GHCL Limited (CIN : L24100GJ1983PLC006513)

Registered Office: GHCL House, Opp. Punjabi Hall, Near Navrangpura Bus Stand, Navrangpura, Ahmedabad - 380 009, Gujarat
( Email: [email protected], [email protected], Website: www.ghcl.co.in, Phone: 079- 39324100, Fax: 079-26423623)
Statement of Audited Standalone Financial Results for the Quarter and Year ended March 31, 2020 Rs. In Crore
Quarter Ended Year Ended
31.03.2020 31.12.2019 31.03.2019 31.03.2020 31.03.2019
S. No. Particulars
Audited ( refer Un-audited Audited ( refer Audited
note 10) note 10)

1 Income
(a) Revenue from Operations 733.17 834.62 911.27 3,256.01 3,371.18
(b) Other Income 0.55 8.54 3.31 16.43 13.54
Total Income 733.72 843.16 914.58 3,272.44 3,384.72

2 Expenses:
a) Cost of Material consumed 277.30 333.22 308.19 1,253.45 1,246.46
b) Purchase of Stock-in-trade 57.89 56.67 46.27 182.39 237.17
c) Changes in inventories of finished goods, work-in-progress
and stock-in-trade
7.55 (5.75) 32.59 (14.02) (31.77)
d) Power, fuel and water expense 100.54 132.48 136.94 513.17 505.33
e) Employee benefits expense 37.08 44.52 46.34 188.36 200.91
f) Depreciation and amortisation expense 34.72 32.33 30.08 130.51 116.29
g) Finance Cost 33.45 25.63 30.54 118.18 126.32
h) Other Expenses 92.08 95.57 102.80 385.93 442.90
Total Expenses 640.61 714.67 733.75 2,757.97 2,843.61
3 Profit before tax and Exceptional Items (1-2) 93.11 128.49 180.83 514.47 541.11
4 Exceptional Items (( refer note 3) 10.00 9.57 - 10.00 -
5 Profit before tax (3-4) 83.11 118.92 180.83 504.47 541.11
6 Tax expenses
(a) Current tax 22.64 32.38 50.62 143.38 153.84
(b) Tax adjustment for earlier years (5.58) - - (2.48) 0.84
(c) Deferred tax (13.84) (14.54) 11.66 (42.93) 25.40
Total tax expenses 3.22 17.84 62.28 97.97 180.08
7 Net Profit after tax (5-6) 79.89 101.08 118.55 406.50 361.03
Other Comprehensive Income
(a) Re-measurement losses on defined benefit plans - not to be
reclassified subsequently to profit & loss (2.80) - (0.16) (2.80) 0.63
(b) Income tax effect on above 0.71 - 0.05 0.71 (0.22)
(c) Re-measurement of investment in equity shares- not to be
reclassified subsequently to profit & loss (3.82) 0.42 0.84 (3.44) 1.23
(d) Income tax effect - - - - -
Other Comprehensive Income for the period net of tax- not to
8 be reclassified subsequently to profit & loss (5.91) 0.42 0.73 (5.53) 1.64
Total Comprehensive Income for the period comprising
9 profit for the period after tax and other Comprehensive 73.98 101.50 119.28 400.97 362.67
income (7+8)
Other Equity excluding Revaluation Reserve as per the audited
10
balance sheet
2,090.55 1,853.92
11 Paid Up Equity Share Capital (face value of Rs.10/- each) 95.01 98.21 98.03 95.01 98.03
12 Earnings per Share (face value of Rs.10/- each) (Not Annualised) (Not Annualised) (Not Annualised)
(a) Basic 8.16 10.30 12.11 41.51 36.88
(b) Diluted 8.16 10.26 12.00 41.51 36.56
GHCL Limited (CIN : L24100GJ1983PLC006513)
Registered Office: GHCL House, Opp. Punjabi Hall, Near Navrangpura Bus Stand, Navrangpura, Ahmedabad - 380 009, Gujarat
( Email: [email protected], [email protected], Website: www.ghcl.co.in, Phone: 079- 39324100, Fax: 079-26423623)
Statement of Standalone Segment Information for the Quarter and Year ended March 31, 2020 Rs. In Crore
Quarter Ended Year Ended
31.03.2020 31.12.2019 31.03.2019 31.03.2020 31.03.2019
S. No. Particulars
Audited ( refer Audited ( refer
Un-audited Audited
note 10) note 10)
1 Segment Revenue
1.a Inorganic Chemicals 514.35 545.19 604.82 2,188.11 2,175.69
1.b Home Textiles 218.82 289.43 306.45 1,067.90 1,195.49
1.c Un-allocated - - - - -
Total Revenue 733.17 834.62 911.27 3,256.01 3,371.18

