JK Cem

JK Cement Ltd.
CIN : 117229UP1 994P1C01 71 99
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Registered Office
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Kamla Towel Kanpur-208001, U.P., lndia
+91-512-2371478to 85 €t +91-512-2399854
A shambhu.singh@jkcement.com
(9 www.jkcement.com
Ref. No.JKCL/SE/inti.of AGM & tnzozo-ztt 23.7.202t
Bombay Stock Exchange Ltd. National Stock Exchange of India Ltd.

Corporate Relationship Department Exchange Plaza,
Phiroze Jeejeebhoy Towers, Bandra - Kurla Complex,
25th floor, Dalal Street, Bandra (E),
Mumbai-400001 Mumbai-400051
Fax No. 022 -227 220 4 I /227 220 6 I / 227 22037 Fax No.022 -2659 8237 /2659823 8
22722039/227237t9 Email : cmlist@nse.co. in
Email:corp.relations@bseindia.com SCRIP CODE JKCEMENT
SCRIP CODE: 532644 Kind Attn.: Mr. Hari k (Asst. V.P.)
Kind Attn.: Mr. Svdnev Miranda (AGMI
Sub: Inteerated Annual Renort for the financial year 2020-21 includine Notice of 27th Annual
General Meetinq
Pursuant to Regulation 30 and 34(l) of SEBI (Listing Obligationsand Disclosure Requirements)

Regulations, 2015, the Integrated Annual Report of the Company for the financial year 2020-21
including the Notice convening 27th Annual General Meeting ('Notice"), being sent to the members
through electronic mode, is attached.
The Integrated Annual Report including Notice is also uploaded on the Company's website and can be
accessed at https://wwwjkcement.com/pdf/jk_cement_ir2l_finalfor_website.pdf
This is for your information and records.
Thanking you,
Yours faithfully,
For J.K. Cement Ltd.
3l* ',AU
Shambhu Singh
Head (Legal) & Company Secretara
Encl. As above
Corporate Office
J K 5EPER JK CEMENT
9 Padam Tower, 19 DDA Community Centre
Okhla, Phase - ], New Dethi - 1 1 0020, lndia
CEM ENT
BUILD SAFE
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White Cement Wall Putty
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+01 1-49220000
admin.padamtower@jkcement.com Manufacturing Units at : tet
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I UKAS I
(! www.jkcement.com Nimbahera, Mangrol, cotan (Rajasthan) | Muddapur (Karnataka)

001
Jharti (Haryana) | Katni (M.P.) lAtigarh (U.p.) | Batasinor (Gujarat)
A LEGEND LIVES FOREVER... ...THROUGH TALES OF GRIT, GUSTO
AND GUMPTION
Shri Yadupati Singhania’s
life is a riveting journey of
tribulations and triumphs
achieved through
incredible perseverance,
prudence, determination,
and foresight.
The Ingenious
Technocrat-Entrepreneur
Shri Yadupati Singhania joined the family JK White Cement is a pioneering initiative of
business in 1976 after earning his B. Tech Shri Singhania – the first white cement facility
degree from the illustrious Indian Institute in India to be limestone based and manufacture
of Technology, Kanpur. Inspired by his family products through the dry process. The
Yadupati
values, Shri Singhania set out to acquire the white cement plant at Gotan, which came on
requisite skills and training to pave his own stream in 1984, has transformed a barren,
Singhania
path of success by starting out at the shop desolate desert village into a thriving township,
floors, albeit under the watchful eyes of attracting other entrepreneurs and investors.
industry stalwarts, Shri Sohanlal Singhania, Sir Shri Singhania’s vision transcended geo-
(29.09.1953 - 13.08.2020) Padampat Singhania, and his father Dr. Gaur political boundaries, as he set up the maiden
Hari Singhania. This decision helped him gain overseas plant at Fujairah, UAE. Today, J.K.
a 360-degree perspective, as he worked his Cement is one of the leading white cement
way up through the technical, commercial and manufacturer in the world with exports to over
marketing functions of the business. 39 nations.
Nation builder. Visionary industrialist. Early into his entrepreneurial journey, Shri
Singhania could sense the immense potential
In his 40 years of service, Shri
Philanthropist. Social engineer. Cricket enthusiast. of the cement industry in our fast-growing
Singhania built 8 cement plants
across India, creating several
economy, which meant ramping up scale and
Shri Yadupati Singhania leaves behind a legacy which responsible practices, while laying the foundation of capacity to meet the increasing demand. A thousands of direct and indirect
is an inspiration for generations. In his four decades of self-reliance for a nation on the move two decades task easier said than done, especially given employment opportunities.
service to the nation, Shri Singhania not only cemented back. In his eventful life, Shri Singhania donned his exacting requirements. He visited several
J.K. Cement’s leadership, but also played a pivotal role multiple hats with aplomb, raising the bar every time. cement manufacturing units nationally and Under his leadership, J.K. Cement has not
in the evolution of the cement industry in India. He believed education is a critical catalyst in nation- internationally and kept himself abreast only emerged as a premier player in the
building, and went on to build schools, management of the latest trends and technologies. He Indian cement industry, but has also become
Guided by his deep-rooted patriotism and inclusive colleges, and vocational training institutes more than envisioned a world class plant, a wide range a trusted partner in India’s multi-sectoral
progress, he established the highest standards of 25 years ago, when there were few such institutions of of superior building products, and a global infrastructure development needs.
corporate governance, ethical business conduct and excellence in the country. presence, without compromising even a bit on
responsible practices.
A tribute to Late Shri. Yadupati Singhania
A firm believer of Karma

he was a vocal advocate
of hands-on training and
constant upskilling
The Compassionate Leader The Lifelong Philanthropist

A towering personality rooted in humility, Shri incidents where he helped them without even letting With a deep sense of commitment towards society He didn’t stop there, he consistently extended his focus
Singhania’s brilliance in leadership stemmed from anyone know about it. and the nation, Shri Singhania ingrained the philosophy on enhancing the employability of the country’s youth.
its ability to lead from the front. He derived his of creating shared value in the J.K. Cement family. This has been a vital cog in the community development
strength from the people he empowered and the He treated our channel partners as the lifeline His philanthropic heart finds a true reflection in our vision of J.K. Cement. Over two decades ago, he set up
community he built, with the nation’s progress at the of the organisation and equal stakeholders in comprehensive and expanding community development vocational training institutes that have been creating
centre of his universe. People welfare was his top the Company’s success. He always focused on programmes which encompass healthcare, educational promising career avenues and also providing human
priority, and he never compromised on their health, nurturing and strengthening this relationship by and religious initiatives. resources to India’s growth.
safety and well-being. A firm believer of Karma, regularly acknowledging and rewarding their efforts.
he was a vocal advocate of hands-on training and They still recall how he had always been gracious Shri Singhania believed that education In line the Singhania family tradition, he was a religious
constant upskilling. and prompt in resolving their market-related issues. person and set up many temples across our operating
These relationships run deep today, with even fourth
and knowledge are the key pivotal pillars centres. The Radhakrishna Temple in Nimbahera was
generations of certain dealer families still engaged in shaping perspective and understanding inspired by the Radhakrishna Temple in Kanpur.
Shri Singhania relentlessly focused
in business with J.K. Cement. of the populace in an emerging economic
on creating a conducive workplace for Shri Singhania was an avid sports lover, with cricket
superpower.
employees to learn, grow and expand occupying a special place in his heart. He worked for
their horizons. He established several K-12 schools, universities and the promotion of sports and contributed generously to
technical institutes across the country including the develop adequate infrastructure. The cricket academy
He was a pillar of strength to his fellow compatriots, L.K. Singhania Education Centre, Gotan (CBSE affiliated in Kanpur was set up under his guidance; he was also
who fondly address him as ‘YPS ji’ and recount co-educational school), the Sir Padampat Singhania President of the Uttar Pradesh Cricket Association.
University, Udaipur and the Gaur Hari Singhania Institute
of Management, Kanpur.
2 J.K. Cement Ltd. Integrated Report 2020-21 3

Recognised for his Contribution
Lifetime Distinguished The Best CEO Felicitation

Achievement Award Alumnus Award (Cement Industry) of Mr. Yadupati Singhania for Best
at the Indian Cement by IIT, Kanpur for pioneering the by Business Today in 2018 CEO award at Kanpur
Review Awards in 2016 White Cement industry in 2016
Mr. Madhavkrishna Singhania receiving the award on Dr. Raghavpat Singhania receiving the award on behalf of
behalf of Mr. Yadupati Singhania Mr. Yadupati Singhania

Taking the legacy forward
Yadupati Singhania’s presence
and guidance will be missed forever,
but his visionary leadership in J.K. Cement’s
journey to greatness will
always be an inspiration as we chart
our future roadmap.
Just as he created a whole new category And in the process, he created new
with white cement and enabled J.K. Cement paradigms in energy usage and circular
establish a permanent differentiator, we are economy. We are now taking it a step further
widening our portfolio to cover the emerging by committing to sustainability targets and
construction sector needs through value- greening our footprint. As we move forward,
added products. we remain true to the core purpose –
contributing to nation building and building a
Just as he diversified our operations shared future with education and healthcare
geographically from setting up base in at the centre of our focused interventions.
Karnataka to establishing manufacturing
presence in the UAE, we are foraying into The robust platform created by Shri
new markets with a favourable demand- Singhania will continue to act as a
supply dynamics. springboard for sustained value creation.
Just as he rapidly ramped up J.K. Cement’s

installed capacity from 3 MnTPA to 15
MnTPTA, we are taking it to 20 MnTPA to
capitalise on the emerging opportunities.

About our Integrated Report
10 21
Contents World of
J.K. Cement
Report card, 2020-21
About us
Core strengths
Product range
Geographic presence
10
12
14
16
18
Leadership
Messages
Managing Director’s message
Deputy Managing Director &
CEO’s perspective
22
24
Reporting framework
The report has been prepared in line with Global
Reporting Initiative (GRI) sustainability reporting
standards. The report also aligns with the International
<IR> Framework and contains performance indicators
in line with Global Cement and Concrete Association
(GCCA).
Reporting boundary and scope

The report covers our Grey Cement manufacturing
Reporting period
We have an annual reporting cycle. The report contains
disclosures pertaining to the period 1 April 2020 –
31 March 2021.
Data compilation methodology

The data contained in this report is based on the best-
adopted practices and globally accepted frameworks.
We calculated carbon emissions using the GNR data
workbook and have used relevant conversion factors
to quantify the emissions. We have disclosed our
plants, including Captive Power and Waste Heat
non-financial metrics, showcasing the change in our
27 51
Recovery Units (WHR) at Nimbahera, Mangrol, Gotan,
and Muddapur along with three grinding units at Jharli, performance over the last two years. We reserve the right
Aligarh and Balasinor, White Cement plant at Gotan and to change our internal guidelines regarding the inclusion
Value-creation Capital-wise Wall putty units at Gotan and Katni. The report excludes of data in future Integrated Reports. Any changes will be
the non-financial performance of our subsidiaries. clearly communicated to our stakeholders.
approach performance However, the remaining data and information represent
the entire organisation unless mentioned otherwise.
Business model 28 Financial capital 52
Operating context 30 Manufactured capital 58 Key highlights,
FY 2020-21
Stakeholder engagement 32 Intellectual capital 64
Material topics 34 Natural capital 68 Navigation Icons
Risk management 36 Human capital 74
Strategic objectives 42 Social & relationship capital 78 Our capitals
Sustainability strategy 44 Completed
Financial Manufactured Intellectual Grey Cement grinding
unit at Balasinor, Gujarat
86 94 150 Natural Human

Social and
relationship
and Wall Putty capacity
expansion at Katni,
Madhya Pradesh
Our Board Statutory Reports Financial
Board of Directors 86 Management Discussion
and Analysis
94
Statements Our stakeholders
Directors’ Report 102 Standalone 150 208%
Corporate Governance 126 Consolidated 217 Shareholders Employees Dealers Growth in market
Notice 286 capitalisation
Regulatory (₹ 22,362 Crores as on
Customers
and statutory Media 31 March 2021)
A new identity, a renewed commitment

bodies
Local
communities
15%
Our strategic objectives Growth in production
volumes
SO1 Capacity SO2 Operational SO3 Consolidate
expansion efficiency market position
Inspired by Shri Yadupati Singhania, we introduce a The tree denotes shelter, while the branches indicate SO4 Widen SO5 Launch of value SO6 Customer Two
visibility added products centricity
new corporate identity that is unique, contemporary heading forward. New value-added
and forward-looking, and not only demonstrates our › Green represents our vision for sustainability. projects launched
core values but also our tradition of trust. The logo is a › Grey depicts our grey cement for solid foundation. (Wood Amore and
Y-shaped tree that branches out to green, blue, and grey. › Blue refers our white cement business with limitless SO7 Sustainable RepairMaxX)
possibilities operations
8 J.K. Cement Ltd. [GRI 102-45,102-46, 102-49,102-50,102-52,102-54] Integrated Report 2020-21 9

World of Leadership Value-creation Capital-wise Statutory Financial
J.K. Cement messages approach performance Our Board Reports Statements
Report card 2020-21
A reflection of sustained value creation

Financial capital Natural capital
Cash flow from our operations as well as our equity, reserves, We understand the impact of our operations on the environment
cost-effective debt to sustain our business and fund our growth as we synthesise natural resources into cement and value-added
constitutes our financial capital. Our disciplined financial products. We constantly focus on minimising our environmental
capital management enables us to optimise allocation while footprint with responsible business practices.
maximising returns.
589 kg/CO2 69
Revenue from operations EBITDA
per tonne of cementitious Clinker factor
16% 28% materials (CO2 intensity)
₹ 6,328.28 Crores ₹ 1,536.11 Crores
3.074 3 times
GJ per tonne of clinker Water positive
Proft after tax Earnings per share Energy consumption
51% 51%
₹ 602.82 Crores ₹ 78.02
Split grinding unit at Aligarh
(Uttar Pradesh) 6.5% 84% Plant at Mangrol, Chittorgarh (Rajasthan)
Thermal substitution rate Sapling survival rate
Manufactured capital
Human capital
Our integrated manufacturing facilities with mining asset and
split grinding units, along with the infrastructure that supports We need high-performing people with diverse skillsets and an
our logistics, warehousing and sales enable us to deliver quality innovative mindset to steer our business towards our desired
offerings to the market. Besides, we invest in best-in-class goals and outcomes. We emphasise the importance of creating an
technologies to enhance the quality of our products and manage inclusive culture that helps nurture critical skillsets and leadership
our environmental footprint. capabilities.
69% 11 MnTPA 363 0

Avg. capacity utilisation Production volume Fatalities
New team members
(Grey and White Business) (Grey and White Cement
inducted
including Wall Putty)
9.77 MnTPA 1.34 MnTPA Social and relationship capital

Sales volume Sales volume
(Grey Cement) (White Cement including First Dispatch from Balasinor We have a multi-stakeholder approach and believe that time-tested
Wall Putty) relationships play a key role in enhancing long-term stakeholder
value. We thus, factor in the interests of all our stakeholders while
devising our business growth strategy.
Intellectual capital
6,600+ 6,100+
Our industry knowhow, ability to innovate and launch new products,
Virtual and physical events Events conducted by customer
adopt new technologies and robust digitalisation constitute
conducted by customer technical service team (white
our intellectual capital, which enables us to deliver operational
technical service team (grey cement) for end user
excellence and strengthen our future preparedness.
cement) for end user
2
New product launches
₹ 12.3 Crores 7.3 lacs
(Wood Amore and RepairMaxx) CSR expenditure Total CSR beneficiaries

About us
A legacy of trust Value of vision

and responsibility A tribute to Late Shri. Yadupati Singhania
J.K. Cement is one of India’s leading cement manufacturers. We are steadily

ramping up capacity, widening our product range, deploying the best
available technologies, and expanding our presence nationally. Our brands
are known for their world-class quality and innovation excellence, earning the
trust of millions of consumers.
Worked towards reducing our
We leverage our strategically located manufacturing facilities in North and South – well
connected with road and rail network – to cater to customers across India. Our extensive
carbon footprint by shifting to
greener-technologies
distribution network enables us to maintain our leadership position in key markets of North, West,
Central, and South India. We also cater to Middle East and other international markets through
our Fujairah (UAE) White cement manufacturing facility.
Became the first Company to install

Vision Mission waste heat recovery systems
To be the preferred manufacturer of cement and J.K. Cement aims to deliver innovative products and
cement-based products that partners in nation solutions that meet the needs of its customers. Together Among the first few cement
building, engages with its community and cares for all
stakeholders.
with our exceptional people and strong stakeholder
relationships, we commit to the highest standards of
companies to start usage of pet coke
quality, productivity, sustainability and performance that as a fuel
drive shareholder value and long-term success.
Values
Integrity Quality
Honour our commitments Strive for perfection

We are committed to being honest and ethical We are passionate about creating a culture
in all interactions, maintaining the highest of perfection that encourages and promotes
ethical standards in all our markets, financial excellence in products and services through
and operational practices. innovation and continuous improvement.
Convocation at Dr. Gaur Hari

Trust Care Singhania Institute of Management
Take pride in our promises Observe, understand, assist
and Research (Management College)
We are serious about accepting the We genuinely care about our relationships and
responsibility to win and maintain the trust of
our stakeholders.
use compassion to observe and understand
stakeholder requirements; and be available to
Industrial Training Institute (ITI)
to empower youth and make
assist in improving the lives of all.
People
them industry ready
Empower, inspire and respect
We treat one another with respect and
collaborate openly.
All ideas are welcome, and we value diversity
and perspective.
12 J.K. Cement Ltd. [GRI 102-01, 102-16] Integrated Report 2020-21 13

Core strengths
A demonstration of Value of vision

scale and impact A tribute to Late Shri. Yadupati Singhania
Market leadership
We aspire to be the preferred provider of cement and cement-based products that go into building critical
infrastructure for the nation’s aspirations. Our steadily growing scale and impact across markets in India
bear testimony to this unwavering commitment.
Among the leading One of the leading Largest

Grey Cement White Cement manufacturers White Cement
manufacturers in India in the world and Wall Putty
manufacturer in India
Integrated manufacturing
Our integrated manufacturing plants are strategically located near limestone mines and are well connected
to the markets downstream. Our split grinding units are located near the markets.
14.67 MnTPA 2.54 MnTPA

Grey Cement capacity White Cement business capacity,
Instituted the Architect of the Year Awards (AYA) to acknowledge
including 0.6 MnTPA facility in UAE
the contribution of architects
144 MW 40 MW
Captive Power Power Capacity from
(Coal-based and WHRS & Waste Heat Recovery System (WHRS)
Solar Power)
Expanding reach
Our Grey Cement predominantly reaches the northern, western, and southern markets of India, while our
White Cement enjoys a nationwide as well as significant international presence. We are making our robust
distribution network more robust to reach the right markets at the right time.
19 states 39 countries
Pan-India presence for Grey Cement with International market
enhanced reach in Tier-II and Tier-III cities presence for White Cement Started the first private
17,000+ 67,000+ university of Rajasthan
Dealers and retailers for Dealers and retailers for marketing of Sir Padampat Singhania University
marketing of Grey Cement products White Cement and value-added products (SPSU), Udaipur
14 J.K. Cement Ltd. 15

Product range
A portfolio of brands Value of vision

preferred by millions A tribute to Late Shri. Yadupati Singhania
Grey cement
Ordinary Portland Cement (OPC)
We produce two grades of OPC:
Portland Pozzolana Cement (PPC)
Our PPC provides durability
Launched a value-added, white cement-based
43-grade and 53-grade, of which
53-grade OPC has the highest
compressive strength. The OPC
equivalent to that of OPC and can
be used in almost every application
where OPC is used. In particular, it
skim coat, JK Wall Putty
is perfect for every construction is suitable for marine and hydraulic Today, we are the largest producer of Wall Putty in
job and concrete components construction activities and other
production. mass concrete structures. the country
Portland Slag Cement (PSC)

Our PSC delivers a high resistance
JK Super Strong
Our PSC delivers a high resistance
A firm believer in building enduring brands
to corrosion, hence, is widely to corrosion, hence, is widely Under his guidance, our two iconic brands, JK White
used in coastal areas. Due to its used in coastal areas. Due to its Cement and JK Wall Putty awarded the prestigious title
compressive strength, it is majorly compressive strength, it is majorly
used in special structures such as used in special structures such as of Superbrand.
pre-stressed concrete. pre-stressed concrete.
Value-added products
JK Super Strong Weather Shield Cement
The product is manufactured with an integral
water repellent property at the cement particle
level and is produced through in-house
developed technology called Particle level
Water Repellent Technology (PWRT).
JK PrimaxX JK Cement ShieldMaxX JK Cement GypsoMaxX
It has a superior filling property. It It is a white cement based Universal It is a premium plaster made from the
can penetrate deep, which makes Waterproof Putty with Active SiH4 purest form of natural gypsum and is
it effective in sealing surface flaws, molecules that protects the walls suitable for applications on internal
thereby giving the surface a flawless from dampness and provides a surfaces such as walls and ceilings.
White cement
appearance. velvety finish, along with higher
coverage.
JK Cement WhitemaxX JK Cement WallMaxX

JK Cement TileMaxX JK Cement Wood Amore
It gives triple benefits of high A white cement-based putty
It is a polymer modified, high strength Wood Amore brings a range of
durability, higher gloss effect and formulated with imported Xtra Long
grey cement-based adhesive which polyurethane (PU) products ensuring
smoother wall finish with greater Life Polymers (XLLP), which gives
is suitable for application of ceramic good finish, aesthetics and durability
economic value. longer life to the painted surfaces.
tiles on walls and floors. for wood surfaces that is best suited
for interiors.
16 J.K. Cement Ltd. [GRI 102-02] Integrated Report 2020-21 17

Geographic presence
A robust and expanding reach Value of vision

Our plants
Grey Cement
11
A. Nimbahera, Chittorgarh (Rajasthan) D,H
B. Mangrol, Chittorgarh (Rajasthan)
Started India’s first

10
C. Muddapur, Bagalkot (Karnataka) 16
18
D. Gotan, Nagaur (Rajasthan) 9 E
limestone based White

E. Jharli, Jhajjar (Haryana) F
D,H,J
F. Aligarh (Uttar Pradesh)
17 4 2
G. Balasinor (Gujarat) B
19
3
Cement plant
A
White Cement K
H. Gotan, Nagaur (Rajasthan)
8 14
I. Fujairah (UAE) G
Wall Putty 6
6 to manufacture cement
J. Gotan, Nagaur (Rajasthan) 5 15
through the dry process
K. Katni (Madhya Pradesh)
Grey cement
Grey cement markets C region-wise mix (%)
1. Andhra Pradesh
2. Assam
8. Gujarat
9. Haryana
16. Punjab &
Chandigarh
7 12
1
62 9 Spearheaded the setting
3. Bihar
4. Delhi
10. Himachal Pradesh
11. Jammu & Kashmir
17. Rajasthan
18. Uttarakhand 13
North Central
up of our maiden overseas
11 18
plant in Fujairah, UAE
5. Dadra and Nagar 12. Karnataka 19. Uttar Pradesh
Haveli 13. Kerala South West
6. Daman & Diu 14. Madhya Pradesh Plant at Gotan, Nagaur (Rajasthan)
7. Goa 15. Maharashtra
to cater to the demand in
the region and other global
markets.
36 30 11
14 20
25 5
3
23 4
12 27 I 10 19 9
35
1 38 37 24
33 7
8 22 31
26 13 28
34
32
39 16 Plant at Muddapur, Bagalkot (Karnataka)
18 15 17
White cement 29 2
markets
21 Set up a greenfield plant at Muddapur,
1.
2.
3.
Aruba
Australia
Bahrain
9.
10.
11.
Hong Kong
India
Japan
17.
18.
19.
Mauritius
Mozambique
Myanmar
25.
26.
27.
Qatar
Rwanda
Saudi Arabia
33.
34.
35.
Trinidad and Tobago
Uganda
United Arab Emirates
Karnataka with the most modern and
4.
5.
6.
Bangladesh
Bhutan
Denmark
12.
13.
14.
Jordan
Kenya
Kuwait
20.
21.
22.
Nepal
New Zealand
Nigeria
28.
29.
30.
Singapore
South Africa
South Korea
36.
37.
38.
USA
Vietnam
Yemen
state-of-the-art technology
7. Ethiopia 15. Madagascar 23. Oman 31. Sri Lanka 39. Zambia enabling foray into the vast southern
Plant at Fujairah (UAE)
8. Ghana 16. Malawi 24. Philippines 32. Tanzania markets of India.
We have continued shedding focus on
optimising existing operations, bettering
efficiencies, driving expansion, and
reducing environmental footprint while
maintaining earnings growth. Leadership messages
Managing Director’s message 22
Deputy Managing Director & 24

CEO’s perspective
Managing Director’s message
Progressing with passion

Dear Shareholders,
to several efficiency and digital initiatives. Our EBITDA/ even during trying times, battling the uncertainty of
FY 2020-21 was an unprecedented year like no other. tonne stood at ₹ 1,396 compared to ₹ 1,256 in FY 2019- the pandemic and the extended lockdown. During the
A ‘once in a century’ crisis, in the form of the COVID-19 20. We maintained a healthy EBITDA margin of 24 %. pandemic, the employees and workers were given
pandemic, that adversely affected the life and livelihood Our net profit stood at ₹ 603 Crores; earnings per share special attention while they returned to work from
of billions of people. However, J.K. Cement is no stranger stood at ₹ 78. Our average capacity utilisation for the the lockdown. Health check-ups, sanitisation of the
to challenges, and we have always had the visionary fiscal stood at 69 % (74 % in FY 2019-20) owing to the premises, awareness programmes following strict
leadership of our beloved Chairman and Managing lockdown in the first quarter and also capacity expansion protocols etc. were conducted on a regular basis to
Director, Shri Yadupati Singhania, to guide us through the across both grey and white cement. ensure everyone’s safety. While the employees and
ebb and flow. This time, it was different as he left for his workers took care of the operations, we took the
heavenly abode, leaving a vacuum in our lives. However, Brand with a purpose responsibility of their well-being and the Management
his legacy will continue to be a constant guide in J.K. JK Super Cement paid tribute to the construction made sure that their worries were put to rest.
Cement’s relentless pursuit of excellence. workers, doctors, and drivers through impactful
social media campaign that recognises their strength, During the fiscal, we conducted training sessions,
Inspired by the vision and values of Late Shri Yadupati determination and contribution towards the nation. We workshops and webinars by experts to keep up our
Singhania ji, we embarked upon a journey to introduce a launched three major campaigns on our digital platform, learning curve. From COVID-19 awareness sessions to
new corporate identity as a symbol that commemorates #YehPuccaHai, #SuperDrivers, and #ThankYouDoctors training and motivational webinars, from fun workshops
his memory and represents our organisation's vision for to communicate with our audiences during the lockdown to some serious teachings, the employees utilised every
the future. period, keeping our rural audiences also in mind. moment to learn and upskill.
The world and India are not out of the woods yet, as the #YehPuccaHai, with this campaign, we wanted to bring During FY 2020-21, we were bestowed for the second
pandemic continues to leave behind unprecedented out the toil of our construction workers who work day time in a row with the ‘Great Place to Work®’ certification
impact with an even more intense second wave. That and night to ensure that we live in safe homes. We also appreciating the high-trust work culture at our
said, the ramp-up in vaccination provides hope of faster wanted to highlight the social and emotional quotient organisation.
return to sense of normalcy by the end of 2021. Until associated with the labourer.
then, our focus is on actively participating in the nation’s Care for community
Dr. Raghavpat Singhania collective fight against the pandemic and ensuring the We also launched a campaign for our #SuperDrivers As a responsible corporate, we have been undertaking
safety and well-being of our key stakeholders including who drive miles to ensure that our raw materials are socio-economic development programmes to
our people, masons, dealers, among others, through transported all across the country. Often, their efforts are supplement the efforts to meet priority needs of the
various proactive initiatives. not recognised in the mainstream discussion, however community and helping them become self-reliant. In
they are a valuable asset for all of us and contribute the wake of the pandemic, we played our part for the
Our performance greatly to our nation’s development. society at large by extending financial support as well as
Our strong fundamentals Close on the heels of a structural slowdown, the Indian undertaking focused interventions.
economy entered the pandemic-induced lockdowns on a #ThankYouDoctors – explores the power of hard work,
and agile response to weak footing, with severe restrictions on mobility. Supply
chains were disrupted and economic activities came to
sacrifices and determination of doctors for the selfless
service to humanity. JK Super Cement salutes all those
In the near term, we will witness lingering effects of the
COVID-19 pandemic. On the bright side however, we
the external environment a near halt. We demonstrated strong resilience and then doctors whose selfless effort helps to keep us safe,
which contributes in building a safe nation.
are in the revival path driven by the remedial measures,
reforms, and the sizable stimulus package announced
led to yet another year of
moved quickly to capitalise on the pent-up demand as
activities resumed gradually in the second quarter. by the Government of India (GoI) under the Atmanirbhar
sustained growth. During

Our JK White Cement went through a brand makeover Bharat package.
During the year under review, India reinforced its position with a new name, visual identity and positioning. We
FY 2020-21, our revenue as the second largest producer of Grey Cement with
a capacity of 541 MnTPA. Moreover, cement demand
unveiled an all-new avatar - JK Cement WhiteMaxX. The
re-branding of JK Cement WhiteMaxX was amplified with
At J.K. Cement, we are poised to capitalised on the
emerging trends with increased capacities, greater
from operations grew to remained muted to 328 MnTPA in FY 2020-21. Going a digital campaign, #AbSabKuchMaxX, which included
quirky social media content around ‘MaxX’ and contests
reach, and enhanced brand prominence.
₹ 6,328 Crores from ₹ 5,464

forward, the industry is poised to grow in a stable
manner driven by increased government spending on to increase the engagement. Keeping pace with the Warm regards,
Crores in FY 2019-20, on infrastructure and housing. changing market dynamics and customer expectations,
we have given a fresh, contemporary dimension to JK Dr. Raghavpat Singhania
account demand revival Our strong fundamentals and agile response to the
external environment led to yet another year of sustained
White Cement, while integrating a critical section of its
product line under the ‘MaxX’ umbrella, thereby bringing
Managing Director
across sectors and our growth. During FY 2020-21, our revenue from operations uniformity in the brand architecture.
expanded capacity.
grew to ₹ 6,328 Crores from ₹ 5,464 Crores in FY 2019-
20, on account demand revival across sectors and our People-first approach
expanded capacity. Our EBITDA increased 28% to I also take this opportunity to appreciate the dedication
₹ 1,536 Crores from ₹ 1,201 Crores the year earlier owing and commitment that our employees have shown,

Deputy Managing Director & CEO’s perspective
Driving responsible growth

MnTPA in FY 2019-20. We are witnessing encouraging almost 25% of our energy requirements are met through
market share growth in premium products especially
Superstrong and Weathershield.
We have further reinforced green power.
our growing footprint in We are working on reducing wastages while substituting

existing raw materials with alternative and recycled
India, aligning with our
Focus on better efficiency
We consistently work on various energy efficiency material, without compromising on the quality of finished
commitment to carry forward

initiatives such as technological upgradation, process products. During FY 2020-21, we consumed 1.93 Million
optimisation, and productivity improvement. During tonnes of fly ash and slag (waste generated from our
FY 2020-21, we have taken various efforts to reduce
our energy consumption across all our units. These
‘A Solid Legacy of Trust’ and power plant) in our cement manufacturing. Further, we
strive to increase water efficiency, minimise wastewater,
energy conservation measures resulted in reduction contributing to the country’s and recharge ground water sources. We are currently
3 times water positive and plan to achieve 5 times water
economy and industrial
of power consumption from 76 units per tonne of
cementitious product in FY 2019-20 to 71 units per ton positivity by FY30.
of cementitious product in FY 2020-21. Currently, our
thermal substitution rate stood at 6.5% and specific
prowess. Our people remain at the heart of our sustainability
thermal energy stood 3.07 GJ per tonne of clinker. strategy. We are committed to creating a high-
Further, 25% of our power requirement is met through – a range of premium Italian wood finishes in a range of performance work culture that supports, rewards, and
renewable sources. Polyurethane (PU) products ensuring outstanding finish, empowers our employees to achieve their full potential
appealing aesthetics and higher durability for wood while ensuring a healthy and safe environment. We have
Recently, we were awarded a limestone block in surfaces, introduced in matte and glossy finishes and got all our employees, families and workmen vaccinated
Jaisalmer which will strengthen our raw material security 2,000 different colours. Translated as ‘love for wood’, with at least one dose of the vaccine.
for our northern plants and enable us to further grow our Wood Amore has been formulated in collaboration
presence in the region. with Italian wood coatings and finishes pioneer Sivam We have designed our CSR projects based on
Coatings. need-assessment of the community, with focused
Capacity building interventions in the areas of education, rural
We foresee that the overall demand for cement is poised We also launched JK Cement RepairMaxX, a ready to use infrastructure, healthcare, sports, and art and culture.
to grow in a stable manner and we are expanding at the white masonry cement which can fill cracks and gaps on With the ultimate objective of ensuring inclusive
right time. Hence, we have further reinforced our growing the interior and exterior surfaces. It is formulated with development, our CSR programme touched the more
footprint in India, aligning with our commitment to carry an advanced Bonding Agent that ensures incomparable than 7 lacs lives during the year under review. We
forward ‘A Solid Legacy of Trust’ and contributing to crack bridging the ability for plaster cracks upto 10 mm. remained committed to making financial and initiative-
the country’s economy and industrial prowess. In the base contribution during times of crisis. We have
Mr. Madhavkrishna Singhania last couple of fiscals, we have successfully completed Doing more together supported our key influencers such as painters and
our grey cement capacity expansion of 4.2 MnTPA We have created a robust distribution network ensuring contractors during the toughest moments of the initial
comprising (2 MnTPA) in Rajasthan, Uttar Pradesh that our product reaches the last mile. Throughout our stages of lockdown and also the contract labour exodus.
Dear Shareholders, (1.5 MnTPA), and Gujarat (0.7 MnTPA). Now our total journey, we have consistently engaged with our dealers, At J.K. Cement, every employee contributed a day’s
manufacturing capacity of grey cement stands at 14.7 retailers and stockists. During FY 2020-21, our grey salary to PM Care Fund. During the second wave of the
I begin by paying my tribute to our Chairman and MnTPA. We also successfully commissioned the Line 3 team have organised 3,086 virtual events attended COVID pandemic when the nation was facing oxygen
Managing Director, Shri Yadupati Singhania, who left at our Katni plant, which is now the largest putty plant in 40,163 participants, and 3,559 physical events attended crisis we set up three oxygen plants (Nimbahera, Panna
behind a glorious legacy. We will forever be guided India, with a capacity of 0.7 MnTPA. by 77,551 participants across all our regions. In white and Delhi).
by his vision, beliefs and above all, his compassion in cement, we conducted our first ever virtual Annual
building J.K. Cement as of India’s most trusted cement Moreover, our line No. 3 upgradation at the Nimbahera Dealer Conference. Two meets were organised to create Our Board is collectively responsible for reinforcing
companies. We remain committed to continuing on plant is progressing in full momentum and expected to an immersive experience for all stakeholders and an high standards of corporate governance. The Board is
the path laid down by him to take J.K. Cement to even be complete in FY 2021-22. The work on our greenfield innovative way to stay connected with the channel committed to working in an effective, transparent and
greater heights. grey cement capacity of 4 MnTPA at Panna, Madhya partners through the pandemic. We also have organised ethical way to take decisions that factors in interests and
Pradesh with a split grinding unit at Hamirpur, Uttar 6,196 events for painters, masons, and contractors expectations of all our diverse stakeholder base.
The year under review witnessed the widespread of Pradesh is also progressing on track. This would have during the year.
the COVID-19 pandemic causing economic turmoil a clinker capacity of 8,000 TPD and 2 MnTPA cement Way forward
impacting lives and livelihood. Our positive spirit and grinding capacity each at Panna in Madhya Pradesh and Sustainable operations We have made satisfactory progress in the past year,
passion to serve helped create a lot of impact for our at Hamirpur in Uttar Pradesh. We will also have a waste We are strengthening our sustainability journey by broad and I am confident that with the strong leadership of
stakeholders. Amidst a challenging environment, we heat recovery plant of 22 MW at the greenfield site. basing our Environmental, Social, and Governance (ESG) our management team and in particular, the hard work
maintained our stable growth across revenue and commitments. We have outlined our targets till FY30 and dedication of all our employees, we will continue to
profitability with stable margins. Our grey and white New product launches and are closely monitoring our progress. We have also deliver value to our stakeholders.
cement production increased by 15% to 11.00 MnTPA Over the years we have constantly focused on increasing committed to Science-Based Targets (SBTi) to combat
in FY 2020-21 compared to 9.57 MnTPA in FY 2019- our portfolio of value-added product to grow our climate change. Our target is to reduce specific direct net Mr. Madhavkrishna Singhania
20. Simultaneously, our sales volume has grown by relevance in the building products universe. We entered CO2 emission to 465 KgCO2/t of cementitious products Deputy Managing Director & CEO
17% to 11.11 MnTPA in FY 2020-21 compared to 9.52 the Wood-paint segment with the launch of Wood Amore by FY30 from the current level of 589 KgCO2/t. Further,

We are channelising all our efforts
to deliver industry-leading value to
all our stakeholders.
Value-creation approach
Business model 28
Operating context 30
Stakeholder engagement 32
Material topics 34
Risk management 36
Strategic objectives 42
Sustainability strategy 44
Business model
An integrated
approach to value-creation
Anchored to our core values and aligned with our vision, our business model is designed
to reflect our integrated approach to creating value for all stakeholders and ensures our
continued progress towards co-creating a sustainable future.
Key Inputs Our Value Chain Key Outputs Outcomes
Our Values
Financial Capital Integrity Quality Trust Financial Capital We have a well-defined approach to optimise
› Retained Earnings: K 1,749 Crores › PAT: K 603 Crores capital allocation for business growth. The cash
› Debt: K 2,865 Crores › Declared a dividend per share: K 15 generated from our operations strengthens our
› Cash: K 1,707 Crores
Care People › Market Capitalisation: K 22,362 Crores balance sheet and is used to fund activities that
› Capital Expenditure: K 607 Crores may have a long-term business imperative.
Strategic objectives
By expanding manufactured capital, we anticipate
Manufactured Capital › Strategic objectives › Widen visibility Manufactured Capital long-term profits. Our plants and machinery offer
› Capacity expansion › Explore overseas
› Grey Cement manufacturing facilities: 7 › Capacity utilisation of installed superior manufacturing with reliable and efficient
› Optimise operational opportunity
› White Cement manufacturing facilities: 2 capacity: 69% operations. These investments provide us a
efficiency › Customer centricity
› Wall Putty manufacturing facilities: 2 › Clinker factor: 69.0 strategic edge by helping produce quality products
› Consolidate market › Sustainable
› Captive power capacity: 144 MW with a minimal environmental footprint.
position operations
We are foraying into manufacturing innovative

Intellectual Capital UPSTREAM Intellectual Capital products and have dedicatedly invested in
› State-of-the-art R&D infrastructure for › New products developed: 2 Research & Development and digitalisation
process improvements and new product Quarrying raw › Products launched: RepairmaxX initiatives to streamline operations and make
development materials and Wood Amore products with a low carbon footprint.
Natural Capital Prepartion of

raw materials
Natural Capital We are making continuous efforts to reduce our
› Specific thermal energy GJ per tonne of environmental impact by undertaking initiatives to
› CO2 intensity: 589 kg/CO2 per ton of
clinker: 3.07 optimise energy and water consumption, increase
cementitious products
› Specific electrical energy MIDSTREAM waste utilisation, reduce fossil fuel consumption
› Thermal Substitution Rate: 6.5%
(kWh/t of cementitious products): 71 and GHG emissions to maintain a balance between
Drying and › Alternative raw material rate: 19%
› Specific water consumption (m3/t of ESG and business performance.
grinding of raw › Water positivity (times): 3
cement): 0.16 › Sapling survival rate: 84%
meal
Human Capital Clinkerisation Human capital is positively affected by the financial

Human Capital capital we invest in our employees. We regularly
› Total workforce: 3,751
Blending, engage with our employees, focus on workforce
grinding and › Manhour Trainings conducted: 22,333 diversity, provide upskilling opportunities and
storage follow a people-centric approach to favour vibrant
work culture.
Social and Relationship Capital
DOWNSTREAM
› Total dealers and retailers for
We believe in transparent operations and follow a
Grey and White cement: 84,000+
Packing and multi-stakeholder approach to interact and build a
› Total Advertisement & Publicity
dispatch Social and Relationship Capital relationship with the stakeholders. We are a socially
expenditure: K 72.9 Crores
responsible organisation and are proactive towards
› CSR expenditure: K 12.3 Crores › CSR beneficiaries: K 7.3 lacs the cause of community development. These
› Key industry associations: 6 After sales
initiatives have helped us strengthen relationships
with the stakeholders.

Operating context
A relentless focus on Cement supplied to prestigious projects

evolving opportunities
With India undertaking a multi-year, multi-sectoral infrastructure development programme,
demand for cement is likely to increase manifold. The government’s thrust on ensuring
‘housing for all’ bodes well for the cement industry. Further, despite being one of leading
producers and consumers of cement in the world, India’s per capita cement consumption is
about half the global average, which provides significant headroom as the nation asserts its
influence in the world economic order.
Bridge at River Ghaghra
Infrastructure impetus
The government has integrated various infrastructure To achieve the Infrastructure Vision 2025, the
projects under the Infrastructure Vision 2025, government has announced the National Infrastructure
streamlining project prioritisation, ensuring the Pipeline (NIP) with projects worth US$ 1.5 Trillion
right conditions for implementation, and facilitating (₹ 111 Trillion) to be executed over FY 2020-25.
investments. Improved infrastructure will enhance the
overall productive capacity of the economy and its global
competitiveness.
NIP Allocation across sectors 26.9
20.3
Value (C Trillion) 19.2
Share 13.7 Dwarka Expressway Kanpur Metro
8.9
7.7 Housing demand
3.9
3.1 3.1 The year 2020 was forecast to be the year of recovery for
1.2 1.4 1.7
the real estate sector, especially housing sector.
1% 1% 2% 3% 3% 4% 7% 8% 12% 17% 18% 24% Home ownership Government focus on affordable housing
Ports Airports Agriculture Digital Industrial Social Rural Irrigation Railways Urban Infra Roads Energy
Infra Infra Infra Infra FY21 The pandemic that pushed The Pradhan Mantri Awas Yojana-Gramin (PMAY-G)
billions indoors has reinforced the targets to construct 29.5 Million houses with all basic
Source: National Infrastructure Pipeline - Report of the Task Force Volume I, Department of Economic Affairs, 29 April 2020 importance of owning a house, amenities by 2022. The Pradhan Mantri Awas Yojana
with growing preferences for self- (PMAY) Urban programme is also witnessing steady
sufficient, gated community over execution. Affordable Rental Housing Complexes (ARHC)
The pandemic has posed significant standalone properties. scheme, under the PMAY and aimed at urban poor and
difficulties in execution, but project migrant workers, is also providing a significant boost to
construction activities.
₹ 111 Trillion ₹ 30 Trillion
awarding is likely to gain momentum
as soon as the second wave wanes
and a large proportion of the
population gets inoculated. The
National Infrastructure COVID-19 stimulus package Young home buyers Affordability
₹ 30 Trillion COVID-19 stimulus Pipeline (NIP) projects to be to revive economy and drive People of the age group between 28 The prevailing low-interest rate environment is driving up
package rolled out in phases is likely executed over FY 2020-25 self-reliance and 45 are contributing majorly to demand for housing, from new home buyers as well as
to play a key role in reviving the the demands of affordable housing investors. Moreover, banks and financial institutions are
economy and build self-sufficiency. in 2021. constantly introducing attractive deals and convenient
payment options to attract new home buyers.

Stakeholder engagement
A proactive
nurturing approach of relationships
We proactively engage with our stakeholders to understand and factor in
their interests and expectations in our business decision-making process.
It also enables us to identify issues that could significantly impact
value-creation, and accordingly calibrate our growth strategy.
Stakeholder group Engagement mechanism Purpose of enagement Key stakeholder concerns Value we create
› Timely dividend payments

› Annual General Meeting By delivering above average
› Share financial performance, › Transparency in reporting
Shareholders ›
›
Integrated Report
Shareholder meetings
strategic insights, new projects, › Company’s financial health,
return on investments and
engaging in ethical business
changes in ESG performance growth and performance
› Grievance redressal mechanism practices
› Innovation
By creating a safe, healthy,
› Training programmes, Events, Seminars, › Employee motivation and team › Career growth and progression
meritocratic and inclusive
Employees Workshops
› Awards – Plant level reward programmes
building
› Discussion and issue resolution
›
›
Performance management
Employee motivation
work environment that enables
employees to reach their full
› Surveys, Employee centric applications › Prevention from accidents and › Employee involvement
potential
health hazards
› Product benefits and features Through our loyalty programmes
Dealers › Dealer meetings

› Dealer surveys
› Building stronger relationships and
getting feedback from market
›
›
Product quality and feedback
Building relationships and trust
that reward long-term
relationships and accord special
› New product development privileges
› Product benefits and features By providing a comprehensive

› Customer care service to address queries, › Feedback to streamline
Customers get customer feedback, etc. operations, services and build
›
›
Product quality and feedback
Building relationships and trust
portfolio of products attuned to
meet their evolving construction
› Social media better products
› New product development requirements
Government, › Business ethics and By contributing to the exchequer

regulatory and › Regular compliance reports
› Statutory audits
› Disclosures on compliance as
required by government
compliance and complying with all applicable
› ESG disclosure rules and regulations
statutory bodies
By reaching out to a wider

› Media meets › Communicate progress made in
Media › Press conference the financial year, enhance brand
› Transparency
› Disclosure on compliance
audience to enhance brand
recognition through ethical
› Management interviews perception, etc.
promotions
› Building relationships
Local › Local communities

› Feedback of communities on the
issues they face and performance
› Improving living standards
› Direction and deployment of
By giving back to the community
through various focused
communities of CSR initiatives resources
› Awareness on social issues
development initiatives
32 J.K. Cement Ltd. [GRI 102-40,102-42,102-43,102-44] Integrated Report 2020-21 33

Material topics
A structured
GHG management
prioritisation of key issues
We periodically conduct materiality assessment to identify the key issues
Constantly strive to reduce GHG emissions associated with our
that have a significant impact on our value creation abilities. We have industry through innovation in operations, installation of greener
identified 10 material topics based on peer analysis, aligned with Global and cleaner technologies, and use of alternate fuels with lower
Reporting Initiative (GRI) standards, and GCCA, and Sustainability Accounting emissions impact
Standards Board (SASB) recommendations. These topics are also mapped
with the UN SDGs.
Waste management
Use of alternative fuels and
raw materials
Manage our waste properly with focus on reduce, reuse
and recycle
Availability of raw materials

Promoting use of alternative fuels and raw materials (AFR) to have
minimal environmental impacts
Efficiently manage resources being utilised in our business through

Occupational health & safety product and technology innovations such as use of alternate
materials
Provide a safe and healthy working environment for our employees

and other stakeholders. Constantly work towards making our
operations safer and becoming a zero-accident organisation
Employment and labour relations
Maintain sound labour relations
Energy management
Branding and reputation
Comprehensively mapping our energy use and various sources,
and constantly work towards reducing our energy footprint
Effectively communicate and reach out to our diverse customer
segments, maintain high customer perception of a company’s
reputation
Water management
Employee engagement and
As our operations are mainly in dry and water scarce areas, work
towards reducing our water footprint and generating awareness
development
amongst our stakeholders regarding judicious use of water
Invest in our employees, implement systems and practices for their

continuous skill and career development
Mechanism of addressing issues Mechanism of addressing issues

Risk management
Proactively managing uncertainties

We follow a structured risk management approach to proactively identify and monitor
potential risks, and accordingly, set in motion effective mitigation measures. Our senior
management is responsible for reviewing the entire process, quarterly, and suggesting
course corrections, if required.
External risks
E1: Market changes E2: Competition
Changes in market scenario can affect the demand of Being a capital intensive industry, the incumbents are
the products established players and hence raise the competitiveness.
Further, it becomes difficult to increase or maintain the
Potential impact market share
› Economic growth drives the demand for construction.

The changes in demand impact sales, prices, and
Potential impact
eventually industry performance › Cement industry is passing through a consolidation
› Any behavioural changes in consumer patterns may phase where big players are absorbing the small and
lead to an increase in product substitution medium players in the industry. In the future, the Indian
cement industry will be dominated by large players
Our response leading to an oligopolistic market
› Apart from Grey cement, around 25% of our revenues

are from White cement business which mitigates the
Our response
risk of change in Grey cement market scenario › Expanded business to more regions
› Initiated expansion in central India
› Increased the capacity of grey cement by establishing
split grinding units in Uttar Pradesh and Gujarat.
› Developed new techniques for efficient utilisation of
natural resources such as energy, water etc.
E3: Political risks E4: Pandemic and epidemic

Indian sub-continent constitutes many states which Outbreaks of infectious diseases can slow down the
have different political environment. This exposes the economic growth of any country, particularly emerging
Company to a risk of economic and social instability economies. It can stagnate business operations due to
lockdowns, worker migrations and disruption in a supply
Potential impact chain which can impact the revenues, people and growth
of the company
› Economic, social and political instability can influence
the cement industry and result in direct and indirect
consequences leading to operational uncertainty.
Potential impact
› Non-compliance to the regulations may lead to a › The emergence of the pandemic or epidemic can
serious impact on financial performance potentially change the lives of employees, customers,
suppliers and other stakeholders. It results in idle
Our response operations, reduction in demand, thereby affecting the
economic performance of the Company
› Dedicated directives and state specific action
plans have been implemented to enhance the crisis
management
Our response
› Diversification of product portfolio has helped us › Focussed more on the health of the employees,
reduce the consequences of political risks customers, suppliers and other stakeholders while
limiting the impact on profitability
› Prepared cash flow projections, assessed the impact
on operations and assessed the recoverability of
Split grinding unit at Jharli, Jhajjar (Haryana)
receivables

Risk management (continued)
Operational risks
OR1: Sustainability OR4: Energy prices
Environmental, Social and Governance (ESG) risks such as human rights, air emission, biodiversity management,
(including alternative fuels)
water, waste, local community, employment & labour relations
Risk which can result in increased expenses and
decrease profitability.
Potential impact › Developed new techniques for efficient utilisation of
natural resources to maintain a balance between ESG
› Failure to meet the ESG goals may lead to fines and and business performance Potential impact
business disruptions › Ensured resource efficiency – reduce freshwater › An increase in the prices of energy would adversely
› Controversies may get escalated leading to damage withdrawal, rainwater harvesting, and energy impact the industry, leading to an increase in
to brand reputation efficiency measures production costs
› Rolled our a comprehensive framework of mandatory › It may affect the pricing of product and future cash
Our response policies and directives which directs the practices, flows
standards and responsibilities across our operations
› Conducted performance assessments and monitoring
against the set targets and reporting it regularly Our response
Driving optimisation of fuel mix, energy efficiency and
Plant at Gotan, Nagaur (Rajasthan)
OR2: Greenhouse gas emissions and climate change
use of alternative fuel is a key focus area for us
The cement industry is linked with high CO2 emissions and companies operating within the industry are exposed to
different kinds of regulatory frameworks to bring down the emissions. These frameworks can affect the business
OR5: Raw materials (including mineral components)
operations and if not obligated, may affect brand value It involves the risk of not being able to procure the raw material at an optimum cost
Potential impact › Acute and Chronic: Climate change can severely

affect our operations by increasing logistics costs and
Potential impact Our response
› Policy and Legal risk: Policymakers have increased reducing production capacities. Our operations can › Scarcity of natural resources such as limestone, › Continually expanding the blended cement portfolio
their attention to building a level playing field on get affected by chronic physical risks such as water unavailability of fuels for production, stricter and utilisation of even the low-grade limestone
carbon costs to maintain competitiveness and scarcity due to global warming government regulations on consumption of fossil › Driving use of alternative materials to conserve natural
incentivise investments in low carbon technologies fuel, etc. can hamper normal business processes and resources
and business operations affect the whole supply chain › Low quality fuels are also utilised as additives to high
› Technology: Not being able to implement the
Our response
quality fuels at our plants
technologies for lowering the GHG emissions could be › Working towards the reducing clinker factor › Participate and secure fuel through auctions and
due to higher cost of technology implementation than › Adding of low carbon products to our product import high-grade resources to supplement existing
the carbon pricing mechanism portfolio ones
› Market: Shifting consumer behaviour amid pandemic › Increasing the usage of Renewable Energy across our › Consistently diversifying vendor base across
can lead a gradual shift to greener products with lower operations geographies
carbon footprint › Broad-basing use of alternative fuels and raw
› Reputation: Higher carbon emissions reduce the materials.
brand attractiveness to the stakeholders
OR6: Sustainable products, innovation and technology
OR3: Legal and compliance risk Risk which can arise due to reduced investments in innovation can cost affect the competitive advantage of the
Risk associated with non-compliance to regulations can pose the challenge of lawsuits, monetary claims, Company. It can impact growth, market share and business operations.
investigations & proceedings. It impacts growth, revenue, employee growth, and business cycle
Potential impact Our response › Investing in Research and Development initiatives to
Innovation is crucial to maintain the market share
limit the use of natural resources
› Regulatory violations can impact the operations and We are involved in a compliance programme which and reputation of any firm in any industry. To remain
› Increasing the share of additives like fly ash and slag
overall reputation of our Company aids in guiding and maintaining the regulations. Key five competitive and fulfil customer expectations, it is
in the production process.
› Company may incur the investigation cost, financial elements of the programme are: important to lead innovation, especially when dealing
› Working towards low carbon products through
penalties, debarment, and profit disgorgement › Risk Assessment with low carbon performance and circular economy
product innovation
› Controls › Steps in the direction of digitalization to streamline
› Communication & Training our operations, maintain data traceability and become
› Monitoring & Reporting future ready.
› Organisation

Risk management (continued)
Operational risks (continued)

Financial risks
OR7: Health and Safety risk
FR1: Risk involving credit FR2: Liquidity risk
It includes risks related to health and safety of
employees at workplace. It impacts the people, local ratings It is associated with the cash flow of the Company.
community and other engagements.
Being a capital intensive industry, some of the expansion
projects are dependent on the support of the different
Potential impact
Potential impact
channels of financing which are dependent on our credit It can affect us in not being able to meet our operational
Local incidents can affect the overall business ratings. It impacts our cash flows. and financial obligations.
operations of the company. Any injuries or fatality can
interrupt the business processes
Different factors are involved in determining our credit › Well-defined approach to optimise capital allocation
Our response ratings which affect our ability to obtain short and long- for business growth. The cash flow strengthens our
› Driving Zero harm programme to maintain safety at term financing. In any scenario of down-gradation of balance sheet and funds activities that may have
workplace credit ratings, our cost of financing increases. long-term business imperative
› Conducting awareness programmes related to social › Strong Balance sheet confirming to controlled
distancing, sanitation, thermal screening, wearing Our response borrowing with high liquidity mitigates financial risk
masks, etc.
› Shifting employees to remote working › Established funding policies to safeguard our ability
› Conducting safety trainings to meet the obligations by maintaining the strong
balance sheet
› Policy takes into consideration the expectations
concerned with the required level of leverage, average
maturity of debt and level of committed credit lines
OR8 : Information Technology and cyber threats risk
FR3: Interest rate risk FR4: Credit risk
It arises from inadequate support of IT systems and the loss of data which are the result of cyber-attacks, computer
malware, network outages, or human errors
This is associated with the change in the value of For many projects, we act as a supplier. Our customers
Potential impact Our response investments which impacts our cash flow. involve big corporates who are involved in big projects.
› In the wake of the COVID crisis, the transition to › Put in place policies and procedures to protect us This involves huge credits, thereby, affecting us through
remote location working has exposed us to a range of from IT risks Potential impact credit risk.
technical and human centred vulnerabilities, increased › Policies contain the corrective measures to be taken
risk from cyber-attacks, and operational errors to mitigate any kind of incidents Any movement in the interest rate can impact the profit
of the Company's, market values and financial results
Potential impact
Counterparts failing to comply with their commitments
OR9: Talent management Our response adversely affects the Company's ability to maintain the
required cash flow
Risk which arises due to lack of talent pool Monitored credit markets and financing strategy to
maintain a well-balanced maturity profile
Our response
Potential impact › Conducted regular assessment of the reliability and
› It would be difficult to achieve the Company’s mission credit risks of its customers
without the right mix of talent pool › In the wake of COVID outbreak, we closely monitored
the risk of increase in bad debts
Our response FR5: Tax

› Incentivise star performers and follow people-centric
approach to favour a vibrant work culture Significant time and judgement are required for calculating the annual tax which impacts our overall profit and cash-flow.
› Conducted talent management initiatives such as
virtual sessions, employee support programmes, job Potential impact Our response
satisfaction sessions, etc.
Changes in tax shield and policies adversely affect the Reviewed and assessed the risks associated with the
› Provided support during COVID-19 and promotions &
Company's position and cash-flow tax policies, tax audits, tax cases as well as on-going
increments were conducted as usual
changes in legislation and tax laws

Strategic objectives
A dynamic roadmap to the future

Our strategic objectives are aligned with our overarching commitment to nation building
while creating sustainable value for all our stakeholders.
Strategic Short Medium Long Linkage Linkage with Linkage with
objectives term term term with risks material issues capitals
Undergoing capacity Occupational Health & Safety,

Panna expansion (J.K. Cem Ltd, a FR1, OR1,
expansion of Line No. 3 at ---- Availability of Raw materials,
subsidiary of J.K. Cement Ltd.) OR2
Capacity expansion Nimbahera, Rajasthan Employment & Labour relations
Occupational Health & Safety,

Optimise efficiency as all OR1, OR2,
Manage resources through Energy/Water/GHG/Waste
plants are proximate to Drive brownfield and OR4, OR5,
product and technology Management, Availability of Raw
Operational efficiency raw materials and growth
markets
innovations
greenfield expansion OR6, OR7,
OR8, OR9
materials, Employment & Labour
relations
Increase Grey &

Fortify the Grey Cement Reinforce leadership position in
White business top ER1, ER2,
Consolidate segment and enter into
unexplored markets
the White Cement business by
improving utilisation
line with increase in ER4, FR1
Branding & Reputation
market share
market position
Enhance brand visibility › Expand and improve distribution
further through print network ER1, ER2,
---- Branding & Reputation
and online media and › Engage with key influencer and ER4, OR6
Widen visibility consumer promotions channel partners
Value-added products Grow proposition of value-added

ER1, ER2, Branding & Reputation,
Launch of including Wood paint to
be sold at one platform
products across existing and
new markets
----
ER3, ER4, FR1 Employment & Labour relations
value-added Products
› Meet customers’
rapidly changing › Supply quality products at the
Customer expectations right price ---- OR6, FR2 Branding & Reputation
centricity › Provide rich customer

experience
› Resolve customer grievances
› Use of alternate fuels with lower

emissions impact; manage
waste focusing on reduce, reuse
and recycle Strive to reduce air
OR1, OR2,
› Enhance use of Waste emissions associated Use of Alternative Fuels & Raw
OR3, OR4,
Sustainable › Work towards reducing
water footprint
Heat Recovery to reduce with cement industry
through innovation
OR5, OR6,
Materials, Occupational Health &
Safety, Energy/Water/GHG/Waste
environmental impact
operations › Enjoy captive power generation in operations and
OR7, OR9,
FR1, FR2
Management
to provide long-term sustained greener technologies
source of low-cost power at
fixed rate
Social and
Financial Manufactured Intellectual Natural Human relationship

Sustainability strategy
Charting a
responsible way forward
We strive to create sustained economic value for our stakeholders. Anchored to our vision Strategic framework
and mission, our sustainability strategy has been crafted through extensive internal and
external consultations, peer benchmarking and alignment with national and global goals. We Our sustainability framework rests on four pillars – climate, waste as resource, environment, and people and
have built a well-defined sustainability governance structure to ensure complete oversight in communities. These pillars are mapped with our strategic interventions as well as UN SDGs.
a consistent, accountable and transparent manner.
Vision & Mission
Sustainability Governance
Sustainability Pillars
Climate Waste as Environment People &

resource Communities
Communication, collaboration and partnerships
Night View of Mangrol Plant

Sustainability strategy (continued)
Our focus areas
Climate Environment
Goals Goals
Transition to low-carbon and sustainable transportation and logistics Natural resource management
Key focus areas Strategic interventions Key focus areas Strategic interventions
› Increased use of green power in manufacturing units › Increase use of low-grade limestone and in the process reduce dependency on
Energy efficiency and › Increase captive renewable generation capacity high-grade limestone and extend quarry life
use of clean energy › Increase Waste Heat Recovery System (WHSR) capacity Water and biodiversity
› Increase green belt of entire occupied area
› Improved thermal and electrical energy efficiency in manufacturing units conservation
› Scale up rainwater harvesting efforts
› Reduce dependency on ground water by increasing mine water utilisation
Low-carbon › Encourage rail/road transportation to transition towards greater use of electric
transportation and energy/renewable sources
logistics › Incentivise and build the capacity of suppliers to reduce their carbon footprint
› Collaborate with the construction and infrastructure sector to develop climate-

Resilient and sustainably resilient infrastructure, provide customised solutions, and durable and resilient
built environment building materials (cement)
› Partner with research institutions to develop sustainable and innovative products
People & Communities
Goals
Skills enhancement
Key focus areas Strategic interventions

Waste as resource
Skills enhancement › Link company-specific initiatives for state and national skill development
Goals Enhance diversity and › Increase the share of women in total workforce
Using waste as a resource inclusiveness › Scale involvement and access to local vendors and suppliers
Health & Safety › Achieve zero harm/incident

Key focus areas Strategic interventions
Communities › Increase beneficiaries of CSR initiatives
› Increase replacement of virgin raw materials & fuels with alternative raw materials/
other substitutes
Increase use of AFR › Develop a safety rating system for drivers (similar to Bureau of Energy Efficiency
› Reduce clinker ratio
Transport safety (BEE) energy rating system;
› Increase production of blended cements and fuel
› Extend health and safety measures to market fleet

Sustainability strategy (continued)
Our targets FY21 FY30 Sustainability governance structure
The Board
Climate Waste as resource
Sp. direct net CO2 KgCO2/t TSR rate %
589 CSR & Sustainability

35
Committee
465
Sustainability Steering
6.5
Committee
Corporate Sustainability
Environment Sustainability Council Coordinator
Water Positivity Times Biodiversity
Representation from plant heads, functional Representation from sustainability champions
heads and sustainability champions across across plant locations
Conduct biodiversity
5 plant locations
The Sustainability Governance structure broadly Membership & Associations

3 assessment across all comprises the CSR & Sustainability Committee and
the Sustainability Steering Committee with leadership
JKCL is a member of various industry associations.
Our employees from Senior management periodically
the plants by 2025

oversight at the Board level. The Sustainability Steering represent JKCL on several platforms to discuss
Committee provides inputs to the CSR & Sustainability upcoming regulations, global market scenarios, macro
Committee which reports to the Board on a quarterly and micro trade environments, etc.
basis. The Board sets the overall objectives and provides
in progress direction to the management to achieve these goals Few of these associations are:
within the given framework.
Federation of
Indian Chambers
The Corporate Sustainability Council is responsible for Member of JK
of Commerce
Workforce
the implementation of sustainability initiatives across Organisation
and Industry
our operations. It also drives sustainability awareness,
(FICCI)
communication, and reporting, aligned with the
Training per employee Man hours Share of women in total workforce % global best practices. The Council is also responsible
5 for facilitating sustainability audits, participating in Cement Global Cement
20 environmental and social awards, and providing relevant Manufacturer’s and Concrete
information and disclosures to the stakeholders as well Association Association
as sustainability rating bodies. (CMA) (GCCA)
Our Sustainability Champions across plant locations

1.8 interact with the Council represented by Plant and
6 Science Based Carbon
Functional heads. They collectively provide inputs to Targets Initiative Disclosure
the Sustainability Steering Committee comprising the (SBTi) Project (CDP)
Managing Director, C- Suite and the Environment &
Sustainability Head.
48 J.K. Cement Ltd. [GRI 102-18] [GRI 102-12,13] Integrated Report 2020-21 49
We are performing on our
priorities using a multi-capital
approach driving sustainable
progress.
Capital-wise performance
Financial capital 52
Manufactured capital 58
Intellectual capital 64
Natural capital 68
Human capital 74
Social & relationship capital 78
Capital wise performance
Financial capital
Maximising growth potential Stakeholders affected
We focus on managing our financial capital prudently to drive sustained economic value
generation. Our strong balance sheet, along with robust internal accruals and access to a Shareholders
diverse pool of low-cost funding, enables us to explore both organic and inorganic growth
opportunities in an evolving operating environment.
Regulatory and
statutory bodies
Material topics
› Use of alternative fuels and raw materials

› Availability of raw materials
› Branding and reputation
Impact of financial capital with other capitals
Manufactured Intellectual
Used to build, expand,
Deploy R&D capabilities
operate and maintain our
manufacturing facilities
Human Social and

Hire and retain skilled relationship
talent Spend for communities
and supply chain
Natural
Source necessary raw
Plant at Mangrol, Chittorgarh (Rajasthan) materials

Capital wise performance Financial Capital
Financial KPI trends (Standalone)
Net Sales ₹ Crores EBITDA ₹ Crores Net worth ₹ Crores Book value per share ₹
6,233.42 1,536.11 3,733.09 483.14

5,397.12 3,128.89 404.94
4,919.19 1,201.14 2,892.81 374.38
4,542.7
307.08
3,705.72 850.96 2,147.35
841.48 267.64
738.01 1,871.52
FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21
YoY 15.05% YoY 27.88% YoY 19.31% YoY 19.31%

4-year CAGR 13.88% 4-year CAGR 20.11% 4-year CAGR 18.84% 4-year CAGR 15.91%
Rationale: Growth driven by increase in capacity and Rationale: Increased owing to economies of scale and Rationale: Increased owing sound financial health and Rationale: Growth reflecting steady growth in
growing volume in both Grey and White Cement, driven better realisation despite increase in few key input costs. demonstrating that our assets are growing faster vis-à shareholder value.
by demand across our core geographies. vis liabilities.
Profit After Tax ₹ Crores Earnings per share ₹ Free cash flow ₹ Crores EBIDTA per tonne ₹
602.83 78.02 1,346.00 1,396

1,256
400.38 51.82 938 929

48.89 884
341.87 45.28 759.83
324.89
210.78 30.14
429.4
304.62 307.78
FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21
YoY 50.56% YoY 50.55% YoY 77.14% YoY 11.14%

4-year CAGR 30.04% 4-year CAGR 26.84% 4-year CAGR 44.98% 4-year CAGR 10.45%
Rationale: Grew on account of our various cost Rationale: Grew on account of the growth in overall Rationale: Growing free cash flow allows us to pursue Rationale: Consistently improving EBIDTA per tonne is
rationalisation initiatives along with greater market reach operations and reinforced brand recall driving opportunities that enhance shareholder value through reflecting the effectiveness of all the cost rationalisation
with increase distributor and retail network. profitability capacity expansion, new product development, dividend initiatives.
payouts and debt reduction, among others.

Capital wise performance Financial Capital
Financial KPI trends (continued)
Market capitalisation ₹ Crore
22,362
7,098 7,260
6,540 6,653
FY17 FY18 FY19 FY20 FY21
YoY 208.00%
4-year CAGR 35.98% Power Plant at Gotan, Rajasthan
Rationale: Timely project execution with stabilised

expanded operations have raised Investor confidence Capital allocation Debt profile
resulting in multi-fold increase in market capitalisation.
Our standalone gross debt stood at around
Ongoing projects
₹ 2,865 Crores and consolidated gross debt at
We have completed 4.2 MnTPA expansion incurring
₹ 3252 Crores as on 31 March 2021.
a capex of ₹ 1,739 Crores till 31 March 2021. The
Key financial ratios Nimbahera Line 3 upgradation is also going on and
The proposed borrowing for 4 MnTPA expansion in
around ₹ 357 Crores have been spent till 31 March 2021.
the wholly owned subsidiary would be around ₹ 1,700
FY17 FY18 FY19 FY20 FY21 Going forward, balance expenditure of around ₹ 100
Crores. Out of which ₹ 400 Crores would be drawn in
FY 2021-22, ₹ 1,000 Crores in FY 2022-23 and balance
Crores will be incurred on these projects during
Debt equity ratio 1.32 1.04 0.76 0.84 0.77 ₹ 300 Crores in FY 2023-24.
FY 2021-22.
Interest coverage ration 2.87 3.62 4.09 5.06 6.75 New project
Our greenfield expansion of 4 MnTPA at Panna, Madhya
Pradesh with split grinding unit at Hamirpur, Uttar
Current ratio 1.18 1.32 1.34 1.31 1.72 Pradesh would have total capex outlay of ₹ 2,971 Crores.
Work has started at site and ₹ 270 Crores have been
Quick ratio 0.72 0.86 0.93 0.91 1.32 spent till 31st March 2021. Project expenditure would be
₹ 800 Crores in FY 2021-22, ₹ 1,600 Crores in
FY 2022-23, and balance of ₹ 300 Crores in FY 2023-24.
Fixed asset
1.49 1.61 1.65 1.70 1.68
coverage ratio Besides the above, we have a sustenance capex of
around ₹ 250 Crores per annum.

Manufactured capital
Expanding capacity, enhancing efficiency Stakeholders affected
Our strategically located, integrated plants that are well connected to key markets through
rail and road network, enabled us to efficiently address the demand-supply dynamics. We Customers Local Communities
also deploy the best available technologies to improve efficiency, optimise nature resource
consumption, minimise waste, and reduce our overall carbon footprint.
Regulatory and
statutory bodies
Material topics
› Use of alternative fuels and › GHG management

raw materials › Waste management
› Occupational health & › Availability of raw materials
safety › Employment and labour
› Energy management relations
› Water management
Financial Intellectual
Setting up and running
Technology deployment
our facilities
Human Social and

Mobilisation of skilled and relationship
unskilled workforce
Strong stakeholder
relationships
Natural
Resources such as land,
water and raw material
Split Grinding Unit at Balasinor (Gujarat)

Capital wise performance Manufactured Capital
Grey cement production mix in FY 2020-21 (%)

Our grey and white cement capacities
We have created manufacturing facilities in North, West, and South India, enabling us to serve multiple regions.
1%
Grey Cement White Cement 38%
4.25 MnTPA 3.25 MnTPA 0.61 MnTPA
Nimbahera,
1 2 Mangrol, Chittorgarh 4 Gotan, Nagaur
Chittorgarh (Rajasthan) (Rajasthan) (Rajasthan)
3.00 MnTPA 0.47 MnTPA 0.60 MnTPA PPC

61% OPC PSC
3Muddapur, 4 Gotan, Nagaur 7 Fujairah (UAE)

Bagalkot (Karnataka) (Rajasthan)
Wall Putty Revenue mix
1.5 MnTPA 1.5 MnTPA
5 Jharli, Jhajjar (Haryana) 6 Aligarh (Uttar Pradesh) 0.63 MnTPA Grey cement % White cement %
(Split grinding unit) (Split grinding unit) (incl. value added products
4 Gotan, Nagaur
(Rajasthan)
0.70 MnTPA 71 71 74
70
67
7 Balasinor (Gujarat) 0.70 MnTPA

(Split grinding unit) Katni
8
33
(Madhya Pradesh) 29 30 29 26
5
One of the first
6 cement companies FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21
to install coal-based
4
1
2
thermal power plant Our captive power capacity
8
We have captive power and Waste Heat Recovery system installed at Nimbahera, Mangrol, Gotan and Muddapur.
7 Moreover, we have solar power plants at Jharli, Gotan and Katni.
India
Site CPP (MW) WHRS (MW) Solar (MW)
7 Nimbahera 20.00 13.20
Mangrol 25.00 26.85
3
Gotan 7.50 - 0.15
Muddapur 50.00
Jharli - - 0.30
Aligarh - - -
Balasinor - - -
UAE
Katni - - 1.00
Total (MW) 102.50 40.05 1.45

Capital wise performance Manufactured Capital
Responsible mining
Responsible mining is imperative at

J.K. Cement. We take every necessary
step to uphold the practice of responsible
mining by adopting best practices for the
health and safety of workers, protecting
biodiversity, and maintain compliance to
the regulations.
Limestone mining activity
Capacity expansion Ongoing expansion projects
14.67 MnTPA
We are ramping up capacities of both Grey and White cement
Upgrading Nimbahera Line-3
through both greenfield and brownfield expansion.
We are modernising an old kiln of 5,000 TPD (Line
III) at our Nimbahera plant and increasing its output
Today (FY21) by 1,000 TPD. Apart from volume gains of 0.33
Completed expansion projects
MnTPA clinker (equivalent to 0.45 MnTPA cement),
Commissioned grey cement grinding unit at Balasinor, Gujarat this will enhance efficiency, reduce power and fuel
Building on our legacy of contributing to the country’s economy consumption, and increase waste heat recovery
and industrial prowess, we have commissioned a Grey Cement generation. On higher volumes, our EBITDA/tonne
grinding unit in Balasinor, Gujarat with an installed capacity of for grey segment is likely to increase. The project is
0.7 MnTPA. expected to complete in the second quarter of
FY 2021-22.
~20 MnTPA Wall Putty capacity expansion at Katni, Madhya Pradesh

We completed our 0.3 MnTPA Wall Putty capacity expansion at Greenfield expansion at Panna, Madhya Pradesh
our Katni plant to meet the growing demand, taking our total plant We are setting up our grey cement plant of 4 MnTPA
Tomorrow (FY24) capacity to 0.7 MnTPA. capacity at Panna, Madhya Pradesh, with a split
grinding unit at Hamirpur, Uttar Pradesh along with
WHR power generation of 22 MW. Civil work started
at site, and orders placed for main equipments.

Intellectual capital Stakeholders affected
Sharpening our innovation edge Employees Customers

We believe intellectual capital is key to consistently provide world-class products to our
customers. Our strong R&D capabilities enable us to bring innovative products to the market,
which exemplify quality and drive our sustainability journey forward. Material topics
› Use of alternative fuels and raw materials
› Energy management
› Water management
› GHG management
› Waste management
Our deployment of intellectual capital with structured outcomes

helps enhance our product quality and in turn elevate customer
relationships, enhancing our social and relationship capital.
Financial Manufactured
Necessary technology,
Innovations and process
digitisation and process
improvements contribute
investments
to better efficiency
Human Social and

Enhancing capabilities relationship
of our workforce by High quality products
leveraging through various augments customer
digital learning platforms satisfaction and
strengthens relationships
with dealers, retailers,
contractors, and masons
Natural
Innovative and clean technology
improves operational efficiency,
reduces carbon footprint, and
reduces waste
Use of Robotics in Operations

Capital wise performance Intellectual Capital
Research and Development

Technology infrastructure
Our plants in Nimbahera, Mangrol and Gotan are equipped with state-of-the-art labs with process control
instrumentations and quality control systems. Our Muddapur facility is equipped with the latest technologies,
process control as well as quality control with Robo lab and Automatic Blain Analyser. The entire plant operations are
controlled from a Central Control Room (CCR) with sophisticated systems including Fuzzy Operation.
Management certification systems
We are constantly investing in R&D initiatives to

reduce the use of natural resources in grey cement
manufacturing and increase the share of additives like fly Gotan White Muddapur Gotan Grey
ash and slag in the production process. In addition, we Jhajar Nimbahera
aim to increase our production of blended cement in the Mangrol Katni
near future.
ISO 14001:2015 ISO 45001:2018
ISO 50001:2018 ISO 9001:2015
Process optimisation
We are consistently focussing on bettering process small steps of in-house kaizen projects and process
optimisation to achieve energy efficiency and reduce modification steps.
Product development production costs. Energy efficiency is achieved through
We leverage in-house technology and talent to launch new innovative products
Going digital
We embarked upon a Digital Journey few years back, • Customer focussed dealer portal for their
starting with automation of functions like paperless convenience and access to our team
operations and fine tuning of processes through efficient • Continuous connect with Influencers through
digitalisation. Online Loyalty App
› Logistics Optimisation through
During FY 2020-21, we stepped up the digital quotient
by using latest and best technology like robotic process • Effective and Efficient Route planning
automation, artificial intelligence, smart procurement, • Optimised In-plant operations using RFID
data science tools, etc., suitably supplemented with the
• Real time Track and Trace through GPS enabled
use of social media in branding and marketing which is
application with a visibility to customer as well
apparent from the coverage of customer based through
digital channels. › IT and OT integration using best in class security
measures.
With a clear roadmap of digitalising the entire value
› Artificially Intelligent processes including visual and
Wood Amore RepairMaxx chain, including introduction of blockchain in areas like
data based Intelligence training to the system.
smart contracting, we have benefitted from digital in the
We entered the wood paint segment with a Our latest addition to the max product range following domains : › Employee friendly portal for end-to-end process
range of premium Polyurethane (PU) products is the perfect one-stop solution for all repair mapping of employee facing functions using Success
that ensure outstanding finish, appealing work needs. The JK Cement RepairMaxX, › eSourcing and Supplier Lifecycle Management using
Factors
aesthetics and higher durability for wood which lives up to our reputation for innovation, SAP ARIBA.
surfaces, with 2,000 different colours. Wood is a masonry compound that can fill cracks and › Enabling employees with a portal to voice their
› Digitising the Sales function through omni-channel
Amore – which translates to ‘love for wood’ gaps of upto 5 mm. concerns and appreciations
approach with
– has been formulated in collaboration with › Dynamic Dashboards with real time visibility to
Italian wood coatings and finishes pioneer, • Enabling e-visits during the pandemic (reaching out
decision makers
Sivam Coatings. to customer through a structured digital channel
during lockdown) › Real time integration between SAP and third party
• End-to-end journey cycle maps Apps through Digital Access mechanism (no more
batch data updates)
• Customer 360 approach

Natural capital
A quest for a sustainable world Stakeholders affected
Cement manufacturing is a energy-intensive process. Thus, as we operate in a ‘hard to abate’

sector, we have a deep commitment to optimise our resource consumption and minimise Regulatory and Media
our carbon footprint while delivering green or eco-friendly products. Further, we are steadily statutory bodies
increasing the share of renewables in our energy consumption mix, and installing best
available technologies to lower GHG emissions.
Local Communities
Material topics
› Use of alternative fuels and › Water management
raw materials › GHG management
› Energy management › Waste management
Investments in green
Installation of pollution
energy and environment-
control equipment
friendly processes
Intellectual Human
Innovation for resource Train our workforce
optimisation and circular on best practices of
economy environment conservation
Social and relationship

Improved health and well-being on
account pollution control

Capital wise performance Natural Capital
Energy and climate Air emissions

We recognise climate change as a risk to our planet and the business, and strive to reduce our GHG emissions. We We are committed to controlling SOx, NOx and dust emissions from our operations. We monitor and control the main
have taken several steps towards a low-carbon growth path such as reducing clinker factor, increasing share of emissions derived from our combustion and kiln processes using electrostatic precipitators (ESPs) through baghouse
blended products and switching to renewable energy. We are also increasing our WHRS capacity, green power mix filters. This enables us to comply with local regulations across the regions we operate. Our Continuous Emission
and thermal substitution rate. We have committed to Science-Based Targets (SBTi) to combat climate change, and Monitoring System (CEMS) tracks particulate matter (PM) in real time to ensure compliance with regulations and helps
are in the process of validating corporate-level targets aligned with those commitments. us take timely corrective actions. We also monitor our plants’ ambient air quality; emission levels in FY 2020-21 were
found to be below the permissible limits
Specific CO2 emission Green power in total Thermal

(kg/t of cementitious products) power consumption (%) substitution rate (%)
593 25% 6.0% 6.5%

589 22% Circular economy
Alternative fuels and raw materials
We use industrial wastes such as fly ash and slag as alternative raw materials, without compromising on product
quality. In FY 2020-21, we used almost 1.93 Million tonnes of fly ash and slag. Alternative fuels such as agro-waste,
carbon black, fibre mass, plastic waste, liquid mixed waste and solid mixed waste are absorbed in kilns which
substitutes fossil fuel to some extent.
FY20 FY21 FY20 FY21 FY20 FY21
Specific thermal Specific electrical

energy energy
GJ/t of clinker (kWh/t of cementitious products)
3.09 3.07 76
71
FY20 FY21 FY20 FY21
Innovation on alternate fuel and raw material (AFR)

Target for FY30 465 Kg/tonne 75% 35%
We have set up an AFR laboratory in Muddapur to reduce our dependency on
conventional fuels and increase the use of alternative sources derived from organic
waste. The AFR lab encourages hands-on testing of AFR material such as organic
of cementitious products green power thermal
(wind/solar/WHRS) substitution rate
matter and minor elements.

Capital wise performance Natural Capital
Waste managment Water managment Water Positive Times
We stringently monitor, minimise, reuse, and recycle our waste wherever possible. We manage both hazardous and We consider water as a shared resource that needs to be
non-hazardous waste generated at our manufacturing units in compliance with the local laws and regulations. In conserved and utilised judiciously. As most of our operations
addition to using alternative raw materials, our manufacturing units have co-processing facilities that enable us to are located in dry and water-scarce regions, we work diligently
FY20 3.2
divert our non-recyclable waste streams towards waste heat recovery processes. to reduce our water consumption and also generate awareness
among our stakeholders about its prudent use.
FY21 3.0
Initiatives undertaken to improve water efficiency

and water positivity
› Laid pipeline to lift rainwater collected from mine pits to reduce
use of ground water
› Installed additional Reed Bed Technology based STP of 90 KLD
Target for FY30
(55 + 35 KLD) at Nimbahera
› Canalised storm water to pond at Nimbahera plant
5 times
› Replaced ball valves with push type taps to reduce leakage water positive
› Arrested leakages across the plant and closed unwanted water
points
› Repaired and replaced all water storage tanks and pipelines to
arrest leakage/seepage.
We withdraw water mainly from the surface, including river water.
Zero discharge
However, we focus on consuming reused and recycled water
wherever possible. In our operations, water is mostly consumed
for domestic and industrial activities. All our manufacturing units
are zero water discharge plants and meticulously treat and reuse All our manufacturing facilities
domestic and industrial wastewater generated on site. We reuse
the treated wastewater for plantation and gardening, green belt
development, cooling of machinery, dust suppression in coal yard,
among others.
To reduce freshwater withdrawals, we use

different ways such as rainwater harvesting,
Installed reed bed Sewage Treatment Plant process water efficiency improvement and
Responsible mining and biodiversity development of innovative products. As
(STP) at Cement plant
protection Rajasthan (one of our plant locations) is a
We installed Reed Bed STP with a capacity of 35 KLD and semi-dry region, we have installed Air Cooled
We perform responsible mining operations in
55 KLD and started to utilise the treated water in plantation Condensers (ACC) with Captive Thermal
our limestone quarries and surrounding areas, in
and horticulture activities, which has reduced the use of Power Plant (CPP), which helped reduce water
compliance with the applicable laws and regulations.
ground water by 90 KLD. consumption by more than 90% compared to
We are also in the process of developing a
biodiversity management plan across our plants and conventional water-based cooling towers.
target to carry out biodiversity assessments across
all plants by 2025.
We conduct thorough inspection and surveillance

programmes and have installed advanced equipment
on-site for monitoring safe storage as well as the
transfer of fuels. We adhere to the compliance
and statutory requirements related to spillage and
subsequent recovery.

Human capital
Advancing with a dynamic workforce
Our ‘People First’ approach stems from the belief that “if the business takes care of Stakeholders affected
employees, the employees will take care of the business”. Our ‘One Family’ motto brings
together a diverse workforce across our operating locations. We endeavour to nurture and
develop our people as our core strength. Employees
Material topics
› Occupational health & safety

› Employment and labour relations
› Employee engagement and development
Investment in knowledge
Ensured efficiency and
and skill development of
quality across plants and
employees helps better
processes
productivity
Intellectual Natural
Encouraging ideas and Enhanced awareness
participation for more and initiatives towards
innovation resource conservation
Social and relationship

Enhanced employee experience
through voluntary participation in
community engagement drives
People at J.K. Cement
74 J.K. Cement Ltd. [GRI 102-08,102-03,401-01,405-01] Integrated Report 2020-21 75

Capital wise performance Human capital
Empowering, inspiring and respecting people is one of all employees across multiple locations. Our Human
our core values. These values and the organisation’s
culture of trust, meritocracy and empathy has earned
Resources (HR) platform uses systems, applications,
SAP and Success Factors, a cloud-based HR platform.
Human rights and POSH
J.K. Cement the ‘Great Place to Work®’ certification for We integrated this platform into our mainstream HR We ensure that all stringent measures and due diligence complaints on sexual harassment. During FY 2020-21,
the second year in a row in FY 2020-21. We encourage operations for process excellence and going paperless. are undertaken to prevent human rights abuse such we received no complaints on human right violations
continuous innovation and improvements through an Further, we have automated our recruitment process, as child labour, forced/compulsory labour, and sexual including discrimination, harassment, sexual harassment,
attractive rewards and recognition programme. performance management system, introduced SAP harassment in our operations. Our Prevention of Sexual child labour, forced/compulsory labour or harm to
based Learning Management System, and created an Harassment (POSH) policy covers every employee and indigenous communities across plants or the corporate
Adopting digital advancements in our HR systems and employee central database to access updated employee is publicly available. We have also set up a dedicated office.
processes resulted in efficiency and transparency for related data. Internal Complaints Committee at all locations to redress
Employee engagement
Health & Safety
We actively engage with our employees through various leaders during their orientation programme. Further, we
skill development sessions and employee connect celebrate cultural programmes including Annual Cultural We are committed to providing a safe and conducive
events conducted throughout the year. Fresh hires also Week – Udayin. These initiatives are undertaken to work environment for our employees and other
get the opportunity to engage with senior business motivate and empower our workforce. stakeholders. Our Zero Harm programme, which began
in FY 2019-20, has been pushing for continuous
Highlights of initiatives improvements in achieving zero fatalities and injuries,
platform. Despite the pandemic both on-site and off-site. We also implemented a
Project UDAY is aimed at grooming managers to develop their people
situation, we completed the annual fully integrated Environmental, Health & Safety (EHS)
the leaders of tomorrow and management skills, especially of
performance management for the management system at all manufacturing plants. We are
empowering young talent in the newly promoted first time managers.
year under review in April 2021, in the process of adopting safety targets at the Group
organisation to take on higher
and subsequently announced level.
responsibilities. With Project SAKSHAM, we
became the first company in the promotions and salary increments
for all our employees. During year under review, we organised various
Zero
Project SAARTHI focuses on Indian cement sector to fully adopt
awareness and counselling programmes across plants
building capabilities of young an end-to-end cloud-based HR
covering occupational health and safety, and lifestyle and
common seasonal diseases. We aim to increase training
on health and safety by introducing topics such as
Fatalities in FY 2020-21
Learning and development Total training hours Hours behaviour based safety, driver safety, and safety labelling
assessment.
Our strategy to create best-in-class talent pool is
achieved by proactively investing in the training and FY20 35,996
Percentage of employees trained on safety and skill up-gradation
development of employees. We aim to provide a
Category Nimbahera Mangrol Jharli Aligarh Muddapur Gotan Katni Balasinor
conducive work environment to our teams and enable
them to achieve their career goals. During the COVID
pandemic and subsequent lockdown, our training and
FY21 22,333 Permanent employees 45% 61.08% 100% 4.50% 93% 15.12% 100% 85%
Permanent women employees 22% 80.0% Nil Nil 57% Nil Nil Nil
development team seamlessly moved to deliver most
programmes online. Casual / Temporary/ Contractual
100% 100% 100% 95.50% 100% 84.87% 46% 88%
employees
Employees with disabilities Nil Nil Nil Nil 100% Nil Nil Nil
Talent attraction and Diversity and inclusion
retention We believe that diversity is a crucial condition for a Coping with COVID-19
productive, dynamic and sustainable organisation. We Amid the COVID-19 pandemic, our focus on health and led by senior members of the Management to provide
We ensure our workforce is sufficiently represented by provide equal opportunities to all irrespective of their well-being of our employees have increased manifold. all possible support to our employees and their
all age groups. A structured induction process is followed caste, religion, colour, marital status, and gender. We are We implemented several precautionary and preventive families in real time
at all locations for fresh hires. We also have mentoring committed to increasing the participation of women in initiatives in this regard. › ‘COVID Task Force’ ensured that every stakeholder
programmes where fresh graduates interact with the our workforce. We also recruit local youth from around › Conducted regular awareness sessions on the gets vaccinated at the earliest, has PPE kits,
senior leadership to understand business and growth our operating locations. importance of personal health and hygiene to prevent oximeters, access to online medical help, life-
opportunities. For our senior management, we follow an
COVID infections saving equipment like oxygen concentrators, and
objective appraisal system that is based on Key Result
› Constituted a dedicated task force, a separate team hospitalisation when needed.
Areas (KRAs). Our Corporate HR team is actively involved
in nurturing, enhancing and retaining talent through job
satisfaction, management development programme,
among others.

