Saurashtra Cement Limited — Interim / Quarterly Report 2021

Feb 2, 2021

Saurashtra Cement Limited Corporate Office

N K Mehta International House, 2nd Floor, 178 Backbay Reclamation, Mumbai 400 020 T +91 22 6636 5444 F +91 22 6636 5445 E scl-mum@mehtagroup.com CIN : L26941GJ1956PLC000840

Ref: B/SCL/SE/SS/2020-21 February 02, ²⁰²¹

Corporate Relationship Manager, BSE Limited, 1* Floor, New Trading Ring, Rotunda Bldg, P.J. Tower, Dalal Street, Mumbai 400001

Stock Code No: 502175

Dear Sir, Madam,

Sub: Unaudited Financial Results for the third quarter and nine months ended 31° December 2020

Further to our letter dated January 08, 2021, we are enclosing herewith Unaudited Standalone and Consolidated Financial Results for the third quarter and nine months ended 31 December 2020 which were approved by the Board of Directors at their meeting held today along with Limited Review report issued by the Statutory Auditors pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The said results are also placed on the website of the Company at www.saurashtracementlimited.com.

The meeting commenced at 4.30 p.m. and ended at 5.50 p.m.

Please acknowledge receipt.

Thanking you, Yours faithfully For Saurashtra Cement pete

Sonali Sanas I we Sr. Vice President (Legal) & Company Secretary

Encl: as above

Regd. Office & Works Near Railway Station, Ranavav 360 560 Guiarat, India

Manubhai & Shah LLP

Chartered Accountants

LIMITED REVIEW REPORT ON UNAUDITED STANDALONE QUARTERLY AND YEAR TO DATE FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF SAURASHTRA CEMENT LIMITED

• 1. We have reviewed the accompanying statement of Unaudited Standalone Financial Results ("statement") of Saurashtra Cement Limited ("the Company") for the quarter and nine months ended December 31,2020 being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('the Regulations').
• The preparation of the statement in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, is the responsibility of Company's Management and has been approved by the Board of Directors. Our responsibility is to express conclusion on 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 and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.
• Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying statement, prepared in accordance with applicable Indian Accounting Standards specified under Section 133 of the Companies Act, 2013 as amended read with Rule 7 of the Companies (Accounts) Rules, 2014 and other recognized accounting practices and policies have not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Place: Ahmedabad Date: February 2,2021

For Manubhai & Shah LLP Charterea Accountants Firm Registration No.: 106041W/W100136

Ke

{K C Patel) Partner Membership No.: 30083 UDIN : 21030083AAAABG9937

Manubhai & Shah LLP, a Limited Liability Partnership with LLP identity No.AAG-0878 Regd. Office : G-4, Capstone, Opp. Chirag Motors, Sheth Mangaldas Road, Ellisbridge, Ahmedabad - 380 006. Gujarat, India. Phone : +91-79-2647 0000 Fax : +91-79-2647 0050

Manubhai & Shah LLP

Chartered Accoun.tants

LIMITED REVIEW REPORT ON UNAUDITED CONSOLIDATED QUARTERLY AND YEAR TO DATE FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF SAURASHTRA CEMENT LIMITED

• 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Saurashtra Cement Limited ("the Parent") and its subsidiary (the Parent and its subsidiary together referred to as "the Group"), for the quarter and nine months ended December 31, 2020 ("the statement"), 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 Regulation').
• 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.
• 1. 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 Pérent's personnel 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 No. CIR/CFD/CMD 1/44/2019 dated March 29, 2019 issued by the SEB! under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

• 1. The statement includes the results of Agrima Consultants International Limited (a wholly owned subsidiary} 0S1a!
• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the the manner

Manubhai in which & Shah it is to LLP, be a disclosed, Limited Liability or that Partnership it contains with any LLP material identity No.AAG-0878 misstatement. Regd. Office : G-4, Capstone, Opp. Chirag Motors, Sheth Mangaldas Road, Ellisbridge, Anmedabad - 380 00 Gujarat, India. Phone : +91-79-2647 0000 Fax : +91-79-2647 0050 Se

RS

1. The consolidated unaudited financial results include the interim financial results of a subsidiary which have not been reviewed by its auditors, and whose interim financial statement reflects total revenues (before consolidation adjustments) of Rs. 6.00 lakhs and 18.22 lakhs; total net loss after tax (before consolidation adjustments) of Rs. 2.36 lakhs and Rs. 6.94 lakhs and total comprehensive loss (before consolidation adjustments) of Rs. 2.36 lakhs and Rs. 6.94 lakhs for the quarter and nine months ended on December 31, 2020 respectively. 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.

