Shree Cements Ltd. — Regulatory Filings 2021

May 21, 2021

CIN No. : L26943RJ1979PLC001935 Phone : 01462 228101-6 Toll Free : 1800 180 6003 1 6004 Fax: 01462228117/228119 E-Mail : shreebwr@shreecement.com Website : www.shreecement.com

SHREE CEMENT LTD.

An ISO 9001, 14001,45001 & 50001 Certified Company Regd. Office: BANGUR NAGAR, POST BOX NO.33, BEAWAR 305901, RAJASTHAN, INDIA

SCL/BWR/SE/2021-22/ 21st May, 2021

FAX NO. 022 - 26598237 /26598238

Email: cmlist@nse.co.in Listing Department National Stock Exchange of India Limited, Exchange Plaza, C-l, Block G, Bandra - Kurla Complex, Bandra (East) MUMBAI- 400051 SCRIP CODE: SHREECEM EQ

FAX NO. 022-22722041 / 22722061

Email: corp.relations@bseindia.com Corporate Relationship Department Bombay Stock Exchange Ltd. Phiroze Jeejeebhoy Towers, 25th Floor, Dalal Street, MUMBAI-400 001 SCRIP CODE 500387

Sub: Approval of Audited Financial Results for Quarter and Year ended 31st March, 2021

Dear Sirs,

Board of Directors of the Company, in their meeting held today, has approved the Audited Financial Results (Standalone and Consolidated) of the Company for Quarter and Year ended on 31st March, 2021. Results approved by the Board are enclosed herewith along with Auditor's Report.

Board also recommended final dividend @ Rs. 60/- per equity share of Rs. 10 each for the year ended 31't March, 2021 subject to approval of the members at the ensuing Annual General Meeting of the Company.

Pursuant to Regulation 33(3)(d) of Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we confirm that the Statutory Auditors have given Audit Report with unmodified opinion on the Audited Financial Results of the Company (Standalone and Consolidated) for the year ended 31'1 March, 2021.

The meeting ofthe Board started at 3. 30 P.M. and concluded at .3'O P.M .

Kindly take the same on record.

Thanki n

5.5. KH Encl: as above

JAIPUR OFFICE: SB-187, Bapu Nagar, Opp. Rajasthan University, JLN Marg, Jaipur 302015 Phone: 0141 4241200,4241204 NEW DELHI OFFICE: 122-123, Hans Bhawan, 1, Bahadurshah Zafar Marg, New Delhi 110002 Phone: 011 23370828,23379218,23370776 CORP. OFFICE: 21, Strand Road, Kolkata 700001 Phone: 033 22309601-4 Fax: 033 22434226

GUPTA & DUA CHARTERED ACCOUNTANTS

INDEPENDENT AUDITORS' REPORT

TO THE BOARD OF DIRECTORS OF SHREE CEMENT LIMITED

Report on the audit of the Standalone Financial Results

Opinion

We have audited the accompanying standalone financial results ("financial results") of SHREE CEMENT LIMITED ("the company") for the quarter ended March 31, 2021 and the year-to-date results for the period from April I, 2020 to March 31, 2021 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 these 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 accounting standards and other accounting principles generally accepted in India of the net profit and other comprehensive income and other financial information for the quarter ended March 31, 2021 as well as the year-to-date results for the period from April 1,2020 to March 31,2021 .

c) attention is drawn to the fact that the figures for the last quarter ended March 31, 2021 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 up to the end of the third quarter had only been reviewed and not subjected to audit.

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 responsibil ities under those Standards are further described in the Auditors' Responsibilities for the Audit of the 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 oflndia together with the ethical requirements that are relevant to our audit of the financial results under the provisions of the Companies Act, 2013 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.

Management's Responsibilities for the Financial Results

These quarterly financial results as well as the year to date financial results have been prepared on the basis of the audited standalone financial statements. The Company's Board of Directors are responsible for the preparation of these financial results that give a true and fair view of the net profit 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 read with relevant rules issued thereunder 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 design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial results, 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 I iquidate the Company or to cease operations, or has no realistic alternative but to do so. The Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditors' Responsibilities for the Audit ofthe Financial Results

Our objectives are to obtain reasonable assurance about whether the financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' rep0\1 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 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 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 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, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

• Conclude on the appropriateness of the 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 Company's ability to continue as a going concern. Ifwe conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the 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 auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial results, including the disclosures, and whether the financial 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 Company to express an opinion on the Financial Results.

Materiality is the magnitude of misstatements in the Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Financial Results.