Social and relationship capital Stakeholders affected
Creating a win-win proposition Shareholders Customers

We collectively use our reach to enhance our positive impact on customers and the
larger fraternity of stakeholders. It is a vital part of our inclusive agenda for growth. The Employees Regulatory and statutory bodies
engagement we have with customers, dealers, retailers, suppliers, community members, and
other stakeholders allows us to determine which issues are of primary importance to them
and to assess what long-term value means from their perspective.
Dealers Media
Local Communities
Material topics
› Branding and reputation
Investments to increase
Better products and
loyalty of customer,
process through
dealer, retailers and
stakeholder insights
other key stakeholders
Intellectual Natural
Greater innovation based Improved health and well-
on customer insight being owing to reduced
carbon footprint
Human
Greater engagement with
stakeholder to gather feedback and
share knowhow

Capital wise performance Social and relationship capital
Driving enduring relationships Dealers

We follow a customer-centric approach while actively engaging with our dealers and influencers to deliver products We recognise dealers as growth partners in our
and solutions in line with evolving needs. Further, we work closely with our partners across the value chain to make overall progress. We further encourage our dealers by
their operations sustainable. Our ESG policy for suppliers, contractors, consultants and transporters requires them to acknowledging their performance and rewarding them.
adopt responsible business practices. We regularly reward our top-performing dealers for their
excellent performance. In FY 2020-21, we conducted
virtual meets where channel partners and dealers were
felicitated with trophies, certificates and cash prizes.
Loyalty programmes
Samridhi: It is a loyalty programme aimed at recognising
the long relationships of our channel partners by offering
special privileges to them.
Shoorveer: It is an exclusive rewards programme for

contractors and masons, for their continuous support in
increasing sales and engagement.
Uphaar: We extended our support to 18,000+ painters

enrolled under the Uphaar loyalty programme by allowing
them to encash their earned points for up to ₹ 5,000,
which was transferred directly to their bank accounts.
Innovative approach
Similarly, under the Shoorveer loyalty programme, we
reached out to 4,000+ contractors. during COVID-19
We rejigged on-ground activities
of reaching out to the dealers and
construction sites for 6 months. The
regular BTL promotion vans were
converted into COVID education vans with
activities included product awareness
demos and lead generation.
The build safe van, public announcement

system and TV ran the local COVID safety
information in marketplaces, urging the
public to stay safe by maintaining social
distance and wearing masks in public
places, washing hands at regular intervals,
and adopt contactless engagement.
Customer support and Supply chain partners
satisfaction We follow stringent procurement practices to meet the
business needs while ensuring a responsible supply
Our customer-centric business model allows us to chain. We encourage procurement through vendors who
be in tune with the changing needs of our customers adopt sustainable practices. We require all stakeholders
and ensure we step up to meet their expectations. Our who are applicable under the ESG Policy to comply
approach to customer satisfaction is based on the core with the requirements and submit acceptance before
value of ‘Customer Orientation’. We strive to resolve commencement of activities at our sites. Further, we
consumer grievances related to construction practices ensure ethical and labour standards are met during
and our products at the earliest. For this, a dedicated vendor evaluation and aim to cover all Tier 1 suppliers
helpline is available, through which consumers can in our ESG assessments in the near future. In addition,
register their product related complaints with us. we have taken proactive steps to identify the most
significant environmental and social challenges within
the value chain.

Amplify our outreach
Consult the expert

JK Super BuildXpert app can now calculate
the estimated material and costs required for
construction.
#MaxXHaiNa
Saluting their efforts
We launched a campaign, #MaxXHaiNa, with a series of putty), JK Cement PriMaxX (wall primer) and JK Cement
digital-first short ad films, featuring Mr MaxX, their brand TileMaxX (adhesive and grouts), reinforcing their recent
mascot. The ad films showcase some of the products in rebranding initiative of bringing all their brands under the
JK White Cement’s portfolio – JK Cement WallMaxX (wall MaxX umbrella.
YePuccaHai
Acknowledging the hard work, determination, and contribution of the construction workers who help to build India’s
Infrastructure.
Get Set, Goooo MaxX!

It's time to welcome your friendly, neighbourhood Superhero into your homes! He's here to work his magic, bringing all
home improvement and finishing woes to an end and to spread smiles!
SuperDrivers ThankYouDoctors
Tribute to the truck drivers to recognise their dedication Tribute to the doctors, frontline health workers, and
and hard work. COVID warriors for their selfless service to humanity.
Spreading positivity
JK White Cement presents a musical ode to the spirit
GypsoMaxX WallMaxX TileMaxX of humanity in overcoming even the most difficult
Welcome the Superhero with the Let the magical touch of Mr. MaxX Welcome Mr. MaxX into your home. circumstances. UMMEED, curated by the JK White
Midas touch into your homes. Mr. cast a spell of beauty on your home! With one foot tap, watch him Cement family, spreading the message of hope and
MaxX is here to work his magic! transform your floors! positivity featuring none other than, Superstar Shaan!

Capital wise performance Social and relationship capital
Community development
At J.K. Cement, we aim to create an environment that Our CSR Department undertakes, along with partner
supports holistic development of the communities in NGOs and government institutions, design and
which we operate. As part of our initiative to give back implement various programmes across the focus areas.
to the society, we work towards transforming the lives We regularly engage with the communities to collect
of the underprivileged. Our CSR policy reflects our feedback on the ongoing projects, which provides us the
socioeconomic development agenda, under which necessary insights to better calibrate our programmes to
we have identified the focus areas – water, health the needs of the communities.
and sanitation, energy conservation, pollution-free
atmosphere, clean technology and primary healthcare.
CSR expenditure ₹ Crore Education

We contribute to the development of infrastructure in
government schools, including equipment, buildings,
FY20 9.35 and furniture. In collaboration with the Eklavya Institute,
we also provide coaching classes to village students
Promoting healthcare during COVID-19

preparing for competitive exams and distribute
educational kits. In addition, we supported the
FY21 12.26 construction of bio-toilet blocks in three government
› Spread awareness among people about
secondary schools in Rajasthan; free electricity supply We have taken several steps towards the safety
was provided to 11 governments schools. Further, we and wellbeing of people in nearby villages during COVID-19 and precautions to be taken
awarded meritorious students with silver medals for COVID-19 pandemic through the following initiatives. › Provided transport to local administration of
their academic performance in schools and provided › Sanitised both urban and rural areas during Gotan for campaigning and emergency
scholarships to talented IIT Kanpur students. lockdown › Installed oxygen pipelines at a cost of ₹ 44 lacs at
› Distributed 28,000+ face masks to villagers, truck the GSVM Medical College Kanpur (for COVID-19
drivers, school students, and 700+ PPE kits to wards)
hospitals › Distributed food packets to 19,000+ people and
Infrastructure development › Donated ₹ 11 lacs to the district administration in hospitals in the vicinity of our plants
We strive towards improving the standard of living of our for fighting COVID-19 and ₹ 3.5 lacs to the › Promoted vaccine drive at all locations including
communities by providing them better infrastructure. Nimbahera Municipal Board for providing employees and their family
Over the years, we have helped develop roads, drainage accommodation and free food to those in need
systems, community halls, temples, and schools. During
FY 2020-21, we constructed concrete roads in nearby
villages. Financial aid was given to Panchayats for rural
development. Drainage system construction is done at
Karunda Village for better health & Hygiene. Construction Community welfare
of Rest rooms in village for travellers. Also helped in the CSR reach and impact ₹ Crore
We seek to serve humanity by empowering and enabling
renovation the Merta Railway Station under Jodhpur underprivileged people to improve their lives through
division. Constructions of Public road and installation of Rajasthan
various community welfare programmes. We run several
RCC benches at public places. women livelihood skill training programmes to empower
22
women in villages. We provided training on:
Further, to promote cattle cross breeding in rural areas › Tailoring and cutting
also made Contribution to JK Gram Vikas Udyog. › Pickles and sauce making Uttar Pradesh
› Soft toys and gems jewellery making
› Beautician course 5
Healthcare Through these trainings, rural women became self-
reliant and improved their standard of living. Also, the
We aim to ensure that our community has access
Sparsh Sanitary Pad Project for women self-help groups Karnataka
to better healthcare services, by providing financial
provided structured setups and training to produce
assistance to various clinics and healthcare service
and sell low-cost sanitary pads. Moreover, we provided 5
providers near our plants. We also provide financial
the supply of clean drinking water to the communities
assistance for operating and maintaining Janata Clinic in
near us, and also funded RO plants in Gotan village,
the Merta city. Haryana
supporting the Chief Minister Jal Swavlamban Abhiyan.
We also assisted in the renovation of Aganbari Centre &
Construction of Community Hall in nearby villages. 2

Board of Directors
Driving our progress
MRS. SUSHILA DEVI DR. RAGHAVPAT MR. MADHAVKRISHNA MR. SUPARAS BHANDARI MRS. DEEPA GOPALAN MR. SAURABH
SINGHANIA SINGHANIA SINGHANIA Non-Executive, WADHWA CHANDRA
Chairperson Managing Director Deputy Managing Director Independent Director Non-Executive, Non-Executive,
(Non-Executive & CEO Independent Director Independent Director
Non-Independent)
MR. AJAY KUMAR MR. PAUL HEINZ MR. SUDHIR JALAN MR. NIDHIPATI SINGHANIA MR. AJAY NARAYAN JHA DR. K. B. AGARWAL
SARAOGI HUGENTOBLER Non-Executive, Non Executive Non Non Executive Non-Executive,
Deputy Managing Director Non-Executive, Non-Independent Director Independent Director Independent Director Independent Director
& CFO Non-Independent Director
Board committees
Audit Committee
Nomination &
Remuneration Committee
Stakeholder’s Relationship
Committee
MR. ACHINTYA MR. JAYANT NARAYAN MR. ASHOK SINHA CSR Committee
KARATI GODBOLE Non-Executive,
Non-Executive, Non-Executive, Independent Director Risk Management
Independent Director Independent Director Committee
Read more on pg. 130

Awards and accolades Sustainability scorecard

Our Business - (GRI 201-1)
Economic value generated (₹ Crores) FY 2020-21 FY 2019-20

Income from operations 6,441.63 5,549.65
Economic value distributed 5,837.44 5,150.54
A) Cost of Material Consumed 965.16 871.99.
B) Power & Fuel 1,103.59 1,011.53
c) Employee Benefit & Wages 412.14 390.90
D) Finance Cost 223.16 222.87
E) Tax Expenses 389.72 251.64
G) Others 2,743.67 2,408.61
J.K. Cement recognised as the Economic value retained 604.19 399.11
SECOND FASTEST GROWING J.K. Cement won the 1st prize
COMPANY in LARGE CATEGORY in Supply Chain and Logistics Environment - (GRI 302-1/4, 303-1/3/4/5, 305-1/2/3/4/7, 306-3)
at the 4th Indian Cement Review Excellence Awards 2020 organised Material consumption
Awards 2021 by Confederation Of Indian Industries Parameter Units FY 2020-21 FY 2019-20
(CII) under Cement category pan India Limestone Tonnes 1,19,84,396 1,00,71,779
Slag Tonnes 1,30,013 1,19,628
Fly ash Tonnes 17,99,967 14,64,502
Direct energy consumption

Parameter Units FY 2020-21 FY 2019-20
Kiln fuel TJ 24,933 21,736
Non – Kiln fuel TJ 5,993 8,121
Solar TJ 2.7 2.3
Indirect energy consumption

J.K. Cement adjudged
Electricity purchased TJ 897 569
‘Great Place To Work®’ Electricity purchased - renewable TJ 99 97
J.K. Cement Works, Mangrol
declared as a Winner in the ‘Within Power generated from WHRS
the Fence’ category at CII National
Waste heat recovery system MWh 174,022 128,491
Award for Excellence in Water
Management 2020 Energy Intensity
Specific thermal energy GJ/t of clinker 3.074 3.096
Specific electrical energy KWH/t of cem 71 76
Thermal substitution rate

JK Cement Wallmaxx TVC wins gold Parameter Units FY 2020-21 FY 2019-20
at 9th global customer engagement Total alternate fuel rate (kiln fuel) % 6.5 6.0
awards
Absolute CO2 emissions
Direct CO2 (includes CPP) tCO2 72,06,969 65,32,699
Indirect CO2 (external power) tCO2 203,639 1,29,599
ODS (R-22) Kgs 358 424
JK Super Cement stood a winner Specific CO2 emissions
as the Brand of the Year at the 5th Parameter Units FY 2020-21 FY 2019-20
Specific direct CO2 emissions kg CO2/t of cem. 571 580

Our Muddapur plant was recognised edition of Realty+ Interior & Exterior
Specific indirect CO2 emissions kg CO2/t of cem. 18 13
with GreenCo Star Performer Award, Conclave Awards (INEX 2021) in
Indian Climate Champions League association with exchange4media
2020 & GreenCo Gold Rating by CII Group & BW (Business world).

Other Air emissions Employee turnover by gender FY 2020-21 FY 2019-20

Parameter Units FY 2020-21 FY 2019-20 Gender
PM Tonnes 723 604 Male 232 422
SOx Tonnes 1,325 1,262 Female 150 6
NOx Tonnes 9,638 8,853 Total 382 428
Water
Parameter Units FY 2020-21 FY 2019-20 Employee hired by gender FY 2020-21 FY 2019-20
Surface water withdrawal m3

10,70,233 6,64,464 Gender
Percentage Surface water withdrawal % 62.8 43.7 Male 355 604
Ground water withdrawal m3 6,34,224 8,54,894 Female 8 14
Percentage Ground water withdrawal % 37.2 56.3 Total 363 618
Total water withdrawal m3 17,04,457 15,19,358
Total water discharge m3 0 0 GCCA Content Index
Total water consumption (total water withdrawal – total water discharged) m3 17,04,457 15,19,358
Parameter Units FY 2020-21
Water recycled/reused m3 3,32,142 4,33,137
Percentage Water recycled/reused % 19.5 28.5 Total direct CO2 emissions – gross (excluding CPP) [tCO2/yr. 66,82,752
Water positivity times 3 3.2 Total direct CO2 emissions – net (excluding CPP and alternative fuels) tCO2/yr. 65,56,800
Specific water intensity m3/t cement 0.16 0.16 Specific CO2 emissions per tonne of cementitious material – gross kg CO2/t cem. prod 582
Specific CO2 emissions per tonne of cementitious material – net kg CO2/t cem. prod 571
Biodiversity
Alternative Fuel Rate (kiln fuels) % 6.3
Total number of saplings planted Nos. 10,23,238 9,08,127 Biomass Fuel Rate (kiln fuels) % 0.2
Sapling survival rate % 83.8 82 Specific heat consumption for clinker production GJ/t of clinker 3.074
Clinker Factor % 69
Waste disposed
Alternative Raw Materials rate (% ARM) % 19
Water consumption KL 17,04,457
Hazardous waste (solid) MT 21 14
Hazardous waste (liquid) m3 86 45 Amount of Water consumption per unit of product KL/t of cement 0.16
Non-hazardous waste (solid) MT 6456 4430 Number of fatalities for directly employed, contractors/subcontractors and Nos. 0
third parties
CSR Fatality rate for directly employed Rate 0
LTI Frequency Rate (FR) for directly employed Rate 0
Total CSR beneficiaries Nos. 7,28,120 4,09,449
LTI Frequency Rate (FR) for contractors / subcontractors (on-site) Rate 3
LTI Severity Rate (SR) for directly employed Rate 0
People - (102-7, 401-1, 403-9, 404-1)
Head Office and FY 2020-21 FY 2019-20

Marketing Employees Male Female Male Female
Senior Management (Nos.) 35 1 39 1
Middle Management (Nos.) 129 3 101 3
Junior Management (Nos.) 1,301 35 1,244 29
GETs/PGETs (Nos.) 0 0 22 1
Total (Nos.) 1,465 39 1,406 34
Grand total (Nos.) 1,504 1,440
Training Man hours FY 2020-21 FY 2019-20
Senior Management 230 1,027
Middle Management 1,267 3,110
Junior Management 18,437 22,083
Permanent Workers 118 3,312
Others (Nos) 2,281 6,464
Total 22,333 35,996

GRI index
GRI Index (Core Option)
Material consumption Material consumption
GRI Standard Title Reference Pg. no. GRI Standard Title Reference Pg. no.
Organizational profile GRI 200 Financial Topics

102-01 Name of the organization J.K. Cement Ltd. 12 103-02 Management Approach Financial Capital 52
102-02 Activities, brands, products, and services Our product portfolio 16 GRI 201 Economic Performance
102-03 Location of headquarters JKCL 201-01 Direct economic value generated and distributed Sustainability Scorecard 89-91
102-04 Location of operations Geographical spread 60 GRI 300 Environmental topics
102-05 Ownership and legal form Financial statements 150 103-2 Management Approach Natural Capital 68
102-06 Markets served Markets served 18 GRI 301 Materials
102-07 Scale of the organization Sustainability Scorecard 89-91 301-1 Materials used by weight or volume Sustainability Scorecard 89-91
102-08 Information on employees and other workers Sustainability Scorecard 74, 89-91 301-2 Recycled input materials used Sustainability Scorecard 89-91
102-09 Supply chain Supply Chain GRI 302 Energy
102-10 Significant changes to the organization and its supply There is no significant change either 302-1 Energy consumption within the organization Sustainability Scorecard 89-91
chain in material topic. However, we have 302-4 Reduction of energy consumption Annexure - C 119
Balasinor grinding unit in topic boundary
in this report against previous year. GRI 303 Water
102-11 Precautionary Principle or approach Risk Management 36 303-1 Water withdrawal by source Sustainability Scorecard 89-91
102-12 External initiatives Memberships & Associations 49 303-3 Water recycled and reused Sustainability Scorecard 89-91
102-13 Membership of associations Memberships & Associations 49 303-4 Water discharge Sustainability Scorecard 89-91
102-14 Statement from senior decision-maker MD message, Dy MD and CEO message 22, 24 303-5 Water consumption Sustainability Scorecard 89-91
102-15 Key impacts, risks, and opportunities Strategic Objectives 42 GRI 305 Emissions
Ethics & Integrity 305-1 Direct (Scope 1) GHG emissions Sustainability Scorecard 89-91
102-16 Values, principles, standards, and norms of behaviour Vision, Mission and Values 12 305-2 Energy indirect (Scope 2) GHG emissions Sustainability Scorecard 89-91
102-18 Governance structure Sustainability Strategy 49 305-3 Other indirect (Scope 3) GHG emissions Our Business model 28
102-40 List of stakeholder groups Stakeholder Engagement and Materiality 32 305-4 GHG emissions intensity Sustainability Scorecard 89-91
102-41 Collective bargaining agreements Human rights - 305-6 Emissions of ozone-depleting substances (ODS) Sustainability Scorecard 89-91
102-42 Identifying and selecting stakeholders Stakeholder Engagement and Materiality 32 305-7 Nitrogen oxides (NOX), sulphur oxides (SOX), and other Sustainability Scorecard 89-91
significant air emissions
102-43 Approach to stakeholder engagement Stakeholder Engagement and Materiality 32
GRI 306 Effluents and Waste
102-44 Key topics and concerns raised Stakeholder Engagement and Materiality 32
306-3 Waste generated Sustainability Scorecard 89-91
102-45 Entities included in the consolidated financial Financial statements 9
statements GRI 400 Social Topics
102-46 Defining report content and topic boundaries About the Report 9 103-02 Management Approach Social and relationship capital 78
102-47 List of material topics Stakeholder Engagement and Materiality 34 GRI 401 Employment
102-48 Restatements of information The energy, emissions and other related 89-91 401-01 New employee hires and employee turnover Sustainability Scorecard 74, 89-91
indicators are calculated using GCCA GRI 402 Labour/Management Relations
GNR data workbook
402-1 Minimum notice periods regarding operational 21 days (as per Industrial Disputes Act,
102-49 Changes in reporting There is no significant change either 9 changes 1947)
in material topic. However, we have
GRI 403 Occupational Health and Safety
Balasinor grinding unit in topic boundary
in this report against previous year 403-09 Work-related injuries Sustainability Scorecard 77, 89-91
102-50 Reporting period 1 April 2020 – 31 March 2021 9 GRI 404 Training and Education
102-51 Date of most recent report Please refer website - 404-01 Average hours of training per year per employee Sustainability Scorecard 89-91
102-52 Reporting cycle 9 GRI 405 Diversity and Equal Opportunity
102-53 Contact point for questions regarding the report - - 405-01 Diversity of governance bodies and employees Sustainability Scorecard 74, 89-91
102-54 Claims of reporting in accordance with the GRI About the Report 9 GRI 413 Local communities
Standards 413-01 Operations with local community engagement, impact Social and relationship capital 84
102-55 GRI content index GRI content index assessments, and development programs
102-56 External assurance Independent Assurance Statement

Management Discussion and Analysis In long run the cement demand from this segment would reach 25-27% from current demand of 23‑25%.
World Economy The GDP would grow in the range of 8.0-9.5% only Housing segment Rural housing demand
The World Economy is expected to grow at 5.5% if India takes series of steps which also includes Housing segment would continue its moderate Housing for All Scheme - Pradhan Mantri Awas
in 2021 after sinking to (-) 3.5% in 2020 as per vaccination drive that would spur economic activity. growth trajectory with rural housing outpacing Yojana-Gramin (PMAY-G) with the target to construct
IMF, however the strength of recovery would vary Further, the infrastructure push of ` 5.54 Lac Crores urban segment on the back of lower development 29.5 million houses with all basic amenities by 2022.
significantly across countries depending on access in FY 2021-22 is also expected to aid momentum base and continued rise in concretisation. Housing Only 13 million houses were constructed out of
to medical interventions and effectiveness of policy and revive domestic demand. Also setting up Segment still hold 60- 65% of total cement demand. 18 million sanctioned till March 2021. The pace of
support from Government. The World Largest of Development Financial Institution (DFI) for completion has slowed down drastically mainly due
Economies like US would grow at 5.1% after settling Infrastructure projects would act as provider, enabler to spread of Pandemic (COVID-19), elections in some
with negative growth of (-) 3.4% in 2020, China the and catalyst for cash strapped industry. States, saturation of eligible beneficiaries from the
second largest would grow at 8.1% after a positive SC and ST category & lack of timely allocation of
growth of 2.3% in 2020. European Union and Japan Production linked Incentive Scheme as approved by targets to districts.
would also grow to 4.2% and 3.1% after seeing GOI of ` 2 Lac Crores (US$ 27 billion) would help in
downtrend in 2020 of 7.2% and 5.1% respectively. overall economic activity spread over a period of five
years. The Government of India, under its Make in
However, many countries, particularly low-income India initiative, is also trying to boost the contribution
developing economies, entered the crisis with high made by the manufacturing sector with an aim to take
debt & that is set to rise further during the pandemic. it to 25% of the GDP from the current 17%. Further, to
The global community will need to work closely to support Pandemic hit economy Government planned to Urban housing demand Industrial and commercial segment
ensure adequate access to international liquidity for borrow ` 7.24 Lac Crores in H1FY 2022 (which is 60% of The Pradhan Mantri Awas Yojana (PMAY) Urban Cement demand from Industrial and commercial
these countries for restructure of their debt under the target set in Budget for Government borrowing of ` 12.5 programme has witnessed a healthy construction segment is expected to decline to 11-13% from
Common Framework as agreed by G20 Nations. To Lac Crores). This would help overall economy to grow in over past 3 fiscals particularly in FY19 and FY20. existing 14-16%. While recent government initiatives
bring the pandemic under control everywhere there is green in FY 2021-22. This fast paced and steady execution exhibits like PLI scheme and Atmanirbhar Bharat is expected
need to create fund for the COVID vaccines so that all Government focus for providing housing to all. to boost demand from the industrial segment,
countries could get access to vaccines at affordable Indian Cement Industry However, revision of housing shortage in urban commercial segment is expected to lag due to rise
prices. This would be in larger interest of society & help Outlook areas to 11.2 million from 20 million will lead to in commercial real estate inventory and gaining
the World Economy to rebound at pre‑COVID level. India is second largest producer of Grey Cement with slower demand beyond 2022-23. Of the 11 million popularity of work from home culture.
the overall capacity of 541 MnTPA and it is expected houses sanctioned so far only 4.3 million houses
India Economic Growth to add around 24 MnTPA in fiscal 2021‑22 to reach 565 have already been completed, 3 million houses are
In FY 2021-22, India may grow in the range of 8-9.5% MnTPA. The Indian cement industry has enormous under construction and 3.7 million houses are still
from the negative growth of 7.3% in FY 2020-21. In growth potential because India has abundant and high- waiting for financial clearance from Government.
the last few years, India had emerged as the fastest quality limestone reserves throughout the country.
growing major economy in the world and is expected
to be one of the top three economic powers in the The Cement demand for this current fiscal is almost flat Supply chain disruption has become a pressing Going forward, the cement industry will rebound with
world over the next 10-15 years, backed by its robust at 328 MnTPA and in FY 2021-22 it is expected to have concern for the cement industry. As the second wave of volume growth on the back of revival in demand from
democracy and strong partnerships. FY 2020-21 was volume growth of 9% mainly due to low base supported COVID-19 is unfolding, several states have announced the housing and infrastructure sectors along with the
yet another unprecedented year of demand contraction by macro environment and increased Government complete or partial lockdowns which restrict the timely release of funds as announced in the Union
on back of pandemic while GDP tells an interesting spending. The Government of India has taken several movement of cement out of the plant. Additionally, Budget 2021-22, but it surrounds the uncertainties of
story about the two halves. GDP contracted (-)16% in initiatives to boost the cement industry. As per Union the rising cost of raw materials and fuel have impact the emerging COVID situation and rate of vaccination
the first half led by lockdown but higher government Budget 2021-22, the government allocated ` 13,750 on the overall production cost. Apart from that, roll out.
spending on rural development, roads, and highways; Crores for AMRUT & Smart Cities mission and ` 27,500 several cement manufacturers’ production has been
pent-up demand as restrictions eased; and improving Crores for Pradhan Mantri Awas Yojana (PMAY). Cement constrained by a lack of manpower. Production will pick Company’s Operational & Financial Performance
exports with global economies gaining some support demand in longer run would be driven by infrastructure up once the labour force returns following the easing of (Standalone):
from fiscal stimulus (mostly in Q2). The second half and housing segment. the lockdown and all agricultural work is completed. Although the cement demand in the country remained
witnesses’ mild contraction of only 0.4%, benefitted flat during the year under review, J.K. Cement
from strong festive demand, higher government capex, Performance was able to achieve incremental growth, owing to
Increasing projects
and improved economic activity as the pandemic The Cement demand for FY 2020-21 was almost flat expanded volume on increase capacity.
The National Infrastructure Pipeline expanded to
spread was curbed and hence fiscal 2021 GDP at 328 MnTPA. Cement demand fell in the first quarter
7,400 projects from 6,853 projects which will drive 1) Grey & White Cement Production increased to
contraction resulted in downsizing Indian Economy at ` of the year under review because of the nationwide
cement demand for FY 2021-22. 11.00 MnTPA in 2020-21 as against 9.57 MnTPA in
135 Lacs Crores. lockdown caused by COVID-19, which occurred at
2019-20 thereby registering growth of 15%.
a time when construction activities were at peak.
However, when the lockdown softened in the second 2) Net Sales increased to ` 6,233.42 Crores in 2020-
half of the year, the cement sector saw an uptick in 21 as against ` 5397.13 Crores in 2019-20 thereby
demand, led by rural consumption. registering growth of 15%.

3) EBITDA increased to ` 1,536.11 Crores in 2020-21 White Cement & Wall Putty Expansion of 0.3 MnTPA Digital Branding social and emotional quotient associated with the
as against ` 1,201.14 Crores in 2019-20 thereby Commissioned 0.3 MnTPA Wall Putty Capacity at Katni Grey Cement labourer. The campaign strikes an emotional connect
registering growth of 28%. in (M.P). With this White Cement & Wall Putty Capacity During the COVID-19 era internet was the only place with the viewers and hence it has gained immense
stood at 1.94 MnTPA in India. which was not quarantined for consumer and brands. In popularity and support.
4) Net profit is ` 602.83 Crores in 2020-21 as against
fact, it was the only place which was keeping both intact
` 400.38 Crores in 2019-20 thereby registering Modernisation & Debottlenecking of Nimbahera
during the most difficult times. There might be very
growth of 51%. Line-3
few aspects of human life and business which remain
Line-3 modernisation and debottlenecking would result unaffected by the COVID-19 crisis. As a result, almost
Expansion
in additional Clinker output sufficient for producing 5 everything is being looked at with a new lens. Having a
Grey Cement expansion of 4.2 MnTPA
Lacs Tons P.A. of Cement. positive impression in the minds of our target audience
With the commissioning of 0.7 MnTPA Split Grinding
and businesses translates directly into stronger
Unit at Balasinor (Gujarat), the entire Grey Cement The work is progressing and is schedule to complete in
brand equity. With emphasis on expanding marketing
Expansion of 4.2 MnTPA was completed. Our Grey second quarter of FY 2021-22.
boundaries to rural area as well, we launched three
Cement Capacity now stood at 14.67 MnTPA.
The amount spent till 31 March 2021 is ` 357 Crores. major digital campaign.
Also commissioned 16.85 MW Waste Heat Recovery Panna Project 4 MnTPA Greenfield Expansion
“YehPuccaHai” - to bring out the toil of our
at Mangrol, with this our Captive Power Capacity
The Company initiated greenfield Grey Cement construction workers who work day and night to ensure
(including WHR/Solar) has been increased to 144 MW.
capacity expansion of 4 MnTPA at Panna, Madhya that we live in safe homes, we wanted to highlight the
Pradesh with split grinding unit at Hamirpur, U.P in
Over Land Belt Conveyor work at Mangrol for
wholly owned subsidiary Jaykaycem (Central) Ltd. This
transportation of limestone from Mines to Plant is going
would have clinker capacity of 8,000 TPD, 2 MnTPA
on and is schedule to complete in second quarter of
Cement Grinding Capacity each at Panna in Madhya
FY 2021-22.
Pradesh and at Hamirpur in Uttar Pradesh. Waste Heat
Recovery of 22 MW would also be installed.
Total amount spent till 31 March 2021 is ` 1,739 Crores.
The Cost of Project would be ` 2,971 Crores.
The project would complete within 24 months of its
start date.
“Super Drivers” - who drive miles to ensure that “ThankYouDoctors” – explores the power of hard work,
our input raw materials and cement are transported sacrifices and determination of doctors for the selfless
Innovation and launch of new products RepairMaxx throughout the country. Often, their efforts are not service to humanity. We salute to all those doctors and
Wood Amore JK Cement RepairMaxX the brand’s latest addition to recognised in the mainstream discussion, however they frontline workers who are working day and night putting
JK White Cement, keeping with its reinvented streak, the max range of products and has brought the perfect are a valuable asset for all of us and contribute greatly everything at stake to perform their duty for fighting
now entered into the Wood-paint world with the launch one-stop solution for all your repair work needs. Living to our nation’s development. against deadly Coronavirus spread.
of Wood Amore- a range of premium Italian wood up to its innovative image, JK White Cement challenged
finishes in a range of Polyurethane (PU) products conventions yet again with the launch of their new
ensuring outstanding finish, appealing aesthetics and product “JKCementRepairMaxX”‑ a Masonry compound
higher durability for wood surfaces, introduced in matte for general repairs that provides an incomparable
and glossy finishes and 2,000 different colours. bridging to cracks & gaps, for up to 5mm.
Translated as ‘love for wood’, Wood Amore has been

formulated in collaboration with Italian wood coatings
and finishes pioneer Sivam Coatings.

White Cement Waste Heat Power generation also helps to reduce We have been able to reduce our thermal energy
JK White Cement conducted its first ever virtual Annual Dealer Conference. Two meets - Gold and Platinum and carbon emission as it utilises waste gases coming out consumption to some extent by means of process
Silver and Bronze - were organised to create an immersive experience for all stakeholders and an innovative way of kiln and provide power at much lower rate and also optimisation and setting up new generation Clinker
to stay connected with the channel partners, through the pandemic. The event was hosted by renowned actor and reduce dependence on grid and exchange power. production lines. Presently we have specific direct net
host Mandira Bedi. CO2 emission is 589 KgCO2/t of Cementious product
16.85 MW Waste Heat Recovery Plant have been which was 593KgCO2/t of Cementious product last
commissioned at Mangrol. With this our total WHR fiscal.
Capacity stood at 40.05 MW i.e. 26.85 MW at Mangrol &
13.2 MW at Nimbahera. We are also minimising the scope 3 emission by
reducing the distance between the manufacturing
WHR is currently supporting 21% of our existing Power plants and limestone mines as well as reducing the
requirement. clinker ratio. In order to reduce above emission arising
during the course of transportation of limestone from
Logistic Risk: Initiatives taken by the company for Mines to Plant, work of Belt Conveyor from Mines to
selling goods in consumption area nearest to source Mangrol is going on and is schedule to complete in
location helps in freight saving to great extent. Grinding second quarter of FY 2021-22.
Units presence in UP/Gujarat/Haryana has resulted in
saving in outbound freight cost as now only to 60-65% We have taken targets to increase thermal substitution
of clinker need to be transferred as against supply of rate to 35% by FY30. Presently, we have TSR of 6.5%
100% cement from Integrated Units earlier. Further, which is slightly higher than last fiscal. We will continue
GU’s being located near to Power Plant site hence it to strive for reducing carbon emission to maintain
also helps in saving inbound freight on fly ash. However ecological balance.
due to Pandemic, Crude price in international market
is hovering above US$ 65-70 per barrel, any increase Green Energy (including Wind/Solar/WHR (clean
further in crude price would impact freight cost. energy)) – We have also taken targets to increase the
green power mix to 75%. – With a vision to increase
Strong Distribution and CTS to Support Grey & White Raw Material: Limestone is basic extinct natural raw The company is also using GPS based technology for green power we have commissioned 16.85 MW Waste
Operations material used in the manufacture of cement and its tracking movement of trucks which helps in optimising Heat Recovery Power Plant at Mangrol and 1 MW Solar
Strong distribution network for supply of Grey Cement, availability is limited to the reserves deposits in mines. network for supply chain management. Plant at Katni, M.P in October 2020. The WHR Capacity
White Cement, Wall Putty & Value-Added Products. In order to ensure optimum utilisation of limestone it is now stood at 40.05 MW in total Capacity of 144 MW.
essential to use additives which would in turn conserve Sustainable Development Besides this, the Company also consumed 19 Million
Grey Cement is sold in almost 19 States /UT’s which are the extinct mineral and increase the life span of mine. The Company operations intend to achieve sustainable units of Wind Power and 10 Million units of Solar Power
very well supported by Strong distribution network of Further, increasing the blending in cement would development by accruing positive actions towards in current fiscal. Our Green power consumption is now
17,244 Retailers & Stockist. Further, we have 43 Area also replace natural raw material with secondary raw the triple bottom line – People, Planet and Profit. To 25% as against 22% in last fiscal and is higher by
Sales offices/Zonal Offices who handle all our dealers material (bi-product of Power Plant & Steel Plant in form achieve this, our four pillars for sustainability are the almost 14%.
and retailers. of Fly Ash & Slag). Similarly substituting natural gypsum focal points. Our material issues and our sustainability
with Synthetic & Chemical gypsum. This would cater to framework have helped in risk identification and setting Circular Economy: The Company is working on
CTS grey team have organised 3,086 virtual events the requirement of Sustainable development and also of targets to mitigate these risks. We have outlined reducing wastages and adopting a circular economy
attended 40,163 participants and 3,559 physical events bring economies in operations. our targets till FY30 and keep monitoring our progress where feasible. We ensure that our quality remains
attended by 77,551 participants across all our regions regularly. We have also identified climate and business optimal in finished products while substituting raw
during this year. Power & Fuel: Power & Fuel constitutes 30% of the opportunities and are working on leveraging them to materials for alternative and recycled material. Waste
total cost and its prudent planning is utmost important our benefit. is handled as per the local laws and regulations. In
White Cement and its allied products were sold in for highly energy intensive Cement sector. Measures addition to alternative materials, our manufacturing
more than 39 countries including India. Sales across have been taken to reduce Fuel Cost by optimising fuel Energy & Climate Change: The Company commit units have co-processing facilities. This also helps us
Pan India is supported by more than 67,881 Retailers mix of various fossil fuel. During the year price of Pet to Science-Based Targets (SBT) to combat climate make use of our non-recyclable waste streams towards
& Stockist. Further these dealers and retailers are coke have reached all-time high, therefore shifting to change. We have validated Initiatives corporate-level waste to heat recovery processes. During this FY
serviced by 38 White Cement Sales offices and Imported Coal is major strategy for keeping cost under targets to align with our commitments. We are taking 2020-21, We, consumed almost 1.93 Million Tons of Fly
98 feeder’s depots. check. Further, usage of Alternate Fuel has resulted many steps towards achieving low carbon growth. Our ash & Slag (Waste of our own fly ash from Power Plant
in saving fossil fuel to some extent. Captive Power is efforts towards improving thermal and electrical energy along with consuming waste of Power & Steel Plants) in
CTS White has organised 6,236 events for Painters/ dependent on Indian Coal & availability of linkage coal efficiency, use of renewable energy source, increasing Cement Production thereby promoting the concept of
Masion/Contractor during the year. and that to prices of Indian coal have also increased in our thermal substitution rates, lowering clinker factor Circular Economy in reality and replacing natural raw
this fiscal. Renewable source of Power generation is the and manufacturing of blended cement products are material without compromising on the quality of end
Industry Concern alternate to replace power generation from fossil fuel. directed towards reduction of carbon footprint. product.
The Company has well defined structure for defining This Green Power from Wind & Solar is not only cost Water Recycle: The Company main sources of
roles and responsibilities of an individual which enables effective but also fulfils the Government initiatives for Our FY30 target has been to reduce specific direct net water are surface sources, including river water and
management to identify business risk and opportunities Green Environment. We have added 1 MW Solar Power CO2 emission to 465 KgCO2/t of cementitious product. groundwater sources. Also, we used recycled water
early and address to such issue well in time. Plant at Katni in MP, with this our Solar Power capacity wherever possible to ease the stress of water scarcity
stood at 1.45 MW.

in surrounding areas as most of the plant are located During FY 2020-21, various safety training sessions The year 2020-21 was unprecedented and challenging We successfully introduced e-joining, e-induction and
in water deficit region. Continuous efforts were made were conducted such as awareness and counselling in many ways. The worldwide pandemic also affected us various e-learning platforms to mitigate the challenges
to improve ground level of water at plant and adjoining programs across plants. We aim to increase the training equally bad, but, by the sheer will power, perseverance as posed because of COVID restrictions. This was very
area. Water is conserved by way of optimising our hours for health and safety by introducing topics such and camaraderie among our employees, we were well received by the new employees.
process and by rainwater harvesting in our mines and as - behaviour-based safety training, driver safety able to sail through the rough terrain without much
communities nearby. All our manufacturing units are program, safety labelling assessment across plants. affect. These challenges could be overcome because With our mandate to continuously support business
zero water discharge plants where we treat and reuse During the COVID-19 pandemic, regular awareness of our belief in creating trust and loyalty through our against the unpredictable external challenges, since
domestic and industrial wastewater generated. Treated sessions on the importance of personal health and human welfare policies and processes. We created an last year we are continuously addressing the talent
wastewater is used within our boundary. hygiene to prevent COVID-19 infections are conducted infrastructure in supporting not only the employees but management challenges by designing leadership
through structured periodic communications. also the society through various COVID related drives, development interventions and programmes to
We, consumed 3.32 Lacs cubic meter recycled and which was well acknowledged by internal and external address the skill gaps which becomes a looming
reused water in its manufacturing operations during CSR & Community Development: We aim to achieve stakeholders. threat in future. For our young bright talent, our
FY 2020-21. Currently, JKCL is 3 times Water positive & a 25% increase in beneficiaries of our CSR initiatives Flagship Talent development programme “UDAY”, a
plans to achieve 5 times water positivity by FY30. by 2025. We design our CSR projects and implement The focus on strengthening the employee brand and structured process with an aim to build the future talent
them based on need-assessment of the community. employee life cycle experience, was acknowledged not pipeline and to institutionalise the culture of learning
We have continued to mine responsibly by following set Our integrated community development and capacity only internally but also externally. One of the testament in the organisation has entered into its second year.
standards by regulatory authorities. Best practices for building interventions are aimed at economic upliftment for this was the “Great Place to work” certificate second Successful role elevations of young minds to higher
the health and safety of workers, protecting biodiversity of the vulnerable and marginalised sections of the year in a row with much better scores on all parameters, responsibility echoes the robust process laid down
and compliance with regulations are followed. Our society. Our CSR Programme has touched the lives of which reflects again the trust the employees have on to strengthen the talent pipeline. Similarly, we have
responsible mining philosophy is implemented at all more than 7 Lacs people. the HR systems and processes. also launched the programme “SARATHI” to build
our sites and mines to reduce the impact on flora and the capabilities of young managers to develop their
fauna. We practice afforestation methods at mines and Supply chain: This year, COVID-19 pandemic has Our endeavour is to bring improvements in all our required skills.
aim to conduct biodiversity assessments across all the impacted various segments of our supply chain. Our processes continuously. We embarked on below 3
plants by 2025 to ensure that our efforts are in the right approach to customer satisfaction is based on the core major areas of focus: This year also, we were able to showcase our company
direction. We have Planted more than 1 Million Sapling value of ‘Customer Orientation’. Consumer grievances in various national and international forums and were
1) Technology
in our plants, mines and adjoining area. related to construction practices and our products are awarded with many notable and prestigious awards,
tracked and resolved at the earliest. 2) Best-in-class policies and practices “Dream Companies to work for 2020”, “Business world-
Human Capital: We are actively engaging with our Emerging HR practices award” to name a few.
3) Development of internal talent
employees through virtual & e-learning platform to keep We ensure our vendors also adopt the principles of
them motivated by Various skill development Sessions responsible business based on our ESG Policy for Last but not the least, is the very important facet of
Over last one year we have strengthened our digital
taken by notable speaker Shiv Khera a renowned Suppliers, Contractors, Consultants and Transporters our visibility in various social media. Especially during
footprint to bring speed and accuracy, brought changes
counsellor. Experts in nutrition field as well as doctors requiring sustainable business practices. As a risk the tough times of Spread of COVID-19, we have been
to a lot of our internal processes and policies to match
assisted employees in their day to day problem faced mitigation process, We require all stakeholders who able to build a strong employer brand and gain trust of
with the times and embarked upon a journey to provide
due to novel corona virus spread. are applicable under the ESG Policy to comply with employees through various Videos, Post and stories.
opportunities to internal people and build a talent
the requirements and submit acceptance before We strive to improve continuously on the people
Pipeline internally for our ever-increasing need of
Our training and development target to achieve 20 commencement of activities at our sites. We encourage front to make our company one of the most attractive
talent to cater to expanding geographies and capacity
man-hours of training per employee by 2025 is very well procurement through vendors who adopt sustainable employer brands in the country.
additions.
facilitated by our annual training plans for all employees. practices. Further, we ensure ethical and labour
We hope to increase the gender diversity by focussing standards are met during vendor evaluation and aim to The total workforce as on 31 March 2021 is 3,751.
on recruiting more female talent by targeting 5% share cover all Tier 1 suppliers in our ESG assessments soon.
of women in total workforce by 2025.
We also periodically engage with our dealers in both
During this year, no complaints of human right white and grey cement divisions through dealer’s meet
violations (discrimination, harassment, sexual and annual dealer’s conferences. We also have various
harassment, child labour, forced/ compulsory labour or loyalty programmes for masons, construction workers,
harm to indigenous communities) were reported across painters etc. to boost our sales.
plants or the corporate office.
Human Resources Development
Health and Safety: The Health and Safety of our Our employees have always been our pillars of success
employees and contractors is one of our most and growth. We nurtured the legacy of our late MD
important material issue. The Company is commit to Shri Yadupati Singhania Ji, of cherishing the human
provide safe and productive work that continually aims resource as the most important asset, and emphasised
to improve our safety metric performance. Our Zero on being humane in shaping and nurturing the talent
Harm program aims for continuous improvements to meet the organisation expectations and Business
in achieving zero fatalities and injuries, seamlessly needs. The core philosophy of respecting human
both on-site and off-site. The Company has also resources and feeling of one JK, One Employee is not
implemented a fully integrated Environmental, Health & only envisioned but also practiced and reflected in our
Safety management system at all manufacturing plants. processes and practices.

Directors’ Report 6. Dividend

The Board of Directors has recommended a
12. Operations
Grey Cement
payment of dividend at a rate of ` 15 per equity During the year under report production increased
share (150%) for the year ended 31 March 2021 by 17.47% at 9.71 Million Tonnes (compared to 8.27
(as against ` 7.50 per equity shares declared Million Tonnes last year) and sales increased by
in 2019‑20) with total outgo of ` 11,590.24 lacs 19.36% at 9.78 Million Tonnes (compared to 8.19
Dear Members,
subject to the approval of the Members at the Million Tonnes last year).
27th Annual General Meeting (‘AGM’).In terms
Your Directors have pleasure in presenting Company’s Twenty Seventh Annual Report and Audited Financial
of the provisions of Regulation 43A of the SEBI White Cement
Statements for the year ended 31 March 2021.
(Listing Obligations and Disclosure Requirements) Production of White Cement & Wall Putty
Regulations, 2015, as amended (‘the Listing decreased by 0.76 % at 12.90 Lac Tonnes during
1. Financial Results
In ` lacs Regulations’), the Company has formulated a the year compared to 12.99 Lac Tonnes last year.
Particulars 2020-21 2019-20
Dividend Distribution Policy which is available Sale increased by 1.13 % at 13.42 Lac Tonnes
on the Company’s website and can be accessed (compared to 13.27 Lac Tonnes last year)
Revenue from operations 6,32,827.88 5,46,376.77
at https://www.jkcement.com/pdf/dividend_
Profit before depreciation & tax 1,40,408.86 1,04,455.08
distribution_policy_of_ jk_cement_ltd.pdf 13. Projects of the Company
Less: Depreciation 24,467.71 21,438.87
Projects undertaken / completed-
Less: Exceptional items 16,686.50 17,815
7. Transfer to Reserves Your Company has
Profit Before Tax 99,254.65 65,201.21
The Company proposes to transfer ` 3,289.40 lacs
Tax Expense (Including deferred tax and tax adjustment of earlier years) 38,972.07 25,163.62 (a) announced setting up of a greenfield grey
(previous year ` 1,865.10 lacs) from Debenture
Profit After Tax 60,282.58 40,037.59 cement manufacturing unit at Panna, MP with
Redemption Reserve and ` 10,000 lacs (previous
Add: Retained earnings at the beginning of the year 1,21,146.50 1,05,672.09 a split grinding unit at Hamirpur, U.P. with total
year ` 10,000 lacs) to General Reserve during
Transfer to Debenture Redemption Reserve (3,289.40) (1,865.10) capacity of 4 MnTPA under its wholly owned
Financial Year 2020-21.
Dividend on Equity Shares 11,590.24 **6,986.00 subsidiary M/s Jaykaycem (Central) Ltd.
Balance to be carried forward 1,74,854.95 1,21,146.50 (‘Jaykaycem’).
8. Share Capital
**including dividend tax The paid-up Equity Share Capital as at 31 March (b) successfully commissioned 0.7 MnTPA Grey
2021 remained at ` 77.27 Crores. During the period Cement grinding capacity at J.K.Cement
2. Performance of the Company and JKCWF have been incurring continued losses. under report, your Company has not issued any Works, Balasinor, Gujrat and with this your
Your Company’s performance during the year Based on valuation exercised by independent share including Sweat Equity ESOP. However, Company has successfully completed its Grey
under report has overall improved. The Company’s Valuer, necessary entry of impairment of during the year under report your Company Cement capacity expansion of 4.2 MnTPA
gross turnover increased by 15.8 % to ` 6,328.28 investment in JKCF has been framed in the Books raised ` 250 Crores by issuing Non‑Convertible comprising in Rajasthan (2 MnTPA), Uttar
Crores during the year compared to ` 5,463.77 of your Company during this year. Debentures to Banks. Pradesh (1.5 MnTPA) and Gujrat (0.7 MnTPA).
Crores in previous year. Profit before Depreciation
and Tax increased to ` 1,404.09 Crores compared Jaykaycem (Central) Ltd. recorded a net loss of (c) successfully implemented additional installed
9. Finance
to ` 1,044.55 Crores. ` 32.37 lacs (previous year loss ` 10.27 lacs) for the capacity of 3 Lac Tonnes per annum of white
During the year under report, your Company
year ended 31 March 2021. cement based wall putty at J.K. White, Katni,
has availed a sum of ` 585 Crores towards
3. Performance of the Subsidiary Companies M.P (‘Katni’) and with this the installed capacity
disbursement of term loans (previous year ` 683
The Company has three subsidiaries. There has 4. Consolidated Financial Statements at JK Katni stands at 7 Lac Tonnes per annuam
Crores). However, it repaid ` 346.73 Crores
been no material change in the nature of the The statement as required under Section 129 of the and your Company has achieved white cement
(previous year ` 255.19 Crores) towards Term Loan
business of subsidiaries. Companies Act, 2013, in respect of the subsidiaries based Wall Putty manufacturing capacity of
and Non-Convertible Debentures.
of the Company viz. J.K. Cement (Fujairah) FZC, 13.3 Lac Tonnes per annum
Subsidiary Company J.K. Cement Works (Fujairah) FZC and Jaykaycem 10. Credit Rtaing
J.K. Cement (Fujairah) FZC (JKCF), being (Central) Ltd are annexed and forms an integral part 14. Personnel
In spite of challenging cement industry scenario,
investment company recorded net loss of of this Report. Consolidated Financial Statements 14.1 Industrial Relations
CARE has reaffirmed your Company’s rating as
AED 84,885,315 (equivalent to ` 17,153.81 lacs) prepared in accordance with relevant Accounting The industrial relations during the period under
“CARE AA” (Care double AA) for long term bank
for the period from 1 April 2020 to 31 March Standards issued by the Institute of Chartered review generally remained cordial at all cement
facilities and “CARE A1+” for short term bank
2021 (Previous year net income of AED Accountants of India, form part of the Annual plants.
facilities. India Ratings and Research (Ind-Ra) (Fitch
38,43,956 equivalent to ` 741.07 lacs) Report and Accounts. Group) has assigned Long-Term Issuer Rating of
14.2 Particulars of Employees
‘IND AA+’.
J.K. Cement Works (Fujairah) FZC (JKCWF), is 5. Impact of COVID-19 Pandemic List of employees getting salary in excess of
involved in principal business of manufacture and Your company has considered possible effects the limits as specified under the provisions of
11. Particulars of Guarantees or Investments by the
sale of White Cement in Middle East, GCC market that has been impacted due to COVID–19 in the Section 134 of the Companies Act, 2013 read with
Company
and also export to different Countries, recorded preparation of Audited Annual Accounts for Companies (Appointment and Remuneration of
Details of Guarantees and Investments covered
a turnover of AED 147,685,967 (equivalent to 2020-21. Production and Sales affected due to Managerial Personnel) Rules, 2014 throughout or
under the provisions of Section 186 of the
` 29,844.68 lacs (Previous year AED 195,341,574 lockdown declared by appropriate Government but part of the financial year under review is annexed
Companies Act, 2013 are given in the Notes to the
equivalent to ` 37,659.63 lacs). It recorded a loss with gradual lifting of lockdown in phased manner separately marked as Annexure - E. However,
Financial Statements.
before OCI of AED 32,398,118 (equivalent to production and sale picked up gradually as a result the Annual Report excluding the aforesaid
` 6,617.29 lacs) for the period from 1 April 2020 overall performance improved. information is being sent to all the members of the
to 31 March 2021 {Previous year a loss of AED
47,614,903 (equivalent to ` 9,004.55 lacs)} JKCF

Company pursuant to proviso to Section 136 of children) more than two percent of the equity 15. Significant and material order passed by the 19A.Commodity price risk/foreign exchange risk and
the Companies Act, 2013. Any member interested shares of the Company. Regulator(s) or court(s)/matter of Emphasis hedging activities:
in obtaining such particulars may inspect and/ The Competition commission of India (CCI) vide Your Company hedges its foreign currency
or send the request to the Company at its The information required pursuant to Section its order dated 31.08.2016 imposed a penalty exposure in respect of its imports and export
Registered Office. None of the employee listed in 197(12) read with Rule 5(1) of The Companies of ` 12,854 lacs on the Company. The Appeal receivables as per its laid down policies. Your
the said Annexure is a relative of any Director of (Appointment and Remuneration of Managerial was heard whereupon National Company Law Company uses a mix of various derivatives
the Company except Dr. Raghavpat Singhania, Personnel) Rules, 2014 and Companies (Particulars Appellate Tribunal (NCLAT) vide order dated instruments like forward covers, currency swaps,
Managing Director and Mr. Madhavkrishna of Employees) Rules, 1975, in respect of employees 25.07.2018 upheld CCI’s order. The Company has interest rates swaps or a mix of all. Your Company
Singhania Dy. Managing Director and Chief of the Company and Directors is furnished filed statutory appeal before the Hon’ble Supreme does not have material exposure of any commodity
Executive Officer. None of the employee hold (by hereunder: Court, which vide its order dated 5.10.2018 has and accordingly, no hedging activities for the same
himself or along with his spouse and dependent admitted the appeal and directed that the interim are carried out. Therefore, there is no disclosure
order of stay passed by the Tribunal in this matter to offer in terms of SEBI circular No. SEBI/HO/
Particulars about Key Managerial Personnel. will continue for the time being. The Company, CFD/CMD1/CIR/P/2018/0000000141 dated 15
backed by legal opinion, believes that it has a good November 2018.
Remuneration Paid in INR Ratio/Tme case and accordingly no provision has been made
% Increase in
Remuneration
per median in the Audited Annual Report of 2020-21. 20. Remuneration Policy
SN Name Designation of employee
2020-21 2019-20 from previous
remuneration to The Board of Directors and Nomination &
Year
Remuneration** In a separate matter, CCI imposed penalty of Remuneration Committee follows a policy
1 Dr. Raghavpat Singhania Managing Director *9,01,14,537 1,62,04,773 456.09 107:1 ` 928 lacs vide order dated 19.1.2017 for alleged concerning remuneration of Directors, Key
2 Mr. Madhavkrishna Dy. Managing Director and *8,20,88,975 1,26,26,202 550.15 97:1 contravention of provision of Competition Act, Managerial Personnel and Senior Management
Singhania Chief Executive Officer 2002 by the Company. On Company’s appeal, Personnel of the Company. The Policy also covers
NCLAT has stayed the operation of CCI’s order. criteria for selection and appointment of Board
3 Mr. Ajay Kumar Saraogi Dy Managing Director and *7,30,53,257 2,92,15,616 150.05 86:1 The matter is pending for hearing before NCLAT. Members and Senior Management Personnel and
Chief Financial Officer
Based on Legal opinion, the Company believes that their remuneration. The Remuneration Policy is
4 Mr.Shambhu Singh Company Secretary 72,97,020 61,57,782 18.5 9:1 it has a good case and accordingly, no provision stated in the Corporate Governance Report.
has been made in the Audited Annual Report of
*Remuneration includes Salary drawn during 1.4.20 to 16.6.20 as Chief Operating Officers and President (C/A) & CFO. 2020‑21. 21. Related Party Transactions
* Benefits does not include payment of contribution to Provident Fund and superannuation fund, which is exempted perquisite under applicable All the related party transactions are entered
provisions of the Companies Act, 2013 Members’ attention is drawn to the statement on on arm’s length basis, in the ordinary course of
** ` 8,45,256 is Median, Ratio is calculated on remuneration 2020-21 contingent liabilities in the notes forming part of business and are in compliance with the applicable
the Financial Statements. provisions of the Companies Act, 2013 and the
Particulars about other Non-Executive Directors. Listing Regulations. There are no materially
16. Corporate Governance significant related party transactions made
A report on Corporate Governance along with the by the Company with Promoters, Directors or
Remuneration Paid in ` % Increase in
Remuneration
Practicing Company Secretary’s Certificate on its Key Managerial Personnel etc. which may have
SN Name Designation
2020-21 2019-20 from previous compliance, forms an integral part of this Report. potential conflict with the interest of the Company
Year at large or which warrants the approval of the
1 Mrs. Sushila Devi SinghaniaNon-Executive 28,75,000 10,75,000 167.44 17. Public Deposits shareholders. Accordingly, no transactions are
Non‑Independent Your Company has not invited any deposit from being reported in Form AOC‑2 in terms of Section
2. Mr. A. Karati Non-Executive Independent 14,50,000 13,00,000 11.54 public/ shareholders under Section 73 and 74 of 134 of the Act read with Rule 8 of the Companies
3. Mr. J.N. Godbole Non-Executive Independent 15,50,000 13,75,000 12.73 the Companies Act, 2013. (Accounts) Rules, 2014. However, the details of the
4. Dr. K.B. Agarwal Non-Executive Independent 17,75,000 17,25,000 2.90 transactions with Related Party are provided in the
5. Mr. K.N. Khandelwal Non-Executive 75,000 15,50,000 -95.16 18. Whistle Blower policy/vigil mechanism Company’s financial statements in accordance
(Resigned w.e.f.17.06.2020 Non‑Independent The Company has a Whistle Blower Policy to report with the IndAS. All Related Party Transactions are
6. Mr. Sudhir Jalan Non-Executive 13,50,000 10,75,000 25.58 genuine concerns or grievances, if any. The Whistle presented to the Audit Committee and the Board.
Non‑Independent
Blower Policy has been posted on the website of Omnibus approval is obtained for the transactions
7. Mr. Suparas Bhandari Non-Executive Independent 15,00,000 14,50,000 3.45
the Company. which are foreseen and repetitive in nature. A
8. Mr. Paul Heinz Hugentobler Non-Executive 1,22,99,529 1,19,46,000 2.96
statement of all related party transactions is
Non‑Independent
19. Mitigation of risk presented before the Audit Committee on a
9. Mrs. Deepa Gopalan Wadhwa Non-Executive Independent 14,25,000 12,25,000 16.33
The Company has been addressing various risks quarterly basis, specifying the nature, value and
10. Mr. Ashok Sinha Non-Executive Independent 13,75,000 12,00,000 14.58
impacting the Company including details of terms and conditions of the transactions. The
11. Mr. Saurabh Chandra Non-Executive Independent 14,50,000 12,75,000 13.73
significant changes in key financial ratios which statement is supported by the certificate from
12. Mrs. Kavita Y. Singhania Non-Executive NIL NIL NA
(Joined on 31.08.20 and Non‑Independent Director
is more fully provided in annexed Management the MD and the DMD & CFO. The Related Party
resigned w.e.f 20.01.2021) Discussion and Analysis. As per the Listing Transactions Policy as approved by the Board
Regulation Risk Management Committee for stands uploaded on the Company’s website at
14.3 Human Resources and Industrial Relations enforcing Risk Management Policy is in place by www.jkcement.com.
The Company has structured induction process at all locations. Objective appraisal systems based on Key the Company.
Result Areas (KRAs) are in place for Senior Management Personnel. The Corporate HR is effectively involved in
nurturing, enhancing and retaining talent through job satisfaction, management development programme etc.

22. Auditors’ Report 31.08.2020. She resigned from Directorship with records in accordance with the provisions of for the Financial Year ended 31 March 2021. The
Your Company prepares its financial statements effect from 20.01.2021 due to personal reasons. the Companies Act, 2013 for safeguarding the report of the Secretarial Auditor is attached as
in compliance with the requirements of the assets of the company and for preventing and Annexure A. The Secretarial Audit Report does not
Companies Act, 2013 and the Generally Accepted 24.3 Key Managerial Personnel detecting fraud and other irregularities; contain any qualification, reservation or adverse
Accounting Principles (GAAP) in India. The financial During the year under report, following Officials remark except as detailed in MR-3 annexed to this
iv) The annual accounts have been prepared on
statements have been prepared on historical acted as Key Managerial Personnel: Report. The Company is in compliance with the
an ongoing concern basis;
cost basis (except items disclosed in significant Secretarial Standards, specified by the Institute of
accounting policies). The estimates and judgments Sr.
Name of the Official Designation
v) Proper internal financial controls to be Company Secretaries of India (‘ICSI’).
relating to the financial statements are made on No. followed by the Company has been laid down
a prudent basis, so as to reflect a true and fair 1. Dr. Raghavpat Singhania Managing Director and that such internal financial controls are 31. Reporting of Fraud
(Appointed on 31.08.2020)
manner, the form and substance of transactions adequate and were operating effectively and The Auditors of the company have not reported
2. Mr. Madhavkrishna Singhania Dy. Managing
and reasonably present the Company’s state of any fraud committed to the Company as specified
(Appointed on 31.08.2020) Director & CEO. vi) Proper systems to ensure compliance with
affairs, profits and cash flows for the year ended 31 under Section 143(12) of the Companies Act, 2013.
3. Mr. Ajay Kumar Saraogi Dy. Managing the provisions of all applicable laws has been
March 2021. Auditors’ Report to the shareholders (Appointed on 31.08.2020) Director & CFO Further, no case of fraud on the Company has
devised and that such systems were adequate
does not contain any qualification in the standalone 4. Mr. Shambhu Singh Company Secretary been reported to the Management from any other
and operating effectively.
or in the consolidated financial statements for the sources.
year under report. However, Auditors have drawn 25. Meetings of the Board Of Directors 28. Statutory Auditor
attention of shareholders on penalty imposed by During the year 2020-21, 5 (five) Board Meetings 32. Compliance with Secretarial Standards on Board
At the 23rd Annual General Meeting held on
Competition Commission of India (CCI), the matter were convened and held, the details of which are and Annual General Meetings
29/07/2017, M/s S.R. Batliboi & Co. LLP, Chartered
is adequately covered by Para 15 above read along given in the Corporate Governance Report. The The Company has complied with Secretarial
Accountants, (ICAI Firm Registration No. 301003E/
with notes on accounts. intervening gap between the Meetings was within Standards issued by the Institute of Company
E300005) were appointed as the Statutory Auditors
the period prescribed under the Companies Act, Secretaries of India on Board Meetings and General
of the Company to hold office till the conclusion of
23. Internal Financial Controls and its Adequacy. 2013. Meetings.
28th Annual General Meeting. The requirement for
The Board has adopted policies and procedures
the annual ratification of auditors’ appointment at
for ensuring orderly and efficient conduct of its 26. Board Evaluation 33. Corporate Social Responsibility (CSR)
the AGM has been omitted pursuant to Companies
business including adherence to the Company’s Pursuant to the provisions of the Companies Act, Corporate Social Responsibility is an integral part
(Amendment) Act, 2017, notified on 7 May 2018.
Policies, the safeguarding of its assets, the 2013 and Regulation 17 of the Listing Regulations, of the Company’s ethos and policy and it has been
The Auditors have confirmed that they are not
prevention and detection of Frauds and errors, the Board has carried out an annual performance pursuing this on a sustained basis. The Company
disqualified from continuing as Auditors of the
the accuracy and completeness of the accounting evaluation of its Independent Directors and assists in running of Schools at their Cement
Company.
records and the timely preparation of reliable the Independent Directors also evaluated the Plants, ITIs and Sir Padampat Singhania University,
financial disclosures. The Company’s internal performance of Non- Independent Directors. The Udaipur imparting value-based education to
29. Cost Auditor
control system is commensurate with its size, Board of Directors expressed their satisfaction students. Also, the Company played a constructive
Pursuant to section 148 of the Companies
scale and complexities of its operations. The with the evaluation process. The Board of Directors role in the infrastructural development of
Act, 2013 the Board of Directors on the
Audit Committee of the Board of Directors also evaluated the functioning/performance of surrounding areas. During the period under report,
recommendation of the Audit Committee
actively reviews the adequacy and effectiveness Audit Committee, Stakeholders Relationship the Company undertook various activities e.g.
appointed M/s K.G. Goyal & Company Cost
of the internal control system and suggests Committee, Nomination & Remuneration Art, Culture, Community Welfare, Drinking Water,
Accountants, as the Cost Auditors of the
improvements to strengthen the same. It also Committee, CSR Committee, Committee of Sanitation, Education, Health, Rural Development,
company for the Financial Year 2021-22 and
reviews the quarterly Internal Audit Reports. Directors and expressed satisfaction with their Eradicating Hunger/Poverty, COVID care. The
has recommended their remuneration to the
functioning/performance. Annual Report on CSR activities is annexed
Shareholders for ratification at the ensuing Annual
24. Directors and Key Managerial Personnel. herewith as Annexure B.
General meeting. M/s K.G.Goyal & Company, have
24.1 In accordance with the provisions of Section 152 of 27. Directors’ Responsibility Statement confirmed that their appointment is within the limits
Companies Act, 2013 and the Company’s Articles Pursuant to Section 134(5) of the Companies Act, 34. Statutory Information
of the Section 139 of the Companies Act, 2013,
of Association, Mr.Paul Heinz Hugentobler (DIN 2013 the Board of Directors to the best of their 34.1 Conservation of Energy, Technology Absorption,
and have also certified that they are free from any
000452691) will retire by rotation at the ensuing knowledge and ability confirm that: Foreign Exchange Earnings and Outgo.
disqualifications specified under Section 141 of the
Annual General Meeting and being eligible, offers Particulars with regard to conservation of Energy,
i) In the preparation of the annual accounts, Companies Act, 2013. The Audit Committee has
himself for reappointment. Technology Absorption, Foreign Exchange
the applicable accounting standards have also received a certificate from the Cost Auditor
Earnings and outgo in accordance with the
been followed along with proper explanations certifying their independence and arm’s length
All Independent Directors have given declaration provisions of Section 134 (3)(m) of the Companies
relating to material departures; relationship with the company. The Cost Audit
that they meet the criteria of independence as laid Act 2013 read with Rule 8(3) of Companies
Report for the financial year 2020-21 was filed with
down under Section 149(6) of the Companies Act, ii) The Directors have selected such accounting (Accounts) Rules, 2014 in respect of Cement plants
Ministry of Corporate Affairs.
2013 and Listing Regulation policies, judgments and estimates that are are annexed hereto as Annexure C and form part of
reasonable and prudent and applied them the Report.
30. Secretarial Audit
24.2 Cessations consistently, so as to give a true and fair view In terms of the provisions of Section 204 of the
Mr. Kailash Nath Khandelwal resigned from the of the state of affairs of the company as on 34.2 Annual Return
Act read with the Companies (Appointment and
post of Director with effect from 17.06.2020 due to 31 March 2021, and of the statement of Profit In terms of Section 92(3) of the Companies Act,
Remuneration of Managerial Personnel) Rules,
personal reasons. and Loss and cash flow of the company for the 2013 and Rule 12 of the Companies (Management
2014, the Board has appointed M/s. Reena
period ended 31 March 2021; and Administration) Rules, 2014, the Annual Return
Jakhodia & Associates, Kanpur, Company
Mrs. Kavita Y. Singhania was appointed as of the Company is available on the website of the
iii) Proper and sufficient care has been taken Secretaries in Practice, as the Secretarial Auditor
an Additional Director in the category of Company at the link: https://www.jkcement.com/
for the maintenance of adequate accounting for conducting Secretarial Audit of the Company
Non‑Executive Non-Independent Director on investors/ annual returns.

34.3 Business Responsibility Reporting and the Company’s Code of Conduct. The Board 40. Other Disclosure • There were no material changes and commitments
The Business Responsibility Report for the is of the opinion that the Independent Directors of No disclosure or reporting is made with respect to affecting financial position of the Company
year ended 31 March 2021 as stipulated under the Company possesses requisite qualifications, the following items, as there were no transactions between the end of the financial year and the date
regulation 34 of the Listing Regulations is annexed experience and expertise in the fields of finance, during the year under review: of this report.
as Annexure D and forms part of the Annual people management, strategy, auditing, tax and
Report. risk advisory services, infrastructure, banking, • Details relating to deposits that are covered under 41. Acknowledgements
insurance, financial services, investments, cement Chapter V of the Act. Your Directors wish to place on record their
34.4 Management Discussion & Analysis (MDA) industries, petroleum, foreign affairs and they appreciation for the valuable support received by
• The issue of equity shares with differential rights as
Statement hold highest standards of integrity. Regarding your Company from Banks, Govt. of Rajasthan,
to dividend, voting or otherwise.
The MDA as required under Listing Regulation is proficiency, the Company ensured inclusion of the Govt. of Karnataka, Govt. of Haryana, Government
annexed hereto and forms an integral part of this names of all Independent Directors in the data bank • The issue of shares to the employees of the of Madhya Pradesh, Govt. of Uttar Pradesh,
Report. maintained with the Indian Institute of Corporate Company under any scheme (sweat equity or stock Govt of Gujrat, Central Govt. and Government of
Affairs, Manesar (‘IICA’). The Independent Directors options). Fujairah. The Board thanks the employees at all
35. Transfer to Investor Education and Protection of the Company have registered themselves with levels for their dedication, commitment and hard
• There is no change in the Share Capital Structure
Fund the IICA for the said purpose. In terms of Section work put in by them for Company’s achievements.
during the year under review.
During the year, the Company has transferred a 150 of the Act read with Rule 6(4) of the Companies Your Directors are grateful to the Shareholders/
sum of ` 21,05,831/- which represents unclaimed (Appointment & Qualification of Directors) Rules, • The Company does not have any scheme or Stakeholders for their confidence and faith
dividend and 11,585 Equity Shares which 2014, the Independent Directors undertook online provision of money for the purchase of its own reposed in Board.
represents unclaimed shares to the Investor proficiency self‑assessment test conducted by the shares by employees or by trustees for the
Education and Protection Fund in compliance with IICA. benefits of employees. For and on Behalf of the Board
provisions of the Companies Act, 2013.
• Managing Director, Dy. Managing Director & CEO
37.2 Familiarisation Programme for Independent Dr. Raghavpat Singhania Madhavkrishna Singhania
and Dy. Managing Director & CFO has not received
36. Disclosures under the companies act, 2013 and Directors Managing Director Dy. Managing Director & CEO
any salary/perquisite from any of its subsidiaries.
Listing Regulations The familiarisation program aims to provide DIN: 02426556 DIN: 07022433
36.1 Composition of Audit Committee Independent Directors with the cement industry • There was no revision in the financial statements.
The Board has constituted the Audit Committee scenario, the socio-economic environment in Place: Kanpur
• There was no change in the nature of business.
which as on 31.03.21 comprises of Dr. K.B. which the Company operates, the business model, Dated: 12 June 2021
Agarwal as the Chairman and Shri A. Karati, Shri the operational and financial performance of the
J.N. Godbole, Shri Saurabh Chandra and Shri Company, significant developments so as to enable
Ashok Sinha as members. More details about the them to take well informed decisions in a timely
committee are given in the Corporate Governance manner. The familiarisation program also seeks to
Report. update the Directors on the roles, responsibilities,
rights and duties under the Act and other statutes.
36.2 Policy on Sexual Harassment of women at
workplace 38. Equal Opportunity by Employer
The Company has zero tolerance towards sexual The Company has always provided a congenial
harassment at the workplace and towards this, atmosphere for work to all employees that is free
has adopted a policy in line with the provisions from discrimination and harassment including
of Sexual Harassment of Women at Workplace sexual harassment. It has provided equal
(Prevention, Prohibition and Redressal) Act, 2013 opportunities of employment to all irrespective of
and the Rules framed thereunder. All employees their caste, religion, color, marital status and sex.
(permanent contractual, temporary, trainees) are
covered under the said policy. Internal Complaints 39. Cautionary Statement
Committee have also been set up at various Statements in the Directors' Report and the
locations to redress complaints received on sexual Management Discussion and Analysis describing
harassment. During the financial year under review, the company’s objectives, expectations or
the Company has not received any complaint predictions, may be forward looking within
of sexual harassment from any of the women the meaning of applicable securities laws and
employees of the Company. regulations. Actual results may differ from those
expressed in the statement. Important factors
37.1 Independent Directors that could influence the company’s operations
The Company’s Independent Directors have include: global and domestic demand and supply
submitted requisite declarations confirming that conditions affecting selling prices, new capacity
they continue to meet the criteria of independence additions, availability of critical materials and their
as prescribed under Section 149(6) of the Act and cost, changes in government policies and tax
Regulation 16(1)(b) of the Listing Regulations. The laws, economic development of the country, and
Independent Directors have also confirmed that other factors which are material to the business
they have complied with Schedule IV of the Act operations of the company.

Annexure - A vii Following other laws are applicable specifically to During the period under review the Company has
the company complied with the provisions of the Acts, Rules,
Regulations, Guidelines, Standards, etc. mentioned
a) Factories Act, 1948;
here in above. We have relied on the representation
b) Industries ( Development & Regulation) Act, made by the Company and its Officers for systems and
1951; mechanism formed by the Company for Compliances
Secretarial Audit Report c) Laws prescribed related to mining activities;
under other Act, Laws and Regulations to the Company.
For the Financial year ended 31 March 2021
d) Labour Laws and other incidental laws related We further report that during the year under report,
[Pursuant to section 204(1) of the Companies Act, 2013 and Rule No. 9 of the Companies (Appointment and
to labour and employees appointed by the following events/actions had major bearing on the
Remuneration of Managerial Personnel) Rules, 2014]
Company either on its payroll or on contractual Company’s affairs in pursuance to the above referred
basis as related to wages, gratuity, provident laws, rules, regulations, guidelines, standards etc.
To,
fund, ESIC, compensation etc;
The Members,
We further report that the Board of Directors of the
J.K. Cement Limited, e) Laws prescribed under prevention and control
Company is duly constituted with proper balance
KamlaTower, of pollution;
of Executive Director, Non-Executive Directors and
Kanpur.
f) Laws prescribed under Environmental Independent Directors. The changes in the composition
protection; of the Board of Directors that took place during the
We have conducted the Secretarial Audit of the ii. The Securities Contracts (Regulation) Act, 1956
period under review were carried out in compliance with
compliance of applicable statutory provisions and (‘SCRA’) and the rules made there under; g) Laws prescribed under Direct Tax and Indirect
the provisions of the Act.
the adherence to good corporate practices by J.K. Tax;
Cement Limited CIN: L17229UP1994PLC017199 (“the iii. The Depositories Act, 1996 and the Regulations
h) Land Revenue laws of respective States; Adequate notice is given to all directors to schedule the
Company”) having its registered office at Kamla Tower, and Bye-laws framed there under;
Board Meetings, agenda and detailed notes on agenda
Kanpur, U.P. and manufacturing units at (i) Kailash i) Labour Welfare Laws of respective states;
were sent at least seven days in advance, and a system
Nagar, Nimbahera, Dist. Chittorgarh, Rajasthan, (ii) iv. Foreign Exchange Management Act, 1999 and
j) Local laws as applicable to various offices, exists for seeking and obtaining further information and
Mangrol, Dist. Chittorgarh, Rajasthan, (iii) Gotan, Dist. the rules and regulations made thereunder to the
plants, grinding stations/Units and bulk clarifications on the agenda items before the meeting
Nagaur, Rajasthan, (iv) Muddapur, Dist. Bagalkot, extent of Foreign Direct Investment and Overseas
cement terminals. and for meaningful participation at the meeting.
Karnataka, (v) Jharli, Dist. Jhajjar, Haryana , (vi) Village: Direct Investment and External commercial
Rupand, Tensil- Badwara, Dist. Katni, M.P. Aligarh, UP Borrowings. We have also examined compliance with the applicable
Majority decision is carried through while the dissenting
and Balasinor, Gujrat etc. Secretarial Audit has been clauses of the following:
members’ views, if any, are captured and recorded as
conducted in a manner that provided us a reasonable v. Secretarial Standards as prescribed by Institute of
(i) Secretarial Standards issued by The Institute of part of the minutes.
basis for evaluating the corporate conduct/statutory Company Secretaries of India.
Company Secretaries of India.
compliances and expressing our opinion thereon.
We further report that there are adequate systems and
vi. The following Regulations and Guidelines with (ii) The applicable provisions of SEBI (LODR)
processes in the Company commensurate with the size
Based on our verification of books, papers, minute amendments thereto prescribed under the Regulations 2015 for listing of Company’s shares
and operations of the Company to monitor and ensure
books, forms and returns filed and other records Securities and Exchange Board of India Act, 1992 with the Bombay Stock Exchange and National
compliance with applicable laws, rules, regulations and
maintained by the Company and also the information (‘SEBI Act’):- Stock Exchange of India Ltd.
guidelines.
provided by the Company, its Officers, Agents and
a) The Securities and Exchange Board of During the period under review the Company has
Authorised representatives during the conduct of
India (Substantial Acquisition of Shares and complied with the provisions of the Acts, Rules, For: Reena Jakhodia & Associates
secretarial audit, the explanations and clarifications
Takeovers) Regulations, 2011; Regulations, Guidelines, Standards, etc. mentioned Company Secretaries
given to us and the representations made by the
here in above except for the below mentioned
Management and considering the relaxations granted b) The Securities and Exchange Board of India
observation. Reena Jakhodia
by the Ministry of Corporate Affairs and Securities and (Prohibition of Insider Trading) Regulations,
Proprietor
Exchange Board of India warranted due to the spread 2015;
Basis the information provided by the management due Membership No: F6435
of the COVID-19 pandemic, we hereby report that in
c) The Securities and Exchange Board of India to technical issue and due to offices been closed due C.P. No.: 6083
our opinion, the Company has, during the audit period
(Issue of Capital and Disclosure Requirements) to the nation vide lockdown imposed due to COVID-19 UDIN: F006435C000387288
covering the financial year ended on 31 March 2021,
Regulations, 2018 and amendments from time pandemic, there was Non Compliance of Regulation
complied with the statutory provisions listed hereunder
to time; 23(9) of SEBI (LODR) Regulation 2015 about timely not Place: Kanpur
and also that the Company has proper Board-
disclosing related party transaction on Consolidated Dated: 28 May 2021
processes and compliance-mechanism in place to the d) The Securities and Exchange Board of
basis. However the same was filed and sought waiver
extent, in the manner and subject to the reporting made India (Issue and Listing of Debt Securities)
of fine on 19.01.2021. NSE granted waiver but waiver by This report is to be read with our letter of even date
hereinafter: Regulations, 2008 and amendments from time
BSE is awaited. which is annexed as Annexure A and forms an integral
to time;
part of this report.
We have examined the books, papers, minute books,
e) The Securities and Exchange Board of We have relied on the representation made by the
forms and returns filed and other records maintained by
India (Listing Obligations and Disclosure Company and its Officers for systems and mechanism
the Company for the financial year ended on 31 March
Requirement) Regulations, 2015 and formed by the Company for Compliances under other
2021 according to the provisions of:
amendments from time to time; Act, Laws and Regulations to the Company.
i. The Companies Act, 2013 (‘the Act’) and the rules f) The Competition Act, 2002 and Rules/
made there under; Regulations framed thereunder;

Annexure - A Annexure - B
To,
The Members,
Annual Report Details of the CSR Activities
J.K. Cement Limited,
1. A brief outline of the Company’s CSR policy, including overview of projects or programs under taken and
Kamla Tower,
a reference to the web-link to the CSR policy and projects or programs.
Kanpur.
The CSR Policy was approved by the Board of Directors at its Meeting held on 1 November 2014 and has been
uploaded on the Company’s website. The web link is http://www.jkcement.in/ce/policies/csrp/csr_ policy.html.
Our report of even date is to be read along with this letter.
The Company undertook activities relating to health, art, culture, community welfare, environment, safety,
disaster management, drinking water, sports, education and rural development.
1. Maintenance of Secretarial record is the responsibility of the management of the company. Our Responsibility
is to express an opinion on these secretarial records based on our audit.
2. The Composition of the CSR Committee.
I. Smt. Sushila Devi Singhania (Non-Executive, Non-Independent Director)
2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance
about the correctness of the contents of the Secretarial records. The verification was done on test basis to II. Dr. K. B. Agarwal ( Non-Executive, Independent Director)
ensure that correct facts are reflected in secretarial records. We believe that the processes and practices, we
III. Shri J. N. Godbole ( Non-Executive, Independent Director)
followed provide a reasonable basis for our opinion.
IV. Shri Suparas Bhandari (Non-Executive, Independent Director)
3. We have not verified the correctness and appropriateness of financial records and Books of accounts of the
company. 3. Average net profit of the Company for Three Financial Years.
The average net profit for the last three years is ` 59,733.34 lacs
4. Where ever required, we have obtained the Management Representation about the compliance of laws, rules
and regulations and happening of events etc. 4. Prescribed CSR expenditure (two percent of the amount as in item 3 above)
The Company is required to spend ` 1,194.67 lacs towards CSR for the Financial Year 2020-21
5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the
responsibility of management. Our examination was limited to the verification of procedures on test basis. 5. Details of CSR spent during Financial Year
a. Total amount spent for the Financial Year ` 1,226.14 lacs
6. The Secretarial Audit report is neither an assurance as to the future viability of the company nor of the
b. Amount unspent if any: NIL
efficacy or effectiveness with which the management has conducted the affairs of the company.
c. Manner in which the amount spent during the financial year is detailed below:
For: Reena Jakhodia & Associates
Company Secretaries Following expenditure has been made in accordance with the Company’s CSR Policy and permissible under
Schedule VII of the Companies Act, 2013 and rules framed thereunder:-
Reena Jakhodia
Proprietor Detail of CSR Expenditure of J.K. Cement Limited for the period April 2020 to March 2021
Membership No: F6435 Cumulative Amount
C.P. No.: 6083 Sr. CSR Project or activity identified Section in which the Local Area or Specify State
expenditure spent:Direct
Amount Outlay upto the or through
UDIN: F006435C000387288 No. (60-75 words) project is covered other and other
reporting implementing
period Agency
Place: Kanpur Nimbahera
Dated: 28 May 2021 1 Contribution for preserving Art & Culture Chittorgarh Rajasthan 3,23,256 3,23,256
& encouraging Art & Cultural
Heritage like Chittorgarh Fort
Festival.
2 Construction of Bio Toilets in Community Welfare Ahirpura Rajasthan 1,72,430 1,72,430
nearby school in rural area, Bamania Rajasthan 8,96,016 8,96,016
Infrasturucture development Falwa Rajasthan 11,59,994 11,59,994
& Renovation work for
Karunda Rajasthan 8,35,728 8,35,728
community welfare like
Renovation at Aganbari Centre, Nimbahera Rajasthan 4,80,000 4,80,000
Contruction of Community
Hall. Contribution for Nandghar
Yojana in nearby villages.

