Vardhman Polytex Ltd. — Interim / Quarterly Report 2019

Feb 13, 2019

REF: VPL: SEC: FEB:2018-19 Date: L3.O2.2OL9

The Listing Department,	The Listing Department,
National Stock Exchange of lndia Ltd,	BSE Limited,
"Exchange Plaza"	25th Floor,
Bandra-Kurla Complex,	P.J Towers
Bandra (East),	Dalal Street Fort,
Mumbai-400051	Mumbai-400001
Scrip Code: VARDMNPOLY	Scrip Code:5L4t75

SUBJECT: Outcome of Board meeting held on L3.02.2019 and Submission of Unaudited Financial Resutts for year quarter ended 31't December, 2OL8 [Regulation 30 & 33 of SEBI (Listing Obligations and Disclosure Requirements), Regulations 20151

Dear Sir/Madam,

please take note that the Board of Directors of the company in its meeting held today i.e 13th February,2019, inter alia, has approved the Unaudited Financial Results of the Company for the quarter ended 31't December, 2018. Pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, we enclose herewith Unaudited Financial Results for the quarter ended 31't December, 20!8 along with Limited Review Report thereon by the Statutory Auditors.

The meeting of Board of Directors commenced at 04.00 P.M. and concluded at 05.30 P.M.

Thanking you, Yours faithfully,

For Vardhman Polytex Limited

Vardhman Po ytex Ltd An Oswal Group'Company Cl N : L1 7 1 22P81 980PLC004242

Corp. Office: Vardhman Park, Chandigarh Road Ludhiana - 141123 Punjab (lndia). Tel: +91 -1 61 -6629888 www.vpl.in info@vpl.in

VARDHMAN POLYTEX LTD.

Regd. Office : 'Vardhman Park, Chandigarh Road, Ludhiana - 141123'

CIN: L17122P81980PLC 004242, PHONES:0151-2685301-04,6629888, FAX :6629988, E-Mail- info@vpl.in, Web: www.vpl.in

UNAUDITED F!NANCIAL RESULTS FOR THE QUARTER ENDED 31ST DECEMBER,2O18

		For the quarter ended9 Months Ended					Rs. lnkhYear ended
Sl. No	Pa rtic u la rs	31.12.2018	30.09.2018	31.12.2017	31.12.2018	31.12.2017	31.03.2018
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
	Revenue from Operations		20,094.59	1 3308 3B	59,727.64	43.961 48	62,135.95
2	Other lncome	20268 5483.66	86 '11	89 86	235.14	425 09	420 46
3	Total lncome (1+2)	20352.20	20180.70	13398.24	59962.78	44386.57	62,556.41
4	Expenses
	A) Cost of material consumed	14434 87	15,150 01	8925.02	43,248.38	29,178 71	42,181.93
	B) Purchase of Traded Goods	47 4.45	452.14	945.57	1,405.36	3,1 16 14	4 310.64
	c) changes in inventories of finished goods, stock in trade and work in progress	866 43	(287 21)	67.70	643.55	2,582 56	2,243.15
	D) Excise DutyE) Employee benefits expenseF) Finance costsG) Depreciation and amortisation expenseH) Other Expenditure	1 398 B01474 17459.63	1,577 .431,486.92460.403,327.67	1 096 281540.40512.372281 51	4,302.364,51 1.661,379 5110,354.93	3.614.404,746.011,557 989,358.34	0.084,794 586,566.952.052.1012,918.78
	Total Expenses	3220 5222328.87					75,068.21
5	Profit from operations before tax and exceptional items (3-4)	(1,976.67)	22167.36(1,986.66)	15358.85('1,970.62)	65845.75(5,882.97)	54154.14{.9,767.s7t.	(12,s11.80)
6	Exceptional items			0		12,227.89	29,876.50
7	Profit before tax and after exceptional items (5-6)	(1,976.67)	(1,986.66)	(1,970.62)	(5,882.97)	(21,995.46)	(42,388.30)
8	Tax expense
9	Net Profit after tax (7-8)	(1,976.671	(1,986.66)	(1,970.621	(5,882.97)	(21,995.46)	(42,388.30)
	Other comprehensive income/ (loss), net of tax	(8 55)	(8 55)	22.28	(25 65)	66 84	(34 1e)
10	Total comprehensive lncome for the period [comprising profit / (loss) forthe period (after tax) and Other Comprehensive lncome (after tax)l	(1,985.22)	(1,995.21)	(1,948.34)	(5,908.62)	(21,928.62!.	(.42,422.49!.
11	Paid-up equity share capital (Face value-Rs 10 per equity share)	2232 54	2232.54	2232.54	2232.54	2232.54	2232.54
	Reserves (excluding revaluation reserves)						(33,912.46)
	Earnings per share (of Rs 10 each) (for the period - not annualized)
	- Basic (Rs.)	(8 87)	(8 e1)	(8 84)	(26.3e)	(e8 67)	(1e0 16)
	P oL Y- DilutedRs.	o	8.91	8.84	6.	8.67	190.16
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Notes
1	2018 have been reviewed by Statutory Auditors as per regulation 33 of SEBI (Listing Obligation and Disclosure Requirments) Regulations 20iS.
2	additional liabilily, if any on lhis accounl, will be booked as and when tinalised.
?	eroded in earlier quarters the Management is ofthe view thal the company is an operative company and lhe financialstatements have been prepared on a going concern basis
4
EJ	companies Acl, 20'13 read with relevent rules issued thereunder and SEBI'S circular no. CIR/CFD/FAC/62/2016 dated July 5, 2016. and the managemenl has exercised necessar duediligence to ensure that lhe unaudited financial results present a lrue and fair view oflhe company,s affaks.
6	the quarter ended 30th Seplember, 2018.
7	The business of lhe company fall within a single primary segment viz, Textile and hence, the disclosure requirement of lN D AS '108, Operaling Segment' is not applicable
8	Figures relating to previous period have been regrouped/rearranged, wherever necessary to make them comparable with those ofthe current period
PlaceDate	For VardhmanLtd.(P o(A)owal)Ludhiana((Chairman & Managing Director)+LUDHIAIIA)13th Februa,2019lN-0000971\

