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Styrenix Performance Materials Limited Interim / Quarterly Report 2021
60520_rns_2021-02-10_1b9dbfff-13d0-4d53-af80-8b41473f404a.pdf
Interim / Quarterly Report
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INEOS Styrolution India Ltd. 5th Floor, Ohm House-II, Ohm Business Park, Subhanpura, Vadodara - 390 023 Gujarat, India
INEOS Styrolution India Ltd. - Vadodara 390023 India
| 10. | ||||||
|---|---|---|---|---|---|---|
| BSE Limited | National Stock Exchange of India Limited | |||||
| Dept. DSC_CRD | Exchange Plaza, | |||||
| Phiroze Jeejeebhoy Towers, | Plot No. C/1, 'G' Block, | |||||
| Dalal Street | Bandra- Kurla Complex, | |||||
| Mumbai 400 001 | Bandra ('E') | |||||
| Mumbai 400 051 | ||||||
| BSE Scrip Code: 506222 | NSE Symbol: INEOSSTYRO | |||||
| Contact | Phone | Date | ||||
| Abhijaat Sinha | +91 265-2303213 | [email protected] | February 10, 2021 |
Subject: Outcome of Board Meeting held on February 10, 2021
Dear Sir,
In continuation to our intimation dated 29th January 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 today i.e. February 10, 2021, has, inter alia, approved the following matters:
Unaudited Financial Results
In terms of Regulation 33 of the Listing Regulations,
- a. Unaudited financial results for the third quarter ended on December 31, 2020;
- b. Limited Review Report form the Auditors for the third quarter ended on December 31, 2020:
A copy of the unaudited financial results along with the limited review report is enclosed.
The Board meeting commenced at 13:30 hours (IST) and concluded at 14:10 hours (IST).
This is being submitted for your records and for further dissemination.
Thank you,
LUTIO For INEOS Styrolution niglia Lim Abhijaat Sinha Head Legal & Company Secretary
Head Office: INEOS Styrolution India Ltd. 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
Registered Office: INEOS Styrolution India Ltd. CIN: L25200GJ1973PLC002436 5th Floor, Ohm House-II, Ohm Business Park, Subhanpura, Vadodara - 390 023, Gujarat, India +91 265-2303201/02 Tele: Fax No: +91 265-2303203
INEOS Styrolution India Limited5th Floor, Ohm House-II, Ohm Business Park, Subhanpura,Vadodara – 390 023, Gujarat, India
INEOS STYROLUTION INDIA LIMITED
STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2020
| For the quarter ended | For the Nine Months ended | INR in LakhsFor the yearended | ||||
|---|---|---|---|---|---|---|
| Particulars | Dec 31, 2020 | Sep 30, 2020 | Dec 31, 2019 | Dec 31, 2020 | Dec 31, 2019 | Mar 31, 2020 |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | |
| . Revenue from operations | 48,483.14 | 39.458.46 | 33,968.47 | 99,493.64 | 122.000.26 | 157,899.91 |
| II. Other income | 355.62 | 424.22 | 149.14 | 874.55 | 513.57 | 678.33 |
| III. Total income (I+II) | 48,838.76 | 39,882.68 | 34,117.61 | 100,368.19 | 122,513.83 | 158,578.24 |
| IV. Expenses | ||||||
| Cost of materials consumed | 28,664.60 | 24,931.81 | 23.490.83 | 61,065.58 | 90,017.38 | 117,548.70 |
| Changes in inventories of finished goods and work-in-progress | (1,668.88) | 1,427.17 | 3,191.19 | 1,332.75 | 6.047.04 | 5,106.75 |
| Employee benefits expense | 1,935.25 | 1,626.62 | 1,216.92 | 5,176.05 | 4.257.87 | 5,787.37 |
