The Andhra Sugars Ltd. — Interim / Quarterly Report 2022

Venkatarayapuram: Tanuku - 534 215, Andhra Pradesh, India.

SEC/UFR/SQ/2022

The Manager, Listing Department National Stock Exchange of India Ltd.. Exchange Plaza, 5^th Floor, Plot No.C/1, G. Block, Bandra-Kurla Complex Bandra (E). $MUMBAI - 400051$

Dear Sirs,

Please find enclosed herewith a copy of Statement of Standalone and Consolidated Unaudited Financial Results, Segment-wise Results, Statement of Assets and Liabilities and Cash Flow Statement along with Limited Review Report for the quarter ended 30^th September, 2022 which was reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 12^th November, 2022.

An Extra-ordinary General Meeting will be held on Saturday, 17^th December, 2022. In this connection it may please be noted that the Register of Members and Share Transfer Books will be closed from Saturday the 10th December, 2022 to Saturday the 17^th December, 2022 (both days inclusive) for the purpose of Extra-ordinary General Meeting and voting.

Shareholders whose names appear in the Register of Members as at the end of business hours on 9^th December, 2022 will be eligible to vote on the said Extraordinary General Meeting.

The aforesaid Board Meeting commenced at 11.00 a.m. (IST) and Concluded at 01.15 p.m. (IST).

This is for your kind information and record.

Thanking you,

ours faithfully, for THE AI HRA SUGARS LIMITED VISWANADHA KUMAR) $(P, V, S)$ Vice President (Fin.) & Addl. Secretary

079206

Encl: as above

Venkatarayapuram: Tanuku - 534 215, Andhra Pradesh, India.

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / HALF YEAR ENDED 30-09-2022

Notes:

1) The unaudited financial results of the Company have been prepared in accordance with the Indian Accounting Standards (Ind As) as prescribed under section 133 of the Companies Act 2013 read with the Companies (Indian Accounting Standard) Rules, 2015 (as amended).

2) The Company has subdivided the face value of share Rs.10/- to Rs.2/- (1 Equity share into 5 Equity Shares) from 31.12.2021 onwards. Hence, Previous period figures have been regrouped wherever necessary for presentation.

3) Exceptional item for the quarter and Half Year ended 30th September 2022 includes write down of raw material cost to net realisable value i.e devaluation of sulphur, consequent to the decrease in the price of finished goods (Sulphuric Acid).

4) The above results of the Company have been reviewed by the Audit Committee and approved by Board of Directors at their Meetings held on 12.11.2022 and statutory auditors have carried out a limited review

5) Previous period figures have been regrouped wherever necessary.

Place: Tanuku Date: 12.11.2022

For THE ANDHRA SUGARS LIMITED P-NARENDRANATH CHOWDARY Chairman & Managing Director

079186

Venkatarayapuram: Tanuku - 534 215, Andhra Pradesh, India.

STANDALONE SEGMENT-WISE REVENUE, RESULTS, ASSETS AND LIABILITIES UNDER REGULATION 33 OF THE LISTING AGREEMENT FOR THE QUARTER AND HALF YEAR ENDED 30.09.2022

Note: During the previous year ending 31.03.2022, the Company aggregated Coal based Captive Power Plant with "CHLOR-ALKALI" segment and figures have been regrouped accordingly wherever necessary.

Place: Tanuku

Date: 12.11.2022

For THE ANDHRA SUGARS LIMITED P. NARENDRANATH CHOWDARY Chairman & Managing Director

079165

Venkatarayapuram: Tanuku - 534 215, Andhra Pradesh, India.

Statement of Assets and Liabilities - Standalone

079167

Phone: +91-8819-224911 to 917, Mobile:+91-8186828888, 8186838888 Fax: +91-8819-224168 Place: Tanuku E-mail: [email protected] Date: 12.11.2022 Website: www.theandhrasugars.com, CIN: L15420AP1947PLC000326

For THE ANDHRA SUGARS LIMITED

P. NARENDRANATH CHOWDARY Chairman & Managing Director

Venkatarayapuram: Tanuku - 534 215, Andhra Pradesh, India.

