DIACABS2024-01-012024-03-31 DIACABS2024-01-012024-03-31 DIACABS2024-01-012024-03-31in-bse-fin:OneOperatingExpenses01Member DIACABS2024-01-012024-03-31in-bse-fin:FourOperatingExpenses01Member DIACABS2024-03-31 iso4217:INRxbrli:purexbrli:sharesiso4217:INRxbrli:shares 522163 DIACABS NA Diamond Power Infrastructure Limited Equity 2023-04-01 2024-03-31 2024-05-27 2024-05-18 INR Lakhs Yearly 14:00:00 17:45:00 2024-05-27 2024-05-27 true Cash Flow Indirect Statement on impact of audit qualification Single segment Cables and Conductors 2024-01-01 2024-03-31 Audited Standalone 1344132000.00 5763000.00 1349895000.00 1803333000.00 0.00 -778886000.00 9000000.00 11649000.00 53984000.00 130874000.00 1229953000.00 119942000.00 22997000.00 142939000.00 0.00 -1213000.00 -1213000.00 0.00 144153000.00 0.00 0.00 0.00 0.00 144153000.00 0.00 144153000.00 0.00 0.00 526971000.00 10 2.74 2.74 0.00 0.00 2.74 2.74 1.The above financial results have been prepared in accordance with Indian Accounting Standards as prescribed under Section 133 of the Companies Act 2013 read with the Companies (Indian Accounting Standards) Rules as amended from time to time and other relevant provisions of the Act. 2.These Financial Results have been reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on May 27, 2024. 3.The above financial results have been audited by the Statutory Auditors as required under Regulation 33 and Regulation 52 of the SEBI (LODR) Regulations, 2015 as amended. The Financial Results for the quarter and year ended 31st March, 2023 were audited by the previous Statutory Auditors.4.The Company in engaged in the business of manufacturing Cables and Conductors, which in terms of Ind AS 108 on Operating Segments, constitute a single operating segment. .The Company has taken properties on Lease since the previous financial year. However, treatment of the same as per Ind AS 116 has been given for the first time in as at the year end. Considering the same, as being applicable retrospectively since inception of the lease, the amounts relating the previous financial year have been considered as Prior Period Items in the Statement of Profit and Loss. Single segment 2023-04-01 2024-03-31 Audited Standalone 3433711000.00 7490000.00 3441200000.00 3363126000.00 0.00 -858340000.00 79427000.00 67123000.00 195627000.00 422176000.00 3269139000.00 172061000.00 -3025000.00 169036000.00 0.00 -1213000.00 -1213000.00 0.00 170250000.00 0.00 0.00 0.00 0.00 170250000.00 0.00 170250000.00 0.00 0.00 526971000.00 10 -10260415000.00 3.23 3.23 0.00 0.00 3.23 3.23 Other Expenses 130874000.00 Other Expenses 422176000.00 10574173000.00 1976969000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 9401000.00 9401000.00 0.00 33018000.00 12593561000.00 1202838000.00 0.00 587869000.00 44486000.00 53876000.00 1420000.00 0.00 687652000.00 0.00 697021000.00 2587511000.00 0.00 0.00 15181072000.00 526971000.00 -10260415000.00 -9733444000.00 -9733444000.00 3156540000.00 0.00 20393840000.00 23550380000.00 1621000.00 0.00 0.00 0.00 23552001000.00 443000.00 1040670000.00 91000.00 1041204000.00 312777000.00 8533000.00 0.00 0.00 1362515000.00 0.00 0.00 24914515000.00 15181072000.00 5.The company had passed necessary accounting entries in compliance with NCLT approved resolution plan via / through capital reserves for Rs. 745.55 Cr (net) in previous year (i.e, FY 22-23) comprising write off / write back / adjustment of the trade payable and liabilities to bring the outstanding as per the approved resolution plan and all necessary provision entries for reduction in assets. However, these accounting entries passed pursuant to the Order of the Hon. NCLT may not necessarily be strictly in compliance with the Ind AS.6.Physical Verification of Inventories and Reconciliation of the same with that appearing in the books of accounts has been carried out as at the year end. Inventories amounting to Rs. 30.65 Cr were identified as appearing as per books of accounts without any movement from the period prior to takeover by the new management till the end of the year and the same were also not physically available. The new management has decided to write off this difference with corresponding effect to Capital Reserve since the difference is relating to the period prior to takeover by the management, which is consistent with the effect given to other differences at the time of takeover by the new management as mentioned in Para No. 5 above. Other discrepancies, were not material ,and have been dealt with properly in the books