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Company Information

Home » Market » Company Information

UltraTech Cement Ltd.

Oct 21, 12:45
4585.80 +38.40 (+ 0.84 %)
 
VOLUME : 10012
Prev. Close 4547.40
Open Price 4545.00
TODAY'S LOW / HIGH
4541.80
 
 
 
4603.20
Bid PRICE (QTY.) 4586.10 (3)
Offer PRICE (Qty.) 4588.20 (2)
52 WK LOW / HIGH
2913.15
 
 
 
4753.35
Oct 21, 12:39
4584.40 +40.05 (+ 0.88 %)
 
VOLUME : 450270
Prev. Close 4544.35
Open Price 4545.35
TODAY'S LOW / HIGH
4535.05
 
 
 
4606.80
Bid PRICE (QTY.) 4582.10 (6)
Offer PRICE (Qty.) 4584.40 (173)
52 WK LOW / HIGH
2910.00
 
 
 
4754.10
Company Information Menu

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Market Cap. ( ₹ ) 132319.34 Cr. P/BV 3.39 Book Value ( ₹ ) 1,353.97
52 Week High/Low ( ₹ ) 4754/2910 FV/ML 10/1 P/E(X) 22.76
Bookclosure 12/08/2020 TTM EPS ( ₹ ) 184.71 Div Yield (%) 0.28
NOTES TO ACCOUNTS
You can view the entire text of Notes to accounts of the company for the latest year
Year End :2019-03 

NOTE 47: FINANCIAL RISK MANAGEMENT OBJECTIVES (Ind AS 107)

The Company's principal financial liabilities, other than derivatives, comprises of borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the company's operations. The company's principal financial assets, other than derivatives include trade and other receivables, investments and cash and cash equivalents that derive directly from its operations.

The Company's activities exposes it to market risk, liquidity risk and credit risk. Company's overall risk management focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the financial performance of the company. The company uses derivative financial instruments, such as foreign exchange forward contracts, foreign currency option contracts, principal only swaps, cross currency swaps that are entered to hedge foreign currency risk exposure, interest rate swaps, coupon only swaps to hedge variable interest rate exposure and commodity fixed price swaps to hedge commodity price risks. Derivatives are used exclusively for hedging purposes and not as trading or speculative instruments.

The sources of risks which the company is exposed to and their management is given below:

Risk (1) Market Risk

Exposure Arising From

Measurement

Management

A. Foreign Currency Risk

Committed commercial transaction

Cash Flow Forecasting

(a) Forward foreign exchange contracts

Financial asset and Liabilities not denominated in INR

Sensitivity Analysis

(b) Foreign currency options

(c) Principal only/Currency swaps

B. Interest Rate Risk

Long Term Borrowings at variable rates

Sensitivity Analysis,

(a) Interest Rate swaps, Coupon only swaps

Interest rate movements

Investments in Debt Schemes of Mutual Funds and Other Debt Securities

(b) Portfolio Diversification

Risk

Exposure Arising From

Measurement

Management

C. Commodity Price Risk

Movement in prices of commodities mainly Imported Thermal Coal and Pet Coke

Sensitivity Analysis,

(a) Commodity Fixed Prices

Commodity price tracking

(b) Swaps/Options

(II) Credit Risk

Trade receivables, Investments, Derivative Financial instruments, Loans and Bank balances

Ageing analysis,

(a) Diversification of mutual fund investments,

Credit Rating

(b) Credit limit & credit worthiness monitoring,

(c) Criteria based approval process

(III) Liquidity Risks

Borrowings and Other Liabilities and Liquid Investments

Rolling cash flow forecasts

(a) Adequate unused credit lines and borrowing facilities

Broker Quotes

(b) Portfolio Diversification

The Company has standard operating procedures and investment policy for deployment of surplus liquidity which allows investment in debt securities and mutual fund schemes of debt categories only and restricts the exposure in equity markets.

Compliances of these policies and principles are reviewed by internal auditors on periodical basis.

The Corporate treasury team updates the Audit Committee on a quarterly basis about the implementation of the above policies. It also updates to the Internal Risk Management Committee of the Company on periodical basis about the various risks to the business and status of various activities planned to mitigate the risks.

(I) Market Risk:

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, commodity prices, equity prices and other market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including investments and deposits, foreign currency receivables, payables and borrowings.

