Star Cement Limited — Interim / Quarterly Report 2022

Nov 1, 2021

1st November, 2021

The Listing Department, National Stock Exchange of India Limited Exchange Plaza, C-1, Block-G Bandra Kurla Complex, Bandra-East Mumbai-400 051 Stock code: STARCEMENT

BSE Limited PhirozeJeejeebhoy Towers Dalal Street, Mumbai-400 001 Stock code: 540575

Dear Sir(s),

Sub: Outcome of the Board meeting held on 1st November, 2021 Ref. : Regulation 33 and 30 of SEBI (LODR) Regulations, 2015

Further to our letter dated 23rd October, 2021, please note that as per recommendation made by the Audit Committee, the Board of Directors of the Company at their duly convened meeting held on today i.e., 1st November, 2021 inter alia, has taken on record and approved the Unaudited Standalone and Consolidated financial results of the Company for the second quarter and half year ended 30th September, 2021.

A copy of the Unaudited Standalone and Consolidated financial results of the Company for the second quarter and half year ended 30th September, 2021 along with Limited Review Reports as submitted by the Company's Statutory Auditors are enclosed for your information and record.

The meeting commenced at 12:10 p.m. and concluded at 12.55 p.m.

0 1 - 1 1 - 2 0 2 1

Thanking you, For Star Cement Limited

X D e b a b r a t a T h a k u r t a C o m p a n y S e c r e t a r y S ig n e d b y : T H A K U R T A D E B A B R A T A Debabrata Thakurta (Company Secretary) Encl. as stated.

D. K. CHHAJER & CO.

CHARTERED ACCOUNTANTS

Independent Auditor's Review Report on the Unaudited Standalone Quarterly and Year to date Financial Results

To the Board of Directors of Star Cement Limited

• We have reviewed the accompanying Statement of unaudited Standalone Financial Results of Star Cement 1. Limited ("the Company") for the quarter and half year ended 30th September, 2021 ("the Statement"), being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").
• This Statement, which is the responsibility of the Company's Management and approved by the Board of 2. Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 (Ind AS 34) "Interim Financial Reporting", prescribed under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• We conducted our review of the Statement in accordance with the Standard on Review Engagement (SRE) 2410, $\mathcal{E}$ "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free from material misstatement. A review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
• Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to $4.$ believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For D. K. Chhajer & Co. Chartered Accountants FRN: 304138E

HRATONE

Manoj K Roongta Partner Membership No.: 057761 UDIN: 21057761AAAABA5738

Place: Kolkata Date: 1st November, 2021

D. K. CHHAJER & CO.

CHARTERED ACCOUNTANTS

Independent Auditor's Review Report on the Unaudited Consolidated Quarterly and Year to date Financial Results

To The Board of Directors of Star Cement Limited

• We have reviewed the accompanying Statement of unaudited Consolidated Financial Results of Star Cement Limited ("the Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group") for the quarter and half year ended 30th September, 2021 ("the Statement"), being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").
• This Statement, which is the responsibility of the Holding Company's Management and approved by the Holding $\mathcal{D}$ Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 (Ind AS 34) "Interim Financial Reporting", prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• We conducted our review of the Statement in accordance with the Standard on Review Engagement (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free from material misstatements. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

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

Name of the Entities	Relationship
Star Cement Meghalaya Limited	Subsidiary
Megha Technical & Engineers Private Limited	Subsidiary
Meghalaya Power Limited	Subsidiary
NE Hills Hydro Limited	Subsidiary
Star Century Global Cement Private Limited	Subsidiary
Star Cement North East Limited	Subsidiary
Star Cement Lumshnong Limited	Subsidiary

The Statement includes the results of the following entities:

Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down Ind AS 34, prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

The Statement includes the unreviewed interim financial results of four subsidiaries i.e NE Hills Hydro Limited, 5. Star Century Global Cement Private Limited, Star Cement North East Limited and Star Cement Lumshnong Limited whose interim financial results reflect total assets of Rs. 63.62 lakhs as at 30th September, 2021, Nil revenue, net profit / (loss) after tax and total comprehensive income / (loss) of of Rs. (0.04) lacs and Rs. 0.14 lacs for the quarter and half year ended 30th September, 2021, respectively and cash flows of Rs. 0.25 lacs for the half year ended 30th September, 2021 as considered in this Statement. These interim financial results have not been reviewed by the auditors of such subsidiaries and have been furnished to us by the Management and our reporting on the Statement, in so far as it relates to the amounts and disclosures in respect of these subsidiaries, is based solely on such unreviewed interim financial results. According to the information and explanations given to us by the Management, these interim financial results are not material to the Group. Our conclusion is not modified in respect of this matter.