2 Segment Results
Operating Profit before Finance cost & Tax
2.a Inorganic Chemicals 146.43 141.57 207.74 629.40 620.19
(15.29) 16.87 18.28 25.83 66.62
2.b Home Textiles
2.c Un-allocated - - - - -
Total Segment Results 131.14 158.44 226.02 655.23 686.81
2.d Finance Cost 33.45 25.63 30.54 118.18 126.32
2.e Un-allocated Expenditure 4.58 4.32 14.65 22.58 19.38
Profit Before Tax and Exceptional Items 93.11 128.49 180.83 514.47 541.11
Exceptional Items ( refer note 3) 10.00 9.57 - 10.00 -
Profit Before Tax 83.11 118.92 180.83 504.47 541.11

3 Segment Assets
3.a Inorganic Chemicals 2,523.41 2,374.66 2,221.24 2,523.41 2,221.24
3.b Home Textiles 1,613.13 1,648.08 1,704.13 1,613.13 1,704.13
3.c Un-allocated 64.42 78.78 78.23 64.42 78.23
Total Segment Assets 4,200.96 4,101.52 4,003.60 4,200.96 4,003.60
4 Segment Liabilities
4.a Inorganic Chemicals 1,134.92 931.37 880.41 1,134.92 880.41
4.b Home Textiles 626.53 677.86 908.02 626.53 908.02

4.c Un-allocated 253.95 268.51 263.22 253.95 263.22

Total Segment Liabilities 2,015.40 1,877.74 2,051.65 2,015.40 2,051.65

 GHCL Limited (CIN : L24100GJ1983PLC006513)
Statement of Assets & Liabilities
Standalone ( Rs. In Cr)
As at As at
Particulars
31.03.2020 31.03.2019
Audited Audited
I Assets
Non-current assets
a Property, plant and equipment 2,635.40 2,576.92
b Capital work-in-progress 119.96 113.64
c Other Intangible assets 5.46 4.56
d Right-of-use assets 13.73 -
e Intangible assets under development 1.76 3.82
f Financial assets
(i) Investments 34.23 46.56
(ii) Loans 15.51 11.45
(iii) Other non-current financial assets - -
g Other-non current assets 67.19 24.37
Total Non-Current Assets 2,893.24 2,781.32
Current assets
a Inventories 724.27 668.26
b Financial assets
(i) Trade receivables 357.58 380.23
(ii) Cash and cash equivalents 89.60 4.44
(iii) Bank balances other than cash and cash equivalents 23.92 23.32
(v) Loans 3.86 4.86
(v) Derivative instruments - 2.26
(vi) Other current financial asset 22.78 18.09
c Current tax assets (net) 7.59 -
d Other current assets 46.66 81.59
Total Current Assets 1,276.26 1,183.05
Assets held for sale 31.46 39.23
Total Assets 4,200.96 4,003.60

II Equity and Liabilities

Equity
a Equity share capital 95.01 98.03
b Other equity 2,090.55 1,853.92
Total Equity 2,185.56 1,951.95
Non-current liabilities
a Financial liabilities
(i) Borrowings 807.89 701.35
(ii) Lease liabilities 13.92 -
b Provisions 6.27 6.15
c Deferred tax liabilities (net) 253.08 253.00
Total Non- Current Liabilities 1,081.16 960.50
Current liabilities
a Financial liabilities
(i) Borrowings 268.88 398.86
(ii) Lease liabilities 0.68 -
(iii) Trade payables
(a) Total outstanding dues of micro enterprises and small
enterprises 12.92 14.83
(b) Total outstanding dues of creditors other than micro
enterprises and small enterprises 392.87 393.02
(iv) Other current financial liabilities 216.78 230.97
(v) Derivative instruments 6.25 -
c Provisions 12.83 15.13
d Current tax liabilities (net) - 9.34
b Other current liabilities
(i) Contract liabilities 6.11 3.66
(ii) Other current liabilities 16.92 25.34
Total Current Liabilities 934.24 1,091.15
Total Equity and Liabilities 4,200.96 4,003.60
GHCL Limited
Standalone Statement of Cash Flows for the year ended March 31, 2020
(INR in crores)

