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Company Information

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ACC LTD.

27 June 2025 | 03:59

Industry >> Cement

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ISIN No INE012A01025 BSE Code / NSE Code 500410 / ACC Book Value (Rs.) 890.40 Face Value 10.00
Bookclosure 13/06/2025 52Week High 2844 EPS 127.92 P/E 15.01
Market Cap. 36058.91 Cr. 52Week Low 1778 P/BV / Div Yield (%) 2.16 / 0.39 Market Lot 1.00
Security Type Other

AUDITOR'S REPORT

You can view full text of the latest Director's Report for the company.
Year End :2025-03 

We have audited the accompanying standalone financial
statements of ACC Limited ("the Company”), which
comprise the Balance sheet as at March 31, 2025, the
Statement of Profit and Loss, including the statement of
Other Comprehensive Income, the Cash Flow Statement
and the Statement of Changes in Equity for the year then
ended, and notes to the Standalone financial statements,
including a summary of material accounting policies and
other explanatory information (hereafter referred to as the
"Standalone Financial Statements”).

In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
standalone financial statements give the information
required by the Companies Act, 2013, as amended ("the
Act”) in the manner so required and give a true and fair
view in conformity with the accounting principles generally
accepted in India, of the state of affairs of the Company as
at March 31, 2025, its profit including other comprehensive
(loss) / income, its cash flows and the changes in equity for
the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial
statements in accordance with the Standards on Auditing
(SAs), as specified under section 143(10) of the Act.
Our responsibilities under those Standards are further
described in the Auditor's Responsibilities for the Audit of
the Standalone Financial Statements' section of our report.
We are independent of the Company in accordance with
the 'Code of Ethics' issued by the Institute of Chartered
Accountants of India together with the ethical requirements
that are relevant to our audit of the financial statements

under the provisions of the Act and the Rules thereunder,
and we have fulfilled our other ethical responsibilities
in accordance with these requirements and the Code
of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for
our audit opinion on the standalone financial statements.

Emphasis of Matter

We draw your attention to Note 43(A) of the accompanying
standalone financial statements which, describes the
uncertainty related to the outcome of ongoing litigation
with the Competition Commission of India.

Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the
standalone financial statements for the financial year
ended March 31, 2025. These matters were addressed
in the context of our audit of the standalone financial
statements as a whole, and in forming our opinion thereon,
and we do not provide a separate opinion on these matters.
For each matter below, our description of how our audit
addressed the matter is provided in that context.

We have determined the matters described below to be
the key audit matters to be communicated in our report.
We have fulfilled the responsibilities described in the
Auditor's responsibilities for the audit of the standalone
financial statements section of our report, including in
relation to these matters. Accordingly, our audit included
the performance of procedures designed to respond to our
assessment of the risks of material misstatement of the
standalone financial statements. The results of our audit
procedures, including the procedures performed to address
the matters below, provide the basis for our audit opinion
on the accompanying standalone financial statements.

Key audit matters

How our audit addressed the key audit matter

Litigation and Claims (as described in Notes 1.3(H), 1.4(1), 43(A) and 44 of the standalone financial statements)

The Company has significant ongoing legal proceedings

Our audit procedures included the following:

for various matters relating to direct tax. indirect tax.
government incentive claims and other legal matters
relating to Company's operations under various laws
prevailing in India. The Company has also deposited
substantial amounts against various matters or

Ý

Obtained and read the Company's accounting policies
with respect to contingent liabilities and provisions
and assessed its compliance with Ind AS 37 "Provisions,
Contingent Liabilities and Contingent Assets",

accounted as receivable from authorities against

Ý

Obtained understanding of the Company's process and

dispute, which has been classified as "Duty, taxes paid

controls to identify and monitor all litigations, Including

under protest with Government authorities against

Company's process of assessment of litigations as

various disputes - Other non-current assets” in Note 9.

'probable', 'possible' and 'remote' and reporting to the

The provisions made against legal matters have been

Board of Directors / Audit Committee.

included in "Other Payables- Other current liability” in
Note 26.