For D. K. Chhajer & Co. Chartered Accountants FRN: 304138E

Warrow

Manoj K Roongta Partner Membership No.: 057761 UDIN: 21057761AAAABB4723

Place: Kolkata Date: 1st November, 2021

STAR CEMENT LIMITED Regd.Office : Vill.: Lumshnong, PO: Khaliehriat, Dist. East Jaintia Hills, Meghalaya - 793210 Phone: 0365-278215, Fax: 0365-278217 Email: investors@starcement.co.in ; website: www.starcement.co.in CIN: L26942ML2001PLC006663

Statement of Unaudited Financial Results for the Quarter/Half year ended 30th September, 2021

													(₹ in Lacs)
		STANDALONECONSOLIDATED
SI.No.	Particulars	Quarter ended30.09.2021Unaudited	Quarter ended30.06.2021Unaudited	Quarter ended30.09.2020Unaudited	Half year ended30.09.2021Unaudited	Half year ended30.09.2020Unaudited	Year ended31.03.2021Audited	Quarterended30.09.2021Unaudited	Quarterended30.06.2021Unaudited	Quarterended30.09.2020Unaudited	Half yearended30.09.2021Unaudited	Half yearended30.09.2020Unaudited	Year ended31.03.2021Audited
$\mathbf{1}$	Income
	Revenue from Operations	39,774.08	50,440.67	38,478.28	90,214.75	67,032.29	166,399.97	40,656.97	51,112.1	40,189.98	91,769.08	69,387.17	171,993.22
	Other Income	609.08	631.84	497.11	1,240.92	934.33	2,116.19	868,88	845,00	658.24	1,713.88	1,245.31	2,822.06
	Total Income	40,383.16	51,072.51	38,975.39	91,455.67	67,966.62	168,516.16	41,525.85	51,957.11	40,848.22	93,482.96	70,632.48	174,815.28
$\overline{2}$	Expenses
	a. Cost of materials consumed	18,516.48	21,418.01	16,686.71	39,934.49	27,066.42	67,779.17	8,676.78	12,457.20	7,974.44	21,133.98	14,274.77	37,459.55
	b. Purchase of traded Goods		$\overline{\phantom{a}}$	2,105.67	a.	3,697.42	5,777.09	÷.	$\overline{\phantom{a}}$	1,388.37	$\overline{\phantom{a}}$	2,547.69	4,157.07
	c. Changes in Inventories of finished goods, work-in-progress and stock -in-trade	(181.75)	(199.79	1,444.52	(381.54)	212.37	(361.28)	(1,998.33)	1,348.95	2,089.30	(649.38)	511.29	(1, 292.82)
	d. Employee benefits expense	2,795.01	2,297.61	2.054.63	5,092.63	4.044.29	8,670.65	4,218.40	3,438.87	3,087.75	7,657.27	6,118.08	13,133.09
	e. Finance costs	305.89	332.75	401.66	638.64	814.86	1,255.87	675.83	184.10	181.38	859.92	346.82	698.86
	g. Depreciation and amortisation expense	1,727.70	1.670.79	1.025.81	3,398.49	1,991.26	4,773.29	2,945.42	2,550.28	2,106.63	5,495.70	4,144.28	8,999.41
	h. Other expenses	15,083.43	19,584.25	11,347.40	34,667.68	22,255.63	60,435.89	22,590.77	24,598.21	17,757.11	47,188.98	31,510.89	85,276.31