Cumulative Amount Cumulative Amount

expenditure spent:Direct expenditure spent:Direct
Sr. CSR Project or activity identified Section in which the Local Area or Specify State Sr. CSR Project or activity identified Section in which the Local Area or Specify State
Amount Outlay upto the or through Amount Outlay upto the or through
No. (60-75 words) project is covered other and other No. (60-75 words) project is covered other and other
reporting implementing reporting implementing
period Agency period Agency
3 Distribution of food packets Disaster Relief Lota Bheru Rajasthan 1,24,600 1,24,600 Mangrol
and essential grocery items in Nimbahera Rajasthan 29,37,890 29,37,890 1 Contribution for Construction Community Welfare Mangrol Rajasthan 18,35,564 18,35,564
near by villages. Contribution and Renovation of Strutures of
in Fooding, Distribution of Public utility like Cemetery.
Mask, Sanitisers & other 2 Purchase and distribution Disaster Relief Mangrol Rajasthan 74,200 74,200
PPEs, Sanitisers & Direct of PPEs for prevention of
Contribution to Govt. COVID-19.
4 Contribution for Ground Drinking Water Nimbahera Rajasthan 11,32,300 11,32,300 3 Providing drinking water Drinking Water Mangrol Rajasthan 10,00,000 10,00,000
Water Survey in Chittaurghar Arrangement Pipaliya Rajasthan 2,86,676 2,86,676 facility at nearby villages like Arrangement
District to Third party. Pump Gadia Drinking Water supply by Drinking Water Shahbad Rajasthan 5,78,155 5,78,155
set to PHED for drinking water tankers, New Borewells & pump Arrangement
arrangement. sets, Financial Aid to Gram Drinking Water Tilakheda Rajasthan 2,86,865 2,86,865
5 Construction & Renovation of Educational Charity Ahirpura Rajasthan 11,57,240 11,57,240 Panchayat. Arrangement
school buildings, class rooms. Falwa Rajasthan 2,56,995 2,56,995
Reimbursement of expenses 6 Construction and Modification Educational Charity Mangrol Rajasthan 2,10,477 2,10,477
Fatcher Rajasthan 7,03,197 7,03,197 of School, Class rooms.
on Coaching of students of Educational Charity Tilakheda Rajasthan 13,95,623 13,95,623
Ahiran Reimbursement of expenses
rural areas at near by villages.
Karunda Rajasthan 4,40,427 4,40,427 on Coaching of students of
Maliakhera Rajasthan 11,15,528 11,15,528 rural areas at near by villages.
Nimbahera Rajasthan 39,560 39,560 7 Regular Pest Control Activities Health Mangrol Rajasthan 3,67,500 3,67,500
6 Providing Tree guards & other Enviroment Nimbahera Rajasthan 1,71,630 1,71,630 in nearby villages.
facilities for plantation. 8 Sparsh Sanitary Pad Project for Livelihood Mangrol Rajasthan 10,69,672 10,69,672
7 Sanitation work in entire Health Ahirpura Rajasthan 1,75,664 1,75,664 Women self help groups and Promotion
Nimbahera City as well as Karunda Rajasthan 3,86,490 3,86,490 providing structured setups Livelihood Tilakheda Rajasthan 14,95,660 14,95,660
nearby Villages for COVID-19 & training for earning through Promotion
Maliakhera Rajasthan 18,02,155 18,02,155
prevention. Regular Pest production and sell of low cost
Nimbahera Rajasthan 22,05,638 22,05,638 sanitory pads.
Control Activity in nearby
villages. Contribution for 9 Providing material for Rural Development Mangrol Rajasthan 26,99,286 26,99,286
Renovation/Extension of Govt. construction of Gravel roads, Rural Development Tilakheda Rajasthan 16,00,400 16,00,400
Hospital building. CC Roads in near by villages.
Modification of structures
8 Sparsh Sanitary Pad Project for Livelihood Ahirpura Rajasthan 7,64,317 7,64,317 related to community.
Women self help groups and Promotion Karunda Rajasthan 5,78,394 5,78,394 10 Contribution for Sports Sports Promotion Arniya Rajasthan 13,350 13,350
providing structured setups Maliakhera Rajasthan 9,60,034 9,60,034 Equipments in near by villages Paliwal
& training for earning through for promoting Sports activities
Nimbahera Rajasthan 67,639 67,639 Sports Promotion Motha Rajasthan 8,560 8,560
production and sell of low in Community. Arniya
cost sanitory pads. Organising
training programs for Woman 1,26,35,312 1,26,35,312
Skill development. Jharli
9 Distribution of Silver medals National Functions Nimbahera Rajasthan 5,02,759 5,02,759 1 Pay to School Promoting Jharli Haryana 59,000 59,000
for bright students based on Teacher,Mohanbari & Jharli education, including
performance for motivation at special education
various schools. and employment
10 CC Road Construction in Rural Development Ahirpura Rajasthan 40,57,936 40,57,936 enhancing vocation
nearby villages. Financial skills especially
Karunda Rajasthan 1,38,10,456 1,38,10,456
Aid to Panchayat for Rural among children,
Maliakhera Rajasthan 1000000 10,00,000 women, elderly,
Development. Drainage system
Sand Rajasthan 19,80,281 19,80,281 and the differently
construction at Karunda Village
for better health & Hygiene. Tilakhera Rajasthan 5,42,732 5,42,732 abled and livelihood
Construction of Rest rooms in enhancement
village for travellors. projects,
11 Contribution for Sport Sports Promotion Ahirpura Rajasthan 8,560 8,560 2 Salary pay Cleanning Work for Promoting Jharli Haryana 96,000 96,000
promotions like Lighting at Panchayat education, including
Nimbahera Rajasthan 10,100 10,100
Community Sports Ground. special education
Rasoolpura Rajasthan 8,560 8,560 and employment
Providing sports equipments in
nearby areas. enhancing vocation
skills especially
4,10,95,182 4,10,95,182
among children,
women, elderly,
and the differently
abled and livelihood
enhancement
projects,

Cumulative Amount Cumulative Amount

expenditure spent:Direct expenditure spent:Direct
Sr. CSR Project or activity identified Section in which the Local Area or Specify State Sr. CSR Project or activity identified Section in which the Local Area or Specify State
Amount Outlay upto the or through Amount Outlay upto the or through
No. (60-75 words) project is covered other and other No. (60-75 words) project is covered other and other
reporting implementing reporting implementing
period Agency period Agency
3 Goods distributed in Redcross Promotion of health Jharli & Haryana 2,09,000 2,09,000 5 Promoting to Education- Promoting Tukaliya Rajasthan 4,86,000 4,86,000
Society for COVID-19 and care including Jhajjar Chilldrens-Toilet block (govt. education-
Mask distribution in Jharli and prevention heath sec. sch., Tulaliya) Childrens
Mohanbari care and sanitation, 6 Promoting to Education- Eradicating hunger, Dhanappa Rajasthan 4,12,000 4,12,000
and disaster Chilldrens-Toilet block (govt. poverty/Promoting
management sec. sch., Dhannapa) Health care
4 Safe and Clean Drinking Water Eradicating Jhajjar Haryana 2,06,000 2,06,000 7 Promoting to Education- Gotan Rajasthan 2,78,000 2,78,000
Supply in Rural areas & Water hunger, poverty Chilldrens-Toilet block(govt.
Purifier and malnutrition, sec.sch.,Gotan)
promoting 8 Promoting to health safety- Promoting Health Gotan Rajasthan 9,65,000 9,65,000
preventive health villagers-Toilet block(Ganesh care/Ensuring
care and sanitation Temple,Gotan) environmental
and making sustainability
available safe
9 Promoting Health Care Eradicating Mertacity Rajasthan 6,00,000 6,00,000
drinking water
regarding Janata Clinic hunger,poverty/
5 LED to Police Station and Rural development Jharli Haryana 49,000 49,000 promoting health
Badminton Sponsorship care
And Boxing Tournament
10 Promoting to Promoting Mertacity Rajasthan 3,94,000 3,94,000
6,19,000 6,19,000 Education‑Chilldrens- education-
Muddapur Electricity Connections (govt. Childrens
Distribution of Vegetable & Rural development Mudhol, Karnataka 5,22,950 5,22,950 Schools 11 nos)
food Packets to near by area projects Muddapur 11 Promoting Health Care‑Corona Promoting Health Gotan Rajasthan 51,000 51,000
(COVID-19) and Halki Virus‑COVID-19, Vaccination care/Ensuring
Village environmental
Balasinor sustainability
COVID-19 expense: purchase Health Balasinor Rajasthan 70,970 70,970 12 Rural Development Rural Area Merta Road Rajasthan 1,00,000 1,00,000
of banner, mask etc. Project‑Aestheic uplift of some Development
Aligarh jodhpur division station Project
Rural development: Police Rural Development Aligarh UP 61,000 61,000 Total (White Cement) 44,11,687 44,11,687
Station HO CSR EXPENDITURE
Total (Grey) (UPTO 31.03.2021)
Katni 1 Contribution to IITK as Promotion of UP 20,00,000 20,00,000
scholarship for Meritorious Education
1 Distribution of goods to poor Eradicating poverty Badwara & MP 10,18,000 10,18,000 Expenses
students
Katni Incurred for
RO, Gotan,& 2 Contribution to SPSPU for Promotion of Rajasthan 90,00,000 90,00,000
Help in Chief upgrading infrastructure Education
Minister Jal 3 Contribution to GHSMIR Promotion of UP 1,00,00,000 1,00,00,000
Swavlamban as financial assistance for Education
Abhiyan educational facilities
Katni Total 10,18,000 10,18,000 4 Installation of Oxygen Gas Health UP 43,13,410 43,13,410
White Cement & Gotan pipelines at GSVM(COVID-19
Grey wards)
1 Safe and Clean Drinking Water Eradicating Gotan Rajasthan 15,000 15,000 5 Constructions of Public Social UP 14,85,054 14,85,054
Supply in rural areas through hunger, poverty road and installation of RCC Responsibility
RO Plant. and malnutrition, benches at public places
promoting 6 Contribution to Red cross Health MP 2,00,000 2,00,000
preventive health Society
care and sanitation 7 Distribution of face mask, hand Health MP, 18,25,230 18,25,230
and making sanitisers, food packets to Rajasthan
available safe weaker section of society and New
drinking water Delhi
2 Promoting Health Care Eradicating hunger, Gotan Rajasthan 30,000 30,000 8 Contribution to JK Gram vikas Rural development Rajasthan 1,83,56,000 1,83,56,000
regarding Corona virus poverty/Promoting udyog for cross breeding and
(COVID-19) Health care projects in rural areas Haryana
3 Promoting Health Care Eradicating hunger, Gotan Rajasthan 9,06,000 9,06,000 9 Contribution of LKS Education Education Rajasthan 1,50,00,000 1,50,00,000
regarding Corona virus poverty/Promoting for opening ITI at Gotan
(COVID-19) Health care 6,21,79,694 6,21,79,694
4 Promoting Health Care Eradicating hunger, Gotan Rajasthan 1,74,687 1,74,687 HO(UPTO 31.03.2021) 6,21,79,694 6,21,79,694
regarding Corona virus poverty/Promoting GRAND TOTAL UPTO 12,26,13,796 12,26,13,796
(COVID-19) Health care 31.03.2021

Sr.
No.
Summary of Expenditure Amount in ` Annexure - C
1 J.K. Cement Works, Nimbahera 4,10,95,182
2 J.K. Cement Works, Mangrol 1,26,35,312
3 J.K. Cement Works, Jharli 6,19,000
4 J.K. Cement Works, Muddapur 5,22,950
5 J.K. White Cement Works & J.K. Cement Works, Gotan 44,11,687 Particulars of Energy Conservation, Technology Absorption, Foreign Exchange Earnings and outgo required
6 J.K. White, Katni 10,18,000 under Section 134(3)(M) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules,
7 J.K. Cement Works, Aligarh 61,000 2014
8 J.K. Cement Works, Balasinor 70,970 A) Energy Conservation
9 Head Office 6,21,79,694 Sustainable Development and continuous improvement of Key Performance Indicators are of prime
12,26,13,796 importance for the company.Energy reduction in every field is the need of time to sustain business in the
current scenario of each & every industry including Cement. Major contribution towards cost of manufactured
6. In case the company has failed to spend the two per cent of the average net profit of the last three cement is the Electrical energy and Thermal energy consumption, so for J.K. Cement main focus to reduce
financial years or any part thereof, the company shall provide the reasons for not spending the amount in cost of production is the conservation of electrical & thermal energy .
its Board Report.
Not Applicable During the year 2020-21, various efforts have been done to reduce the consumption of electrical & thermal
energy for the production of cement by our different manufacturing units . These energy conservation
7. A responsibility statement of the CSR Committee that the implementation and monitoring of CSR Policy, measures during 2020-21 has resulted in reduction of power consumption by 960.82 lacs KWH, equivalent to
is in compliance with CSR objectives and Policy of the Company. 8,262 MTOE.
The CSR Committee hereby confirms that the implementation and monitoring of CSR activities is in
compliance with CSR objectives and the CSR Policy of the Company. In an additional reduction in Thermal energy consumption, 22,822 MTOE during the year have been replaced
by alternative fuel & other Operational initiatives to conserve primary fuels. Total Investment was
` 1,04,799.22 lacs
Dr. Raghavpat Singhania Dr. K.B. Agarwal
Managing Director Chairman – Corporate Social The overall energy saving projects are classified into the listed categories:-
Place: Kanpur DIN: 02426556 Responsibility Committee
Date: 12 June 2021 DIN: 00339934 √ Process optimisation with nil investment
√ Installation of energy efficient equipments
√ Implementing in house kaizens & modifications
√ Downsizing of existing equipments
√ Improving Thermal efficiency.
√ Improving Production & Operational efficiecy.
√ R&D Activities and Adopting new Technology.
√ VFD installation in fans
Process optimisation
By the optimisation of various process parameters, interlockings, logics etc., many savings were achieved.
Monitoring of Production process and Analysis of data is very important for energy conservation. By various
process optimisations saving of ` 716.01 lacs achieved with reducion of 120.43 lacs KWH of electricity with
expenditure of ` 16.38 lacs only. Most of the optimisations are done without investment.
Installation of Energy Efficient Equipments

Replacement of low efficiency motors by high efficiency motors , replacement of high power consumption
lamps by energy saving LED lamps and other energy efficient equipments of the latest technology were
installed to improve the electrical efficiency of the system. By these steps saving of 538.62 lacs KWH
equivalent to 4,631 MTOE and ` 2,969.97 lacs with the expenditure of ` 15,194.5 lacs.
Implementing In-house kaizens & modifications

Small steps of energy savings like kaizen in various section of Production & Process is a big tool for energy
conservation. Such small modifications resulted in savings of 2.58 lacs KWH equal to 22 MTOE and ` 14.57
lacs of electricity with ` 4.79 lacs investment only.
Downsizing of the existing equipments

Utilisation of optimum loading on motors with respect to existing lower loading and rated KW, various motors
were replaced by lower KW ratings resulting in Improvement in loading factor and efficiency. Such steps in
total resulted in savings of ` 0.31 lacs by reducing 0.06 lacs KWH of electricity with zero investment.
Improvement in Thermal Efficiency Annexure - D

Besides the in-house monitoring & optimisation of the clinkering section, optimisation of burner momentum,
reducing false air, accurate kiln operation control etc. has resulted in improving the thermal effieciency of the Business Responsibility Report 2020-21
pyro systems.In Power Plant operations also higher generation of units with optimised parameters resulted in
equivalent fuel savings . Company has saved ` 55.12 lacs through initiatives by which 52,335 lacs kcal through
feed box height in riser duct of PH String -2 Top cylone & restrict the false air entry. Total thermal energy saved
Section A: General Information about the Company
during the year is 523 MTOE.
1. Corporate Identity Number (CIN): L17229UP1994PLC017199
2. Name of the Company J.K. Cement Limited (JKCL)
Improvement in Production & Operational Efficiency
3. Registered Address Kamla Tower, Kanpur – 208001, Uttar Pradesh, India
Improvement in the Production rate index of Kilns with optimisation of process & operational parameters in
which New Clinkering Unit installed at Mangrol & Existing Cement Mill modified from Ball mill to Combi circuit 4. Website http://www.jkcement.com/
in which savings in terms of rupees as well as effieciency of the system are achieved. Through improvement 5. E-mail ID shambhu.singh@jkcement.com
in output & operational efficiency , company has saved ` 2,786.66 lacs by reducing 291.35 lacs KWH of 6. Financial Year Reported FY 2020-21
electricity & 15,733 MTOE saved with expenditure of ` 89,106.38 lacs. 7. Sector(s) that the Company is engaged in (industrial
activity code-wise
VFD installation in fans

Replacement of existing drive system by VFD installation in fans has resulted in savings 7.77 lacs KWH and Industrial Group Class Sub Class Description
` 49.26 lacs of electricity with expenditure of ` 48.82 lacs only. 374 3741 37410 Plaster of Paris
3744 37440 Manufacturing of Cement and Cement related
Savings are as under:- products
Detail of Savings are as under:- 35 3551 35110 Primer
Saving KWH Saving Kcal Saving

Saving MTOE
(in lacs) (in lacs) (` In lacs) As per National Industrial Classification – Ministry of Statistics and Programme Implementation
Installation of Energy Efficient Equipment 538.62 4,631 2,969.97 8. List three key products / services that the Company 1) Grey Cement
In-house small modifications 2.58 22 14.57 manufactures / provides (as in balance sheet) 2) White Cement
VFD Installation 7.77 67 49.26 3) Wall Putty
Improving production & Operational Efficiency 291.35 13,22,769.82 15,733 2,786.66 9. Total number of locations where business activity is
undertaken by the Company
Improving Thermal efficiency 52,335.00 523 55.12
i. Number of International Locations (Provide details of Cement plant in Fujairah, UAE
Downsizing of the existing equipment 0.06 1 0.31
major 5)
Process optimisation 120.43 1,036 716.01
ii. Number of National Locations Refer manufacturing capital
Total 960.81 13,75,104.82 22,013 6,591.90
10. Markets served by the Company - Local / State / National/
International
B) Technology Absorption and R&D Activities
Refer geographical spread and markets served section
By technology upgradation and R&D activities in the areas of Process Improvement and Energy Management
J.K. Cement Ltd, in FY 2021-22 ` 2,523.46 lacs has been planned for Technology Absorption & Energy
Section B: Financial Details of the Company (Standalone)
Conservation measures.
1. Paid up capital (` lacs) 7,726.83
Major steps in R&D activities are:- 2. Total turnover (` lacs) 6,32,827.88
i) For FY 2021-2022 by R&D activities & Energy saving initiatives, expenditure of ` 2,523.46 lacs planned to 3. Total profit after taxes (` lacs) 60,282.58
save ` 1,636.21 lacs throughout in Mangrol Unit. 4. Total spending on Corporate Social Responsibility (CSR) as The Company’s total spending on CSR is 2.77% of the average
percentage of profit after tax (%): profit after taxes in the previous three (3) financial years
ii) Use of alternative fuel saved ` 2,193 lacs & 9,072 MTOE by investing ` 426.80 lacs at Mangrol plant. 5. List of activities in which expenditure in 4 has been incurred: 1. Education: 418
(` lacs) 2. Community Welfare: 232
3. Rural Infrastructure Development: 457
C) Foreign Exchange Earnings and Outgo 4. Health & Livelihood:119
Particulars ` In lacs
Foreign Exchange earned in terms of actual inflows 694.62 Section C: Other details
Foreign Exchange outgo in terms of Actual outflow 64,759.27
Does the Company have any Subsidiary Company/ C1 Yes - The Company has two (2) wholly owned subsidiaries -
Companies? J.K. Cement (Fujairah) FZC, United Arab Emirates (UAE) and
Jaykaycem (Central) Limited, India
Do the Subsidiary Company/Companies participate in the BR C2 No
Initiatives of the parent company?
Do any other entity/entities (e.g. suppliers, distributors C3 No
etc.) that the Company does business with, participate in
the BR initiatives of the Company? If yes, then indicate the
percentage of such entity/entities?

Section D: BR information B. Except policies listed above, all other policies are meant for internal employees and are available on
1. Details of Director / Directors responsible for BR: the Company’s intranet. All policies are periodically communicated to the relevant internal and external
a) Details of the Director / Directors responsible for implementation of the BR policy / policies: stakeholders.
Name Dr. Raghavpat Singhania
Director Identification Number (DIN) 02426556 C. Any clarifications for grievances related to the policies are addressed by the respective leadership team
Designation Managing Director member and if not addressed to satisfaction can be escalated to Company Secretary at shambhu.singh@
jkcement.com
b) Details of the BR Head:
Name Mr. Shambhu Singh a. If answer to the question at serial number 1 against any principle, is ‘No’, please explain why: (Tick up
Designation Company Secretary and Vice President (Legal) to 2 options)
Telephone Number +91-512-2371478-81 QUESTIONS P1 P2 P3 P4 P5 P6 P7 P8 P9
E-mail ID shambhu.singh@jkcement.com i. The company has not understood the Principles NA

ii. The company is not at a stage where it finds itself in NA
2. Principle-wise (as per National Voluntary Guidelines) BR Policy/policies (Reply in Y/N) a position to formulate and implement the policies on
specified principles
The National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business (NVGs)
iii. The company does not have financial or manpower NA
released by the Ministry of Corporate Affairs has adopted nine areas of Business Responsibility. These briefly resources available for the task
are as under: iv. It is planned to be done within next 6 months NA
v. It is planned to be done within the next 1 year NA
Principle 1 (P1): Businesses should conduct and govern themselves with Ethics, Transparency and Accountability vi. Any other reason (please specify) NA
Principle 2 (P2): Businesses should provide goods and services that are safe and contribute to sustainability throughout
2. Governance related to BR
their life cycle
i. Indicate the frequency with which the Board of Directors, The Company evaluates sustainability performance annually.
Principle 3 (P3): Businesses should promote the well-being of all employees
Committee of the Board or CEO to assess the BR
Principle 4 (P4): Businesses should respect the interests of, and be responsive towards all stakeholders, especially those
performance of the Company. Within 3 months, 3-6
who are disadvantaged, vulnerable and marginalised
months, Annually, More than 1 year
Principle 5 (P5): Businesses should respect and promote human rights
ii. Does the Company publish a BR or a Sustainability The Company used to publish Sustainability Report annually
Principle 6 (P6): Businesses should respect, protect, and make efforts to restore the environment
Report? What is the hyperlink for viewing this report? How in-line with Global Reporting Initiative (GRI) standards. It,
Principle 7 (P7): Businesses, when engaged in influencing public and regulatory policy, should do so in a responsible frequently it is published? however, has transited to Integrated Reporting <IR> from FY
manner 2020-21.
Principle 8 (P8): Businesses should support inclusive growth and equitable development
Principle 9 (P9): Businesses should engage with and provide value to their customers and consumers in a responsible SECTION E: PRINCIPLE-WISE PERFORMANCE
manner
Principle 1
QUESTIONS P1 P2 P3 P4 P5 P6 P7 P8 P9 1. Does the policy relating to ethics, bribery and corruption cover Yes. The Company is guided by its Code of Conduct (CoC)
i. Do you have a policy/policy for... Yes only the company? Yes/ No. Does it extend to the Group/Joint ensuring all business activities are conducted in an ethical
Ventures/ Suppliers/Contractors/NGOs /Others? manner this web address: https://www.jkcement.com/home
ii. Has the policy being formulated in consultation with the Yes, The Company policies and practices have been
relevant stakeholders? formulated after the consultation with different internal and 2. How many stakeholder complaints have been received in the JKCL received 16 shareholder complaints during the
external stakeholders relevant to the business past financial year and what percentage was satisfactorily FY 2020‑21, while no complaints were pending from previous
iii. Does the policy conform to any national / international Yes, policies and practices meet application regulatory and resolved by the management? If so, provide details thereof, in financial year. All the 16 complaints have been successfully
standards? If yes, specify? (50 words) best practices requirements as evaluated by the organisation about 50 words or so resolved during the year.
at the time of their formulation. The same are evaluated and Principle 2
updated from time to time as seen appropriate 1. List up to 3 of your products or services whose design has a. Cement (Grey & White)
iv. Has the policy been approved by the Board? If yes, has Yes incorporated social or environmental concerns, risks and/or b. Wallmaxx
it been signed by MD/ owner/ CEO/ appropriate Board opportunities.
c. Primaxx
Director?
v. Does the company have a specified committee of the Yes, The Company has numerous Board level and other d. Gypsomaxx
Board/ Director/ Official to oversee the implementation of committees in place for looking after different aspects of e. Tilemaxx
the policy? the day to day business activities, including supervision over
The Company is committed to adopt sustainable practices
proper application and adherence to various company policies
as a socially and environmental responsible company.
and practices. Refer Report on Corporate Governance
The Company follow precautionary approach to mitigate
vi. Indicate the link for the policy to be viewed online? The policies can be viewed at: https://www.jkcement.com/ environmental impacts due to business activities
company_policy
2. For each such product, provide the following details in respect Refer Natural Capital. Cement as a product is used by diverse
vii. Has the policy been formally communicated to all relevant Yes, Policies and practices have been communicated to all
of resource use (energy, water, raw material etc.) per unit of consumers for different purposes. Hence, it is not feasible to
internal and external stakeholders? (B) relevant stakeholders as per their applicability
product (optional): measure the usage (energy, water) by consumers
viii. Does the company have in-house structure to implement Yes
the policy/ policies? i. Reduction during sourcing/production/ distribution
ix. Does the Company have a grievance redressal Yes, the Company has a Whistle Blower Policy with grievance achieved since the previous year throughout the value
mechanism related to the policy/ policies to address redressal mechanism for stakeholders to raise their chain?
stakeholders’ grievances related to the policy/ policies? grievances ii. Reduction during usage by consumers (energy, water) has
x. Has the company carried out independent audit/ Yes, checks and balances are in place for ensuring strict been achieved since the previous year?
evaluation of the working of this policy by an internal or compliance to various company policies and practices
external agency?

3. Does the company have procedures in place for sustainable Company is guided by ESG policy. ESG policy covers Suppliers, 5. Has the company undertaken any other initiatives on – clean Refer Natural capital
sourcing (including transportation)? Contractors, Consultants and Transporters requiring adopting technology, energy efficiency, renewable energy, etc. Y/N. If
sustainable business practices. Refer Social & Relationship yes, please give hyperlink for web page etc.
i. If yes, what percentage of your inputs was sourced
Capital. 6. Are the Emissions/Waste generated by the company within the Yes. the emissions/waste generated by the Company was all
sustainably? Also, provide details thereof, in about 50
words or so. permissible limits given by CPCB/SPCB for the financial year within the permissible limits given by CPCB/SPCB.
being reported?
4. Has the company taken any steps to procure goods and Refer Social & Relationship Capital
services from local & small producers, including communities 7. Number of show cause/ legal notices received from CPCB/ No, the Company has not received any legal notice from CPCB
surrounding their place of work? SPCB which are pending (i.e. not resolved to satisfaction) as on / SPCB during the financial year.
end of Financial Year.
i. If yes, what steps have been taken to improve their capacity Principle 7
and capability of local and small vendors?
1. Is your company a member of any trade and chamber or Refer Membership & Associations section
5. Does the company have a mechanism to recycle products and Refer Natural Capital association? If Yes, Name only those major ones that your
waste? If yes what is the percentage of recycling of products business deals with:
and waste (separately as <5%, 5-10%, >10%). Also, provide
2. Have you advocated/lobbied through above associations for No, JKCL has not advocated or lobbied through any
details thereof, in about 50 words or so.
the advancement or improvement of public good? Yes/No; associations for the advancement or improvement of public
Principle 3 if yes specify the broad areas ( drop box: Governance and good
1. Please indicate the Total number of employees. 3,751 Administration, Economic Reforms, Inclusive Development
2. Please indicate the Total number of employees hired on 4,000+ Policies, Energy security, Water, Food Security, Sustainable
temporary/ contractual / casual basis. Business Principles, Others)
3. Please indicate the Number of permanent women employees 68 Principle 8
4. Please indicate the Number of permanent employees with 2 1. Does the company have specified programmes/initiatives/ Refer Social and Relationship Capital
disabilities projects in pursuit of the policy related to Principle 8? If yes
5. Do you have an employee association that is recognised by Yes – at Nimbahera, Mangrol and Muddapur details thereof.
management? 2. Are the programmes/projects undertaken through in-house Refer Social and Relationship Capital
6. What percentage of your permanent employees is members of Gotan, Nimbahera & Mangrol 100%, 33% and 13% of our team/own foundation/external NGO/government structures/
this recognised employee association? workers respectively, are members of recognised employee any other organisation?
associations. 3. Have you done any impact assessment of your initiative? No
7. Please indicate the Number of complaints relating to child Nil 4. What is your company’s direct contribution to community Refer section B of Business Responsibility Report
labour, forced labour, involuntary labour, sexual harassment development projects- Amount in ` and the details of the
in the last financial year and pending, as on the end of the projects undertaken?
financial year. 5. Have you taken steps to ensure that this community Refer Social and Relationship Capital
8. What percentage of your under mentioned employees were Refer Human capital development initiative is successfully adopted by the
given safety & skill up-gradation training in the last year? community? Please explain in 50 words, or so.
Principle 4 Principle 9
1. Has the Company mapped its internal and external Yes 1. What percentage of customer complaints/consumer cases are A total of 2,050 complaints were received from customers in
stakeholders? Yes/No pending as on the end of financial year? FY 2020-21, out of which Nil complaints were pending as of
2. Out of the above, has the company identified the Yes 31 March 2021
disadvantaged, vulnerable & marginalised stakeholders 2. Does the company display product information on the product Yes, the Company displays all information as mandated by the
3. Are there any special initiatives taken by the company to Refer Social & Relationship Capital label, over and above what is mandated as per local laws? Yes/ regulations to ensure full compliance with relevant laws.
engage with the disadvantaged, vulnerable and marginalised No/N.A. /Remarks(additional information)
stakeholders? If so, provide details thereof, in about 50 words 3. Is there any case filed by any stakeholder against the company The Competition Commission of India (CCI) vide its order
or so. regarding unfair trade practices, irresponsible advertising dated 31.8.2016 imposed a penalty of ` 12,854 lacs on the
Principle 5 and/or anti-competitive behaviour during the last five years company. The appeal was heard whereupon National Company
and pending as on end of financial year? If so, provide details Law Appellate Tribunal (NCLAT) vide order dated 25.07.2018
1. Does the policy of the company on human rights cover Yes - All human rights aspects are covered under
thereof, in about 50 words or so. upheld CCI’s order The Company has filed statutory appeal
only the company or extend to the Group/ Joint Ventures/
Company’s Code of Conduct. before Honourable Supreme Court which vide its order dated
Suppliers/ Contractors/ NGOs/ Others?
5.10.2018 had admitted the appeal & directed that the interim
2. How many stakeholder complaints have been received in JKCL received 16 grievances from shareholder during the order of stay passed by the tribunal in this matter will continue
the past financial year and what percent was satisfactorily FY 2020-21, while no complaints were pending from previous for the time being. The company backed by legal opinion
resolved by the management? financial year. All the 16 complaints have been successfully believes that it is good case and accordingly no provision has
resolved during the year. No investor grievance remained been made in the accounts.
pending for more than 30 days.
Principle 6 In a separate matter, CCI imposed penalty of ` 928 lacs vide
order dated 19.1.2017 for alleged contravention of provision
1. Does the policy related to Principle 6 cover only the Yes
of Competition Act, 2002 by the Company. On Company’s
company or extends to the Group/Joint Ventures/ Suppliers/
appeal, NCLAT has stayed the operation of CCI’s order. The
Contractors/ NGOs/ others.
matter is pending for hearing before NCLAT. Based on Legal
2. Does the company have strategies/ initiatives to address Refer Sustainability Strategy section opinion, the Company believes that it has a good case and
global environmental issues such as climate change, global accordingly, no provision has been made in the accounts.
warming, etc? Y/N. If yes, please give hyperlink for webpage
4. Did your company carry out any consumer survey/ consumer Yes, we carry out consumer survey and satisfaction surveys
etc.
satisfaction trends? based on commercial needs
3. Does the company identify and assess potential Yes
environmental risks? Y/N
4. Does the company have any project related to Clean No, the Company does not have any project related to Clean
Development Mechanism? If so, provide details thereof, in Development Mechanism
about 50 words or so. Also, if Yes, whether any environmental
compliance report is filed?

Report on Corporate Governance (ii) Attendance of each Director at the Board Meetings and last Annual General Meeting
The Board usually meets at least once a quarter to review the quarterly financial results and operations of
your Company etc. In addition, the Board also meets as and when necessary to address specific issues
relating to the business of your Company. During the financial year ended 31 March 2021 five Board
Meetings were held on the following dates:
1. Corporate Governance framework of a well-defined responsibility matrix
(1) 25.05.2020 (2) 17.06.2020 (3) 31.08.2020 (4) 09.11.2020 (5) 06.02.2021. The attendance of each
1.1 Company’s philosophy on Code of Corporate which enables it to discharge its fiduciary duties
Director at Board Meetings and at the last Annual General Meeting (AGM) was as under:
Governance of safeguarding the interest of the Company;
At J.K. Cement, we view corporate governance in ensuring fairness in the decision making process,
No. of Board
its widest sense, almost like trusteeship, integrity, integrity and transparency in the Company’s Sl.
Name of Director Meetings
Attendance at last
transparency; accountability and compliance with dealing with its Members and other stakeholders. No. AGM
Attended
laws which are the columns of good governance
1 Mr. Yadupati Singhania (Demised on 13.08.2020)* 2 N.A.
are cemented in the Company’s business practices Committee of Directors
to ensure ethical and responsible leadership With a view to have a more focused attention 2 Mr. Madhavkrishna Singhania 3 No
both at the Board and at the Management on various facets of business and for better 3 Dr. Raghavpat Singhania 3 NO
Level. The Company’s philosophy on Corporate accountability, the Board has constituted various
4 Mr. Ajay Kumar Saraogi 3 YES
Governance is to enhance the long-term committees viz. Audit Committee, Stakeholders’
economic value of the Company, sustainable Relationship Committee, Nomination and 5 Mr. A. Karati 5 YES
return to its stakeholders i.e. the society at large Remuneration Committee, Corporate Social 6 Mr. J.N. Godbole 5 YES
by adopting best corporate practices in fair and Responsibility Committee, Risk Management
7 Dr. K.B. Agarwal 5 YES
transparent manner by aligning interest of the Committee and Committee of Directors. Each of
Company with that of its shareholders/other these Committees has been mandated to operate 8 Mr. K. N Khandelwal (Resigned on 17.06.2020)** 1 N.A.
key stakeholders. Corporate Governance is within a given framework. 9 Mr. Paul Heinz Hugentobler 5 YES
not merely compliance and not simply creating
10 Mr. Suparas Bhandari 5 YES
checks and balances, it is an ongoing measure Management Structure
of superior delivery of Company’s objects with Management Structure for running the 11 Mrs. Sushila Devi Singhania 5 NO
a view to translate opportunities into reality. business of the Company as a whole is in place 12 Mrs. Deepa Gopalan Wadhwa 5 YES
This, together with meaningful CSR activities with appropriate delegation of powers and
13 Mr. Sudhir Jalan 5 YES
and sustainable development policies followed responsibilities. The Managing Director is in
by the Company, has enabled your Company to overall control and responsible for the day-to- 14 Mr. Saurabh Chandra 5 YES
earn trust and goodwill of its investors, business day working of the Company. He gives strategic 15. Mr. Ashok Sinha 5 YES
partners, employees and the communities in directions, lays down policy guidelines and ensures
16. Mrs. Kavita Y. Singhania (Resigned on 20.01.2021)*** NIL N.A.
which it operates. In so far as compliance with implementation of the decisions of the Board of
the requirements of the SEBI (Listing Obligations Directors and its various Committees. *Mr. Yadupati Singhania Demised on 13.08.2020
and Disclosure Requirements) Regulations, 2015 ** Mr. K.N. Khandelwal resigned on 17.06. 2020
(‘Listing Regulations’) as amended in 2018 is Board of Directors
*** Mrs. Kavita Y. Singhania joined on 31.08.20 and resigned on 20.01.2021
concerned, your Company is in full compliance with (i) Composition of the Board
the norms and disclosures that have to be made. At J.K. Cement Ltd., the Board is headed by
(iii) The number of Directorships on the Board and Board Committees of other companies, of which the
its Chairperson. The Independent Directors
Directors are members / Chairman is given as under:
1.2 Governance Structure on the Board are experienced, competent and
No. of Board committees
JK’s Governance structure broadly comprises highly reputed persons from their respective (other than J.K. Cement Name of Listed Company
Sl. Relationship Inter se No. of other
the Board of Directors and the Committees of fields. The Independent Directors take active No
Name of Director Category
Director AGM Directorship
Ltd.) In which (ies) (other than J.K. Cement
Ltd.)
the Board at the apex level and the Management part at the Board and Committee Meetings, Chairman Member
structure at the operational level. This layered which adds vision, strategic direction and 1 Dr. Raghavpat Executive, Brother of Mr. 2 - - -
structure brings about a harmonious blend in value in the decision making process of the Singhania, Managing Non – Madhavkrishna
governance as the Board sets the overall corporate Board of Directors. Director Independent Singhania
objectives and gives direction and freedom to
2 Mr. Madhavkrishna Executive, Brother of 4
the Management to achieve these corporate The composition of the Board of Directors is Singhania Non – Dr. Raghavpat
objectives within a given framework, thereby given herein below: Independent Singhania
bringing about an enabling environment for value
• Two Promoter, Executive, Non‑Independent 3 Mr. Ajay Kumar Saraogi Executive, 4
creation through sustainable profitable growth. Non –
Director,
Independent
2. Board of Directors • One Non Promoter Executive Director
4 Mr. Achintya Karati Non- 6 4 4 1. Sangam (India)
The JK Board plays a pivotal role in ensuring that Executive, Ltd.
• Three Non-Executive, Non-Independent
the Company runs on sound and that its resources Independent 2. Jay Bharat Maruti
Directors,
are utilised for creating sustainable growth and Ltd.
societal wealth. The Board operates within the • Seven Non-Executive, Independent Directors. 3. Delton Cables Ltd.
4. Uflex Ltd.
5. Shyam Telecom
Ltd.

No. of Board committees (iv) Non-Executive Directors’ Compensation and G. Fatal or serious accidents, dangerous
Sl.
Name of Director Category
Relationship Inter se No. of other
(other than J.K. Cement
Ltd.) In which
Name of Listed Company
(ies) (other than J.K. Cement
Disclosure occurrences, any material effluent or pollution
No Director AGM Directorship
Ltd.) Apart from sitting fees paid to the Non- problems.
Chairman Member
Executive Independent and Non-Independent
5 Mrs. Sushila Devi Non- Mother of Late 1 - - - H. Any material default in financial obligations
Directors (except Managing Director and Dy.
Singhania Executive, Mr. Yadupati to and by the listed entity, or substantial non-
Managing Directors) for attending Board/
Non- Singhania payment for goods sold by the listed entity.
Independent (Expired on
Committee meetings, Commission was paid
13.08.2020) during the year details of which are given I. Any issue, which involves possible public or
separately in this report. Further, for the expert product liability claims of substantial nature,
6 Mr. J. N. Godbole Non- 4 1 2 1. Emami Paper Mills
advisory/consultancy services rendered by Mr. including any judgment or order which, may
Executive, Ltd.
Independent 2. Saurashtra Paul Heinz Hugentobler Director, Consultancy have passed strictures on the conduct of
Cement Ltd. fee has been paid. Besides, no transaction has the listed entity or taken an adverse view
3. Kesar Terminals & been made with Non-Executive Independent regarding another enterprise that may have
Infrastructure Ltd. Directors vis-à- vis your Company. negative implications on the listed entity.
7 Dr. K.B. Agarwal Non- 4 2 2 1. Key Corp Ltd.
J. Details of any joint venture or collaboration
Executive, 2. Jaykay (v) Other provisions as to Board and
Independent Enterprises Ltd. agreement.
Committees
8 Mr. Suparas Non- 1 - 1 LT Foods Ltd. Your Company’s Board plays a pivotal K. Transaction that involves substantial payment
Bhandari Executive, role in ensuring good governance and towards goodwill, brand equity, or intellectual
Independent functioning of your Company. The Directors property.
9 Mr. Paul Non- 1 - - - are professionals, have expertise in their
L. Significant labour problems and their
Heinz Hugentobler Executive, respective functional areas and bring a wide
proposed solutions. Any significant
Non- range of skills and experience to the Board
Independent development in Human Resources/ Industrial
and their foresight helps in decision making
Relations front like signing of wage agreement,
10 Mrs. Deepa Gopalan Non- 6 - 1 1. JK Paper Limited process.
implementation of Voluntary Retirement
Wadhwa Executive, 2. Bengal & Assam
Independent Company Limited Scheme etc.
The Board has unfettered and complete access
3. Mindtree Limited to any information with your Company. Members M. Sale of investments, subsidiaries, assets
4. Artemis Medicare
Services Limited
of the Board have complete freedom to express which are material in nature and not in normal
5. NDR Auto their views on agenda items and discussions at course of business.
Components Ltd. Board level are taken after due deliberations and
N. Quarterly details of foreign exchange
11 Mr. Ashok Sinha Non- 6 5 -- 1. Cipla Limited
full transparency. The Board provides direction
exposures and the steps taken by
Executive, 2. The Tata Power and exercises appropriate control to ensure
management to limit the risks of adverse
Independent Company Limited that your Company is managed in a manner that
exchange rate movement, if material.
3. Coastal Gujrat fulfills stakeholder’s aspirations and societal
Power Ltd expectations. O. Non- compliance of any regulatory statutory
4. Maithon Power or listing requirements and shareholders
Ltd
5. Air Asia India Ltd The matters placed before the Board as required service such as non-payment of dividend,
under Listing Regulations inter alia includes: delay in share transfer etc.
12 Mr. Saurabh Chandra Non- 2 - - 1. Multi Commodity
Executive, Exchange of India A. Annual operating plans and budgets and any
Independent Limited
Board Training and Induction
updates.
2. Vacmet India At the time of appointing Independent Director,
Ltd. B. Capital budgets and any updates. a formal letter of appointment is given to him/
her, which inter alia explains the role, function,
13 Mr. Sudhir Jalan Non- 6 - - - C. Quarterly results for the listed entity and its
Executive, duties and responsibilities expected of him/her
operating divisions or business segments.
Non- as a Director of the Company. The Director is also
Independent D. Minutes of meetings of Audit Committee and explained in detail the compliances required from
@ Directorships on all public limited companies, whether listed or not, has been included and all other companies including private
other Committees of the Board of Directors. him/her under the Companies Act, Regulation
limited companies, foreign companies and companies under Section 8 of the Companies Act, 2013 has been excluded. 25(7) of the Listing Regulations and other relevant
E. The information on recruitment and
regulations and his/her affirmation taken with
** Chairmanship/ Membership of the Audit Committee and the Stakeholders Relationship Committee has been considered. remuneration of Senior Officers just below
respect to the same.
Note: None of the Director is acting as Director in more than 10 Public Limited Companies or acts as an Independent Director in more the level of Board of Directors, including
than 7 Listed Companies. Further, none of the Director acts as a member of more than 10 committees or acts as a Chairman of more appointment or removal of Chief Financial
than 5 committees across all Public Limited Companies in which he is a Director. Meeting of Independent Directors
Officer, Chief Operating Officers and the
The Company’s Independent Directors meet
Company Secretary.
at least once in every financial year without the
F. Show cause, demand, prosecution notices presence of Non-Independent Directors and
and penalty notices, which are materially management personnel inter alia to:
important.
• Review the performance of Non- Independent
Directors and the Board as a whole,

• Review the performance of the Managing Director of the Chairperson. Agenda papers are circulated industry stalwart Late Mr. Yadupati Singhania. Over Industry (CII) and is currently serving as the Sherpa
of the Company, taking into account the views of seven days prior to the Meeting. In addition, for any the years he has learnt the ropes of the trade and for Yi at the G20 Young Entrepreneurs Alliance.
Non-Executive Directors, business exigencies, the resolutions are passed spearheaded the business transformation journey He has served on the Board of Governors for
by circulation and later placed at the subsequent of the Company. He has also been instrumental in National Council for Cement and Building Materials
• Assess the quality, quantity and timeliness of
Board/Committee Meeting for ratification/ charting out the Company’s strategic roadmap, (NCCBM) and as the President of the Rotary Club
flow of information between the Company’s
approval. helping the Organisation to be future-ready. He is of Kanpur Gaurav. He has also represented India in
management and the Board that is necessary for
responsible for taking the vision and commitment the Australia India Youth Dialogue between the two
the Board to effectively and reasonably perform • Invitees & Proceedings: Apart from the Board
of the Company forward by ensuring that its countries in 2018 and is currently on its steering
their duties. members, the Company Secretary is attending
values and code of ethics are upheld at all times. committee.
all Board Meetings. Chief Operating Officer(s),
During the year under review, the Independent Being conscious about the responsibilities owed
Business Head(s) are invited to attend the
Directors met on 5.02.2021 without the presence to society, he believes that quality education & Mr. Ajay Kumar Saraogi aged about 65 years,
Board Meetings when required. Other senior
of Non Independent Directors and management vocational training for the youth are an integral Deputy Managing Director & CFO (Bachelor of
management executives are invited as and when
personnel to discuss the aforesaid issues. part of nation building. Some of the institutions Arts (Honours) & Bachelor of Laws)
necessary, to provide additional inputs for the
that are giving shape to this vision include Yadupati Mr. A.K. Saraogi has over 40 years of experience in
items being discussed by the Board. The CFO
Performance Evaluation of Independent Singhania Vocational Education Foundation, Sir the field of Finance and Commercial matters. He is
briefs on the quarterly and annual operating &
Directors Padampat Singhania University, LK Singhania overseeing from decades Finance and Commercial
financial performance and on annual operating &
The Board evaluates the performance of Education Centre, LK Singhania Public School matters of the Company and has been part of the
capex budget. The Managing Director, the DMD
Independent Directors and recommends and LA Education Centre. Dr. Singhania attended core Management Team. He holds a Bachelor of
and CEO, the DMD and CFO and other senior
commission payable to them based on their the Executive Leadership Programme at INSEAD, Arts (Honours) degree in Economics from Sriram
executives briefs on capex proposals & progress,
commitment towards attending the meetings of Fontainebleau and is a graduate from Sheffield College of Commerce, Delhi University and a
operational health & safety, marketing & cement
the Board/Committees, contribution and attention Hallam University, United Kingdom. He served as a Bachelor of Laws degree from Kanpur University,
industry scenario and other business issues. The
to the affairs of the Company and their overall member of the CII Delhi State Council, President of Kanpur. He has been associated with Cement
Chairman of various Board Committees brief the
performance apart from sitting fees paid for each Rotary & is a trustee of many charitable trusts. He Division over 40 years and part of Company’s
Board on all the important matters discussed &
Board and Committee Meetings attended by them. is also the Managing Director of J.K. Cement Works growth. He is Council member of Merchant
decided at their respective committee meetings,
(Fujairah) FZC, which is a subsidiary of J.K. Cement Chamber of UP, Member of Board of Management
which are generally held prior to the Board
Familiarisation Program for Director Ltd. in the UAE. of Sir Padampat Singhania University, Dr. Gaur Hari
Meeting.
On appointment, the concerned Independent Singhania Institute of Management and Research,
Director is issued a Letter of Appointment setting • Post Meeting Action: Post meetings, all important Mr. Madhavkrishna Singhania aged about 32 Managing Committee of LK Singhania Education
out in detail, the terms of appointment, duties, decisions taken at the meeting are communicated years, Dy. Managing Director & CEO, (Bachelor’s Centre (Gotan, Rajasthan), Kailashpat Education
responsibilities and expected time commitments. to the concerned officials and departments. Action degree in Electrical & Computer Engineering Society (Nimbahera, Rajasthan), Dayanand Shiksha
Each newly appointed Independent Director is Taken Report is prepared and reviewed periodically from Carnegie Mellon University, USA & Diploma Sansthan, Dr. Virendra Swarup Education Centre,
taken through an induction and familiarisation by the Managing Director, the DMD and CEO, the in Family Business Management from IMD Member of Uttar Pradesh Cricket Association,
program including the presentation and DMD and CFO & Company Secretary for the action Lausanne, Switzerland). Director of Yadu International Ltd. and Jaykaycem
interactive session with the Managing Director taken/ pending to be taken. Mr. Madhavkrishna Singhania is a technocrat by (Central) Ltd., Trustee of Shri Dwarikadheesh
and other Functional Heads on the Company’s qualification and training with rich experience Temple Trust, Kamla Town Trust, J.K. Cement NBH
• Support and Role of Company Secretary: The
manufacturing, marketing, finance and other in the cement industry encompassing various Foundation, J.K. Cement Gotan Foundation and
Company Secretary is responsible for convening
important aspects. The Company Secretary aspects of business including business strategy, Kailashpat Singhania Sports Foundation.
the Board and Committee Meetings, preparation
briefs the Director about their legal and regulatory manufacturing and technology enablement. Having
and distribution of Agenda and other documents
responsibilities as a Director. The program also a keen interest in technology and automation, he Mrs. Sushila Devi Singhania aged about 84 years
and recording of the Minutes of the meetings.
includes visit to the plant to familiarise them with has led new capacity expansion projects that have Non-Executive, Non- Independent Director
He acts as interface between the Board and
all facets of cement manufacturing. On the matters doubled the grey cement manufacturing capacity (Graduate of Arts)
Management and provides required assistance and
of specialised nature, the Company engages from 7.5 MnTPA in 2010 to around 15 MnTPA in Mrs. Sushila Devi Singhania is a Non-executive,
assurance to the Board and the Management on
outside experts/consultants for presentation and 2020. His ambitious expansion plans have seen Non-independent Director of our Company. She
compliance and governance aspects. Mr. Shambhu
discussion with the Board members. the Company’s footprint expand across the has been functioning as a Director of our Company
Singh, Company Secretary is the Compliance
Country. With Mr. Singhania leading the Company’s since 26 July 2014. She is Scion of renowned Jalan
Officer for complying with the provisions of the
Meeting, Agenda and Proceeding of Board many technology and automation initiatives, J.K. family representing Surajmall Nagarmall group,
Securities Laws.
Meeting Cement has won several awards and accolades famous industrial house. She is also Director of
• Agenda: All the meetings are conducted as per Directors’ Profile in the areas of sustainability, safety, energy Yadu International Limited. She is a member of
well designed and structured agenda and in The brief profile of each Director as at the year‑end efficiency and green manufacturing. He has also managing committee of Seth Anandram Jaipuria
line with the compliance requirement under the is given below: been instrumental in setting up of the Company’s School, Kanpur, President of Juari Devi Girls Inter
Companies Act, 2013, Rules framed thereunder maiden overseas plant in Fujairah, UAE, and is the College, Kanpur and President of Juari Devi Girls
and applicable Secretarial Standards prescribed by Dr. Raghavpat Singhania, aged about 36 years, Dy. MD of J.K. Cement Works (Fujairah) FZC. He Post Graduate College, Kanpur. She is Chief Patron
ICSI. All the agenda items are backed by necessary Managing Director (Graduate, Sheffield Hallam has a Bachelor’s degree in Electrical & Computer for Life of Merchants Chamber of Uttar Pradesh,
supporting information and documents (except University, United Kingdom) Engineering from Carnegie Mellon University, Patron of Uttar Pradesh Cricket Association,
for the critical price sensitive information, which Dr. Raghavpat Singhania is a seasoned business USA and also holds a Diploma in Family Business Trustee of Shri Dwarikadheesh Temple Trust, Shri
is circulated separately or placed at the meeting) leader with rich experience in the grey and white Management from IMD Lausanne, Switzerland. He Radhakrishna Temple Trust, Kamla Town Trust,
to enable the Board to take informed decisions. cement industry. He is also an avid researcher in is currently the Vice Chairman, CII Delhi State and Shree Kamleshwar Ji Mahadeo Temple Trust, JK
Agenda also includes minutes of the earlier the area of new building products and materials. on the CII Northern Region Council. He has held Charitable Trust. She has been actively associated
meetings. Additional agenda items in the form of He joined J.K. Cement Ltd. in the year 2007 as the position of the Chairman of Young Indians (Yi), with programs for welfare and upliftment of
“Other Business” are included with the permission Special Executive and received training under Delhi Youth Wing of the Confederation of Indian

economically weaker sections, children and relation and Chairman of an empowered group She joined IFS in 1979 and retired in December, Discovered Small Fields Policy and the National
women and also with religious activities. working on the stabilisation of the corporate debt 2015. She has served in the Ministry of External Gas Grid were initiated during his tenure as
restructuring mechanism in India Affairs, New Delhi, Indian Council for Cultural Secretary, Petroleum.
Mr. Sudhir Jalan aged about 76 years Relations and International Labour Organisation.
Non‑Executive, Non-Independent Director Dr. K. B. Agarwal aged about 82 years Non- She has served as Ambassador of India to Japan Mr Ashok Sinha aged about 69 Non-Executive,
(Commerce Graduate and Master Degree in Executive, Independent Director (Graduate of (from 2012-2015), Qatar (from 2009-2012) and Independent Director (B.Tech from IIT, Kanpur
Business Administration) Law, PhD, ICWA and CS) Sweden (from 2005-2009). She was concurrently and PGDBM from the Indian Institute of
Mr. Sudhir Jalan holds Bachelor’s Degree in Dr. Krishna Behari Agarwal holds Post Graduate accredited as Ambassador to Latvia (from Management (IIM), Bangalore)
Commerce and Master’s Degree in Business Degree in Commerce, Degree in Law and Ph.D. in Stockholm) and Republic of the Marshall Islands Mr. Ashok Sinha holds Bachelor’s Degree in
Administration. He is premier businessman with Commerce. He is a Fellow of the Institute of Cost (from Tokyo). During her career she has also held Electrical Engineering from the Indian Institute
business interest in diversified fields. He has and Works Accountants of India and Institute of other significant assignments in Geneva, Hong of Technology (IIT), Kanpur (1973) and PGDBM
been acting as Chairman and Managing Director Company Secretaries of India. He is experienced Kong, China and the Netherlands in between 1981 from the Indian Institute of Management (IIM),
of Meenakshi Tea Co. Ltd. and Director in various in the fields of finance, accounts and capital to 1987 and 1989 to 1998 and in the Ministry of Bangalore, with specialisation in Finance (1977).
Public Limited and Private Limited Companies markets. He has served Merchants’ Chamber of External Affairs from 1987-1989 and 1999-2005. He has been conferred the Distinguished Alumnus
including Chairman in three companies. He was Uttar Pradesh and Uttar Pradesh Stock Exchange Important issues and subjects handled by her are Award from both IIT, Kanpur and IIM, Bangalore.
President of All India Management Association Association Limited as their President. He has been India’s relations and strategic policies concerning He has a wealth of experience, competencies
(AIMA) and International Chamber of Commerce a member of the Federation of Indian Chambers Pakistan, China, the GCC, Japan, EU and the UN. and expertise from his leadership journey as
(ICC) India. He served on the Board of Indian of Commerce and Industry and the Associated In the context of the UN she has dealt specifically the Chairman and Managing Director of Bharat
Institute of Management, Kolkata. He presided Chambers of Commerce & Industry of India. with issues of global significance such as Climate Petroleum Corporation Ltd. (BPCL), which is
over Federation of Indian Chamber of Commerce Change, Sustainable Development, Disarmament present across the entire value chain with activities
and Industry, apex body of ICC India. He is Mr. Paul Heinz Hugentobler aged about 72 years and Human Rights. In the context of India’s covering exploration and production, refining and
Honorary Consul General of Greece in Kolkata. Non-Executive, Non-Independent Director (Civil economic priorities she has vast experience in the marketing oil and gas products. He spent 33 years
He is also associated with a number of Charitable Engineer & Degree in Economic Science) promotion of Indian interests in the areas of trade, in BPCL, where he served on the Board of BPCL for
Institutions. Mr. Paul Heinz Hugentobler is a Non-Executive, technology, investment and energy security during 15 years - first as Director (Finance) for 10 years
Non-Independent Director of our Company. He her postings in Europe, the GCC and Japan. Mrs. from 1996 and then as its Chairman and Managing
Mr. Achintya Karati aged about 75 years Joined Holcim Group Support Ltd as Project Wadhwa is currently co-chair of the India-Japan Director for 5 years from August 2005. He has
Non‑Executive, Independent Director (Law Manager in 1980. He was graduated in Civil Partnership Forum located in FICCI, Member been conferred with the India Chief Financial
Graduate from Calcutta University) Engineering from Swiss Federal Institute of Governing Council of the Institute of China Studies Officer Award 2001 for Information and Knowledge
Mr. Achintya Karati holds a Bachelor’s Degree in Technology, Zurich and Economic Science from and serves as Independent Director on the Boards Management by the Economic Intelligence Unit
Law from the Calcutta University. He served as Graduate School of Economics and Business of of a few companies. (EIU) India and American Express. He received
the country head of Government and Institutions, St. Gallen. Served as Holcim Ltd Area Manager award from TMG (Technology Media Group) for
NCDEX and has also worked as senior advisor to for the Asia Pacific Region.From 1999 to 2000, Mr Saurabh Chandra aged about 66 Non- Customer Management. Since 2011, he has served
ICICI Securities Limited, and with ICICI Prudential he also served as CEO of Siam City Cement Executive, Independent Director (B.Tech from IIT, on the Boards of Petronet LNG Ltd., CMC Ltd.
Life Insurance Company Limited. He retired as (Public) Company Limited, headquartered in Kanpur) (erstwhile subsidiary of Tata Consultancy Services
the country head, Government and Institutional Bangkok, Thailand and till now he continues to be Mr. Saurabh Chandra holds a Bachelor’s Degree Ltd.), four subsidiaries of Vodafone India Ltd., Tata
Solutions Group, ICICI Bank Limited in March, 2004. a Director. Until his retirement in February 2014, from the IIT, Kanpur (First with Distinction). He Advanced Systems Ltd., Tata Lockheed Martin
During his association with ICICI Limited, he served he was appointed as a member of the Executive has retired as Secretary, Ministry of Petroleum Aerostructures, and Nova Integrated Systems.
in various capacities, including as the Deputy Zonal Committee at Holcim Ltd with the responsibility for and Natural Gas, Govt. of India and prior thereto Currently, he is serving as Independent Director
Manager (North) and Head of Major Client Group South Asia and ASEAN except the Philippines. He he served as Secretary in the DIPP, Ministry of on the Board of Cipla Ltd., Coastal Gujrat Power
(North). He has been associated with our Company joined J.K. Cement Ltd as a Director w.e.f 17 May, Commerce and Industry. Currently he is serving Limited, Maithon Power Ltd., Air Asia India Ltd. and
since 2005. 2014. as Public Interest Director and Chairman of the Tata Power Co. Ltd.
Governing Board of Multi Commodity Exchange
• It is confirmed that in the opinion of the Board, all
Mr. Jayant Narayan Godbole aged about 76 years Mr. Suparas Bhandari aged about 75-years of India Limited and an Independent Director
the Independent Directors are in compliance with
Non-Executive, Independent Director (B.Tech Non‑Executive, Independent Director (Graduate on the Boards of SBI Pension Funds Pvt. Ltd.
the provisions of the SEBI (Listing Obligations and
(Hons) from IIT Mumbai and holds Certificate in of Science and Law) and Vacmet India Limited. He possesses
Disclosure Requirements) Regulations, 2015 as
Financial Management) Mr. Suparas Bhandari holds a Bachelor’s degree in experience in formulation and implementation
amended from time to time and are Independent of
Mr. Jayant Narayan Godbole holds a Bachelor’s Science and a Bachelor’s Degree in Law from the of policies in multiple areas and sectors, such
the management.
Degree in Technology (Honors) from the Indian University of Jodhpur. He is the founder Chairman as oil and gas, industry & manufacturing, foreign
Institute of Technology, Mumbai and also holds a and Managing Director of Agriculture Insurance direct investment, intellectual property, and • During the FY 2020- 21, Mr. K.N. Khandelwal, Non-
certificate in Financial Management. Possesses Company of India Limited and has served as the disinvestment including strategic sales. During executive Non-Independent Director has resigned
more than 4 decades rich experience in the field General Manager of Oriental Insurance Company of his tenure as Secretary, DIPP major reforms were from Directorship on 17.06.2020. Mrs. Kavita Y.
conceiving, implementing and operating mega India Limited and as the Assistant General Manager initiated in the FDI policy and intellectual policy Singhania has joined as an Additional Director on
projects abroad. He functioned as Chairman and of United India Insurance Company Limited. regime, while implementation of the National 31.8.20 and resigned on 20.01.2021. There were
Managing Director of IDBI in 2005 at the time Manufacturing Policy started in the right earnest. no material reason for their resignation other than
of retirement. During his stints with IDBI and Mrs. Deepa Gopalan Wadhwa aged about 65 Deregulation of diesel prices, launching of personal reasons.
IIBI he was responsible for Corporate Finance, years Non-Executive, Independent Director PAHAL Scheme, Give Up campaign and work on
restructuring and rehabilitation of sick units, Mrs. Deepa Gopalan Wadhwa, has 36 years of the Hydrocarbon Exploration Licensing Policy,
Venture capital, merchant banking and investors’ Indian Foreign Service (IFS) career behind her.

Skills/expertise/competence identified by the Board of Directors 3. Audit Committee 5. reviewing with the management, the quarterly
Sr. (i) Board Terms of Reference financial statements before submission to the
Name of Directors Age Category Qualification Experience/ Expertise
No. The Audit Committee reviews the matters falling in board for approval;
1 Dr. Raghavpat Singhania 36 Executive Non Graduate from Sheffield Rich experience in the grey its terms of reference and addresses larger issues
6. reviewing with the management, the
Independent Hallam University and white cement industry. and examines those facts that could be of vital
statement of uses / application of funds raised
Director concerns to the Company. The Audit Committee
through an issue (public issue, rights issue,
2 Mr. Madhavkrishna Singhania 32 Executive Non Bachelor’s degree in Rich experience in has a Charter in place. The terms of reference of
preferential issue, NCD etc.), the statement of
Independent Electrical & Computer the cement industry the Audit Committee constituted by the Board in
funds utilised for purposes other than those
Director Engineering from encompassing various terms of Section 177 of the Companies Act, 2013
Carnegie Mellon aspects of business stated in the offer document / prospectus /
and the Corporate Governance Code as prescribed
University, USA, Diploma including business strategy, notice / Information Memorandum and the
under Listing Regulations, which broadly includes
in Family Business manufacturing and report submitted by the monitoring agency
Management from IMD technology enablement.
matters pertaining to adequacy of internal control
monitoring the utilisation of proceeds of a
Lausanne, Switzerland systems, review of financial reporting process,
public or rights issue and making appropriate
discussion of financial results, interaction with
3 Mr. A.K. Saraogi 65 Executive Non Bachelor of Arts 40 years of experience in recommendations to the board to take up
auditors, appointment and remuneration of
Independent (Honours) Delhi the field of Finance and steps in this matter;
Director University, Bachelor of Commercial matters. auditors, adequacy of disclosures and other
Laws degree from Kanpur relevant matters. The role of the audit committee 7. reviewing and monitoring the auditor’s
University shall include the following: independence and performance and
4 Dr K.B. Agarwal 82 Non-Executive Graduate of LAW, PhD, Vast experience in the field effectiveness of audit process;
1. oversight of the listed entity’s financial
Independent ICWA and CS of finance, accounts and reporting process and the disclosure of 8. approval or any subsequent modification of
Director Capital Markets.
its financial information to ensure that the transactions of the listed entity with related
5 Mr. Paul H. Hugentobler 72 Non-Executive Graduated in Civil Experience of financial statement is correct, sufficient and parties;
Non-Independent Engineering from Swiss Cement Industry. credible;
Director Federal Institute of 9. scrutiny of inter- corporate loans and
Technology, Degree in 2. recommendation for appointment, investments;
Economic Science from remuneration and terms of appointment of
the Graduate School of 10. valuation of undertakings or assets of the
auditors of the listed entity;
Economics and Business listed entity, wherever it is necessary;
of St. Gallen. 3. approval of payment to statutory auditors for
11. evaluation of internal financial control and risk
6 Mrs. Sushila Devi Singhania 85 Non-Executive Graduate of Arts Business and Philanthropy any other services rendered by the statutory
management systems;
Non-Independent auditors;
Director 12. reviewing with the management, performance
4. reviewing with the management, the annual
7 Mr. Achintya Karati 75 Non-Executive Graduate of Law Vast experience in the field of statutory and internal auditors, adequacy of
financial statements and auditor’s report
Independent of banking and finance. the internal control systems;
Director
thereon before submission to the Board for
Approval, with particular reference to: 13. reviewing the adequacy of internal audit
8 Mr. Suparas Bhandari 75 Non-Executive Bachelor degree in Vast experience in function, if any, including the structure
Independent Science and Bachelor Insurance sector. a. matters required to be included in the
of the internal audit department, staffing
Director degree in Law. director’s responsibility statement to be
and seniority of the official heading the
9 Mr. J.N Godbole 76 Non-Executive B.Tech from IIT, Mumbai Experience in included in the Board’s Report in terms
department, reporting structure coverage and
Independent and hold certificate in Finance and Technology of sub-section (5) of Section 134 of the
frequency of internal audit;
Director Financial Management Companies Act, 2013;
10 Mrs. Deepa Gopalan Wadhwa 65 Non-Executive Rtd. IFS Vast Experience in Indian 14. discussion with internal auditors of any
b. changes if any, in accounting policies and
Independent Foreign Service (IFS) significant findings and follow up there on;
practices and reasons for the same;
Director
15. reviewing the findings of any internal
11 Mr. Saurabh Chandra 66 Non-Executive B.Tech from the experience in formulation c. major accounting entries involving
investigations by the internal auditors into
Independent IIT,Kanpur, retired as and implementation of estimates based on the exercise of
matters where there is suspected fraud or
Director Secretary, Ministry of policies in multiple areas and judgment by management;
Petroleum and Natural sectors, such as oil and gas,
irregularity or a failure of internal control
Gas, Govt. of India industry & manufacturing, d. significant adjustments made in the systems of a material nature and reporting the
FDI, intellectual property, financial statements arising out of audit matter to the board;
and disinvestment including findings;
strategic sales 16. discussion with statutory auditors before the
e. compliance with listing and other legal audit commences, about the nature and scope
12 Mr. Ashok Sinha 69 Non-Executive B.Tech. degree in experience, expertise from
requirements relating to financial of audit as well as post-audit discussion to
Independent Electrical Engineering,(IIT) his leadership journey as the
Director Kanpur and PGDBM Chairman and M.D. of Bharat statements; ascertain any area of concern;
(IIM), Bangalore, with Petroleum Corporation Ltd. f. disclosure of any related party 17. to look into the reasons for substantial
specialisation in Finance (BPCL)
transactions; defaults in the payment to the depositors,
13 Mr. Sudhir Jalan 76 Non-Executive Commerce Graduate Business debenture holders, shareholders (in case
Non-Independent and Master in Business g. modified opinion (s) in the draft audit
of non-payment of declared dividends) and
Director Administration report;
creditors;

18. to review the functioning of the whistle blower All these Directors possess knowledge of in senior management in accordance with the Sl. No. of Meetings
Name of Director
mechanism; Corporate Finance/ Accounts/ Company Law/ criteria laid down and recommend to the board No. Attended
Industry. Mr. A.K. Saraogi, Dy. Managing Director of directors their appointment and removal; 1 Mr. Sudhir Jalan (joined w.e.f. 2
19. approval of appointment of chief financial 16.06.2020) – Member
and Chief Financial Officer regularly attends the
officer after assessing the qualifications, 5. whether to extend or continue the term of 2 Mr. Achintya Karati – Member 3
meetings and Mr. Shambhu Singh, Company
experience and background etc. of the appointment of the independent director, 3 Mr. J.N. Godbole – Member 3
Secretary acts as Secretary of the Committee.
candidate; on the basis of the report of performance 4 Mr. Suparas Bhandari - Chairman 3
The Statutory Auditors and Internal Auditors of
evaluation of independent directors;
20. Carrying out any other function as is the Company attend the meetings as Special
mentioned in the terms of reference of the Invitees. All the Members on the Audit Committee 6. To consider and recommend to the Board (iv) Nomination and Remuneration Policy:
audit committee. have the requisite qualification for appointment of Directors the remuneration of KMPs and The Company’s remuneration policy is based on
on the Committee and possess sound knowledge SMPs. the principles of (i) pay for responsibility (ii) pay
(ii) The audit committee shall mandatorily review of finance, accounting practices and internal for performance and potential and (iii) pay for
the following information controls. (ii) Composition of the Committee growth. Keeping in view the above, the Nomination
1. management discussion and analysis of Remuneration Committee of the Company as on 31 and Remuneration Committee is vested with all
financial condition and results of operations; (iv) Meetings and Attendance March 2021 comprised of: the necessary powers and authorities to ensure
During the financial year ended 31 March 2021 appropriate disclosure on remuneration to the
2. statement of significant related party i. Mr. A. Karati : Independent, Non-Executive Chairman and Managing Director including details
four meetings were held on (1) 17 June 2020 (2) 31
transactions (as defined by the audit Director of fixed components and performance linked
August 2020 (3) 9 November 2020 (4) 6 February
committee), submitted by management; incentives. As for the Non-executive Directors,
2021 ii. Mr. J.N. Godbole: Independent, Non‑Executive
3. management letters/ letters of internal control Director their appointment on the Board is for the benefit
weaknesses issued by the statutory auditors; The attendance at the Committee Meetings was as of the Company due to their vast professional
iii. Mr. Suparas Bhandari: Independent, expertise in their individual capacity. The Company
under:
4. internal audit reports relating to internal Non‑Executive Director - Chairman suitably remunerates them by paying sitting fee for
Sl. No. of Meetings
control weaknesses; Name of Director
attending the meetings of the Board and various
No. Attended iv. Mr. Sudhir Jalan: Non- Independent,
5. the appointment, removal and terms of 1 Dr. K.B. Agarwal 4 Non‑Executive Director (w.e.f. 16.06.2020) committees of the Board and commission on profit.
remuneration of the internal auditor shall be 2 Mr. Ashok Sinha 4 Sl.
v. Mr. Shambhu Singh, Company Secretary acts Name of Director No. of Shares held
subject to review by the audit committee. 3 Mr. Achintya Karati 4 No.
as Secretary of the Committee
4 Mr. J.N. Godbole 4 1 Mrs. Sushila Devi Singhania 33,35,957
6. statement of deviations:
5 Mr. Sudhir Jalan 2 2 Dr. Raghavpat Singhania 2,50,210
(resigned w.e.f. 9.11.2020) (iii) Meetings and Attendance
a. quarterly statement of deviation (s) 3 Mr. Madhavkrishna Singhania 2,50,210
6 Mr. Saurabh Chandra 1 During the financial year ended 31 March 2021,
including report of monitoring agency, 4 Mr. Ajay Kumar Saraogi 3,340
(joined w.e.f. 9.11.2020) three meetings were held on 16 June 2020,
if applicable, submitted to stock 5 Mr. Achintya Karati 640
31 August 2020 and 9 November 2020.
exchange(s) in terms of Regulation 32(1). 6 Dr. K.B. Agarwal 300
4. Nomination and Remunaration Committee 7 Mr. Ashok Sinha 10
b. annual statement of funds utilised for Nomination and Remuneration Committee of
purposes other than those stated in the the Company has been functioning in pursuance Details Remuneration paid to the Directors for the year ended 31 March 2021
offer document/ prospectus/ notice in of the provisions of Regulation 19 of the Listing in `
terms of Regulation 32(7). Regulations read with Section 178 of the
Sl. Salary & Performance
Companies Act, 2013 and Charter framed by the No.
Name of Director
Perquisites incentives
Commission Sitting Fee Total
(iii) Composition of the Committee Company. 1 Mrs. Sushila Devi Singhania -- 25,00,000 3,75,000 28,75,000
Following Directors were the members of the Audit
Committee: 2 Dr. Raghavpat Singhania* 2,50,26,000 36,32,000 6,00,00,000 - 8,86,58,000
(i) Role of the Committee shall, inter-alia, include
3 Mr. Madhavkrishna Singhania* 1,82,76,000 27,11,000 6,00,00,000 - 8,09,87,000
i. Dr. K.B. Agarwal (Chairman) Independent, Non- the following:
1. formulation of the criteria for determining 4 Mr. Ajay Kumar Saraogi* 3,74,85,000 34,35,000 3,00,00,000 - 7,09,20,000
Executive Director
qualifications, positive attributes and 5 Mr. A. Karati -- 10,00,000 4,50,000 14,50,000
ii. Mr. A. Karati, Independent, Non- Executive independence of a director and recommend to 6 Mr. J.N. Godbole -- 10,00,000 5,50,000 15,50,000
Director the board of directors a policy relating to the 7 Dr. K.B. Agarwal -- 10,00,000 7,75,000 17,75,000
iii. Mr. J.N. Godbole, Independent Non‑Executive remuneration of the directors, key managerial
8 Mr. Suparas Bhandari -- 10,00,000 5,00,000 15,00,000
Director personnel and other employees;
9 Mr. Paul Heinz Hugentobler** -- 10,00,000 2,50,000 12,50,000
iv. Mr. Ashok Sinha , Independent, Non‑Executive 2. formulation of criteria for evaluation of 10 Mr. Sudhir Jalan -- 10,00,000 3,50,000 13,50,000
Director performance of independent directors and the
11 Mrs. Deepa Gopalan Wadhwa -- 10,00,000 4,25,000 14,25,000
board of directors;
v. Mr. Sudhir Jalan, Non Independent, Non- 12 Mr. Saurabh Chandra -- 10,00,000 4,50,000 14,50,000
Executive Director (resigned w.e.f. 9.11.2020) 3. devising a policy on diversity of board of 13 Mr. Ashok Sinha -- 10,00,000 3,75,000 13,75,000
directors;
vi. Mr. Saurabh Chandra. Independent, 14 Mr. K.N. Khandelwal (till 17.6.2020) -- -- 75,000 75,000
Non‑Executive Director (joined 4. identifying persons who are qualified to
* Benefits include payment of contribution to Provident Fund and superannuation fund, which is exempted perquisite under applicable
w.e.f. 9.11.2020) become directors and who may be appointed provisions of the Companies Act, 2013
**US $ 150,000 equivalent to ` 1,10,49,529 paid in professional capacity.

5. Stakeholders’ Relationship Committee - 1. Dr. K.B. Agarwal (Chairman): Independent, 6. Corporate Social Responsibility Committee - 7. Risk Management Committee
Mandatory Committee Non-Executive Director Mandatory Committee The provisions of Regulation 21(5) of SEBI (Listing
Stakeholders Relationship Committee of the Corporate Social Responsibility Committee of the Obligations and Disclosure Requirements)
2. Mr. Suparas Bhandari: Independent,
Company has been functioning in pursuance Company has been functioning in pursuance of the (Amendment) Regulations, 2018 become
Non‑Executive Director
of the provisions of Regulation 20 of the Listing provisions of Section 135 of the Companies Act, applicable to the Company w.e.f. 1.04.2019.
Regulations read with Section 178 of the 3. Dr. Raghavpat Singhania: Non- 2013 and Charter framed by the Company Accordingly, the Board of Directors of the
Companies Act, 2013 and Charter framed by the Independent, Executive Director Company constituted Risk Management
Company. (i) Composition of the Committee: Committee with the following composition,
4. Mr. Saurabh Chandra: Independent, Non-
Sl. framed Risk Management Policy and Charter for
Executive Director Name of Director Designation of The Director
The terms of reference of the Committee are: No. Risk Management Committee. Two meetings of
5. Mrs. Deepa Gopalan Wadhwa: 1 Mrs. Sushila Devi Non-Executive, Risk Management Committee has been held on
1. Transfer/transmission of shares/ debentures Singhania Non‑Independent Director
Independent, Non-Executive Director 16.06.2020 and 5.02.2021 in which all Members
and such other securities as may be issued by
2 Dr. K.B. Agarwal Non-Executive, Independent were present
the Company from time to time; 6. Mr. Shambhu Singh: Company Secretary Director
acts as Secretary of the Committee
2. Issue of duplicate share certificates for 3 Mr. J.N. Godbole Non-Executive, Independent (i) Composition of Risk Management Committee
shares/ debentures and other securities (ii) Functions Director Sl.
Name of Director Designation of The Director
reported lost, defaced or destroyed, as per the 4 Mr. Suparas Non-Executive, Independent No.
The Committee specifically looks into Bhandari Director
laid down procedure; 1 Dr. K.B. Agarwal Non-Executive, Independent
redressal of shareholders’ and investors’ Director
3. Issue new certificates against subdivision of complaints such as transfer/ Transmission
The Committee’s prime responsibility is to assist 2 Mr. J.N. Godbole Non-Executive, Independent
shares, renewal, split or consolidation of share of shares, non-receipts of shares, non- Director
the Board in discharging its social responsibilities
certificates/ certificates relating to other receipt of dividend declared, annual reports
by way of formulating and monitoring 3 Mr. Saurabh Non-Executive, Independent
securities; and to ensure expeditious share transfer/ Chandra Director
implementation of the framework of ‘corporate
Transmmission process and to review the
4. Issue and allot right shares/ bonus shares social responsibility policy’, observe practices of 4 Mrs. Deepa Non-Executive, Independent
status of investors’ grievances, redressal
pursuant to a Rights Issue/ Bonus Issue made Corporate Governance at all levels, and to suggest Gopalan Wadhwa Director
mechanism and recommend measures to
by the Company, subject to such approvals as remedial measures wherever necessary The 5 Mr. Madhavkrishna Executive, Non Independent
improve the level of investors’ services. The
may be required; Board has also empowered the Committee to look Singhania Director
Company received 16 investor grievances
into matters related to sustainability and overall
5. To grant Employee Stock Options pursuant to during the FY 2020-21 and all the 16
governance. (ii) Role and Responsibility of Committee shall inter-
approved Employees’ Stock Option Scheme(s), grievances were redressed. No investor
alia includes the following:
and to allot shares pursuant to options grievance has remained unattended/
Terms of Reference of the Committee inter alia, • To access the company’s risk profile and key areas
exercised; pending for more than thirty days. Investor’s
includes the following: of risk
complaints received through SEBI are
6. To issue and allot debentures, bonds and other
redressed at www.scores.gov.in. However, 10 • To review the existing CSR Policy and to make • To examine and determine the sufficiency of
securities, subject to such approvals as may
requests for dematerialisation involving 189 it more comprehensive so as to indicate the Internal Control Processes for reporting on and
be required;
equity shares of the Company received as at activities to be more undertaken by the Company managing key risk areas.
7. To approve and monitor dematerialisation of 31.03.2021 was attended/ disposed of within as specified in Schedule VII of the Companies Act,
• To recommend the Board acceptable level of risk.
shares / debentures / other securities and all stipulated period of 30 days. 2013.
matters incidental or related thereto; • To access the cyber security and risk involved
• To provide guidance on various CSR activities to
(iii) Meeting and Attendance therein.
8. To authorise the Company Secretary and be undertaken by the Company and to monitor
Head Compliance/ other Officers of the Share During the financial year ended 31 March 2021 process. • To report the trends on the company’s risk profile,
Department to attend to matters relating to four meetings were held on (1) 16 June 2020 report on specific risk and the status of the risk
• To observe practices of corporate Governance
non-receipt of annual reports, notices, non- (2) 31 August 2020 (3) 9 November 2020 (4) 5 management process.
at all levels and to suggest remedial measures
receipt of declared dividend / interest, change February 2021 The attendance at the above
wherever necessary. • To oversee the formal review activities associated
of address for correspondence etc. and to Meetings was as under:
with effectiveness of risk management and internal
monitor action taken;
Sl. No. of Meetings (ii) CSR committee attendance control system.
Name of Director
9. Monitoring expeditious redressal of investors / No. Attended Two CSR committee meetings were held during the
• To review and assess the nature, role, responsibility
stakeholders grievances; 1 Dr. K.B. Agarwal 4 year on (1) 16 June 2020 and (2) 9 November 2020
and authority of the risk management function.
2 Dr. Raghavpat Singhania 3
10. All other matters incidental or related to Sl. No. of Meetings
3 Mr. Saurabh Chandra 4
Name of Director • To review process & procedure to ensure the
shares, debentures and other securities of the No. Attended
effectiveness of internal systems of control in
Company. 4 Mr. Suparas Bhandari 4 1 Mrs. Sushila Devi Singhania NIL
guiding the decision making.
5 Mrs. Deepa Gopalan Wadhwa 4 2 Dr. K.B. Agarwal 2
(i) Composition
3 Mr. J.N. Godbole 2 • Provide an independent and objective oversight
The Committee as on 31 March 2021 and view of the information presented by the
4 Mr. Suparas Bhandari 2
comprises of: management.