Ý

Discussed with the management including the
person responsible for legal and compliance to

Due to the magnitude and complexity involved in

obtain an understanding of the matters involved and

these matters, management's judgement regarding

development in these matters compared to previous

recognition, measurement and disclosure of provisions

year. For significant direct and indirect tax matters

for these legal matters is inherently uncertain and

and government incentive claims including special

might change over time as the outcome of the

incentive, we assessed the management conclusion

legal cases are determined or dispute gets settled.

with the support of internal specialists. For claims/

Accordingly. it has been considered as a key audit

matters settled during the year based on the orders/

matter.

management assessment, we verified orders/
management conclusion, as appropriate and verified
whether the claims/matters settled were properly
accounted for in the books.

Ý

Obtained and assessed management conclusion
basis the related documentation / correspondence
and opinions from external legal experts (where
applicable) for other significant legal matters, as
provided by the management. For incentive claims,
reviewed management assessment for likelihood of
recoverability.

Ý

Obtained direct legal confirmations for significant
matters from external law firms handling such matters
to corroborate management conclusions.

Ý

Assessed the objectivity and competence of the
external legal experts / law firms and internal specialist
as referred above.

Ý

Reviewed the disclosures made by the Company in the
standalone financial statements.

Ý

Obtained necessary representations from
the management.

Key audit matters

How our audit addressed the key audit matter

Revenue recognition, including discounts and rebates to Customers (as described in Notes 1.3(I), 1.4(VI), and

28 of the standalone financial statements)

The Company recognizes revenue upon the transfer

Our audit procedures included the following:

of control of goods to the customer, provided there
are no unfulfilled obligations. Revenue is measured at
the fair value of the consideration received, adjusted
for discounts, incentives, price concessions, rebates,
and other similar adjustments. The timing of revenue

Ý We have assessed the Company's accounting policies
relating to recognition and measurement of revenue,
discounts, incentives and rebates by comparing with

applicable accounting standards.

recognition, the determination of when control
is transferred, and the assessment of unfulfilled
obligations require significant judgment, particularly
given the complexity of sales arrangements (including
through Master Supply Agreements (MSA)) and the
varying terms and conditions across different customer
agreements. This complexity is further compounded by
the need to accurately estimate and apply discounts,
rebates, and other adjustments to arrive at the fair
value of consideration in the appropriate period and the
completeness of the expenses.

Ý We have evaluated the design and implementation
of the Company's internal controls over revenue
recognition, including policies for discounts, rebates,
and incentives, ensuring alignment with Ind AS 115.

Ý We have reviewed a sample of sales contracts, the
underlying documentation for discounts, incentives
and rebates recorded and disbursed during the year

to assess the timing of transfer of control has been
satisfied and verified delivery terms and conditions to
ensure revenue recognition aligns with the transfer of
control to customers.

The Company has established commercial policy that
sets benchmarks or limits for margins in case of MSA
with related parties and for discounts and rebates,
within which individual sales regions can design and
implement their own schemes. This decentralised
approach allows regional sales teams flexibility
in offering rebates, which may result in variations
between regions in terms of the level of discounts
provided.

Ý We have tested the accuracy and consistency of
discounts, rebates, and incentives applied to revenue
transactions. Assessed the reasonableness of
management's estimates for measurement of variable
considerations including in case of MSA transaction
with related parties, contractual terms including
historical trends of payments and reversal of discounts,

incentives and rebates to provisions made to assess the
current year accruals.

Given the inherent complexity and judgment involved
in determining the timing of revenue recognition, the
assessment of control transfer, and the estimation
of discounts and rebates, revenue recognition was
identified as a key audit matter.

Ý Analysed regional schemes to ensure compliance

with the Company's overall commercial policy and
benchmarks. Also, evaluated the impact of sales region
KPIs linked to revenue targets on the application of
discounts and rebates, ensuring no undue influence on
revenue recognition.

Other Information

The Company's Board of Directors is responsible for the
other information. The other information comprises the
information included in the Annual report, but does not
include the accompanying standalone financial statements
and our auditor's report thereon.

Our opinion on the accompanying standalone financial
statements does not cover the other information and we
do not express any form of assurance conclusion thereon.

In connection with our audit of the accompanying
standalone financial statements, our responsibility is
to read the other information and, in doing so, consider
whether such other information is materially inconsistent
with the standalone financial statements or our knowledge

obtained in the audit or otherwise appears to be materially
misstated. If, based on the work we have performed, we
conclude that there is a material misstatement of this
other information, we are required to report that fact.
We have nothing to report in this regard.