	Total Expenses	38,246.76	45,103.62	35,066.40	83,350.39	60,082.25	148,330.68	37,108.87	44,577.61	34,584.98	81,686.47	59,453.82	148,431.47
3	Profit before exceptional items (1-2)	2,136.40	5,968.89	3,908.99	8,105.28	7,884.37	20,185.48	4,416.98	7,379.50	6,263.24	11,796.49	11,178.66	26,383.81
	4 Exceptional items	$\sim$	$\overline{\phantom{a}}$	$\overline{a}$	$\sim$	$\overline{a}$	2,931.36	$\sim$	$\ddot{\phantom{1}}$	$\ddot{ }$	$\overline{a}$	$\omega$	6,457.42
$5^{\circ}$	Profit/(Loss) before tax (3+4)	2,136.40	5.968.89	3,908.99	8,105.28	7,884.37	17,254.12	4,416.98	7,379.50	6,263.24	11,796.49	11,178.66	19,926.39
6	Tax expenses	(157.36)	551.04	96.56	393.68	469.44	1,526.91	(236.44)	580.29	115.94	343.86	607.68	1,213.40
7	Net Profit/(Loss) after tax for the period (5-6)	2,293.76	5,417.85	3,812.43	7,711.60	7,414.93	15,727.21	4,653.42	6,799.21	6,147.30	11,452.63	10,570.98	18,712.99
	8 Other Comprehensive Income including non-controlling interest (net of taxes)	2.11	1.23	13.01	3.34	7.61	5.42	(15.55)	3.O 8	14.74	(12.46)	5.53	14.45
9	Total Comprehensive Income for the period (7+8)	2,295.87	5,419.08	3,825.44	7,714.94	7,422.54	15,732.63	4,637.87	6,802.29	6,162.04	11,440.17	10,576.51	18,727.44
10 10	Net Profit for the period attributable to:
	Shareholders of the Company	2,293.76	5,417.85	3,812.43	7,711.60	7,414.93	15,727.21	4,653.42	6,799.21	6,027.28	11,452.63	10,358.19	18,712.99
	Non-controlling interest	$\sim$	$\sim$	$\sim$	$\sim$	$\sim$	÷.	×.	$\sim$	120.02	$\sim$	212.79	richt.
11	Other Comprehensive Income attributable to:
	Shareholders of the Company	2.11	1.23	13.01	3.34	7.61	5.42	(15.55)	3.08	8.51	(12.46)	(0.56)	14.45
	Non-controlling interest	$\sim$	$\sim$	$\overline{\phantom{a}}$	u.	$\overline{\phantom{a}}$	$\sim$	$\overline{\phantom{a}}$	$\overline{\phantom{a}}$	6.23		6.09	$\sim$
12	Total Comprehensive Income attributable to:
	Shareholders of the Company	2,295.87	5,419.08	3,825.44	7,714.94	7,422.54	15,732.63	4,637.87	6,802.29	6,035.79	11,440.17	10,357.63	18,727.44
	Non-controlling interest		$\overline{a}$	$\overline{a}$	$\sim$	$\ddot{\phantom{a}}$	$\sim$	$\overline{a}$	$\ddot{\phantom{1}}$	126.25	$\sim$	218.88	$\sim$
13	Paid up Equity Share Capital (Face Value of ₹1/- each)	4,124.29	4.124.29	4,124.29	4,124.29	4,124.29	4,124.29	4,124.29	4,124.29	4,124.29	4,124.29	4,124.29	4,124.29
14	Earnings Per Share (EPS) - (Face Value of ₹1/- each) (not annualised) (₹)
	Basic	0.56	1.31	0.92	1.87	1.80	3.81	1.13	1.65	1.46	2.78	2.51	4.54
	CHHAJERDiluted	0.56	1.31	0.92	1.87	1.80	3.81	1.13	1.65	1.46	2.78	2.51	4.54

