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Shree Renuka Sugars Ltd. Audit Report / Information 2021

Jun 25, 2021

59404_rns_2021-06-25_3e96e85b-124a-4d00-b7e9-82ff62e99e5e.pdf

Audit Report / Information

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25[th] June 2021

Listing Department National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex Bandra (East), Mumbai – 400 051

NSE Symbol: RENUKA

Dept. of Corporate Service BSE Limited P. J. Towers, Dalal Street Mumbai – 400 001

BSE Scrip Code: 532670

Dear Sir/Madam,

Sub: Outcome of Board Meeting

Ref: Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015 (“SEBI Listing Regulations”)

This is to inform that the meeting of the Board of Directors of the Company was held today i.e. Friday, 25[th] June 2021, which commenced at 2:30 pm and concluded at 7:30 pm. In the said meeting, the following agendas were approved, amongst other things:

  1. a. Audited Financial Results (Standalone and Consolidated) for the quarter and financial year ended 31[st] March 2021;

  2. b. Auditors' Report on the Audited Financial Results (Standalone and Consolidated) for the quarter and financial year ended 31[st] March 2021;

  3. c. Declaration with respect to Audit report with unmodified opinion on the Audited Financial Results (Standalone and Consolidated) for the financial year ended 31[st] March 2021.

The abovementioned results are also being uploaded onto the website of the Company (www.renukasugars.com) and published in the respective Newspapers.

  1. Re‐appointment of Mr. Atul Chaturvedi (DIN: 00175355) as Executive Chairman for a term of 5 years with effect from 30[th] October 2021, as recommended by the Nomination & Remuneration / Compensation Committee at its meeting held prior to the said Board meeting on 25[th] June 2021. The re‐appointment will be subject to approval of the shareholders in the forthcoming general meeting.

Brief profile of Mr. Atul Chaturvedi

Mr. Atul Chaturvedi is a veteran in the Vegetable Oil/ Oil seeds and Agro Business of the Country. He has more than ‘four decades of successful and varied general and strategic management experience in the field of Manufacturing, Trading and Agri Infrastructure Development. He has been associated with Adani Group since 1998 and has played a key role in the development of the Agro and Agri Infrastructure business of the Group. He is currently a Director of Adani Agrifresh Limited as well as Executive Chairman of Shree Renuka Sugars Limited. The Companies where he serves/served as Director are market leaders in their category and have done pioneering work. A widely travelled International Trader, he has hands on experience in handling Agro Products, Vegetable Oils, Grains, Sugar, Oilseeds, Apples, Agri Infrastructure, etc. both within and outside India.

Corporate Office : 7th Floor • Devchand House • Shiv Sagar Estate • Dr. Annie Besant Road • Worli Mumbai 400 018 • Maharashtra • India P +91 22 2497 7744/4001 1400 F +91 22 2497 7747 E [email protected]

Shree Renuka Sugars Limited

Registered Office : 2nd / 3rd Floor, Kanakshree Arcade, CTS No. 10634, JNMC Road, Nehru Nagar, Po: Belagavi‐ 590 010 • Karnataka • India P +91 831 2404000 F +91 831 2404961

W www.renukasugars.com • Corporate Identification No.: L01542KA1995PLC019046

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Mr. Chaturvedi has received many awards/recognitions over the years, like Best Analyst award from ZEE, Agri leadership award etc. He was declared as “Globoil Man of the Year‐2013” for his contribution to Vegetable Oil Industry.

Mr. Chaturvedi is associated with various Organizations and Trade Bodies. Currently, he is the President of Solvent Extractors Association of India (SEA), a leading trade body of Vegetable Oil Industry. He has been the Dy. Chairman of SOPA. He is also associated with CII and headed the Task Force on Edible Oil and Oilseeds. Mr. Chaturvedi is a regular face on Business Channels like CNBC, Bloomberg, Zee Business etc. and his views are well respected by the trade and industry.

  1. Re‐appointment of Ms. Priyanka Mallick (DIN: 06682955) as Independent Director of the Company for a term of 5 years with effect from 8[th] February 2022, as recommended by the Nomination & Remuneration / Compensation Committee at its meeting held prior to the said Board meeting on 25[th] June 2021. The re‐appointment will be subject to approval of the shareholders in the forthcoming general meeting. .

Brief profile of Ms. Priyanka Mallick

Ms. Priyanka Mallick is the Managing Director of Q&Q Research Insights Private Limited (Q&Q). For over 14 years she has been at the forefront of market research in India. Under her leadership, Q&Q pioneered Agriculture Market Research and became the only Indian company to make a mark in the Asian Agriculture Research space competing with MNC' s that used to dominate the market then. Today Q&Q operates in 12+ countries and is an awarding winning agency for notable efforts in the Agriculture and Agri‐tech space. Prior to Q&Q, she was a consultant at a London based Food manufacturing consultancy firm for 2 years.

  1. Amendment in the Code of Internal Procedures and Conduct for Regulating, Monitoring & Reporting trading by Designated Persons pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015. The said Code is also being uploaded on the website of the Company (www.renukasugars.com).

We hereby request you to kindly take the above information on record.

Thanking you,

Yours faithfully, For Shree Renuka Sugars Limited

Digitally signed by Deepak Madhav Manerikar DN: c=India, o=Personal, postalCode=411041, st=Maharashtra, 2.5.4.20=933c870db9d5f72716b297ab9e64232cca0649b70efa c90cdd7b8092db672d03, Deepak Madhav pseudonym=C6E81E734AC22EF887FF6F5708EE40A299BD402 1, serialNumber=6CF6EE3C3849045F5EB2572E97384BB2A8F307 Manerikar 4B28A8003C5B1F7E8E71DBF2AF, cn=Deepak Madhav Manerikar Date: 2021.06.25 23:03:04 +05'30' Deepak Manerikar

Company Secretary

Encl.: as above

Shree Renuka Sugars Limited

Corporate Office : 7th Floor • Devchand House • Shiv Sagar Estate • Dr. Annie Besant Road • Worli Mumbai 400 018 • Maharashtra • India P +91 22 2497 7744/4001 1400 F +91 22 2497 7747 E [email protected]

Registered Office : 2nd / 3rd Floor, Kanakshree Arcade, CTS No. 10634, JNMC Road, Nehru Nagar, Po: Belagavi‐ 590 010 • Karnataka • India P +91 831 2404000 F +91 831 2404961

W www.renukasugars.com • Corporate Identification No.: L01542KA1995PLC019046

12th Floor, The Ruby 29 Senapati Bapat Marg Dadar (West) Mumbai - 400 028, India Tel: +91 22 6819 8000

Chartered Accountants

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Independent Auditor’s Report on the Quarterly and Year to Date Audited Standalone Financial Results of the Company Pursuant to the Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To The Board of Directors of Shree Renuka Sugars Limited

Report on the audit of the Standalone Financial Results

Opinion

We have audited the accompanying statement of quarterly and year to date standalone financial results of Shree Renuka Sugars Limited (the “Company”) for the quarter ended March 31, 2021 and for the year ended March 31, 2021 (“Statement”), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”).

In our opinion and to the best of our information and according to the explanations given to us, the Statement:

  • i. is presented in accordance with the requirements of the Listing Regulations in this regard; and

  • ii. gives a true and fair view in conformity with the applicable accounting standards and other accounting principles generally accepted in India, of the net profit and other comprehensive income / loss and other financial information of the Company for the quarter ended March 31, 2021 and for the year ended March 31, 2021.

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, as amended (“the Act”). Our responsibilities under those Standards are further described in the “Auditor’s Responsibilities for the Audit of the Standalone 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 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 is sufficient and appropriate to provide a basis for our opinion.

Management’s Responsibilities for the Standalone Financial Results

The Statement has been prepared on the basis of the standalone annual financial statements. The Board of Directors of the Company are responsible for the preparation and presentation of the Statement that gives a true and fair view of the net profit and other comprehensive income / loss of the Company and other financial information in accordance with the applicable 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 and 52 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 financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the

S R B C & CO LLP, a Limited Liability Partnership with LLP Identity No. AAB-4318 Regd. Of fi ce : 22, Camac Street, Block ‘B’, 3rd Floor, Kolkata-700 016

Chartered Accountants

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Page 2 of 3 Shree Renuka Sugars Limited Independent Auditor’s Report on the Quarterly and Year to Date Audited Standalone Financial Results

preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Statement, 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 are also responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is 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 the Statement.

