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DWARIKESH SUGAR INDUSTRIES LIMITED

Corp. Off.: 511, Maker Chambers V, 221, Nariman Point, Mumbai - 400 021. Tel.: 2283 2486, 2204 2945 Fax: 2204 7288
E-mail : dsilbom@dwarikesh.com • Website : www.dwarikesh.com • CIN : L 15421UP1993PLC018642

REF: DSIL/2019-20/ 52.5 February 10, 2020

Corporate Relationship Department National Stock Exchange of India Limited

BSE Limited "Exchange Plaza"
Phiroze Jeejeebhoy Towers Bandra - Kurla Complex,
Dalal Street, Fort, Mumbai - 400 001 Bandra [E], Mumbai - 400 051
Fax: 22723 2082 /3132

Scrip Code - 532610 Scrip Code - DWARKESH

Sub: Regulation 33(3)(a) - Financial results

Dear Sir,

Pursuant to Regulation 33(3)(a) of Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015, enclosed please find duly approved Unaudited Financial
Result for quarter and nine months ended December 31, 2019 along with Limited Review Report received
from our Statutory Auditors M/s. NSBP & Co., in the Meeting of Board of Directors of the Company held on
Monday, February 10, 2020.

Kindly acknowledge the receipt and take the same on record.

Thanking you,

Yours faithfully,

-----
B. J. \\'faheshwari
Managing Director & CS cum CCO
(DINl00002075J

Encl: as above.

Regd. Office & Factory: Dwarikesh Nagar- 246 762, Dist. Bijnor, (U.P.)• Tel.: 01343 - 267057-64 <Fax : 01343 - 267065
NSBP & CO.
CHARTERED ACCOUNTANTS

Independent Auditor's Review Report on unaudited quarterly and year to date financial results of Dwarikesh
Sugar Industries Limited Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 for the quarter and nine months period ended December 31, 2019.

To the Board of Directors of

Dwarikesh Sugar Industries Limited

1. We have reviewed the accompanying statement of unaudited financial results of Dwarikesh Sugar
Industries Limited ('the Company') for the quarter and nine months period ended December 31, 2019
attached herewith ("the Statement"), being submitted by the Company pursuant to the requirement
of Regulation 33 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 (the
"Regulations"), as amended to date, which has been initialed by us for identification purpose.

2. The preparation of the Statement is in accordance with the recognition and measurement principles
laid down in Indian Accounting Standard 34, Interim Financial Reporting (Ind AS 34) prescribed under
Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and
other accounting principles generally accepted in India, read with the Regulation, is the responsibility
of the Company's Management and has been approved by the Board of Directors of the Company. Our
responsibility is to express a conclusion on the Statement based on our review.

3. We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410, "Review
of Interim Financial Information performed by the Independent Auditor of the Entity" issued by the
Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review
to obtain moderate assurance as to whether the Statements are free of material misstatement. A
review is limited primarily to inquiries of the Company personnel and analytical procedures applied to
financial data and thus provide less assurance than an audit. We have not performed an audit and,
accordingly, we do not express an audit opinion.

4. Based on our review conducted as above, nothing has come to our attention that causes us to believe
that the accompanying Statement prepared in all material respects in accordance with th.e applicable
Indian Accounting Standards (Ind-AS) prescribed under section 133 of the Companies Act, 2013, read
with relevant rules issued thereunder including the amendment thereof and other recognized
accounting practices and pollc.es generally accepted in India, has not disclosed the information
required to be disclosed in accordance with the requirements of the Regulations, as amended to date,
including the manner in which it is to be disclosed, or that it contains any material misstatement.

For NSBP & Co.

Chartered Accountants
Firm Registration No. 001075N

&-\.A
Deepak K. Aggarwal
Partner
M. No. 095541
UDIN: 20095541AAAAAZ3966
Place: New Delhi
Date: February 10, 2020

325,Third Floor, U.S. Complex, Opp. Apollo Hospital, 120, Mathura Road, Sarita Vihar, New Delhi 110076 India
E-mail·: info@nsbpco.comWebsite:www.nsbpco.com
 W e will either find a way or make one ...
DWARIKESH SUGAR INDUSTRIES LIMITED
(Registered Office: Dwarikesh Nagar-246762, District Bijnor, Uttar Pradesh)
Tel : +91 01343 267061-64, Fax no. : +91 01343 267065, email : investors@dwarikesh.com website : www.dwarikesh.com
CIN NO. Ll5421UP1993PLC018642

