Navin Fluorine International : Quarter Ended 31-12-2021

ANNEXURE A

Navin Fluorine International Limited

Regd. Office :Office No. 602, Natraj by Rustomjee, Near Western Express Highway, Sir Mathuradas Vasanji Road, Andheri (East), Mumbai 400069

Tel: [phone], Fax: [phone], Website: www.nfil.in, Email : [e-mail], CIN: L24110MH1998PLC115499

UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2021

							₹ in crores
Sr.			Quarter ended		Nine months ended	Twelve Months
No.				ended
		31st Dec, 2021	30th Sept, 2021	31st Dec, 2020	31st Dec, 2021	31st Dec, 2020	31st March, 2021
1	Revenue:	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
	(a) Revenue from operations	366.96	324.44	296.63	1,005.24	809.07	1,133.11
	(b) Other income (Refer Note 5)	7.18	8.54	10.40	23.35	54.82	74.53
	Total Revenue (a+b)	374.14	332.98	307.03	1,028.59	863.89	1,207.64
2	Expenses:						520.12
	(a) Cost of materials consumed	157.86	149.95	138.58	458.76	362.58
	(b) Changes in inventories of finished goods and work-in-progress	4.15	(5.27)	(2.70)	(10.43)	(4.84)	(9.13)
	(c) Employee benefits expense	42.59	39.36	31.43	121.53	92.39	124.87
	(d) Finance costs	0.42	0.28	0.29	1.10	0.82	1.42
	(e) Depreciation and amortisation expense	11.18	10.97	10.13	33.07	30.02	40.67
	(f) Other expenses	64.23	56.86	48.28	175.71	132.34	186.41
	Total expenses	280.43	252.15	226.01	779.74	613.31	864.36
3	Profit before exceptional items and tax (1 - 2)
93.71	80.83	81.02	248.85	250.58	343.28
	Exceptional items (Refer Note 6)	-	-	-	-	-	66.23
4	Profit before tax	93.71	80.83	81.02	248.85	250.58	409.51
5	Tax expense
	- Current tax (Refer Note 4)	25.58	20.31	24.21	64.19	80.44	118.60
	- Deferred tax (Refer Note 4)	(1.03)	(1.57)	(1.88)	(3.03)	(7.43)	(8.30)
6	Profit after tax (4-5)	69.16	62.09	58.69	187.69	177.57	299.21
7	Other comprehensive income (OCI)
	Items that will not be reclassified to profit and loss (net of tax)	0.14	(0.40)	(0.39)	(0.56)	(0.84)	(0.05)
8	Total comprehensive income for the period (6+7)	69.30	61.69	58.30	187.13	176.73	299.16
9	Paid-up equity share capital (Face value of ₹ 2/- per share)	9.91	9.91	9.90	9.91	9.90	9.90
10	Other Equity						1,640.20

11 Earnings per share (EPS) of ₹ 2/- each (not annualised)

(a) Basic (₹)	13.96	12.54	11.86	37.90	35.88	60.46
(b) Diluted (₹)	13.95	12.53	11.84	37.87	35.83	60.37
See accompanying notes to the financial results