A. Foreign Currency Risk:

Foreign currency risk is the risk of impact related to fair value or future cash flows of an exposure in foreign currency, which fluctuate due to changes in foreign exchange rates. The Company's exposure to the risk of changes in foreign exchange rates relates primarily to the foreign currency borrowings, import of fuels, raw materials and spare parts, capital expenditure, exports of cement and the Company's net investments in foreign subsidiaries.

When a derivative is entered into for the purpose of being a hedge, the Company negotiates the terms of those derivatives to match the terms of the hedged exposure.

The Company evaluates exchange rate exposure arising from foreign currency transactions. The Company follows established risk management policies and standard operating procedures. It uses derivative instruments like foreign currency swaps and forwards to hedge exposure to foreign currency risk.

Note: If the rate is decreased by 100 bps profit will increase by an equal amount.

B. Interest rate risk:

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company's exposure to the risk of changes in market interest rates relates primarily to the Company's short term borrowing (excluding commercial paper) with floating interest rates. For all long-term borrowings with floating rates, the risk of variation in the interest rates is mitigated through interest rate swaps. The Company constantly monitors the credit markets and rebalances its financing strategies to achieve an optimal maturity profile and financing cost.

Particulars

Total Borrowings

Floating Rate Borrowings

Fixed Rate Borrowings

Non-Interest Bearing Borrowings

INR

17,105.51

11,489.18

5,177.56

438.77

USD

1,012.63

-

1,012.63

-

Note: Interest rate risk hedged for FCY borrowings has been shown under Fixed Rate borrowings

Outstanding foreign currency exposure (Gross) as at

March 31, 2019

March 31, 2018

Trade receivables

USD

1.10

0.83

Euro

0.08

0.10

Others

-

0.01

Trade Payables

USD

3.14

1.30

Euro

0.26

0.75

Others

0.03

0.02

Borrowings

USD

14.64

21.14

Investments

USD

6.92

6.92

Foreign currency sensitivity on unhedged exposure:

100 bps increase in foreign exchange rates will have the following impact on profit before tax.

Rs in Crores

Particulars

March 31. 2019

March 31, 2018

USD

(4.79)

(4.51)

Others

-

(0.01)

Interest rate exposure:

Total as at March 31, 2019

18,118.14

11,489.18

6,190.19

438.77

INR

16,041.51

10,563.86

5,187.97

289.68

USD

1,377.99

-

1,377.99

-

Total as at March 31, 2018

17,419.50I

10,563.86

6,565.96 |

289.68

Interest rate sensitivities for unhedged exposure (impact on profit before tax due to increase in 100 bps):

Particulars

As at March 31, 2019

As at March 31, 2018

INR

(114.89)

(105.64)

Note: If the rate is decreased by 100 bps profit will increase by an equal amount.

Interest rate sensitivity has been calculated assuming the borrowings outstanding at the reporting date have been outstanding for the entire reporting period. Further, the calculations for the unhedged floating rate borrowing have been done on the notional value of the foreign currency (excluding the revaluation).

Foreign Currency and Interest Rate Risk Management:

Forward Exchange and Interest Rates Swaps Contracts:

A. Derivatives for hedging currency and interest rates, outstanding are as under:

Particulars

Hedged Item

Currency

As at March 31, 2019

As at March 31, 2018

Cross Currency

(a) Forward Contracts

Imports

USD

10.73

6.47

Rupees

Imports

Euro

0.11

0.15

Rupees

Imports

Euro

1.24

1.11

USD

Exports

USD

0.71

-

Rupees

(b) Other Derivatives:

i) Currency & Interest Rate Swap (CIRS)

ECB*

USD

7.32

9.82

Rupees

ii) Principal only Swap

ECB*

USD

7.32

11.32

Rupees

iii) Interest Rate Swap

ECB*

USD

7.32

11.32

USD

* External Commercial Borrowings

B. Cash Flow Hedges: The Company has raised foreign currency external commercial borrowings and to mitigate the risk of foreign currency and floating interest rates the Company has taken forward contracts, currency swaps, interest rates swaps and principal only swaps. The Company is following hedge accounting for all the foreign currency borrowings raised on or after April 01, 2015 based on qualitative approach. The Company assesses hedge effectiveness based on following criteria: (i) an economic relationship between the hedged item and the hedging instrument; (ii) the effect of credit risk; and (iii) assessment of the hedge ratio

The Company designates the derivatives to hedge its currency risk and generally applies a hedge ratio of 1:1. The Company's policy is to match the critical terms of the forward exchange contracts to match with the hedged item.

