Integrated Filing — IndAS



General information about company
Scrip Code 507442
NSE Symbol DHARSUGAR
MSEI Symbol NOTLISTED
ISIN INE988C01014
Name of company Dharani Sugars & Chemicals Limited
Type of company Main Board
Class of security Equity
Date of start of financial year 01-Apr-2024
Date of end of financial year 31-Mar-2025
Date of board meeting when results were approved 29-May-2025
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 15-May-2025
Description of presentation currency INR (in Actuals)
Reporting Type Quarterly
Reporting Quarter Fourth quarter
Nature of report standalone or consolidated Standalone
Whether results are audited or unaudited for the quarter ended Audited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Audited
Segment Reporting Multi segment
Description of single segment
Start date and time of board meeting 29-May-2025   12:00:00
End date and time of board meeting 29-May-2025   14:30:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification Statement on impact of audit qualification
Whether the company has any related party? Yes
Whether the company has entered into any Related Party transaction during the selected half year for which it wants to submit disclosure? Yes
(I) We declare that the acceptance of fixed deposits by the bans/Non-Banking Finance Company are at the terms uniformly applicable/offered to all shareholders/public NA
(II) We declare that the scheduled commercial bank, as per RBI circular RBI/DBR/2015-16/19 dated March 03, 2016, has allowed additional interest of one per cent per annum, over and above the rate of interest mentioned in the schedule of interest rates on savings or a term deposits of banks staff and their exclusive associations as well as on deposits of Chairman, Chairman & Managing Director, Executive Director or such other Executives appointed for a fixed tenure. NA
Whether the company is a high value debt listed entity according to regulation 15 (1A)? No
(a) If answer to above question is Yes, whether complying with proviso to regulation 23 (9), i.e., submitting RPT disclosures on the day of results publication?
(b) If answer to above question is No, please explain the reason for not complying.
Whether the updated Related Party Transactions (RPT) Policy (in compliance with Reg. 23 of SEBI LODR) has been uploaded on the website of the Company? No
Latest Date on which RPT policy is updated
Indicate Company website link for updated RPT policy of the Company
Whether statement on deviation or variation for proceeds of public issue, rights issue, preferential issue, qualified institutions placement etc. is applicable to the company for the current quarter? No
No. of times funds raised during the quarter
Whether the disclosure for the Default on Loans and Debt Securities is applicable to the entity? Yes



Financial Results Ind-AS
Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-Jan-2025 01-Apr-2024
B Date of end of reporting period 31-Mar-2025 31-Mar-2025
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Standalone Standalone
Part I Blue color marked fields are non-mandatory. For Consolidated Results, if the company has no figures for 3 months / 6 months ended, in such case zero shall be inserted in the said column.
1 Income
Revenue from operations 0 0
Other income 1727000 7152000
Total income 1727000 7152000
2 Expenses
(a) Cost of materials consumed 0 0
(b) Purchases of stock-in-trade 0 0
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade 0 0
(d) Employee benefit expense 27889000 111416000
(e) Finance costs 202000000 419215000
(f) Depreciation, depletion and amortisation expense 55263000 220989000
(f) Other Expenses
1 Other expenses 50267000 104715000
Total other expenses 50267000 104715000
Total expenses 335419000 856335000
3 Total profit before exceptional items and tax -333692000 -849183000
4 Exceptional items -14123000 -80770000
5 Total profit before tax -347815000 -929953000
6 Tax expense
7 Current tax 0 0
8 Deferred tax 0 0
9 Total tax expenses 0 0
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0 0
11 Net Profit Loss for the period from continuing operations -347815000 -929953000
12 Profit (loss) from discontinued operations before tax 0 0
13 Tax expense of discontinued operations 0 0
14 Net profit (loss) from discontinued operation after tax 0 0
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 0 0
16 Total profit (loss) for period -347815000 -929953000
17 Other comprehensive income net of taxes -28249000 -28249000
18 Total Comprehensive Income for the period -376064000 -958202000
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent
Total profit or loss, attributable to non-controlling interests
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent
Total comprehensive income for the period attributable to owners of parent non-controlling interests
21 Details of equity share capital
Paid-up equity share capital 415143000 415143000
Face value of equity share capital 10 10
27 Details of debt securities
22 Reserves excluding revaluation reserve -2047957000
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations -8.83 -22.46
Diluted earnings (loss) per share from continuing operations -8.83 -22.46
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations -8.83 -22.46
Diluted earnings (loss) per share from continuing and discontinued operations -8.83 -22.46
24 Debt equity ratio
25 Debt service coverage ratio
26 Interest service coverage ratio
27 Disclosure of notes on financial results



