q 1f At1.1 ctit411: 1-1 f"afq g ( cf;twt )

Size: px

Start display at page:

Download "q 1f At1.1 ctit411: 1-1 f"afq g ( cf;twt )"

Cynthia Roberts
5 years ago
Views:

1 q 1f At1.1 ctit411: 1-1 f"afq g ( cf;twt ) Chennai Petroleum Corporation Limited (A group company of lndianoil) 191 CPCL CS:01:001 October 29, 2018 The Secretary, BSELtd Phiroz«Jeejeeboy Towers, 25th Floor, Dalal Street, Mumbai National Stock Exchange of India Limited Exchange Plaza, 5th Floor n«no.c/1, G-Block, Bandra Kur/a Complex Bandra(e) Mumbai Dear Sir, Sub: Board Meeting - UnAudited Financial Results (Standalone and Consolidated) for the quarter and six months ended 30th September 2018 In continuation to our letter dated 12th October 2018, and pursuant to Regulation 33(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, we enclose herewith at Annexure - I, the Statement of Unaudited Financial Results (Standalone and Consolidated) along with Limited Review Report for the quarter and six months ended 30th September The above results along with Limited Review Report have been taken on record by the Board of Directors at its Meeting held today, 29th October 2018 at Chennai. The Board Meeting commenced at hrs and concluded at 1850 hrs. The above is for your information and record please. Thanking you, Yours faithfully, for Chennai Petroleum Corporation Limited Encl.: a/a 17d'1 tva (P.Shankar) Company Secretary (9 an 9001: 2008, : 2004, «ft an 18001: 2007 W /An ISO 9001: 2008, ISO 14001: 2004, BS OHSAS 18001: 2007 Certified Company "tr "{ft it TI / The CIN of the Company is L TN 1965 GOI ' / Manali, Chennai /Phone : to 09 /Website : : 536, ' ' I Regd. Office: 536, Anna Salai, Teynampet, Chennai l!ih/phone: , , /Fax:

2 PADMANABHAN RAMANI & RAMANUJAM 1F ARUDHRA,. No.15, Habibullah Road, T.Nagar, Chennai S. VISWANATHAN LLP No.17, Bishop Wallers Avenue (West) C.I.T Colony, Mylapore, Chennai Limited Review Report on the Unaudited Standalone Financial Results for the Quarter and Six Months ended 30th September, 2018 To the Board of Directors Chennai Petroleum Corporation Ltd. Chennai We have reviewed the accompanying statement of the Unaudited Standalone Financial Results (the statement) of CHENNAI PETROLEUM CORPORATION LIMITED (the Company) for the quarter and six months ended 30th September,2018 prepared by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular no. CIR/CFD/FAC/62/2016 dated 5th July, 2016.except for the disclosure regarding Average Gross Refinery Margin stated in note no.4 to the statement which has been traced from the disclosures made by the management. This Statement is the responsibility of the Company's Management and has been approved by the Board of Directors. Our responsibility is to issue a report on the Statement based on our review. We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement of unaudited financial results read with notes thereon, prepared in accordance with the Indian Accounting Standards as specified under section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules;2014 and other recognised accounting practices and policies generally accepted in India, has not disclosed the information required to be disclosed in terms of regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular no. CIR/CFD/FAC/62/2016 dated 5th July, 2016 including the manner in which it is to be disclosed, or that it contains any material misstatement. PADMANABHAN RAMANI & RAMANUJAM Firm e No: _ G. Vivekananthan Partner Membership No