Particulars For the year ended For the year ended

Mar 31, 2020 March 31, 2019
Operating activities
Profit before tax 504.47 541.11
Adjustments for:
Depreciation/amortisation 130.51 116.29
Loss/(Profit) on sale of investments/ Mark down of investment 9.12 (0.72)
Loss/(gain) on sale of fixed assets 1.48 (0.41)
Interest income (0.64) (1.19)
Finance cost 118.19 125.01
Income from dividend (0.08) (0.05)
Employees share based payments (7.18) 19.90
Unrealised exchange (gain)/loss 13.19 (7.36)
Operating Profit before working capital changes 769.06 792.58
Changes in working capital
Adjustments for (Increase)/decrease in Opearting assets:
Trade receivables 17.93 (90.13)
Inventories (56.01) (80.38)
Derivative instruments (8.51) 2.91
Other current financial assets (3.69) 0.19
Other current assets 32.13 (21.57)
Non‐current financial assets (4.06) 1.81
Other non‐current assets 2.21 (0.32)
Adjustments for (Increase)/decrease in Opearting liabilities:
Contract liabilities (2.45) (1.41)
Trade payables (10.37) (0.49)
Other current financial liabilities 1.34 51.77
Other current liabilities 8.42 (1.39)
Provisions (2.18) (0.13)
Cash generated from operations 743.82 653.44
Direct taxes paid (net) (115.53) (92.70)
Net cash generated from operating activities 628.29 560.74

Cash flow from investing activities

Payment for Property, plant and equipment (225.33) (282.72)
Proceeds from sale of Property, plant and equipment 9.73 9.77
Sales/ (Purchase) of Investment (Net) (0.23) (34.30)
Interest received 0.64 1.19
Dividend received 0.08 0.05
Net cash used in investing activities (215.11) (306.01)

Cash flow from financing activities

Proceeds from issue of equity shares (including premium) 2.74 6.19
Buyback of equity share capital (including tax paid) (69.46) ‐
Dividend paid (76.26) (48.75)
Dividend distribution tax paid (10.08) (10.01)
Proceeds from long‐term borrowings 252.74 136.45
Repayment of long‐term borrowings (174.92) (201.55)
Proceeds from short‐term borrowings (129.98) (0.90)
Payment of lease liabilities (2.06) ‐
Unpaid dividend account ( Net) (1.26) (0.33)
Bank deposit in escrow account and Margin Money 0.66 (7.76)
Interest paid (120.14) (132.64)
Net cash generated from financing activities (328.02) (259.30)

Net (decrease) / increase in cash and cash equivalents 85.16 (4.57)

Cash and cash equivalents at the beginning of the year 4.44 9.01
Cash and cash equivalents at the end of the year 89.60 4.44

Components of cash and cash equivalents

Cash on hand 0.26 0.21
Balances with banks:
‐ On current accounts 89.34 4.23
Total cash and cash equivalents (note 10 A) 89.60 4.44
Notes:
1. The cash flow statement has been prepared under the indirect method as set out in the Ind AS 7 "Statement of Cash Flows".
Notes to the Statement of Standalone Financial Results for the Quarter and Year ended March 31, 2020

1.The above Standalone financial results have been prepared in accordance with Indian Accounting Standards (Ind AS) as
prescribed under section 133 of the Companies Act, 2013 read with rule 3 of the Companies (Indian Accounting standards) Rules
2015 and other relevant amendments thereafter. These financial results have been reviewed by the Audit Committee and
approved by the Board of Directors at their respective meetings held on May 20, 2020. The Statutory Auditors have conducted the
audit of the financial results and have expressed an unqualified audit opinion.
2. The Board of Directors of the Company at their meeting held on March 16, 2020 approved a Scheme of Arrangement u/s 230-
232 of the Companies Act 2013, involving a demerger of its Textiles Business into a separate company (to be incorporated as a
Resulting Company) (‘Scheme’). The Company shall be filing the requisite documents with the appropriate jurisdiction of NCLT
after taking necessary approval or clearance form concerned regulatory authorities . The Scheme would become effective on filing
of certified copies of the order of the NCLT sanctioning the scheme by the Demerged Company and the Resulting Company with
the registrar of companies
3.Pursuant to outbreak of coronavirus disease (Covid 19) worldwide and its declaration as global pandemic, the Government of
India declared lockdown on March 24, 2020 which led the temporary suspension of operations of the Company and has impacted
the overall business activities of the Company. On account of this, management has prepared future cash flow projections and
also assessed the recoverability of its assets and factored assumptions used in the annual impairment assessment of its cash
generating units, using various internal and external information up-to the date of approval of these financial results. The Company
has on a prudent basis charged an additional one time cost of Rs. 30 crore (including Rs.10 Crore for declining in value of
investment in subsidiary) to the statement of profit and loss and in the carrying value of the assets. Further on the basis of this
evaluation and current indicators of future economic conditions, the Company expects to recover the remaining carrying amounts
of these assets and does not anticipate any reduction of its financial and non-financial assets. The situation is changing rapidly
giving rise to inherent uncertainty around the extent and timing of the potential future spread of the COVID-19 and its impact on
the Company’s business operations. The Company will continue to closely monitor any material changes to future economic
conditions viz a viz its business operations.

