Visaka Industries Ltd. — Interim / Quarterly Report 2021

Jan 28, 2021

CORP OFF: "VISAKA TOWER", 1-8-303/69/3, S.P. ROAD, SECUNDERABAD - 500 003. TEL: +91-40-2781 3833. 2781 3835, www.visaka.co E-mail: vil@visaka.in

Ref: VlL/SEC/ST. EX/BM-Outcome/2020-21/57 Date: 28 .01 .2021

To .
National Stock Exchange of India Limited	BSE Limited
Exchange Plaza, 5'h Floof.	The Senior General Manager,
PIO[ No. C/1G Block, Bandra Kurla Complex,	Listing Compliances, Floor 25, P. J. Towers,
Bandra (East), Mumbai - 400 051	Dalal Screet, Mumbai - 400 001
Scrip Code - VISAKAlND	Scrip Code - 509055

Sub: Outcome of the Board Meeting held on 2801.2021

Ref: Regulation 33 and 30 of SEEI (LODR) Regulations 2015

Dear Sir/s.

With reference ro above. we wish (0 inform you [ha[ Board of Dln:::ctors in their aforesaid meeting has, inter-alia, approved:

• (a) Audited FinanciaJ Results of the company (horn s(andalone and consoLidared) for the third guaner / nine months ended December 31. 2020, as reviewed and recommended by the Audit Committee of the Board; (pursuant (() Regulation 33 of the SEBl (Liscing ObugaLions and Disclosure Requirements) Regulacion, 2015, \VC enclose St:uement showing the Audited Financial Resuhs (standalone and consolidated) for the third / n.ine monrhs ended December 31, 2020 along with the Auditors' Report thereon.)
• (b) Approved payment of firsr inrerim dividend of Rs.S/ per share (i .e.) 50%) on eguiry share of Rs.1 0/ each fully paid-up for the currenr financial year 2020-21 . The said interim dividend wiU be paid to those members whose names appear in the Register of Members of the Company as on February 09, 2021, being the record dare fixed for this purpose.
• (c) Expansion of Panels division by serdng-up a new unit in UdumaJper, Tamilnadu. Pursuam to Regulation 30 of Listing Regulations derails of [he same are as follows:

a	Existing capaciry per annum	19750 MT
b	Existing capacity utilization	80%
c	Proposed capacity addition per annum	10000 MT
d	Period v.r1thin whi ch the proposed capacity is to be added	Thirteen Months
e	Jnve$tmcnr required	1375 Lacs
r	lVIode of flntlncing	Internal Accruals
g	Rationale: (0 meet the growing demand of soulhern markers.

Cd) The Audiror has expressed an unmodified opll1lOn(s) on the audited financial results of the company (standalone and consolidared) for the rnird qu:urcr / nine monrns ended December 31,2020.

The meeting of rhe Board of 0 irecrors commenced at 11.30 Hrs and concluded at 14.15 Hrs. This is for your information and records please.

Thanking you ,

Your~ fai[hfuUy.

SAKA INDUSTRIES LIMITED

I SRINIVAS

Vice President (Corporate Affairs) & Company Secreta

Encl. ;t/?

Regd. Office & Factory	: A.C. Division I, Survey No. 315, Yelumala Village, R.C. Puram Mandai, Sanga Reddy District, IS, Pin 502 300.
Factory: A.C. Division II	: Survey No. 170/1, Manikantham Village, Paramathi-Velur Taluq, Namakkal District, Tamil Nadu, Pin 637 207.
Factory: A.C. Division III	: GAINo.70/3A & 70/3A13 & 70/1B &70/1C, Sahajpur Industrial Area, Nandur M, Daund (Tq), Pune, Maharashtra, Pin 412 020.
Factory: A.C. Division IV	: Plot No.11, 12,18 To 21 & 30, Changsole Mouza, Bankibundh G.P. No.4, Salboni Midnapur West, W.B, Pin 721147.
Factory: A.C. Division V	: Survey No. 90/2A 90/2827/1, G.Nagenhalli Village, Kempannadodderl Post, Kestur Road, Kora Hobli, Tumkur Dist, Karnataka, Pin 572 138.
Factory: A.C . Division VI	: Village & Post, Kannawan, PS Bachrawan, Tehsil Maharajgunj, Dist Raebareli, U.P, Pin 229 301.
Factory: A.C. Division VII	: Survey No. 385, 386, Jujjuru (V), Near Kanchikacharla, Veeru lapadu (M), Krishna Dist, A.P, Pin 521 181.
Factory: A.C. Division VIII	: Plot No. 1994 (P) 2006, Khata No. 450, Chaka No. 727, Paramanpur (V), P.S. Sason, Tehsil Maneswar, Sambalpur Dist, Odisha, Pin 768 200.
Factory: Textile Division	: Survey No. 179 & 180, Chiruva Village, Mouda Taluk, Nagpur District, Maharashtra, Pin 441104.
	Factory : V-Boards Division I : Gajalapuram Village, Kukkadam Post, Vemulapaly Mandai, Adjacent to Kukkadam Railway Station, Nalgonda Dist, IS, Pin 508207.
	Factory: V-Boards Division II : GAT No: 248 & 261 to 269, Delwadl Village, Daund Taluq, Pune Dist, Maharashtra, Pin 412 214.
	Factory: V-Boards Division III : Mustil Nos. 106, 107 & 115, Jhaswa Village, P.S. & Tehsil Salawas, Jhajjar, Haryana, Pin 124 146.