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 Statement, 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 Company’s ability 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 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 concern.

  • Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents 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 findings, including any significant deficiencies in internal control that we identify during our audit.

Chartered Accountants

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Page 3 of 3 Shree Renuka Sugars Limited Independent Auditor’s Report on the Quarterly and Year to Date Audited Standalone Financial Results

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.

Other Matter

The Statement includes the results for the quarter ended March 31, 2021 being the balancing figure between the audited figures in respect of the full financial year ended March 31, 2021 and the published unaudited year-to-date figures up to the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.

The Statement also includes the results for the half year ended March 31, 2021 being the balancing figure between the audited figures in respect of the full financial year ended March 31, 2021 and the published unaudited year-to-date figures up to the half year ended September 30, 2020, which were subjected to a limited review by us, as required under the Listing Regulations.

For S R B C & CO LLP

Chartered Accountants ICAI Firm registration number: 324982E/E300003

SHYAMSUNDAR Digitally signed by SHYAMSUNDARR PACHISIADN: cn=SHYAMSUNDAR R R PACHISIA PACHISIA, c=IN, o=Personal,[email protected]: 2021.06.25 23:20:19 +05'30'

per Shyamsundar Pachisia Partner Membership No.: 049237

UDIN: 21049237AAAABC7071

Place: Mumbai Date: June 25, 2021

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SHREE RENUKA SUGARS LIMITED

(A WILMAR GROUP COMPANY)

CIN: L01542KA1995PLC019046

Reg Off: Kanakashree Arcade JNMC Road, Nehru Nagar, Belgaum,Karnataka- 590010. Investors relations contact: [email protected]

Website: www.renukasugars.com; Phone: +91-831-2404000, Fax: +91-831-2404961

PART I

PART I PART I PART I PART I PART I PART I PART I PART I PART I
Statement of standalone audited financial results for the quarter and year ended March 31, 2021 (INR in Million)
Sr.
No.		 Particulars 3 months
ended
March 31,
2021		 3 months
ended
December
31, 2020		 3 months
ended
March 31,
2020		 Year Ended
March 31,
2021		 Previous year
ended
March 31,
2020
6 months
ended
March 31,
2021		 6 months
ended
March 31,
2020
(Audited) (Unaudited) (Audited) (Audited) (Audited) (Audited) (Audited)
1
2
3		 Income
Revenue from operations
Income from incentive to sugar mills
Other income		 12,348
171
168		 13,499
220
184		 12,557
524
106		 54,615
818
683		 44,387
1,292
795		 25,847
391
352		 22,078
783
263
4 Total income 12,687 13,903 13,187 56,116 46,474 26,590 23,124
Expenses
Cost of materials consumed
Purchase of stock-in-trade
Employee benefit expenses
Finance costs
Depreciation and amortisation expense
Foreign exchange loss/(gain) (net)
Other expenses
Changes in inventories of finished goods, work-in-progress and
stock-in-trade		 14,103
332
(6,315)
313
967
508
(23)
1,709		 17,878
45
(6,960)
328
884
508
(143)
1,560		 12,318
2,429
(5,013)
283
1,052
507
1,144
1,718		 45,890
1,833
(4,155)
1,129
3,686
2,013
(747)
5,813		 36,760
2,676
(1,317)
1,084
4,858
2,028
1,576
5,194		 31,981
377
(13,275)
641
1,851
1,016
(166)
3,269		 23,044
2,532
(8,014)
592
2,239
1,027
1,123
3,036
5 Total expenses 11,594 14,100 14,438 55,462 52,859 25,694 25,579
6 Profit/(loss)before exceptional items and tax 1,093 (197) (1,251) 654 (6,385) 896 (2,455)
7 Exceptional items- income/(expense) 63 138 99 1,499 2,989 201 99
8 Profit/(loss)before tax 1,156 (59) (1,152) 2,153 (3,396) 1,097 (2,356)
9 Tax expense
Income tax relating to earlier years
Deferred tax		 -
10		 -
1,296		 -
523		 -
1,596		 26
2,090		 -
1,306		 26
1,180
10 Netprofit/(loss)for theperiod/year 1,146 (1,355) (1,675) 557 (5,512) (209) (3,562)
11 Other comprehensive income(OCI)
A) Other comprehensive income not to be reclassified to profit or
loss in subsequentperiods:
Reversal of revaluation reserve on disposal of
assets/impairment ofproperty, plant and equipments		 (41) (8) (1,644) (49) (1,644) (49) (1,644)
Income tax relatingto above 13 2 513 15 513 15 513
Remeasurementgain/(loss)on defined benefitplan 7 (8) (32) (1) (32) (1) (32)
Income tax relatingto above (2) 2 10 - 10 - 10
Netgain on FVTOCI equityinstruments 420 - - 420 - 420 -
B) Other comprehensive income that will be reclassified to profit
or loss in subsequentperiods:
Net movement on Effectiveportion of Cash Flow Hedges 144 (245) - (352) - (101) -
Net movement in cost of cash flow hedges (221) (144) - (473) - (365) -
12 Total comprehensive income after tax 1,466 (1,756) (2,828) 117 (6,665) (290) (4,715)
13 Paid-upequityshare capital(Face value of Re.1/- each) 2,128 2,128 1,917 2,128 1,917 2,128 1,917
14 Reserves excluding revaluation reserve as per balance sheet of
previous accounting year*		 (12,488)
15 Earningsper share(of Re.1/- each) (not annualised):
a)
Basic(INR)		 0.54 (0.64) (0.87) 0.27 (2.88) (0.10) (1.85)
b)
Diluted(INR)		 0.54 (0.64) (0.87) 0.27 (2.88) (0.10) (1.85)
16 Paid-updebt capital/outstandingdebts 37,859 21,912
17 Debenture redemption reserve 625 625
18 Net worth 2,156 (1,201)
19 Fixed asset coverage ratio 1.36 2.12
20 Debt equityratio 17.56 (18.24)
21 Debt service coverage ratio(DSCR) 0.34 0.05
22 Interest service coverage ratio(ISCR) 1.66 0.06
  • Amount of revaluation reserve as at March 31, 2020 is INR 9,371million.

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SHREE RENUKA SUGARS LIMITED (A WILMAR GROUP COMPANY)

CIN: L01542KA1995PLC019046

Reg Off: Kanakashree Arcade JNMC Road, Nehru Nagar, Belgaum,Karnataka- 590010.

Investors relations contact: [email protected]

Website: www.renukasugars.com; Phone: +91-831-2404000, Fax: +91-831-2404961

Audited standalone segment wise revenue, results, assets and liabilities for the quarter and year ended March 31, 2021

