Dwarikesh Sugar 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 .The above unaudited financial results were approved in the meeting of the Board of Directors held on Saturday, February 02 , 2019 after being reviewed and recommended by the Audit Committee.

2. These results have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognized accounting practices and policies to the extent possible.

3. During the period, the Company has undertaken a project for expansion of its distillery capacity and has already placed order for a 100 KL per day plant. It is expected that the expanded capacity will be operational during November, 2019.

4. Finance costs for the nine months period ended December 31, 2018 is Net of ` 411.29 lakhs towards interest received/ receivable from GOI on buffer stock of sugar created as notified.

5. Pursuant to the notifications issued by the Central Government/ State Government notifying assistance to sugar mills in respect of sugarcane crushed during sugar season 2017-18 and 2018-19 the Company has received/entitled to receive an amount of ` 3,473.05 Lakhs and ` 1,263.47 Lakhs respectively. Of the said amount ` 1,946.34 lakhs is deducted from the cost of material consumed and ` 2,790.18 lakhs is considered as other income, since the same pertains to FY 2017-18.

6. Change in inventory is after considering write down of ` 701.87 Lakhs in the value of inventories of sugar produced during the period ended December 31, 2018, to its net realisable value.

7. At the board meeting of the Company held on December 17, 2018, Shri Gautam R Morarka, the promoter of the Company, has been appointed as Executive Chairman of the Company. His appointment is effective from January 1, 2019.

8. Given the seasonal nature of the industry, the results of any quarter may not be a true and /or proportionate reflection of the annual performance of the company.

9. Previous period figures have been regrouped and reclassified wherever necessary, for the purpose of comparison.