4. Pursuant to The Taxation Laws (Amendment) Act, 2019 dated December 02, 2019, the Company has decided to measure the
Income tax liability for FY 19-20 at existing rates of 34.944% and to opt the lower tax rates 25.17% from next financial year.
Accordingly the deferred tax liability has been re-measured at future taxable rates of 25.17% and the amount of Rs 43.64 crores is
being written back on a systematic basis during the current financial year. Accordingly, Rs. 14.54 Cr has been written back during
the this quarter.

5.Effective April 1, 2019 the Group has adopted IND AS 116 ‘Leases’ and applied the same on all lease contracts existing on April
1, 2019 using modified retrospective approach. Under this approach Right-To-Use Asset and corresponding Lease Liability have
been recognised at Rs 15.00 Crore as at April 1, 2019. Accordingly the comparatives for the year ended March 31, 2019 have not
been retrospectively adjusted. The effect of this adoption is not material to the profit for the current financial results and earnings
per share.
6.During the current quarter 615,000 equity shares options lapsed/cancelled under the employee stock option scheme GHCL
ESOS 2015.
7.During the current quarter, the Company has carried out the share buyback of 32,00,000 fully paid-up equity shares of face
value of Rs 10 each at a price of Rs 178 per share paid in cash for an aggregate consideration of 56.96 crores.
8.During the current quarter, an interim dividend of ₹3/- per equity share was declared on March 16, 2020 and the same was paid
on March 30, 2020.
9. Pursuant to the Notification number CG-DL-E-15012020-215423 (dated January 14, 2020) issued by Ministry of Textile,
Government of India, the Company had reversed the MEIS benefit of Rs 9.57 crores for the period March 07, 2019 to September
30, 2019 in the financial results for the quarter ended December 31, 2019 and was shown as an exceptional item. The same has
been regrouped and reduced from revenue from operations of the Company in the current quarter financial results.
10. The figures for the quarter ended March 31, 2020 are the balancing figures between audited figures in respect of full financial
year ended March 31, 2020 and the unaudited published year to date figures upto December 31, 2019, being the end of the third
quarter of the financial year which were subjected to limited review.
11. The CEO and CFO certificate in respect of the above results in terms of Regulation 33 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 has been placed before the Board of Directors.
12. The previous period figures have been Re-grouped, wherever considered necessary.
13. In line with the requirements of Regulation 47(2) of the Listing Regulations, 2015, the results are available on the website of
BSE Limited (URL: www.bseindia.com/corporates), the National Stock Exchange of India Limited
(URL:www.nseindia.com/corporates) and on the company’s website (URL:http://ghcl.co.in/investors/performances-reports/).

For and on behalf of Board of Directors of GHCL Limited

New Delhi
May 20, 2020 R. S. Jalan Raman Chopra
Managing Director CFO & Executive Director (Finance)
GHCL Limited (CIN : L24100GJ1983PLC006513)
Registered Office: GHCL House, Opp. Punjabi Hall, Near Navrangpura Bus Stand, Navrangpura, Ahmedabad - 380 009, Gujarat
( Email: [email protected], [email protected], Website: www.ghcl.co.in, Phone: 079- 39324100, Fax: 079-26423623)

Statement of Audited Consolidated Financial Results for the Quarter and Year ended March 31, 2020 (Rs. in Crore)
Quarter Ended Year Ended

S. No. Particulars 31.03.2020 31.12.2019 31.03.2019 31.03.2020 31.03.2019

Audited ( refer Un-audited
note 7) Un-audited Audited
( refer note 7)

1 Income
(a) Revenue from Operations 750.07 840.34 907.86 3,305.12 3,341.32
(b) Other Income 0.84 8.74 3.60 17.60 15.51
Total Income 750.91 849.08 911.46 3,322.72 3,356.83

