KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary.   |   SEBI Notification - No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account.   |   Prevent unauthorized transactions in your account – Update your mobile numbers / email ids with your stock brokers. Receive information of your transactions directly from exchange on your mobile / email at the EOD   |   BSE Prices delayed by 5 minutes...<< Prices as on Mar 27, 2017 - 4:01PM >>  ABB India 1190  [ -0.31% ]  ACC 1391.5  [ -0.25% ]  Ambuja Cements Ltd. 227.5  [ -1.24% ]  Asian Paints Ltd. 1043.9  [ -2.07% ]  Axis Bank Ltd. 487.2  [ -0.41% ]  Bajaj Auto Ltd. 2813.35  [ -1.16% ]  Bank of Baroda 171.7  [ 1.57% ]  Bharti Airtel 338.6  [ -0.53% ]  Bharat Heavy Ele 168.15  [ 0.57% ]  Bharat Petroleum 645.2  [ -0.67% ]  Britannia Ind. 3320  [ 0.62% ]  Cairn India Ltd. 291.5  [ -1.55% ]  Cipla 592  [ -0.21% ]  Coal India Ltd. 291.9  [ -2.06% ]  Colgate Palm. 985  [ 0.56% ]  Dabur India 274.1  [ -2.61% ]  DLF Ltd. 147.45  [ -0.37% ]  Dr. Reddy's Labs 2638.65  [ 0.59% ]  GAIL (India) Ltd. 375.25  [ -1.57% ]  Grasim Inds. 1063.45  [ 0.28% ]  HCL Technologies 855  [ -1.88% ]  HDFC 1474.8  [ 0.87% ]  HDFC Bank 1411.45  [ -0.94% ]  Hero MotoCorp 3340.25  [ -1.08% ]  Hindustan Unilever L 897.5  [ -0.24% ]  Hindalco Indus. 188.5  [ -3.01% ]  ICICI Bank 273.5  [ -0.47% ]  IDFC L 54.45  [ -0.18% ]  Indian Hotels Co 122.55  [ -1.13% ]  IndusInd Bank 1402.3  [ 0.92% ]  Infosys 1028.8  [ -0.29% ]  ITC Ltd. 281.9  [ 0.30% ]  Jindal St & Pwr 116.45  [ -2.76% ]  Kotak Mahindra Bank 864.5  [ -1.59% ]  L&T 1546.65  [ -0.30% ]  Lupin Ltd. 1463.1  [ -1.38% ]  Mahi. & Mahi 1267.25  [ -0.68% ]  Maruti Suzuki India 5986.3  [ -0.30% ]  MTNL 24.05  [ -1.23% ]  Nestle India 6455  [ 1.84% ]  NIIT Ltd. 82.7  [ 8.67% ]  NMDC Ltd. 134.8  [ -1.61% ]  NTPC 163.55  [ -0.37% ]  ONGC 189.2  [ -1.46% ]  Punj. NationlBak 146.75  [ 3.86% ]  Power Grid Corpo 195.4  [ 0.88% ]  Reliance Inds. 1250.75  [ -2.76% ]  SBI 279.35  [ 1.20% ]  Vedanta 261.15  [ -2.15% ]  Shipping Corpn. 67.55  [ 0.52% ]  Sun Pharma. 690.95  [ -1.76% ]  Tata Chemicals 583.9  [ 1.02% ]  Tata Global Beverage 148.7  [ -1.46% ]  Tata Motors Ltd. 465.5  [ -1.06% ]  Tata Steel 477.65  [ -3.15% ]  Tata Power Co. 86.9  [ 0.46% ]  Tata Consultancy 2412.1  [ -0.60% ]  Tech Mahindra Ltd. 468.35  [ -1.25% ]  UltraTech Cement 3955  [ -0.43% ]  United Spirits 2195  [ -1.41% ]  Wipro Ltd 503.45  [ -1.77% ]  Zee Entertainment En 517  [ -0.18% ]  

Company Information

Indian Indices

  • Loading....

Global Indices

  • Loading....


  • Loading....


  • Loading....