(INR in Million) (INR in Million) (INR in Million) (INR in Million) (INR in Million) (INR in Million) (INR in Million)
Sr.
No.		 Particulars 3 months
ended
March 31,
2021		 3 months
ended
December
31, 2020		 3 months
ended
March 31,
2020		 Year Ended
March 31,
2021		 Previous year
ended
March 31,
2020		 6 months
ended
March 31,
2021		 6 months
ended
March 31,
2020
(Audited) (Unaudited) (Audited) (Audited) (Audited) (Audited) (Audited)
1
2		 Segment revenue
(a) Sugar - milling
(b) Sugar - refinery
(c) Distillery
(d) Co-generation
(e) Trading
(f) Other
Total
Less :Inter segment revenue		 7,225
6,272
2,910
1,855
203
67		 5,327
9,067
1,718
1,791
50
20		 6,226
5,604
1,251
1,620
2,563
41		 18,097
35,040
7,014
4,301
1,806
155		 15,057
27,166
4,713
3,722
2,816
139		 12,552
15,339
4,628
3,646
253
87		 10,933
11,520
2,536
2,810
2,669
63
18,532
(6,184)		 17,973
(4,474)		 17,305
(4,748)		 66,413
(11,798)		 53,613
(9,226)		 36,505
(10,658)		 30,531
(8,453)
Revenue from operations 12,348 13,499 12,557 54,615 44,387 25,847 22,078
Segment results profit / (loss) before tax and
interest
(a) Sugar - milling
(b) Sugar - refinery
(c) Distillery
(d) Co-generation
(e) Trading
(f) Other
Total
Less: i) Finance costs
ii) Other unallocable expenses
iii) Foreign exchange (gain)/loss (net)
Add: Other unallocable income
Profit/(loss) before exceptional items and tax
Add: Exceptional items- income *		 -
554
676
541
386
(27)
46		 -
(279)
278
240
332
(8)
3		 -
274
55
146
355
83
41		 -
88
2,267
959
496
43
85		 -
(383)
(812)
818
137
52
90		 -
275
954
781
718
(35)
49		 -
553
(469)
337
432
85
48
2,176
967
307
(23)		 566
884
206
(143)		 954
1,052
115
1,144		 3,938
3,686
1,028
(747)		 (98)
4,858
648
1,576		 2,742
1,851
513
(166)		 986
2,239
342
1,123
925
168		 (381)
184		 (1,357)
106		 (29)
683		 (7,180)
795		 544
352		 (2,718)
263
1,093
63		 (197)
138		 (1,251)
99		 654
1,499		 (6,385)
2,989		 896
201		 (2,455)
99
Totalprofit/(loss) before tax 1,156 (59) (1,152) 2,153 (3,396) 1,097 (2,356)
3 Segment assets
(a) Sugar - milling
(b) Sugar - refinery
(c) Distillery
(d) Co-generation
(e) Trading
(f) Other
(g)Unallocated		 -
20,134
24,828
8,765
10,855
275
284
5,261		 -
19,198
22,690
8,764
10,888
75
284
5,453		 -
19,865
19,067
8,085
11,119
155
306
6,221		 -
20,134
24,828
8,765
10,855
275
284
5,261		 -
19,865
19,067
8,085
11,119
155
306
6,221		 -
20,134
24,828
8,765
10,855
275
284
5,261		 -
19,865
19,067
8,085
11,119
155
306
6,221
Total segment assets 70,402 67,352 64,818 70,402 64,818 70,402 64,818
4 Segment liabilities
(a) Sugar - milling
(b) Sugar - refinery
(c) Distillery
(d) Co-generation
(e) Trading
(f) Other
(g)Unallocated		 5,322
21,454
305
389
95
6
40,675		 6,268
25,735
368
341
11
5
34,041		 7,668
33,293
375
377
318
5
23,983		 5,322
21,454
305
389
95
6
40,675		 7,668
33,293
375
377
318
5
23,983		 5,322
21,454
305
389
95
6
40,675		 7,668
33,293
375
377
318
5
23,983
Total segment liabilities 68,246 66,769 66,019 68,246 66,019 68,246 66,019
  • Includes impairment of property, plant and equipment of INR 1,128 million and reversal of provision for trade receivables of INR 1,465 million in respect of refinery segment for the quarter and year ended March 31, 2021.

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SHREE RENUKA SUGARS LIMITED

(A WILMAR GROUP COMPANY)

CIN: L01542KA1995PLC019046

Reg Off: Kanakashree Arcade JNMC Road, Nehru Nagar, Belgaum,Karnataka- 590010. Investors relations contact: [email protected]

Website: www.renukasugars.com; Phone: +91-831-2404000, Fax: +91-831-2404961

Statement of standalone audited assets and liabilities Statement of standalone audited assets and liabilities (INR in Million) (INR in Million)
As at
March 31, 2021
(Audited)		 As at
March 31, 2020
(Audited)
1
2		 ASSETS
Non-current assets
Property, plant and equipment
Capital work-in-progress
Other intangible assets
Financial assets
Investments
Loans
Other non-current financial assets
Other non current assets
Income tax receivable (net)
Deferred tax assets (net)
Total non-current assets
Current assets
Inventories
Financial assets
Trade receivables
Cash and cash equivalents
Other Bank balances
Loans
Other current financial assets
Other current assets
Total current assets		 36,037
92
13
1,376
1,781
61
650
48
-		 36,943
1,519
10
1,039
1,918
55
416
238
1,581
40,058 43,719
23,544
2,884
222
400
137
1,094
2,063		 16,544
1,527
350
37
-
922
1,719
30,344 21,099
Total assets 70,402 64,818
1
2		 EQUITY AND LIABILITIES
Equity
Equity Share capital
Other equity
Total equity
LIABILITIES
Non-current liabilities
Financial liabilities
Borrowings
Other non-current financial liabilities
Net employee benefit liabilities
Government grants
Total Non-current liabilities
Current liabilities
Financial liabilities
Borrowings
Trade payables
- Total outstanding dues of micro and small
enterprises
- Total outstanding dues of creditors other than
micro and small enterprises
Other current financial liabilities
Government grants
Other current liabilities
Net employee benefit liabilities
Total current liabilities		 2,128
28		 1,917
(3,118)
2,156 (1,201)
25,659
143
217
203		 16,685
124
228
3
26,222 17,040
11,232
52

26,257
3,852
54
495
82		 3,738
10
26,583
17,820
27
733
68
42,024 48,979
Total equity and liabilities 70,402 64,818

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SHREE RENUKA SUGARS LIMITED CIN: L01542KA1995PLC019046

Reg Off: Kanakashree Arcade JNMC Road, Nehru Nagar, Belgaum,Karnataka- 590010. Website: www.renukasugars.com; Phone: +91-831-2404000, Fax: +91-831-2404961

Statement of standalone audited cash flows (INR in Million) (INR in Million)
For the year
ended
March 31,
2021
(Audited)		 For the year
ended
March 31,
2020
(Audited)
Operating activities
Profit/(loss) before tax
Adjustments to reconcile loss before tax to net cash flows:
Depreciation of property, plant and equipment
Amortisation of intangible assets
Writeback of provision
Unrealised loss/(gain) on derivatives
Government assistance
Finance costs
Finance income
Exceptional items
Gain on discounting of OCPS
Dividend income
(Gain)/loss from disposal of investments
Net foreign exchange differences
Impairment of investment in subsidiaries
Impairment of other assets
Property, plant and equipment written off
ECL on trade receivable
Working capital adjustments:
Movement in employee benefit expenses
Decrease/(increase) in trade receivables
Decrease/(increase) in other receivables and prepayments
Increase in inventories
Increase/(decrease) in trade and other payables
Income tax refunded/(paid)		 2,153
2,009
4
(110)
28
(45)
3,686
(247)
(1,499)
-
(1)
-
(330)
84
116
174
216
26
(141)
(718)
(7,022)
(13,888)		 (3,396)
2,028
1
(98)
(9)
(28)
4,858
(201)
-
(2,889)
(1)
(1)
1,612
47
100
54
424
(2)
48
316
(173)
5,530
(15,505)
190		 8,220
(32)
Net cash flows from/(used in) operating activities (15,315) 8,188
Investing activities:
Purchase of property, plant and equipment
Loans given during the year to subsidiaries
Repayment of loan from subsidiaries
Proceeds from sale of property, plant and equipment
Proceeds from sale of investments
Amount of fixed deposits created
Interest received (finance income)
Dividend received		 (1,065)
(640)
415
2
-
(366)
73
1		 (1,935)
(9)
172
2
1
-
308
1
Net cash flows from/(used in) investing activities (1,580) (1,460)
Financing activities:
Proceeds from issue of equity shares (net of transaction cost)
Proceeds/(repayment) short term borrowings (net)
Repayment of long-term borrowings
Proceeds from long term borrowings
Proceeds from external commercial borrowings
Payment of lease liability
Finance cost andprocessingchargespaid		 1,850
7,494
(14,143)
3,000
22,413
(12)
(3,835)		 0
(1,740)
(1,497)
-
-
(9)
(3,334)
Net cash flows from/(used in) financing activities 16,767 (6,580)
Net increase/(decrease) in cash and cash equivalents (128) 148
Openingcash and cash equivalents 350 202
Closing cash and cash equivalents 222 350

Notes to standalone audited financial results for the quarter and year ended March 31, 2021:

  1. Shree Renuka Sugars Limited (‘SRSL’ or ‘the Company’) is one of the largest sugar manufacturer and refiner in India. As a leading agri-business and bio-energy Company, it is present across sugar, ethanol, co- generation, and trading.

SRSL is a subsidiary of Wilmar Sugar Holdings Pte Ltd, Singapore (subsidiary of Wilmar International Ltd, Asia’s leading agribusiness group).

  1. The above audited standalone results have been reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on June 25, 2021.