3 CHENNAI PETROLEUM CORPORATION LIMITED (A group company of IndianOil) Regd.Office: 536, Anna Salai, Teynampet, Chennai Website : ; id: sld@cpcl.co.in Tel: / Fax: CIN - L40101TN1965GOI SI. No STATEMENT OF ST NDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2018 (fin crore) THREE MONTHS ENDED SIX MONTHS ENDED YEAR ENDED Particulars Unaudited Unaudited Unaudited Unaudited Unaudited Audited A. FINANCIAL I Revenue from Operations II Other Income Ill Total Income (1+11) " IV Expenses a) Cost of materials consumed b) Purchase of stock-in-trade c) Changes in inventories (Finished goods and work-in-progress) (Increase)/decrease (263.41) (558.13) (821.54) (255.95) (606.70) d) Excise duty e) Employee benefits expense _ f) Finance costs (Refer Note 5) g) Depreciation and Amortisation expense h) Impairment of Non Current Assets (Refer Note 6) i) Other Expenses (Refer Note 7) Total Expenses (IV) v Profit I (Loss) before exceptional items and tax (Ill - IV) VI Exceptional items - Income I (Expenses) VII Profit I (Loss) before tax (V+VI) VIII Tax Expense - Current Tax (including earlier years) Deferred Tax IX Profit I (Loss) for the period (VII - VIII) x Other Comprehensive Income A(i) Items that will not be reclassified to profit or loss A(ii) Income Tax relating to items that will not be reclassified to profit or loss (3.29) B(i) Items that will be reclassified to profit or loss B(ii) Income Tax relating to items that will be reclassified to profit or loss XI Total Comprehensive Income for the period (IX+X) XII Paid-up Equity Share Capital (Face value f 10/- each) XIII Other Equity excluding Revaluation Reserves XIV Earnings Per Share (not annualised) (Basic and Diluted) (Face value oft 10/- each) B. PHYSICAL - Crude Throughput ( in MMT) Also Refer accompanying notes to the Financial Results (j)

4 Statement of Standalone Assets and Liabilities in crore) A ASSETS As at As at Unaudited Audited 1 Non-current assets (a) Property, plant and equipment (b) Capital work-in-progress (c) Intangible assets (d) Investment in Joint Ventures (e) Financial assets (i) Investments (ii) Loans (iii) Other Financial Assets (f) Income tax assets (Net) (g) Other non-current assets Sub Total - Non-Current Assets 2 Current assets (a) Inventories (b) Financial assets (i) Trade receivables (ii) Cash and cash equivalents (iii) Other bank balances (iv) Loans (v) Other Financial Assets ( c) Other current assets Sub Total - Current Assets Total Assets B EQUITY AND LIABILITIES 1 Equity (a) Share capital (b) Other Equity Sub Total - Equity LIABILITIES 2 Non-current liabilities (a) Financial liabilities (i) Borrowings (b) Provisions (c) Deferred Tax Liabilities (Net) (d) Other non current liabilities Sub Total - Non-Current Liabilities 3 Current liabilities (a) Financial liabilities (i) Borrowings (ii) Trade Payables (I) total outstanding dues of micro enterprises and small enterprises (II) total outstanding dues of creditors other than micro enterprises and small enterprises (iii) Other financial liabilities (b) Other current liabilities (c) Provisions (d) Current tax liabilities (Net) Sub Total - Current Liabilities

