GODAWARI POWER ISPATgodawaripowerispat.com/wp-content/uploads/2017/07/GPILNSEBSE... · GODAWARI POWER & ISPAT Thereconciliation ofTotal Equity as previously reported (referred toas'Previous

GODAWARI POWER & ISPAT

REF: GPILIBSE/20 17/3224 Date: 22.07.2017

To,

The Corporate Relation Department,BSE Limited, Mumbai,151Floor, Rotunda Building,Dalal Street, MUMBAI - 400 001Dear Sirs,

Sub : Submission of Audited Standalone & Consolidated Financial Results for the quarter andyear ended 31.03.2017 in revised format as per Schedule III of Companies Act, 2013.

Ref 1 : BSE e-mail dated 10.07.2017

Ref2 : NSE Symbol: GPIL BSE Security Code: 532734

This is with reference to your email dated 10.07.2017, we are enclosing herewith Revised Audited

Standalone and Consolidated Financial Results of the Company along with the Audit Reports of the

Statutory Auditors on the Standalone and Consolidated Financial the Company for the quarter and year

ended on 3151 March, 2017, as per as per Schedule III of Companies Act, 2013 as Annexure -A.

We hereby declare that the Stautory Auditors of the Company have expressed their Unmodified

Opinions in respect of Audited Standalone and Consolidated Financial Statement for the year ended on

3151 March, 2017. The copy of disclosure which was submitted earlier is once again attached as

Annexure -B.

Kindly disseminate the information on the official website of the exchange for the information of all

members of the Exchange and Investors,

Thanking you,

Yours faithfully,For GODAWARI POWER AND ISPAT LIMITED

~~."

Y.C.RAOCOMPANY SECRETARYEncl: As Above

CC: The National Stock Exchange Limited,Exchange Plaza, Bandra Kurla Complex, Bandra (E),MUMBAI - 400051

Godawari Power at Ispat LimitedAn ISO9001 :2008. ISO 14001:2004 & OHSAS18001:2007 certified company

RegisteredOffice and Works: PlotNo. 428/2, PhaseI, IndustrialArea, Siltara,Raipur - 493111, Chhattisgarh. IndiaP:+91 771 4082333, F:+91 771 4082334

Corporate address: HiraArcade, Near NewBusStand,Pandri,Raipur- 492001, Chhattisgarh, IndiaP:+ 91 771 4082000, F:+91 771 4057601 CIN No.-www.gpilindia.com. WWW.hiragroupindio.com L27106CT1999PLC013756

--1-1IRA--II GODAWARI POWER & ISPAT

Part I (Rs. In Crores)

STATEMENT OF AUDITED FINANCIAL RESULTS FORTHE QUARTER ANDYEAR ENDED 31ST MARCH'2017--

STAND ALONE CONSOLIDATED..3monthsended Year ended Year ended

Sr. No. Particulars31.03.2017 31.12.2016 31.03.2016 31.03.2017 31.03.2016 31.03.2017 31.03.2016

Audited Unaudited Audited Audited Audited Audited Audited

1 ~Revenue from operations 511.96 388.65 352.21 1.735.66 1,725.55 1.994.08 2.203.70

Other Income 2.54 5.75 2.84 13.74 12.27 15.40 18.90

Total income 514.50 394.39 355.05 1,749.40 1,737.82 2,009.48 2,222.60

2 Expenses

(a) Cost of Materials Consumed 297.19 209.21 183.86 1,061.89 1,036.09 1,117.17 1,272.06

(b) Purchase of stock-in-trade 0.00 0.26 35.12 6.18 60.17 6.18 60.17(c) Changes in inventories of finished goods, work-in-progress

(8.45) 29.14 14.99 8.88 3.13 7.20 32.02and stock-in-trade

(d) Excise Duty 57.57 40.46 38.05 189.64 186.66 189.67 223.97

(e) Employees benefit expenses 16.99 17.75 18.08 66.87 68.24 77.13 92.55

(f) Finance Costs 46.41 41.44 41.94 176.70 163.18 259.15 252.00

(g) Depreciation and amortisation expenses 19.42 19.71 18.67 78.18 73.07 120.09 126.49

(h) Other expenses 73.93 50.59 42.06 239.05 221.88 306.07 305.80

Total Expenses 503,07 408.56 392.76 1,827.40 1,812.41 2,082.66 2,365.06

3 Profitl(Loss) from ordinary activities before exceptional11.•43 (14.17) (37.71) (78.01) (74.60) (73.17) (142.47)il~lll&amI lax I j -2 I

4 Exceptional itmes - - - - - - -5 Profitl(Loss) from ordinary activities before tax ( 3-4 ) 11.43 (14.17) (37.71) (78.01) (74.60) (73.17) (142.47)

6 Tax expense

Current tax - - - - 1.09 2.08 1.891-

Deferred tax 0.37 (0.59) (16.26) (0.57) (27.46) (1.36) (49.01)

i Net Profitl(Loss)from odinary activities after tax ( 5-6 ) 11.06 (13.58) (21.45) (77.44) (48.23) (73.89) (95.35)

8 Share of ProfiU (Loss) of Associates and joint ventures 0.27 (4.51)

9 Other comprehensive income/(expenses) for the year, net of tax 0.06 (0.02) 1.13 (0.17) (0.29) (0.10) 0.31

10 Total Comprehensive income/(Loss), Net of Tax·(7+8+9) 11.12 (13.60) (20.32) (17.60) (48.52) (73.72) (99.55)

1,1 Net Profitl(Loss) attributable to

a) Owner of the Company 11.06 (13.58) (21.45) (77.44) (48.23) (74.51) (88.68)

b) Non Controlling Interest . . 0.88 (11.18)

