ZUARIIND2023-10-012023-12-31 ZUARIIND2023-10-012023-12-31 ZUARIIND2023-10-012023-12-31in-bse-fin:OneOperatingExpenses01Member ZUARIIND2023-10-012023-12-31in-bse-fin:OneOperatingExpenses02Member ZUARIIND2023-10-012023-12-31in-bse-fin:FourOperatingExpenses01Member ZUARIIND2023-10-012023-12-31in-bse-fin:FourOperatingExpenses02Member ZUARIIND2023-12-31 iso4217:INRxbrli:purexbrli:sharesiso4217:INRxbrli:shares 500780 ZUARIIND NOTLISTED ZUARI INDUSTRIES LIMITED Equity 2023-04-01 2024-03-31 2024-02-13 2024-02-02 INR Lakhs Third quarter 16:00:00 18:05:00 2024-02-13 2024-02-13 Not applicable Single segment Sugar 2023-10-01 2023-12-31 Unaudited Standalone 1003317000.00 566290000.00 1569607000.00 1387453000.00 428000.00 -651392000.00 124732000.00 333126000.00 60463000.00 179013000.00 1433823000.00 135784000.00 -446319000.00 -310535000.00 0.00 493000.00 493000.00 0.00 -311028000.00 0.00 0.00 0.00 0.00 -311028000.00 6177908000.00 5866880000.00 0.00 0.00 297817000.00 10 -10.44 -10.44 0.00 0.00 -10.44 -10.44 1. Unaudited standalone and consolidated financial results prepared in accordance with 'Ind AS' as notified under Companies (IAS) Rules, 2015 & specified Sec 133 Companies Act, 2013. 2. Results of Zuari Industries Limited & its Subsidiaries, its Associates & Joint Ventures, for quarter ended 31.12.23 reviewed by Audit Committee in its meeting held 13.02.24, approved by Board on 13.02.24. Statutory auditors conducted limited review of results in terms of Reg 33 of SEBI (LODR) Regulations, 2015, & expressed unmodified opinion on same. 3. Company investment (equity shares) amounting to Rs. 5,103.34 lakhs in Indian Furniture Products Limited (IFPL), subsidiary company which in business of distribution & retailing furniture & related items. Based on review current situation & future prospects of furniture business, Company recognised impairment loss on investment standalone financial results for quarter ended 31.12.23 amounting to Rs 17.53 lakhs & 9 month period ended 31.12.23 amounting to Rs. 17.53 lakhs. Company investment (equity shares) amounting to Rs. 4,445.66 lakh in Forte Furniture Products India Private Limited (FFPL), a joint venture company which in business of manufacture, distribution & retailing of furniture & related items. Based on review of current situation & future prospects of furniture business, Company recognised impairment loss on investment standalone financial results for quarter ended 31.12.23 amounting to Rs. 4,445.66 lakhs & 9 months period ended 31.12.23 amounting to Rs 4,445.66 lakhs. 4. During quarter ended 31.12.23, Texmaco Rail & Engineering Limited (TREL), an associate, approved allotment of equity shares pursuant to QIP issue. Consequently, shareholding of Company & its subsidiaries in TREL has reduced from 20.05% to 16.83%. Hence TREL ceases to be accounted for as an equity accounted investee (associate) from date of loss of significant influence i.e. 24.11. 23. Accordingly, gain of Rs 81327.79 lakhs recognised as an exceptional item consolidated profit & loss, being difference between fair value of retained investment & carrying value of investment on date of loss of significant influence. Subsequently, investment accounted at Fair Value through Other Comprehensive Income as per IND AS 109. 5. Sugar business of Company seasonal in nature wherein sugar cane crushing normally takes place during period between November to May, while sales takes place throughout year. Accordingly, performance of Company varies from quarter to quarter. 6.Board of Company, vide its resolution dated 13.02.23 accorded its consent for Scheme of Amalgamation b/w Company & Zuari Sugar & Power Limited (ZSPL)(a wholly owned subsidiary) & their respective shareholders & creditors (‘ Scheme’). Board of ZSPL also accorded consent to Scheme vide its resolution dated 31.01.23. Appointed date of Amalgamation as per Scheme is 01.04.22. Hearing first motion application was held on 11.05.23 & NCLT order was received on 19.05.23. Pursuant to said order, NCLT has dispensed with holding meetings of shareholders (both equity & preference) & creditors (both secured & unsecured) of ZIL. Said order has been filed with Stock Exchanges on 19.05.23 as required under SEBI (LODR) Regulations 2015. Second motion application was filed by Company on 23.06.23 with NCLT. Final date of hearing scheduled to be held on 20.02.24. 7.During quarter ended 31.12. 