Remarks
Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Statement of Asset and Liabilities
Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-Apr-2024
Date of end of reporting period 31-Mar-2025
Whether results are audited or unaudited Audited
Nature of report standalone or consolidated Standalone
Assets
1 Non-current assets
Property, plant and equipment 4480059000
Capital work-in-progress 0
Investment property 0
Goodwill 0
Other intangible assets 0
Intangible assets under development 0
Biological assets other than bearer plants 0
Investments accounted for using equity method
Non-current financial assets
Non-current investments 147121000
Trade receivables, non-current
Loans, non-current 0
Other non-current financial assets 4190000
Total non-current financial assets 151311000
Deferred tax assets (net)
Other non-current assets 7099000
Total non-current assets 4638469000
2 Current assets
Inventories 3167000
Current financial asset
Current investments 0
Trade receivables, current 45021000
Cash and cash equivalents 2062000
Bank balance other than cash and cash equivalents 0
Loans, current 0
Other current financial assets 1055000
Total current financial assets 48138000
Current tax assets (net)
Other current assets 21286000
Total current assets 72591000
3 Non-current assets classified as held for sale
4 Regulatory deferral account debit balances and related deferred tax Assets
Total assets 4711060000
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 415143000
Other equity -2047957000
Total equity attributable to owners of parent -1632814000
Non controlling interest
Total equity -1632814000
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 3614821000
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises
Total Trade payable
Other non-current financial liabilities 328601000
Total non-current financial liabilities 3943422000
Provisions, non-current 0
Deferred tax liabilities (net) 133846000
Deferred government grants, Non-current
Other non-current liabilities 82899000
Total non-current liabilities 4160167000
Current liabilities
Current financial liabilities
Borrowings, current 741330000
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 6247000
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 514645000
Total Trade payable 520892000
Other current financial liabilities 609865000
Total current financial liabilities 1872087000
Other current liabilities 301524000
Provisions, current 10096000
Current tax liabilities (Net)
Deferred government grants, Current
Total current liabilities 2183707000
3 Liabilities directly associated with assets in disposal group classified as held for sale
4 Regulatory deferral account credit balances and related deferred tax liability
Total liabilities 6343874000
Total equity and liabilites 4711060000
Disclosure of notes on assets and liabilities



Format for Reporting Segmenet wise Revenue, Results and Capital Employed along with the company results
Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-Jan-2025 01-Apr-2024
Date of end of reporting period 31-Mar-2025 31-Mar-2025
Whether accounts are audited or unaudited Audited Audited
Nature of report standalone or consolidated Standalone Standalone
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
1 Sugar 0 0
2 Distillery 0 0
3 Power 0 0
4 Unallocated 1727000 7152000
Total Segment Revenue 1727000 7152000
Less: Inter segment revenue 0 0
Revenue from operations 1727000 7152000
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
1 Sugar -111137000 -379124000
2 Distillery -22707000 -87898000
3 Power -13698000 -50868000
4 Unallocated 1727000 7152000
Total Profit before tax -145815000 -510738000
i. Finance cost 202000000 202000000
ii. Other Unallocable Expenditure net off Unallocable income
Profit before tax -347815000 -929953000
3 (Segment Asset - Segment Liabilities)
Segment Asset
1 Sugar 2576944000 2576944000
2 Distillery 1149495000 1149495000
3 Power 966956000 966956000
4 Unallocated 11592000 11592000
Total Segment Asset 4704987000 4704987000
Un-allocable Assets 0 0
Net Segment Asset 4704987000 4704987000
4 Segment Liabilities
Segment Liabilities
1 Sugar 5204601000 5204601000
2 Distillery 487280000 487280000
3 Power 717178000 717178000
4 Unallocated 0 0
Total Segment Liabilities 6409059000 6409059000
Un-allocable Liabilities 0 0
Net Segment Liabilities 6409059000 6409059000
Disclosure of notes on segments



