General information about company | |
| Scrip code | 505036 |
| NSE Symbol | |
| MSEI Symbol | |
| ISIN* | INE451C01013 |
| Name of company | Automobile Corporation of Goa Limited |
| Type of company | |
| Class of security | Equity |
| Date of start of financial year | 01-04-2022 |
| Date of end of financial year | 31-03-2023 |
| Date of board meeting when results were approved | 08-05-2023 |
| Date on which prior intimation of the meeting for considering financial results was informed to the exchange | 26-04-2023 |
| Description of presentation currency | INR |
| Level of rounding used in financial results | Lakhs |
| Reporting Quarter | Yearly |
| Nature of report standalone or consolidated | Standalone |
| Whether results are audited or unaudited | Audited |
| Segment Reporting | Multi segment |
| Description of single segment | |
| Start date and time of board meeting | 08-05-2023 12:40 |
| End date and time of board meeting | 08-05-2023 15:25 |
| Whether cash flow statement is applicable on company | Yes |
| Type of cash flow statement | Cash Flow Indirect |
| Declaration of unmodified opinion or statement on impact of audit qualification | Declaration of unmodified opinion |
Financial Results – Ind-AS | |||
| Particulars | 3 months/ 6 months ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | |
| A | Date of start of reporting period | 01-01-2023 | 01-04-2022 |
| B | Date of end of reporting period | 31-03-2023 | 31-03-2023 |
| C | Whether results are audited or unaudited | Audited | Audited |
| D | Nature of report standalone or consolidated | Standalone | Standalone |
| Part I | Blue color marked fields are non-mandatory. For Consolidated Results, if the company has no figures for 3 months / 6 months ended, in such case zero shall be inserted in the said column. | ||
| 1 | Income | ||
| Revenue from operations | 13733.61 | 50621.46 | |
| Other income | 201.06 | 793.13 | |
| Total income | 13934.67 | 51414.59 | |
| 2 | Expenses | ||
| (a) | Cost of materials consumed | 9221.03 | 36601.13 |
| (b) | Purchases of stock-in-trade | 0 | 0 |
| (c) | Changes in inventories of finished goods, work-in-progress and stock-in-trade | 257.7 | -880.12 |
| (d) | Employee benefit expense | 1282.37 | 4687.25 |
| (e) | Finance costs | 2.15 | 8.26 |
| (f) | Depreciation, depletion and amortisation expense | 116.93 | 467.55 |
| (f) | Other Expenses | ||
| 1 | Other Expenses | 2056.67 | 7115.25 |
| 10 | |||
| Total other expenses | 2056.67 | 7115.25 | |
| Total expenses | 12936.85 | 47999.32 | |
Financial Results – Ind-AS | |||
| Particulars | 3 months/ 6 months ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | |
| A | Date of start of reporting period | 01-01-2023 | 01-04-2022 |
| B | Date of end of reporting period | 31-03-2023 | 31-03-2023 |
| C | Whether results are audited or unaudited | Audited | Audited |
| D | Nature of report standalone or consolidated | Standalone | Standalone |
| Part I | Blue color marked fields are non-mandatory. For Consolidated Results, if the company has no figures for 3 months / 6 months ended, in such case zero shall be inserted in the said column. | ||
| 3 | Total profit before exceptional items and tax | 997.82 | 3415.27 |
| 4 | Exceptional items | 0 | 296.69 |
| 5 | Total profit before tax | 997.82 | 3711.96 |
| 7 | Tax expense | ||
| 8 | Current tax | 112.55 | 299.82 |
| 9 | Deferred tax | 112.62 | 627.53 |
| 10 | Total tax expenses | 225.17 | 927.35 |
| 11 | Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement | 0 | 0 |
| 14 | Net Profit Loss for the period from continuing operations | 772.65 | 2784.61 |
| 15 | Profit (loss) from discontinued operations before tax | 0 | 0 |
| 16 | Tax expense of discontinued operations | 0 | 0 |
| 17 | Net profit (loss) from discontinued operation after tax | 0 | 0 |
| 19 | Share of profit (loss) of associates and joint ventures accounted for using equity method | 0 | 0 |
| 21 | Total profit (loss) for period | 772.65 | 2784.61 |
| 22 | Other comprehensive income net of taxes | -102.88 | -154.99 |
Financial Results – Ind-AS | |||
| Particulars | 3 months/ 6 months ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | |
| A | Date of start of reporting period | 01-01-2023 | 01-04-2022 |
| B | Date of end of reporting period | 31-03-2023 | 31-03-2023 |
| C | Whether results are audited or unaudited | Audited | Audited |
| D | Nature of report standalone or consolidated | Standalone | Standalone |
| Part I | Blue color marked fields are non-mandatory. For Consolidated Results, if the company has no figures for 3 months / 6 months ended, in such case zero shall be inserted in the said column. | ||
| 23 | Total Comprehensive Income for the period | 669.77 | 2629.62 |
| 24 | Total profit or loss, attributable to | ||
| Profit or loss, attributable to owners of parent | |||