1. The results of the quarter and nine months ended 31st December, 2021 were reviewed by the Audit Committee and approved by the Board of Directors of the Company, at its meeting held on 31st January, 2022. They have been subjected to limited review by the statutory auditors.
2. During the quarter ended 31st December, 2021, the Company paid an interim dividend of ₹ 5 per share (250%) on 495,34,295 equity shares of nominal value of ₹ 2/- each, aggregating to ₹ 24.77 crores.
3. The Company has carried out a detailed assessment of the impact of COVID-19 on its liquidity position and on the recoverability and carrying values of its assets and has concluded that there is no significant impact on account of the same on its financial position as at 31st December 2021. The Company believes that, in the preparation of the standalone financial results, it has taken into account all known events arising from COVID-19 pandemic. However, the Company will continue to monitor any material changes to future economic conditions.
4. The Company elected to exercise the option permitted under Section 115BAA of the Income Tax Act, 1961 for the year ending 31st March, 2022. Accordingly, the Company has recognized Provision for Income Tax for the quarter and nine months ended 31st December, 2021 and remeasured its Deferred Tax Assets and Liabilities based on the rates prescribed in the said section. The full impact of this change has been recognised in the Statement of Profit and Loss.
5. Other Income for the quarter and nine months ended 31st December, 2020 and year ended 31st March, 2021 includes interest of ₹ 0.88 crores, ₹ 27.06 crores and ₹ 34.60 crores respectively received on refund of income tax.
6. Exceptional Items for the year ended 31st March, 2021 comprises:
7. 1. Gain of ₹ 31.40 crores on account of sale of shares (net of incidental expenses) held in Convergence Chemicals Private Limited ('CCPL'), the Joint Venture Company, including gain for giving up lease rights in land.
   2. Gain of ₹ 34.83 crores on account of giving up lease rights in land situated at Dahej to Navin Fluorine Advanced Sciences Limited, the wholly owned subsidiary of the Company.
8. The Company has identified Chemicals business as its only primary reportable segment in accordance with the requirements of Ind AS 108, 'Operating Segments'. Accordingly, no separate segment information has been provided.
9. In the current quarter ended 31st December, 2021, the Company has adopted the rounding off norms for amount from lakhs to crores. Consequently, results for the quarter ended 30th September, 2021, quarter and nine months ended 31st December, 2020 and year ended 31st March, 2021 have been disclosed in crores instead of lakhs.

The Statutory auditors have digitally signed this Statement for identification purposes and this Statement should be read in conjunction with the review report dated 31st January, 2022

JEETENDRA	Digitally signed by
MIRCHAND	JEETENDRA
MIRCHANDANI
ANI	Date: 2022.01.31
16:35:42 +05'30'

For Navin Fluorine International Limited

Radhesh	Digitally signed by
Radhesh Ratnakar
Ratnakar
Welling
Welling	Date: 2022.01.31
16:18:18 +05'30'

Radhesh R. Welling

Managing Director (DIN: 07279004)

Mumbai, dated, 31st January, 2022

Price Waterhouse Chartered Accountants LLP

To,

The Board of Directors

Navin Fluorine International Limited 602, 6th Floor, Natraj by Rustomjee,

194, M.V. Road & Western Express Highway, Near Kanakia 351Building, Andheri (East), Mumbai - 400 069

1. We have reviewed the unaudited standalone financial results of Navin Fluorine International Limited (the "Company") for the quarter and nine months ended December 31, 2021 which are included in the accompanying 'Unaudited Standalone Financial Results for the Quarter and Nine Months Ended December 31, 2021', (the "Statement"). The Statement has been prepared by the Company pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations, 2015"), which has been signed by us for identification purposes. This Statement, which is the responsibility of the Company's Management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
2. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
3. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the Statement has not been prepared in all material respects in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India and has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement.

For Price Waterhouse Chartered Accountants LLP

Firm Registration Number: 012754N/N500016

	JEETENDRA	Digitally signed by
	JEETENDRA MIRCHANDANI
	MIRCHANDANI	Date: 2022.01.31 16:36:17
	+05'30'
	Jeetendra Mirchandani
	Partner
Pune	Membership Number 48125
January 31, 2022	UDIN:22048125AAAAAQ4734

Price Waterhouse Chartered Accountants LLP, 7th Floor, Tower A - Wing 1, Business Bay, Airport Road, Yerwada, Pune - 411 006

T: [phone], F: [phone]

Registered office and Head Office: Sucheta Bhawan, 11A Vishnu Digambar Marg, New Delhi - 110002

Price Waterhouse (a Partnership Firm) Converted into Price Waterhouse Chartered Accountants LLP (a Limited Liability Partnership with LLP identity no: LLPINAAC-5001) with effect from July 25, 2014. Post its conversion to Price Waterhouse Chartered Accountants LLP, its ICAI registration number is 012754N/N500016 (ICAI registration number before conversion was 012754N)

ANNEXURE B

Navin Fluorine International Limited

Regd. Office : 602, 6th Floor, Natraj by Rustomjee, 194, M.V. Road & Western Express Highway, Near Kanakia 351Building, Andheri (East), Mumbai 400069.