• To review the risk bearing capacity of the company 8. MD/CFO Certification 3. Appointment and Re-Designation of Mr. Ajay Kumar Saraogi (DIN: 00130805) from Executive Director and
in light of its reserve, insurance coverage, The Managing Director and the Dy. Managing Chief Financial Officer to Deputy Managing Director and Chief Financial Officer of the Company
guarantee funds or other such financial structures. Director and CFO have certified to the Board,
inter-alia the accuracy of financial statements and Brief Voting details for above Special Resolution:
• Board shall review the performance of the risk
adequacy of Internal Controls for the financial
management committee annually. No. of % of Total votes
reporting purpose as required under Listing Members Total No. of votes cast to Paid-up % of votes cast to
Particulars
Regulations, for the year ended 31.03.2021. who voted cast Equity Share Total votes cast
electronically Capital
Dates, time and places of last three Annual General Meetings held are given below: A. The Members who voted with Assent (Favour) 316 6,01,55,456 77.85 99.70
for the Resolution
Financial Year Date Time Place
B. The members who voted with Dissent (Against) 21 1,81,913 0.23 0.30
2017-18 (AGM) 28 July 2018 11.30 PM Auditorium of the Merchants Chamber of U.P. Kanpur
for the Resolution
2018-19 (AGM) 3 August 2019 11 AM Auditorium of the Merchants Chamber of U.P. Kanpur
Total (A+B) 337 6,03,37,369 78.08 100
2019-20 (AGM) 14 August 2020 12 Noon Through video conferencing/Other Audio Visual Means (OAVM).
Result: As the votes cast by the members in favour of the resolution are more than three times of votes cast against the
resolution, the resolution has been passed as a “special resolution” within a meaning of section 114(2) of the Companies Act
Two special resolutions were passed in the Annual present at AGMs held on, 28 July 2018, 3 August 2013
General Meeting of the Company held on 28 July 2019 and 14 August 2020 to answer the queries of
2018. Twelve special resolutions were passed the shareholders. Procedure for Postal Ballot: The last date for e-voting shall be the date on
in the Annual General Meeting of the Company In compliance with Sections 108 and 110 and which the resolution would be deemed to have
held on 3 August 2019. Five special resolutions Special resolutions passed through Postal Ballot other applicable provisions of the Companies Act, been passed, if approved by the requisite majority.
were passed in the Annual General Meeting of during 2020-21:- 2013, read with the related Rules, the Company
the Company held on 14 August 2020. There provides electronic voting (e-voting) facility to all The Company successfully completed the process
were no matters required to be dealt/passed 1. Appointment and Re-Designation of its members. The Company avails the services of of obtaining approval of its shareholders for
by the Company through postal ballot, in any of Dr. Raghavpat Singhania (DIN 02426556) CDSL for the purpose of providing e-voting facility special resolutions on the items detailed above
the aforesaid meetings, as required under the from Executive Director (Corporate & White to all its members. The members have the option to through a postal ballot.
provisions of Section 110 of the Companies Act, Cement) to Managing Director of the Company vote through e-voting.
2013. The Chairman of the Audit Committee was Person who conducted the postal ballot
The Company in terms of MCA and SEBI directives exercise:
Brief Voting details for above Special Resolution: dispatches the postal ballot notices and forms to Mr. S.K. Gupta, Practicing Company Secretary
No. of % of Total votes
its members whose names appear on the register (FCS No -2589 and CP No.1920) appointed to act
Particulars
Members Total No. of votes cast to Paid-up % of votes cast to of members / list of beneficiaries as on a cut-off as the Scrutiniser and Ms. Divya Saxena, Practicing
who voted cast Equity Share Total votes cast date. The postal ballot notice is sent to members in Company Secretary (FCS No.-5639 and CP
electronic form to the email addresses registered No.5352) as Alternate Scrutiniser for conducting
A. The Members who voted with Assent (Favour) 318 6,01,33,018 77.82 99.70
with their depository participants (in case of the Postal Ballot (physical & e-voting) process in a
for the Resolution
electronic shareholding)/the Company’s registrar fair and transparent manner.
and share transfer agents (in case of physical
for the Resolution
shareholding). The Company also publishes a Disclosures regarding appointment or
TOTAL (A+B) 337 6,03,14,909 78.05 100
notice in the newspaper declaring the details of reappointment of Directors
Result: As the votes cast by the members in favour of the resolution are more than three times of votes cast against the completion of dispatch and other requirements as According to the provisions of Companies Act,
resolution, the resolution has been passed as a “special resolution” within a meaning of section 114(2) of the Companies Act mandated under the Act and applicable Rules. 2013 read with Articles of Association of the
2013
Company one Non-Executive, Non-Independent
Voting rights are reckoned on the paid-up value of Director Mr. Paul Heinz Hugentobler will be retiring
2. Appointment and Re-Designation of Mr. Madhavkrishna Singhania (DIN:07022433) from Executive Director the shares registered in the names of the members by rotation at the ensuing Annual General Meeting
(Grey Cement) to Deputy Managing Director and Chief Executive Officer of the Company as on the cut-off date. Members desiring to of the Company and being eligible offers himself
exercise their votes by electronic mode are to vote for re-election. Given below is the brief resume of
Brief Voting details for above Special Resolution: before close of business hours on the last date of Mr. Paul Heinz Hugentobler pursuant to the listing
No. of % of Total votes
e-voting. regulations:
Members Total No. of votes cast to Paid-up % of votes cast to
Particulars
who voted cast Equity Share Total votes cast The scrutiniser submits his report to the Chairman/ A Swiss national, he Joined Holcim Group Support
Company Secretary, after the completion of Ltd as Project Manager in 1980. He was graduated
A. The Members who voted with Assent (Favour) 318 6,01,33,018 77.82 99.70
scrutiny, and the consolidated results of the in Civil Engineering from Swiss Federal Institute of
for the Resolution
voting by postal ballot are then announced by the Technology, Zurich and Economic Science from
Chairman / authorised officer. The results are also Graduate School of Economics and Business of
for the Resolution
displayed on the Company website, www.jkcement. St. Gallen. Served as Holcim Ltd Area Manager
Total (A+B) 337 6,03,14,909 78.05 100
com besides being communicated to the stock for the Asia Pacific Region. From 1999 to 2000,
Result: As the votes cast by the members in favour of the resolution are more than three times of votes cast against the exchanges, depository and registrar and share he also served as CEO of Siam City Cement
resolution, the resolution has been passed as a “special resolution” within a meaning of section 114(2) of the Companies Act transfer agent. (Public) Company Limited, headquartered in
2013
Bangkok, Thailand and till now he continues to be

a Director. Until his retirement in February 2014, Nav Bharat Times, Hindustan, Times of India and (vii) Market Price Data
he was appointed as a member of the Executive Nafa Nuksan newspapers. Management Discussion Stock Market Data (BSE) & Sensex
Committee at Holcim Ltd with the responsibility for and Analysis forms part of Annual Report, which is Month BSE High BSE Low BSE Sensex High BSE Sensex Low
South Asia and ASEAN except the Philippines. He posted to the Shareholders of the Company. April, 2020 1200.00 904.00 33887.25 27500.79
joined J.K. Cement Ltd as a Director w.e.f 17 May May, 2020 1198.00 1041.55 32845.48 29968.45
2014. All vital information relating to the Company and June, 2020 1445.30 1118.25 35706.55 32348.10
its performance, including quarterly results etc. July, 2020 1569.80 1373.30 38617.03 34927.20
August, 2020 1613.00 1448.00 40010.17 36911.23
Code of Conduct are simultaneously posted on Company’s website
September, 2020 1606.00 1412.30 39359.51 36495.98
The Board of Directors has already adopted www.jkcement.com. Further, Shareholding pattern
October, 2020 1974.90 1511.15 41048.05 38410.20
the Code of Ethics & Business Conduct for the and quarterly corporate governance report is November, 2020 2063.75 1774.25 44825.37 39334.92
Directors and Senior Management Personnel. uploaded on the NSE Electronic Application December, 2020 2240.15 1851.00 47896.97 44118.10
This Code is a comprehensive code applicable Processing System (NEAPS) maintained by NSE January, 2021 2381.65 1906.90 50184.01 46160.46
to Executive as well as Non-Executive Directors and www.listing.bseindia.com maintained by BSE. February, 2021 2917.10 2089.15 52516.76 46433.65
and members of the Senior Management. A copy March, 2021 3025.00 2622.05 51821.84 48236.35
of the Code has been hosted on the Company’s Prevention of insider Trading In accordance
Stock Market Data (NSE) & Nifty
website www.jkcement.com. The Code has been with the Securities and Exchange Board of India
Month NSE High NSE Low NSE Nifty 50 High NSE Nifty 50 Low
circulated to all the members of the Board and (Prohibition of Insider Trading) Regulations, a
April, 2020 1178.00 900.00 9889.05 8055.80
Senior Management Personnel and compliance of comprehensive code of conduct for prevention
May, 2020 1181.00 1040.65 9598.85 8806.75
the same has been affirmed by them hereinafter. and regulation of trading in the Company’s share June, 2020 1444.40 1111.25 10553.15 9544.35
by insiders is in vogue. The Code prohibits the July, 2020 1568.00 1370.00 11341.40 10299.60
9. Means of Communticioans purchase or sale of Company shares by the August, 2020 1615.00 1446.55 11794.25 10882.25
The Annual, Half yearly and Quarterly results are Directors and the designated employees while September, 2020 1608.85 1414.00 11618.10 10790.20
submitted to the Stock Exchange(s) in accordance in possession of unpublished price sensitive October, 2020 1974.00 1517.00 12025.45 11347.05
with Listing Regulations and the same are normally information in relation to the company. November, 2020 2067.95 1775.00 13145.85 11557.40
published in Business Standard, Economic Times, December, 2020 2235.00 1850.00 14024.85 12962.80
January, 2021 2385.40 1906.05 14753.55 13596.75
10. General Shareholders Information February, 2021 2915.00 2090.10 15431.75 13661.75
March, 2021 3025.00 2621.55 15336.30 14264.40
i) Annual General Meeting
Date, Time & Venue 14 August 2021 at 11 A.M. via. CDSL’s VC/OAVM platform. Details
(viii) Registrar and Share Transfer Agent
mentioned in the AGM Notice
M/S Jaykay Enterprises Ltd is acting as Registrar and Share Transfer Agent of the Company for Physical and
ii) Financial Year
Demat Segment, Under Common Agency Concept of SEBI. Their address for communication is as under:-
a) First Quarter Result Within 45 days from the close of Quarter Ending June, 2021
b) Second Quarter Result Within 45 days from the close of Quarter Ending September, 2021 M/s Jaykay Enterprises Ltd, (Unit: J.K. Cement Ltd) Kamla Tower, Kanpur- 208 001
c) Third Quarter Result Within 45 days from the close of Quarter Ending December, 2021 Telephone: (0512) 2371478-81, Ext: 18322/18323
d) Result for the Year ending Within 60 days from the close of Quarter/ Year Ending March, 2022 Fax (0512) 2397146,
31 March 2022 Email: jkshr@jaykayenterprises.com,
Prabhat.mishra@jaykayenterprises.com, rc.srivastava@jkcement.com
(iii) Date of Book Closure (v) Listing on Stock Exchanges
Thursday the 5 August 2021 to Saturday the 14 The equity shares of the Company are listed with (ix) Share Transfer System
August 2021 (both day inclusive). the BSE Ltd. and National Stock Exchange of India Share Transfer work of physical segment is attended to by the Company’s Registrar and Share Transfer Agent
Ltd. and the listing fees has been duly and timely within the prescribed period under law and the Listing Regulations.
(iv) Dividend payment date paid to both the Stock Exchanges for 2020-21.
The Board of Directors of the Company has All share transfer etc. are approved/ratified by a Committee of Directors, which meets periodically.
recommended a dividend of ` 15 (150%) for the (vi) Stock Code
year 2020-21 which shall be payable on or after 14 BSE 532644 NSE JKCEMENT (x) Distribution of Shareholding as on 31 March, 2021
August 2021 ISIN NUMBER INE823G01014 No. of Share % of Share % of Share
No. of Equity Share Held No. of Shares Held
Holders Holders Holdings
Dividend Policy UP TO 500 68342 98.70 1989084 2.58

The Company has been declaring/paying dividend 501 TO 1000 420 0.61 300796 0.39
every year since 2005-06 consistently. It is 1001 TO 2000 146 0.21 219700 0.28
maintaining a payout of 20% to 25% of Net Profit as 2001 TO 3000 44 0.06 111790 0.14
Dividend. 3001 TO 4000 30 0.04 108181 0.14
4001 TO 5000 21 0.03 95823 0.12
5001 TO 10000 56 0.08 400656 0.52
10001 AND ABOVE 181 0.27 74042221 95.83
TOTAL 69240 100.00 77268251 100.00

(xi) Category of Shareholders as on 31 March, 2021 (xvi) Address for Correspondence Kamla Tower, Kanpur-208001,
No. of Share % of Share % of Share Mr. Shambhu Singh Telephone No.- 0512 2371478-81
Category No. of Shares Held
holders holders holding Vice President (Legal) & Company Secretary, Fax: - 0512-2332665/2399854
Promoters and Promoter group 24 00.04 44546579 57.65 J.K. Cement Ltd., Email: shambhu.singh@jkcement.com Website:
Mutual Funds / UTI 111 00.16 14571381 18.85 www.jkcement.com
Financial Institutions / Banks 0 0 0 0
(xvii) List of Credit ratings obtained by Company
Insurance Companies 52 00.08 4627 00.05
Sl.
Particulars CARE Rating Remarks
Foreign Institutional Investors 21 00.03 1322687 01.71 No.
Foreign Portfolio Investors Corp. 16 00.02 40836 00.05 1 Long Term Bank Facilities CARE AA Reaffirmed, outlook revised from stable
Bodies Corporate 163 00.23 13029226 16.86 2 Short Term Bank Facilities CARE A1+ Reaffirmed
Bodies Corporate 457 00.66 568340 00.73

(xviii) SEBI vide its circular dated 07.01.2010 has free work environment. Risk Management
Individuals 65056 93.96 2644807 03.41
made it mandatory to furnish PAN copy in the Policy and Whistle Blower Policy are in vogue.
Other 3340 04.82 539768 00.69 following cases
The policy is applicable to all the Directors,
TOTAL 69240 100.00 77268251 100.00 a) Deletion of name of deceased shareholder,
Employees, Vendors and Customers and
where the shares are held in the name of two
provides a platform to all of them to report
(xii) Dematerialisation of Shares or more shareholders
any suspected or confirmed incident of fraud/
*77001629 Equity shares representing 99.65 % of the paid-up equity capital of the company have been
b) Transmission of shares to legal heirs, where misconduct, unethical practices, violation of
dematerialised till 31.03.2021 (includes *9774 equity shares of physical segment transferred to Investor
deceased shareholder was a sole holder. code of conduct etc.
Education and Protection Fund Authorities, IEPF Auth. Ministry of Corp. Affairs through corporation action in
depository CDSL). c) Transposition of shares in case of change in d) The Company has complied with the
the order of names in which physical shares mandatory requirements of Listing
(xiii) Shares Transferred to IEPF are held jointly in the names of two or more Regulations. The Company has complied with
(a) During the year 10761 equity shares of 1132 holders stand transferred to Investor, Education & Protection shareholders the non-mandatory requirements relating to
Fund (IEPF) Authority Ministry of Corporate Affairs with CDSL depository in compliance of section 124 of the remuneration committee to the extent
Companies Act, 2013. Other Disclosures detailed above.
a) There are no materially significant
e) Web link of “Policy for determination of
(b) The 824 shares held by 46 shareholders with NSDL depository which were due for transfer in Financial transaction with the related parties viz.
Material Subsidiaries”
year 2020-21, transferred to Investor Education and Protection Fund with CDSL after close of the year Promoters, Directors or the Management,
their Subsidiaries/Associates or relatives https://www.jkcement.com/pdf/JKCL-Policy-
(xiv) The Company has not issued any GDRs/ ADRs/ warrants or any convertible instruments. conflicting with Company’s interest. Suitable for-determining-Material-Subsidiary.pdf
disclosure as required by the applicable IndAS
f) Web link of “Policy on dealing with related
(xv) Plant Location: Company has following Plants has been made in the Annual Report.
party transactions”
Plant Location b) A penalty of ` 2 lacs imposed which was later
https://www.jkcement.com/pdf/related_
INDIA on dropped by NSE after considering the
party_transaction_policy_of_ jk_cement_
submission by the Company. However, no
Grey Cement Plants Kailash Nagar, Nimbahera, Dist. Chittorgarh, Rajasthan ltd_20.11.14.pdf
strictures have been imposed on the Company
Mangrol, Dist. Chittorgarh, Rajasthan
by Stock Exchange or SEBI or any statutory g) Details of fund utilisation raised through
Gotan, Dist. Nagaur, Rajasthan authority on any matter related to capital qualified Institutional Placement:
Muddapur, Dist. Bagalkot, Karnataka markets during last three years.
The funds raised through Qualified
Jharli, Dist. Jhajjar, Haryana
c) Establishment of Vigil Mechanism Institutional Placement has been strictly
Satha, Pargana Morthal, Tehsil: Koil, Dist: Aligarh, UP utilised for the purpose stipulated in the offer
With the expansion of business in terms of
Vadadala, Tehsil: Balasinor, Dist: Mahisagar, Ahmedabad Indore document/Information Memorandum. The
Highway, Gujarat. volume value & geography, various risks
Investment Committee is regularly monitoring
associated with the business have also
White Cement & White Cement based Wall Putty Plant Gotan, Dist. Nagaur, Rajasthan the utilisation of fund.
increased considerably. One such risk
Village: Rupaund, Tehsil - Badwara, Dist. Katni, M.P identified is the risk of fraud and misconduct. h) Certificate from Company Secretary in
Thermal Power Plants Kailash Nagar, Nimbahera, Dist. Chittorgarh, Rajasthan The Companies Act, 2013 and the SEBI practice has been obtained stating that none
Gotan, Dist. Nagaur, Rajasthan (LODR) Regulations, 2015 mandates the of the Directors on the Board of the Company
Muddapur, Dist. Bagalkot, Karnataka listed companies to formulate appropriate have been debarred or disqualified from
Mangrol, Chittorgarh, Rajasthan
vigil mechanism and whistle blower policy. being appointed or continuing as directors of
The Company, since its inception believes Company by SEBI/MCA or any such statutory
Waste Heat Recovery Power Plant (For captive i) Kailash Nagar, Nimbahera, Dist. Chittorgarh, Rajasthan
consumption)
in honest and ethical conduct from all the authority. The Certificate is enclosed with this
ii) Mangrol, Dist. Chitorgarh, Rajasthan employees and others who are directly section as Annexure 1.
INDIAN SUBSIDIARY or indirectly associated with it. The Audit
Jaykaycem (Central) Ltd. (Under Implementation) Panna, Madhya Pradesh Committee is also committed to ensure fraud-
OVERSEAS SUBSIDIARY
J.K. Cement Works (Fujairah) FZC Plot No.7, Habhab, Tawian Fujairah, UAE
Dual process White/Grey Cement Plant

i) Statutory Audit Fees paid to Statutory Auditors: Reena Jakhodia & Associates
Sl. Amount
Fee paid by Status FY
No. (` in lacs)
1 J.K. Cement Ltd. Company ` 140 2020-21
2 Jaykaycem (Central) Ltd. Subsidiary ` 0.22 2020-21

Company Secretaries
3 J.K. Cement (Fujairah) FZC Subsidiary ` 3.94 2020
104A/47, Ram Bagh, Kanpur - 208012
4 J.K. Cement Works (Fujairah) FZC Step-Down Subsidiary ` 15.76 2020 Phone: +91 – 9935902244, 9336205217
5 JK White Cement (Africa) Ltd. Step-Down Subsidiary ` 5.01 2020-21
Practising Company Secretary’s Certificate on Corporate Governance
j) Disclosure under the Sexual Harassment of Women at Workplace ( Prevention, Prohibition and Redressal)
Act, 2013: To
The Members of J.K. CEMENT LIMITED
A No. of Complaint filed during the FY NIL
B No. of Complaint disposed of during FY NIL We have examined the compliance of conditions of Corporate Governance by J.K. Cement Limited (“the
C No. of Complaint pending during FY NIL Company”) for the year ended 31 March 2021, as per regulations 17-27, clauses (b) to (i) of regulation 46(2) and
Paragraphs C,D and E of schedule V of the Securities and Exchange Board of India ( Listing Obligations and
Disclosure Requirements) Regulations, 2015 (“ Listing Regulations”) with amendments as applicable.
The compliance of conditions of Corporate Governance is the responsibility of the Management. Our examination
was limited to procedures and implementation thereof, adopted by the Company for ensuring the compliance
of the conditions of Corporate Governance. It is neither an audit nor an expression of opinion on the financial
Declaration statements of the Company.
Compliance with the Code of Business Conduct and Ethics as provided under SEBI (Listing Obligations and In our opinion and to the best of our information and according to the explanations given to us, we certify that the
Disclosure Requirements) Regulations, 2015 as amended in 2018 (‘Listing Regulations’), all Board Members and Company has complied with the conditions of the Corporate Governance as stipulated in the above mentioned
Senior Management Personnel have affirmed compliance with Company’s Code of Business Conduct and Ethics Listing Agreement/ Listing Regulations as applicable.
for the year ended 31 March 2021.
We further state that such compliance is neither an assurance as to the future viability of the Company nor the
For and on Behalf of the Board efficiency or effectiveness with which the Management has conducted the affairs of the company.
Dr. Raghavpat Singhania Madhavkrishna Singhania For: Reena Jakhodia & Associates
Place: Kanpur Managing Director Dy. Managing Director & CEO Company Secretaries
Dated: 12 June 2021 DIN: 02426556 DIN: 07022433
Reena Jakhodia
Proprietor
Membership No: F6435
Place: Kanpur C.P. No.: 6083
Date: 12 June 2021 UDIN: F006435C000451253

Certificate by Managing Director and Deputy Managing Director & Chief ANNEXURE 1
Financial Officer (CFO) pursuant to Regulation 17(8) of SEBI (Listing CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS
Obligations and Disclosure Requirements) Regulations, 2015 [As per clause C of Schedule V of the SEBI (Listing Obligations and Disclosure Requirement) (Amendment)
Regulations, 2018 read with regulation 34(3) of the said Listing Regulations].
We the undersigned, in our respective capacities as Managing Director and Deputy Managing Director & Chief To
Financial Officer of J. K Cement Limited (the Company) to the best of our knowledge and belief certify that: (a)We The Members,
have reviewed Financial Statements and the Cash Flow Statement for the financial year ended 31 March 2021 and J.K. Cement Limited
that to the best of our knowledge and belief, we state that: i. These statements do not contain any materially untrue Kamla Tower,
statement or omit any material fact or contain any statements that might be misleading; ii. These statements Kanpur-208001
together present a true and fair view of the Company’s affairs and are in compliance with existing accounting
standards, applicable laws and regulations. (b)We further state that to the best of our knowledge and belief, there I have examined the relevant registers, records, forms, returns and disclosures received from the Directors of
are no transactions entered into by the Company during the year, which are fraudulent, illegal or violative of the J.K. Cement Limited having CIN L17229UP1994PLC017199 and having registered office at Kamla Tower, Kanpur
Company’s Code of Conduct. (c) We hereby declare that all the members of the Board of Directors and Executive (hereinafter referred to as ‘the Company’), produced before me by the Officers of the Company for the purpose
Committee have confirmed compliance with the Code of Conduct as adopted by the Company. (d) We accept of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para-C Sub clause 10(i) of
responsibility for establishing and maintaining internal controls for financial reporting and that we have evaluated the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
the effectiveness of internal control systems of the Company pertaining to financial reporting of the Company
and have disclosed to the Auditors and the Audit Committee, deficiencies in the design or operation of such In my opinion and to the best of my information and according to the verifications (including Directors
internal controls, if any, of which we are aware and the steps we have taken or proposed to take to rectify these Identification Number (DIN) status at the portal www.mca.gov.in) as considered necessary and explanations
deficiencies. (e)We have indicated, based on our most recent evaluation, wherever applicable, to the auditors furnished to me by the Company & its officers, I hereby certify that none of the Directors on the Board of the
and the Audit Committee: i. significant changes, if any, in internal control over financial reporting during the year; Company as stated below for the Financial Year ending on 31 March 2021 have been debarred or disqualified from
ii. Significant changes, if any, in the accounting policies during the year and that the same has been disclosed in being appointed or continuing as Directors of companies by the Securities and Exchange Board of India, Ministry
the notes to the financial statements; and iii. Instances of significant fraud of which we have become aware and the of Corporate Affairs, or any such other Statutory Authority.
involvement therein, if any, of the management or an employee having significant role in the Company’s internal
control system over the financial reporting. Date of
Sr.
Name of Director DIN appointment in
No.
Company
Yours faithfully
1. Raghavpat Singhania 02426556 17/06/2020
2. Achintya Karati 00024412 24/10/2005
Dr. Raghavpat Singhania Ajay Kumar Saraogi 3. Madhavkrishna Singhania 07022433 17/06/2020
Managing Director Deputy Managing Director & Chief Financial Officer 4. Jayant Narayan Godbole 00056830 29/07/2006
5. Ashok Sinha 00070477 18/05/2019
Place: Kanpur 6. Sudhir Jalan 00111118 17/12/2019
Date: 12 June 2021 7. Sushila Devi Singhania 00142549 26/07/2014
8. Suparas Bhandari 00159637 29/07/2006
9. Krishna Behari Agarwal 00339934 25/08/2007
10. Paul Heinz Hugentobler 00452691 17/05/2014
11. Saurabh Chandra 02726077 18/05/2019
12. Deepa Gopalan Wadhwa 07862942 03/11/2018
13. Ajay Kumar Saraogi 00130805 17/06/2020
Ensuring the eligibility of, for the appointment / continuity of every Director on the Board is the responsibility of the
management of the Company. Our responsibility is to express an opinion on these based on our verification. This
certificate is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness
with which the management has conducted the affairs of the Company.
For Reena Jakhodia & Associates

Company Secretaries
(Reena Jakhodia)
Proprietor
Membership No: F6435
CP No: 6083
UDIN: F006435C000451715
Place: Kanpur
Date: 12 June 2021

Independent Auditor’s Report

To the Members of J.K. Cement Limited
Report on the Audit of the Standalone Ind AS imposed penalty of ` 12,854 lacs (‘first matter’) and Key audit matters How our audit addressed the key audit matter
Financial Statements ` 928 lacs (‘second matter’) in two separate orders Impairment assessment of Investments in J.K. Cement (Fujairah) FZC, a wholly owned subsidiary
Opinion dated 31 August 2016 and 19 January 2017 (as described in note 4A, 4B & 5 of the standalone Ind AS financial statements)
We have audited the accompanying standalone Ind respectively for alleged contravention of provisions As at 31 March 2021 the Company has an investment in J.K. Our audit procedures included the following:
AS financial statements of J.K. Cement Limited (“the of Competition Act 2002 by the Company. The Cement (Fujairah) FZC, a wholly owned subsidiary of ` 69,237.51 • Gained an understanding of the impairment assessment
Company”), which comprise the Balance sheet as at 31 Company has filed appeals against the above orders. lacs (including share application money of ` 2180.05 lacs) paid in process and evaluated the design and tested the
March 2021, the Statement of Profit and Loss, including current year against 3% non-cumulative redeemable preference operating effectiveness of controls.
The National Company Law Appellate Tribunal shares in J.K. Cement (Fujairah) FZC, the allotment which is
the statement of Other Comprehensive Income, the • Assessed the Company’s valuation methodology
(` NCLAT'), on hearing the appeal in the first matter, upheld expected to be made by end of June 2021.
Cash Flow Statement and the Statement of Changes applied in determining the recoverable amount.
the decision of CCI for levying the penalty vide its order J.K. Cement Works (Fujairah) FZC (step down subsidiary) is
in Equity for the year then ended, and notes to the • Assessed the assumptions of the cash flow forecasts
dated 25 July 2018. Post order of the NCLAT, CCI issued incurring losses and its entire net worth is eroded. As a result,
standalone Ind AS financial statements, including a an impairment assessment was required to be performed by the including weighted average cost of capital, expected
a revised demand notice dated 7 August 2018 of ` 15,492
summary of significant accounting policies and other Company by comparing the carrying value of these investments to growth rates and terminal growth rates used.
lacs consisting of penalty of ` 12,854 lacs and interest of
explanatory information. their recoverable amount to determine whether an impairment was • Discussed potential changes inputs as compared to
` 2,638 lacs. The Company has filed appeal with Hon'ble
required to be recognised. previous year / actual performance with management in
In our opinion and to the best of our information and Supreme Court against the above order. Hon'ble Supreme
Accordingly, during the current year, based on business valuation order to evaluate whether the inputs and assumptions
according to the explanations given to us, the aforesaid Court has stayed the NCLAT order. While the appeal of the used in the cash flow forecasts were appropriate.
of J.K. Cement Works (Fujairah) FZC” by an independent external
standalone Ind AS financial statements give the Company is pending for hearing, the Company backed by valuer, the Company has recognized provision towards diminution • Involved specialists to assist us in evaluating the
information required by the Companies Act, 2013, as a legal opinion, believes that it has a good case and of carrying amount of investment J.K. Cement (Fujairah) FZC of valuation methodologies and sensitivity testing of key
amended (“the Act”) in the manner so required and give accordingly no provision has been considered in the ` 16,686.50 lacs (Previous Year ` 16,151.42 lacs). The Total amount assumptions used by management in determining the
a true and fair view in conformity with the accounting books of accounts. of ` 16,686.50 lacs (Previous Year ` 16,151.42 lacs) has been recoverable value headroom.
principles generally accepted in India, of the state of disclosed as exceptional item.
• Tested the arithmetical accuracy of the valuation model.
affairs of the Company as at 31 March 2021, its profit In the second matter, demand had been stayed and the For the purposes of the above impairment testing, value in use has
• Assessed the relevant disclosures made within the
including other comprehensive income its cash flows and matter is pending for the hearing before NCLAT. While been determined by forecasting and discounting future cash flows.
standalone Ind AS financial statements.
Furthermore, the value in use is highly sensitive to changes in some
the changes in equity for the year ended on that date. the appeal of the Company is pending for hearing, the
of the inputs used for forecasting the future cash flows.
Company backed by a legal opinion, believes that it has
Basis for Opinion Further, the determination of the recoverable amount of the
a good case and accordingly no provision has been
We conducted our audit of the standalone Ind AS financial investments in J.K. Cement (Fujairah) FZC involved judgments
considered in the books of accounts. due to inherent uncertainty in the assumptions supporting the
statements in accordance with the Standards on Auditing
(SAs), as specified under section 143(10) of the Act. recoverable amount of these investments.
Our opinion is not modified in respect of this matter. Accordingly, the impairment assessment of investments in J.K.
Our responsibilities under those Standards are further
described in the ‘Auditor’s Responsibilities for the Audit Cement (Fujairah) FZC, was determined to be a key audit matter in our
Key Audit Matters audit of the standalone Ind AS financial statements.
of the Standalone Ind AS Financial Statements’ section
Key audit matters are those matters that, in our
of our report. We are independent of the Company Claims, litigations and contingent liabilities
professional judgment, were of most significance in our
in accordance with the ‘Code of Ethics’ issued by the (as described in note 36A of the standalone Ind AS financial statements)
audit of the standalone Ind AS financial statements for
Institute of Chartered Accountants of India together with As of 31 March 2021, the Company has disclosed contingent Our audit procedures included the following:
the financial year ended 31 March 2021. These matters
the ethical requirements that are relevant to our audit liabilities of ` 20,635.15 lacs relating to tax and legal claims. • Gained an understanding of the process of identification
were addressed in the context of our audit of the
of the financial statements under the provisions of the There are several pending legal and regulatory cases against the of claims, litigations and contingent liabilities, and
standalone Ind AS financial statements as a whole, and
Act and the Rules thereunder, and we have fulfilled our Company across various jurisdictions. Accordingly, management evaluated the design and tested the operating
in forming our opinion thereon, and we do not provide exercises its judgement in estimation of provision required effectiveness of key controls.
other ethical responsibilities in accordance with these
a separate opinion on these matters. For each matter in respect of such cases. The evaluation of management’s • Obtained the summary of Company's legal and tax cases
requirements and the Code of Ethics. We believe that
below, our description of how our audit addressed the judgements, including those that involve estimations in assessing and assessed management's position through discussions
the audit evidence we have obtained is sufficient and
matter is provided in that context. the likelihood that a pending claim will succeed, or a liability will with the legal head, tax head and Company’s management,
appropriate to provide a basis for our audit opinion on the arise, and the quantification of the ranges of potential financial on both the probability of success in significant cases, and
standalone ind AS financial statements. settlement have been a matter of most significance during the the magnitude of any potential loss.
We have determined the matters described below to
current year audit. • Obtained responses from third-party legal counsel against
Emphasis of Matter on COVID-19 be the key audit matters to be communicated in our
independent confirmation rolled out by us and conducted
We draw attention to Note 45 to the standalone report. We have fulfilled the responsibilities described Furthermore, the Company has operations across many discussion with them regarding material cases.
Ind AS financial statements, which describes in the Auditor’s responsibilities for the audit of the jurisdictions and is subject to taxation related litigations as per
local tax regulations. Evaluation of the outcome of the taxation • Inspected external legal opinions and other evidence
the management’s assessment of the impact of standalone Ind AS financial statements section of our to corroborate management's assessment of the risk
uncertainties related to outbreak of COVID-19 on the report, including in relation to these matters. Accordingly, related matters, and whether the risk of loss is remote, possible
or probable, requires judgement by management given the profile in respect of legal claims.
future business operations of the Company. our audit included the performance of procedures • Engaged tax specialists to assess management’s
complexities involved.
designed to respond to our assessment of the risks of application and interpretation of tax legislation affecting
Our opinion is not modified in respect of this matter. Accordingly, due to large number of claims and complexity/
material misstatement of the standalone Ind AS financial the Company, and to consider the quantification of
judgement involved in outcome of these litigations. Claims, exposures and settlements arising from disputes with tax
Emphasis of Matter on CCI Case statements. The results of our audit procedures, including litigations and contingent liabilities was determined to be a authorities in the various tax jurisdictions.
We draw attention to Note 36 (A) to the standalone Ind the procedures performed to address the matters key audit matter in our audit of the standalone Ind AS financial
AS financial statements wherein it has been stated below, provide the basis for our audit opinion on the statements
that the Competition Commission of India (` CCI') has accompanying standalone Ind AS financial statements.


Key audit matters How our audit addressed the key audit matter Information Other than the Financial Statements and In preparing the standalone Ind AS financial
Revenue Recognition – Discounts, incentives, rebates etc. Auditor’s Report Thereon statements, management is responsible for assessing
(as described in note 27 of the standalone Ind AS financial statements) The Company’s Board of Directors is responsible for the Company’s ability to continue as a going concern,
For the year ended 31 March 2021 the Company has recognized Our audit procedures included the following: the other information. The other information comprises disclosing, as applicable, matters related to going
revenue from operations of ` 623,341.79 lacs. the information included in the Annual report, but does concern and using the going concern basis of
• Considered Company’s revenue recognition policy and
Revenue is measured net of discounts, incentives, rebates etc. not include the standalone Ind AS financial statements accounting unless management either intends to
its compliance in terms of Ind AS 115 ‘Revenue from
earned by customers on the Company’s sales. and our auditor’s report thereon. liquidate the Company or to cease operations, or has
contracts with customers’.
Due to the Company’s presence across different marketing regions • Assessed the design and tested the operating
no realistic alternative but to do so.
within the country and the competitive business environment, Our opinion on the standalone Ind AS financial
effectiveness of internal controls with regards to statements does not cover the other information and Those Board of Directors are also responsible for
the estimation of the various types of discounts, incentives and
rebate schemes to be recognised based on sales made during approvals, calculation, provision and disbursement of we do not express any form of assurance conclusion overseeing the Company’s financial reporting process.
the year is material and considered to be complex and judgmental discounts, incentives and rebates. thereon.
and dependent on various performance obligations and market • Performed sample test of supporting documentation Auditor’s Responsibilities for the Audit of the
conditions.
for computation of discounts, incentives and rebates In connection with our audit of the standalone Ind AS Standalone Financial Statements
Therefore, there is a risk of revenue being misstated as a result of recorded and/or disbursed during the year including financial statements, our responsibility is to read the Our objectives are to obtain reasonable assurance
faulty estimations over discounts, incentives and rebates. credit notes issued after the year end date. other information and, in doing so, consider whether about whether the standalone Ind AS financial
Accordingly, given the complexity and judgement involved in the • Performed analytical review and compared the such other information is materially inconsistent with statements as a whole are free from material
assessment of provisions required for discounts, incentives and management’s assessment of discounts, incentives the Ind AS financial statements or our knowledge misstatement, whether due to fraud or error, and to
rebates, Revenue recognition – Discounts, incentives, rebates issue an auditor’s report that includes our opinion.
and rebates recorded for the current year with historical obtained in the audit or otherwise appears to be
etc. was determined to be a key audit matter in our audit of the
Standalone Ind AS financial statements. trends of discount given and reversal of such discounts, materially misstated. If, based on the work we have Reasonable assurance is a high level of assurance,
incentives and rebates to assess the adequacy of performed, we conclude that there is a material but is not a guarantee that an audit conducted in
provisions made during the current year. misstatement of this other information, we are required accordance with SAs will always detect a material
• Performed sample test of manual journals posted to to report that fact. We have nothing to report in this misstatement when it exists. Misstatements can arise
discounts, incentives and rebates to identify unusual or regard. from fraud or error and are considered material if,
irregular items. individually or in the aggregate, they could reasonably
Responsibilities of Management for the Standalone be expected to influence the economic decisions of
Financial Statements users taken on the basis of these standalone Ind AS
Estimate with respect to recognition of Minimum Alternate Tax
The Company’s Board of Directors is responsible financial statements.
(as described in note 20 of the standalone Ind AS financial statements)
for the matters stated in section 134(5) of the Act
As at 31 March 2021 deferred tax assets in respect of ‘MAT • Our audit procedures included the following:
with respect to the preparation of these standalone As part of an audit in accordance with SAs, we exercise
credit entitlement’ recognized in the standalone Ind AS financial Ind AS financial statements that give a true and fair professional judgment and maintain professional
• Developed an understanding of the nature of the Company’s
statements is ` 13,462.96 lacs. view of the financial position, financial performance skepticism throughout the audit.
tax structure and of the key tax positions.
including other comprehensive income, cash flows We also:
Deferred tax assets are recognized for MAT credit available to the • Assessed the design and tested the operating effectiveness
extent that it is probable that the Company will pay normal income and changes in equity of the Company in accordance
of internal controls related to recognition of deferred tax with the accounting principles generally accepted • Identify and assess the risks of material
tax during the specified period, i.e. the period for which MAT credit
is allowed to be carried forward. assets with respect to MAT credit entitlement. in India, including the Indian Accounting Standards misstatement of the standalone Ind AS financial
• Assessed the Company’s tax planning in relation to the (Ind AS) specified under section 133 of the Act read statements, whether due to fraud or error, design
The Company’s ability to recognize deferred tax assets for ‘MAT
credit entitlement’ is assessed by management at the end of each recovery of MAT credit assets by comparing the forecasted with [the Companies (Indian Accounting Standards) and perform audit procedures responsive to those
reporting period, considering forecasts of future normal taxable taxable profit with historical data and budgets approved by Rules, 2015, as amended]. This responsibility also risks, and obtain audit evidence that is sufficient
profits and if required the Company will write down the asset to the the board of directors. includes maintenance of adequate accounting records and appropriate to provide a basis for our opinion.
extent that it is no longer probable that it will pay normal tax during in accordance with the provisions of the Act for The risk of not detecting a material misstatement
• Analyzed and tested management’s projections and
the specified period. The assumptions used in the projections are
determined by management. corresponding assumptions used to determine the safeguarding of the assets of the Company and for resulting from fraud is higher than for one resulting
likelihood that MAT Credit recognized as on the reporting preventing and detecting frauds and other irregularities; from error, as fraud may involve collusion, forgery,
Given the degree of estimation and judgement involved in selection and application of appropriate accounting intentional omissions, misrepresentations, or the
date will be recovered through future tax as per normal
projection of future taxable normal profits and the fact that if the
MAT credit is not utilized within the block of 15 years (immediately provisions. policies; making judgments and estimates that are override of internal control.
succeeding the assessment year in which the credit was generated) • Checked the consistency of business plan with the latest reasonable and prudent; and the design, implementation
• Obtain an understanding of internal control relevant
it will lapse, management’s decision to create deferred tax assets in management estimates prepared as a part of the budgeting and maintenance of adequate internal financial controls,
to the audit in order to design audit procedures that
respect of ‘MAT credit entitlement’ is determined to be a key audit process and also the reliability of the process by which the that were operating effectively for ensuring the accuracy
matter in our audit of the standalone Ind AS financial statements. are appropriate in the circumstances. Under section
estimates were computed, by assessing the reasons for and completeness of the accounting records, relevant
143(3)(i) of the Act, we are also responsible for
differences between projected and actual performances. to the preparation and presentation of the standalone
expressing our opinion on whether the Company has
Ind AS financial statements that give a true and fair view
adequate internal financial controls with reference
and are free from material misstatement, whether due to
to financial statements in place and the operating
fraud or error.
effectiveness of such controls.
We have determined that there are no other key audit matters to communicate in our report.


• Evaluate the appropriateness of accounting policies Report on Other Legal and Regulatory Requirements (h) In our opinion, the managerial remuneration ii. The Company did not have any long-term
used and the reasonableness of accounting 1. As required by the Companies (Auditor’s Report) for the year ended 31 March 2021 has contracts including derivative contracts
estimates and related disclosures made by Order, 2016 (“the Order”), issued by the Central been paid / provided by the Company to its for which there were any material
management. Government of India in terms of sub-section (11) of directors in accordance with the provisions of foreseeable losses;
section 143 of the Act, we give in the “Annexure 1” section 197 read with Schedule V to the Act;
• Conclude on the appropriateness of management’s
a statement on the matters specified in paragraphs iii. There has been no delay in transferring
use of the going concern basis of accounting and,
3 and 4 of the Order. (i) With respect to the other matters to amounts, required to be transferred, to
based on the audit evidence obtained, whether
be included in the Auditor’s Report in the Investor Education and Protection
a material uncertainty exists related to events or
2. As required by Section 143(3) of the Act, we report accordance with Rule 11 of the Companies Fund by the Company
conditions that may cast significant doubt on the
that: (Audit and Auditors) Rules, 2014, as
Company’s ability to continue as a going concern. If
amended in our opinion and to the best For S.R. Batliboi & Co. LLP
we conclude that a material uncertainty exists, we
(a) We have sought and obtained all the of our information and according to the Chartered Accountants
are required to draw attention in our auditor’s report
information and explanations which to the best explanations given to us:
to the related disclosures in the financial statements ICAI Firm Registration Number: 301003E/E300005
of our knowledge and belief were necessary
or, if such disclosures are inadequate, to modify
for the purposes of our audit; i. The Company has disclosed the impact
our opinion. Our conclusions are based on the audit per Atul Seksaria
of pending litigations on its financial
evidence obtained up to the date of our auditor’s
(b) In our opinion, proper as required by law have position in its standalone Ind AS financial Partner
report. However, future events or conditions may
been kept by the Company so far as it appears statements – Refer Note 36 A to the Place of Signature: Faridabad Membership Number: 086370
cause the Company to cease to continue as a going
from our examination of those books; standalone Ind AS financial statements; Date: 12 June 2021 UDIN: 21086370AAAABH9151
concern.
• Evaluate the overall presentation, structure (c) The Balance Sheet, the Statement of Profit
and content of the standalone Ind AS financial and Loss including the Statement of Other
statements, including the disclosures, and whether Comprehensive Income, the Cash Flow
the standalone Ind AS financial statements represent Statement and Statement of Changes
the underlying transactions and events in a manner in Equity dealt with by this Report are in
that achieves fair presentation. agreement with the books of account;
We communicate with those charged with governance
(d) In our opinion, the aforesaid standalone
regarding, among other matters, the planned scope
Ind AS financial statements comply with
and timing of the audit and significant audit findings,
the Accounting Standards specified under
including any significant deficiencies in internal control
Section 133 of the Act, read with Companies
that we identify during our audit.
(Indian Accounting Standards) Rules, 2015, as
amended;
We also provide those charged with governance
with a statement that we have complied with relevant
(e) The matter described in Emphasis of Matter
ethical requirements regarding independence, and
on CCI case’ paragraph above, in our opinion,
to communicate with them all relationships and other
may have an adverse effect on the functioning
matters that may reasonably be thought to bear on
of the Company;
our independence, and where applicable, related
safeguards.
(f) On the basis of the written representations
received from the directors as on 31 March
From the matters communicated with those charged
2021 taken on record by the Board of
with governance, we determine those matters that were
Directors, none of the directors is disqualified
of most significance in the audit of the standalone Ind
as on 31 March 2021 from being appointed
AS financial statements for the financial year ended 31
as a director in terms of Section 164 (2) of the
March 2021 and are therefore the key audit matters. We
Act;
describe these matters in our auditor’s report unless
law or regulation precludes public disclosure about the
(g) With respect to the adequacy of the internal
matter or when, in extremely rare circumstances, we
financial controls with reference to standalone
determine that a matter should not be communicated
Ind AS financial statements and the operating
in our report because the adverse consequences of
effectiveness of such controls, refer to our
doing so would reasonably be expected to outweigh the
separate Report in “Annexure 2” to this report;
public interest benefits of such communication.

Annexure 1 Referred to in Paragraph 1 of our Report of Even Date Under Section

‘Report on other Legal and Regulatory Requirements’
J.K. Cement Limited (‘the Company’) 189 of the Companies Act, 2013. Accordingly, the c. According to the records of the Company, the dues of income-tax, excise duty, wealth tax, sales-tax,
provisions of clause 3(iii)(a), (b) and (c) of the Order value added tax, goods and service tax, cess on account of any dispute, are as follows:
i. a. The Company has maintained proper records are not applicable to the Company and hence not
showing full particulars, including quantitative commented upon. Name of the Statute Nature of Dues
Period to which Amount Forum where dispute Amount
details and situation of property, plant and relates is pending (` in lacs)
equipment. iv. In our opinion and according to the information The Uttar Pradesh Tax on Entry of Entry tax 2005-2006 to 2009-2010 Supreme Court 314.48
and explanations given to us, the Company has Goods into Local Areas Act, 2007
b. All property, plant and equipment have not complied with the provisions of Section 185 and
The Bihar Tax on Entry of Goods Entry Tax 2008-2009 to 2015-2016 Appellate 203.15
been physically verified by the management 186 of the Companies Act, 2013 in respect of the into Local Areas for Consumption, Authorities
during the year but there is a regular investments made and guarantees provided by it. Use or Sale Therein Act, 1993
programme of verification which, in our The Company has not granted any loan or provided Central Excise Act, 1944 Excise Duty 1989-1990 Supreme Court 419.02
opinion, is reasonable having regard to the any security to the parties covered under section
size of the Company and the nature of its 185 and 186.
Excise Duty 1999-2000 to 2007- 2008 High court 23.97
assets. No material discrepancies were
noticed on such verification. v. The Company has not accepted any deposits Excise Duty 1999-2000 to 2007- 2008 Appellate 1,828.45
Authorities
within the meaning of Sections 73 to 76 of the
Service Tax(Finance Act,1994) Service Tax 2005-2006 to 2007- 2008 Tribunal(s) 48.56
c. According to the information and explanations Act and the Companies (Acceptance of Deposits)
given by the management, the title deeds of Rules, 2014 (as amended). Accordingly, the Finance Act, 2008 (State) Environment & Health 2008-2009 to 2015-2016 High court 3,323.44
immovable properties included in property, provisions of clause 3(v) of the Order are not Cess
plant and equipment are held in the name of applicable. Sales tax/value added tax (VAT) Sales Tax,VAT, interest 2013-14 to 2016-2017 High Court 232.04
the Company except 1 case of leasehold land, and Penalty
2 case of freehold land and 2 cases of freehold vi. We have broadly reviewed the books of account Sales Tax,VAT, interest 2012-2013 Tribunal(s) 122.28
mining land having gross block of ` 1,353 maintained by the Company pursuant to the and Penalty
lacs (net block of ` 0.75 lacs), gross block of ` rules made by the Central Government for the Sales Tax,VAT, interest 1991-1992 to 2016-2017 Appellate 401.05
168.43 lacs (net block: ` 168.43 lacs) and gross maintenance of cost records under section and Penalty Authorities
block of ` 54.19 lacs (net block: ` 40.98 lacs) 148(1) of the Companies Act, 2013, related to the Income-tax Act, 1961 Income Tax 2007-2008 to 2008-2009 High Court 1,087.48
respectively as at 31 March 2021 for which manufacture of cement, and are of the opinion that According to information and explanation given to us, there are no dues of Provident Fund and ESI which have
title deeds are in the name of the erstwhile prima facie, the specified accounts and records not been deposited on account of any dispute.
company that merged with the Company have been made and maintained. We have not,
pursuant to a scheme of amalgamation and however, made a detailed examination of the same.
viii. In our opinion and according to the information x. Based upon the audit procedures performed for
arrangement as approved by the honorable
and explanations given by the management, the the purpose of reporting the true and fair view of
High Court in earlier years. Also refer note 2 of vii. a. The Company is regular in depositing with
Company has not defaulted in repayment of loans the Standalone Ind AS financial statements and
the accompanying standalone Ind AS financial appropriate authorities undisputed statutory
or borrowing to a financial institution, banks, according to the information and explanations given
statements. dues including provident fund, employees’
debenture holders or government. by the management, we report that no fraud by the
state insurance, income-tax, duty of custom,
company or no material fraud on the company by
ii. The management has conducted physical goods and service tax, cess and other
ix. In our opinion and according to the information and the officers and employees of the Company has
verification of inventory at reasonable intervals statutory dues applicable to it.
explanations given by the management and audit been noticed or reported during the year.
during the year and no material discrepancies were
procedures performed, monies raised by way of
noticed on such physical verification. Inventories b. According to the information and explanations
term loans and debt instruments were applied for xi. According to the information and explanations
lying with third parties have been confirmed given to us and audit procedures performed,
the purposes for which they were raised. given by the management and audit procedures
by them as at 31 March 2021 and no material no undisputed amounts payable in respect of
performed, the managerial remuneration has been
discrepancies were noticed in respect of such provident fund, employees’ state insurance,
Further, based on the information and explanations paid / provided in accordance with the requisite
confirmation. income-tax, duty of custom, goods and
given by the management, the Company has not approvals mandated by the provisions of section 197
service tax, cess and other statutory dues
raised any money way of initial public offer / further read with Schedule V to the Companies Act, 2013.
iii. According to the information and explanations were outstanding, at the year end, for a period
public offer.
given to us, the Company has not granted any of more than six months from the date they
loans, secured or unsecured to companies, firms, became payable.
Limited Liability Partnerships or other parties
covered in the register maintained under section

Annexure 1 Referred to in Paragraph 1 of our Report of Even Date Under Section

‘Report on other Legal and Regulatory Requirements’
xii. In our opinion, the Company is not a nidhi xv. According to the information and explanations the Guidance Note require that we comply with ethical that receipts and expenditures of the company are
company. Therefore, the provisions of clause 3(xii) given by the management and audit procedures requirements and plan and perform the audit to obtain being made only in accordance with authorisations of
of the order are not applicable to the Company performed, the Company has not entered into any reasonable assurance about whether adequate internal management and directors of the company; and (3)
and hence not commented upon. non-cash transactions with directors or persons financial controls over financial reporting with reference provide reasonable assurance regarding prevention or
connected with him as referred to in section 192 of to these standalone Ind AS financial statements was timely detection of unauthorised acquisition, use, or
xiii. According to the information and explanations Companies Act, 2013. established and maintained and if such controls operated disposition of the company's assets that could have a
given by the management and audit procedures effectively in all material respects. material effect on the financial statements.
performed, transactions with the related parties xvi. According to the information and explanations
are in compliance with section 177 and 188 of given to us, the provisions of section 45-IA of the Our audit involves performing procedures to Inherent Limitations of Internal Financial Controls
Companies Act, 2013 where applicable and the Reserve Bank of India Act, 1934 are not applicable obtain audit evidence about the adequacy of the Over Financial Reporting with Reference to these
details have been disclosed in the notes to the to the Company. internal financial controls over financial reporting Standalone Ind AS Financial Statements
financial statements, as required by the applicable with reference to these standalone Ind AS financial Because of the inherent limitations of internal financial
accounting standards. statements and their operating effectiveness. Our controls over financial reporting with reference to
audit of internal financial controls over financial these standalone Ind AS financial statements, including
xiv. According to the information and explanations For S.R. Batliboi & Co. LLP reporting included obtaining an understanding of the possibility of collusion or improper management
given to us and on an overall examination of the Chartered Accountants internal financial controls over financial reporting override of controls, material misstatements due to
balance sheet, the Company has not made any with reference to these standalone Ind AS financial error or fraud may occur and not be detected. Also,
ICAI Firm Registration Number: 301003E/E300005
preferential allotment or private placement of statements, assessing the risk that a material weakness projections of any evaluation of the internal financial
shares or fully or partly convertible debentures exists, and testing and evaluating the design and controls over financial reporting with reference to
during the year under review and hence, reporting per Atul Seksaria operating effectiveness of internal control based on the these standalone Ind AS financial statements to
requirements under clause 3(xiv) are not applicable Partner assessed risk. The procedures selected depend on the future periods are subject to the risk that the internal
to the Company and, not commented upon. Place of Signature: Faridabad Membership Number: 086370 auditor’s judgement, including the assessment of the financial control over financial reporting with reference
Date: 12 June 2021 UDIN: 21086370AAAABH9151
risks of material misstatement of the standalone Ind AS to these standalone IND AS financial statements may
financial statements, whether due to fraud or error. become inadequate because of changes in conditions,
or that the degree of compliance with the policies or
We believe that the audit evidence we have obtained procedures may deteriorate.
is sufficient and appropriate to provide a basis for our
audit opinion on the internal financial controls over Opinion
Annexure 2 to the Independent Auditor’s Report of Even Date on the Standalone IND as financial reporting with reference to these standalone In our opinion, the Company has, in all material respects,
Financial Statements of J.K. Cement Limted Ind AS financial statements. adequate internal financial controls over financial
reporting with reference to these standalone Ind
Meaning of Internal Financial Controls Over Financial AS financial statements and such internal financial
Reporting with Reference to these Standalone Ind AS controls over financial reporting with reference to these
Report on the Internal Financial Controls under adequate internal financial controls that were operating Financial Statements standalone Ind AS financial statements were operating
Clause (i) of Sub-section 3 of Section 143 of the effectively for ensuring the orderly and efficient conduct A company's internal financial control over financial effectively as at 31 March 2021, based on the internal
Companies Act, 2013 (“the Act”) of its business, including adherence to the Company’s reporting with reference to these standalone Ind AS control over financial reporting criteria established by
policies, the safeguarding of its assets, the prevention financial statements is a process designed to provide the Company considering the essential components
We have audited the internal financial controls over and detection of frauds and errors, the accuracy and reasonable assurance regarding the reliability of of internal control stated in the Guidance Note on Audit
financial reporting of J.K. Cement Limited (“the completeness of the accounting records, and the timely financial reporting and the preparation of financial of Internal Financial Controls Over Financial Reporting
Company”) as of 31 March 2021 in conjunction with our preparation of reliable financial information, as required statements for external purposes in accordance with issued by the Institute of Chartered Accountants of India.
audit of the standalone Ind AS financial statements of under the Companies Act, 2013. generally accepted accounting principles. A company's
the Company for the year ended on that date. internal financial control over financial reporting For S.R. Batliboi & Co. LLP
Auditor’s Responsibility with reference to these standalone Ind AS financial Chartered Accountants
Management’s Responsibility for Internal Financial Our responsibility is to express an opinion on the statements includes those policies and procedures
ICAI Firm Registration Number: 301003E/E300005
Controls Company's internal financial controls over financial that (1) pertain to the maintenance of records that,
The Company’s Management is responsible for reporting with reference to these standalone IND AS in reasonable detail, accurately and fairly reflect the
establishing and maintaining internal financial controls financial statements based on our audit. We conducted transactions and dispositions of the assets of the per Atul Seksaria
based on the internal control over financial reporting our audit in accordance with the Guidance Note on Audit company; (2) provide reasonable assurance that Partner
criteria established by the Company considering the of Internal Financial Controls Over Financial Reporting transactions are recorded as necessary to permit Place of Signature: Faridabad Membership Number: 086370
essential components of internal control stated in the (the “Guidance Note”) and the Standards on Auditing preparation of financial statements in accordance Date: 12 June 2021 UDIN: 21086370AAAABH9151
Guidance Note on Audit of Internal Financial Controls as specified under section 143(10) of the Companies with generally accepted accounting principles, and
Over Financial Reporting issued by the Institute of Act, 2013, to the extent applicable to an audit of internal
Chartered Accountants of India. These responsibilities financial controls and, both issued by the Institute of
include the design, implementation and maintenance of Chartered Accountants of India. Those Standards and

Balance Sheet Statement of Profit and Loss

as at 31 March 2021 for the year ended 31 March 2021
(All amounts are in ` lacs, unless otherwise stated) (All amounts are in ` lacs, unless otherwise stated)
As at As at For the year ended For the year ended

Notes Notes
31 March 2021 31 March 2020 31 March 2021 31 March 2020
ASSETS Income
Non-current assets
Property, plant and equipment 2 4,63,115.32 4,30,273.20 Revenue from contracts with customers 27 6,32,827.88 5,46,376.77
Capital work-in-progress 2 48,852.54 50,920.00 Other income 28 11,335.70 8,588.49
Intangible assets 3 2,789.50 1,304.04
Right-of-use assets 3(i) 14,986.55 15,231.96
Total income (I) 6,44,163.58 5,54,965.26
Financial assets: Expenses
(i) Investments 4 71,875.49 56,521.35 Cost of materials consumed 29 96,516.90 87,199.18
(ii) Other financial assets 5 8,876.12 7,141.22
Other non-current assets 6 8,789.93 12,567.71 Purchase of traded goods 6,640.20 5,954.79
Total non-current assets 6,19,285.45 5,73,959.48 Changes in inventories of finished goods,work-in-progress and traded goods 30 1,947.29 (6,653.49)
Current assets
Inventories 7 68,666.18 62,716.57
Employee benefit expense 31 41,213.84 39,090.42
Financial assets: Finance costs 32 22,316.20 22,286.71
(i) Investments 8 8,824.97 103.45 Depreciation and amortization expense 33 24,467.71 21,438.87
(ii) Trade receivables 9 31,608.92 22,344.74
(iii) Cash and cash equivalents 10 8,385.87 3,613.18 Power and fuel 1,10,359.84 1,01,153.50
(iv) Bank balances other than (iii) above 11 1,07,791.75 59,499.71 Freight and forwarding 1,23,983.15 1,03,205.88
(v) Other financial assets 12 55,566.36 46,187.62
Other expenses 34 1,00,777.30 98,273.19
Current tax assets (net) 13 - 870.09
Other current assets 14 16,763.37 16,213.28 Total Expenses (II) 5,28,222.43 4,71,949.05
Total current assets 2,97,607.42 2,11,548.64 Profit before exceptional items & tax expense (I) - (II) 1,15,941.15 83,016.21
Total assets 9,16,892.87 7,85,508.12
EQUITY AND LIABILITIES Exceptional Items 44 16,686.50 17,815.00
Equity Profit before tax 99,254.65 65,201.21
Equity share capital 15 7,726.83 7,726.83
Tax expense
Other equity 16 3,65,582.03 3,05,162.98
Total equity 3,73,308.86 3,12,889.81 Current tax 30,755.78 17,123.87
Liabilities Deferred tax charge 20 6,013.23 9,229.80
Non-current liabilities
Financial liabilities: Earlier years tax adjustments 2,203.06 (1,190.05)
(i) Borrowings 17 2,67,197.34 2,28,391.49 Profit for the year (III) 60,282.58 40,037.59
(ii) Lease liabilities 17d 1,343.37 1,236.80 Other comprehensive income/(loss)
(iii) Other financial liabilities 18 31,077.40 27,370.79
Provisions 19 4,191.53 4,038.26 Items that will not be reclassified to profit or loss
Deferred tax liabilities (net) 20 59,394.24 41,810.92 Remeasurement gains/(loss) on defined benefit plans 209.77 (195.25)
Other non current liabilities 21 7,820.63 7,812.07
Total non-current liabilities 3,71,024.51 3,10,660.33
Income tax relating to remeasurement of defined benefit plans (73.30) 68.40
Current liabilities Other comprehensive income/(loss) for the year (IV) 136.47 (126.85)
Financial liabilities: Total comprehensive income for the year (III + IV) 60,419.05 39,910.74
(i) Borrowings 22 11,509.10 13,884.70
(ii) Lease liabilities 22a 519.14 369.63 Earnings per equity share (Face value of ` 10 each) 35
(iii) Trade payables 23 Basic (in `) 78.02 51.82
(a) Total outstanding dues of micro enterprises and small enterprises 6,166.70 2,159.74
(b) Total outstanding dues of creditors other than micro enterprises and small Diluted (in `) 78.02 51.82
48,828.56 43,103.90
enterprises Significant Accounting Policies 1
(iv) Other financial liabilities 24 40,882.14 55,396.64
Other current liabilities 25 55,254.14 35,973.81
Provisions 26 8,472.10 11,069.56 The accompanying notes are an integral part of the financial statements.
Current tax liability (net) 927.62 -
Total current liabilities 1,72,559.50 1,61,957.98 As per our report of even date.
Total liabilities 5,43,584.01 4,72,618.31 For S.R. Batliboi & Co. LLP For and on behalf of the Board of Directors of
Total equity and liabilities 9,16,892.87 7,85,508.12 Chartered Accountants J.K. Cement Limited
Significant Accounting Policies 1
ICAI Firm Regn. No. 301003E/E300005
The accompanying notes are an integral part of the financial statements.
As per our report of even date. per Atul Seksaria Dr. Krishna Behari Agarwal Sushila Devi Singhania
For S.R. Batliboi & Co. LLP For and on behalf of the Board of Directors of Partner Director Chairperson
Chartered Accountants J.K. Cement Limited
ICAI Firm Regn. No. 301003E/E300005 Membership No: 086370 DIN: 00339934 DIN: 00142549
per Atul Seksaria Dr. Krishna Behari Agarwal Sushila Devi Singhania A.K. Saraogi Dr. Raghavpat Singhania
Partner Director Chairperson Dy Managing Director & CFO Managing Director
Membership No: 086370 DIN: 00339934 DIN: 00142549
DIN: 00130805 DIN: 02426556
A.K. Saraogi Dr. Raghavpat Singhania
Dy Managing Director & CFO Managing Director Shambhu Singh Madhavkrishna Singhania
DIN: 00130805 DIN: 02426556
Company Secretary Dy Managing Director and CEO
Shambhu Singh Madhavkrishna Singhania
Membership No: F5836 DIN: 07022433
Membership No: F5836 DIN: 07022433 Place: Faridabad Place: New Delhi
Place: Faridabad Place: New Delhi Dated: 12 June 2021 Dated: 12 June 2021
Dated: 12 June 2021 Dated: 12 June 2021

Statement of Cash flow

for the year ended 31 March 2021
For the year ended For the year ended For the year ended For the year ended
A. Cash Flow from Operating Activities C. Cash used in Financing Activities
Net Profit before tax 99,254.65 65,201.21 Proceeds from long term borrowings 58,500.00 68,300.00
Adjustment for :- Repayment of long term borrowings (34,672.82) (25,519.23)
Depreciation & amortization expenses 24,467.71 21,438.87 Repayment of short term borrowings (2,375.60) (2,096.98)
Net loss on the sale of property, plant & equipment/ Impairment 4,565.08 3,169.38 Proceeds of VAT Loans 744.63 282.51
Diminution in the value of investment in subsidiary 16,686.50 17,815.00 Repayment of deferred sales Tax (231.01) (527.76)
Interest paid 22,065.30 21,850.29 Proceeds/(Repayment) from vehicle loans 60.24 (282.87)
Interest received (8,299.32) (5,695.23) Payment towards principal portion of lease liability (513.24) (338.43)
Bad Debts / Loans and Advances 325.00 - Interest paid on lease liability (137.16) (136.26)
Provision for doubtful debts / loans and advances 120.26 171.14 Interest Expense Paid (21,973.49) (22,290.02)
Net fair value gain on financial assets measured at fair value through profit or loss (218.93) (845.38) Dividend paid (including dividend distribution tax) (32.97) (16,266.55)
Movement in Government grant 6.52 (846.41) Net Cash (Used in)/ From Financing Activities (631.42) 1,124.41
Mines restoration charges 124.81 65.44 Net Increase/(Decrease) in Cash and Cash Equivalents (A+B+C) 4,772.69 (20,129.04)
Operating Profit Before Working Capital Changes 1,59,097.58 1,22,324.31
Working capital adjustments :- Cash and Cash Equivalents at the beginning of the year 3,613.18 23,742.22
Increase in trade payables 9,731.62 4,527.73 Cash and Cash Equivalents at the end of the year 8,385.87 3,613.18
Increase in other financial liabilities 7,626.19 8,296.05 4,772.69 (20,129.04)
Increase in other liabilities 19,282.37 944.63
Increase / (Decrease) in provisions (2,432.53) 1,930.09 Notes :
(Increase) in Inventories (5,949.61) (6,929.60) Cash and cash equivalents includes cash in hand and bank balances including Fixed Deposits.
(Increase) in trade receivables (9,709.44) (2,294.24)
(Increase) in other financial assets (1,942.11) (3,298.36)
Decrease/(Increase) in Other assets 487.83 (328.34) The accompanying notes are an integral part of the financial statements.
Cash Generated From Operations 1,76,191.90 1,25,172.27
Less : Income Tax Paid (inclusive of tax deducted at source) (19,591.04) (15,291.34)
Net Cash flow From operating activities 1,56,600.86 1,09,880.93 As per our report of even date.
B. Cash Used in Investing Activities For S.R. Batliboi & Co. LLP For and on behalf of the Board of Directors of
Proceed from maturity of fixed deposit 99,067.43 34,231.29 Chartered Accountants J.K. Cement Limited
Investment in Fixed Deposits (1,55,895.50) (1,00,623.00) ICAI Firm Regn. No. 301003E/E300005
Acquisition/Purchase of property, plant & equipment (62,356.67) (98,895.94) per Atul Seksaria Dr. Krishna Behari Agarwal Sushila Devi Singhania
Sale of property, plant & equipment 867.40 758.33 Partner Director Chairperson
Net Investments in Subsidiaries (15,507.72) (9,610.71) Membership No: 086370 DIN: 00339934 DIN: 00142549
Investment in Equity, Mutual funds & Bonds other than in Subsidiaries (71,422.80) (48,199.99)
Sale of Investment 46,638.70 86,777.87
Dy Managing Director & CFO Managing Director
Interest received 7,412.41 4,427.77
DIN: 00130805 DIN: 02426556
Net Cash Used In Investing Activities (1,51,196.75) (1,31,134.38)
Place: Faridabad Place: New Delhi

Statement of Changes in Equity Notes

for the year ended 31 March 2021 to the financial statements for the year ended 31 March 2021
(All amounts are in ` lacs, unless otherwise stated)
(a) Equity share capital 1. Corporate Information assumptions that affect the reported amounts
I. Reporting Entity of assets, liabilities, income, expenses, and the
As at As at J.K. Cement Limited (“J.K. Cement Limited” or “the accompanying disclosures, and the disclosure of
31 March 2021 31 March 2020 Company”) is a public limited company domiciled in contingent assets and liabilities. Uncertainty about
Balance at the beginning of the year (77,268,251 Equity shares 7,726.83 7,726.83 India and has its registered office at Kamla Tower, these assumptions and estimates could result in
(31 March 2020: 77,268,251) of ` 10 each issued, subscribed and fully paid) Kanpur, Uttar Pradesh – 208001. J.K. Cement outcomes that require a material adjustment to the
Changes in equity share capital during the year - - Limited’s equity shares are listed on National Stock carrying amount of assets or liabilities affected in
Balance at the end of the year (77,268,251 Equity shares 7,726.83 7,726.83 Exchange and Bombay Stock Exchange in India. future periods.
(31 March 2020:77,268,251) of ` 10 each issued, subscribed and fully paid)
The Company is engaged in the manufacturing and
selling of Cement and Cement related products. Estimates and underlying assumptions are
(b) Other equity reviewed on an ongoing basis. Revisions to
II. Significant Accounting Policies estimates are recognised prospectively.
The Company has consistently applied the
Reserves and Surplus
following accounting policies to all periods A. Judgements
Retained
Debenture earnings presented in the financial statements. Information about the judgements made in
Securities General
premium
redemption
reserve
(including Other Total applying accounting policies that have the most
reserve Comprehensive
Income)
1. Basis of preparation significant effects on the amounts recognised in
Balance as at 01 April 2019 75,679.66 9,876.90 90,325.02 1,05,672.09 2,81,553.67
The financial statements of the Company the financial statements have been given below:
Profit for the year - - - 40,037.59 40,037.59
have been prepared in accordance with Indian
Provision and contingencies
Accounting Standards (Ind-AS) notified under
Other comprehensive loss for the year - - - (126.85) (126.85) The assessment undertaken in the recognizing
the Companies (Indian Accounting Standards)
Total comprehensive income for the year - - - 39,910.74 39,910.74 provision and contingencies have been made in
Rules, 2015 (as amended from time to time)
Transfer to/(from) general reserve - - 10,000.00 (10,000.00) - accordance with Ind AS 37, ‘Provisions, contingent
and presentation requirements of Division II of
Transfer to/(from) debenture redemption reserve - (1,865.10) - 1,865.10 - liabilities and contingent assets’. The evaluation of
Schedule III to the Companies Act, 2013 (Ind AS
Dividend paid - - - (13,521.95) (13,521.95) the likelihood of the contingent events has required
compliant Schedule III).
Dividend distribution tax - - - (2,779.48) (2,779.48) best judgement by management regarding the
Balance as at 31 March 2020 75,679.66 8,011.80 1,00,325.02 1,21,146.50 3,05,162.98 probability of exposure to
These are Company’s separate financial
Profit for the year - - - 60,282.58 60,282.58 potential loss.
statements.
Other comprehensive income for the year - - - 136.47 136.47
Total comprehensive income for the year - - - 60,419.05 60,419.05 B. Assumptions and estimation uncertainties
These financial statements were authorised for
Adjustment during the year The key assumptions concerning the future and
issue by the Board of Directors on 12.06.2021.
Transfer to/(from) general reserve - - 10,000.00 (10,000.00) - other key sources of estimation uncertainty at
Transfer to/(from) debenture redemption reserve - (3,289.40) - 3,289.40 - the reporting date, that have a significant risk of
2. Basis of measurement
Balance as at 31 March 2021 75,679.66 4,722.40 1,10,325.02 1,74,854.95 3,65,582.03 causing a material adjustment to the carrying
The financial statements have been prepared on
amounts of assets and liabilities within the
a historical cost basis except the following assets
Significant Accounting Policies 1 next financial year, are described below, the
and liabilities which are measured on fair value
The accompanying notes are an integral part of the financial statements. company based its assumptions and estimates
basis:
on parameters available when the financial
As per our report of even date. statements were prepared. Existing circumstances
- Certain financial assets and liabilities that is
For S.R. Batliboi & Co. LLP For and on behalf of the Board of Directors of and assumptions about future development,
measured at fair value (Refer note 40)
Chartered Accountants J.K. Cement Limited however, may change due to market change or
ICAI Firm Regn. No. 301003E/E300005 circumstances arising that are beyond the control
- Defined benefit liability/(assets): fair value
of the company. Such changes are reflected in the
per Atul Seksaria Dr. Krishna Behari Agarwal Sushila Devi Singhania of plan assets less present value of defined
Partner Director Chairperson
assumptions when they occurred.
benefit obligation (Refer note 38)
Taxes
A.K. Saraogi Dr. Raghavpat Singhania 3. Functional and presentation currency
Deferred tax assets are recognized for unused tax
Dy Managing Director & CFO Managing Director These financial statements are presented in Indian
losses to the extent that it is probable that taxable
DIN: 00130805 DIN: 02426556 National Rupee (‘INR’), which is the Company’s
profit will be available against which the losses can
functional currency. All amounts have been
Shambhu Singh Madhavkrishna Singhania be utilized. Significant management judgement is
rounded to the nearest lacs up to two decimal
Company Secretary Dy Managing Director and CEO required to determine the amount of deferred tax
places, except when otherwise indicated.
Membership No: F5836 DIN: 07022433 assets that can be recognized, based upon the likely
timing and the level of future taxable profits together
Place: Faridabad Place: New Delhi 4. Use of judgements and estimates
with tax planning strategy.
The preparation of the financial statements requires
management to make judgements, estimates and

Notes Notes
to the financial statements for the year ended 31 March 2021 to the financial statements for the year ended 31 March 2021
Useful life of property, plant and equipment - Cash and cash equivalent unless restricted Any gain/ (loss) on disposal of property, plant and Limestone reserves are estimated by the
The estimated useful life of property, plant from being exchanged or used to settle a equipment is recognised in statement of profit management based on the internal best estimates
and equipment are based on a number of liability for at least twelve months after the and loss. or independent expert’s valuation as considered
factors including the effects of obsolescence, reporting period. appropriate. These estimates are reviewed at least
demand, competition, internal assessment of Subsequent Measurement annually.
user experience and other economic factors All other assets are classified as non-current. Subsequent expenditure is capitalised only if it
(such as the stability of the industry, and is probable that the future economic benefits The management believes that the estimated useful
known technological advances) and the level of A liability is treated as current when: associated with the expenditure will flow to the life are realistic and reflect approximation of the
maintenance expenditure required to obtain the Company. period over which the assets are likely to be used.
- It is expected to be settled in normal operating
expected future cash flows from the asset. The
cycle,
Company reviews the useful life of property, plant Expenditure during construction period 7. Intangible assets
and equipment at the end of each reporting date. - It is held primarily for the purpose of trading, Expenditure/Income during construction period Intangible Assets are stated at cost less
(including financing cost related to borrowed funds accumulated amortization and impairment loss,
- It is due to be settled within twelve months
Post-retirement benefit plans for construction or acquisition of qualifying PPE) if any. Intangible assets are amortized on straight
after the reporting period, or
Employee benefit obligations (gratuity obligations) is included under Capital Work-in-Progress, and line method basis over the estimated useful life.
are determined using actuarial valuation. An actuarial - There is no unconditional right to defer the the same is allocated to the respective PPE on Estimated useful life of the Software is considered
valuation involves making various assumptions that settlement of the liability for at least twelve the completion of their construction. Advances as 3 years.
may differ from actual developments in the future. months after the reporting period. given towards acquisition or construction of PPE
These include the determination of the discount outstanding at each reporting date are disclosed as Subsequent expenditure is capitalised only if it
All other liabilities are classified as non-current.
rates, future salary increases and Mortality rates. capital advances under “Other non-current assets”. is probable that the future economic benefits
Due to the complexities involved in the valuation and associated with the expenditure will flow to the
Deferred tax assets and liabilities are classified as
its long-term nature, a defined benefit obligation is Depreciation company.
non current assets and liabilities.
highly sensitive to changes in these assumptions. All Depreciation on Property, plant and equipment
assumptions are reviewed at each reporting date. (PPE) is calculated using the straight-line method Amortisation methods, useful life and residual
The operating cycle is the time between the
(SLM) to allocate their cost, net of their residual values are reviewed in each financial year end and
acquisition of the assets for processing and their
Fair value measurement of financial instruments values, over their estimated useful life (determined changes, if any, are accounted for prospectively.
realisation in cash and cash equivalents. The
The fair value of financial assets and financial by the management based on technical estimates).
Company has identified twelve months as its
liabilities recorded in the balance sheet in The assets residual values and useful life are Amortisation of Mining rights over the period or
operating cycle.
respect of which quoted prices in active markets reviewed and adjusted if appropriate, at the end of respective Mining Agreement.
are available and measured using valuation each reporting period.
6.Property, plant and equipment
techniques. The inputs to these models are taken Amortisation of Mining Reserve: On the basis
Recognition and measurement
from observable markets where possible, but Leasehold land is being amortised over the period of material extraction (proportion of material
Items of property, plant and equipment are
where this is not feasible, a degree of judgement of lease tenure. extracted per annum to total mining reserve)
stated at cost less accumulated depreciation
is required in establishing fair values. Judgements
and accumulated impairment loss, if any. The Tangible Assets Useful Life (In years)
include considerations of inputs such as 8. Financial instruments
cost of assets comprises of purchase price and Factory building (including roads) 03-30 Years
liquidity risk, credit risk and volatility. Changes in A financial instrument is any contract that gives
directly attributable cost of bringing the assets to Non factory building 05-60 Years
assumptions about these factors could affect the (including roads) rise to asset of one entity and a financial liability
working condition for its intended use including
reported fair value of financial instruments. Plant and machinery 05-40 Years or equity instrument of another entity. Financial
borrowing cost and incidental expenditure during
Vehicles 08 Years
instruments also include derivative contracts
construction incurred up to the date when the
5. Classification of Assets and Liabilities as Furniture and fixtures 10 Years
such as foreign currency forward contracts, cross
assets are ready to use. Capital work in progress
Current and Non-Current Office equipment 05 Years
currency interest rate swaps, interest rate swaps
includes cost of assets at sites, construction
The Company presents assets and liabilities in Railway slidings 15 Years
and currency options; and embedded derivatives in
expenditure and interest on the funds deployed.
the balance sheet based on current/non-current the host contract.
classification. An asset is treated as current when The useful life of certain plant and machineries have
If significant parts of an item of property, plant
it is: been considered lower / higher than 15 years. These Financial Assets
and equipment have different useful life, then
life are lower / higher those indicated in schedule II of Initial recognition and measurement
- Expected to be realised or intended to be sold they are accounted for as a separate items (major
Companies Act, 2013. All financial assets are recognised initially at
or consumed in normal operating cycle, components) of property, plant and equipment.
fair value plus, in the case of financial assets
- Held primarily for the purpose of trading, Freehold Mining Land is depleted according to the not recorded at fair value through profit or loss,
Items such as spare parts, stand-by equipment and
‘unit of production’ method by reference to the transaction costs that are attributable to the
- Expected to be realised within twelve months servicing equipment are recognized as property,
ratio of extraction of limestone in the year to the acquisition of the financial asset.
after the reporting period, or plant and equipment when they meet the definition
of property, plant and equipment. Otherwise, such related reserves of limestone.
Purchases or sales of financial assets that require
items are classified as inventory.
Leasehold Land is amortized on a straight-line delivery of assets within a time frame established
basis over the primary lease period.

Notes Notes
by regulation or convention in the market place Debt instrument at fair value through profit and When the company has transferred its rights to instrument that are possible within 12 months after
(regular way trades) are recognized on the trade loss (FVTPL) receive cash flows from an asset or has entered into the reporting date.
date, i.e., the date that the company commits to Any debt instrument, which does not meet the a pass-through arrangement, it evaluates if and to
purchase or sell the asset. criteria for categorization as at amortized cost or what extent it has retained the risks and rewards With regard to trade receivable, the Company
as FVOCI, is classified as at FVTPL. of ownership. When it has neither transferred nor applies the simplified approach as permitted by
Classifications retained substantially all of the risks and rewards of Ind AS 109, Financial Instruments, which requires
The Company classifies its financial assets as In addition, the company may elect to classify a debt the asset, nor transferred control of the asset, the expected lifetime losses to be recognised from the
subsequently measured at either amortised cost instrument, which otherwise meets amortized cost or company continues to recognize the transferred initial recognition of the trade receivables.
or fair value through other comprehensive income FVOCI criteria, as at FVTPL. However, such election asset to the extent of the company’s continuing
(FVOCI) or fair value through Profit and Loss is allowed only if doing so reduces or eliminates a involvement. In that case, the company also Financial liabilities
Account (FVTPL) on the basis of either: measurement or recognition inconsistency (referred recognizes an associated liability. The transferred Initial recognition and measurement
Company’s business model for managing to as ‘accounting mismatch’). asset and the associated liability are measured on a Financial liabilities are classified, at initial
the financial assets or Contractual cash flow basis that reflects the rights and obligations that the recognition, as financial liabilities at fair value
characteristics of the financial assets. Debt instruments included within the FVTPL company has retained. through profit or loss, amortised cost, as
category are measured at fair value with all appropriate.
Business model assessment changes recognized in the profit and loss. Continuing involvement that takes the form of a
The company makes an assessment of the guarantee over the transferred asset is measured All financial liabilities are recognised initially at fair
objective of a business model in which an asset Equity Instruments at the lower of the original carrying amount of the value and, in the case of amortised cost, net of
is held at an instrument level because this best All equity instruments in scope of Ind AS 109 are asset and the maximum amount of consideration directly attributable transaction costs.
reflects the way the business is managed and measured at fair value and all changes in fair value that the company could be required to repay.
information is provided to management. are recorded in FVTPL. On initial recognition an Subsequent measurement
equity investment that is not held for trading, On derecognition of a financial asset, the The measurement of financial liabilities depends on
Debt instruments at amortised cost the Company may irrevocably elect to present difference between the carrying amount of the their classification, as described below:
A financial asset is measured at amortised cost subsequent changes in fair value in OCI and asset (or the carrying amount allocated to the
only if both of the following conditions are met: fair value changes on the instrument, excluding portion of the asset derecognised) and the sum of Financial Liabilities measured at amortised cost
dividends, are recognized in the OCI. There is no (i) the consideration received (including any new After initial recognition, interest-bearing loans
- It is held within a business model whose
recycling of the amounts from OCI to statement asset obtained less any new liability assumed) and borrowings are subsequently measured at
objective is to hold assets in order to collect
of profit and loss, even on sale of investment. and (ii) any cumulative gain or loss that had been amortised cost using the EIR method. Gains and
contractual cash flows.
However, the Company may transfer the recognised in OCI is recognised in profit or loss. losses are recognised in profit or loss when the
- The contractual terms of the financial asset cumulative gain or loss within equity. This election liabilities are derecognised as well as through the
represent contractual cash flows that are is made on an investment-by-investment basis. Impairment of financial assets EIR amortisation process.
solely payments of principal and interest. The Company assesses on a forward-looking basis
All other Financial Instruments are classified as the expected credit losses associated with its Amortised cost is calculated by taking into account
After initial measurement, such financial assets
measured at FVTPL. assets carried at amortised cost and at FVOCI. any discount or premium on acquisition and fees
are subsequently measured at amortised cost
or costs that are an integral part of the EIR. The
using the Effective Interest Rate (‘EIR’) method.
Derecognition of financial assets For recognition of impairment loss on other financial EIR amortisation is included as finance costs in the
Amortised cost is calculated by taking into account
A financial asset (or, where applicable, a part of a assets and risk exposure, the Company determines statement of profit and loss.
any discount or premium on acquisition and fees
financial asset or part of a group of similar financial that whether there has been a significant increase in
or costs that are an integral part of the EIR. The EIR
assets) is primarily derecognised (i.e. removed the credit risk since initial recognition. If credit risk Financial liabilities at fair value through profit or
amortisation is included as finance income in the
from the company’s balance sheet) when: has not increased significantly, 12-month ECL is used loss
profit or loss. The losses arising from impairment
to provide for impairment loss. However, if credit risk Financial liabilities at fair value through profit or
are recognised in the profit or loss.
- The rights to receive cash flows from the asset has increased significantly, lifetime ECL is used. If, in loss include financial liabilities held for trading
have expired, or a subsequent period, credit quality of the instrument and financial liabilities designated upon initial
Debt instrument at fair value through Other
improves such that there is no longer a significant recognition as at fair value through profit or loss.
Comprehensive Income (FVOCI)
- The company has transferred its rights to increase in credit risk since initial recognition, then Financial liabilities are classified as held for trading
Debt instruments with contractual cash flow
receive cash flows from the asset or has the entity revert to recognizing impairment loss if they are incurred for the purpose of repurchasing
characteristics that are solely payments of principal
assumed an obligation to pay the received cash allowance based on 12 month ECL. in the near term.
and interest and held in a business model whose
flows in full without material delay to a third
objective is achieved by both collecting contractual
party under a ‘pass-through’ arrangement; Lifetime ECL are the expected credit losses Gains or losses on liabilities held for trading are
cash flows and selling financial assets are classified
and either (a) the company has transferred resulting from all possible default events over recognised in the profit or loss.
to be measured at FVOCI.
substantially all the risks and rewards of the expected life of a financial instrument. The
the asset, or (b) the company has neither 12 -month ECL is a portion of the lifetime ECL Financial liabilities designated upon initial
transferred nor retained substantially all which results from default events on a financial recognition at fair value through profit or loss
the risks and rewards of the asset, but has are designated as such at the initial date of
transferred control of the asset

Notes Notes
recognition, and only if the criteria in Ind AS 109 are not restate any previously recognized gains, losses determine the present value is a pre-tax rate that Revenue from contracts with customers is
satisfied. For liabilities designated as FVTPL, fair (including impairment gains or losses) or interest. reflects current market assessments of the time recognised when control of the goods or services
value gains/ losses attributable to changes in own value of money and the risks specific to the liability. are transferred to the customer at an amount that
credit risk are recognized in OCI. These gains/ loss 9. Inventories The increase in the provision due to the passage of reflects the consideration to which the Company
are not subsequently transferred to P&L. However, Inventories are valued as follows: time is recognised as interest expense. expects to be entitled in exchange for those goods
the Company may transfer the cumulative gain or or services. The Company has generally concluded
Raw materials, Lower of cost and net realisable
loss within equity. All other changes in fair value Where it is not probable that an outflow of that it is the principal in its revenue arrangements,
packing materials, value. Cost is determined on a moving
of such liability are recognised in the statement of stores and spares weighted average basis. Materials economic benefits will be required, or the amount except for the agency services, because it typically
profit or loss. and other items held for use in the cannot be estimated reliably, the obligation is controls the goods or services before transferring
production of inventories are at cost disclosed as a contingent liability, unless the them to the customer.
Financial guarantee contracts not written down below costs, if finished probability of outflow of economic benefits is
Financial guarantee contract issued by the goods in which they will be incorporated remote. Possible obligations, whose existence Revenue excludes amounts collected on behalf of
are expected to be sold at or above cost
Company is contracts that require a payment will only be confirmed by the occurrence or non- third parties.
to be made to reimburse the holder for a loss it Work-in-progress, Lower of cost and net realisable value. occurrence of one or more future uncertain events
incurs because, the specified debtor fails to make finished goods and Cost includes direct materials, labor not wholly within the control of the company, are Sale of goods
a payment when due in accordance with the terms traded goods and a proportion of manufacturing also disclosed as contingent liabilities unless the For sale of goods, revenue is recognised when
overheads. Cost of finished goods
of a debt instrument. Financial guarantee contracts probability of outflow of economic benefits is control of the goods has transferred at a point in
includes excise duty, wherever
are recognised initially as a liability at fair value, applicable. remote. time i.e. when the goods have been delivered to the
adjusted for transaction costs that are directly Waste At net realisable value specific location (delivery). Following delivery, the
attributable to the issuance of the guarantee. Contingent Assets are not recognized in the customer has full discretion over the responsibility,
Subsequently, the liability is measured at the Net realisable value is the estimated selling price in the financial statements. However, when the realization manner of distribution, price to sell the goods
higher of the amount of loss allowance determined ordinary course of business, less estimated costs of of income is virtually certain, then the related asset and bears the risks of obsolescence and loss in
as per impairment requirements of Ind AS 109, and completion and to make the sale. is not a contingent asset and its recognition is relation to the goods. A receivable is recognised
the transaction amount recognised less cumulative appropriate. by the Company when the goods are delivered to
amortisation. 10. Investment in subsidiary and joint venture the customer or their agent as this represents the
Investment in subsidiaries and joint venture are Mines Restoration Expenditure point in time at which the right to consideration
Derecognition of financial liabilities carried at cost / fair value as per the requirement The expenditure on restoration of the mines becomes unconditional, as only the passage of time
The company derecognises a financial liability of IND AS 32, Financial Instruments and IND AS based on technical estimates by Internal/External is required before payment is due. The Company
when its contractual obligations are discharged or 109, Financial Instruments in the separate financial specialists is recognized in the accounts. The total considers the effects of variable consideration,
cancelled, or expire. statements. Investment carried at cost is tested estimated restoration expenditure is apportioned the existence of significant financing components,
for impairment as per IND AS 36, Impairment of over the estimated quantity of mineral resources noncash consideration, and consideration payable
Reclassification of financial assets Assets. Investments in subsidiaries and JV are (likely to be made available) and provision is made to the customer (if any).
The company determines classification of financial tested for impairment whenever events or changes in the accounts based on minerals mined during
assets and liabilities on initial recognition. After in circumstances indicate that the carrying amount the year. Variable consideration
initial recognition, no reclassification is made for may not be recoverable. An impairment loss is If the consideration in a contract includes a
financial assets which are equity instruments recognised for the amount by which the carrying 12. Revenue Recognition variable amount, estimates the amount of
and financial liabilities. For financial assets which amount of investments exceeds its recoverable The Company derives revenues primarily from sale consideration to which it will be entitled in
are debt instruments, a reclassification is made amount. of cement and cement related products. exchange for transferring the goods to the
only if there is a change in the business model customer. The variable consideration is estimated
for managing those assets. Changes to the 11. Provisions, Contingent Liabilities Ind AS 115 “Revenue from Contracts with at contract inception and constrained until it is
business model are expected to be infrequent. The and Assets Customers” provides a control-based revenue highly probable that a significant revenue reversal
company’s senior management determines change Provisions are recognised when the Company recognition model and provides a five-step in the amount of cumulative revenue recognised
in the business model as a result of external or has a present legal or constructive obligation application approach to be followed for revenue will not occur when the associated uncertainty
internal changes which are significant to the as a result of past events, it is probable that an recognition. with the variable consideration is subsequently
company’s operations. Such changes are evident outflow of resources will be required to settle resolved. The Company recognizes changes in
• Identify the contract(s) with a customer;
to external parties. A change in the business the obligation and the amount can be reliably the estimated amount of variable consideration
model occurs when the company either begins or estimated. Provisions are not recognised for future • Identify the performance obligations; in the period in which the change occurs. Some
ceases to perform an activity that is significant to operating losses. contracts for the sale of goods provide customers
• Determine the transaction price;
its operations. If the company reclassifies financial with volume rebates and pricing incentives, which
assets, it applies the reclassification prospectively Provisions are measured at the present value of • Allocate the transaction price to the give rise to variable consideration. The Company
from the reclassification date which is the first day management’s best estimate of the expenditure performance obligations; provides retrospective volume rebates and pricing
of the immediately next reporting period following required to settle the present obligation at the end incentives to certain customers once the quantity
• Recognise revenue when or as an entity satisfies
the change in business model. The company does of the reporting period. The discount rate used to of products purchased during the period exceeds
performance obligation.

Notes Notes
a threshold specified in the contract. Rebates are Critical judgements Government grants relating to the purchase of The calculation of defined benefit obligations
offset against amounts payable by the customer. The Company’s contracts with customers include property, plant and equipment are included in is performed annually by a qualified actuary
To estimate the variable consideration for the promises to transfer goods to the customers. non-current liabilities as deferred income and are using the projected unit credit method. When
expected future rebates, the Company applies the Judgement is required to determine the credited to profit or loss on a straight-line basis the calculation results in a potential asset for
most expected value method for contracts. The transaction price for the contract. The transaction over the expected life of the related assets and the company, the recognised asset is limited
selected method that best predicts the amount price could be either a fixed amount of customer presented within other income. to the present value of economic benefits
of variable consideration is primarily driven by consideration or variable consideration with available in the form of any future refunds from
the number of volume thresholds contained in elements such as schemes, incentives, cash 14. Employee benefits the plan or reductions in future contributions
the contract. The Company then applies the discounts, etc. The estimated amount of variable (i) Short term employee benefits to the plan. To calculate the present value of
requirements on constraining estimates of variable consideration is adjusted in the transaction price Short-term employee benefits are expensed economic benefits, consideration is given to
consideration and recognises a refund liability for only to the extent that it is highly probable that a as the related service is provided. A liability any applicable minimum funding requirements.
the expected future rebates. significant reversal in the amount of cumulative is recognised for the amount expected to be
revenue recognised will not occur and is paid if the Company has a present legal or Remeasurement of the net defined benefit
Contract balances reassessed at the end of each reporting period. constructive obligation to pay this amount liability, which comprise actuarial gains and
Trade receivables as a result of past service provided by the losses, the return on plan assets (excluding
A receivable represents the Company’s right to (a) Costs to obtain a contract are generally employee and the obligation can be estimated interest) and the effect of the asset ceiling
an amount of consideration that is unconditional expensed as incurred. The assessment of this reliably. (if any, excluding interest), are recognised
(i.e., only the passage of time is required before criteria requires the application of judgement, immediately in Other Comprehensive Income.
payment of the consideration is due). Refer to in particular when considering if costs (ii) Defined contribution plans Net interest expense (income) on the net
accounting policies of financial assets Financial generate or enhance resources to be used to Obligations for contributions to defined defined liability (assets) is computed by
instruments – initial recognition and subsequent satisfy future performance obligations and contribution plans are expensed as the applying the discount rate, used to measure the
measurement. whether costs are expected to be recovered. related service is provided. The company has net defined liability (asset), to the net defined
following defined contribution plans: liability (asset) at the start of the financial year
Contract liabilities Other revenue streams after taking into account any changes as a
A contract liability is the obligation to transfer Interest Income a) Provident fund result of contribution and benefit payments
goods or services to a customer for which For all debt instruments measured either at The Company makes specified monthly during the year. Net interest expense and other
the Company has received consideration (or amortised cost or at fair value through other contributions towards Provident Fund and expenses related to defined benefit plans are
an amount of consideration is due) from the comprehensive income, interest income is recorded Employees State Insurance Corporation recognised in profit or loss.
customer. If a customer pays consideration using the effective interest rate (EIR). EIR is the rate (‘ESIC’). The contribution is recognized as
before the Company transfers goods or services that exactly discounts the estimated future cash an expense in the Statement of Profit and When the benefits of a plan are changed or when
to the customer, a contract liability is recognised payments or receipts over the expected life of the Loss during the period in which employee a plan is curtailed, the resulting change in benefit
when the payment is made or the payment is financial instrument or a shorter period, where renders the related service. that relates to past service or the gain or loss on
due (whichever is earlier). Contract liabilities appropriate, to the gross carrying amount of the curtailment is recognised immediately in profit
are recognised as revenue when the Company financial asset or to the amortised cost of a financial b) Superannuation scheme or loss. The company recognises gains and
performs under the contract liability. When calculating the effective interest rate, Superannuation Certain employees of losses on the settlement of a defined benefit
the Company estimates the expected cash flows by the Company are eligible for participation plan when the settlement occurs.
Cost to obtain a contract considering all the contractual terms of the financial in defined contribution plans such as
The Company pays sales commission to its instrument (for example, prepayment, extension, superannuation. Contributions towards The company has following defined benefit
selling agents for each contract that they obtain call and similar options) but does not consider the these funds are recognized as an expense plans:
for the Company. The Company has elected to expected credit losses. Interest income is included periodically based on the contribution
apply the optional practical expedient for costs in finance income in the statement of profit and loss. by the Company, since Company has no Gratuity
to obtain a contract which allows the Company to further obligation beyond its periodic
The Company provides for its gratuity liability
immediately expense sales commissions (included 13. Government Grants and Subsidies contribution. based on actuarial valuation of the gratuity
in advertisement and sales promotion expense Grants from the government are recognised liability as at the Balance Sheet date, based on
under other expenses) because the amortization at their fair value where there is a reasonable (iii) Defined benefit plans Projected Unit Credit Method, carried out by
period of the asset that the Company otherwise assurance that the grant will be received and the The company’s net obligation in respect of an independent actuary and contributes to the
would have used is one year or less. Company will comply with all attached conditions. defined benefit plans is calculated separately Gratuity Trust fund formed by the Company.
for each plan by estimating the amount of The contributions made are recognized as
Costs to fulfil a contract i.e. freight, insurance Government grants that compensate the Company future benefit that employees have earned in plan assets. The defined benefit obligation
and other selling expenses are recognized as an for expenses incurred are recognised in profit or the current and prior periods, discounting that as reduced by fair value of plan assets
expense in the period in which related revenue is loss as income on a systematic basis in the periods amount and deducting the fair value of any is recognized in the Balance Sheet. Re-
recognised in which the expense is recognised. plan assets. measurements are recognized in the Other
Comprehensive Income, net of tax in the year in
which they arise.