Date: February 2, 2021 (K C Patel)

Partner Membership No.: 30083

UDIN : 21030083AAAABH1265

Firm Registration No.: 106041W/W100136

For Manubhai & Shah LLP Chartered Accountants

SAURASHTRA CEMENT LIMITED CIN : 1269416)1956PLC000840

Phone : 02801- Registered Office : Near Ra 234200 Fax : 02801-234376

		STATEMENT OF UNAUDITED FINANCIAL RESULTS	234200 Fax : 02801-234376		Email : cfo@mehtagroup.com	ilway Station, Ranavav 360 560 (Gujarat)	Website : www.
	Particulars				Standalone		FOR THE QUARTER AND NINE MONTHS ENDED Mehtagroup.com	DECEMBER 31, 2020
			Quarter ended			Nine Months ended	Year ended			Consolidated
		(Unaudited) 31.12.2020	30.09.2620	31.12.2019	31.12.2020				Quarter ended			Nine Months ended
			(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited) 31.12,2019	31.03.2020	31,12.2020	30.09.2020	31.12.2019	31.12.2020		Year ended
aN	Revenue from Operations Other Income	—Sossseaseaenncaaten 20,647,414 = in lakhs etn	Zin lakhs	in lakhs	pee tetera, = in lakhs	Zin lakhs S K	(Audited)	{Una udited)	(Unaudited)	(Unaudited)	(Unaudited)	31.12.2019	31.03.2020
	Total Income (142)	278.29	12,652.06	15,218.72	43,046,19	43,125.85	60,818.36 Zin lakhs	Zin lakhs	te eee Zin lakhs	Zin lakhs	Sin bkhs	(Unaudited) Zin lakhs	(Audited)
omse	Expenses :	20,925.70	293,45 42,945.51	174.93 15,393.65	827.18	556.16	840,94	20,647.41	12,652.06	15,218.72)	43,046.79	43,125.85	Zin lakhs
	Cost of Materials Consumed				43,873.37	43,682.01	61,659.30	278.25	293.34	175.34	827.18	555.95	60,818.36 840.62
	Changes in Inventories of Finished Goods, Work-in-progress and	1,856.55	1,487.07	1,472.52	4,302.31			20,925.66	12,945.40	15,394.06	43,873,37	243,681.80	61,658.98
	Employee Benefit Expenses Stock-in-trade	1,725.95	(722,06)	(182.17)		4,534.21	6,107.28	1,856.55	1,487.07	1,472.52	4,302.31	4,534.21	6,107.28
	Finance Costs oS	1,287.61	928.83	1,181.45	300.64 3,132.93	(1,989.89)	(1,138.83)	1,725.95	(722.06)	(182,17)
	Depreciation and Amortisation Expenses YU &	95.08	91.42	114.76	279.88	3,489.19 333,58	4,524.83 467.62	1,287.61	928.83	1,181.45	300.64 3,132.93	(1,989.89)	(1,138.83)
	Other Expenses	531.18	500.75	479.71	1,521.98	1,370.89	1,968.23	95,08	91.42	114.76	279.88	3,489.19	4,524.83 467.62
	-Stores and Repairs	1,071.11						531.18	500.75	479.71	1,521.98	333.58 1,370.89	1,968.23
	-Freight and Forwarding Power and Fuel	4,716.66	1,023.15 2,752.72	996.44 3,241.43	3,271.52 9,230.57	3,410.30	5,128.55	1,071.11	1,023.15	996.44
	-Others	4,572.02	4,120.77	3,688.16		8,318.75	12,251.54	4,716.66	2,752.72	3,241.43	3,271.52 9,230.57	3,410.30	5,128.55
	Total Expenses (a to f)	2,005.19	1,257.13	1,802.35	11,891,09	12,846.58	16,559.41	4,572.02	4,120.77	3,688.16	11,891.09	8,318.75	12,251.54
	Profit before Exceptional Items (3-4)	17,861.35	11,439.78	12,794.65	4,260.74 38,191.66	4,719.59 37,033.20	6,446.36	2,007.51	1,259.41	1,804.54		12,846.58	16,559.41
	Exceptional Items - Interest on Borrowings (See Note 4 below)	3,064.35	1,505.73	2,599.00	5,681.71		52,314.99	17,863.67	11,442.06	12,796.84]	4,267.68 38 198.60	4,726.79	6456.44
HOR	Profit after Exceptional Items and before Tax ( 5+6)					6,648.81	9,344.31	3,061.99	1,503.34	2,597.22		37,040.40	52,325.07
wo	Tax Expense	3,064.35	1,505.73	2,599.00	5,681.71	6,648.81	(1,600.00)				5,674.77	6,641.40	(1,600.00) 9,333.91
	Current Tax 6 Q	531.35					7,744.31	3,061.99	1,503.34	2,597.22	5,674.77	6,641.40	7,733.91
	Adjustment relating to Previous Years' Taxes Deferred Tax		267.06 1.99	470.02	995.83	1,181.58	1,357.81	\$31.35	267.06	470.02
an	Net Profit for the period (7-8)	465.24	60,29	234,09	1.99 612.61	470.92	4.92		1.99	-	995.83 1.99	1,181.58	1,357.81
	Other Comprehensive income (net of tax)	2,067.76	1,176.39	1,894.89	4,071.28	4996.31	720.60 5,660.98	465.24	60,29	234.09	612.61	470.92	4.92
	Items that will not be reclassified to profit or loss							2,065.40	1,174,00	1,893.11	4,064,34	4,988.90	720.60 5,650.58
	~ Remeasurement of defined benefit plan ~ Income tax relating to above Items	(43.50)	1.48	(19.39)	(27.06)
	~ Effect of measuring Equity Instruments on Fair Value	15.20	(0.51)	6.78	9.46	(44.35) 15,50	(81.18)	(43.50)	1.48	(19.39)	(27.06	(44.35)
	Total Other Comprehensive Income	246.90	(59.43)	4.57	513,21	(133,73)	(178.33) 28,37	15,20	(0.51)	6.78	9.46	15.50	(81.18)
	Total Comprehensive Income for the period (9+120)	218.60	(58.46)	{8,04}	495.61	(162.53)	(231.14)	246.90	(59.43)	4.57	513.21	(133.73)	(178,33) 28,37
	Paid up Equity Share Capital (Face value of 210 each)	2,286.36	1,117.93	1,886.85	4,566.89	4,833.73	5,429.84	218.60	(58.46)	(8.04)	495,61	(162.58)	(231.14)
agag	Other Equity	6,982.15	6,963.89	6,948.34	6,982,15	6,948.34	6,952.15	2,284.00	41,115.54	1,885.07	4,559.95	4,826.32	5,419.44
	(not annualised) - In Earnings per Share of € 10 each						38,259.76	6,982.15	6,963.89	6,948.34	6,982.15	6,948.34	6,952.15
	Diluted Basic	2.97	1.69	2.73	5.85	7.19	8.15						38,138.33
		2.94	1.67	2.71	5.78	7.14	8.07	2.97 2.93	1.69	2.72	5.84		8.14
	CATION	BY							1.67	2.70	5.77		8.05