2 Expenses:
a) Cost of Material consumed 277.30 333.22 308.19 1,253.45 1,246.46
b) Purchase of Stock-in-trade 57.89 56.67 58.93 182.39 249.83
c) Changes in inventories of finished goods, work-in-progress
and stock-in-trade
16.60 (4.87) 9.77 19.59 (83.70)
d) Power, fuel and water expense 100.54 132.48 136.94 513.17 505.33
e) Employee benefits expense 37.16 45.56 46.41 189.97 201.21
f) Depreciation and amortisation expense 34.90 32.51 30.24 131.21 116.94
g) Finance Cost 33.81 26.02 30.85 119.79 127.34
h) Other Expenses 104.62 103.17 108.46 418.55 462.79
Total Expenses 662.82 724.76 729.79 2,828.12 2,826.20
3 Profit before tax and Exceptional Items (1-2) 88.09 124.32 181.67 494.60 530.63
4 Exceptional Items 9.57 - - -
5 Profit before tax (3-4) 88.09 114.75 181.67 494.60 530.63
6 Tax expenses
(a) Current tax 22.65 32.38 50.58 143.39 153.81
(b) Tax adjustment for earlier years (5.58) - - (2.48) 0.84
(c) Deferred tax (13.84) (14.54) 11.66 (42.93) 25.40
Total tax expenses 3.23 17.84 62.24 97.98 180.05
7 Net Profit after tax (5-6) 84.86 96.91 119.43 396.62 350.58
Other Comprehensive Income
(a) Re-measurement losses on defined benefit plans - not to
be reclassified subsequently to profit & loss (2.80) - (0.16) (2.80) 0.63
(b) Income tax effect on above 0.71 - 0.05 0.71 (0.22)
(c) Re-measurement of investment in equity shares- not to be
reclassified subsequently to profit & loss (3.82) 0.42 0.84 (3.44) 1.23
(d) Exchange differences on translation of foreign operations -
to be reclassified subsequently to profit & loss 1.01 (0.16) (5.02) (0.26) (4.88)
(e) Income tax effect - - - - -
Other Comprehensive Income for the period net of tax- not to
8 be reclassified subsequently to profit & loss (4.90) 0.26 (4.29) (5.79) (3.24)
Total Comprehensive Income for the period comprising profit
9 for the period after tax and other Comprehensive income 79.96 97.17 115.14 390.83 347.34
(7+8)

10 Profit attributable to :

Owners of the Company 84.86 96.91 119.43 396.62 350.58

Non-controlling interest - - - - -
11 Total comprehensive Income attributable to :
Owners of the Company 79.96 97.17 115.14 390.83 347.34
Non controlling interest - - - - -
Other Equity excluding Revaluation Reserve as per the
12
audited balance sheet
2,053.96 1,827.47

13 Paid Up Equity Share Capital (face value of Rs.10/- each) 95.01 98.21 98.03 95.01 98.03
14 Earnings per Share (face value of Rs.10/- each) (Not Annualised) (Not Annualised) (Not Annualised)
(a) Basic 8.67 9.87 10.31 40.50 35.81
(b) Diluted 8.67 9.84 10.22 40.50 35.50

RAVI Digitally signed by

RAMAN Digitally
RAVI SHANKAR signed by
SHANKAR JALAN RAMAN CHOPRA
Date: 2020.05.20
JALAN 11:09:14 +05'30' CHOPRA Date: 2020.05.20
11:13:53 +05'30'
GHCL Limited (CIN : L24100GJ1983PLC006513)
Registered Office: GHCL House, Opp. Punjabi Hall, Near Navrangpura Bus Stand, Navrangpura, Ahmedabad - 380 009, Gujarat
( Email: [email protected], [email protected], Website: www.ghcl.co.in, Phone: 079- 39324100, Fax: 079-26423623)

Statement of Consolidated Segment Information for the Quarter and Year ended March 31, 2020 (Rs. in Crore)
Quarter Ended Year Ended
S. No. Particulars 31.03.2020 31.12.2019 31.03.2019 31.03.2020 31.03.2019
Audited ( refer Un-audited
Un-audited Audited
note 7) ( refer note 7)
1 Segment Revenue
1.a Inorganic Chemicals 514.35 545.19 604.82 2,188.11 2,175.69
1.b Home Textiles 235.72 295.15 303.04 1,117.01 1,165.63
1.c Un-allocated - - - -
Total Revenue 750.07 840.34 907.86 3,305.12 3,341.32