INDEPENDENT AUDITOR'S REPORT

$To$ The Board of Directors. M/s. Visaka Industries Limited, 1-8-303/69/3, Visaka Towers, S.P.Road, Secunderabad-500 003.

Report on the Audit of the Standalone Financial Results

Opinion

• 1. We have audited the accompanying standalone quarterly financial results of Visaka Industries Limited (hereinafter referred to as "the company") for the quarter ended December 31, 2020 and the year to date results for the period from April 01, 2020 to December 31, 2020, attached herewith(the "results"), which are included in the accompanying "Audited standalone financial results for the Quarter and Nine months ended December 31, 2020" (the Statement), being submitted by the company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").
• 1. In our opinion and to the best of our information and according to the explanations given to us, the results:
  • (i) are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
  • (ii) give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards prescribed under Section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India, of the net profit and other comprehensive income and other financial information for the quarter ended December 31, 2020 as well as the year to date results for the period from April 01, 2020 to December 31, 2020.

Basis for Opinion

1. We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013 (the Act) and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Standalone Financial Results section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial results under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Management's Responsibilities for the Standalone Financial Results

1. These results have been prepared on the basis of the interim financial statements. The Company's Board of Directors are responsible for the preparation of these financial results that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standard (Ind AS) 34, 'Interim Financial Reporting' prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing

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Price Waterhouse & Co. (a Partnership Firm) converted into Price Waterhouse & Co Chartered Accountants LLP (a Limited Liability Partnership with LLP identity no:LLPIN AAC-4362) with effect from July 7, 2014. Post its conv 304026E/E-300009 (ICAI registration number before conversion was 304026E)

includes maintenance of adequate accounting records in ':IN'rmri':lt'''''' of the assets of the Company and for preventing and

frauds and other and application of appropriate accounting judgments and estimates that are reasonable and prudent; and design, implementation adequate internal financial that were operating effectively for ensuring the completeness of the relevant to the preparation and presentation of the a true and fair view and are material whether due to fraud or error.

• 1. In preparing the results, the Board of Directors are responsible for assessing the Company's continue as a going concern, matters related to going concern and using the concern basis of accounting either intends to liquidate the or to cease operations, or has no realistic
• 1. The Board of Directors are also U:"IlVJ",:nUIC for oversl~~~illg, lhe Cumpany'::; finaneial reporting process.

Auditor's Responsibilities for the Audit

• 1. Our objectives are to reasonable assurance about whether the results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will detect a misstatement when it exists. Misstatements can arise from fraud or error and are material if, or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these results.

• of an audit in with we exercise judgment and maintain professional throughout the audit. We also:

  • Identify and assess the risks of material misstatement of the standalone financial results, whether due to fraud or error, design and responsive to those risks, and obtain audit evidence that is sufficient and for our opinion. The risk of not detecting a material misstatement one resulting from error, as fraud may involve collusion, forgery, intentional or the override of internal control.
  • Obtain an understanding of internal control that are appropriate in the circumstances, but not effectiveness of the company's internal controL to the in order to design audit procedures the purpose of an opinion on the
  • Evaluate the appropriateness of aC(~OUllltl estimates and related disclosures made by used and the reasonableness of accounting of Directors.
  • Conclude on the appropriateness of the Board concern basis of accounting based on the audit evidence whether a exists related to events or ,",V"H .. "'",-"", that may cast significant we conclude that a material to the related disclosures in the results or, if opinion. Our conclusions are based on the audit evidence However, future events or conditions may cause the ~~'H""'H to as a going concern. If attention in our auditor's report are inadequate, to modify our up to the of our auditor's report. to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the results, including the disclosures, and whether the financial results represent the underlying transactions and events in a manner that achieves fair presentation.