Tel: [phone], Fax: [phone], Website: www.nfil.in, Email : [e-mail], CIN: L24110MH1998PLC115499

UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2021

₹ in Crores

			Quarter ended		Nine months ended	Twelve Months
Sr.				ended
Particulars
No.	31st Dec, 2021	30th Sept, 2021	31st Dec, 2020	31st Dec, 2021	31st Dec, 2020	31st March, 2021
1	Revenue:	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
	(a) Revenue from operations	378.95	338.96	309.09	1,044.42	842.97	1,179.39
	(b) Other income (Refer Note 4)	7.48	10.47	11.20	26.82	57.03	79.04
	Total Revenue (a+b)	386.43	349.43	320.29	1,071.24	900.00	1,258.43
2	Expenses:
	(a) Cost of materials consumed	158.73	149.52	140.87	460.79	367.61	527.81
	(b) Purchases of stock-in-trade	4.54	8.53	5.17	19.22	16.31	21.13
	(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	4.88	(5.68)	(3.52)	(11.12)	(7.21)	(11.57)
	(d) Employee benefits expense	46.85	43.63	36.17	134.27	104.79	141.70
	(e) Finance costs	0.37	0.39	0.36	1.26	1.08	1.84
	(f) Depreciation and amortisation expense	12.13	11.88	11.01	36.02	32.59	44.17
	(g) Other expenses	65.37	58.77	51.22	180.71	137.72	191.03
	Total expenses	292.87	267.04	241.28	821.15	652.89	916.11
3	Profit before exceptional items and tax (1 - 2)	93.56	82.39	79.01	250.09	247.11	342.32
	Exceptional items (Refer Note 5)	-	-	-	-	-	15.51
4	Profit before tax	93.56	82.39	79.01	250.09	247.11	357.83
5	Tax expense
	- Current tax	25.86	20.76	24.33	65.24	80.75	119.35
	- Excess provision of tax for earlier years	-	-	-	-	-	0.06
	- Deferred tax	(1.09)	(1.60)	(1.76)	(3.06)	(7.47)	(8.63)
6	Profit after tax (4-5)	68.79	63.23	56.44	187.91	173.83	247.05
7	Share of Profit from Joint Ventures (net)	*	*	2.44	*	8.90	10.47
8	Total profit for the period (6+7)	68.79	63.23	58.88	187.91	182.73	257.52
9	Other comprehensive income (OCI) (including joint venture)
	(a) Items that will not be reclassified to profit and loss	0.14	(0.40)	(0.36)	(0.56)	(0.82)	(0.03)
	(b) Items that may be reclassified to profit and loss	0.14	(0.96)	1.58	(0.15)	1.92	2.24
	Total other comprehensive income (a+b)	0.28	(1.36)	1.22	(0.71)	1.10	2.21
10	Total comprehensive income for the year ( 8 + 9 )	69.07	61.87	60.10	187.20	183.83	259.73
11	Paid-up equity share capital (Face value of ₹ 2/- per share)	9.91	9.91	9.90	9.91	9.90	9.90
12	Other Equity						1,624.01
13	Earnings per share (EPS) of ₹ 2/- each (not annualised)
	(a) Basic ( ₹)	13.89	12.77	11.90	37.95	36.92	52.03
	(b) Diluted ( ₹)	13.88	12.75	11.88	37.91	36.87	51.96
	*Amounts are below rounding off norms adopted by the Group
	See accompanying notes to the financial results