Andhra Petrochemicals 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
NOTES:
1. The above results, reviewed by the Audit Committee, were approved by the Board of Directors at its Meeting held on 25th May, 2022.
2. The figures for the quarters ended 31.03.2022 and 31.03.2021 are the balancing figures between the audited figures of the full financial years ended 31.03.2022 and 31.03.2021 respectively, and published unaudited year-to-date figures upto the nine months ended 31.12.2021 and 31.12.2020 respectively.
3. The Board of Directors have recommended a final dividend of Rs.1.50/- (15%) per equity share of Rs.10/- each for the Financial Year 2021-22 subject to the approval of members at the ensuing Annual General Meeting.
4. During the Financial Year 2019-20, the Company (APL) has initiated the process of renewal of the Land Lease on which the plant is located with Visakhapatnam Port Trust (VPT) for a further period of 30 years with effect from 28.06.2019. APL has submitted its Technical & Financial Bid against the tender floated by VPT. As APL was the sole bidder for the Tender, VPT accepted both Technical Bid & Financial Bid. Later -on, VPT has cancelled the tender and issued re-tender. Aggrieved by the action of VPT, APL has filed a writ petition under Article 226 before the Hon’ble High Court of Andhra Pradesh.
The Hon’ble High Court of Andhra Pradesh has allowed the writ Petition filed by the APL seeking the cancellation of the order dated 18.08.2020, cancelling the tender notification dated 07.08.2019 and fresh tender notification dated 24.08.2020 issued by VPT towards the lease of the land and directed VPT to execute the lease deed, vide its order dated 25th February 2022. Further, on 19th March 2022, APL has written a letter to the Chief Engineer, VPT requesting him to kindly finalise the land lease deed and fix-up the date for execution of the said lease deed.
Pending execution of the lease deed, APL has considered provisionally its bid amount for accounting of “Leases” in accordance with Ind AS 116, till the lease deed is executed.
5. Segmental reporting as per Ind AS-108 issued by the ICAI is not applicable, as the Company is engaged in manufacture of a single line of product.
6. The company has during the year opted to the concessional corporate income tax rate at 22% plus applicable surcharge and cess (New tax rate) as permitted under section 115BAA of the Income Tax Act.
7. Figures for the previous periods have been regrouped, wherever necessary, to conform to the current period's classification.