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Statement of Unaudited Financial Results for the Quarter and Six Months Ended 30.09.2017


(Rs.Lakhs)

Particulars

3 Months Ended 30.09.2017 (Unaudited)

3 Months Ended 30.06.2017 (Unaudited)

3 Months Ended 30.09.2016 (Unaudited)

6 Months Ended 30.09.2017 (Unaudited)

 6 Months  Ended 30.09.2016 (Unaudited)

Year Ended 31.03.2017 (Unaudited)
1. Income              
(a) Revenue from Operations  8975 4263 7382 13238 13425 26288
(b) Other Income 183 4 95 187 97 131
Total Income 9158 4267 7477 13425 13522 26419
2. Expenses          
(a)Cost of Materials consumed  2938 4853  5992 7791 8316 15025
(b)Changes in Inventories of Finished Goods and Work in progress 3763 (2800) (1887) 963 14 1088
(c) Excise Duty (461) 300 462 (161) 655 1207
(d) Power & Fuel 826 855 608 1681  819 2131
(e)Employee Benefits Expense 350 369 356  719 706 1401
(f) Finance Costs  101 94 113  195  238 475
(g) Depreciation and Amortisation   Expense 142 141 141 283  282 570
(h) Other Expenses 273 255 319 528 682 1613
Total Expenses 7932 4067 6104 11999 11712 23510
3.Profit / (Loss)   before  Exceptional Items  and taxes 1226 200 1373  1426  1810  2909
4. Exceptional Items - - (5)  -  - 671
5. Profit / (Loss)  Before Tax (3-4) 1226 200 1378 1426 1810 2238
6. Tax Expenses               
            Current Tax 0  0 0 0  0  0
            Deferred Tax 368 62 412 430 510 633
Total Tax Expenses   368 62 412 430 510  633
7. Profit/Loss for the period (5-6)  858 138 966 996 1300 1605
8.Other Comprehensive Income(OCI)                       
 i. Item that will not be reclassified to profit or loss            
 a) Effect of measuring Investments at fair value  (442) (325) 3310  (767) 4396 9784
  b)Actuarial gain on employee defined benefit obligation - - - - - 35
ii.Income tax relating to items that will not be reclassified to profit or loss - - - - - (12)
iii. Item that will be reclassfied to proft or loss            
    Fair value changes on derivatives designated as cash flow hedges(net of tax) 10 (3) -  7 - -
Total OCI (432) (328) 3310 (760) 4396 9807
9.Total   Comprehensive Income for the period (7+8) 426 (190) 4276 236 5696 11412
10. Earnings per share (Face Value : Rs 10/- per share)            
        a) Basic  9.98 1.60 11.23  11.58 15.12 18.66
         b) Diluted  9.98 1.60 11.23 11.58 15.12 18.66
11. Paid up Equity Share Capital(Face Value : Rs 10/- per share) 860 860 860  860 860 860

12. Other Equity (excluding Revaluation Resereve) as at balance sheet date

 - - - - - 24799

Segmentwise Revenue,Results and Capital Employed (Unaudited)

  

Particulars                    

3 Months Ended 30.09.2017 (Unaudited)

3 Months Ended 30.06.2017 (Unaudited)

3 Months Ended 30.09.2016 (Unaudited)

6 Months Ended 30.09.2017 (Unaudited)

 6 Months  Ended 30.09.2016 (Unaudited)

Year Ended 31.03.2017 (Unaudited)
1. Segment Revenue                            
(a) Sugar                8391 3498 7156 11889 13042 25112
(b) Co-generation 1661 1969 1880 3630 2710 6937
Sub total 10052 5467 9036 15519 15572 32049
Less: Intersegmental Revenue 1077 1204 1654 2281 2327 5761
Sales/Income From Operations                 8975 4263 7382 13238 13425 26288
           
2. Segment Results                          
Profit / (Loss) Before Tax and interest from each segment             
(a) Sugar 1129 (54) 1137 1012 1605 1690
(b) Co-generation 197 432 403 629 581  1377
Sub total 1326 378 1540 1641 2186 3067
Less:            
(a) Finance Costs 101 94 113 195 238 475
(b) Other unallocable expenditure/(income) (1) 84 49 20 138 354
Total Profit / (Loss) Before Tax 1226 200 1378 1426 1810 2238
           
3. Segment Assets            
(a) Sugar 9333 12156 11931 9333 11931 9203
(b) Co-generation 9911 10332 11305 9911 11305 10522
(c) Unallocable  13894 13736 8673 13894 8673 14061
Total 33138 36224 31909 33138 31909 33786
           