We communicate with those charged with governance 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.

For Gupta & Dua Chartered Accountants Firm's Registration No. 003849N

e MUKESH DUA ^S· Reason: Audit '9H' Report

Signed by: Location: New Delhi, India Date: 21-May-2021 (04:29 PM)

Mukesh Dua Partner Membership No. 085323 UDIN: 21085323AAAAB04674 New Delhi, May 21,2021

SHREE CEMENT LIMITED

Regd. Office: Bangur Nagar. Beawar.J05901. Distt. Ajmer (Rajasthan) Phone: EPABX OH62 228101-6. F .. : 01462 2281171119 , ·mall: sllr .. bwr@Gllr •• comonlcomWebslt.: www.shr.occmonl.com

CIN: ~26Il4JRJ"79P~COOI9J6

Rs, In Croretl

STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED ON 31ST MARCH, 2021

			Quarter ended			Year ended
S.N.	PARTICULARS	31.03.2021 (Audited)	31.12.2020 (Unaudited)	31 .03.2020 (Audited)	31 .03.2021 (Audited)	31 .03.2020 (Audited)
I	Revenue from Operations	393081	3309.43	3217.54	12588.39	1190400
II	Other Income	124.351	10681	9779	45800	27162
III	Total Income	4055.16	3416.24	3315.33	13046.39	12175.62
IV	Expenses
	(a) Cost of Materials Consumed	258.89	228.08	19971	833 59	76321
	(b) Changes ;n Inventories of Finished Goods and Work·in-Progress	6913	(3975)	(IS.06)	42.05	497
	(e) Employee Benefits Expenses (Refer Nole 6)	24424	16926	16907	75972	73101
	(d) Finance Costs	55.28	5852	72 61	24710	28652
	(e) Depreciation and Amcriization Expenses	299.29	29062	43623	113990	169942
	(f) Power and Fuel	61851	55634	62171	203332	234762
	(g) Freight and Forwarding Expenses	952 S8	814.73	71439	303724	260613
	(h) Other Expenses	61020	49182	45187	192775	177647
	Total Expenses	3108.22	2569.62	2647.51	10020.67	10215.41
V	Profit Before Tax (III - tV)	946.94	846.62	667.82	3025.72	1960.21
VI	Tax Expense
	(a) CUr/entTax	21499	205.26	10506	76382	53016
	(b) Deferred Tax	(35.70)	1513	(2539)	(3976)	(13480 )
	(e) Tax Expense relating to earlier years (Net)				(1027)	(5.33)
	Total (a to c)	179.29	220.39	79.67	113.19	390.03
VII	Profit for the Period (V-VI)	767.65	626.23	588.15	2311.93	1670.18
VIII	Other Comprehensive Income
	aO Items that will not be Reclassified to Profit or Loss	1114	-	638	1114	G 38
	alii) Inccme Tax relating to items that will not be Reclassified to Profit or Loss	(374)		(223)	(374)	(2.n)
	b(l) Items that will be ReclaSsified to Profit or Loss	(5.00)	10.43	(2378)	(1964)	13.51
	b(iii Income Tax relating to items that will be Reclassified to Profit or Loss	166	(441)	8.31	603	(472)
	Other Comprehensive IncomeJ(Loss) for the Period	4.08	6.02	(11.32)	(6.21)	12.94
IX	Total Comprehensive Income for the Period (VII+VIII)	771.73	632.25	576.83	2305.72	1583.12
X	Paid-Up Equity Share Capital (F ace value Rs. 10 per share)	3608	3608	3608	3608	3608
XI	Other EqUity				1521399	1290034
XII	Earnings Per Snare (EPSj (of Rs 10 each) - Not Annuahzed
	Cash (in Rs.)	285.82	258.30	276.88	945.68	888.5:1
	Basic and Diluted (in Rs.)	212.76	173.57	163.01	640.77	445.08

