APL Apollo Tubes Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2021
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2021
1. The above Standalone Financial Results for the quarter and year ended March 31, 2021 have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on June 3, 2021.
2. Figures for the quarter ended March 31, 2021 and March 31, 2020 represent the difference between the audited figures in respect of full financial year and the unaudited published figures of nine months ended December 31, 2020 and December 31, 2019 respectively. The Standalone Financial Results for the year ended March 31, 2021 and the year ended March 31, 2020 have been audited by the statutory auditors and Standalone Financial Results for the quarter ended March 31, 2021 and the quarter ended March 31, 2020 have been reviewed by the statutory auditors.
3. The above Standalone Financial Results are extracted from the Audited Standalone Financial Statements, which are prepared in accordance with Indian Accounting Standards (‘Ind AS') as prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India.
4. During the year ended March 31, 2020, the Company completed the acquisition of a production unit (located at Chegunta, Hyderabad), of M/s Taurus Value Steel & Pipes Private Limited, a subsidiary of M/s Shankara Building Products Limited, Bangalore. The acquisition was approved by the Board of Directors of the Company in their meeting held on April 12, 2019 and completed on May 27, 2019. Accordingly, figures for the year ended March 31, 2021 are not comparable to the year ended March 31, 2020.
5. Post the outbreak of COVID-19, the Company has made an assessment of the likely adverse impact on economic environment in general and potential impact on its operations including the carrying values of its current and non-current assets including property, plant and equipment and other financial exposure. The Company has also evaluated its ability to meet the financial commitments towards its lenders etc. The Company as of the reporting date has used internal and external sources on the expected future performance of the Company and accordingly does not expect any long term adverse impact of COVID-19 on its ability to recover the carrying value of assets and meeting its financial obligations. However, given the nature of the COVID-19, the Company continues to monitor developments to identify and manage any significant uncertainties relating to its future economic outlook.
6. The Board of Directors of APL Apollo Tubes Limited (“Company”), at its meeting held on February 27, 2021, has considered and approved a draft scheme of amalgamation under Sections 230 to 232 of the Companies Act, 2013, of Shri Lakshmi Metal Udyog Limited (‘Shri Lakshmi’ – wholly owned subsidiary company) and Apollo Tricoat Tubes Limited (‘Apollo Tricoat’ - subsidiary company of wholly owned subsidiary) with the Company. The Scheme is subject to receipt of approvals from the shareholders and creditors of the respective Companies as may be directed by the National Company law Tribunal, Delhi bench (“NCLT”), BSE Limited, National Stock Exchange of India Limited and approval of other regulatory or statutory authorities as may be directed.
7. The Board of Directors of APL Apollo Tubes Limited (‘Company’) in its meeting held on October 28, 2020, approved a proposal for sub-division of the face value of the equity shares of the Company from Rupees 10 per equity share to Rupees 2 per equity share i.e. 1 equity share to be split into 5 equity shares. Subsequent to the approval of above proposal by the shareholders of the Company, w.e.f. December 16, 2020 the subdivision became effective. Accordingly, Earnings per equity share (EPS) has been adjusted to reflect the above share split for all periods / year presented.
8. The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.
9. The Company is in business of Manufacturing of ERW steel tube and pipes and hence only one reportable operating segment as per ‘Ind-AS 108 : Operating Segments’.