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Styrenix Performance Materials Limited Interim / Quarterly Report 2021

Nov 12, 2021

60520_rns_2021-11-12_14527f8b-5582-4c35-94cf-96dedd156676.pdf

Interim / Quarterly Report

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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: [email protected] 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
STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
INR in Lakhs
INR in Lakhs
For the year
For the quarter ended
For the Half Year ended
ended
Sep 30, 2021
Jun 30, 2021
Sep 30, 2020
Sep 30, 2021
Sep 30, 2020
Mar 31, 2021
Particulars
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Audited)
58,848.37
45,472.31
39,458.46
104,320.6
51,010.51
II. Other income
694.85
436.99
443.71
1,131.84
572.12
III. Total income (I+II)
59,543.22
45,909.30
39,902.17
105,452.5
51,582.63
Cost of materials consumed
37,094.12
29,036.95
24,931.81
66,131.07
32,400.99
Changes in inventories of finished goods and work-in-progress
2,246.60
(2,657.78)
1,427.17
(411.18)
3,001.63
Employee benefits expense
1,743.15
1,930.29
1,641.40
3,673.44
3,271.44
Finance costs
149.55
315.50
367.46
465.05
608.57
Depreciation and amortisation expense
966.57
912.26
891.28
1,878.8
1,770.09
Other expenses
5,282.05
4,528.61
5,136.34
9,810.66
8,094.07
Total expenses (IV)
47,482.04
34,065.83
34,395.46
81,547.8
49,146.79
12,061.18
11,843.47
5,506.71
23,904.6
2,435.84
VI. Tax expense
Current tax
2,978.18
3,219.48
410.44
6,197.6
410.44
Deferred tax charge / (credit)
80.38
20.91
1,512.15
101.
443.79
3,058.56
3,240.39
1,922.59
6,298.95
854.23
9,002.62
8,603.08
3,584.12
17,605.7
1,581.61
VIII. Other comprehensive income
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)
Income
tax
relating
to
remeasurements
of
defined
benefit
plans
4.25
10.52
7.14
14.7
16.96
VIII.Total other comprehensive income, net of tax
(12.63)
(31.26)
(13.27)
(43.
)
(31.55)
IX. Total comprehensive income for the period (VII + VIII)
8,989.99
8,571.82
3,570.85
17,561.8
1,550.06
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
Basic and Diluted (INR)
51.19
48.92
20.38
100.11
8.99		 INEOS Styrolution India Limited 5th Floor, Ohm House-II, Ohm Business Park, Subhanpura,
163,148.40
1,305.18
164,453.58
7,080.59
1,464.08
3,603.02
18,292.64
126,846.20
37,607.38
9,367.96
217.90
28,021.52
(96.37)
24.26
(72.11)
27,949.41
95,318.15
1,087.72
9,585.86
1,758.56
159.34		 I. Revenue from operations
IV. Expenses
V. Profit before tax
Total tax expense (VI)
VII. Profit for the period (V-VI)
Paid-up equity share capital
XI. Earnings per share (Not annualised)
Nominal value per equity share of INR 10 each

INEOS STYROLUTION INDIA LIMITED

INEOS STYROLUTION INDIA LIMITED
STATEMENT OF ASSETS AND LIABILITIES
INR in Lakhs
Particulars As at Sep 30, 2021
(Unaudited)		 As at Mar 31, 2021
(Audited)
ASSETS
1 Non-current assets
(a) Property, plant and equipment		 31,533.05 32,807.79
(b) Right-to-use Assets 4,062.56 4,103.87
(c) Capital work in progress 2,747.43 2,971.14
(d)
Financial assets
(i) Investments
(ii) Loans		 95.47
6.92		 58.14
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
2 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
(iii) Bank balance other than (ii) above		 23,308.72
20,201.87		 13,887.99
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
TOTAL ASSETS		 101,924.44
141,377.74		 90,413.74
131,337.99
II EQUITY AND LIABILITIES
1 Equity
(a) Equity share capital 1,758.56 1,758.56
(b) Other equity
Total equity		 102,922.70
104,681.26		 87,119.44
88,878.00
2 Non-Current liabilities
(a) Financial liabilities
(i) Borrowings
(ii) Lease liabilities		 948.43
3,899.82		 3,319.08
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 liabilities 9,613.02 11,955.34
3 Current liabilities
(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
(b) Contract liabilities		 1,428.21
569.60		 4,020.00
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 liabilities
TOTAL EQUITY AND LIABILITIES		 36,696.48
141,377.74		 42,459.99

