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INDIA LIMITEDMain BoardEquity2024-04-012025-03-312025-05-022025-04-25INRCroresQuarterlyFourth quarterSingle segmentLead2025-05-0211:00:002025-05-0217:00:00trueCash Flow IndirectStatement on impact of audit qualificationtruetrueNANAfalsetrue2025-01-22https://www.gravitaindia.com/Upload/PDF/Related-Party-Transaction-policy-(RPT).pdftrue1falseNA2025-01-012025-03-31AuditedStandalone8602900000222000000882490000057391000006825000008743000002606000001100000039000000307900000791440000091050000009105000001539000002140000017530000007352000000000735200000-1470000072050000014760000029.969.96009.969.960001.ThestandalonefinancialresultsoftheCompanyforthequarterandyearendedMarch31,2025respectively,havebeenreviewedbytheAuditCommitteeandapprovedbytheBoardofDirectorsatitsmeetingheldonMay01,2025andMay02,2025respectively.Thestatutoryauditorshaveexpressedamodifiedopinioninauditreportonthesestandalonefinancialresults.ThesefinancialresultshavebeenpreparedinaccordancewiththerecognitionandmeasurementprinciplesofapplicableIndianAccountingstandards notified under the Companies (Indian Accounting Standards) Rules, 2015 (as amended) as specified in Section 133 of the Companies Act, 2013. <BR> <BR> 2.SegmentinformationhasbeenprovidedunderthenotesformingpartoftheconsolidatedauditedresultsforthequarterandyearendedMarch31,2025asperpara4ofIndian Accounting Standard (Ind AS) 108 “Operating Segments”, specified under Section 133 of the Companies Act, 2013. <BR> <BR> 3.AsatMarch31,2025,9,99,899shares(March31,2024:1,000,000shares)offacevalueofRs.2each,areheldby GravitaEmployeeWelfareTrust. Further,theproceedsfrom the sale of 101 shares, net of liability payable by the Gravita Employee Welfare Trust, will be used for the benefits of the employees of the Company. <BR> <BR> 4.DuringthecurrentyearendedMarch31,2025,theCompanydidQualifiedInstitutionalPlacement(QIP)of47,70,537EquitySharesofthefacevalueofRs.2eachatapremiumofRs.2,094.20pershareaggregatingtoRs.1,000croresforcertainpurposesasstatedinthePlacementDocument.OutoftheaboveQIPproceeds,Rs726.64croreshavebeenutilisedfortherepaymentofborrowings,purchaseoffixedassets,workingcapitalrequirement,paymentofshareissueexpensesandgeneralcorporatepurpose and the balance has been temporarily invested pending utilisation as on March 31, 2025. <BR> <BR> 5.DuringtheyearendedMarch31,2025,theCompanyhasrecognisedMinimumAlternateTaxcreditamountingtoRs4.61crores,basedonthemanagement'sestimateoffuture taxable profits. <BR> <BR> Other Notes are attached in the PDF format of financial results as there is limitation of words. 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System is showing validation error while mentioning PAN as ZZZZZ9999Z at both the places.Interest Rate For Loan is : 6 Months SOFR+2.5%Gravita Netherlands B.V.******Gravita Gulf DMCC******Step Down SubsidiaryLoanNA10000017000001800000Loan0.06835 YearsUnsecuredGeneral Business PurposeSince Counter party is also a Foreign Company not having PAN we have mentioned ZZZZZ1111A as PAN. System is showing validation error while mentioning PAN as ZZZZZ9999Z at both the places. Interest Rate For Loan is : 6 Months SOFR+2.5%Recycling infotech LLP******Gravita Infotech Limited******Step Down SubsidiaryLoanNA1000000100000Loan02 YearsUnsecuredGeneral Business PurposeGravita Infotech******Gravita Infotech Limited******Step Down SubsidiaryAny other transactionOther contractual receivablesNA000Closing Balance: Rs. 0.0014 Cr.Gravita Infotech limited******M/s Gravita Metal Inc******Step Down SubsidiaryAny other transactionOther contractual receivablesNA004200000Gravita Mozambique Lda******Recyclers Mozambique LDA******Step Down SubsidiaryAny other transactionOther contractual receivablesNA002300000Gravita Netherlands B.V.******Gravita Dominicana SAS******Step Down SubsidiaryAny other transactionOther contractual receivablesNA005800000Gravita Netherlands B.V.******Gravita Gulf DMCC******Step Down SubsidiaryAny other transactionOther contractual receivablesNA005500000Gravita Netherlands B.V.******Gravita Europe-SRL******Step Down SubsidiaryAny other transactionOther contractual receivablesNA008300000Gravita Netherlands B.V.******Recyclers South Africa (PTY) Ltd.******Step Down SubsidiaryAny other transactionOther contractual receivablesNA002400000Recycling infotech LLP******Gravita Infotech Limited******Step Down SubsidiaryAny other transactionOther contractual receivablesNA000Closing Balance: Rs. 0.0005 Cr.Gravita Gulf DMCC******Gravita Netherlands B.V.******Step Down SubsidiaryAny other transactionTrade ReceivablesNA002100000Gravita Mozambique Lda******Gravita Netherlands B.V.******Step Down SubsidiaryAny other transactionTrade ReceivablesNA00294900000Gravita Netherlands B.V.