the option permitted under Section 115BAA of the Income tax Act, 1961 as Introduced by the Taxation Laws (Amendment) Ordinance, 2019 from financial year 2020-21. Accordingly, there is no impact on the provision for income tax for the quarter and year ended 31 March, 2020. The Company has utilized the deferred tax balances in the current financial year. Accordingly, the deferred tax balances have been re-measured using the tax rate expected to be prevalent in the period in which the deferred tax balances are expected to reverse, and the resultant impact has been recognised in the current period Statement of Profit and loss at the effective tax rate.
• 14 The results of the Company are available for investors at www.ralis.co.in, www.nseindia.com and www.bseindla.com.

For and on behalf of Railis India Limited

SANIN LAL Managing Director & CEO

Mumbai

5 May, 2020