16 Other comprehensive income/(expenses) attributable to

a) Owner of the Company 0.06 (0.02) 1.13 (0.17) (0.29) (0.12) 0.23

b) Non Controlling Interest . . . . 0.02 0.09

An ISO 9001 :2008, ISO 14001 :2004 & OHSAS 18001 :2007 certified company

RegisteredOffice and Works: PlotNo. 428/2, PhaseI, IndustrialArea, Siltara,Raipur - 493111, Chhattisgarh, IndiaP:+91 771 4082333, F:+ 91 771 4082334

Corporate address: HiraArcade, Near NewBusStand,Pandri,Raipur- 492001, Chhattisgarh, IndiaP:+ 91 771 4082000, F:+ 91 771 4057601www.gpilindia.com. www.hiragroupindia.com CIN No.

L27106CT1999PLC013756


17 Total Comprehensive income/(Loss) attributable to" .

a) Owner of the Company 11.12 (13.60) (20.32) (77.60) (48.52) (74.62) (88.45)

b) Non Controlling Interest - - - - - 0.90 (11.09)

18 Paid-up equity share capital (Face Value of RS.10/- 34.11 31.63 31.63 34.11 31.63 34.11 31.63each)

'19 Reserves excluding Revaluation Reserve 650.55 699.43 662.82 763.2820 i) Earnings Per Share (before extraordinary items) of

Rs.10/- each (not annualised)(a) Basic 3.49 (4.29) (6.78) (24.42) (15.25) (22.51) (27.96)(b) Diluted 3.49 (4.29) (6.78) (24.42) (15.25) (22.51) (28.04)ii) Earnings Per Share (after extraordinary items) ofRS.10/-each (not annualised)(a) Basic 3.49 (4,29) (6.78) (24.42) (15.25) (22.51) (28.04)(b) Diluted 3.49 (4.29) (6.78) (24.42) (15.25) (22.51) (28.04)..

21 Debt Equity Ratio 2.01 1.44 3.12 . 2.15

22 Debt Service Coverage Ratio (DSCR) 0.83 0.33 0.98 0.38

23 Interest Service Coverage Ratio (ISCR) 1.00 0.99 1.18 0.94

( Rs. In Crores)

SEGMENTWISEREVENUE,RESULTS,ASSETSANDLIABILITIESFORTHEQUARTERANDYEARENDED31STMARCH'2017STANDALONE

Particulars 3 months ended Year ended Year endedSr. No.31,03,2017 31.12.2016 31.03.2016 31.03.2017 31.03.2016 31.03.2017 31.03.2016Audited Unaudited Audited Audited Audited Audited Audited

1 SegmentRevenuea.Steel 445.78 348.06 312.45 1,535.14 1,530.13 1,682.18 1,837.05b.Power 66.99 42.02 52.18 213.57 211,37 324.92 420.41Total 512.77 390.08 364.63 1,748.71 1,741.50 2,007.10 2,257.46Less:lntersecrnent Revenue 58.38 41.91 50.47 202.69 202.62 202.69 277.73NetSalesllncomefrom Operations 454.39 348.18 314.16 1,546.02 1,538.89 1,804.41 1,979.73

2 SegmentResultsProfiU(Loss)beforetaxandinterestfromeachsegmenta.Steel 40.35 1.18 (15.30) 14.16 8.67 30.98 (64.53)b.Power 29.35 27.93 32.51 111.30 115.57 183.05 209.68Total 69.71 29.11 17.21 125.46 124.24 214.03 145.15Less:Interest& FinanceCharges 46.41 41.44 41.94 176.70 163.18 259.15 252.00Less:Un-AliocableExpensesNetof un-allocableincome 11.87 1.84 12.99 26.76 35.66 28.05 35.62Profit BeforeTax 11.43 (14.17 (37.71) (78.01) (74.60 (73.17 (142.47

3 SegmentAssetsa.Sleel 2,026.10 1,977.37 2,171.12 2,026.10 2,171.12 2,236.78 2,054.97b.Power 403.15 413.62 412.34 403.15 412.34 992.75 1,286.97Total 2,429.25 2,390.99 2,583.46 2,429.25 2,583.46 3,229.53 3,341.94Un-allocableAssets 23.70 16.69 26.14 23.70 26.14 23.70 73.01TotalAssets 2452.95 2407.68 2609.60 2452.95 2609.60 3253.23 3414.95

4 SegmentLiabilitiesa.Steel 1,497.60 1,532.17 1,599.07 1,497.60 1,599.07 1,666.00 1,649.63b.Power 166.92 138.80 177.99 166.92 177.99 653.68 767.46Total 1,664.52 1,670.97 1,777.06 1,664.52 1,777.06 2,319.68 2,417.09Un-allocableLiabilities 83.29 87.59 75.59 83.29 75.59 83.29 99.59Total Liabilities 1,747.80 1,758.56 1,852.65 1,747.80 1,852.65 2,402.97 2,516.68

NOlES.1 TheaboveresultswerereviewedbytheAuditCommitteein its meetingheldon29thMay2017andapprovedbyBoardof Directorsin its meetingheldon30thMay2017

2 Theseresultshavebeenpreparedin accordancewith the Companies(IndianAccountingStandards)Rules,2015(IndAS) prescribedunderSection133of the CompaniesAct, 2013andother recognizedaccountingpracticesand policiesto the extentapplicable.Consequently,resultsfor the quarter/yearended31stMarch,2016 e beenrestatedto complywithIndAS to makethemcomparable.