Notes Notes
(iv) Other long-term employee benefits 17. Taxes reductions are reversed when the probability of 18. Leases
The Company’s net obligation in respect Tax expense comprises current and deferred tax. It future taxable profits improves. The Company assesses at contract inception
of long-term employee benefits is the is recognised in profit or loss except to the extent whether a contract is, or contains, a lease. That is, if
amount of future benefit that employees that it relates to items recognized directly in equity Unrecognized deferred tax assets are reassessed the contract conveys the right to control the use of
at each reporting date and recognised to the an identified asset for a period of time in exchange
have earned in return for their service in the or in Other Comprehensive Income.
extent that it has become probable that future for consideration.
current and prior periods. That benefit is
taxable profits will be available against which they
discounted to determine its present value. Re- Current tax
can be used. Company as a lessee
measurements are recognised in profit or loss Current tax comprises the expected tax payable
The Company applies a single recognition and
in the period in which they arise. or receivable on the taxable income or loss for Deferred tax is measured at the tax rates that are measurement approach for all leases, except
the year and any adjustment to the tax payable expected to be applied to temporary differences for short-term leases and leases of low-value
The company has following long term or receivable in respect of previous years. It is when they reverse, using tax rates enacted or assets. The Company recognises lease liabilities
employment benefit plans: measured using tax rates enacted or substantively substantively enacted at the reporting date. to make lease payments and right-of-use assets
enacted at the reporting date. representing the right to use the underlying assets.
Leave Encashment The measurement of deferred tax reflects the tax
Leave encashment is payable to eligible Current income tax relating to items recognised consequences that would follow from the manner i) Right-of-use assets
employees at the time of retirement. The outside profit or loss is recognised outside profit in which the company expects, at the reporting The Company recognises right-of-use assets
liability for leave encashment, which is a or loss (either in other comprehensive income date, to recover or settle the carrying amount of its at the commencement date of the lease (i.e.,
defined benefit scheme, is provided based or in equity). Current tax items are recognised in assets and liabilities. the date the underlying asset is available
on actuarial valuation as at the Balance Sheet correlation to the underlying transaction either in for use). Right-of-use assets are measured
date, based on Projected Unit Credit Method, OCI or directly in equity. Management periodically The carrying amount of deferred tax asset is at cost, less any accumulated depreciation
carried out by an independent actuary. evaluates positions taken in the tax returns with reviewed on each reporting date. and impairment losses, and adjusted for any
respect to situations in which applicable tax remeasurement of lease liabilities. The cost
15. Foreign currency transactions regulations are subject to interpretation and Deferred tax assets and liabilities are offset only if: of right-of-use asset includes the amount of
Transactions in foreign currencies are translated establishes provisions where appropriate. lease liabilities recognised, initial direct costs
a) The entity has a legally enforceable right to incurred, and lease payments made at or
into the Company’s functional currency at the
set off current tax assets against current tax before the commencement date less any lease
exchange rates at the dates of the transactions. Current tax assets and liabilities are offset only if,
liabilities; and incentives received. Right-of-use assets are
the Company:
depreciated on a straight-line basis over the
Monetary assets and liabilities denominated b) The deferred tax assets and the deferred tax
a) Has a legally enforceable right to set off the shorter of the lease term and the estimated
in foreign currencies are translated into the liabilities relate to income taxes levied by the
recognised amounts; and useful life of the assets. If ownership of the
functional currency at the exchange rate at the same taxation authority on the same taxable leased asset transfers to the Company at the
reporting date. Non-monetary assets and liabilities entity. end of the lease term or the cost reflects the
b) Intends either to settle on a net basis, or
that are measured at fair value in a foreign currency exercise of a purchase option, depreciation is
to realise the asset and settle the liability
are translated into the functional currency at the i) Minimum alternate tax (MAT) paid in a calculated using the estimated useful life of
simultaneously.
exchange rate when the fair value was determined. year is charged to the statement of profit the asset.
Non-monetary items that are measured based on and loss as current tax for the year. The
Deferred tax
historical cost in a foreign currency are translated deferred tax asset is recognised for MAT The right-of-use assets are also subject to
Deferred tax is recognised in respect of temporary credit available only to the extent that it
at the exchange rate at the date of the transaction. impairment.
differences between the carrying amounts of assets is probable that the concerned company
Foreign currency differences are generally
and liabilities for financial reporting purposes and will pay normal income tax during the
recognised in profit or loss. ii) Lease Liabilities
the amounts used for taxation purposes. Deferred specified period, i.e., the period for At the commencement date of the lease,
tax is not recognised for temporary differences which MAT credit is allowed to be carried the Company recognises lease liabilities
16. Borrowing Cost
on the initial recognition of assets or liabilities in a forward. In the year in which the company measured at the present value of lease
Borrowing costs directly attributable to the
transaction that is not a business combination and recognizes MAT credit as an asset, it is payments to be made over the lease term.
acquisition, construction or production of an asset
that affects neither accounting nor taxable profit created by way of credit to the statement The lease payments include fixed payments
that necessarily takes a substantial period of time to
nor loss. of profit and loss and shown as part of (including in substance fixed payments) less
get ready for its intended use or sale are capitalised
deferred tax asset. The company reviews any lease incentives receivable, variable
as part of the cost of the asset. All other borrowing
Deferred tax assets are recognised for unused the “MAT credit entitlement” asset at each lease payments that depend on an index or a
costs are expensed in the period in which they
tax losses, unused tax credits and deductible reporting date and writes down the asset rate, and amounts expected to be paid under
occur. Borrowing costs consist of interest and other to the extent that it is no longer probable
temporary differences to the extent that it is residual value guarantees. The lease payments
costs that an entity incurs in connection with the that it will pay normal tax during the
probable that future taxable profits will be available also include the exercise price of a purchase
borrowing of funds. Borrowing cost also includes specified period.
against which they can be used. Deferred tax option reasonably certain to be exercised
exchange differences to the extent regarded as an
assets are reviewed at each reporting date and are by the Company and payments of penalties
adjustment to the borrowing costs. for terminating the lease, if the lease term
reduced to the extent that it is no longer probable
that the related tax benefit will be realised; such reflects the Company exercising the option to
terminate. Variable lease payments that do not

Notes Notes
depend on an index or a rate are recognised as cash flows, discounted to their present value using the no of equity shares outstanding without a of this amendment, then the same may be applied
expenses (unless they are incurred to produce a pre-tax discount rate that reflects current market corresponding change in resources. for annual reporting periods beginning on or after
inventories) in the period in which the event or assessments of the time value of money and the risks the 1 April 2019. This amendment had no impact on
condition that triggers the payment occurs. specific to the asset or CGU. 24. Effective Interest Method the standalone financial statements.
The effective interest method is a method of
In calculating the present value of lease An impairment loss is recognised if the carrying calculating the amortised cost of a financial asset Amendments to Ind AS 1 and Ind AS 8: Definition
payments, the Company uses its incremental amount of an asset or CGU exceeds its recoverable or financial liability and of allocating interest of Material
borrowing rate at the lease commencement amount. income / interest expenses over the relevant The amendments provide a new definition of material
date because the interest rate implicit in the period. The effective interest rate is the rate that states, “information is material if omitting,
lease is not readily determinable. After the Impairment loss in respect of assets other than that exactly discounts estimated future cash misstating or obscuring it could reasonably be
commencement date, the amount of lease goodwill is reversed only to the extent that the receipts / payments (including all fees and points expected to influence decisions that the primary
liabilities is increased to reflect the accretion assets carrying amount does not exceed the paid or received that form an integral part of the users of general purpose financial statements
of interest and reduced for the lease payments carrying amount that would have been determined, effective interest rate, transaction costs and other make on the basis of those financial statements,
made. In addition, the carrying amount of net of depreciation or amortisation, if no premiums or discounts) through the expected life which provide financial information about a specific
lease liabilities is remeasured if there is a impairment loss had been recognised. of the debt instrument, or, where appropriate, a reporting entity.” The amendments clarify that
modification, a change in the lease term, a shorter period, to the net carrying amount on initial materiality will depend on the nature or magnitude
change in the lease payments (e.g., changes 20. Segment Reporting recognition. of information, either individually or in combination
to future payments resulting from a change in Operating segments are reported in a manner with other information, in the context of the financial
an index or rate used to determine such lease consistent with the internal reporting provided to 25. Non-current assets held for sale statements. A misstatement of information is
payments) or a change in the assessment of the chief operating decision maker. The Company classifies non-current assets as held material if it could reasonably be expected to
an option to purchase the underlying asset. for sale if their carrying amounts will be recovered influence decisions made by the primary users.
The board of directors of the Company has been principally through a sale rather than through These amendments had no impact on the standalone
The Company’s lease liabilities are included in identified as being the chief operating decision continuing use. This condition is regarded as met financial statements of, nor is there expected to be
Interest-bearing loans and borrowings. maker by the Management of the company. Refer only when the asset is available for immediate any future impact to the Company.
note 37 for segment information presented. sale in its present condition subject only to terms
iii) Short-term leases and leases of low-value that are usual and customary for sales of such These amendments are applicable prospectively
assets 21. Cash and cash equivalents asset and its sale is highly probable. Also, such for annual periods beginning on or after the 1 April
The Company applies the short-term lease Cash and cash equivalents comprise cash at bank assets are classified as held for sale only if the 2020. The amendments to the definition of material
recognition exemption to its short-term leases and on hand and short-term deposits with original management expects to complete the sale within are not expected to have a significant impact on
of machinery and equipment (i.e., those leases maturities of three months or less that are readily one year from the date of classification. the Standalone financial statements.
that have a lease term of 12 months or less convertible to known amounts of cash and which are
from the commencement date and do not subject to an insignificant risk of changes in value. Non-current assets classified as held for sale are Amendments to Ind AS 107 and Ind AS 109:
contain a purchase option). It also applies measured at the lower of their carrying amount and Interest Rate Benchmark Reform
the lease of low-value assets recognition 22. Exceptional item the fair value less cost to sell. Non-current assets The amendments to Ind AS 109 Financial
exemption to leases of office equipment Items of income or expense of non-routine are are not depreciated or amortised. Instruments: Recognition and Measurement
that are considered to be low value. Lease presented separately when their nature and provide a number of reliefs, which apply to all
payments on short-term leases and leases of amount of such significance and is relevant New and amended standards hedging relationships that are directly affected
low-value assets are recognised as expense to an understanding of the entity’s financial by interest rate benchmark reform. A hedging
Amendments to Ind AS 116: COVID-19-Related
on a straight-line basis over the lease term. performance. relationship is affected if the reform gives rise to
Rent Concessions.
uncertainty about the timing and/or amount of
23. Earnings Per Share (EPS) The amendments provide relief to lessees from
19. Impairment of non-financial assets benchmark-based cash flows of the hedged item
Basic earnings per share are computed by dividing applying Ind AS 116 guidance on lease modification
At each reporting date, the Company reviews or the hedging instrument. These amendments
the profit for the year by the weighted average accounting for rent concessions arising as a
the carrying amounts of its non-financial assets have no impact on the standalone financial
number of equity shares outstanding during the direct consequence of the COVID-19 pandemic.
(other than inventories and deferred tax assets) statements as it does not have any interest rate
period. Diluted earnings per shares is computed As a practical expedient, a lessee may elect
to determine whether there is any indication on hedge relationships.
by dividing the profit for the year by the weighted not to assess whether a COVID-19 related rent
impairment. If any such indication exists, then the
average number of equity shares considered for concession from a lessor is a lease modification.
asset’s recoverable amount is estimated. The amendments to Ind AS 107 prescribe the
deriving basic earnings per shares and also the A lessee that makes this election accounts for
disclosures which entities are required to make for
For impairment testing, assets are grouped weighted average number of equity shares that any change in lease payments resulting from the
hedging relationships to which the reliefs as per
together into the smallest group of assets that could have been issued upon conversion of all COVID-19 related rent concession the same way it
the amendments in Ind AS 109 are applied. These
generates cash inflows from continuing use that dilutive potential equity shares. would account for the change under Ind AS 116, if
amendments are applicable for annual periods
are largely independent of the cash inflows of other the change were not a lease modification.
beginning on or after the 1 April 2020. These
assets or Cash Generating Units (‘CGUs’). The weighted average number of equity shares amendments are not expected to have an impact
outstanding during the period is adjusted for The amendments are applicable for annual
on the Standalone financial statements.
The recoverable amount of an asset or CGU is the events such as bonus issue, bonus elements reporting periods beginning on or after the 1 April
greater of its value in use and its fair value less costs in a rights issue, share split and reverse share 2020. In case, a lessee has not yet approved the
to sell. Value in use is based on the estimated future split(consolidation of shares) that have changed financial statements for issue before the issuance

178
2. Property, plant and equipment
Gross Block Depreciation Block Net Block

As at As at As at As at Notes
J.K. Cement Ltd.

Particulars Disposal/ Disposal/
Opening Addition 31 March Opening Addition 31 March 31 March 31 March
Adjustment 2021
Adjustment 2021 2021
2020
Tangible Assets
Freehold land (Refer iv) 32,623.34 1,658.76 - 34,282.10 - - - - 32,623.34 34,282.10
Factory Building 37,370.85 6,145.97 (3,508.22) 40,008.60 11,444.32 1,292.64 (18.31) 12,718.65 25,926.53 27,289.95
(Refer note v)
Non Factory Building 36,018.88 8,781.04 (93.86) 44,706.06 7,139.54 1,065.59 (93.86) 8,111.27 28,879.34 36,594.79
(Refer note i)
Building 73,389.73 14,927.01 (3,602.08) 84,714.66 18,583.86 2,358.23 (112.18) 20,829.91 54,805.87 63,884.75
Plant and equipment 4,69,204.71 40,547.99 (4,519.19) 5,05,233.51 1,36,840.62 19,213.32 (3,083.91) 1,52,970.03 3,32,364.09 3,52,263.48
(Refer note i & v)
Vehicles 4,352.43 793.47 (438.22) 4,707.68 2,188.35 413.02 (298.93) 2,302.44 2,164.08 2,405.24
Furniture and fixtures 4,131.11 189.68 (551.78) 3,769.01 2,883.23 237.40 (524.02) 2,596.61 1,247.88 1,172.40
(Refer note v)
Office Equipment 605.07 136.44 (114.71) 626.80 387.41 86.62 (107.70) 366.33 217.66 260.47
(Refer note v)
Railway sidings 10,482.34 2,709.74 - 13,192.08 3,873.15 711.88 - 4,585.03 6,609.19 8,607.05
(Refer note i)
to the financial statements for the year ended 31 March 2021
Rolling stock 89.43 - - 89.43 84.96 - - 84.96 4.47 4.47

Other assets 674.73 80.38 (261.84) 493.27 438.11 66.41 (246.61) 257.91 236.62 235.36
Total 5,95,552.89 61,043.47 (9,487.82) 6,47,108.54 1,65,279.69 23,086.88 (4,373.35) 1,83,993.22 4,30,273.20 4,63,115.32
Capital work-in-progress 50,920.00 45,263.81 (47,331.27) 48,852.54 - - - - 50,920.00 48,852.54
Total 50,920.00 45,263.81 (47,331.27) 48,852.54 - - - - 50,920.00 48,852.54
Particulars As at As at As at As at
(Disposal)/ (Disposal)/
31 March 31 March 31 March
World of
Opening Addition Opening Addition 31 March

Adjustment Adjustment
J.K. Cement
2020 2020 2019 2020

Notes
Tangible Assets
Freehold land (Refer iv) 28,526.59 4,317.25 (220.50) 32,623.34 - - - - 28,526.59 32,623.34
Factory Building| 31,506.79 5,864.06 - 37,370.85 10,089.29 1,355.03 - 11,444.32 21,417.50 25,926.53
(Refer note v)
Non Factory Building 34,483.25 1,535.63 - 36,018.88 6,095.29 1,044.25 - 7,139.54 28,387.96 28,879.34
(Refer note i)
messages
Leadership
Building 65,990.04 7,399.69 - 73,389.73 16,184.58 2,399.28 - 18,583.86 49,805.46 54,805.87

Plant and equipment 3,83,244.53 93,533.02 (7,572.84) 4,69,204.71 1,24,649.26 16,278.59 (4,087.23) 1,36,840.62 2,58,595.27 3,32,364.09
(Refer note i & v)
Vehicles 4,305.45 336.41 (289.43) 4,352.43 1,941.12 432.21 (184.98) 2,188.35 2,364.33 2,164.08
Furniture and fixtures 3,978.61 155.66 (3.16) 4,131.11 2,595.12 289.14 (1.03) 2,883.23 1,383.49 1,247.88
(Refer note v)
Office Equipment 544.99 91.90 (31.82) 605.07 343.85 73.76 (30.20) 387.41 201.14 217.66
approach
(Refer note v)
Value-creation
Railway sidings (Refer note i) 10,482.34 - - 10,482.34 3,214.36 658.79 - 3,873.15 7,267.98 6,609.19
Rolling stock 89.43 - - 89.43 80.19 4.77 - 84.96 9.24 4.47
Other assets 610.24 70.98 (6.49) 674.73 390.94 53.33 (6.16) 438.11 219.30 236.62
Leasehold land 18,093.78 - (18,093.78) - 3,970.04 - (3,970.04) - 14,123.74 -
(Refer note ii & iv)
Total 5,15,866.00 1,05,904.91 (26,218.02) 5,95,552.89 1,53,369.46 20,189.87 (8,279.64) 1,65,279.69 3,62,496.54 4,30,273.20
Capital work-in-progress 55,644.07 93,504.60 (98,228.67) 50,920.00 - - - - 55,644.07 50,920.00

Capital-wise
performance
Total 55,644.07 93,504.60 (98,228.67) 50,920.00 - - - - 55,644.07 50,920.00

(i) The amount incurred by Company as at 31 March 2021,ownership of which vests with State Electricity Boards & Indian Railways is cost
` 7,234.26 lacs (31 March 2020: ` 5,040.61 lacs), amortisation ` 1,804.18 lacs (31 March 2020: ` 1,409.08 lacs) and net block ` 5,430.08 lacs
(31 March 2020: ` 3,631.54 lacs)
Our Board
(ii) It includes freehold land for mining having cost of ` 3,082.44 lacs (31 March 2020: ` 3,082.44 lacs), amortisation of ` 1,029.21 lacs
(31 March 2020: ` 901.78 lacs) and net block of ` 2,053.23 lacs (31 March 2020 :` 2,180.66 lacs)
(iii) Property, plant & equipment pledged as security: Refer note 17a for information on property, plant & equipment pledged as security by the
Company.
(iv) The title deeds of immovable properties included in property, plant and equipment are held in the name of the Company except for 1 case
Reports
Statutory
of leasehold land, 2 cases of freehold land and 2 cases of freehold mining land, amounting to gross block of ` 1,353.07 lacs (net block: ` 0.75
lacs), gross block of ` 168.43 lacs (net block: ` 168.43 lacs) and gross block of ` 54.19 lacs (net block : ` 40.98 lacs), respectively as at 31
March 2021 and gross block of ` 168.43 lacs (net block: ` 168.43 lacs) and gross block of ` 54.19 lacs (net block : ` 43.05 lacs), respectively
as at 31 March 2020, for which title deeds are in the name of the erstwhile company that merged with the Company pursuant to a scheme of
amalgamation and arrangement as approved by the honourable High Court in earlier years.
(v) The Company is in the process of its brownfield expansion project, on account of which, the amount of borrowing cost that has been
Financial
capitalised during the year ended 31 March 2021 was ` 1,893.39 lacs (31 March 2020: ` 3,253.70 lacs). The rate used to determine the
Statements
Integrated Report 2020-21
amount of borrowing costs eligible for capitalisation ranged between 8.05% to 8.75%.
179
180
3. Intangible Assets
Disposal/ Disposal/
Opening Addition
Adjustment
31 March Opening Addition
Adjustment
31 March 31 March 31 March Notes
J.K. Cement Ltd.

2021 2021 2020 2021
Intangible Assets
Computer Software 1,018.07 195.37 - 1,213.44 837.82 114.25 - 952.07 180.25 261.37
Mining Rights 1,384.33 1,497.69 - 2,882.02 260.54 93.35 - 353.89 1,123.79 2,528.13
Total 2,402.40 1,693.06 - 4,095.46 1,098.36 207.60 - 1,305.96 1,304.04 2,789.50
2020 2020 2019 2020
Intangible Assets
Computer Software 933.73 84.34 - 1,018.07 702.89 145.36 (10.43) 837.82 230.84 180.25
Mining Rights 866.69 517.64 - 1,384.33 47.64 66.33 146.57 260.54 819.05 1,123.79
Total 1,800.42 601.98 - 2,402.40 750.53 211.69 136.14 1,098.36 1,049.89 1,304.04
3 (i). Right-of-use assets

Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period:
World of
J.K. Cement

Notes
Disposal/ Disposal/
2021 2021 2020 2021
Leasehold land 18,131.50 158.50 - 18,290.00 4,417.11 574.86 - 4,991.97 13,714.39 13,298.03
Buildings 1,912.99 1,087.33 (510.13) 2,490.19 410.94 598.37 (192.12) 817.19 1,502.05 1,673.00
messages
Leadership
Other Equipment 31.86 - - 31.86 16.34 - - 16.34 15.52 15.52

Total 20,076.35 1,245.83 (510.13) 20,812.05 4,844.39 1,173.23 (192.12) 5,825.50 15,231.96 14,986.55
2020 2020 2019 2020
approach
Leasehold land 18,093.78 177.62 (139.90) 18,131.50 3,970.04 610.03 (162.96) 4,417.11 14,123.74 13,714.39
Value-creation
Buildings 1,566.68 346.31 - 1,912.99 - 410.94 - 410.94 1,566.68 1,502.05

Other Equipment 31.86 - - 31.86 - 16.34 - 16.34 31.86 15.52
Total 19,692.32 523.93 (139.90) 20,076.35 3,970.04 1,037.31 (162.96) 4,844.39 15,722.28 15,231.96
Set out below are the carrying amounts of lease liabilities and the movements during the year:
As at As at
Capital-wise
performance
Particulars
31 March 2021 31 March 2020
Opening balance 1,606.43 1,598.55
Addition 769.32 346.31
Accretion of Interest 137.16 136.26
Payment of lease liabilities (650.40) (474.69)
Closing balance 1,862.51 1,606.43
Our Board
Current 519.14 369.63

Non-current 1,343.37 1,236.80
The table below provides details regarding the contractual maturities of lease liabilities as at 31 March 2021 and 31 March 2020 on an undiscounted
basis.
Reports
Statutory
As at As at
Particulars
31 March 2021 31 March 2020
Less than one year 640.85 485.05
One to two years 476.44 464.46
More than two years 1,091.42 1,013.61
2,208.72 1,963.12
The Company does not face a significant liquidity risk with regard to its lease liabilities as the current assets are sufficient to meet the obligations related to lease liabilities as and
Financial
when they fall due.

Statements
The average borrowing rate of 8% has been applied to lease liabilities recognised in the balance sheet.
181
Notes Notes
4. Non-Current Financial Assets - Investments 5. Non-Current Financial Assets - Others
As at As at As at As at
A. Investment in equity instruments (fully paid-up) (Unsecured, Considered good unless otherwise stated)
Unquoted (Carried at Amortised Cost, unless otherwise stated)
Subsidiary Companies(at cost) Fixed deposits with maturity more than 12 months from the reporting date * 1,122.76 121.95
-319,030 (31 March 2020 :319,030) equity shares of J.K. Cement (Fujairah) FZC.(Face 54,200.79 54,200.79 Vehicle Loan Recoverable 224.61 189.71
value AED1000 each)
Security Deposits 5,348.70 4,719.73
Less: Diminution in the value of investment (Refer note 44) (32,837.92) (16,151.42)
Share Application Money(Refer note 39)# 2,180.05 2,109.83
- 20,614,585 (31 March 2020:11,423,408) equity shares of Jaykaycem (Central) Limited 33,259.02 10,759.02
(Face value ` 10 each) 8,876.12 7,141.22
Others (at FVTPL) *includes ` 133.05 lacs (31 March 2020 ` 121.95 lacs) pledged against overdraft /other commitments.
- 8,000 (31 March 2020: 8,000) equity shares of ReNew Wind Energy AP (Pvt.) Ltd. (Face 8.00 8.00
# Share application money paid to J.K. Cement (Fujairah) FZC (Subsidiary Company) in current year against 3% Non cumulative redeemable
value ` 10 each)
preference shares in J.K. Cement (Fujairah) FZC. The allotment is expected to be made by end of June, 2021.
- 3,140,101(31 March 2020 : 3,140,101) equity shares of VS Lignite Power Pvt. Ltd. (Face - -
value ` 10 each)# # No loans due by directors or other officers of the Company or any of them either severally or jointly with any other persons or amounts due by
firms or private companies respectively in which any director is a partner or a director or a member.
- 163,720 (31 March 2020 : 184,131) equity shares of Atria Wind Power (Chitradurga) Pvt. 410.86 462.22
Ltd. (Face value ` 10 each)
B. Investment in preference shares (fully paid up)
6. Other Non-Current Assets
Unquoted
Subsidiary Companies (at amortised Cost) As at As at
-15,957 (31 March 2020 : 4,168)3% Non cumulative 11 years Redeemable (Face value 3,214.17 808.12 31 March 2021 31 March 2020
AED1000 each) preference shares in J.K. Cement (Fujairah)FZC Capital advances 6,050.43 8,790.29
- 15,957 (31 March 2020 : 4,168)3% Non cumulative 12 years Redeemable (Face value 3,214.17 808.12 Advances other than capital advances
AED1000 each) preference shares in J.K. Cement (Fujairah)FZC (Unsecured, Considered good unless otherwise stated)
- 15,956 (31 March 2020 : 4,168)3% Non cumulative 13 years Redeemable (Face value 3,213.97 808.12
Prepaid expenses 748.19 985.72
AED1000 each) preference shares in J.K. Cement (Fujairah)FZC
Deferred employee compensation 29.99 31.81
- 15,958 (31 March 2020 : 4,169) 3% Non cumulative 14 years Redeemable (Face value 3,214.36 808.31
AED1000 each) preference shares in J.K. Cement (Fujairah)FZC Advance to employees 174.82 171.54
Others (at FVTPL) Deposit under protest with Government authorities 1,786.50 2,588.35
- 2,785,552(31 March 2020 : 2,785,552) 0.01% cumulative redeemable Preference - - 8,789.93 12,567.71
shares in VS Lignite Power Pvt. Ltd. (Face value ` 10 each)# #
No advances are due by directors or other officers of the Company or any of them either severally or jointly with
C. Investment In Mutual Fund (Quoted)(at FVTPL)
-Nil (31 March 2020:5,000,000) units of HDFC fmp 1302D Sep2016(1)Regular-Growth - 662.00 any other persons or amounts due by firms or private companies respectively in which any director is a partner or
-Series-37 Maturity date 2020 a director or a member.
-Nil (31 March 2020:5,000,000) units of HDFC fmp 1188D Mar-2017(1)-Regular-Growth- - 630.50
Series38- Maturity date-29 June 2020 7. Inventories
-Nil (31 March 2020:5,000,000) units of “UTI FITF Series XXVII - II (1161 days)” - 557.00
-Nil (31 March 2020:5,000,000) units of ICICI Prudential Fixed Maturity Plan Series 82- - 590.00 As at As at
31 March 2021 31 March 2020
1187 Days
-Nil (31 March 2020:5,000,000) units of ICICI Prudential Fixed Maturity Plan Series 82- - 583.50 (Valued at lower of cost and net realisable value, unless otherwise stated)
1136 Days Raw materials 14,475.23 10,410.08
D. Investments in Bonds(Quoted) (at FVTPL) Work-in-process 8,407.42 7,168.66
-Nil (31 March 2020:50) State bank of India SR-III 8.39% BD perpetual bonds, Face value - 485.21 Finished goods 8,260.53 11,530.37
per Bond ` 1,000,000 purchased @991,285 each Traded goods 148.73 64.94
-Nil (31 March 2020:50) State bank of India SR-II 8.75% BD perpetual bonds, Face value - 501.86
Consumable stores and spares (net of provisions for slow and non-moving inventories of 30,233.27 26,211.39
per Bond ` 1,000,000 purchased @1,007,773 each
` 1,037.21 lacs (31 March 2020: ` 1,088.63 lacs))
-93 (31 March 2020:Nil) S9.80% Canara 25 July 2022 perpetual bonds, Face value per 947.77 -
Goods in transit :
Bond ` 1,000,000 purchased @1,026,188.96 each
- Raw materials 323.23 723.56
-150 (31 March 2020:Nil) 8.65% BOB 11 August 2022 perpetual bonds , Face value per 1,514.95 -
Bond ` 1,000,000 purchased @1,104,861.563 each - Consumable stores and spares 6,817.77 6,607.57
-150 (31 March 2020:Nil) 8.75% Axis 28 June 2022 perpetual bonds, Face value per 1,515.35 - 68,666.18 62,716.57
Bond ` 1,000,000 purchased @1,035,807.507 each Refer note 17a for information on inventories pledged as security by the Company.
71,875.49 56,521.35
Aggregate amount of market value of quoted investment 3,978.07 4,010.07
Aggregate amount of unquoted investment 67,897.42 52,511.28
Aggregate Impairment amount of unquoted investment 33,430.49 16,743.99
## The fair value of investment is Nil (31 March 2020: Nil)

Notes Notes
8. Current Financial Assets - Investments 10. Current Financial Assets - Cash and Cash equivalents
Investment in Mutual Funds Balance with banks:
Quoted (at FVTPL) - In current accounts 1,011.38 1,206.65
-Nil (31 March 2020:1,000,000) units of Union Capital Protection Oriented Fund Series 8 - 103.45 - In EEFC accounts - 383.48
-5,000,000(31 March 2020:Nil) units of ICICI Prudential Fixed Maturity Plan Series 637.50 - - Fixed deposits with original maturity of upto 3 months from the reporting date* 7,351.87 1,990.49
82-1187 Days Cash on hand 20.66 25.76
-5,000,000(31 March 2020:Nil) units of ICICI Prudential Fixed Maturity Plan Series 632.50 - Cheques in hand 1.96 6.80
82-1136 Days
8,385.87 3,613.18
-281,503.956 (31 March 2020:Nil) units of Canara Robeco Overnight Fund-DG 2,999.85
Investments in Bonds(Quoted) (at FVTPL)
-50 (31 March 2020:Nil) State bank of India SR-II 8.75% BD perpetual bonds, Face value per 504.61 - 11. Current Financial Assets - Other Bank Balances
Bond ` 1,000,000 purchased @1,007,773 each
1,011.57 - As at As at
-100 (31 March 2020:Nil) 10.99% Union 05 August 2021 perpetual bonds, Face value per
31 March 2021 31 March 2020
Earmarked balance with bank for unclaimed dividends # 146.52 179.48
-50 (31 March 2020:Nil) State bank of India SR-III 8.39% BD perpetual bonds, Face value per 503.96
Bond ` 1,000,000 purchased @991,285 each Fixed deposits with maturity of more than 3 months but upto one year from the reporting 1,07,645.23 59,320.23
date*
-150 (31 March 2020:Nil) 9.14% BOB 22 March 2022 perpetual bonds , Face value per Bond 1,520.94 -
` 1,000,000 purchased@1,056,190.14 each 1,07,791.75 59,499.71
-100 (31 March 2020:Nil) 9.10% Union 30 March 2022 perpetual bonds , Face value per Bond 1,014.04 - # Bank balances are against unpaid dividend & unclaimed fraction money
` 1,000,000 purchased @1,041,683.49 each
*Fixed Deposits upto one year include deposit of ` 30,340.96 lacs (31 March 2020:` 7,389.42 lacs) pledged against overdraft /
8,824.97 103.45 other commitments.
Aggregate amount of quoted investments 8,824.97 103.45
Aggregate amount of market value of quoted investment 8,824.97 103.45
12. Current Financial Assets - Others
As at As at
31 March 2021 31 March 2020
9. Current Financial Assets - Trade Receivables
(Unsecured Considered Good, unless otherwise stated)
As at As at (Carried at Amortised Cost, except otherwise stated)
31 March 2021 31 March 2020
Other loans and advances
(Carried at Amortised Cost, except otherwise stated) Considered good 2,226.79 2,986.44
Secured Considered doubtful 135.76 33.96
Considered good 10,766.80 7,847.63 Less: Allowance for doubtful loans and advances (135.76) (33.96)
Unsecured Government grants receivable 7,954.59 6,174.16
Considered good Advance to employees 377.16 441.33
Related Party* - 66.72 Fixed deposits with maturity of more than 12 months and remaining maturity of less than 12 40,579.41 33,044.19
Others 21,999.70 14,729.58 months from the reporting date*
Trade Receivable which have significant increase in credit risk 1,255.11 1,238.27 Interest accrued on deposits 4,428.41 3,541.50
Less: Allowance for Trade Receivables, which have significant increase in Credit Risk (1,255.11) (1,238.27) Dividend receivable on preference shares from subsidiary**
Less: Provision for rebate to customers (1,157.58) (299.19) Considered good - -
31,608.92 22,344.74 Considered doubtful 1,663.58 1,663.58
Less : Provision for doubtful dividend receivable (1,663.58) (1,663.58)
Refer to Note 17a for information on Trade receivables pledged as security by the Company.
55,566.36 46,187.62
No trade receivable are due by directors or other officers of the Company or any of them either severally or jointly
with any other persons or amounts due by firms or private companies respectively in which any director is a partner Refer to Note 17a for information on other current financial assets pledged as security by the Company.
or a director or a member.
*Fixed Deposits due upto one year having original maturity period more than 12 months include deposit of ` 6,867.98 lacs (31 March 2020:
Trade receivables are non-interest bearing and are generally on terms of below 90 days. ` 3,943.50 lacs) pledged against overdraft /other commitments.
* Refer to Note 39(2)(a)(v) ** Refer Note 44 for exceptional items

Notes Notes
13. Current Tax Assets (Net) c. Shareholders holding more than 5% shares in the Company
As at As at As at 31 March 2021 As at 31 March 2020

31 March 2021 31 March 2020 No. of Shares Percentage No. of Shares Percentage
Advance tax (Net of provision for income tax of ` 30,755.78 lacs) (31 March 2020: - 870.09 Yadu International Ltd. 3,10,34,518 40.16% 3,08,34,518 39.91%
` 17,123.87 lacs). Yadupati Singhania - - 1,20,64,198 15.61%
- 870.09 Abhishek Singhania 40,08,994 5.19% - -
Kavita Y Singhania 38,69,650 5.01% - -
14. Other Current Assets Fidellity Investment Trust Fidelity Series 44,51,131 5.76% - -
As at As at
31 March 2021 31 March 2020 16. Other equity
Balances with Government authorities 4,261.32 5,093.34
As at As at
Prepaid expenses 1,867.90 1,314.29 31 March 2021 31 March 2020
Advance to employees 82.83 84.07 a. Securities premium
Advances to suppliers 10,533.96 9,705.00 Balance at the beginning of the year 75,679.66 75,679.66
Deferred employee compensation 17.36 16.58 Balance at the end of the year 75,679.66 75,679.66
16,763.37 16,213.28
No advances are due by directors or other officers of the Company or any of them either severally or jointly with b. Debenture redemption reserve
any other persons or amounts due by firms or private companies respectively in which any director is a partner or Balance at the beginning of the year 8,011.80 9,876.90
a director or a member. Transfer to retained earnings (3,289.40) (1,865.10)
Balance at the end of the year 4,722.40 8,011.80
15. Equity Share capital
c. General reserve
As at As at Balance at the beginning of the year 1,00,325.02 90,325.02
31 March 2021 31 March 2020
Add: Transfer from retained earnings 10,000.00 10,000.00
Authorised: Balance at the end of the year 1,10,325.02 1,00,325.02
8,00,00,000 (31 March 2020: 8,00,00,000) equity shares of ` 10/- each 8,000.00 8,000.00
Issued, subscribed & fully paid up: d. Retained earnings (including Other Comprehensive Income)
7,72,68,251 (31 March 2020: 7,72,68,251) equity Shares of ` 10/- each 7,726.83 7,726.83 Balance at the beginning of the year 1,21,146.50 1,05,672.09
7,726.83 7,726.83 Add: Profit for the year 60,282.58 40,037.59
Add: Other Comprehensive income/(loss) for the year 136.47 (126.85)
a. Terms and rights attached to equity shares
Less: Transfer to general reserve 10,000.00 10,000.00
Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the company,
Add: Transfer from debenture redemption reserve 3,289.40 1,865.10
the holders of equity shares will be entitled to receive remaining assets of the company, after distribution
Less: Dividend on equity shares - 13,521.95
of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the
Less: Dividend distribution tax on equity shares - 2,779.48
shareholders. There is no restriction on distribution of dividend. However, same is subject to the approval of the
1,74,854.95 1,21,146.50
shareholders in the Annual General Meeting.
3,65,582.03 3,05,162.98
b. Reconciliation of number of shares outstanding at the beginning and end of the year Debenture Redemption Reserve (DRR)
For the debentures issued and outstanding as at 31 March 2021 the Company has created DRR in accordance
Number of Shares Amount
with requirement of section 71 of the Companies Act 2013. However, pursuant to a Ministry of Corporate
Outstanding at the 01 April 2019 7,72,68,251 7,726.83 Affairs notification dated 16 August 2019 amending Section 71 of the Companies Act, 2013 and Rule 18 (7) of
Equity Shares issued during the year - - the Companies (Share Capital and Debentures) Rules, 2014, the Company is not required to maintain DRR for
Outstanding at the 31 March 2020 7,72,68,251 7,726.83 debentures issued and accordingly has applied the said change in provision to debentures issued prospectively
Equity Shares issued during the year - - post 31 March 2020.
Outstanding at the 31 March 2021 7,72,68,251 7,726.83
General Reserve
The Company appropriates a portion to general reserves out of the profits voluntarily to meet future contingencies.
The said reserve is available for payment of dividend to the shareholders as per the provisions of the Act

Notes Notes
Securities Premium The Company manages its capital structure and makes adjustments in light of changes in economic conditions and
Securities premium reserve is used to record the premium on issue of shares. The reserve can be utilised only for the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust
limited purposes such as issuance of bonus shares in accordance with the provisions of the Companies Act, 2013. the dividend payment to shareholders, return capital to shareholders or issue new shares. The Company monitors
capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company includes within net
Retained earnings debt, interest bearing loans and borrowings, less cash and cash equivalents, excluding discontinued operations.
Retained earnings represents all accumulated net income netted by all dividends paid to shareholders. Retained
earnings includes re-measurement loss/(gain) on defined benefit plans, net of taxes that will not be reclassified to As at As at
Statement of Profit and Loss. Retained earnings is a free reserve available to the Company. 31 March 2021 31 March 2020
Borrowings (note 17) 2,67,197.34 2,28,391.49
Other Comprehensive Income Current Borrowings (note 22) 11,509.10 13,884.70
Remeasurement of defined benefit plans Current maturities of long-term debt (note 24) 19,336.41 33,741.22
Remeasurements of defined benefit plans represents the following as per Ind AS 19, Employee Benefits: Current Investments (note 8) (8,824.97) (103.45)
Cash and Cash equivalents (note 10) (8,385.87) (3,613.18)
(a) actuarial gains and losses Fixed Deposits (note 5, 11 & 12) (1,49,347.40) (92,486.37)
Net debt 1,31,484.61 1,79,814.41
(b) the return on plan assets, excluding amounts included in net interest on the net defined benefit liability (asset); Total Equity 3,73,308.86 3,12,889.81
and Capital and net debt 5,04,793.47 4,92,704.22
Gearing ratio 26.05% 36.50%
(c) any change in the effect of the asset ceiling, excluding amounts included in net interest on the net defined
In order to achieve this overall objective, the company’s capital management, amongst other things, aims to
benefit liability (asset)
ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital
structure requirements. Breaches in meeting the financial covenants would permit the bank to immediately call
Dividend
loans and borrowings. There have been no breaches in the financial covenants of any interest-bearing loans and
The following dividends were paid by the Company for the year.
borrowing in the current period.
As at As at
31 March 2021 31 March 2020 No changes were made in the objectives, policies or processes for managing capital during the years ended 31
Final dividend for the year ended 31 March 2020: ` Nil per share - 7,726.83
March 2021 and 31 March 2020.
(31 March 2019: ` 10 per share)
Dividend Distribution tax on final dividend* - 1,588.27 17. Non-Current Financial Liabilities - Borrowings
Interim dividend for the year ended 31 March 2021: ` Nil per share - 5,795.12 As at As at
(31 March 2020: ` 7.50 per share) 31 March 2021 31 March 2020
Dividend Distribution tax on interim dividend* - 1,191.21 (Carried at amortized cost, unless otherwise stated)
- 16,301.43 Secured
*With effect from 01 April 2020, the Dividend Distribution Tax (‘DDT’) payable by the company under section 115O of Income Tax Act was a. Non convertible debentures 49,207.13 40,905.60
abolished and a withholding tax was introduced on the payment of dividend. As a result, dividend is now taxable in the hands of the recipient. Less: Current maturities of non convertible debentures (Refer note 24) 3,600.00 20,550.00
After the reporting date, the board of directors confirms the proposed divided as final dividend . The dividends have not been recognised as
liabilities and there are no tax consequences. b. Term Loans From banks in Local Currency 2,27,517.40 2,11,991.75
Less: Current maturities of term loans (Refer note 24) 14,267.53 12,481.36
As at As at
31 March 2021 31 March 2020
Proposed dividend for the year ended 31 March 2021: ` 15.00 per share (31 March 2020: ` Nil 11,590.24 - c. Vehicle loans 605.66 545.42
per share) Less: Current maturities of vehicle loans (Refer note 24) 278.13 350.02
11,590.24 -
d. VAT loans from Government 6,731.46 5,986.83
Less: Current maturities of vat loans (Refer note 24) 372.80 -
Capital management
For the purpose of the Company’s capital management, capital includes issued equity capital, securities premium
Unsecured
and all other equity reserves attributable to the equity holders of the Company. The primary objective of the
e. Deferred sales tax liabilities 2,472.10 2,703.11
Company’s capital management is to maximise the shareholder value.
Less: Current maturities of deferred sales tax liabilities (Refer note 24) 817.95 359.84
2,67,197.34 2,28,391.49

Notes Notes
17a. Particulars of Securities, Repayment & Interest Carrying Amount
Loan's Securities As at As at
Carrying Amount Repayment Year of Rate of
31 March 31 March
Frequency Maturity Interest p.a.
As at As at 2021 2020
Loan's Securities Repayment Year of Rate of
31 March 31 March 2) Secured Term Loans from Banks
Frequency Maturity Interest p.a.
2021 2020
Term Loan as shown includes ` 382.55 lacs
1) Secured Non Convertible Debentures (31 March 2020: ` 403.44 lacs) towards amortised
expenses.
'NCD as shown includes ` 192.86 lacs ( 31 March 2020: Annual 2020-21 10.25% - 2,700.00 Secured by pari-passu first charge on the Company's Quarterly 2023-24 MCLR+0.50% 4,786.03 6,200.31
` 44.40 lacs) towards amortised expenses. PPE (movable & immovable) by way of equitable
Non Convertible Debentures(NCDs): ` 49,400 lacs (31 mortgage on immovable Assets and hypothecation
March 2020: ` 40,950.00 lacs) on movable PPE,related to company's existing plant
i) Annual 2020-21 10.50% - 2,700.00 at Nimbahera, Mangrol & Gotan white.
Security for NCDs for ` Nil (31 March 2020:
` 10,950.00 lacs) i) Company's Existing Plant at Nimbahera having
capacity of 3.25 MnTPA.
Secured by first mortgage on the Company’s flat at Annual 2020-21 11.00% - 2,100.00
ii) Company's Existing Plant at Mangrol having
Ahmedabad and also against first pari-passu charge
capacity of 0.75 MnTPA.
on the assets specified below:-
iii) Company's Existing White Cement Plant at Gotan
Secured by pari-passu first charge on the Company's consisting of White Cement plant having capacity of
PPE (movable & immovable) by way of equitable 0.40 MnTPA and Thermal Power Plant.
mortgage on immovable Assets and hypothecation Secured by equitable mortgage of immovable Quarterly 2022-23 Fixed at 8.50% 1,607.14 2,305.21
on movable PPE , related to company's following properties and hypothecation of movable PPE
cement plants. pertaining to undertaking of J.K. Cement Works,
a) Company's Existing Plant at Nimbahera having Annual 2020-21 11.00% - 3,450.00 Gotan except current assets and vehicles.
capacity of 3.25 MnTPA. b) Company's Existing Plant Secured by First Pari-passu charge by way of Quarterly 2021-22 MCLR+ 0.50% - 3,373.84
at Mangrol having capacity of 0.75 MnTPA. equitable mortgage of all the immovable Properties
c) Company's Existing Plant at Gotan consisting of Annual 2023-24 10.50% 5,200.00 8,500.00 (except mining land) and hypothecation of all
White Cement plant having capacity of 0.40 MnTPA moveable non current assets, present and future
and Thermal Power Plant. d) Company's Existing pertaining to J.K. Cement Works and Thermal power
Thermal power plant at Bamania. plant, Muddapur, Karnataka.
ii) Security for NCDs for ` 24,400.00 lacs Annual 2023-24 11.00% 9,200.00 11,500.00 Secured by first pari-passu charge by way of Quarterly 2024-25 MCLR+ 0.40% 6,780.52 5,338.89
(31 March 2020: ` 30,000.00 lacs) equitable mortgage of all the immovable assets
Secured by first mortgage on the Company’s flat at Annual 2025-26 9.65% 10,000.00 10,000.00 except mining land & vehicles and hypothecation of
Ahmedabad and also against first pari-passu charge all movable PPE, present and future pertaining to J.K.
by way of equitable mortgage of all the immovable Cement Works, Muddapur, Karnataka.
assets except mining land and hypothecation of Secured by first pari-passu charge by way of Quarterly 2022-23 MCLR+0.50% 1,091.98 1,696.94
movable PPE pertaining to Company’s existing equitable mortgage of all the immovable assets
cement plant at village Muddapur Karnataka except mining land and hypothecation of all movable
iii)Security for NCDs for ` 25,000.00 lacs (31 March Semi Annual 2024-25 7.36% 25,000.00 - PPE, present and future pertaining to J.K. Cement
2020: ` Nil ) Secured by first pari-passu charge on Works, Muddapur, Karnataka.
the fixed assets related to Company's Grey Cement Secured by first pari-passu charge by way of Quarterly 2023-24 MCLR+0.25% - 1,102.28
Plants (excluding mining land, mining leases and equitable mortgage of all the immovable assets
vehicles) at (a) Nimbahera having capacity of 3.25 and hypothecation of all movable PPE, present and
Mn.tpa (b) Mangrol line 1 in the state of Rajasthan. future pertaining to J.K. Cement Works, Muddapur,
Sub Total (1) 49,400.00 40,950.00 Karnataka (excluding current assets).
Secured against exclusive charge on entire movable Quarterly 2023-24 Fixed at 8.50% 5,300.00 7,050.00
PPE (by way of hypothecation) and on immovable
PPE (by way of equitable mortgage) related to
the Wall Putty project at Katni, Madhya Pradesh
(excluding current assets and mining land, if any).

Notes Notes
Carrying Amount 17b. Net Debt Reconciliation

Loan's Securities As at As at
Repayment Year of Rate of As at As at
31 March 31 March
Frequency Maturity Interest p.a. 31 March 2021 31 March 2020
2021 2020
Secured by First charge by way of equitable Quarterly 2030-31 MCLR+ 0.50% 93,155.03 97,620.19 This section sets out an analysis of net debt and the movements in net debt for each of
mortgage, on all the immovable properties, both the year presented
present and future pertaining to, the new cement Cash and cash equivalents 8,385.87 3,613.18
Plant at Mangrol, Rajasthan (save and except Fixed Deposits 1,49,347.40 92,486.37
mining land) including captive power plant of 25 Liquid investments 8,824.97 103.45
MW and waste heat recovery based power plant
Current borrowings (30,845.51) (47,625.92)
of 10 MW and split Grinding Unit at Jharli, Haryana
and hypothecation of all the movable PPE of the Non current borrowings (2,67,197.34) (2,28,391.49)
above plants (save and except Current Assets), Net Debt (1,31,484.61) (1,79,814.41)
both present and future and second charge on all
current assets, present and future, pertaining to the
above plants (subject to prior charge created or to 17c. Changes in liabilities arising from financial activities
be created on the Current Assets in favour of the
Working Capital Lenders for securing the Working Non-Current
Lease liabilities
Current borrowings
Capital Facilities. Particulars
borrowings (including current
(including current
and non current)
Quarterly 2030-31 MCLR+ 0.40% 11,179.24 11,707.53 maturities)
(i)Secured by pari-passu first charge by way Quarterly 2031-32 MCLR+0.35% 1,04,000.00 76,000.00 Opening balance as at 01 April 2019 15,981.68 2,19,880.06 -
of equitable mortgage of the immovable Recognition on 01 April 2019 due to adoption of Ind AS 116 - - 1,598.55
properties,present and future, pertaining to the
Addition on account of new leases during the year - - 346.31
Mangrol 3rd Line clinker unit, Mangrol WHR Plant,
Aligarh Grinding unit and Balasinor Grinding unit but Cash flow (net) (2,096.98) 42,252.65 (474.69)
excluding mining land. Interest expenses - - 136.26
As at 31 March 2020 13,884.70 2,62,132.71 1,606.43
(ii) First pari-passu charge with existing lenders
by way of equitable mortgage of the immovable Addition on account of new leases during the year - - 769.32
properties present and future, pertaining to the Cash flow (net) (2,375.60) 24,401.04 (650.40)
Mangrol expanded Grinding unit and Nimbahera Interest expenses - - 137.16
expanded Grinding unit but excluded the mining land. As at 31 March 2021 11,509.10 2,86,533.75 1,862.51
(iii) Secured by pari passu first charge by way of
hypothecation of the movable fixed assets both
17d. Non-Current Financial Liabilities - Lease
present and future, pertaining to the Mangrol 3rd Line
clinker unit, Mangrol WHR Plant, Aligarh Grinding unit As at As at
and Balasinor Grinding unit, (save and except the 31 March 2021 31 March 2020
current assets and vehicles).
Lease liabilities 1,343.37 1,236.80
(iv) First pari-passu charge by way of hypothecation 1,343.37 1,236.80
of the movable fixed assets, both present and future,
pertaining to Mangrol expanded Grinding unit and
Nimbahera expanded Grinding unit (save and except 18. Non-Current Financial Liabilities - Others
the current assets and vehicles).
As at As at
(v) Secured by second charge by way of hypothecation 31 March 2021 31 March 2020
of the current assets pertaining to Mangrol 3rd line Security deposits 31,077.40 27,370.79
clinker unit, Mangrol WHR Plant, Aligarh Grinding unit,
31,077.40 27,370.79
Balasinor Grinding unit, Mangrol Expanded Grinding
unit and Nimbahera Expanded Grinding unit both
present and future (subject to prior charge created 19. Non-Current Provisions
or to be created on the current assets in favour of
borrower's bankers for securing their working capital As at As at
advances.). 31 March 2021 31 March 2020
Sub Total (2) 2,27,899.94 2,12,395.19 Provision for employee benefits (Refer note 38)
Total (1) + (2) 2,77,299.94 2,53,345.19 - Gratuity - 20.00
Less : Shown in current maturities of long term debt [Refer note 17 (a+b)] 17,867.53 33,031.36 - Leave encashment 3,184.85 3,136.39
Balance shown as above 2,59,432.41 2,20,313.83 Provision for mines restoration charges* 1,006.68 881.87
4,191.53 4,038.26

Notes Notes
As at As at C. Amounts recognised in profit or loss

31 March 2021 31 March 2020
* Provision for mines restoration charges: For the year ended For the year ended
31 March 2021 31 March 2020
Opening balance 881.87 816.43
Current tax expense*
Addition during the year 124.81 65.44
Current year 30,755.78 17,123.87
Closing balance 1,006.68 881.87
30,755.78 17,123.87
The Company provides for the expenditure to reclaim the quarries used for mining in the Statement of Profit and Deferred tax charge/(credit)
Loss based on the estimated expenditure required to be made towards restoration and rehabilitation at the time of Origination and reversal of temporary differences 6,013.23 9,229.80
vacation of mine. Provisions are reviewed at each balance sheet date and are adjusted to reflect the current best Earlier year tax adjustment 2,203.06 (1,190.05)
estimates. 8,216.29 8,039.75
Total tax expenses 38,972.07 25,163.62
20. Deferred Tax Liabilities (net)
D. Amounts recognised in other comprehensive Income
A. The balance comprises temporary differences attributable to:
For the year ended 31 March 2021 For the year ended 31 March 2020
As at As at
Tax Tax
31 March 2021 31 March 2020
Before tax (Expense)/ Net of tax Before tax (Expense)/ Net of tax
Deferred tax liabilities Income Income
Property, plant and equipment 77,926.22 72,286.91 Remeasurements of defined 209.77 (73.30) 136.47 (195.25) 68.40 (126.85)
Deferred tax assets benefit liability
Employee benefits 1,281.42 1,336.36 209.77 (73.30) 136.47 (195.25) 68.40 (126.85)
Trade receivables 841.87 775.27
Liability on payment basis 2,945.73 3,404.61 E. Reconciliation of effective tax rate
MAT credit entitlement 13,462.96 24,959.75
For the year ended 31 March 2021 For the year ended 31 March 2020
59,394.24 41,810.92
Rate Amount Rate Amount
Profit before tax 34.94% 99,254.65 34.94% 65,201.21
B. Movement in deferred tax balances Tax using the Company’s domestic tax rate 34,683.54 22,783.91
Tax effect of:
As at Recognized Recognized As at
31 March 2020 in P&L in OCI 31 March 2021 Non-deductible expenses 923.50 347.81
Deferred tax assets Provision for impairment (Non-Deductible expenses) 5,558.66 6,225.28
Employee benefits 1,336.36 18.36 (73.30) 1,281.42 Tax-exempt income & incentives (4,396.69) (4,283.71)
Trade receivables 775.27 66.60 - 841.87 Others 2,203.06 90.33
Liability on expenses 3,404.61 (458.88) - 2,945.73 38,972.07 25,163.62
MAT credit entitlement 24,959.75 (11,496.79) - 13,462.96 *The Government of India on 20 September 2019, vide the Taxation Laws (Amendment) Ordinance 2019, inserted a new section 115BAA in the
Income-tax Act, 1961, which provides domestic companies a non-reversible option to pay corporate tax at reduced rates effective, 1 April
Sub- total (a) 30,475.99 (11,870.71) (73.30) 18,531.98 2019, subject to certain conditions. The Company is continuing to provide for income tax at old rates, considering available unutilised minimum
Deferred tax liabilities alternative tax credit and other tax benefits/holidays.
Property, plant and equipment 72,286.91 5,639.31 - 77,926.22
21. Other Non-Current Liabilities
Sub- total (b) 72,286.91 5,639.31 - 77,926.22
Net deferred tax liability (b)-(a) 41,810.92 17,510.02 73.30 59,394.24 As at As at
31 March 2021 31 March 2020
Deferred income on government grants 7,820.63 7,812.07
As at Recognized Recognized in As at 7,820.63 7,812.07
31 March 2019 in P&L OCI 31 March 2020
Government grants have been received against the purchase of certain items of property, plant
Deferred tax assets and equipment. There are no unfulfilled conditions or contingencies attached to these grants.
Employee benefits 1,100.28 167.68 68.40 1,336.36 Opening balance
Trade receivables 647.07 128.20 - 775.27 Current 823.80 814.06
Liability on expenses 3,255.39 149.22 - 3,404.61 Non current 7,812.07 8,668.22
MAT credit entitlement 26,359.74 (1,399.99) - 24,959.75 8,635.87 9,482.28
Sub- Total (a) 31,362.48 (954.89) 68.40 30,475.99 Net received/(paid) during the year 307.17 (541.51)
Deferred tax liabilities Released to statement of profit or loss 300.65 304.90
Property, plant and equipment 62,612.01 9,674.90 - 72,286.91 Closing balance
Current 821.76 823.80
Sub- Total (b) 62,612.01 9,674.90 - 72,286.91
Non-current 7,820.63 7,812.07
Net Deferred Tax Liability (b)-(a) 31,249.53 10,629.79 (68.40) 41,810.92
8,642.39 8,635.87

Notes Notes
22. Current Financial Liabilities - Borrowings 25. Other Current Liabilities
(Carried at Amortised Cost, except otherwise stated) Statutory dues payable 11,570.01 4,202.77
Loan repayable on demand (Secured)* Deferred income from government grants 821.76 823.80
- From banks 11,424.54 10,846.75 Contracted Liability 11,497.51 9,568.45
- Acceptance - Bill of Exchange - 3,037.95 Others* 31,364.86 21,378.79
- In EEFC accounts 84.56 - 55,254.14 35,973.81
11,509.10 13,884.70 *It includes Retention price and Liability towards dealer incentive relates to the accrual and release of in-kind discount.
*Loan repayable on demand are secured by first charge on current assets of the Company namely inventories, book debts etc. and second
charge on PPE of the Company except the PPE pertaining to J.K. Cement Works, Gotan, J.K. Cement Works, Balasinor, J.K. Cement Works,
Katni and the assets having exclusive charge of other lenders. Second charge on fixed assets at Karnataka plant shall rank pari passu with the 26. Current Provisions
State Govt. of Karnataka for interest free loan against VAT payable by the Borrower.
As at As at
31 March 2021 31 March 2020
22a. Current Financial Liabilities - Lease Employee benefits 1,087.61 2,054.68
Provision for Contingency* 7,384.49 9,014.88
As at As at
31 March 2021 31 March 2020 8,472.10 11,069.56
Lease liabilities 519.14 369.63 * Movement of provision during the year as required by Ind AS - 37 " Provisions, Contingent Liabilities and Contingent Asset"
519.14 369.63
As at As at
23. Current Financial Liabilities - Trade Payables 31 March 2021 31 March 2020
Provision for Contingency
As at As at
31 March 2021 31 March 2020 Opening Balance 9,014.88 8,499.61
(Carried at Amortised Cost, except otherwise stated) Add: Provision during the year 1,035.99 993.44
(a) Total outstanding dues of micro enterprises and small enterprises (Refer note 41) 6,166.70 2,159.74 Less; Utilisation during the year (2,666.38) (478.17)
(b) Total outstanding dues of creditors other than micro enterprises and small enterprises 48,828.56 43,103.90 Closing Balance 7,384.49 9,014.88
54,995.26 45,263.64
27. Revenue from Contracts with Customers
Based on the information available with the Company regarding the status of suppliers as defined under MSMED
Act,2006, there was no principal amount overdue and no interest was payable to the Micro, Small and Medium For the year ended For the year ended
Enterprises on 31 March 2021 as per the terms of contract. 31 March 2021 31 March 2020
Sale of products* 6,23,341.79 5,39,713.19
Trade payables are non-interest bearing and are generally on terms of below 90 days.
Total (i) 6,23,341.79 5,39,713.19
Other operating revenues
24. Current Financial Liabilities - Others
Claims realised 105.76 137.84
As at As at Government grants 6,246.75 4,348.91
31 March 2021 31 March 2020 Miscellaneous income 3,133.58 2,176.83
Current maturities of long-term debt 19,336.41 33,741.22 Total (ii) 9,486.09 6,663.58
Employee dues 1,867.66 1,670.83 Revenue from operations [(i) + (ii)] 6,32,827.88 5,46,376.77
Interest accrued but not due on borrowings 802.79 848.14 *Reconciliation of Revenue as per Contract Price and as recognized in the Statement of
Unpaid dividends 137.30 170.27 Profit and Loss
Unclaimed fraction money 9.21 9.21 Revenue as per Contract Price 7,14,582.43 6,13,385.15
Security deposits 3,196.39 2,756.73 Less: Discounts and Incentives** (91,240.64) (73,671.96)
Project creditors 9,867.09 13,048.72 Total Revenue from Contracts with Customers 6,23,341.79 5,39,713.19
Temporary book overdraft 4,083.75 1,802.78 **Includes variable considerations which are included in the transaction price determined at the inception of the contract.
Others 1,581.54 1,348.74
40,882.14 55,396.64

Notes Notes
28. Other Income 32. Finance Costs
For the year ended For the year ended For the year ended For the year ended
Interest income from financial assets measured at amortised cost Interest expenses 23,257.95 24,471.28
- from bank deposits 7,420.39 5,223.97 Interest expenses on Lease liabilities 137.16 136.26
- from others 878.93 471.26 Other borrowing costs (includes bank charges, etc.) 250.90 258.86
Gain on fair valuation/sale of investment (net) 218.93 845.38 Unwinding of discounts 563.58 496.45
Government grants * 300.65 304.90 Exchange differences regarded as an adjustment to borrowing costs - 177.56
Miscellaneous income 1,934.55 1,742.98 24,209.59 25,540.41
Net gain on foreign currency transactions and translation 582.25 - Less: Capitalised 1,893.39 3,253.70
11,335.70 8,588.49 22,316.20 22,286.71
*Government grants income on account of capital subsidy recognised over the period of useful life of property, plant and equipment against
which the grant is received.
33. Depreciation and Amortisation Expense
For the year ended For the year ended

29. Cost of Materials Consumed 31 March 2021 31 March 2020
For the year ended For the year ended Depreciation on tangible assets 23,086.88 20,189.87
31 March 2021 31 March 2020 Amortisation on intangible assets 207.60 211.69
Opening inventory (A) 10,410.08 9,533.92 Depreciation on Right of use assets 1,173.23 1,037.31
Purchases (B) 1,00,582.05 88,075.34 24,467.71 21,438.87
Closing inventory (C) (14,475.23) (10,410.08)
34. Other Expenses
Total (A+B+C) 96,516.90 87,199.18
31 March 2021 31 March 2020
30. Changes in Inventories of Finished Goods,Work-in-Progress and Traded Goods
Packing material consumed 26,103.70 22,060.78
For the year ended For the year ended Stores and spares consumed 9,397.37 9,429.66
31 March 2021 31 March 2020 Repairs and maintenance:
Closing inventory - Buildings 1,086.61 1,144.07
Work-in-progress (8,407.42) (7,168.66) - Plant and machinery 8,352.94 8,162.54
Finished goods (8,260.53) (11,530.37) - Other assets 76.66 152.28
Traded Goods (148.73) (64.94) Other manufacturing expenses 840.61 844.73
Total (A) (16,816.68) (18,763.97) Rent 1,792.59 2,041.36
Opening inventory Lease rent and hire charges 4.45 7.19
Work-in-progress 7,168.66 4,080.90 Rates and taxes 1,288.28 1,094.65
Finished goods 11,530.37 8,023.91 Insurance 1,641.57 1,097.39
Traded Goods 64.94 5.67 Travelling and conveyance # 2,181.88 3,368.34
Total (B) 18,763.97 12,110.48 CSR expenses (Refer note no 43) 1,226.14 934.83
Total (A-B) 1,947.29 (6,653.49) Bad trade receivables / advances / deposits written off 325.00 -
Expected Credit loss for trade receivables/advances 120.26 171.14
Loss on disposal of property, plant & equipment 4,585.37 3,227.60
31. Employee Benefits Expense
Legal & Professional expenses 6,086.14 7,856.14
For the year ended For the year ended Sales promotion and other selling expenses 14,627.99 16,034.10
31 March 2021 31 March 2020 Advertisement and publicity 7,290.63 8,151.00
Salaries and wages 35,939.79 33,507.58 Miscellaneous expenses # 13,749.11 12,495.39
Contribution to provident and other funds (Refer note 38) 3,398.95 3,453.83 1,00,777.30 98,273.19
Staff welfare expenses 1,875.10 2,129.01 #Details of Payments to Statutory Auditors
41,213.84 39,090.42 As auditor:
Audit fees 140.00 146.00
For other services
Certification fees and other matters 12.75 6.50
Re-imbursement of expenses 1.37 13.03
154.12 165.53

Notes Notes
35. Earning Per Share As at As at

31 March 2021 31 March 2020
For the year ended For the year ended 11 In respect of Interest on Rajasthan Electricity duty WHR 2017-18,2018-2019 and 460.51 198.77
31 March 2021 31 March 2020
2019-2020
Total profit for the year attributable to equity shareholders 60,282.58 40,037.59 * Disputes are primarily on account of disallowances of input credits, interest on
Weighted average number of equity shares of ` 10/- each (In lacs) 772.68 772.68 entry tax, etc.
EPS - Basic and Diluted (in `) 78.02 51.82 **The Government of India introduced the Direct tax, Vivad se Vishwas scheme,
2020 by enactment of the Direct Tax Vivad Se Vishwas Act, 2020 and the Direct
tax Vivad Se Vishwas Rules, 2020 for settlement of pending Income tax disputes.
36. Contingent liabilities, contingent assets and commitments The Company has settled its pending Income Tax Disputes from AY 2005-06 to
2018-19 (except AY 2007-08 and 2008-09) Under the said scheme and accordingly
As at As at corresponding contingent liabilities pertaining to these years have been reduced.
31 March 2021 31 March 2020
Based on the final settlement orders received from the designated authority under
A. Contingent liabilities in respect of: the scheme for all the above years, the Company has recongnized an amount of
1. Claim against the Company not acknowledged as debts (includes show cause 6,941.93 25,168.06 ` 2,150.48 lacs in the Statement of Profit and Loss for the year ended 31 March
notices pertaining to excise duty and others) (cash flow is dependent on court 2021 and is included in the “Earlier year tax adjustment”.
decision pending at various level) #The Company has opted the Amnesty Scheme Under the Sabka Vishwas (Legacy
2. There are numerous interpretative issues relating to the Supreme Court (SC) Dispute Resolution) Scheme 2019, announced by the Government of India,2021 in
judgement dated 28 February 2019 on Provident Fund (PF) on the inclusion relation to disputed liabilities of entry tax cases. Entry tax cases have been settled
of allowances for the purpose of PF contribution as well as its applicability of Up to 2011-12 and accordingly Company’s contingent liabilities in relation to these
effective date. The Company is evaluating and seeking legal inputs regarding years have been reduced by ` 5,042 lacs during the current year.
various interpretative issues and its impact. As a matter of caution, the Company Financial Guarantees
has applied the judgement on a prospective basis from the date of the SC order. 12 Corporate guarantees given to Banks for finance provided to subsidiary 38,897.98 48,439.21
The Company will update its provision for the period prior to the Supreme Court Companies.
judgement, on receiving further clarity on the subject.
The Company has assessed that it is only possible, but not probable, that outflow
Other for which the Company is contingently liable of economic resources will be required for the above guarantees.
3. In respect of disputed demands for which Appeals are pending with Appellate B. Commitments
Authorities/Courts – no provision has been considered necessary by the
Capital commitment 8,934.48 28,242.68
Management
C. Contingent assets
a) Excise duty * 2,351.44 2,277.83
Insurance Claims 129.68 296.90
b) Sales and Entry Tax*# 1,380.63 6,695.61
c) Service Tax* 48.56 277.45
d) Income Tax (primarily on account of disallowance of depreciation on goodwill 1,087.48 8,134.44 37. Segment information
and additional depreciation on power plants etc.)** Segment information is presented in respect of the Company’s key operating segments. The operating
4. In respect of interest on “Cement Retention Price” realised in earlier years 1,312.57 1,292.19 segments are based on the Company’s management and internal reporting structure.
5. In respect of penalty of non lifting of fly Ash - 2,009.45
6 "The Competition Commission of India (` CCI') has imposed penalty of ` 12,854 13,782.00 13,782.00 Operating Segments
lacs ('first matter') and ` 928 lacs ('second matter') in two separate orders dated The Company's Board of Directors have been identified as the Chief Operating Decision Maker ('CODM'), since
31 August 2016 and 19 January 2017 respectively for alleged contravention of they are responsible for all major decision w.r.t. the preparation and execution of business plan, preparation of
provisions of Competition Act 2002 by the Company. The Company has filed budget, planning, expansion, alliance, joint venture, merger and acquisition, and expansion of any new facility.
appeals against the above orders. The National Company Law Appellate Tribunal
(` NCLAT'), on hearing the appeal in the first matter, upheld the decision of CCI for
levying the penalty vide its order dated 25 July 2018. Post order of the NCLAT, CCI
Board of Directors reviews the operating results at company level, accordingly there is only one Reportable
issued a revised demand notice dated 7 August 2018 of ` 15,492 lacs consisting Segment for the Company which is "Cement", hence no specific disclosures have been made.
of penalty of ` 12,854 lacs and interest of ` 2,638 lacs. The Company has filed
appeal with Hon'ble Supreme Court against the above order. Hon'ble Supreme Entity wide disclosures
Court has stayed the NCLAT order. While the appeal of the Company is pending for A. Information about product total revenue
hearing, the Company backed by a legal opinion, believes that it has a good case
and accordingly no provision has been considered in the books of accounts. In the For the year ended For the year ended
Product
second matter, demand had been stayed and the matter is pending for the hearing 31 March 2021 31 March 2020
before NCLAT. Grey Cement 4,62,880.07 3,82,401.32
7 In respect of land tax levied by state Government of Rajasthan 15.46 15.46 White Cement and allied products 1,60,461.72 1,57,311.87
8 In respect of demand of Railway Administration pending with Jodhpur High Court 218.86 218.86
9 In respect of charges on account of electricity duty, water cess etc. levied by Ajmer 6,489.34 5,861.64
Vidyut Vitran Nigam Ltd (AVVNL)
10 In respect of Environmental and Health Cess 328.37 324.52

Notes Notes
B. Information about geographical areas B. Movement in net defined benefit (asset) liability - Gratuity (Funded)
Non-current assets (Property, plant and equipment, Intangible assets and other non-current assets) are The following table shows a reconciliation from the opening balances to the closing balances for net defined
in India. benefit (asset) liability and its components:
31 March 2021 31 March 2020

Revenue Net defined Net defined
31 March 2021 31 March 2020 Defined Defined
Fair value of benefit Fair value of benefit
Within territory 6,20,976.48 5,36,568.90 benefit
plan assets (asset)/
benefit
plan assets (asset)/
obligation obligation
Outside territory 2,365.31 3,144.29 liability liability
Opening Balance 7,856.12 6,295.69 1,560.43 7,421.64 6,757.35 664.29
C. Information about major customers (from external customers) Included in profit or loss
The Company has not derived revenues from single customer during the year as well as during previous Current service cost 782.01 - 782.01 652.39 - 652.39
year which amount to 10 per cent or more of the entity’s revenues. Interest cost (income) 478.01 427.15 50.86 507.97 459.47 48.50
1,260.02 427.15 832.87 1,160.36 459.47 700.89
38. Employee benefits Included in OCI
The Company contributes to the following post-employment defined benefit plans in India. Remeasurements loss (gain)
Actuarial loss (gain) arising from:
(i) Defined Contribution Plans: - financial assumptions (48.59) - (48.59) 217.82 - 217.82
The Company makes contributions towards provident fund and superannuation fund to a defined contribution - demographic assumptions (249.67) (249.67) - - -
retirement benefit plan for qualifying employees. Under the plan, the Company is required to contribute a - experience adjustment 51.70 - 51.70 (17.29) - (17.29)
specified percentage of payroll cost to the retirement benefit plan to fund the benefits. - return on plan assets excluding - (36.79) 36.79 - 5.28 (5.28)
interest income
For the year ended (246.56) (36.79) (209.77) 200.53 5.28 195.25
31 March 2021 31 March 2020 Other
Contribution to government Provident Fund 1,345.72 1,398.53 Contributions paid by the employer - 1,540.42 (1,540.42) - - -
Contribution to Superannuation Scheme 399.36 440.95 Benefits paid directly by the (17.71) (17.71) - - -
Contribution to Family Pension Fund 610.20 568.21 Company
Benefits paid (988.75) (988.75) - (926.41) (926.41) -
(1,006.46) 551.67 (1,558.13) (926.41) (926.41) -
(ii) Defined Benefit Plan: Closing Balance 7,863.12 7,237.72 625.40 7,856.12 6,295.69 1,560.43
The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972.
Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of
gratuity payable on retirement/termination is the employees last drawn basic salary per month computed C. Plan assets
proportionately for 15 days salary multiplied for the number of years of service. The gratuity plan is a funded The plan assets are managed by the Gratuity Trust formed by the Company. The management of 100% of
plan and the Company makes contributions to Group Gratuity Trust registered under Income Tax Act-1961. the funds is entrusted according to norms of Gratuity Trust, whose pattern of investment is available with the
Company.
The most recent actuarial valuation of plan assets and the present value of the defined benefit obligation for
gratuity were carried out as at 31 March 2021. The present value of the defined benefit obligations and the Particulars
As at As at
March 31, 2021 March 31, 2020
related current service cost and past service cost, were measured using the Projected Unit Credit Method.
Government of India Securities (Central and State) 50.24% 53.93%
High quality corporate bonds (including Public Sector Bonds) 21.13% 20.65%
A. Based on the actuarial valuation obtained in this respect, the following table sets out the status of the gratuity
Cash (including Special Deposits) 28.63% 25.42%
plan and the amounts recognised in the Company’s financial statements as at balance sheet date:
31 March 2021 31 March 2020 D. Actuarial assumptions

Net defined benefit obligation 7,863.12 7,856.12 The following were the principal actuarial assumptions at the reporting date (expressed as weighted
Total employee benefit asset 7,237.72 6,295.69 averages).
Net defined benefit liability 625.40 1,560.43
31 March 2021 31 March 2020
Discount rate 6.30% 6.50%
Expected rate of return on plan assets 6.30% 6.50%
Mortality
Turnover rate : Staff 8% of all ages 5% of all ages
Turnover rate : Worker 1% of all ages 1% of all ages
Expected rate of future salary increase First Year 7% First Year 5%
Thereafter 10% Thereafter 10%

Notes Notes
Assumptions regarding future mortality have been based on published statistics and mortality tables. G. The expected benefit payments in future years:
At 31 March 2021, the weighted-average duration of the defined benefit obligation was 7 years (as at 31 March 31 March 2021 31 March 2020
2020: 7 years). Within the next 12 months (next annual reporting period) 833.82 870.63
Between 2 and 5 years 3,787.39 3,432.78
E. Sensitivity analysis Between 5 and 10 years 4,934.57 4,564.12
Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other Beyond 10 years 20,157.93 23,496.39
assumptions constant, would have affected the defined benefit obligation by the amounts shown below. Total expected payments 29,713.71 32,363.92
Gratuity
H. The expected employer contribution in the next year
31 March 2021 31 March 2020
31 March 2021 31 March 2020
Increase Decrease Increase Decrease
Discount rate (1% movement) (557.54) 649.04 (589.19) 693.69 Within the next 12 months (next annual reporting period) 625.40 1560.43
Expected rate of future salary increase 514.81 (475.64) 540.75 (498.59)
(1% movement) I. Social Security Code
(42.73) 173.40 (48.44) 195.10 The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the
Company towards Provident Fund and Gratuity. The Ministry of Labour and Employment has released draft rules
Although the analysis does not take account of the full distribution of cash flows expected under the plan, it for the Code on Social Security, 2020 on 13 November 2020, and has invited suggestions from stakeholders which
does provide an approximation of the sensitivity of the assumptions shown. are under active consideration by the Ministry. The Company will assess the impact and its valuation once the
subject rules are notified and will give appropriate impact in its financial statements in the period in which, the Code
The actuarial demographic assumptions taken for the calculation are as follows becomes effective and the related rules to determine the financial impact are published.
31 March 2021 31 March 2020
39. Related parties
Withdrawal Rate Staff 8% Staff 5%
(1) (a) Parties where the control/significant influence exists:-
Workers 1% Workers 1%
i) Yadu International Ltd
Mortality Rate Indian Assured Lives Indian Assured Lives
(b) Key Management Personnel & their Relatives:
Mortality (2006-08)Ultimate Mortality (2006-08)Ultimate i) Shri Yadupati Singhania (Till 13 August 2020) Managing Director
ii) Smt. Sushila Devi Singhania (w.e.f. 31 August 2020) Chairperson and Non Executive Non Independent
Director
F. Through its defined benefit plans, the company is exposed to a number of risks, the most significant of
iii) Dr. Raghavpat Singhania (w.e.f. 31 August 2020) Managing Director
which are detailed below: iv) Shri Madhavkrishna Singhania (w.e.f. 31 August 2020) Dy Managing Director and CEO

Asset volatility: The plan liabilities are calculated using a discount rate set with reference to bond yields; if v) Shri Ajay Kumar Saraogi (w.e.f. 31 August 2020) Dy Managing Director and CFO
vi) Shri Shambhu Singh Company Secretary
plan assets underperform this yield, this will create a deficit. Most of the plan asset investments is in fixed
vii) Shri Achintya Karati Non Executive Independent Director
income securities with high grades and in government securities. These are subject to interest rate risk and viii) Shri Jayant Narayan Godbole Non Executive Independent Director
the fund manages interest rate risk with derivatives to minimise risk to an acceptable level. ix) Dr. Krishna Behari Agarwal Non Executive Independent Director
x) Shri K.N.Khandelwal (Till 17 June 2020) Non Executive Non Independent Director

Changes in bond yields: A decrease in bond yields will increase plan liabilities, although this will be partially xi) Shri Suparas Bhandari Non Executive Independent Director
offset by an increase in the value of the scheme's bond holdings. xii) Mr. Paul Heinz Hugentobler Non Executive Non Independent Director
xiii) Smt. Deepa Gopalan Wadhwa Non Executive Independent Director

Life expectancy: The pension obligations are to provide benefits for the life of the member, so increase in life xiv) Shri Sudhir Jalan Non Executive Non Independent Director
xv) Shri Ashok Sinha Non Executive Independent Director
expectancy will result in increase in plans liability. This is particularly significant where inflationary increases
xvi) Shri Saurabh Chandra Non Executive Independent Director
result in higher sensitivity to changes in life expectancy. xvii) Mrs. Kavita Y Singhania Non Executive Non Independent Director
(For period 31 August 2020 to 20 January 2021)
The Company ensures that the investment positions are managed within an asset-liability matching (ALM) (c) Enterprises significantly influenced by Key Management Personnel or their Relatives.
framework that has been developed to achieve long-term investments that are in line with the obligations i) Jaykay Enterprises Ltd *
under the employee benefit plans. Within this framework, the company's ALM objective is to match assets ii) J K Cotton Ltd. *
to the pension obligations under the employee benefit plan term fixed interest securities with maturities that iii) J K Paints and Pigments Limited (Erstwhile Jaykaycem (Eastern) Ltd)
iv) J.K. Cement(Western) Ltd
match the benefit payments as they fall due and in the appropriate currency. The Company actively monitors
v) Jaykaycem (Northern) Ltd
how the duration and the expected yield of the investments are matching the expected cash outflows arising vi) J K Traders Ltd.
from the employee benefit obligations. The Company has not changed the processes used to manage its risks (d) Subsidiary Companies.
from previous periods. Investments are well diversified, such that the failure of any single investment would i) J.K. Cement (Fujairah) FZC (Holding Company of (ii) below)
not have a material impact on the overall level of assets. A large portion of assets at reporting date consists of ii) J.K. Cement Works(Fujairah) FZC
government and corporate bonds, although the Company also invests in equities, cash and mutual funds. The iii) Jaykaycem(Central) Ltd
Company believes that equities offer the best returns over the long term with an acceptable level of risk. iv) J K White Cement(Africa) Ltd.
* Transactions taken upto September, 2020.

Notes Notes
(2) a) Following are the transactions with related parties as defined under section 188 of Companies Act b) Terms and conditions of transactions with related parties
2013 and Ind AS 24. The sales to and purchases from related parties are made on terms equivalent to those that prevail in arm’s
length transactions. Outstanding balances at the year-end are unsecured and interest free and settlement
31 March 2021 31 March 2020
occurs in cash. There have been no guarantees (except corporate guarantees) provided or received for
(i) Jaykay Enterprises Ltd any related party receivables or payables. For the year ended 31 March 2020, the Company had recorded
- Services received 17.70 35.40
impairment of receivables relating to amounts owed by related parties ` 1,663.58 lacs (Refer note 12). This
- Rent paid 32.72 61.11
assessment is undertaken each financial year through examining the financial position of the related party
- Expenses Reimbursed 26.34 70.11
(ii) J K Cotton Ltd
and the market in which the related party operates.
- Rent paid 16.05 32.11
- Sale of Products - 0.02 c) Compensation of key management personnel of the Company
(iii) J.K. Cement(Fujairah)FZC
For the year ended
- Corporate Guarantees 38,897.98 48,439.21
31 March 2021 31 March 2020
- Interest on Corporate Guarantees 82.84 82.84
- Amount paid as application money for equity shares - 3,268.16 - short-term employee benefits 2,525.54 2,841.15
- Amount paid as application money for Non cum preference shares** 9,694.21 5,342.56 - other long-term benefits 19.19 23.60
- Allotment of equity shares - 7,315.75 2,544.73 2,864.75
- Allotment of Non cumulative preference shares 9,624.00 3,232.68
**Includes share application money of ` 2,180.05 lacs against which non cumulative Post employment benefit such as gratuity which are actuarially determined on an overall basis are not disclosed
redeemable preference shares in J.K. Cement (Fujairah) FZC are yet to be allotted. The separately.
allotment is expected to be made by end of June, 2021.
(iv) J.K. Cement Works (Fujairah)FZC
40. Financial instruments – Fair values and risk management
- Purchases 2,615.65 3,366.65
- Sale of Products - 17.41
I. Fair value measurements
- Commission paid 48.99 81.96 A. Financial instruments by category

- Amount payable against purchase 119.23 471.18
(v) J K White Cement (Africa) Ltd. As at 31 March 2021 As at 31 March 2020
- Received during the year 144.87 - Amortised Amortised
FVTPL FVOCI FVTPL FVOCI
- Sale of Goods 74.95 185.96 cost cost
- Amount receivable against sale (Refer note 9) - 66.72 Financial assets
(vi) Jaykaycem (Central) Ltd. Investments 13,221.90 - 12,856.67 4,583.74 - 3,232.67
- Equity shares acquired during the year 22,500.00 1,000.00 Other financial assets - - 64,442.48 - - 53,328.84
(vii) Key Management Personnel and their relatives Trade receivables - - 31,608.92 - - 22,344.74
a) Shri Y.P. Singhania(Managing Director)(Till 13 August 2020) Cash and cash equivalents - - 8,385.87 - - 3,613.18
- Remuneration - 2,205.40
Other Bank balances - - 1,07,791.75 - - 59,499.71
- Rent paid 5.04 15.13
13,221.90 - 2,25,085.69 4,583.74 - 1,42,019.14
- Rent paid to relatives 27.40 30.46
Financial liabilities
- Reimbursement of Water tax and house tax - 8.13
b) Smt Sushila Devi Singhania(Director) Non Current Borrowings - - 2,67,197.34 - - 2,28,391.49
- Commission 25.00 9.50 Other non-current financial liabilities - - 31,077.40 - - 27,370.79
- Sitting Fees 3.75 1.25 Short term borrowings - - 11,509.10 - - 13,884.70
- Rent paid 13.16 - Trade payables - - 54,995.26 - - 45,263.64
c) Dr. Raghavpat Singhania (Managing Director: Part of the year)* Other current financial liabilities - 40,882.14 55,396.64
- Remuneration(for the year) 901.15 162.05 - - 4,05,661.24 - - 3,70,307.26
d) Shri Madhavkrishna Singhania (Dy Managing Director and CEO: Part of the year)**
- Remuneration(for the year) 820.89 126.26 B. Fair value hierarchy
e) Shri Ajay Kumar Saraogi (Dy Managing Director and CFO: Part of the year)*** This section explains the judgements and estimates made in determining the fair values of the financial
- Remuneration 730.53 292.16 instruments that are:
f) Shri Shambhu Singh
(a) recognised and measured at fair value and
- Remuneration 72.97 61.58
g) Other Directors (b) measured at amortised cost and for which fair values are disclosed in the financial statements.
- Commission 90.00 95.00
- Sitting Fees 42.00 38.50 To provide an indication about the reliability of the inputs used in determining fair value, the Company has
- Paid to other Director Mr. Paul Heinz Hugentobler on professional capacity. 110.50 108.01 classified its financial instruments into the three levels prescribed under the accounting standard. An
explanation of each level follows underneath the table.
* Remuneration paid to Dr. Raghavpat Singhania as Director of the Company upto September 2020 of ` 95.51 lacs included in it.
**Remuneration paid to Shri Madhavkrishna Singhania as Director of the Company upto September 2020 of ` 61.28 lacs included in it.
***Remuneration paid to Shri Ajay Kumar Saraogi as Executive of the Company upto September 2020 of ` 133.52 lacs
included in it.

Notes Notes
Financial assets and liabilities measured at fair value - recurring fair value measurements C. Fair value of financial assets and liabilities measured at amortised cost
As at 31 March 2021 As at 31 March 2021 As at 31 March 2020

Level 1 Level 2 Level 3 Total Carrying Amount Fair Value Carrying Amount Fair Value
Financial assets Financial assets
Assets measured at fair value Investments 12,856.67 12,856.67 3,232.67 3,232.67
Investments Other financial assets 64,442.48 64,442.48 53,328.84 53,328.84
Equity Shares - - 418.86 418.86 Trade receivables 31,608.92 31,608.92 22,344.74 22,344.74
Mutual Funds & Bonds 12,803.04 - - 12,803.04 Cash and cash equivalents 8,385.87 8,385.87 3,613.18 3,613.18
Financial liabilities Other Bank balances 1,07,791.75 1,07,791.75 59,499.71 59,499.71
Liabilities for which fair values are disclosed 2,25,085.69 2,25,085.69 1,42,019.14 1,42,019.14
Non Current Borrowings - - 2,66,065.10 2,66,065.10
12,803.04 - 2,66,483.96 2,79,287.00 Financial liabilities
Non Current Borrowings 2,67,197.34 2,66,065.10 2,28,391.49 2,27,772.57
Other non current financial liabilities 31,077.40 31,077.40 27,370.79 27,370.79
Financial assets and liabilities measured at fair value - recurring fair value measurements
Short term borrowings 11,509.10 11,509.10 13,884.70 13,884.70
As at 31 March 2020 Trade payables 54,995.26 54,995.26 45,263.64 45,263.64
Level 1 Level 2 Level 3 Total Other current financial liabilities 40,882.14 40,882.14 55,396.64 55,396.64
Financial assets 4,05,661.24 4,04,529.00 3,70,307.26 3,69,688.34
Assets measured at fair value
Investments (i) The carrying amounts of trade receivables, trade payables, Short Term Borrowings, cash and cash equivalents,
Equity Shares - - 470.22 470.22 other bank balances, other financial liabilities, and other financial assets are considered to be the same as their
Mutual Funds & Bonds 4,113.52 - - 4,113.52 fair values, due to their short-term nature. The fair values for security deposits are calculated based on cash flows
Financial liabilities discounted using a current lending rate.
Liabilities for which fair values are disclosed
(ii) The fair values of non-current borrowings are based on discounted cash flows using a current borrowing
Non Current Borrowings - - 2,27,772.57 2,27,772.57
rate. They are classified as level 3 fair values in the fair value hierarchy due to the use of unobservable inputs,
4,113.52 - 2,28,242.79 2,32,356.31
including own credit risk.
Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes mutual
funds that have quoted price. (iii) The fair value of the financial assets and liabilities is included at the amount at which the instrument is
exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.
Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation
techniques which maximise the use of observable market data and rely as little as possible on entity-specific II. Financial risk management limits. Risk management policies and systems are
estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in The Company has exposure to the following risks reviewed regularly to reflect changes in market
level 2. arising from financial instruments: conditions and the Company’s activities. The
- credit risk; Company, through its training and management
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included - liquidity risk; and standards and procedures, aims to maintain a
in level 3. This is the case for unlisted equity securities. - market risk disciplined and constructive control environment
in which all employees understand their roles and
There are no transfers between level 1 and level 2 during the year. i. Risk management framework obligations.
The Company’s board of directors has overall
Valuation technique used to determine fair value responsibility for the establishment and oversight The Company's Audit Committee oversees
Specific valuation techniques used to value financial instruments include: of the Company’s risk management framework. how management monitors compliance with
The board of directors has established the Risk the Company’s risk management policies and
- the use of quoted market prices or dealer quotes for similar instruments Management Committee, which is responsible for procedures, and reviews the adequacy of the risk
- the fair value of forward foreign exchange contracts is determined using forward exchange rates at the balance developing and monitoring the Company’s risk management framework in relation to the risks
sheet date management policies. The committee reports faced by the Company. The Audit Committee is
regularly to the board of directors on its activities. assisted in its oversight role by Internal Audit.
- the fair value of the remaining financial instruments is determined using discounted cash flow analysis. Internal Audit undertakes both regular and ad
The Company’s risk management policies are hoc reviews of risk management controls and
established to identify and analyse the risks faced procedures, the results of which are reported to
by the Company, to set appropriate risk limits and the Audit Committee.
controls and to monitor risks and adherence to

Notes Notes
ii. Credit risk The Company establishes an allowance for A default on financial assets is when the cash equivalents on the basis of expected cash
Credit risk is the risk of financial loss to the impairment that represents its expected credit counterparty fails to make contractual payments flows. This is generally carried out in accordance
Company if a customer or counterparty to a losses in respect of trade and other receivables. within 60 days of when they fall due. This definition with practice and limits set by the Company. These
financial instrument fails to meet its contractual The management uses a simplified approach for of default is determined by considering the limits vary by location to take into account the
obligations, and arises principally from the the purpose of computation of expected credit business environment in which the entity operates liquidity of the market in which the entity operates.
Company’s receivables from customers including loss for trade receivables and other macro-economic factors In addition, the Company’s liquidity management
deposits with banks and financial institutions. policy involves projecting cash flows in major
Expected credit losses are a probability weighted The Company establishes an allowance for currencies and considering the level of liquid assets
Trade and other receivables estimate of credit losses. Credit losses are impairment that represents its expected credit necessary to meet these, monitoring balance
The Company’s exposure to credit risk is influenced measured as the present value of all cash losses in respect of trade and other receivables. sheet liquidity ratios against internal and external
mainly by the individual characteristics of each shortfalls (i.e. the difference between the cash The management uses a simplified approach for regulatory requirements and maintaining debt
customer. However, management also considers flows due to the Company in accordance with the the purpose of computation of expected credit financing plans.
the factors that may influence the credit risk of its contract and the cash flows that the Company loss for trade receivables
customer base, including the default risk of the expects to receive). (a) Financing arrangements
industry and country in which customers operate. Expected credit losses are a probability weighted The Company had access to the following undrawn
During the based on specific assessment, the estimate of credit losses. Credit losses are borrowing facilities at the end of the reporting
The Risk Management Committee has established Company recognised bad debts of ` Nil (31 March measured as the present value of all cash shortfalls period:
a credit policy under which each new customer 2020: ` Nil). The year end trade receivables do not (i.e. the difference between the cash flows due
is analysed individually for creditworthiness include any amounts with such parties. to the Company in accordance with the contract As at As at
31 March 2021 31 March 2020
before the Company’s standard payment and and the cash flows that the Company expects to
Floating rate
delivery terms and conditions are offered. The The maximum exposure to credit risk at the receive).
Expiring within one year - 540.00
Company’s review includes external ratings, if they reporting date is the carrying value of trade
(bank overdraft and other
are available, and in some cases bank references. receivables disclosed in Note 9. iii. Liquidity risk facilities)
Sale limits are established for each customer and Liquidity risk is the risk that the Company will Expiring beyond one year 325.00 97.00
reviewed quarterly. Any sales exceeding those Reconciliation of loss allowance provision - encounter difficulty in meeting the obligations (bank loans)
limits require approval from the Risk Management Trade Receivables associated with its financial liabilities that are 325.00 637.00
Committee. settled by delivering cash or another financial
As at 31 March As at 31 March
Particulars
2021 2020
asset. The Company’s approach to managing The bank overdraft facilities may be drawn at any
In monitoring customer credit risk, customers liquidity is to ensure, as far as possible, that it will time and may be terminated by the bank without
Opening Balance 1,238.27 1,089.97
are Companies according to their credit have sufficient liquidity to meet its liabilities when notice. Subject to the continuance of satisfactory
Change in loss 16.84 148.30
characteristics, including whether they are an allowance they are due, under both normal and stressed credit ratings, the bank loan facilities may be drawn
individual or a legal entity, their geographic Closing Balance 1,255.11 1,238.27 conditions, without incurring unacceptable losses at any time in Indian National Rupee ('INR'). and have
location, industry and existence of previous or risking damage to the Company’s reputation. an average maturity of Nil years (as at 31 March
financial difficulties. The Company evaluates Financial instruments and cash deposits 2020: Nil years).
the concentration of risk with respect to trade Credit risk from balances with banks and financial Prudent liquidity risk management implies
receivables as low, as its customers are located in institutions is managed by the Company’s treasury maintaining sufficient cash and marketable Maturities of financial liabilities
several jurisdictions and industries and operate in department in accordance with the Company’s securities and the availability of funding through The following are the remaining contractual
largely independent markets. policy. Investments of surplus funds are made an adequate amount of committed credit facilities maturities of financial liabilities at the reporting
only with approved counterparties and within to meet obligations when due and to close out date. The amounts are gross and undiscounted,
A default on financial assets is when the credit limits assigned to each counterparty. The market positions. Due to the dynamic nature of and include contractual interest payments and
counterparty fails to make contractual payments limits are set to minimise the concentration of the underlying businesses, Company treasury exclude the impact of netting agreements.
within 60 days of when they fall due. This definition risks and therefore mitigate financial loss through maintains flexibility in funding by maintaining
of default is determined by considering the counterparty’s potential failure to make payments. availability under committed credit lines.
business environment in which the entity operates
and other macro-economic factors. The Company The Company’s maximum exposure to credit risk Management monitors rolling forecasts of the
holds bank guarantees/security deposits against for the components of the balance sheet at 31 Company’s liquidity position (comprising the
trade receivables of ` 10,766.80 lacs (31 March March 2021 and 31 March 2020 is the carrying undrawn borrowing facilities below) and cash and
2020: ` 7,847.63 lacs) and as per the terms and amounts as shown in Note 4,8,10,11 & 12. The
condition of the agreements, the Company has the Company has not recorded any further loss during
right to encash the bank guarantee or adjust the the year in these financial instruments and cash
security deposits in case of defaults. deposits as these pertains to counter parties of
good credit ratings/credit worthiness.