Other Comprehensive Income
Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-Jan-2025 01-Apr-2024
B Date of end of reporting period 31-Mar-2025 31-Mar-2025
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Standalone Standalone
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
Total Amount of items that will not be reclassified to profit and loss
2 Income tax relating to items that will not be reclassified to profit or loss 28249000 28249000
3 Amount of items that will be reclassified to profit and loss
Total Amount of items that will be reclassified to profit and loss
4 Income tax relating to items that will be reclassified to profit or loss 0 0
5 Total Other comprehensive income -28249000 -28249000



Cash flow statement, indirect
Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-Apr-2024
B Date of end of reporting period 31-Mar-2025
C Whether results are audited or unaudited Audited
D Nature of report standalone or consolidated Standalone
Part I Blue color marked fields are non-mandatory.
Statement of cash flows
Cash flows from used in operating activities
Profit before tax -929953000
Adjustments for reconcile profit (loss)
Adjustments for finance costs 419215000
Adjustments for decrease (increase) in inventories -319000
Adjustments for decrease (increase) in trade receivables, current 1089000
Adjustments for decrease (increase) in trade receivables, non-current 0
Adjustments for decrease (increase) in other current assets 0
Adjustments for decrease (increase) in other non-current assets 0
Adjustments for other financial assets, non-current 0
Adjustments for other financial assets, current 0
Adjustments for other bank balances 0
Adjustments for increase (decrease) in trade payables, current -354374000
Adjustments for increase (decrease) in trade payables, non-current 714357000
Adjustments for increase (decrease) in other current liabilities 0
Adjustments for increase (decrease) in other non-current liabilities -9001000
Adjustments for depreciation and amortisation expense 220989000
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0
Adjustments for provisions, current 0
Adjustments for provisions, non-current 0
Adjustments for other financial liabilities, current 0
Adjustments for other financial liabilities, non-current 0
Adjustments for unrealised foreign exchange losses gains 0
Adjustments for dividend income 0
Adjustments for interest income 0
Adjustments for share-based payments 0
Adjustments for fair value losses (gains) 0
Adjustments for undistributed profits of associates 0
Other adjustments for which cash effects are investing or financing cash flow -809000
Other adjustments to reconcile profit (loss) 0
Other adjustments for non-cash items 93000
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0
Total adjustments for reconcile profit (loss) 991240000
Net cash flows from (used in) operations 61287000
Dividends received 0
Interest paid 0
Interest received -724000
Income taxes paid (refund) -74000
Other inflows (outflows) of cash -328000
Net cash flows from (used in) operating activities 60309000
Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0
Cash flows used in obtaining control of subsidiaries or other businesses 0
Other cash receipts from sales of equity or debt instruments of other entities 0
Other cash payments to acquire equity or debt instruments of other entities 0
Other cash receipts from sales of interests in joint ventures 0
Other cash payments to acquire interests in joint ventures 0
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0
Proceeds from sales of property, plant and equipment 0
Purchase of property, plant and equipment 510000
Proceeds from sales of investment property 0
Purchase of investment property 0
Proceeds from sales of intangible assets 0
Purchase of intangible assets 0
Proceeds from sales of intangible assets under development 0
Purchase of intangible assets under development 0
Proceeds from sales of goodwill 0
Purchase of goodwill 0
Proceeds from biological assets other than bearer plants 0
Purchase of biological assets other than bearer plants 0
Proceeds from government grants 0
Proceeds from sales of other long-term assets 0
Purchase of other long-term assets 0
Cash advances and loans made to other parties 0
Cash receipts from repayment of advances and loans made to other parties 0
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0
Dividends received 0
Interest received 724000
Income taxes paid (refund) 0
Other inflows (outflows) of cash 0
Net cash flows from (used in) investing activities 214000
Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 0
Payments from changes in ownership interests in subsidiaries 0
Proceeds from issuing shares 0
Proceeds from issuing other equity instruments 0
Payments to acquire or redeem entity's shares 0
Payments of other equity instruments 0
Proceeds from exercise of stock options 0
Proceeds from issuing debentures notes bonds etc 0
Proceeds from borrowings 356528000
Repayments of borrowings 0
Payments of lease liabilities 0
Dividends paid 0
Interest paid 419216000
Income taxes paid (refund) 0
Other inflows (outflows) of cash 0
Net cash flows from (used in) financing activities -62688000
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes -2165000
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 0
Net increase (decrease) in cash and cash equivalents -2165000
Cash and cash equivalents cash flow statement at beginning of period 4227000
Cash and cash equivalents cash flow statement at end of period 2062000