27 March 2017 | 03:59

Industry >> Cement

Select Another Company

ISIN No INE012A01025 52Week High 1736 Book Value (Rs.) 460.17 Face Value 10.00
Bookclosure 24/03/2017 52Week Low 1257 EPS 32.18 P/E 43.40
Market Cap. 26230.12 Cr. P/BV 3.04 Div Yield (%) 1.22 Market Lot 1.00


You can view the entire text of Notes to accounts of the company for the latest year
Year End :2015-12 
Allocation of common costs

Common allocable costs are allocated to each segment according to the relative contribution of each segment to the total common costs.

Inter Segment transfers

Inter segment revenue has been accounted for based on the transaction price agreed to between segments which is based on current market prices.

Unallocated items

Revenue, expenses, assets and liabilities which relate to the Company as a whole and not allocable to segments on reasonable basis have been included under 'unallocated revenue / expenses / assets / liabilities'.

Segment Policies

The Company prepares its segment information in conformity with the accounting policies adopted for preparing and presenting the financial statements of the Company as a whole.

i) Terms / rights attached to equity shares

The Company has only one class of equity shares having par value of Rs, 10 per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Both these Companies are subsidiaries of LafargeHolcim Ltd (Formerly known as Holcim Ltd), Switzerland, the ultimate holding Company.

ii) The Company has issued Nil (Previous Year - 5,064) Equity shares Rs, 10 each fully paid during the period of five years immediately preceding the reporting date on exercise of options granted under the employee stock option plan, wherein part consideration was received in form of employee services.

Mines restoration expenditure is incurred on an ongoing basis and until the closure of the mine. The actual expenses may vary based on the nature of restoration and the estimate of restoration expenditure.


a) Defined Contribution Plans - Amount recognized and included in Note 25 "Contributions to Provident and other Funds" of Statement of Profit and Loss Rs, 18.28 Crore (Previous Year -t 14.82 Crore).

b) Defined Benefit Plans-As per actuarial valuation on December 31, 2015

The Company has a defined benefit gratuity, additional gratuity, post retirement medical benefit plans and Trust managed provident fund plan as given below:

i. Every employee who has completed minimum five years of service is entitled to gratuity at 15 days salary for each completed year of services. The scheme is funded with insurance companies in the form of qualifying insurance policies.

ii. Every employee who has joined before 1st December 2005 and separates from service of the Company on Superannuation and on medical grounds is entitled to additional gratuity. The scheme is Non Funded.

iii. Benefits under Post Employment Medical Benefit Plans are payable for actual domiciliary treatment / hospitalization for employees and their specified relatives. The scheme is Non Funded.

iv. Provident fund for certain eligible employees is managed by the Company through trust "The Provident Fund of ACC Ltd.", in line with the Provident Fund and Miscellaneous Provision Act, 1952. The plan guarantees interest at the rate notified by the Provident Fund Authorities. The contribution by the employer and employee together with the interest accumulated thereon are payable to employees at the time of separation from the Company or retirement, whichever is earlier. The benefits vests immediately on rendering of the services by the employee.

The minimum interest rate payable by the Trust to the beneficiaries every year is being notified by the Government. The Company has an obligation to make good the shortfall, if any, between the return from the investments of the Trust and the notified interest rate.

The ASB Guidance on Implementing AS-15, Employee Benefits (revised 2005) issued by Accounting Standards Board (ASB) states that benefit plans involving employer established provident funds, which require interest shortfalls to be recompensed are to be considered as defined benefit plans. As per the Guidance Note from the Actuarial Society of India, the Company has obtained the actuarial valuation of interest rate obligation in respect of Provident Fund and there is no shortfall as at December 31, 2015 and December 31, 2014.

b) Demographic Assumptions

1 Mortality pre-retirement Indian Assured Lives Mortality (2006-08) (Modified)ultimate Indian Assured Lives Mortality (2006-08) (Modified) Ultimate

2 Mortality post-retirement Mortality for annuitants LIC (1996-98) ultimate Mortality for annuitants LIC (1996-98) ultimate

3 Turnover rate 5% p.a. (P.Y. - 5% p.a.)

4 Medical premium inflation 12% p.a. for the first 4 years and thereafter 8% p.a. 12% p.a. for the first 5 years and thereafter 8% p.a.