Notes Notes
Carrying Contractual cash flows Exposure to currency risk

Amounts 2 months More than The summary quantitative data about the Company’s exposure to currency risk as reported to the
31 March 2021 Total 2–12 months 1–5 years
or less 5 years management of the Company is as follows:
Non-derivative financial liabilities
Non Current Borrowings 2,67,197.34 2,67,772.77 - - 1,36,641.85 1,31,130.92 As at 31 March 2021 As at 31 March 2020
Other non-current financial liabilities 31,077.40 31,077.40 - - 31,077.40 - USD EUR GBP J.YEN USD EUR GBP J.YEN
Short term borrowings 11,509.10 11,509.10 - 11,509.10 - - Trade receivables 1,85,155.63 - - - - - - -
Trade payables 54,995.26 54,995.26 28,649.40 24,306.69 2,039.17 - Trade payables 47,22,146.46 3,32,632.34 3,60,000.00 4,750.00 42,01,498.00 7,20,545.45 - -
Other current financial liabilities 40,882.14 40,882.14 9,303.54 31,578.60 - Net statement of 49,07,302.09 3,32,632.34 3,60,000.00 4,750.00 42,01,498.00 7,20,545.45 - -
Total non-derivative liabilities 4,05,661.24 4,06,236.67 37,952.94 67,394.39 1,69,758.42 1,31,130.92 financial position
exposure
Contractual cash flows The following significant exchange rates have been applied
Carrying
Amounts 2 months or More than
31 March 2020 Total 2–12 months 1–5 years Average Rates Year end spot rates
less 5 years
Non-derivative financial liabilities
USD 1 74.21 70.90 73.50 75.39
Non Current Borrowings 2,28,391.49 2,29,332.18 - - 1,00,682.65 1,28,649.53
EUR 1 86.56 78.79 86.10 83.05
Other non-current financial liabilities 27,370.79 27,370.79 - - 27,370.79 -
AED 1 20.21 19.30 20.01 20.53
Short term borrowings 13,884.70 13,884.70 3,037.95 10,846.75 - -
GBP 1 97.01 - 100.95 -
Trade payables 45,263.64 45,263.64 36,666.21 6,558.26 2,039.17 -
J.YEN 1 0.70 - 0.66 -
Other current financial liabilities 55,396.64 55,396.64 6,379.91 49,016.73 - -
Total non-derivative liabilities 3,70,307.26 3,71,247.95 46,084.07 66,421.74 1,30,092.61 1,28,649.53
Sensitivity analysis
Further the Company issued financial guarantee as disclosed in note 39 for which the possibility of payment is A reasonably possible strengthening (weakening) of the Indian National Rupee ('INR') against all other currencies
remote. at 31 March would have affected the measurement of financial instruments denominated in a foreign currency
and affected equity and profit by the amounts shown below. This analysis assumes that all other variables, in
iv. Market risk particular interest rates, remain constant.
Market risk comprises of Interest rate risk, commodity risk and currency risk is the risk that the fair value of
future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk Profit or loss, before tax Equity, net of tax
comprises of interest rate risk and currency risk. Financial instruments affected by market risk primarily Strengthening Weakening Strengthening Weakening
include trade and other receivables, trade and other payables and borrowings. 31 March 2021
USD (10% movement) 347.10 (347.10) 225.81 (225.81)
Excessive risk concentration EUR (10% movement) 28.64 (28.64) 18.63 (18.63)
Concentrations arise when a number of counterparties are engaged in similar business activities, or have GBP (10% movement) 0.48 (0.48) 0.31 (0.31)
economic features that would cause their ability to meet contractual obligations to be similarly affected by J.YEN (10% movement) 0.24 (0.24) 0.16 (0.16)
changes in economic or other conditions. Concentrations indicate the relative sensitivity of the Company’s 31 March 2020
performance to developments affecting a particular industry. In order to avoid excessive concentrations of USD (10% movement) 299.28 (299.28) 194.72 (194.72)
risk, the Company’s policies and procedures include specific guidelines to focus on the maintenance of a EUR (10% movement) 12.88 (12.88) 8.38 (8.38)
diversified portfolio. Identified concentrations of credit risks are controlled and managed accordingly. GBP (10% movement) - - - -
J.YEN (10% movement) - - - -
Currency risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of Interest rate risk
changes in foreign exchange rates. The Company’s exposure to the risk of changes in foreign exchange rates The Company’s main interest rate risk arises from long-term borrowings with variable rates, which expose the
relates primarily to the Company's operating activities (when revenue or expense is denominated in a foreign Company to cash flow interest rate risk. Company policy is to maintain most of its borrowings at fixed rate using
currency). The Company manages its foreign currency risk by taking foreign currency forward contracts, if interest rate swaps to achieve this when necessary. During 31 March 2021 and 31 March 2020, the Company’s
required borrowings at variable rate were mainly denominated in Indian National Rupee ('INR').
The Company’s fixed rate borrowings are carried at amortised cost. They are therefore not subject to interest
rate risk as defined in Ind AS 107, since neither the carrying amount nor the future cash flows will fluctuate
because of a change in market interest rates.
Currently the Company's borrowings are within acceptable risk levels, as determined by the management, hence
the Company has not taken any swaps to hedge the interest rate risk.

Notes Notes
Exposure to interest rate risk 42. Disclosure pursuant to IND AS-8 "" Accounting Policies, change in accounting estimates and errors""
The interest rate profile of the Company’s interest-bearing financial instruments as reported to the management (specified under Sec 133 of the Companies Act 2013, read with rule 7 of Companies (Accounts) Rules, 2015)
of the Company is as follows. are given below:
Nominal Amount Following are the restatement made in current year's Financial statements pertaining to previous year
31 March 2021 31 March 2020
31 March 2020 31 March 2020
Particulars Nature
Fixed-rate instruments (Restated) (Published)
Financial assets 1,83,311.12 1,06,957.84 ASSETS
Financial liabilities 90,093.75 77,511.75 NON CURRENT ASSETS
2,73,404.87 1,84,469.59 Financial assets-Investments 56,521.35 56,521.30 Reclassification items
Variable-rate instruments Financial assets-other financial assets 7,141.22 7,141.27 Reclassification items
Financial assets 63,865.72 52,405.06 EQUITY AND LIABILITIES
Financial liabilities 2,38,941.94 2,22,838.50 CURRENT LIABILITY
3,02,807.66 2,75,243.56 Financial liabilities-Other financial liabilities 55,396.64 55,097.45 Reclassification items
Other current liabilities 35,973.81 36,273.00 Reclassification items
Cash flow sensitivity analysis for variable-rate instruments EXPENSES
A reasonably possible change of 100 basis points in interest rates at the reporting date would have increased Cost of materials consumed 87,199.18 86,770.52 Reclassification items
(decreased) equity and profit by the amounts shown below. This analysis assumes that all other variables, in Power and fuel 1,01,153.50 1,00,914.44 Reclassification items
particular foreign currency exchange rates, remain constant. Other expenses 98,273.19 98,940.91 Reclassification items
TAX EXPENSES
Equity, net of tax Deferred tax charge/(credit) 9,229.80 8,039.75 Reclassification items
Profit or loss, before tax 100 bp 100 bp 100 bp 100 bp Earlier years tax adjustments (1,190.05) - Reclassification items
increase decrease increase decrease
31 March 2021
43. Corporate Social Responsibility external valuer, the Company had recognised
Variable-rate instruments (2,326.50) 2,326.50 (1,513.53) 1,513.53
provision towards diminution of carrying amount
Cash flow sensitivity (2,326.50) 2,326.50 (1,513.53) 1,513.53 a. Amount required to be spent by the Company
of investment in J.K. Cement (Fujairah) FZC of
on Corporate Social Responsibility (CSR)
` 16,686.50 lacs (31 March 2020 :` 16,151 lacs).
31 March 2020 activities during the year was ` 1,194.67 lacs
Additionally, the Company had also provided for
Variable-rate instruments (1,991.01) 1,991.01 (1,295.27) 1,295.27 (31 March 2020 : ` 866.70 lacs) i.e. 2% of
outstanding receivable from earlier years from J.K.
Cash flow sensitivity (1,991.01) 1,991.01 (1,295.27) 1,295.27 average net profits for last three financial
Cement (Fujairah) FZC amounting to Nil (31 March
years, calculated as per section 198 of the
2020 :` 1,664 lacs). The total amount of ` 16.686.50
Companies Act,2013.
41. Details of dues to micro and small enterprises as defined under the MSMED, 2006 lacs (31 March 2020 : ` 17,815 lacs) is disclosed as
Information as required to be furnished as per section 22 of the Micro, Small and Medium Enterprises an exceptional item in the audited financial results
b. Corporate Social Responsibility (CSR)
Development Act, 2006 (MSMED Act) for the year ended March 31, 2021 is given below. This information has for the quarter and year ended March 31, 2021.
activities undertaken during the year is
been determined to the extent such parties have been identified on the basis of information available with the
` 1,226.14 lacs (31 March 2020: ` 934.83
Company. 45. COVID-19
lacs). Further, no amount has been spent on
On account of outbreak of COVID-19 pandemic and
construction/acquisition of an asset of the
As at As at consequent lockdown imposed by the Government,
Company and entire amount is spent on cash
31 March 2021 31 March 2020 the manufacturing facilities of the Company were
i) Principal amount remaining unpaid to any supplier as at the end of the accounting year 6,166.70 2,159.74
basis.
temporarily shut down during the start of the current
year. These facilities were opened in a phased
(ii) Interest due thereon remaining unpaid to any supplier as at the end of the accounting - - 44. Exceptional Item
manner in the months of April and May 2020 as the
year J.K. Cement Works (Fujairah) FZC is incurring
lockdown conditions were relaxed. Accordingly,
(iii) the amount of interest paid by the buyer in terms of section 16 of the Micro, Small and - - losses for the past several years since its
sales volume of the current year is impacted,
Medium Enterprises Development Act, 2006, along with the amount of the payment made incorporation and its net worth has been
although cement demand has been progressively
to the supplier beyond the appointed day during each accounting year significantly eroded. Further its financial
recovering over the year with improved prices. As at
(iv) The amount of interest due and payable for the period of delay in making payment - - performance, including estimates of future cash
(which have been paid but beyond the appointed day during the year) but without adding
the year end, the country is again witnessing surge
flows and earnings, is significantly affected by the
the interest specified under the MSMED Act 2006.The amount of interest accrued and in COVID-19 cases referred to as second wave of
direct or indirect impacts of recent and ongoing
remaining unpaid at the end of each accounting year pandemic. Although, the Government of India has
COVID-19. During the quarter and year ended
(v) The amount of further interest remaining due and payable even in the succeeding years, - - ruled out a nationwide lockdown as of now, local and
March 31, 2021, based on business valuation of
until such date when the interest dues as above are actually paid to the small enterprise regional lockdowns / restrictions are implemented
for the purpose of disallowance as a deductible expenditure under section 23 of the J.K. Cement Works (Fujairah) FZC (subsidiary of
in certain areas. In these circumstances, safety of
MSMED Act 2006. J.K. Cement (Fujairah) FZC) by an independent
Dues to Micro and Small Enterprises have been determined to the extent declarations received from vendors.


Notes Independent Auditor’s Report

to the financial statements for the year ended 31 March 2021 To the Members of J.K. Cement Limited
our employees continues to be our key priority. assessment at the date of approval of these financial Report on the Audit of the Consolidated Financial Emphasis of Matter on COVID-19
Further, in view of such highly uncertain economic results and does not anticipate any challenge in the Statements We draw attention to Note 45 to the consolidated
environment which is continuously evolving, the Company's ability to continue as a going concern. Opinion Ind AS financial statements, which describes
Company has considered the possible effects The impact of pandemic on the Company’s financial We have audited the accompanying consolidated the management’s assessment of the impact of
that may result from COVID-19 pandemic in the results in subsequent periods is highly dependent Ind AS financial statements of J.K. Cement Limited uncertainties related to outbreak of COVID-19 on the
preparation of these financial results including on the situations as they evolve, and the eventual (hereinafter referred to as “the Holding Company”), its future business operations of the Group.
the recoverability of carrying amounts of financial impact may differ from that estimated as at the date subsidiaries (the Holding Company and its subsidiaries
and non-financial assets. The Company has used of approval of these financial results. together referred to as “the Group”) comprising of the Our opinion is not modified in respect of this matter.
internal and external sources of information for such consolidated Balance sheet as at 31 March 2021, the
consolidated Statement of Profit and Loss, including Emphasis of Matter on CCI case
other comprehensive income, the consolidated Cash We draw attention to Note 36A to the consolidated
Flow Statement and the consolidated Ind AS Statement Ind AS financial statements wherein it has been stated
As per our report of even date. of Changes in Equity for the year ended, and notes to that the Competition Commission of India (` CCI') has
For S.R. Batliboi & Co. LLP For and on behalf of the Board of Directors of the consolidated Ind AS financial statements, including imposed penalty of ` 12,854 lacs (‘first matter’) and
Chartered Accountants J.K. Cement Limited a summary of significant accounting policies and other ` 928 lacs (‘second matter’) in two separate orders
ICAI Firm Regn. No. 301003E/E300005 explanatory information (hereinafter referred to as “the dated 31 August 2016 and 19 January 2017
per Atul Seksaria Dr. Krishna Behari Agarwal Sushila Devi Singhania consolidated Ind AS financial statements”). respectively for alleged contravention of provisions of
Partner Director Chairperson Competition Act 2002 by the Company. The Company
Membership No: 086370 DIN: 00339934 DIN: 00142549 In our opinion and to the best of our information and has filed appeals against the above orders.
according to the explanations given to us and based
A.K. Saraogi Dr. Raghavpat Singhania on the consideration of reports of other auditors on The National Company Law Appellate Tribunal
Dy Managing Director & CFO Managing Director (` NCLAT'), on hearing the appeal in the first matter,
separate financial statements and on the other financial
DIN: 00130805 DIN: 02426556
information of the subsidiaries, the aforesaid consolidated upheld the decision of CCI for levying the penalty vide
Shambhu Singh Madhavkrishna Singhania Ind AS financial statements give the information required its order dated 25 July 2018. Post order of the NCLAT,
Company Secretary Dy Managing Director and CEO by the Companies Act, 2013, as amended (“the Act”) CCI issued a revised demand notice dated 7 August
Membership No-F5836 DIN: 07022433 in the manner so required and give a true and fair view 2018 of ` 15,492 lacs consisting of penalty of
Place: Faridabad Place: New Delhi in conformity with the accounting principles generally ` 12,854 lacs and interest of ` 2,638 lacs. The
Dated: 12 June 2021 Dated: 12 June 2021 accepted in India, of the consolidated state of affairs of Company has filed appeal with Hon'ble Supreme Court
the Group as at 31 March 2021, their consolidated Ind AS against the above order. Hon'ble Supreme Court
profit/loss including other comprehensive income, their has stayed the NCLAT order. While the appeal of the
consolidated cash flows and the consolidated statement Company is pending for hearing, the Company backed
of changes in equity for the year ended on that date. by a legal opinion, believes that it has a good case and
accordingly no provision has been considered in the
Basis for Opinion books of accounts.
We conducted our audit of the consolidated Ind AS
financial statements in accordance with the Standards In the second matter, demand had been stayed and the
on Auditing (SAs), as specified under section 143(10) matter is pending for the hearing before NCLAT. While
of the Act. Our responsibilities under those Standards the appeal of the Company is pending for hearing, the
are further described in the ‘Auditor’s Responsibilities Company backed by a legal opinion, believes that it has
for the Audit of the Consolidated Ind AS Financial a good case and accordingly no provision has been
Statements’ section of our report. We are independent considered in the books of accounts.
of the Group, in accordance with the ‘Code of Ethics’
issued by the Institute of Chartered Accountants of Our opinion is not modified in respect of this matter.
India together with the ethical requirements that are
relevant to our audit of the financial statements under Key Audit Matters
the provisions of the Act and the Rules thereunder, Key audit matters are those matters that, in our
and we have fulfilled our other ethical responsibilities professional judgment, were of most significance in our
in accordance with these requirements and the Code audit of the consolidated Ind AS financial statements
of Ethics. We believe that the audit evidence we have for the financial year ended 31 March 2021. These
obtained is sufficient and appropriate to provide a matters were addressed in the context of our audit
basis for our audit opinion on the consolidated Ind AS of the consolidated Ind AS financial statements as a
financial statements. whole, and in forming our opinion thereon, and we do
not provide a separate opinion on these matters.


For each matter below, our description of how our audit procedures designed to respond to our assessment of Key audit matters How our audit addressed the key audit matters
addressed the matter is provided in that context. the risks of material misstatement of the consolidated Claims, litigations and contingent liabilities
Ind AS financial statements. The results of audit (as described in note 36A of the consolidated Ind AS financial statements)
We have determined the matters described below to procedures performed by us and by other auditors of As of 31 March 2021, the Group has disclosed contingent Our audit procedures included the following:
be the key audit matters to be communicated in our components not audited by us, as reported by them in liabilities of ` 20,635.15 lacs relating to tax and legal claims. • Obtained an understanding of the Group’s process
report. We have fulfilled the responsibilities described their audit reports furnished to us by the management, of identification of claims, litigations and contingent
There are several pending legal and regulatory cases against
in the Auditor’s responsibilities for the audit of the including those procedures performed to address the the Holding Company across various jurisdictions. Accordingly, liabilities, and evaluated the design and tested the
consolidated Ind AS financial statements section matters below, provide the basis for our audit opinion management exercises its judgement in estimation of operating effectiveness of key controls.
of our report, including in relation to these matters. on the accompanying consolidated Ind AS financial provision required in respect of such cases. The evaluation • Obtained the summary of the Group's legal and tax cases
Accordingly, our audit included the performance of statements. of management’s judgements, including those that involve and assessed management's position through discussions
estimations in assessing the likelihood that a pending claim with the legal head, tax head and Group’s management, on
will succeed, or a liability will arise, and the quantification of the both the probability of success in significant cases, and the
Key audit matters How our audit addressed the key audit matters ranges of potential financial settlement have been a matter of magnitude of any potential loss.
most significance during the current year audit.
Impairment assessment of property, plant and equipment, capital work in progress and intangible assets of J.K. Cement • Obtained responses from relevant third-party legal
Works (Fujairah) FZC (a Step down subsidiary) (as described in note 2 & 3 of the consolidated Ind AS financial statements) Furthermore, the Group has operations across many jurisdictions counsel and conducted discussions with them regarding
and is subject to taxation related litigations as per local tax material cases.
As at 31 March 2021, the carrying value of property, plant and Our audit procedures included the following. regulations. Evaluation of the outcome of the taxation related
equipment, capital work in progress and intangible assets of • Inspected external legal opinions and other evidence to
• Evaluated Group assessment of the analysis of internal matters, and whether the risk of loss is remote, possible or
J.K. Cement Works (Fujairah) FZC (a Step down subsidiary) was corroborate management's assessment of the risk profile
and external factors impacting the entity, whether there probable, requires significant judgement by management given
` 78,212.06 lacs constituting in total approximately 12.90 % of the in respect of legal claims.
were any indicators of impairment in line with Ind AS 36, the complexities involved.
Group. • Assessed the competence and objectivity of the external
Impairment of Assets. Accordingly, due to large number of claims and complexity/
The impairment assessment of property, plant and equipment, experts.
• Assessed the process and identification of control judgement involved in outcome of these litigations. Claims,
capital work in progress and intangible assets of J.K. Cement mechanisms operating in the Group related to impairment litigations and contingent liabilities was determined to be a key • Involved tax specialists to assess management’s
Works (Fujairah) FZC has been identified as a key audit matter due tests of assets, as well as an understanding of the audit matter in our audit of the consolidated Ind AS financial application and interpretation of tax legislation affecting
to: accounting policies and procedures, including internal statements. the Group, and to consider the quantification of exposures
control environment related to the process of assessing and settlements arising from disputes with tax authorities
• J.K. Cement Works (Fujairah) FZC is incurring losses and its in the various tax jurisdictions.
impairment indicators, performing of impairment tests,
entire net worth is eroded and hence there is presence of
recognition and measurement controls. • Assessed the relevant disclosures made within the
impairment indicators. consolidated Ind AS financial statements.
• Obtained and evaluated the valuation model used to
• The assessment of the recoverable amount of the determine the recoverable amount of J.K. Cement Works Revenue Recognition – Discounts, incentives, rebates etc
Company’s Cash Generating Units (CGUs) involves (Fujairah) FZC (a step down subsidiary) by assessing the key (as described in note 27 of the consolidated Ind AS financial statements)
significant judgements about the future cash flow forecasts assumptions used by management including:
For the year ended 31 March 2021 the Group has recognized Our audit procedures included the following:
and the discount rate that is applied. − Considering forecasted volumes in relation to asset revenue from operations of ` 650,917.22 lacs.
• Considered Group's revenue recognition policy and
Accordingly, the impairment of assets in J.K. Cement (Fujairah) development plans.
Revenue is measured net of discounts, incentives, rebates etc. its compliance in terms of Ind AS 115 'Revenue from
FZC, was determined to be a key audit matter in our audit of the − Assessed management’s forecasts by comparing with earned by customers on the Company’s sales. contracts with customers'.
consolidated Ind AS financial statements. prior year forecasts to actual results and assessed the
Due to the Company’s presence across different marketing • Assessed the design and tested the operating
potential impact of any variances. regions within the country/abroad and the competitive business effectiveness of internal controls with regards to
− Assessed of price assumptions used in the models environment, the estimation of the various types of discounts, approvals, calculation, provision and disbursement of
incentives and rebate schemes to be recognised based on discounts, incentives and rebates.
against past trends and research material.
sales made during the year is material and considered to be • Performed sample tests of management's calculations for
− Tested the rate of weighted average cost of capital complex and judgmental and dependent on various performance discounts, incentives and rebates recorded and disbursed
used to discount the impairment models through obligations and market conditions. during the period including credit notes issued after the
valuations experts. Therefore, there is a risk of revenue being misstated as a result period end date.
− Assessed the competence and objectivity of the of inaccurate estimations over discounts, incentives and rebates. • Performed sample test of supporting documentation
Company's external experts, to satisfy ourselves that for computation of discounts, incentives and rebates
Accordingly, given the complexity and judgement involved in the
these parties are appropriate in their roles within the recorded and disbursed after the period end dates.
assessment of provisions required for discounts, incentives and
estimation process. rebates, Revenue recognition – Discounts, incentives, rebates • Performed analytical review and compared the
etc. was determined to be a key audit matter in our audit of the management’s assessment of discounts, incentives
− Testing the mathematical accuracy of the model. and rebates recorded for the current year with historical
Consolidated Ind AS financial statements.
− Evaluated the Group’s assessment for recoverable trends of discount given and reversal of such discounts,
amount of CGU vis-a-vis carrying amount for their incentives and rebates to assess the adequacy of
provisions made during the current year.
determination of impairment loss, if any.
• Performed sample test of manual journals posted to
• Assessed the adequacy of the disclosures made by the
discounts, incentives and rebates to identify unusual or
Group in this regard. irregular items.
consolidated Ind AS financial statements.


Key audit matters How our audit addressed the key audit matters and the design, implementation and maintenance evidence that is sufficient and appropriate to provide a
of adequate internal financial controls, that were basis for our opinion. The risk of not detecting a material
We have determined that there are no other key audit matters to communicate in our report. misstatement resulting from fraud is higher than for
operating effectively for ensuring the accuracy and
Estimates with respect to recognition of Minimum Alternate Tax completeness of the accounting records, relevant to one resulting from error, as fraud may involve collusion,
(as described in note 20 of the consolidated Ind AS financial statements) the preparation and presentation of the consolidated forgery, intentional omissions, misrepresentations, or
Ind AS financial statements that give a true and fair view the override of internal control.
As at 31 March 2021 deferred tax assets in respect of ‘MAT Our audit procedures included the following:
credit entitlement’ recognized in the consolidated Ind AS and are free from material misstatement, whether due • Obtain an understanding of internal control relevant to
financial statements is of ` 13,462.96 lacs. • Developed an understanding of the nature of the Group’s to fraud or error, which have been used for the purpose the audit in order to design audit procedures that are
tax structure and of the key tax positions. of preparation of the consolidated Ind AS financial
Deferred tax assets are recognized for MAT credit available appropriate in the circumstances. Under section 143(3)
to the extent that it is probable that the Group will pay normal • Assessed the design and tested the operating statements by the Directors of the Holding Company, (i) of the Act, we are also responsible for expressing our
income tax during the specified period, i.e. the period for which effectiveness of internal controls related to recognition of as aforesaid. opinion on whether the Holding Company has adequate
MAT credit is allowed to be carried forward. deferred tax assets with respect to MAT credit entitlement.
internal financial controls with reference to financial
The Group’s ability to recognize deferred tax assets on ‘MAT • Assessed the Group’s tax planning in relation to the In preparing the consolidated Ind AS financial statements in place and the operating effectiveness of
credit entitlement’ is assessed by management at the end of recovery of MAT credit assets by comparing the statements, the respective Board of Directors of the such controls.
each reporting period, considering forecasts of future normal forecasted taxable profit with historical data and budgets companies included in the Group are responsible
taxable profits and if required the Group will write down the asset approved by the board of directors. • Evaluate the appropriateness of accounting policies
for assessing the ability of the Group to continue as
to the extent that it is no longer probable that it will pay normal • Analyzed and tested management’s projections and a going concern, disclosing, as applicable, matters used and the reasonableness of accounting estimates
tax during the specified period. The assumptions on which these corresponding assumptions used to determine the and related disclosures made by management.
projections are determined by management. related to going concern and using the going concern
likelihood that MAT Credit recognized as on the reporting basis of accounting unless management either intends
date will be recovered through future tax as per normal • Conclude on the appropriateness of management’s use
Given the degree of estimation and judgement involved in to liquidate the Group or to cease operations, or has no
projection of future taxable normal profits and the fact that provisions. of the going concern basis of accounting and, based
if the MAT credit is not utilized within the block of 15 years
realistic alternative but to do so. on the audit evidence obtained, whether a material
• Checked the consistency of business plan with the
(immediately succeeding the assessment year in which the
latest management estimates prepared as a part of the uncertainty exists related to events or conditions that
credit was generated) it will lapse, Group management’s Those respective Board of Directors of the companies may cast significant doubt on the ability of the Group
budgeting process and also the reliability of the process
decision to create deferred tax assets in respect of ‘MAT credit
by which the estimates were computed, by assessing the included in the Group are also responsible for to continue as a going concern. If we conclude that a
entitlement’ determined to be a key audit matter in our audit of overseeing the financial reporting process of the
reasons for differences between projected and actual material uncertainty exists, we are required to draw
the consolidated Ind AS financial statements.
performances. Group. attention in our auditor’s report to the related disclosures
• Assessed the relevant disclosures made within the in the consolidated Ind AS financial statements or, if such
Auditor’s Responsibilities for the Audit of the disclosures are inadequate, to modify our opinion. Our
consolidated Ind AS financial statements.
Consolidated Ind AS Financial Statements conclusions are based on the audit evidence obtained
Our objectives are to obtain reasonable assurance up to the date of our auditor’s report. However, future
Information Other than the Financial Statements and Responsibilities of Management for the Consolidated about whether the consolidated Ind AS financial events or conditions may cause the Group to cease to
Auditor’s Report Thereon Ind AS Financial Statements statements as a whole are free from material continue as a going concern.
The Holding Company’s Board of Directors is responsible The Holding Company’s Board of Directors is misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinion. • Evaluate the overall presentation, structure and content
for the other information. The other information comprises responsible for the preparation and presentation of
Reasonable assurance is a high level of assurance, of the consolidated Ind AS financial statements,
the information included in the Annual report, but does not these consolidated Ind AS financial statements in
but is not a guarantee that an audit conducted in including the disclosures, and whether the consolidated
include the consolidated Ind AS financial statements and terms of the requirements of the Act that give a true
accordance with SAs will always detect a material Ind AS financial statements represent the underlying
our auditor’s report thereon. and fair view of the consolidated financial position,
misstatement when it exists. Misstatements can arise transactions and events in a manner that achieves fair
consolidated financial performance including other
from fraud or error and are considered material if, presentation.
Our opinion on the consolidated Ind AS financial comprehensive income, consolidated cash flows
statements does not cover the other information and and consolidated statement of changes in equity individually or in the aggregate, they could reasonably • Obtain sufficient appropriate audit evidence regarding
we do not express any form of assurance conclusion of the Group in accordance with the accounting be expected to influence the economic decisions of the financial information of the entities or business
thereon. principles generally accepted in India, including the users taken on the basis of these consolidated Ind AS activities within the Group to express an opinion on
Indian Accounting Standards (Ind AS) specified under financial statements. the consolidated Ind AS financial statements. We
In connection with our audit of the consolidated Ind AS section 133 of the Act read with the Companies (Indian are responsible for the direction, supervision and
financial statements, our responsibility is to read the Accounting Standards) Rules, 2015, as amended. As part of an audit in accordance with SAs, we exercise performance of the audit of the financial statements
other information and, in doing so, consider whether The respective Board of Directors of the companies professional judgment and maintain professional of such entities included in the consolidated financial
such other information is materially inconsistent with included in the Group are responsible for maintenance skepticism throughout the audit. statements of which we are the independent auditors.
the consolidated Ind AS financial statements or our of adequate accounting records in accordance with We also: For the other entities included in the consolidated Ind
knowledge obtained in the audit or otherwise appears the provisions of the Act for safeguarding of the assets AS financial statements, which have been audited by
to be materially misstated. If, based on the work we of the Group and for preventing and detecting frauds • Identify and assess the risks of material misstatement other auditors, such other auditors remain responsible
have performed, we conclude that there is a material and other irregularities, selection and application of of the consolidated Ind AS financial statements, for the direction, supervision and performance of
misstatement of this other information, we are required appropriate accounting policies, making judgments whether due to fraud or error, design and perform audit the audits carried out by them. We remain solely
to report that fact. We have nothing to report in this and estimates that are reasonable and prudent, procedures responsive to those risks, and obtain audit responsible for our audit opinion.
regard.


We communicate with those charged with governance Certain of these subsidiaries are located outside (c) The Consolidated Balance Sheet, the Consolidated been paid / provided by the Holding Company, its
of the Holding Company and such other entities India whose financial statements and other Statement of Profit and Loss including the subsidiaries, incorporated in India to their directors
included in the consolidated Ind AS financial financial information have been prepared in Statement of Other Comprehensive Income, in accordance with the provisions of section 197
statements of which we are the independent auditors accordance with accounting principles generally the Consolidated Cash Flow Statement and read with Schedule V to the Act;
regarding, among other matters, the planned scope accepted in their respective countries and Consolidated Statement of Changes in Equity
and timing of the audit and significant audit findings, which have been audited by other auditors under dealt with by this Report are in agreement with the (i) With respect to the other matters to be included
including any significant deficiencies in internal control generally accepted auditing standards applicable books of account maintained for the purpose of in the Auditor’s Report in accordance with Rule 11
that we identify during our audit. in their respective countries. The Holding preparation of the consolidated Ind AS financial of the Companies (Audit and Auditors) Rules, 2014,
Company’s management has converted the statements; as amended, in our opinion and to the best of our
We also provide those charged with governance financial statements of such subsidiaries located information and according to the explanations
with a statement that we have complied with relevant outside India from accounting principles generally (d) In our opinion, the aforesaid consolidated Ind AS given to us and based on the consideration of the
ethical requirements regarding independence, and accepted in their respective countries to financial statements comply with the Accounting report of the other auditors on separate financial
to communicate with them all relationships and other accounting principles generally accepted in India. Standards specified under Section 133 of the statements as also the other financial information
matters that may reasonably be thought to bear on We have audited these conversion adjustments Act, read with Companies (Indian Accounting of the subsidiaries, as noted in the ‘Other matter’
our independence, and where applicable, related made by the Holding Company’s management. Standards) Rules, 2015, as amended; paragraph:
safeguards. Our opinion in so far as it relates to the balances
and affairs of such subsidiaries located outside (e) The matter described in ‘Emphasis of Matter on i. The consolidated Ind AS financial statements
From the matters communicated with those charged India is based on the report of other auditors CCI case’ paragraph above, in our opinion, may disclose the impact of pending litigations
with governance, we determine those matters that were and the conversion adjustments prepared by the have an adverse effect on the functioning of the on its consolidated Ind AS financial position
of most significance in the audit of the consolidated Ind management of the Holding Company and audited Group; of the Group in its consolidated Ind AS
AS financial statements for the financial year ended 31 by us. financial statements – Refer Note 36 A to the
March 2021 and are therefore the key audit matters. We (f) On the basis of the written representations consolidated Ind AS financial statements;
describe these matters in our auditor’s report unless Our opinion above on the consolidated Ind AS received from the directors of the Holding
law or regulation precludes public disclosure about the financial statements, and our report on Other Company as on 31 March 2021 taken on record ii. The Group did not have any material
matter or when, in extremely rare circumstances, we Legal and Regulatory Requirements below, is not by the Board of Directors of the Holding Company foreseeable losses in long-term contracts
determine that a matter should not be communicated modified in respect of the above matters with and the reports of the statutory auditors who including derivative contracts during the year
in our report because the adverse consequences of respect to our reliance on the work done and the are appointed under Section 139 of the Act, of ended 31 March 2021;
doing so would reasonably be expected to outweigh the reports of the other auditors and the financial its subsidiary companies, none of the directors
public interest benefits of such communication. statements and other financial information of the Group’s companies incorporated in India, iii. There has been no delay in transferring
certified by the Management. is disqualified as on 31 March 2021 from being amounts, required to be transferred, to the
Other Matter appointed as a director in terms of Section 164 (2) Investor Education and Protection Fund
Report on Other Legal and Regulatory Requirements of the Act; by the Holding Company, its subsidiaries,
(a) We did not audit the financial statements and other
As required by Section 143(3) of the Act, based on our incorporated in India during the year ended 31
financial information, in respect of 4 subsidiaries,
audit and on the consideration of report of the other (g) With respect to the adequacy and the operating March 2021.
whose financial statements include total assets
auditors on separate financial statements and the effectiveness of the internal financial controls
of ` 225,668 lacs as at 31 March 2021, and total
other financial information of subsidiaries, as noted in with reference to these consolidated Ind AS
revenues of ` 30,870 lacs and net cash inflows of
the ‘other matter’ paragraph we report, to the extent financial statements of the Holding Company and For S.R. Batliboi & Co. LLP
` 6,137 lacs for the year ended on that date. These
applicable, that: its subsidiary companies, incorporated in India, Chartered Accountants
Ind AS financial statement and other financial
refer to our separate Report in “Annexure 1” to this
information have been audited by other auditors, ICAI Firm Registration Number: 301003E/E300005
(a) We/the other auditors whose report we have report;
which financial statements, other financial
relied upon have sought and obtained all the
information and auditor’s reports have been per Atul Seksaria
information and explanations which to the best of (h) In our opinion and based on the consideration
furnished to us by the management. Our opinion
our knowledge and belief were necessary for the of reports of other statutory auditors of the Partner
on the consolidated Ind AS financial statements, in
purposes of our audit of the aforesaid consolidated subsidiaries, incorporated in India, the managerial Place of Signature: Faridabad Membership Number: 086370
so far as it relates to the amounts and disclosures
Ind AS financial statements; remuneration for the year ended 31 March 2021 has Date: 12 June 2021 UDIN: 21086370AAAABI9889
included in respect of these subsidiaries, and our
report in terms of sub-sections (3) of Section 143
(b) In our opinion, proper books of account as required
of the Act, in so far as it relates to the aforesaid
by law relating to preparation of the aforesaid
subsidiaries.
consolidation of the financial statements have
been kept so far as it appears from our examination
of those books and reports of the other auditors;

Annexure 1 to the Independent Auditor’s Report Of Even Date on the Consolidated Ind
As Financial Statements of J.K. Cement Limted
Report on the Internal Financial Controls under about whether adequate internal financial controls over that receipts and expenditures of the company are financial reporting with reference to these consolidated
Clause (i) of Sub-section 3 of Section 143 of the financial reporting with reference to these consolidated being made only in accordance with authorisations of financial statements were operating effectively as at 31
Companies Act, 2013 (“the Act”) Ind AS financial statements was established and management and directors of the company; and (3) March 2021, based on the internal control over financial
maintained and if such controls operated effectively in provide reasonable assurance regarding prevention or reporting criteria established by the Holding Company
In conjunction with our audit of the consolidated Ind AS all material respects. timely detection of unauthorised acquisition, use, or considering the essential components of internal
financial statements of J.K. Cement Limited as of and disposition of the company's assets that could have a control stated in the Guidance Note on Audit of Internal
for the period ended 31 March 2021, we have audited Our audit involves performing procedures to obtain audit material effect on the financial statements. Financial Controls Over Financial Reporting issued by
the internal financial controls over financial reporting evidence about the adequacy of the internal financial the Institute of Chartered Accountants of India.
of J.K. Cement Limited (hereinafter referred to as the controls over financial reporting with reference to these Inherent Limitations of Internal Financial Controls
“Holding Company”) and its subsidiary company, which consolidated Ins AS financial statements and their Over Financial Reporting With Reference to these Other Matters
are companies incorporated in India, as of that date. operating effectiveness. Our audit of internal financial Consolidated Ind AS Financial Statements Our report under Section 143(3)(i) of the Act on
controls over financial reporting included obtaining an Because of the inherent limitations of internal financial the adequacy and operating effectiveness of the
Management’s Responsibility for Internal Financial understanding of internal financial controls over financial controls over financial reporting with reference to these internal financial controls over financial reporting
Controls reporting with reference to these consolidated Ind AS consolidated Ind AS financial statements, including with reference to these consolidated Ind AS financial
The respective Board of Directors of the Holding financial statements, assessing the risk that a material the possibility of collusion or improper management statements of the Holding Company, in so far as
Company, its subsidiary company, which are companies weakness exists, and testing and evaluating the design override of controls, material misstatements due to it relates to one subsidiary company, which are
incorporated in India, are responsible for establishing and operating effectiveness of internal control based error or fraud may occur and not be detected. Also, companies incorporated in India, is based on the
and maintaining internal financial controls based on on the assessed risk. The procedures selected depend projections of any evaluation of the internal financial corresponding report of the auditor of such subsidiary
the internal control over financial reporting criteria on the auditor’s judgement, including the assessment controls over financial reporting with reference to incorporated in India.
established by the Holding Company considering the of the risks of material misstatement of the financial these consolidated Ind AS financial statements to
essential components of internal control stated in the statements, whether due to fraud or error. future periods are subject to the risk that the internal
Guidance Note on Audit of Internal Financial Controls financial control over financial reporting with reference For S.R. Batliboi & Co. LLP
Over Financial Reporting issued by the Institute of We believe that the audit evidence we have obtained to these consolidated Ind AS financial statements may Chartered Accountants
Chartered Accountants of India. These responsibilities and the audit evidence obtained by the other auditor become inadequate because of changes in conditions, ICAI Firm Registration Number: 301003E/E300005
include the design, implementation and maintenance in terms of their report referred to in the Other Matters or that the degree of compliance with the policies or
of adequate internal financial controls that were paragraph below, is sufficient and appropriate to procedures may deteriorate.
operating effectively for ensuring the orderly and provide a basis for our audit opinion on the internal per Atul Seksaria
efficient conduct of its business, including adherence financial controls over financial reporting with reference Opinion Partner
to the respective company’s policies, the safeguarding to these consolidated Ind AS financial statements. In our opinion, the Holding Company, its subsidiary Place of Signature: Faridabad Membership Number: 086370
of its assets, the prevention and detection of frauds company, which are companies incorporated in India, Date: 12 June 2021 UDIN: 21086370AAAABI9889
and errors, the accuracy and completeness of the Meaning of Internal Financial Controls Over Financial have, maintained in all material respects, adequate
accounting records, and the timely preparation of Reporting With Reference to these Consolidated Ind internal financial controls over financial reporting
reliable financial information, as required under the Act. AS Financial Statements with reference to these consolidated Ind AS financial
A company's internal financial control over financial statements and such internal financial controls over
Auditor’s Responsibility reporting with reference to these consolidated Ind
Our responsibility is to express an opinion on the AS financial statements is a process designed to
company's internal financial controls over financial provide reasonable assurance regarding the reliability
reporting with reference to these consolidated Ind AS of financial reporting and the preparation of financial
financial statements based on our audit. We conducted statements for external purposes in accordance with
our audit in accordance with the Guidance Note on generally accepted accounting principles. A company's
Audit of Internal Financial Controls Over Financial internal financial control over financial reporting with
Reporting (the “Guidance Note”) and the Standards reference to these consolidated Ind AS financial
on Auditing, both, issued by Institute of Chartered statements includes those policies and procedures
Accountants of India, and deemed to be prescribed that (1) pertain to the maintenance of records that,
under section 143(10) of the Act, to the extent in reasonable detail, accurately and fairly reflect the
applicable to an audit of internal financial controls. transactions and dispositions of the assets of the
Those Standards and the Guidance Note require that company; (2) provide reasonable assurance that
we comply with ethical requirements and plan and transactions are recorded as necessary to permit
perform the audit to obtain reasonable assurance preparation of financial statements in accordance
with generally accepted accounting principles, and

Consolidated Balance Sheet Consolidated Statement of Profit and Loss

as at 31 March 2021 for the year ended 31 March 2021
As at As at For the year ended For the period ended

Notes Notes
ASSETS Income
Non-current assets
Property, plant and equipment 2 5,50,813.97 5,22,066.01 Revenue from contracts with customers 27 6,60,610.27 5,80,163.78
Capital work-in-progress 2 50,933.35 52,953.50 Other income 28 11,295.35 8,532.52
Intangible assets 3 4,688.17 2,724.85 Total income (I) 6,71,905.62 5,88,696.30
Right-of-use assets 3(i) 38,233.57 30,657.78 Expenses
Financial assets:
(i) Investments 4 4,396.93 4,480.29 Cost of materials consumed 29 1,01,536.13 92,739.25
(ii) Other financial assets 5 6,829.78 5,064.72 Purchase of traded goods 4,292.34 2,575.91
Other non-current assets 6 12,992.72 12,799.19 Changes in inventories of finished goods,work-in-progress and traded goods 30 1,253.51 (7,778.25)
Total non-current assets 6,68,888.49 6,30,746.34 Employee benefits expenses 31 46,227.15 45,521.82
Current assets
Finance costs 32 25,276.70 27,636.29
Inventories 7 75,658.60 69,040.18
Financial assets: Depreciation and amortization expenses 33 30,619.04 28,796.17
(i) Investments 8 9,827.01 103.45 Power and fuel 1,16,538.91 1,09,686.54
(ii) Trade receivables 9 36,153.35 26,767.42 Freight and forwarding 1,30,181.13 1,10,243.04
(iii) Cash and cash equivalents 10 14,673.12 3,850.17
Other expenses 34 1,06,712.63 1,05,830.84
(iv) Bank balances other than (iii) above 11 1,07,791.75 59,597.58
(v) Other financial assets 12 55,523.50 46,298.52 Total Expenses (II) 5,62,637.54 5,15,251.61
Current tax assets (net) 13 - 873.56 Profit before tax (I-II) 1,09,268.08 73,444.69
Other current assets 14 18,682.38 16,926.20 Tax expense:
Total current assets 3,18,309.71 2,23,457.08 Current tax 30,756.71 17,123.87
Total assets 9,87,198.20 8,54,203.42
EQUITY AND LIABILITIES Deferred tax charge 20 5,998.18 9,171.56
Equity Earlier years tax adjustments 2,203.06 (1,190.05)
Equity share capital 15 7,726.83 7,726.83 Profit for the year (III) 70,310.13 48,339.31
Other equity 16 3,65,947.86 2,95,041.55 Other comprehensive income
Equity attributable to equity holders of the J.K. Cement Ltd. 3,73,674.69 3,02,768.38
Items that will not be reclassified to profit or loss
Non-controlling interests (2,573.45) (2,026.33)
Total equity 3,71,101.24 3,00,742.05 Remeasurement gains/(loss)of defined benefit plans 209.77 (195.25)
Liabilities Income tax relating to remeasurement of defined benefit plans (73.30) 68.40
Non-current liabilities Exchange differences on translations (87.40) 1,841.19
Financial liabilities:
Other comprehensive income for the year (IV) 49.07 1,714.34
(i) Borrowings 17 2,99,312.16 2,70,351.45
(ii) Lease liabilities 17d 17,448.90 18,713.25 Total comprehensive income for the year (III + IV) 70,359.20 50,053.65
(iii) Other financial liabilities 18 31,077.40 27,370.79 Profit attributable to:
Provisions 19 5,405.39 5,018.29 Equity holders of the J.K. Cement Limited 70,971.86 49,239.77
Deferred tax liabilities (net) 20 59,296.83 41,726.63 Non-controlling interests (661.73) (900.46)
Other non current liabilities 21 7,820.63 7,812.07
Total non-current liabilities 4,20,361.31 3,70,992.48 70,310.13 48,339.31
Current liabilities Other comprehensive income attributable to:
Financial liabilities: Equity holders of the J.K. Cement Limited (65.54) 2,116.68
(i) Borrowings 22 14,934.70 18,072.95 Non-controlling interests 114.61 (402.34)
(ii) Lease liabilities 22a 4,973.24 3,187.30
(iii) Trade payables 23 49.07 1,714.34
(a) Total outstanding dues of micro enterprises and small enterprises 6,166.70 2,159.74 Total comprehensive income attributable to:
(b) total outstanding dues of creditors other than micro enterprises and small 53,812.32 47,018.82 Equity holders of the J.K. Cement Limited 70,906.32 51,356.45
enterprises Non-controlling interests (547.12) (1,302.80)
(iv) Other financial liabilities 24 48,066.94 62,862.83
70,359.20 50,053.65
Other current liabilities 25 58,384.50 38,097.69
Provisions 26 8,472.10 11,069.56 Earnings per equity share (Face value of ` 10 each) 35
Current tax liability (Net) 925.15 - Basic (in `) 90.99 62.56
Total current liabilities 1,95,735.65 1,82,468.89 90.99 62.56
Diluted (in `)
Total liabilities 6,16,096.96 5,53,461.37
Total equity and liabilities 9,87,198.20 8,54,203.42 Significant Accounting Policies 1
As per our report of even date.
As per our report of even date. For S.R. Batliboi & Co. LLP For and on behalf of the Board of Directors of
For S.R. Batliboi & Co. LLP For and on behalf of the Board of Directors of Chartered Accountants J.K. Cement Limited
Chartered Accountants J.K. Cement Limited ICAI Firm Regn. No. 301003E/E300005
per Atul Seksaria Dr. Krishna Behari Agarwal Sushila Devi Singhania
Partner Director Chairperson Membership No: 086370 DIN: 00339934 DIN: 00142549
A.K. Saraogi Dr. Raghavpat Singhania Dy Managing Director & CFO Managing Director
Dy Managing Director & CFO Managing Director DIN: 00130805 DIN: 02426556
DIN: 00130805 DIN: 02426556
Shambhu Singh Madhavkrishna Singhania Company Secretary Dy Managing Director and CEO
Company Secretary Dy Managing Director and CEO Membership No: F5836 DIN: 07022433
Place: Faridabad Place: New Delhi Dated: 12 June 2021 Dated: 12 June 2021

Statement of Consolidated Cash Flow

for the year ended 31 March 2021
For the year ended For the period ended For the year ended For the period ended
A. Cash Flow from Operating Activities C. Cash used in Financing Activities
Net Profit before tax 1,09,268.08 73,444.69 Proceeds from Long Term Borrowings 58,500.00 68,300.00
Adjustment for : Repayment of Long Term Borrowings (44,163.54) (30,943.39)
Depreciation & amortization expenses 30,619.04 28,796.17 Repayment of short term borrowings (3,138.25) (5,742.61)
Net loss on the sale of property, plant & equipment/ Impairment 4,565.24 3,169.06 Proceeds from VAT Loans 744.63 282.51
Interest paid 24,905.08 27,079.93 Repayment of deferred sales Tax (231.01) (527.76)
Interest received (8,242.75) (5,638.90) Proceeds/(Repayment) from Vehicle Loans 60.24 (282.87)
Bad Debts / Loans and advances 325.00 - Payment towards principal portion of lease liability (236.63) 633.87
Provision for doubtful debts / loans and advances 116.84 248.81 Interest paid on lease liability (983.52) (1,196.15)
Net fair value gain on financial assets measured at fair value through (228.07) (845.38) Interest Expense Paid (24,265.23) (25,568.22)
profit or loss Dividend paid (including dividend distribution tax) (32.97) (16,266.55)
Movement in Government grant 6.52 (846.41) Net Cash Used in Financing Activities (13,746.28) (11,311.17)
Mines restoration charges 124.81 65.44 Net Increase/(Decrease) in Cash and Cash Equivalents (A+B+C) 10,910.36 (21,789.72)
Operating Profit Before Working Capital Changes 1,61,459.79 1,25,473.41 Exchange rate fluctuation reserve on conversion (87.41) (666.33)
Working capital adjustments :- Cash and Cash Equivalents at the beginning of the year/period 3,850.17 26,306.22
Increase in Trade Payables 10,800.46 5,825.08 Cash and Cash Equivalents at the end of the year/period 14,673.12 3,850.17
Increase in other financial liabilities 7,315.09 27,648.33 10,910.36 (21,789.72)
Increase in Other liabilities 20,288.85 1,785.95
Increase / (Decrease) in Provisions (2,198.70) 2,233.50 Notes :
(Increase) in Inventories (6,618.42) (6,652.01) Cash and cash equivalents includes cash in hand and bank balances including Fixed Deposits.
(Increase) in Trade receivables (9,827.77) (1,292.56) Significant Accounting Policies 1
(Increase)/ Decrease in Other assets (718.26) 714.24 The accompanying notes are an integral part of the financial statements.
(Increase) in Other financial assets (1,886.69) (3,261.35)
Cash Generated From Operations 1,78,614.35 1,52,474.59
Less : Income Tax Paid (inclusive of tax deducted at source) (19,589.04) (15,299.36)
For S.R. Batliboi & Co. LLP For and on behalf of the Board of Directors of
Net Cash Flow From operating activities 1,59,025.31 1,37,175.23
B. Cash used in Investing Activities ICAI Firm Regn. No. 301003E/E300005
Proceed from maturity of fixed deposit 1,20,307.30 34,231.29
Investment in fixed deposit (1,77,037.50) (1,00,696.26) per Atul Seksaria Dr. Krishna Behari Agarwal Sushila Devi Singhania
Acquisition/Purchase of property, plant & equipment (76,780.78) (1,25,033.60) Partner Director Chairperson
Sale of property, plant & equipment 879.01 758.33 Membership No: 086370 DIN: 00339934 DIN: 00142549
Investment in Equity, Mutual funds & Bonds (60,740.34) (46,536.41) A.K. Saraogi Dr. Raghavpat Singhania
Sale of Investment 51,647.80 86,777.87 Dy Managing Director & CFO Managing Director
Interest received 7,355.84 2,845.00 DIN: 00130805 DIN: 02426556
Net Cash Used In Investing Activities (1,34,368.67) (1,47,653.78)

Statement of Changes in Equity Notes

for the year ended 31 March 2021 to the consolidated financial statements for the year ended 31 March 2021

(a) Equity share capital 1. Corporate Information value of like items of assets, liabilities, income and
As at As at
I. Reporting Entity expenses, after eliminating intra-group balances.
31 March 2021 31 March 2020 The consolidated financial statement comprise
Balance at the beginning of the year (77,268,251 Equity shares (31 March 2020: 77,268,251) 7,726.83 7,726.83 statement of J.K. Cement limited, its subsidiaries These are Group’s separate financial statements.
of ` 10 each issued, subscribed and fully paid) and joint venture operation (collectively, the group)
Changes in equity share capital during the year - - for the year ended 31 March 2021. J.K. Cement These financial statements were authorised for
Balance at the end of the year (77,268,251 Equity shares (31 March 2020:77,268,251) 7,726.83 7,726.83 Limited (“J.K. Cement Limited” or “the Group” or issue by the Board of Directors on 12 June 2021.
of ` 10 each issued, subscribed and fully paid) the “Parent”) is a public limited group domiciled in
India and has its registered office at Kamla Tower, (a) The assets and liabilities of foreign operations
(b) Other equity Kanpur, Uttar Pradesh – 208 001. J.K. Cement are translated into INR at the rate of exchange
Limited’s equity shares are listed on National Stock prevailing at the reporting date and their
Reserves and Surplus Exchange and Bombay Stock Exchange in India. statements of profit or loss are translated at
Debenture
Retained earnings
Non- The Group is engaged in the manufacturing and exchange rates prevailing at the dates of the
Securities General (including Other
premium
redemption
reserve Comprehensive
Total controlling Total selling of Cement and Cement related products. transactions.
reserve interests
Income)
Balance as on 01 April 2019 75,679.66 9,876.90 90,325.02 86,612.42 1,90,494.10 (723.53) 1,89,770.57 II. Significant Accounting Policies (b) For practical reasons, the group uses an
Profit for the year - - - 49,239.77 49,239.77 (900.46) 48,339.31 The Group has consistently applied the following average rate to translate income and expense
Other comprehensive income for - - - 2,116.68 2,116.68 (402.34) 1,714.34
accounting policies to all periods presented in the items, if the average rate approximates
the year
Total comprehensive income - - - 51,356.45 51,356.45 (1,302.80) 50,053.65 financial statements. the exchange rates at the dates of the
for the year transactions. The exchange differences arising
Adjustments - - - (2,507.47) (2,507.47) - (2,507.47) 1. Basis of consolidation on translation for consolidation are recognised
Transfer to/(from) general reserve - - 10,000.00 (10,000.00) - - - The consolidated financial statements of the Group in OCI. On disposal of a foreign operation, the
Transfer to/(from) debenture - (1,865.10) - 1,865.10 - - -
redemption reserve
have been prepared in accordance with Indian component of OCI relating to that particular
Dividend paid - - - (13,521.95) (13,521.95) - (13,521.95) Accounting Standards (Ind-AS) notified under foreign operation is recognised in profit or
Dividend distribution tax - - - (2,779.48) (2,779.48) - (2,779.48) the Companies (Indian Accounting Standards) loss.
Balance as at 31 March 2020 75,679.66 8,011.80 1,00,325.02 1,11,025.07 2,95,041.55 (2,026.33) 2,93,015.22 Rules, 2015 (as amended from time to time) and
Profit for the year - - - 70,971.86 70,971.86 (661.73) 70,310.13 presentation requirements of Division II of Schedule (c) The consolidated financial statements have
Other comprehensive loss for - - - (65.54) (65.54) 114.61 49.07
the year III to the Companies Act, 2013, (Ind AS compliant been prepared using uniform accounting
Total comprehensive income - - - 70,906.32 70,906.32 (547.12) 70,359.20 Schedule III). The financial statements of the Group policies for like transactions and other events
for the year and its Subsidiary Group have been consolidated in similar circumstances and are presented, to
Adjustments - - - - - - - on a line-by-line basis by adding together the book the extent possible, in the same manner as the
Transfer to/(from) general reserve - - 10,000.00 (10,000.00) - - -
Group’s separate financial statements.
Transfer to/(from) debenture - (3,289.40) - 3,289.40 - - -
redemption reserve
Balance as at 31 March 2021 75,679.66 4,722.40 1,10,325.02 1,75,220.79 3,65,947.87 (2,573.45) 3,63,374.42 (d) The Companies considered in the consolidated financial statements are:
Country of Holding as at 31 Period of
Significant Accounting Policies Name of the company Nature of croup
Incorporation March 2021 consolidation
The accompanying notes are an integral part of the financial statements. J.K. Cement (Fujairah)FZC Subsidiary U.A.E. 100% FY 2020-2021
As per our report of even date. J.K. Cement Works (Fujairah) FZC Fellow Subsidiary U.A.E. 90% FY 2020-2021
For S.R. Batliboi & Co. LLP For and on behalf of the Board of Directors of Jaykaycem(Central) Ltd Subsidiary India 100% FY 2020-2021
(e) Profit or loss attributable to ‘non-controlling Non-controlling interests’ in the Balance Sheet and
per Atul Seksaria Dr. Krishna Behari Agarwal Sushila Devi Singhania interest’ and to ‘owners of the parent’ in the in the Statement of Changes in Equity, within equity,
statement of profit and loss is presented is presented separately from the equity of the
as allocation for the period. Further, ‘total ‘owners of the parent’.
A.K. Saraogi Dr. Raghavpat Singhania comprehensive income’ for the period
Dy Managing Director & CFO Managing Director attributable to ‘non-controlling interest’ and 2. Basis of measurement
DIN: 00130805 DIN: 02426556 to ‘owners of the parent’ is presented in the The Consolidated financial statements have been
Shambhu Singh Madhavkrishna Singhania statement of profit and loss as allocation prepared on a historical cost basis except the
Company Secretary Dy Managing Director and CEO for the period. The aforesaid disclosures for following assets and liabilities, which are measured
Membership No: F5836 DIN: 07022433 ‘total comprehensive income’ is made in the on fair value basis:
Place: Faridabad Place: New Delhi statement of changes in equity.

Notes Notes
to the consolidated financial statements for the year ended 31 March 2021 to the consolidated financial statements for the year ended 31 March 2021
- Certain financial assets and liabilities that is when the financial statements were prepared. considerations of inputs such as liquidity risk, credit assets comprises of purchase price and directly
measured at fair value (Refer note 41). Existing circumstances and assumptions about risk and volatility. Changes in assumptions about attributable cost of bringing the assets to working
future development, however, may change due to these factors could affect the reported fair value of condition for its intended use including borrowing
- Defined benefit liability/(assets): fair value
market change or circumstances arising that are financial instruments. cost and incidental expenditure during construction
of plan assets less present value of defined
beyond the control of the group. Such changes are incurred up to the date when the assets are ready to
benefit obligation (Refer note 38).
reflected in the assumptions when they occurred. 5. Classification of Assets and Liabilities as use. Capital work in progress includes cost of assets
Current and Non-Current at sites, construction expenditure and interest on
3. Functional and presentation currency
Taxes The Group presents assets and liabilities in the the funds deployed.
These financial statements are presented in
Deferred tax assets are recognized for unused tax balance sheet based on current/ non-current
Indian National Rupee (‘INR’), which is theGroup’s
losses to the extent that it is probable that taxable classification. An asset is treated as current when If significant parts of an item of property, plant
functional currency. All amounts have been rounded
profit will be available against which the losses can it is: and equipment have different useful life, then
to the nearest lacs up to two decimal places except
be utilized. Significant management judgement is they are accounted for as a separate items (major
when otherwise indicated. - Expected to be realised or intended to be sold
required to determine the amount of deferred tax components) of property, plant and equipment.
or consumed in normal operating cycle.
assets that can be recognized, based upon the
4. Use of judgements and estimates
likely timing and the level of future taxable profits - Held primarily for the purpose of trading Items such as spare parts, stand-by equipment and
The preparation of the financial statements requires
together with tax planning strategy. servicing equipment are recognized as property,
management to make judgements, estimates and - Expected to be realised within twelve months
plant and equipment when they meet the definition
assumptions that affect the reported amounts after the reporting period, or
Useful life of property, plant and equipment of property, plant and equipment. Otherwise, such
of assets, liabilities, income, expenses, and the
The estimated useful life of property, plant and - Cash and cash equivalent unless restricted items are classified as inventory.
acgrouping disclosures, and the disclosure of
equipment are based on a number of factors from being exchanged or used to settle a
contingent assets and liabilities. Uncertainty about
including the effects of obsolescence, demand, liability for at least twelve months after the Any gain/ (loss) on disposal of property, plant and
these assumptions and estimates could result in
competition, internal assessment of user reporting period. equipment is recognised in statement of profit and
outcomes that require a material adjustment to the
experience and other economic factors (such as the loss.
carrying amount of assets or liabilities affected in All other assets are classified as non-current.
stability of the industry, and known technological
future periods.
advances) and the level of maintenance expenditure A liability is treated as current when: Subsequent Measurement
required to obtain the expected future cash flows Subsequent expenditure is capitalised only if it
Estimates and underlying assumptions are reviewed - It is expected to be settled in normal operating
from the asset. The Group reviews the useful life of is probable that the future economic benefits
on an ongoing basis. Revisions to estimates are cycle.
property, plant and equipment at the end of each associated with the expenditure will flow to the
recognised prospectively.
reporting date. - It is held primarily for the purpose of trading Group.
A. Judgements - It is due to be settled within twelve months after
Post-retirement benefit plans Expenditure during construction period:
Information about the judgements made in applying the reporting period, or
Employee benefit obligations (gratuity obligations) Expenditure/Income during construction period
accounting policies that have the most significant
are determined using actuarial valuation. An - There is no unconditional right to defer the (including financing cost related to borrowed funds
effects on the amounts recognised in the financial
actuarial valuation involves making various settlement of the liability for at least twelve for construction or acquisition of qualifying PPE)
statements have been given below:
assumptions that may differ from actual months after the reporting period. is included under Capital Work-in-Progress, and
developments in the future. These include the the same is allocated to the respective PPE on
Provision and contingencies All other liabilities are classified as non-current.
determination of the discount rates, future the completion of their construction. Advances
The assessment undertaken in the recognizing
salary increases and Mortality rates. Due to the given towards acquisition or construction of PPE
provision and contingencies have been made in Deferred tax liabilities are classified as non-current
complexities involved in the valuation and its long outstanding at each reporting date are disclosed as
accordance with Ind AS 37, ‘Provisions, contingent liabilities.
term nature, a defined benefit obligation is highly capital advances under “Other non-current assets”.
liabilities and contingent assets’. The evaluation of
sensitive to changes in these assumptions. All
the likelihood of the contingent events has required The operating cycle is the time between the
assumptions are reviewed at each reporting date. Depreciation
best judgement by management regarding the acquisition of the assets for processing and their
Depreciation on Property, plant and equipment
probability of exposure to potential loss. realisation in cash and cash equivalents. The Group
Fair value measurement of financial instruments (PPE) is calculated using the straight-line method
has identified twelve months as its operating cycle.
The fair value of financial assets and financial (SLM) to allocate their cost, net of their residual
B. Assumptions and estimation uncertainties
liabilities recorded in the balance sheet in respect of values, over their estimated useful lives (determined
The key assumptions concerning the future and 6.Property, plant and equipment
which quoted prices in active markets are available by the management based on technical estimates).
other key sources of estimation uncertainty at the Recognition and measurement
and measured using valuation techniques. The The assets residual values and useful life are
reporting date, that have a significant risk of causing Items of property, plant and equipment are
inputs to these models are taken from observable reviewed and adjusted if appropriate, at the end of
a material adjustment to the carrying amounts stated at cost less accumulated depreciation and
markets where possible, but where this is not each reporting period.
of assets and liabilities within the next financial accumulated impairment loss, if any. The cost of
feasible, a degree of judgement is required in
year, are described below, the group based its
establishing fair values. Judgements include
assumptions and estimates on parameters available

Notes Notes
Tangible Assets Useful Life (In years) 8. Financial instruments After initial measurement, such financial assets are Derecognition of financial assets
Factory building (including roads) 03-30 Years A financial instrument is any contract that gives subsequently measured at amortised cost using the A financial asset (or, where applicable, a part of a
Non factory building (including 05-60 Years rise to asset of one entity and a financial liability Effective Interest Rate (‘EIR’) method. Amortised cost financial asset or part of a group of similar financial
roads) or equity instrument of another entity. Financial is calculated by taking into account any discount or assets) is primarily derecognised (i.e. removed from
Plant and machinery 05-40 Years instruments also include derivative contracts premium on acquisition and fees or costs that are the group’s balance sheet) when:
Vehicles 08 Years such as foreign currency forward contracts, cross an integral part of the EIR. The EIR amortisation is
Furniture and fixtures 10 Years - The rights to receive cash flows from the asset
currency interest rate swaps, interest rate swaps included as finance income in the profit or loss. The
Office equipment 05 Years have expired, or
and currency options; and embedded derivatives in losses arising from impairment are recognised in the
Railway sidings 15 Years the host contract. profit or loss. - The Group has transferred its rights to receive
The useful life of certain plant and machineries have cash flows from the asset or has assumed an
been considered lower / higher than 15 years. These Financial Assets Debt instrument at fair value through Other obligation to pay the received cash flows in full
life are lower / higher those indicated in schedule II Initial recognition and measurement Comprehensive Income (FVOCI) without material delay to a third party under a
of Companies Act, 2013. All financial assets are recognised initially at Debt instruments with contractual cash flow ‘pass-through’ arrangement; and either (a) the
fair value plus, in the case of financial assets characteristics that are solely payments of principal group has transferred substantially all the risks
Freehold Mining Land is depleted according to the not recorded at fair value through profit or loss, and interest and held in a business model whose and rewards of the asset, or (b) the group has
‘unit of production’ method by reference to the ratio transaction costs that are attributable to the objective is achieved by both collecting contractual neither transferred nor retained substantially
of extraction of limestone in the year to the related acquisition of the financial asset. cash flows and selling financial assets are classified all the risks and rewards of the asset, but has
reserves of limestone. to be measured at FVOCI. transferred control of the asset.
Purchases or sales of financial assets that require
When the Group has transferred its rights to receive
Limestone reserves are estimated by the delivery of assets within a time frame established by Debt instrument at fair value through profit and
cash flows from an asset or has entered into a
management based on the internal best estimates regulation or convention in the market place (regular loss (FVTPL)
pass-through arrangement, it evaluates if and to
or independent expert’s valuation as considered way trades) are recognized on the trade date, i.e., the Any debt instrument, which does not meet the
what extent it has retained the risks and rewards
appropriate. These estimates are reviewed at least date that the group commits to purchase or sell criteria for categorization as at amortized cost or as
of ownership. When it has neither transferred nor
annually. the asset. FVOCI, is classified as at FVTPL.
retained substantially all of the risks and rewards
of the asset, nor transferred control of the asset,
The management believes that the estimated useful Classifications In addition, the group may elect to classify a debt
the group continues to recognize the transferred
life are realistic and reflect approximation of the The Group classifies its financial assets as instrument, which otherwise meets amortized cost or
asset to the extent of the group’s continuing
period over which the assets are likely to be used. subsequently measured at either amortised cost FVOCI criteria, as at FVTPL. However, such election
involvement. In that case, the group also recognizes
or fair value through other comprehensive income is allowed only if doing so reduces or eliminates a
an associated liability. The transferred asset and
7. Intangible assets (FVOCI) or fair value through Profit and Loss measurement or recognition inconsistency (referred
the associated liability are measured on a basis that
Intangible Assets are stated at cost less Account (FVTPL) on the basis of either: to as ‘accounting mismatch’).
reflects the rights and obligations that the group has
accumulated amortization and impairment loss, retained.
if any. Intangible assets are amortized on straight Group’s business model for managing the financial Debt instruments included within the FVTPL
line method basis over the estimated useful life. assets or category are measured at fair value with all changes
Continuing involvement that takes the form of a
Estimated useful life of the Software is considered Contractual cash flow characteristics of the recognized in the profit and loss.
guarantee over the transferred asset is measured
as 3 years. financial assets.
at the lower of the original carrying amount of the
Equity Instruments
asset and the maximum amount of consideration
Subsequent expenditure is capitalised only if it Business model assessment All equity instruments in scope of Ind AS 109 are
that the group could be required to repay.
is probable that the future economic benefits The group makes an assessment of the objective measured at fair value and all changes in fair value
associated with the expenditure will flow to the of a business model in which an asset is held at are recorded in FVTPL. On initial recognition an
On derecognition of a financial asset, the difference
group. an instrument level because this best reflects the equity investment that is not held for trading, the
between the carrying amount of the asset (or
way the business is managed and information is Group may irrevocably elect to present subsequent
the carrying amount allocated to the portion of
Amortisation methods, useful life and residual provided to management. changes in fair value in OCI and fair value changes
the asset derecognised) and the sum of (i) the
values are reviewed in each financial year end and on the instrument, excluding dividends, are
consideration received (including any new asset
changes, if any, are accounted for prospectively. Debt instruments at amortised cost recognized in the OCI. There is no recycling of the
obtained less any new liability assumed) and (ii) any
A financial asset is measured at amortised cost only amounts from OCI to statement of profit and loss,
cumulative gain or loss that had been recognised in
Amortisation of Mining rights over the period or if both of the following conditions are met: even on sale of investment. However, the Group
OCI is recognised in profit or loss.
respective Mining Agreement. may transfer the cumulative gain or loss within
- It is held within a business model whose equity. This election is made on an investment-by-
Impairment of financial assets
Amortisation of Mining Reserve: On the basis of objective is to hold assets in order to collect investment basis.
The Group assesses on a forward looking basis
material extraction (proportion of material extracted contractual cash flows.
the expected credit losses associated with its
per annum to total mining reserve). All other Financial Instruments are classified as
- The contractual terms of the financial asset assets carried at amortised cost and at FVOCI. The
measured at FVTPL.
represent contractual cash flows that are solely
payments of principal and interest.

Notes Notes
impairment methodology applied upon whether Amortised cost is calculated by taking into account initial recognition, no reclassification is made for recognised for the amount by which the carrying
there has been a significant increase in credit risk. any discount or premium on acquisition and fees financial assets which are equity instruments amount of investments exceeds its recoverable
or costs that are an integral part of the EIR. The EIR and financial liabilities. For financial assets which amount.
For recognition of impairment loss on other financial amortisation is included as finance costs in the are debt instruments, a reclassification is made
assets and risk exposure, the Group determines that statement of profit and loss. only if there is a change in the business model for 11. Provisions, Contingent Liabilities and Assets
whether there has been a significant increase in the managing those assets. Changes to the business Provisions are recognised when the Group has
credit risk since initial recognition. If credit risk has Financial liabilities at fair value through profit or model are expected to be infrequent. The group’s a present legal or constructive obligation as
not increased significantly, 12 month ECL is used to loss senior management determines change in the a result of past events, it is probable that an
provide for impairment loss. However, if credit risk Financial liabilities at fair value through profit or business model as a result of external or internal outflow of resources will be required to settle
has increased significantly, lifetime ECL is used. If, in loss include financial liabilities held for trading changes which are significant to the group’s the obligation and the amount can be reliably
a subsequent period, credit quality of the instrument and financial liabilities designated upon initial operations. Such changes are evident to external estimated. Provisions are not recognised for
improves such that there is no longer a significant recognition as at fair value through profit or loss. parties. A change in the business model occurs future operating losses.
increase in credit risk since initial recognition, then Financial liabilities are classified as held for trading if when the group either begins or ceases to perform
the entity revert to recognizing impairment loss they are incurred for the purpose of repurchasing in an activity that is significant to its operations. If Provisions are measured at the present value of
allowance based on 12 month ECL. the near term. the group reclassifies financial assets, it applies management’s best estimate of the expenditure
the reclassification prospectively from the required to settle the present obligation at the end
Lifetime ECL are the expected credit losses Gains or losses on liabilities held for trading are reclassification date which is the first day of the of the reporting period. The discount rate used to
resulting from all possible default events over recognised in the profit or loss. immediately next reporting period following the determine the present value is a pre-tax rate that
the expected life of a financial instrument. The change in business model. The group does not reflects current market assessments of the time
12 month ECL is a portion of the lifetime ECL Financial liabilities designated upon initial restate any previously recognized gains, losses value of money and the risks specific to the liability.
which results from default events on a financial recognition at fair value through profit or loss are (including impairment gains or losses) or interest. The increase in the provision due to the passage of
instrument that are possible within 12 months after designated as such at the initial date of recognition, time is recognised as interest expense.
the reporting date. and only if the criteria in Ind AS 109 are satisfied. 9. Inventories
For liabilities designated as FVTPL, fair value gains/ Inventories are valued as follows: Where it is not probable that an outflow of economic
With regard to trade receivable, the Group applies losses attributable to changes in own credit risk benefits will be required, or the amount cannot be
Raw materials, Lower of cost and net realisable estimated reliably, the obligation is disclosed as a
the simplified approach as permitted by Ind AS 109, are recognized in OCI. These gains/ loss are not
packing materials, value. Cost is determined on a moving contingent liability, unless the probability of outflow
Financial Instruments, which requires expected subsequently transferred to P&L. However, the stores and spares weighted average basis. Materials
lifetime losses to be recognised from the initial Group may transfer the cumulative gain or loss and other items held for use in the
of economic benefits is remote. Possible obligations,
recognition of the trade receivables. within equity. All other changes in fair value of such production of inventories are at cost whose existence will only be confirmed by the
liability are recognised in the statement of profit or not written down below costs, if occurrence or non-occurrence of one or more future
Financial liabilities loss. finished goods in which they will be uncertain events not wholly within the control of the
incorporated are expected to be sold at group, are also disclosed as contingent liabilities
Initial recognition and measurement or above cost
Financial liabilities are classified, at initial Financial guarantee contracts unless the probability of outflow of economic
Work-in-progress, Lower of cost and net realisable value.
recognition, as financial liabilities at fair value Financial guarantee contract issued by the Group benefits is remote.
finished goods and Cost includes direct materials, labor
through profit or loss, amortised cost, as is contracts that require a payment to be made to traded goods and a proportion of manufacturing
appropriate. reimburse the holder for a loss it incurs because, the overheads. Cost of finished goods Contingent Assets are not recognized in the
specified debtor fails to make a payment when due includes excise duty, wherever financial statements. However, when the realization
applicable. of income is virtually certain, then the related asset
All financial liabilities are recognised initially at fair in accordance with the terms of a debt instrument.
Financial guarantee contracts are recognised initially Waste At net realisable value is not a contingent asset and its recognition is
value and, in the case of amortised cost, net of
directly attributable transaction costs. as a liability at fair value, adjusted for transaction appropriate.
costs that are directly attributable to the issuance of Net realisable value is the estimated selling price in the
Subsequent measurement the guarantee. Subsequently, the liability is measured ordinary course of business, less estimated costs of 12. Mines Restoration Expenditure
The measurement of financial liabilities depends on at the higher of the amount of loss allowance completion and to make the sale. The expenditure on restoration of the mines
their classification, as described below: determined as per impairment requirements of Ind based on technical estimates by Internal/External
AS 109 , and the transaction amount recognised less 10. Investment in subsidiary and joint venture specialists is recognized in the accounts. The total
Financial Liabilities measured at amortised cost cumulative amortisation. Investment in subsidiaries and joint venture are estimated restoration expenditure is apportioned
After initial recognition, interest-bearing loans carried at cost / fair value as per the requirement over the estimated quantity of mineral resources
and borrowings are subsequently measured at Derecognition of financial liabilities of IND AS 32, Financial Instruments and IND AS (likely to be made available) and provision is made
amortised cost using the EIR method. Gains and The group derecognises a financial liability when its 109, Financial Instruments in the separate financial in the accounts based on minerals mined during
losses are recognised in profit or loss when the contractual obligations are discharged or cancelled, statements. Investment carried at cost is tested the year.
liabilities are derecognised as well as through the or expire. for impairment as per IND AS 36, Impairment of
EIR amortisation process. Assets. Investments in subsidiaries and JV are 13. Revenue Recognition
Reclassification of financial assets tested for impairment whenever events or changes The Group derives revenues primarily from sale of
The Group determines classification of financial in circumstances indicate that the carrying amount cement and cement related products.
assets and liabilities on initial recognition. After may not be recoverable. An impairment loss is

Notes Notes
Ind AS 115 “Revenue from Contracts with customer. The variable consideration is estimated Group. The Group has elected to apply the optional 14. Government Grants and Subsidies
Customers” provides a control-based revenue at contract inception and constrained until it is practical expedient for costs to obtain a contract Grants from the government are recognised at their
recognition model and provides a five step highly probable that a significant revenue reversal which allows the Group to immediately expense fair value where there is a reasonable assurance
application approach to be followed for revenue in the amount of cumulative revenue recognised sales commissions (included in advertisement and that the grant will be received and the Group will
recognition. will not occur when the associated uncertainty sales promotion expense under other expenses) comply with all attached conditions.
with the variable consideration is subsequently because the amortization period of the asset that
• Identify the contract(s) with a customer;
resolved. The Group recognizes changes in the the Group otherwise would have used is one year Government grants that compensate the Group for
• Identify the performance obligations; estimated amount of variable consideration in or less. expenses incurred are recognised in profit or loss as
the period in which the change occurs. Some income on a systematic basis in the periods in which
• Determine the transaction price;
contracts for the sale of goods provide customers Costs to fulfil a contract i.e. freight, insurance the expense is recognised.
• Allocate the transaction price to the performance with volume rebates and pricing incentives, which and other selling expenses are recognized as an
obligations; give rise to variable consideration. expense in the period in which related revenue is Government grants relating to the purchase of
recognised. property, plant and equipment are included in
• Recognise revenue when or as an entity satisfies
The Group provides retrospective volume rebates non-current liabilities as deferred income and are
performance obligation.
and pricing incentives to certain customers Critical judgements credited to profit or loss on a straight-line basis
Revenue from contracts with customers is once the quantity of products purchased during The Group’s contracts with customers include over the expected lives of the related assets and
recognised when control of the goods or services the period exceeds a threshold specified in the promises to transfer goods to the customers. presented within other income.
are transferred to the customer at an amount that contract. Rebates are offset against amounts Judgement is required to determine the transaction
reflects the consideration to which the Group payable by the customer. To estimate the variable price for the contract. The transaction price could 15. Employee benefits
expects to be entitled in exchange for those goods consideration for the expected future rebates, the be either a fixed amount of customer consideration (i) Short term employee benefits
or services. The Group has generally concluded Group applies the most expected value method or variable consideration with elements such as Short-term employee benefits are expensed
that it is the principal in its revenue arrangements, for contracts. The selected method that best schemes, incentives, cash discounts, etc. The as the related service is provided. A liability is
except for the agency services, because it typically predicts the amount of variable consideration is estimated amount of variable consideration is recognised for the amount expected to be paid
controls the goods or services before transferring primarily driven by the number of volume thresholds adjusted in the transaction price only to the extent if the Group has a present legal or constructive
them to the customer. contained in the contract. The Group then applies that it is highly probable that a significant reversal obligation to pay this amount as a result of
the requirements on constraining estimates of in the amount of cumulative revenue recognised past service provided by the employee and the
Revenue excludes amounts collected on behalf of variable consideration and recognises a refund will not occur and is reassessed at the end of each obligation can be estimated reliably.
third parties. liability for the expected future rebates. reporting period.
(ii) Defined contribution plans
Sale of goods Contract balances Costs to obtain a contract are generally expensed Obligations for contributions to defined
For sale of goods, revenue is recognised when Trade receivables as incurred. The assessment of this criteria requires contribution plans are expensed as the related
control of the goods has transferred at a point in A receivable represents the Group’s right to an the application of judgement, in particular when service is provided. The group has following
time i.e. when the goods have been delivered to the amount of consideration that is unconditional (i.e., considering if costs generate or enhance resources defined contribution plans:
specific location (delivery). Following delivery, the only the passage of time is required before payment to be used to satisfy future performance obligations
customer has full discretion over the responsibility, of the consideration is due). Refer to accounting and whether costs are expected to be recovered. a) Provident fund
manner of distribution, price to sell the goods policies of financial assets Financial instruments – The Group makes specified monthly
and bears the risks of obsolescence and loss in initial recognition and subsequent measurement. Other revenue streams contributions towards Provident Fund and
relation to the goods. A receivable is recognised Interest Income Employees State Insurance Corporation
by the Group when the goods are delivered to the Contract liabilities For all debt instruments measured either at (‘ESIC’). The contribution is recognized as
customer or their agent as this represents the point A contract liability is the obligation to transfer amortised cost or at fair value through other an expense in the Statement of Profit and
in time at which the right to consideration becomes goods or services to a customer for which the comprehensive income, interest income is recorded Loss during the period in which employee
unconditional, as only the passage of time is required Group has received consideration (or an amount using the effective interest rate (EIR). EIR is the rate renders the related service.
before payment is due. The Group considers the of consideration is due) from the customer. If a that exactly discounts the estimated future cash
effects of variable consideration, the existence customer pays consideration before the Group payments or receipts over the expected life of the b) Superannuation scheme
of significant financing components, noncash transfers goods or services to the customer, a financial instrument or a shorter period, where Superannuation Certain employees of
consideration, and consideration payable to the contract liability is recognised when the payment appropriate, to the gross carrying amount of the the Group are eligible for participation
customer (if any). is made or the payment is due (whichever is earlier). financial asset or to the amortised cost of a financial in defined contribution plans such as
Contract liabilities are recognised as revenue when liability. When calculating the effective interest rate, superannuation. Contributions towards
Variable consideration the Group performs under the contract. the Group estimates the expected cash flows by these funds are recognized as an expense
If the consideration in a contract includes a considering all the contractual terms of the financial periodically based on the contribution
variable amount, estimates the amount of Cost to obtain a contract instrument (for example, prepayment, extension, by the Group, since Group has no further
consideration to which it will be entitled in The Group pays sales commission to its selling call and similar options) but does not consider the obligation beyond its periodic contribution.
exchange for transferring the goods to the agents for each contract that they obtain for the expected credit losses. Interest income is included
in finance income in the statement of profit and loss.

Notes Notes
(iii) Defined benefit plans the Gratuity Trust fund formed by the Group. are capitalised as part of the cost of the asset. All Deferred tax assets are recognised for unused
The Group’s net obligation in respect of defined The contributions made are recognized as other borrowing costs are expensed in the period tax losses, unused tax credits and deductible
benefit plans is calculated separately for each plan assets. The defined benefit obligation in which they occur. Borrowing costs consist of temporary differences to the extent that it is
plan by estimating the amount of future benefit as reduced by fair value of plan assets interest and other costs that an entity incurs in probable that future taxable profits will be available
that employees have earned in the current and is recognized in the Balance Sheet. Re- connection with the borrowing of funds. Borrowing against which they can be used. Deferred tax assets
prior periods, discounting that amount and measurements are recognized in the Other cost also includes exchange differences to the are reviewed at each reporting date and are reduced
deducting the fair value of any plan assets. Comprehensive Income, net of tax in the year in extent regarded as an adjustment to the borrowing to the extent that it is no longer probable that the
which they arise. costs. related tax benefit will be realised; such reductions
The calculation of defined benefit obligations are reversed when the probability of future taxable
is performed annually by a qualified actuary (iv) Other long-term employee benefits 18. Taxes profits improves.
using the projected unit credit method. When The Group’s net obligation in respect of long- Tax expense comprises current and deferred tax. It
the calculation results in a potential asset term employee benefits is the amount of is recognised in profit or loss except to the extent Unrecognized deferred tax assets are reassessed
for the group, the recognised asset is limited future benefit that employees have earned that it relates to items recognized directly in equity at each reporting date and recognised to the
to the present value of economic benefits in return for their service in the current and or in Other Comprehensive Income. extent that it has become probable that future
available in the form of any future refunds from prior periods. That benefit is discounted to taxable profits will be available against which they
the plan or reductions in future contributions determine its present value. Re-measurements Current tax can be used.
to the plan. To calculate the present value of are recognised in profit or loss in the period in Current tax comprises the expected tax payable or
economic benefits, consideration is given to which they arise. receivable on the taxable income or loss for the year Deferred tax is measured at the tax rates that are
any applicable minimum funding requirements. and any adjustment to the tax payable or receivable expected to be applied to temporary differences
The group has following long term employment in respect of previous years. It is measured using when they reverse, using tax rates enacted or
Remeasurement of the net defined benefit benefit plans: tax rates enacted or substantively enacted at the substantively enacted at the reporting date.
liability, which comprise actuarial gains and reporting date.
losses, the return on plan assets (excluding Leave Liability The measurement of deferred tax reflects the tax
interest) and the effect of the asset ceiling Leave encashment is payable to eligible Current income tax relating to items recognised consequences that would follow from the manner
(if any, excluding interest), are recognised employees at the time of retirement. The outside profit or loss is recognised outside profit in which the group expects, at the reporting date, to
immediately in Other Comprehensive Income. liability for leave encashment, which is a or loss (either in other comprehensive income recover or settle the carrying amount of its assets
Net interest expense (income) on the net defined benefit scheme, is provided based on or in equity). Current tax items are recognised in and liabilities.
defined liability (assets) is computed by actuarial valuation as at the Balance Sheet date, correlation to the underlying transaction either in
applying the discount rate, used to measure the based on Projected Unit Credit Method, carried OCI or directly in equity. Management periodically The carrying amount of deferred tax asset is
net defined liability (asset), to the net defined out by an independent actuary. evaluates positions taken in the tax returns with reviewed on each reporting date.
liability (asset) at the start of the financial year respect to situations in which applicable tax
after taking into account any changes as a 16. Foreign currency translation regulations are subject to interpretation and Deferred tax assets and liabilities are offset only if:
result of contribution and benefit payments Transactions in foreign currencies are translated establishes provisions where appropriate.
during the year. Net interest expense and other into the Group’s functional currency at the exchange a) The entity has a legally enforceable right to set off
expenses related to defined benefit plans are rates at the dates of the transactions. Current tax assets and liabilities are offset only if, current tax assets against current tax liabilities;
recognised in profit or loss. the Group: and
Monetary assets and liabilities denominated
When the benefits of a plan are changed or in foreign currencies are translated into the a) Has a legally enforceable right to set off the b) The deferred tax assets and the deferred tax
when a plan is curtailed, the resulting change functional currency at the exchange rate at the recognised amounts; and liabilities relate to income taxes levied by the
in benefit that relates to past service or the reporting date. Non-monetary assets and liabilities same taxation authority on the same taxable
gain or loss on curtailment is recognised that are measured at fair value in a foreign currency b) Intends either to settle on a net basis, or entity.
immediately in profit or loss. The group are translated into the functional currency at the to realise the asset and settle the liability
recognises gains and losses on the settlement exchange rate when the fair value was determined. simultaneously. i) Minimum alternate tax (MAT) paid in a year is
of a defined benefit plan when the settlement Non-monetary items that are measured based on charged to the statement of profit and loss as
occurs. historical cost in a foreign currency are translated Deferred tax current tax for the year. The deferred tax asset
at the exchange rate at the date of the transaction. Deferred tax is recognised in respect of temporary is recognised for MAT credit available only to
The Group has following defined benefit plans: Foreign currency differences are generally differences between the carrying amounts the extent that it is probable that the concerned
recognised in profit or loss. of assets and liabilities for financial reporting group will pay normal income tax during the
Gratuity purposes and the amounts used for taxation specified period, i.e., the period for which MAT

The Group provides for its gratuity liability 17. Borrowing Cost purposes. Deferred tax is not recognised for credit is allowed to be carried forward. In the
based on actuarial valuation of the gratuity Borrowing costs directly attributable to the temporary differences on the initial recognition year in which the group recognizes MAT credit
liability as at the Balance Sheet date, based acquisition, construction or production of an of assets or liabilities in a transaction that is not as an asset, it is created by way of credit to
on Projected Unit Credit Method, carried out asset that necessarily takes a substantial period a business combination and that affects neither the statement of profit and loss and shown as
by an independent actuary and contributes to of time to get ready for its intended use or sale accounting nor taxable profit nor loss.

