SUNDARAM BRAKE LININGS LIMITED
Audited Financial Results - 31.03.2021
Investor Information
AUDITED FINANCIAL RESULTS FOR THE FINANCIAL YEAR ENDED 31st MARCH 2021
Rs. lacs
 
Particulars
    
31.03.2021
31.12.2020
31.03.2020
31.03.2021
31.03.2020
(Audited)
(Unaudited)
(Audited)
(Audited)
 
  Income from Operations          
1 Revenue from Operations  7,621.81 6,885.03 6,059.39 23,684.70 25,814.17
2 Other Income 75.98 33.19 90.25 128.00 507.51
 3  Total Revenue
7,697.79
6,918.22
6,149.64
23,812.70
26,321.68
4 Expenditure          
  (a) Cost of materials consumed 4,080.78 3,524.14 2,802.65 11,570.34 12,357.96
  (b) Changes in inventories of finished goods and work-in-progress 69.38 1.85 197.79 575.76 -32.41
  (c) Employee benefits expense 1,044.28 1,107.64 1,018.78 4,124.54 4,652.50
  (d) Finance cost 23.84 30.81 38.38 106.49 157.83
  (e) Depreciation and amortisation expense 143.40 151.71 136.48 562.38 542.37
  (f) Other expenses 2,128.54 1,969.75 1,860.17 6,663.34 8,343.33
5 Total Expenses ( a ... f ) 7,490.22 6,785.90 6,054.25 23,602.85 26,021.58
6 Total Profit/ (Loss) before Exceptional items and Tax (3-5) 207.57 132.32 95.39 209.85 300.10
7 Exceptional item:           
  Ex-gratia to employees under Voluntary Retirement Scheme  
-
 
-
-
8 Profit / (Loss) Before Tax (6 - 7) 207.57 132.32 95.39 209.85 300.10
             
9 Tax expense          
  - Current Tax 34.63 0.39 18.50 35.02 52.68
  - Prior Period Tax - refer Note No. 4 below 0.00  (421.38)  -  (421.38)  -
  - Deferred Tax -5.96 26.14 -36.63  (3.89)  (4.32)
             
10 Profit/ (Loss) for the period from continuing operations (8 - 9)
178.90
527.17
113.52
600.10
251.74
11 Profit/ (Loss) for the period from discontinued operations, if any
-
-
-
-
-
12 Profit/ (Loss) for the period (10 + 11)
178.90
527.17
113.52
600.10
251.74
13 Other Comprehensive Income           
  a)     (i) Item that will not be reclassified to Profit & Loss
24.53
-
-67.28
24.53
(67.28)
  (ii) Deferred Tax relating to item that will not be reclassified to Profit & Loss
-4.09
-
13.85
(4.09)
13.85
  b)     (i) Item that will be reclassified to Profit & Loss
0.00
-
0.00
-
-
  (ii) Income Tax relating to item that will be reclassified to Profit & Loss
-
-
-
-
-
14 Total Comprehensive Income (12+13)
199.34
527.17
60.09
620.54
198.31
15 Paid up Equity Share Capital-Face Value-Rs.10/- each
393.46
393.46
393.46
393.46
393.46
16 Reserves excluding Revaluation Reserve as per balance sheet of accounting year
8,623.87
8,003.33
17 Earnings Per Share  (EPS) - in Rs.
  a) Basic and diluted EPS before Extraordinary items (not annualised) - in Rs.
4.55
13.40
2.89
15.25
6.40
  b) Basic and diluted EPS after Extraordinary items (not annualised) - in Rs.
4.55
13.40
2.89
15.25
6.40

  Statement of Assets and Liabilities as at 31st March 2021:
Rs. in lacs
       
 
Particulars
As at 31.03.2021
As at 31.03.2020
   
(Audited)
(Audited)
A ASSETS        
1 Non-current Assets        
  (a) Property, Plant and Equipment 6,256.32   6,444.29  
  (b) Right of use Assets 273.99   277.25  
  (c) Capital work-in-progress 107.65   12.69  
  (d) Investment Property 36.40   36.68  
  (e) Other intangible Assets 241.70   229.44  
  (f) Intangible assets under development 38.15   88.59  
      6,954.21   7,088.94
           