Godawari Powerat Ispat LimitedAn ISO 9001 :2008, ISO 14001 :2004 & OHsAS 18001 :2007 certified company

RegisteredOffice and Works: PlotNo. 428/2, PhaseI, IndustrialArea, Smara,Raipur - 493111, Chhattisgarh, IndiaP:+91 771 4082333, F:+ 91 771 4082334

Corporate address: HiraArcade, Near NewBusStand,Pandri,Raipur- 492001, Chhattisgarh, IndiaP:+ 91 771 4082000, F:+ 91 771 4057601www.gpilindio.com. www.hirogroupindio.com CIN No.

L27106CT1999PLC013756

GODAWARI POWER & ISPATThe reconciliation of Total Equity as previously reported (referred to as 'Previous GAAP') and as per Ind-AS is as per the table below-

(Rs. In Crores)

Particulars Standalone ConsolidatedYear Ended Year Ende~t!_31.03.2016 31.03.2016

Total Eauitv Shareholder's Funds as ner nrevious GAAP . '756_-87 928.46-Effect of capitalisation of spares and other costs as Property, Plant and Equipment (PPE) and related accumulated depreciation (0.01 JO.38Fair Value impact of Financial Instruments 3.03 0.70Effects of fair valuation of derivative contracts (1.84 (1.84.Remeasurement of defined benefit ~Ians recognised in other com~rehensive income 0.38 0.28Impact arising on fair value measurement of Financial Assets/Liabilities (2.34 (2.02Adjustment for investment of company's shares held in trust (0.23 (0.23-Effects of Deferred Tax (24.82 (37.83Adjustment in consolidated figures due to Ind AS implementation in group companies - 11.12

Total Equity as per IND AS' 731.05 898.26

4 The reconciliation of Net Profit as previously reported (referred to as 'Previous GAAP') and the total comprehensive income as per Ind-AS is as per the table below:-

Rs. In CroresStandalone Consolidated

Particulars Quarter Year Ended Year EndedEnded

31.03.2016 31,03,2016 31.03.2016

Profit after tax (PAT) as per previous IGA.AP (39.36) (63.39) (96,88)

Effect of capitalisation of spares and other costs as Property, Plant and Equipment (PPE) and related depreciation 0.13 (0.01 (0.27Remeasurement of defined benefit plans recognised in other comprehensive income 0.17 0.21 (050Effects of fair valuation of derivative contracts (156) (067) .(0.67Remeasurement of fair value measurement of Financial Assets/Liabilities 10.09 10.09 10.10Adjustment in consolidated figures due to Ind AS implementation in group companies - - (3.58)Effects of Deferred Tax 9.06 5.54 3.13

Profit after tax (PAT) as per lnd- AS . 121,471 148,23) (88.67)Other Comprehensive Income ..Remeasurement of defined benefit plans recognised in other comprehensive income (Net of taxes) (0.05 (0.29 0.31Change in Fair Value of Investments (Net of taxes) 1.20

Total Comprehensive Income as reported under Ind-AS 120.321 (48.521 (88.36

5 The Cumulative amount of excess Royalty of Rs. 34.79 Cr upto 31.03.17 (Rs. 41.03 Cr upto 31.12.16), due to difference in applicable rates of royalty as per claim by miningdepartment and royalty payable as per the direction of Honorable High Court of Chhattisgarh on petition filed by the Company for re-assessment of royalty, is shown asadvance royalty and carried to Balance Sheet pending re-assessment by mining department.

6 The company is entitled to Renewable Energy Certificates (REC) against captive generation & consumption of Bio-Mass Power. The floor price for trading of REC's on IndianEnergy Exhange (lEX) was earlier determined by Central Electricity Regulatory Commission (CERC) @Rs. 1.50 per unit, However, CERC has revised the floor price of [email protected]/-perunitw.e.!. 01st April, 2017, which has been subesequently challenged in a petition in the Supreme Court. The Hon'able Supremer Court has granted stay ontrading of RECs pending disposal of the petition. Accordingly, the-company has valued the inventory of RECs @ RS.l.50/- per unit. However, if the same would have beenvalued at RS.l.00/- per unit, it would have increased the losses of the company by Rs.19.07 Cr only for the year ended 31st March, 2017.

7 Pursuant to. regulation 32 (1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, there is no deviation in use of the proceeds aggregating to Rs.31.00 Crores, received from the issue and allotment of 24,80,000 equity·shares of Rs. 10/- each at a premium of RS.115/- per shares to the persons acting in concert withpromoters on preferential basis on 21.03.2017, in pursuance of the approval of the shareholder at their Extra-Ordinary General Meeting held on 6th March, 2017 from theobjects of the issue stated in the explanatory statement to the Notice of Extra Ordinary General Meeting dated 7th February, 2017. The amount of RS.31.00 Crores has beenfully utilized for the purpose of long-term working capital requirements of the company on or before 31.03.2017.

The debt facilties of the company and the subsidiary companies has been restructured by the banks as per the extended RBI guidelines. Accordingly the debts appearing inthe books of accounts are re-structured debts and effect of restructuring has been accounted for in the books of account.

The figures for the quarter ended 31.03.17 & 31.03.16 are the balancing figures between audited figures in respect of full financial year and the published year to date figuresup to third quarter of the financial year 2016-17

10 Ratios have been computed as follows:

a) Debt Equity Ratio: Term Loans and Debenture/Shareholders Fund

b) DSCR = Earning befor interest and depreciation but after tax I(interest on term loans & debentures + principal repayment of term loans and debentures).

c) ISCR = Earning before interest, depreciation & tax / interest expenses.