(Figures in italics pertain to previous year)

c) Basis used to determine expected rate of return on assets:

The expected return on plan assets is based on market expectation, at the beginning of the period, for returns over the entire life of the related obligation. The Gratuity Scheme is invested in Life Insurance Corporation (LIC) of India's Group Gratuity-cum-Life Assurance cash accumulation policy and HDFC Standard Life's Group Unit Linked Plan - For Defined Benefit Scheme.

The Trust formed by the Company manages the investments of provident fund plan.

d) The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

e) The Company expects to contribute Rs, 11.00 Crore (Previous Year - Rs, 9.00 Crore) to Gratuity fund and 118.84 Crore (Previous Year -t 19.12 Crore) to trust managed provident fund in the year 2016.

f) Post employment defined benefit plan expenses are included under employee benefit expenses in the statement of Profit and Loss.

*Since there is surplus, the same has not been recognized in Balance Sheet, only liability recognized in Balance Sheet.

# Experience adjustments information for the year 2011 is not available, hence not disclosed.

h) Amount recognized as an expense under employee benefit expenses in the statement of Profit and Loss in respect of other long term benefits is Rs, 22.29 Crore (Previous Year - Rs, 39.89 Crore).

i) Present value of compensated absences at year end is Rs, 38.44 Crore (Previous Year - Rs, 109.22 Crore). During the year, the Company has contributed Rs, 75 Crore to the fund against provision for compensated absences.

j) Present value of Long service award and other benefit plan obligation at year end is Rs, 7.17 Crore (Previous Year -t 9.88 Crore). This scheme is non funded.


The Company has disclosed Business Segment as the primary segment. Segments have been identified taking into account the nature of the products, the differing risks and returns, the organization structure and internal reporting system. The Company's operations predominantly relate to manufacture of Cement and Ready Mix Concrete. The export turnover is not significant in the context of total turnover of the company and further the risk and returns are not significantly different from that of India. As such there is only one geographical segment.

b) Operating lease payment recognized in Statement of Profit and Loss amounting to Rs, 173.64 Crore (Previous Year -Rs, 133.82 Crore)

c) General description of the leasing arrangement:

(i) Leased Assets: Grinding facility, Concrete pumps, Godowns, Transit Mixer, Flats, Office premises and other premises.

(ii) Future lease rentals are determined on the basis of agreed terms.

(iii) There is no escalation clause in the lease agreement. There are no restrictions imposed by lease arrangements. There are no subleases.

(iv) At the expiry of the lease term, the Company has an option either to return the asset or extend the term by giving notice in writing.


