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

1. The above results have been reviewed by Audit Committee and approved by the Board of Directors in its meeting held on 16th June, 2021.



2. The Audited financial results are subject to supplementary audit by the Comptroller and Auditor General of India under section 143(6) of the Companies Act, 2013.



3. The Financial Results of the company have been prepared in accordance with the Indian Accounting Standards (Ind AS) as prescribed under section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standard) Rules, 2015, as amended from time to time.



4. The Company has considered the possible effects that may result from COVID-19 on the carrying amounts of financial assets, inventory, receivables, loans and advances, property plant and equipment, intangibles etc as well as liabilities accrued. In developing the assumptions relating to the possible future uncertainties in the economic conditions because of this pandemic, the company has used internal and external information. Having reviewed the underlying data and based on current estimates, company does not expect any material impact on the carrying amount of these assets and liabilities However; reduction in operating turnover is mainly due to COVID-19 pandemic. The Company will continue to closely monitor any material changes in

future economic conditions due COVID-19.



5.1 During the financial year, the company has bought back 96,98, 113 equity shares (representing 3.88% of the total number of equity shares in the paid-up share capital of the company) at a price of Rs. 265 per equity share payable in cash for an aggregate amount of Rs. 257 crore. Consequent to the said buyback,

the equity share capital of the company has been reduced by Rs. 9.70 crore. Accordingly net effect on the general reserve is Rs.317.83 crore on account of buy back and capital redemption reserve of Rs. 9. 70 crore has therefore been created as per the extant provision of the companies act 2013. At present

holding by the public and Govt. of India is 27.80% and 72.20% respectively.



5.2 Consequent to buy back of shares, Earning Per Share (basic and diluted) for the year ended 31st March 2021 and quarter ended March 2021 and December 2020 has been computed on the basis of weighted average number of shares outstanding after buy back and for other periods Earning Per Share (basic and diluted) has been computed on the basis of pre buy back number of equity shares outstanding.



6. Inventories in Balance Sheet include cost of finished goods in transit of Rs. 69.35 crores pending shipment in one of the overseas FOB supply contract.



7. The Board of Directors have proposed final dividend of Rs.4 per share (face value of Rs. 10 per share) and further company has paid two interim dividends of Rs. 9.00 per share (face value of Rs. 10 per share) for financial year 2020-21.



8. Figures for the fourth quarter of current financial year are the balancing figures between audited figures in respect of the full current financial year and the published year to date figures up to the third quarter of the current financial year.



9. The figures for the previous period have been regrouped/ reclassified, wherever necessary.