11 The previous year/period have been regrouped/rearranged wherever found necessary.

'12 Only subsidiary company accounts have been consolidated.

13 The above results are also available on www.godawaripowerispat.com, www.bseindia.com and www.nseindia.com.

Godawari Power at Ispat LimitedAn ISO9001 :2008, ISO 14001 :2004 & OHSAS18001 :2007 certified company

Place: RaipurDate: 30.05.2017

RegisteredOffice and Works: PlotNo, 428/2. PhaseI, IndustrialArea, Siltara,Raipur - 493111, Chhattisgarh, IndiaP:+91 771 4082333; F:+ 91 771 4082334

Corporate address: HiraArcade, Near NewBusStand,Pandri,Raipur- 492001, Chhattisgarh, IndiaP:+ 91 771 4082000, F:+91 771 4057601 CIN No _www.gpilindia_com. www.hiragroupindia.com L27106CT1999PLC013756


(Rs. Cr)

Sr.STAND ALONE CONSOLIDATED

No.Particulars 31.03.2017 31.03.2016 31.03.2017 31.03.2016

Audited Audited Audited AuditedA ASSETS1 Non -current assets

(a) Property, Plant and Equipment 1,334.40 1,275.70 2,222.07 2,194.90(b) Capital work-in-progress 58.92 156.80 135.49 229.77(c) Other intangible assets 100.76 86.75 103.76 90.25(d) Other intangible assets under development - 8.15 0.92 9.15(e) Financial assets

(i) Investments 279.76 276.46 108.36 113.67(ii) Loans 4.90 3.44 - -

(f) Defered tax assets (net) 1.90 1.26 15.07 13.64(g) Other non current assets - - 4.75 5.50

Sub Total - Non Current Assets 1,780.64 1,808.57 2,590.43 2,656.872 Current-assets

(a) Inventories 270.23 385.62 304.36 413.49(b) Financial assets

(i) Investments - - - -(i) Trade Recievables 73.69 86.24 113.56 98.24(iii) Bank, Cash and cash equivalents 21.16 25.93 51.13 98.06(iv) Bank balances other than (iii) above 16.65 46.17 - -(iii) Loans 62.61 56.78 - -

(c) Other current assets 161.68 128.99 191.76 143.54(d) Current tax assets (net) 1.99 3.11 1.99 4.75

Sub Total - Current Assets 608.03 732.84 662.80 758.08Total Assets 2388.66 2541.41 3253.23 3414.95

B EQUITY AND LIABLITIES1 EQUITY

(a) Equity. share capital 34.11 31.63 34.11 31.63

(b) Other equity 650.55 699.43 662.82 763.28

(c) Non Controlling/Minority Interest - - 153.32 103.36

Sub Total - Equity 684.66 731.06 850.26 898.26LlABLITIES

2 Non-current liablitites(a) Financial Liablities

(i) Borrowings 1,360.61 838.74 1,979.86 1,366.01(b) Provisions 9.46 5.67 10.09 6.18(d) Other non-current liablities 1.83 2.37 - -

Sub Total - Non Current Liabilities 1,371.91 846.78 1,989.95 1,372.193 Current liablities

(a) Financial Liablites(i) Borrowings 171.31 276.99 195.50 340.76(ii) Trade Payables 101.38 431.46 137.58 443.92(iii) Other financialliablities 59.41 254.89 50.36 315.12

(b) Other current liablities - - 28.02 43.93(c) Provisions - 0.23 0.11 0.77(d) Current tax liabilities (net) - - 1.45 -

Sub Total - Non Current Liabilities 332.09 963.57 413.02 1,144.49

Total Equity and Liablities 2388.66 2541.41 3253.23 3414.95

AUDITED STATEMENTOF ASSETS& LIABILITIES AS ON 31ST MARCH'2017

For and on behalf of Board of DirectorO-1/

"_"""------ Godawari Power& Ispat limitedAn ISO9001 :2008, ISO 14001 :2004 & OHSAS18001 :2007 certified company


RegisteredOffice and Works: PlotNo. 428/2, PhaseI, IndustrialArea, Siltara,Raipur - 493111, Chhattlsgarh, IndiaP:+91 771 4082333, F:+91 771 4082334

Corporate address: HiraArcade, Near NewBusStand,Pandri,Raipur- 492001, Chhattisgarh, IndiaP:+ 91 771 4082000, F:+91 771 4057601www.gpilindia.com. www.hiragroupindia.com CIN No.-

I "'71Opr,T1 qooPI_cn13756

OPSinghania & Co.CHARTERED ACCOUNTANTSJDS CHAMBERS, 1ST FLOOR, 6-CENTRAL AVENUE,CHOUBE COLONY, RAIPUR -492001(C.G.) INDIAPHONE: 0771- 4041236; 4061216Email:[email protected]

INDEPENDENT AUDITORS' REPORT

TO THE BOARD OF DIRECTORS OF

GODAWARI POWER & ISPAT LIMITED

1. We have audited the accompanying Statement of Standalone Financial Results of

GODAWARI POWER & ISPAT LIMITED (lithe Company") for the year ended March 31, 2017

(lithe Statement"), being submitted by the Company pursuant to the requirement of

Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,

2015.

2. This Statement, which is the responsibility of the Company's Management and approved by

the Board of Directors, has been prepared on the basis of the related financial statements

which are in accordance with the Indian Accounting Standards (Ind AS) prescribed under

Section 133 of the Companies Act, 2013 and read with relevant rules issued thereunder as

applicable and other accounting principles generally accepted in India and in compliance

with the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure

Requirements) Regulations, 2015. Our responsibility is to express an opinion on the

Statement. Our responsibility is to express an opinion on the Statement.