STANDAI ONE CASH FLOW STATEMENT FOR THE PERIOD ENDED

Place: Tanuku

Date: 12.11.2022

Phone: +91-8819-224911 to 917,

Mobile:+91-8186828888, 8186838888 Fax: +91-8819-224168

E-mail: [email protected]

Website: www.theandhrasugars.com,

CIN: L15420AP1947PLC000326

FOR THE ANDHRA SUGARS LIMITED 79174

P. NARENDRANATH CHOWDARY Chairman & Managing Director

Independent Auditor's Review Report on the Quarterly Unaudited Standalone and year to date Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review report to The Board of Directors The Andhra Sugars Limited

• 1. We have reviewed the accompanying statement of Standalone Unaudited Financial Results of The Andhra Sugars Limited ("the Company") for the quarter and half year ended September 30, 2022 ("the Statement") being submitted by the company pursuant to requirements of Regulation 33 of the SEBI (listing Obligations and Disclosure Requirements) Regulations, 2015 as amended.
• 1. This Statement, which is the responsibility of the Company's Management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting", prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to issue a report on these financial statements based on our review.
• 1. Our review of the Statement of Standalone Unaudited Financial Results has been restricted to the figures shown in columns headed "Quarter ended 30.09.2022-Unaudited", "Half year ended 30.09.2022-Unaudited", and in the column headed "as at 30.09.2022-Unaudited", of the Statement of Assets and Liabilities and also cash flow statements for the half year ended 30.09.2022. The figures shown in the other columns have been traced from the respective results reviewed/audited by the other auditors.
• 1. We conducted our review of the Statement in accordance 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. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

BRAHMAYYA & CO

1. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying statement of unaudited financial results prepared in accordance with applicable accounting standards and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement.

For Brahmayya & Co Chartered Accountants Firm's Registration Number: 000513S

T.V.Ramana

Partner (ICAI Membership No: 200523)

UDIN: 22200523BCXJHN1199

Place: Tanuku Date: $12.11 \cdot 2022$

Venkatarayapuram: Tanuku - 534 215, Andhra Pradesh, India.

STATEMENT OF UN AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30-09-2022

Notes:

The unaudited financial results of the Company have been prepared in accordance with the Indian Accounting Standards (Ind As) as prescribed under section 133 of the Companies Act $\mathbf{1}$ 2013 read with the Companies (Indian Accounting Standard) Rules, 2015 (as amended).

Exceptional item for the quarter and Half Year ended 30th September 2022 includes write down of raw material cost to net realisable value i.e devaluation of sulphur, consequent to the $\overline{2}$ decrease in the price of finished goods (Sulphuric Acid).

The Company has subdivided the face value of share Rs,10/- to Rs,2/- (1 Equity share into 5 Equity Shares) from 31.12.2021 onwards. Hence, Previous period figures have been regrouped $\mathbf{z}$ wherever necessary for presentation.

In respect of Associate Company (The Andhra Petrochemical Limited), During the Financial Year 2019-20, the Company (APL) has initiated the process of renewal of the Land Lease on which the plant is located with Visakhapatnam Port Trust (VPT) for a further period of 30 years with effect from 27.06.2019. APL has submitted its Technical & Financial Bid against the tender floated by VPT. As APL was the sole bidder for the Tender, VPT accepted both Technical Bid & Financial Bid. Later -on, VPT has cancelled the tender and issued re-tender. Aggrieved by the action of VPT, APL has filed a writ petition under Article 226 before the Hon'ble High Court of Andhra Pradesh. The Hon'ble High Court of Andhra Pradesh has allowed the writ Petition filed by the APL seeking the cancellation of the order dated 18.08.2020, cancelling the tender notification dated 07.08.2019 and fresh tender notification dated 24.08.2020 issued by VPT towards the lease of the land and directed VPT to execute the lease deed, vide its order dated 25th February 2022. Further, on 19th March 2022, APL has written a letter to the Chief Engineer, VPT requesting him to kindly finalise the land lease deed and fix-up the date for execution of the said lease deed. VPT has preferred an appeal against the Hon'ble High Court of Andhra Pradesh order dated 25.02.2022 before division bench of Hon'ble High Court of Andhra Pradesh and the same is pending. Pending execution of the lease deed, APL has considered provisionally its bid amount for accounting of "Leases" in accordance with Ind AS 116, till the lease deed is executed.

The above results of the Company have been reviewed by the Audit Committee and approved by Board of Directors at their Meetings held on 12.11.2022 and statutory auditors have $\overline{5}$ carried out limited review.