	Particulars	As at 31.03.2021	As at 31.03.2020
	ASSETS	(Audited)	(Audited)
(1)	Non-Current Assets
	(a) Property, Plant and Equipment
	(b) Capital Work-In-Progress	3790,74	3959.30
	(c) Intangible Assels	970.96 26.97	962 11
	(d) Rights of Use Assets	373.84	19,37 340 25
	(e) Financial Assels
	(i) investments	727128	5829.17
	(ii) Loans	60.67	5270
	(iii) Other F:nancial Assets	69.26	156.17
	(f) Deferred Tax Assets (Nel)	785.50	74378
	(g) Non-Current Tax Assets (Net)	102,00	11076
	(h) Other Non-Current Assets	388.09	338,69
	Sub-total	13839.31	12512.30
(2)	Current Assets
	(a) Inventories	1477.17	1427 85
	(b) Financial Assets
	(i) Investments	3779.33	3086.26
	(ii) Trade Receivables	485.89	828.45
	(iii) Cash and Cash Equivalents	14.97	15.33
	(iv) Bank Balances other than (iii) above	194.79	92 83
	$(v)$ Loans	25.01	7.63
	(vi) Olher Financial Assets	149.44	204.18
	(c) Olher Current Assets Sub-total	1072.86	1163.04
	Total Assets	7199.46	6825.57
	EQUITY AND LIABILITIES	21038.77	19337.87
	Equity
	(a) Equity Share Capital	36.08	36 08
	(b) Other Equity	15213.99	12900.34
	Sub-total	15250.07	12936.42
	LIABILITIES
	(1) Non-Current Liabilities
	(a) Financial Liabilities
	(i) Borrowings	1331.55	1638,70
	(ii) Other Financial Liabilities	931.22
	(b) Pravisions	10.55
	Sub-total	2273.32
(2)	Current Llabilities
	(a) Financial Liabilities		944.91 9.18 2592.79
	(i) Borrowings	508.08	708.74
	(ii) Trade Payables
	(A) Total Outstanding Dues of Micro and Small Enterprises	4.06	2.18
	(B) Total Cutstanding Dues of Creditors other than Micro and Small Enterprises	78173	525.84
	(iii) Other Financial Liabilities	752,99	1268.53
	(b) Other Current Liabilities	1398.52	1218.85
	(c) Provisions	1.91	1.11
	(d) Current Tax Liabilities (Net)	68.09	63.41

	For the year ended
Particulars	31 .03.2021 (Audited)		31 .03.2020 (Audited)
A Cash Flow from Operating Activities
Profrt Before Tal(		3025 n		196021
Adjustments For:
Depreciation and Amortisation Expenses	113990		1.69942
Foreign Exchange Rate Differences (Net)	233		(138)
Balan!=Eis Written Back	(5.67)		(091)
Provision No Longer Required	(1944)
Allowance for Doubtful Trade Receivables (Net)	046		040
Net (Gain)/Loss on Sale of Investments	(3513)		343
(Gain)/Loss on Fair Value of Financial Assets through Profit or Loss	(15659)		(5413)
Interest Income	(22507)		(17337)
Dividend Income on Financial Assets Classified at Fair Value through Profil or Loss	(916)		(4075)
Profit on Sale of Property, Plant and Equipment (Net) i Assets Written Off	(3.22)		(129)
Finance Costs	24710	935.53	28652	1,717.94
Operating Profit Before Wor1 <lng capital="" changes<="" td="">		3961.25		3,678.15		3961.25		3,678.15
Adjustments For
(Increase) I Decrease in Trade and Other Receivables	393.50		(302)
(InCreaSe) J Decrease in Inventories	(4932)		16120
Increase! (Decrease) in Trade & Other Payables and Provisions	53203	67621	40095	55913
Cash Generated From O~rations		4837.46		4,237.28
Direct Taxes Paid (Net of Refunds)		(74385)		(48590)
Net Cash Flow from Operatlng Activities (AI		4093.61		3,751.38
B Cash Flow From Investing Activities Purchase of Property. Plant and Equipment (Including Capital Work-in Progress and Capital Advances)	(99237)		(1,28511)
Proceeds from Sale of Property. Plant ana Equipment	496		432
Payments for Intangible Assets Purchases of Investments in Bonds, Debentures and Preference Shares and	(1095)		(13.32)
Strips issued by the Govt of India Proceeds from Sale! Redemption of Bonds. Debentures and Preference	(197969)		(1,009.96)
Shares (Purchases) i Proceeds of Investments in Mutual Funds! Exchange Traded	89040 (753 BS)		15739 (3,179.58)
Funds (Net)
Investment made in SubSidiary Companies Loan to Subsidiary Company	(12151) (1675)		(39958)
Investments in Bank DepOSits	(22864)		(24186)
Maturity of Bank Deposits	12382		40621
Change in Earrnarlled Balances with Banks (Unpaid Dividend)	219		(240)
Dividend Received	916		4422
Interest Received	20538		146.35
Net Cash Used in Investing Activities (8)		(2867.88)		(5,373.32)
C Cash Flow from Financing Activities
Proceeds from issue of shares (net of share issue expenses)			2.383.34
Repayment of Long Term Borrowings	(71030)		(67.50)
Repayment of lease liabilities	(6151)		(44,47)
Repayment of Short Term Borrowings			(75.00)
Proceeds I (Repayment) of Short Term Borrowings (Net) Cupto Three months maturity)	(18915)		30451
Interest and Financial Charges Paid	(25143)		(28683)
Dividend and Tax Paid there on (Interim and final)	(219)		(62306)
Net Cash (Used In)1 From Financing Activities Ie)		(1214.58)		1,590.99
Net Increase I (Decrease) in Cash and Cash Equivalents (A+B+C)		11 15		(3095)
Cash and Cash Equivalents as at the beg(nnlng of the Year#		(15,71)		15.24
Cash and Cash equivalents as at the end of the Year #		(4.56)		(15.71)