INEOS STYROLUTION INDIA LIMITED
STATEMENT OF CASH FLOWS FOR THE HALF YEAR ENDED SEPTEMBER 30, 2021		 INEOS Styrolution India Limited
5th Floor, Ohm House-II,Ohm Business Park,		 INR in Lakhs
For the Half Year ended For the Half Year ended
Particulars Sep 30,2021 Sep 30, 2020
(Unaudited) (Unaudited)
Cash flow from operating activities :
Profit before tax
Adjustments for :		 23,904.6 2,435.84
Depreciation and amortisation expense 1,878.8 1,770.09
Interest Income on deposits (498.00) (47.75)
Gain on termination of lease contract
(Gain) / Loss on fair valuation of investment (Net)		 (6.66)
(37.33)		 (7.88)
(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)
Provision / Credit balances no longer required written back		 6.19
(445.19)		 (147.85)
(23.92)
Allowance for doubtful debts (net) (2.10) (36.33)
1,379.2 2,263.77
Operating profit before change in operating assets and liabilities
Adjustments for :		 25,283.8 4,699.61
(Increase)/decrease in inventories 1,238.45 8,548.51
(Increase)/decrease in trade receivables
(Increase)/decrease in loans		 3,627.24
(12.05)		 (2,233.64)
(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
Increase/(decrease) in trade payables		 2,833.50
(2,187.30)		 2,369.69
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 provisions
Increase/(decrease) in other current liabilities		 (27.21)
834.73		 (23.65)
45.12
Cash generated / (used in) from operations 4,832.17
30,116.0		 13,089.32
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
(Investment in) / proceeds of Bank balances not held as cash and		 14.39
(9,824.28)		 160.67
4.16
cash equivalents
Interest Income on deposits		 453.57 47.75
Net cash outflow from investing activities (9,420.0
)		 (671.42)
Cash flow from financing activities :
C Proceeds/(repayment) of current borrowings (1,911.11) (8,194.55)
Principal elements of lease payments (316.74) (253.02)
Proceeds/(repayment) of non current borrowings (2,488.89) -
Interest paid
Dividend on equity shares (including dividend distribution tax and		 (447.96) (859.33)
payment from unclaimed dividend account) (1,762.74) (4.16)
Net cash (outflow)/inflow from financing activities
Net (decrease)/increase in cash and cash equivalents		 (6,927.44)
9,420.73		 (9,311.06)
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
Particulars		 INEOS STYROLUTION INDIA LIMITED 5th Floor, Ohm House-II, Ohm Business Park, Subhanpura,
INR in Lakhs INR in Lakhs
For the quarter ended For the Half Year ended For the year
ended
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
(b) Polystyrene		 40,835.02
18,013.35		 28,793.29
16,679.02		 27,366.54
12,091.92		 69,628.31
34,692.3		 35,008.94
16,001.57		 114,725.78
48,422.62
Total 58,848.37 45,472.31 39,458.46 104,320.6 51,010.51 163,148.40
Less : Inter segment revenue
Revenue from operations		 58,848.37 -
-
45,472.31		 -
39,458.46		 -
104,320.6		 -
51,010.51		 -
163,148.40
2. Segment results
(Segment profit before interest and tax)
(a) Specialties		 8,960.58 8,639.48 3,528.89 17,600.06 1,094.12 29,152.67
(b) Polystyrene
Total		 2,998.88
11,959.46		 3,314.49
11,953.97		 2,153.94
5,682.83		 6,313.37
23,913.43		 1,736.03
2,830.15		 9,413.80
38,566.47
Add/(Less): (i) Finance cost
(ii) Interest income		 (149.55)
254.76		 (315.50)
243.59		 (367.46)
156.33		 (465.05)
498.35		 (608.57)
189.80		 (1,464.08)
436.44
(iii) Other unallocable income / (expenditure) (net)
Profit before tax		 (3.49)
12,061.18		 (38.58)
11,843.47		 35.01
5,506.71		 (42.0
)
23,904.6		 24.46
2,435.84		 68.55
37,607.38
3. Segment assets
a. Specialties
b. Polystyrene		 78,186.69
19,297.41		 78,149.13
25,284.61		 75,995.02
16,907.95		 78,186.69
19,297.41		 75,995.02
16,907.95		 84,277.04
22,516.85
c. Unallocated
Total segment assets		 43,893.64
141,377.74		 29,334.70
132,768.44		 9,769.14
102,672.11		 43,893.64
141,377.74		 9,769.14
102,672.11		 24,544.10
131,337.99
4. Segment liabilities
a. Specialties
b. Polystyrene		 21,347.01
11,531.91		 20,363.26
11,633.43		 29,538.40
9,121.67		 21,347.01
11,531.91		 29,538.40
9,121.67		 28,237.26
12,314.57
c. Unallocated
Total segment liabilities		 3,817.56
36,696.48		 3,321.92
35,318.61		 1,533.42
40,193.49		 3,817.56
36,696.48		 1,533.42
40,193.49		 1,908.16
42,459.99
See accompanying Notes to the financial results
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 principles used in the preparation of these financial results are consistently applied to record revenue and
expenditure in individual segments.
Head Office:
INEOS Styrolution India Limited		 Registered Office :
INEOS Styrolution India Limited
CIN : L25200GJ1973PLC002436
5th Floor, Ohm House-II,		 CIN : L25200GJ1973PLC002436
5th 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
E Mail : [email protected]		 Fax No: +91 265-2303203
Website : 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 : [email protected] 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 : [email protected] 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)

$\left.\begin{array}{l|l} \text{HARDIX SNEHA} & \text{Digitally signed by HARDIK} \ \text{SNEHAL SUTARA} & \text{SNEHAL SUTARA} \ \text{Date: } 2021.11.12\ 13:19:21 \ & \text{+05'30'} \end{array}\right.$

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

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