We conducted our audit in accordance with the Standards on Auditing issued by the

Institute of Chartered Accountants of India. Those Standards require that we plan and

perform the audit to obtain reasonable assurance about whether the Statement is free from

material misstatement. An audit includes examining, on a test basis, evidence supporting

amounts disclosed in the Statement. An audit also includes evaluating the appropriateness

of the accounting policies used and the reasonableness of the significant accounting

estimates made by the Management, as well as evaluating the overall presentation of the

Statement. We believe that the audit evidence we have obtained is sufficient and

appropriate to provide a basis for our audit opinion.

3. In our opinion and to the best of our information and according to the explanations given to

us, the Statement;

(i) is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing

Obligations and Disclosure Requirements) Regulations, 2015 and SEBI Circular Dated

05 July 2016 in this regard; and

(ii) gives a true and fair view of the financial performance including other comprehensive

income and other financial information for the year ended 31 March 2017.

4. The Statement includes the results for the Quarter ended 31st March, 2017 being the

balancing figure between audited figures in respect of the full financial year and the

published year to date figures up to the third quarter of the current financial year which

were subject to limited review by us.

For OPSINGHANIA & CO.(leAl Firm Regn. No.002172C)

Chartered A c tants

(ArviPARTMembership No. 159869

Raipur,30.05.2017

OPSinghania & Co.CHARTERED ACCOUNTANTSJDS CHAMBERS, 1ST FLOOR, 6-CENTRAL AVENUE,CHOUBE COLONY, RAIPUR -492001(C.G.) INDIAPHONE: 0771-4041236; 4061216Email:[email protected]


TO THE BOARD OF DIRECTORS OF GODAWARI POWER & ISPAT LIMITED

1. We have audited the accompanying Statement of Consolidated Financial Results ofGODAWARI POWER & ISPAT LIMITED (lithe Holding Company") and its subsidiaries (theHolding Company and its subsidiaries together referred to as lithe Group"), its associates

and jointly controlled entities, for the year ended March 31, 2017 (lithe Statement"), being

submitted by the Holding Company pursuant to the requirement of Regulation 33 of the

SEBI(Listing Obligations and Disclosure Requirements) Regulations, 2015.

2. This statement, which is the responsibility of the Holding Company's Management and

approved by the Board of Directors, has been prepared on the basis of the related

consolidated financial statements which are in accordance with the Indian Accounting

Standards (Ind AS) prescribed under Section 133 of the Companies Act, 2013, as applicable,

and read with relevant rules issued thereunder as applicable and other accounting principles

generally accepted in India and in compliance with the requirement of Regulation 33 of the

SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Our responsibility

is to express an opinion on the Statement.

3. We conducted our audit in accordance with the Standards on Auditing issued by the









4. (a)

(b) We did not audit the financial statements of certain associates & joint ventures in

which the share of loss of the Group is Rs. crore.0.68 These financial statements have

been unaudited and certified by the management.

5. Our opinion on the Statement is not modified in respect of the above matters with regard to

our reliance on the work done and the reports of the other auditors and the financial

statements certified by the Management.

6. In our opinion and to the best of our information and according to the explanations given tous, and based on the consideration of the reports of the other auditors referred to in

paragraph 5 above, the statement:

a. Includes the results of entities as given below:

List of Subsidiaries:

Ardent Steel Limited, Godawari Green Energy Limited, Godawari Energy Limited, Godawari

Clincker & Cement Limited, Godawari Integrated Steel (India) Limited and Krishna Global &

Minerals Limited.

List of Associates and Joint Ventures:

Raipur Infrastructure Company Limited, Chhattisgarh Captive Coal Mining Limited,

Godawari Natural Resources Limited, Chhattisgarh Ispat Bhumi Limited, Hira Ferro Alloys

Limited and Jagdamba Power & Alloys Limited.

b. is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing



c. gives a true and fair view of the financial performance including other comprehensive



Chartered A un ants

.rd M. Patel)

P NERMembership No. 159869

Raipur,30.05.2017


1. The Listing Department,

The National Stock Exchange Limited,

Exchange Plaza, Bandra Kurla Complex,

Bandra (E),MUMBAI - 400051

NSE Symbol: GPIL

2. The Corporate Relation Department,

The Stock Exchange, Mumbai,

1st Floo~,Rotunda Building,

Dalal Street, MUMBAI - 400 001

BSE Security Code: 532734

Dear Sirs,

Sub: Declaration pursuant to Regulation 33 (1) (d)' of SEBI (Listing Obligations and

Disclosure Requirements) Regulations, 2015

Ref: NSE Symbol: GPIL & BSE Scrip Code- 532734

I, Bjarnag Lal Agrawal, Managing Director of Godawari Power & Ispat Limited, hereby

declare that the Stautory Auditors of the Company Mis O.P. Singhania & Co. (Firm

Regitration No. 002172C) have expressed their Unmodified Opinions in respect of Audited

Standalone and Consolidated Financial Statement for the financial year ended on 31.03.2017.

Kindly disseminate the information on the official website of the Exchange for the

information of all members of the Exchange and Investors.