Responsibilities of the Management and Those
Charged with Governance for the Standalone
Financial Statements

The Company's Board of Directors is responsible for the
matters stated in section 134(5) of the Act with respect to
the preparation of these standalone financial statements
that give a true and fair view of the financial position,
financial performance including other comprehensive
(loss) / income, cash flows and changes in equity of the

Company in accordance with the accounting principles
generally accepted in India, including the Indian
Accounting Standards (Ind AS) specified under section 133
of the Act read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended. This responsibility also
includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding
of the assets of the Company and for preventing and
detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent;
and the design, implementation and maintenance of
adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness
of the accounting records, relevant to the preparation
and presentation of the standalone financial statements
that give a true and fair view and are free from material
misstatement, whether due to fraud or error.

In preparing the standalone financial statements,
management is responsible for assessing the Company's
ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using
the going concern basis of accounting unless management
either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.

Those charged with governance are also responsible for
overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the
Standalone Financial Statements

Our objectives are to obtain reasonable assurance about
whether the standalone financial statements as a whole
are free from material misstatement, whether due to fraud
or error, and to issue an auditor's report that includes
our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted
in accordance with SAs will always detect a material
misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the
basis of these standalone financial statements.

As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional
scepticism throughout the audit. We also:

Ý Identify and assess the risks of material misstatement
of the standalone financial statements, whether due
to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis
for our opinion. The risk of not detecting a material

misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or
the override of internal control.

Ý Obtain an understanding of internal control relevant to
the audit in order to design audit procedures that are
appropriate in the circumstances. Under section 143(3)
(i) of the Act, we are also responsible for expressing
our opinion on whether the Company has adequate
internal financial controls with reference to standalone
financial statements in place and the operating
effectiveness of such controls.

Ý Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates
and related disclosures made by management.

Ý Conclude on the appropriateness of management's use
of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions
that may cast significant doubt on the Company's
ability to continue as a going concern. If we conclude
that a material uncertainty exists, we are required to
draw attention in our auditor's report to the related
disclosures in the standalone financial statements
or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor's
report. However, future events or conditions may cause
the Company to cease to continue as a going concern.

Ý Evaluate the overall presentation, structure and content
of the standalone financial statements, including the
disclosures, and whether the standalone financial
statements represent the underlying transactions and
events in a manner that achieves fair presentation.

We communicate with those charged with governance
regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we
identify during our audit.

We also provide those charged with governance with a
statement that we have complied with relevant ethical
requirements regarding independence, and to communicate
with them all relationships and other matters that may
reasonably be thought to bear on our independence, and
where applicable, related safeguards.

From the matters communicated with those charged
with governance, we determine those matters that were
of most significance in the audit of the accompanying
standalone financial statements for the financial year
ended March 31, 2025 and are therefore the key audit

iii. Following are the instances of delay in transferring amounts, required to be transferred, to the Investor
Education and Protection Fund (IEPF) by the Company;

matters. We describe these matters in our auditor's report
unless law or regulation precludes public disclosure about
the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in
our report because the adverse consequences of doing
so would reasonably be expected to outweigh the public
interest benefits of such communication.

Report on Other Legal and Regulatory
Requirements

1. As required by the Companies (Auditor's Report) Order,
2020 ("the Order”), issued by the Central Government
of India in terms of sub-section (11) of section 143 of
the Act, we give in the "Annexure 1” a statement on the
matters specified in paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act, we report to
the extent applicable, that:

(a) We have sought and obtained all the information
and explanations which to the best of our
knowledge and belief were necessary for the
purposes of our audit;

(b) In our opinion, proper books of account as
required by law have been kept by the Company
so far as it appears from our examination of those
books except for the matters stated in sub-clause
2(i)(vi) below on reporting under Rule 11(g) of the
Companies (Audit and Auditor's) Rules, 2014;

(c) The Balance Sheet, the Statement of Profit
and Loss including the Statement of Other
Comprehensive (loss) / income, the Cash Flow
Statement and Statement of Changes in Equity
dealt with by this Report are in agreement with
the books of account;

(d) In our opinion, the aforesaid standalone financial
statements comply with the Accounting
Standards specified under Section 133 of the
Act, read with Companies (Indian Accounting
Standards) Rules, 2015, as amended;

