Styrenix Performance Materials Limited — Interim / Quarterly Report 2021

Nov 12, 2021

INEOS YROLUTION

INEOS Styrolution India Limited 5th Floor, Ohm House-II. Ohm Business Park, Subhanpura, Vadodara - 390 023, Gujarat, India

www.ineosstyrolutionindia.com

November 12, 2021

To, BSE Limited Dept. DSC_CRD Phiroze Jeejeebhoy Towers, Dalal Street Mumbai 400 001

National Stock Exchange of India Limited Exchange Plaza, Plot No. C/1, 'G' Block, Bandra- Kurla Complex, Bandra ('E') Mumbai 400 051 NSE Symbol: INEOSSTYRO

BSE Scrip Code: 506222

Subject: Outcome of Board Meeting held on November 12, 2021

Dear Sir.

In continuation to our intimation dated October 29, 2021 and in terms of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 [Listing Regulations], we wish to inform you that the Board of Directors of the Company, at its meeting held through video conferencing today i.e. on November 12, 2021, have approved and taken on record the following items:

1. Unaudited Financial Results

In terms of Regulation 33 of the Listing Regulations,

• a. Unaudited financial results for the second quarter and half year ended on September 30, 2021;
• b. Limited Review Report form the Auditors for the second quarter and half year ended on September 30, 2021;

A copy of the unaudited financial results along with the limited review report is enclosed.

The Board meeting commenced at 12.55 hours (IST) and concluded at 13.45 hours (IST).

urio

ADOU

You are requested to kindly take the same on your records.

Thanking you.

For INEOS Styrolution India Limited

Abhijaat Sinha Head Legal & Company Secretary

Encl.: As above

Head Office: INEOS Styrolution India Limited CIN: L25200GJ1973PLC002436 5th Floor, Ohm House - II, Ohm Business Park, Subhanpura, Vadodara - 390 023, Gujarat, India Tele: +91 265-2303201/02 Fax No: +91 265-2303203 E mail: INSTY.secshare@ineos.com Registered Office: INEOS Styrolution India Limited CIN: L2S200GJ1973PLC002436 5th Floor, Ohm House - II, Ohm Business Park, Subhanpura, Vadodara - 390 023, Gujarat, India Tele: +91 265-2303201/02 Fax No: +91 265-2303203

INEOS STYROLUTION INDIA LIMITED STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021

				INEOS Styrolution India Limited	5th Floor, Ohm House-II, Ohm Business Park, Subhanpura,
STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021	INEOS STYROLUTION INDIA LIMITED				INR in Lakhs	INR in Lakhs
	For the quarter ended			For the Half Year ended	For the year
	Sep 30, 2021	Jun 30, 2021	Sep 30, 2020	Sep 30, 2021	Sep 30, 2020	endedMar 31, 2021
Particulars	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
I. Revenue from operations	58,848.37	45,472.31	39,458.46	104,320.6	51,010.51	163,148.40
II. Other incomeIII. Total income (I+II)	694.8559,543.22	436.9945,909.30	443.7139,902.17	1,131.84105,452.5	572.1251,582.63	1,305.18164,453.58
IV. Expenses
Cost of materials consumedChanges in inventories of finished goods and work-in-progress	37,094.122,246.60	29,036.95(2,657.78)	24,931.811,427.17	66,131.07(411.18)	32,400.993,001.63	95,318.151,087.72
Employee benefits expense	1,743.15	1,930.29	1,641.40	3,673.44	3,271.44	7,080.59
Finance costs	149.55	315.50	367.46	465.05	608.57	1,464.08
Depreciation and amortisation expense	966.57	912.26	891.28	1,878.8	1,770.09	3,603.02
Other expensesTotal expenses (IV)	5,282.0547,482.04	4,528.6134,065.83	5,136.3434,395.46	9,810.6681,547.8	8,094.0749,146.79	18,292.64126,846.20
V. Profit before tax	12,061.18	11,843.47	5,506.71	23,904.6	2,435.84	37,607.38
VI. Tax expenseCurrent tax	2,978.18	3,219.48	410.44	6,197.6	410.44	9,367.96
Deferred tax charge / (credit)	80.38	20.91	1,512.15	101.	443.79	217.90
Total tax expense (VI)	3,058.56	3,240.39	1,922.59	6,298.95	854.23	9,585.86
VII. Profit for the period (V-VI)VIII. Other comprehensive income	9,002.62	8,603.08	3,584.12	17,605.7	1,581.61	28,021.52
Items that will not be reclassified to profit or loss
Remeasurements of defined benefit plans - (Loss) / Gain	(16.88)	(41.78)	(20.41)	(58.66)	(48.51)	(96.37)
IncometaxrelatingtoremeasurementsofdefinedbenefitplansVIII.Total other comprehensive income, net of tax	4.25(12.63)	10.52(31.26)	7.14(13.27)	14.7(43.)	16.96(31.55)	24.26(72.11)
IX. Total comprehensive income for the period (VII + VIII)	8,989.99	8,571.82	3,570.85	17,561.8	1,550.06	27,949.41
Paid-up equity share capital	1,758.56	1,758.56	1,758.56	1,758.56	1,758.56	1,758.56
(Face value of the share : INR 10)X. Other Equity						87,119.44
XI. Earnings per share (Not annualised)
Nominal value per equity share of INR 10 each
Basic and Diluted (INR)See accompanying Notes to the financial results	51.19	48.92	20.38	100.11	8.99	159.34