| Total profit or loss, attributable to non-controlling interests | |||
| 25 | Total Comprehensive income for the period attributable to | ||
| Comprehensive income for the period attributable to owners of parent | 0 | 0 | |
| Total comprehensive income for the period attributable to owners of parent non-controlling interests | 0 | 0 | |
| 26 | Details of equity share capital | ||
| Paid-up equity share capital | 608.86 | 608.86 | |
| Face value of equity share capital | 10 | 10 | |
| 27 | Details of debt securities | ||
| 28 | Reserves excluding revaluation reserve | 18761.22 | |
| 29 | Earnings per share | ||
| i | Earnings per equity share for continuing operations | ||
| Basic earnings (loss) per share from continuing operations | 12.69 | 45.73 | |
| Diluted earnings (loss) per share from continuing operations | 12.69 | 45.73 | |
| ii | Earnings per equity share for discontinued operations | ||
| Basic earnings (loss) per share from discontinued operations | 0 | 0 | |
| Diluted earnings (loss) per share from discontinued operations | 0 | 0 | |
| ii | Earnings per equity share | ||
| Basic earnings (loss) per share from continuing and discontinued operations | 12.69 | 45.73 | |
| Diluted earnings (loss) per share from continuing and discontinued operations | 12.69 | 45.73 | |
| 30 | Debt equity ratio | ||
| 31 | Debt service coverage ratio | ||
| 32 | Interest service coverage ratio | ||
| 33 | Disclosure of notes on financial results | Textual Information(1) | |
Text Block | |
| Textual Information(1) | Notes 1. These results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 08 May 2023. The statutory auditors have expressed an unmodified audit opinion on these results. 2. Exceptional item:- The fire incidence took place on 8 February 2022 at Plant 1 of Goa which had affected the main stores and some property, plant and equipment. The Company had lodged the claim with the insurance company and accordingly reported the exceptional loss of Rs. 594.22 Lakhs (after netting-off of interim payment received from insurance company of Rs. 200 Lakhs) in the quarter ended 31 March 2022. The Company has received Rs. 200 lakhs in the first quarter ended 30 June 2022 and Rs. 210.80 lakhs in the second quarter ended 30 September 2022, as full and final settlement towards the claim and accordingly recognised exceptional income of Rs. 296.69 Lakhs for the period ending 31 December 2022 (after netting-off of expenditure in relation to repairs of such assets amounting to Rs. 114.11 lakhs). 3. Current tax expenses for the year ended 31 March 2023 includes tax for earlier years amounting to Rs. nil [(quarter ended 31 March 2023 - Rs. nil) (quarter ended 31 December 2022 – Rs. nil) (quarter ended 31 March 2022 – Rs. 3.15 lakhs) (year ended 31 March 2022 - Rs. 3.15 lakhs)]. 4. The Company received approval from BSE on 02 May 2022 approving the reclassification of EDC Limited from "Promoter shareholder" to "Public shareholding" pursuant to the Regulation 31(A) of Listing Regulations as amended and other applicable provisions. The Company has taken the same on record and given effect of such reclassification as required. 5. The company's PF Trust "Automobile Corporation of Goa Ltd. Employees Provident Fund Trust" which was managed by the Company, had applied for surrender on 26 March 2021 and received the order from EPFO on 26 March 2021 to comply as an un-exempted establishment w.e.f... 01 April 2021. On 06 September 2021, the Company received an order from the Goa Regional P.F. Commissioner, which stated that the establishment has not violated any terms and condition of grant of exemption under Appendix A of para 27AA of the E.P.F Scheme, 1952. As a result of which the Company had written back an amount of Rs. 226.96 lakhs in the previous year. 6. Pursuant to her resignation, Ms. Sanu Kapoor – Company Secretary (CS) of the Company, was relieved from the service of the Company effective 18 March 2023. The Company is in the process of appointing a new Company Secretary. The Board of Directors has appointed Mr. Sanjay Chourey - a qualified company secretary, as compliance officer of the Company w.e.f. 19 March 2023 to look into compliance related matters and investor relations. 7. The figures for the quarter ended 31 March 2023 and 31 March 2022 represent the difference between the audited figures in respect of the full financial year and the published figures for the nine month ended 31 December 2022 and 31 December 2021 respectively. 8. Dividends paid during the year ended 31 March 2023 include an amount of Rs 2.50 per equity share towards interim dividends for the year ended 31 March 2023. 9. Dividends declared by the Company are based on the profit available for distribution. On 08 May 2023, the Board of Directors of the Company have proposed a final dividend of Rs. 15.00 per equity share in respect of the year ended 31 March 2023, subject to the approval of shareholders at the Annual General Meeting, and if approved, would result in a cash outflow of approximately Rs. 913.29 lakhs. 10. The Statement of cash Flow is attached as Annexure-I For Automobile Corporation of Goa Limited O. V. Ajay Place: Mumbai, Maharashtra CEO & Executive Director Dated: 08 May 2023 DIN 07042391 |
