Interim report
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1 0th January, 2025 The Manager, The General Manager, Listing Department, Department of Corporate Services, National Stock Exchange of India Ltd, BSE Ltd., Exchange Plaza, 1st Floor, New Trading Ring, Plot No. – C – 1, G Block, Rotunda Building, Bandra – Kurla Complex, P.J. Towers, Bandra (East), Dalal Street, Fort, Mumbai – 400051 Mumbai – 400001 NS E Code – PCBL BSE Code (Equity) – 506590 BSE Code (Debt) – 975353 Dear Sir, Sub:- Outcome of the Board Meeting held on 10th January, 2025 Pursuant to the provisions of Regulations 30, 33, 51, 52 and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended (referred to as the “SEBI Listing Regulations”), the Board of Directors of the Company, at its Meeting held today, i.e., Friday, 10 th January, 2025, has inter alia, considered and approved the following:- 1. U naudited Standalone and Consolidated Financial Results of the Company along with the Limited Review Reports issued by the Statutory Auditors of the Company for the quarter and nine months ended 31st December, 2024. The security cover, pursuant to Regulation 54, of the SEBI Listing Regulations is also enclosed. 2. D eclaration of an Interim Dividend @ 550%, i.e. Rs. 5.50/- per equity share of Re. 1/- each, for the financial year ending 31 st March, 2025 and fixation of Thursday, 16th January, 2025 as t he Record Date for the purpose of payment of the afore-said Interim Dividend. In t erms of the SEBI Listing Regulations, the extract of the Financial Results of the Company for the quarter and nine months ended 31 st December, 2024 shall be published in the newspapers. The full format of the financial results shall be available on the website of the Stock Exchanges where the equity shares of the Company are listed, namely, National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) at www.nseindia.com and www.bseindia.com respectively and on Company’s website at www.pcblltd.com.
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The Meeting of the Board of Directors of the Company commenced at 3:00 P.M and concluded at 4:10 P.M. You are requested to acknowledge the afore-mentioned information and oblige. Thanking you, Yours faithfully, For PCBL CHEMICAL LIMITED K. Mukherjee Company Secretary and Chief Legal Officer Enclo: As above
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S.R. BATLIBOI & Co. LLP Chartered Accountants 22, Camac Street 3rd Floor, Block 'B' Kolkata - 700 016, India Tel : +91 33 6134 4000 Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements} Regulations, 2015, as amended Review Report to The Board of Directors PCBL Chemical Limited (Formerly known as "PCBL Limited"} 1. We have reviewed the accompanying statement of unaudited standalone financial results of PCBL Chemical Limited (Formerly known as "PCBL Limited") (the "Company") for the quarter ended December 31, 2024 and year to date from April 1, 2024 to December 31, 2024 (the "Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"). 2. The Company's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" 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 and in compliance with Regulation 33 and 52 of the Listing Regulations. The Statement has been approved by the Company's Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (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 Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. 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 accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. For S.R. Batliboi & Co. LLP Chartered Accountants ICAI Firm registration number: 301003E/E300005 per Jai Prakash Yadav Place: Kolkata Date: January 10, 2025 S.R. Batliboi & Co. LLP, a Limited Liability Partnership witll LLP Identity No. AAB-4294 Regd. Office: 22, Camac Street, Block 'B', 3rd Floor, Kolkata-700 016
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, • ~ ~ AP-SanJlv ooonka PCBL Chemical Limited (Formerly PCBL Limited) tile' Registered Office: 31, Netaji Subhas Road, Kolkata -700 001. CIN: L23109WB1960PLC024602 PCBL ~ Group Statement of Unaudited Standalone Financial Results for the quarter and nine months ended December 31, 2024 Q IEMICAL o,,.,,,.,, u ~H,u Website: www.pcblltd.com, Phone No.: (+91) 33 40870500/600 (Rs in Crores unless otherwise stated) Standalone Quarter ended Nine Months ended Year ended Particulars 31.12.2024 30.09.2024 31.12.2023 31.12.2024 31.12.2023 31.03.2024 Unaudited Unaudited Unaudited Unaudited Unaudited Audited Revenue from Operations 1,430.02 1,536.09 1,485.28 4,457.13 4,180.87 5,674.32 Other Income 7.95 2.37 3.88 17.57 8.13 30.98 Total Income 1,437.97 1,538.46 1,489.16 4,474.70 4,189.00 5,705.30 Expenses Cost of materials-consumed 1,023.42 1,098.84 - 1,076.09 3,096.16 2,974.25 3,971.21 Purchases of stock-in-trade 2.47 20.31 35.46 0.44 Change in inventories of finished goods (34.84) (49.95) (35.55) (64.92) (56.64) (26.31) Employee benefits expense 63.18 54.80 55.34 174.88 155.97 204.95 Finance costs 67.46 68.80 22.38 208.98 57.10 126.20 Depreciation and amortisation expense 38.99 38.94 38.45 115.78 110.80 150.53 Q_th_er expenses 131.51 138.88 134.90 430.62 407.07 557.47 - - - · Total Expenses 1,292.19 1,370.62 1,291.61 3,996.96 3,648.55 4,984.49 Profit before tax ,- 145.78 167.84 197.55 477.74 540.45 720.81 Tax expense Current Tax 37.05 45.85 50.47 130.91 141.48 181.37 Deferred Tax charge/ (credit) (2.64) (7.05) 5.27 (9.86) 6.73 8.79 Tax relating to earlier years charge/ (credit) 0.38 (2.64) 0.38 (2.64) (2.64) Total tax expense 34.79 38.80 53.10 121.43 145.57 187.52 Profit after tax ,~ 110.99 129.04 144.45 356.31 394.88 533-29' Other Comprehensive Income/ (Loss) (OCI) ,- Items that will not be reclassified to profit or loss Remeasurements of post employment defined benefit plans (0.71) (0.70) 0.48 (2.12) 1.44 (2.82) Changes in fair value of equity instruments through OCI (63.95) 162.06 110.67 173.81 174.97 161.70 Income Tax relating to items that will not be reclassified to Profit or Loss 9.31 (16.80) (16.61) (16.56) (26.49) (24.98) Other Comprehensive Income/ (Loss) - ,_ (55.35) 144.56 9~ 155.13 149.92 133.90 - Total Comprehensive Income - ~ 544.80 