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Balrampur Chini Mills Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2018

Auditor and Management Disclosures and Notes for the quarterly results dated 31 Dec 2018

1. The above unaudited Standalone financial results for the quarter and nine months ended 31st December, 2018 were reviewed by the Audit Committee and thereafter, approved by the Board of Directors and was taken on record at their meetings held on 4th February, 2019. The Statutory Auditors have carried out a limited review on the above financial results for the quarter and nine months ended 31st December, 2018.

2. Goods and Service Tax (GST) has been implemented with effect from 1st July, 2017 and therefore, revenue from operations for the nine months ended 31st December, 2018 is net off GST. Revenue from operations and expenses for the corresponding nine months ended 31st December, 2017 and year ended 31st March, 2018 being inclusive of Excise Duty of Rs. 5818 lakhs are therefore not comparable.

3. In respect of Minimum Indicative Export Quota (MlEQ) allotted to the Company; Rs. 1010 lakhs and Rs. 4380 lakhs incurred during the quarter and nine months ended 31st December, 2018 respectively towards fulfilment of export obligation under tradable export script has been included under "Other Expenses".

Physical export of Rs. 4458 lakhs by the Company under MIEQ during the quarter and nine months ended 31st December, 2018 has been included in the " Revenue from Operations " and re-imbursement for related expenses has been adjusted against "Other Expenses".

Valuation impact on the inventory of sugar allocated for export in terms of MIEQ has also been given effect to in these accounts.

4. Pursuant to the notification issued by Central Government notifying the schemes for financial assistance to offset the cost of sugar cane crushed; Rs. 4071 lakhs and Rs. 4618 lakhs has been adjusted against "Cost of material consumed" for the quarter and nine months ended 31st December, 2018 respectively and Rs. 4793 lakhs during the year ended 31st March, 2018. Further, financial assistance from Government of Uttar Pradesh notified during the quarter under review aggregating to Rs. 4931 lakhs has also been adjusted against
"Cost of material consumed " for the quarter and nine months ended 31st December, 2018

5. The Board of Directors has declared an interim dividend of Rs. 2.50 (250%) per Equity Share of Rs. 1/- each for the financial year 2018-19 involving a total outgo of Rs. 6884.86 lakhs including dividend distribution tax of Rs. 1173.90 lakhs.

6. Sugar being a seasonal industry, the performance of the Company varies from quarter to quarter and results for the quarter as such are not representative of the annual performance of the Company.

7. The figures of previous periods have been re-grouped wherever necessary to make them comparable with those of the current period.

Vivek Saraogi
Managing Director