  2. As at March 31, 2021 the current liabilities of the Company exceed its current assets by INR 11,680 million.

As stated in Note 5, during the year Company has received INR 22,414 million (USD 300 million) by way of External Commercial Borrowings for redemption of Non-Convertible debentures (NCDs), repayment of term loans, to meet the working capital requirements and for general corporate purposes. Further, as specified in note 6, the Company has received INR 1,850 million from preferential issue of equity shares to Wilmar Sugar Holdings Pte. Ltd. (Promoter of the Company). Furthermore, the Board of Directors of Wilmar Sugar Holdings Pte. Ltd., have provided letter of support to the Company, to meet shortfall in its normal trade related working capital requirements up to the year ending March 31, 2022. Also, all remaining term loans and working capital loans availed by the Company from Banks are secured by corporate guarantee provided by the ultimate Promoter Company (Wilmar International Limited).

Further, for the year ended March 31,2021 the Company has profit before exceptional items and tax of INR 654 million and INR 1,093 million for the quarter ended March 31, 2021. The Company has positive net worth of INR 2,156 million as at March 31, 2021.

Accordingly, the Company management believes it will be able to meet all its financial obligations, on a timely basis and hence, the Company has prepared the financial results on going concern basis.

  1. The Government announced Maximum Admissible Export Quota (MAEQ) for season year 2019-20 and 2020-21 to boost exports of sugar. Under this scheme, the Company can export sugar under its own quota and the quota of the third parties. The Company has availed benefits under this scheme for exports made by the Company under its own quota as well as for export under the quota of third parties.

As the Company is reasonably certain to comply with the relevant conditions, it has recognized an income of INR 148 million during quarter and INR 768 million for year ended March 31, 2021 and presented the same under Income from Incentive to sugar mills.

The Company is eligible for assistance under the Buffer Stock Subsidy Scheme notified by the Ministry of Consumer Affairs, Food and Public Distribution for assistance to sugar mills. As the Company has complied with the relevant conditions, it has recognized an income of INR 23 million during the quarter and INR 50 million for year ended March 31, 2021 and presented the same under Income from Incentive to sugar mills.

The income earned through exporting goods under third party MAEQ quota licenses during the current quarter ended March 31, 2021 was INR 41 million and INR 113 million for the year ended March 31, 2021 and this income has been included in other income in financial results.

  1. During the year, the Company has received INR 22,414 million (USD 300 million) through External Commercial Borrowings (ECB) from Wilmar Sugars Holdings Pte Ltd. (Promoter Company). The proceeds have been utilized for repayment of Non-Convertible debentures (NCDs) issued to the banks amounting to INR 2,064 million, repayment of term loans amounting to INR 9,298 million and balance to meet the working capital requirements and for general corporate purposes.

  2. During the year, the Company has received INR 1,850 million as proceeds of preferential issue of 211,670,481 equity shares to Wilmar Sugar Holdings Pte Ltd (Promoter Company) at a cash price of Rs. 8.74 per share. The main object of the issue was to redeem:

  3. (i) 42,808,858 0.01% Optionally Convertible Preference Shares (OCPS) of Rs. 100 each fully paid‐up, and

  4. (ii) 74,388,207 0.01% Redeemable Preference Shares (RPS) of Rs. 100 each fully paid‐up

These OCPS and RPS having a nominal value of INR 11,720 million (having a book value of INR 2,930 million as on June 30, 2020) were issued to the lenders of the Company as part of the Debt Restructuring arrangements.

Accordingly, as per the object of the preferential issue, proceeds of INR 1,637 million have been utilized for redeeming the OCPS and RPS, and INR 200 million for General Corporate Purpose.

  1. Subsequent to the Preferential allotment as mentioned in note 6, the promoter shareholding in the Company has increased from 58.34% (pre-Issue Equity Share Capital) to 62.48% (Post Issue Equity Share Capital).

  2. The Board of Directors of the Company at its meeting held on November 09, 2020 have approved the scheme of Merger of Gokak Sugars Limited, a subsidiary of the Company, with the Company. SRSL, being a listed Company, needs approval of Stock Exchanges and Securities and Exchange Board of India (SEBI). Accordingly, the Company has made an application to BSE Ltd (BSE) and National Stock Exchanges of India (NSE) on January 21, 2021 seeking their approval. BSE and NSE has forwarded the scheme to SEBI with their recommendation. After SEBI approval the Company will seek NCLT approval for the proposed merger.

  3. The Company has considered all the possible impact of COVID-19 and associated internal and external factors, known to the management, in preparation of financial results for the quarter and year ended March 31, 2021, to assess and determine the carrying amount of its assets and liabilities. Accordingly, as on date, no material impact is estimated in the carrying values of the assets and their recoverability. As the situation continues to evolve, the company will closely monitor and assess any material impact on the financial position of the company.

  4. Exceptional item (income) of INR 63 million (net of expense of INR 1,454 million and income of INR 1,517 million) for the quarter and income of INR 1,499 million (net of expense of INR 1,891 million and income of INR 3,390 million) for the year ended March 31, 2021 includes the following:

  5. (i) net gain/(loss) on redemption of Non-convertible debentures (NCD), Redeemable preference shares (RPS) and Optionally convertible preference shares (OCPS),

  6. (ii) lumpsum one-time payment to the bank for settlement of outstanding facilities,

  7. (iii) Lumpsum one-time payment to the bank for settlement of dues relating to the erstwhile subsidiary of the Company.

  8. (iv) reversal of impairment allowance for doubtful debts on account of collection made, and

  9. (v) Impairment of certain specific (CGU) refer note 11.

  10. As per the requirements of Ind AS 36, the Company tests at the end of every reporting period, whether there is any indication that the property, plant and equipment may be impaired. If any such indication exists, the Company estimates the recoverable amount of the property, plant and equipment. When the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

During the current year, the Company performed impairment assessment with respect to the certain specific Cash Generating Unit (CGU). The recoverable amount has been determined using value in use approach based on future cashflow projections which are discounted to their present value. As a result of this analysis, management has identified and has recognized an impairment allowance of INR 1,152 million in the quarter and year ended March 31, 2021. An amount of INR 24 million against previously recognized revaluation reserve for this CGU and has been considered in the Other Comprehensive Income (OCI) and balance INR 1,128 million grouped under exceptional item for the quarter and year ended March 31, 2021.

  1. During the year, the Company has received waiver in respect of interest accrued on trade payables for purchase of raw sugar and advances for sale of white sugar received from its parent Company Wilmar Sugar Holding PTE Ltd and its fellow subsidiary Wilmar Sugar PTE Ltd amounting to INR 463 million. The Company has accounted for these waivers as equity contribution from the parent and has presented the same as a separate component of equity under other equity as per Ind AS 109 - Financial instruments.

  2. During the year, the Listed Non-Convertible Debentures issued to LIC of INR 2,500 Million were rated by India Rating and Research with "IND BBB+/RWP” against earlier rating of "IND BBB+/RWN”.

  3. The asset cover available in case of long term debt including NCDs is 1.36 and are secured by first pari-passu charge on the property, plant and equipment of the company, both present and future. The Company has maintained the required asset cover, sufficient to discharge the principal amount of the said NCDs in terms of Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

  4. Details of listed secured redeemable non-convertible debentures as at March 31, 2021:

Particulars Previous due date Next due date
Principal* Interest* Principal* Principal/
redemption		 Interest* Interest
amount
11.7% Secured
redeemable
non-convertible
debentures
11.3% Secured
redeemable
non-convertible
debentures		 31.03.2021
31.03.2021		 31.03.2021
31.03.2021		 30.06.2021
30.06.2021		 13
9		 30.04.2021
30.04.2021		 6
4

  • Principal and interest paid on due dates/payable in future is as mentioned in the letter of intent received from Life Insurance Corporation of India dated October 11, 2018.

  • The Company is in the process of restructuring its 11.70% non-convertible debentures (NCD) amounting to INR 1,500 million and 11.30% non-convertible debentures (NCD) amounting to INR 1,000 million, for which the Company has received a letter of intent from Life Insurance Corporation of India (debenture holders) on October 11, 2018. This letter was accepted by the Company on October 16, 2018. The Company has obtained approval from the shareholders for the aforesaid transaction in the Annual General Meeting held on September 7, 2020. The Company has received approval from BSE Ltd. for the proposed restructuring on 2[nd] June 2021, which is valid for 3 months. The Company is in the process of finalizing documentation with debenture holders.