55.64 273.60 238.99 511.44 667.19 (Comprising Profit after tax and Other Comprehensive Income) - - Paid-up Equity Share Capital (Face value of Re. 1/- each - 37.75 37.75 37.Th, 7.75 37.7.9_ 37.75 - Other Equity 3,241.46 Earnings per equity share (EPS) ( Rs) (Nominal value per share Re. 1/-) Basic 2.94* 3.42* 3.83* 9.44* 10.46* 14.13 Diluted 2.93*# 3.41*# 3.83* 9.42*# 10.46* 14.13 (* not annualised) (# after considering impact of share warrants (Refer Note 4)) Notes to the Unaudited Standalone Financial Results 1. Segment Information Standalone Quarter ended Nine Months ended Year ended Particulars 31.12.2024 30.09.2024 31.12.2023 31.12.2024 31.12.2023 31.03.2024 Unaudited Wnaudited Unaudited Unaudited Unaudited Audited I. Segment Revenue : (a) Carbon Black 1,401.06 1,496.27 1,444.70 4,346.04 4,057.89 5,511.16 (b) Power 48.50 60.08 59.71 170.51 180.36 239.54 Total 1,449.56 1,556.35 1,504.41 4,516.55 4,238.25 5,750.70 Less : Inter Segment Revenue 19.54 20.26 19.13 59.42 57.38 76.38 Net Sales/ Revenue from Operations 1,430.02 1,536.09 1,485.28 4 457.13 4 180.87 5,674.32 II. Segment Profit Before Interest and Tax: (a) Carbon Black 241.58 252.97 241.57 778.75 650.31 896.76 (b) Power 25.57 36.29 37.34 99.60 111.01 147.22 Total 267.15 289.26 278.91 878.35 761.32 1,043.98 Less : (i) Finance cost 67.46 68.80 22.38 208.98 57.10 126.20 (ii) Other Un-allocable Expenditure net of Un-allocable 53.91 52.62 58.98 191.63 163.77 196.97 Income ·- -- - - Total Profit Before Tax 145.78 167.84 197.55 477.74 540.45 720.81 Iii. Segment Assets Carbon Black 3,873.45 3,741.18 3,703.84 3,873.45 3,703.84 3,722.21 Power ·- - 424.58 394.62 418.90 424.58 418.90 409.70 Unallocated - - 4,542.79 2,319.61 4,051.86 4,542.79 4,331.37 2,319.61 Total 8,840.82 8,467.17 6,442.35 8,840.82 6,442.35 8,183.77 IV. Segment Liabilities Carbon Black 2,788.73 2,425.47 2,446.94 2,788.73 2,446.94 2,613.55 Power 234.66 267.03 172.39 234.66 172.39 290.16 Unallocated 1,914.77 1,927.67 458.60 1,914.77 458.60 2,000.85 Total 4,938.16 4,620.17 3,077.93 4,938.16 3,077.93 4,904.56 ~~ \C~ - V 9 1~8 i1 OJ ? i ~ I ~ Kol:cat~ j ) vc:J * <.\4 - -
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Notes to the Unaudited Standalone Financial Results . 2. Additional information as per Regulation 52(4) and 54(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 The Company has issued 70,000 rated, listed, secured, redeemable, non-convertible debentures of face value of Rs.1,00,000 each, aggregating to Rs. 700 crores on January 29, 2024, subscribed by DBS Bank Limited, Reliance General Insurance Company Limited, Aditya Birta Sun Life Mutual Fund (Credit Risk Fund) and Aditya Birta Sun Life Mutual Fund (Medium Term Plan) (collectively referred to.as the "Debentures") which have remained outstanding as on December 31, 2024 and accordingly the following disclosures are being made as per Regulation 52(4) and 54(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Standalone Quarter ended Nine Months ended Year ended Particulars 31.12.2024 30.09.2024 31.12.2023 31.12.2024 31.12.2023 31.03.2024 Unaudited Unaudited Unaudited Unaudited Unaudited Audited Debt-Equity Ratio 0.76 0.71 0.32 0.76 0.32 0.87 Debt Service Coverage Ratio 1.96 1.87 3.56 2.02 4.06 3.63 Interest Service Coverage Ratio ·- - 3.26 4.38 35.84 3.71 26.36 9.98 Net Worth (Rs Crore) 3,349.13 3,238.67 3,066.78 3,349.13 3,066.78 2,994.41 Net Profit after tax ( Rs Crore) 110.99 129.04 144.45 356.31 394.88 533.29 Earnings per share (Basic) 2.94" 3.42' 3.83' 9.44• 10.46' 14.13 Earnings per share (Diluted) 2.93'# 3.41' # 3.83' 9.42'# 10.46' 14.13 Current Ratio 0.97 0.96 1.15 0.97 1.15 0.94 Long Term Debt to Working Capital 10.03 10.59 0.96 10.03 0.96 15.21 Bad Debts to Account receivable Ratio## 0.00 0.00 (0.00) Current Liability Ratio 0.51 0.45 0.77 0.51 0.77 0.47 Total Debts to Total Assets 0.34 0.32 0.17 0.34 0.17 0.35 Debtor Turnover-Days 67 68 67 67 66 67 inventory Turnover-Days 47 30 35 32 36 35 Operating Margin (%) 16.52% 16.22% 15.60% 16.53% 15.47% 15.81% Net Profit Margin (%) 7.79% 8.45% 9.77% 8.03% 9.49% 9.44% * not annuahsed (# after considering impact of share warrants (Refer Note 4)) ## Ratio is below the rounding off norm adopted by the Company. The debentures subscribed by DBS Bank Limited for Rs 615 crores, Reliance General Insurance Company Limited for Rs 50 crores, Aditya Birla Sun Life Mutual Fund (Credit Risk Fund) for Rs 15 crores and Aditya Birta Sun Life Mutual Fund (Medium Term Plan) for Rs 20 crores are secured by way of first ranking exclusive pledge over certain identified shares held by Advaya Chemical Industries Limited (a subsidiary of the Company) ("Subsidiary") to the extent of the security cover of 1.5x in terms of the share pledge agreement dated January 20, 2024 executed between the Subsidiary and the debenture trustee. There is no deviation or variation in the use of proceeds of issue of the Debentures from the objects stated in the Information Memorandum. The Company does not have any Outstanding redeemable preference shares as at end of each period presented There is no requirement of creation of capital redemption reserve/ debenture redemption reserve as per the Companies Act, 2013 As at end of each period presented, the Company had no outstanding listed commercial papers. Formula for computation of above ratios are as follows: Debt Equity Ratio= Non Current Borrowings+ Current Borrowings/ Total Equity Debt Service Coverage Ratio= Net profit after tax+ Depreciation and amortisation expense + (Finance costs excluding interest on lease liabilities+net gain on foreign currency transaction+Gain & Loss on disposal of property, plant and equipment)/ Debt Service ( Interest+ Principal Loan repayment). Interest Service Coverage Ratio = (Profit Before TRx +Flnanca costs P.xr.lurlino interest on lease liabilities+net gain on foreign currency transaction)/(Finance costs excluding interest on lease liabilities+net gain on foreign currency transaction) Net worth = Equity Share Ca pital excluding money received against share warrant+ Securities Premium + General Reserve+ Retained Earnings. Current Ratio = Total Current Assets/ Total Current Liabilities Long term Debt to Working Capital = Non current borrowings including current maturities of long-term debts/ (Current Assets- Current Liabilities excluding current maturities of long term debts) Bad Debt to Accounts Receivable ratio = Bad Debt ( including allowance for doubtful debts/ expected credit loss) I Trade Receivables Current Liability Ratio= Total Current Liabilities/ Total Liabilities Total Debts to Total Assets= (Non Current Borrowings+ Current Borrowings)/ Total Assets Debtors Turnover Ratio Days = Sales( Sales of Finished Goods and Traded Goods including GST +Sale of Power)/ Trade Receivables", 'The Company's turnover is highly sensitive to the changes in crude prices which may fluctuate widely between quarters. The Company, therefore, believes that the Debtors turnover days computed on the basis of simple average of the turnover days for each of the four quarters of the year will be more appropriate and reflective of company's operations. The turnover days for each quarter is derived by dividing the quarter-end outstanding debtors balance with sales for the respective quarter. Inventory Turnover= Sales( Sales of Finished Goods and Traded Goods without GST +Sale of Power)/ 'lnventories(Raw Materials + Finished Goods + Stores and spares parts (including packing material). 'The Company's turnover is highly sensitive to the changes in crude prices which may fluctuate widely between quarters. The Company, therefore, believes that the Inventory turnover days computed on the basis of simple average of the turnover days for each of the four quarters of the year will be more appropriate and reflective of company's operations. The turnover days for each quarter is derived by d1v1d1ng the quarter-end outstanding inventory balance with sales for the respective quarter. Operating Margin (%)= Operating Profit (Profit Before Tax +Depreciation and amortisation expenses+Finance Costs+Payment of Lease Liability+Net gain on foreign currency transaction+Loss/ (Profit) on disposal of property, plant and equipment -Other income)/ Revenue from Operations. Net Profit Margin(%)= Net Profit ( Profit after Tax)/ Net Sales ( Sales of Finished Goods and Traded Goods without GST +Sale of Power)
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Notes to the Unaudited Standalone Financial Results • 3' During the quarter ended December 31, 2024, the Company has changed its name from 'PCBL Limited' to 'PCBL Chemical Limited' pursuant to issuance of fresh Certificate of Incorporation dated November 6, 2024 by Ministry of Corporate Affairs. 4 During the period ended December 31, 2024, the Preferential Issue Committee of the Board of Directors of PCBL Chemical Limited (formerly PCBL Limited) ("Company") at its Meeting held on May 7, 2024, has approved the allotment of warrants of the Company, on a p_referential basis by way of a private placement. The Company had aJlotted 1,36,00,000 convertible warrants to RairlboYv Investments Limited (Promoter) and 12,00,000 convertible warrants each to Quest Capital Markets Limited (Promoter Group) and STEL Holdings Limited (Promoter Group) on May 7, 2024 for an issue price of Rs 280 per warrant. Out of total issue price, Rs 70 (25% of the issue price) per warrant amounting to Rs 112 crores was received as the initial subscription amount at the time of allotment of the warrants during the period. The amount raised, has been used fully for the purposes for which the funds were raised.This has been considered for calculating diluted earnings per equity share as per Ind AS 33-Earnings Per Share. 5 The Board of Directors of Advaya Chemical Industries Limited ("ACIL" or "Transferee Company"), a subsidiary of the Company, and the Board of Directors of Aquapharm Chemicals Private Limited ("ACPL" or "Transferor Company"), a wholly owned subsidiary of ACIL, at their respective meetings held on August 1, 2024 approved the Scheme of Amalgamation of ACPL with ACIL under Section 233 and other applicable provisions of the Companies Act, 2013 ("Scheme"). The Scheme provides for amalgamation of ACPL with ACIL and other matters incidental thereto. · The Central Government through the Regional Director, Western Region, Ministry of Corporate Affairs ("Regional Director") vide order dated December 6, 2024 has approved the Scheme. The Scheme was filed with ROC on January 1, 2025, which is also considered as the effective date in term of the scheme ("Effective Date") and consequently ACPL stands amalgamated with ACIL and ACPL ceases to exist as a separate entity. 6 The Board of Directors of the Company, at its board meetings granted authorisation to execute the Joint Venture Agreement dated March 16, 2024 between the Company and Kinaltek Pty Ltd ("Kinaltek") as novated and amended vide joint venture novation and amendment agreement between the Company, Kinaltek and Kindia Pty Ltd as a trustee of Kindia Unit Trust ("Kindia") dated September 17, 2024 ("Joint Venture Agreement"). The Company incorporated a wholly owned subsidiary Nanovace Technologies Limited ("JV Company"), on March 29, 2024. During the period ended December 31, 2024, the Company invested Rs 2.55 Crore as equity contribution which represents 51 % of the shareholding in the JV Company and Kindia invested Rs 2.45 Crore as equity contribution which represents 49% of the shareholding in the JV Company. Further, the Company invested Rs. 161.28 Crore (Rs 23 Crore for the quarter ended December 31, 2024) by way of subscription to optionally convertible deben.ture (OCDs) and Kindia invested Rs 1.66 Crore by way of subscription to compulsorily convertible debentures (CCDs). The above amount has been utilized towards acquisition of intellectual properties of nano-silicon based products for battery applications, applicable taxes and for acquisition of Enersil Pty Ltd. 7 The Board of Directors declared an interim dividend @5 S.O.%(Rs5 .•'50.f per equity share of Re 1/- each) for the year ending March 31,k 2025. . . 8 The above unaudited standalone financial results of the Company for the quarter and period ended December 31, 2024 have been reviewed by the Audit Committee and thereafter approved by the Board of Directors at their respective meetings held on January 10, 2025. These unaudited standalone financial results have been subjected to limited review by the statutory auditors of the Company in accordance with Regulation 33 and 52 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations 2015 ("the Regulations") who has issued an unmodified conclusion on these unaudited standalone financial results. By Order of the Board Kolkata January 10, 2025 Managing Director DIN: 06513489
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S.R. BATLIBOI & Co. LLP Chartered Accountants 22, Camac Street 3rd Floor, Block 'B' Kolkata · 700 016, India Tel : +91 33 6134 4000 Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors PCBL Chemical Limited (Formerly known as "PCBL Limited) 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of PCBL Chemical Limited (Formerly known as "PCBL Limited) (the "Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group"), for the quarter ended December 31, 2024 and year to date from April 1, 2024 to December 31, 2024 (the "Statement") attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"). 2. The Holding Company's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" 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 and in compliance with Regulation 33 and 52 of the Listing Regulations. The Statement has been approved by the Holding Company's Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (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 Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the Master Circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable. 4. The Statement includes the results of entities as mentioned in Annexure A. 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. S.R. Batliboi & Co. LLP, a Limited Liability Partnership with LLP Identit y No. AAB-4294 Reqd. Offi ce: 22, Camac Street, Block 'B', 3rd Floor. Kolkata-700 016
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S.R. BATLIBOI & Co. LLP Chartered Accountants 6. The accompanying Statement includes the unaudited interim financial results and other financial information, in respect of seven (7) subsidiaries, whose unaudited interim financial results include total revenues of Rs 581.88 Crores and Rs 1,866.67 Crores, total net profit/ (loss) after tax of Rs. (51.90) Crores and Rs. (18.03) Crores and total comprehensive income of Rs. (45.01) Crores and Rs. (8.77) Crores, for the quarter ended December 31, 2024 and the period ended on that date respectively, as considered in the Statement which have been reviewed by their respective independent auditors. The independent auditor's reports on interim financial results of these entities have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures in respect of these subsidiaries, is based solely on the report of such auditors and procedures performed by us as stated in paragraph 3 above. Certain of these subsidiaries are located outside India whose financial results and other financial information have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been audited by other auditors under generally accepted auditing standards applicable in their respective countries. The Holding Company's management has converted the financial results of such subsidiaries located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have reviewed these conversion adjustments made by the Holding Company's management. Our conclusion in so far as it relates to the balances and affairs of such subsidiaries located outside India is based on the report of other auditors and the conversion adjustments prepared by the management of the Holding Company and reviewed by us. 7. The accompanying Statement includes unaudited interim financial results and other unaudited financial information in respect of six (6) subsidiaries, whose interim financial results and other financial information reflect total revenues of Rs 14.88 Crores and Rs 48.63 Crores, total net profit/ (loss) after tax of Rs. (0.67) Crores and Rs. (3.27) Crores and total comprehensive income of Rs. (0.54) Crores and Rs. (3.87) Crores, for the quarter ended December 31, 2024 and the period ended on that date respectively. The unaudited interim financial results and other unaudited financial information of these subsidiaries have not been reviewed by their auditors and have been approved and furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the affairs of these subsidiaries is based solely on such unaudited interim financial results and other unaudited financial information. According to the information and explanations given to us by the Management, these interim financial results are not material to the Group. 8. Our conclusion on the Statement in respect of matters stated in para 6 and 7 above is not modified with respect to our reliance on the work done and the reports of the other auditors and the financial results certified by the Management. For S.R. Batliboi & Co. LLP Chartered Accountants ICAI Firm registration number: 301003E/ E300005 ~ ~ ~P\~ '1 per Jai Prakash Yadav Partner Date: January 10, 2025
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S.R. BArt1Bo1,&Co,LLP Chartered Accountants Annexure A - List of Subsidiaries . SI. Name of the Company Relationship No. 1 PCBL Chemical Limited {Formerly known as PCBL Limited) Holding Company 2 PCBL {TN) Limited Subsidiary 3 Phillips Carbon Black Cyprus Holdings Limited {PCBCHL) 4 PCBL Europe SRL (incorporated on April 14,2023) 5 Advaya Chemicals Industries Limited {ACIL) (incorporated on January 11, 2024)# 6 Nanovace Technologies Limited {NTL) (incorporated on March 29, 2024) 7 Phillips Carbon Black Vietnam Joint Stock Company Step-down Subsidiary of PCBCHL 8 Aquapharm Europe B.V* Step-down 9 Unique Solutions for Chemical Industries Company {USCIC)* Subsidiary of ACIL 10 Aquapharm Chemicals LLC {AC LLC) * 11 Aquapharm Foundation * 12 USCI LLC * Step-down Subsidiary of USCIC 13 Aquapharm PChem LLC * Step-down 14 Aquapharm Specialty Chemicals LLC * Subsidiary of AC LLC 15 Enersil Pty Ltd {Subsidiary of NTL w.e.f. September 23, 2024) Step-down Subsidiary of NTL * Subsidiary of AC/L w.e.]. January 31, 2024 # ACPL a wholly owned subsidiary of AC/L amalgamated with its Parent Company AC/L.
