STRONGER through adversity

282 The Phoenix Mills Limited Annual Report 2020-21

Consolidated Balance Sheet

as at 31st March, 2021

(` in Lakhs)
Note As at As at
Particulars
no. 31st March, 2021 31st March, 2020
ASSETS
1 Non-Current Assets
Property, plant and equipment 6 689,965.84 607,954.74
Capital work-in-progress 6 127,396.51 153,409.34
Other Intangible assets 6 160.26 193.04
Intangible assets under development 6 3.50 18.50
Goodwill on consolidation 37,106.93 37,106.93
Financial assets
- Investments 7 47,494.86 42,803.12
- Loan 8 630.25 920.25
- Other 9 11,809.78 11,974.22
Deferred tax assets (Net) 10 12,366.01 6,122.32
Other non-current assets 11 16,864.45 20,025.95
943,798.39 880,528.41
2 Current Assets
Inventories 12 76,817.08 81,611.74
Financial assets
- Investments 13 9,906.55 16,167.14
- Trade and other receivables 14 29,500.56 20,170.23
- Cash and cash equivalents 15 13,279.06 12,933.41
- Bank Balance other than above 16 38,107.64 1,136.91
- Loans 8 1,504.41 971.29
- Other 9 15,069.75 10,570.59
Current Tax Assets (net) 17 7,203.74 14,309.29
Other current assets 11 10,318.12 16,337.65
201,706.91 174,208.25
TOTAL ASSETS 1,145,505.30 1,054,736.66
EQUITY AND LIABILITIES
1 Equity
Equity Share capital 18 3,437.42 3,069.25
Other equity 19 485,037.82 367,768.75
Equity attributable to the owners 488,475.24 370,838.00
Non Controlling Interest 131,903.10 127,879.11
620,378.34 498,717.11
Liabilities
2 Non-current liabilities
Financial liabilities
- Borrowings 20 301,609.83 340,528.04
- Trade Payables 21
total outstanding dues of micro enterprises and small enterprises - -
total outstanding dues of creditors other than micro enterprises and small enterprises - 123.18
- Other financial liabilities 22 12,932.34 18,937.33
Provisions 23 1,168.26 1,016.97
Deferred tax liabilities (Net) 24 212.26 276.78
Other non-current liabilities 25 2,733.39 1,268.49
318,656.08 362,150.79
3 Current Liabilities
Financial liabilities
- Borrowings 26 63,756.65 67,908.98
- Trade Payables 21
total outstanding dues of micro enterprises and small enterprises 649.64 505.21
total outstanding dues of creditors other than micro enterprises and small enterprises 7,818.78 10,384.04
- Other financial liabilities 22 102,652.57 76,139.15
Provisions 23 7,386.48 6,591.74
Current tax Liabilities (net) 27 3.14 19.49
Other current liabilities 25 24,203.62 32,320.15
206,470.88 193,868.76
TOTAL EQUITY AND LIABILITIES 1,145,505.30 1,054,736.66
See accompanying notes to the financial statements 1 to 65
As per our report of even date For and on behalf of Board of directors
For D T S & Associates LLP
Chartered Accountants
Firm Registration No. : 142412W / W100595 Atul Ruia Shishir Shrivastava
(Chairman) (Managing Director)
DIN - 00087396 DIN - 01266095
Ashish G. Mistry Gajendra Mewara
Partner (Company Secretary)
Membership No. 132639 Membership No. A22941
Place: Mumbai
Dated : 27th May, 2021
STRONGER through adversity
The Phoenix Mills Limited Annual Report 2020-21 283

Consolidated Statement of Profit and Loss

for the year ended 31st March, 2021

(` in Lakhs)
Sr Note Year ended Year ended
No. Particulars no. 31st March, 2021 31st March, 2020
INCOME
I Revenue from Operations 28 107,329.28 194,113.71
II Other Income 29 9,228.55 5,850.05
TOTAL INCOME 116,557.83 199,963.76
EXPENSES
Cost of Materials Consumed 30 3,321.31 11,402.14