INEOS STYROLUTION INDIA LIMITED

INEOS STYROLUTION INDIA LIMITEDSTATEMENT OF ASSETS AND LIABILITIESParticularsASSETSNon-current assets(a) Property, plant and equipment(b) Right-to-use Assets(c) Capital work in progress(d)Financial assets(i) Investments	As at Sep 30, 2021(Unaudited)31,533.054,062.56	INR in LakhsAs at Mar 31, 2021(Audited)
		32,807.79
	2,747.43	4,103.872,971.14
	95.47	58.14
(ii) Loans	6.92	5.41
(iii) Other financial assets	490.63	504.26
(e)Other non-current assets	517.24	473.64
Total non-current assets	39,453.30	40,924.25
Current assets(a) Inventories	27,746.59	28,991.23
(b) Financial assets
(i) Trade receivables	26,977.83	30,597.52
(ii) Cash and cash equivalents	23,308.72	13,887.99
(iii) Bank balance other than (ii) above	20,201.87	10,333.94
(iv) Loans	23.99	13.45
(v) Other financial assets	43.01	133.68
(c) Other current assets	3,425.33	6,258.83
(d)Asset classified as held for Sale	197.10	197.10
Total current assets	101,924.44	90,413.74
TOTAL ASSETSEQUITY AND LIABILITIES	141,377.74	131,337.99
Equity
(a) Equity share capital	1,758.56	1,758.56
(b) Other equity	102,922.70	87,119.44
Total equity	104,681.26	88,878.00
Non-Current liabilities
(a) Financial liabilities
(i) Borrowings	948.43	3,319.08
(ii) Lease liabilities	3,899.82	4,017.02
(iii) Other financial liabilities	228.45	160.97
(b)Provisions	3,438.67	3,447.15
(c)Deferred tax liabilities (net)	1,097.65	1,011.12
Total non-current liabilitiesCurrent liabilities	9,613.02	11,955.34
(a) Financial liabilities
(i) Borrowings	19.42	2,013.71
(ii) Lease Liabilities	673.33	489.42
(iii) Trade payables
(a) total outstanding dues of micro and small enterprises	271.72	242.20
(b) total outstanding dues of creditors other than (iii) (a) above	20,041.94	22,230.76
(iv) Other financial liabilities	1,428.21	4,020.00
(b) Contract liabilities	569.60	40.12
(c) Provisions	184.14	235.11
(d) Current tax liabilities (net)	2,460.06	633.02
(e) Other current liabilities	1,435.04	600.31
Total current liabilities	27,083.46	30,504.65
Total liabilitiesTOTAL EQUITY AND LIABILITIES	36,696.48141,377.74	42,459.99131,337.99

