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Statement of audited Financial Results for the Quarter and year ended 31.03.2020

(Rs.Lakhs)

Particulars 3 Months Ended 31.03.2020 (Audited) 3 Months Ended 31.12.2019 (Unaudited) 3 Months Ended 31.03.2019 (Audited) Year Ended 31.03.2020 (Audited)  Year Ended 31.03.2019 (Audited)
1. Income
a) Revenue from Operations 6344 7100 8333 31049 18484
b) Other Income 31 7 20 404 312
Total Income 6375 7107 8353 31453 18796
2. Expenses
a) Cost of Materials Consumed 5363 2757 5508 17547 12934
b) Changes in Inventories of Finished Goods and Work-in- progress (1856) 2255 (281) 2553 (3143)
c) Power & Fuel 891 485 1214 3662 4101
d) Employee Benefits Expense 427 403 382 1629 1419
e) Finance Costs 79 38 151 268 347
f) Depreciation and Amortisation Expense 190 173 148 739 593
g) Other Expenses 209 482 375 1519 1212
Total Expenses 5303 6593 7497 27917 17463
3. Profit/ (Loss) before Exceptional items and taxes 1072 514 856 3536 1333
4. Exceptional Items - (Gain) / Loss [Note 5] (53) - 133 (53) 133
5. Profit/(Loss) Before Tax (3-4) 1125 514 723 3589 1200
6. Tax Expenses
Current Tax 200 50 150 533 198
Deferred Tax 15 (361) 96 (38) 159
Total Tax Expenses 215 (311) 246 495 357
7. Profit/(Loss) for the period (5-6) 910 825 477 3094 843
8. Other Comprehensive Income(OCI)
i. Item that will not be reclassified to profit or loss
a. Effect of measuring Investments at fair value (5753) (3381) (2094) (7371) 1237
b. Actuarial gain on employee defined benefit obligation (53) - 6 (53) 6
ii. Income tax relating to items that will not be reclassified to
profit or loss 15 - 77 15 (2)
Total OCI (5791) (3381) (2011) (7409) 1241
9. Total Comprehensive Income for the period (7+8) (4881) (2556) (1534) (4315) 2084
10. Earnings Per Share (Face Value : Rs.10/- per share)
A)Basic(Rs.) 10.58 9.59 5.55 35.98 9.80
B)Diluted(Rs.) 10.58 9.59 5.55 35.98 9.80
11 Paid up Equity Share Capital
(Face Value : Rs.10/- per share)
860 860 860 860 860
12. Other Equity (excluding Revaluation Reserve) as at balance sheet date - - - 23886 28408

 

Segment wise Revenue, Results and Capital Employed (Audited)

Particulars 3 Months Ended 31.03.2020 (Audited) 3 Months Ended 31.12.2019 (Unaudited) 3 Months Ended 31.03.2019 (Audited) Year Ended 31.03.2020 (Audited)  Year Ended 31.03.2019 (Audited)
1. Segment Revenue
a) Sugar 5660 6814 7069 27587 14246
b) Co-generation 2367 1267 2997 9427 8854
Sub total 8027 8081 10066 37014 23100
Less:Intersegmental Revenue 1683 981 1733 5965 4616
Sales / Income From Operations 6344 7100 8333 31049 18484
2. Segment Results
Profit/(Loss) before Tax and Interest
from each segment
a) Sugar 683 621 341 2040 (72)
b) Co-generation 560 88 614 1811 1718
Sub total 1243 709 955 3851 1646
Less:
a) Finance Costs 79 38 151 268 347
b) Other Unallocable expenditure/(income) 39 157 81 (6) 99
Total Profit/(Loss) Before Tax 1125 514 723 3589 1200
3. Segment Assets
a) Sugar 7852 6413 10429 7852 10429
b) Co-generation 14128 13096 11448 14128 11448
c) Unallocable 9546 15947 17203 9546 17203
Total 31526 35456 39080 31526 39080
4. Segment Liabilities
a) Sugar 3778 3293 5072 3778 5072
b) Co-generation 141 254 329 141 329
c) Unallocable 2861 2282 4411 2861 4411
Total 6780 5829 9812 6780 9812

 

Statement of Assets and Liabilities (Audited)