Statement of Asset and Liabilities | |||
| Particulars | Current year ended (dd-mm-yyyy) | ||
| Date of start of reporting period | 01-04-2022 | ||
| Date of end of reporting period | 31-03-2023 | ||
| Whether results are audited or unaudited | Audited | ||
| Nature of report standalone or consolidated | Standalone | ||
| Assets | |||
| 1 | Non-current assets | ||
| Property, plant and equipment | 4861.49 | ||
| Capital work-in-progress | 45 | ||
| Investment property | 14.19 | ||
| Goodwill | 0 | ||
| Other intangible assets | 0 | ||
| Intangible assets under development | 37.08 | ||
| Biological assets other than bearer plants | 0 | ||
| Investments accounted for using equity method | 0 | ||
| Non-current financial assets | |||
| Non-current investments | 0 | ||
| Trade receivables, non-current | |||
| Loans, non-current | 500 | ||
| Other non-current financial assets | 53.71 | ||
| Total non-current financial assets | 553.71 | ||
| Deferred tax assets (net) | |||
| Other non-current assets | 806.47 | ||
| Total non-current assets | 6317.94 | ||
| 2 | Current assets | ||
| Inventories | 5052.33 | ||
| Current financial asset | |||
| Current investments | 0 | ||
| Trade receivables, current | 8110.06 | ||
| Cash and cash equivalents | 109.44 | ||
| Bank balance other than cash and cash equivalents | 2895.76 | ||
| Loans, current | 9820 | ||
| Other current financial assets | 418.74 | ||
| Total current financial assets | 21354 | ||
| Current tax assets (net) | |||
| Other current assets | 910.77 | ||
| Total current assets | 27317.1 | ||
Statement of Asset and Liabilities | |||
| Particulars | Current year ended (dd-mm-yyyy) | ||
| Date of start of reporting period | 01-04-2022 | ||
| Date of end of reporting period | 31-03-2023 | ||
| Whether results are audited or unaudited | Audited | ||
| Nature of report standalone or consolidated | Standalone | ||
| 3 | Non-current assets classified as held for sale | 0 | |
| 4 | Regulatory deferral account debit balances and related deferred tax Assets | 0 | |
| Total assets | 33635.04 | ||
| Equity and liabilities | |||
| Equity | |||
| Equity attributable to owners of parent | |||
| Equity share capital | 608.86 | ||
| Other equity | 18761.22 | ||
| Total equity attributable to owners of parent | 19370.08 | ||
| Non controlling interest | |||
| Total equity | 19370.08 | ||
| Liabilities | |||
| Non-current liabilities | |||
| Non-current financial liabilities | |||
| Borrowings, non-current | 0 | ||
| Trade payables, non-current | |||
| Other non-current financial liabilities | 62.21 | ||
| Total non-current financial liabilities | 62.21 | ||
| Provisions, non-current | 741.78 | ||
| Deferred tax liabilities (net) | 228.62 | ||
| Deferred government grants, Non-current | 0 | ||
| Other non-current liabilities | 0 | ||
| Total non-current liabilities | 1032.61 | ||
| Current liabilities | |||
| Current financial liabilities | |||
| Borrowings, current | 7182.93 | ||
| Trade payables, current | 5065.13 | ||
| Other current financial liabilities | 208.19 | ||
| Total current financial liabilities | 12456.25 | ||
| Other current liabilities | 330.21 | ||
| Provisions, current | 424.89 | ||
| Current tax liabilities (Net) | 21 | ||
| Deferred government grants, Current | 0 | ||
| Total current liabilities | 13232.35 | ||
| 3 | Liabilities directly associated with assets in disposal group classified as held for sale | 0 | |
| 4 | Regulatory deferral account credit balances and related deferred tax liability | 0 | |
| Total liabilities | 14264.96 | ||
| Total equity and liabilites | 33635.04 | ||
| Disclosure of notes on assets and liabilities | |||
Format for Reporting Segmenet wise Revenue, Results and Capital Employed along with the company results | |||
| Particulars | 3 months/ 6 month ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | |
| Date of start of reporting period | 01-01-2023 | 01-04-2022 | |
| Date of end of reporting period | 31-03-2023 | 31-03-2023 | |
| Whether accounts are audited or unaudited | Audited | Audited | |
| Nature of report standalone or consolidated | Standalone | Standalone | |
| 1 | Segment Revenue (Income) | ||
| (net sale/income from each segment should be disclosed) | |||
| 1 | Pressing segment | 1636.06 | 6793.77 |
| 2 | Bus body segment | 12099.8 | 43839.18 |
| