AI assistant
Skipper Limited Audit Report / Information 2021
61346_rns_2021-05-04_7bae11ec-54c2-46f6-b5df-a3787a17a622.pdf
Audit Report / Information
Open in viewerOpens in your device viewer
Date: 4 May 2021
The Manager The National Stock Exchange of India Limited Exchange Plaza, 51h Floor, Plot No. C/1, G Block BandraKurla Complex, Bandra (E) Mumbai - 400 051
The Manager BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street Mumbai - 400 001
NSE Scrip Name - SKIPPER/SSE Scrip Code - 538562
Dear Sir/Madam,
Sub: Outcome of Board Meeting
This is to inform that the Board of Directors of the Company at their meeting held today, has inter-alla approved the following:
a. The Audited Financial Results (Standalone and Consolidated) of the Company along with Audit Report, for the quarter and year ended 31 March, 2021.
The said financial results along with the Audit Report (with unmodified opinion) issued by M/s. Singhi & Co., Statutory Auditors of the Company and declaration signed by the Managing Director in accordance with Regul�tion 33(3) (d) of SEBI (Listing Obligations & Disclosure Requirements), 2015 are enclosed.
- b. Recommended a dividend of 10% (0.10 paise per equity share of Re. 1) for the financial year ended 31 March, 2021, subject to the approval of shareholders in the ensuing Annual General Meeting of the Company. Payment of dividend, if declared, shall be made within 30 days from the date of approval by the Shareholders in the Annual General Meeting of the Company.
- c. On recommendation of the Nomination and Remuneration Committee, re-appointed Sri Yash Pall Jain (DIN: 00016663) as Whole-Time Director of the Company for a further period of one year from 6 September 2021, subject to the approval of the members of the Company in the ensuing Annual General Meeting.
Sri Yash Pall Jain (DIN: 00016663) is not debarred from holding the office of director by virtue of any SEBI order or any other such authority. His brief profile is enclosed below.
The meeting of Board of Directors commenced at 12 noon and concluded at 2.15 p.m.
Kindly take the same on record.
Thanking you, Yours faithfully, For Skipper Limited
kc--....-·,Q,, "'- �...:;:::, c-: .. I, ..
Manish Agarwal '- Company Secretary & Compliance Officer
Encl: As above
SKIPPER LIMITED
Regd. Office: 3A, Loudon Street, 1st Floor, Kolkata - 700 017 CIN: L40104WB1981.PLC033408 Phone: 033 2289 2327 / 573115732, Fax; 033 2289 5733 Email : [email protected], Website : www.skipperlimited.com
Details as required under Regulation 30 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 read with SEBI circular CIR/CFD/CMD/4/2015 dated 9th September, 2015:
| SL.NO. | PARTICULARS | Sri Yash Pall Jain |
|---|---|---|
| 1 | Reason forChange | Re-appointment |
| 2 | Date ofAppointment& Terms ofAppointment | 6 September 2021, for a further period of one year as Whole Time Director, subject tothe approval of the members of the Company in the ensuing Annual General Meeting. |
| 3 | Brief Profile | Sri Yash Pall Jain has almost four decades of rich experience in the manufacturingdomain and is associated with the Company since 2017. He is currently overseeing theday to day commercial operations of all the units of the Company and has playedinstrumental role over the last three years in commercial negotiations, internal auditand general administration. |
| 4 | Disclosure ofrelationshipbetweendirectors | Sri Yash Pall Jain is not related to any of the Directors or Promoters of the Company. |
SKIPPER LIMITED
Ffogcl. Otln:«: · :1/, Loudon Stred. 1st Floor. Kolkata - 700 017 CJN: L'i010'1WU1DB1 ,PLCO'..U'IOl.l Pllor1n. 03] 22HD 2J27 I S7:11 I :57:J2, Fax: 033 22WJ 5733 Email : rnail@,;kipprnlirnite<.I corn, W�Jbsitn: www.skippertimitcd com
Date: 4 May 2021
The Manager The National Stock Exchange of India Limited Exchange Plaza, s" Floor, Plot No. C/1, G Block BandraKurla Complex, Bandra (E) Mumbai - 400 051
The Manager BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street Mumbai - 400 001
NSE Scrip Name - SKIPPER/BSE Scrip Code - 538562
Sub: Declaration of Unmodified Audit Report pursuant to Regulation 33(3) (d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI Circular no CIR/CFD/CMD/56/2016 dated 27'h May, 2016
Dear Sir(s),
We hereby declare that M/s. Singhi & Co., Chartered Accountants (FRN-302049E), Statutory Auditors of the Company, have issued their audit report dated 4 May 2021 with unmodified opinion on the audited standalone and consolidated financial results of the Company for the quarter and year ended 31 March 2021.
Kindly take the above declaration on record.
Thanking you,
Yours faithfully,
For s:e:�•:1) J <.nKuma�?
Managing Director
SKIPPER LIMITED
Regd. Office: 3A, Loudon Street, 1st Floor, Kolkata - 700 017 GIN: L40104WB1981 PLC033408 Phone: 033 2289 2327 / 5731 / 5732, Fax: 033 2289 5733 . Email : mail@skipperlimited com, Website : www.skipperlimited.com
161, Sarat Bose Road Kolkata-700 026, (India) T +91(0)33-2419 6000/01/02 E [email protected]m www.singhico.com
INDEPENDENT AUDITOR'S REPORT
To the Board of Directors of Skipper Limited
Report on the Audit of Standalone Financial Results
Opinion
-
- We have audited the accompanying standalone annual financial results of Skipper Limited (hereinafter referred to as the 'Company') for the year ended March 31, 2021 and the standalone statement of assets and liabilities and the standalone statement of cash flows as at and for the year ended on that date, attached herewith, being submitted by the Company pursuant to the requirement of Regulations 33 of the SEBI {listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations').
-
- In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial results:
- (i) are presented in accordance with the requirements of Regulations 33 of the Listing Regulations in this regard; and
- (ii) give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards prescribed under Section 133 of the Companies Act, 2013 {the "Act") and other accounting principles generally accepted in India, of net profit and other comprehensive income and other financial information of the Company for the year ended March 31, 2021 and the standalone statement of assets and liabilities and the standalone statement of cash flows as at and for the year ended on that date.
Basis for opinion
- We conducted our audit In accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Our responsibilities under those Standards are further described in the 'Auditor's Responsibilities for the Audit of the Standalone Financial Results' section ot 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.
Board of directors' responsibilities for the standalone financial results
-
- These Standalone financial results have been prepared on the basis of the standalone annual financial statements. The Company's Board of Directors are responsible for the preparation and presentation of these standalone financial results that give a true and fair view of the net profit and other comprehensive income and other financial information of the Company and the standalone statement of assets and liabilities and the standalone statement of cash flows in accordance with the recognition and measurement principles laid down in 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 Regulations 33 of the Listing Regulations. The Board of Directors of the Company are responsible for 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 accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements 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 standalone financial results by the Directors of the Company, as aforesaid.
-
- In preparing the standalone financial results, the Board of Directors of the Company are responsible for assessing the ability of the Company to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the 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 of the Company are responsible for overseeing the financial reporting process of the Company.
Auditor'11 responslbllltlos for the audit of the standalone financial results
-
- Our objectives are to obtain reasonable assurance about whether the standalone financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial results.
-
- As part of an audit in accordance with SAs, we exercise professional judgment and maintain professlonal skepticism throughout the audit. We also:
- i) Identify and assess the risks of material misstatement of the standalone 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.
- ii) 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.
- iii) Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by the Board of Directors.
- iv) 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 Company 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 standalone 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.
- v) Evaluate the overall presentation, structure and content of the standalone financial results, including the disclosures, and whether the standalone financial results represent the underlying transactions and events in a manner that achieves fair presentation.
-
- Materiality is the magnitude of misstatements in the standalone financial results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone 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 Standalone Financial Results.
-
- We communicate with those charged with governance of the Company 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.
Other matters
- The figures for the quarter ended March 31, 2021 and the corresponding quarter ended in the previous year as reported in the Statement 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 current and previous financial year respectively. Also, the figures up to the end of the third quarter had only been reviewed and not subjected to audit.
- The standalone annual financial results dealt with by this report has been prepared for the express purpose of filing with stock exchanges. These results are based on and should be read with the audited standalone financial statements of the Company for the year ended March 31, 2021 on which we issued an unmodified audit opinion vlde our report dated May 4, 2021.
For Slnghl & Co. Chartered Accountants Firm Reglstratlon N,�049E
....... contd.
(Rahul Bothra) Partner Membership No. - 067330 UDIN: 21067330AAAAAN3618
Place: Kolkata Date: May 4, 2021
SKIPPER LIMITED
CIN: L40104WB1981PLC033408
Registered Office: 3A, Loudon Street, Kolkata - 700017, India
Ph: 033- 22895731, Fax: 033-22895733, Email - [email protected], Web: www.skipperlimited.com
STATEMENT OF AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST Ml'\HCH,2021
| I� in million, except per share data) | ||||||
|---|---|---|---|---|---|---|
| Quarter Ended | Year Ended | |||||
| Particulars | 31.03.2021 | 3112 2020 | 31 03.2020 | 31.03.2021 | 31.03 2020 | |
| AuditedOnfPr .,�,n R | Unaudited | Auditedlfofo, SIM� 8 | Audited | Audited | ||
| 1 | Jlrivenue from Operations | 4,973.53 | 4,598.48 | 4,388 54 | 15,815.07 | 13,905.07 |
| 2 | Other Income | 23.80 | 9.66 | 300 | 40.24 | 19 65 |
| 3 | Total Revenue {1+2) | 4,997.33 | 4,60814 | 4.391 54 | 15,855.31 | 13.924.72 |
| 4 | Expenses | |||||
| Cost of Materials consumed | 3,365.43 | 3,326 21 | 2,133_03 | 10,777.41 | 8,451.26 | |
| Changes in inventories of finished goods and work-in-progress | {39.86) | 1423 03) | 860,91 | 1487.35) | 435,88 | |
| Employee benefits expense | 191.76 | 196 27 | 166.80 | 758.86 | 74720 | |
| Finance costs | 209.53 | 169.06 | 198,58 | 723.56 | 847 59 | |
| Depreciation and amortisation expense | 116.35 | 110 39 | 96.76 | 452.60 | 381.00 | |
| Otb r expenses | 1,028.27 | 1.057 96 | 955,83 | 3,329.04 | 2,879-47 | |
| Tot-al Expenses | 4,871.48 | 4.436.86 | 4,411,91 | 15,554.12 | 13,742 40 | |
| 5 | Profit/ I Loss) before exceptional items and tax 13-4) | 125.85 | 171.28 | 120,37) | 301.19 | 182.32 |
| 6 | Exceptional items | - | ||||
| 7 | Profit/ {Loss) before tax 15-6) | 125.85 | 171 28 | 120.37) | 301.19 | 182 32 |
| 8 | Tax Expense | |||||
| Current Tax | 27.45 | 29.91 | {13 30) | 63.09 | 4189 | |
| MAT Credit entitlement | {27.45) | {29 91) | 141 89) | {63.09) | 141.89) | |
| Tax adjustments for earlier years | 16.23) | 16.23) | ||||
| Deferred Tax | 41.24 | 56 87 | {239.13) | 96.59 | 1232 58) | |
| Total Tax Expenses | 35.01 | 56 87 | (294 32) | 90.36 | {232 58) | |
| 9 | Profit/ (Loss) for the period {7-8) | 90.84 | 114 41 | 273.95 | 210.83 | 414 90 |
| 10 | Other Comprehensive Income (Net of Tax) | |||||
| Items that will not be reclassified to Statement of Profit & Loss | 2.46 | (0.05) | 13.76) | 2.29 | (O 23) | |
| Income tax relating to items that will not be reclassified to Statement of Profit & Loss | (0.86) | 0.02 | 1.31 | {0.80) | 0.08 | |
| Total Other Comprehensive Income (Net of Tax) | 1.60 | (0.03) | (2 45) | 1.49 | (015) | |
| 11 | Total Comprehensive Income For The Period {9+10) | 92.44 | 11438 | 271.50 | 212.32 | 414 75 |
| Paid up Equity Share Capital I Face Value Re 1 per Share) | 102.67 | 102.67 | 102.67 | 102.67 | 102.67 | |
| Other Equity | 6,975.17 | 6, 773.12 | ||||
| Earnings per equity share (not annualised for quarter periods) | ||||||
| Basic EPS [in Rs) | 0.88 | 1.12 | 2.67 | 2.05 | 4.04 | |
| Diluted EPS [in Rs) | 0.88 | 1.12 | 2 67 | 2.05 | 4.04 |
Notes to the Audited Standalone Financial Results
| 1. STANDALONE SEGMENTWISE REVENUE, RESULTS, ASSETS AND LIABILITIES | ||||||
|---|---|---|---|---|---|---|
| [� in million) | ||||||
| Quarter Ended | Year Ended | |||||
| 31.03.2021 | 31.12.2020 | 31.03 2020 | 31.03.2021 | 31 03 2020 | ||
| Particulars | AuditedRefer Note 8 | Unaudited | AuditedRefer Note 8 | Audited | Audited | |
| (a) | Segment Revenue | |||||
| Engineering Products | 3,665.02 | 3,544,10 | 3,564.98 | 11,986.19 | 11,425 49 | |
| Polymer Product, | 791.89 | 626.02 | 438 Hi | ,, ln� �fi | 1,3td.ll | |
| lnfrastructurc Projects | 516.62 | 428.36 | 385 40 | 1.bb3.�2 | 1, 116.41 | |
| Revenue from Operations | 4,973.53 | 4, 'i98 48 | 4,388.54 | 15,815.07 | 13,905 07 | |
| lb) | Segment Results | |||||
| Engineering Products | 351.63 | 328.16 | 207 44 | 1.1mnn | 1,174.99 | |
| Polymer Products | 41A7 | 1770 | 18 52 | J4.J2 | (2 67) | |
| Infrastructure Projects | 4.37 | 37 86 | 4 q; | ,41,q | 38.14 | |
| Total | 397.47 | 383 72 | 225.88 | 1,172.67 | 1.210 46 | |
| L�!:.!: lutei est Expense | 209.53 | 169 06 | 198.58 | 77�.S6 | 847 59 | |
| Add: Interest Income | 12.27 | 2.62 | 1.91 | 20.08 | 7 55 | |
| Less: Un-allocable Expenditure net-off unallocable income | 74.36 | 46.00 | 49.58 | 168.00 | 188.10 | |
| Profit/ I Loss) Before Tax | 125.85 | 171 28 | (20.37) | 301.19 | 182 32 | |
| le) | Segment Assets | |||||
| Engineering Products | 14,776.18 | 14,786.87 | 13,265.68 | 14,776.18 | 13,265 68 | |
| Polymer Products | 2,308.68 | 2,134 17 | 2,297 75 | 2,308.68 | 2,297.75 | |
| Infrastructure Projects | 1,404.36 | 1,615 57 | 1,136.61 | 1,404.36 | 1,136.61 | |
| Unallocated | 702.93 | 266.75 | 431.08 | 702.93 | 431.08 | |
| Total Segment Assets | 19,192.15 | 18,803 36 | 17.13112 | 19,192.15 | 17,131.12 | |
| (d) | Segment Liabilities | |||||
| Engineering Products | 5,845.41 | 6,522 58 | 4,023 71 | 5,845.41 | 4,023 71 | |
| Polymer Products | 561.18 | 353 75 | 552 84 | 561.18 | 552 84 | |
| Infrastructure Projects | 704.07 | 709 71 | 745.89 | 704.07 | 745,89 | |
| Unallocated | 615.40 | 210.72 | 382 64 | 615.40 | 382 64 | |
| Total Segment Liabilities | 7,726.06 | 7,796 76 | 5,705,08 | 7,726.06 | 5.705 08 |
(
| 2. STANDALONE STATEMENT OF ASSETS AND LIABILITIES | |||
|---|---|---|---|
| --------------------------------------------------- | -- | -- | -- |
| (₹ in million)AS AT | ||
|---|---|---|
| Particulars | 31.03.2021 | 31 03 2020 |
| Audited | Audited | |
| ASSETS | ||
| NON-CURRENT ASSETS | ||
| Property, Plant and Equipment (Including Right of Use Assets) | 6,559.05 | 5,779.56 |
| Capital Work-In-Progress | 116.37 | 106.97 |
| Other Intangible Assets | 10.02 | 8.74 |
| Financial Assets | ||
| -Investments | 96.40 | 95.20 |
| -Loans | 148.19 | 617.45 |
| -Other Financial Assets | 50.05 | |
| Other Non-Current Assets | 50.87 | 15.59 |
| Sub-total (a) | 7,030.95 | 6.623.51 |
| CURRENT ASSETS | ||
| Inventories | 6,014.91 | 4,923.34 |
| Financial Assets | ||
| -Trade Receivables | 4,718.43 | 4,381-16 |
| -Cash and Cash Equivalents | 9.52 | 9.06 |
| -Bank Balances Other Than Cash & Cash Equivalent | 253.38 | 119.36 |
| $-Loans$ | 29.35 | 38:49 |
| -Other Current Financial Assets | 7.83 | 0.71 |
| Contract Assets | 286.29 | 271.10 |
| Other Current Assets | 841.49 | 764.39 |
| Sub-total (b) | 12,161.20 | 10,507.61 |
| TOTAL (a+b): | 19,192.15 | 17,131.12 |
| EQUITY AND LIABILITIES | ||
| EQUITY | ||
| Equity Share capital | ||
| Other Equity | 102.67 | 102.67 |
| Sub-total (a) | 6,975.17 | 6,773.12 |
| 7,077.84 | 6,875.79 | |
| LIABILITIES | ||
| NON-CURRENT LIABILITIES | ||
| Financial Liabilities | ||
| -Borrowings | ||
| -Lease Liabilities | 2,563.34 | 1,568 89 |
| 83.64 | 58.16 | |
| Provisions | 58.77 | 57-58 |
| Deferred Tax Liabilities (Net) | 322.93 | 288.63 |
| Other Non-Current Liabilities | 56.43 | 13.20 |
| Sub-total (b) | 3.085.11 | 1,986.46 |
| CURRENT LIABILITIES | ||
| Financial Liabilities | ||
| -Borrowings | 1,235.85 | 2,624-18 |
| -Lease Liabilities | 12.37 | 12-74 |
| -Trade Payables | ||
| -Total Outstanding Dues of Micro Enterprises and Small Enterprises | 31.10 | 31 68 |
| -Total Outstanding Dues of Creditor other than Micro enterprises and Small enterprises | 6,542.15 | 3,712.21 |
| -Other Financial Liabilities | G85 88 | 961.67 |
| Contract Liabilities | 246.02 | 720.80 |
| Other Current Liabilities | 146.94 | 177.37 |
| Provisions | 2.71 | 1.15 |
| Current Tax Liabilities (Net) | 126.18 | $26 - 77$ |
| Sub-total (c) | 9,029.20 | 8,268.87 |
| TOTAL(a+b+c): | 19,192.15 | 17,131.12 |
$\ell$ .
| 3. STANDALONE CASH FLOW STATEMENT | ||
|---|---|---|
| Year EndedParticulars31.03.202131.03.2020AuditedAuditedCASH FLOW FROM OPERATING ACTIVITIES$\mathsf{A}$301.19182.32Profit/ (Loss) before TaxAdjustment for452.60381 00Depreciation(12, 24)(9.95)(Profit)/Loss on Sale of Fixed Assets(124.32)61.06Unrealised Foreign Exchange Fluctuations(140.65)110.72Fair Value movement (Gain)/Loss in Derivative InstrumentsProvision for allowances under expected credit loss1.778.402.331,95Irrecoverable Debts/Advances Written Off (net)(4.48)Lease Liability w/ back723.56847.59Finance Costs(3.44)(2.58)Miscellaneous Income(20.08)(7.55)Interest Received on Fixed Deposits1,176.241,572.96Operating profit before Working Capital ChangesChanges in Working Capital576.94(Increase)/decrease in Trade Receivables(342.45)(1,091.57)424.16(Increase)/decrease in Inventories(67.93)(692, 69)(Increase)/decrease in Other Financial Assets & Other Assets(15.19)(223.15)(Increase)/decrease in Contract Assets2,837.84219.32Increase/(decrease) in Trade Payables20.39Increase/(decrease) in Other Financial Liabilities & Other Liabilities(65, 33)(474.78)Increase/(decrease) in Contract Liabilities334 352,042.552,146.56Cash Generated from OperationsDirect taxes paid42.55(1.55)2,085.102.145.01NET CASH GENERATED /(USED IN) OPERATING ACTIVITIESACASH FLOW FROM INVESTING ACTIVITIESB(859.80)(543.51)Purchase of Property, Plant and Equipment and other Intangible Assets38.4250.87Sales Proceeds of Property, Plant and Equipment and other Intangible AssetsNet Cash Flow from Other Financial Assets(281.60)Investment in Joint Venture(5.77)(184.07)Increase/(decrease) in Fixed Deposits(16.89)9.247.11Interest income on Fixed Deposits(1, 277.81)(508.19)ВNET CASH GENERATED /(USED IN) INVESTING ACTIVITIESCASH FLOW FROM FINANCING ACTIVITIESC(779.54)Interest Paid(824.44)(10.27)(30.93)Dividend paid including dividend distribution tax2,000.90530.74Proceeds from Long-Term Borrowings(638.00)(740.10)Repayment of Long-Term Borrowings(7.61)(9.84)Principal Payment of Lease Liabilities(1, 372.31)(559.49)Increase/(decrease) in Short-Term BorrowingsC(806.83)(1,634.06)NET CASH GENERATED /(USED IN) FINANCING ACTIVITIES$A + B + C$0.462.76NET INCREASE/(DECREASE) IN CASH & CASH EQUIVALENTS9.06ADD: OPENING CASH & CASH EQUIVALENTS6.309.529.06CLOSING CASH & CASH EQUIVALENTSThe above Standalone Cash Flow statement has been prepared under the "Indirect method" as set out in Indian Accounting Standard (Ind AS) 7- Statement of Cash Flowsa | 3. 3 ANDALONE CASH FLOW STATEMENT | ||
|---|---|---|---|
| (₹ in million) | |||
| b | Cash & Cash Equivalents comprises of: | (₹ in million) | |
| AS AT | |||
| 31.03.202131.03.2020Particulars |
| A3 A I | |||
|---|---|---|---|
| Particulars | 31.03.2021 | 31.03.2020 | |
| Audited | Audited | ||
| ICash on hand | 5.05 | 1.72 | |
| Balances with Scheduled Banks In Current Accounts | 4.47 | 4.34 | |
| Closing Cash & Cash Equivalent | 9.52 | 9.06 | |
los j
NOTES:
4 The above standalone financial Results as reviewed by the Audit Committee were taken on record by the Board of Directors at its meeting held on 04-May-2021 The Statutory Auditors have audited the above financial results.
5 The Board of Directors has recommended a dividend at the rate or { 0-10 Per share subject to approval of ensuing AGM
6 Other expenses includes derivative and foreign exchange Gain/(Loss) as per details below:
| (l in million) | |||||
|---|---|---|---|---|---|
| Particulars | Year Ended | ||||
| 31.03.2021 | 31.12 2020 | 31 03.2020 | 31.03.2021 | 31.03 2020 | |
| Realised Derivative and foreign exchange Gain/(Loss) | 62.77 | 10 65 | (19 85) | 14.10 | 16 65 |
| Unrealised Derivative and foreign exchange Ga'1n/(Loss] | (48.16) | 69-71 | (174.60) | 264.97 | (171.78) |
| Total | 14.61 | 80 36 | (194 451 | 279.07 | (155 131 |
7 In the beginning or the financial year, the Government had imposed nation-wide lockdown/ restrictions due to the Covid-19 pandemic which had impacted the Company's production, sales and other operations and which have gradually come back to the pre-Covid-19 level by the year-end. In view of recent surge in Covid-19 cases, subsequent to the year-end, few states reintroduced some restrictions and the Company continues to be vigilant and cautious, though which currently is not expected to have any significant impact on the Company's operations/ results. Considering the current internal and external factors, the Company has made detailed assessment of its liquidity positions/ cash flows for the next one year and carrying amounts/ values of property, plant and equipment, intangible assets, right of use of assets, trade receivables, inventories, investments and other assets as at 31-Mar-2021, and have concluded that there are no material adjustments required in financial results,
- 8 The figures of the last quarter for the current and previous year are the balancing figures between the audited figures for full financial year and the published year to date figures upto December, 31 of the respective year
- 9 The Company has made an assessment of the impact of The Taxation Laws (Amendment) Act 2019 ('the Act') and decided to continue with the existing tax structure until the utilisation of MAT credit entitlement, tax incentives and deductions available to the Company In compliance with the accounting standards, the Company is calculating the deferred tax liabilities at existing tax rate of 30% on liabilities and assets which are expected to cease by the date of transition and at lower tax rate u/s 115BAA of Income Tax Act on liabilities and assets which are expected to remain post-transition date The tax expense reported in the financial results includes the said effect.
- 10 The Code on Social Security, 2020 (Code) related to employee benefits during employment and post-employment received Presidential assent in Sep'2020 The Code has been published in the Gazette of India; however, the date on which the Code will come in effect has not been notified and the final rules/ interpretation have not yet been issued, The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective, However, the Company envisages that the impact of the above would not be material
- 11 Previous year/periods figures have been regrouped or rearranged, wherever necessary,
For and on behalf of the Board ! --tf ��.�.�\ Place: Kolkata Dated: May 04, 2021 DI I�S
161, Sarat Bose Road Kolkata-700 026, (India) T +91(0)33-2419 6000/01/02 E [email protected]m www.singhico.com
INDEPENDENT AUDITOR'S REPORT
To the Board of Directors of Skipper Limited
Report on the Audit of Consolidated Financial Results
Opinion
-
- We have audited the accompanying consolidated annual financial results of Skipper Limited (hereinafter referred to as the 'company') and its joint venture for the year ended March 31, 2021 and the consolidated statement of assets and liabilities and the consolidated statement of cash flows as at and for the year ended on that date (together referred to as the 'consolidated financial results'), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations').
-
- In our opinion and to the best of our information and according to the explanations given to us the aforesaid consolidated financial results:
- (i) includes the financial result ofentity given below: Joint Venture - Skipper Metzer India LLP
- (ii) are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
- (iii) give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards prescribed under Section 133 of the Companies Act, 2013 (the "Act") and other accounting principles generally accepted in India, of net profits and other comprehensive income and other financial information of the company and its joint venture for the year ended March 31, 2021 and the consolidated statement of assets and liabilities and the consolidated statement of cash flows as at and for the year ended on that date.
Basis for opinion
- We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. 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 company and its joint venture 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.
Board of directors' responsibilities for the consolidated financial results
-
- These consolidated financial results have been prepared on the basis of the consolidated annual financial statements. The 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 company and its joint venture and the consolidated statement of assets and liabilities and the consolidated statement of cash flows in accordance with the recognition and measurement principles laid down in 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 Board of Directors of the company and management of joint venture are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the company and joint venture 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 statements 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 company, as aforesaid.
- s. In preparing the consolidated financial results, the board of directors of the company and management of the its Joint Venture are responsible for assessing the ability of the company and its joint venture 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 of the company and the management of joint venture, are responsible for overseeing the financial reporting process of the company and its joint venture.
Auditor's responsibilities for the audit of the consolidated 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 report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial results.
-
- As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- i) 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.
- ii) 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.
- iii) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
- iv) 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,company and its joint venture 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 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 and its joint venture to cease to continue as a going concern.
- v) 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.
- vi) Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the company and its joint venture 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. We remain solely responsible for our audit opinion.
-
- Materiality is the magnitude of misstatements in the consolidated financial results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the consolidated 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 consolidated financial results.
-
- We communicate with those charged with governance of the company and its joint venture, 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 .
. contd.
Other Matters
-
- The consolidated financial results include the results for the quarter ended March 31, 2021 being the balancing figures between the audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial yearwhich were subjected to a limited review by us, as required under the Listing Regulations.
-
- The statement includes consolidated figures for the corresponding quarter ended March 31, 2020 which are the balancing figures between the audited figures in respect of thefull financial year ended March 31, 2020 and the unaudited year to date figures upto third quarter of the previous financial year, which have been approved by Company's Board of Directors, but have not been subjected to audit.
-
- The consolidated financial results dealt with by this report have been prepared for the express purpose of filing with stock exchange. These results are based on and should be read with the audited consolidated financial statements of the company and its Joint venture for the year ended March 31, 2021, on which we have issued an unmodified audit opinion vide our report dated May 4, 2021.
For Slnghi & Co. Chartered Accountants Firm Registration No.302049E
(Rahul Bothra) Partner Membership No. - 067330 UDIN: 21067330AAAAA06124
Place: Kolkata Date: May 4, 2021
SKIPPER LIMITED
CIN:L40104WB1981PLC033408
Registered Office: 3A, Loudon Street, Kolkata - 700017, India Ph: 033- 22895731, Fax: 033-22895733, Email - [email protected], Web: www.skipperlimited.com
STATEMENT OF AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2021 (र in million, except per share data) Quarter Ended Year Ended 31.03.2020 31,03.2021 31.12.2020 31.03.2020 31.03.2021 Particulars Audited Audited Unaudited Audited Audited Refer Note 8 Refer Note 8 4.598.48 15,815.07 13.905.07 Revenue from Operations 4.973.53 4.388.54 $\overline{1}$ 23.80 9.66 3.00 40.24 19.65 $\overline{2}$ Other Income 4,997.33 4,608.14 4,391.54 15,855.31 13,924.72 Total Revenue (1+2) $\overline{3}$ $\overline{A}$ Expenses 10,777.41 8,451.26 3.365.43 3.326.21 2.133.03 Cost of Materials consumed $(487.35)$ 435.88 Changes in inventories of finished goods and work-in-progress $(39.86)$ $(423.03)$ 860.91 191.76 196.27 166.80 758.86 747.20 Employee benefits expense 169.06 198.58 723.56 847.59 209.53 Finance costs 110,39 96.76 452.60 381.00 116.35 Depreciation and amortisation expense 955.83 3.329.04 Other expenses 1.028.27 1.057.96 2.879.47 4,871.48 4,436.86 4,411 91 15,554.12 13,742.40 Total Expenses 125.85 171.28 $(20.37)$ 301.19 182.32 $\overline{\mathsf{S}}$ Profit/ (Loss) before exceptional items and tax (3-4) $(0.55)$ $0:10$ 7.29 $3.51$ $(2, 35)$ Share of profit/ (Loss) of Joint Venture 6 $(13.08)$ 304.70 125.30 171.38 179.97 Profit/ (Loss) before exceptional items and tax (5+6) $\overline{7}$ $,$ 8 $,$ Exceptional items 125.30 171.38 $(13.08)$ 304.70 179.97 Profit/ (Loss) before tax (7-8) $\overline{9}$ $10$ Tax Expense 27.45 29,91 $(13, 30)$ 63.09 41.89 Current Tax $(63.09)$ $(41.89)$ $(41.89)$ MAT Credit entitlement $(27.45)$ $(29.91)$ Tax adjustments for earlier years $(6.23)$ $(6.23)$ 41.24 56.87 $(239.13)$ 96.59 $(232.58)$ Deferred Tax 90.36 35.01 56.87 $(294.32)$ $(232.58)$ Total Tax Expenses 114.51 281.24 214.34 90.29 412.55 $11$ Profit/ (Loss) for the period (9-10) Other Comprehensive Income (Net of Tax) $12$ Items that will not be reclassified to Statement of Profit & Loss 2.46 $(0.05)$ $(3.76)$ 2.29 $(0, 23)$ $1,31$ $(0.80)$ Income tax relating to items that will not be reclassified to Statement of Profit & Loss $(0.86)$ 0.02 0.08 0.35 $(0.11)$ $0.01$ $(0.45)$ Share of Other Comprehensive Income of joint venture 1.50 Total Other Comprehensive Income (Net of Tax) 1.95 $(0.14)$ $(2.45)$ $(0.60)$ Total Comprehensive Income For The Period (11+12) 92.24 114.37 278.79 215.84 411.95 13 Paid up Equity Share Capital (Face Value Re 1 per Share) 102.67 102.67 102.67 102.67 102.67 6,770.16 6,975.72 Other Equity Earnings per equity share (not annualised for quarter periods) $2.09$ $402$ Basic EPS (in Rs) 0.88 $1.12$ $774$ 0.88 $1.12$ 2.74 2.09 4.02
Notes to the Audited Consolidated Financial Results
Diluted EPS (in Rs)
| 1. CONSOLIDATED SEGMENTWISE REVENUE, RESULTS, ASSETS AND LIABILITIES | ||||||
|---|---|---|---|---|---|---|
| (₹ in million) | ||||||
| Quarter Ended | Year Ended | |||||
| 31.03.2021 | 31.12.2020 | 31.03.2020 | 31.03.2021 | 31.03.2020 | ||
| Particulars | AuditedRefer Note 8 | Unaudited | AuditedRefer Note 8 | Audited | Audited | |
| $\vert$ (a) | Segment Revenue | |||||
| Engineering Products | 3,665.02 | 3,544.10 | 3,564.98 | 11,986.19 | 11,425.49 | |
| Polymer Products | 791.89 | 626.02 | 438.16 | 2,165.36 | 1,363.17 | |
| Infrastructure Projects | 516.62 | 428.36 | 385.40 | 1,663.52 | 1,116.41 | |
| Revenue from Operations | 4,973.53 | 4,598.48 | 4,388.54 | 15,815.07 | 13,905.07 | |
| $ $ (b) | Segment Results | |||||
| Engineering Products | 351.63 | 328.16 | 202.44 | 1,103.66 | 1,174.99 | |
| Polymer Products | 41.47 | 17.70 | 18.52 | 34.32 | (2.67) | |
| Infrastructure Projects | 4.37 | 37.86 | 4.92 | 34.69 | 38.14 | |
| Total | 397.47 | 383,72 | 225.88 | 1,172.67 | 1,210.46 | |
| Less: Interest Expense | 209.53 | 169.06 | 198.58 | 723.56 | 847.59 | |
| Add: Interest Income | 12.27 | 2.62 | 1.91 | 20.08 | 7.55 | |
| Less: Un-allocable Expenditure net-off unallocable income | 74.36 | 46,00 | 49.58 | 168.00 | 188.10 | |
| Share of profit/ (Loss) of Joint Ventures | (0.55) | 0.10 | 7.29 | 3.51 | (2.35) | |
| Profit/ (Loss) Before Tax | 125.30 | 171.38 | (13.08) | 304.70 | 179.97 | |
| (c) | Segment Assets | |||||
| Engineering Products | 14,776.18 | 14,786.87 | 13,265 68 | 14,776.18 | 13,265.68 | |
| Polymer Products | 2,308.68 | 2,134.17 | 2,297.75 | 2,308.68 | 2,297.75 | |
| Infrastructure Projects | 1,404.36 | 1,615.57 | 1,136.61 | 1,404.36 | 1,136.61 | |
| Unallocated | 703.48 | 267 51 | 428.12 | 703.48 | 428.12 | |
| Total Segment Assets | 19,192.70 | 18,804 12 | 17,128.16 | 19,192.70 | 17,128.16 | |
| (d) | Segment Liabilities | |||||
| Engineering Products | 5,845.41 | 6,522 58 | 4,023.71 | 5,845.41 | 4,023.71 | |
| Polymer Products | 561.18 | 353.75 | 552.84 | 561.18 | 552.84 | |
| Infrastructure Projects | 704.07 | 709.71 | 745 89 | 704.07 | 745.89 | |
| Unallocated | 615.40 | 210 72 | 382.64 | 615.40 | 382.64 | |
| Total Segment Liabilities | 7,726.06 | 7,796.76 | 5,705.08 | 7,726.06 | 5.705.08 |
| 2. CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES | |||
|---|---|---|---|
| (� in million)Year Ended | |||
|---|---|---|---|
| Particulars | 31.03.2021 | 31 03.2020 | |
| Audited | Audited | ||
| ASSETS | |||
| NON-CURRENT ASSETS | |||
| Property, Plant and Equipment (Including Right of Use Assets) | 6,559.05 | 5,779.56 | |
| Capital Work-In-Progress | 116.37 | 106.97 | |
| Other Intangible Assets | |||
| 10.02 | 8.74 | ||
| Financial Assets | |||
| -Investments | 96.95 | 92.24 | |
| -Loans | 148.19 | 617 45 | |
| -Other Financial Assets | 50.05 | ||
| Other Non-Current Assets | 50.87 | 15 59 | |
| Sub-total (a) | 7,031.50 | 6.620 55 | |
| CURRENT ASSETS | |||
| Inventories | 6,014.91 | 4,923.34 | |
| Financial Assets | |||
| -Trade Receivables | 4,718.43 | 4,38116 | |
| -Cash and Cash Equivalents | 9.52 | 9.06 | |
| -Bank Balances Other Than Cash & Cash Equivalent | 253.38 | 119.36 | |
| -Loans | 29.35 | 38.49 | |
| -Other Current Financial Assets | 7.83 | 0.71 | |
| Contract Assets | 286.29 | 271.10 | |
| Other Current Assets | 841.49 | 764.39 | |
| Sub-total (b) | 12.161.20 | 10,507.61 | |
| 17,12816 | |||
| TOTAL (a+b): | 19,192.70 | ||
| EQUITY AND LIABILITIES | |||
| EQUITY | |||
| Equity Share capital | 102.67 | 102.67 | |
| Other Equity | 6,975.72 | 6,770.16 | |
| Sub-total (a) | 7,078.39 | 6,872.83 | |
| LIABILITIES | |||
| NON-CURRENT LIABILITIES | |||
| Financial Liabilities | |||
| -Borrowings | 2,563.34 | 1,568 89 | |
| -Lease Liabilities | 83.64 | 58.16 | |
| Provisions | 58.77 | 57.58 | |
| Deferred Tax Liabilities (Net) | 322.93 | 288 63 | |
| Other Non-Current Liabilities | 56.43 | 13 20 | |
| Sub-total (b) | 3,085.11 | 1,986.46 | |
| CURRENT LIABILITIES | |||
| Financial Liabilities | |||
| -Borrowings | 1,235.85 | 2,624.18 | |
| -Lease Liabilities | 12.37 | 12.74 | |
| -Trade Payables | |||
| -Total Outstanding Dues of Micro Enterprises and Small Enterprises | 31.10 | 31.68 | |
| -Total Outstanding Dues of Creditor other than Micro enterprises and Small enterprises | 6,542.15 | 3,712.21 | |
| -Other Financial Liabilities | 685.88 | 961.67 | |
| Contract Liabilities | 246.02 | 720.80 | |
| Other Current Liabilities | 146.94 | 177.37 | |
| Provisions | 2.71 | 1.45 | |
| Current Tax Liabilities (Net) | 126.18 | 26.77 | |
| Sub-total (c) | 9,029.20 | 8,268.87 | |
| TOTAL(a+b+c): | 19,192.70 | 17.128 16 | |
�"d- (
- CONSOLIDATED CASH FLOW STATEMENT
| (tin million) | |||||
|---|---|---|---|---|---|
| Year Ended | |||||
| Particulars | 31.03.2021 | 31.03.2020 | |||
| Audited | Audited | ||||
| A | CASH FLOW FROM OPERATING ACTIVITIES | ||||
| Profit/ (Loss) before Tax | 304.70 | 179 97 | |||
| Adjustment for | |||||
| Depreciation | 452.60 | 38100 | |||
| (Profit)/Loss on Sale of Fixed Assets | (12.24) | (9 95) | |||
| Unrealised Foreign Exchange Fluctuations | (124.32) | 61.06 | |||
| Fair Value movement (Gain)/Loss in Derivative Instruments | (140.65) | 110.72 | |||
| Share of (profit)/ loss of joint venture | (3.51) | 2.35 | |||
| Provision for allowances under expected credit loss | 1.77 | 8 40 | |||
| Irrecoverable Debts/Advances Written Off (net) | 2.33 | 1 95 | |||
| Lease Liability w/ back | (4.48) | ||||
| Finance Costs | 723.56 | 847 59 | |||
| Corporate Guarantee Commission | (3.44) | (2 58) | |||
| Interest Received on Fixed Deposits | (20.08) | (7.55) | |||
| Operating profit before Working Capital Changes | 1,176.24 | 1,572 96 | |||
| Changes in Working Capital | |||||
| (lncrease)/decrease in Trade Receivables | (342.45) | 576.94 | |||
| (lncrease)/decrease in Inventories | (1,091.57) | 424 16 | |||
| (lncrease)/decrease in Other Financial Assets & Other Assets | (67.93) | (692 69) | |||
| (lncrease)/decrease in Contract Assets | (15.19) | (223.15) | |||
| lncrease/(decrease) in Trade Payables | 2,837.84 | 219 32 | |||
| lncrease/(decrease) in Other Financial Liabilities & Other Liabilities | 20.39 | (65.11) | |||
| lncrease/(decrease) in Contract Liabilities | (474.78) | 334 35 | |||
| Cash Generated from Operations | 2,042.55 | 2,146 78 | |||
| Direct taxes pa id | 42.55 | (1.78) | |||
| NET CASH GENERATED /(USED IN) OPERATING ACTIVITIESA | ;i,085.10 | 2,145 01 | |||
| B | CASH FLOW FROM INVESTING ACTIVITIES | ||||
| Purchase of Property, Plant and Equipment and other Intangible Assets | (859.80) | (543 51) | |||
| Sales Proceeds of Property, Plant and Equipment and other Intangible Assets | 38.42 | 50 87 | |||
| Net Cash Flow from Other Financial Assets | (281.60) | ||||
