Triveni Engineering & Industries : Results announcement for Q3/9M FY 19

55HOTHARIMEHTA&CO

i'iotNo.611,

Okhla Industrial Area,PhJSCill,r~ewDelhi-110020

CHARTERED ACCOUNTAi'JT5

Phone	:	+91-11-"1670 SR8i)
[-mail	:	[e-mail]

vvebsite:www.sskrnin.com

INDEPENDENT AUDITORS' LIMITEDREVIEWREPORT ON UNAUDITED STANDALONE FINANCIALRESULTS

To

TheBoard of Directors of

Triveni Engineering& Industries Limited

1.We have reviewed the accompanying statement of unaudited standalone financial results of Triveni

Engineering&Industries Limited ("the Company") for the quarter and nine months ended December31,2018 ("the Statement"), attached herewith, being submitted by the Company pursuant to the requirements of Regulation33of theSEBI(Listing Obligations and Disclosure Requirements) Regulations, 2015, read withSEBICircular No CIR/CFD/FAC/62/2016 dated July5,2016.

2.ThisStatement whichisthe responsibility of the Company's Management and approved by the Board of

Directors,hasbeen prepared in accordance with the recognition and measurement principles laid downinthe Indian Accounting Standard 34 "Interim Financial Reporting" (TndAS34"), prescribed under section133of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibilityistoissueareport on the Statement based on our review.

3.

We conducted our review of the Statementinaccordance with the Standard on Review Engagements(SRE)2410,Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Institute of Chartered Accountants of India.Thisstandard requires that we plan and perform the review to obtain moderate assuranceasto whether the Statementisfree of material misstatement. A reviewislimited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provideslessassurance thananaudit. We have not performed an audit and, accordingly, we do not expressanaudit opinion.

4.We would like to draw attention to note3of the results

In order to align itself with the accounting practices being followed by majority of companiesinthe industry, the Company, during the previous quarter, modified its accounting treatment of off-season expensessothat such expenses are not deferredinthe quarterly financial statements but are expensedasand when accrued. During the quarter and nine months ended December31,2018, the Companyhascharged the off-season expenses upto the date of commencement of production amounting to~2073Lakhsand~11526 Lakhs in the Statement of Profit&Loss,respectively. Further, the Companyhasabsorbed the proportionate off-season expenses amounting to~3986Lakhs(based on the estimated production till March31,2019) in the inventories produced during the current quarter. Consequent to such change, the net profits for the current quarterisincreased by~1913Lakhsand profit for nine months period ended December31,2018hasbeen decreased by~7540Lakhs.

Balanceoff -season expenses will be consideredinthe cost of production in the remaining part of financialyear,in line with the accounting policyfollo~B~j=!~eCompanyinits annual financial statements. This changeinits interim financial reporting, Wil~~~tha~e._a~~(1;rrpacton the annual financial statements": (NEW )Cl.rr,[

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Our review reportisnot modified in respect of this matter

5.Basedon our review conductedasabove, nothinghascome to our attention that causesusto believe that the accompanying Statement of unaudited standalone financial results prepared in accordance with the applicable Indian Accounting Standards prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other recognized accounting practices and policieshasnot disclosed the information required to be disclosedinterms of Regulation33of theSEBI(Listing Obligations and Disclosure Requirements) Regulations, 2015, read withSEBICircular No CIR/CFD/FAC/62/2016 dated July5,2016, including the manner in which itistobedisclosed, or that it contains any material misstatement.

ForSSKothari Mehta&Co.

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Chartered Accountants

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Membership No. 093214

Place:Noida

Dated: February13,2019

TRIVENI ENGINEERING&INDUSTRIES LIMITED

Regd.Office:Deoband, Distt. Saharanpur, Uttar Pradesh 247554

Corp.Office:8th Floor, Express Trade Towers,15-16, Sector-16A,Noida, U.P-201301

CIN:L15421UP1932PLC022174

Statement of Standalone Unaudited Financial Results for the Quarter and Nine Months ended December31, 2018

(~in lakhs, except per share data)

3Months 'ended 3ljDeq2018'30/!:iep/2018 31/Dec/2017,(Ynaut;lited) (lJnaudited) (l.Jnaldited),Particulars

1

Revenue from operations (refer note4)

• 2Other income Total income

• 3Expenses

  (a)Cost of materials consumed

  • (b)Purchases of stock-in-trade

  • (c)Changes in inventories of finished goods, stock-in-trade and work-in-progress

  (d) Exciseduty on sale of goods (refer note4)

  /:'.