Foreign currency cash flows:

Particulars

As at

Average Exchange Rate (USD/INR)

Nominal Foreign Currency USD Crores

Fair Value Assets (Liabilities) Rs in Crores

Buy Currency for External Commercial Borrowings (USD)

March 31, 2019

65.19

7.32

17.25

Buy Currency for External Commercial Borrowings (USD)

March 31, 2018

65.19

7.32

(10.90)

Interest rates outstanding on Receive Floating and Pay Fix contracts:

Particulars

As at

Average contracted fixed interest rates*

Nominal Amount USD Crores

Fair Value Assets (Liabilities) Rs in Crores

2 to 5 years

March 31, 2019

7.47%

7.32

(0.02)

2 to 5 years

March 31, 2018

7.47%

7.32

7.19

Cross Currency and Interest rate Swaps:

Particulars

As at

Average contracted fixed interest rates*

Average Exchange Rate (USD/INR)

Nominal Amount USD Crores

Fair Value Assets (Liabilities) Rs in Crores

2 to 5 years

March 31, 2019

7.79%

67.49

7.32

2.76

2 to 5 years

March 31, 2018

7.79%

67.49

7.32

(23.57)

* Includes weighted average rate for Cross Currency Interest Rate Swaps, Principal Only Swap and Coupon Swaps

The above Hedging Instruments are included in the Balance Sheet under the head "Other Financial Assets'V'Other Financial Liabilities". Refer Statement of changes in equity for movement on OCI.

Recognition of gains/(losses) under forward exchange and interest rates swaps contracts designated under cash flows hedges:

Rs in Crores

1 As at March 31, 2019

As at March 31, 2018

Particulars

Effective Hedge (OCI)

Ineffective Hedge (Profit and Loss)

Effective Hedge (OCI)

Ineffective Hedge (Profit and Loss)

Gain/(Loss)

(11.01)

(3.46)

-

C. Commodity price risk management:

Commodity price risk for the Company is mainly related to fluctuations in coal and pet coke prices linked to various external factors, which can affect the production cost of the Company. Since the Energy costs is one of the primary costs drivers, any fluctuation in fuel prices can lead to drop in operating margin. To manage this risk, the Company enters into forward covers for imported coal, enter into long-term supply agreement for pet coke, identifying new sources of supply etc. While forward covers are prevailing in the markets for coal but in case of pet coke no such derivative is available; it has to be procured at spot prices. Additionally, processes and policies related to such risks are reviewed and controlled by senior management and fuel requirement are monitored by the central procurement team.

(II) Credit Risk Management:

Credit risk a rises when a customer or counterparty does not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing/investing activities, including deposits with banks, mutual fund investments, and investments in debt securities, foreign exchange transactions and financial guarantees. The Company has no significant concentration of credit risk with any counterparty.

Trade receivables

Trade receivables are consisting of a large number of customers. The Company has credit evaluation policy for each customer and based on the evaluation credit limit of each customer is defined. Wherever the Company assesses the credit risk as high the exposure is backed by either bank guarantee/letter of credit or security deposits.

Total Trade receivable as on March 31, 2019 is Rs 2,097.59 Crores (March 31, 2018 Rs 1,714.20 Crores)

The Company does not have higher concentration of credit risks to a single customer. A single largest customer has total exposure in sales 2.4% (March 31, 2018: 1.9%) and in receivables 9.9% (March 31, 2018: 8.7%).

As per simplified approach, the Company makes provision of expected credit losses on trade receivables using a provision matrix to mitigate the risk of default payments and makes appropriate provision at each reporting date wherever outstanding is for longer period and involves higher risk.

As per policy receivables are classified into different buckets based on the overdue period ranging from 6 months - one year to more than two years. There are different provisioning norms for each bucket which are ranging from 25% to 100%.