| Investment in Joint Venture | - | (5.77) | |||
| lncrease/(decrease) in Fixed Deposits | (184.07) | (16 89) | |||
| Interest income on Fixed Deposits | 9.24 | 711 | |||
| NET CASH GENERATED /(USED IN) INVESTING ACTIVITIESB | (1,277.81) | (508.19) | |||
| c | CASH FLOW FROM FINANCING ACTIVITIES | ||||
| Interest Paid | (779.54) | (824 44) | |||
| Dividend paid including dividend distribution tax | (10.27) | (30.93) | |||
| Proceeds from Long-Term Borrowings | 2,000.90 | 530.74 | |||
| Repayment of Long-Term Borrowings | (638.00) | (740.10) | |||
| Principal Payment of Lease Liabilities | (7.61) | (9.84) | |||
| lncrease/(decrease) in Short-Term Borrowings | (1,372.31) | (559.49) | |||
| cNET CASH GENERATED /(USED IN) FINANCING ACTIVITIES | (806.83) | (1.634.00 | |||
| NET INCREASE/(DECREASE) IN CASH & CASH EQUIVALENTSA+B+C | 0.46 | 2 76 | |||
| ADD: OPENING CASH & CASH EQUIVALENTS | 9.06 | 6.30 | |||
| CLOSING CASH & CASH EQUIVALENTS | 9.52 | 9.06 | |||
| The above Consolidated Cash Flow statement has been prepared under the "Indirect method" as set out in Indian Accounting Standard (Ind AS) 7- Statement of Cash Flowsa | |||||
| b | (tin million) | ||||
| As At | |||||
| 31.03.2021 | 31,03.2oio |
|---|---|
| Audited | Audited |
| 5.05 | 4 72 |
| 4.47 | 4 34 |
| 9.52 | 906 |
NOTES:
4 The above consolidated financial Results as reviewed by the Audit Committee were taken on record by the Board of Directors at its meeting held on 04-May-2021 The Statutory Auditors have carried out limited review of the above financial results
- 5 The Board of Directors has recommended a dividend at the rate of� 0 10 Per share subject to approval of ensuing AGM
- 6 Other expenses includes derivative and foreign exchange Gain/(Loss) as per details below:
| I{ In rrl\1/lon/ | |||||
|---|---|---|---|---|---|
| Particulars | Quarter Ended | Year Ended | |||
| 31.03.2021 | 3112 2020 | 31.03.2020 | 31.03.2021 | 31.03.2020 | |
| Realised Derivative and foreign exchange Gain/(Loss) | 62.77 | lQ_65 | {19.85) | 14.10 | 16,65 |
| Unrealised Derivative and foreign exchange Gain//Loss) | !48.16) | 69 71 | (174.60) | 264.97 | (171.78) |
| Total | 14.61 | 80,36 | {194.45) | 279.07 | (155.13) |
- 7 In the beginning of the financial year, the Government had imposed nation-wide lockdown/ restrictions due to the Covid-19 pandemic which had impacted the Company's production, sales and other operations and which have gradually come back to the pre-Covid-19 level by the year-end In view of recent surge in Covid-19 cases, subsequent to the year-end, few states reintroduced some restrictions and the Holding Company and its Joint Venture continues to be vigilant and cautious, though which currently is not expected to have any significant impact on the it's operations/ results. Considering the current internal and external factors, the Holding Company and its Joint Venture has made detailed assessment of its liquidity positions/ cash flows for the next one year and carrying amounts/ values of property, plant and equipment, intangible assets, right of use of assets, trade receivables, inventories, investments and other assets as at 31-Mar-2021, and have concluded that there are no material adjustments required in financial results
- 8 The figures of the last quarter for the current and previous year are the balancing figures between the audited figures for full financial year and the published year to date figures upto December, 31 of the respective year.
- 9 The Company has made an assessment of the impact of The Taxation Laws (Amendment) Act 2019 ('the Act') and decided to continue with the existing tax structure until the utilisation of MAT credit entitlement, tax incentives and deductions available to the Company In compliance with the accounting standards, the Company is calculating the deferred tax liabilities at existing tax rate of 30% on liabilities and assets which are expected to cease by the date of transition and at lower tax rate u/s llSBAA of Income Tax Act on liabilities and assets which are expected to remain post-transition date. The tax expense reported in the financial results includes the said effect.
- 10 The Code on Social Security, 2020 (Code) related to employee benefits during employment and post-employment received Presidential assent in Sep'2020. The Code has been published in the Gazette of India; however, the date on which the Code will come in effect has not been notified and the final rules/ interpretation have not yet been issued The Holding Company and its Joint Venture will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective However, the Holding Company and its Joint Venture envisages that the impact of the above would not be material,
- 11Previous year/periods figures have been regrouped or rearranged, wherever necessary
For and on behalf of the Board
4, 2021 �DIN \ - ; 00�063555
D Pl a a t c e e d : : K M ol a k y at 0 a