3 The above results were laken on record althe meeting of the Board of Directors held on 21st May. 2021

• 4 The Company is primarily engaged in the manufacture and sale of cement and cement related products There are no separate reportable segments as pe~ Ind AS lOB. "Operating Segments"
• 5 The Board of DlTectOfs of Ihe Company has reCOmmended a Final DIVIdend of Rs QO}'per equity share of Rs 10 each for the financial yeer ended 31s1 MarCh. 2021 sublecttO approval of members in the next Annual General Meeting. ~
• 6 Employee benefits expenses for the quarter ended 31st March, 2021 is higher due to increments impact for FY 2020-2t
• 7 Add~Jona ^ldisclosures as per Regulation 52(4} of SecUrities and Ex~l1ange BOam of Inola (Listing Obligations and Disclosure Requirements) in respect of Commercial papers issuedl repaid by the Company during the penod 1st October. 2020 to 31st March, 2021 are as under:

(a) Credit Rating and change In Credll Rallng Of any)	CARE ,0.1< (A One PIU8]
	During the period, there is no change in the Credrt Rating assigned in respect of Commercial Papers
(b) Debt Equity Ratio'	011
(c) Debt SeTVIce Coverage Ratio'	461
(d\ Interest Service Coverage Rat;o'	17.86
(e) Net Worth (Rs Crares)	15.25007
(f) Due date and actuaillate of repayment

IStN or CommercIal Papel1l	Date of Issuance	Amount	Repayment Due date lind Actual Dato of repayment
		(Rs.Crores)	Due date	Actu~f Datc
tfl/E070Al¥22	18092020	100	1811.2020	1811 .2020
INE070AI4A 1 d	1409202.0	100	11122020	11.122020
IN EOiOA,'-430	18.11.2020	100	1602.2021	16.02-2021
fNE070A 1«~8	11 12202.0	100	0903.2021	09.032021
1NEOmA 14466	lB.12.2020	100	lB.Ol .2021	18 01 2021
tNE070A1JlJl63	16122020	100	2202.2021	22022021
INE070A 14471	2202.2021	100	21 052021	21 05.2021
tNE070A14489	19.032021	100	3105.2021	Due Oa\9 Is posl lhe date of loday·s meeting hence, nol appllca!JIe

Note All lhe above commerCIal papers are unsecured

'Formulas for computation of Ratios

Debt Equity RatiO: (Long Term Debt + Current Maturities of Long Term Debt )1 (Shareholders Fund + Deferred Tax) Debt SeNice Coverage RatiO. (profit before tax + FInance cost + Depreciation}/(FinanCe Cost + Term Loan Repayment) Interest Service Coverage Rafio (Profit before tax + Finance cost + Depreclation)/ Finance cost

• 8 The Company has considered the pOSSible effects thaI may result from COVID-19 In the preparation of these financiat results The Company believes tl'Iat pandemic Is unlikely to impact on the recoverability of tl'Ie carrying value of its assets as at 31st March, 2021 Looking 10 the p~sent situation of pandomlC. the extent to which the same will impact Company's future financial results IS currently uncertain and will depend on further developments The Company Is taking all necessary measures to secure tile heaHh and safety of its employees workers and their families.
• 9 The Central Government has passed the Code on Scaal Security 2020 which would impact the contributions by the Company towards Provident Fund and Gratuity. The draft rules under the said code have also been released for invrting suggestions from the stakeholders The effective date from which the code and rules will be applicable 15 yetta be naMed The Company wi!1 assess the impact and its valuation and will give appropriate impact In its finanCial statements 1(\ the period In which, the Code becomes effective ano the related lules to determine the financial impact are no~fied
• 10 Figures of the quarter ended 31st March. 2021 are the balanCing figures between audited figures in respect of the full financial year up to 31st March 2021 and year to date figures up to 31 st December, 2020 being the date of end or Ihe third quarter of the financial year