23, Holding Company subscribed to 1,84,90,000 equity shares of face value of Rs 10 each of its Joint Venture company, Zuari Envien Bioenergy Private Limited (ZEBPL). Other joint venture partner also subscribed to 1,85,00,000 equity share of ZEBPL. Post subscription of shares, there is reduction in ownership of Group to 50% resulting in loss of control of ZEBPL as per IND AS, Accordingly, Group recognised gain Rs. 2,667.93 lakhs on dilution ownership in ZEBPL under other income in consolidated profit & loss Single segment 2023-04-01 2023-12-31 Unaudited Standalone 4778024000.00 1798350000.00 6576374000.00 2183089000.00 33371000.00 1730973000.00 337524000.00 1060125000.00 179543000.00 485202000.00 6009827000.00 566547000.00 -446319000.00 120228000.00 0.00 -39121000.00 -39121000.00 0.00 159349000.00 0.00 0.00 0.00 0.00 159349000.00 7728671000.00 7888020000.00 0.00 0.00 297817000.00 10 5.35 5.35 0.00 0.00 5.35 5.35 Other expenses 179082000.00 Project expenses -69000.00 Other expenses 480189000.00 Project expenses 5013000.00 8.Notes relating to Unaudited consolidated financial results of Zuari Infraworld India Limited (a Subsidiary of the Company) for the quarter ended Dec 31, 2023: a).Zuari Infraworld India Limited in 2007 purchased 73.65 acres of land at Mysore for developing the same into a township and selling the same. Being new in the real estate business, the company appointed M/S Axiom Estates Advisory Services Private Limited as the Development Manager which included Marketing & sales. As the project progressed, the company advanced INR 639.61 lakhs towards fees, which was to be adjusted against its sales commission & profit share. However, Axiom Estates got into financial difficulty and could not perform its duty as a Development Manager. One of the operating creditors of the Axiom Estate initiated corporate insolvency resolution process against the Company. After multiple follow ups, no amount seems realisable as ZIIL is an unsecured creditor and Axiom has no substantial assets. As a prudent practice, the company has decided to write off the amount and charge to profit and loss account. b).Recoverable advances as at December 31, 2023 paid in 2017 to a sub-contractor aggregates to INR 2,246.49 lakhs (March 31, 2023: INR 2,246.49 lakhs) including interest accrued of INR 33.72 lakhs (March 31 2023: INR 33.72 lakhs). The company management has currently initiated legal proceedings and is pursuing recovery through arbitration and other legal means with that party and is optimistic that this advance will be completely recovered by the Company. Hence in the view of the company management, no provision is considered necessary at this stage. c).Zuari Infra Middle East Limited, UAE (a wholly owned foreign subsidiary), in their Interim Condensed consolidated financial information, has taken provision for impairment of AED 22.95 million, in respect of Burj District One Limited (50% joint venture company), which owns a plot of land on which the project “Exquisite Living Residencies” is being developed by the subsidiary. 9.Notes relating to the unaudited consolidated financial results of Zuari Agro Chemicals Limited (an Associate of the Holding Company) for the quarter ended Dec 31, 2023: a).Mangalore Chemicals & Fertilizers Limited (MCFL), a subsidairy of Zuari Agro Chemicals Limited, during the year ended 31.03.2021 had recognized urea subsidy income of INR 29.14 crores without benchmarking its cost of production using naphtha with that of gas-based urea manufacturing units recently converted to natural gas, as notified by the Department of Fertilizers (DoF) for subsidy income computation, against which MCFL has filed writ petition against the DoF before the Hon’ble High Court of Delhi (DHC). Pending finalization of the writ petition before the DHC, the company management of the subsidiary, based on legal opinion and considering the fact that the energy cost is always a pass through in subsidy computation, believes that artificial benchmarking is arbitrary and discriminatory and is confident of realization of the aforesaid subsidy income. b).The Board of Directors of Adventz Trading DMCC (ATD), a foreign subsidiary of Zuari Agro Chemicals Limited, in its meeting held on 31st March, 2023 has approved the liquidation and winding up of operation, subject to the approval of Reserve Bank of India and other Regulatory Authorities, as it was not conducting any business since May, 2021. Further, ATD does not envisage any viable business in the near future as well. Consequently, ATD has changed the basis of preparing its financial statement from going concern to liquidation basis. Hence it has not been considered for the purpose of Consolidation of the Company. 10.Previous periods' figures have been re-grouped/ re-classified wherever necessary, to correspond with those of the current period’s classification. 6939836000.00 8590746000.00 761928000.00 862075000.00 0.00 0.00