Sadhana Nitrochem Ltd. — Interim / Quarterly Report 2021

Feb 9, 2021

SADHANA NITRO CHEM LIMITED

CIN : L24110MH1973PLC016698

ea 10, Bruce Street, 1st Floor, 8/12 Homi Mody Street, Fort, Mumbai ⁴⁰⁰⁰⁰¹ Tel.: 022-68663300, Email: sadhananitro@sncl.com, Website: www.sncl.com

Date: February 09, 2021

To, Bombay Stock Exchange Limited, 1st Floor, P.J. Towers, Dalal Street, Mumbai - 400001

Scrip Code - 506642

Subject: Outcome of Board meeting of the Company held today, February 09, 2021.

Sir/Ma'am,

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, it is hereby informed that the Board of Directors, today, Tuesday, February 09, 2021 in its meeting held at the 10, Bruce Street, 1° Floor, 8/12, Sir Homi Mody Street, Fort, Mumbai-400001 by means of Video conferencing, interalia transacted the following items of business:

• 1, Considered and approved Un-audited Standalone Financial Results along with Limited Review Report from Statutory Auditor of the Company for the quarter & nine months ended December 31, 2020 annexed hereto and marked as Annexure — ^I
• 1. Considered and approved Un-audited Consolidated Financial Results along with Limited Review Report from Statutory Auditor of the Company for the quarter & nine months ended December 31, 2020 annexed hereto and marked as Annexure — II
• 1. The First phase of construction of the Para Amino Phenol (PAP) plant, as ^a downstream derivative starting from Nitrobenzene, is underway.

The meeting commenced at 04:00 P.M. and concluded at S'4 if P.M.

Kindly take the same on record.

FOR SADHANA NITRO CHEM LIMITED

nq a T

Nitin Rameshchandra Jani Company Secretary Membership No.: A4757 Address: -Plot No. 177, Room No.16, Jawahar Nagar Road No.2, Goregaon (West) Mumbai - 400062

Registered Office : Hira Baug, 1st Floor, Kasturba Chowk (C.P. Tank), Mumbai - 400 004, INDIA Factory : 47, MIDC, Roha - 402 116, Dist. Raigad, Maharashtra. Tel.: Dhatav-02194-263801/02/03, 263525

SADHANA NITRO CHEM LIMITED

STATEMENT OF UN-AUDITED STANDALONE FINANCIAL RESULT FOR THE QUARTER & NINE MONTHS ENDED DECEMBER 31,2020

						Ann ex r€ -	Ale
	SADHANA NITRO (CIN NO. L24100MH1973PLC016698)	CHEM	LIMITED
	a Reqd. Office : Hira Baug, 1ST Floor, Kasturba Chowk (C.P. Tank), Mumbai - 400 004
	< Tel. No, 022-23865629, Fax: 022-23887235, E-mail: sadhananitro@sncl.com, website: www.sncl.com
	STATEMENT OF UN-AUDITED STANDALONE FINANCIAL RESULT FOR THE QUARTER & NINE MONTHS ENDED DECEMBER 31,2020						(Rs. In Lakhs except Earnings Per Equity Share)
			QUARTER ENDED		NINEMONTHS ENDED		YEAR ENDED
	Particulars	31-Dec-20	30-Sep-20 31-Dec-19		31-Dec-20	31-Dec-19	31-Mar-20
			Unaudited		Unaudited		Audited
1	Income a) Revenue From Operation	2,640	2,015	2,810	6,308	9,404	12,035
	b) Other Income	194	102	63
2	Total Income	2,834			395	169	231
	Expenses		2,117	2,873	6,703	9,573	12,266
	a) Cost of materials consumed b) Changes in inventories of finished goods, Work in	1,779	1,175	1,289	3,598	2,938	3,919
	Progress and Stock in trade	(387) s	(239) 2	i2)	(0/6) 2	(2/2) a	i e
	c) Excise Duty d) Employees benefits expense	398	356	422	1,148	1,304	1,529
	e) Depreciation and amortisation expenses Finance Cost f)	146 72	144 82	133 85	433 230	378 206	526 281
	g) Other expenses	682 2,690	432 1,950	546 2,003	1,478 6,311	1,942 6,493	2,880 9,149
5	oe Total expenses before Tax and exceptional items (1-	4144	467	870	392	3,080	3,147
4	[Exceptional Items	-		-	i		S
5	Profit/(Loss) before Tax (3+4)	144	167	870	392	3,080	3,117
6	Tax Expense (a) Less:- Current Tax	43	23	160	74	688	849
	Less - Mat Credit Entitlement (b) Less Tax Adjustment for earlier year	- -	- -		- -	- -	(195) -
	(c) Add :-Deferred Tax Assets Total Tax Expenses	41 84	6 29	90 250	20 94	281 969	114 768
7	Net Profit After Tax (5-6)	60	138	620	298	2,111 -	2,349 -
8	Other Comprehensive income/(loss) (a) Re-measurement on Defined benefit plans	- -	- 2	(5)	- 2	(15)	(9)
	(b) Income Tax Effect on above (c )Exchange differences in translating financial	- £	- i	- :	- :	- :	- 2
	statements of a foreign operation (d) Change in Fair Value of Current Assets regrouped	f	rr		16	i	18
	at FV to OCI (Net of Tax)	-	13	(5)	18	(15)	9
9	Total Other Comprehensive Income Total Comprehensive Income (7-8)	60	151	615	316	2,096	2,358
10	Proifit Attributable to owners of the company
11	Non controlling Interest Total Comprehensive Income Attributable to	5		-	;	:	7