  • The ratios have been computed as follows:

  • a) Paid-up debt capital/outstanding debts = Non-current borrowings, current portion of long term borrowings and current borrowings

  • b) Debt equity ratio= Aggregate of outstanding debts/Equity attributable to shareholders

  • c) Debt service coverage ratio= Profit or (Loss) before Depreciation and amortisation expense, finance costs/finance income, exceptional items and tax/(Long Term Loan principal repaid + Finance costs)

  • d) Interest service coverage ratio= Profit or (Loss) before Depreciation and amortisation expense, finance costs, exceptional items and tax and finance income/Finance costs.

  • e) Fixed asset coverage ratio = Revalued value of Property, plant and equipment and capital work in progress / Long term debt.

  • The figures for the Quarter ended March 31, 2021 are the balancing figures between the audited figures in respect of the full year ended March 31,2021 and unaudited figures for the nine months ended December 31, 2020, being the date of end of third quarter of the financial year ended March 31, 2021 which were subjected to limited review. Further, the figures for the six months ended March 31, 2021 are the balancing figures between the audited figures in respect of the full year ended March 31,2021 and unaudited figures for the six months ended September 30, 2020 being the date of end of second quarter of the financial year ended March 2021 which were subjected to limited review.

  • Previous year figures have been regrouped/reclassified, as considered necessary, to conform with current year presentation, wherever applicable.

Place: Mumbai Date: June 25, 2021

For Shree Renuka Sugars Ltd. ATUL DN: c=IN, o=Personal, st=GUJARAT, CHATURVEDI l=AHMEDABAD,

Digitally signed by ATUL CHATURVEDI DN: c=IN, o=Personal, 2.5.4.20=c4aeb980fded60ebda9b420ddb6c7626116ae6058 2b026b46a58b80d5943e834, postalCode=380015, st=GUJARAT, serialNumber=a04f4aacdf323c36dd8edb628f62ad697dd91c 8af7952c9a24fde4fd0c721223, cn=ATUL CHATURVEDI, l=AHMEDABAD, pseudonym=11c90ba0959e4a37a03e6b950bec95c0 Date: 2021.06.25 23:00:42 +05'30'

Atul Chaturvedi Executive Chairman DIN: 00175355

12th Floor, The Ruby 29 Senapati Bapat Marg Dadar (West) Mumbai - 400 028, India Tel: +91 22 6819 8000

Chartered Accountants

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Independent Auditor’s Report on the Quarterly and Year to Date Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To The Board of Directors of Shree Renuka Sugars Limited

Report on the audit of the Consolidated Financial Results

Opinion

We have audited the accompanying statement of quarterly and year to date consolidated financial results of Shree Renuka Sugars Limited (“Holding Company”) and its subsidiaries (the Holding Company and its subsidiaries together referred to as “the Group”) and its associate for the quarter ended March 31, 2021 and for the year ended March 31, 2021 (“Statement”), 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 the reports of the other auditors on separate audited financial statements and financial information of the subsidiaries, the Statement:

  • i. includes the results of the entities as mentioned in Annexure I to this Report

  • ii. are presented in accordance with the requirements of the Listing Regulations in this regard; and

  • iii. gives a true and fair view in conformity with the applicable accounting standards, and other accounting principles generally accepted in India, of the consolidated net loss and other comprehensive income / loss and other financial information of the Group for the quarter ended March 31, 2021 and for the year ended March 31, 2021.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs), as specified under Section 143(10) of the Companies Act, 2013, as amended (“the 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 and its associate 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 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 Consolidated Financial Results

The Statement has 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 the Statement that give a true and fair view of the net loss and other comprehensive income / loss and other financial information of the Group including its associate in accordance with the applicable 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 and of its associate 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

S R B C & CO LLP, a Limited Liability Partnership with LLP Identity No. AAB-4318 Regd. Of fi ce : 22, Camac Street, Block ‘B’, 3rd Floor, Kolkata-700 016

Chartered Accountants

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Page 2 of 5 Shree Renuka Sugars Limited Independent Auditor’s Report on the Quarterly and Year to Date Consolidated Financial Results

its associate 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 the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement 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 Statement by the Directors of the Holding Company, as aforesaid.

In preparing the Statement, the respective Board of Directors of the companies included in the Group and of its associate are responsible for assessing the ability of the Group and of its associate 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 and of its associate are also responsible for overseeing the financial reporting process of the Group and of its associate. Auditor’s Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is 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 the Statement.

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 Statement, 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 associate 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 Statement 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 and its associate to cease to continue as a going concern.

  • Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation.

  • Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within the Group and its associate of which we are the independent auditors to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of the financial information of such entities included

Chartered Accountants

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Page 3 of 5 Shree Renuka Sugars Limited Independent Auditor’s Report on the Quarterly and Year to Date Consolidated Financial Results

in the Statement of which we are the independent auditors. For the other entities included in the Statement, 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 Statement 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 No. CIR/CFD/CMD1/44/2019 dated March 29, 2019 issued by the Securities Exchange Board of India under Regulation 33 (8) of the Listing Regulations, to the extent applicable.

Other Matter

The accompanying Statement includes the audited financial results and other financial information, in respect of:

  • 7 subsidiaries, whose financial statements include total assets of INR 3,567 million as at March 31, 2021, total revenues of INR 2,837 million and INR 5,679 million, total loss after tax of INR 137 million and INR 498 million, total comprehensive loss of INR 139 million and INR 499 million, for the quarter and the year ended on that date respectively, and net cash outflows of INR 191 million for the year ended March 31, 2021, as considered in the Statement which have been audited by their respective independent auditors.

The independent auditor’s report on the financial statements and financial information of these entities have been furnished to us by the Management and our opinion on the Statement in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the reports of such auditors and the procedures performed by us 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 the 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 Holding 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.

The accompanying Statement includes unaudited financial statements and other unaudited financial information in respect of:

  • One associate whose financial statements includes the Group’s share of net profit of INR Nil and INR Nil and Group’s share of total comprehensive income of INR Nil for the quarter and for the year ended March 31, 2021, as considered in the Statement whose financial statements and other financial information have not been audited by any auditor.

These unaudited financial statements and financial information have been approved and furnished to us by the Management and our opinion on the Statement, in so far as it relates to the amounts and disclosures included in respect of the associate, is based solely on such unaudited financial

Chartered Accountants

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Page 4 of 5 Shree Renuka Sugars Limited Independent Auditor’s Report on the Quarterly and Year to Date Consolidated Financial Results

statements and financial information. In our opinion and according to the information and explanations given to us by the Management, these financial statements and financial information are not material to the Group.

Our opinion on the Statement 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 and the Financial statements and financial information certified by the Management.

The Statement includes the results for the quarter ended March 31, 2021 being the balancing figures between the audited figures in respect of the full financial year ended March 31, 2021 and the published unaudited year-to-date figures up to the end of the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.

For S R B C & CO LLP

Chartered Accountants ICAI Firm registration number: 324982E/E300003

Digitally signed by SHYAMSUNDAR SHYAMSUNDAR R PACHISIADN: cn=SHYAMSUNDAR R R PACHISIA PACHISIA, c=IN, o=Personal,[email protected] Date: 2021.06.25 23:21:23 +05'30'

_______ per Shyamsundar Pachisia Partner Membership No.: 049237

UDIN: 21049237AAAABF5568

Place: Mumbai Date: June 25, 2021

Chartered Accountants

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Page 5 of 5

Shree Renuka Sugars Limited

Independent Auditor’s Report on the Quarterly and Year to Date Consolidated Financial Results

Annexure 1 – List of entities included in the consolidated financial results

Sr. no. Particulars
Subsidiaries
1. GokakSugarsLimited,India
2. KBKChem-EngineeringPrivateLimited,India
3. Renuka CommoditiesDMCC, UnitedArabEmirates
4. ShreeRenukaAgri VenturesLimited,India
5. MonicaTradingPrivateLimited,India
6. ShreeRenukaTunaportPrivateLimited,India
7. ShreeRenukaEastAfricaAgriventuresPLC,Ethiopia
**Associates ***
1. ShreeRenuka Global VenturesLimited,Mauritius
  • Subsidiaries till September 24, 2019. Associate with effect from September 25, 2019.