4. Segment Liabilities            
(a) Sugar 2230 3073 4112 2230 4112 2069
(b) Co-generation  31 158  94 31 94 311
(c) Unallocable  5241  7524 7760 5241 7760 5747
Total 7502  10755 11966 7502 11966 8127

Statement of Assets and Liabilities(Unaudited)

Particulars As at 30.09.2017 As at 31.03.2017 Particulars As at 30.09.2017 AS at 31.03.2017
EQUITY AND LIABILITES     ASSETS  
Equity     Non Current assets    
(a) Equity Share Capital  860 860 (a) Property, Plant and Equipment   11562 11830
(b) Other Equity  24776 24799 (b)Capital Work-in Progress  73 -
Total Equity   25636 25659 (c) Investment Property 9 9
 Liabilities     (d) Other Intangible Assets 2 1
 Non-Current Liabilities     (e) Financial Assets    
(a) Financial Liabilities - Borrowings  1667 2483    (i) Investments  13294 14061 
(b) Deffered Tax Liabilities (Net)   318 151   (ii) Loans    16 16 
(c) Other Non-Current Liabilities 833 655 (f) Other Non-Current Assets 165 9
Total Non-current liabilities  2818 3289 Total Non-current Assets 25121 25926
  Current liabilities       Current assets       
      (a) Inventories 4039 4913
(a) Financial Liabilities     (b)Financial Assets    
    (i) Borrowings  1710 1304      (i) Trade Receivables  2152 2396
     (ii) Trade Payables 1720 1465    (ii) Cash & Cash Equivalents  1514 198
   (iii)Other Financial Liabilities 737 1173     (iii) Bank Balances other than (iii) above 56 -
(b) Other Current Liabilities 482 569     (iv) Loans  1 51
(c) Provisions 35 327   (v) Others  16 9
      c) Other Current Assets 239 293
Total Current Liabilities 4684 4838 Total Current Assets 8017 7860
TOTAL EQUITY AND LIABILITIES 33138 33786   TOTAL - ASSETS 33138 33786
Notes :
 
1. The Company has adopted Indian Accounting Standards (“Ind AS”) from April 1, 2017. Accordingly the financial results
    as above have been prepared in accordance with the recognition and measurement principles laid down in the Ind AS
    34 ‘Interim Financial Reporting’ prescribed under section 133 of the Companies Act, 2013 read with the relevant rules
    issued there under and the other accounting principles generally accepted in India. Further, the Company has presented
    the results of the previous periods / year under Ind AS.

2. Consequent to transition to Ind AS, the reconciliation of Equity and Net Profit is provided as below for the relevant
    periods of the previous year in accordance with the requirements of paragraph 32 of the Ind AS -101 - First time
    adoption of Ind AS: Reconciliation of Equity and net profit as reported under previous GAAP and as per Ind AS.
Sl.No Nature of Adjustments Net Profit Reconciliation Equity Reconciliation
         Quarter ended September 30, 2016 Six months ended September 30, 2016 Year ended March 31, 2017 As at March 31, 2017
1 Net Profit / Equity as per previous GAAP 966 1194 1519 13678
  Adjustments:        
2 Reversal of impairment of financial assets - 106 109 -
3 Actuarial gain on employee defined benefit funds recognized in Other Comprehensive Income - - (35) (35)
4 Deferred tax adjustments - - 12 12
5 Net Profit as per Ind AS before OCI 966 1300 1605 -
6 Effect of measuring Investments at fair value 3310 4396 9784 11981
7 Other Comprehensive Income (Net of Tax) - - 23 23
8 Total Comprehensive Income / Equity as per Ind As 4276 5696 11412 25659
3. Revenue from operations for periods up to June 30, 2017 includes excise duty, which is discontinued effective July 01, 2017    
    upon implementation of Goods and Services Tax (GST) in India. In accordance with 'Ind AS 18, Revenue', GST is not included
    in revenue from operations. In view of the aforesaid restructuring of indirect taxes, revenue from operations for the quarter /
    six months ended on September 30, 2017 are not comparable with the previous periods.

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

5. Sugarcane availability is under stress for 2017-18 season due to severe drought trouncing cane area and yield.

6. The Ind-As compliant financial results pertaining to the relevant periods of the previous year have not been subjected to
    limited review or audit. The Management has exercised necessary due diligence to ensure that the said financial results
    provide a true and fair view of affairs.

7. The above unaudited financial results were reviewed by the Audit Committee and approved by the Board of Directors at the 
    respective meetings held on 27th October 2017. The statutory auditors have conducted a limited review of the financial results     for the relevent periods of the current year.
  For Ponni Sugars (Erode) Ltd
Chennai

27.10.2017
N Ramanathan
Managing Director
 
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