Movement of provision for doubtful debts:

Rs in Crores

Particulars

March 31, 2019

March 31, 2018j

Opening provision

41.50

35.68

Add: Provided during the year

10.11

5.85

Less: Utilised during the year

(0.07)

(0.03)

Closing Provision

51.53

41.50

Investments, Derivative Instruments, Cash and Cash Equivalent and Bank Deposit

Credit Risk on cash and cash equivalent, deposits with the banks/financial institutions is generally low as the said deposits have been made with the banks/financial institutions who have been assigned high credit rating by international and domestic rating agencies.

Credit Risk on Derivative Instruments are generally low as Company enters into the Derivative Contracts with the reputed Banks and Financial Institutions.

Investments of surplus funds are made only with approved Financial Institutions/Counterparty. Investments primarily include investment in units of mutual funds, quoted Bonds, Non-Convertible Debentures issued by Government/Semi Government Agencies/PSU Bonds/High Investment grade corporates etc. These Mutual Funds and Counterparties have low credit risk.

Total Non-current and current investments as on March 31, 2019 is Rs 7,064.51 Crores (March 31, 2018 Rs 6,162.90 Crores)

Financial Guarantees

The Company has given corporate guarantees amount ing to Rs 5,790.16 Crores in favour of its subsidiaries and joint ventures (Refer note 32 (c)).

(Ill) Liquidity risk management:

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at reasonable price. Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of credit facilities to meet obligations when due. The Company's treasury team is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related to such risks are overseen by senior management. Management monitors the Company's liquidity position through rolling forecasts on the basis of expected cash flows.

The table below provides details regarding the remaining contractual maturities of financial liabilities and investments held for managing the risk at the reporting date based on contractual undiscounted payments.

Rs in Crores

As at March 31, 2019

Less than 1 Year

1 to 5 Years

More than 5 Years

Total

Borrowings (including current maturities of long-term debts)

3,178.86

4,223.47

10,715.81

18,118.14

Trade Payables

2,653.73

-

-

2,653.73

Interest accrued but not due on borrowings

188.01

-

-

188.01

Other Financial Liabilities (excluding Derivative Liability)

1,719.53

-

-

1,719.53

Investments

1,514.85

1,010.81

350.44

2,876.10

As at March 31, 2018

Less than 1 year

1 to 5 Years

More than 5 Years

Total

Borrowings (including current maturities of long-term debts)

3,545.16

3,182.76

10,691.58

17,419.50

Trade Payables

2,224.16

-

-

2,224.16

Interest accrued but not due on borrowings

161.94

-

-

161.94

Other Financial Liabilities (excluding Derivative Liability)

1,651.55

-

-

1,651.55

Derivative Liability

-

28.27

-

28.27

Investments

3,948.71

1,106.72

356.66

5,412.09

NOTE 48: DISTRIBUTION MADE AND PROPOSED (Ind AS 1)

Particulars

Year Ended March 31. 2019

Year Ended March 31, 2018

Proposed dividends on Equity shares:

Final dividend for the year ended on March 31 , 2019: Rs 11.50 per share (March 31, 2018: Rs 10.50 per share)

315.84

288.34

DDT on proposed dividend

64.92

59.27

Proposed dividends on Preference shares:

Final dividend for the year ended on March 31, 2019

0.01

0.01

DDT on proposed dividend (FY 2017-2018: Rs 17,098)

-

-

Total Dividend proposed

380.77

347.62

Proposed dividends on equity shares are subject to approval at the annual general meeting and are not recognised as a liability (including Dividend Distribution Tax thereon) as at March 31.

NOTE 49: CAPITAL MANAGEMENT (Ind AS 1)

The Capital management objective of the Company is to (a) maximise shareholder value and provide benefits to other stakeholders and (b) maintain an optimal capital structure to reduce the cost of capital.

For the purposes of the Group's capital management, capital includes issued equity share capital, share premium and all other equity.

Rs in Crores

The Company monitors capital using debt-equity ratio, which is total debt less liquid investments and bank deposits divided by total equity.

Particulars

As at March 31, 2019

As at March 31, 2018

Total Debt (Bank and other borrowings)

18,118.14

17,419.50

Equity

27,947.72

25,923.02

Liquid Investments and bank deposits

3,145.80

5,555.54

Debt to Equity (Net)

0.54

0.46

In addition, the Company has financial covenants relating to the borrowing facilities that it has taken from the lenders like interest coverage service ratio, Debt to EBITDA, etc. which is maintained by the Company.