(e) On the basis of the written representations
received from the directors as on March 31, 2025
taken on record by the Board of Directors, none
of the directors is disqualified as on March 31,
2025 from being appointed as a director in terms
of Section 164 (2) of the Act;

(f) The modification relating to the maintenance
of accounts and other matters connected
therewith are as stated in the paragraph (b)
above on reporting under Section 143(3)(b)
and in sub-clause 2(i)(vi) below on reporting
under Rule 11(g) of the Companies (Audit and
Auditor's) Rules;

(g) With respect to the adequacy of the internal
financial controls with reference to standalone
financial statements and the operating
effectiveness of such controls, refer to our
separate Report in "Annexure 2” to this report;

(h) The Company has not paid any managerial
remunerations to its directors and thus, the
provisions of section 197 read with Schedule V
to the Act are not applicable to the Company for
the year ended on March 31, 2025;

(i) With respect to the other matters to be included
in the Auditor's Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules,
2014, as amended in our opinion and to the
best of our information and according to the
explanations given to us:

i. The Company has disclosed the impact of
pending litigations on its financial position
in its standalone financial statements
- Refer Note 43 to the standalone
financial statements;

ii. The Company did not have any long-term
contracts including derivative contracts
for which there were any material
foreseeable losses;

been advanced or loaned or invested (either
from borrowed funds or share premium or any
other sources or kind of funds) by the Company
to or in any other person(s) or entity(ies),
including foreign entities ("Intermediaries”),
with the understanding, whether recorded in
writing or otherwise, that the Intermediary
shall, whether, directly or indirectly lend or
invest in other persons or entities identified in
any manner whatsoever by or on behalf of the
Company ("Ultimate Beneficiaries”) or provide
any guarantee, security or the like on behalf of
the Ultimate Beneficiaries;

b) The management has represented that, to the
best of its knowledge and belief, as disclosed
in the note 62(6) to the standalone financial
statements, no funds have been received by
the Company from any person(s) or entity(ies),
including foreign entities ("Funding Parties”),
with the understanding, whether recorded in
writing or otherwise, that the Company shall,
whether, directly or indirectly, lend or invest in
other persons or entities identified in any manner
whatsoever by or on behalf of the Funding
Party ("Ultimate Beneficiaries”) or provide any
guarantee, security or the like on behalf of the
Ultimate Beneficiaries; and

c) Based on such audit procedures performed
that have been considered reasonable and
appropriate in the circumstances, nothing has
come to our notice that has caused us to believe
that the representations under sub-clause (a)
and (b) contain any material misstatement.

v. The final dividend paid by the Company during the
year in respect of the same declared for the previous
year is in accordance with section 123 of the Act to
the extent it applies to payment of dividend.

As stated in note 55 to the standalone financial
statements, the Board of Directors of the Company
have proposed final dividend for the year which is
subject to the approval of the members at the ensuing

Annual General Meeting. The dividend declared is in
accordance with section 123 of the Act to the extent
it applies to declaration of dividend.

vi. Based on our examination which included test
checks, the Company has used accounting software
for maintaining its books of account which has a
feature of recording audit trail (edit log) facility and
the same has operated throughout the year for all
relevant transactions recorded in the software, except
the audit trail feature is enabled, for certain direct
changes to database when using certain privileged /
administrative access rights which got stabilised and
enabled from March 25, 2025, as described in note 64
to the standalone financial statements.

Further, during the course of our audit we did not
come across any instance of audit trail feature being
tampered with in respect of the accounting software
where audit trail was enabled.

Additionally, the audit trail of relevant prior years has
been preserved for record retention to the extent it
was enabled and recorded in those respective years
by the Company as per the statutory requirements
for record retention, as described in note 64 to the
standalone financial statements.

For S R B C & CO LLP

Chartered Accountants

ICAI Firm Registration Number: 324982E/E300003

per Santosh Agarwal

Partner

Membership Number: 093669

UDIN: 25093669BMJBGN5892

Place of Signature: Ahmedabad, Gujarat

Date: April 24, 2025

Nature of delay

Date of

Due date

payment

Number of
days of delays

Amount
involved
(In crore)

Delay in depositing dividend

September 21, October 21,

30

1.63

declared for year ended

2024 2024

December 31, 2017 to IEPF

iv. a) The management has represented that, to the
best of its knowledge and belief, other than as

disclosed in the note 5 and note 62(5) to the
standalone financial statements, no funds have