• 1. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
• 1. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

For Price Waterhouse & Co Chartered Accountants LLP Firm Registration Number: 3040:l6E/E-30ooo,:)

VARADARAJAN NAV AN EETHA KRISHNAN +05'30'

Digitally signed by VARADARAJAN NAVANEETHA KRISHNAN Date: 2021.01.2813:50:09

UDIN: 21090196AAAAAE6926 Place: Secunderabad Date: January 28,2021

N.K. Varadarajan Partner Membership Number: 090196

	VISAKA INDUSTRIES LIMITEDRegd.Office: Sunrey No.315, Yelumala Village, R.C.Puram Mandai, Sangareddy District - 502300, Telangana State
			CI N :L52520TG1981PLC003072
	AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31,2020(~in Lakhs)
		Quarter ended			Nine months ended		Year ended
SI.No	Particulars	31-12-2020	30-09-2020	31-12-2019	31-12-2020	31-12-2019	31-03-2020
		Audited	Audited	Audited	Audited	Audited	Audited
1	Revenue from 0 perations	28,068.76	22,618.43	24,144.33	79,205.72	82,267.75	1,05,038.46
2	Other Income	218.42	242.86	142.75	616.86	495.41	662.04
3	Total Income (1+2)	28,287.18	22,861.29	24,287.08	79,822.58	82,763.16	1,05,700.50
4	Expenses
	a )Cost of Materia Is consu med	13,307.59	12,192.64	10,667.15	33,986.31	37,936.37	48,783.22
	b)Purchase of Stock -In-trade	52.87	25.34	44.56	138.76	82.63	156.70
	c)Changes in Inventories offinished goods and work inprogress	(347.38)	(3,118.43)	1,146.28	1,853.31	2,660.20	2,381.91
	d)Employee benefits expense	2,856.09	2,979.16	2,876.80	8,763.76	8,819.23	11,602.21
	e)Finance costs	273.87	301.91	426.00	970.21	1,274.23	1,7 40.84
	f) Depreciation a nd a mortisation expense	1,010.95	1,003.63	1,003.37	2,994.46	3,102.61	4,096.51
	g)Other Expenses	8,020.08	6,481.07	7,270.95	20,396.88	23,931.33	31,227.45
	Total expenses	25,174.07	19,865.32	23,435.11	69,103.69	77,806.60	99,988.84
5	Profit before exceptional Items a nd tax (3-4)	3,113.11	2,995.97	851.97	10,718.89	4,956.56	5,711.66
6	Exceptional items
7	Profit before tax (5-6)	3,113.11	2,995.97	851.97	10,718.89	4,956.56	5,711.66
8	Tax expense
	Current tax	838.74	804.40	207.53	2,860.86	1,350.34	1,366.10
	Deferred tax	(29.95)	(38.90)	29.52	(118.61)	(637.57)	(583.94)
9	Net Profit for the period after tax (7-8)	2,304.32	2,230.47	614.92	7,976.64	4,243.79	4,929.50
10	Other Comprehensive Income
	Item s th at will not be reclassified to profit or loss
	(a) Remeasurement of post - employment benefitobligations		48.95	(126.38)	48.95	(379.13)	(221.89)
	(b) Income tax relating to item (a) above		(12.32)	31.80	(12.32)	95.42	55.85
	Other Comprehensive Income (net oftax)		36.63	(94.58)	36.63	(283.71)	(166.04)
	11 Total Comprehensive Income after tax	2,304.32	2,267.10	520.34	8,013.27	3,960.08	4,763.46
12	Paid-up equity share capital (Face Value of ~ 10/- perShare)	1,648.10	1,608.10	1,588.10	1,648.10	1,588.10	1,588.10
13	Earnings Per Share (NotAnnualised)
	Basic ~	14.16	13.94	3.87	49.69	26.72	31.04
	Diluted ~	13.95	13.77	3.87	49.27	26.72	31.04

Notes:

1.The above sta nda lone financia I resu Its were reviewed by the Aud it Com mittee and ta ken on record by the Boa rd of Directors of the Company at its meeting held on January 28, 2021. The financia I resu Its for the quarter and nine months ended December 31, 2020 have been aud ited by the Company's Statutory Aud itors.