Notes Notes
part of deferred tax asset. The group reviews amounts expected to be paid under residual value For impairment testing, assets are grouped together number of equity shares outstanding during the
the “MAT credit entitlement” asset at each guarantees. The lease payments also include the into the smallest group of assets that generates period. Diluted earnings per shares is computed
reporting date and writes down the asset to the exercise price of a purchase option reasonably cash inflows from continuing use that are largely by dividing the profit for the year by the weighted
extent that it is no longer probable that it will certain to be exercised by the Group and payments independent of the cash inflows of other assets or average number of equity shares considered for
pay normal tax during the specified period. of penalties for terminating the lease, if the lease Cash Generating Units (‘CGUs’). deriving basic earnings per shares and also the
term reflects the Group exercising the option to weighted average number of equity shares that
18. Leases terminate. Variable lease payments that do not The recoverable amount of an asset or CGU is the could have been issued upon conversion of all
The Group assesses at contract inception whether depend on an index or a rate are recognised as greater of its value in use and its fair value less costs dilutive potential equity shares.
a contract is, or contains, a lease. That is, if the expenses (unless they are incurred to produce to sell. Value in use is based on the estimated future
contract conveys the right to control the use of an inventories) in the period in which the event or cash flows, discounted to their present value using The weighted average number of equity shares
identified asset for a period of time in exchange for condition that triggers the payment occurs. a pre-tax discount rate that reflects current market outstanding during the period is adjusted for
consideration. assessments of the time value of money and the events such as bonus issue, bonus elements in
In calculating the present value of lease payments, risks specific to the asset or CGU. a rights issue, share split and reverse share split
Group as a lessee the Group uses its incremental borrowing rate at the (consolidation of shares) that have changed the
The Group applies a single recognition and lease commencement date because the interest An impairment loss is recognised if the carrying number of equity shares outstanding without a
measurement approach for all leases, except for rate implicit in the lease is not readily determinable. amount of an asset or CGU exceeds its recoverable corresponding change in resources.
short-term leases and leases of low-value assets. After the commencement date, the amount of lease amount.
The Group recognises lease liabilities to make lease liabilities is increased to reflect the accretion of 24. Effective Interest Method
payments and right-of-use assets representing the interest and reduced for the lease payments made. Impairment loss in respect of assets other than The effective interest method is a method of
right to use the underlying assets. In addition, the carrying amount of lease liabilities goodwill is reversed only to the extent that the calculating the amortised cost of a financial asset
is remeasured if there is a modification, a change assets carrying amount does not exceed the or financial liability and of allocating interest
Right-of-use assets in the lease term, a change in the lease payments carrying amount that would have been determined, income / interest expenses over the relevant
The Group recognises right-of-use assets at the (e.g., changes to future payments resulting from a net of depreciation or amortisation, if no impairment period. The effective interest rate is the rate that
commencement date of the lease (i.e., the date the change in an index or rate used to determine such loss had been recognised. exactly discounts estimated future cash receipts
underlying asset is available for use). Right-of-use lease payments) or a change in the assessment of / payments (including all fees and points paid or
assets are measured at cost, less any accumulated an option to purchase the underlying asset. 20. Segment Reporting received that form an integral part of the effective
depreciation and impairment losses, and adjusted Operating segments are reported in a manner interest rate, transaction costs and other premiums
for any remeasurement of lease liabilities. The The Group’s lease liabilities are included in Interest- consistent with the internal reporting provided to or discounts) through the expected life of the debt
cost of right-of-use assetincludes the amount bearing loans and borrowings. the chief operating decision maker. instrument, or, where appropriate, a shorter period,
of lease liabilities recognised, initial direct costs to the net carrying amount on initial recognition.
incurred, and lease payments made at or before Short-term leases and leases of low-value The board of directors of the Group has been
the commencement date less any lease incentives assets identified as being the chief operating decision 25. Non-current assets held for sale
received. Right-of-use assets are depreciated The Group applies the short-term lease maker by the Management of the group. Refer note The Group classifies non-current assets as held
on a straight-line basis over the shorter of the recognition exemption to its short-term leases 37 for segment information presented. for sale if their carrying amounts will be recovered
lease term and the estimated useful lives of the of machinery and equipment (i.e., those leases principally through a sale rather than through
assets. If ownership of the leased asset transfers that have a lease term of 12 months or less from 21. Cash and cash equivalents continuing use. This condition is regarded as met
to the Group at the end of the lease term or the the commencement date and do not contain a Cash and cash equivalents comprise cash at bank only when the asset is available for immediate sale
cost reflects the exercise of a purchase option, purchase option). It also applies the lease of low- and on hand and short-term deposits with original in its present condition subject only to terms that
depreciation is calculated using the estimated value assets recognition exemption to leases of maturities of three months or less that are readily are usual and customary for sales of such asset
useful life of the asset. office equipment that are considered to be low convertible to known amounts of cash and which and its sale is highly probable. Also, such assets are
value. Lease payments on short-term leases and are subject to an insignificant risk of changes in classified as held for sale only if the management
The right-of-use assets are also subject to leases of low-value assets are recognised as value. expects to complete the sale within one year from
impairment. expense on a straight-line basis over the lease the date of classification.
term. 22. Exceptional item
Lease Liabilities Items of income or expense of non-routine are Non-current assets classified as held for sale are
At the commencement date of the lease, the 19. Impairment of non-financial assets presented separately when their nature and measured at the lower of their carrying amount and
Group recognises lease liabilities measured at the At each reporting date, the Group reviews the amount of such significance and is relevant to an the fair value less cost to sell. Non-current assets
present value of lease payments to be made over carrying amounts of its non-financial assets understanding of the entity’s financial performance. are not depreciated or amortised.
the lease term. The lease payments include fixed (other than inventories and deferred tax assets)
payments (including insubstance fixed payments) to determine whether there is any indication on 23. Earnings Per Share (EPS)
less any lease incentives receivable, variable lease impairment. If any such indication exists, then the Basic earnings per share are computed by dividing
payments that depend on an index or a rate, and asset’s recoverable amount is estimated. the profit for the year by the weighted average

Notes Notes
New and amended standards Amendments to Ind AS 1 and Ind AS 8: Definition
50,933.35
-
5,22,066.01 5,50,813.97
50,933.35
4.47
448.54
275.72
8,607.05
2,448.95
1,250.86
45,691.31
79,129.88
4,12,957.19
As at
31 March
2021
of Material
Amendments to Ind AS 116: COVID-19-Related
The amendments provide a new definition of
Rent Concessions.
Net Block
material that states, “information is material
The amendments provide relief to lessees from
if omitting, misstating or obscuring it could
52,953.50
52,953.50
-
4.47
417.36
231.42
6,609.19
3,98,173.85
2,216.48
1,296.15
41,657.68
71,459.40
As at
31 March
2020
applying Ind AS 116 guidance on lease modification
reasonably be expected to influence decisions
accounting for rent concessions arising as a
that the primary users of general purpose financial
direct consequence of the COVID-19 pandemic.
statements make on the basis of those financial
As a practical expedient, a lessee may elect not to
statements, which provide financial information
-
-
(711.90) 2,14,801.23
-
4,585.03
84.96
487.59
(523.70) 1,75,732.96
3,050.66
2,764.78
398.31
-
27,696.94
As at
31 March
2021
assess whether a COVID-19 related rent concession
about a specific reporting entity.” The amendments
from a lessor is a lease modification. A lessee that
clarify that materiality will depend on the nature or
makes this election accounts for any change in
magnitude of information, either individually or in
lease payments resulting from the COVID-19 related
(4.94)
(0.73)
(18.99)
(4.11)
(159.43)
-
-
-
-
Foreign
Exchange
Impact
-
combination with other information, in the context
rent concession the same way it would account for
of the financial statements. A misstatement of
the change under Ind AS 116, if the change were not
information is material if it could reasonably be
a lease modification.
Depreciation Block
expected to influence decisions made by the
(4,374.61)
(246.61)
(108.26)
(298.93)
(524.23)
(112.18)
(3,084.40)
Disposal/
Adjustment
-
-
-
-
-
primary users. These amendments had no impact
The amendments are applicable for annual reporting
on the consolidated financial statements of, nor
periods beginning on or after the 1 April 2020. In case,
is there expected to be any future impact to the
a lessee has not yet approved the financial statements
Group.
-
-
27,940.64
-
-
125.94
92.72
711.88
22,944.45
422.67
249.52
Addition
-
3,393.46
for issue before the issuance of this amendment,
then the same may be applied for annual reporting
These amendments are applicable prospectively
periods beginning on or after the 1 April 2019. This
for annual periods beginning on or after the 1 April
amendment had no impact on the consolidated
2020. The amendments to the definition of material
-
-
1,91,947.10
-
84.96
613.20
414.58
3,873.15
1,56,396.61
2,945.91
3,043.60
Opening
-
24,575.09
financial statements of the Group.
are not expected to have a significant impact on the
Group’s consolidated financial statements.
Amendments to Ind AS 103 Business
Combinations
Amendments to Ind AS 107 and Ind AS 109:
50,933.35
-
(2,733.58) 7,65,615.20
50,933.35
89.43
936.13
674.03
13,192.08
5,88,690.15
5,499.61
4,015.64
45,691.31
1,06,826.82
As at
31 March
2021
The amendment to Ind AS 103 Business
Interest Rate Benchmark Reform
Combinations clarifies that to be considered
The amendments to Ind AS 109 Financial
a business, an integrated set of activities and
Instruments: Recognition and Measurement provide
assets must include, at a minimum, an input and a
(14.38)
Foreign
Exchange
Impact
(14.38)
(9.81)
(1.10)
(20.23)
(5.20)
(565.37)
(2,131.87)
a number of reliefs, which apply to all hedging
-
-
-
-
substantive process that, together, significantly
relationships that are directly affected by interest
contribute to the ability to create output.
rate benchmark reform. A hedging relationship is
Furthermore, it clarifies that a business can exist
affected if the reform gives rise to uncertainty about
without including all of the inputs and processes
(48,142.41)
(9,489.75)
(48,142.41)
(261.84)
(115.82)
(438.22)
(552.08)
(3,602.08)
(4,519.71)
(Disposal)/
Adjustment
Gross Block
-
-
-
-
the timing and/or amount of benchmark-based cash
needed to create outputs.
flows of the hedged item or the hedging instrument.
These amendments have no impact on the
These amendments are applicable to business
consolidated financial statements of the Group as it
combinations for which the acquisition date is on
46,136.64
-
63,825.43
46,136.64
233.17
144.95
2,709.74
-
177.22
Addition
14,959.78
40,771.27
795.67
4,033.63
does not have any interest rate hedge relationships.
or after the beginning of the first annual reporting
2. Property, plant and equipment

period beginning on or after the 1 April 2020 and
The amendments to Ind AS 107 prescribe the
to asset acquisitions that occur on or after the
disclosures which entities are required to make for
52,953.50
-
7,14,013.10
52,953.50
89.43
1,030.56
4,339.75
646.00
10,482.34
Opening
5,54,570.46
5,162.39
41,657.68
96,034.49
beginning of that period. This amendment had no
hedging relationships to which the reliefs as per
impact on the consolidated financial statements of
the amendments in Ind AS 109 are applied. These
the Group but may impact future periods should the
amendments are applicable for annual periods
Group enter into any business combinations.
beginning on or after the 1 April 2020. These
amendments are not expected to have a significant
Building((Refer note v)
Freehold land (Refer iv)
Furniture and fixtures

Plant and equipment
impact on the Group’s consolidated financial
Capital work-in-
Office Equipment

Tangible Assets
(Refer note i & v)

statements.
Leasehold land
Railway sidings
Consolidated
(Refer note v)
(Refer note v)
Other assets
Rolling stock
(Refer note i)
Particulars
progress
Vehicles
Total
Total
246
Particulars Foreign As at Foreign As at As at As at

Opening Addition Exchange 31 March Opening Addition Exchange 31 March 31 March 31 March
Impact 2020 Impact 2020 2019 2020
Consolidated Notes
J.K. Cement Ltd.

Tangible Assets
Freehold land (Refer iv) 36,251.86 5,626.32 (220.50) - 41,657.68 - - - - - 36,251.86 41,657.68
Building((Refer note v) 86,834.28 7,521.77 - 1,678.44 96,034.49 20,472.85 3,675.89 - 426.35 24,575.09 66,361.43 71,459.40
Plant and equipment 4,60,676.73 95,162.82 (7,579.15) 6,310.06 5,54,570.46 1,38,875.98 20,734.89 (4,512.02) 1,297.76 1,56,396.61 3,21,800.75 3,98,173.85
(Refer note i & v)
Vehicles 5,055.31 336.41 (289.43) 60.10 5,162.39 2,202.93 453.27 233.80 55.91 2,945.91 2,852.38 2,216.48
Furniture and fixtures 4,152.95 175.18 (3.16) 14.78 4,339.75 2,728.77 304.18 (1.03) 11.68 3,043.60 1,424.18 1,296.15
(Refer note v)
Office Equipment (Refer 577.16 97.71 (31.82) 2.95 646.00 363.37 79.47 (30.20) 1.94 414.58 213.79 231.42
note v)
Railway sidings 10,482.34 - - - 10,482.34 3,124.52 658.79 - 89.84 3,873.15 7,357.82 6,609.19
(Refer note i)
Rolling stock 89.43 - - - 89.43 80.19 4.77 - - 84.96 9.24 4.47
Other assets 844.89 167.13 (6.49) 25.03 1,030.56 503.45 103.63 (6.16) 12.28 613.20 341.44 417.36
Leasehold land 18,093.78 - (18,093.78) - - 3,970.04 - (3,970.04) - - 14,123.74 -
Total 6,23,058.73 1,09,087.34 (26,224.33) 8,091.36 7,14,013.10 1,72,322.10 26,014.89 (8,285.65) 1,895.76 1,91,947.10 4,50,736.64 5,22,066.01
Capital work-in- 57,442.03 97,209.87 (99,933.54) (1,764.86) 52,953.50 - - - - - 57,442.03 52,953.50
progress
Total 57,442.03 97,209.87 (99,933.54) (1,764.86) 52,953.50 - - - - - 57,442.03 52,953.50
(i) The amount incurred by the Group as at 31 March 2021,ownership of which vests with State Electricity Boards & Indian Railways is cost
` 7,234.26 lacs (31 March 2020: ` 5,040.61 lacs), amortisation ` 1,804.18 lacs (31 March 2020: ` 1,409.08 lacs) and net block ` 5,430.08 lacs
(31 March 2020: ` 3,631.54 lacs)
(ii) It includes freehold land for mining having cost of ` 3,082.44 lacs (31 March 2020: ` 3,082.44 lacs), amortisation of ` 1029.21 lacs
to the consolidated financial statements for the year ended 31 March 2021
(31 March 2020 : ` 901.78 lacs) and net block of ` 2,053.23 lacs (31 March 2020: ` 2,180.66 lacs)
(iii) Property, plant & equipment pledged as security: Refer note 17a for information on property, plant & equipment pledged as security by the
company.
(iv) The title deeds of immovable properties included in property, plant and equipment are held in the name of the Company except for 1 case
of leasehold land, 2 cases of freehold land and 2 cases of freehold mining land, amounting to gross block of ` 1,353.07 lacs (net block: ` 0.75
lacs), gross block of ` 168.43 lacs (net block: ` 168.43 lacs) and gross block of ` 54.19 lacs (net block : ` 40.98 lacs), respectively as at 31
March 2021 and gross block of ` 168.43 lacs (net block: ` 168.43 lacs) and gross block of ` 54.19 lacs (net block: ` 43.05 lacs), respectively
as at 31 March 2020, for which title deeds are in the name of the erstwhile company that merged with the Company pursuant to a scheme of
amalgamation and arrangement as approved by the honourable High Court in earlier years.
(v) The company is in the process of its brownfield expansion project, on account of which, the amount of borrowing cost that has been
capitalised during the year ended 31 March 2021 was ` 1,893.39 lacs (31 March 2020: ` 3,253.70 lacs). The rate used to determine the
amount of borrowing costs eligible for capitalisation ranged between 8.05% to 8.75%.
3. Intangible Assets
World of
J.K. Cement

Notes
Impact 2021 Impact 2021 2020 2021
Intangible Assets
Computer Software 1,020.91 195.37 - (0.08) 1,216.20 838.38 115.19 - (0.02) 953.55 182.53 262.65
Mining Rights 3,008.90 2,079.10 - (46.10) 5,041.90 466.58 155.54 - (5.74) 616.38 2,542.32 4,425.52
Total 4,029.81 2,274.47 - (46.18) 6,258.10 1,304.96 270.73 - (5.76) 1,569.93 2,724.85 4,688.17
messages
Leadership

Impact 2020 Impact 2020 2019 2020
approach
Intangible Assets
Value-creation
Computer Software 933.73 87.01 - 0.17 1,020.91 702.89 145.89 (10.43) 0.03 838.38 230.84 182.53
Mining Rights 2,960.46 2,021.67 (2,124.05) 150.82 3,008.90 252.96 110.21 85.77 17.64 466.58 2,707.50 2,542.32
Total 3,894.19 2,108.68 (2,124.05) 150.99 4,029.81 955.85 256.10 75.34 17.67 1,304.96 2,938.34 2,724.85
Capital-wise
performance
to the consolidated financial statements for the year ended 31 March 2021
Our Board
Reports
Statutory
Financial
Statements

247
Notes Notes
4. Non-Current Financial Assets - Investments
(562.28)
21,900.55
3,187.30
18,713.25
1,196.15
20,754.31
512.37
As at
31 March 2020
(117.59) 11,152.78 30,657.77 38,233.57
As at
31 March 2020
3,939.89
2,266.07
22,782.48
28,988.44
15.52
(115.95) 6,052.42 16,836.90 15,436.62
43.56
34,878.05 30,657.77
- 4,991.97 13,714.39 22,737.87
As at
31 March
2020
14,123.74 13,714.39
90.96
20,722.45 16,836.90
15.52
As at
31 March
2021
The table below provides details regarding the contractual maturities of lease liabilities as at 31 March 2021 and 31 March 2020 on an undiscounted basis.
The Group does not face a significant liquidity risk with regard to its lease liabilities as the current assets are sufficient to meet the obligations related to lease liabilities as and
As at As at
31 March 2021 31 March 2020
Net Block
Net Block
A. Investment in equity instruments (fully paid-up)
15.52
90.96
April 01
2019
31.86
As at
31 March
2020
Unquoted (at FVTPL)

Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period:
Others
(1,220.15)
17,448.90
22,422.14
4,973.24
As at
31 March 2021
21,900.55
758.22
983.52
As at
31 March 2021
5,704.31
2,233.60
20,572.82
28,510.74
-8 ,000 (31 March 2020: 8,000) equity shares of ReNew Wind Energy AP (Pvt.) Ltd. (Face 8.00 8.00
value ` 10 each)
Set out below are the carrying amounts of lease liabilities and the movements during the year:
- 3,140,101 (31 March 2020 : 3,140,101) equity shares of VS Lignite Power Pvt. Ltd. - -
16.34
92.05
As at
31 March
2020
4,417.11
48.12
4,613.62
16.34
9,095.19
As at
31 March
2021
(Face value ` 10 each)# #

- 163,720 (31 March 2020 : 184,131) equity shares of Atria Wind Power (Chitradurga) Pvt. 410.86 462.22
Ltd. (Face value ` 10 each)
(1.64)
B. Investment in preference shares (fully paid up)

-
Foreign
Exchange
Impact
Foreign
-
3.42
291.23
-
294.65
Exchange
Impact
Unquoted
Others at FVTPL
- 2,785,552 (31 March 2020 : 2,785,552) 0.01% cumulative redeemable Preference - -
Depreciation Block
Depreciation Block
(232.51)
(232.51)
(162.96)
-
-
-
(Disposal)/
Adjustment
(Disposal)/
Adjustment
shares in VS Lignite Power Pvt. Ltd. (Face value ` 10 each)# #

33.87
2,434.41
-
2,305.32
C. Investment In Mutual Funds

Quoted (at FVTPL)
Nil (31 March 2020:5,000,000) units of HDFC fmp 1302D Sep2016(1)Regular-Growth - 662.00
-Series-37 Maturity date 2020
2,407.69
-
1,787.26
45.57
574.86
Addition
610.03
10.83
1,887.98
16.34
2,525.18
Addition
Nil (31 March 2020:5,000,000) units of HDFC fmp 1188D Mar-2017(1)-Regular-Growth- - 630.50
Series38- Maturity date-29 June 2020
Nil (31 March 2020:5,000,000) units of “UTI FITF Series XXVII - II (1161 days)” - 557.00
The average borrowing rate of 8% has been applied to lease liabilities recognised in the balance sheet.
Nil (31 March 2020:5,000,000) units of ICICI Prudential Fixed Maturity Plan Series 82- - 590.00
9,095.19
16.34
4,613.62
48.12
4,417.11
April 01
2019
3,970.04
-
-
-
3,970.04
Opening
1187 Days
Nil (31 March 2020:5,000,000) units of ICICI Prudential Fixed Maturity Plan Series 82- - 583.50
1136 Days
D. Investments in Bonds (Quoted) (at FVTPL)
(490.66) 49,386.35
31.86
(487.19) 21,489.04
342.56 39,752.96
135.61
- 27,729.84
As at
31 March
2021
As at
31 March
2020
- 18,131.50
139.08
332.45 21,450.52
31.86
Nil (31 March 2020:50) State bank of India SR-III 8.39% BD perpetual bonds, Face value - 485.21
per Bond ` 1,000,000 purchased @991,285 each
Nil (31 March 2020:50) State bank of India SR-II 8.75% BD perpetual bonds, Face value - 501.86
per Bond ` 1,000,000 purchased @1,007,773 each
(3.47)
-
Foreign
Exchange
Foreign
Impact
Exchange
Impact
10.11
- 93 (31 March 2020:Nil) S9.80% Canara 25 July 2022 perpetual bonds , Face value per 947.77 -
when they fall due.
-150 (31 March 2020:Nil) 8.65% BOB 11 August 2022 perpetual bonds , Face value per 1,514.95 -
(59.22)
(139.90)
(Disposal)/
Adjustment
(Disposal)/
Adjustment
80.68
-
-
-150 (31 March 2020:Nil) 8.75% Axis 28 June 2022 perpetual bonds , Face value per 1,515.35 -
Gross Block
Gross Block
(561.62)
(561.62)
-
-
-

4,396.93 4,480.29
Aggregate amount of market value of quoted investment 3,978.07 4,010.07
Aggregate amount of unquoted investment 418.86 470.22
39,752.96 10,685.67
-
21,450.52 1,087.33
-
Addition
18,131.50 9,598.34
Addition
177.62
48.29
395.62
621.53
Aggregate Impairment amount of unquoted Investment - 592.57

# # The fair value of investment is Nil (31st March,2020 :Nil)
3 (i). Right-of-use assets
38,848.09
31.86
139.08
Opening
April 01
2019
18,093.78
-
20,722.45
31.86
Payment of lease liabilities

Accretion of Interest
More than two years

Less than one year
Other Equipment
Other Equipment
Opening Balance
One to two years

Closing Balance
Leasehold land
Leasehold land
Non-current
Particulars
Particulars
Particulars
Particulars
Buildings
Buildings
Vehicles
Vehicles
Addition
Current
Total
Total

Notes Notes
5. Non-Current Financial Assets - Others 8. Current Financial Assets - Investments
(Unsecured, Considered good unless otherwise stated) Investment in Mutual Funds
(Carried at Amortised Cost, unless otherwise stated) Quoted (at FVTPL)
Fixed deposits with maturity more than 12 months from the reporting date* 1,122.76 121.95 - Nil (31 March 2020:1,000,000) units of Union Capital Protection Oriented Fund Series 8 - 103.45
Vehicle Loan Recoverable 224.61 189.71 -5 ,000,000 (31 March 2020:Nil) units of ICICI Prudential Fixed Maturity Plan Series 82-1187 637.50 -
Security Deposits 5,482.41 4,753.06 Days
6,829.78 5,064.72 -5 ,000,000 (31 March 2020:Nil) units of ICICI Prudential Fixed Maturity Plan Series 82-1136 632.50 -
Days
*includes ` 133.05 lacs (31 March 2020 ` 121.95 lacs) pledged against overdraft /other commitments.
-2 81,503.956 (31 March 2020:Nil) units of Canara Robeco Overnight Fund-DG 2,999.85 -
No loans due by directors or other officers of the Company or any of them either severally or jointly with any other persons or amounts due by -2 9,896.008 (31 March 2020-Nil) units of SBI Overnight Fund Direct Growth 1,002.04 -
firms or private companies respectively in which any director is a partner or a director or a member.
Investments in Bonds(Quoted) (at FVTPL)
-5 0 (31 March 2020:Nil) State bank of India SR-II 8.75% BD perpetual bonds, Face value per 504.61 -
6. Other Non-Current Assets Bond ` 1,000,000 purchased @1,007,773 each
-1 00 (31 March 2020:Nil) 10.99% Union 05 August 2021 perpetual bonds, Face value per 1,011.57 -
As at As at Bond ` 1,000,000 purchased @1,030,613.48 each
31 March 2021 31 March 2020
-5 0 (31 March 2020:Nil) State bank of India SR-III 8.39% BD perpetual bonds, Face value per 503.96 -
Capital advances 10,253.22 9,021.77 Bond ` 1,000,000 purchased @991,285 each
Advance other than capital advances -150 (31 March 2020:Nil) 9.14% BOB 22 March 2022 perpetual bonds , Face value per Bond 1,520.94 -
(Unsecured, Considered good unless otherwise stated) ` 1,000,000 purchased@1,056,190.14 each
Prepaid expenses 748.19 985.72 - 100 (31 March 2020:Nil) 9.10% Union 30 March 2022 perpetual bonds , Face value per Bond 1,014.04 -
Deferred employee compensation 29.99 31.81 ` 1,000,000 purchased @1,041,683.49 each
Advance to employees 174.82 171.54 Aggregate amount of quoted Investments 9,827.01 103.45
Deposit under protest with Government authorities 1,786.50 2,588.35 Aggregate amount of market value of quoted Investments 9,827.01 103.45
12,992.72 12,799.19
No advances are due by directors or other officers of the Company or any of them either severally or jointly with 9. Current Financial Assets - Trade Receivables
any other persons or amounts due by firms or private companies respectively in which any director is a partner or As at As at
a director or a member. 31 March 2021 31 March 2020
(Carried at Amortised Cost, except otherwise stated)
7. Inventories Secured
Unsecured
As at As at Considered good 21,999.70 14,729.58
31 March 2021 31 March 2020
Trade Receivable which have significant increase in credit risk 1,255.11 1,238.27
(Valued at lower of cost and net realisable value, unless otherwise stated) Less: Allowance for Trade Receivables, which have significant increase in Credit Risk (1,255.11) (1,238.27)
Raw materials 15,186.25 11,502.69 Less: Provision for rebate to customers (1,157.58) (299.19)
Work-in-process 10,295.94 9,083.08 36,153.35 26,767.42
Finished goods 9,553.57 12,131.05
Traded goods 209.60 98.48 Refer to Note 17a for information on Trade receivables pledged as security by the company.
Consumable stores and spares (net of provisions for slow and non-moving inventories of 33,272.24 28,860.60 No trade receivable are due by directors or other officers of the Company or any of them either severally or jointly
` 1,037.21 lacs (31 March 2020: ` 1,088.63 lacs)
with any other persons or amounts due by firms or private companies respectively in which any director is a partner
Goods in transit :
or a director or a member.
- Raw materials 323.23 756.71
- Consumable stores and spares 6,817.77 6,607.57 Trade receivables are non-interest bearing and are generally on terms of below 90 days.
75,658.60 69,040.18
Refer note 17a for information on inventories pledged as security by the company.

Notes Notes
10. Current Financial Assets - Cash and Cash equivalents 14. Other Current Assets
Balance with banks: Balances with Government authorities 4,965.02 5,376.29
- In current accounts 2,642.15 1,437.78 Prepaid Expenses 2,008.41 1,455.08
- In EEFC accounts - 383.48 Advance to Employees 82.83 84.07
- Fixed Deposits with original maturity of upto 3 months from the reporting date* 12,005.40 1,990.49 Advances to Suppliers 11,608.76 9,994.18
Cash on hand 23.61 31.62 Deferred employee compensation 17.36 16.58
Cheques in hand 1.96 6.80 18,682.38 16,926.20
14,673.12 3,850.17
No advances are due by directors or other officers of the company or any of them either severally or jointly with
any other persons or amounts due by firms or private companies respectively in which any director is a partner or
11. Current Financial Assets - Other Bank Balances a director or a member.
As at As at
31 March 2021 31 March 2020
15. Equity Share capital
Earmarked balance with bank for unclaimed dividends # 146.52 179.48 As at As at
Fixed deposits with maturity of more than 3 months but upto one year from the reporting 1,07,645.23 59,418.10 31 March 2021 31 March 2020
date* Authorised:
1,07,791.75 59,597.58 8,00,00,000 (31 March 2020: 8,00,00,000) equity shares of ` 10/- each 8,000.00 8,000.00
# Bank balances are against unpaid dividend & unclaimed fraction money Issued, subscribed & fully paid up:
*Fixed Deposits upto one year from the reporting date include deposit of ` 30,340.96 lacs (31 March 2020: ` 7,389.42 lacs) pledged against 7,72,68,251 (31 March 2020: 7,72,68,251) equity Shares of ` 10/- each 7,726.83 7,726.83
overdraft /other commitments. 7,726.83 7,726.83
a. Terms and rights attached to equity shares

12. Current Financial Assets - Others
Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the company,
As at As at the holders of equity shares will be entitled to receive remaining assets of the company, after distribution
31 March 2021 31 March 2020 of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the
Unsecured (Considered Good, unless otherwise stated) shareholders. There is no restriction on distribution of dividend. However, same is subject to the approval of the
(Carried at Amortised Cost, except otherwise stated) shareholders in the Annual General Meeting.
Other loans and advances
Considered good 2,061.11 2,918.17 b. Reconciliation of number of shares outstanding at the beginning and end of the year:
Considered doubtful 135.76 33.96
Number of Shares Amount
Less: Allowance for doubtful loans and advances (135.76) (33.96)
Government grants receivable 7,954.59 6,174.16 Outstanding at the 01 April 2019 7,72,68,251 7,726.82
Advance to Employees 499.98 620.50 Equity Shares issued during the year - -
Fixed deposits with maturity of more than 12 months and remaining maturity of less than 12 40,579.41 33,044.19 Outstanding at the 31 March 2020 7,72,68,251 7,726.82
months from the reporting date* Equity Shares issued during the year - -
Interest accrued on deposits 4,428.41 3,541.50 Outstanding at the 31 March 2021 7,72,68,251 7,726.82
55,523.50 46,298.52
Refer to Note 17a for information on other current financial assets pledged as security by the company. c. Shareholders holding more than 5% shares in the company
*Fixed Deposits due upto one year having original maturity period more than 12 months from the reporting date include deposit of ` 6,867.98
As at 31 March 2021 As at 31 March 2020
lacs (31 March 2020: ` 3,943.50 lacs) pledged against overdraft /other commitments.
No. of Shares Percentage No. of Shares Percentage
Yadu International Ltd 3,10,34,518 40.16% 3,08,34,518 39.91%
13. Current Tax Assets (Net) Yadupati Singhania - - 1,20,64,198 15.61%
As at As at
Abhishek Singhania 40,08,994 5.19% - -
31 March 2021 31 March 2020 Kavita Y Singhania 38,69,650 5.01% - -
Advance tax (Net of provision for income tax of ` 30,756.71 lacs (31 March 2020 : ` 17,123.87 - 873.56 Fidellity Investment Trust Fidelity Series 44,51,131 5.76% - -
lacs)
- 873.56

Notes Notes
16. Other equity Other Comprehensive Income

a) Remeasurement of defined benefit plans
As at As at
31 March 2021 31 March 2020 Remeasurements of defined benefit plans represents the following as per Ind AS 19, Employee Benefits:
a. Securities premium
(a) actuarial gains and losses
Balance at the beginning of the year 75,679.66 75,679.66
Balance at the end of the year 75,679.66 75,679.66 (b) the return on plan assets, excluding amounts included in net interest on the net defined benefit liability
(asset); and
b. Debenture redemption reserve
(c) any change in the effect of the asset ceiling, excluding amounts included in net interest on the net defined
Balance at the beginning of the year 8,011.80 9,876.90
benefit liability (asset)
Add: Transfer to retained earnings (3,289.40) (1,865.10)
Balance at the end of the year 4,722.40 8,011.80 b) Foreign Currency Translations
Foreign Currency Translation adjustments on foreign subsidiaries.
c. General reserve
Dividend
Balance at the beginning of the year 1,00,325.02 90,325.02
The following dividends were paid by the Company for the year.
Add: Transfer from retained earnings 10,000.00 10,000.00
Balance at the end of the year 1,10,325.02 1,00,325.02 31 March 2021 31 March 2020
Final dividend for the year ended 31 March 2020: ` Nil per share (31 March 2019: ` 10 per - 7,726.83
d. Retained earnings share)
Balance at the beginning of the year 1,11,025.07 86,612.42 Dividend Distribution tax on final dividend* - 1,588.27
Add: Adjustments - (2,507.47)
Interim dividend for the year ended 31 March 2021: ` Nil per share (31 March 2020: ` 7.50 per - 5,795.12
Add: Profit for the year 70,971.86 49,239.77 share)
Add: Other Comprehensive (loss)/income for the year (65.54) 2,116.68 Dividend Distribution tax on interim dividend* - 1,191.21
Less: Transfer to general reserve 10,000.00 10,000.00 - 16,301.43
Add: Transfer from debenture redemption reserve 3,289.40 1,865.10
Less: Dividend on equity shares - 13,521.95 * With effect from 1 April 2020, the Dividend Distribution Tax (‘DDT’) payable by the company under section 115O of Income Tax Act was
abolished and a withholding tax was introduced on the payment of dividend. As a result, dividend is now taxable in the hands of the recipient.
Less: Dividend distribution tax on equity shares - 2,779.48
1,75,220.78 1,11,025.07 After the reporting date, the board of directors confirms the proposed divided as final dividend. The dividends have not been recognised as
3,65,947.86 2,95,041.55 liabilities and there are no tax consequences.
Nature and purpose of other reserves/ other equity 31 March 2021 31 March 2020
Debenture Redemption Reserve Proposed dividend for the year ended 31 March 2021: ` 15.00 per share (31 March 2020: ` Nil 11,590.24 -
For the debentures issued and outstanding as at 31 March 2021 the Company has created DRR in accordance per share)
with requirement of section 71 of the Companies Act 2013. However, pursuant to a Ministry of Corporate 11,590.24 -
Affairs notification dated 16 August 2019 amending Section 71 of the Companies Act, 2013 and Rule 18 (7) of
the Companies (Share Capital and Debentures) Rules, 2014, the Company is not required to maintain DRR for Capital management
debentures issued and accordingly has applied the said change in provision to debentures issued prospectively For the purpose of the Group’s capital management, capital includes issued equity capital, securities premium
post 31 March 2020. and all other equity reserves attributable to the equity holders of the parent. The primary objective of the Group’s
capital management is to maximise the shareholder value.
General reserve
The Company appropriates a portion to general reserves out of the profits voluntarily to meet future The Group manages its capital structure and makes adjustments in light of changes in economic conditions and
contingencies. The said reserve is available for payment of dividend to the shareholders as per the provisions of the requirements of the financial covenants. To maintain or adjust the capital structure, the Group may adjust the
the Act. dividend payment to shareholders, return capital to shareholders or issue new shares. The Group monitors capital
using a gearing ratio, which is net debt divided by total capital plus net debt. The Group includes within net debt,
Securities premium interest bearing loans and borrowings, less cash and cash equivalents, excluding discontinued operations.
Securities premium is used to record the premium on issue of shares. The reserve can be utilised only for limited
purposes such as issuance of bonus shares in accordance with the provisions of the Companies Act, 2013.
Retained earnings
Retained earnings represents all accumulated net income netted by all dividends paid to shareholders. Retained
earnings includes re-measurement loss/(gain) on defined benefit plans, net of taxes that will not be reclassified to
Statement of Profit and Loss. Retained earnings is a free reserve available to the Company.

Notes Notes
As at As at 17a. Particulars of Securities, Repayment & Interest

31 March 2021 31 March 2020
Borrowings (Note 17) 2,99,312.16 2,70,351.45 Carrying Amount
Current Borrowings (note 22) 14,934.70 18,072.95 Loan's Securities Repayment Year of Rate of As at As at
Current maturities of long-term debt (note 24) 25,920.48 39,970.87 Frequency Maturity Interest p.a. 31 March 2021 31 March 2020
Current Investments(note 8) (9,827.01) (103.45) 1) Secured Non Convertible Debentures

Cash and cash equivalents (Note 10) (14,673.12) (3,850.17) Annual 2020-21 10.25% - 2,700.00
'NCD as shown includes ` 192.86 lacs (31 March 2020:
Fixed Deposits (note 5, 11 & 12) (1,49,347.40) (92,584.24) ` 44.40 lacs) towards amortised expenses.
Net debt 1,66,319.81 2,31,857.41
Non Convertible Debentures(NCDs): ` 49,400 lacs
Total Equity 3,71,101.24 3,00,742.05 (31 March 2020: ` 40,950.00 lacs)
Capital and net debt 5,37,421.05 5,32,599.46 i) Security for NCDs for ` Nil (31 March 2020: Annual 2020-21 10.50% - 2,700.00
Gearing ratio 30.95% 43.53% ` 10,950.00 lacs)
In order to achieve this overall objective, the Group’s capital management, amongst other things, aims to ensure Secured by first mortgage on the Company’s flat at Annual 2020-21 11.00% - 2,100.00
that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital on the assets specified below:-
structure requirements. Breaches in meeting the financial covenants would permit the bank to immediately call
Secured by pari-passu first charge on the
loans and borrowings. There have been no breaches in the financial covenants of any interest-bearing loans and Company's PPE (movable & immovable) by way
borrowing in the current period. of equitable mortgage on immovable Assets
and hypothecation on movable PPE , related to
No changes were made in the objectives, policies or processes for managing capital during the years ended 31 company's following cement plants.
March 2021 and 31 March 2020. a) Company's Existing Plant at Nimbahera having Annual 2020-21 11.00% - 3,450.00
capacity of 3.25 MnTPA. b) Company's Existing Plant
at Mangrol having capacity of 0.75 MnTPA.
17. Non-Current Financial Liabilities - Borrowings
c) Company's Existing Plant at Gotan consisting of Annual 2023-24 10.50% 5,200.00 8,500.00
As at As at White Cement plant having capacity of 0.40 MnTPA
31 March 2021 31 March 2020 and Thermal Power Plant. d) Company's Existing
(Carried at amortized cost, unless otherwise stated) Thermal power plant at Bamania
Secured ii) ii)Security for NCDs for ` 24,400.00 lacs Annual 2023-24 11.00% 9,200.00 11,500.00
a. Non convertible debentures 49,207.13 40,905.60 (31 March 2020: ` 30,000.00 lacs)
Less: Current maturities of non convertible debentures (Refer note 24) 3,600.00 20,550.00 Secured by first mortgage on the Company’s flat at Annual 2025-26 9.65% 10,000.00 10,000.00
by way of equitable mortgage of all the immovable
b. Term Loans From banks in Local Currency 2,66,216.29 2,60,181.36
assets except mining land and hypothecation of
Less: Current maturities of term loans (Refer note 24) 20,851.60 18,711.01 movable PPE pertaining to Company’s existing
cement plant at village Muddapur Karnataka
c. Vehicle loans 605.66 545.42 iii) ii) Security for NCDs for ` 25,000.00 lacs (31 March Semi Annual 2024-25 7.36% 25,000.00 -
Less: Current maturities of vehicle loans (Refer note 24) 278.13 350.02 2020: ` Nil) Secured by first pari-passu charge on
the fixed assets related to Company's Grey Cement
Plants (excluding mining land, mining leases and
d. VAT loans from Government 6,731.46 5,986.83
vehicles) at (a) Nimbahera having capacity of 3.25
Less: Current maturities of vat loans (Refer note 24) 372.80 - Mn.tpa (b) Mangrol line 1 in the state of Rajasthan.
Sub Total (1) 49,400.00 40,950.00
Unsecured 2) Secured Term Loans from Banks
e. Deferred sales tax liabilities 2,472.10 2,703.11 Term Loan as shown includes ` 382.55 lacs (31
Less: Current maturities of deferred sales tax liabilities (Refer note 24) 817.95 359.84 March 2020: ` 403.44 lacs) towards amortised
2,99,312.16 2,70,351.45 expenses.
Secured by pari-passu first charge on the Company's Quarterly 2023-24 MCLR+0.50% 4,786.03 6,200.31
PPE (movable & immovable) by way of equitable
mortgage on immovable Assets and hypothecation
on movable PPE ,related to company's existing plant at
Nimbahera, Mangrol & Gotan white.
i) Company's Existing Plant at Nimbahera having
capacity of 3.25 MnTPA. ii) Company's Existing
Plant at Mangrol having capacity of 0.75 MnTPA. iii)
Company's Existing White Cement Plant at Gotan
consisting of White Cement plant having capacity of
0.40 MnTPA and Thermal Power Plant.

Notes Notes
Carrying Amount Carrying Amount
Loan's Securities Repayment Year of Rate of As at As at Loan's Securities Repayment Year of Rate of As at As at
Frequency Maturity Interest p.a. 31 March 2021 31 March 2020 Frequency Maturity Interest p.a. 31 March 2021 31 March 2020
Secured by equitable mortgage of immovable Quarterly 2022-23 Fixed at 8.50% 1,607.14 2,305.21 Secured by First charge by way of equitable Quarterly 2030-31 MCLR+ 0.50% 93,155.03 97,620.19
properties and hypothecation of movable PPE mortgage, on all the immovable properties, both
pertaining to undertaking of J.K. Cement Works, present and future pertaining to, of the new cement
Quarterly 2030-31 MCLR+ 0.40% 11,179.24 11,707.53
Gotan except current assets and vehicles. Plants at Mangrol, Rajasthan (save and except
"Secured by First Pari-passu charge by way of Quarterly 2021-22 MCLR+ 0.50% - 3,373.84 mining land) including captive power plant of 25
equitable mortgage of all the immovable Properties MW and waste heat recovery based power plant
(except mining land) and hypothecation of all of 10 MW and split Grinding Unit at Jharli, Haryana
moveable non current assets, present and future and hypothecation of all the movable PPE of the
pertaining to J.K. Cement Works and Thermal power above plants (save and except Current Assets),
plant, Muddapur, Karnataka. both present and future and second charge on all
Secured by first pari-passu charge by way of Quarterly 2024-25 MCLR+ 0.40% 6,780.52 5,338.89 current assets, present and future, pertaining to the
equitable mortgage of all the immovable assets above plants (subject to prior charge created or to
except mining land & vehicles and hypothecation be created on the Current Assets in favour of the
of all movable PPE, present and future pertaining to Working Capital Lenders for securing the Working
J.K. Cement Works, Muddapur, Karnataka. Capital Facilities.
Secured by first pari-passu charge by way of Quarterly 2022-23 MCLR+0.50% 1,091.98 1,696.94 (i) Secured by pari-passu first charge by way of Quarterly 2031-32 MCLR+0.35% 1,04,000.00 76,000.00
equitable mortgage of all the immovable assets equitable mortgage of the immovable properties
except mining land and hypothecation of all movable ,present and future, pertaining to the Mangrol 3rd Line
PPE, present and future pertaining to J.K. Cement clinker unit, Mangrol WHR Plant, Aligarh Grinding unit
Works, Muddapur, Karnataka. and Balasinor Grinding unit but excluding mining land.
Secured by first pari-passu charge by way of Quarterly 2023-24 MCLR+0.25% - 1,102.28 (ii) First pari-passu charge with existing lenders by way
equitable mortgage of all the immovable assets of equitable mortgage of the immovable properties
and hypothecation of all movable PPE, present and present and future, pertaining to the Mangrol
future pertaining to J.K. Cement Works, Muddapur, expanded Grinding unit and Nimbahera expanded
Karnataka (excluding current assets). Grinding unit but excluded the mining land. (iii) Secured
by pari passu first charge by way of hypothecation
Secured against exclusive charge on entire movable Quarterly 2023-24 Fixed at 8.50% 5,300.00 7,050.00
of the movable fixed assets both present and future,
PPE (by way of hypothecation) and on immovable
pertaining to the Mangrol 3rd Line clinker unit, Mangrol
PPE (by way of equitable mortgage) related to
WHR Plant, Aligarh Grinding unit and Balasinor
the Wall Putty project at Katni, Madhya Pradesh
Grinding unit, (save and except the current assets
(excluding current assets and mining land, if any).
and vehicles). (iv) First pari-passu charge by way of
"First pari-passu charge on the entire movable and Quarterly 2024-25 3.25% + 6 38,698.89 48,189.61 hypothecation of the movable fixed assets, both
immovable fixed assets pertaining to J.K. Cement Month LIBORE present and future, pertaining to Mangrol expanded
Works(Fujairah)FZC, UAE as per prevalent local laws Grinding unit and Nimbahera expanded Grinding unit
in UAE. (save and except the current assets and vehicles). (v)
Hypothecation of Inventories & assignment of trade Secured by second charge by way of hypothecation
receivables. of the current assets pertaining to Mangrol 3rd line
clinker unit ,Mangrol WHR Plant, Aligarh Grinding unit
Assignment of the rights under the Land Lease
,Balasinor Grinding unit ,Mangrol Expanded Grinding
Agreement in respect of lease hold land(both plant
unit and Nimbahera Expanded Grinding unit both
and mining land).
present and future (subject to prior charge created
Corporate Guarantee of J.K. Cement Limited for or to be created on the current assets in favour of
entire tenor of loan. borrower's bankers for securing their working capital
Assignment of Insurance Contracts/Insurance advances.).
proceeds arising from the Insurance Contracts. Sub Total (2) 2,66,598.83 2,60,584.80
Total (1) + (2) 3,15,998.83 3,01,534.80
Less : Shown in current maturities of long term debt [Refer note 17 (a+b)] 24,451.60 39,261.01
Balance shown as above 2,91,547.23 2,62,273.79

Notes Notes
17b. Net Debt Reconciliation As at As at

31 March 2021 31 March 2020
As at As at * Provision for Mines Restoration charges:
Particulars
31 March 2021 31 March 2020
Opening Balance 881.87 816.43
This section sets out an analysis of net debt and the movements in net debt for each of
Addition during the year 124.81 65.44
the years presented
Closing Balance 1,006.68 881.87
Cash and cash equivalents 14,673.12 3,850.17
Fixed Deposits 1,49,347.40 92,584.24 The Company provides for the expenditure to reclaim the quarries used for mining in the Statement of Profit and
Liquid investments 9,827.01 39,431.14 Loss based on the estimated expenditure required to be made towards restoration and rehabilitation at the time of
Current borrowings (40,855.18) (53,330.56) vacation of mine. Provisions are reviewed at each balance sheet date and are adjusted to reflect the current best
Non Current borrowings (2,99,312.16) (2,43,978.83) estimates.
Net Debt (1,66,319.81) (1,61,443.84)
20 Deferred Tax Liabilities (net)

17c. Changes in liabilities arising from financial activities A. The balance comprises temporary differences attributable to:
Non-Current
Lease liabilities As at As at
Current borrowings
Particulars (including current 31 March 2021 31 March 2020
borrowings (including current
and non current)
maturities) Deferred tax liabilities
Opening balance as at 1 April 2019 23,815.56 2,73,493.83 - Property, plant and equipment 77,926.22 72,286.91
Recognition on 01 April 2019 due to adoption of Ind AS 116 - - 20754.31 Deferred tax assets
Addition on account of new leases during the year - - 443.91 Unabsorbed depreciation & Losses 97.41 84.29
Cash flow (net) (5,742.61) 36,828.49 633.87 Employee benefits 1,281.42 1,336.14
Interest expenses - - 1,264.61 Trade receivables 841.87 775.27
As at 31 March 2020 18,072.95 3,10,322.32 23,096.70 Liability on payment basis 2,945.73 3,404.61
Addition on account of new leases during the year - - (1,421.45) MAT Credit Entitlement 13,462.96 24,959.97
Cash flow (net) (3,138.25) 14,910.32 (236.63) 59,296.83 41,726.63
Interest expenses - - 983.52
As at 31 March 2021 14,934.70 3,25,232.64 22,422.14
B. Movement in deferred tax balances
As at Recognized Recognized As at
17d. Non-Current Financial Liabilities - Lease 31 March 2020 in P&L in OCI 31 March 2021
As at As at Deferred Tax Assets

31 March 2021 31 March 2020 Unabsorbed depreciation & Losses 84.29 15.05 (1.93) 97.41
Lease liabilities 17,448.90 18,713.25 Employee benefits 1,336.36 18.36 (73.30) 1,281.42
17,448.90 18,713.25 Trade receivables 775.27 66.60 - 841.87
Liability on expenses 3,404.61 (458.88) - 2,945.73
18. Non-Current Financial Liabilities - Others MAT Credit Entitlement 24,959.75 (11,496.79) - 13,462.96
Sub- Total (a) 30,560.28 (11,855.66) (75.23) 18,629.39
As at As at Deferred Tax Liabilities
31 March 2021 31 March 2020
Property, plant and equipment 72,286.91 5,639.31 77,926.22
Security Deposits 31,077.40 27,370.79 Sub- Total (b) 72,286.91 5,639.31 - 77,926.22
31,077.40 27,370.79 Net Deferred Tax Liability (b)-(a) 41,726.63 17,494.97 75.23 59,296.83
19. Non-Current Provisions
As at As at
31 March 2021 31 March 2020
Provision for employee benefits (Refer Note No.38)
- Gratuity 776.08 696.83
- Leave encashment 3,622.63 3,439.59
Provision for Mines Restoration Charges* 1,006.68 881.87
5,405.39 5,018.29

Notes Notes
As at Recognized
Recognized in OCI
As at 21. Other Non-Current Liabilities
31 March 2019 in P&L 31 March 2020
Deferred Tax Assets As at As at
31 March 2021 31 March 2020
Unabsorbed depreciation & Losses 22.33 58.24 3.72 84.29
Deferred income on government grants 7,820.63 7,812.07
Employee benefits 1,100.28 167.68 68.40 1,336.36
7,820.63 7,812.07
Trade receivables 647.07 128.20 - 775.27
Government grants have been received against the purchase of certain items of property,
Liability on expenses 3,255.39 149.22 - 3,404.61 plant and equipment. There are no unfulfilled conditions or contingencies attached to these
MAT Credit Entitlement 26,359.74 (1,399.99) - 24,959.75 grants.
Sub- Total (a) 31,384.81 (896.65) 72.12 30,560.28 Opening Balance
Deferred Tax Liabilities Current 823.80 814.06
Property, plant and equipment 62,612.01 9,674.90 - 72,286.91 Non Current 7,812.07 8,668.22
Sub- Total (b) 62,612.01 9,674.90 - 72,286.91 8,635.87 9,482.28
Net Deferred Tax Liability (b)-(a) 31,227.20 10,571.55 (72.12) 41,726.63 Net received/(paid) during the year 307.17 (541.51)
Released to statement of profit or loss 300.65 304.90
Closing balance
C. Amounts recognised in profit or loss Current 821.76 823.80
Non-current 7,820.63 7,812.07
For the year ended For the period ended
31 March 2021 31 March 2020 8,642.39 8,635.87
Current tax expense*
22. Current Financial Liabilities - Borrowings
Current year 30,756.71 17,123.87
30,756.71 17,123.87 As at As at
Deferred tax charged/(credit) 31 March 2021 31 March 2020
Origination and reversal of temporary differences 5,998.18 9,171.56 (Carried at Amortised Cost, except otherwise stated
Earlier year Tax Adjustment 2,203.06 (1,190.05) Loan repayable on demand (Secured)*
8,201.24 7,981.51 - From banks 14,780.03 15,035.00
Total Tax Expense 38,957.95 25,105.38 - Acceptance - Bill of Exchange 70.11 3,037.95
- EEFC accounts 84.56 -
14,934.70 18,072.95
D. Amounts recognised in Other Comprehensive Income
*Loan repayable on demand are secured by first charge on current assets of the Company namely inventories, book debts etc. and second
For the year ended 31 March 2021 For the period ended 31 March 2020 charge on PPE of the Company except the PPE pertaining to J.K. Cement Works, Gotan, J.K. Cement Works, Balasinor, J.K. Cement Works,
Katni and the assets having exclusive charge of other lenders. Second charge on fixed assets at Karnataka plant shall rank pari passu with the
Tax (Expense)/
Income & Tax (Expense)/ State Govt.of Karnataka for interest free loan against VAT payable by the Borrower.
Before tax Net of tax Before tax Net of tax
Exchange Income
difference 22a. Current Financial Liabilities - Lease
Remeasurements of defined 209.77 (73.30) 136.47 (195.25) 68.40 (126.85)
As at As at
benefit liability 31 March 2021 31 March 2020
209.77 (73.30) 136.47 (195.25) 68.40 (126.85)
Lease Liabilities 4,973.24 3,187.30
4,973.24 3,187.30
E. Reconciliation of effective tax rate
For the year ended 31 March 2021 For the period ended 31 March 2020
23. Current Financial Liabilities - Trade Payables
Rate Amount Rate Amount As at As at
Profit before tax 34.94% 1,09,268.08 34.94% 73,444.69 31 March 2021 31 March 2020
Tax using the Company’s domestic tax rate 34,669.42 25,664.51 (Carried at Amortised Cost, except otherwise stated)
Tax effect of: (a) Total outstanding dues of micro enterprises and small enterprises 6,166.70 2,159.74
Non-deductible expenses 923.50 347.81 (b) total outstanding dues of creditors other than micro enterprises and small enterprises 53,812.32 47,018.82
Tax-exempt income & incentives (4,396.69) (4,283.71) 59,979.02 49,178.56
Unrecognised tax assets 5,558.66 3,344.29
Based on the information available with the Company regarding the status of suppliers as defined under MSMED
Others 2,203.06 32.48
Act,2006, there was no principal amount overdue and no interest was payable to the Micro, Small and Medium
38,957.95 25,105.38 Enterprises on 31 March 2021 as per the terms of contract.
*The Government of India on 20 September 2019, vide the Taxation Laws (Amendment) Ordinance 2019, inserted a new section 115BBA in the
Income-tax Act, 1961, which provides domestic companies a non-reversible option to pay corporate tax at reduced rates effective, 01 April Trade payables are non-interest bearing and are generally on terms of below 90 days.
2019, subject to certain conditions.The company is continuing to provide income tax at old rates, considering available unutilised minimum
alternative tax credit and other tax benefits/holidays.

Notes Notes
24. Current Financial Liabilities - Others 27. Revenue from Contracts with Customers
As at As at For the year ended For the period ended

Current maturities of long-term debt 25,920.48 39,970.87 Sale of products 6,50,917.22 5,73,473.48
Employee dues 1,870.64 1,973.81 Total (i) 6,50,917.22 5,73,473.48
Interest accrued but not due on borrowings 1,197.13 1,540.80 Other operating revenues
Unpaid dividends 137.30 170.27 Claims realised 105.76 137.84
Unclaimed fraction money 9.21 9.21 Government grants 6,246.75 4,348.91
Security deposits 3,196.39 2,756.73 Miscellaneous income 3,340.54 2,203.55
Project creditors 10,070.50 13,289.62 Total (ii) 9,693.05 6,690.30
Temporary book overdraft 4,083.75 1,802.78 Revenue from operations [(i) + (ii)] 6,60,610.27 5,80,163.78
Others 1,581.54 1,348.74 *Reconciliation of Revenue as per Contract Price and as recognized in the Statement of
48,066.94 62,862.83 Profit and Loss
Revenue as per Contract Price 7,43,693.94 6,51,062.28
Less: Discounts and Incentives** (92,776.72) (77,588.80)
25. Other Current Liabilities Total Revenue from Contracts with Customers 6,50,917.22 5,73,473.48
As at As at **Includes variable considerations which are included in the transaction price determined at the inception of the contract.
31 March 2021 31 March 2020
Statutory dues payable 14,303.49 6,244.61
Deferred income from government grants 821.76 823.80 28. Other Income
Contracted Liability 11,894.39 9,650.49
Others* 31,364.86 21,378.79 31 March 2021 31 March 2020
58,384.50 38,097.69 Interest income from financial assets measured at amortised cost
*It includes Retention price and Liability towards dealer incentive relates to the accrual and release of in-kind discount. - from bank deposits 7,446.50 5,250.48
- from others 796.25 388.42
Gain on fair valuation/sale of investment (net) 218.93 845.38
26. Current Provisions
Profit on sale/discard of property, plant and equipment (net) 0.06 -
As at As at Profit on sale of current investment (net) 9.14 -
31 March 2021 31 March 2020
Government grants * 300.65 304.90
Employee benefits 1,087.61 2,054.68
Miscellaneous income 1,941.57 1,743.34
Provision for Contingency* 7,384.49 9,014.88
Net Gain on Foreign Currency transactions and translation 582.25 -
8,472.10 11,069.56
11,295.35 8,532.52
* Movement of provision during the year as required by Ind AS - 37 " Provisions, Contingent Liablities and Contingent Asset"
*Government grants income on account of capital subsidy recognised over the period of useful life of property, plant and equipment against
which the grant is received.
As at As at
31 March 2021 31 March 2020
29 Cost of Materials Consumed
Provision for Contingency
Opening Balance 9,014.88 8,499.61 For the year ended For the period ended
Add: Provision during the year 1,035.99 993.44 31 March 2021 31 March 2020
Less: Utilisation during the year (2,666.38) (478.17) Opening inventory (A) 12,176.78 11,099.54
Closing Balance 7,384.49 9,014.88 Purchases (B) 1,04,545.60 93,816.49
Closing inventory (C) (15,186.25) (12,176.78)
Total (A+B+C) 1,01,536.13 92,739.25

Notes Notes
30. Changes in Inventories of Finished Goods, Work-in-Progress and Traded Goods 34. Other Expenses
For the year ended For the period ended For the year ended For the period ended
Closing Inventory Packing material consumed 27,444.90 23,489.23
Work-in-progress (10,295.94) (7,802.89) Stores and spares consumed 10,030.49 10,241.41
Finished goods (9,553.57) (13,444.79) Repairs and maintenance:
Traded Goods (209.60) (64.94) - Buildings 1,120.32 1,160.75
Total (A) (20,059.11) (21,312.62) - Plant and machinery 8,718.12 8,501.15
- Other Assets 76.66 152.28
Opening Inventory
Other manufacturing expenses 1,239.26 1,174.47
Work-in-progress 7,802.89 4,275.40
Rent 1,863.49 2,114.35
Finished goods 13,444.79 9,253.30
Lease rent and hire charges 181.55 211.00
Traded Goods 64.94 5.67
Rates and taxes 1,567.53 1,430.78
Total (B) 21,312.62 13,534.37 Insurance 1,931.02 1,426.31
Total (A-B) 1,253.51 (7,778.25) Travelling and conveyance # 2,270.06 3,739.03
CSR expenses (Refer note 43) 1,226.14 942.63
Bad trade receivables / advances / deposits written off 325.00 -
31. Employee Benefits Expense
Expected Credit loss for trade receivables/advances 116.84 248.81
For the year ended For the period ended Loss on disposal of property, plant & equipment 4,585.59 3,227.64
31 March 2021 31 March 2020 Legal & professional expenses 6,557.32 8,271.45
Salaries and wages 40,692.28 39,614.57 Sales promotion and other selling expenses 15,104.38 16,773.53
Contribution to provident and other funds (Refer Note No 38) 3,586.47 3,675.34 Advertisement and publicity 7,307.29 8,241.53
Staff welfare expenses 1,948.40 2,231.91 Miscellaneous expenses # 15,046.67 14,484.49
46,227.15 45,521.82 1,06,712.63 1,05,830.84
#Details of Payments to Statutory Auditors
As auditor:
32. Finance Costs Audit fees 164.93 176.29
For other services:
For the year ended For the period ended Certification fees and other matters 13.36 22.16
31 March 2021 31 March 2020
Re-imbursement of expenses 1.67 13.32
Interest expenses 25,251.37 28,641.03 179.96 211.77
Interest expenses on Lease liabilities 983.52 1,196.15
Other borrowing costs (includes bank charges, etc.) 344.27 388.08
Unwinding of discounts 563.58 496.45 35. Earning Per Share
Exchange differences regarded as an adjustment to borrowing costs 27.35 168.28
27,170.09 30,889.99 31 March 2021 31 March 2020
Less: Capitalised 1,893.39 3,253.70 Total profit for the year attributable to Equity shareholders 70,310.13 48,339.31
25,276.70 27,636.29 Weighted average number of equity shares of ` 10/- each (In lacs) 772.68 772.68
EPS - Basic and Diluted (in `) 90.99 62.56
33. Depreciation and Amortisation Expense

36 Contingent Liabilities, Contingent assets and commitments
31 March 2021 31 March 2020
As at As at
Depreciation on tangible assets 27,940.62 26,014.89 31 March 2021 31 March 2020
Amortisation on intangible assets 270.73 256.10 (A) Contingent Liabilities
Depreciation on Right of use assets 2,407.69 2,525.18 (i) Claim against the Group not acknowledged as debts (includes show cause notices 6,941.93 25,168.06
30,619.04 28,796.17 pertaining to excise duty and others) (cash flow is dependent on court decisions
pending at various level.)
(ii) There are numerous interpretative issues relating to the Supreme Court (SC) - -
judgement dated 28 February 2019 on Provident Fund (PF) on the inclusion
of allowances for the purpose of PF contribution as well as its applicability of
effective date. The Company is evaluating and seeking legal inputs regarding
various interpretative issues and its impact. As a matter of caution, the Company
has applied the judgement on a prospective basis from the date of the SC order.
The Company will update its provision for the period prior to the Supreme Court
judgement, on receiving further clarity on the subject.

Notes Notes
As at As at 37 Segment information
31 March 2021 31 March 2020 Segment information is presented in respect of the group’s key operating segments. The operating segments
Other for which the Company is contingently liable are based on the Group’s management and internal reporting structure.
(iii) In respect of disputed demands for which Appeals are pending
with Appellate Authorities/Courts-no provision has been considered necessary Operating Segments
by the Management The Group's Board of Directors have been identified as the Chief Operating Decision Maker ('CODM'), since
a) Excise Duty* 2,351.44 2,277.83 they are responsible for all major decision w.r.t. the preparation and execution of business plan, preparation of
b) Sales Tax and Entry Tax*# 1,380.63 6,695.61 budget, planning, expansion, alliance, joint venture, merger and acquisition, and expansion of any new facility.
c) Service Tax* 48.56 277.45
d) Income Tax (primarily on account of disallowance of depreciation on goodwill 1,087.48 8,134.44 Board of Directors reviews the operating results at company level, accordingly there is only one Reportable
and additional depreciation on Power Plants etc.)**
Segment for the Group which is "Cement", hence no specific disclosures have been made.
(iv) In respect of Interest on " Cement Retention Price" realised in earlier years 1,312.57 1,292.19
(v) In respect of penalty of non lifting of fly ash - 2,009.45
Entity wide disclosures
(vi) The Competition Commission of India (` CCI') has imposed penalty of ` 12,854 13,782.00 13,782.00
A. Information about product total revenue
lacs ('first matter') and ` 928 lacs ('second matter') in two separate orders dated
31 August 2016 and 19 January 2017 respectively for alleged contravention of For the year ended For the period ended
provisions of Competition Act 2002 by the Company. The Company has filed Product
31 March 2021 31 March 2020
appeals against the above orders. The National Company Law Appellate Tribunal Grey Cement 4,62,880.07 3,82,401.32
(` NCLAT'), on hearing the appeal in the first matter, upheld the decision of CCI for
White Cement and allied products 1,88,037.15 1,91,072.16
levying the penalty vide its order dated 25 July 2018. Post order of the NCLAT, CCI
issued a revised demand notice dated 07 August 2018 of ` 15,492 lacs consisting
of penalty of ` 12,854 lacs and interest of ` 2,638 lacs. The Company has filed B. Information about geographical areas
appeal with Hon'ble Supreme Court against the above order. Hon'ble Supreme Non-current assets (Property, plant and equipment, Intangible assets and other non-current assets) are
Court has stayed the NCLAT order. While the appeal of the Company is pending for in India and UAE.
hearing, the Company backed by a legal opinion, believes that it has a good case
and accordingly no provision has been considered in the books of accounts. In the
second matter, demand had been stayed and the matter is pending for the hearing Revenue
before NCLAT. 31 March 2021 31 March 2020
(vii) In respect of land tax levied by State Government of Rajasthan 15.46 15.46 Within territory 6,27,930.56 5,42,304.19
(viii) In respect of demand of Railway Administration pending with Jodhpur High Court 218.86 218.86 Outside territory 22,986.66 31,169.29
(ix) In respect of charges on account of electricity duty, water cess etc levied by Ajmer 6,489.34 5,861.64
Vidyut Vitran Nigam Ltd. C. Information about major customers (from external customers)
(x) In respect of Environmental and Health Cess 328.37 324.52 The Company has not derived revenues from single customer during the year as well as during previous
(xi) In respect of Interest on Rajasthan Electricity duty WHR 2017-18, 2018-2019 and 460.51 198.77 year which amount to 10 per cent or more of the entity’s revenues.
2019-2020
*disputes are primarily on account of disallowances of input credits, interest on entry tax 38. Employee benefits
etc. The Company contributes to the following post-employment defined benefit plans in India.
**The Government of India introduced the Direct tax, Vivad se Vishwas scheme ,2020
by enactment of the Direct Tax Vivad Se Vishwas Act, 2020 and the Direct tax Vivad
(i) Defined Contribution Plans:
Se Vishwas Rules, 2020 for settlement of pending Income tax disputes. The Group has
settled its pending Income Tax Disputes from AY 2005-06 to 2018-19 (except AY 2007- The Company makes contributions towards provident fund and superannuation fund to a defined contribution
08 and 2008-09) Under the said scheme and accordingly corresponding contingent retirement benefit plan for qualifying employees. Under the plan, the Company is required to contribute a
liabilities pertaining to these years have been reduced. Based on the final settlement specified percentage of payroll cost to the retirement benefit plan to fund the benefits.
orders received from the designated authority under the scheme for all the above
years, the Group has recongnized an amount of ` 2,150.48 lacs in the Statement of
Profit and Loss for the year ended 31 March 2021 and is included in the “Earlier year tax 31 March 2021 31 March 2020
adjustment”.
Contribution to Government Provident Fund 1,345.72 1,398.53
#The Group has opted the Amnesty Scheme Under the Sabka Vishwas (Legacy Dispute
Resolution) Scheme 2019, announced by the Government of India, 2021 in relation to Contribution to Superannuation Scheme 399.36 440.95
disputed liabilities of entry tax cases. Entry tax cases have been settled Up to 2011- Contribution to Family Pension Fund 610.20 568.21
12 and accordingly Group’s contingent liabilities in relation to these years have been
reduced by ` 5,042 lacs during the current year. (ii) Defined Benefit Plan:
(B) Commitments The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees
Capital commitments 9,365.23 28,435.73 who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on
(C) Contingent assets retirement/termination is the employees last drawn basic salary per month computed proportionately for 15
Insurance Claims 129.68 296.90 days salary multiplied for the number of years of service. The gratuity plan is a funded plan and the Company
makes contributions to Group Gratuity Trust registered under Income Tax Act-1961.

Notes Notes
The most recent actuarial valuation of plan assets and the present value of the defined benefit obligation for C. Plan assets
gratuity were carried out as at 31 March 2021. The present value of the defined benefit obligations and the related The plan assets are managed by the Gratuity Trust formed by the Company. The management of 100% of
current service cost and past service cost, were measured using the Projected Unit Credit Method. the funds is entrusted according to norms of Gratuity Trust, whose pattern of investment is available with the
Company.
A. Based on the actuarial valuation obtained in this respect, the following table sets out the status of the gratuity
Particulars 31 March 2021 31 March 2020
plan and the amounts recognised in the Company’s financial statements as at balance sheet date:
Government of India Securities (Central and State) 50.24% 53.93%
High quality corporate bonds (including Public Sector Bonds) 21.13% 20.65%
31 March 2021 31 March 2020
Cash (including Special Deposits) 28.63% 25.42%
Net defined benefit obligation 7,863.12 7,856.12
Total employee benefit asset 7,237.72 6,295.69 D. Actuarial assumptions
Net defined benefit liability 625.40 1,560.43 The following were the principal actuarial assumptions at the reporting date (expressed as weighted
averages).
B. Movement in net defined benefit (asset) liability - Gratuity (Funded)
The following table shows a reconciliation from the opening balances to the closing balances for net defined 31 March 2021 31 March 2020
benefit (asset) liability and its components: Discount rate 6.30% 6.50%
Expected rate of return on plan assets 6.30% 6.50%
31 March 2021 31 March 2020
Mortality
Net defined Net defined Turnover rate : Staff 8% of all ages 5% of all ages
Defined Defined
Fair value of benefit Fair value of benefit
benefit benefit Turnover rate : Worker 1% of all ages 1% of all ages
plan assets (asset)/ plan assets (asset)/
obligation obligation
liability liability Expected rate of future salary increase First Year 7% First Year 5%
Opening Balance 7,856.12 6,295.69 1,560.43 7,421.64 6,757.35 664.29 Thereafter 10% Thereafter 10%
Included in profit or loss
Assumptions regarding future mortality have been based on published statistics and mortality tables.
Current service cost 782.01 - 782.01 652.39 - 652.39
Interest cost (income) 478.01 427.15 50.86 507.97 459.47 48.50
At 31 March 2021, the weighted-average duration of the defined benefit obligation was 7 years (as at 31 March
1,260.02 427.15 832.87 1,160.36 459.47 700.89
2020: 7 years).
Included in OCI
Remeasurements loss (gain)
E. Sensitivity analysis
Actuarial loss (gain) arising from: -
Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other
- financial assumptions (48.59) - (48.59) 217.82 - 217.82
assumptions constant, would have affected the defined benefit obligation by the amounts shown below.
- demographic assumptions (249.67) - (249.67) - - -
- experience adjustment 51.70 - 51.70 (17.29) - (17.29)
Gratuity
– Return on plan assets excluding - (36.79) 36.79 - 5.28 (5.28)
interest income 31 March 2021 31 March 2020
(246.56) (36.79) (209.77) 200.53 5.28 195.25
Increase Decrease Increase Decrease
Other
Discount rate (1% movement) (557.54) 649.04 (589.19) 693.69
Contributions paid by the employer - 1,540.42 (1,540.42) - - -
Expected rate of future salary increase (1% 514.81 (475.64) 540.75 (498.59)
Benefits paid directly by the (17.71) - (17.71) - - - movement)
Company
(42.73) 173.40 (48.44) 195.10
Benefits paid (988.75) (988.75) - (926.41) (926.41) -
(1,006.46) 551.67 (1,558.13) (926.41) (926.41) -
Although the analysis does not take account of the full distribution of cash flows expected under the plan, it
Closing Balance 7,863.12 7,237.72 625.40 7,856.12 6,295.69 1,560.43
does provide an approximation of the sensitivity of the assumptions shown.
In case of foreign subsidiaries, the amount required to cover end of service benefits at the ending of the reporting
period are computed pursuant to the United Arab Emirates Federal Labour Law based on the employees' accumulated The actuarial demographic assumptions taken for the calculation are as follows:
period of service and current basic remuneration at that date. Hence the above details of net defined benefit (asset)
liability and its components do not include the figures of foreign subsidiaries. 31 March 2021 31 March 2020
Withdrawal Rate Staff 8% Staff 5%
Workers 1% Workers 1%
Mortality Rate Indian Assured Lives Indian Assured Lives
Mortality (2006-08)Ultimate Mortality (2006-08)Ultimate

Notes Notes
F. Through its defined benefit plans, the company is exposed to a number of risks, the most significant of 39. Related parties
which are detailed below: (1) (a) Parties where the control/significant influence exists :-

Asset volatility: The plan liabilities are calculated using a discount rate set with reference to bond yields; if Parent Compnay:
plan assets underperform this yield, this will create a deficit. Most of the plan asset investments is in fixed i) Yadu International Ltd
income securities with high grades and in government securities. These are subject to interest rate risk and (b) Key Management Personnel & their Relatives:
the fund manages interest rate risk with derivatives to minimise risk to an acceptable level. i) Shri Yadupati Singhania (Till 13 August 2020) Managing Director
ii) Smt. Sushila Devi Singhania (w.e.f 31 August 2020) Chairperson and Non Executive Non Independent

Changes in bond yields: A decrease in bond yields will increase plan liabilities, although this will be partially Director
offset by an increase in the value of the scheme's bond holdings. iii) Dr. Raghavpat Singhania (w.e.f. 31 August 2020) Managing Director
iv) Shri Madhavkrishna Singhania (w.e.f. 31 August 2020) Dy Managing Director & CEO

Life expectancy: The pension obligations are to provide benefits for the life of the member, so increase in life v) Shri Ajay Kumar Saraogi (w.e.f. 31 August 2020) Dy Managing Director & CFO
expectancy will result in increase in plans liability. This is particularly significant where inflationary increases vi) Shri Shambhu Singh Company Secretary
result in higher sensitivity to changes in life expectancy. vii) Shri Achintya Karati Non Executive Independent Director
viii) Shri Jayant Narayan Godbole Non Executive Independent Director
The Company ensures that the investment positions are managed within an asset-liability matching (ALM) ix) Dr. Krishna Behari Agarwal Non Executive Independent Director
framework that has been developed to achieve long-term investments that are in line with the obligations x) Shri K.N.Khandelwal (Till 17 June 2020) Non Executive Non Independent Director
under the employee benefit plans. Within this framework, the group's ALM objective is to match assets to the xi) Shri Suparas Bhandari Non Executive Independent Director
pension obligations under the employee benefit plan term fixed interest securities with maturities that match xii) Shri Paul Heinz Hugentobler Non Executive Non Independent Director
the benefit payments as they fall due and in the appropriate currency. The Company actively monitors how xiii) Smt. Deepa Gopalan Wadhwa Non Executive Independent Director
the duration and the expected yield of the investments are matching the expected cash outflows arising from xiv) Shri Sudhir Jalan Non Executive Non Independent Director
the employee benefit obligations. The Company has not changed the processes used to manage its risks xv) Shri Ashok Sinha Non Executive Independent Director
from previous periods. Investments are well diversified, such that the failure of any single investment would xvi) Shri Saurabh Chandra Non Executive Independent Director
not have a material impact on the overall level of assets. A large portion of assets at reporting date consists xvii) Smt. Kavita Y Singhania Non Executive Non Independent Director
of government and corporate bonds, although the group also invests in equities, cash and mutual funds. The (For period 31 August 2020 to 20 January 2021)
group believes that equities offer the best returns over the long term with an acceptable level of risk. Subsidiaries:
i) Dr. Raghavpat Singhania Managing Director
ii) Shri Madhavkrishna Singhania Deputy Managing Director
G. The expected benefit payments in future years: iii) HH Sheikh Mohammed Bin Hamad Chairman & Non Executive Independent Director
iv) Shri Abdulghafour Hashem Behroozian Alawadhi Non Executive Independent Director
31 March 2021 31 March 2020
v) Shri Ajay Kumar Saraogi Non Executive Non Independent Director
Within the next 12 months (next annual reporting period) 833.82 870.63
vi) Shri Mohd. Saif Al-Afkham Non Executive Independent Director
vii) Shri Paul Heinz Hungentobler Non Executive Non Independent Director
viii) Dr. Ibrahim Sa’ad Mohammad Ahmed Non Executive Independent Director
Beyond 10 years 20,157.93 23,496.39
ix) Shri Tushar Sawhney Non Executive Non Independent Director
Total expected payments 29,713.71 32,363.92
x) Shri Amit Kothari CEO & Whole Time Director
xi) Shri Anil Kumar Agrawal Non Executive Non Independent Director
H. The expected employer contribution in the next year: xii) Dr. Krishna Behari Agarwal Non Executive Non Independent Director
31 March 2021 31 March 2020 xiii) Shri Pramod Kumar Bansal (Till 02 Sep 2020) Non Executive Non Independent Director
Within the next 12 months (next annual reporting period) 625.40 1,560.43 xiv) Shri Rajnish Rawat CFO
xv) Shri Prabhat Srivastava Company Secretary
(c) Enterprises significantly influenced by Key Management Personnel or their Relatives.
I. Social Security Code i) Jaykay Enterprises Ltd*
The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions ii) J K Cotton Ltd.*
by the company towards Provident Fund and Gratuity. The Ministry of Labour and Employment has released iii) J K Paints and Pigments Limited
draft rules for the Code on Social Security, 2020 on 13 November 2020, and has invited suggestions from (Erstwhile Jaykaycem (Eastern) Ltd
stakeholders which are under active consideration by the Ministry. The Company will assess the impact and iv) J.K. Cement (Western) Ltd
its valuation once the subject rules are notified and will give appropriate impact in its financial statements in v) J.K. Cement (Northern) Ltd
the period in which, the Code becomes effective and the related rules to determine the financial impact are vi) J K Traders Ltd.
published.
*Transactions taken upto September, 2020.

Notes Notes
(2) a) Following are the transactions with related parties as defined under section 188 of Companies Act c) Compensation of key management personnel of the Group
2013 and Ind AS 24.
31 March 2021 31 March 2020
31 March 2021 31 March 2020 - short-term employee benefits 3,259.52 3,205.54
(i) Jaykay Enterprises Ltd. - other long-term benefits 19.19 23.60
- Services received 17.70 35.40 3,278.71 3,229.14
- Rent paid 32.72 61.11
Post employment benefit such as gratuity which are actuarially determined on an overall basis are not
- Expenses Reimbursed 26.34 70.11
disclosed separately.
(ii) J K Cotton Ltd
- Rent paid 16.05 32.11
40. Reporting period for foreign subsidiary
- Sale of Products - 0.02
Till year ending 31 March 2019, subsidiaries located outside India were using 31 December as the year end
(iii) Key Management Personnel and their relatives
and consolidated on a yearly basis with a time lag of one quarter. From 01 April 2019 the foreign subsidiaries
Parent Company :
have changed their reporting period to align with that of Parent (31 March) for preparation of financial results
a) Shri Yadupati Singhania (Managing Director) (Till 13 August 2020)
for the relevant period. This change in management estimate is applied in preparation of the consolidated
- Remuneration - 2,205.40
financial statements for the period ended 31 March 2020 accordingly the foreign subsidiaries have prepared
- Rent paid 5.04 15.13
financial statements for the 15 - month period ended 31 March 2020.
- Rent paid to relatives 27.40 30.46
- Reimbursement of Water tax and house tax - 8.13
41. Financial instruments – Fair values and risk management
b) Smt Sushila Devi Singhania
I. Fair value measurements
A. Financial instruments by category
- Sitting Fees 3.75 1.25
- Rent paid 13.16 -
As at 31 March 2021 As at 31 March 2020
c) Dr. Raghavpat Singhania (Managing Director: Part of the year)*
Amortised Amortised
- Remuneration (for the year) 901.15 162.05 FVTPL FVOCI
cost
FVTPL FVOCI
cost
d) Shri Madhavkrishna Singhania (Dy Managing Director and CEO: Part of the year)**
Financial assets
- Remuneration (for the year) 820.89 126.26
Investments 14,223.94 - - 4,583.74 - -
e) Shri Ajay Kumar Saraogi (Dy Managing Director and CFO: Part of the year)***
Other financial assets - - 62,353.28 - - 51,363.24
Trade receivables - - 36,153.35 - - 26,767.42
f) Shri Shambhu Singh
Cash and cash equivalents - - 14,673.12 - - 3,850.17
Other Bank balances - - 1,07,791.75 - - 59,597.58
g) Other Directors
14,223.94 - 2,20,971.50 4,583.74 - 1,41,578.41
- Sitting Fees 42.00 38.50
Non-current Borrowings - - 2,99,312.16 - - 2,70,351.45
- paid to other Director Mr. Paul Heinz Hugentobler on professional capacity. 110.50 108.01
Other non-current financial liabilities - - 31,077.40 - - 27,370.79
* Remuneration paid to Dr. Raghavpat Singhania as director of the Company upto
Short term borrowings - - 14,934.70 - - 18,072.95
September 2020 of ` 95.51 lacs included in it.
Trade payables - - 59,979.02 - - 49,178.56
**Remuneration paid to Shri Madhavkrishna Singhania as director of the Company
upto September 2020 of ` 61.28 lacs included in it. Other current financial liabilities - - 48,066.94 - - 62,862.83
***Remuneration paid to Shri Ajay Kumar Saraogi as Executive of the Company - - 4,53,370.22 - - 4,27,836.58
upto September 2020 of ` 133.52 lacs included in it. B. Fair value hierarchy
Subsidiaries Company : This section explains the judgements and estimates made in determining the fair values of the financial
a) Shri Raghavpat Singhania instruments that are:
- Commission - 9.64
b) Other Directors (a) recognised and measured at fair value and
- Remuneration 733.98 354.75 (b) measured at amortised cost and for which fair values are disclosed in the financial statements.
- Sitting Fees 50.52 -
b) Terms and conditions of transactions with related parties To provide an indication about the reliability of the inputs used in determining fair value, the Group has
The sales to and purchases from related parties are made on terms equivalent to those that prevail in arm’s classified its financial instruments into the three levels prescribed under the accounting standard. An
length transactions. Outstanding balances at the year-end are unsecured and interest free and settlement explanation of each level follows underneath the table.
occurs in cash. There have been no guarantees (except corporate guarantees) provided or received for any
related party receivables or payables.