SHREE RENUKA SUGARS LIMITED (A WILMAR GROUP COMPANY)

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CIN: L01542KA1995PLC019046

Reg Off: Kanakashree Arcade, JNMC Road, Nehru Nagar, Belagavi-590010, Karnataka. Investors relations contact: [email protected]

Website:www.renukasugars.com; Phone: +91-831-2404000, Fax: +91-831-2404961

PART I

Statement of consolidated audited financial results for the quarter and year ended March 31, 2021 (INR in Million)

Sr.
No.		 Particulars 3 months
ended
March 31,
2021		 3 months
ended
December
31, 2020		 3 months
ended
March 31,
2020		 Year ended
March 31,
2021		 Previous year
ended
March 31,
2020
(Audited) (Unaudited) (Audited) (Audited) (Audited)
1
2
3		 Income
Revenue from operations
Income from incentive to sugar mills
Other income		 12,992
212
73		 13,630
248
108		 13,748
571
46		 55,554
931
371		 47,408
1,404
588
4 Total income 13,277 13,986 14,365 56,856 49,400
Expenses
Cost of materials consumed
Purchase of stock-in-trade
Employee benefit expenses
Finance cost
Depreciation and amortisation expense
Foreign exchange (gain)/loss (net)
Other expenses
Changes in inventories of finished goods, work-in-progress and stock-
in-trade		 14,330
333
(6,103)
345
998
525
(25)
1,822		 18,847
37
(7,930)
365
917
525
(143)
1,623		 12,837
2,342
(4,530)
306
1,111
526
1,304
1,397		 47,100
1,833
(4,805)
1,252
3,842
2,085
(694)
5,759		 37,712
3,422
(674)
1,205
5,113
2,108
1,729
5,223
5 Total expenses 12,225 14,241 15,293 56,372 55,838
6 Profit/ (loss)before exceptional items and tax 1,052 (255) (928) 484 (6,438)
7 Exceptional items- income/(expenses) (1,402) 138 - 34 2,889
8 Profit /(loss)before tax from continued operations (350) (117) (928) 518 (3,549)
9 Tax expense
Current tax
Income tax relating to earlier years
Deferred tax		 -
-
99		 -
-
1,294		 -
-
524		 -
-
1,683		 -
26
2,090
10 Loss from continuingoperations after tax (449) (1,411) (1,452) (1,165) (5,665)
11 Loss from discontinued operations before tax - - - - (4,136)
12 Exceptional items- income of discontinued operations - - - - 29,299
13 Tax expense on discontinued operations - - - - -
14 Profit/(loss)from discontinued operations after tax - - - - 25,163
15 Profit/(loss)for theperiod/year (449) (1,411) (1,452) (1,165) 19,498
16 Profit/(Loss) for the year attributable to:
i. Equity holders of the parent
ii. Non - controllinginterest		 (440)
(9)		 (1,412)
1		 (1,460)
8		 (1,147)
(18)		 20,992
(1,494)
17 Other comprehensive income(OCI)
A) Other comprehensive income not to be reclassified to profit or loss:
Reversal of revaluation reserve on disposal / impairment of
property, plant and equipments		 (43) (8) (1,650) (51) (1,650)
Income tax relatingto above 13 2 514 15 514
Remeasurementgain/(loss)on defined benefitplan 7 (8) (32) (1) (32)
Income tax relatingto above (2) 2 10 - 10
Netgain on FVTOCI equityinstruments 420 - - 420 -
B) Other comprehensive income that will be reclassified to profit or
loss:
Net movement on Effectiveportion of Cash Flow Hedges 144 (245) - (352) -
Net movement in cost of cash flow hedges (222) (143) - (473) -
Exchange difference on translation of foreign operations 27 92 (513) 354 1,777
18 Total comprehensive income after tax (105) (1,719) (3,123) (1,253) 20,117
19 Total comprehensive income attributable to:
i. Equity holders of the parent
ii. Non - controllinginterest		 (97)
(8)		 (1,720)
1		 (3,131)
8		 (1,236)
(17)		 21,611
(1,494)
20 Paid-upequityshare capital(Face value of Re.1/- each) 2,128 2,128 1,917 2,128 1,917
21 Reserves excluding revaluation reserve as per balance sheet of
previous accounting year		 (21,644)
22 a)
Basic (INR)
b)
Diluted (INR)
Earnings per share (for continuing operations)
(of Re.1/- each) (not annualised):		 (0.21)
(0.21)		 (0.66)
(0.66)		 (0.76)
(0.76)		 (0.57)
(0.57)		 (2.96)
(2.96)
23 a)
Basic (INR)
b)
Diluted(INR)
Earnings per share (for discontinued operations)
(of Re.1/- each) (not annualised):		 -
-		 -
-		 -
-		 -
-		 13.91
13.91
24 a)
Basic (INR)
b)
Diluted (INR)
Earnings per share (for continuing and discontinued operations)(of
Re.1/- each) (not annualised):		 (0.21)
(0.21)		 (0.66)
(0.66)		 (0.76)
(0.76)		 (0.57)
(0.57)		 10.95
10.95
  • Amount of revaluation reserve as at March 31, 2020 is INR 10,903 million

==> picture [33 x 32] intentionally omitted <==

SHREE RENUKA SUGARS LIMITED (A WILMAR GROUP COMPANY)

CIN: L01542KA1995PLC019046

Reg Off: Kanakashree Arcade, JNMC Road, Nehru Nagar, Belagavi-590010, Karnataka. Investors relations contact: [email protected]

Website: www.renukasugars.com; Phone: +91-831-2404000, Fax: +91-831-2404961

Audited consolidated segment wise revenue, results, assets and liabilities for the quarter and year ended March 31, 2021

(INR in Million) (INR in Million) (INR in Million) (INR in Million) (INR in Million)
Sr.
No.		 Particulars 3 months
ended
March 31,
2021		 3 months
ended
December
31, 2020		 3 months
ended
March 31,
2020		 Year ended
March 31,
2021		 Previous year
ended
March 31,
2020
(Audited) (Unaudited) (Audited) (Audited) (Audited)
1
2		 Segment revenue
(a) Sugar - milling
(b) Sugar - refinery
(c) Distillery
(d) Co-generation
(e) Trading
(f) Engineering
(g) Other
Total
Less :Inter segment revenue		 8,193
6,272
2,911
1,943
1,974
133
64		 5,662
9,067
1,718
1,940
540
109
20		 7,525
5,604
1,251
1,710
4,301
163
41		 19,513
35,040
7,015
4,540
5,656
503
152		 17,461
27,166
4,713
3,941
7,259
898
141
21,490
(8,498)		 19,056
(5,426)		 20,595
(6,847)		 72,419
(16,865)		 61,579
(14,171)
Revenue from operations 12,992 13,630 13,748 55,554 47,408
Segment results profit / (loss) before tax and interest
(a) Sugar - milling
(b) Sugar - refinery
(c) Distillery
(d) Co-generation
(e) Trading
(f) Engineering
(g) Other
Total
Less: i) Finance costs
ii) Other unallocable expenses
iii) Foreign exchange (gain)/loss (net)
Add: Other unallocable income
Profit /(loss) before exceptional items and tax - continued
operations
Add: Exceptional items- income continued operations*		 -
631
646
545
469
(67)
30
44		 -
(328)
279
240
479
(11)
(27)
1		 -
357
478
146
445
80
(13)
38		 -
62
2,476
963
711
(6)
13
79		 -
(284)
(389)
818
340
105
62
78
2,298
998
346
(25)		 633
917
222
(143)		 1,531
1,111
90
1,304		 4,298
3,842
1,037
(694)		 730
5,113
914
1,729
979
73		 (363)
108		 (974)
46		 113
371		 (7,026)
588
1,052
(1,402)		 (255)
138		 (928)
-		 484
34		 (6,438)
2,889
Profit/(loss) before tax - continued operations (350) (117) (928) 518 (3,549)
Loss before exceptional items and tax - discontinued
operations		 - - - - (4,136)
Add: Exceptional items- income discontinued operations - - - - 29,299
Profit before tax discontinued operations - - - - 25,163
Totalprofit/(loss) before tax (350) (117) (928) 518 21,614
3 Segment assets
(a) Sugar - milling
(b) Sugar - refinery
(c) Distillery
(d) Co-generation
(e) Trading
(f) Engineering
(g) Other
(h)Unallocated		 -
22,061
23,045
8,465
11,421
386
427
551
2,710		 -
21,225
22,686
8,607
11,447
2,376
312
554
2,863		 -
21,410
18,623
7,892
11,662
2,582
380
581
3,618		 -
22,061
23,045
8,465
11,421
386
427
551
2,710		 -
21,410
18,623
7,892
11,662
2,582
380
581
3,618
Total segment assets 69,066 70,070 66,748 69,066 66,748
4 Segment liabilities
(a) Sugar - milling
(b) Sugar - refinery
(c) Distillery
(d) Co-generation
(e) Trading
(f) Engineering
(g) Other
(h)Unallocated		 5,775
21,454
158
400
99
225
46
47,550		 6,991
25,516
342
511
14
149
46
43,136		 7,920
33,293
267
386
343
190
44
33,129		 5,775
21,454
158
400
99
225
46
47,550		 7,920
33,293
267
386
343
190
44
33,129
Total segment liabilities 75,707 76,705 75,572 75,707 75,572
  • Includes impairment of property, plant and equipment INR 1,128 million of refinery segment for the quarter and year ended March 31, 2021.

==> picture [39 x 37] intentionally omitted <==

SHREE RENUKA SUGARS LIMITED

(A WILMAR GROUP COMPANY)

CIN: L01542KA1995PLC019046

Reg Off: Kanakashree Arcade, JNMC Road, Nehru Nagar, Belagavi-590010, Karnataka. Investors relations contact: [email protected]

Website: www.renukasugars.com; Phone: +91-831-2404000, Fax: +91-831-2404961

Website: www.renukasugars.com; Phone: +91-831-2404000, Website: www.renukasugars.com; Phone: +91-831-2404000, Fax: +91-831-2404961 Fax: +91-831-2404961
Statement of consolidated audited assets and liabilities (INR in Million)
As at
March 31,
2021
(Audited)		 As at
March 31,
2020
(Audited)
1
2		 ASSETS
Non-current assets
Property, plant and equipment (including right of use assets)
Capital work-in-progress
Other intangible assets
Financial assets
Investments
Other non-current financial assets
Other non current assets
Income tax receivable
Deferred tax assets (net)
Total non-current assets
Current assets
Inventories
Financial assets
Trade receivables
Cash and cash equivalents
Other Bank balances
Other current financial assets
Other current assets
Total current assets		 37,751
74
13
601
64
605
56
-		 38,852
1,423
10
185
57
409
253
1,581
39,164 42,770
24,421
1,541
386
479
941
2,134		 16,787
1,332
705
45
961
4,148
29,902 23,978
Total assets 69,066 66,748
1
2		 EQUITY AND LIABILITIES
Equity
Equity Share capital
Other equity
Equity attributable to shareholders
Non-controlling interest
Total equity
LIABILITIES
Non-current liabilities
Financial liabilities
Borrowings
Other non-current financial liabilities
Net employee benefit liabilities
Government grants
Income tax payable
Deferred tax liabilities (net)
Total Non-current liabilities
Current liabilities
Financial liabilities
Borrowings
Trade payables
- Total outstanding dues of micro and small enterprises
- Total outstanding dues of creditors other than micro and
small enterprises
Other current financial liabilities
Government grants
Other current liabilities
Net employee benefit liabilities
Total current liabilities		 2,128
(8,754)		 1,917
(10,743)
(6,626) (8,826)
(15) 2
(6,641) (8,824)
25,667
143
226
204
6
127		 18,915
124
233
3
10
44
26,373 19,329
17,679
54
26,891
3,890
54
681
85		 10,508
11
26,919
17,915
27
794
69
49,334 56,243
Total equity and liabilities 69,066 66,748

==> picture [39 x 37] intentionally omitted <==

SHREE RENUKA SUGARS LIMITED (A WILMAR GROUP COMPANY)

CIN: L01542KA1995PLC019046

Reg Off: Kanakashree Arcade, JNMC Road, Nehru Nagar, Belagavi-590010, Karnataka. Investors relations contact: [email protected]

Website: www.renukasugars.com; Phone: +91-831-2404000, Fax: +91-831-2404961

Statement of consolidated audited cash flows (INR in Million) (INR in Million)
For the year
ended
March 31, 2021
(Audited)		 For the year
ended
March 31, 2020
(Audited)
Operating activities
Profit /(loss) before tax from continued operations
Profit/(loss) before tax from discontinued operations
Adjustments to reconcile profit/ (loss) before tax to net cash flows:
Depreciation of property, plant and equipment�
Amortisation of intangible assets
Gain on discounting of OCPS
Government assistance
Unrealised loss/(gain) on derivatives
Excess provision of earlier year written back
Finance costs
Finance income
Exceptional items
Impairment of other assets
ECL on trade receivable
Impairment of goodwill
Dividend income
Property, plant and equipment written off
(Gain)/Loss on Sale of Assets
Net foreign exchange difference
Net gain on sale of subsidiary
Working capital adjustments:
Increase/(decrease) in employee benefit expenses
(Increase)/ decrease in trade receivables
(Increase)/decrease in other receivables and prepayments
(Increase)/decrease in inventories
(Decrease)/increase in trade and other payables
Income tax refund/(paid)		 518
-
2,081
4
-
(45)
28
(110)
3,842
(43)
(34)
152
7
-
(1)
174
-
(330)
-
30
(249)
(571)
(7,612)
(13,675)		 (3,549)
25,163
2,107
1
(2,889)
(28)
(8)
(98)
5,113
-
-
155
-
171
(1)
58
(33)
1,612
(29,299)
(4)
1,697
74
474
4,936
(15,834)
193		 5,652
(40)
Net cash flows from operating activities (15,641) 5,612
Investing activities:
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Investment in fixed deposits
Sale / (Purchase) of investments (net)
Dividend received
Interest received(finance income)		 (1,058)
31
(435)
5
1
18		 (2,028)
142
-
1
1
-
Net cash flows from/(used in) investing activities (1,438) (1,884)
Financing activities:
Proceeds from issue of equity shares
Repayment of long-term borrowings
Proceeds/(repayment) short term borrowings (net)
Proceeds from long term borrowings
Proceeds from external commercial borrowings
Lease liability payments
Finance costpaid		 1,850
(14,195)
7,171
3,010
22,414
(13)
(3,831)		 -
(1,342)
(1,762)
-
-
(8)
(3,534)
Net cash flows used in financing activities 16,406 (6,646)
Net decrease in cash and cash equivalents
Foreign currency translation difference
Net increase/(decrease) in cash and cash equivalents
Opening cash and cash equivalents
Closing cash and cash equivalents		 (673)
354
(319)
705
386		 (2,918)
3,259
341
364
705

Notes to consolidated audited financial results for the quarter and year ended March 31, 2021:

  1. Shree Renuka Sugars Limited (‘SRSL’ ‘the Company’) is one of the largest sugar manufacturer and refiner in India. As a leading agri-business and bio-energy Company, it is present across Sugar, ethanol, co- generation, trading and engineering segments.

SRSL and its subsidiaries (‘Group’) is a subsidiary of Wilmar Sugar Holdings Pte Ltd, Singapore (subsidiary of Wilmar International Ltd, Asia’s leading agribusiness group).

  1. The above audited consolidated results have been reviewed by the Audit Committee and approved the Board of Directors in their meeting held on June 25,2021.

  2. As at March 31, 2021 the current liabilities of the Group exceed its current assets by INR 19,432 million. The Group has negative net worth of INR 6,641 million as at March 31, 2021.

As stated in Note 5, during the year the Company has received INR 22,414 million (USD 300 million) by way of External Commercial Borrowings for redemption of Non-Convertible debentures (NCDs), repayment of term loans, to meet the working capital requirements and for general corporate purposes. Further, as specified in note 6, the Company has received INR 1,850 million from preferential issue of equity shares to Wilmar Sugar Holdings Pte Ltd. (Promoter of the Company). Furthermore, the Board of Directors of Wilmar Sugar Holdings Pte. Limited, have provided letter of support to the Group, to meet shortfall in its normal trade related working capital requirements up to the year ending March 31, 2022. Also, all remaining term loans and working capital loans availed by the Company from Banks are secured by corporate guarantee provided by the ultimate Promoter Company (Wilmar International Limited).

Further, the Group has profit before exceptional items and tax of INR 1052 million ended March 31,2021 and INR 484 million for the quarter and year ended March 31, 2021.

Accordingly, the Group management believes it will be able to meet all its financial obligations, on a timely basis and hence, the Group has prepared the financial results on going concern basis.