  90290

  4650

  94940

  80781

  525

  (14498)

  (e)Employee benefits expense 5726

  (f)Finance costs 635

  (g)Depreciation and amortisation expense 1433(h)Off-seasonexpenses (net) (refer note3)

  -

  (i)Other expenses 11875

  Total expenses 86477

• 4Profit from continuing operations before

  exceptional items and tax 8463

• 5Exceptional items (net)-income/ (expense)

6Profit from continuing operations before tax 84637Tax expense

(a)Current tax 2246(b)Deferred tax (87)

Total tax expense 2159

8Profit from continuing operations after tax 6304

• 9Profit/ (loss)from discontinued operations

• 10Tax expense of discontinued operations

• 11Profit!(Joss)fromdiscontinuedoperations(aftertax)

12Profit for the period 630413Other comprehensive income

A(i) Items thatwill not be reclassified to profit or loss

A(ii)Income tax relating to items that will not be reclassified to profit or loss

B(i)Iterns that will be reclassified to profit or lossB(ii)Income tax relating to items that will be reclassified to profit or loss

Other comprehensive income for the period, net of tax

14Total comprehensive income for the period 6304

15Paid up Equity Share Capital (face value~1/-) 2579

• 16Other Equity

• 17Earnings per share of~1/-each (not annualised)

  • (a)Basic (in~) 2.44

  • (b)Diluted (in~)2.44

See accompanying notes to the standalone financial results

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68771

77255

1144

665

69915

77920

4257

96659

294

488

• 44116 (45870)

,

9Months'ended

31/Bec/l018,(Unaudited)

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229721

3ljDec/2017 (lJnaudited),Yearended31/Mar,l2018"(Audited)

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267759 341238

6326

1695 2408

236047

269454 343646

139089

117716 258145

1294

1097 1674

27835 15980 4229 4277

78561 (866)

--

-

4168 4168

5156

5343

14374 20240

1319

711

6467 8534

1438

1390

4142 5537

-

65551

3111

5860

70022

3100

8201

219047

26343

-

(7340) 20112 239297

4364

7898

17000

30157

-30271 327703 15943-

-

-

-

--

4364

7898

17000

30157

15943

890

1879

4049

6696

3204

362

21

151

1535

1765

1252

1900

4200

8231

4969

- - -

3112

3112

- --

5998

5998

---

12800

12800

- - -

21926

21926

---

10974---10974

--- -

--

- -

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186 64

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- -

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3112 2579

5998 2579

12800 2579

21926 2579

122 11096 2579 85507

1.21 1.21

2.33 2.33

4.96 4.96

8.50 8.50

4.25 4.25

TRIVENI ENGINEERING&INDUSTRIES LIMITED

StandaloneUnauditedSegment wise Revenue, Results, Assets and Liabilities for theQuarter andNine Months ended December 31, 2018

Particulars

• 1Segment Revenue

  (a)Sugar Businesses

  Sugar Co-Generation Distillery

  (b) Engineering Businesses

  Gears

  Water

  (c)Others

  Total Segment revenue Less: Inter segment revenue Total Revenue from operations

• 2 Segment Results

  (a)Sugar Businesses

  Sugar Co-Generation Distillery

  (b) Engineering Businesses

  Gears

  Water

  (c)Others

  Total Segment results Less:

  • (i)Finance costs

  • (ii)Exceptional items (net)-(income)/ expense

  • (iii)Other unallocable expenditure net of unallocable income

  Total Profit before tax

• 3Segment Assets

  (a)Sugar Businesses

Sugar Co-Generation Distillery

(b) Engineering Businesses

Gears

Water

(c)Others

Total Segment assetsAdd:Unallocable assets Total Assets

4

Segment Liabilities

(a)Sugar Businesses

Sugar Co-Generation Distillery

(b) Engineering Businesses Gears

Water

(c)Others

Total Segment liabilities Add:Unallocable liabilities Total Liabilities

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(;rin lakhs)