Details of Impact of Audit Qualification
Whether results are audited or unaudited Audited
Declaration of unmodified opinion or statement on impact of audit qualification Statement on impact of audit qualification
Auditor's opinion Qualified opinion
Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results
Sr No. Audit firm's name Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI Certificate valid upto
1 Srivatsan & Associates Yes 31-May-2026


Financial details
Sr. Particulars Audited Figures (as reported before adjusting for qualifications) Adjusted Figures (audited figures after adjusting for qualifications)
1 Turnover / Total income 7152000 7152000
2 Total Expenditure 965354000 965354000
3 Net Profit/(Loss) -958202000 -958202000
4 Earnings Per Share -24.6 -24.6
5 Total Assets 4711060000 4711060000
6 Total Liabilities 4711060000 4711060000
7 Net Worth -1632814000 -1632814000


Audit qualification
Sr. Details of Audit Qualification Type of Audit Qualification Frequency of qualification For Audit Qualification(s) where the impact is quantified by the auditor For Audit Qualification(s) where the impact is not quantified by the auditor
Management's Views (i) Management's estimation on the impact of audit qualification (ii) If management is unable to estimate the impact, reasons for the same Auditors' Comments on (i) or (ii) above
1 Textual Information(1) Qualified opinion Since how long continuing Textual Information(2) Textual Information(3) Textual Information(4) Textual Information(5)


Text Block
Textual Information(1) 1. We draw attention to Note 1 in the financial statements, which indicates that the Company has come out of the CIRP process during year of audit vide Honourable National Company Law Tribunal (NCLT) vide order dated 9th May 2024 and states that the Company has initiated necessary revival plan to recommence commercial operations by restoring production capabilities, ensuring the company's ability to meet its obligations and sustain its business activities in the foreseeable future. As stated in Note No.2 the Company has accumulated losses and it indicates that the Company has negative net worth as on the balance sheet date. Except for these events or conditions, along with other matters as set forth in other Notes to financial statements the standalone financials are prepared on going concern basis. Our opinion is not modified in this matter. n2. We draw attention to Note No.3 to the standalone financial statements, which explains the Companys the investment in Appu Hotels Private Limited (investee Company). The carrying amount of investment as at 31st March 2025 is INR 1455.39 Lakhs. In the opinion of the management the carrying amount of investments is reflective of fair value of investments and is recoverable; thus, no adjustment were made in the carrying value of investments in financial statements. In our opinion the carrying value of investments is not reflective of fair value of investments as per the IND AS 113 - Fair Value Measurements. n3. We were not provided with balance confirmations as at 31st March 2025 for trade receivables, trade payables, advances received/ paid and for deposits received/ paid. Based on the above we are unable to report the impact on standalone financial statements due to non-receipt of confirmations. n4. We draw attention to Note No.5, where in the balance unsustainable debt of INR. 33,465 Lakhs has been disclosed as contingent liability (which is contingent upon remission of liability as per the fulfilment terms of repayment as provided MRA). n5 We draw attention to Note 4 of the financial statements, which discloses borrowings from directors & Intercorporate Loans from related parties. The Company has not provided for interest expense on these borrowings as per the agreed terms. In our view, the omission of such provision has resulted in an understatement of finance costs and current liabilities. The total outstanding from Directors and Related parties stands at INR 16586.91 Lakhs as on 31st March 2025. n n
Textual Information(2) Impact not presently quantifiable due to the various uncertainties involved.
Textual Information(3) 1. Going Concern basis: nFrequency of qualification. 2nd time, from the financial year 2023-24 nCompany has come out of the CIRP process during year of audit vide Honourable National Company Law Tribunal (NCLT) vide order dated 9th May 2024. Now, the Company is carrying out the maintenance works at all the Three units and it will be completed as per the schedule. Company is confident of starting the cane-crushing season by November 2025. Therefore, there is a significant possibility of the company to continue as going concern. nOpinion - Not Modified. n2. Appu Hotels Limited Value of Investment: - nFrequency of qualification. 6th time, from financial year 2019-20. n Based on the settlement proposal submitted by the Promoter under section 12A of the IBC 2016, the NCLT Chennai had approved the withdrawal of the CIRP process effective from 20th Dec. 2023 and the powers of the Board have been restored. As per the settlement proposal the entire secured and un secured financial creditors have been fully settled. The companys performance has substantially improved and the company is planning to reduce the loan substantially by selling the non-core assets. Further, the Companys fixed asset values are very as compared to the loans. As such, the management is confident of realising the value of investment in the books as on 31st Mar 2025. n3. Confirmation of Balance: nFrequency of qualification. 6th time, from financial year 2019-20. nAs the company was in CIRP / Liquidation process till 8th May 2024 and there were no transactions during the year. Hence, the confirmation could not be received for the financial year 2024-25 Once the operation is started, we will get the Confirmation of balance for receivables and payables. Hence, there is no impact on the financial statements for the year 2024-25. n4.. Unsustainable Debt Rs.334.65 Crs. nFrequency of qualification. 2nd time, from the financial year 2023-24 nThe unsustainable Debt of Rs.334.65 Crores will be given remission on completion of payment of the Loan as prescribed in the Master Restructuring Agreement dated 22.05.2024 with NARCL and it has been disclosed in the contingent liability from the year 2023-24 onwards. Company is confident of making the repayment as per the schedule. Hence, there is no additional liability. n5. Interest not provided on the borrowing from Director & Inter Corporate Loans. nFrequency of qualification. 2nd time ,from the financial year 2023-24 nThe Company has not provided for interest expense on these borrowings as specified in the terms of the Master Restructuring Agreement (MRA) with NARCL. Once we started our cane crushing operation, the Company will take efforts to get the approval from NARCL to account for the interest on the borrowing from the Directors and Inter Corporate Loans for the future years. n
Textual Information(4) Impact not presently quantifiable due to the various uncertainties involved.
Textual Information(5) Refer Basis for Qualified Opinion in audit report read with relevant notes in the financial results the same is self-explanatory