2.During the quarter ended September 30, 2020, the Company had allotted 12,00,000 convertible warrants to the promoters group each carrying a right exercisable by the warrant holder to subscribe one equity share per warrant, at a price of Rs.241/- each aggregating to Rs.28.92 crs and received a sum of Rs.7.23 crs during the quarter ended September 30, 2020 being 25% of the warra nt issue price. Bala nce 75% is payable by the warra nt holder at the time of allotment of the equ ity sha re wh ich may be exercised at a ny time before expiry of 18 months from the date of allotment of warra nts, fa iling wh ich the wa rrants shall la pse a nd the amou nt pa id sha II sta nd forfeited by the Com pa ny. Out of these, du ring the qua rter ended December 31, 2020, the Compa ny had allotted 4,00,000 fully pa id equ ity shares offace value Rs.I0/- each against 4,00,000 convertible wa rrants after receiving the ba lance a mou nt. Convertible wa rra nts outsta nding as at December 31, 2020 - 800,000.

1. The impact of Covid -19 pandemic has been felt across the economy and business segments. Consequent to significant opening up of the economic activity in the country, the dema nd for the compa ny's products has improved compa red to that during the in itial phases of Covid-19 includ ing the lock down period. All the business segments of the Company have recovered and resumed to normal. In preparation of these financial results, the Company has taken into account both the current s ituat io nan d I ike Iy futu re d eve 10 pm e nts.

2. The Boa rd of Directors recommended a n interim dividend of Rs 5/- per share (50%) on equ ity shares of Rs 10/- each, for the fina ncia I yea r 2020-21.

5.The Code on Social Security 2020 (Code), which received the Presidential Assent on 28 September 2020, subsumes nine laws relating to social security, retirement a nd employee benefits, includ ing the Employees Provident Fu nd and M iscella neous Provisions Act, 1952 a nd the Payment of Gratuity Act, 1972. The effective date of the Code is yet to be notified and related rules are yet to be framed. The impact ofthe changes, if any, will be assessed and recognised post notification ofthe relevant provision.

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STANDALONE SEGMENTWISE REVENUE, RESULTS, ASSETS AND LIABILITIES

							(₹ in Lakhs)
		Quarter ended			Nine months ended		Year ended
Sl.No	Particulars	31-12-2020	30-09-2020	31-12-2019	31-12-2020	31-12-2019	31-03-2020
		Audited	Audited	Audited	Audited	Audited	Audited
	1 Segment Revenue
	(a) Building products	23,577.80	20,190.35	18,848.60	70,956.75	66,008.75	83,460.92
	(b) Synthetic blended yarn	4,490.96	2,428.08	5,295.73	8,248.97	16,259.00	21,577.54
	Total Revenue	28,068.76	22,618.43	24,144.33	79,205.72	82,267.75	1,05,038.46
	2 Segment Results
	Profit before tax and interest from each segment
	(a) Building Products	3,902.19	3,921.23	1,258.09	13,950.48	6,117.83	7,118.40
	(b) Synthetic blended yarn	320.64	(167.45)	652.52	(490.68)	2,064.19	2,810.50
	Total	4,222.83	3,753.78	1,910.61	13,459.80	8,182.02	9,928.90
	Less:
	(i) Interest	273.87	301.91	426.00	970.21	1,274.23	1,740.84
	(ii) Other unallocable expenditure net of unallocable
	income	835.85	455.90	632.64	1,770.70	1,951.23	2,476.40
	Total Profit before tax	3,113.11	2,995.97	851.97	10,718.89	4,956.56	5,711.66
	3 Segment Assets
	(a) Building products	69,060.86	65,756.39	74,364.70	69,060.86	74,364.70	74,398.35
	(b) Synthetic blended yarn	13,782.08	14,809.93	16,010.67	13,782.08	16,010.67	16,055.49
	(c) Unallocated	11,024.81	9.390.27	2,939.47	11,024.81	2,939.47	3,897.86
	Total Assets	93,867.75	89,956.59	93,314.84	93,867.75	93,314.84	94,351.70
	4 Segment Liabilities
	(a) Building products	13,422.84	11,505.01	10,950.20	13,422.84	10,950.20	9,971.48
	(b) Synthetic blended yarn	1,356.71	1,212.61	1,280.25	1,356.71	1,280.25	1,586.41
	(c) Unallocated	18,645.44	19,823.53	28,514.46	18,645.44	28,514.46	32,292.32
	Total Liabilities	33,424.99	32,541.15	40,744.91	33,424.99	40,744.91	43,850.21

We have signed this statement for identification purposes only and this Statement should be read in conjunction with our report dated Jan 28, 2021.