5 Notes to Standalone Financial Results: 1. The above results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors at the respective meetings held on 29th October The Financial Results have been reviewed by the Statutory Auditors as required under regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, The company operates only in one segment, Petroleum Sector. As such reporting is done on a single segment basis. 4. Average Gross Refining Margin for the April - Sep'2018 is US$ 5.98 per bbl (April - Sep'2017: US$ 5.67 per bbl). 5. Preference Share is treated as financial liability as per Ind AS 32, as these are redeemable on maturity for a fixed determinable amount and carry fixed rate of dividend. Correspondingly, in line with the requirements of Ind AS 32, pending the approval of shareholders, proportionate preference dividend including dividend distribution tax thereon, has been provisionally accrued as finance cost for the quarter ended Sep 2018: t Cr and upto the quarter ended Sep 2018 : t Cr (Jul-Sep'2017: t Cr ; Apr-Sep'2017: t Cr). However, as per the Companies Act 2013, the preference shares is treated as part of share capital and the provisions of the Act relating to declaration of Preference Dividend at the end of the year would be applicable. 6. Impairment of Non Current Assets represents provision in respect of Cauvery Basin Refinery in accordance with Ind As - 36 "Impairment of Assets" 7. Other Expenses includes exchange loss oft Cr for the quarter ended Sep'18 (July Sep'17: t Cr) and for the six months ended Sep'18: t Cr (Apr-Sep'17: t Cr) 8. Other disclosures as per SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015: SI. Particulars Six Months No. Ended (i) Credit Rating CRISIL AAA Stable Asset Cover available 1.71 times 1.41:1 Debt Service Coverage Ratio 0.38 times {Profit After Tax + Finance Cost + Depreciation & Impairment} I {Finance Cost + Princi al Re a ment of Lon Term Debt (v) Interest Service Coverage Ratio 3.53 times {Profit Before Tax + Finance Cost + De reciation & Im airment I Finance Cost (vi) Outstanding Redeemable Preference t crore Shares (50,00,00,000 {2017:100,00,00,000} Non-Convertible Cumulative Redeemable Preference Shares of f 1 O each Not listed (vii) a) Debenture Redemption Reserve crore b) Capital Redemption Reserve f crore (viii) Net Worth? crore {(Paid up share capital+ Other Equity includin OCI (ix) Paid up Debt Capital I Outstanding Debt t OOcrore (Bonds I Debentures) excluding Outstanding Redeemable Preference Shares Six Months Year Ended Ended CRISIL CRISIL AAA Stable AAA Stable 1.69times 1.87 times 1.45:1 1.14: times 0.87 times 6.06 times t crore crore t crore t crore t crore 6.62 times t crore t crore t crore t crore? crore

6 (x) The details of Interest I Principal payment in respect of non-convertible debt securities (listed) is given below: Previous Due Date Next Due Date Debentures Interest Princioal Status Interest Principal Non-Convertible Debentures(Series - II) NA Paid Figures for the previous periods have been re-grouped wherever necessary. For and on behalf of the Place: Chennai Date : October 29, 2018 Rajeev Ailawadi DIRECTOR (FINANCE) DIN No:

7 SI. No CHENNAI PETROLEUM CORPORATION LIMITED (A group company of lndlanoii) Regd.Office: 536, Anna S.1111, Teynampet, Chennai Website : Id: sld@lcpcl.co.in Tel: / Fax: CIN L40101TN196SGOI EXTRACT OF THE STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2018 It in crore) THREE MONTHS ENDED SIX MONTHS ENDED YEAR ENDED Particulars , Unaudited Unaudited Unaudited Unaudited Unaudited Audited 1 Total Income from operations Other Income Total Income , ,02 4 Total Expenditure Net Profit/ (Loss) for the period (before Tax and Exceptional Items) Net Profit/ (Loss) for the period before tax (after 47, ExceDtional items) Net Profit/ (Loss) for the period after tax (after 7 ExceDtional items) Total Comprehensive Income for the period (Comprising Profit/ (Loss) for the period (after tax) and Other , , Comprehensive Income (after taxi! 9 Paid up Equity Share Capital (Face Value t 10 each) Other Equity (excluding Revaluation Reserve) a) Earnings Per Share (before extraordinary items) (not annualised) (Face value oft 10 t- each) (i) Basic ('t I share) (ii) Diluted (t I share) b) Earnings Per Share (after extraordinary items) (not annualised) (Face value oh' 10/- each) (ii Basic (f I share) (ii) Diluted (f I share) SI, No EXTRACT OF THE STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2018 I' in crorel THREE MONTHS ENDED SIX MONTHS ENDED YEAR ENDED Particulars Unaudited Unaudited Unaudited Unaudited Unaudited Audited 1 Total income from operations Other Income Total Income Total Expenditure Profit/ (Loss) for the period (before Tax and Exceptional Items) Profit/ (Loss) for the period before tax (after Exceptional items) Profit/ (Loss) for the period after tax (after Exceptional items) Total Comprehensive Income for the period (Comprising a Profit/ (Loss) for the period (after tax) and Other Z Comprehensive Income (after tax)) 9 Paid up Equity Share Capital I (Face Value -t 10 each) Other Equity (excluding Revaluation Reserve) Networth Paid up Debt Captial I Outstanding Debt (Bonds I 12 Debentures) excluding Outstanding Redeemable Preference Shares Outstanding Redeemable Preference Shares (50,00,00, {2017: 100,00,00,000} Non-Convertible Cumulative Redeemable Preference Shares oft 10 each) (Not listed) 14 Debt Equity Ratio a) Earnings Per Share (before extraordinary items) (not annualised)!face value oft 10 / each) Ii) Basic ((/share} (ii) Diluted (f I share) b) Earnings Per Share (after extraordinary items) (not annualised)!face value oft 10/- each} (ii Basic (f I share) (ii) Diluted (f I share) Debenture Redemption Reserve Debt Service Coverage Ratio Interest Service Coverage Ratio Note: 1 The above is an extract of the detailed format of Quarterly Financial Results filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, The full format of the Financial Results for the said Quarter are available on the Stock Exchange websites: and The same is also available on the company's website Place : Chennai DIRECTOR (FINANCE) Date : October 29, 2018 DIN: , f:i;'i..! IOlveltUp! H'*tk<e».jCil,

