APM TERMINALS 0 50 rece 11 August 2016 National Stock Exchange of India Limited | Bombay Stock Exchange Limited Exchange Plaza, Bandra Kurla Complex, 14" Floor, P J Towers, Bandra (East), Dalal Street, Fort, Mumbai 400 051 Mumbai 400 001 Dear Madam/ Sir, Sub: Submission of Unaudited Standalone Financial Results Kindly find enclosed herewith the Unaudited Standalone financial results of the Company for the Quarter ended 30" June 2016 along with the Limited Review Report by the Statutory Auditors for reference please. These have been approved in the Board Meeting of the Company held today and are also available on our website www.pipavav.com Thank you, Yours truly, For 7“ Pipavav Port Limited ( | " Manish Aaa Company Secretary & Compliance Officer bahole (ularat Poaray Poe, Post ote Ramoar Ne. 2 Vi ain Diet At. Guprat 365 560, {hv Les0.0qs18920tc018100 ‘Mot 2764 302400 F seu areaanzes sees seminomas. corPrice Waterhouse Chartered Accountants LLP ‘The Board of Directors Gujarat Pipavay Port Limited Post Ucehaiya Via Rajula District Amreli, Gujarat 365560 1. We have reviewed the unaudited financial results of Gujarat Pipavay Port Limited (the “Company”) for the quarter ended go June 2016 whieh are included in the accompanying “Statement of standalone unaudited financial results for the quarter ended go dJuine 2036" together with the notes thereon (the “Statement’). The Statement has been prepared by the Company pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the "Listing Regulations, 2015"), read with SEBI Circular No, CIR/CFD/CMD/15/2015 dated November 30, 2015 and SEBI Circular No, CIR/CMD/FAC/62/20%6 dated July 5, 2016, which has been initialled by us for identification purposes. ‘The Statement is the responsibility of the Company's management and has been approved by the Board of Directors. Further, the Management is also responsible to ensure that the accounting policies used in preparation of this Statement are consistent with those used in the preparation of the Company's opening unaudited Balance Sheet as at April 1, 2015 prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Compani ‘Act, 2013 and other recognised accounting practices and policies. Our responsibility is to issue a report on the Statement based on our review. 2. 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 Statement is free of material misstatement. 3. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides 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 eauses us to believe that the Statement has not been prepared in all material respects in accordance with Ind AS and other recognised accounting practices and policies, and has not diselosed the information required to be disclosed in terms of Regulation 39 of the Listing Regulations, 2015, read with SEBI Circular No. CIR/CFD/CMD/15/2015 dated November 30, 2015 and SEBI Circular No. CIR/CMD/FAC/62/2016 dated July 5, 2036, including the manner in ‘which it is to be disclosed, or that it contains any material misstatement. 5. We draw attention to the Note 1 to the Statement which states that the Company has adopted Ind AS for the financial year commencing from 1 April 2016, and accordingly, the Statement has been prepared by the Company's Management in compliance with Ind AS. ‘Our conclusion is not qualified in respeet of the above matter, For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 012754N / Ng00016 Rane Priyonshi Gurfdana Pipavay /\ earner 11 August 2016 fembership Number 109553 Prive Waterhouse Chartered Accountants LLP, Nesco IT Building III, 8th Floor, Nesco IT Park, Neseo Complex Gate No. 3 Western Express Highway, Goregaon East, Mumbai ~ 400 063 