Ann e Ure - —

					Ann	Ure e	— -
12	Paid up Equity Share Capital (FV Rs 10 Per Share)	1,397	1,397	1,397	1,397	1,397	1,397
13	Earning per Share Basic	0.04	0.10	0.44	0.21	1.51	1.68
	Diluted	0.04	0.10	0.44	0.21	1.51	1,68
					For Sadhana Nitro Chem Limited
	Place: Mumbai			/ yi	Abhishek A Javeri
	Date: 9th February, 2021				Managing Director & CFO DIN: 00273030

/ yi Abhishek A Javeri Managing Director & CFO DIN: 00273030

Notes to Standalone Financial Results:

• The above unaudited standalone financial results have been prepared in accordance with the applicable Indian Accounting Standards as prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India in compliance with Regulation 33 of the Listing Regulations.
• The above unaudited standalone financial results for the quarter and nine month period ended 31" December, 2020 have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 9"" February, 2021.
• The limited review under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, has been carried out by the statutory auditors. Auditor's Review Report does not contain any observation which would have an impact on the above results.
• The company is primarily engaged in one business segment i.e. manufacturing of chemical intermediates, heavy organic chemicals and performance chemicals which is it's primary segment. The company is also engaged in the manufacture of wireless network equipment & services. However, since the revenue, profits & total assets of this segment is less that 10% of the combined revenue, profits & assets of all the reporting segments, disclosures as required by Ind-As 108, 'Operating Segments' are not given.
• The outbreak of Covid-I9 pandemic has caused disruptions in business operations across India & globally. However, the economic situation in the country is slowly but surely improving as the spread of the pandemic recedes.

The management has considered all these events, both existing & subsequent, and internal & external information in finalizing these results for the period ended 31.12.2020 as date of approval. The management has not identified any material impact on the carrying values of assets, liabilities & provisions, The management will continue to closely monitor any changes to future economic conditions & assess their impact on operations of the Company.

• The Company had issued and allotted 4,65,75,745 equity shares of Re. 1/- each to eligible shareholders of equity shares on the book closure date (i.e. 18" September, 2020) as fully paid up bonus equity shares by capitalizing reserves. The earning per share figures for the year ended ait March, 2020 and quarter and nine month period ended 31° December, 2019 have been restated to give effect to the allotment of the bonus shares, as required by IND-AS 33, 'Earning Per Share'.
• Previous period figures have been regrouped /reclassified, wherever necessary to conform to current period classification.

Anne yure — IL

1. The above is an extract of the detailed format of the financial results for the quarter and nine month period ended 31" December, 2020 filed with Stock Exchange, under Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,2015 ('(Results'). The complete format of the results is available on www.bseindia.com and on the company's website at www.sncl.com.