Particulars As at 31.03.2020 As at 31.12.2019
A ASSETS  
1. Non-Current Assets
(a) Property, Plant and Equipment 10929 11413
(b) Capital Work-in-Progress 18 11
(c) Intangible Assets 3 4
(d) Financial Assets
(i) Investments 9481 16852
(ii) Other financial assets 27 28
(e) Other Non-Current Assets 8 41
Total Non-Current Assets 20466 28349
2. Current Assets
(a) Inventories 3773 6402
(b) Financial Assets
(i) Trade Receivables 6945 3806
(ii) Cash and Cash Equivalents 44 331
(iii) Bank balances other than (ii) above 21 20
(c) Other Current Assets 277 172
Total Current Assets 11060 10731
TOTAL ASSETS 31526 39080
B EQUITY AND LIABILITIES  
Equity
(a) Equity Share Capital 860 860
(b) Other Equity 23886 28408
Total Equity 24746 29268
Liabilities
1. Non-Current Liabilities
(a) Financial Liabilities
(i) Borrowings 356 -
(b) Deferred Tax Liabilities (Net) 260 313
(c) Provisions 559 576
Total Non-Current Liabilities 1175 889
2. Current Liabilities
(a) Financial Liabilities
(i) Borrowings 1357 3487
(ii) Trade Payables
- Micro and Small enterprises 36 13
- Others 2734 3615
(iii) Other Financial Liabilities 443 109
(b) Other Current Liabilities 959 1684
(c) Provisions 76 2
(d) Current Tax Liabilities (Net) - 13
Total Current Liabilities 5605 8923
TOTAL EQUITY AND LIABILITIES 31526 39080

 

Statement of Cash flows

Particulars Year Ended 31.03.2020(Audited) Year Ended 31.03.2019(Audited)
A. Cash flow from Operating Activities:  
Profit before tax 3589 1200
Adjustments for:
Depreciation 739 593
Interest 253 324
Dividend (354) (265)
Remeasurement of defined benefit plan (53) 6
Others 13 1
Operating Profit before working capital changes 4187 1859
Adjustments for:
Trade and Other Receivables (3211) (1967)
Inventories 2629 (3271)
Trade and other payables (1481) 1274
Cash generated from operations 2124 (2105)
Direct Tax paid net of refund (563) (134)
Net cash from operating activities (A) 1561 (2239)
B. Cash flow from Investing Activities:  
Purchase / Acquisition of fixed assets (279) (64)
Value of discarded assets (9) (1)
Sale of Fixed Assets 14 1
Interest received 15 23
Dividend received 354 265
Net cash used in investing activities (B) 95 224
C. Cash flow from Financing Activities:  
Term Loan availed 906 -
Term Loan repaid (250) (574)
Working Capital Loan (1130) 2336
Short term loan (1000) 1000
Interest Paid (262) (345)
Dividend plus Tax paid (207) (103)
Net cash used in financing activities ( C ) (1943) 2314
Net increase in cash and cash equivalents (A+B+C) (287) 299
Cash and cash equivalents at the beginning 331 32
Cash and cash equivalents at the end 44 331

Notes :

1. The Board has recommended a dividend of  Rs.4 per Equity Share of Rs.10/- for FY 2019-20.

2. Sugar production being seasonal, performance of one quarter is not indicative of the trend for the whole year.

3. Figures for the last quarter are the difference between the audited figures for the full financial year and the published figures for nine months period upto the third quarter of relevant financial year.

4. Figures for the previous period have been regrouped wherever necessary.

5. Exceptional items comprise of: (Rs. in Lakhs)      Quarter ended        Year ended
                                                                                               31-03-2020
   - Write back under Indirect taxes settlement scheme        (53)                  (53)

6. Undue delay in realising dues pertaining to power sales continues to strain liquidity and credit rating.

7. Production operations remained shut between 25-03-2020 and 21-04-2020 due to Covid-19 induced lockdown and consequent disruption. This pushed tail end crushing to summer months, depressing sugar recovery. The Company incurs higher compliance cost to conform to SOPs under Covid Guidelines. Sugar prices face bearish pressures under adverse market. All these have a negative financial impact on the Company the extent of which is not readily quantifiable. The Company however is hopeful of weathering these challenges.

8. The above financial results were reviewed by the Audit Committee and approved by the Board of Directors at the respective meetings held on 29th May 2020.
                                                                                                                                       For Ponni Sugars (Erode) Ltd

Chennai                                                                                                                                             N Ramanathan
29.05.2020                                                                                                                                   Managing Director

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