11 Previous period figures have been regrouped wherever necessary

By order of the Board For SHREE CEMENT LIMITED

B.G. Bangur Chalfman

For a!rlalls e-mail 0\ 1810os<l1lshteecernent com

Place: Dubai Date' 21st May. 2021

DIN: 00244196 Visn us on 'MIIW.lltueecernent C(lm

GUPTA&DUA CHARTERED ACCOUNTANTS

4594A/9, Daryaganj, New Delhi-l 10002 Phone-011-43525949,45694763 E-Mail:-mukeshdua@guptaanddua.com Website: - www.guptaanddua.com

INDEPENDENT AUDITORS' REPORT

TO THE BOARD OF DIRECTORS OF SHREE CEMENT LIMITED

Report on the audit of the Consolidated Financial Results

Opinion

We have audited the accompanying consolidated financial results of SHREE CEMENT LIMITED (hereinafter referred to as the 'Holding Company") and its subsidiaries (Holding Company and its subsidiaries together referred to as "the Group") for the quarter ended March 31, 2021 and the year to date results for the period from April 1, 2020 to March 31, 2021, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 20 IS, 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 reports of other auditors on separate audited financial statements of the subsidiaries, the aforesaid consolidated financial results:

(i) include the annual financial results of the following entities:

	Shree Cement Limited (Parent)
	Subsidiaries
I	Shree Global FZE
2	Shree International Holding Ltd.
,) '"	Shree Enterprises Management Ltd.
4	Union Cement Company (PJSC)
5	Union Cement Norcem Com£anx Limited L.L.c.
6	Raipur Handling and Infrastructure Private Limited

• (ii) are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and give a true and fair view in conformity with the applicable accounting standards, and other accounting principles generally accepted in India, of net profit and other comprehensive income and other financial information of the Group for the year ended March 31, 2021.
• (i ii) attention is drawn to the fact that the figures for the last quarter ended March 31, 2021 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 up to the end of the third quarter had only been reviewed and not subjected to audit.

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 ("Act"). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Results section of our report. We are independent of the Group, its associates and jointly controlled entities 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 Companies Act, 2013 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 and other auditors in terms of their reports referred to in "Other Matter" paragraph below, is sufficient and appropriate to provide a basis for our opinion.

Management's Responsibilities for the Financial Results

These Consolidated financial results have been prepared on the basis of the consolidated annual financial statements. The Holding Company's Board of Directors are responsible for the preparation and presentation of these consolidated financial results that give a true and fair view of the net profit and other comprehensive income and other financial information of the Group in accordance with the Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective 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 the Group 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 financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated 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 financial results by the Directors of the Holding Company, as aforesaid.

In preparing the consolidated financial results, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the Group 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 Group 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 are responsible for overseeing the financial reporting process of the Group.

Auditors' Responsibilities for the Audit of the Financial Results

Our objectives are to obtain reasonable assurance about whether the consolidated financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's repolt 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 wi II 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 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 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 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 on whether the 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 made by the Board of Directors.
• Conclude on the appropriateness of the 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 ability of the Group and its associates and jointly controlled entities to continue as a going concern. 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 financial results or, if sllch 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 and its associates and jointly controlled entities to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial results, including the disclosures, and whether the consolidated financial 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 and its associates and jointly controlled entities to express an opinion on the consolidated 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 entities included in the consolidated Financial Results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated 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.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.

Other Matters

The consolidated Financial Results include the audited Financial Results of six subsidiaries whose Financial Statements reflect Group's share of total assets ofRs. 3109.82 crore as at March 31, 2021 Group's share of total revenue of Rs. 277.69 crore and Rs. 895.80 crore and Group's share of total net profit/ (loss) after tax of Rs. 31. 78 crore and Rs. (22.16) crore for the quarter ended March 31,2021 and for the period from April 1,2020 to March 31,2021 respectively and cash flows of Rs. 359.15 crore for the period from April I, 2020 to March 31, 2021, as considered in the consolidated Financial Results, which have been audited by their respective independent auditors. The independent auditors' reports on financial statements of these entities have been furnished to us and our opinion on the consolidated Financial Results, in so far as it relates to the amounts and disclosures included in respect of these entities, is based solely on the report of such auditors and the procedures performed by us are as stated in paragraph above.