Thanking you,

Yours faithfully,

ForGODAWARIPO] ANDISPATLIMITED

BAJRANGLA~ALMANAGING DIRECTOR

-..-~------~G:;'od::a:w:a:. n:·:po:w=e:-r&::tS=pa=t:L:jm:j:ted::;-----....,__ --.---An ISO9001 :2008, ISO14001:2004 & OHSAS18001:2007 certified company

RegisteredOffice and Works: PlotNo. 428/2. PhaseI. IndustrialArea. Siltara.Raipur - 493111. Chhattlsgarh. IndiaP:+91 771 4082333. F:+ 91 771 4082334

Corporate address: HiraArcade. Near NewBusStand.Pondrl.Raipur• 492001. Chhattisgarh. IndiaP:+ 91 771 4082000. F:+ 91 771 4057601www.gpilindia.com.www.hiragroupindia.com C IN No.

L27106CT1999PLC013756

- --- ------------------------------------------------

GODAWARI POWER & ISPATREF: GPILINSE&BSE/20 17/3200 Date: 30.05.2017

To,I. The Listing Department,

The National Stock Exchange Limited,Exchange Plaza, Bandra Kurla Complex,Bandra (E), MVMBA] - 400051

2. The Corporate Relation Department,The Stock Exchange, Mumbai,151 Floor, Rotunda Building,Dalal Street, MVMBAI - 40000 I

Dear Sirs,

Sub: Outcome of Board Meeting and Submission of Audited Standalone & Consolidated

Financial Results for the quarter and year ended 31s1 March, 2017

Ref: NSE Symbol: GPIL BSE Security Code: 532734

A meeting of the Board of Directors of Godawari Power and Ispat Limited ("GPIL") was held ontoday (i.e.30Ih May, 2017) at Corporate Office of the Company at Second Floor, Hira Arcade, Near

New Bus Stand, Pandri, Raipur, Chhattisgarh.

We are enclosing herewith the pursuant to Regulation 33 of SEBI (Listing Obligation and DisclosureRequirement) Regulation 20 IS, the Audited Standalone and Consolidated Financial Results of theCompany along with the Audit Reports of the Statutory Auditors on the Standalone and ConsolidatedFiancial the Companby for the quarter and year ended on 3151 March, 2017. The copy of the same is

enclosed as Annexure -A.

We hereby declare that the Stautory Auditors of the Company have expressed their UnmodifiedOpinions in respect of Audited Standalone and Consolidated Financial Statement for the year ended on

3151 March, 20 17.The copy of disclosure is attached as Annexure -B.

The Board of Director, subject to approval of shareholders in ensuing Annual General Meeting CAGM)has approved the re-appointment and fixation of remuneration of Shri Dinesh Agrawal as ExecutiveDirector of the Company for a further period of five years with effect from I Ith August 2017.

The Board of Director, subject to approval of shareholders in ensuing AGM has approved the revisionin remuneration of Shri Bajrang Lal Agrawal, Managing Director and Shri Abhishek Agrawal,

Executive Director of the Company.

Cont. ... P2

-- GO~aWa;i~po;er & Ispat L~;it;;'--~An ISO9001 :2008. ISO 14001 :2004 & OHSAS18001 :2007 certifiedcompany

RegisteredOffice and Works: PlotNo. 428/2, PhaseI, IndustrialArea, SUtara,Raipur· 493111, ChhattisgP: +91 771 4082333, F: + 91 771 4082334

Corporate address: HiraArcade, Near NewBusStand,Pandr!.Ralpur- 492001, Chhattisgarh, IndiaP: + 91 771 4082000, F:+ 91 771 4057601www.gpilindio.com. www.hiragroupindio.com CIN No.- 6

L27106CT1999PLC01375

GODAWARI POW-ER & ISPAT

The Board of Directors, subject to approval of shareholders in ensuing AGM has recommended theappointment of Mis JDS & Co. (Firm Regisration No.O18400C) as Statutory Auditor for six years inplace of retiring Statutory Auditors Mis O.P. Sighania & Company from the conculsion of ensuing

AGM.

The meeting of the directors were commenced at 03:00 PM and concluded on 07:30 PM.

Kindly disseminate the information on the official website of the exchange for the information of all

members of the Exchange and Investors.

Thanking you,

Yours faithfully,For GODAWARI POWER AND ISPAT LIMITED

~,~,

Y.c. RAOCOMPANY SECRETARYEncl: As Above

----------.--~--_- -___Godawari Power& Ispat Limited --

An ISO9001 :2008. ISO 14001 :2004 & OHSAS18001 :2007 certified company

RegisteredOffice and Works: PlotNo. 428/2. PhaseI. IndustrialArea, Slltara,Raipur • 493111, Chhattisgarh, IndiaP: +91 771 4082333, F: + 91 771 4082334

Corporate address: HiraArcade, Near NewBusStand,Pandrl,Raipur- 492001, Chhattisgarh, IndiaP: + 91 771 4082000, F: + 91 771 4057601www.gpilindio.com. www.hirogroupindio.com

CIN No.L27106CT1999PLC013756

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GODAWARI POWER & ISPATThe reconciliation of Total Equity as previously reported (referred to as 'Previous GAAP') and as per Ind-AS is as per the table below:-

fRs. In Crores)Particulars Standalone Consolidated

Year Ended Year Ended31.03.2016 31.03.2016

.' Total Eauitv Shareholder's Fund~as_Qer_ll!'evious GAAP 756.8' 92846Effect of capitalisation of spares and other costs as Property. Plant and Equipment (PPE) and related accumulated depreCiation (0.01 (0.38Fair Value impact of Financial Instruments 3_03 0.70Effects of fair valuation of denvanve contracts f1.84 f1.84Remeasurement of defined benefit plans recognised in other com_p_"ehensiveincome . o.~, 0.28Impact arising on fair value measurement of Financial Assets/Liabilities (2.34 (2.02Adjustmenl for investment of company's shares held in trust (023 (0.23Effects of Deferred Tax (24.82 (37.83Adjustment In consolidated figures due to Ind AS implementation in group companies 11.12