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~ ~ RP• Sanjlv Ooenk1 , ~ Group 11,t •l~I l•">' " "' PCBL Chemical Limited (Formerly PCBL Limited) Registered Office: 31, Netaji Subhas Road, Kolkata - 700 001. CIN: L23109WB1960PLC024602 Statement of Unaudited Consolidated Financial Results for the quarter and nine months ended December 31, 2024 Website: www.pcblltd.com,_Phone No. : (±91) 33_40870500/600 _ .,,,,JPCBL Lmt; CHEMICAL (Rs in Crores unless otherwise stated) Particulars Consolidated Quarter ended Nine Months ended Year ended 31.12.2024 30.09.2024 31.12.2023 31.12.2024 31.12.2023 31.03.2024 Unaudited Unaudited Unaudited Unaudited Unaudited Audited Revenue from Operations Other Income Total Income Expenses Cost of materials consumed Purchases of stock-in-trade Change in inventories of finished goods & stock-in-trade Employee benefits expense Finance costs Depreciation and amortisation expense Other expenses Total Expenses Profit/ (Loss) before tax and exceptional items Exceptional Items Impairment of Goodwill (refer note 6) Reversal of Deferred tax liability pursuant to restructuring (refer note 6) Total exceptional items Profit before tax Tax expense Current Tax Deferred Tax charge/ (credit) Tax relating to earlier years charge/ (credit) Total tax expense Profit after tax Other Comprehensive Income / (Loss) (OCI) Items that will be reclassified to profit or toss Exchange differences on translation of foreign operations Net movement on cash flow hedges Income tax relating to above Items that will not be reclassified to profit or loss Remeasurements of post employment defined benefit plans Changes in fair value of equity instruments through OCI Income Tax relating to items that will not be reclassified to Profit or Loss Other Comprehensive Income / (Loss) Total Comprehensive Income (Comprising Profit after tax and Other Comprehensive Income) ~-~--~~~- ~ ~ - - ~ - - - - ~ ~ ------~----------- ~ Profit attributable to : Owners of the equity Non-controlling interest Other Comprehensive Income attributable to: Owners of the equity Non-controlling interest Total Comprehensive Income attributable to: Owners of the equity Non-controlling interest Paid-up Equity Share Capital Face value of Re. 1/- each) Other Equity Earnings per equity share (EPS) (Rs.) (Nominal value per share Re. 1/-) Basic Diluted (* not annualised) (# after considerino imoact of share warrants /Refer Note 5)) - , ~ ,~ ·- ~~~~~-- ----~-- - 2,010.00 1109 2,021.09 1,433.98 1.17 (49.89) 104.90 - 117.72 86.66 202.50 1,897.04 124.05 554.72 (554.20) 0.52 123.53 21.90 8.14 0.38 30.42 93.11 4.69 (0.70) (63.95) 9.31 (50.65) 42.46 93.05 0.06 (49.93) (0.72) 43.12 (0.66) 3 75 2.47* 2.46*# 2,163.20 5.65 2,168.85 1,512.87 1.93 (16.17) 98.49 118.92 86.41 202.57 2,005.02 163.83 163.83 53.29 (12.91) 40.38 123.45 0.25 (0.69) 162.06 (16.80) 44&1.. 268.27 123.37 0.08 145.10 (0.28) 268.47 (0.20) 37.75 3.27* 3.26*# 1,656.76 7.17 1,663.93 1,202.14 (37.69) 60.96 32.37 52.65 152.41 1,462.84 201.09 201.09 50.48 5.27 (2.64) 53.11 147.98 0.59 0.46 110.67 (16§.!_) 95.11 243-:0S 147.87 0.11 95.07 0.04 242.94 0.15 37.75 3.92* 3.92* 6,316.76 27.62 6,344.38 4,382.79 1606 (65.91) 303.49 357.75 257.54 641.21 5,892.93 451.45 554.72 (554.20) 0.52 450.93 133.90 (17.83) 0.38 116.45 334.48 7.67 (2.09) 173.81 (1~ 162.83 497.31 334.44 0.04 163.43 (0.60) 497.87 (0.56) :&ll 8.86* 8.84*# 4,490.99 13.83 4,504.82 3,222.53 (74.46) 169.38 72.59 142.07 445.71 3,977.82 527.00 527.00 141.49 7.99 (2.64) 146.84 380.16 (0.92) 1.38 174.97 (26.48) 148.95 529.11 379.68 0.48 149.15 (0.20) 528.83 0.28 37.75 10.06* 10.06* 6,419.77 3703 6,456.80 4,533.92 1.74 (69.87) 250.41 180.78 217.26 666.23 5,780.47 676.33 676.33 187.89 (0.03) (2.64) 185.22 491.11 (1.11) (0.22) 0.06 (27 0) 161.70 (24.96) 132.77 623.88 490.94 0.17 133.18 (0.41) 624.12 (0.24) 37.75 3,208.94 13.00 13.00
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Notes to the Unaudited Consolidated Financial Results 1. Segment Info rmation Consolidated Quarter ended Nine Months ended Year ended Particulars 31.12.2024 30.09.2024 31.12.2023 31.12.2024 31.12.2023 31.03.2024 Unaudited Unaudited Unaudited Unaudited Unaudited Audited I. Segment Revenue : (a) Carbon Black 1,647.52 1,753.09 1,614.96 5,134.90 4,366.79 6,012.83 (b) Power 64.87 80.70 65.59 226.85 186 24 256.95 (c) Chemical 326.55 360.87 1,044.79 239.07 (d) Battery Chemical Total 2,038.94 2,194.66 1,680.55 6,406.54 4,553.03 6,508.85 Less : Inter Segment Revenue 28.94 31.46 23.79 89.78 62.04 89.08 Net Sales / Revenue from Operations 2,010.00 2163.20 1,656.76 6 316.76 4 490.99 6 419.77 II. Segment Profit Before Interest and Tax : (a) Carbon Black 251.06 271.99 252.40 827.32 650.00 909.46 (b) Power 37.62 49.65 41.48 142.60 115.15 162.25 (c) Chemical - -- 10.81 19.59 - -- _ _ _ 46.19 (8.15) (d) Battery Chemical /0.02\ - /0 02\ Total 299.47 341.23 293.88 1,016.09 765.15 1,063.56 Less : (i) Finance cost 117.72 118.92 32.37 357.75 72.59 180.78 (ii) Other Un-allocable Expenditure net of Un-allocable 57.70 58.48 60.42 206.89 165.56 206.45 Income Total Profit before tax and exceptional items 124.05 163.83 201.09 451.45 527.00 676.33 Ill. Segment Assets Carbon Black 5,367.67 5,264.82 5,101.99 5,367.67 5,101.99 5,208.00 Power 571.54 543.21 528.41 571.54 528.41 533.78 Chemical 4,373.25 4,813.32 4,373.25 4,725.34 Battery Chemical 167.01 145.00 167.01 Unallocated 1 203.16 978.28 1 648.83 1,203.16 1 648.83 828.29 11 682.63 11 744.63 7 279.23 11 682.63 7 279.23 11 295.41 IV. Segment Liabilities Carbon Black 3,992.24 3,605.76 3,210.66 3,992.24 3,210.66 3,730.32 Power 356.95 399.19 239.30 356.95 239.30 406.41 Chemical 3,011.91 3,444.81 3,011.91 3,424.67 Battery Chemical - Unallocated 457.68 473.51 460.86 457.68 460.86 483.59 7,818.78 7,923.27 3,910.82 7,818.78 3,910.82 8,044.99