NOTE 50: RESEARCH AND DEVELOPMENT

Revenue expenditure on Research and Development included in different heads of expenses in the Statement of Profit and Loss is Rs 17.31 Crores. (March 31, 2018 Rs 14.04 Crores).

NOTE 51: CORPORATE SOCIAL RESPONSIBILITY

Expenditure incurred in cash on Corporate Social Responsibility activities, included in different heads of expenses in the Statement of Profit and Loss is Rs 74.96 Crores (March 31, 2018 Rs 60.71 Crores) and on account of capital expenditure Rs 2.16 Crores (March 31, 2018 Rs 0.96 Crores).

The amount required to be spent under Section 135 of the Companies Act, 2013 for the year ended March 31, 201 9 is Rs 61.17 Crores (March 31, 2018 Rs 58.91 Crores) i.e. 2% of average net profits for last three financial years, calculated as per section 1 98 of the Companies Act, 2013.

NOTE 52: GOVERNMENT GRANT (Ind AS 20)

(a) Other Operating Revenues include Incentives against capital investments, under State Investment Promotion Scheme of Rs 398.43 Crores (March 31, 2018 Rs 300.72 Crores).

(b) Sales Tax deferment loan granted under State Investment Promotion Scheme has been considered as a government grant and the difference between the fair value and nominal value as on date is recognized as an income. Accordingly, an amount of Rs 45.49 Crores (March 31, 2018: Rs 3.86 Crores) has been recognized as an income. Every year change in fair value is accounted for as an interest expense.

(c) Interest and Repairs to plant and machinery are net of subsidy received, under State Investment Promotion Scheme of Rs Nil Crores (March 31, 2018 Rs 5.81 Crores) and Rs 1.46 Crores (March 31, 2018 Rs 0.98 Crores) respectively.

NOTE 53: ASSETS HELD FOR DISPOSAL (Ind AS 105)

The Company has identified certain assets like Aggregate Mines, Pre Grinders, Vibrating Mill, Naptha based power plant etc which are available for sale in its present condition. The Company is committed to plan the sale of asset and an active programme to locate a buyer and complete the plan have been initiated. The Company expects to dispose off these assets within twelve months from its classification.

NOTE 54: OPERATING LEASE (Ind AS 17)

Rs in Crores

(a) Future minimum rental payables under non-cancellable operating lease

Sr. No

Particulars

* Year Ended March 31, 2019

Year Ended March 31, 2018

(0

Not later than one year

5.32

2.45

(ii)

Later than one year and not later than five years

6.42

4.14

(MI)

More than five years

-

-

(b) Operating lease payment recognised in the Statement of Profit and Loss amounting to Rs 143.32 Crores (March 31, 2018 Rs 141.32 Crores)

(c) General Description of leasing agreements:

• Leased Assets: Land, Godowns, Offices, Flats, Machinery and Others.

• Future Lease rentals are determined on the basis of agreed terms.

• At the expiry of lease terms, the Company has an option to return the assets or extend the term by giving notice in writing.

• Lease agreements are generally cancellable and are renewable by mutual consent on mutually agreed terms.

NOTE 55: REVENUE (Ind AS 115)

A. The Company is primarily in the Business of manufacture and sale of cement and cement related products. The product shelf life being short, all sales are made at a point in time and revenue recognised upon satisfaction of the performance obligations which is typically upon dispatch/delivery. The Company has a credit evaluation policy based on which the credit limits for the trade receivables are established, the Company does not give significant credit period resulting in no significant financing component. The Company, however, has a policy for replacement of the damaged goods.

In compliance with Ind AS 115, certain sales promotion schemes are now treated as variable components of consideration and have been recognised as revenue deductions instead of other expenses. Consequently, all comparative period numbers have been restated, adhering to the full retrospective approach under lnd AS 115.

The Revenue and Other expenses for the year ended March 31, 2018 have both been reduced by Rs 432.18 Crores due to the aforesaid regrouping and there is no impact on the Profit, financial position and Cashflow of the Company.

B. Revenue recognised from Contract liability (Advances from Customers):

Particulars

Year Ended March 31, 2019

Year Ended March 31, 2018

Closing Contract liability

247.21

300.35

The Contract liability outstanding at the beginning of the year has been recognised as revenue during the year ended March 31, 2019.