Total Equity as per IND AS 731.05 898.26

4 The reconciliation of Net Profit as previously reported (referred to as 'Previous GAAP') and the total comprehensive income as per Ind·AS is as per the table below:·

_iRs. In CroresStandalone Consolidated

Particulars auarter Year Ended Year EndedEnded

31.03.2016 31.03.2016 31.03.2016

Profit after tax (PAT) as per previous IGAAP (39.36) (63.39) (96.88)Effect of capitalisation of spares and other costs as Property. Plant and Equipment (PPE) and related depreciation 0.13 (0.01 (0.27Remeasurement of defined benefit plans recognised in other comprehensive income 0.17 0.21 (0.50Effects of fair valuation of derivative contracts _il.56 (0.67 (0.67Remeasurement of fair value measurement of Financial Assets/Liabilities lit 09 1009 1010Adjustment in consolidated figures due to Ind AS implementation In group companies - - (3.58Effects of Deferred Tax 9.06 5.54 3.13.' Profit after tax (PAT) as per Ind- AS (21.47) f48.23) 188.67)Other Comprehensive IncomeRemeasurement of defined benefit plans recognised in other comprehensive income (Net of taxes) _i0.05 (0.29 0.31Change in Fair Value of Investments (Net of taxes) 1.20

Total Comprehensive Income as reported under Ind·AS J.20.3~ (48.52 (88,36

5 The Cumulative amount of excess Royalty of Rs. 34.79 Cr upto 31.03.17 (Rs. 41.03 Cr upto 31.12.16). due to difference in applicable rates of royalty as per claim by miningdepartment and royalty payable as per the direction of Honorable High Court of Chhattisgarh on petition filed by the Company for re-assessment of royally. is shown asadvance royally and carried to Balance Sheet pending re-assessment by mining department.

6 The company is entitled to Renewable Energy Certificates (REG) against captive generation & consumption of Bia-Mass Power. The floor price for trading of REC's on IndianEnergy Exhange (lEX) was earlier determined by Central Electricity Regulatory Commission (CERG) @Rs. 1.50 per unit. However. CERC has revised the floor price of [email protected]/· per unil w.e.I. 01st April. 2017. the order for downward revision of floor pnce by CERe has been subesequently challenged in a petition in the Supreme Court. TheHon'able Supremer Court has granted stay on trading of RECs pending disposal of the petition. Accordingly, the company has valued the inventory of RECs @ RS.l.50/· perunit. However, if the same would have been valued at Rs.1.00/- per unit. it would have Increased the losses of the company by Rs.19.07 Cr only for the year ended 31stMarch. 2017.Pursuant to regulation 32 (1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. there is no deviation in use of the proceeds aggregating to Rs.31.00 Crores, received from the issue and allotment of 24,80,000 equity shares of Rs. 10/· each at a premium of RS.115/- per shares to the persons acting in concen withpromoters on preferential basis on 21.03.2017, in pursuance of the approval of the shareholder at their Extra-Ordinary General Meeting held on 6th March. 2017 from theObjects of the issue stated in the explanatory statement to the Notice of Extra Ordinary General Meeting dated 7th February, 2017. The amount of RS.31.00 Crores has beenfully utilized for the purpose of lonq-terrn working capital requirements of the company on or before 31.03.2017.

8 The debt facilties of the company and the subsidiary companies has been restructured by the banks as per the prevailing RBI guidelines. Accordingly the debts appearing inthe books of accounts are re-structured debts and effect of restructuring has been accounted for in the books of account.

9 The figures for the quarter ended 31.03.17 & 31.03.16 are Ihe balancing figures between audited figures in respect of full financial year and the published year to date figuresup to third quaner of the financial year 2016-17

10 Ratios have been computed as follows:

a) Debt Equity Ratio: Term Loans and Debenture/Shareholders Fund

b) DSCR = Earning befor interest and depreciation but after tax / (interesl on term loans & debentures + principal repaymenl of term loans and debenlures).

c) ISCR = Earning before interest. depreciation & tax / interest expenses.

11 The previous year/period have been regrouped/rearranged wherever found necessary.

12 Only subsidiary company accounts have been consolidated.

13 The above results are also available on www.godawaripowerispat.com. www.bseindia.com and www.nseindia.com.

_- --.-----------------~~~'-Godawari Power & Ispat Limited ~____,~An ISO9001 :2008, ISO14001:2004 & OHSAS18001:2007 certified company


RegisteredOffice and Works: PlotNo, 428/2, PhoseI, IndustrialArea, Siltera,Raipur - 493111, Chhattlsgerh, IndioP: +91 771 4082333, F: + 91 771 4082334

Corporate address: HiraArcade, Near NewBusStand,Pandrl,Raipur- 492001, Chl}_qt1jsgarh,Indio.' P: + 91 771 4082000, F: + 91 771 4057601 CIN NOCT1999PI..CQ111aO

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OPSinghania & Co.CHARTERED ACCOUNTANTSJDS CHAMBERS, 1ST FLOOR, 6-CENTRAL AVENUE,CHOUBE COLONY, RAIPUR -492001(C.G.) INDIAPHONE: 0771- 4041236; 4061216Email:[email protected]


TO THE BOARD OF DIRECTORS OF

GODAWARI POWER & ISPAT LIMITED

1. We have audited the accompanying Statement of Standalone Financial Results of

GODAWARI POWER & ISPAT LIMITED (lithe Company") for the year ended March 31, 2017

(lithe Statement"), being submitted by the Company pursuant to the requirement of

Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,

2015.