T: +91 (22) 61198000, F: +91 (22) 61198799 ror Yate (Patan Fey antes nc ane Chaar cotta LP Lge LatyPamerip we LLP ety LLPNANC-001) eietican a 8 Sd Pee nas chon Snide» = ES at nar eT ANN SCA anGUJARAT PIPAVAV PORT LIMITED Registered Office : Pipavay Port, At Post Ucchaiya via Raila, Dist, Amrel, Gularat 365 560. In: 153010631992? CO18106 Tel: 02794 302400 Fax: 02794 302413 Website: ws pipavav.com mal: investoreation napv@apmterminals.com STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30 JUNE 2016 Pare ___ in eaes rns ended | , Preceding | months ended is | vege ended sr. ‘Smonthe ended | quanta ended | "the previous fcr Eo No. Particulars _ —. ‘ao/as/2ese | aiyoayaox6 | a0vac/201s | 94/09/2016 — (Ussusies) | (Uanudies (Unaudited (Unsudited) (ister note 7) T | Tncome Wom operations {3 Net Sales /Treome from Operations 15,066.94 15,109.02 17,230.75 6122071 b. Other Operating Income 1252.38 999.48 1,232.65, 4,773.74 ‘Total Income from operations (net) 1571933 | 15,008.50| 14,463.20 | 65,995.45, 2 | expenses 2, Operating Expenses 2,885.02 2,952.30 4,052.59 33,206.74 ». Employee benefits expense 4,287.00 578.77 1,297.32 yeaa «Depreciation and amortisation expense 2.508.72 2,468.54 2,400.95 9,636.12 4. Other Expenses 2545.45 2,304.09 3,255.05 20,541.19 ‘Total Expenses 9,208.19 8584.50 13,005.91 | 38,025.16 3 | protic trom operations before other Income, finance costs and exceptional tems (1-2) 7913.34 7,524.00 7as7.a9| 27,970.29 4 | omer income 952.28 973-50 1282 ‘2583.65 5s | Profit before finance costs and ‘exceptional items (344) 8175.42 8,187.50 070.11 | 30,553.98 6 | Finance costs 46 40 2.56 1587 7 | Profit after finance costs but before ‘exceptional items (5-6) 171.26 8,183.00 a067.ss| 30,538.07 8 | txceptional items (refer note 4) = (6,090.87) 8 | profit before tax (7-8) 17126} 8,183.00 aos7ss| 36,578.98 10 | Tax Bxpenses(Deterred Tax expense ~ refer 2,195.79 320.15 4343.59 13,923.50 notes) 11 | Net Pront after tax (9-10) 5975.47 5,053.85, 3723.98] 22,655.00 12 | Other Comprehensive income, net of tax 2. Items that will not be recassiid to oraft 4388 44.99 or lose Items that wil be reclassified to orott oF * - . ‘Total other comprehensive income, net 5,975.47 5,008.97 3723.98] 22,610.56 of tax (11-12) 13 | Paid up Equity Share Capital (Face Value & 48,343.99 48,343.09, 48,343.99 48,343.99 10/- per shave) 14 | Basic and dluted Earnings Per Snare (of € 120/- each) (not annualised) 124 1.05 on 409 Ly Sk _Mumbai_S( intaes) Corresponding > Particulars amonns enaea | , *receaina | months ended! | yesrended amonineented | tne previous Beresrzexe | aavos/aexe | s0/0s/2018 | 33/03/2016 (unauaines) | cunauatesy | unausteay | unavates) (ister Hote 7) Tax expense consist of ‘Minimum Alternative Tox 1780.00 7560.05 755000 TODS ‘Minimam alternative Tax Credit T.7a0;005 | (880.00) | (580.00) | —_ (7870.00) Defer Tax usb 218575 3,123.15 4343.59 13,923.50 Notes: “This statement has been prepared in accorcance with the Comparies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 12 of the Companiss Act, 2013 and other recognised accounting pacvces and policies to the extent Eopliable. Beginning 1 Apri 2046, the Company has for the fest time adopted Ind AS with a transition date of 1 Apri 2035. ‘The Companys management has exercised necessary duc ligence to ensure thatthe Fencol results provice a true and fr View of ts afaks. “The format for un-audted quarterly results a6 prescribed in SEBI's Circular No. CIR/CFO/CMO/15/2015 dated 30 November 2015 has been modified to tomply with requirements of SEBI's Circular No. CIR/CFDYFAC/62/2016 dated 5 July 2016, In AS {and Schedule If (Division IP tothe Companies Act, 