5433342022-04-012022-06-305433342022-06-305433342022-04-012022-06-30in-bse-fin:OtherExpenses1Member5433342022-04-012022-06-30in-bse-fin:OtherExpenses2Member5433342022-04-012022-06-30in-bse-fin:OtherExpenses3Member5433342022-04-012022-06-30in-bse-fin:ReportableSegments1Member5433342022-04-012022-06-30in-bse-fin:ReportableSegments2Member5433342022-04-012022-06-30in-bse-fin:ReportableSegments1Member5433342022-04-012022-06-30in-bse-fin:ReportableSegments2Member5433342022-04-012022-06-30in-bse-fin:ReportableSegments1Member5433342022-06-30in-bse-fin:ReportableSegments1Member5433342022-04-012022-06-30in-bse-fin:ReportableSegments2Member5433342022-06-30in-bse-fin:ReportableSegments2Member5433342022-04-012022-06-30in-bse-fin:ReportableSegments1Member5433342022-06-30in-bse-fin:ReportableSegments1Member5433342022-04-012022-06-30in-bse-fin:ReportableSegments2Member5433342022-06-30in-bse-fin:ReportableSegments2Member5433342022-04-012022-06-30ItemsThatWillNotBeReclassifiedToProfitAndLoss15433342022-04-012022-06-30ItemsThatWillBeReclassifiedToProfitAndLoss1iso4217:INRxbrli:pureiso4217:INRxbrli:shares543334NUVOCOINE118D01016Nuvoco Vistas Corporation LimitedEquity2022-04-012023-03-312022-08-092022-08-01INRCroresFirst quarterMulti segment2022-08-0918:15:002022-08-0919:30:00Not applicable2022-04-012022-06-30UnauditedConsolidated26524600000133400000266580000004320900000120800000-132660000015381000001166700000232820000018262300000264104000002476000000247600000134900000-92000000429000000204700000000020470000018000002065000002065000002065000003571600000100.570.57000.570.570.00630.01720.061. These unaudited consolidated financial results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on August 9, 2022. <BR> <BR> 2.(a) The above Statement has been prepared in accordance with the recognition and measurement principles laid down in Ind AS 34 ‘Interim Financial Reporting’, prescribed under Section 133 of the Companies Act, 2013, as amended, read with relevant rules thereunder and in terms of Regulation 33 and Regulation 52 read with Regulation 63(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015, as amended. <BR> (b) The figures for three months ended March 31, 2022 are arrived at as difference between audited figures in respect of the full financial year and the unaudited published figures upto nine months ended for December 31, 2021. <BR> <BR> 3. During the previous year ended March 31, 2022, the Holding Company had completed Initial Public Offer (IPO) and the details of utilisation of IPO proceeds are under: <BR> <BR> Object of the issue Total amount as per Total utilised up to Total utilised up to Balance unutilised <BR> prospectus March 31, 2022 June 30, 2022 <BR> <BR> <BR> Repayment, Prepayment, 1350.00 (1350.00) (1350.00) - <BR> Redemption of outstanding <BR> borrowings of the Company <BR> <BR> General corporate purposes 150.00 (146.30) (150.00) - <BR> <BR> Total 1500.00 (1496.30) (1500) - <BR> <BR> <BR> 4. In August 2016, the Competition Commission of India (CCI) passed an Order levying a penalty of Rs. 490.00 crores on the Holding Company in connection with a complaint filed by the Builders Association of India against leading cement companies (including the Holding Company) for alleged violation of certain provisions of the Competition Act, 2002. The Holding Company had filed an appeal against the Order before the Competition Appellate Tribunal (COMPAT). The COMPAT had passed an interim order directing the Holding Company to pre-deposit 10% of the penalty amount, and granted stay on the remaining 90% of the penalty amount subject to the condition that in case appeal is finally decided against the Holding Company then Holding Company shall be liable to pay interest @ 12% p.a on the said 90% penalty amount stayed pursuant to the interim order. The pre-deposit of 10% of the penalty amount was accordingly made pursuant to the orders of COMPAT. COMPAT was replaced by the National Company Law Appellate Tribunal (NCLAT) effective May 26, 2017, and NCLAT vide its judgment dated July 25, 2018, dismissed the Holding Company’s appeal and upheld the CCI’s order. Against the above judgment of NCLAT, the Holding Company appealed before the Hon’ble Supreme Court, and vide its order dated October 5, 2018, the Hon’ble Supreme Court admitted the appeal of the Holding Company and directed continuation of the interim order as originally passed by the COMPAT. <BR> The Holding Company under the Share