For THE ANDHRA SUGARS LIMITED

Previous period figures have been regrouped wherever necessary to confirm the current period presentation.

Place: Tanuku Date: 12-11-2022 079176 P. NARENDRANATH CHOWDARY Chairman & Managing Director Phone: +91-8819-224911 to 917, Mobile:+91-8186828888, 8186838888 Fax: +91-8819-224168 E-mail: [email protected] Website: www.theandhrasugars.com,

Venkatarayapuram: Tanuku - 534 215, Andhra Pradesh, India.

SEGMENT-WISE REVENUE, RESULTS, ASSETS AND LIABILITIES UNDER REGULATION 33 OF THE LISTING AGREEMENT FOR THE QUARTER AND HALF YEAR ENDED 30.09.2022

Note: During the previous year ending 31.03.2022, the Company aggregated Coal based Captive Power Plant with "CHLOR-ALKALI" segment and figures have been regrouped accordingly wherever necessary.

For THE ANDHRA SOGARS LIMITED P. NARENDRANATH CHOWDARY Chairman & Managing Director

Place: Tanuku Date: 12-11-2022

079179

Venkatarayapuram: Tanuku - 534 215, Andhra Pradesh, India.

STATEMENT OF ASSETS AND LIABILITIES

Phone: +91-8819-224911 to 917, Mobile:+91-8186828888, 8186838888 Fax: +91-8819-224168 E-mail: [email protected]

Website: www.theandhrasugars.com,

CIN: L15420AP1947PLC000326

Place: Tanuku Date: 12-11-2022 For THE ANDHRA SUGARS LIMITED

079189

P. NARENDRANATH CHOWDARY Chairman & Managing Director

Venkatarayapuram: Tanuku - 534 215, Andhra Pradesh, India.

(Rs. in Lakhs) CONSOLIDATED CASH FLOW STATEMENT FOR THE PERIOD ENDED 30th Sep 2021 30th Sep 2022 PARTICULARS 15,503.50 13,011.30 Profit before tax from continuing operations Adiustments for $(459.49)$ $(4,671,76)$ Share of (profit)/loss from associate $(70.91)$ $(30.69)$ Net gain on sale of current investments $(93.59)$ $(217.00)$ Net gain on revaluation of current investments 241.64 778.47 Interest expense $(137.88)$ $(252.83)$ Interest income $(14.89)$ $(446.79)$ Dividend income 633 1.41 Loss Allowance provided $(38.26)$ $(46.26)$ Government Grant amortised 3,120.20 3.299.26 Depreciation/amortization on continuing operation 121.66 $0.18$ Impairment/other write off on tangible/intangible assets $(0.67)$ $(0.13)$ Loss/[profit] on sale of fixed assets $(122.63)$ $(37.40)$ Remeasurement of defined benefit plans 17.561.36 11,881.41 Operating profit before working capital changes Movements in working capital: $(670.35)$ 1,271.24 Increase/[decrease] in trade payables Increase/[decrease] in Provisions $(69.21)$ 274.45 1,664.83 2,024.37 Increase/[decrease] in other liabilities 898.01 Increase/[decrease] in other financial liabilities $(815.45)$ $(1, 292.95)$ Decrease/[increase] in trade receivables $(264.63)$ 2.769.59 3.861.43 Decrease/lincrease] in inventories $(711.06)$ 645.79 Decrease/[increase] in financial assets $(1.594.89)$ $(1, 442.88)$ Decrease/[increase] in other current assets $(3.714.84)$ $(3,560.56)$ Decrease/[increase] in other Bank Balances 17,269.87 11,445.79 Cash generated from/[used in] operations 1,870.90 2.954.71 Direct taxes paid [net of refunds] 9,574.89 14,315.16 Net cash flow from/[used in] operating activities (A) Cash flows from investing activites Purchase of fixed assets, including intangible assets, CWIP and $(12,058.51)$ $(4, 120.27)$ capital advances 332.54 0.34 Proceeds from sale of fixed assets Inter Corporate Loan placed 100.00 200.00 Proceeds from Inter Corporate Loan $(9,628.80)$ $(13,501.74)$ Purchase of current investments 10,262.53 18.179.94 Proceeds from sale/maturity of current investments 133.74 252.84 Interest received 14.89 446.79 Dividends received from Long Term Investments $(6, 480.34)$ $(2,905.37)$ Net cash flow from/[used in] investing activities (B) $(4, 187.26)$ $(1,873.50)$ Repayment of borrowings $(850.91)$ $(282.53)$ Interest paid $(7.33)$ $(8.27)$ Principal repayment of lease liabilities $(3.92)$ Interest repayment of lease liabilities $(2.23)$ $(2,807.66)$ Dividends paid including Interim Dividend $(5,494.90)$ $(7,857.08)$ $(7,661.43)$ Net cash flow from/[used in] in financing activities [C] $(1, 187.56)$ 173.39 Net increase/[decrease] in cash and cash equivalents (A+B+C) 1,657.93 1,695.76 Cash and cash equivalents at the beginning of the year 470.37 1,869.15 Cash and cash equivalents at the end of the year Components of cash and cash equivalents 17.88 42.35 Cash on hand 452.49 1,826.80 With banks Accounts 470.37 1,869.15 Total cash and cash equivalents