LE Ey For Sadhana Nitro Chem Ltd. J SELO ^Aeo (2 MUMBA \ (Abhishek Javeri) t : On by & oS Managing Director& CFO

By the Order of the Board

DIN :00273030

Mumbai, dated: 09" February, 2021

Jey Eon DADIA & DOO n > LLP == CHARTERED ACCOUNTANTS ==

422 Lamy Arun Chambers, lardeo, Mumbai - 400034. Tel.: +91-22-66602417 / 66601056 Fax : +91-22-66602418 E-mail: info@daca.com Website : www jdaca.com

Independent Auditor's Review Report on Quarterly Standalone Financial Results

The Board of Directors M/s. Sadhana Nitro Chem Limited Mumbai,

• Li We have reviewed the accompanying statement of standalone unaudited financial results ('the Statement') of M/s. Sadhana Nitro Chem Limited ('the Company') for the quarter ended 31" December, 2020 (the "Statement) and the year to date results for the period from 15" April, 2020 to 31°" December, 2020 attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015, as amended. This Statement is the responsibility of the Company's Management and has been approved by the Board of Directors in their meeting held on 9!" February, 2021, Our responsibility is to issue a report on the Statement based on our review.
• 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 & perform the review to obtain moderate assurance as to whether the financial statements are free of inaterial misstatement. A review is limited primarily to enquiries of company personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.
• Based on our review conducted as stated above, nothing has come to our attention that causes us to believe that the accompanying slatement of unaudited financial results prepared in' accordance with applicable accounting standards and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEB (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.
• We draw attention lo Note 5 to the accompanying Statement with respect to the possible effects thal may result from Covid-19 pandemic and the management's evaluation of its impact on the operations of the Company and on the aforesaid Statement, the extent of which is significantly dependent upon future developments, Our conclusion is not modified in respect of this matter.

For Jayesh Dadia & Associates LLP Chartered Accountants Firm ce i i 121142W / W100122

s sh Dadia its

Partner Membership No, 033973 Mumbai, dated: 9 February, 2021 UDIN: 21033973 AA AABA7999

Anne ytu ve — AL.

SADHANA NITRO CHEM LIMITED

STATEMENT OF UN-AUDITED CONSOLIDATED FINANCIAL RESULT FOR THE QUARTER & NINE MONTHS ENDED DECEMBER 31,2020

Anne ytu ve — SADHANA CHEM NITRO LIMITED a (CIN NO. L24100MH1973PLC016698) Regd. Office : Hira Baug, 1ST Floor, Kasturba Chowk (C.P. Tank), Mumbai - 400 004 Tel. No. 022-23865629, Fax: 022-23887235, E-mail: sadhananitro@sncl.com, website: www.sncl.com STATEMENT OF UN-AUDITED CONSOLIDATED FINANCIAL RESULT FOR THE QUARTER & NINE MONTHS ENDED DECEMBER 31,2020 (Rs. In Lakhs except Earnings Per Equity Share) QUARTER ENDED NINEMONTHS ENDED Particulars 30-Sep-20 31-Dec-19 31-Dec-20 31-Dec-20 31-Dec-19 Unaudited Unaudited Audited Income 1 a) Revenue From Operation 2,645 2,055 6,358 2,822 7,974 b) Other Income 455 623 170 64 84 Total Income 3,100 2,139 8,144 10,802 2,886 6,981 Expenses 2 = a) Cost of materials consumed 1,776 1,178 3,598 2,938 1,289 b) Changes in inventories of finished goods, Work in Progress and Stock in trade (425) (174) (2,136) (636) (549) c) Excise Duty is a S é = i d) Employees benefits expense 398 423 356 1,148 1,305 e) Depreciation and amortisation expenses 419 157 155 146 466 Finance Cost 232 208 82 74 85 f) g) Other expenses 697 466 587 1,543 3,008 2,037 Total expenses 2,677 2,062 6,438 1,894 4,771 Sara 7 before Tax and exceptional items (1- 423 992 543 3,373 ' [Exceptional Items 4 = 2 e Profit(Loss) before Tax (3+4) 3,373 2,234 423 992 543 77 5, Tax Expense 6 (a) Less:- Current Tax 160 688 74 43 23 Less - Mat Credit Entitlement - - - -
								AL.
								YEAR ENDED
								31-Mar-20
								10,606
								196
								3,919
								(773)
								1,550 581
								283
								8,568
								2,234
6 Total Tax Expenses 250 969 29 94 84		(b) Less Tax Adjustment for earlier year	-	-	-	-	-	-
Net Profit After Tax (5-6) 742 2,404 339 449 48 7 Other Comprehensive income/(loss) 8 - - - - - -		(c) Add :-Deferred Tax Assets	41		90	20	281
(a) Re-measurement on Defined benefit plans (15) (5) 2 2 -
(c )Exchange differences in translating financial t i i i
2 (d) Change in Fair Value of Current Assets regrouped 16 11 5 A 3		(b) Income Tax Effect on above	-	-	-	-	-	-
Total Other Comprehensive Income 13 18 (15) (5) -		statements of a foreign operation
2,389 61 339 737 467 9 Proifit Attributable to		at FV to OCI (Net of Tax)
owners of the company	10	Total Comprehensive Income (7-8)						850 (195) 114 769 1,465 (9) 18 9 1,474
11 Total Comprehensive Income Attributable to = = + = owners of the company		Non controlling Interest
Non controlling Interest

