Orient Cement Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2017

"1. The Board recommends a dividend of Rs. 0.50 per share on Equity Shares of Rs. 1 each of the Company.

2. The Company operates in a single segment - manufacture and sale of Cement.

3. There were no exceptional and extraordinary items during the quarter and year ended 31st March, 2017.

4. The audited financial results of the Company were reviewed by the Audit Committee and taken on record by the Board of Directors of the Company at their respective meetings held on 5th May, 2017.

5. The figures of last quarter are the balancing figures between the audited figures in respect of the full financial year ended 31st March, 2017 and the unaudited published year-to-date figures up to 31st December, 2016 which were subjected to limited review.

6. Remuneration paid to Managing Director & CEO of the Company during the financial year ended March 31, 2017 has exceeded the limit prescribed under Section 197 read with Schedule V of the Companies Act, 2013 by ` 444.99 lacs. The Company is in process of applying to Central Government for waiver of such excess remuneration. Pending application and receipt of the approval, no adjustments to these financial results have been made.

7. 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 the Companies (Indian Accounting Standards) Rules, 2015, as amended. The Company adopted Ind AS from 1st April, 2016 with the date of transition as 1st April, 2015. Financial results for all the periods presented have been prepared in accordance with the recognition and measurement principles of Ind AS.

8. Figures for the year ended 31st March, 2017 being inclusive of figures pertaining to the Company plant at Chittapur, Karnataka which had commenced commercial production with effect from 26th September, 2015 and hence are not comparable with corresponding year ended 31st March, 2016.

9. Reconciliation between financial results previously reported (referred to as 'Previous Indian GAAP') and Ind AS for the quarter and year ended 31st March, 2016 presented is as under :



Sr. No. Particulars Quarter Ended Mar. 31, 2016 Year Ended Mar. 31, 2016





Net Profit under Previous Indian GAAP (after tax) 1,940.56 6,224.01



I. Stores / spares with useful life of more than a period of 12 months are capitalised when they meet the definition of Property, Plant & Equipment. (These were charged to consumption earlier) (12.19) 58.95



II. Actuarial loss on employee defined benefit plan recognised in 'Other Comprehensive Income (net of tax) 4.30 38.75



III. Depreciation on Rehabilitation & Resettlement obligation relating to mines (77.70) (77.70)



IV. Amortisation of transaction costs related to borrowings (7.95) (7.95)



Net Profit under Ind AS (after tax) 1,847.02 6,236.06

Other Comprehensive Income (4.30) (38.75)

Total Comprehensive Income under Ind AS 1,842.72 6,197.31





10. Reconciliation of Equity as previously reported on account of transition from the previous Indian GAAP to Ind AS for the year ended 31st March, 2016 presented is as under:

(` In lacs )

Sr. No. Particulars Year Ended Mar. 31, 2016



Equity as on 31/03/2016 under Previous Indian GAAP 101,629.98



I. Stores / spares with useful life of more than a period of 12 months are capitalised when they meet the definition of Property, Plant & Equipment. (These were charged to consumption earlier)

(3.24)

II. Depreciation on Rehabilitation & Resettlement obligation relating to mines (77.70)

III. Amortisation of transaction costs related to borrowings (7.95)

IV. Derecognition of proposed dividend (including dividend distribution tax) 2,465.75

Equity as on 31/03/2016 under Ind AS 104,006.84



11. The results for the quarter and year ended March 31, 2017 are also available on the Company's website www.orientcement.com, BSE website: www.bseindia.com and NSE website: www.nseindia.com.


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