079185

Place: Tanuku Phone: +91-8819-224911 to 917, Date: 12-11-2022 Mobile:+91-8186828888, 8186838888 Fax: +91-8819-224168 E-mail: [email protected] Website: www.theandhrasugars.com, CIN: L15420AP1947PLC000326

For THE ANDHRA SUGARS LIMITED,

P. Nacondranath Chowdary Chairman & Managing Director

Independent Auditor's Review Report On Consolidated Unaudited Quarterly and year to date financial results of the Company Pursuant to the Regulation 33 of the SEBI

(Listing Obligations and Disclosure Requirements) Regulations, 2015

T₀ The Board of Directors The Andhra Sugars Limited

• 1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of The Andhra Sugars Limited ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), and its share of the net profit after tax and total comprehensive income of its associate for the quarter ended September 30, 2022 and for the period from April 1, 2022 to September 30, 2022 ("the Statement"), being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
• 1. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. Our review of the Statement of Consolidated Unaudited Financial Results has been restricted to the figures shown in columns headed "Quarter ended 30.09.2022-Unaudited", "Half year ended 30.09.2022-Unaudited", and in the column headed "as at 30.09.2022-Unaudited", of the Statement of Assets and Liabilities and also cash flow statements for the half year ended 30.09.2022. The figures shown in the other columns have been traced from the respective results reviewed/audited by the other auditors.

1. We conducted our review of the Statement in accordance 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. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

• 1. Apart from the Parent company, the Consolidated Unaudited financial results include the results of the following entities:
• JOCIL Limited (Subsidiary) a.
• b. The Andhra Petro Chemicals Limited (Associate)
• c. Hindustan Allied Chemicals Limited (Subsidiary)
• d. Andhra Farm Chemicals Corporation Limited (Subsidiary)
• 1. Based on our review conducted and procedures as stated above and based on the consideration of the review reports of other auditors referred to in paragraph 7 below, nothing has come to our attention that causes us to believe that the accompanying statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.
• 1. We did not review the interim financial statements of one subsidiary included in the consolidated unaudited financial results, whose interim financial statements reflect total assets of Rs. 24,783.12 lakhs as at $30^th$ September, 2022 and total revenues of Rs. 52,752.65 lakhs and total net profit after tax of Rs. 463.55 lakhs and total comprehensive income of Rs. 441.59 lakhs for the period from April 1, 2022 to September 30, 2022 as considered in the consolidated unaudited financial results. The consolidated unaudited financial results also include the Group's share of net profit after tax of Rs. 459.49 lakhs and total comprehensive income of Rs. 459.49 lakhs for the period from April 1,2022 to September 30, 2022, as considered in the consolidated

unaudited financial results, in respect of one associate whose interim financial statements have not been reviewed by us. These interim financial statements have been reviewed by other auditors whose reports have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of the subsidiary and associate, is based solely on the reports of the other auditors and the procedures performed by us as stated above. Our Conclusion on the Statement is not modified in respect of the above matters.

For Brahmayya & Co Chartered Accountants Firm's Registration Number: 000513S

VIJAYAWAD

INDIA

T.V.Ramana Partner (ICAI Membership No: 200523)

UDIN: 22200523 BCXJVZ 7452

Place: Tanuku

Date: $|2 \cdot 1|$ $2D22$