Certain of these subsidiaries are located outside India whose financial statements and other financial information have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been audited by other auditors under generally accepted auditing standards applicable in their respective countries. The Company's Management has converted the financial statements of such subsidiaries located outside India from accounting principles generally accepted in their respective countries 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 subsidiaries 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.

Our opinion on the consolidated Financial Results is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors.

For Gupta & Dua Chartered Accountants Firm's Registration No. 003849N

e MUKESH DUA ~U)4. ~~~~~n: Audit ~ I Location: New

Signed by: Delhi, India Date: 21-May-2021

Mukesh Dua Paliner (04:31 PM) Membership No. 085323 UDIN: 21 085323AAAABP3512 New Delhi, May 21, 2021

SHREE CEMENT LIMITED

Regd. Office : Bangur Nagar, Beawar-305901, Disti. Ajmer (Rajasthan)
Phone: EPABX 01462 228101-6, Fax: 01462 228117/119 e-mail: shreebwr@shreecement.com Website: www.shreecement.com CIN: L26943RJ1979PLC001935

STATEMENT OF CONSOLIDATED AUDITED FINANCIAL RESULTS

FOR THE QUARTER AND YEAR ENDED ON 31ST MARCH, 2021

			Quarter ended		Rs. in Crores Year ended
S.N.	PARTICULARS	31.03.2021 (Audited)	31.12.2020 (Unaudited)	31.03.2020 (Audited)	31.03.2021 (Audited)	31.03.2020 (Audited)
ł.	Revenue from Operations	4204.88	3541.38	3415.14	13476.33	12868.39
u	Other Income	126.49	108.00	98 17	466.33	274.40
III	Total Income	4333.37	3649.38	3513.31	13942.66	13142.79
IV	Expenses
	(a) Cost of Materials Consumed	298.69	265.66	233 35	976.37	922 39
	(b) Purchases of Stock in Trade	17.74	20.13		43.66	30.93
	(c) Changes in Inventories of Finished Goods and Work-in-Progress	69.27	(44.40)	(6.07)	49.60	3717
	(d) Employee Benefits Expenses (Refer Note 6)	271.57	194.37	200.48	869.22	853.99
	(e) Finance Costs	56.28	59.52	73.87	251.29	291.43
	(f) Depreciation and Amortization Expenses	330.21	322.28	464.67	1262.34	1807.81
	(g) Power and Fuel	702.58	640.73	698.08	2348.80	2702 65
	(h) Freight and Forwarding Expenses	969.05	830.29	726.04	3110.19	2662.07
	(i) Other Expenses	638.20	508.68	506.53	2027.11	1900 09
	Total Expenses	3353.59	2797.24	2896.95	10938.58	11208.53
v	Profit Before Tax (III - IV)	979.78	852.14	616.36	3004.08	1934.26
VI	Tax Expense
	(a) Current Tax	215.71	205.97	105.13	765.27	530 41
	(b) Deferred Tax	(35.72)	14.59	(25.42)	(40.51)	(134.88)
	(c) Tax Expense relating to earlier years (Net)				(10.27)	(5.33)
	Total (a to c)	179.99	220.56	79.71	714.49	390.20
VII	Profit for the Period (V-VI)	799.79	631.58	536.65	2289.59	1544.06
	Profit/(Loss) attributable to ;
	Owners of the Company	798.43	630.87	535.93	2285.87	1535,85
	Non-Controlling Interest	1.36	071	0.72	3.72	8.21
VIII	Other Comprehensive Income
	a(i) Items that will not be Reclassified to Profit or Loss	13,01		6.89	13.01	6.89
	a(ii) Income Tax relating to items that will not be Reclassified to Profit or Loss	(3.74)		(2.23)	(3,74)	(2.23)
	b(i) Items that will be Reclassified to Profit or Loss	12 12	(1708)	107.03	(8702)	212.53
	b(ii) Income Tax relating to items that will be Reclassified to Profit or Loss	1,68	(441)	8.31	6.03	(4.72)
	Other Comprehensive Income/(Loss) for the Period	23.07	(21.49)	120.00	(71.72)	212.47
	Other Comprehensive Income/(Loss) attributable to
	Owners of the Company	22.73	(20.96)	116.24	(70.30)	206.80
	Non-Controlling Interest	0.34	(0.53)	3.76	(1.42)	5.67
IX	Total Comprehensive Income for the Period (VII+VIII)	822.86	610.09	656.65	2217.87	1756.53
	Total Comprehensive Income/(Loss) attributable to:
	Owners of the Company	821.16	609.91	652.17	2215 57	1742.65
	Non-Controlling Interest	1.70	0.18	4.48	2.30	13.88
X	Paid-up Equity Share Capital (Face value Rs. 10 per share)	36.08	36.08	36.08	36.08	36.08
X	Other Equity				15361.33	13133.35
XII	Earnings Per Share (EPS) (of Rs. 10 each) - Not Annualized
	Cash (in Rs.)	302.75	268.05	270.11	971.52	908.87
	Basic and Diluted (in Rs.)	221.29	174.85	148.54	633.54	435 35