2 Segment Results
Operating Profit before Finance cost & Tax
2.a Inorganic Chemicals 146.43 141.57 207.74 629.40 620.19
(19.98) 13.26 19.11 7.22 55.77
2.b Home Textiles
2.c Un-allocated 0.03 (0.17) 0.32 0.35 1.39
Total Segment Results 126.48 154.66 227.17 636.97 677.35
RAVI
2.d Finance Cost 33.81 26.02 30.85 119.79 127.34 SHAN Digitally signed by
RAVI SHANKAR
JALAN
2.e Un-allocated Expenditure 4.58 4.32 14.65 22.58 19.38 KAR Date: 2020.05.20
11:09:52 +05'30'

Profit Before Tax and Exceptional Items 88.09 124.32 181.67 494.60 530.63 JALAN
Exceptional Items - 9.57 - - -
Profit Before Tax 88.09 114.75 181.67 494.60 530.63
Digitally signed

3 Segment Assets RAMAN by RAMAN

CHOPRA
CHOPRA Date: 2020.05.20

3.a Inorganic Chemicals 2,523.41 2,374.66 2,219.22 2,523.41 2,219.22 11:13:24 +05'30'

3.b Home Textiles 1,597.78 1,656.35 1,723.40 1,597.78 1,723.40

3.c Un-allocated 48.16 52.77 52.29 48.16 52.29
Total Segment Assets 4,169.35 4,083.78 3,994.91 4,169.35 3,994.91
4 Segment Liabilities
4.a Inorganic Chemicals 1,134.92 931.37 880.41 1,134.92 880.41
4.b Home Textiles 631.51 703.13 925.78 631.51 925.78

4.c Un-allocated 253.95 268.51 253.95 263.22

263.22
Total Segment Liabilities 2,020.38 1,903.01 2,069.41 2,020.38 2,069.41
 GHCL Limited (CIN : L24100GJ1983PLC006513)
Statement of Assets & Liabilities
Consolidated ( Rs. In Cr)
As at As at
Particulars
31.03.2020 31.03.2019
Audited Audited
I Assets
Non-current assets
a Property, plant and equipment 2,635.88 2,577.95
b Capital work-in-progress 119.96 113.64
c Investment property 8.56 8.56
d Other Intangible assets 5.46 4.56
e Right-of-use assets 13.73 -
f Intangible assets under development 1.76 3.82
g Financial assets
(i) Investments 9.26 11.59
(ii) Loans 15.51 11.45
(iii) Other non-current financial assets 0.26 0.24
h Other-non current assets 67.19 24.37
Total Non‐Current Assets 2,877.57 2,756.18
Current assets
a Inventories 790.62 768.50
b Financial assets
(i) Trade receivables 274.40 290.62
(ii) Cash and cash equivalents 91.74 12.18 RAVI Digitally signed by
RAVI SHANKAR
(iii) Bank balances other than cash and cash equivalents 23.92 23.32 SHANKAR JALAN
(iv) Loans 2.36 2.84 Date: 2020.05.20
JALAN 11:10:18 +05'30'
(v) Derivative Instruments - 2.26
(vi) Other current financial asset 22.78 18.09
c Current tax assets (net) 7.59 -
d Other current assets 46.91 81.69
Total Current Assets 1,260.32 1,199.50

Assets held for sale 31.46 39.23

Total Assets 4,169.35 3,994.91 RAMAN Digitally signed by
RAMAN CHOPRA
II Equity and Liabilities
Equity
CHOPRA Date: 2020.05.20
11:12:47 +05'30'