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Notes to the Unaudited Consolidated Financial Results 2. Additional information as per Regulation 52(4) and 54(3) of SEBI (Listing Obligations and Dis closure Requirements) Regulations, 2015 The Parent Comp_~ny has issued 70,000 rated, listed, secured, redeemable non-convertible debentures of face value_of Rs. 1,00,000 each, aggregating to Rs. 700 crores sutl§_c;ribeg by DBS Bank Limited, Reliance General Insurance Company Limited, Aditya Birla Sun Life Mutual Fund (Credit Risk Fund),Aditya Birla Sun L~e Mutual Fund (Medium Term Plan) and subsidiary of the Parent Company, Advaya Chemical Industries Limited has issued 55,000 rated, listed, secured, redeemable, non-convertible debentures of face value of Rs. 1,00,000 each aggregating to Rs. 550 crores subscribed by DBS Bank Limited (collectively referred to as the "Debentures") which have remained outstanding as on December 31, 2024 and accordingly the following disclosures are being made as per Regulation 52(4) and 54(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Consolidated Quarter ended Nine Months ended Year ended Particulars 31.12.2024 30.09.2024 31.12.2023 31.12.2024 31.12.2023 31.03.2024 Unaudited Unaudited Unaudited Unaudited Unaudited Audited Debt-Equity Ratio 1.34 1.25 0.49 1.34 0.49 1.48 Debt Service Coverage Ratio 1.74 3.05 3.36 1.87 3.53 2.80 Interest Service Coverage Ratio 2.11 2.82 14.53 2.47 21.53 6.71 Net Worth (Rs crores) 3,286.25 3,193.71 3,052.86 3,286.25 3,052.86 2,953.51 Net Profit after tax ( Rs crores) 93.11 123.45 147.98 334.48 380.16 491.11 Earnings per share (Basic) 2.47" 3.27* 3.92* 8.86* 1006* 13.00 Earnings per share (Diluted) 2.46*# 3.26*# 3.92* 8.84*# 10.06* 13.00 Current Ratio 1.06 1.03 1.19 1.06 1.19 1.07 Long Term Debt to Working Capital 4.98 5.94 1.13 4.98 1.13 5.64 Bad Debts to Account receivable Ratio ## - 0.00 (0.00) Current Liability Ratio 0.48 0.42 073 0.48 0.73 0.40 Total Debts to Total Assets 0.44 0.40 0.23 0.44 0.23 0.43 Debtor Turnover-Days 67 68 66 64 73 68 Inventory Turnover-Days 56 41 38 53 42 42 Operating Margin(%) 15.09% 15.11% 15.18% 15.28% 14.73% 14.64% Net Profit Margin(%) 4.65% 5.74% 8.98% 5.32% 8.51% 7.69% . not annualised (# after considering impact of share warrants (Refer Note 5)) ## Ratio is below the rounding off norm adopted by the Group. The debentures of the Parent Company is subscribed by DBS Bank Limited for Rs 615 crores, Reliance General Insurance Company Limited for Rs 50 crores, Aditya Birla Sun Life Mutual Fund (Credit Risk Fund) for Rs 15 crores and Aditya Birla Sun L~e Mutual Fund (Medium Term Plan) for Rs 20 crores are secured by way of first ranking exclusive pledge over certain idenMied shares held by Advaya Chemical Industries Limited (a subsidiary of the Company) ("Subsidiary'') to the extent of the security cover of 1.5x in terms of the share pledge agreement dated January 20, 2024 executed between the Subsidiary and the debenture trustee. The debentures of the subsidiary of the Parent Company, Advaya Chemical Industries Limited subscribed by DBS Bank Limited for Rs 550 crores are secured by way of exclusive pledge over certain identmed shares to the extent of the security cover of 1x in terms of the share pledge agreement dated January 20, 2024 executed between the Subsidiary and the debenture trustee. There is no deviation or variation in the use of proceeds of issue of the Debentures from the objects stated in the Information Memorandum. The Group does not have any Outstanding reedemable preference shares as at end of each period presented There is no requirement of creation of capital redemption reserve/ debenture redemption reserve as per the Companies Act, 2013 As al end uf each period presented, the Group had no outstanding listed commercial papers. Formula for computation of above ratios are as follows: Debt Equity Ratio= Non Current Borrowings + Current Borrowings / Total Equity Debt Service Coverage Ratio= Net profit after tax+ Depreciation and amortisation expense + (Finance costs excluding interest on lease liabilities+net gain on foreign currency transaction+Gain & Loss on disposal of property, plant and equipment)/ Debt Service ( Interest+ Principal Loan repayment). Interest Service Coverage Ratio = (Profit Before Tax +Finance costs excluding interest on lease liabilities+net gain on foreign currency transaction)/(Finance costs excluding interest on lease liabilities+net gain on foreign currency transaction) Net worth= Equity Share Capital excluding money received against share warrant+ Securities Premium + General Reserve+ Retained Earnings. Current Ratio= Total Current Assets/ Total Current Liabilities Long term Debt to Working Capital = Non current borrowings including current maturities of long-term debts/ (Current Assets- Current Liabilities excluding current maturities of long term debts) Bad Debt to Accounts Receivable ratio = Bad Debt ( including allowance for doubtful debts/ expected credit loss ) / Trade Receivables Current Liability Ratio= Total Current Liabilities/ Total Liabilities Total Debts to Total Assets= (Non Current Borrowings+ Current Borrowings)/ Total Assets Debtors Turnover Ratio Days = Sales( Sales of Finished Goods and Traded Goods including GST +Sale of Power)/ Trade Receivables*. *The Company's turnover is highly sensitive to the changes in crude prices which may fluctuate widely between quarters. The Company, therefore, believes that the Debtors turnover days computed on the basis of simple average of the turnover days for each of the four quarters of the year will be more appropriate and reflective of company's operations. The turnover days for each quarter is derived by dividing the quarter-end outstanding debtors balance with sales for the respective quarter. Inventory Turnover= Sales( Sales of Finished