INEOS STYROLUTION INDIA LIMITED		INEOS Styrolution India Limited5th Floor, Ohm House-II,Ohm Business Park,
	STATEMENT OF CASH FLOWS FOR THE HALF YEAR ENDED SEPTEMBER 30, 2021		INR in Lakhs
	Particulars	For the Half Year ended	For the Half Year ended
		Sep 30,2021	Sep 30, 2020
	Cash flow from operating activities :	(Unaudited)	(Unaudited)
	Profit before tax	23,904.6	2,435.84
	Adjustments for :
	Depreciation and amortisation expense	1,878.8	1,770.09
	Interest Income on depositsGain on termination of lease contract	(498.00)(6.66)	(47.75)(7.88)
	(Gain) / Loss on fair valuation of investment (Net)	(37.33)	(16.83)
	Finance costs	460.22	608.56
	Net exchange differences	27.62	289.14
	(Profit) / Loss on property, plant and equipment sold/discarded (net)	(4.35)	(123.46)
	Write off / (Write back) of Inventory (including provisions)	6.19	(147.85)
	Provision / Credit balances no longer required written back	(445.19)	(23.92)
	Allowance for doubtful debts (net)	(2.10)1,379.2	(36.33)2,263.77
	Operating profit before change in operating assets and liabilities	25,283.8	4,699.61
	Adjustments for :(Increase)/decrease in inventories	1,238.45	8,548.51
	(Increase)/decrease in trade receivables	3,627.24	(2,233.64)
	(Increase)/decrease in loans	(12.05)	(65.56)
	(Increase)/decrease in other financial assets	105.08	39.64
	(Increase)/decrease in other non-current assets	(13.05)	640.45
	(Increase)/decrease in other current assets	2,833.50	2,369.69
	Increase/(decrease) in trade payables	(2,187.30)	3,374.30
	Increase/(decrease) in other financial liabilities	(2,096.70)	188.20
	Increase/(Decrease) in contract liabilities	529.48	206.26
	Increase/(Decrease) in provisionsIncrease/(decrease) in other current liabilities	(27.21)834.73	(23.65)45.12
		4,832.17	13,089.32
	Cash generated / (used in) from operations	30,116.0	17,788.93
	Taxes paid (net of refund)	(4,347.80)	1,337.60
	Net cash inflow/(outflow) from operating activities	25,768.2	19,126.53
	Cash flow from investing activities :Payments for property, plant and equipment and CWIP	(63.7)	(884.00)
	Proceeds from disposal of property, plant and equipment	14.39	160.67
	(Investment in) / proceeds of Bank balances not held as cash and	(9,824.28)	4.16
	cash equivalentsInterest Income on deposits	453.57	47.75
	Net cash outflow from investing activities	(9,420.0)	(671.42)
C	Cash flow from financing activities :
	Proceeds/(repayment) of current borrowingsPrincipal elements of lease payments	(1,911.11)(316.74)	(8,194.55)(253.02)
	Proceeds/(repayment) of non current borrowings	(2,488.89)	-
	Interest paid	(447.96)	(859.33)
	Dividend on equity shares (including dividend distribution tax and	(1,762.74)	(4.16)
	payment from unclaimed dividend account)Net cash (outflow)/inflow from financing activities	(6,927.44)	(9,311.06)
	Net (decrease)/increase in cash and cash equivalents	9,420.73	9,144.05
	Cash and cash equivalents at the beginning of the year	13,887.99	315.83
	Cash and cash equivalents at end of the year	23,308.72	9,459.88

INEOS STYROLUTION INDIA LIMITED SEGMENT REVENUE, RESULTS, SEGMENT ASSETS AND SEGMENT LIABILITIES

SEGMENT REVENUE, RESULTS, SEGMENT ASSETS AND SEGMENT LIABILITIES				INEOS Styrolution India Limited5th Floor, Ohm House-II, Ohm Business Park, Subhanpura,
		INEOS STYROLUTION INDIA LIMITED			INR in Lakhs	INR in Lakhs
	For the quarter ended			For the Half Year ended	For the yearended
Particulars	Sep 30, 2021	Jun 30, 2021	Sep 30, 2020	Sep 30, 2021	Sep 30, 2020	Mar 31, 2021
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
1. Segment revenue
(Revenue from operations)(a) Specialties	40,835.02	28,793.29	27,366.54	69,628.31	35,008.94	114,725.78
(b) Polystyrene	18,013.35	16,679.02	12,091.92	34,692.3	16,001.57	48,422.62
TotalLess : Inter segment revenueRevenue from operations	58,848.37	45,472.31--	39,458.46-	104,320.6-	51,010.51-	163,148.40-
2. Segment results	58,848.37	45,472.31	39,458.46	104,320.6	51,010.51	163,148.40
(Segment profit before interest and tax)(a) Specialties
(b) Polystyrene	8,960.582,998.88	8,639.483,314.49	3,528.892,153.94	17,600.066,313.37	1,094.121,736.03	29,152.679,413.80
TotalAdd/(Less): (i) Finance cost	11,959.46(149.55)	11,953.97(315.50)	5,682.83(367.46)	23,913.43(465.05)	2,830.15(608.57)	38,566.47(1,464.08)
(ii) Interest income(iii) Other unallocable income / (expenditure) (net)	254.76(3.49)	243.59(38.58)	156.3335.01	498.35(42.0)	189.8024.46	436.4468.55
Profit before tax	12,061.18	11,843.47	5,506.71	23,904.6	2,435.84	37,607.38
3. Segment assetsa. Specialties	78,186.69	78,149.13	75,995.02	78,186.69	75,995.02	84,277.04
b. Polystyrenec. Unallocated	19,297.4143,893.64	25,284.6129,334.70	16,907.959,769.14	19,297.4143,893.64	16,907.959,769.14	22,516.8524,544.10
Total segment assets	141,377.74	132,768.44	102,672.11	141,377.74	102,672.11	131,337.99
4. Segment liabilitiesa. Specialties	21,347.01	20,363.26	29,538.40	21,347.01	29,538.40	28,237.26
b. Polystyrenec. Unallocated	11,531.913,817.56	11,633.433,321.92	9,121.671,533.42	11,531.913,817.56	9,121.671,533.42	12,314.571,908.16
Total segment liabilities	36,696.48	35,318.61	40,193.49	36,696.48	40,193.49	42,459.99
See accompanying Notes to the financial results
Note on segment information
Business segmentSegment reporting in financial results: Based on the "management approach" as defined in Ind AS 108 - 'Operating Segments', the Chief Operating Decision Maker
(CODM), as represented by Chairman, Managing Director and CFO, evaluate the Company's performance and allocate resources based on an analysis of various
performance indicators by business segments. The accounting principles used in the preparation of these financial results are consistently applied to record revenue andexpenditure in individual segments.
Head Office:INEOS Styrolution India Limited		Registered Office :INEOS Styrolution India Limited
CIN : L25200GJ1973PLC0024365th Floor, Ohm House-II,		CIN : L25200GJ1973PLC0024365th Floor, Ohm House-II,
Ohm Business Park, Subhanpura,		Ohm Business Park, Subhanpura,
Tele : +91 265-2303201/02		Tele : +91 265-2303201/02
		Fax No: +91 265-2303203
Fax No: +91 265-2303203E Mail : INSTY.secshare@ineos.comWebsite : www.ineosstyrolutionindia.com

Note on segment information

Business segment

Notes:

1. The Statutory Auditors of the Company have carried out a limited review of the results prepared under Ind AS 34 for the quarter ended September 30, 2021. The limited review report does not contain any modification or qualification. 2. The above statements were reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on November 12, 2021. 3. The Board of Directors had declared a special interim dividend of INR 192 [ @ 1920 %] at its meeting held on October 14,2021. 4. The Company has elected to exercise the option permitted under section 115BAA of the Income-tax Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance, 2019. Accordingly, the Company has recognized Provision for Current Tax for year ended March 31,2021 and re-measured its Deferred Tax basis the rate prescribed in the said section. The full impact of this change has been recognized in the financial results for the quarter ended December 31, 2020. Hence total tax expenses for the quarter and half year ended Sep 30, 2020 are not comparable to that extent.

For INEOS STYROLUTION INDIA LIMITED

Place : Vadodara Sanjiv Vasudeva Date : November 12, 2021 Managing Director and CEO DIN : 06570945

Registered Office :

INEOS Styrolution India Limited CIN : L25200GJ1973PLC002436 Tele : +91 265-2303201/02 ; Fax No: +91 265-2303203 E Mail : INSTY.secshare@ineos.com Website : www.ineosstyrolutionindia.com Head Office: Registered Office : INEOS Styrolution India Limited INEOS Styrolution India Limited CIN : L25200GJ1973PLC002436 CIN : L25200GJ1973PLC002436 Ohm Business Park, Subhanpura, Ohm Business Park, Subhanpura, Tele : +91 265-2303201/02 Tele : +91 265-2303201/02 Fax No: +91 265-2303203 Fax No: +91 265-2303203

5th Floor, Ohm House-II, 5th Floor, Ohm House-II, E Mail : INSTY.secshare@ineos.com Website : www.ineosstyrolutionindia.com

Deloitte Haskins & Sells

Chartered Accountants 19th floor, Shapath-V.

Opposite to Karnavati Club, S.G. Highway, Ahmedabad - 380 015 Tel: +91 79 6682 7300 Fax: +91 79 6682 7400

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF INEOS STYROLUTION INDIA LIMITED

• 1. We have reviewed the accompanying Statement of Unaudited Financial Results of INEOS Styrolution India Limited ("the Company"), for the quarter and half year ended September 30, 2021 ("the Statement"), being submitted by the Company pursuant to the requirement of Requlation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
• 1. This Statement which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("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. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India (ICAI). 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.
• 1. Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Place: Ahmedabad Date: November 12, 2021 For DELOITTE HASKINS & SELLS Chartered Accountants (Firm's Registration No. 117365W)

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Hardik Sutaria (Partner) (Membership No. 116642) (UDIN:21116642AAAAFZ1879)