a th

CHARTERED ACCOUNIANTS G.T. ROAD, MILLER GANJ, LUDHIANA-I41003 Phones: 2532920, 2534289.

INDEPENDENT AUDITOR,S REVIEW REPORT ON REVIEW OF TNTERIM STANDALONE F!NANCIAL RESULTS

To

The Board of Directors, Vardhman Polytex Ltd. Ludhiana

1. lntroduction

We have reviewed the accompanying statement of unaudited standalone financial results of Vardhman Polytex Limited (The company) for the quarter and nine months ended December 31.,201,8 ("the statement") prepared by the company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligation and disclosure requirements) Regulations, 201.5 read with SEBI circular no. ctR/]FD/FAC/62/2016 dated 5th July 2016.

This Statement which is the responsibility of the Company's Management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the lndian Accounting Standard 34 "lnterim Financia! reporting" (lnd AS 34) prescribed under Section 133 of the Companies Act,2013 read with relevant rules issued thereunder and other accounting principles generally accepted in lndia. Our responsibility is to issue a report on these financial results based on our review.

2. Scope of Review

We conducted our review in accordance standard on Review Engagements (SRE) 2410, "Review of lnterim Financial lnformation Performed by the lndependent Auditor of the Entity," issued by the lnstitute of Chartered Accountants of lndia. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the statements are free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financia! data and thus provide less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

3. Basis of Qualified opinion

The company had credited profit of Rs 396.44 lacs due on payment of FCCB liability to the statement of profit & loss during the period ending March 3L,2017 and March 31,2018. This profit should have been credited in the statement of profit & loss on payment of FCCB Iiability which is still outstanding to the tune of 554,160 USD as on December 31,2OL8. The same has not been addressed in the current period under audit.

4. Qualified Opinion

Based on our review in conduct as above, except for the effect of our observation stated in Para 3 above, nothing has come to our attention that causes us to believe that the accompanying statement prepared in accordance with lndian Accounting Standards as specified under section 133 of the companies Act, 2013 read with Companies (Accounts) Rules, 2015 and other recognized accounting practises and policies generally accepted in lndia, has not disclosed the information required to be d sof Regulation 33 of the SEB! (Listing Obligations and Disclosure Requirements) Regulat with

SEBI circular no. CIR/CFD/FAC/62/2016 dated 5th July 2016 including the manner in which it is to be disclosed, or that it contains any material misstatement.

For Romesh K Aggarwal & Associates Chartered Accountants FRN 4000711N

Ruchir Singla Partner VOHING M. No. 519347

ì,

Place - Ludhiana Dated - February 13, 2019