EPL Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2021

NOTES:

1. The above audited standalone financial results, prepared in accordance with the Indian Accounting Standards (Ind AS), the provisions of the Companies Act, 2013 and guidelines issued by the Securities and Exchange Board of India, have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 20 May 2021.



2. Figures for the quarters ended 31 March 2021 and 31 March 2020 are the balancing figures between the audited figures in respect of full financial year and the published year-to-date figures upto the third quarter of the relevant financial year, which were subjected to limited review.



3. In context of COVID environment, the Company continues to monitor the developments and is taking necessary precautions.



4. The Company has redeemable non-convertible debentures totalling to face value of Rs. 500 million in 3 series i.e. Rs.100 million (Series 1-A), Rs. 200 million (Series 1-B) and Rs. 200 million (Series 1-C) which are listed on the stock exchange. CARE has assigned credit rating of CARE AA with stable outlook for these debentures. These debentures are unsecured with interest payable @ 6.50 % per annum and are redeemable on 14 June 2022 (Series 1-A), 14 December 2022 (Series 1-B) and 14 June 2023 (Series 1-C).



5. The Board of Directors at its meeting held on 20 May 2021 has recommended a final dividend of Rs. 2.05 per equity share of Rs. 2 each fully paid up, subject to approval of shareholders at the ensuing shareholders meeting.



6. Other Income for the quarter and year ended 31 March 2021 includes:

a. Dividend Income of Rs. 219 million for the quarter and Rs. 932 million for the year received from its wholly owned subsidiaries.

b. Gain on redemption of preference shares held in its subsidiary of Rs. 42 million for the quarter and 130 million for the year.



7. "Exceptional items for the year ended 31 March 2020 is net of:

a. Rs.109 million being gain on sale of land and building of one of its factory recognised during the year and

b. Rs. 203 million being write off of credit impaired loan given (including interest) on the basis of impairment assessment carried out by Management during the year."

8. The Company had executed a Share Purchase Agreement (SPA) on 12 November 2020 for acquisition of Creative Stylo Packs Private Limited (CSPL) by way of part cash and part equity transaction through a scheme of amalgamation/ merger. The Board of Directors of the Company in its meeting held on 12 November 2020 had approved the Scheme of amalgamation/ merger of CSPL with the Company under Sections 230 to 232 of the Companies Act, 2013 and other applicable statutory provisions. The transaction was consummated on 1 February 2021. Consequently, CSPL has become a subsidiary of the Company (shareholding of 72.46%). The process of amalgamation/ merger of CSPL with the Company is underway.

9. The Company publishes standalone financial results along with the consolidated financial results. Accordingly, as per Ind AS 108 'Operating Segments', no disclosures related to the segments are presented in these standalone financial results.

10. Figures shown as '0' in the results represent value less than Rupee one million.

11. Figures of the previous periods have been regrouped / rearranged wherever considered necessary.