Patanjali Foods Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2022
Auditor and Management Disclosures and Notes for the quarterly results dated 31 Mar 2022
1. The Audit Committee has reviewed the above results and the Board of Directors has approved the above results and its release at their respective meetings held on May 27, 2022.
2. During the year ended March 31, 2022, a) The Company has acquired with effect from May 21, 2021 biscuits and associated bakery products business including the manufacturing facilities from Patanjali Natural Biscuits Private Limited under a business transfer agreement for slump consideration of Rs. 6,002.50 Lakh on a going concern basis; b) The Company and Patanjali Ayurved Limited entered into agreements for manufacturing of nutraceuticals products, assignment of contract manufacturing related to noodles and breakfast cereals and usage of brand license of Patanjali.
3. Pursuant to further public offering (FPO) of the Company it has allocated 19,843,153 Equity Shares to the Anchor Investors at issue price of Rs. 650 per equity share. Till March 31, 2022, the Company received Rs. 1,29,732.47 Lakh from Anchor Investors as share application money pending allotment Rs. 1,28,980.50 Lakh has been classified into equity as share application money pending allotment and balance Rs. 751.97 Lakh share application money to the extent refundable is separately shown under Other financial liabilities. As at March 31, 2022, these proceeds were lying in the Escrow Account.
4.Subsequent to the March 31, 2022, the Company has completed further public offering (FPO) of 6,61,53,846 equity shares of face value of Rs. 2 each for cash at an issue price of Rs. 650 per equity shares aggregating to Rs. 4,30,000 Lakh consisting of fresh issue of equity shares by the Company. Post allotment of aforesaid shares, the paid up equity share capital of the Company have been increased to Rs. 7,238.37 Lakh divided into 36,19,18,552 equity shares (net of treasury shares) of face value of Rs. 2 each from Rs. 5,915.29 Lakh divided into 29,57,64,706 equity shares (net of treasury shares).
These equity shares are listed on BSE Limited and National Stock Exchange of India Limited.
The Company has received approval from Ministry of Corporate Affairs (“MCA”) for making available the name “Patanjali Foods Limited” for change in present name of the Company and obtaining the approval of the shareholders is under process.
The Board of Directors of the Company at its meeting held on May 18, 2022, approved signing of the Business Transfer Agreement with Patanjali Ayurved Limited to acquire the food retail business of PAL (“Food Retail Business Undertaking”) including manufacturing plants, as a going concern on a slump sale basis, for cash consideration of Rs. 69,000 Lakh subject to certain adjustments.
5.The Board of Directors has recommended dividend of Rs. 5/- per equity share of Rs. 2/- each for the financial year ended March 31, 2022. This payment of dividend is subject to approval of members of the Company at ensuing Annual General Meeting of the Company.
6.As per Indian Accounting Standard 108 'Operating Segment', the Company has reported 'Segment Information' as described below:
Reportable segment Description
Seed Extractions Various types of seed extractions
Wind Power Generation Electricity Generation from Windmills
The assets and liabilities that cannot be allocated between the segments are shown as unallocable assets and liabilities respectively.
7.The figures for quarter ended March 31, 2022 and March 31, 2021 are balancing figures between the audited figures of the full financial year and the reviewed year-to-date figures up to the third quarter of the respective financial year.
8.The figures for the previous period / year have been re-grouped / re-arranged, wherever considered necessary, to correspond with the current period / year's disclosures.