Notes Notes
Financial assets and liabilities measured at fair value - recurring fair value measurements C. Fair value of financial assets and liabilities measured at amortised cost
As at 31 March 2021 As at 31 March 2021 As at 31 March 2020

Level 1 Level 2 Level 3 Total Carrying Amount Fair Value Carrying Amount Fair Value
Financial assets Financial assets
Assets measured at fair value Other financial assets 62,353.28 62,353.28 51,363.24 51,363.24
Investments Trade receivables 36,153.35 36,153.35 26,767.42 26,767.42
Equity Shares - - 418.86 418.86 Cash and cash equivalents 14,673.12 14,673.12 3,850.17 3,850.17
Mutual Funds & Bonds 13,805.08 - - 13,805.08 Other bank balances 1,07,791.75 1,07,791.75 59,597.58 59,597.58
Financial liabilities 2,20,971.50 2,20,971.50 1,41,578.41 1,41,578.41
Liabilities for which fair values are disclosed - - 2,98,179.92 2,98,179.92
Non Current Borrowings 13,805.08 - 2,98,598.78 3,12,403.86 Financial liabilities
Non current borrowings 2,99,312.16 2,98,179.92 2,70,351.45 2,69,732.53
Other non current financial liabilities 31,077.40 31,077.40 27,370.79 27,370.79
Financial assets and liabilities measured at fair value - recurring fair value measurements
Short term borrowings 14,934.70 14,934.70 18,072.95 18,072.95
As at 31 March 2020 Trade payables 59,979.02 59,979.02 49,178.56 49,178.56
Level 1 Level 2 Level 3 Total Other current financial liabilities 48,066.94 48,066.94 62,862.83 62,862.83
Financial assets 4,53,370.22 4,52,237.98 4,27,836.58 4,27,217.66
Assets measured at fair value
Investments (i) The carrying amounts of trade receivables, trade payables, Short Term Borrowings, cash and cash equivalents, other
bank balances, other financial liabilities, and other financial assets are considered to be the same as their fair values,
Equity Shares - - 470.22 470.22
due to their short-term nature. The fair values for security deposits are calculated based on cash flows discounted
Mutual Funds & Bonds 4,113.52 - - 4,113.52
using a current lending rate.
Liabilities for which fair values are disclosed (ii) The fair values of non-current borrowings are based on discounted cash flows using a current borrowing
Non Current Borrowings - - 2,69,732.53 2,69,732.53 rate. They are classified as level 3 fair values in the fair value hierarchy due to the use of unobservable inputs,
4,113.52 - 2,70,202.75 2,74,316.27 including own credit risk.
Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes mutual
(iii) The fair value of the financial assets and liabilities is included at the amount at which the instrument is
funds that have quoted price.
exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.
Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation
techniques which maximise the use of observable market data and rely as little as possible on entity-specific II. Financial risk management adherence to limits. Risk management policies
estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in The Group has exposure to the following risks and systems are reviewed regularly to reflect
level 2. arising from financial instruments: changes in market conditions and the Group’s
activities. The Group, through its training and
- credit risk;
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included management standards and procedures, aims
- liquidity risk; and
in level 3. This is the case for unlisted equity securities. to maintain a disciplined and constructive
- market risk"
control environment in which all employees
There are no transfers between level 1 and level 2 during the year. understand their roles and obligations.
i. Risk management framework
The Holding Company’s board of directors has
Valuation technique used to determine fair value The Holding Company's Audit Committee
overall responsibility for the establishment
Specific valuation techniques used to value financial instruments include: oversees how management monitors
and oversight of the Group’s risk management
compliance with the Group’s risk management
- the use of quoted market prices or dealer quotes for similar instruments. framework. The board of directors has
policies and procedures, and reviews the
established the Risk Management Committee,
- the fair value of forward foreign exchange contracts is determined using forward exchange rates at the balance adequacy of the risk management framework
which is responsible for developing and
sheet date. in relation to the risks faced by the Group. The
monitoring the Group’s risk management
Audit Committee is assisted in its oversight role
- the fair value of the remaining financial instruments is determined using discounted cash flow analysis. policies. The committee reports regularly to
by Internal Audit. Internal Audit undertakes both
the board of directors on its activities.
regular and ad hoc reviews of risk management
controls and procedures, the results of which
The Group risk management policies are
are reported to the Audit Committee.
established to identify and analyse the risks
faced by the Group, to set appropriate risk
limits and controls and to monitor risks and

Notes Notes
ii. Credit risk has the right to encash the bank guarantee risk for the components of the balance sheet credit facilities to meet obligations when due
Credit risk is the risk of financial loss to or adjust the security deposits in case of at 31 March , 2018 and 31 March 2017 is the and to close out market positions. Due to the
the Group if a customer or counterparty defaults. carrying amounts as shown in Note 10,11 & 12. dynamic nature of the underlying businesses,
to a financial instrument fails to meet its Group treasury maintains flexibility in funding
contractual obligations, and arises principally The Group establishes an allowance for The Group’s maximum exposure to credit risk by maintaining availability under committed
from the Group’s receivables from customers impairment that represents its expected for the components of the balance sheet at 31 credit lines.
including deposits with banks and financial credit losses in respect of trade and other March 2021 and 31 March 2020 is the carrying
institutions. receivables. The management uses a amounts as shown in Note 4,8,10,11 & 12. Management monitors rolling forecasts of
simplified approach for the purpose of The Group has not recorded any further loss the Group’s liquidity position (comprising
Trade and other receivables computation of expected credit loss for trade during the year in these financial instruments the undrawn borrowing facilities below)
The Group’s exposure to credit risk is influenced receivables. and cash deposits as these pertains to and cash and cash equivalents on the basis
mainly by the individual characteristics of each counter parties of good credit ratings/credit of expected cash flows. This is generally
customer. However, management also considers Expected credit losses are a probability worthiness. carried out in accordance with practice and
the factors that may influence the credit risk of weighted estimate of credit losses. Credit limits set by the Group. These limits vary by
its customer base, including the default risk of losses are measured as the present value of A default on financial assets is when the location to take into account the liquidity of
the industry and country in which customers all cash shortfalls (i.e. the difference between counterparty fails to make contractual the market in which the entity operates. In
operate. the cash flows due to the Group in accordance payments within 60 days of when they fall addition, the Group’s liquidity management
with the contract and the cash flows that the due. This definition of default is determined policy involves projecting cash flows in major
The Risk Management Committee has Group expects to receive). by considering the business environment in currencies and considering the level of liquid
established a credit policy under which each which the entity operates and other macro- assets necessary to meet these, monitoring
new customer is analysed individually for During the based on specific assessment, the economic factors. balance sheet liquidity ratios against internal
creditworthiness before the Group’s standard Group recognised bad debts of Nil (31 March and external regulatory requirements and
payment and delivery terms and conditions 2020: Nil). The year end trade receivables do The Group establishes an allowance for maintaining debt financing plans.
are offered. The Group’s review includes not include any amounts with such parties. impairment that represents its expected
external ratings, if they are available, and in credit losses in respect of trade and other a) Financing arrangements
some cases bank references. Sale limits are The maximum exposure to credit risk at the receivables. The management uses a
established for each customer and reviewed reporting date is the carrying value of trade simplified approach for the purpose of The Group had access to the following
quarterly. Any sales exceeding those limits receivables disclosed in Note 9. computation of expected credit loss for trade undrawn borrowing facilities at the end of the
require approval from the Risk Management receivables. reporting period:
Committee. Reconciliation of loss allowance provision -
Trade Receivables Expected credit losses are a probability As at As at
In monitoring customer credit risk, customers weighted estimate of credit losses. Credit 31 March 2021 31 March 2020
As at As at
are accompanied according to their credit Particulars
31 March 2021 31 March 2020
losses are measured as the present value of Floating rate
characteristics, including whether they are an all cash shortfalls (i.e. the difference between Expiring within one year - 540.00
Opening Balance 1,238.27 1,089.97
individual or a legal entity, their geographic the cash flows due to the Group in accordance (bank overdraft and
Change in loss 16.84 148.30 other facilities)
location, industry and existence of previous allowance with the contract and the cash flows that the
financial difficulties. The Group evaluates the Group expects to receive). Expiring beyond one 325.00 97.00
Closing Balance 1,255.11 1,238.27 year (bank loans)
concentration of risk with respect to trade
325.00 637.00
receivables as low, as its customers are Financial instruments and cash deposits iii. Liquidity risk
located in several jurisdictions and industries Credit risk from balances with banks and Liquidity risk is the risk that the Group will
The bank overdraft facilities may be drawn at any
and operate in largely independent markets. financial institutions is managed by the encounter difficulty in meeting the obligations
time and may be terminated by the bank without
Group’s treasury department in accordance associated with its financial liabilities that
notice. Subject to the continuance of satisfactory
A default on financial assets is when the with the Group’s policy. Investments of are settled by delivering cash or another
credit ratings, the bank loan facilities may be drawn
counterparty fails to make contractual surplus funds are made only with approved financial asset. The Group’s approach to
at any time in Indian National Rupee (‘INR’) and have
payments within 60 days of when they fall counterparties and within credit limits managing liquidity is to ensure, as far as
an average maturity of Nil years (as at 31 March
due. This definition of default is determined assigned to each counterparty. The limits possible, that it will have sufficient liquidity to
2020 - Nil years).
by considering the business environment in are set to minimise the concentration of risks meet its liabilities when they are due, under
which the entity operates and other macro- and therefore mitigate financial loss through both normal and stressed conditions, without
Maturities of financial liabilities
economic factors. The Group holds bank counterparty’s potential failure to make incurring unacceptable losses or risking
The following are the remaining contractual
guarantees/ security deposits against trade payments. damage to the Group’s reputation.
maturities of financial liabilities at the reporting
receivables of ` 15,311.23 lacs (31 March
date. The amounts are gross and undiscounted, and
2020: ` 12,337.03 lacs) and as per the terms The Group’s maximum exposure to credit Prudent liquidity risk management implies
include contractual interest payments and exclude
and condition of the agreements, the Group maintaining sufficient cash and marketable
the impact of netting agreements.
securities and the availability of funding
through an adequate amount of committed

Notes Notes
Carrying Contractual cash flows The following significant exchange rates have been applied
Amounts 2 months More than
31 March 2021 Total 2–12 months 1–5 years Average Rates Year end spot rates
or less 5 years
Non-derivative financial liabilities 31 March 2021 31 March 2020 31 March 2021 31 March 2020
Non-current Borrowings 2,99,312.16 2,99,843.34 - - 1,68,712.42 1,31,130.92 USD 1 74.21 70.90 73.50 75.39
Other non-current financial liabilities 31,077.40 31,077.40 - - 31,077.40 - EUR 1 86.56 78.79 86.10 83.05
Short term borrowings 14,934.70 14,850.14 70.11 14,780.03 - - AED 1 20.21 19.30 20.01 20.53
Trade payables 59,979.02 59,979.02 33,633.16 24,306.69 2,039.17 - GBP 1 97.01 - 100.95 -
Other current financial liabilities 48,066.94 48,066.94 9,700.86 38,366.08 - - J.YEN 1 0.70 - 66.36 -
Sensitivity analysis
A reasonably possible strengthening (weakening) of the Indian National Rupee (‘INR’) against all other
Carrying Contractual cash flows
Amounts
currencies at 31 March would have affected the measurement of financial instruments denominated in a
2 months or More than
31 March 2020 Total
less
2–12 months 1–5 years
5 years foreign currency and affected equity and profit or loss by the amounts shown below. This analysis assumes
Non-derivative financial liabilities that all other variables, in particular interest rates, remain constant.
Non-current Borrowings 2,70,351.45 2,71,514.30 - - 1,42,864.77 1,28,649.53 Profit or loss, before tax Equity, net of tax
Other non-current financial liabilities 27,370.79 27,370.79 - - 27,370.79 -
Strengthening Weakening Strengthening Weakening
Short term borrowings 18,072.95 18,072.95 3,037.95 15,035.00 - -
31 March 2021
Trade payables 49,178.56 49,178.56 40,581.13 6,558.26 2,039.17 -
USD (10% movement) 347.10 (347.10) 225.81 (225.81)
Other current financial liabilities 62,862.83 62,862.83 7,375.55 55,487.28 - -
EUR (10% movement) 28.64 (28.64) 18.63 (18.63)
GBP (10% movement) 0.48 (0.48) 0.31 (0.31)
Further the Group issued financial guarantee as disclosed in note 39 for which the possibility of payment is remote. J.YEN (10% movement) 0.24 (0.24) 0.16 (0.16)
31 March 2020
iv. Market risk USD (10% movement) 299.28 (299.28) 194.72 (194.72)
Market risk comprises of Interest rate risk, commodity risk and currency risk is the risk that the fair value of EUR (10% movement) 12.88 (12.88) 8.38 (8.38)
future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk GBP (10% movement) - - - -
comprises of interest rate risk and currency risk. Financial instruments affected by market risk primarily J.YEN (10% movement) - - - -
include trade and other receivables, trade and other payables and borrowings.
Interest rate risk
Excessive risk concentration
The Group’s main interest rate risk arises from long-term borrowings with variable rates, which expose the
Concentrations arise when a number of counterparties are engaged in similar business activities, or have
Group to cash flow interest rate risk. During 31 March 2021 and 31 March 2020, the Group’s borrowings at
economic features that would cause their ability to meet contractual obligations to be similarly affected by
variable rate were mainly denominated in Indian National Rupee (‘INR’).
changes in economic or other conditions. Concentrations indicate the relative sensitivity of the Company’s
performance to developments affecting a particular industry. In order to avoid excessive concentrations of The Group’s fixed rate borrowings are carried at amortised cost. They are therefore not subject to interest
risk, the Company’s policies and procedures include specific guidelines to focus on the maintenance of a rate risk as defined in Ind AS 107, since neither the carrying amount nor the future cash flows will fluctuate
diversified portfolio. Identified concentrations of credit risks are controlled and managed accordingly. because of a change in market interest rates.
Currency risk
Currently the Group's borrowings are within acceptable risk levels, as determined by the management, hence
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because
the Group has not taken any swaps to hedge the interest rate risk.
of changes in foreign exchange rates. The Group’s exposure to the risk of changes in foreign exchange rates
relates primarily to the Group's operating activities (when revenue or expense is denominated in a foreign Exposure to interest rate risk
currency). The Group manages its foreign currency risk by taking foreign currency forward contracts, if The interest rate profile of the Group’s interest-bearing financial instruments as reported to the management
required. of the Group is as follows.
Exposure to currency risk Nominal Amount
The summary quantitative data about the Group’s exposure to currency risk as reported to the management
31 March 2021 31 March 2020
of the Group is as follows:
Fixed-rate instruments
As at 31 March 2021 As at 31 March 2020 Financial assets 1,76,757.87 1,03,856.36
USD EUR GBP J.YEN USD EUR GBP J.YEN Financial liabilities 90,093.75 77,511.75
Trade receivables 1,85,155.63 - - - - - - - 2,66,851.62 1,81,368.11
Trade payables 47,22,146.46 3,32,632.34 3,60,000.00 4,750.00 42,01,498.00 7,20,545.45 - - Variable-rate instruments
Net statement of 49,07,302.09 3,32,632.34 3,60,000.00 4,750.00 42,01,498.00 7,20,545.45 - - Financial assets 4,688.71 3,596.67
financial position Financial liabilities 2,80,996.32 2,75,216.36
exposure 2,85,685.03 2,78,813.03

Notes Notes
Cash flow sensitivity analysis for variable-rate instruments
(547.12)
(5,038.20)
(32.37)
70,359.20
75,976.89
Amount
(` in lacs)
A reasonably possible change of 100 basis points in interest rates at the reporting date would have increased
Comprehensive Income
(decreased) equity and profit or loss by the amounts shown below. This analysis assumes that all other
44 (1) Additional informations, as required under Schedule III of the Companies Act,2013 of Enterprises consolidated as Subsidiary
variables, in particular foreign currency exchange rates, remain constant.
Share in Total
Profit or loss, before tax Equity, net of tax
(0.78%)
(7.16%)
(0.05%)
100.00%
As % of
Consolidated
Total
Comprehensive
107.98%
Income
Profit or loss, before tax 100 bp 100 bp 100 bp 100 bp
increase decrease increase decrease
31 March 2021
Cash flow sensitivity (2,326.50) 2,326.50 (1,513.53) 1,513.53
(942.70)
49.07
114.61
877.16
-
Amount
31 March 2020
Cash flow sensitivity (2,560.53) 2,560.53 (1,864.79) 1,864.79
Share in OCI
42. Disclosure pursuant to IND AS-8 "Accounting Policies, change in accounting estimates and errors" (specified under Sec 133 of the
(1921.32%)
100.00%
233.59%
1787.73%
0.00%
As % of
Consolidated
OCI
Companies Act 2013, read with rule 7 of Companies (Accounts) Rules, 2015) are given below:
Following are the restatement made in current year's Financial statements pertaining to previous year
31 March 2020 31 March 2020

Particulars Nature
(Restated) (Published)
(661.73)
(5,915.36)
(32.37)
70,310.13
Amount
76,919.59
ASSETS
NON CURRENT ASSETS
Share in Profit or Loss

Financial assets-Investments 4,480.29 4,480.24 Reclassification items
EQUITY AND LIABILITIES
Other equity 2,95,041.55 2,95,041.50 Reclassification items
(0.94%)
(8.41%)
(0.05%)
100.00%
As % of
Consolidated
Profit/(Loss)
109.40%
CURRENT LIABILITY
Financial liabilities-Other financial liabilities 62,862.83 62,563.64 Reclassification items
Financial liabilities-Other current liabilities 38,097.69 38,396.88 Reclassification items
EXPENSES
Cost of materials consumed 92,739.25 92,310.59 Reclassification items
(2,573.45)
3,71,101.24
22,059.29
33,150.51
Amount
3,18,464.89
Power and fuel 1,09,686.54 1,09,447.48 Reclassification items
(Total Assets-Total Liabilities)

Other expenses 1,05,830.84 1,06,498.56 Reclassification items
TAX EXPENSES
Net Assets i.e.

Deferred tax charge/(credit) 9,171.56 7,981.51 Reclassification items
Earlier years tax adjustments (1,190.05) - Reclassification items
(0.69%)
100.00%
5.94%
8.93%
As % of
Consolidated
Assets
85.82%
43. Corporate Social Responsibility
a. Amount required to be spent by the Company on Corporate Social Responsibility (CSR) activities during
the year was ` 1,194.67 lacs (31 March 2020 : ` 866.70 lacs) i.e. 2% of average net profits for last three
financial years, calculated as per section 198 of the Companies Act,2013.
Non Controlling Interest in Foreign

J.K.Cement Works (Fujairah) FZC &
b. Corporate Social Responsibility (CSR) activities undertaken during the year is ` 1,226.14 lacs (31 March
2020 : ` 934.83 lacs). Further, no amount has been spent on construction/acquisition of an asset of the
J.K.White Cement (Africa) Ltd

Subsidiary including Fellow
Company and entire amount is spent on cash basis.
J.K.Cement (Fujairah) FZC ,

Jaykaycem Central Ltd.
Subsidiary (Foreign)
Subsidiary (Indian)
Name of Enterprise
J.K.Cement Ltd.
Subsidiary
Parent
Total
Notes Notes
45. COVID-19 continues to be our key priority. Further, in view

90.00
100.00
100.00
% of
Holding
100.00
On account of outbreak of COVID-19 pandemic of such highly uncertain economic environment
and consequent lockdown imposed by the which is continuously evolving, the Company has
Government, the manufacturing facilities of the considered the possible effects that may result
-
-
Proposed
Dividend
Company were temporarily shut down during the from COVID-19 pandemic in the preparation of
start of the current year. These facilities were these financial results including the recoverability
(6,617.29)
(50.17)
(32.37)
Profit/
after Tax
(17,153.81)
(Loss)
opened in a phased manner in the months of April of carrying amounts of financial and non-financial
and May 2020 as the lockdown conditions were assets. The Company has used internal and external
relaxed. Accordingly, sales volume of the current sources of information for such assessment at
-
(14.12)
-
Provision
for Tax
year is impacted, although cement demand has the date of approval of these financial results and
been progressively recovering over the year with does not anticipate any challenge in the Company's
improved prices. As at the year end, the country is ability to continue as a going concern. The impact
Profit/
(Loss)
before Tax
(17,153.81)
(6,617.29)
(64.29)
(32.37)
again witnessing surge in COVID-19 cases referred of pandemic on the Company’s financial results
to as second wave of pandemic. Although, the in subsequent periods is highly dependent on the
Government of India has ruled out a nationwide situations as they evolve, and the eventual impact
404.89
30,113.28
768.37
35.57
Total
Income
lockdown as of now, local and regional lockdowns may differ from that estimated as at the date of
/ restrictions are implemented in certain areas. approval of these financial results.
In these circumstances, safety of our employees
159.74
-
Investment
78,602.31
1,39,982.04
347.59
168.72
Total
Liabilities
18,096.42

For S.R. Batliboi & Co. LLP For and on behalf of the Board of Directors of
245.20
168.72
Current
Liabilities
5.20
23,542.42

1,16,439.62
102.40
-
Non Current
Liabilities
18,091.22

Informations of subsidiaries as given above are extracted from their financial statements.

44 (2). Salient Features of Financial Statements of Subsidiaries

1,07,191.68
320.31
33,319.23
Total
Assets
84,943.99
* Exchange Rate adopted for consolidation ` 20.0149 1 AED and ` 0.031821 1 TSH
Dy Managing Director & CFO Managing Director

DIN: 00130805 DIN: 02426556
14,909.80
230.57
6,097.23
Current
Assets
6.42

@ Non-controlling interest as on reporting date is ` (2,573.45) lacs

92,122.14
89.74
27,222.00
Non
Current
Assets
84,937.57

Reserves
& Surplus
2,239.21
(50,633.82)
(186.39)
31,089.05
Share
Capital
48,092.00
17,843.46
159.10
2,061.46
Currency *
Reporting
AED
AED
TSH
RS.
(Fellow Subsidiary)
J.K.Cement Works
(Step Down Fellow

J.K.White Cement
(Africa) Limited
(Fujairah) FZC
(Fujairah) FZC
Name of the
(Central) Ltd.
Subsidiary
J.K.Cement
Jaykaycem
Subsidiary)
Company
Notes ;
@
No.
S.

Notice
NOTICE
“ RESOLVED FURTHER THAT the Board be and
is hereby authorized to determine the terms and

“ RESOLVED FURTHER THAT upon receipt of
approval from the Stock Exchanges on application
conditions of issue of NCDs including but not made by the Company for such reclassification,
limited to the number of NCDs to be offered/issued the Company shall give effect such reclassification
in each tranche, face value, issue price including in the shareholding pattern from the immediate
premium, if any, tenor interest rate, security for succeeding quarter to be filed under Regulation 31
CIN. L17229UP1994PLC017199
the NCDs and to settle any questions, difficulties of Listing Regulations and to ensure compliance
Regd. Office: Kamla Tower, Kanpur - 208001, Uttar Pradesh, India
etc, that may arise in this regard without requiring with Securities and Exchange Board of India
Telephone: 0091-512-2371478 / 81, Fax: 0091-512-2399854
to secure any further consent or approval of the (Substantial Acquisition of Shares and Takeovers)
Email: shambhu.singh@jkcement.com Web: www.jkcement.com
Members of the Company” Regulations, 2011, Securities and Exchange Board
Notice is hereby given that the Twenty Seventh Annual Mangrol, J. K. Cement Works, Gotan, J.K.White of India (Prohibition of Insider Trading) Regulations,
General Meeting of the Members of J.K. CEMENT Cement Works, Gotan all situated in the State of
“ RESOLVED FURTHER THAT for the purpose 2015 and other applicable laws.”
LIMITED will be held on Saturday the 14 August 2021 at Rajasthan, J. K. Cement Works, Jharli, situated in of giving effect to the above, the Board be and
11.00 A.M. through Video Conferencing/Audio Visual the State of Haryana, J.K. Cement Works, Muddapur is hereby authorized to do all such acts, deeds, 7. Re-classification from Promoters/members of
Means. No physical meeting of members will be held, situated in the State of Karnataka, J.K.Cement matters and things as may be deemed necessary Promoters Group category to Public category of
however, the meeting will be deemed to have been held Works, Aligarh situated in State of Uttar Pradesh, and expedient including delegation of all or any of the Company:
at the Registered office of the Company at Kamla Tower- J.K.Cement Works,Balasinor, situated in State of the above powers to any person(s) on behalf of the “ RESOLVED THAT pursuant to Regulation 31A and
208001, UP, Kanpur to transact the following business: - Gujarat be and is hereby ratified and confirmed.” Company.” all other applicable provisions of the Securities
and Exchange Board of India (Listing Obligations
ORDINARY BUSINESS
“ RESOLVED FURTHER THAT the Board of Directors As Ordinary Resolution(s) and Disclosure Requirements) Regulations,
1. To receive, consider and adopt of the Company (including its Committee of 2015 (including any amendments made thereto)
6. Re-classification from Promoters/members of
Directors thereof), be and is hereby authorised (hereinafter referred to as “Listing Regulations”)
a) the Audited Standalone Financial Statements Promoters Group category to Public category of
to do all acts and take all such steps as may be and other applicable laws, and subject to approvals
of the Company for the Financial Year ended the Company:
necessary, proper or expedient to give effect to this from the Stock Exchanges and other appropriate
31 March 2021, together with the Reports of “ RESOLVED THAT pursuant to Regulation 31A and
resolution.” statutory authorities, as may be necessary, the
Directors and Auditors thereon. all other applicable provisions of the Securities
consent of the shareholders of the Company be
and Exchange Board of India (Listing Obligations
b) the Audited Consolidated Financial Statements As Special Resolution(s) and is hereby accorded for re-classification of
and Disclosure Requirements) Regulations,
of the Company for the Financial Year ended following persons/Company, currently forming
5. Private Placement of Non-Convertible 2015 (including any amendments made thereto)
31 March 2021, together with the Reports of part of the Promoter Group of the Company and
Debentures (hereinafter referred to as “Listing Regulations”)
Auditors thereon. presently holding Equity shares of the Company as
“RESOLVED THAT pursuant to the provisions of and other applicable laws, and subject to approvals
given hereunder from ‘Promoter Group’ category to
2. To declare dividend of ` 15 (150%) on Equity Shares Sections 42,71 and other applicable provisions, from the Stock Exchanges and other appropriate
‘Public’ category:-
of the Company for the Financial year 2020-21 if any, of the Companies Act, 2013 (the Act) read statutory authorities, as may be necessary, the
with Companies (Prospectus and Allotment of consent of the shareholders of the Company be
3. To appoint a Director in place of Shri Paul Heinz No of Equity % of total Equity
Securities) Rules, 2014, the Companies (Share and is hereby accorded for re-classification of Mr. Name of Person/Entity
Hugentobler aged about 72 years (DIN: 00452691), Shares capital
Capital and Debenture Rules), 2014, (including any Ramapati Singhania currently forming part of the
who retires by rotation pursuant to the provisions Mr. Abhishek 40,08,994 5.19%
statutory modification(s) or re-enactment thereof, Promoter Group of the Company and presently Singhania
of Article 90 of the Article of Association of the
for the time being in force), Securities and Exchange holding 5,49,662 Equity shares of the Company Mrs. Manorama Devi 5,31,465 0.69%
Company and being eligible offers himself for re-
Board of India (Issue and Listing of Debt Securities) constituting 0.71% of the paid up capital of the Singhania
appointment.
Regulations, 2008, Securities and Exchange Company from ‘Promoter Group’ category to M/s. J. K. Traders Ltd. 1,81,254 0.23%”
Board of India (Listing Obligations and Disclosure ‘Public’ category.”
SPECIAL BUSINESS
Requirements) Regulations, 2015 as amended
“ RESOLVED FURTHER THAT the Board of Directors
To consider and if thought fit, to pass with or without
from time to time and any other applicable laws,
“ RESOLVED FURTHER THAT the Board of Directors or Committee of Directors be and is hereby
modification(s) the following resolutions:-
rules and regulations and subject to the provisions or Committee of Directors be and is hereby authorized to do all acts, deeds, matters and things
of the Memorandum and Articles of Association authorized to do all acts, deeds, matters and things and to take such steps expedient or desirable to
As Ordinary Resolution(s)
of the Company, the consent of the Company be and to take such steps expedient or desirable to give effect to this resolution.”
4. Ratification of remuneration to the Cost Auditors and is hereby accorded to the Board of Directors give effect to this resolution.”
“ RESOLVED THAT pursuant to provisions of of the Company (hereinafter referred to as “The
“ RESOLVED FURTHER THAT the Board of Directors
Section 148 and other applicable provisions, if any, Board” which term shall be deemed to include any
“ RESOLVED FURTHER THAT the Board of Directors of the Company or any Director or the Company
of the Companies Act, 2013 read with Companies Committee of Directors thereof), to create, offer, of the Company or any Director or the Company Secretary as may be authorised by the Board do
(Audit and Auditors) Rules, 2014, the remuneration issue and allot Non-convertible Debentures upto a Secretary as may be authorized by the Board do submit necessary application for reclassification
of ` 6,30,000 plus service tax as applicable and limit of ` 500 Crores (Rupees Five Hundred Crores submit necessary application for reclassification with the BSE Limited (BSE) and National Stock
reimbursement of actual travel and out of pocket only), (hereinafter referred to as the “NCDs”), on a with the BSE Limited (BSE) and National Stock Exchange of India Limited (NSE) (the “Stock
expenses for the Financial Year ending 31 March private placement basis, to eligible investor(s), in Exchange of India Limited (NSE) (the “Stock Exchanges”), wherein securities of the Company
2022 as approved by the Board of Directors of one or more tranches of series, during the period of Exchanges”), wherein securities of the Company are listed or SEBI or any other regulatory body as
the Company in its meeting held on 12 June 2021, one year from the date of passing of this Resolution, are listed or SEBI or any other regulatory body as may be required and to take such steps as may be
to be paid to M/s. K. G. Goyal & Company, Cost subject to the overall borrowing limits of the may be required and to take such steps as may be considered necessary or expedient or desirable to
Accountants, for conducting cost audit of the Company, as approved by the Members and other considered necessary or expedient or desirable to give effect to this resolution and matters incidental,
Company’s Cement Manufacturing Units viz. J.K. applicable requirements, from time to time).” give effect to this resolution and matters incidental, consequential and connected therewith .”
Cement Works, Nimbahera, J.K.Cement Works, consequential and connected therewith .”

Notice

“ RESOLVED FURTHER THAT upon receipt of Articles of Association of the Company and whose . 101. (1) Subject to the provisions of the Act and of the Board in that behalf and may from
approval from the Stock Exchanges on application term of office expires at the Annual General Meeting these Articles the Board shall have power time to time revoke, withdraw, alter or vary
made by the Company for such reclassification, and in respect of whom the Company has received to appoint from time to time any of its all or any of such powers.
the Company shall give effect such reclassification a notice in writing from a member proposing his member as the Managing Director and/or
in the shareholding pattern from the immediate candidature for the office of Director be and is Managing Directors and/or Joint Managing 108. (1) The Board of Directors may elect a
succeeding quarter to be filed under Regulation 31 hereby appointed as Director of the Company.” Director(s) and/or Deputy Managing Chairperson/Chairman of the Board/
of Listing Regulations and to ensure compliance Director(s) or Whole Time Directors of the Company who shall preside over all
with Securities and Exchange Board of India
“ RESOLVED FURTHER THAT pursuant to the Company upon such terms and conditions the meetings of the Board. The Board
(Substantial Acquisition of Shares and Takeovers) provisions of Sections 149, 152 and other as the Board shall think fit. of Directors may also appoint a Vice
Regulations, 2011, Securities and Exchange Board applicable provisions, if any, of the Companies Chairman who shall in absence of
of India (Prohibition of Insider Trading) Regulations, Act, 2013 (“the Act”) read with Schedule IV to the (2) The Managing Director and/or Managing Chairperson/Chairman of the Board shall
2015 and other applicable laws .” Act (including any statutory modification(s) or re- Directors and/or Joint Managing preside over the Meetings of the Board.
enactment(s) thereof, for the time being in force) Director(s) and/or Deputy Managing
8. Appointment of Mr. Nidhipati Singhania and the Companies (Appointment and Qualification Director(s) or Whole Time Directors shall (2) If no such Chairperson/Chairman/Vice
(DIN: 00171211) as a Director. of Directors) Rules, 2014, as amended from time not while he continues to hold that office Chairman is elected, or if at any Meeting
“ RESOLVED THAT Mr. Nidhipati Singhania to time Mr. Ajay Narayan Jha (DIN: 02270071), be subject to retirement by rotation in the Chairperson/Chairman/Vice Chairman
(DIN:00171211), who was appointed as an Additional meets the criteria for independence as provided accordance with Article 90. If he ceases is not present within fifteen minutes after
Director of the Company by the Board of Directors under Section 149(6) of the Act and Regulation to hold the Office of Director, he shall the time appointed for holding the Meeting,
with effect from 28.05.2021 in terms of Section 161 16(1)(b) of the Securities Exchange Board of India ipso facto and immediately ceased to the Directors present may choose one of
(1) of the Companies Act, 2013 read with Companies (Listing Obligation and Disclosure Requirements) be Managing Director and/or Managing their member to preside over the Meeting.”
(Appointment and Qualification of Directors) Rules, Regulations, 2015 be and is hereby appointed as Directors and/or Joint Managing
2014 and Article 96(1) of the Articles of Association an Independent Director of the Company from this Director(s) and/or Deputy Managing
“ RESOLVED FURTHER THAT the Board of
of the Company and whose term of office expires at meeting till the 32nd Annual General Meeting of the Director(s) or Whole Time Directors. Directors/Committee of Directors be and is hereby
the Annual General Meeting and in respect of whom Company.” authorised to take all the requisite, incidental,
the Company has received a notice in writing from a (3) Subject to the provisions of the Act consequential steps to implement the above
member proposing his candidature for the office of
“ RESOLVED FURTHER THAT the Board of Directors in particular to the prohibitions and resolution and to perform all such acts, deeds,
Director be and is hereby appointed as Director of of the Company (including its committee thereof) restrictions contained in the Act and matters and things as it may, in its absolute
the Company.” and/or Company Secretary of the Company, be Rules made thereunder, the Board discretion, deem necessary, any question, query, or
and are hereby authorised to do all such acts, may from time to time entrust to and doubt that may arise in this regard, and to execute/

“ RESOLVED FURTHER THAT pursuant to the deeds, matters and things as may be considered confer upon Managing Director and/or publish all such notices, deeds, agreements, papers
provisions of Sections 149, 152 and other applicable necessary, desirable or expedient to give effect to Managing Directors and/or Joint Managing and writings as may be necessary and required for
provisions, if any, of the Companies Act, 2013 (“the this resolution.” Director(s) and/or Deputy Managing giving effect to this resolution.”
Act”) (including any statutory modification(s) or Director(s) or Whole Time Directors
re-enactment(s) thereof, for the time being in force) 10. Alteration of Articles of Association of the for the time being such of the powers BY ORDER OF THE BOARD
and the Companies (Appointment and Qualification Company: exercisable under these presents by the
of Directors) Rules, 2014, as amended from time to “ RESOLVED THAT pursuant to the provisions of Board as it may deem fit and may confer Shambhu Singh
time, and pursuant to the recommendation of the Section 14 and all other applicable provisions of such powers for such time and to be Vice President (Legal) & Company Secretary
Nomination & Remuneration Committee and the the Companies Act, 2013 read with Companies exercised for such objects and purposes Membership No. FCS 5836
Board of Directors, Mr. Nidhipati Singhania (DIN: (Incorporation) Rules, 2014 (including any statutory and upon such terms and conditions and
00171211), who holds office of Additional Director modification(s) or re-enactment thereof, for the with such restrictions as it thinks fit; and Place : Kanpur
up to 14.08.2021 be and is hereby appointed as a time being in force) and subject to approvals, the Board may confer such powers either Dated : 12.6.2021
Director of the Company, liable to retire by rotation.” permissions and sanctions from the appropriate collaterally with or to the exclusion of and
authority, if any, the Articles of Association of the in substitution for all or any of the powers

“ RESOLVED FURTHER THAT the Board of Directors Company be and are hereby altered in the manner
of the Company (including its Committee thereof) set out herein below:
and/or Company Secretary of the Company, be
and are hereby authorised to do all such acts, The existing Article Nos. 91, 101 and 108 are
deeds, matters and things as may be considered substituted with the new Articles as under and
necessary, desirable or expedient to give effect to existing Article No. 91, 101 and 108 shall be deleted
this resolution.” from the Articles of Association of the Company:-
9. Appointment of Mr. Ajay Narayan Jha 91. (1) Dr. Raghavpat Singhania shall be a Director
(DIN: 02270071) as a Director. not liable to retire by rotation;
“ RESOLVED THAT Mr. Ajay Narayan Jha
(2) Mr. Madhavkrishna Singhania shall be a
(DIN: 02270071), who was appointed as an
Director not liable to retire by rotation;
Additional Director of the Company by the Board
of Directors with effect from 28.05.2021 in terms (3) The Board shall have the power to
of Section 161 (1) of the Companies Act, 2013 read determine the Directors whose period of
with Companies (Appointment and Qualification office is or is not liable to determination by
of Directors) Rules, 2014 and Article 96(1) of the retirement of Directors by rotation.

Notice
NOTES ownership as per details to be furnished by National Members, holding shares in physical forms, are the IEPF Account on which the dividends remained
1. The relative Statement (Explanatory Statement) Securities Depository Ltd. (NSDL) and Central advised to dematerialise their shares. unpaid or unclaimed for seven consecutive years
pursuant to Section 102(1) of the Companies Act, Depository Services India Ltd. (CDSL). with reference to the due date 31 March 2021 after
2013 with respect to the Special Business set out in 15. The statutory registers including Register of following the prescribed procedure.
the Notice is annexed. 8. Pursuant to Regulation 36 of the SEBI (Listing Directors , Key Managerial Personnel, the Register
Obligations and Disclosure Requirements) of Contracts under the Companies Act, 2013 and 20. Further, all the shareholders who have not claimed/
2. The Members can join the AGM in the VC/OAVM Regulations, 2015, in respect of the Directors all other documents referred to in the Notice will encashed their dividends in the last seven
mode 15 minutes before and at any time after seeking re-appointment/ Appointment at the be available for inspection in electronic mode. consecutive years from 2014-15 are requested
the scheduled time of the commencement of the AGM, is furnished as annexure to the Notice. The Members can inspect the same by sending an email to claim the same by 5.8.2021. In case valid claim
Meeting by following the procedure mentioned in Director has furnished consent/declaration for their to shambhu.singh@jkcement.com is not received by that date, the Company will
the Notice. The facility of participation at the AGM appointment/re-appointment as required under the proceed to transfer the respective shares to the
through VC/OAVM will be made available for 1000 Companies Act, 2013 and the Rules framed there 16. The Company has appointed M/s. Reena Jakhodia IEPF Account in terms of the IEPF Rules. In this
members on first come first served basis. This under. & Associates (Prop. Ms. R. Jakhodia) of Kanpur, regard, the Company has individually informed the
will not include large Shareholders (Shareholders Practicing Company Secretaries (C.P No. 6083) as shareholders concerned and also published notice
holding 2% or more shareholding), Promoters, 9. AGM will be held through VC in accordance with the the Scrutiniser for conducting the e-voting process in the newspapers as per the IEPF Rules. The details
Institutional Investors, Directors, Key Managerial Circulars, the route map and attendance slip are not in fair and transparent manner. The Scrutiniser, after of such shareholders and shares due for transfer
Personnel, the Chairmen of the Audit Committee, attached to this Notice. scrutinising the votes cast, shall submit her Report are uploaded on the “Investors Section” of the
Nomination and Remuneration Committee and to the Company Secretary of the company. website of the Company viz. www.jkcement.com.
Stakeholders’ Relationship Committee, Auditors, 10. Pursuant to section 91 of the Companies Act Members are requested to convert their share(s)
who are allowed to attend the AGM without 2013 read with Companies (Management & 17. The results declared, along with the report of lying in physical form to the Demat form as effective
restriction on account of first come first served Administration) Rules 2014 and Regulation 42 of the Scrutiniser, shall be placed on the website of from 1.4.2019 as per law the Company and/or
basis. the SEBI (LODR) Regulations 2015, the Register the Company www.jkcement.com immediately RTA are not permitted to give effect to transfer
of Members and Share Transfer Books of the after the declaration of result by such Director/ of shares held in physical mode. For any help the
3. Pursuant to the Circular No. 14/2020 dated April 08, Company shall remain closed from Thursday 5 Company Secretary and the results shall also be shareholders may contact the Vice President
the facility to appoint proxy to attend and cast August 2021 to Saturday the 14 August 2021 (both communicated to the Stock Exchanges. (Legal) and Company Secretary at mail id. shambhu.
vote for the members is not available for this days inclusive) singh@jkcement.com.
AGM. However, in pursuance of Section 112 and 18. Pursuant to the provisions of Section 124 of the
Section 113 of the Companies Act, 2013 (“the 11. Members are requested to intimate change, if Act, Investor Education and Protection Fund 21. In compliance with provisions of section 108 of the
Act”), representatives of the members such as the any, in their address (with PIN Code), E-mail ID, Authority (Accounting, Audit, Transfer and Refund) Companies Act, 2013, Rule 20 of the Companies
President of India or the Governor of a State or body nominations, bank details, mandate instructions, Rules, 2016 read with the relevant circulars and (Management and Administration) Rules, 2014
corporate can attend the AGM through VC/OAVM National Electronic Clearing Service (“NECS”) amendments thereto (‘IEPF Rules’), the amount as amended by the Companies (Management
and cast their votes through e-voting. mandates, etc. under the signature of the registered of dividend remaining unpaid or unclaimed for a and Administration) Amendment Rules, 2015 and
holder(s) at any of our e-mail address viz. (a) period of seven years from the due date is required Regulation 44 of SEBI (LODR), Regulations, 2015,
4. In line with the MCA Circular No. 17/2020 dated shambhu.singh@jkcement.com, (b) rc.srivastava@ to be transferred to the Investor Education and the Company is pleased to provide members the
April 13, 2020, the Notice calling the AGM has been jkcement.com, (c) investorservices@ Protection Fund (IEPF), constituted by the Central facility to exercise their right to vote on resolutions
uploaded on the website of the Company at www. jaykayenterprises.com, (d) jkshr@jkcement.com (e) Government. The Company had, accordingly, proposed to be considered at the Annual General
jkcement.com. The Notice can also be accessed prabhat.mishra@jaykayenterprises.com transferred ` 7,03,326/- being the unpaid and Meeting (AGM) by electronic means and the
from the websites of the Stock Exchanges i.e. unclaimed dividend amount pertaining to Dividend business may be transacted through e-Voting
BSE Limited and National Stock Exchange of 12. Queries, if any, on the Annual Report and operations for the Financial Year 2013-14 to the IEPF. Services. The facility of casting the votes by the
India Limited at www.bseindia.com and www. of the Company, may please be sent at shambhu. members using an electronic voting system from
nseindia.com respectively and the AGM Notice singh@jkcement.com at least seven days prior to The Company has been sending reminders to those a place other than venue of the AGM (“remote
is also available on the website of CDSL (agency the date of the AGM. The member must mention his members having unpaid/ unclaimed dividends e-voting”) will be provided by “Central Depository
for providing the Remote Voting facility) i.e. www. name demat account number/folio number, email before transfer of such dividend(s) to IEPF. Details Services India Ltd.”
evotingindia.com id, mobile number with the query; so that relevant of the unpaid/ unclaimed dividend are also uploaded
query may be replied by the Company suitably at as per the requirements, on the Company’s website 22. The Annual Report of the Company shall be
5. In case of joint holders attending the Meeting, only the meeting. www.jkcement.com. Members, who have not dispatched through email to the Persons, whose
such joint holder who is higher in the order of names encashed their dividend pertaining to Dividend names are recorded in the Register of Members on
will be entitled to vote. 13. Notice of the AGM and the Annual Report for the for the Financial Year 2014-15, are advised to write or before 16.7.21, maintained by RTA.
Financial Year 2020-21 are being sent electronically to the Company immediately claiming dividends
6. Participation of members through VC will be to the Members whose E-mail IDs are registered declared by the Company . 23. The remote e-Voting period commences on
reckoned for the purpose of quorum for the AGM as with the Depository Participant(s) and / or RTA. It Wednesday 11 August 2021 at 10 A.M. and will
per section 103 of the Companies Act, 2013 (“the would also be uploaded on the website of Company 19. Pursuant to the provisions of IEPF Rules, all shares end on Friday 13 August 2021 at 5 P.M. No remote
Act”) www.jkcement.com.Any member, who has not in respect of which dividend has not been paid or e-Voting shall be allowed beyond the aforesaid
registered his Email id, may register his / her Email claimed for seven consecutive years has to be date and time and remote e-Voting module shall be
7. The Dividend as recommended by the Board of ID with RTA for getting registered and may also transferred by the Company to the designated disabled by CDSL upon expiry of aforesaid period.
Directors and approved by the members shall be request for a copy Annual Report electronically. Demat Account of the IEPF Authority (‘IEPF Only the members whose names are borne in the
paid to those members, whose names shall appear Account’) within a period of thirty days of such register of members as on 7 August 2021 shall be
on the Company’s Register of members on 7 August 14. As per SEBI directives securities of listed shares becoming due to be transferred to the allowed to cast their votes by remote e-Voting.
2021 in respect of Shares in elerctronic form, the companies can be transferred only in IEPF Account. Accordingly, the Company had Once the vote on a resolution is cast by the
dividend will be payable on the basis of beneficial dematerialised form with effect from 1 April 2019. transferred 27,560 equity shares of ` 10 each to

Notice
member, the member shall not be allowed to change has been observed that the participation by Type of shareholders Login Method
it subsequently. the public non-institutional shareholders/retail Individual Shareholders holding 1) If you are already registered for NSDL IDeAS facility, please visit the e-Services website of
shareholders is at a negligible level. securities in demat mode with NSDL. Open web browser by typing the following URL: https://eservices.nsdl.com either
24. Members are required to cast their votes by Remote NSDL on a Personal Computer or on a mobile. Once the home page of e-Services is launched,
click on the “Beneficial Owner” icon under “Login” which is available under ‘IDeAS’ section.
e -voting only during voting period. However, they Currently, there are multiple e-voting service A new screen will open. You will have to enter your User ID and Password. After successful
may attend the AGM through VC/OAVM but shall providers (ESPs) providing e-voting facility authentication, you will be able to see e-Voting services. Click on “Access to e-Voting”
not be entitled to cast their votes again at Annual to listed entities in India. This necessitates under e-Voting services and you will be able to see e-Voting page. Click on company name
General Meeting. registration on various ESPs and maintenance or e-Voting service provider name and you will be re-directed to e-Voting service provider
of multiple user IDs and passwords by the website for casting your vote during the remote e-Voting period or joining virtual meeting &
voting during the meeting.
25. Voting- shareholders.
2) If the user is not registered for IDeAS e-Services, option to register is available at https://
A. The instructions for shareholders voting In order to increase the efficiency of the voting eservices.nsdl.com. Select “Register Online for IDeAS “Portal or click at
https://eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp
electronically are as under: process, pursuant to a public consultation,
it has been decided to enable e-voting to all 3) Visit the e-Voting website of NSDL. Open web browser by typing the following URL: https://
a. The voting period begins on the Wednesday
www.evoting.nsdl.com/ either on a Personal Computer or on a mobile. Once the home
11 August 2021 at 10 A.M. and will end on the demat account holders, by way of a single page of e-Voting system is launched, click on the icon “Login” which is available under
Friday 13 August 2021 at 5 P.M. During login credential, through their demat accounts/ ‘Shareholder/Member’ section. A new screen will open. You will have to enter your User
this period shareholders’ of the Company, websites of Depositories/ Depository ID (i.e. your sixteen digit demat account number hold with NSDL), Password/OTP and a
holding shares either in physical form or in Participants. Demat account holders would Verification Code as shown on the screen. After successful authentication, you will be
dematerialised form, as on the cut-off date be able to cast their vote without having to redirected to NSDL Depository site wherein you can see e-Voting page. Click on company
name or e-Voting service provider name and you will be redirected to e-Voting service
7 August 2021 i.e. Record Date may cast their register again with the ESPs, thereby, not
provider website for casting your vote during the remote e-Voting period or joining virtual
vote electronically. The e-voting module shall only facilitating seamless authentication but meeting & voting during the meeting
be disabled by CDSL for voting thereafter. also enhancing ease and convenience of Individual Shareholders (holding You can also login using the login credentials of your demat account through your Depository
participating in e-voting process. securities in demat mode) Participant registered with NSDL/CDSL for e-Voting facility. After Successful login, you will
b. Shareholders who have already voted prior to login through their Depository be able to see e-Voting option. Once you click on e-Voting option, you will be redirected to
the meeting date would not be entitled to vote (ii)
In terms of SEBI circular no. SEBI/HO/CFD/ Participants NSDL/CDSL Depository site after successful authentication, wherein you can see e-Voting
at the meeting venue. CMD/CIR/P/2020/242 dated December 9, feature. Click on company name or e-Voting service provider name and you will be redirected
to e-Voting service provider website for casting your vote during the remote e-Voting period or
2020 on e-Voting facility provided by Listed
joining virtual meeting & voting during the meeting.
c. Pursuant to SEBI Circular No. SEBI/HO/CFD/ Companies, Individual shareholders holding
CMD/CIR/P/2020/242 dated 9.12.2020, under securities in demat mode are allowed to vote
Important note: Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and
Regulation 44 of Securities and Exchange through their demat account maintained with
Forget Password option available at abovementioned website.
Board of India (Listing Obligations and Depositories and Depository Participants.
Disclosure Requirements) Regulations, 2015, Shareholders are advised to update their
Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to login
listed entities are required to provide remote mobile number and email Id in their demat
through Depository i.e. CDSL and NSDL
e-voting facility to its shareholders, in respect accounts in order to access e-Voting facility.
of all shareholders’ resolutions. However, it
Login type Helpdesk details
Pursuant to abovesaid SEBI Circular, Login method for e-Voting and joining virtual meetings for Individual Individual Shareholders holding securities in Demat Members facing any technical issue in login can contact CDSL helpdesk
shareholders holding securities in Demat mode CDSL/NSDL is given below: mode with CDSL by sending a request at helpdesk.evoting@cdslindia.comor contact at
022- 23058738 and 22-23058542-43.
Type of shareholders Login Method
Individual Shareholders holding securities in Demat Members facing any technical issue in login can contact
Individual Shareholders holding 1) Users who have opted for CDSL Easi / Easiest facility, can login through their existing user mode with NSDL NSDL helpdesk by sending a request at evoting@nsdl.co.in or
securities in Demat mode with id and password. Option will be made available to reach e-Voting page without any further call at toll free no.: 1800 1020 990 and 1800 22 44 30
CDSL authentication. The URL for users to login to Easi / Easiest are
https://web.cdslindia.com/myeasi/home/login or visit www.cdslindia.com and
click on Login icon and select New System Myeasi. (iii) Login method for e-Voting and joining virtual c. Shareholders holding shares in Physical
meetings for Physical shareholders and Form should enter Folio Number registered
2) After successful login the Easi / Easiest user will be able to see the e-Voting option for
eligible companies where the evoting is in progress as per the information provided by shareholders other than individual holding in Demat with the Company.
company. On clicking the evoting option, the user will be able to see e-Voting page of the form.
4) Next enter the Image Verification as displayed
e-Voting service provider for casting your vote during the remote e-Voting period or joining
virtual meeting & voting during the meeting. Additionally, there is also links provided to
1) The shareholders should log on to the e-voting and Click on Login.
access the system of all e-Voting Service Providers i.e. CDSL/NSDL/KARVY/LINKINTIME, so website www.evotingindia.com.
5) If you are holding shares in demat form and had
that the user can visit the e-Voting service providers’ website directly.
2) Click on “Shareholders” module. logged on to www.evotingindia.com and voted
3) If the user is not registered for Easi/Easiest, option to register is available at on an earlier e-voting of any company, then
https://web.cdslindia.com/myeasi/Registration/EasiRegistration 3) Now enter your User ID
your existing password is to be used.
4) Alternatively, the user can directly access e-Voting page by providing Demat Account a. For CDSL: 16 digits beneficiary ID,
Number and PAN No. from a e-Voting link available on www.cdslindia.com home page or
click on https://evoting.cdslindia.com/Evoting/EvotingLogin The system will authenticate the b. For NSDL: 8 Character DP ID followed by 8
user by sending OTP on registered Mobile & Email as recorded in the Demat Account. After Digits Client ID,
successful authentication, user will be able to see the e-Voting option where the evoting is in
progress and also able to directly access the system of all e-Voting Service Providers.

Notice
6) If you are a first-time user follow the steps (x) After selecting the resolution, you have decided helpdesk.evoting@cdslindia.com or contact at 5. Further shareholders will be required to allow
given below: to vote on, click on “SUBMIT”. A confirmation box 022- 23058738 and 022-23058542/43. Camera and use Internet with a good speed to avoid
will be displayed. If you wish to confirm your vote, any disturbance during the meeting.
• All grievances connected with the facility for
For Physical shareholders and other than click on “OK”, else to change your vote, click on
voting by electronic means may be addressed
individual shareholders holding shares “CANCEL” and accordingly modify your vote. 6. Please note that Participants Connecting from
in Demat. to Mr. Rakesh Dalvi, Sr. Manager, (CDSL, )
Mobile Devices or Tablets or through Laptop
PAN Enter your 10 digit alpha-numeric Central Depository Services (India) Limited,
(xi) Once you “CONFIRM” your vote on the resolution, connecting via Mobile Hotspot may experience
*PAN issued by Income Tax A Wing, 25th Floor, Marathon Futurex, Mafatlal
Department (Applicable for both you will not be allowed to modify your vote. Audio/Video loss due to Fluctuation in their
Mill Compounds, N M Joshi Marg, Lower Parel
demat shareholders as well as respective network. It is therefore recommended to
(East), Mumbai‑400013 or send an email
physical shareholders) (xii) You can also take a print of the votes cast by use Stable Wi-Fi or LAN Connection to mitigate any
to helpdesk.evoting@cdslindia.com or call
• S
hareholders who have not clicking on “Click here to print” option on the Voting kind of aforesaid glitches.
on 022‑23058542/43.
updated their PAN with the page.
Company/Depository Participant PROCESS FOR THOSE SHAREHOLDERS WHOSE 7. Shareholders who would like to express their views/
are requested to use the sequence (xiii) If a demat account holder has forgotten the login EMAIL/MOBILE NO. ARE NOT REGISTERED WITH THE ask questions during the meeting may register
number sent by Company/RTA or password then Enter the User ID and the image COMPANY/DEPOSITORIES. themselves as a speaker by sending their request in
contact Company/RTA.
verification code and click on Forgot Password & 1. For Physical shareholders – please provide advance atleast 7 days prior to meeting mentioning
Dividend Bank Enter the Dividend Bank Details or
enter the details as prompted by the system. necessary details like Folio No., Name of their name, demat account number/folio number,
Details Date of Birth (in dd/mm/yyyy format)
OR Date of Birth as recorded in your demat account shareholder, scanned copy of the share certificate email id, mobile number at shambhu.singh@
(DOB) or in the company records in order (xiv) Additional Facility for Non – Individual (front and back), PAN (self attested scanned copy of jkcement.com. The shareholders who do not wish
to login. Shareholders and Custodians –For Remote PAN card), AADHAR (self attested scanned copy of to speak during the AGM but have queries may send
• If both the details are not recorded Voting only. Aadhar Card) by email to Company/RTA email id. their queries in advance 7 days prior to meeting
with the depository or company, mentioning their name, demat account number/
please enter the member id / • Non-Individual shareholders (i.e. other than 2. For Demat shareholders – Please update your email folio number, email id, mobile number at shambhu.
folio number in the Dividend Bank Individuals, HUF, NRI etc.) and Custodians are id & mobile no. with your respective Depository singh@jkcement.com.These queries will be replied
details field. required to log on to www.evotingindia.com and Participant (DP) to by the company suitably by email.
register themselves in the “Corporates” module.
(iv) After entering these details appropriately, click on 3. For Individual Demat shareholders – Please update 8. Those shareholders who have registered
“SUBMIT” tab. • A scanned copy of the Registration Form bearing
your email id & mobile no. with your respective themselves as a speaker will only be allowed to
the stamp and sign of the entity should be emailed
Depository Participant (DP) which is mandatory express their views/ask questions during the
(v) Shareholders holding shares in physical form will to helpdesk.evoting@cdslindia.com.
while e-Voting & joining virtual meetings through meeting.
then directly reach the Company selection screen. • After receiving the login details a Compliance Depository.
However, shareholders holding shares in demat User should be created using the admin login and 9. Only those shareholders, who are present in the
form will now reach ‘Password Creation’ menu password. The Compliance User would be able to INSTRUCTIONS FOR SHAREHOLDERS ATTENDING AGM through VC/OAVM facility and have not casted
wherein they are required to mandatorily enter their link the account(s) for which they wish to vote on. THE AGM/EGM THROUGH VC/OAVM & E-VOTING their vote on the Resolutions through remote
login password in the new password field. Kindly DURING MEETING ARE AS UNDER: e-Voting and are otherwise not barred from doing
note that this password is to be also used by the • The list of accounts linked in the login should be
1. The procedure for attending meeting & e-Voting on so, shall be eligible to vote through e-Voting system
demat holders for voting for resolutions of any mailed to helpdesk.evoting@cdslindia.com and on
the day of the AGM/ EGM is same as the instructions available during the AGM.
other company on which they are eligible to vote, approval of the accounts they would be able to cast
mentioned above for e-voting.
provided that company opts for e-voting through their vote.
10. If any Votes are cast by the shareholders through
CDSL platform. It is strongly recommended not • A scanned copy of the Board Resolution and Power 2. The link for VC/OAVM to attend meeting will the e-voting available during the AGM and if the
to share your password with any other person of Attorney (POA) which they have issued in favour be available where the EVSN of Company will same shareholders have not participated in the
and take utmost care to keep your password of the Custodian, if any, should be uploaded in PDF be displayed after successful login as per the meeting through VC/OAVM facility , then the votes
confidential. format in the system for the scrutiniser to verify the instructions mentioned above for e-voting. cast by such shareholders shall be considered
same. invalid as the facility of e-voting during the meeting
(vi) For shareholders holding shares in physical form, 3. Shareholders who have voted through Remote is available only to the shareholders attending the
the details can be used only for e-voting on the • Alternatively Non Individual shareholders are
e-Voting will be eligible to attend the meeting. meeting.
resolutions contained in this Notice. required to send the relevant Board Resolution/
However, they will not be eligible to vote at the AGM/
Authority letter etc. together with attested
EGM.
(vii) Click on the EVSN for the relevant <Company specimen signature of the duly authorised
Name> on which you choose to vote. signatory who are authorised to vote, to the
4. Shareholders are encouraged to join the Meeting
Scrutiniser viz. rjkanpur@gmail.com and to the
through Laptops / IPads for better experience.
(viii) On the voting page, you will see “RESOLUTION Company at the email address viz; shambhu.
DESCRIPTION” and against the same the option singh@jkcement.com (designated email address
“YES/NO” for voting. Select the option YES or NO by company) , if they have voted from individual
as desired. The option YES implies that you assent tab and not uploaded same in the CDSL e-voting
to the Resolution and option NO implies that you system for the scrutiniser to verify the same.
dissent to the Resolution. • If you have any queries or issues regarding
attending AGM & e-Voting from the CDSL
(ix) Click on the “RESOLUTIONS FILE LINK” if you wish e-Voting System, you can write an email to
to view the entire Resolution details.

Notice
EXPLANATORY STATEMENT PURSUANT TO SECTION None of the Directors of the Company or their relatives or act as a key managerial personnel of the Company ‘Public’ category (“Request”). It was confirmed that
102 OF THE COMPANIES ACT, 2013: or Key Managerial Personnel of the Company or their for a period of at least three years from date on which they meet the eligibility criteria for reclassification
ITEM NO. 4 relatives, are concerned or interested in the passing the stock exchanges approve his re-classification in and have also undertaken that they shall comply with
Pursuant to provisions of section 148 and other of the resolutions at item No.5 except to the extent of the ‘Public’ category and he is not a fugitive economic the conditions set out in the Listing Regulations upon
applicable provisions, if any, of the Companies Act, NCDs that may be subscribed by them, their relatives or offender under section 12 of the Fugitive Economic reclassification as a ‘Public’ shareholder The Request
2013 read with Companies (Audit and Auditors) Rules, companies/firms in which they are interested. Offenders Act, 2018 or a wilful defaulter as per the letters received were placed before the Board of
2014, the remuneration of ` 6,30,000 plus service tax guidelines issued by the Reserve Bank of India. Directors at its meeting held on 12 June 2021. Members
as applicable and reimbursement of actual travel and ITEM NO. 6 of Promoter Group being part of Promoter category of
out of pocket expenses for the Financial year ending on In terms of Regulation 31A of the SEBI (Listing The Company is in compliance with the requirement the Company currently holds Equity shares constituting
31 March 2022 as approved by the Board of Directors Obligations and Disclosure Requirements) Regulations, for minimum public shareholding as required under 6.11% paid up capital of the Company as under: -
of the Company in its meeting held on 12.6.2021, to be 2015, as amended (hereinafter referred as “Listing Regulation 38 of the Listing Regulations. The Company
Name of Person/Entity
paid to M/s. K.G. Goyal & Company, Cost Accountant, Regulations”), the Stock Exchange(s) where the does not have any outstanding dues to the Securities requested to be re-classified
No of Equity % of total Equity
Shares capital
for conducting cost Audit of the Company’s Cement Company’s Equity shares are listed may allow and Exchange Board of India, the Stock exchanges to “Public” category
manufacturing units viz. J.K. Cement Works, Nimbahera, reclassification of Promoters as Public shareholders where its Equity shares are listed (“Stock Exchanges”) Mr. Abhishek Singhania 40,08,994 5.19%
J.K.Cement Works, Mangrol, J.K. Cement Works, Gotan, or vice-versa subject to fulfilment of conditions as or the depositories. Further, trading in the Equity Mrs. Manorama Devi 5,31,465 0.69%
J.K.White Cement Works, Gotan all situated in the State provided therein. shares of the Company has not been suspended by the Singhania
of Rajasthan, J.K. Cement Works, Jharli, situated in Stock Exchanges. M/s. J. K. Traders Ltd. 1,81,254 0.23%
the State of Haryana, J.K. Cement Works, Muddapur, The Company has received an application from
Total 47,21,713 6.11%
situated in the State of Karnataka, J. K. Cement Works, Mr. Ramapati Singhania, belonging to the Promoter Regulation 31A of the Listing Regulations requires
Aligarh, situated in the State of Uttar Pradesh, J.K. Group under Regulation 31A of the Listing Regulations that in the event the Board of Directors receives an
Cement Works, Balasinore, situated in the State of for re-classification of his shareholding under the application from a Promoter requesting that a Promoter Promoter Group Members have received most of
Gujarat, require to be ratified and confirmed by the ‘Public’ category (“Request”). Mr. Ramapati Singhania be reclassified from the category “Promoter and these shares as per last WILL and Testament of Late
shareholders. has confirmed that he meets the eligibility criteria Promoter Group” to the category “Public” shareholders, Yadupati Singhania, erstwhile Promoter of the Company.
for reclassification and has also undertaken that the Board of Directors need to analyse such request They desires to reclassify their status from Promoter
None of the Directors, Key Managerial personnel of the he shall comply with the conditions set out in the for reclassification and place such proposal before the Group category to Public category, as they satisfy the
Company are in any way concerned in aforementioned Listing Regulations upon reclassification as a ‘Public’ shareholders in a general meeting for approval along conditions of eligibility of reclassification as laid down
resolution. shareholder The request received from Mr. Ramapati with the views of the Board, therefore, the approval of under sub-regulation (3) of Regulation 31A of the Listing
Singhania was placed before the Board of Directors the shareholders of the Company is being sought by way Regulations and ,therefore, entitled to be reclassified as
The Board recommends the Ordinary Resolution set at its meeting held on 28 May 2021. Mr. Ramapati of intended resolution for such reclassification. a “Public” shareholder.
forth at item No. 4 for the approval of the Members. Singhania being part of Promoter Group of the Company
currently holds 5,49,662 Equity shares constituting The Board recommends the resolution as above for The Board of Directors of the Company at its meeting
ITEM NO. 5 0.71% paid up capital of the Company. Mr. Ramapati approval of the Members by way of Ordinary Resolution. held on 12 June 2021 considered and analyzed the
In terms of the provisions of Section 42 read with Singhania has acquired 5,00,000 equity shares of request for re-classification of these Promoter Group
Rule 14 of the Companies (Prospectus and Allotment the Company as per last WILL and Testament of Late In accordance with the Listing Regulations, Mr. Ramapati Members from the ‘Promoter Group’ category to the
of Securities) Rules, 2014, a Company offering or Yadupati Singhania, erstwhile Promoter of the Company. Singhania and the persons related to him as defined ‘Public’ category.
making an invitation to subscribe to Non Convertible He now desires to reclassify his status from Promoter under clause (b) of sub-regulation (1) of Regulation
Debentures (“NCDs”) on a private placement basis, is Group category to Public category, as he satisfies the 31A of the Listing Regulations shall not vote on The Board of Directors of the Company after
required to obtain the prior approval of the Shareholders conditions of eligibility of reclassification as laid down this resolution. considering the representations made by aforesaid
by way of a Special Resolution, which can be obtained under sub-regulation (3) of Regulation 31A of the Listing members of Promoter Group is of the view that upon
once in a year for all the offers and invitations for such Regulations and ,therefore, entitled to be reclassified as Except Mr. Nidhipati Singhania, Director who is brother re-classification to the ‘Public’ category, they alongwith
NCDs during the year. NCDs, including Commercial a “Public” shareholder. of Mr. Ramapati Singhania, none of the Directors or Key their related persons shall not (i) hold more than 10%
Paper issued on private placement basis are a Managerial Personnel of the Company including their of the total voting rights in the Company; (ii) exercise
significant source of borrowings for the Company. The Board of Directors of the Company at its meeting relatives has concern or interest, financial or otherwise, control over the affairs of the Company, directly or
held on 28 May 2021 considered and analyzed in the resolution set out as item no. 6 in this Notice. indirectly; (iii) have any special rights with respect to the
The approval of the Members is being sought by way the request for re-classification of Mr. Ramapati listed entity through formal or informal arrangements
of a Special Resolution under Section 42 and other Singhania from the ‘Promoter Group’ category to the ITEM NO. 7 including through any shareholder agreements. Further,
applicable provisions, if any, of the Act read with the ‘Public’ category In terms of Regulation 31A of the SEBI (Listing they shall not be represented on the Board of Directors
Rules framed there under to enable the Company to Obligations and Disclosure Requirements) Regulations, of the Company (including through a nominee director)
offer or invite subscriptions for NCDs on a private The Board of Directors of the Company after 2015, as amended (hereinafter referred as “Listing or act as a key managerial personnel of the Company for
placement basis, in one or more tranches, during the considering the representation made by Mr. Ramapati Regulations”), the Stock Exchange(s) where the a period of at least three years from date on which the
period of one year from the date of passing of this Singhania is of the view that upon re-classification to Company’s Equity shares are listed may allow stock exchanges approve their re-classification in the
resolution by the Members/ Shareholders within the the ‘Public’ category, Mr. Ramapati Singhania alongwith reclassification of Promoters as Public shareholders ‘Public’ category and they are not a fugitive economic
overall borrowing limits of the Company, as approved his immediate relatives shall not (i) hold more than 10% or vice-versa subject to fulfilment of conditions as offender under section 12 of the Fugitive Economic
by the Members from time to time, with authority to the of the total voting rights in the Company; (ii) exercise provided therein. Offenders Act, 2018 or a wilful defaulter per the
Board to determine the terms and conditions, including control over the affairs of the Company, directly or guidelines issued by the Reserve Bank of India.
the issue price of the NCDs. indirectly; (iii) have any special rights with respect to the The Company has received request letters on 9 June
listed entity through formal or informal arrangements 2021 from following persons (collectively named as The Company is in compliance with the requirement
The Directors recommend the Resolution at Item No. 5 including through any shareholder agreements. Further, “Promoter Group Members”), belonging to the Promoter for minimum public shareholding as required under
of the accompanying Notice, for the approval of the he shall not be represented on the Board of Directors Group under Regulation 31A of the Listing Regulations Regulation 38 of the Listing Regulations. The Company
Members of the Company. of the Company (including through a nominee director) for re-classification of their shareholding under the does not have any outstanding dues to the Securities

Notice
and Exchange Board of India, the Stock exchanges be reclassified from the category of “Promoter and He is Master of Commerce from Kanpur University He held various important positions with Government
where its Equity shares are listed (“Stock Exchanges”) Promoter Group” to the category of “Public”, the (1982). Mr. Singhania is currently serving as Chancellor of India viz. Member, Fifteenth Finance Commission,
or the depositories. Further, trading in the Equity shares Board of Directors need to analyse such request for of Sir Padampat Singhania University, Udaipur, Finance Secretary, Ministry of Finance, Government
of the Company has not been suspended by the Stock reclassification and place such proposal before the Rajasthan - one of the leading private, residential of India, Secretary, Ministry of Finance, Department
Exchanges. shareholders in a general meeting for approval along universities of Rajasthan offering Bachalors, Masters of Expenditure, Secretary, Ministry of Environment,
with the views of the Board, therefore, the approval of and Doctoral programmes. He is also Vice President Forest & Climate Change to name a few. Earlier he held
Regulation 31A of the Listing Regulations requires the shareholders of the Company is being sought by way at J.K. Organisation. As Director of Arr Emm Holdings important positions with Govt. of Manipur also. Besides
that in the event the Board of Directors receives an of intended resolution for such reclassification. Pvt. Ltd, he is reviving Indian handlooms and promoting he undertook international assignments and has
application from a Promoter requesting that a Promoter Indian crafts and textiles, working with Kotah, Benaras published papers on election and environment.
and Chanderi weavers and master-weavers across the
After such re-classification following shall be reckoned as Promoter & Promoter Group of the Company :-
country, and exporting Indian textiles across the globe. The Board recommends the Ordinary Resolution set
Shareholding of Promoter, Promoter Group and Person Acting in Concert as on 31.03.2021 forth in item No. 9 for approval of the Members.
Promoters No of shares %age He has held various positions including Director - J K
1 M/s. Yadu International Ltd. 31034518 40.16 Cotton Ltd, Special Executive, Juggilal Kamlapat Cotton None of the Directors, Key Managerial Personnel of the
2 Dr. Raghavpat Singhania 250210 0.32 Spg. & Wvg. Mills Co. Ltd., Director, Plastic Products Company or their relatives [except Mr. Ajay Narayan
3 Mr. Madhavkrishna Singhania 250210 0.32 Ltd., Special Executive, J.K Synthetics Ltd. (Divisions Jha] is in any way concerned or interested, financially or
Total 31534938 40.80 : Fibretech Engineers, J K Tyre Cord and J K Acrylics). otherwise, in the aforementioned resolution.
Persons Belonging to Promoters’ Group He is Life Member at the Foundation for Organisational
4 Mrs. Sushila Devi Singhania 3335957 4.32 Research and Education (FORE), and Trustee of ITEM NO. 10
5 Mr. Nidhipati Singhania 42428 0.05 Shri Dwarika Dheesh Temple Trust, Shri Radhakrishna The existing Article 91 contained in Articles of
6 Mrs. Kavita Y. Singhania* 3869650 5.01
Temple Trust, J K Charitable Trust, Shri Kamleshwar Ji Association (“AOA”) of your Company were framed
7 Mrs. Kalpana Singhania 475263 0.62
Mahadeo Temple Trust and Kamla Town Trust. Moreover, long back as per need of that time. After the
8 Mr. Ramapati Singhania* 549662 0.71
9 Dr. Gaur Hari Singhania with Vasantlal D. Mehta & Raghubir Prasad Singhania (Physial 20 0.00
he is a Life Time Member at the Uttar Pradesh Cricket unfortunate demise of Dr. Gaur Hari Singhania and
Shares) Association. Mr. Yadupati Singhania, Dr. Raghavpat Singhania and
10 M/s. Yadu Securities Pvt. Ltd. – Since dissolved (Physical Shares) 40 0.00 Mr. Madhavkrishna Singhania elevated to the office
11 M/s. G. H. Securities Pvt. Ltd. – Since dissolved (Physical Shares) 20 0.00 None of the Directors, Key Managerial Personnel of Managing Director and Deputy Managing Director
Total 8273040 10.71 of the Company or their relatives [except respectively in terms of succession planning of Late
Persons Acting in Concert Mr. Nidhipati Singhania, Dr. Raghavpat Singhania Chairman and Managing Director Mr. Yadupati Singhania
12 Mrs. Pushpa Saraogi 5048 0.01 and Mr. Madhavkrishna Singhania] is in any way for smooth functioning of the Company. Being the
13 Mr. Anil Kumar Agrawal 3940 0.01 concerned or interested, financially or otherwise, in the Promoters, they are controlling the affairs of the
14 Mr. Ajay Kumar Saraogi 3340 0.00 aforementioned resolution. company. Therefore it has been considered necessary
15 Ms. Amrita Saraogi 3000 0.00
that they need not retire by rotation for the sake of
16 Mr. Kailash Nath Khandelwal 1000 0.00
The Board recommends the Ordinary Resolution set stability and continuity of the company. Section 152(6)
17 Mrs. Radha Rani Khandelwal 500 0.00
18 Mr. Satish Kumar Agrawal 40 0.00 forth in Item No. 8 for approval of the Members. of the companies Act, 2013 require that authority of AOA
19 Mr. Prashant Seth 20 0.00 is required for a director to be non-rotational director
Total 16888 0.02 ITEM NO. 9 and hence the amendment in AOA is being sought by
Grand Total 39824866 51.53 The Board of Directors of the Company appointed way of passing special resolution by the members of
* Requests for reclassification of their status from ‘Promoter and Promoter Group’ category to ‘Public’ category of shareholders of the Company Mr. Ajay Narayan Jha as an Additional Director w.e.f. the company.
were also received from Mrs. Kavita Y. Singhania and Mr. Ramapati Singhania on 28 th January 2021 and 3rd May, 2021 respectively and for their 28.5.2021 in accordance with the provisions of Section
re-classification process have commenced separately. 161 of the Companies Act, 2013 and Article 96 of the The existing Articles 101 and 108 contained in Articles
The Board recommends the resolution as above for Articles of Association of the Company and to hold Articles of Association of the Company and to hold of Association (“AOA”) of your Company are required
approval of the Members by way of Ordinary Resolution. office upto this Annual General Meeting. In terms of office upto this Annual General Meeting. In terms of to be amended for smooth functioning of the Board of
Section 149 and 152 and any other applicable provisions Section 149 and 152 and any other applicable provisions Director of the company in the changed scenario.
In accordance with the Listing Regulations, Mr. Abhishek of the Companies Act, 2013, Mr. Nidhipati Singhania of the Companies Act, 2013, Mr. Ajay Narayan Jha
Singhania, Mrs. Manorama Devi Singhania, M/s. J. K. is proposed to be appointed as a Non-Executive Non- is proposed to be appointed as a Non-Executive The Board recommends the Special Resolution set out
Traders Ltd. and the persons related to them as defined Independent Director whose office is liable to retire by Independent Director whose office is not liable to at item No. 10 or approval of the Members.
under clause (b) of sub-regulation (1) of Regulation rotation in the Annual General Meeting. Notice has been retire by rotation in the Annual General Meeting. Notice
31A of the Listing Regulations shall not vote on this received from a member proposing his candidature for has been received from a member proposing his None of the Directors, Key Managerial Personnel
resolution. the office of Director of the Company. The brief resume candidature for the office of Director of the Company. of the Company or their relatives, except
of Mr. Nidhipati Singhania pursuant to Regulation 27 of Brief profile of Mr. Ajay Narayan Jha is annexed to Mr. Nidhipati Singhania, Dr. Raghavpat Singhania
None of the directors or key managerial personnel of the Listing Regulations is annexed with this notice. this Notice pursuant to Regulation 27 of the Listing and Mr. Madhavkrishna Singhania, is in any way
the Company including their relatives has concern or Regulations. concerned or interested, financially or otherwise, in the
interest, financial or otherwise, in the resolution set out Mr. Nidhipati Singhania, aged 62 years, is grandson of aforementioned resolution.
as item No. 7 in this Notice Late Sir Padampat and Lady Anusuiya Singhania, son Mr. Ajay Narayan Jha, aged 62 years, has superannuated
of Late Shri Gopalkrishna Singhania and Late Smt. from Indian Administrative Service in 2019 (Manipur By Order of the Board
ITEM NO. 8 Sulochana Devi Singhania. He has received immense Cadre 1982 Batch). He is MA in History with First
The Board of Directors of the Company appointed Mr. experience over the last 38 years across myriad family Class from St. Stephen’s College, Delhi University, MA Shambhu Singh
Nidhipati Singhania as an Additional Director w.e.f. businesses, known for his people management and in Economic Policy Management from McGill Vice President (Legal) & Company Secretary
28.5.2021 in accordance with the provisions of Section problem solving skills, he is determined, meticulous and University, Montreal, Quebec, Canada and M.Phil in Membership No. FCS 5836
161 of the Companies Act, 2013 and Article 96 of the transparent. Public Administration from Indian Institute of Public Place : Kanpur
Administration, New Delhi. Dated : 12.6.2021

ANNEXURE Shareholders General Information & Guidance
Details of Director seeking appointment and re-appointment at the forthcoming Annual General Meeting. 1. The Ministry of Corporate Affairs has taken ‘Green 5. The shareholders who wish to seek any
[Pursuant to Regulation 36(3) of the SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015 and Initiative in the Corporate Governance’ by allowing information, clarification in respect of share
Secretarial Standard 2 on General Meetings] paperless compliances by the Companies and transfer activities or status of their grievances
has issued circulars stating that service of notice/ may write to Company’s Registrar Transfer Agent,
documents including Annual Report can be sent by Jaykay Enterprises Ltd, Kamla Tower, Kanpur
Name of the Director Mr. Nidhipati Singhania Mr. Ajay Narayan Jha Mr. Paul Heinz Hugentobler
e-mail to its members. In this regard we solicit your at following email address: shambhu.singh@
Date of Birth 11.2.1959 15.01.1959 14-02-1949 cooperation to update our databank. Members jkcement.com.
Nationality Indian Indian Swiss who have not registered so far, are requested to
register their e-mail address, contact telephone 6. The shareholders of physical segment who are
Date of Appointment on the Board 28.05.2021 28.05.2021 17-05-2014
Number, NECS/ECS Mandate in respect of having identical names in different folios are
Qualifications Master of Commerce Master of Arts (MA) Civil Engineer & Degree in electronic holdings with the Depository through advised to consolidate their holdings in one folio
in Economic Policy Economic Science
their concerned Depository Participants. Members which will facilitate the investors in receiving
Management.1995-1997
from McGill University, who hold shares in physical form are requested to consolidate dividend or non-cash corporate
Montreal, Quebec, Canada. intimate their e-mail address, contact telephone benefit of future and would reduce un-necessary
Master of Arts (MA) in History number at any of our e-mail address viz. paper work and service cost.
with First Class (1979-1981) (a) shambhu.singh@jkcement.com,
from St. Stephen’s College, (b) rc.srivastava@jkcement.com, 7. The Investors who have not received Demat credit
Delhi University, Delhi, India.
(c) investorservices@jaykayenterprises.com, of shares allotted under public issue may write to
Master in Philosophy (M.
Phil) in Public Administration (d) jkshr@jkcement.com us by quoting reference of their application no.,
(July 2005 – March 2006) (e) Prabhat.mishra@jaykayenterprises.com and name, address & No. of shares applied for.
Indian Institute of Public send NECS/ECS Mandate to the Registered Office
Administration, New Delhi. of the Company. 8. Shareholders of physical segment who wish
Expertise in specific functional Business Acumen in Served India Administrative Manufacturing and Finance in to notify change in their address may intimate
area diversified field. Service 1982 Batch, Cement Industry 2. The equity shares of your company are listed complete new address with Pin code. by quoting
Manipur Cadre. Served on the Bombay Stock Exchange Ltd. & National their Folio No. and proof of Address i.e. copy of
in various capacities with Stock Exchange of India Ltd., Mumbai and the telephone/electricity bill or any receipt of Municipal
Manipur Government and
same are compulsorily traded in dematerialised Corporation etc.
Government of India.
mode. Shareholders are required to compulsorily
Number of shares held in the 42428 Equity Shares NIL NIL dematerialise their shareholdings for share The Shareholders who holds shares in electronic/
Company
transfer and are therefore advised to send their Demat segment may notify change in their address
List of the directorships held in 1. J. K. Cotton Limited (now NIL Dalmia Cement (Bharat) Limited request on prescribed form (available with DP) to the DP with whom they are maintaining a Demat
other companies* since resigned) alongwith share certificate(s)/ for dematerialisation account. No request For change in address from
2. Yadu International Ltd. through depository participant (DP) with whom the holders of Demat segment will be entertained
Chairman/ Member in the NIL NIL NIL they are maintaining a demat account. The ISIN of directly by The Company.
Committees of the Boards of the Company is INE 823G01014.
companies in which she/he is 9. The shareholders who wish to make nomination
Director*
3. The share holders who have not received corporate may send their application on prescribed form
Past Remuneration as Director NA NA ` 12,50,000/- towards benefit i.e. share certificates, on account of shares under Companies Act 2013 and Rules frame
commission and sitting fee held by them in Jaykay Enterprises Ltd (erstwhile thereunder. The said form is also available on
` 1,10,49,529 paid in professional J K Synthetics Ltd), dispatched by the company company’s website www.jkcement.com.
capacity
during April, 2005 may intimate the company by
Relationship between Directors Dr. Raghavpat Singhania NONE NONE quoting reference of Folio No. / DP-ID and Client ID 10. The Shareholders who holds shares in physical
inter-se (father) etc. segment are mandatorily required to notify their
Mr. Madhavkrishna Singhania
updated Bank Account Details for printing on
(father)
4. The share holders who have not received dividend the Dividend Warrant as required in SEBI Circular
*Directorship includes Directorship of other Indian Public Companies and Committee memberships includes only Audit Committee and Stakeholders’ warrants for the year 2013-14, 2014‑15, 2015-16, No.CIR/MRD/DP/10/2013 dated 21.3.13.
Relationship Committee of Public Limited Company (whether Listed or not).
2016-17, 2017-18, 2018-19 and 2019-20 on account
of their change in address or any other reason
may write to the Company’s Registrar & Transfer
Agents, Jaykay Enterprises Ltd, Kamla Tower,
Kanpur by quoting reference of their folio or DP-ID
& Client ID.
300 J.K. Cement Ltd.


Corporate Information Mandate Form
Board Of Directors Senior Management Personnel (Mandate Form for receiving dividend by National Electronic Clearing Service (NECS)/Printing of Bank details on Dividend Warrant)
Mrs. Sushila Devi Singhania – Chairperson Rajnish Kapur – Chief Operating Officer – Grey Cement
Dr. Raghavpat Singhania – Managing Director (KMP) Niranjan Mishra – Business Head – White Cement To
Madhavkrishna Singhania – Dy. Managing Director & CEO (KMP) S K Rathore – Manufacturing Head – Grey Cement J.K. Cement Ltd.
Ajay Kumar Saraogi – Dy. Managing Director & CFO (KMP) Anil Kumar Agrawal – President (Tax & Mgmt. Svs.) Kamla Tower,
Achintya Karati Andleeb Jain – President and Chief People Officer Kanpur - 208001.
Ajay Narayan Jha Anoop Kr. Shukla – President (Accounts)
Ashok Sinha Atul Bagla – President (Corporate Finance) Dear Sirs,
Mrs. Deepa Gopalan Wadhwa Jitendra Singh – President and Chief Digital Officer
Jayant Narayan Godbole Prashant Seth – President & Dy. CFO Please fill-in the information in CAPITAL LETTERS in ENGLISH ONLY.
Dr. K.B. Agarwal Puneet Arora – President (Projects)
Nidhipati Singhania Pushpraj Singh – President ( Marketing)- Grey Cement For shares held in physical form FOR OFFICE USE ONLY
Paul Heinz Hugentobler RBM Tripathi – P resident and Unit Head-Grey Cement, Rajasthan
Saurabh Chandra Sanjeev Garg – President (Corp. Affairs) & MD Office Folio No. NECS
Sudhir Jalan S.K. Jain – President and Unit Head – White Cement, Gotan Ref. No.
Suparas Bhandari Umashankar Choudhary – Unit Head Grey Cement Karnataka
Yagyesh Gupta – President (Commercial) For shares held in electronic form
Company Secretary & Compliance Officer Amit Kothari – CEO (UAE Operations) D.P.Id
Shambhu Singh (KMP) Ajay Mathur – Head, Marketing & Sales (UAE Operations)
Client Id
Bankers Auditors
Axis Bank M/s S. R. Batliboi & Co, LLP, Chartered Accountants Name of Sole/First holder
Bank of Baroda Golf View Corporate Tower B, Sector 42, Bank name
Canara Bank Sector Road, Gurgaon – 122002 Branch name
Export Import Bank of India
IDBI Bank Ltd. Registrar & Share Transfer Agent Branch code
Indian Bank Jaykay Enterprises Ltd. (9 Digits Code Number appearing on the MICR Band of the
Jammu & Kashmir Bank Kamla Tower, Kanpur – 208001 cheque supplied by the Bank). Please attach a photo copy of
Punjab National Bank E-mail: jkshr@jkcement.com; a cheque or a blank cheque of your bank duly cancelled for
State Bank of India investorservices@jaykayenterprises.com ensuring accuracy of the banks name, branch name and code
Union Bank of India rc.srivastava@jkcement.com number.
United Bank of India prabhat.mishra@jaykayenterprises.com
Account Type
National Bank of Fujairah-UAE
[Please Tick (√) wherever
Savings Current Cash Credit
applicable]
Registered Office Corporate Office
Kamla Tower, Kanpur - 208001 Padam Tower, 19, DDA Community Centre, Okhla, Phase-1, A/c.No.(as appearing
New Delhi - 110020 in the cheque book)
Effective date of
Plants Location this mandate
INDIA
Grey Cement Plants Kailash Nagar, Nimbahera, Dist. Chittorgarh, Rajasthan I, hereby declare that the particulars given above are correct and complete. If any transaction is delayed or not effected at all for
Mangrol, Dist. Chittorgarh, Rajasthan reasons of incompletencess or incorrectness of information supplied as above, the Company will not be held responsible. I agree
Gotan, Dist. Nagaur, Rajasthan to avail the NECS facility provided by RBI, as and when implemented by RBI/J.K.Cement Ltd. Further in case of NECS facility is not
Muddapur, Dist. Bagalkot, Karnataka available in my city please print Bank details furnished by me on the dividend warrant.
Jharli, Dist. Jhajjar, Haryana
I, further undertake to inform the Company any change in my Bank/branch and account number.
Satha, Pargana Morthal, Tehsil: Koil, Dist: Aligarh, UP
Vadadala, Tehsil: Balasinor, Dist: Mahisagar, Gujrat Dated:
White Cement & White Cement based Wall Putty Plant Gotan, Dist. Nagaur, Rajasthan
Village: Rupaund, Tehsil - Badwara, Dist. Katni, M.P (Signature of Sole/First holder)
Thermal Power Plants Kailash Nagar, Nimbahera, Dist. Chittorgarh, Rajasthan
Gotan, Dist. Nagaur, Rajasthan Notes: 1. Whenever the Shares in the given folio are entirely dematerialised, then the NECS mandate form will stand
Muddapur, Dist. Bagalkot, Karnataka rescinded.
Mangrol, Chittorgarh, Rajasthan 2. For Shares held in dematerialised mode nomination is required to be filled with the Depository Participant in
Waste Heat Recovery Power Plant (For captive consumption) i) Kailash Nagar, Nimbahera, Dist. Chittorgarh, Rajasthan their prescribed form.
3. In case NECS facility is not available in your city then bank details furnished by you will be printed on dividend

ii) Mangrol, Dist. Chitorgarh, Rajasthan

warrants.
INDIAN SUBSIDIARY 4. The Share holders who hold shares in physical mode should ensure that this mandate form duly completed in all
JayKaycem (Central Limited) Dist. Panna, Madhya Pradesh respect & signed by the Sole/First named holder should reach the company on or before 5 August 2021.
Grey Cement Plant (Under Implementation) 5. The share holder of physical segment who do not wish to opt for NECS facility need not furnish 9 Digits Code
OVERSEAS SUBSIDIARY Number appearing on the MICR band of the cheque supplied by the Bank and the photo copy of the blank cheque.
J.K. Cement Works (Fujairah) FZC 6 The Shareholders who holds shares in physical segment are mandatorily required to notify their updated Bank
Dual process White/Grey Cement Plant Plot No.7, Habhab, Tawian Fujairah, UAE Account Details for printing on the Dividend Warrant as required in Sebi Circular No.CIR/MRD/DP/10/2013 dated
21.3.13.

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JK Cement Ltd.

CIN : 117229UP1 994P1C01 71 99

Ref. No.JKCL/SE/inti.of AGM & tnzozo-ztt 23.7.202t

Bombay Stock Exchange Ltd. National Stock Exchange of India Ltd.

Pursuant to Regulation 30 and 34(l) of SEBI (Listing Obligationsand Disclosure Requirements)

This is for your information and records.

For J.K. Cement Ltd.

(! www.jkcement.com Nimbahera, Mangrol, cotan (Rajasthan) | Muddapur (Karnataka)

A firm believer of Karma

The Compassionate Leader The Lifelong Philanthropist

2 J.K. Cement Ltd. Integrated Report 2020-21 3

Recognised for his Contribution

Lifetime Distinguished The Best CEO Felicitation

4 J.K. Cement Ltd. Integrated Report 2020-21 5

Just as he rapidly ramped up J.K. Cement’s

6 J.K. Cement Ltd. Integrated Report 2020-21 7

Reporting boundary and scope

Data compilation methodology

86 94 150 Natural Human

A new identity, a renewed commitment

8 J.K. Cement Ltd. [GRI 102-45,102-46, 102-49,102-50,102-52,102-54] Integrated Report 2020-21 9

Report card 2020-21

A reflection of sustained value creation

69% 11 MnTPA 363 0

9.77 MnTPA 1.34 MnTPA Social and relationship capital

10 J.K. Cement Ltd. Integrated Report 2020-21 11

A legacy of trust Value of vision

J.K. Cement is one of India’s leading cement manufacturers. We are steadily

Became the first Company to install

Honour our commitments Strive for perfection

Convocation at Dr. Gaur Hari

12 J.K. Cement Ltd. [GRI 102-01, 102-16] Integrated Report 2020-21 13

A demonstration of Value of vision

Among the leading One of the leading Largest

14.67 MnTPA 2.54 MnTPA

14 J.K. Cement Ltd. 15

A portfolio of brands Value of vision

Portland Slag Cement (PSC)

JK Cement WhitemaxX JK Cement WallMaxX

16 J.K. Cement Ltd. [GRI 102-02] Integrated Report 2020-21 17

A robust and expanding reach Value of vision

Started India’s first

limestone based White

Deputy Managing Director & 24

Managing Director’s message

Progressing with passion

sustained growth. During

₹ 6,328 Crores from ₹ 5,464

22 J.K. Cement Ltd. [GRI 102-14] Integrated Report 2020-21 23

Deputy Managing Director & CEO’s perspective

Driving responsible growth

our growing footprint in We are working on reducing wastages while substituting

commitment to carry forward

24 J.K. Cement Ltd. [GRI 102-14] Integrated Report 2020-21 25

Key Inputs Our Value Chain Key Outputs Outcomes

We are foraying into manufacturing innovative

Natural Capital Prepartion of

Human Capital Clinkerisation Human capital is positively affected by the financial

28 J.K. Cement Ltd. [GRI 305-3] Integrated Report 2020-21 29