AW € HN x. - ae

					AW € HN x.	ae -
12 Paid up Equity Share Capital (FV Rs 10 Per Share) 13 Earning per Share	1,397	1,397	1,397	1,397	1,397	1,397
Basic Diluted	0.24 0.24	0.03 0.03	0.53 0.53	0.32 0.32	1.72 1.72	1.05 1.05
Place: Mumbai Date: 9th February, 2021	For Sadhana Nitro Chem Limited > iee( MUMBAI < Xe Abhishek A Javeri ¢ v \ es
DIN: 00273030

^&gt;iee( MUMBAI < Xe ¢ v \ es

Abhishek A Javeri

Notes to Consolidated Financial Results:

• The above unaudited consolidated financial results have been prepared in accordance with the applicable Indian Accounting Standards as prescribed under Section 133 of the Companies Act, ²⁰¹³ read with relevant rules issued thereunder and other accounting principles generally accepted in India in compliance with Regulation 33 of the Listing Regulations.
• The above unaudited consolidated financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 9" February, 2021.
• The limited review under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, has been carried out by the statutory auditors. Auditor's Review Report does not contain any observation which would have an impact on the above results
• The above results comprise the results of Sadhana Nitro Chem Limited (Parent Company) and the following two wholly owned subsidiaries:
• a. Spidigo Net Private Limited, India
• b. Anuchem B.V.B.A, Belgium.
• The Group is primarily engaged in one business segment i.e. manufacturing of chemical intermediates, heavy organic chemicals and performance chemicals which is it's primary segment. The Group is also in the manufacture of wireless network equipment & services. However, since the revenue, profits & total assets of this segment is less that 10% of the combined revenue, profits & assets of all the reporting segments, disclosures as required by Ind-As 108, 'Operating Segments' are not given.
• The outbreak of Covid-I9 pandemic has caused disruptions in business operations across India & globally. However, the economic situation, both within the country & globally, is slowly but surely improving as the spread & impact of the pandemic recedes.

The Parent Company has considered all these events, both existing & subsequent, and internal & external information in finalizing these results for the period ended 31.12.2020 as at date of approval. The Parent Company has not identified any material impact on the carrying values of assets, liabilities & provisions. The Management of the Parent Company will continue to closely monitor any changes to future economic conditions & assess their impact on operations of the Company.

• The Parent Company had issued and allotted 4,65,75,745 equity shares of Re. 1/- each to eligible shareholders of equity shares on the book closure date (i.e. 18" September, 2020) as fully paid up bonus equity shares by capitalizing reserves. The earning per share figures for the quarter year ended 31° March. 2020 and quarter & nine month period ended 31 December, 2019 have been restated to give effect to the allotment of the bonus shares, as required by IND-AS 33, 'Earning Per Share'.
• Previous period figures have been regrouped /reclassified, wherever necessary to conform to current period classification.