Goods and Traded Goods without GST +Sale of Power)/ *lnventories(Raw Materials + Finished Goods + Stores and spares parts (including packing material). *The Company's turnover is highly sensitive to the changes in crude prices which may fluctuate widely between quarters. The Company, therefore, believes that the Inventory turnover days computed on the basis of simple average of the turnover days for each of the four quarters of the year will be more appropriate and reflective of company's operations The turnover days for each quarter is derived by dividing the quarter-end outstanding inventory balance with sales for the respective quarter Operating Margin (%)= Operating Profit (Profit Before Tax +Depreciation and amortisation expenses+Finance Costs+Payment of Lease Liability+Net gain on foreign currency transaction+Loss/ (Profit) on disposal of property, plant and equipment -Other Income)/ Revenue from Operations. Net Profit Margin(%)= Net Profit ( Profit after Tax) I Net Sales ( Sales of Finished Goods and Traded Goods without GST +Sale of Power)
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Notes to the Unaudited Consolidated Financial Results 3 During the quarter ended December 31, 2024, the Parent Company has changed its name from 'PCBL Limited' to 'PCBL Chemical Limited' pursuant to issuance of fresh Certificate of Incorporation dated November 6, 2024 by Ministry of Corporate Affairs. 4 The above unaudited consolidated financial results of the Group relates to PCBL Chemical Limited (formerly PCBL Limited) ("Parent Company") and its subsidiaries, PCBL (TN) Limited, Phillips Carbon Black Cyprus Holdings Limited, PCBL Europe SRL, Advaya Chemicals Industries Limited (ACIL) (incorporated on January 11, 2024) ,Nanovace Technologies Limited (NTL) (incorporated on March 29, 2024), Phillips Carbon Black Vietnam Joint Stock Company, Aquapharm Chemicals Private Limited (ACPL) (ACPL amalgamated with ACIL, refer Note 6 below), Aquapharm Europe B.V (wholly owned subsidiary of ACIL), Unique Solutions for Chemical Industries Company (USCIC) (wholly owned subsidiary of ACIL), Aquapharm Chemicals LLC (AC LLC) (wholly owned subsidiary of ACIL), Aquapharm Foundation( wholly owned subsidiary of ACIL), USCI LLC (wholly owned subsidiary of USCIC), Aquapharm PChem LLC (wholly owned subsidiary of AC LLC), Aquapharm Specialty Chemicals LLC (wholly owned subsidiary of AC LLC), and Enersil Pty Ltd (Subsidiary of NTL w.e.f. September 23, 2024) (Collectively "the Group"). 5 During the period ended December 31, 2024, the Preferential Issue Committee of the Board of Directors of PCBL Chemical Limited (formerly PCBL Limited) ("Parent Company") at its Meeting held on May 7, 2024, has approved the allotment of warrants of the Parent Company, on a preferential basis by way of a private placement. The Parent Company had allotted 1,36,00,000 convertible warrants to Rainbow Investments Limited (Promoter) and 12,00,000 convertible warrants each to Quest Capital Markets Limited (Promoter Group) and STEL Holdings Limited (Promoter Group) on May 7, 2024 for an issue price of Rs 280 per warrant. Out of total issue price, Rs 70 (25% of the issue price) per warrant amounting to Rs 112 crores was received as the initial subscription amount at the time of allotment of the warrants during the period. The amount raised, has been used fully for the purposes for which the funds were raised.This has been considered for calculating diluted earnings per equity share as per Ind AS 33-Earnings Per Share. 6 The Board of Directors of Advaya Chemical Industries Limited ("ACIL" or "Transferee Company"), a subsidiary of the Parent Company, and the Board of Directors of Aquapharm Chemicals Private Limited ("ACPL" or "Transferor Company"), a wholly owned subsidiary of ACIL, at their respective meetings held on August 1, 2024 approved the Scheme of Amalgamation of ACPL with ACIL under Section 233 and other applicable provisions of the Companies Act, 2013 ("Scheme"). The Scheme provides for amalgamation of ACPL with ACIL and other matters incidental thereto. The Central Government through the Regional Director, Western Region, Ministry of Corporate Affairs ("Regional Director") vide order dated December 6, 2024 has approved the Scheme. The Scheme was filed with ROC on January 1, 2025, which is also considered as the effective date in term of the scheme ("Effective Date") and consequently ACPL stands amalgamated with ACIL and ACPL ceases to exist as a separate entity. The aforesaid amalgamation has been accounted under 'the pooling of interests method' as per Appendix C of Ind AS 103 "Business Combinations". Pursuant to aforesaid amalgamation of ACPL into ACIL and consequent change in tax base of the assets, deferred tax liability of Rs. 554.20 crores is reversed through statement of Profit & Loss. ACIL has further performed impairment assessment of goodwill arisen on acquisition of ACPL and has accounted for impairment loss of Rs. 554.72 crores based on valuation done by external valuer. The impairment assessment was triggered by aforesaid reversal of deferred tax liability and consequent increase in carrying amount of Cash Generating Unit, on account of amalgamation. The aforesaid reversal of deferred tax liabilities and impairment of goodwill has been recognised as Exceptional items in above financial results. 