S.N.	Particulars	As at 31.03.2021	Rs in Crores As at 31.03.2020
		(Audited)	(Audited)
	ASSETS
(1)	Non-Current Assets
	(a) Property, Plant and Equipment	5714.50	5697 35
	(b) Capital Work-in-Progress	996.54	1196.72
	(c) Intangible Assets	60.25	53 21
	(d) Rights of Use Assets	441.50	412.46
	(e) Financial Assets
	(i) investments (ii) Loans	4699 03	3271.28
	(41) Other Financial Assets	62.14	53.96
		72.39	160.39
	(f) Delerred Tax Assets (Net)	786.08	743 78
	(g) Non-Current Tax Assets (Nel)	102 03	111.03
	(h) Other Non-Current Assets	391.38	350.15
(2)	Sub-total Current Assets	13325.84	12050.33
	(a) Inventories
	(b) Financial Assets	1715.72	1713.49
	(i) Investments
	(ii) Trade Receivables	3801 47	3086,32
	(iii) Cash and Cash Equivalents	685.90	1080.45
	(iv) Bank Balances other than (iii) above	472.14	114.21
	$(Y)$ i nans	236.21	500.00
	(vi) Other Financial Assets	25.23	7.87
	(c) Other Current Assets	159.88	211.00
	Sub-total	1090.78	1180 48
	Total Assets	8187.33	7893.82
	EQUITY AND LIABILITIES	21513.17	19944.15
	Equity
	(a) Equity Share Capital
	(b) Other Equity	36.08	36.08
		15361 33	13133.35
	Non-Controlling Interest	15397.41 51.18	13169.43
	Total Equity		68.81
		15448.57	13238.24
	LIABILITIES
	(1) Non-Current Liabilities
	(a) Financial Liabilities
	(i) Borrowings	1331.55	1638.70
	(ii) Other Financial Liabilities	1000.49	1016.34
	(b) Deferred Tax Liabilities (Net)	×,	0,17
	(c) Provisions	31 75	35.14
	Sub-total	2363.79	2690.35
	(2) Current Liabilities
	(a) Financial Liabilities
	(a) Borrowings	508.70	710.22
	(ii) Trade Payobles
	(A) Total Outstanding Dues of Micro and Small Enterprises	4.08	2.18
	(B) Total Outstanding Dues of Creditors other than Micro and Small Enterprises	876.89	655.47
	(iii) Other Financial Liabilities
	(b) Other Current Liabilities	817.74 1415,01	1354,68
	(c) Pravisions	B 30	1222.17
	(d) Current Tax Liabilities (Net)		7.43
	Sub-total	68.09	63.41
		3700.81	4015.56