CATION BY

SHAH LLP ACCOUNTANTS

Diluted MANUBHAI CHARTERED

lotes :

• 4,
• wy

• The above unaudited Financial Results for the quarter and nine months ended December 31, 2020 have been reviewed and recommended by the Audit Committee and approved by the Board of Directors at their respective meetings held on February 2, 2021, Consolidated Financial Results includes results of Agrima Consultants International Limited (a wholly owned subsidiary). The Company operates in a single reportable segment of manufacture of cement and clinker as per Ind AS 108 Operating Segment. Exceptional Item in the year ended March 31, 2020 is amount of litigation settlement in respect of interest concessions given by the Lenders at the time of restructuring of Debts. All the Lenders have approved the settlement proposal. The Board of Directors have approved an interim dividend of €1 per equity share of €10/- each equivalent to 10% (Ter percent) on paid up equity share capital of the Company for the year 2020-21,

• Deferred Tax for the quarter and nine months ended December 31, 2020 is arrived at after adjustment of Tax Credit in the form of MAT Credit Entitlement of € 486.61 lakhs and % 518.22 la khs, respectively. The Company has taken into account the external and internal information, for assessing possible impact of Covid 19 on various elements of its financial results including recoverability of its assets. The company has allotted 1,82,620 Equity Shares of € 10 each during the quarter ended December 31, 2020 under Saurashtra Employee Stock Option Scheme 2017,

• The Board of Directors of the Company at its meeting held on May 18, 2020 decided to amalgamate a promoter company, Parsec Enterprises Pvt. Ltd. (PEPL) with the Company. The appointed date for the Scheme is April 1, 2020 and the Scheme will be effective from the last date on which the order approving the NCLT scheme is filed by PEPL or the company with the ROC. The Company has received the approval of the Scheme by BSE Ltd. and SEBI. The Company has now filed the application with NCLT for approval of the Scheme. The Company has convened the meetings of shareholders and unsecured creditors for seeking their consent to the Scheme as directed by NCLT.
• id. Figures for the previous periods have been regrouped and / or recasted and / or reclassified wherever necessary to make them comparable with those of current period.

By the Order of the Board For Saurashtra Cement Limited

Q =

(M. S. Gilotra) Managing Director

'face : Mumbai ated : February 2, 2021

SIGNED FOR INDENTIFICATION BY

ow LLP ANUBHAI & SHAH CHARTERED ACCOUNTANTS,