(A) Names of the Related parties where control exists: Nature of Relationship_

1 LafargeHolcim Ltd (Formerly known as Holcim Ltd) Ultimate Holding Company

2 Holderind Investments Ltd Holding Company of Holcim(lndia)Private Limited

3 Holcim (India) Private Limited Holding Company

4 Bulk Cement Corporation (India) Limited Subsidiary Company

5 ACC Mineral Resources Limited Subsidiary Company

6 Lucky Minmat Limited Subsidiary Company

7 National Limestone Company Private Limited Subsidiary Company

8 Singhania Minerals Private Limited Subsidiary Company

9 Oneindia BSC Private Limited Joint venture Company (w.e.f 13 August 2015)

(B) Others - With whom transactions have been taken place during the year

(a) Names of other Related parties Nature of Relationship

1 Alcon Cement Company Private Limited Associate Company

2 Asian Concretes and Cements Private Limited Associate Company

3 Aakaash Manufacturing Company Private Limited Associate Company

4 Lafarge India Private Limited Fellow Subsidiary (w.e.f 10 July 2015)

5 Ambuja Cements Limited Fellow Subsidiary

6 Holcim Technology (Singapore) Pte Ltd Fellow Subsidiary

7 Holcim (Lanka) Ltd I Fellow Subsidiary

8 P T Holcim Indonesia Tbk Fellow Subsidiary

9 Holcim Services (South Asia) Limited Fellow Subsidiary

10 Holcim Cement (Bangladesh) Ltd Fellow Subsidiary

Names of other Related parties Nature of Relationship

11 Holcim (Vietnam) Ltd Fellow Subsidiary

12 Holcim (Malaysia) SDN Bhd Fellow Subsidiary

13 Holcim Foundation I Entity controlled by LafargeHolcim Ltd

14 Holcim Philippines Fellow Subsidiary

15 Holcim Services (Asia) Ltd Fellow Subsidiary

16 Holcim Group Services Ltd Fellow Subsidiary

17 Holcim Technology Ltd Fellow Subsidiary

18 Holcim Trading Pte Ltd Fellow Subsidiary

19 ALJabor Cement Industries Co. Fellow Subsidiary

20 National Cement Factory Associate Company of Fellow Subsidiary

21 Holcim (Romania) S.A. Fellow Subsidiary

22 Holcim Azerbaijan Fellow Subsidiary

23 Holcim (Canada) Inc. Fellow Subsidiary (b) Key Management Personnel:

Name of the Related Party Nature of Relationship

1 Mr. Harish Badami CEO & Managing Director (w.e.f 13th August 2014)

2 Mr. Kuldip K. Kaura CEO & Managing Director (Upto 12th August 2014)

3 Mr.Sunil K. Nayak__ Chief Financial Officer

4 Mr. Burjor D. Nariman | Company Secretary

c) The Company had filed writ / appeal petitions against the orders / notices of various authorities demanding Rs, 114.24 Crore (Previous Year -Rs, 106.59 Crore) towards demand of additional Royalty on Limestone based on the ratio of 1.6 tonnes of Limestone to 1 tonne of Cement produced at its factories in Chattisgarh and on cement produced visa vis consumption of limestone at its factory in Tamil Nadu. The Mad hya Pradesh High Court has decided this matter in favour of the Company by directing the Authorities to only demand Royalty based on quantity of Limestoneactua I ly mined and recorded through statutory documentation, and not based on any ratio. The Company holds the view that the payment of royalty on limestone is correctly made by the Company based on the actual quantity of limestone extracted, and feels that similar relief can also be expected from the Judiciary and/or Authorities in the cases of Chattisgarh & Tamil Nadu Units. In view of the demand being legally unjustifiable, and due to the decision of the Madhya Pradesh High Court, directly on this issue, the Company does not expect any liability in above matter.

4. (B) Material Demands and disputes considered as "remote" by the Company

a) The Company had availed Sales Tax Incentives in respect of it's new 1 MTPA Plant at Gagal (Gagal ll)underthe HP State Industrial Policy, 1991. The Company had accrued Sales Tax Incentives aggregating Rs, 56 Crore. The Sales Tax Authorities had introduced certain restrictive conditions after commissioning of the unit stipulating that incentive is available only for incremental amount over the base revenue and production (of Gagal I) prior to the commissioning of Gagal II. The Company contends that such restrictions are not applicable to the unit as Gagal II is a new unit, as decided by the HP High Court and confirmed by the Supreme Court while determining the eligibility for Transport Subsidy. The Department had recovered Rs, 64 Crore (Tax of Rs, 56 Crore and interest ofRs, 8 Crore) and the same is accounted as an amount recoverable.

The HP High Court, had, in 2012, dismissed the Company's appeal. The Company believes the Hon'ble High Court's judgment is based on an erroneous understanding of certain facts and legal positions and that it also failed to consider certain key facts. The Company has been advised by legal experts that there is no change in the merits of the Company's case. Based on such advice, the Company filed a Special Leave Petition before the Hon'ble Supreme Court in, which is pending.

b) The Company was eligible for certain incentives (in the nature of One Time Lumpsum Capital Subsidy and refund of incremental VAT paid) in respect of its investment towards modernization and expansion of the Chaibasa Cement Unit pursuant to confirmation received under the State Industrial Policy of Jharkhand. Accordingly, the company has made claims for refund of VAT paid each financial year. However, no disbursals were made (except an amount of Rs, 7 Crore representing part of the One Time Lumpsum capital Subsidy Claim of Rs, 15 Crore) as the authorities have raised various new conditions and restriction, that were extraneous to the approvals and confirmations expressly received by the Company. The Company had filed two writ appeals before the Jharkhand High Court against the restrictions and disputes on the extent of the eligible claims now being sought to be effected / raised by the Government.