******Navam Lanka Limited******Step Down SubsidiaryAny other transactionTrade ReceivablesNA002600000Gravita Netherlands B.V.******Gravita Senegal SAU******Step Down SubsidiaryAny other transactionTrade ReceivablesNA0032300000Gravita Netherlands B.V.******Gravita Tanzania Limited******Step Down SubsidiaryAny other transactionTrade ReceivablesNA005800000Gravita Netherlands B.V.******Gravita Togo SAU******Step Down SubsidiaryAny other transactionTrade ReceivablesNA0011000000Gravita Netherlands B.V.******Gravita Mozambique Lda******Step Down SubsidiaryAny other transactionTrade ReceivablesNA006500000Gravita Netherlands B.V.******Recyclers Ghana Limited******Step Down SubsidiaryAny other transactionTrade ReceivablesNA0038100000Gravita Netherlands B.V.******Recyclers Mozambique LDA******Step Down SubsidiaryAny other transactionTrade ReceivablesNA006800000Gravita Senegal SAU******Gravita Netherlands B.V.******Step Down SubsidiaryAny other transactionTrade ReceivablesNA00156200000Gravita Tanzania Limited******Gravita Netherlands B.V.******Step Down SubsidiaryAny other transactionTrade ReceivablesNA00161400000Gravita Togo SAU******Recyclers Ghana Limited******Step Down SubsidiaryAny other transactionTrade ReceivablesNA0016400000Recyclers Ghana Limited******Gravita Netherlands B.V.******Step Down SubsidiaryAny other transactionTrade 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Lda******Gravita Netherlands B.V.******Step Down SubsidiarySale of goods or servicesNA56940000000Gravita Mozambique Lda******Recyclers Mozambique LDA******Step Down SubsidiarySale of goods or servicesNA10370000000Gravita Netherlands B.V.******Gravita Mozambique Lda******Step Down SubsidiarySale of goods or servicesNA2010000000Gravita Netherlands B.V.******Gravita Senegal SAU******Step Down SubsidiarySale of goods or servicesNA3880000000Gravita Netherlands B.V******Gravita Tanzania Limited******Step Down SubsidiarySale of goods or servicesNA3100000000Gravita Netherlands B.V******Gravita Togo SAU******Step Down SubsidiarySale of goods or servicesNA2180000000Gravita Netherlands B.V******Recyclers Mozambique LDA******Step Down SubsidiarySale of goods or servicesNA720000000Gravita Netherlands B.V******Navam Lanka Limited******Step Down SubsidiarySale of goods or servicesNA470000000Gravita Netherlands B.V******Recyclers Ghana Limited******Step Down SubsidiarySale of goods or servicesNA7860000000Gravita Senegal SAU******Gravita Netherlands B.V.******Step Down SubsidiarySale of goods or servicesNA84530000000Gravita Tanzania Limited******Gravita Netherlands B.V******Step Down SubsidiarySale of goods or servicesNA95610000000Gravita Togo SAU******Gravita Netherlands B.V******Step Down SubsidiarySale of goods or servicesNA72100000000Gravita Togo SAU******Recyclers Ghana Limited******Step Down SubsidiarySale of goods or servicesNA1230000000Recyclers Mozambique LDA******Gravita Mozambique Lda******Step Down SubsidiarySale of goods or servicesNA60000000Recyclers Mozambique LDA******Gravita Netherlands B.V******Step Down SubsidiarySale of goods or servicesNA37910000000Recyclers Ghana Limited******Gravita Netherlands B.V******Step Down SubsidiarySale of goods or servicesNA151550000000Recyclers Ghana Limited******Gravita Senegal SAU******Step Down SubsidiarySale of goods or servicesNA480000000Recyclers Ghana Limited******Gravita Togo SAU******Step Down SubsidiarySale of goods or servicesNA80000000Gravita India Limited******Mr.Rajat Agrawal******Promoter & Key Managerial PersonnelRemunerationNA4950000000Gravita India Limited******Dr.Mahavir Prasad Agrawal******Promoter & Key Managerial PersonnelRemunerationNA200000008765300000AuditedQualified opinionWalker Chandiok & Co. LLPtrue2025-05-31326998000003269980000030370600000303706000002329200000232920000027.5827.581851030000018510300000255890000025589000001595140000015951400000As stated in note 6 to the accompanying Statements, during the previous year ended 31 March 2024, the Company had not accounted for the employee benefit expenses related to gain on sale of certain treasury shares of the Company held by Gravita Employee Welfare Trust pursuant to the Gravita Stock Appreciation Rights Scheme, 2017 (the 'Scheme') terminated during the year ended 31 March 2024. As explained in the said note, proceeds from sale of such treasury shares, net of liability of the Trust, if any, were proposed to be used for the welfare of the employees, as required under applicable statutory regulations and as per the terms of the trust deed. In our view, the Company should have accounted for such gain on sale of treasury shares under 'Other Equity' and such benefits to be given to employees as employee benefit expenses in accordance with the principles of Ind AS 