| Finance costs | 325.31 | 367.46 | 388.62 | 933.87 | 1,095.24 | 1,589.88 |
| Depreciation and amortisation expense | 916.65 | 891.28 | 786.47 | 2,686.75 | 2,220.99 | 3,156.55 |
| Other expenses | 5.139.77 | 5.131.63 | 5.624.54 | 13,211.31 | 17,318.59 | 22,943.35 |
| Total expenses (IV) | 35,312.70 | 34,375.97 | 34,698.57 | 84,406.31 | 120,957.11 | 156,132.60 |
| V. Profit / (Loss) before exceptional item and tax (III-IV) | 13,526.06 | 5,506.71 | (580.96) | 15,961.88 | 1,556.72 | 2,445.64 |
| Exceptional Items (Refer Note 3) | 3.795.45 | 3.795.45 | 3,795.45 | |||
| VI. Profit / (Loss) before tax | 13,526.06 | 5,506.71 | (4,376.41) | 15,961.88 | (2, 238, 73) | (1,349.81) |
| VII. Tax expense | ||||||
| Current tax | 3,343.11 | 410.44 | (508.04) | 3,753.55 | 139.42 | |
| Deferred tax charge / (credit) | (116.78) | 1,512.15 | (554.01) | 327.02 | (841.20) | (536.97) |
| Total tax expense (VII) | 3,226.33 | 1,922.59 | (1,062.05) | 4,080.57 | (841.20) | (397.55) |
| VIII. Profit / (Loss) for the period (VI-VII) | 10,299.73 | 3,584.12 | (3,314.36) | 11,881.31 | (1, 397.53) | (952.26) |
| IX. Other comprehensive income | ||||||
| Items that will not be reclassified to profit or loss | ||||||
| Remeasurements of defined benefit plans - (Loss) / Gain | (78.26) | (20.41) | (2.98) | (126.79) | (24.32) | (32.50) |
| Income tax relating to remeasurements of defined benefit plans | 27.35 | 7.14 | 0.75 | 44.31 | 6.12 | 11.36 |
| IX. Total other comprehensive income, net of tax | (50.91) | (13.27) | (2.23) | (82.48) | (18.20) | (21.14) |
| X. Total comprehensive income for the period (VIII + IX) | 10.248.82 | 3,570.85 | (3,316.59) | 11,798.83 | (1, 415.73) | (973.40) |
| 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) | ||||||
| XI. Other Equity excluding Revaluation Reserve | 59,170.03 | |||||
| XII. Earnings per share (Not annualised) | ||||||
| Nominal value per equity share of INR 10 each | ||||||
| Basic and Diluted (INR) | 58.57 | 20.38 | (18.85) | 67.56 | (7.95) | (5.41) |
See accompanying Notes to the financial results* Refer Note - 3
Head Office:
INEOS Styrolution India LimitedCIN: L252006J1973PLC002436 5th Floor, Ohm House-It, Ohm Business Park, Subhanpura,Vadodara - 390 023, Gujarat, India Tele: +91 265-2303201/02 Fax No: +91.265-2303203E Mail : [email protected]Website : www.ineosstyrolutionindia.com
Registered Office :
INEDS Styrolution India LimitedCIN : L252006J1973PLC002436 Sth Floor, Ohm House-II, Ohm Business Park, Subhanpura,Vadodara – 390 023, Gujarat, IndiaTele : +91 265-2303201/02 Fax No: +91 265-2303203
INEOSSTYROLUTION
INEOS Styrolution India Limited 5th Floor, Ohm House-II, Ohm Business Park, Subhanpura, Vadodara - 390 023, Gujarat, India
INTO the Lindship
INEOS STYROLUTION INDIA LIMITED SEGMENT REVENUE, RESULTS, SEGMENT ASSETS AND SEGMENT LIABILITIES
| For the quarter ended | For the Nine Months ended | IND III FOUNDFor the yearended | ||||
|---|---|---|---|---|---|---|
| Particulars | Dec 31, 2020 | Sep 30, 2020 | Dec 31, 2019 | Dec 31, 2020 | Dec 31, 2019 | Mar 31, 2020 |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | |
| 1. Segment revenue | ||||||
| (Revenue from operations) | ||||||