STAR CEMENT LIMITEDStatement of Segment Revenue, Results and Capital Employed for the Quarter/ Half year ended 30th September, 2021
							$(F \in \text{Lacs})$
		CONSOLIDATED
SI.No.	Particulars	Quarterended30.09.2021Unaudited	Quarterended30.06.2021Unaudited	Quarterended30.09.2020Unaudited	Half yearended30.09.2021Unaudited	Half yearended30.09.2020Unaudited	Year ended31.03.2021Audited
$\mathbf{1}$	Segment Revenue
	(a) Cement	57,394.14	65,765.62	54,646.82	1,23,159.76	91,459.39	2,25,368.54
	(b) Power	3,037.64	2,935.83	2,563.23	5,973.47	4,936.41	11,963.59
	Total Segment Revenue	60,431.78	68,701.45	57,210.05	1,29,133.23	96,395.80	2,37,332.13
	Less : Inter Segment Revenue-Cement	16,742.55	14,659.50	14,458.30	31,402.05	22,073.99	53,377.14
	Less : Inter Segment Revenue-Power	3,032.26	2,929.84	2,561.77	5,962.10	4,934.64	11,961.77
	Gross Revenue from Operations	40,656.97	51,112.11	40,189.98	91,769.08	69,387.17	1,71,993.22
$\overline{2}$	Segment Results (Profit/(Loss) Before Tax & Finance Cost)
	(a) Cement	4,081.51	6,596.83	5,399.26	10,678.34	9,575.18	23,601.71
	(b) Power	149.40	124.14	392.46	273.54	718.15	707.91
	Total	4,230.91	6,720.97	5,791.72	10,951.88	10,293.33	24,309.62
	Less: Finance Costs	675.83	184.10	181.38	859.92	346.82	698.86
	Add : Unallocable Expenses net off unallocable income	861.90	842.63	652.90	1,704.53	1,232.15	2,773.05
	Less: Exceptional items						6,457.42
	Total Profit/(Loss) Before Tax	4,416.98	7,379.50	6,263.24	11,796.49	11,178.66	19,926.39
3	Segment Assets
	(a) Cement	2,17,279.94	2,18,592.39	1,93,355.03	2,17,279.94	1,93,355.03	2,05,550.43
	(b) Power	17,791.64	17,842.16	21,099.74	17,791.64	21,099.74	18,858.03
	(c) Unallocated	33,884.13	32,501.67	30,632.60	33,884.13	30,632.60	31,807.56
	Total	2,68,955.71	2,68,936.22	2,45,087.37	2,68,955.71	2,45,087.37	2,56,216.02
4	Segment Liabilities
	(a) Cement	48,373.83	52,718.00	40,077.13	48,373.83	40,077.13	47,514.80
	(b) Power	1,452.98	1,320.76	1,173.54	1,452.98	1,173.54	938.52
	(c) Unallocated	272.59	679.01	542.40	272.59	542.40	346.57
	Total	50,099.40	54,717.77	41,793.07	50,099.40	41,793.07	48,799.89
5	Capital Employed (Segment Assets less Segment Liabilities)
	(a) Cement	1,68,906.11	1,65,874.39	1,53,277.90	1,68,906.11	1,53,277.90	1,58,035.63
	(b) Power	16,338.66	16,521.39	19,926.20	16,338.66	19,926.20	17,919.51
	(c) Unallocated	33,611.54	31,822.66	30,090.20	33,611.54	30,090.20	31,460.99
	Total	2,18,856.31	2, 14, 218.44	2,03,294.30	2,18,856.31	2,03,294.30	2,07,416.13

STAR CEMENT LIMITED

Regd.Office : Vill.: Lumshnong, PO: Khaliehriat, Dist. East Jaintia Hills, Meghalaya - 793210