a Equity share capital 95.01 98.03

b Other equity 2,053.96 1,827.47

Liabilities
(1) Non-current liabilities
a Financial liabilities
(i) Borrowings 806.39 702.03
(ii) Lease liabilities 13.92 -
b Provisions 6.27 6.15
c Deferred tax liabilities (net) 253.08 253.00
d Other non-current liabilities 2.38 -
Total Non‐ Current Liabilities 1,082.04 961.18
(2) Current liabilities
a Financial liabilities
(i) Borrowings 268.88 408.56
(ii) Lease liabilities 0.68 -
(iii) Trade payables
(a) Total outstanding dues of micro enterprises and small 12.92 14.83
(b) Total outstanding dues of creditors other than micro
enterprises and small enterprises 394.80 394.58
(iv) Derivative Instruments 6.25 -
(v) Other current financial liabilities 216.78 230.97
b Provisions 12.85 15.13
c Current tax liabilities (net) - 9.34
d Other current liabilities
(i) Contract liabilities 6.11 3.66
(ii) Other current liabilities 19.07 31.16
Total Current Liabilities 938.34 1,108.23
Total Equity and Liabilities 4,169.35 3,994.91
GHCL Limited
Consolidated Statement of Cash Flows for the year ended March 31, 2020
(INR in crores)
For the year ended For the year ended
Particulars
March 31, 2020 March 31, 2019
Operating activities
Profit before tax 494.60 530.63
Adjustments for:
Depreciation/amortisation 131.21 116.94
(Profit) on sale of investments (0.88) (0.72)
Loss/(gain) on sale of fixed assets 1.48 (0.41)
Interest income (0.64) (1.19)
Finance cost 119.79 126.02
Income from dividend (0.08) (0.05)
Employees share based payments (7.19) 19.90
Unrealised Exchange (Gain) / Loss 19.99 (12.24)
Operating profit/(loss) before working capital changes 758.28 778.88
Changes in working capital
Adjustments for (Increase)/decrease in Opearting assets:
Trade receivables 11.49 (57.41)
Inventories (22.12) (131.80)
Derivative instruments (8.51) 2.91
Other current financial assets (4.21) 0.31
Other current assets 31.98 (19.58)
Non‐current financial assets (4.08) 0.15
Other non‐current assets 2.21 (0.32)
Adjustments for (Increase)/decrease in Opearting liabilities:
Other non‐current financial liabilities (2.39) ‐
Contract liabilities (2.45) (1.42)
Trade payables (9.99) 1.07
Other current financial liabilities (20.23) 51.77
Other current liabilities 12.09 (1.62)
Provisions (2.16) (0.13)
Cash generated from operations 739.91 622.81
Direct taxes paid (net) (115.54) (92.66)
Net cash generated from operating activities 624.37 530.15

Cash flow from investing activities

Payment for Property, plant and equipment (215.72) (282.83)
Proceeds from sale of Property, plant and equipment 9.73 9.77
Sales/ (Purchase) of Investment (Net) (0.23) 0.64
Interest received 0.64 1.19
Dividend received 0.08 0.05
Net cash used in investing activities (205.50) (271.18)

Cash flow from financing activities

Proceeds from issue of equity shares (including premium) 2.74 6.19
Buyback of equity share capital (69.46) ‐
Dividend paid (76.26) (48.75)
Dividend distribution tax paid (10.08) (10.01)
Proceeds from long‐term borrowings 252.73 137.13
Repayment of long‐term borrowings (174.91) (201.55)
Proceeds from short‐term borrowings (139.68) 0.36
Payment of principal portion of lease liabilities (2.06) ‐
Unpaid dividend account ( Net) (1.26) (0.33)
Bank deposit in escrow account and Margin Money 0.66 (7.76)
Interest paid
Net cash generated from financing activities
(121.73) (133.65)
RAVI Digitally signed
by RAVI
(339.31) (258.37)
Net (decrease) / increase in cash and cash equivalents 79.56 0.60
SHANKAR SHANKAR JALAN
Date: 2020.05.20
Cash and cash equivalents at the beginning of the year 12.18 11.58 JALAN 11:10:48 +05'30'
Cash and cash equivalents at the end of the year 91.74 12.18

Components of cash and cash equivalents RAMAN Digitally

by RAMAN
signed
Cash and cheques on hand 0.27 0.21
Balances with banks: CHOPR CHOPRA
Date:
‐ On current accounts
Total cash and cash equivalents (note 10A)
91.47
91.74
11.97
12.18
A 2020.05.20
11:12:27 +05'30'
Notes:
The cash flow statement has been prepared under the indirect method as set out in the Ind AS 7 "Statement of Cash Flows".
Notes to the Statement of Consolidated Financial Results for the Quarter and Year ended March 31, 2020

1. The above consolidated financial results have been prepared in accordance with Indian Accounting Standards (Ind AS) as
prescribed under section 133 of the Companies Act, 2013 read with rule 3 of the Companies (Indian Accounting standards)
Rules 2015 and other relevant amendments thereafter. These financial results have been reviewed by the Audit Committee
and approved by the Board of Directors at their respective meetings held on May 20, 2020. The Statutory Auditors have
conducted the audit of the financial results and have expressed an unqualified audit opinion.
2. The Board of Directors of the Company at their meeting held on March 16, 2020 approved a Scheme of Arrangement u/s
230-232 of the Companies Act 2013, involving a demerger of its Textiles Business into a separate company (to be
incorporated as a Resulting Company) (‘Scheme’). The Company shall be filing the requisite documents with the appropriate
jurisdiction of NCLT after taking necessary approval or clearance form concerned regulatory authorities . The Scheme would
become effective on filing of certified copies of the order of the NCLT sanctioning the scheme by the Demerged Company and
the Resulting Company with the registrar of companies

