MADRASFERT2023-04-012023-06-30 MADRASFERT2023-04-012023-06-30in-bse-fin:OneOperatingExpenses01Member MADRASFERT2023-04-012023-06-30in-bse-fin:OneOperatingExpenses02Member MADRASFERT2023-06-30 MADRASFERT2023-04-012023-06-30in-bse-fin:OneItemsThatWillNotBeReclassifiedToProfitAndLoss01Member MADRASFERT2023-04-012023-06-30in-bse-fin:OneItemsThatWillBeReclassifiedToProfitAndLoss01Member iso4217:INRxbrli:purexbrli:sharesiso4217:INRxbrli:shares MADRASFERT NOTLISTED Madras Fertilizers Limited Equity 2023-04-01 2024-03-31 2023-08-08 2023-07-26 INR Lakhs First quarter 15:30:00 18:10:00 2023-08-08 2023-08-08 Not applicable Single segment Manufacturing of Chemial Fertilizers 2023-04-01 2023-06-30 Unaudited Standalone 5286400000.00 39500000.00 5325900000.00 4218000000.00 25800000.00 -105500000.00 254400000.00 182400000.00 30000000.00 1064800000.00 5669900000.00 -344000000.00 0.00 -344000000.00 0.00 0.00 0.00 0.00 -344000000.00 0.00 0.00 0.00 0.00 -344000000.00 899800000.00 555800000.00 0.00 0.00 1611000000.00 10 -2.14 -2.14 0.00 0.00 -2.14 -2.14 During the quarter ending Jun 30, 2023, there was a shut-down of plants as detailed hereunder: Plant Number of days Reason Ammonia Plant 3 K1602 over speed trip speed converter failure Urea Plant 1 Ammonia plant problem Complex Fertilizer Plants Entire quarter Problem in procurement of raw material 4.The production level of the plants was below the fixed target as detailed hereunder: Plant Actual Production (MT) Target (MT) Month Reason Urea Production 33,304 42,000 May’23 Scarcity of water between 05/05/2023 and 26/05/2023 and Shutdown of Urea Reactor B on 28/05/2023 due to liner leak Urea Production 26,896 42,000 Jun’23 Shutdown of Urea Reactor B because of liner leak 5.Fertilizer manufacture is the only main business segment and trading operations are less than 10% of the total revenue. Further, the Company is engaged in providing and selling its products in single economic environment in India i.e., there is a single geographical segment. Hence, there is no requirement of segment reporting for the Company as per Ind AS 108 (Segment Reporting). 6.The revenue from operations includes a sum of Rs.46904 Lakhs consisting of : a. Rs.45,793 Lakhs towards subsidy for Neem coated Urea and b. Rs.1111 Lakhs for freight subsidy. The subsidy eligible for Neem coated urea has been arrived at by the Company in accordance with policy parameters framed by GoI. The rate adopted by the Company for accounting the subsidy claim amounting to Rs.42,973 per MT. The said rate is subject to variation upon final determination of rates by GoI under new pricing scheme. The impact on the variation of subsidy rate will be given effect to in the accounts as and when the same is communicated by GoI. 7.The Company has defaulted in the repayment of principal of Rs.55424 Lakhs and interest of Rs.83462 Lakhs in respect of loans availed from GoI. The proposal of restructuring the said loan with GOI is under progress. 8.The provision for liability towards gratuity, post-retirement benefits, leave encashment and depreciation has been made on an estimated basis 9.Other comprehensive income of Rs.11752.43 Lakhs, consists of gains on fair value changes of unquoted equity shares in Indian Potash Ltd held by the Company, net of tax effect on the same of Rs.2754.32 Lakhs. The fair value of the unquoted equity shares has been arrived at net book value model based on the audited consolidated financial statements of the said company for the FY 2022-23.Deferred tax in respect of other timing differences, as applicable, will be considered at the year-end. 10.In view of the losses incurred for the quarter ended Jun 30, 2023, no provision for income tax has been considered in the financials. 11.The reconciliation of the difference of Rs.5550 Lakhs between the balance of input tax credit as per books of accounts and balances as reflected in Electronic Credit ledger maintained in GST portal is under progress. The Company holds a provision of Rs.4833 Lakhs as a prudent measure for the said difference. No provision for the balance has been considered necessary during the quarter pending the completion of reconciliation. 12.GST department has passed orders for the following years and has raised a demand of Rs.19067 Lakhs on the Company. Financial Year Notice dated Amount (Rs Lakhs) 2017-18 07-06-2023 166 2018-19 12-06-2023 10,221 2019-20 13-06-2023 8,680 19,067 The Company has filed writ petitions contesting the liability of Rs.18901 Lakhs and is in the process of filing an Appeal for the balance liability of Rs.166 lakhs. Pending the outcome of the Writ / Appeal proceedings, no provision has been considered necessary for the above demand of Rs.19067 Lakhs. Operating and Maintenance Expenses 1016800000.00 Other expenses 48000000.00 Items that will not be reclassified to profit or loss 1175200000.00 1175200000.00 0.00 Tax (Expenses)/benefit on above -275400000.00 -275400000.00 0.00