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1339

97175

6885

90290

1080

2694

4606

5

70070

1299

68771

2191357(22)9715

8380

1138

6823575952310 78140

1863111104716380 213738

241697299964

1140021516

819111589

261288333069

282034806300140285842858777255

919316011252044454 24339613675 229721

700311177

1082117567

1782428744

4507 6087

283619367900

15860 26662

267759 341238

1323(708)34304045 1029(31)998

3445 36537717869

4730441410195 19339

2953611559

51479890

6502674

3533324123

959(472)48748360

(18)2559221900

2577

16553142(1640) (1394)

151748

1120

5048 1319

635

6178463

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35359 25891

711

(249)7898

191142 13727 21297 226166

172527

12544

15257

4229

67117000

6467 8534

(1265)141430157 15943

143396 1534711071169814

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143396216827

15347 15914

1107112357

200328

144972597440471172926836611620279986

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169814 245098

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33474 38570

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216615296674

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763836

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3541

16300

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15794

19841

12182 16268

1359

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12891359

82859

96240179099

80190

74732154922

82859

96240179099

3570978438

82014130150

117723208588

TRIVENI ENGINEERING&INDUSTRIES LIMITED

Notes tothe Standalone UnauditedFinancial Resultsfor the Quarter and Nine Months endedDecember 31, 2018

• 1.The above results have beenpreparedin accordance with the principlesand proceduresof the Indian AccountingStandards('Ind AS') as notifiedunderthe Companies (Indian Accounting Standards) Rules, 2015 as specifiedundersection 133 of the Companies Act, 2013.

• 2.In view of the seasonality of the Sugar Business, the performance results may vary from quarter to quarter.

• 3.In line with the generallyadoptedpractice in the sugarindustry,the Company had, for thepurposeof interim financial statements, revised the treatment with respect to deferment of certain off season expensesduring previousquarter. Accordingly, such expensesincurred duringoff-season,amountingto~2073lakhs and~11526 lakhs relating to thequarterand nine monthsendedDecember 31, 2018 respectively, havenotbeen deferred (had deferred~1939lakhs and~12379lakhsduringthequarter andnine monthsendedDecember 31, 2017, respectively). However, such expenses shall formpartof the relevant cost of goodsproduced/tobeproduced duringthe year, commencingwiththe onset of crushing season 2018-19duringthecurrentquarter. The revision in the treatment in the interim financial statements, has the effect of increasing the profitability by~19l3lakhs and decreasing the profitability by~7540lakhs for the quarter and nine months ended December31,2018,respectively.The change in treatment, however, shall have no effect onannualfinancial statements of the Company.

• 4.Goods and Services Tax ("GST") has been implemented with effect from JulyI,2017 and therefore, revenue from operations for theperiodthereafter are net of GST. Revenue from operations and expenses for nine monthsendedDecember 31, 2017 and yearendedMarch 31, 2018, being inclusive of excisedutytill June 30, 2017, are not comparable with corresponding figures for the nine monthsendedDecember 31, 2018.

• 5.Effective April1,2018, the Company hasadoptedInd AS 115 "Revenue from Contracts with Customers" using the cumulative effect method. Thestandardisappliedretrospectively only to contractsthatare not completed as at the date of initial application and the comparative information is not restated. The adoption of thestandarddidnot haveany material impact on the financial results of the Company.

• 6.During thecurrent quarter,the Company has recognised~5161 lakhstowardsfinancial assistancereceived/receivable underthe schemes announced by the Government ofu.P. andGovernment of India to liquidate thearrearsof cane duespertainingtocrushingseason 2017-18. Out of the said amount,~42061akhs,pertainingto financial year 2017-18,has been depicted as other income and balance amount of~955 lakhs,pertainingto financial year 2018-19,has beendeductedfrom the cost of material consumed.

• 7.The Board of Directors has approved payment of interim dividend of70%(~0.70 per equity share of~1/-each) for the financial year 2018-19ending March 31,2019.

• 8.The above results were reviewedandrecommended foradoptionby theAuditCommittee andapprovedby the Board of Directors of the Company at their respective meetings held on February 12, 2019 and February 13, 2019.Thestatutory auditorshave carried out a limited review of the above financial results.

For Triveni Engineering&Industries LimitedPlace: Noida

Date:February 13, 2019

DhruvM. Sawhney Chairman&Managing Director