2013 applicable to companies that are required to comply with nd AS. ‘Tne Company as only one reportable business segment, which is "Port services" and nly one reportable geographical Segment, whieh is te port at Pipavav. Accordingly, the Company te 3 single segment compeny in aecordance with Indian Aetounting Standard 108 “Operating Segment” ‘The Company had reviewed the impairment provisions on 30 September 2015 and based on business performance has reversed impairment provision amounting to € 11,223.56 lacs. Further, the Company has created 9 deprecistion charoe amounting to 5,182.69 lacs, resulting into a net gain of € 6,080.87 lacs, This net impact of € 6,080.87 lacs has been tisdlased a6 an exceptional tem in year ended 33 March 2036 Tox exoenses represents deferred tax charge in accordance with Indian Accounting Standard 12 "Income Taxes’ basis, assessment of timing iffrence forthe respective period. The Company isin @ Tax Holiday period until 31 March 2017 under Section 90(1A) of the Income Tax Act, 1861 ‘Te reconciliation of net profit reported in accordance with indian GAAP to total comprehensive income in accordance with Ind AS is given below: Gin tacs) |__“endes™ _| he previous year sivasyanie | 30/e6/ao1s | 24/03/2016 Description cunavenes) | (Unauaieay (unsuited) ‘refer note 7) Tet Peo Reported 8s per ndian GAAP 4955.16 | __ 8576 BST ‘Add/{(Loss): Adjustments for Ind AS 2] Impact ot Grant recognized as defered income SS 357 Tw ' Actuarial Loss on Defined Senet Pans considered under ‘Other Comprenensive Income (net of t34) 40.58 aa.8 e) Deferred tax impact 4 — mI G58.) ‘Net profit as per tnd AS 053.65 3,723.96 22,655.46 ‘Other comprehensive Income = ‘Actuarial Loss on Defined Benefit Plans considered under aay = TABBY Other Comprehensive Income (net of #34) - ‘Total comprehensive income for the period / year | 5,008.97 3723.36 Bee ERARC SOS RON Chartered Apsountants) Rv orp” $ Mumbei_ £77# tn accordance with the Incion GAAP the ‘deterred tax asset’ a5 of 31 March 2015 was not recognized, as they were not Considered to be vifualy certain of realization as ofthat date. During the year 2015-16, consequent to significant recuetion In the brought forward losées and timing siferences between the Bock and tax depreciation resulted in a "net deferred tax Uiabilty whieh was recognize In the quarters ended on 20 September 2015, 31 December 2015 ane $1 March 2016. Lith the adoption of Ind AS 12 effective 1 April 2016, the accounting standard requires the recognition of deferred tax asset based on reasonable certainty, resulting in @ transitional adjustment to the Opaning Balance Sheet 2s of 1 April 2015, CConsequendy, the ‘deferred tax assat' so recognized at the opening balance sheet nas been adjusted against the ‘defered tax labity’ during the financial year 2015-18 and 3 recancliaton of net profit reportec in accordance with the Indlan GAAP to the total comprenensive incame in accordance with Ind AS 1s given above, ‘The aforesaid adjustments do not have any impact on the csing éeferred tax ability and retained earnings of the Company as of 3 March 2036. 7. The figures for the quarter ended 31. Merch 2016 are the balancing figures between the unauetted Ind AS compliant figures In respect of the fil nancial year ended 31 March 2016 and unaucited Ind AS compliant figures forthe nine months period fended 31 December 2015, 1. The above resus have been reviewed by the Auait Commitee and approved by the Board of Directors on 20 August 2016 and 11 August 2016 respectively anc subjected to Limited review by Statutory Auditors, Place Pipavav Keld Pedersen Date 11 August 2016 Managing Director Catered ha OS arora