of accounts as at the year end.7.The Company has had to incur certain costs relating to the Resolution Period i.e. prior to takeover by Management as per order of the Hon. NCLT. These were not covered under the RP Costs in the Resolution Plan. Such costs amounting to Rs. 2.41 Cr lacs were presented under Exceptional Items in the Statement of Profit and Loss in earlier quarters but have now been transferred to Capital Reserve since it was pertaining to the period prior to takeover by the new management, which is consist with the effect given to other difference at the time of takeover by the new management as mentioned in Para No. 5 above.8.As at the end of the year, the updation / preparation of Property, Plant and Equipment Register with all necessary details and reconciliation with the books of accounts including physical verification as well as verification of amounts reflected as capital work in progress (CWIP) and giving appropriate effect to the same was under process. The Company has allotted the task relating to the same to an Independent Agency and the same was expected to be completed in the first quarter of the next Financial Year. The Property, Plant and Equipment Block is being carried forward with balances as appearing from the Pre-NCLT / RP period pending the exercise as aforesaid and adjustments to be made as an outcome of the same while fresh additions made during the year have been presented under the respective blocks. The Company has further appropriated and capitalised electricity, manpower and interest costs to CWIP block which are identified and / or worked out as relating to ongoing expansion / commissioning n of CWIP. During the year / period under reporting, the Company was still not running at its optimum capacity and only 20% of the Company’s Property, Plant & Equipment were operational. Hence the Company has provided for depreciation equivalent to only 20% of the applicable depreciation on the PPE Block as per part C of Schedule II of the Companies Act, 2013, on pro-rata basis for normal wear and tear while on additions during the year depreciation has been fully provided. 10.No provision has been made for Income Tax during the current financial year including under MAT provisions considering the brought forward losses and depreciation in line with the relief provision for Companies acquired under IBC.11.In compliance with the NCLT order dated 20th June, 2022 read with the approved resolution plan, the company has provided for the various investments made by old management amounting to Rs. 11.67 crores. However, the said amount was provided by giving necessary accounting entries in the books of accounts for FY 2022-23. Accordingly, there is no value of investment in shares of any company as on end of the quarter and year ended March 2024 and no requirement for preparation of consolidated financial statements.12.In compliance with approved resolution plan, company reduced the existing share capital and upon filing necessary applications to BSE & NSE it has received final trading approvals from both the exchanges. Similarly, in compliance with the approved resolution plan, the new management has infused Rs. 50 crores as new equity share capital for which also the company filed necessary applications to BSE & NSE for listing of said share capital and has received final trading approvals from both the exchanges.13.The Company would continue to state that the Enforcement Directorate has not yet released their attachment on the Assets. However, the matter relates to the period prior to the NCLT proceedings and takeover by the new management. In the opinion of the Company, the new management and the assets taken over are protected under S. 32 of the IBC and hence the assets are eligible to be released from the said attachment. The Company has filed petitions before the relevant Honourable Courts seeking release of the attachments. 67123000.00 -522701000.00 -522116000.00 0.00 -52153000.00 1213000.00 0.00 0.00 0.00 754033000.00 0.00 179358000.00 0.00 195627000.00 0.00 1943000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3076000.00 0.00 105403000.00 274440000.00 0.00 0.00 0.00 0.00 0.00 274440000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 163803000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -163803000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 87699000.00 0.00 0.00 0.00 0.00 67123000.00 0.00 -95336000.00 -74760000.00 35877000.00 0.00 35877000.00 62489000.00 98366000.00 0.00 0.00 0.00 0.00