	(रै in Lacs)UNAUDITED STATEMENT OF ASSETS & LIABILITIES
		Standalone	Standalone	Consolidated	Consolidated
Sl. No.	Particulars	As on 30.09.2021	As on 31.03.2021	As on 30.09.2021	As on 31.03.2021
		Unaudited	Audited	Unaudited	Audited
А	ASSETS
$\mathbf{1}$	Non Current Assets
	Property, Plant and Equipment	40,443.01	43,248.83	82,389.97	81,991.46
	Capital work-in-progress	13,684.34	10,975.19	17,224.88	12,661.04
	Right-of-use assets	826.80	261.33	831.78	268.58
	Intangible assets	27.61	32.39	30.13	36.55
	Investments in subsidiaries	27,783.77	27,773.77
	Financial assets:
	- Investments	143.15	142.34	167.03	166.22
	- Loan	420.17	426.63	493.58	436.42
	- Other financial assets			1,516.01	27.89
	Deferred tax assets (net)	19,755.02	18,768.84	32,725.37	31,122.85
	Non-current tax asset(net)	506.05	69.49	1,095.13	631.63
	Other non-current assets	3,883.62	4,053.68	8,184.53	6,279.09
	Total non-current assets	107,473.54	105,752.49	144,658.41	133,621.73
$\overline{2}$	Current Assets
	Inventories	13,212.10	9,487.45	23,808.95	23,468.04
	Financial assets:
	- Trade receivables	11,669.48	13,108.71	11,372.65	13,173.41
	- Cash and cash equivalents	24,918.69	21,428.38	25,265.56	25,700.21
	- Bank balances other than above	13,120.43	16,577.77	25,220.70	23,335.18
	- Loans	1,715.54	1,664.30	3,664.02	4,308.75
	- Other financial assets	154.81	39.63	35.00	35.61
	Other current assets	17,128.28	21,231.26	34,930.42	32,573.09
	Total current assets	81,919.33	83,537.50	124,297.30	122,594.29
	TOTAL ASSETS	189,392.87	189,289.99	268,955.71	256,216.02
В
	EQUITY AND LIABILITIES
	Equity	4,124.29	4,124.29
	Equity share capitalOther equity	131,129.04	123,414.10	4,124.29	4,124.29
	Total Equity	135,253.33	127,538.39	214,732.02218,856.31	203,291.84207,416.13
	Liabilites
$\mathbf{1}$	Non-current liabilities
	Financial liabilities:
	- Borrowings	8,746.46	11,533.46		18.74
	- Other financial liabilities (Incl. Lease Liabilities)	12,594.99	13,028.83	12,636.11	13,072.39
	Employee benefit obligations	366.92	326.98	589.47	523.15
	Other non current liabilities	32.12	47.83	962.20	1,056.10
	Total non-current liabilities	21,740.49	24,937.10	14,187.78	14,670.38
$\overline{2}$	Current Liabilities
	Financial liabilities:
	- Borrowings	2,750.36	685.82	3,885.68	1,457.02
	- Trade payables
	Total outstanding dues of micro enterprises and small	102.27	456.48	114.18
	enterprises				594.12
	Total outstanding dues of creditors other than micro	11,065.28	19,056.98	6,324.54	9,254.05
	enterprises and small enterprises
	- Other financial liabilities	13,094.80	11,196.70	18,009.15	14,621.72
	Employee benefit obligations	366.51	353.35	519.57	471.84
	Other current liabilities	5,019.83	4,814.55	6,901.26	7,480.14
	Current tax labilities (net)		250.62	157.24	250.62
	Total cutrent liabilities 4	32,399.05	36,814.50	35,911.62	34,129.51
	TOTAL EQUITY & LAIBILITIES	189,392.87	189,289.99	268,955.71	256,216.02

l

W.

STAR CEMENT LIMITED

Regd.Office : Vill.: Lumshnong, PO: Khaliehriat, Dist. East Jaintia Hills, Meghalaya - 793210