C. Reconciliation of revenue as per contract price and as recognised in statement of profit and loss:

Particulars

Year Ended March 31, 2019

Year Ended March 31, 2018

Revenue as per Contract price

38,192.72

32,387.94

Less: Discounts and incentives

(3,087.96)

(2,563.72)

Revenue as per statement of profit and loss

35,104.76

29,824.22

Rs in Crores

NOTE 56:

Information as per the requirement of Section 22 of The Micro, Small and Medium Enterprises Development Act, 2006

Particulars

As at March 31, 2019

As at

March 31, 2018

(a)

(i) The principaI amount remaining unpaid to any supplier at the end of accounting year included in trade payables

20.28

9.73

(ii) The interest due on above

-

0.01

The total of (i) & (ii)

20.28

9.74

(b)

The amount of interest paid by the buyer in terms of section 16 of the Act

-

-

(c)

The amount of the payment made to the supplier beyond the appointed day during the accounting year

-

-

(d)

The amounts of interest accrued and remaining unpaid at the end of financial year

0.01

(e)

The amount of interest due and payable for the period of delay in making payment (which have been paid but beyond the due date during the year) but without adding the interest specified under this Act.

(f)

The amount of further interest remaining due and payable even in the succeeding years, until such date when the interest dues above are actually paid to the small enterprise, for the purpose of disallowance of a deductible expenditure under section 23 of the Micro, Small and Medium Enterprises Development Act, 2006.

The above information has been determined to the extent such parties have been identified on the basis of information available with the Company and the same has been relied upon by the auditors.

NOTE 57:

Ind AS 116 - on March 30, 2019, the Ministry of Corporate Affairs issued the Companies (Indian Accounting Standards) Amendment Rules, 2019, notifying Ind AS 116 "Leases", which replaces Ind AS 17 "Leases". The new standard introduces a single on-balance sheet lease accounting model for lessee. This will result in the company recognising right of use assets & lease liability in the books.

The Company is in the process of analyzing the impact of Ind AS 116 on its financials. The amendment will come into force from April 01, 2019.

Others

Ministry of Corporate Affairs ("MCA") has notified following amendments to Ind AS on March 30, 2019 which is effective for the annual period beginning or or after April 01, 2019.

1. Ind AS 12 - Appendix C, Uncertainty over Income Tax Adjustments

The amendment requires an entity to determine probability of the relevant tax authority accepting the uncertain tax treatment that the Company have used in tax computation or plan to use in their income tax filings.

2. Amendment to Ind AS 12 - Income taxes

The amendment clarifies that an entity shall recognise the income tax consequences of dividends in profit or loss, other comprehensive income or equity according to where the entity originally recognised those past transactions or events

3. Ind AS 19 - Plan amendment, curtailment or settlement

The amendments require an entity to use updated assumptions to determine current service cost and net interest for the remainder of the period after a plan amendment, curtailment or settlement and to recognise in profit or loss as part of past service cost, or a gain or loss on settlement, any reduction in a surplus, even if that surplus was not previously recognised because of the impact of the asset ceiling.

Based on preliminary assessment, the Company does not expect any significant impact on its financial statements on account of above amendments.

NOTE 58:

Effective July 01, 2017, sales are recorded net of GST whereas earlier sales were recorded gross of excise duty which formed part of expenses.

NOTE 59:

Other income for year ended March 31, 2018 includes reversal of earlier years provision of Rs 103.79 Crores related to contribution towards District Mineral Fund (DMF) under the Mines and Mineral (Development and Regulation) Amendment Act, 2015, on the basis of Supreme Court Judgment dated October 13, 2017.

NOTE 60:

Previous year figures have been regrouped/redassified wherever necessary to correspond with current year classification/disclosure.

Signatures to Note '1' to '60'

In terms of our report attached.

For and on behalf of the

Board of Directors

For BSR & Co. LLP

For Khimji Kunverji & Co.

K.K. MAHESHWARI

S.B. MATHUR

Chartered Accountants

Chartered Accountants

Managing Director

Director

Firm Registration No: 101248W/W-100022

Firm Registration No: 105146W

DIN: 00017572

DIN: 00013239

VIJAY MATHUR

KETAN VIKAMSEY

ATUL DAGA

Partner

Partner

Whole-time Director and CFO

Membership No: 46476

Membership No: 44000

DIN: 06416619

S.K. CHATTERJEE

Mumbai: April 24, 2019

Company Secretary