  (f) Financial Assets        
                      i. Investments 92.48   92.48  
                      ii. Other financial assets 14.92   15.70  
  (g) Non Current Tax Assets (Net)        
  (h) Other Non-Current Assets 340.34   343.15  
      447.74   451.33
 
Sub-total - Non-current Assets
   7,401.95   7,540.27
2 Current Assets        
  (a) Inventories 3,427.88   3,770.66  
  (b) Financial Assets        
                 i. Trade Receivables 6,465.23   5,267.64  
                 ii. Cash and cash equivalents 25.74   337.12  
                iii. Other Financial Assets 80.37   59.07  
  (c) Other Current Assets 795.32   930.99  
 
Sub-total - Current Assets
   10,794.54   10,365.48
 
TOTAL - ASSETS
   18,196.49   17,905.75
B EQUITY AND LIABILITIES        
           
1 Equity        
  (a) Equity Share Capital 393.46   393.46  
  (b) Other Equity 8,623.87   8,003.33  
  Sub-total - Shareholders' funds   9,017.33   8,396.79
  LIABILITIES        
2 Non-current liabilities        
  (a) Financial Liabilities        
                 i. Borrowings 123.00                             -  
  (b) Provisions 96.32   150.72  
  (c) Deferred Tax Liabilities (Net) 975.65   979.54  
  (d) Liabilities for tax (Net)     1,064.20  
 
Sub-total - Non-current liabilities
   1,194.97   2,194.46
3 Current liabilities        
  (a) Financial Liabilities        
                    i. Short-term borrowings 2,488.34   2,400.99  
                    ii. Trade payables        
                  (A) Total outstanding dues of micro enterprises and small enterprises 627.79   780.43  
                  (B) Total outstanding dues of creditors other than micro enterprises and small enterprises 3,117.92   2,568.94  
                    iii. Other Financial Liabilities 1,531.28   1,215.38  
  (b) Other current liabilities 167.57   327.71  
  (c) Provisions 8.38   21.05  
  (d) Liabilities for tax (Net) 42.92                            -  
 
Sub-total - Current liabilities
   7,984.19   7,314.50
 
TOTAL - EQUITY AND LIABILITIES
   18,196.49   17,905.75
  Cash Flow Statement for the year ended 31st March, 2021:
Rs. in lacs
 
For the year ended 31.03.2021
  
For the year ended 31.03.2020
  
 
A. CASH FLOW FROM OPERATING ACTIVITIES        
  Profit / (Loss) before Tax 209.85   300.10  
  Adjustments for:        
  Depreciation and Amortization 562.38   542.37  
  Unrealised (Gain) / loss on Foreign Exchange Fluctuations (Net) 31.58    (58.45)  
  Other adjustments 24.53    (67.30)  
  Profit / (Loss) on Sale of fixed assets  -    (0.83)  
  Advance writen off     171.73  
  Payable written back      (280.96)  
  Provision for leave encashment  (67.07)   28.44  
  Interest Income  (14.68)    (32.74)  
  Interest Expenses 106.49   157.83  
  Cash Generated Before Working Capital Changes 853.08   760.19  
  Movement In Working Capital        
  Increase / (Decrease) in Trade Payables 395.25    (149.46)  
  Increase / (Decrease) in Other Financial Liabilities  (90.18)    (14.97)  
  Increase / (Decrease) in Other Liabilities  (160.14)   204.07  
  (Increase) / Decrease in Trade Receivables  (1,224.96)   1,125.87  
  (Increase) / Decrease in Inventories 342.78   86.86  
  (Increase) / Decrease in Other Financial Assets  (39.64)    (1.98)  
  (Increase) / Decrease in Other Assets 175.59    (204.60)  
  Cash Generated From Operations 251.77   1,805.98  
  Direct Taxes Paid (net)  (639.02)    (88.30)  
  Net Cash Flow From / (Used in) Operating Activities  (387.25)   1,717.68  
         
