DCM Shriram Industries 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. In accordance with the accounting policy consistently followed by the Company, off-season expenditure aggregating Rs. 2331 lakhs ( corresponding previous nine months Rs. 1783 lakhs ) has been deferred for inclusion in the cost of sugar to be produced in the remainder of the year.

2. The Statutory Auditors have carried out a " Limited Review" of the financial results for the quarter/nine months ended 31st December, 2018.

3. According to requirements of Schedule III of the Companies Act, 2013, sales for nine months ended 31st December, 2017, presented in these financial results include excise duty upto 30th June, 2017 . Consequent to applicability of GST with effect from 1st July, 2017, subsequent sales are shown net of GST. The sales net of exicse duty/GST for the relevant periods are given below:

Quarter Ended Nine Months ended Year Ended

31.12.2018 30.09.2018 31.12.2017 31.12.2018 31.12.2017 31.03.2018

Sales (net) 38241 40847 41335 124704 130171 166487

4. Effective 1st April, 2018 the Company has adopted Ind AS 115 " Revenue from contracts with customers" using the cumulative effect method. Accordingly,the comparative information is not restated in the unaudited/audited results for the quarter/nine months ended 31st December, 2017 and year ended 31st March, 2018. The adoption of the standard did not have any material impact to the financial results of the Company.

5. Proceedings in a Petition challenging the Preferential issue of equity warrants by the Company filed by a shareholder before the Hon'ble Company Law Board ( now National Company Law Tribunal) are continuing since November 2007.

6. The above results were reviewed by Audit Committee and then approved by the Board of Directors in their meeting held on 02nd February, 2019.

Limited Review

The Limited Review , as required under Regulation 33 of the SEBI ( Listing Obligations and Disclosure Requirements) Regulations, 2015 has been completed by the Statutory Auditors. The Limited Review Report for the quarter/nine months ended ended 31st December, 2018 does not have any impact on the above Results and Notes in aggregate except in respect of matter explained in note 1.