The Division Bench of the Jharkhand High Court, while dealing with appeals by both the Company and the State of Government, against a single bench order only partially allowing the Companies claim, in it's order dated February 24, 2015, has allowed the Companies Appeal in totality while dismissing the Governments Appeal, thereby confirming that the entire amount claimed by the Company is correct and hence payable immediately. Pursuant to this order, a cumulative amount of Rs, 235 Crore stand accrued in the books up to December, 2015.

The Government of Jharkhand has filed an SLP in the Supreme Court against the order of the division bench, which has been admitted. In its interim order, the Supreme Court had, while not staying the Division Bench Order, has only stayed disbursement of 40% of the amount due.

The Company has also pursued a contempt petition filed in the High Court of Jharkhand against non disbursal of amounts due by the Government. Consequently, as of date, the company has received Rs, 64 Crore in part disbursement from the Government of Jharkhand.

The Company is pursuing the matter of disbursement of further amounts outstanding. The Company is of the view, and also has been advised, that the merits are strongly in its favor and it expects that the SLP shall be rejected upholding the order of the Division bench of the Jharkhand HC by the Apex Court.

c) The Company had set up a captive power plant ('Wadi TG 2') in the year 1995-96. This plant was sold to Tata Power Co. Ltd., in the year 1998-99 and was subsequently repurchased from it in the year 2004-05. The Company had purchased another captive power plant ('Wadi TG 3', set up by Tata Power Co. Ltd. in the year 2002-03) in 2004-05. Both these power plants were eligible for tax holiday under the provisions of Section 80IA of the Income Tax Act, 1961. The Income tax department has disputed the Company's claim of deduction under Section 80IAof the Act, on the ground that the conditions prescribed under the section are not fulfill led. In case of Wadi TG 2, in respect of the demand of Rs, 56.66 Crore (net of provision), the Company is in appeal before the ITAT and in case of Wadi TG 3 in respect of the demand of Rs, 115.62 Crore, which was set aside by the ITAT, the Department is in appeal against the decision in favour of the Company. The Company believes that the merits of the claims are strong and will be allowed.

d) One of the Company's Cement manufacturing plants located in Himachal Pradesh was eligible, under the State Industrial Policy for deferral of its sales tax liability arising on sale of cement manufactured in the said plant. The Excise and Taxation department of the Government of Himachal Pradesh, disputed the eligibility of the company to such deferment on the ground that the company also manufactures an intermediate product, viz. Clinker, arising in the manufacture of cement, and such intermediate product was is in the negative list. A demand of Rs, 82.37 Crore was raised. The Company filed a writ petition before High Court of Himachal Pradesh against the demand. The case has been admitted and the hearing is in process. The Company believes its case is strong and the demand shall not sustain under law.

e) The Company is eligible for incentives for one of its cement plants situated in Maharashtra, under a Package Scheme of Incentives of the Government of Maharashtra. The scheme inter alia, includes refund of royalty paid by the Company on extraction or procurement of various raw materials (Minerals). The Department of Industries has disputed the Company's claim for refund of royalty on an erroneous technical interpretation of the sanction letter issued to the Company, that only the higher of the amount of (i) VAT Refund and (ii) Royalty refund claim amounts, each year, shall be considered. The Company maintains that such annual restriction is not applicable as long as the cumulative limit of claim does not exceed the amount of eligible investment. The Company has accrued an amount of Rs, 106 Crore till December 31, 2015 (Rs, 73 Crore till December 31, 2014) on this account. The Company has filed an appeal before the Bombay High Court challenging the stand of the Government, which is admitted and pending. The Company believes that the merits of the claim are strong.

f) Consequent upon the Supreme Court's judgment in Goa Foundation case, restricting the "deemed renewal" provision of captive mining leases to the first renewal period, the Company had received demand from District Mining Officer for Rs, 881 Crore for being penalty for alleged illegal mining activities carried out by the Company during January 1991 to September 2014. The aforesaid demands were challenged by the Company and Writ Petition with High Court of Jharkhand. The petition has been admitted subject to a token deposit of Rs, 48 Crore which shall be refundable in case the matter is decided in the Companies favor. The Company is of the considered view based on legal advice, that this demand does not have merit, and shall not stand the test of judicial scrutiny, considering that the said mining, leases pending State Government's approval, have been automatically extended up to March 31, 2030 by Mines and Minerals (Development and Regulation) (Amendment) Act, 2015 without any recourse being made available to the State Government.

