Graphite India Ltd. - Quarterly/Annual Result Disclosures and Notes dated 30 Jun 2024

1.The above results have been reviewed by the Audit Committee and approved by the Board at their respective meetings held on 6th August, 2024. The Auditors of the Company have carried out a Limited Review of the above financial results for the quarter ended 30th June, 2024 in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and issued an unmodified conclusion.2.The figures of the last quarter are the balancing figures between the audited figures in respect of the full financial year up to 31st March, 2024 and the unaudited published year-to-date figures up to the 31st December, 2023 being the date of the end of the third quarter of the financial year which were subject to limited review. 3.In previous year, pursuant to the publication of Tariff Order by Hon'ble West Bengal Electricity Regulatory Commission for the years 2020-21 to 2022-23 and finalisation of tariff thereof, the Company had reversed the excess rate revision provision towards electricity charges in respect of its Durgapur Plant amounting to Rs. 43 Crores and had netted it off against 'Power and Fuel’ expenses for the quarter and year ended 31st March, 2024. Corresponding amounts being Nil for the quarter ended 30th June, 2024 and 30th June, 2023.4.Due to the overall fall in the electrode prices, the Company, in accordance with the applicable Ind AS has recognized inventory on Net Realizable Value (NRV) basis to the extent applicable and has accordingly written down the carrying cost of inventory. The value of such write down (Balance Sheet position) is Rs. 192 Crores as at 30th June, 2024, Rs. 298 Crores as at 31st March, 2024 and Rs. 157 Crores as at 30th June, 2023. 5.The Company vide sale deed dated 7th August, 2023 had sold its land at Bengaluru for an aggregate consideration of Rs. 986 Crores to TRIL Bengaluru Real Estate Five Limited and TRIL Bengaluru Real Estate Six Limited (wholly owned subsidiaries of Tata Realty and Infrastructure Limited) against which the entire consideration was received during year ended 31st March, 2024. Exceptional item of Rs. 954 Crores represents net gain on sale of aforesaid freehold land (after netting of related expenses amounting to Rs. 11 Crores) during year ended 31st March, 2024.6.Based on income tax assessment orders received by the Company in respect of Assessment Years 2018-19 and 2019-20, the Company had received refunds amounting to Rs. 417 Crores in earlier years. The Company had preferred appeals against the short allowance of deduction claimed by the Company. Pending disposal of such appeals, no credit/adjustment has been made on a prudent basis.