8 PADMANABHAN RAMANI & RAMANUJAM 1F ARUDHRA, No.15, Habibullah Road, T.Nagar, Chennai S. VISWANATHAN LLP No.171 Bishop Wailers Avenue (West) C.I.T Colony, Mylapore, Chennai Limited Review Report on the Unaudited Consolidated Financial Results for the Quarter and Six Months ended ao" September, 2018 To the Board of Directors Chennai Petroleum Corporation Ltd. Chennai We have reviewed the accompanying statement of the Unaudited Consolidated Financial Results (the Statement) of CHENNAI PETROLEUM CORPORATION LIMITED (the Company), its jointly controlled entities (the company and its jointly controlled entities together referred to as 'the Group') for the quarter and six months ended 301h September, 2018 prepared by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular no. CIR/CFD/FAC/62/2016 dated s" July, This Statement is the responsibility of the Company's Management and has been approved by the Board of Directors. Our responsibility is to issue a report on the Statement based on our review. We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410, "Review of Interim Financial Information performed by the Independent Auditor of the Entity" issued by the Institute of of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion. We did not perform a review of the interim financial statement of the jointly controlled entities included in the Statement, whose financial statements reflect total assets of Rs Crore as at September 30, 2018, total revenues of Rs Crore and net profit amounting to Rs Crore for the six months ended September 30, These interim financial statements have been certified by the management of the jointly controlled entities and have been furnished to us and our conclusion on the Statement, to the extent" the statement has been derived from such management certified interim financial statements, is based solely on the interim financial statements provided by the Holding company's management.

9 Rules, 2014 and other recognized accounting practices and policies generally accepted in India, has not disclosed the information required to be disclosed in terms of regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular no. CIR/CFD/FAC/62/2016 dated s" July, 2016 including the manner in which it is to be disclosed, or that it contains any material misstatement. PADMANABHAN RAMANI & RAMANUJAM Firm Regn No: Vl5WANATHAN LLP Firm Regn No: I Place: Chennai Date: 29th October, 2018

