UNAUDITED FINANCIAL RESULTS FOR THE QUARTER/NINE MONTHS ENDED 31 DECEMBER 2016

In Lacs

	Particulars	For the Quarter / three months ended			For TheNine Months Ended
		31.12.2016	30.09.2016	31.12.2015	31.12.2016	31.12.2015
		(Unaudited)			(Unaudited)
1	Income from Operations
	(a) Net sales / income from operations (inclusive of excise duty)	5,350.99	6,630.86	5,938.03	18,341.13	18,049.82
	(b) Other Operating Income	65.83	69.56	63.21	198.20	136.67
	Total Income from operations (Net)	5,416.82	6,700.42	6,001.24	18,539.33	18,186.49
2	Expenses
	(a) Cost of materials consumed	2,495.85	3,025.29	2,487.81	8,400.49	7,745.68
	(b) Excise Duty	390.67	438.37	391.14	1,296.24	1,201.78
	(c) Purchases of stock-in-trade	0.00	-	-	-	-
	(d) Changes in inventories of finished goods and work-in-progress	(326.73)	(250.36)	120.11	(594.82)	205.01
	(e) Employee benefits expense	1,077.25	1,208.99	1,097.37	3,434.49	3,314.80
	(f) Depreciation and amortisation expense	146.69	142.98	177.51	432.33	532.53
	(g) Other expenses	1,637.89	1,895.43	1,624.52	5,281.92	5,264.35
	Total Expenses (a...g)	5,421.62	6,460.70	5,898.46	18,250.65	18,264.15
3	Profit/ (Loss) from Operations before Other Income, finance cost and Exceptional items (1-2)	(4.80)	239.72	102.78	288.68	(77.66)
4	Other Income	67.14	22.10	32.45	127.18	98.93
5	Profit / (Loss) from ordinary activities before finance costs & Exceptional items (3+4)	62.34	261.82	135.23	415.86	21.27
6	Finance costs	67.34	62.52	75.02	196.25	256.35
7	Profit / (Loss) from ordinary activities after finance costs but before Exceptional items (5-6)	(5.00)	199.30	60.21	219.61	(235.08)
8	Exceptional items
	Ex-gratia to employees under Voluntary Retirement Scheme	57.75	38.50	-	96.25	-
9	Profit / (Loss) from Ordinary Activities Before Tax (7 - 8)	(62.75)	160.80	60.21	123.36	(235.08)
10	Tax expense
	- Current Tax	-	-	-	-	-
	- Previous Year's Tax	-	-	-	-	-
	- Deferred Tax	17.29	36.10	17.93	50.30	53.79
11	Net Profit/ (Loss) from Ordinary Activities After Tax (9 - 10)	(80.04)	124.70	42.28	73.06	(288.87)
12	Extraordinary Items (net) (net of tax expense)	-	-	-	-	-
13	Net Profit / (Loss) for the period (11 - 12)	(80.04)	124.70	42.28	73.06	(288.87)
14	Other Comprehensive Income (net of tax)	14.41	(23.17)	(0.13)	(9.52)	(0.77)
15	Total Comprehensive Income (13+14)	(65.63)	101.53	42.15	63.54	(289.64)
16	Paid up Equity Share Capital-Face Value-Rs.10/- each	393.46	393.46	393.46	393.46	393.46
17	Reserves excluding Revaluation Reserve as per balance sheet of previous accounting year
18	Earnings Per Share (EPS) - in Rs.
	a) Basic and diluted EPS before Extraordinary items (not annualised) - in Rs.	(2.03)	3.17	1.07	1.86	(7.34)
	b) Basic and diluted EPS after Extraordinary items (not annualised) - in Rs.	(2.03)	3.17	1.07	1.86	(7.34)

Notes :
1	In Compliance to the Ministry of Corporate Affairs (MCA) notification dated 16th February 2015, announcing the Companies (Indian Accounting Standards) Rules 2015, as a standalone entity IND AS is applicable from 1st April 2017. The company, being an associate of T.V.Sundram Iyengar & Sons Private Limited who have adopted IND AS with effect from 1st April 2016, consequently, all associates will also need to present IND AS compliant reporting with effect from 1st April 2016.
2	The operations of the Company relate only to one segment viz., friction materials.
3	Voluntary Retirement Scheme (VRS) for Workmen at Padi Plant was announced in July 2016 under which scheme, 26 workmen opted for the same. Out of the total Compensation for VRS of Rs. 154.01 lacs, Rs. 57.75 lacs and Rs. 96.25 lacs has been proportionately absorbed and shown as an Exceptional Item for the quarter and nine months ended 31st Dec. 2016 respectively.
4	The above unaudited financial results were reviewed and recommended by the audit committee and approved by the Board of Directors at its meeting held on 2nd February, 2017. The limited review of the financial results for the quarter ended 31st December 2016 and 30th September 2016 has been carried out by the Statutory Auditors of the company.
5	The Company has adopted the Indian Accounting Standards (Ind AS) from 1st April 2016 and these financial results have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other other accounting principles generally accepted in India.
6	The format of unaudited quarterly results as prescribed by SEBI's Circular CIR/CFD/CMD/15/2015 dated 30th November 2015 has been modified to comply with the requirements of SEBI Circulars dated 5th July 2016, 20th September 2016 and Ind AS and Schedule III to the Companies Act, 2013.
7	The Ind AS Compliant financial results relating to the quarter and nine months ended 31st December 2015 have been stated in terms of SEBI Circular CIR/CFD/FAC/62/2016 dated 5th July 2016. The financial results relating to the quarter and nine months ended 31st December 2015 under Ind AS have not been subjected to limited review by the statutory auditors of the company. The management has exercised necessary due diligence and ensured that the financial results provide a true and fair view of its affairs in accordance with the Companies (Indian Accounting Standards) Rules, 2015.
8	The Net Profit reported under Indian GAAP for the quarter and nine months ended 31st December 2015 with IND AS is given below:

	Description	Quarter Ended 31st December 2015	Nine months Ended 31st December 2015
	Net Profit/(loss) as per Indian GAAP	60.08	(235.47)
	Deferred Tax due to change from Income Method to WDV method	(17.93)	(53.79)
	Add: Actuarial Loss on Employee Defined Benefit (Leave Encashment) recognized in "Other Comprehensive Income"	7.07	21.21
	Less: Actuarial Gain on Employee Defined Benefit (Gratuity) recognized in "Other Comprehensive Income"	(6.97)	(20.91)
	Net Deferred tax Asset on the Remeasurement of Employee Defined Benfit plans	0.03	0.09
	Add: Other Income (Interest Income on Financial Assets Remeasurement)	0.36	1.02
	Less: Employee Benefit Expenses	(0.36)	(1.02)
	Profit as per IND AS	42.28	(288.87)
	Other Comprehensive Income
	Decrease in Value of Unquoted Investments	-	(0.38)
	Acturial Gain/ (Loss) on Employee Defined Benefits (Gratuity & Leave Encashments) - Net of Deferred Tax	(0.13)	(0.39)
	Total Other Comprehensive Income	(0.13)	(0.77)
	Total Comprehensive Income	42.15	(289.64)

9	Other Comprehensive Income mainly comprise of the impact on movement in fair value of Non-Current Investments in Equity, Remeasurement of Defined Plan Benefits.
10	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		KRISHNA MAHESH MANAGING DIRECTOR
	2nd February 2017
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