Gujarat State Fertilizer & Chemicals 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. Subsidy on Urea used to be accounted based on concession price notified by Govt. of India. The Company decided in Q2 18-19 to account the same based on notified concession price, further adjusted for input price escalation/de-escalation estimated by management, based on the prescribed norms as notified by govt. of India. Accordingly revenue for Q3 18-19 includes Rs 31.95 crores accounted towards escalation in input prices.

2. Limited Review of the unaudited financial results for the quarter ended on 31st December, 2018 has been carried out by the Statutory Auditors.

3. The above financial results have been reviewed by the Finance-Cum-Audit Committee and approved by the Board of Directors at their meetings held on 24th and 25th January, 2019 respectively.