5. The Competition Commission of India (CCI) in 2012 had imposed a penalty ofRs, 1,147.59 Crore for alleged contravention of the provisions of the Competition Act, 2002 (the Act). On the Company's appeal, Competition Appellate Tribunal (COMPAT).vide its interim order, stayed the penalty with a condition to deposit 10% of the penalty amount, which was deposited. The amount of penalty was disclosed as a contingent liability in the financial statements up to the previous year.

On December 11, 2015 the COMPAT, vide its final order, set aside the order of the CCI and remitted the matter to the CCI for fresh adjudication of the issues relating to the alleged violation of relevant provisions of the Act, for passing a fresh order. Further, in terms of the order, the Company has received the refund of deposit, along- with accumulated interest.

This information has been determined to the extent such parties have been identified on the basis of information available with the Company.


During the year, the Company subscribed 25,01,000 (Previous Year - Nil) equity shares for a total consideration of Rs, 2.50Crore (Previous Year - Nil) in One India BSC Private Limited, which is a jointly controlled entity with an equal equity participation with Ambuja Cements Limited, a fellow subsidiary Company, with aim to provide back office services with respect to routine processes.

7. ACC Mineral Resources Limited (AMRL), a wholly-owned subsidiary of the Company, through its joint-venture had secured development and mining rights for four coal blocks allotted to Madhya Pradesh State Mining Corporation Ltd. These allocations stand cancelled pursuant to the order of the Supreme Court ruling that allocation of various coal blocks, including these, was arbitrary and illegal. The Government of India has commenced auctioning process for all such blocks in a phased manner. The auctioning for Bicharpur, being one of the four blocks, is completed, with the block being awarded to the successful bidder. Pursuant to a vesting order in this regard, possession of the coal mine has been handed over to the successful bidder, with which the Company is in discussions for transfer of remaining assets. In respect of other three blocks, auctioning dates have not yet been announced.

8. During the year, the Company has provided Rs, 15.15 Crore in ACC Mineral Resources Limited (Previous year -Rs, 4.13 Crore in National Limestone Company Private Limited) for diminution in the value of these investment considering the diminution other than temporary nature.

9. In the previous year, 'Tax adjustments for earlier years' aggregating Rs, 309.23 Crore comprises write-back of provision for income tax arising on conclusion of assessment of a year, and upon a consequential review of tax provisions for unassisted years.

10. The Company has arrangements with few third parties whereby it sells clinker to them and purchases Cement manufactured by them out of such clinker. While the transactions are considered as individual sale / purchase transactions for determination of taxable turnover and tax under VAT laws, considering the accounting treatment prescribed under various accounting guidance, revenue for sale of such clinker of Rs, 26.29 Crore (Previous year -Rs, 22.84 Crore) has not been recognized as a part of the Turnover but has been adjusted against cost of purchase of cement so converted.

(b) Details of Investments made are given in Note 11 & 14.

(c) Guarantee given on behalf of Lucky Minmat Limited, wholly owned subsidiary company, of Rs, 0.12 Crore (Previous Year -Rs, 0.12 Crore) for the purpose of renewal of mining lease.

(d) The loanees have not made any investments in the shares of the Company.

11. Pursuant to provisions of Schedule II of the Companies Act, 2013, becoming applicable to the Company w.e.f. January 1, 2015, the Company has reviewed and where necessary, revised estimates of useful lives of fixed assets. Accordingly, Pursuant to the transition provisions prescribed in Schedule II to the Companies Act, 2013, an additional charge of Rs, 153.17 Crore, being the carrying amount as of January 1, 2015 of fixed assets with no remaining useful life (as revised) as of that date, is recognized in the Statement of Profit and Loss for the year ended December 31, 2015 and disclosed as an exceptional item.

Had this change in the useful life of fixed assets not been made, depreciation for the year ended December 31, 2015 would have been lower byRs, 111.61 Crore and the profit after-tax would have been higher byRs, 173.14 Crore.

12. The Company has received approval from the Company Law Board under Section 2(41) of the Companies Act, 2013 permitting the Company to continue having 1st January - 31st December as its Financial Year.


Previous year's figures have been regrouped / reclassified wherever necessary, to conform to current year's classification.