3.Pursuant to outbreak of coronavirus disease (Covid 19) worldwide and its declaration as global pandemic, the Government
of India declared lockdown on March 24, 2020 which led the temporary suspension of operations of the Company and has
impacted the overall business activities of the Company. On account of this, management has prepared future cash flow
projections and also assessed the recoverability of its assets and factored assumptions used in the annual impairment
assessment of its cash generating units, using various internal and external information up-to the date of approval of these
financial results. The Company has on a prudent basis charged an additional one time cost of Rs. 20 crore to the
statement of profit and loss and in the carrying value of the assets. Further on the basis of this evaluation and current
indicators of future economic conditions, the Company expects to recover the remaining carrying amounts of these assets
and does not anticipate any reduction of its financial and non-financial assets. The situation is changing rapidly giving rise to
inherent uncertainty around the extent and timing of the potential future spread of the COVID-19 and its impact on the
Company’s business operations. The Company will continue to closely monitor any material changes to future economic
conditions viz a viz its business operations.

4. Pursuant to The Taxation Laws (Amendment) Act, 2019 dated December 02, 2019, the Company has decided to measure
the Income tax liability for FY 19-20 at existing rates of 34.944% and to opt the lower tax rates 25.17% from next financial
year. Accordingly the deferred tax liability has been re-measured at future taxable rates of 25.17% and the amount of Rs
43.64 crores is being written back on a systematic basis during the current financial year. Accordingly, Rs. 14.54 Cr has been
written back during the this quarter.

5. Effective April 1, 2019 the Group has adopted IND AS 116 ‘Leases’ and applied the same on all lease contracts existing on
April 1, 2019 using modified retrospective approach. Under this approach Right-To-Use Asset and corresponding Lease
Liability have been recognised at Rs 15.00 Crore as at April 1, 2019. Accordingly the comparatives for the year ended March
31, 2019 have not been retrospectively adjusted. The effect of this adoption is not material to the profit for the current financial
results and earnings per share.

6.During the current quarter 6,15,000 equity shares options lapsed/cancelled under the employee stock option scheme GHCL
ESOS 2015.

7. The figures for the quarter ended March 31, 2020 are the balancing figures between audited figures in respect of full
financial year ended March 31, 2020 and the unaudited published year to date figures upto December 31, 2019, being the end
of the third quarter of the financial year which were subjected to limited review. Further the Consolidated figures of
corresponding quarter ended March 31, 2019, as reported in these results have been approved by Holding Company’s Board
of Directors, but have not subject to limited review/Audit by auditors.

8.During the current quarter, the Company has carried out the share buyback of 32,00,000 fully paid-up equity shares of face
value of Rs 10 each at a price of Rs 178 per share paid in cash for an aggregate consideration of 56.96 crores.

9.During the current quarter, an interim dividend of ₹3/- per equity share was declared on March 16, 2020 and the same was
paid on March 30, 2020 .
10.Pursuant to the Notification number CG-DL-E-15012020-215423 (dated January 14, 2020) issued by Ministry of Textile,
Government of India, the Company had reversed the MEIS benefit of Rs 9.57 crores for the period March 07, 2019 to
September 30, 2019 in the financial results for the quarter ended December 31, 2019 and was shown as an exceptional item.
The same has been regrouped and reduced from revenue from operations of the Company in the current quarter financial
results.
11. The CEO and CFO certificate in respect of the above results in terms of Regulation 33 of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 has been placed before the Board of Directors.
12.The consolidated financial results include the financial results of the Company and its two subsidiaries " Grace Home
Fashions LLC" and "Dan River Properties LLC".
13. The previous period figures have been Re-grouped, wherever considered necessary.
14. In line with the requirements of Regulation 47(2) of the Listing Regulations, 2015, the results are available on the website
of BSE Limited (URL: www.bseindia.com/corporates), the National Stock Exchange of India Limited
(URL:www.nseindia.com/corporates) and on the company’s website (URL:http://ghcl.co.in/investors/performances-reports/).

For and on behalf of Board of Directors of GHCL Limited

Digitally signed by RAVI
RAVI SHANKAR SHANKAR JALAN RAMAN Digitally signed by
RAMAN CHOPRA
JALAN Date: 2020.05.20
11:11:23 +05'30' CHOPRA Date: 2020.05.20
11:12:00 +05'30'
New Delhi R. S. Jalan Raman Chopra
May 20, 2020 Managing Director CFO & Executive Director (Finance)