Quarter ended
_I_!
( t In Lakhs)
Lakhs l
Nine Month ended Year ended
Sr. No. Particulars December September December December December March
31,2019 30, 2019 31,2018 31,2019 31,2018 31, 2019
Unaudited Unaudited Unaudited Unaudited
I Revenue From operations Unaudited Audited
31,951.54 17,590.28 23,197.62 87,438.21
II Other Income 87,289.01 1,08,411.57
118.92 121.96 3,163.08 394.26
Ill 3,323.83 3,610.04
Total Income (1+11) 32,070.46 17,712.24 26,360.70
IV Expenses 87,832.47 90,612.84 1,12,021.61
(a) Cost of materials consumed 35,703.77 35.31 29,155.52 51,610.71 53,827.45 1,09,050.56
(b) Changes in inventories of finished goods and (10,916.59) 12,165.28 (10,641.56) 16,473.46 14,213.09
work-in-progress (29,154.09)
(c) Employee benefits expense 2,277.54 1,584.50 1,928.23 5,541.84 4,826.67
(d) Finance costs 7,083.95
511.45 746.86 298.93 2,284.33
(e) Depreciation and amortisation expenses 1,247.37 2,126.01
1,006.94 833.26 810.35 2,674.84
(f) Other expenses 2,443.58 3,294.99
2,337.32 1,973.53 1,653.63 5,796.08 6,829.68 8,525.92
Total expenses (IV) 30,920.43 17,338.74 23,205.10 84,381.26 83,387.84 1,00,927.34
V Profit/(Loss) before exceptional items and tax (Ill - IV) 1,150.03 373.50 3,155.60 3,451.21
VI Exceptional Items 7,225.00 11,094.27
VII - - -
Profit/(Loss) after exceptional items and before tax (V+VI) 1,150.03 373.50 3,155.60 3,451.21 7,225.00 11,094.27
VIII Tax expense
- Current year
200.94 (13.33) 795.10 603.00
- Deferred tax (Net of MAT credit entitlement) 1,552.96 2,426.04
496.33 (80.10) (32.48) (64.25) (616.91)
- Prior period tax expense (829.34)
(6.32) (6.32) 12.90 (13.05)
Total Tax Expense
697.27 (99.75) 762.62 532.43 948.95
IX Net Profit/(Loss) for the period from continuing operations (VII - 1,583.65
452.76 473.25 2,392.98 2,918.78 6,276.05
VIII) 9,510.62
X Other Comprehensive lncome/(Loss)
A (i) Items that will not be reclassified to profit or loss (39.75) (39.75) (40.00) (119.25) (120.00) (145.12)
(ii) income tax relating to items that will not be
reclassified to profit or loss 13.89 13.89 13.97 41.67 41.93 49.69
B (i) Items that will be reclassified to profit or loss 7.60 - 647.76 (550.63) 647.76 558.23
(ii) income tax relating to items that will be reclassified to
profit or loss (2.66) - (226.35) 192.41 (226.35) (195.07)
Total other comprehensive income/(loss), net of taxes (20.92) (25.86)
XI
395.38 (435.80) 343.34 267.73
Total comprehensive income/(loss) for the period (IX+X) 431.84 447.39 2,788.36 2,482.98 6,619.39 9,778.35
XII Paid up equity share capital (Face value off 1 each) 1,883.01 1,883.01 1,883.01 1,883.01 1,883.01
XIII Earnings Per Share (before extraordinary items) 1,883.01
(of f 1 each) (not annualised):
(a) Basic ( t)
0.24 0.25 1.27 1.55 3.33
(b) Diluted ( t) 5.05
0.24 0.25 1.27 1.55 3.33
XIV Earnings Per Share (after extraordinary items) 5.05
(of t 1 each) (not annualised):
(a) Basic ( t)
0.24 0.25 1.27 1.55 3.33
(b) Diluted ( t) 5.05
0.24 0.25 1.27 1.55 3.33 5.05
 .l !_ln Lakhs l
Quarter ended Nine Month ended Year ended
Sr.No. Particulars December September December December December March
31, 2019 30, 2019 31, 2018 31, 2019 31, 2018 31, 2019
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
1 Segment Revenue
a) Sugar 36,580.30 17,202.20 22,947.48 91,156.11 85,395.05 1,06,428.07
b) Co Generation 9,322.89 486.16 6,517.93 12,272.48 12,898.35 24,688.54
c) Distillery 243.68 431.68 500.23 1,892.24 2,549.95 3,632.10
Total 46,146.87 18,120.04 29,965.64 1,05,320.83 1,00,843.35 1,34,748.71
Less: Inter Segment Revenue
Sugar 6,392.31 43.60 3,029.23 7,920.00 5,848.29 11,777.97
Co Generation 7,803.02 486.16 3,738.79 9,962.62 7,706.05 14,559.17
Income from operations 31,951.54 17,590.28 23,197.62 87,438.21 87,289.01 1,08,411.57
2 Segment Results
Profit (+)/Loss(-) before tax, interest and exceptional items from
each segment
a) Sugar (651.81) 1,518.78 555.61 2,438.24 2,372.14 1,203.13
b) Co Generation 2,252.14 (585.18) 2,497.17 2,220.09 4,389.53 9,471.52
c) Distillery 61.15 186.76 401.75 1,077.21 1,710.70 2,545.63
Total 1,661.48 1,120.36 3,454.53 5,735.54 8,472.37 13,220.28
Add: Exceptional Item
- -
Less: Interest 511.45 746.86 298.93 2,284.33 1,247.37 2,126.01
Other unallocable expenditure net off
Unallocable income - - -
Total Profit Before Tax 1,150.03 373.50 3,155.60 3,451.21 7,225.00 11,094.27
3 Segment Assets -
a) Sugar 93,598.74 81,083.07 77,843.49 93,598.74 77,843.49 1,10,182.42
b) Co-Generation 18,734.26 12,911.49 13,094.85 18,734.26 13,094.85 15,085.51
c) Distillery 9,931.33 12,247.65 2,633.38 9,931.33 2,633.38 5,596.03
Total segment assets 1,22,264.33 1,06,242.21 93,571.72 1,22,264.33 93,571.72 1,30,863.96
Less: Inter segment assets - - - -
Add: Unallocable corporate assets 5,997.45 6,430.65 5,369.92 5,997.45 5,369.92 5,647.38
Total assets 1,28,261.78 1,12,672.86 98,941.64 1,28,261.78 98,941.64 1,36,511.34
Segment Liabilities -
a) Sugar 70,025.01 55,377.32 54,671.59 70,025.01 54,671.59 87,199.70
b) Co-Generation 4,947.82 34.69 47.81 4,947.82 47.81 34.84
c) Distillery 6,661.84 10,692.79 16.89 6,661.84 16.89 2,364.48
Total Segment Liabilities 81,634.67 66,104.80 54,736.29 81,634.67 54,736.29 89,599.02
Less: Inter segment liabilities - - - -
Add: Unallocable corporate liabilities 54.21 427.01 1,004.38 54.21 1,004.38 552.33
Total Liabilities 81,688.88 66,531.81 55,740.67 81,688.88 55,740.67 90,151.35