For Price Waterhouse & Co Chartered Accountants LLP Firm Registration Number: 304026E/E-300009

.VARADARAJAN Digitaly signad by varadarajanNAVANEETHA KRISHNAN Dave:2021.01.28 13:51.06 +0.530'

N.K.Varadarajan Partner Membership Number: 090196

Place : Secunderabad Date: 28.01.2021

On behalf of Board of Directors for Visaka Industries Limited

SAROJA GADDAM

is a later and the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state o AMSmt. G. Saroja Vivekanand

Managing Director

Place : Secunderabad Date: 28.01.2021

INDEPENDENT AUDITOR'S REPORT

To The Board of Directors, M/s. Visaka Industries Limited, 1-8-303/69/3, Visaka Towers, S.P.Road, Secunderabad-soo 003.

Report on the Audit of the Consolidated Financial Results

Opinion

• 1. We have audlted the accompanying Statement of Consolidated Financial Results of Visaka Industries T.imitC'n (hrrcinaftcr referred to as the "Holding company") and its subcidiury (holding company and its subsidiary together referred to as "the Group") (Refer note 2 to the Statement) for the (]Hilrtp.r p.nded December 31, 2020 and for the period from April 01, 2020 to December 31, :w:w (the "results") which are included in the accompanying "Audited consolidated financial results for the quarter and nine months ended December 31, 2020 ("the Statement"), beiug submitted by the holding company pursuant to the ref]llirf'ment of Regulation 33 ofthe SEBI (Listing Obligations and Disclosure Requirements) Regulations, 201S, as amended (the "Listing Regulations").
• 1. In our opinion and to the best of our information and according to the explanations given to llS, the results:
  • a. includes the results ofthe subsidiary i.e. V-next SoluLions Private Limited;
  • b. is presented in accordance with the requirements of Regulation 33 of the Listing Regulations, as amended; and .
  • c. gives a true a nd fair view, in eonfonnity with the recognition and measurement principles laid down in the applicable accounting standards prescribed under Section 133 of the Companies Act, 2013, and other accounting prineiples generally accepted in India. of consolidated total comprehensive income (comprising of net profit and other comprehensive income) and other financial infonnation of the Group for the quarter ended December 31, 2020 and for the period from April 01, 2020 to December 31,2020.

Basis for Opinion

1. We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) ofthe Companies Act, 2013 (the Act) and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Results section of our report. We are independent ofthe Group in accordanee with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us other Lilan Lhe unaudited financial information as certified by Management and referred to in the "Other Matter" paragraph below, is sufficient and appropriate to provide a basis for our opinion.

Management's Responsibilities for the Consolidated Financial Results

1. These quarterly financial results as well as the year to date consolidated financial results have been prepared on the basis of the interim financial statements. The Holding Company's Board of Directors are responsible for the preparation and presentation of these consolidated financial results that give a true

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and fair view of the net profit and income and other financial information of the Group in accordance with the recognition measurement principles laid down in Indian Af',ronlln Standard 34, 'Interim Financial under Section 133 of the Act read with issued thereunder and other accepted in India and in '-'VIUpUCU.lC; Regulation 33 of the Listing Board of Directors of the Group are responsible for maintenance adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and for preventing and "",""",,",'1UF. and other irregularities; selection and of appropriate accounting policies; Hl<1l\J.l"5 and estimates that are reasonable and the design, implementation and ml1nterlarlce adequate internal financial were operating effectively for completeness of the accounting relevant to the preparation and presentation financial results that give a true and fair view are free from material mISS1:at!~ment, u"'''~h£,,. or error, which have been for the of preparation of the vV"""V'HV"''-,Y 1111<1"'-"'" the Directors of the Holding

• 5· In preparing the consolidated the respective Board of Directors of the ,",VIJl1lJ"'U in the Group are ability of the Group to "V'UU1U" disclosing, as matters to concern and using the concern unless the respective Board Directors either UH'vU~'" to liquidate the Group or to cease nn,pr"rln,n no realistic alternative but to do so.
• 1. The respective Board of Directors the financial reporting process the cornpmHs included in the are for "'''" .. ,,''''''"''

Auditor's Responsibilities for the Audit of the Consolidated Financial

• 7- Our objectives are to obtain assurance about whether the financial results as a whole are free from material whether due to fraud or error, and issue an report that includes our opinion. Reasonable assurance is a high level assurance, but is not a that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from or error and are considered material if, or in the aggregate, they could reasonably be to influence the economic decisions of users taken on the basis of these consolidated financial
• 1. As part of an audit in accordance with we exercise professional maintain professional skepticism the audit. We also:
  • and assess risks material misstatement of the C,Vl.l»U'"U<lL<:;U ",h,aH,,,,,. due to fraud or error, and perform audit nrf,,,p,rll and obtain audit evidence that is and The risk of not a material misstatement from error, as fraud may involve omissions, sre:presEmtations, or the override of internal
  • Obtain an understanding of internal control relevant to audit in order to design audit "",v'arl",.",,, that are appropriate in the not for the purpose of an on the effectiveness ofthe company's
  • appropriateness of """,.",,,,1-1 related disclosures made by reasonableness of Board of Directors.
  • on the appropriateness of the based on the audit ",.£.ro~",.<,· use of the going concern basis of whether a material uncertainty exists to events or conditions that may cast v.o ...... v~ doubt on the ability of the to

continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as going concern.

• Evaluate the overall presentation, structure and content of the consolidated financial results, including the disclosures, and whether the consolidated financial results represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities within the Group to express an opinion on the consolidated Financial Results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the consolidated financial results of which we are the independent auditors. We remain solely responsible for our audit opinion.
• 1. We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated financial results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
• 1. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
• 1. We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.

Other Matter

1. The consolidated financial results includes the unaudited interim financial information of the subsidiary, whose interim financial information reflect total revenue of Rs. 19.20 lakhs and Rs. 29.69 lakhs, total net profit after tax of Rs. 3.60 lakhs and Rs. 0.23 lakhs, and total comprehensive income of Rs. 3.60 lakhs and Rs. 0.23 lakhs for the quarter ended December 31, 2020 and for the period from April 01, 2020 to December 31, 2020 respectively, as considered in the consolidated financial results. This interim financial information is unaudited and have been furnished to us by the Management and our opinion on the Statement, in so far as it relates to the amounts and disclosures included in respect of the subsidiary is based solely on such unaudited interim financial information. In our opinion and according to the information and explanations given to us by the Management, these interim financial information is not material to the Group.

Our opinion on the consolidated financial results is not modified in respect of the above matter with respect to our reliance on the financial information celtified by the Board of Directors.

For Price Waterhouse & Co Chartered Accountants LLP Firm Registration Number: 304026E/ E-300009

VARADARAJAN NAVANEETHA KRISHNAN

Digitally signed by VARADARAJAN NAVANEETHA KRISHNAN Date: 2021.01.2813:53:26 +05'30'

N.K. Varadarajan Partner Membership Number: 090196

UDIN: 21090196AAAAAFS308 Place: Secunderabad Date: January 28,2021

	Regd.Office: Sunrey No.315, Yelumala Village, R.C.Puram Mandai, Sangareddy District - 502300, Telangana StateCI N :L52520TG1981PLC003072
	AU DITED CON SOLIDA TED FINAN CIAL RESU L TS FOR TH E QUARTER AN D N IN E MONTH S EN DED DECEMBER 31, 2020
							(~in Lakhs)
			Quarter ended			Nine months ended	Year ended
SI.No	Particulars	31-12-2020	30-09-2020	31-12-2019	31-12-2020	31-12-2019	31-03-2020
		Audited	Audited	Audited	Audited	Audited	Audited
1	Revenue from 0 perations	28,087.96	22,628.92	24,144.33	79,235.41	82,267.75	1,05,038.46
2	Other Income	218.42	242.86	142.75	616.86	495.41	662.04
3	Total Income (1+2)	28,306.38	22,871.78	24,287.08	79,852.27	82,763.16	1,05,700.50
4	Expenses
	a )Cost of Materia Is consu med	13,307.59	12,192.64	10,667.15	33,986.31	37,936.37	48,783.22
	b)Purchase of Stock -In-trade	67.03	35.73	44.56	163.31	82.63	156.70
	c)Changes in Inventories offinished goods and work in	(345.97)	(3,119.84)	1,146.28	1,853.31	2,660.20	2,381.91
	progress
	d )Employee benefits expensee)Finance costs	2,856.09	2,979.16301.91	2,876.80	8,763.76970.21	8,819.23	11,602.211,7 40.84
	f) Depreciation a nd a mortisation expense	273.87	1,003.63	426.00	2,994.46	1,274.23	4,096.51
	g)Other Expenses	1,010.958,020.11	6,485.67	1,003.377,270.95	20,401.79	3,102.6123,931.33	31,227.45
	Total expenses	25,189.67	19,878.90	23,435.11	69,133.15	77,806.60	99,988.84
5	Profit before exceptional Items a nd tax (3-4)	3,116.71	2,992.88	851.97	10,719.12	4,956.56	5,711.66
6	Exceptional items
7	Profit before tax (5-6)	3,116.71	2,992.88	851.97	10,719.12	4,956.56	5,711.66
8	Tax expense
	Current tax	838.74	804.40	207.53	2,860.86	1,350.34	1,366.10
	Deferred tax	(29.95 1	(38.90)	29.52	(118.61)	(637.57)	(583.94)
9	Net Profit for the period after tax (7-8)	2,307.92	2,227.38	614.92	7,976.87	4,243.79	4,929.50
10	Other Comprehensive Income
	Item s th at will not be reclassified to profit or loss
	(a) Remeasurement of post - employment benefit
	obligations		48.95	(126.38)	48.95	(379.13)	(221.89)
	(b) Income tax relating to item (a) above		(12.32)	31.80	(12.32)	95.42	55.85
	Other Comprehensive Income (net oftax )		36.63	(94.58)	36.63	(283.71)	(166.04)
	11 Total Comprehensive Income after tax	2,307.92	2,264.01	520.34	8,013.50	3,960.08	4,763.46
12	Paid-up equity share capital (Face Value of ~ 10/- perShare)	1,648.10	1,608.10	1,588.10	1,648.10	1,588.10	1,588.10
13	Earnings Per Share (NotAnnualised)
	Basic ~	14.18	13.92	3.87	49.69	26.72	31.04
	Diluted ~	13.97	13.75	3.87	49.27	26.72	31.04
Notes:

VISAKA INDUSTRIES LIMITED

1.The a bove consolidated fina ncial results were reviewed by the Audit Comm ittee and ta ken on record by the Boa rd of Directors of the Com pa ny at its meeting held on January 28, 2021. The financia I resu Its for the quarter and nine months ended December 31, 2020 have been aud ited by the Company's Statutory Aud itors.

1. The above fina ncia I resu Its includes the resu Its of the su bsid iary i.e., Vnext Solutions Private Limited.

2. In prepa ring above consolidated fina ncial results, the fina ncia I resu Its of the parent (Visa ka Industries Limited) and subsid ia ry (Vnext Solutions Private Limited) are combined on a line to line basis by add ing together like items of income and expenses after elimination of intra grou p transactions and resu Iting un realised profits or losses.

4.During the quarter ended September 30, 2020, the Company had allotted 12,00,000 convertible warrants to the promoters group each carrying a right exercisable by the warrant holder to subscribe one equity share per warrant, at a price of Rs.241/- each aggregating to Rs.28.92 crs and received a sum of Rs.7.23 crs during the quarter ended September 30, 2020 being 25% of the warra nt issue price. Bala nce 75% is payable by the warra nt holder at the time of allotment of the equ ity sha re wh ich may be exercised at a ny time before expiry of 18 months from the date of allotment of warra nts, fa iling wh ich the wa rrants shall la pse a nd the amou nt pa id sha II sta nd forfeited by the Com pa ny. Out of these, du ring the qua rter ended December 31, 2020, the Compa ny had allotted 4,00,000 fully pa id equ ity shares offace value Rs.I0/- each against 4,00,000 convertible wa rrants after receiving the ba lance a mou nt. Convertible wa rra nts outsta nding as at December 31, 2020 - 800,000.

1. The impact of Covid -19 pandemic has been felt across the economy and business segments. Consequent to significant opening up of the economic activity in the country, the dema nd for the compa ny's products has improved compa red to that during the in itial phases of Covid-19 includ ing the lock down period. All the business segments of the Company have recovered and resumed to normal. In preparation of these financial results, the Company has taken into account both the current s ituat io nan d I ike Iy futu re d eve 10 pm e nts.