B. CASH FLOW FROM / (USED IN) INVESTING ACTIVITIES        
  Purchase of Property, Plant & Equiment (PPE) and Intangible Assets  (423.28)    (618.47)  
  Proceeds from Sale of PPE  -   1.56  
  Purchase of  Non Current Investments /Advance  -    -  
  Deposit made for Margin money for Bank Guaratee 2.34    (2.34)  
  Sale of Non Current Investments  -   0.10  
  Interest Income Received 33.78   31.54  
  Net Cash Flow From / (Used in) Investing Activities  (387.16)    (587.61)  
         
C. CASH FLOW FROM / (USED IN) FINANCING ACTIVITIES        
  Proceeds from/(to) Short - Term Borrowings (Net) * 86.63    (1,030.99)  
  Proceeds from Long Term Borrowings  489.00    -  
  Repayment of Long Term Borrowings   -    -  
  Dividend paid  -    -  
  Interest Paid  (110.26)    (148.62)  
  Net Cash Flow From / (Used in) Financing Activities 465.37   -1,179.61  
           
  Net Increase / (Decrease) in Cash and Cash Equivalents          (A+B+C)  (309.04)    (49.54)  
  Cash and Cash Equivalents at the beginning of the year 334.78   384.32  
  Cash and Cash Equivalents at the end of the year 25.74   334.78  
           
  Components of Cash and Cash Equivalents        
           
  Cash and cheques on Hand  23.27   22.92  
  Balances with Banks        
     -On Current Accounts 2.37   11.86  
     -On Deposit Accounts 0.10   300.00  
   Cheques, Drafts on hand  -    -  
  Cash and cash Equivalent  25.74   334.78  
           
  Non Cash Investement/Financing Activities        
  *Foreign Exchange Movement 0.72   32.39  
     
  The above cash flow statement has been prepared under the 'Indirect Method' as set out in the Ind AS - 7 on Cash  Flow Statements.
Notes :
1
 The operations of the Company relate only to one segment viz., friction materials. 
2
 The above audited financial results of the Company have been prepared in accordance with Ind AS notified under the Companies (Indian Accounting Standards) Rules, 2015.  These results were reviewed and recommended by the Audit Committee and approved by the Board of Directors at its meeting held on 22nd May, 2021. The Statutory Auditors have carried out an audit for the year ended 31st March, 2021 and have issued an unqualified report thereon.
3
 The spread of COVID-19 has impacted global economic activity as has been witnessed in several countries. There have been severe disruptions in businesses in India during the Lock down period. The Company's manufacturing plants had to operate under mandatory lockdown conditions during the year ended 31st March, 2021. The situation is evolving and the assessment of impact due to COVID-19 is a continuous process, given the uncertainties.
Management has conducted the possible impact of known events arising from COVID-19 pandemic in the preparation of these financial statements and has analysed events post Balance Sheet date and believes that there will not be any material effect on the carrying values of the assets and liabilities of the Company on the reporting date and there is no change in its ability to continue as a Going Concern.
4
 Prior Period Tax represents the reversal of excess provision made for Assessment Years 2008-09 to 2012-13 after adjusting the payment of Rs. 6.32 Crores under Direct Tax Vivad Se Vishwas Act, 2020.
5
 Other Comprehensive Income mainly comprise of the impact on movement in fair value of Non-Current Investments in Equity and Remeasurement of Defined Plan Benefits
6
 The figures for the last quarter are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures upto the third quarter of the respective financial years ended 31.03.2021 / 31.03.2020. 
7
 Prior period figures have been regrouped wherever necessary to conform to current period classification.

 

On behalf of the Board
For SUNDARAM BRAKE LININGS LIMITED
Chennai
22th May 2021
KRISHNA MAHESH
MANAGING DIRECTOR
Visit our website: www.tvsbrakelinings.com