  1. The Government announced Maximum Admissible Export Quota (MAEQ) for season year 2019-20 and season year 2020-21 to boost exports of sugar. Under this scheme, the Group can export sugar under its own quota and the quota of the third parties. The Group has availed benefits under this scheme for exports made by the Company under its own quota. As the Group is reasonably certain to comply with the relevant conditions under own quota, it has recognized an income of INR 189 million during quarter and INR 881 million for the year ended March 31, 2021 and presented the same under Income from Incentive to sugar mills.

The Group is eligible for assistance under the Buffer Stock Subsidy Scheme notified by the Ministry of Consumer Affairs, Food and Public Distribution for assistance to sugar mills. As the Group has complied with the relevant conditions, it has recognized an income of INR 23 million during the current quarter and INR 50 million for year ended 31, 2021 and presented the same under Income from Incentive to sugar mills.

  1. During the year the Company has received INR 22,414 (USD 300 million) through External Commercial Borrowings (ECB) from Wilmar Sugars Holdings Pte Ltd. (Promoter Company). The proceeds have been utilized for repayment of Non- Convertible debentures (NCDs) issued to the banks amounting to INR 2,064 million, repayment of term loans amounting to INR 9,298 million and balance to meet the working capital requirements and for general corporate purposes.

  2. During the year the Company has received INR 1,850 million as proceeds of preferential issue of 211,670,481 equity shares to Wilmar Sugar Holdings Pte Ltd (Promoter Company) at a cash price of Rs. 8.74 per share. The main object of the issue was to redeem:

  3. (i) 42,808,858 0.01% Optionally Convertible Preference Shares (OCPS) of Rs. 100 each fully paid‐up, and

  4. (ii) 74,388,207 0.01% Redeemable Preference Shares (RPS) of Rs. 100 each fully paid‐up

These OCPS and RPS having a nominal value of INR 11,720 million (having a book value of INR 2,930 million as on June 30, 2020) were issued to the lenders of the Company as part of the Debt Restructuring arrangement.

Accordingly, as per the object of the preferential issue, proceeds of INR 1,637 million have been utilized for redeeming the OCPS and RPS, and INR 200 million for general corporate purpose.

  1. Subsequent to the Preferential allotment as mentioned in note 6, the promoter shareholding in the Company has increased from 58.34% (pre-Issue Equity Share Capital) to 62.48% ( Post Issue Equity Share Capital).

  2. The Board of Directors of the Company at its meeting held on November 09, 2020 have approved the scheme of Merger of Gokak Sugars Limited, a subsidiary of the Company, with the Company. SRSL, being a listed Company, needs approval of Stock Exchanges and Securities and Exchange Board of India (SEBI). Accordingly, the Company has made an application to BSE Ltd (BSE) and National Stock Exchanges of India (NSE) on January 21, 2021 seeking their approval. BSE and NSE has forwarded the scheme to SEBI with their recommendation. After SEBI approval the Company will seek NCLT approval for the proposed merger.

  3. The company has considered all the possible impact of COVID-19 and associated internal and external factors, known to the management, in preparation of financial results for the quarter and year ended March 31, 2021, to assess and finalize the carrying amount of its assets and liabilities. Accordingly, as on date, no material impact is estimated in the carrying values of the assets and their recoverability. As the situation continues to evolve, the company will closely monitor and assess any material impact on the financial position of the Company.

  4. Exceptional item (expense) of INR 1,402 million (net of expense of INR 1,454 million and income of INR 52 million) for the quarter and income of INR 34 million (net of expense of INR 1,891 million and income of INR 1925 million) for the year ended March 31, 2021 includes the following:

  5. (i) net gain/(loss) on redemption of Non-convertible debentures (NCD), Redeemable preference shares (RPS) and Optionally convertible preference shares (OCPS),

  6. (ii) lumpsum one-time payment to the bank for settlement of outstanding facilities,

  7. (iii) Lumpsum one-time payment to the bank for settlement of dues relating to the erstwhile subsidiary of the Company.

  8. (iv) Impairment of certain specific (CGU) refer note 11.

  9. As per the requirements of Ind AS 36, the Company tests at the end of every reporting period, whether there is any indication that the property, plant and equipment may be impaired. If any such indication exists, the Company estimates the recoverable amount of the property, plant and equipment. When the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

During the current year, the Company performed impairment assessment with respect to the certain specific Cash Generating Unit (CGU). The recoverable amount has been determined using value in use approach based on future cashflow projections which are discounted to their present value. As a result of this analysis, management has identified and has recognized an impairment allowance of INR 1,152 million in the quarter and year ended March 31, 2021. An amount of INR 24 million against previously recognized revaluation reserve for this CGU and has been considered in the Other Comprehensive Income (OCI) and balance INR 1,128 million grouped under exceptional item for the quarter and year ended March 31, 2021.

  1. During the year, the Group has got waiver in respect of interest accrued on trade payables for purchase of raw sugar and advances for sale of white sugar received from its parent Company Wilmar Sugar Holding PTE Ltd and its fellow subsidiary Wilmar Sugar PTE Ltd amounting to INR 659 million. The Group has accounted for these waivers as equity contribution from the parent and has presented the same as a separate component of equity under other equity as per Ind AS 109 - Financial instruments.

  2. During the year, the Listed Non-Convertible Debentures issued to LIC of INR 2,500 Million were rated by India Rating and Research with "IND BBB+/RWP” against earlier rating of "IND BBB+/RWN”.

  3. The asset cover available in case of long term debt including NCDs is 1.36 and are secured by first pari-passu charge on the property, plant and equipment of the company, both present and future. The Company has maintained the required asset cover, sufficient to discharge the principal amount of the said NCDs in terms of Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

  4. Details of listed secured redeemable non-convertible debentures as at March 31, 2021:

Particulars Previous due date Next due date
Principal* Interest* Principal* Principal/
redemption		 Interest* Interest
amount
11.7% Secured
redeemable
non-convertible
debentures
11.3% Secured
redeemable
non-convertible
debentures		 31.03.2021
31.03.2021		 31.03.2021
31.03.2021		 30.06.2021
30.06.2021		 13
9		 30.04.2021
30.04.2021		 6
4

  • Principal and interest paid on due dates/payable in future is as mentioned in the letter of intent received from Life Insurance Corporation of India dated October 11, 2018.

  • The Company is in the process of restructuring its 11.70% non-convertible debentures (NCD) amounting to INR 1,500 million and 11.30% non-convertible debentures (NCD)amounting to INR 1,000 million, for which the Company has received a letter of intent from Life Insurance Corporation of India (debenture holders) on October 11, 2018. This letter was accepted by the Company on October 16, 2018. The Company has obtained approval from the shareholders for the aforesaid transaction in the Annual General Meeting held on September 7, 2020. The Company has received approval from BSE Ltd. for the proposed restructuring on 2[nd] June 2021, which is valid for 3 months. The Company is in the process of finalizing documentation with debenture holders.

  • The Group has a 17.12% interest in Shree Renuka Global Ventures Ltd, Mauritius, which is an associate. The share of losses is restricted to the extent of Group’s carrying amount in respect of the associate in accordance with Ind AS 28 - Investment in Associate.

  • The figures for the Quarter ended March 31, 2021 are the balancing figures between the audited figures in respect of the full year ended March 31,2021 and unaudited figures for the nine months ended December 31, 2020, being the date of end of third quarter of the financial year ended, which were subjected to limited review.

  • Previous period figures have been regrouped/reclassified, as considered necessary, to conform with current period presentation, wherever applicable.

Place: Mumbai For Shree Renuka Sugars Ltd.
Date: June 25, 2021 ATUL
CHATURVEDI
Digitally signed by ATUL CHATURVEDI
DN: c=IN, o=Personal,
2.5.4.20=c4aeb980fded60ebda9b420ddb6c7626116ae60582b02
6b46a58b80d5943e834, postalCode=380015, st=GUJARAT,
serialNumber=a04f4aacdf323c36dd8edb628f62ad697dd91c8af7
952c9a24fde4fd0c721223, cn=ATUL CHATURVEDI,
l=AHMEDABAD,
pseudonym=11c90ba0959e4a37a03e6b950bec95c0
Date: 2021.06.25 23:01:35 +05'30'
Atul Chaturvedi
Executive Chairman
DIN: 00175355

==> picture [57 x 84] intentionally omitted <==

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