2. This Statement, which is the responsibility of the Company's Management and approved by

the Board of Directors, has been prepared on the basis of the related financial statements

which are in accordance with the Indian Accounting Standards (Ind AS) prescribed under

Section 133 of the Companies Act, 2013 and read with relevant rules issued thereunder as

applicable and other accounting principles generally accepted in India and in compliance

with the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure

Requirements) Regulations, 2015. Our responsibility is to express an opinion on the

Statement. Our responsibility is to express an opinion on the Statement.

We conducted our audit in accordance with the Standards on Auditing issued by the









3. In our opinion and to the best of our information and according to the explanations given to

us, the Statement;

(i) is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing



(ii) gives a true and fair view of the financial performance including other comprehensive


4. The Statement includes the results for the Quarter ended 31st March, 2017 being the

balancing figure between audited figures in respect of the full financial year and the

published year to date figures up to the third quarter of the current financial year which

were subject to limited review by us.


Chartered A c tants

(ArviPARTMembership No. 159869

Raipur,30.05.2017

OPSinghania & Co.CHARTERED ACCOUNTANTSJDS CHAMBERS, 1ST FLOOR, 6-CENTRAL AVENUE,CHOUBE COLONY, RAIPUR -492001(C.G.) INDIAPHONE: 0771-4041236; 4061216Email:[email protected]


TO THE BOARD OF DIRECTORS OF GODAWARI POWER & ISPAT LIMITED

1. We have audited the accompanying Statement of Consolidated Financial Results ofGODAWARI POWER & ISPAT LIMITED (lithe Holding Company") and its subsidiaries (theHolding Company and its subsidiaries together referred to as lithe Group"), its associates

and jointly controlled entities, for the year ended March 31, 2017 (lithe Statement"), being

submitted by the Holding Company pursuant to the requirement of Regulation 33 of the

SEBI(Listing Obligations and Disclosure Requirements) Regulations, 2015.

2. This statement, which is the responsibility of the Holding Company's Management and

approved by the Board of Directors, has been prepared on the basis of the related

consolidated financial statements which are in accordance with the Indian Accounting

Standards (Ind AS) prescribed under Section 133 of the Companies Act, 2013, as applicable,

and read with relevant rules issued thereunder as applicable and other accounting principles

generally accepted in India and in compliance with the requirement of Regulation 33 of the

SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Our responsibility

is to express an opinion on the Statement.

3. We conducted our audit in accordance with the Standards on Auditing issued by the









4. (a)

(b) We did not audit the financial statements of certain associates & joint ventures in

which the share of loss of the Group is Rs. crore.0.68 These financial statements have

been unaudited and certified by the management.

5. Our opinion on the Statement is not modified in respect of the above matters with regard to

our reliance on the work done and the reports of the other auditors and the financial

statements certified by the Management.

6. In our opinion and to the best of our information and according to the explanations given tous, and based on the consideration of the reports of the other auditors referred to in

paragraph 5 above, the statement:

a. Includes the results of entities as given below:

List of Subsidiaries:

Ardent Steel Limited, Godawari Green Energy Limited, Godawari Energy Limited, Godawari

Clincker & Cement Limited, Godawari Integrated Steel (India) Limited and Krishna Global &

Minerals Limited.

List of Associates and Joint Ventures:

Raipur Infrastructure Company Limited, Chhattisgarh Captive Coal Mining Limited,

Godawari Natural Resources Limited, Chhattisgarh Ispat Bhumi Limited, Hira Ferro Alloys

Limited and Jagdamba Power & Alloys Limited.

b. is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing



c. gives a true and fair view of the financial performance including other comprehensive



Chartered A un ants

.rd M. Patel)

P NERMembership No. 159869

Raipur,30.05.2017

--I-IIRA--GODAWARI POWER & ISPAT

1. The Listing Department,

The National Stock Exchange Limited,

Exchange Plaza, Bandra Kurla Complex,

Bandra (E),MUMBAI- 400051

NSE Symbol: GPIL

2. The Corporate Relation Department,

The Stock Exchange, Mumbai,

151Floor, Rotunda Building,

Dalal Street, MUMBAI - 400 001

BSE Security Code: 532734

Dear Sirs,

Sub: Declaration pursuant to Regulation 33 (1) (d) of SEBI (Listing Obligations and

Disclosure Requirements) Regulations, 2015

Ref: NSE Symbol: GPIL & BSE Scrip Code- 532734

I, Bjarnag Lal Agrawal, Managing Director of Godawari Power & Ispat Limited, hereby declare

that the Stautory Auditors of the Company Mis O.P. Singhania & Co. (Firm Regitration No.

002172C) have expressed their Unmodified Opinions in respect of Audited Standalone and

Consolidated Financial Statement for the financial year ended on 31.03.2017.

Kindly disseminate the information on the official website of the Exchange for the information

of all members of the Exchange and Investors.

Thanking you,

Yours faithfully,

For GODAWARI POWER AND ISPAT LIMITED

Ay-$BAJRA~ LAL AGRAWAL

MANAGING DIRECTOR

_------RegisteredOffice and Works: PlotNo. 428/2, PhaseI, IndustrialArea, Siltara,Raipur - 493111, Chhattisgarh, India

P: +91 771 4082333, F: + 91 771 4082334Corporate address: HiraArcade, Near New BusStand,Pandri,Raipur- 492001, Chhattisgarh, India

P: + 91 771 4082000, F: + 91 771 4057601 CIN No -www.gpilindia.com. www.hiragroupindio.com L27106CT1999PLC013756

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