10 CHENNAI PETROLEUM CORPORATION LIMITED (A group company of Indian Oil) Regd.Office: 536, Anna Salai, Teynampet, Chennai Website: id: sld@cpcl.co.in Tel: / Fax: CIN - L40101TN1965GOI STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2018 (' in crore) THREE MONTHS ENDED SIX MONTHS ENDED YEAR ENDED SI. Particulars No Unaudited Unaudited Unaudited Unaudited Unaudited Audited I Revenue from Operations II Other Income Ill Total Income (1+11) IV Expenses a) Cost of materials consumed b) Purchase of stock-in-trade c) Changes in inventories (Finished goods and work-in-progress) ( Increase )I decrease (263.21) (558.21) (821.42) (255.82) (606.67) d) Excise duty e) Employee benefits expense f) Finance costs g) Depreciation and Amortisation expense h) Impairment of Non Current Assets i) Other Expenses Total Expenses (IV) v Profit I (Loss) before exceptional items and tax (111 - IV) VI Share of Profit of Joint Ventures Vil Exceptional items - Income I (Expenses) VIII Profit I (Loss) before tax (V+Vl+VII) IX Tax Expense - Current Tax (including earlier years) Deferred Tax x Profit I (Loss) for the period (VIII IX) XI Other Comprehensive Income A(i) Items that will not be reclassified to profit or loss A(ii) Income Tax relating to items that will not be reclassified to profit or loss (3.36) B(i) Items that will be reclassified to profit or loss B(ii) Income Tax relating to items that will be reclassified to profit or loss XII Total Comprehensive Income for the period (X+XI) XIII Paid-up Equity Share Capital (Face value t 1 Of- each) XIV Other Equity excluding Revaluation Reserves xv Earnings Per Share (not annualised) (Basic and Diluted) (Face value oft 10/- each) Also Refer accompanying notes to the Financial Results

11 A ASSETS Statement of Consolidated Assets and Liabilities (fin crore) Asat Asat Unaudited Audited 1 Non-current assets (a) Property, plant and equipment (b) Capital work-in-progress (c) Intangible assets (d) Investment in Joint Ventures (e) Financial assets (i) Investments (ii) Loans (iii) Other Financial Assets (f) Income tax assets (Net) (g) Other non-current assets Sub Total - Non-Current Assets Current assets (a) Inventories (b) Financial assets (i) Trade receivables (ii) Cash and cash equivalents (iii) Other bank balances (iv) Loans (v) Other Financial Assets ( c) Other current assets Sub Total - Current Assets Total Assets B EQUITY AND LIABILITIES 1 Equity (a) Share capital (b) Other Equity Sub Total - Equity LIABILITIES 2 Non-current liabilities (a) Financial liabilities (i) Borrowings (b) Provisions (c) Deferred Tax Liabilities (Net) ( d) Other non current liabilities Sub Total - Non-Current Liabilities Current liabilities (a) Financial liabilities (i) Borrowings (ii) Trade Payables (I) total outstanding dues of micro enterprises and small enterprises (II) total outstanding dues of creditors other than micro enterprises and small enterprises (iii) Other financial liabilities (b) Other current liabilities (c) Provisions (d) Current tax liabilities (Net) Sub Total - Current Liabilities Total Equity and Liabilities

12 Notes to Consolidated Financial Results: 1. The above results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors at the respective meetings held on 29th October The Financial Results have been reviewed by the Statutory Auditors as required under regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, The company operates only in one segment, Petroleum Sector. As such reporting is done on a single segment basis. 4. Figures for the previous periods have been re-grouped wherever necessary. For and on behalf of the Board of Directors Place: Chennai Date: October 29, 2018 Ra.feev Ailawadi DIRECTOR (FINANCE) DIN No:

The Dept. of Corporate Services, The Calcutta Stock Exchange Ltd.,

The Dept. of Corporate Services, The Calcutta Stock Exchange Ltd., QUEST FINANCIAL SERVICES LTD. Centre Point, 21, Hemanta Basu Sarani, Room No.- 230, 2 nd Floor, Kolkata-700 001 Phone No. +919831526324, E-Mail ID - investorsquestfinancial@yahoo.co.in, Website-www.questfinancial.in,