2. The Boa rd of Directors recommended a n interim dividend of Rs 5/- per share (50%) on equ ity shares of Rs 10/- each, for the fina ncia I yea r 2020-21.

7.The Code on Social Security 2020 (Code), which received the Presidential Assent on 28 September 2020, subsumes nine laws relating to social security, retirement a nd employee benefits, includ ing the Employees Provident Fu nd and M iscella neous Provisions Act, 1952 a nd the Payment of Gratuity Act, 1972. The effective date of the Code is yet to be notified and related rules are yet to be framed. The impact ofthe changes, if any, will be assessed and recognised post notification ofthe relevant provision.

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							(₹ in Lakhs)
Sl.No	Particulars	Quarter ended			Nine months ended		Year ended
		31-12-2020	30-09-2020	31-12-2019	31-12-2020	31-12-2019	31-03-2020
		Audited	Audited	Audited	Audited	Audited	Audited
	1 Segment Revenue
	(a) Building products	23.597.00	20.200.84	18.848.60	70.986.44	66.008.75	83,460.92
	(b) Synthetic blended yarn	4,490.96	2,428.08	5,295.73	8,248.97	16,259.00	21,577.54
	Total Revenue	28,087.96	22,628.92	24,144.33	79,235.41	82,267.75	1,05,038.46
	2 Segment Results
	Profit before tax and interest from each segment
	(a) Building Products	3.905.79	3.918.14	1.258.09	13,950.71	6,117.83	7.118.40
	(b) Synthetic blended yarn	320.64	(167.45)	652.52	(490.68)	2,064.19	2,810.50
	Total	4,226.43	3,750.69	1,910.61	13,460.03	8,182.02	9,928.90
	Less:
	(i) Interest	273.87	301.91	426.00	970.21	1.274.23	1,740.84
	(ii) Other unallocable expenditure net of unallocable
	income	835.85	455.90	632.64	1,770.70	1,951.23	2,476.40
	Total Profit before tax	3,116.71	2,992.88	851.97	10,719.12	4,956.56	5,711.66
	3 Segment Assets
	(a) Building products	69,067.37	65,768.28	74,364.70	69,067.37	74,364.70	74,398.35
	(b) Synthetic blended yarn	13,782.08	14,809.93	16,010.67	13,782.08	16,010.67	16,055.49
	(c) UnallocatedTotal Assets	11,023.81	9,389.27	2,939.47	11,023.81	2,939.47	3,897.86
		93,873.26	89,967.48	93,314.84	93,873.26	93,314.84	94,351.70
	4 Segment Liabilities
	(a) Building products	13,428.12	11,519.27	10,950.20	13,428.12	10,950.20	9,971.48
	(b) Synthetic blended yarn	1,356.71	1,212.61	1,280.25	1,356.71	1,280.25	1,586.41
	(c) Unallocated	18,645.44	19,823.53	28,514.46	18,645.44	28,514.46	32,292.32
	Total Liabilities	33,430.27	32,555.41	40,744.91	33,430.27	40,744.91	43,850.21

We have signed this statement for identification purposes only and this Statement should be read in conjunction with our report dated Jan 28, 2021.

For Price Waterhouse & Co Chartered Accountants LLP Firm Registration Number: 304026E/E-300009

.VARADARAJAN Digitaliy.sgnad byVARADARAJANNAVANEETHA KRISHNAN Date 2021.01 281.3:54.01 +05'30'

N.K.Varadarajan Partner Membership Number: 090196

Place : SecunderabadDate : 28.01.2021

On behalf of Board of Directors $\begin{array}{l} {\small\textbf{ISTies Lim} \atop \textbf{10.94\textwidth} \begin{tabular}{l} \bf 1.87128 & \textbf{L} & \textbf{0.93\textwidth} \begin{tabular}{l} \bf 2.8122 & \textbf{0.93\textwidth} \begin{tabular}{l} \bf 3.812 & \textbf{0.93\textwidth} \begin{tabular}{l} \bf 3.812 & \textbf{0.93\textwidth} \begin{tabular}{l} \bf 3.812 & \textbf{0.93\textwidth} \begin{tabular}{l} \bf 3.812 & \textbf{0.93\textwidth} \begin$ for Visaka Industries Limited SAROJA GADDAM

Smt. G. Saroja VivekanandManaging Director

Place : SecunderabadDate : 28.01.2021