Statement of Cash Flow for the period ended 30th September, 2021

		Standalone		(र in Lacs)Consolidated
Sr. No.	Particulars	Half year ended30.09.2021	Half year ended30.09.2020	Half year ended30.09.2021	Half year ended30.09.2020
		Unaudited	Unaudited	Unaudited	Unaudited
	(A) Cash flow from Operating Activities
	Profit before tax	8,105.28	7,884.37	11,796.49	11,178.66
	Adjustments for:
	Depreciation and Amortisation-	3,398.48	1,991.26	5,495.70	4,144.28
	Unrealised Foreign Exchange Gain /(Loss)- on export receivable				(0.09)
	(Profit)/ Loss on Sale of Property Plant and Equipment	(0.96)	11.23	(0.96)	0.22
	Interest Income	(1,234.45)	(926.11)	(1,706.39)	(1,222.45)
	Finance Costs	638.64	814.86	859.92	346.82
	Fair Valuation (gain)/ Loss on investments	(0.82)	(0.13)	(0.82)	(0.13)
	Allowance for Bad and Doubtful Debts		(1.59)		(1.59)
	Operating Profit before working Capital changes	10,906.17	9,773.89	16,443.94	14,445.72
	Adjustments for:
	(Increase)/Decrease in Trade receivables	1,439.23	619.41	1,800.76	2,019.90
	(Increase)/Decrease in Inventories	(3,724.66)	(222.32)	(340.91)	773.59
	(Increase)/Decrease in Loans	3.36	(157.52)	738.20	188.26
	(Increase)/Decrease in Other assets	3,590.96	(2,570.31)	(6,034.33)	(1,710.59)
	Increase/(Decrease) in Trade and other payables	(8,345.91)	5,722.31	(3,409.46)	(1,636.67)
	Increase/(Decrease) in Other Liabilities and Provisions	1,780.07	919.53	2.265.52	710.59
	Cash Generated from Operations	5,649.22	14,084.99	11,463.72	14,790.80
	Income Tax Paid	(1,700.00)	(1,000.00)	(1,925.00)	(1,260.00)
	Net Cashflow from Operating Activities (A)	3,949.22	13,084.99	9,538.72	13,530.80
	(B) Cash flow from Investing Activities
	(Purchase)/sale of Property , Plant and Equipment (including CWIP)	(3,296.33)	(2,573.96)	(10, 450.97)	(2,929.51)
	Fixed Deposits/Margin Money Given/(Repaid)	3,457.35	(22, 161.68)	(1,885.53)	(24, 783.76)
	(Purchase)/ Sale of Investments	(10.00)
	Interest Received	751.17	249.38	813.12	373.89
	Net Cash used in Investing Activities (B)	902.19	(24, 486.26)	(11, 523.38)	(27, 339.38)
	(C) Cash Flow from Financing Activities
	Interest paid	(623.36)	(801.13)	(844.34)	(332.87)
	Proceeds from /(Repayment of) Long Term Borrowings / Liabilities	(2,787.00)	(2,261.06)	(18.74)	(27.64)
	Proceeds from /(Repayment of) Short Term Borrowings	2,064.54	(394.35)	2,428.67	(879.84)
	Payment of Lease liability	(15.28)	(13.73)	(15.58)	(13.94)
	Net Cash used in Financing Activities (C)	(1,361.10)	(3, 470.27)	1,550.01	(1, 254.29)
	Net Increase/(decrease) in cash and cash equivalents (A+B+C)	3,490.31	(14, 871.54)	(434.65)	(15,062.87)
	Cash and Cash Equivalents at the beginning of the year	21,428.38	23,623.96	25,700.21	24,105.82
	Cash and Cash Equivalents at the end of the period	24,918.69	8,752.42	25,265.56	9,042.95

NOTES TO FINANCIAL RESULTS:

• The above Unaudited Financial Results as reviewed by the Audit Committee have been approved at the meeting of the Board of Directors held on 1st November, 2021. The Limited $\mathbf{1}$ Review of these Results as required under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, has been completed by the Statutory Auditors of the Company.
• 2 The consolidated results include results of its subsidiaries Star Cement Meghalaya Limited (SCML), Megha Technical & Engineers Private Limited (MTEPL), Meghalaya Power Limited

(MPL), NE Hills Hydro Ltd. (NEHL),Star Century Global Cement Private Limited (SCGCPL), Star Cement Lumshnong Limited (SCLL) and Star Cement North East Limited (SCNEL).

• 3 The Company has considered the possible effects that may result from COVID-19 in the preparation of these financial results. The Company believes that pandemic is unlikely to impact the recoverability of the carrying value of its assets as at 30th September, 2021. Looking to the present situation of pandemic, the extent to which the same will impact the Company's future financial results is currently uncertain and will depend on further developments.
• The group is engaged in the manufacture of cement, cement clinker and generation of power. The power company is generating power for group companies for their captive use. There are no separate reportable segments as per Ind AS 108, "Operating Segments".
• 5 In terms of approval of the Board of Directors obtained at its meeting held on 13th August, 2021, the Company had offered Buy Back of Equity shares to all eligible equity shareholders of the Company on a proportionate basis through tender offer route using Stock Exchange mechanism. The buyback of equity shares through the Stock Exchange commenced on 22nd September, 2021 and closed on 5th October, 2021. Accordingly, the Company bought back and extinguished a total 82,48,580 equity shares of ₹1 each at a price of ₹150 per equity share, representing 2.00% of the pre-buyback paid-up equity share capital of the Company. The buyback resulted in a cash outflow of ₹123.73 crores (excluding transaction costs such as Brokerage, Buy Back Tax, Securities Transaction Tax, GST, Stamp duty and other related expenses etc.). Payments to the eligible shareholders were completed on 13th October, 2021.
• 6 Figures of the previous period /year have been regrouped and reclassified to conform to the classification of current period, wherever necessary.

By order of the Board For Star Cement Limited

$l$ $\mu$ $\alpha$ $l$ $\nu$

Sajjan Bhajanka Chairman

Date: 1st November, 2021 Place: Kolkata