During the quarter and nine month ended December 31, 2019, the Company has exported raw sugar amounting to< 5,356.06 lakhs and< 13,871.59 lakhs respectively (Previous
period - NIL, Previous year< 2,938.89 lakhs).

Notes:-
1 The Board of directors of the Company declared an interim dividend of 100% (Rs. 1/-per Equity share) at its meeting held on February 10, 2020. The interim
dividend would be payable to those shareholders, whose names appear in the Register of Members as on 20th February, 2020.

2 The above unaudited financial results were approved in the meeting of the Board of Directors held on Monday February 10, 2020 after being reviewed and
recommended by the Audit Committee.

3 These results have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the
Companies Act, 2013 as amended and other recognized accounting practices and policies to the extent possible.

4 The Company has adopted Ind As 116 "Leases" with the date of initial application being April 1st, 2019. Ind As 116 replaces Ind As 17 "Leases" and related
interpretations and guidance. On transition to Ind As 116, Right-of-use-Assets as at April 1st, 2019 for lease previously classified as operating leases were
recognised and measured at an amount equal to lease liability . As a result, the comparative information has not been reinstated. During the nine month the
Company has recognised interest expense on lease amounting to< 27.23 lakhs, depreciation on right-of-use assets amounting to< 118.78 lakhs and lease rental
income amounting to< 135.32 lakhs.

5 The distillery expansion project at the Company's Dwarikesh Nagar unit has been successfully completed. The new 100 KLPD plant including incineration boiler and
5 MW power generation plant has commenced operations on December 23, 2019. The supply of ethanol from the said plant has started during the quarter.

6 Effective 1st April, 2019, UPERC, vide tariff order dated July 25, 2019, reduced the rates at which power is sold to Power Corporation. Accordingly the Company has
accounted power sale at the reduced tariff notified by UPERC. Consequent to the same profit for the quarter and nine month period ended December 31, 2019, is
lower by< 1,067.48 lakhs and< 1,622.38 lakhs respectively. The matter is challenged through UP Co-Gen Association in the appropriate forum.

7 Profit before tax during the corresponding quarter last year is after accounting for subsidy of< 2,790.18 lakhs pertaining to earlier year pursuant to the notifications
issued by the Central/State Governments.

8 Given the seasonal nature of the industry, the results of any quarter may not be a true and /or proportionate reflection of th'

~F ~~-
9 Previous period figures have been regrouped and reclassified wherever necess~ih;p~~PQ~~comparison.

Place: Delhi
*
Date: February 10, 2020