| (a) Specialties | 34,956.80 | 27,366.54 | 25,616.49 | 69.965.73 | 90.695.24 | 116,947.43 |
| (b) Polystyrene | 13,526.34 | 12,091.92 | 8,351.98 | 29,527.91 | 31,305.02 | 40.952.48 |
| Total | 48.483.14 | 39,458.46 | 33,968.47 | 99,493.64 | 122.000.26 | 157,899.91 |
| Less : Inter segment revenue | ||||||
| Revenue from operations | 48,483.14 | 39,458.46 | 33,968.47 | 99.493.64 | 122,000.26 | 157,899.91 |
| 2. Segment results | ||||||
| (Segment (loss) / profit before interest and tax) | ||||||
| (a) Specialties** | 10,402.30 | 3,528.89 | (891.40) | 11,496.41 | 1,571.71 | 2,904.65 |
| (b) Polystyrene** | 3,347.99 | 2.153.94 | (2.968.21) | 5.084.00 | (2.477.47) | (1,830.49) |
| Total | 13,750.29 | 5,682.83 | (3,859.61) | 16,580.41 | (905.76) | 1,074.16 |
| Add/(Less): (i) Finance cost | (325.31) | (367.46) | (388.62) | (933.87) | (1.095.24) | (1,589.88) |
| (ii) Interest income | 80.92 | 156.33 | 0.60 | 270.72 | 175.89 | 177.53 |
| (iii) Other unallocable income / (expenditure) (net) | 20.15 | 35.01 | (128.78) | 44.62 | (413.62) | (1.011.62) |
| (Loss) / Profit before tax | 13,526.06 | 5,506.71 | (4.376.41) | 15,961.88 | (2.238.73) | (1, 349.81) |
| 3. Segment assets | ||||||
| a. Specialties | 80.041.37 | 75,995.02 | 82,708.72 | 80,041.37 | 82.708.72 | 81,294.40 |
| b. Polystyrene | 18,516.13 | 16,907.95 | 20.414.49 | 18,516.13 | 20.414.49 | 21,816.32 |
| c. Unallocated | 12.267.28 | 9,769.14 | 2,371.90 | 12,267.28 | 2,371.90 | 2,410.88 |
| Total segment assets | 110,824.78 | 102,672.11 | 105,495.11 | 110,824.78 | 105,495.11 | 105,521.60 |
| 4. Segment liabilities | ||||||
| a. Specialties | 25.996.34 | 29,538.40 | 29.928.29 | 25,996.34 | 29.928.29 | 26,985.48 |
| b. Polystyrene | 10.372.55 | 9,121.67 | 8,339.41 | 10,372.55 | 8.339.41 | 11,052.02 |
| c. Unallocated | 1.728.47 | 1,533.42 | 6,741.13 | 1,728.47 | 6,741.13 | 6,555.51 |
| Total segment liabilities | 38,097.36 | 40,193.49 | 45,008.83 | 38,097.36 | 45,008.83 | 44,593.01 |
See accompanying Notes to the financial results
* Refer Note - 3
** Segment results are net of exceptional items of INR 1,525.11 Lakhs for Specialties and INR 2,270.34 Lakhs for Polystyrene for the nine months ended December 31, 2019 and for the year ended March 31, 2020.
Note on segment information
Business segment
Segment 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 principle expenditure in individual segments.
Head Office: INEOS Styrolution India Limited CIN : L25200G/1973PLC002436 5th Flour, Ohm House-II, Ohm Business Park, Subhangura, Vadodara - 390 023, Gujarat, India Tele: +91 265-2303201/02 Fax No: +91 265-2303203 E Mail: [email protected] Website : www.ineosstyrolutionindia.com
Registered Office : INEOS Styrolution India Limited CIN : L25200GI1973PLC0024365th Floor, Ohm House-II, Ohin Business Park, Subhanpura, Vadodara - 390 023, Gujarat, India Tele: +91 265-2303201/02 Fax No: +91 265-2303203
INEOSSTYROLUTION
INEOS Styrolution India Limited 5th Floor, Ohm House-II, Ohm Business Park, Subhanpura, Vadodara - 390 023, Gujarat, India
Notes:
-
The Statutory Auditors of the Company have carried out a limited review of the results prepared under Ind AS 34 for the quarter ended December 31, 2020. The limited review report does not contain any modification or qualification.