32- Financial Instruments: Presentation and Ind AS 102 - Share Based Payments, respectively. <br></br> <br></br> Had the Company accounted for the aforesaid transaction in accordance with the requirements as stated above, employee benefit expenses would have been higher by Rs. 20.67 crores and profit before tax and total comprehensive income would have been lower by Rs. 20.67 crores for the year ended 31 March 2024, respectively, however there would have been no impact on 'Other Equity' of the Company as on such date. <br></br> <br></br> Our audit opinion on the standalone financial results of the Company for the year ended 31 March 2024 was qualified in respect to this matter. <br></br> <br></br> Consequently, our opinion on the accompanying Statement is also qualified because of the effects of this matter on the comparability of current period figures with the corresponding figures of employee benefit expenses and total comprehensive income for the year ended 31 March 2024 presented in the accompanying statement.Qualified opinionRepetitiveDuring the previous year ended March 31, 2024, 380,500 shares of face value of Rs. 2 each of the Company, held by the Gravita Employee Welfare Trust ('the Trust'), had been sold in the open market and the proceeds from the sale of such shares, net of liability payable by the Trust, would be utilised for the welfare of the employees of the Group as per the requirement of the Trust Deed. The Company had no legal right or control towards the utilization of funds as accumulated in the Trust by sale of its investment in the open market. The Trust being an independent entity has sole responsibility / obligation to utilize the fund for the welfare of beneficiaries (employees) as per the terms of the trust deed. Ind AS 32 Financial Statements Presentation requires that no gain or loss shall be recognised in profit or loss on the purchases, sale, issue or cancellation of treasury shares held by the entity or by other entities of the consolidated group. Any gain or loss on such treasury shares shall be recognised directly in other equity. Since, the shares of the Company are held by the Trust which is an independent entity, the said Ind AS 32 is not applicable to the Company. Ind AS 102 Share-based payment requires an entity to reflect in its profit or loss and financial position, the effects of share-based payment transactions, including expenses associated with the transactions in which share options are granted to employees. <br></br> <br></br> During the previous year ended 31 March 2024, the Gravita Stock Appreciation Rights Scheme, 2017 (the 'Scheme') had been terminated. Post termination of the Scheme, the Trust has no obligation to make payment under any share- based payment scheme. The Trust will act independently and make distribution/usage of fund as per the purpose defined in the trust deed. For the aforesaid reason, the management of the Company is of the view that distribution/utilisation for the employee benefits, equivalent to appreciation, net of liability of Trust, if any, received by the Trust by selling the investment in the open market amounting to Rs. 20.67 crores, would not be recognized in Companys standalone financial results, as the transaction was not covered under Ind AS 102. The Company believes that all the appreciation on sale of such shares by the Trust pertains to the employees of the Company and will be utilised for the welfare of the employees by the Trust and there would not be any impact on the standalone financial results for the previous year ended March 31, 2024. Based on the independent legal opinion and its assessment, management of the Company is of the view that accounting treatment had been done appropriately in the standalone financial results for the previous year ended March 31, 2024. <br></br> <br></br> The Employee Welfare Trust has sold 101 shares of the Company in the open market during the year ended March 31, 2025. <br></br> <br></br> The statutory auditors of the Company have modified their audit report on account of the effects of this matter on the comparability of current period figures with the corresponding figures of employee benefit expenses and total comprehensive income for the year ended March 31, 2024 presented.NANANAYogesh MalhotraSunil kansalAshok jainWalker Chandiok & Co. LLPJaipur2025-05-02QIP2024-12-19100000000002025-03-31trueICRA LimitedfalseNANANAYOGESH MALHOTRACEOJaipur2025-05-02Repayment / pre-payment, in part or in full, of certain outstanding borrowings availed by our Company and/or one of our SubsidiariesNA530000000005475000000Funding working capital requirements of the CompanyNA2500000000023832000000General corporate purposesNA2014200000018760000000