Purchase Agreement (“SPA”) is indemnified by erstwhile promoter group for loss arising from claims/ demands in case penalty is upheld by Hon’ble Supreme Court. However, the erstwhile promoter has disputed their obligation towards indemnification of any amount including interest beyond the cap of Rs 490.00 crore. Hon’ble Delhi High Court vide its order dated Dec 6, 2021, preserved the liberty of the Holding Company to invoke appropriate legal recourse in case such a need arises in future in the event of a dispute in relation to SPA to claim any consequential interest demand beyond the cap, subsequent to disposal of the pending appeal against CCI penalty demand before Hon’ble Supreme Court. <BR> Based on the reimbursable rights available with the Holding Company duly backed by legal opinion, no provision against the CCI order of Rs 490.00 crore or interest thereon is considered necessary. <BR> <BR> 5. (a) The Holding Company availed Industrial Promotional Assistance for Mejia Cement Plant (MCP) from the Government of West Bengal under the West Bengal Incentive Scheme 2004 with effect from April 23, 2008. The outstanding claim balance as on June 30, 2022 is Rs 427.14 crore. The authorities disputed the claim of the Holding Company, pursuant to which, the Holding Company filed a writ petition against the Industry, Commerce & Enterprise Department, Government of West Bengal during the year 2017-18 in the Honourable High Court of Calcutta (High Court). The High Court passed an order on June 27, 2018 directing Principal Secretary of the State of West Bengal to re-consider the claim and contention lodged by the Holding Company. The Additional Chief Secretary to the Government of West Bengal had rejected the Holding Company’s claim for incentive vide order dated March 18, 2019, following which the Holding Company has filed a writ petition against said Order in the High Court of Calcutta on July 25, 2019. The Holding Company, based on advice of legal counsel, is confident of the ultimate recovery of the balance accrued till date and therefore no provision is considered necessary for outstanding claim amount. <BR> (b) The subsidiary company had applied for Industrial Promotional Assistance related to its Panagarh Cement Plant (PCP) under the West Bengal State Support for Industries Scheme, 2013 (WBSSIS, 2013) and has been granted preliminary registration certificate (RC-I) as an eligible unit on June 27, 2017. Grant of final registration certificate (RC-II) as informed by the Directorate of Industries ("DI") is pending, for further directions from Department of Industry, Commerce and Enterprises. In view of long pendency of the matter and inaction on the part of the DI despite clear directions of Hon’ble High Court of Calcutta, the subsidiary company has filed another writ petition before Hon’ble High Court of Calcutta on March 28, 2022 to direct the concerned department for issuance of RC-II. On August 8, 2022, the Hon’ble High Court of Calcutta has passed an order directing the DI to conduct joint inspection of the Panagarh Cement Plant. The subsidiary company has been presently accruing the value of incentives to the extent of 80% of the net SGST paid to the Government based on its internal assessment and legal advice received. As at June 30, 2022, total incentives accrued is Rs. 246.59 crore including Rs 22.02 crores accrued during the quarter ended June 30, 2022. <BR> <BR> 6. The Code of Social Security 2020 (‘Code’) relating to employee benefits during employment and post-employment received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified and the final rules/ interpretation have not yet been issued. The group will assess the impact of the Code when it comes into effect and will record any related impact in the period in which the Code becomes effective.Power and fuel7176300000Freight and forwarding charges7485000000Other Expenses3601000000Cement24333100000Ready Mix Concrete and Others23766000002670970000018510000026524600000Cement1308200000Ready Mix Concrete and Others-2730000012809000001166700000-133400000247600000Cement186715000000Ready Mix Concrete and Others82824000001949974000002620600000197618000000Cement31916200000Ready Mix Concrete and Others26723000003458850000074610500000109199000000Remeasurement (loss)/ gain of post-employment benefit obligation-11000000-11000000-3900000Net change in fair value of derivatives designated as cash flow hedges13700000137000004800000