For the year ended
Particulars	31.03.2021 (Audited)		31.03.2020 ~Aud)ted)
A Cash Flow from Operating Actlvltl81l
Profit Before Tax		3004.08		1,93426
Adjustments For:
Depreciation and Amortisation Expenses	126234		180781
Foreign Exchange Rate Differences (Net)	2,33		(138)
Balances Wrrtten Back	(863)		(093)
Provision No Longer Required	(1944)
Allowance for Doubtful Trade Receivables (Net)	2065		435
Net (Gain)jLoss on Sale of Investments	(3513)		343
(Gain)ILcss on Fair Value of Financial Assets lhrough Profit or Loss	(156.60)		(54 14)
Interesl Income Dividend Income on Financial Assets Classified at Fair Value through Profrt or	(22994)		(17601)
Loss	(916)		(4075)
Prom on Sale of Property, Plant and Equipment (Net) I Assets Written Off	(372)		(1.40)
Finance Costs	25129	1,07399	29143	183241
Operating Profit Belore Working Capital Changes		4,078.07		3,766.67
Adjustments For :
(Increase) I Decrease in Trade and Other Receivables	416.99		5650
(Increase) I Decrease In tnventoroes	(8.971		180 8S
tncrease I (Decrease) in Trade & Other Payables and PrOVisions	51276	920 "18	45534	69269
Cash Generated From Operations		4,998.85		4,459.~6
Direct Taxes Paid (Net of Refunds)		(74506)		(48618)
Net Cash Flow from OperaUng Activities (A)		4,253.79		3,97318
B Cash Flow From Investing Activities
Purcnase or Property, Plant and Equipment (Including Capital Work-in Progress and Cap~al AdvanceS)	(1,12138)		(1,53138)
Proceeds from Sale of Property, Plant and Equipment	546		443
Payments for Intangible Assets	(1320)		(13.39)
Purchases of Investments In Bonds, Debentures and Preference Shares and Strips issued bV the Govt or India	(211041)		(1 .00996)
Proceeds from Salel Redemption of Boods Debentures and Preference Shares (Purchases) I Proceeds 01 Investmenls in Mutual Fundsi ExcMnge Traded	890 40		15739
Funds (Net) Investments in a Subsidiary Company	(75382)		(317958)
Loan to Subsidiary Company	(003)
	(1675)
investments in Bank Depos~s	(27045)		(625.171
Maturity of Bank DepoSits	524.66		40793
Change in Earmarked Balances with Banks (Unpaid Dividend)	219		(240)
Dividend Re<:eived	5.16		44.22
Interest Received	20913		14920
Nel Cash Used in Investing Activities (8)		(2,645.04)		(5,598.71)
C Cash Flow from finanCing Acttvitles Acquisition of Add~iona i Stake In Subsidiary Company from Non-Controlling
Interest	(6.53)		(212)
Proceeds from Issue of Shares (Net of Share Issue Expenses)			2,38334
Repaymen( of Long Term Borrol\1ngs	(71030)		(6750)
Repayment of Lease Liabilities	(6155)		(44.S1)
Repayment 01 Sholt Term BorrOwings			(75.00)
Proceeds I (Repayment) of Short Term BorrOWings (Net) (uptc Three months maturrtyl	(18915)		304 51
Interest and FinanCial Charges Paid	(25398)		(289.25)
Dividend and Tax Paid there on (Interim and Final)	(11 13)		(62841)
Net Cash (Used In)1 from Financing Activities (e)		(1,232.64)		1,S81.08
Net (nCreaSe/(DecreaSe) In Cash and Cash Equivalents (A+B+C)				(4447)
ICash and Cash Equlvatents as at the beginning of the Year#				11772
A~d Effect of exchange rate on consolidation of foreign subsidiaries				e 44
~sh and Cash equlvalonts as at the ond of tho Year #		451,99		81 .69

4 The Company is pnmarily engaged in the manufacture and sale of cement and cement related products There are no separate reportable segment as per Ind AS 10e, 'Operating Segments" 5 The Board 01 Directors of Ihe Company has recommended a Final Dividend of Rs 6~ per equity share of Rs,10 each for the financial year ended 31s1 March, 2021 subject to approval of members in the nelO Annual General Meeting

6 Employee benelits expenses for Ihe quarter ended 31st March, 2021 is higher due 10 increments impact for FY 202~21

3 The above resuns were taken on record at the meeting of the Board of Direc10rs held on 2tst May, 2021

• 7 The Company has considered the pOSSible effects that may resu" from COVID-19 in the preparalion of these financial nesuHs. The Company believes that pandemic is unlikely to impact on Ihe recoverability of the carrying value of its assets as at 31st March, 2021 Looking to the present situation of pandemic. the extent to v.tlich the same will impact Company's fulure financial rasuns is currently uncertain and will depend on further developments The Company is taking al necessary meaSunes to secure the heafth and safety of ils employees workers and their families
• The Cenlral Government has passed the Code on Social Securrty, 2020 v.tlich lMluid impact the contributions by the Company towards Provident Fund and Gratuity The draM rules under the said code have also been released for invrting suggestions from the slakeholders The effective date from ""'ich the code and rules will be applicable is yel to be no@ed The Company will assess the impact and its valuation and win give appropnate Impact in rts financial statements in the period in wich, the Code becomes effective and the related rules to detemnlne the financial impact are notified
• 9 Figures of the quarter ended 31st March. 2021 arB the balancing figures between audited figure6 in respect of the full financial yetJl up to 31s1 March, 2021 and year 10 date figures up to 3t 51 December. 2020 beinglhe date of end of the Ihird quarter of the financial year

10 Pre.ious period figures have been regrouped v.tlerever necessary

By order of the Board

ForSHREE CEMENT LIMITED

DIN: 00244196 Visit us on YNNf shreecement com

Place: Dubai Date'. 21st May 2021

For details e-mail at : iajoos@shreecement com