Strategic Report
Change in Inventory 31 4,369.44 8,184.65
Employee Benefits Expenses 32 11,252.74 16,553.00
Depreciation and Amortisation 6 20,943.50 20,762.15
Finance Costs 33 34,781.43 34,781.74
Other Expenses 34 38,966.96 61,259.40
TOTAL EXPENSES 113,635.38 152,943.08
PROFIT / (LOSS) BEFORE EXCEPTIONAL ITEMS AND TAX 2,922.45 47,020.68
Add: Exceptional Item (Refer note no. 47) - 776.61
IV PROFIT BEFORE TAX 2,922.45 47,797.29
V TAX EXPENSES
Current Income Tax 35 3,408.84 4,218.94
Reversal of Minimum Alternate Tax credit write off 35 (4,876.20) -

MD&A
Deferred Tax 35 (1,437.74) 8,017.17
Tax Adjustments of earlier years 35 2,437.10 (26.96)
VI PROFIT AFTER TAX 3,390.45 35,588.14
Share of Profit/(Loss) in Associates 1,383.89 3,261.66
VII PROFIT FOR THE YEAR 4,774.34 38,849.80
VIII OTHER COMPREHENSIVE INCOME
a) Item that will not be reclassified to Profit & Loss A/c
i) Re-measurment gain of the net defined benefit plans 74.18 59.59
ii) Gain/(Loss) on Equity Instruments at fair value through other 3,156.29 (5,304.97)
comprehensive Income
iii) Associates share in OCI 39.37 24.74
b) Income Tax relating to the Item that will not be reclassified to Profit

Reports
& Loss A/c
i) Re-Measurment Of The Defined Benefit Plans (6.19) (1.10)
ii) Change In Fair Value Of Investments - 9.58
OTHER COMPREHENSIVE INCOME/(LOSS) 3,263.65 (5,212.16)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 8,037.99 33,637.64
Net Profit attributable to
a) Owners of the company 5,260.78 33,473.11
b) Non Controlling Interest (486.45) 5,376.69
Other Comprehensive Income attributable to
a) Owners of the company 3,253.20 (5,218.57)
b) Non Controlling Interest 10.45 6.41
Total Comprehensive Income attributable to
Financials

a) Owners of the company 8,513.98 28,254.54

b) Non Controlling Interest (476.00) 5,383.10
Earning per equity shares (Face value ` 2 each) 41
Basic 3.20 21.82
Diluted 3.19 21.77

See accompanying notes to the financial statements 1 to 65

As per our report of even date For and on behalf of Board of directors
For D T S & Associates LLP
Chartered Accountants
Notice

Firm Registration No. : 142412W / W100595 Atul Ruia Shishir Shrivastava

(Chairman) (Managing Director)
DIN - 00087396 DIN - 01266095

Ashish G. Mistry Gajendra Mewara

Partner (Company Secretary)
Membership No. 132639 Membership No. A22941

Place: Mumbai
Dated : 27th May, 2021
 STRONGER through adversity
284 The Phoenix Mills Limited Annual Report 2020-21