-
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 February 10. 2021.
-
In respect of one of the leasehold lands, the Company has received a provisional order from the relevant authority, demanding INR 1,940.11 Lakhs towards fees and nonutilization of land charges. Accordingly the Company has created the provision for the said amount during the year ended March 31, 2020. In view of the said provisional order, the Company has reviewed its other similar leases for potential liability and accordingly, based on the assessment and best estimates of the management, a further provision of INR 1,855.34 Lakhs has been made during the year ended March 31, 2020 in respect of transfer fees for those leases. The Management is in the process of evaluating various remedial measures that can be taken.
-
The outbreak of Covid-19 pandemic and consequent lockdown impacted regular business operations. Gradually the operations have started attaining normalcy.Accordingly results of nine months ended on December 31, 2020 are business activities caused due to Covid-19 pandemic during first quarter. The Company has assessed the impact of COVID-19 on its assets, including property, plant and equipments, receivables, inventories, etc. and it was concluded that the impact is not significant. However, the estimate of the impact of COVID-19 may differ from the same ascertained up to the date of approval of these financial results by the Board of Directors, based on how the COVID-19 situation evolves over a period of time.
-
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 the nine months ended December 31,2020 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.
For INEOS STYROLUTION INDIA LIMITED
Saniiv Vasudeva Digitally signed by Sanjiv VasudevaDate: 2021.02.10 13:58:48 $+0530$
Saniiv Vasudeva Managing Director and CEO DIN: 06570945
Place: Vadodara Date: February 10, 2021
Registered Office:
INEOS Styrolution India Limited 5th Floor, Ohm House-II, Ohm Business Park, Subhanpura, Vadodara - 390 023, Gujarat, India CIN: L25200GJ1973PLC002436 Tele: +91 265-2303201/02 ; Fax No: +91 265-2303203 E Mail: [email protected] V/ebsite : www.ineosstyrolutionindia.com
Digitally signed by KARTIKEYA KARTIKEYA DHARMEND DHARMENDRA RAVAL Date: 2021.02.10 RA RAVAL 14:19:10 + 05'30"
Head Office: INEOS Styrolution India Limited CIN: L25200GJ1973PLC002436 Sth Floor, Ohm House-II, Ohm Business Park, Subhanpura Vadodara - 390 023, Guiarat, India Tele: +91 265-2303201/02 Fax No: +91 265-2303203 E Mail: [email protected] Website : www.ineosstvrolutionindia.com Registered Office : INEOS Styrolution India Limited ON: L25200GJ1973PLC002436 Sth Floor, Ohm House-II. Ohm Business Park, Subhanpura Vadodara - 390 023, Guiarat, India Tele: +91 265-2303201/02 Fax No: +91 265-2303203
Deloitte Haskins & Sells
Chartered Accountants 19th floor, Shapath-V S.G. HighwayAhmedabad-380 015 Gujarat, India
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 INFOS STYROLUTION INDIA LIMITED
-
- We have reviewed the accompanying Statement of Unaudited Financial Results of INEOS STYROLUTION INDIA LIMITED ("the Company"), for the quarter and nine months ended 31st December, 2020 ("the Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Requlations, 2015, as amended.
-
- 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.
-
- 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.
-
- 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 Requlation 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.
Deloitte Haskins & Sells
- The comparative financial information of the Company for the quarter and nine months ended December 31, 2019 and for the year ended March 31, 2020, prepared in accordance with Ind AS included in this Statement have been reviewed / audited by the predecessor auditor. The reports of the predecessor auditor on these comparative financial information dated 7th February, 2020 and 25th June, 2020 respectively, expressed an unmodified conclusion / opinion.
For DELOITTE HASKINS & SELLS Chartered Accountants (Firm's Registration No. 117365W)
Digitally signed by KARTIKEYA KARTIKEYA DHARMENDR OHARMENDRA RAVAL Date: 2021.02.10 A RAVAL 14:16:38 +05'30"
Kartikeya Raval (Partner) (Membership No. 106189)
(UDIN:21106189AAAABW8762)
Place: Ahmedabad Date: February 10, 2021