7 8 The Board of Directors of the Parent Company, at its board meetings granted authorisation to execute the Joint Venture Agreement dated March 16, 2024 between the Parent Company and Kinaltek Pty Ltd ("Kinaltek") as novated and amended vide joint venture novation and amendment agreement between the Parent Company, Kinaltek and Kindia Pty Ltd as a trustee of Kindia Unit Trust ("Kindia") dated September 17, 2024 ("Joint Venture Agreement"). The Parent Company incorporated a wholly owned subsidiary Nanovace Technologies Limited ("JV Company"), on March 29, 2024. During the period ended December 31, 2024, the Parent Company invested Rs 2.55 Crore as equity contribution which represents 51 % of the shareholding in the JV Company and Kindia invested Rs 2.45 Crore as equity contribution which represents 49% of the shareholding in the JV Company. Further, the Parent Company invested.Rs. 161.28 Crore (Rs 23 Crore for the quarter ended December 31, 2024) by way of subscription to optionally convertible debenture (OCDs) and Kindia invested Rs 1.66 Crore by way of subscription to compulsorily convertible debentures (CCDs). The above amount has been utilized towards acquisition of intellectual properties of nano-silicon based products for battery applications, applicable taxes and for acquisition of Enersil Pty Ltd. The Board of Directors declared an interim dividend @'S.5!'.%(Rs.5~.$.C/ per equity share of Re 1/- each) for the year ending March 31, 2025. The above statement of unaudited consolidated financial results for the quarter and period ended December 31, 2024 are not comparable with corresponding quarter/period on account of acquisition of Aquapharm Chemicals Private Limited ("ACPL") through one of its subsidiary, Advaya Chemical Industries Limited on January 31, 2024. 10 The above unaudited consolidated financial results of the Group for the quarter and period ended December 31, 2024 have been reviewed by the Audit Committee and thereafter approved by the Board of Directors at their respective meetings held on January 10, 2025. These unaudited consolidated financial results have been subjected to limited review by the statutory auditors of the Group in accordance with Regulation 33 and 52 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations 2015 ("the Regulations") who has issued an unmodified conclusion on these unaudited consolidated financial results. 9 Kolkata January 10, 2025 ~ ~ RP- Sanjiv Goenka r~ Group Growing Legacies
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Part /cula ~ Co lum n C [ I] Excluslv , C harr;e Co lu m n D (li] EllcJus lve C har 1e Co lum n E (lill Parf.Pasw C ha r1e c.J um n F (iv] Pa rl•Pass u c i.ar 1e Co lu m n G [v) Parl•Pa ss u Char! e De sc rlptlo n o f a SSO!:t for wh k h this ~ rtl flca te re late (plz ;odd llne Ite m , I Debt f~• which thls~ rtlflcatc lfrequire,d} befn11s:ued Debtforwhlchthiscertlflcatc beln1issued Assets sha~ by pari•~ su dl!bt I other assc-ts on which holder llncl.Jde,s Debt for which there is parl-passu this ~ rtlflate ts Issued & Other d,ar1e {e111cludin1 ltl!rns debt with'3'i passucharse} coveredJncolumn•f•J ColumnH[viJ Ass.l!tsnot off.,red H5K urity Column~ Ellmlrnotlon (amount in ne1at1ve) (TotaJCt ol) ColumnJjviiJ R.,latcdtoonlythoSl!itemscovl!redbythlscertlflcate Marltet ValueforlCarryin&fbookvaluefor exclusln di arseassc-ts Market Value Assl!tscharsed I where market value is not for Par! Passu onl!JICUSiYe ' " '' aKo~ i~ bloo, applkabo . ICha'l•"'~b IE1BankbaL1nc.,.DSRAetcJ Carryini/ bo-oku lul!forparrl pHsu chars" an ets where marlt.,tvalueisnot ascertalnabll!orappllcable.(E& 8a.nkbalance,DSRAetc) ColumnP I ColumnQ TotalFl1ure ~; ; !; a; ; • 1 aala~:: ~hect I Diffm na, Sook Value Sook Value Ye!!_No No look Value ~ Required 8ookVa1ue Property,?!antandEquipment Ca?italWo,k•in•PrOfVC'!-S 1,486.80 186.58 2,092.88 186.58 2,092.88 186.58 Ri_!htofUseAn ets Goodwill S1.2S Sl.25 lntan_£ble Asi.eti. lntan_!ible_Asi.Ns u~d~ D~ ~ pment 0.51 0.51 Equilysh.:ire!- 4~ 8.44 4,032.76 8.44 4,032.76 trede gecevabtes 740.S4 1,188.91 740.54 1,188.91 740.54 1,188.91 Cai.handCai.hE.9.ui11alenti. Bank8alancC'!-otherthanCashandCai.hE.9.uivalents S.S6 296.60 5.56 296.60 5.56 Others Total 1,67338 236.79 7,167A4 ~ S,840.82 ~ S,840.32 Debi Securities to which this certificate perUim. (include!- Non-con- tible listed int.,,.estact1uedbu1no1dueofRsSS.32crores debentures 1: : d: ~:;; ~; : :. ~: a;:~: r:: e: ~~ : ; :r: ~ l I Non Cun ~ ! Sonowing 704.02 704.02 8011owinfls Bank-borrowlnflS 1.()04.93 200.00 1,004.93 200.00 1,004.93 ~ Or hers• borrowinJlS 363.SS 363.SS Ttodepayobles Lea~ Uobilit~s 1~ 62.73 1~ 62.73 1,295.62 62.73 105.89 105.89 Toia/E_q~ 3.902.66 3,902.66 3,902.66 446.07 446.07 446.07 1,368.51 6,012.97 8,840.82 S,840.82 Covl!ronB0okV1lue CoveronMarketVa1ue Ellcluslvo:Securi_!!CoverRatlo Parl-P1ssu~ urltyCoverRatlo Note: The Debentures lubseribed ;ire secured by way of Iirst r;inkingeiu:lusive pledge over shares ,eld by Advaya Chemical Industries Umiled (a i.ubsidiary of PC8L Chemical limited (foremerly PCBL limit·dl("lhe Company") in Aquaptwrm Chemical Private Limited to the extent of the security cover of l.Sx as per the Debentu~ Trust Deed ind compuUtion of Security cover is as below: Comput.ition of Security Cover • Investment in Aquaphu m Chemical Private Limited in the books of Advaya Chemical lndu:.trie5 Limited as at December 31, 2024 Less: Non-Convertible Debentures raised by Ad11aya Chemical Industries Limited with h co•er Less: Term Loan raised by Advaya Chemical Industries Limited through issuance of with h rover Less: Interest accrued but not due Amount In Rs. Crores 3,851.49 SS0.00 450.00 43.86 2,807.63 Debt for which certificate is issued · Debentures raised by PCSL Chemical Limited (forme,lyPCBL Limited) with 1.511 ecver Other secured debt • having pari passu charge on the pledge on shares of Aquapharm Che-, ical Private Limited raised by PCSLChemical Limited (formerly PCBL Limited) with l.Sxcover Interest accrued but not due on Debentures and Other secured debt, as mentioned above 700.00 702.50 56.84 1!.459.34 Security cover for PCBL Chemical Limited(formerly PCBL Limited) - times • Requirement as per Debenture Trus1 Deed of not less than 1.5 times a/ the security cover PCiiL CHE ITED