Consolidated Cash Flow Statement

for the year ended 31st March, 2021

(` in Lakhs)
Particulars Year ended Year ended
31st March, 2021 31st March, 2020
A CASH FLOWS FROM OPERATING ACTIVITIES
Net Profit before tax as per the Statement of Profit 2,922.45 47,797.29
or Loss
Adjustments for :
Depreciation 20,943.50 20,762.15
(Profit)/Loss on Assets sold/discarded (1,761.75) 589.61
Assets discarded (CWIP) 464.22 -
Unrealised foreign exchange loss/(gain) (25.02) -
Balances in Debtors/Advances written off 72.14 131.64
Provision for Doubtful Debts and Advances 1,200.22 962.92
Employee stock option expenses 54.63 260.58
Exceptional item - (776.61)
Interest Expenses 34,781.43 34,781.74
Interest Income (5,464.59) (4,231.92)
Dividend Income (0.03) (290.89)
Profit on sale of Investments (663.31) (1,050.16)
Net gain arising on financial assets measured at (117.08) 24.96
FVTPL
Balances written back (716.15) (58.14)
48,768.21 51,105.88
Operating Cash flow before working capital changes 51,690.66 98,903.17
Adjustment for Working Capital changes :
Trade and other Receivables (4,621.40) (21,568.64)
Inventories 4,794.67 8,253.12
Trade and other Payables (9,444.92) (908.31)
(9,271.65) (14,223.83)
Cash generated from Operations 42,419.01 84,679.34
Direct Taxes Paid 1,242.82 (10,816.52)
Net Cash from Operating Activities A 43,661.83 73,862.82
B CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of Property, Plant & Equipments & CWIP (74,424.96) (74,185.69)
Sale of Property, Plant & Equipments 4,930.56 19.37
Inter Corporate Deposits & Loans (placed)/refunded (243.12) 617.32
(Net)
Investment made in Term Deposits (36,970.73) 14,101.92
Purchase of Mutual Funds/Bonds/NCD (101,846.13) (91,343.54)
Sale of Mutual Funds 108,735.56 108,394.25
Interest Received 4,329.61 5,929.65
Dividend Received 0.03 290.89
Net Cash generated from/(used in) Investing B (95,489.18) (36,175.83)
Activities
C CASH FLOWS FROM FINANCING ACTIVITIES
Net Proceeds from issue of Equity shares at 109,068.63 457.15
Share Premium (Net of Issue Expenses)
Movement in long term borrowings(Net) (18,124.27) (6,532.32)
Short term loans availed / (repaid )(Net) (4,152.33) 12,999.50
Redemption of OFCD (2,300.00) -
Interest paid (36,799.40) (30,247.71)
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The Phoenix Mills Limited Annual Report 2020-21 285

(` in Lakhs)
Particulars Year ended Year ended
31st March, 2021 31st March, 2020
Share Application Money received 5.45 9.18
Proceeds from Minorities 4,500.00 165.88
Dividend paid (including tax on Dividend) (25.08) (5,563.45)

Strategic Report
Net Cash generated from/(used in) Financing C 52,173.00 (28,711.77)
Activities
D Net Increase/(Decrease) in Cash and Cash A+B+C 345.65 8,975.22
Equivalents
Cash and Cash equivalents at the beginning of the 12,933.41 3,958.19
year
Cash and Cash equivalents at the end of the year 13,279.06 12,933.41
Notes to Statement of Cash Flow
1 Components of Cash and Cash Equivalents

MD&A
Cash in Hand 59.16 58.18
Balance with scheduled bank 13,219.90 12,875.23
13,279.06 12,933.41
* Includes Interest converted into Loan
2 Change in liability arising from financing activities:
1st April Cash Flow 31st March
2020 2021
Borrowings - Non current * 362,930.54 (20,424.28) 342,506.26

Reports
Borrowings - Current 67,908.98 (4,152.33) 63,756.65
1st April Cash Flow 31st March
2019 2020
Borrowings - Non current * 369,462.87 (6,532.33) 362,930.54
Borrowings - Current 54,909.48 12,999.50 67,908.98

* It includes current maturities of long term borrowings which is classified under other financial liability.
See accompanying notes to the financial statements 1 to 65
As per our report of even date For and on behalf of Board of directors
Financials

For D T S & Associates LLP

Chartered Accountants
Firm Registration No. : 142412W / W100595 Atul Ruia Shishir Shrivastava
(Chairman) (Managing Director)
DIN - 00087396 DIN - 01266095

Ashish G. Mistry Gajendra Mewara

Partner (Company Secretary)
Membership No. 132639 Membership No. A22941

Place: Mumbai
Notice

Dated : 27th May, 2021