Signatories detail
Name of CEO / Managing director Ramalingam M
Name of CFO Kaliannan M P
Name of audit committee chairman Selvam P
Name of statutory auditor Srivatsan
Name of other signatory, if any, with designation
Place Chennai
Date 29-May-2025


Format for Disclosure of Related Party Transactions (applicable only for half-yearly filings i.e., 2nd and 4th quarter)
Sr No. Additional disclosure of related party transactions - applicable only in case the related party transaction relates to loans, inter-corporate deposits, advances or investments made or given by the listed entity/subsidiary. These details need to be disclosed only once, during the reporting period when such transaction was undertaken.
Details of the party (listed entity/subsidiary) entering into the transaction Details of the counterparty Type of related party transaction Details of other related party transaction Value of the related party transaction as approved by the audit committee Remarks on approval by audit committee Value of the related party transaction ratified by the audit committee Date of Audit Committee Meeting where the ratification was approved Value of transaction during the reporting period In case monies are due to either party as a result of the transaction In case any financial indebtedness is incurred to make or give loans, inter-corporate deposits, advances or investments Details of the loans, inter-corporate deposits, advances or investments Notes
Name PAN Name PAN Relationship of the counterparty with the listed entity or its subsidiary Opening balance Closing balance Nature of indebtedness (loan/ issuance of debt/ any other etc.) Details of other indebtedness Cost Tenure Nature (loan/ advance/ intercorporate deposit/ investment ) Interest Rate (%) Tenure Secured/ unsecured Purpose for which the funds will be utilised by the ultimate recipient of funds (endusage)
1 Dharani Developers Private Limited Dharani Sugars and Chemicals Limited Associates Loan 166974000 Approved 166974000 1324947000 1491921000 Loan 0.1 7 years from May 2025 Unsecured Business
2 Dr Palani G Periasamy Dharani Sugars and Chemicals Limited Chairman Loan 3500000 Approved 3500000 163920000 164270000 Loan 0.1 7 years from May 2025 Unsecured Business
Total value of transaction during the reporting period 170474000





Format for Disclosing Outstanding Default on Loans and Debt Securities
Sr. No. Particulars Amount Remarks
1. Loans / revolving facilities like cash credit from banks / financial institutions
A Total amount outstanding as on date 2982860000
B Of the total amount outstanding, amount of default as on date 574560000
2. Unlisted debt securities i.e. NCDs and NCRPS
A Total amount outstanding as on date 0
B Of the total amount outstanding, amount of default as on date 0
3. Total financial indebtedness of the listed entity including short-term and long-term debt 0