Ann en ve:

Al

9, The above is an extract of the detailed format of the financial results for the quarter and nine month period ended 31** December, 2020 filed with Stock Exchange, under Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,2015 ('(Results'). The complete format of the results is available on www.bseindia.com and on the company's website at www.sncl.com.

By the Order of the Board For Sadhana Nitro Chem Ltd.

(Abhishek Javeri) Managing Director& CFO DIN :00273030

Mumbai, dated: 9"" February, 2021

F

t

JAYESH DADIA & ASSOCIATES LLP ^| === CHARTERED ACCOUNTANTS

422, Arun Chambers, lardeo, Mumbai - 400034. Vel.: +91-22-66602417 / 66601056 Tax : +9] -22-6660024 18 ^| I~ mail: info@jdaca.ccom Website : www jdaca.com i

Independent Auditor's Review Report on Quarterly Consolidated Unaudited Financial Results ^|

| The Board of Directors M/s. Sadhana Nitro Chem Limited Mumbai, ⁱ

• 1. We have reviewed the accompanying statement of consolidated unaudited financial results ('the Statement') of M/s. Sadhana Nitro Chem Limited ('the Parent') ancl its subsidiaries (the Parent and its subsidiaries together referred to as the "Group") for the quarter 31°! December, 2020 and ^| for the period from I" April, 2020 to 31s December, 2020 attached herewith, being, submitted by ' | the Parent pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations & | Disclosure Requirements) Regulations 2015, as amended. ⁱ
• 1. This Statement is the responsibility of the Parent's Management and has been approved by the ⁱ Parent's Board of Directors in their meeting, held on 9 February, 2021. Our responsibility is to : express our 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, ^{A |}review of interim financial information consists of making inquiries, primarily of persons ⁱ responsible for financial & 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 ⁱ become aware of all significant matters that might be identified in an audit. Accordingly, we do ⁱ | not express an audil opinion.

| We also performed procedures in accordance with the circular issued by the Securities and ^f Exchange Board of India under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable. ^E

• ^|4. The Statement includes the results of the following wholly owned subsidiaries: ⁱ
• a. Spidigo Net Private Limited, India
• b. Anuchem B.V.B.A, Belgium
• 1. Based on our review conducted and procedures performed as stated in Paragraph 3 above, nothing, has come to our attention that causes us lo believe that the accompanying, statement of unaudited financial results prepared in accordance with Indian Accounting Standards

cre oa ane emma sorte

RTT

and other accounting principles and policies, generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Oblipations 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 draw attention to Note 6 to the accompanying Statement with respect to the possible effects that may result from Covid-19 pandemic and the management's evaluation of its impact on the operations of the Group and on the aforesaid Statement, the extent of which is significantly dependent upon future developments, Our conclusion is not modified in respect of this matter.
• We did not review, the interim financial results and other financial information, in respect of one subsidiary, whose interim financial results reflect total revenue of Rs, 306.88 lacs and total net profit before tax of Rs. 10.99 lacs for the nine month period ended 31°! December, 2020, as considered in these unaudited consolidated financial results. These unaudited financial results and other unaudited financial information have been approved and furnished to us by the management. Our conclusion, in so far as it relates to the affair of this subsidiary, is based solely on such unaudited financial results and other unaudited financial information.

The above subsidiary is located outside India whose financial results and other financial information have been prepared in accordance with accounting principles generally accepted in its country. The Parent's management has converted the financial results of such subsidiary located outside India from accounting principles generally accepted in its country to accounting principles generally accepted in India. We have reviewed these conversion adjustments made by the Parent's management. Our conclusion so far as it relates to the balances and affairs of such subsidiary located outside India is based solely on such unaudited financial results and other unaudited financial information furnished to us by the management and the conversion adjustments prepared by the management of the Parent and reviewed by us.

Our Conclusion on the Statement is not modified in respect this matters.

For Jayesh Dadia & Associates LLP Chartered Accountants lirm Registrattgn No. 121142W / W100122

MW A. Ca

Jayesh Dadia Partner Membership No. 033973 Mumbai, dated: 9" February, 2021 UDIN: 21033973 AAAABB1924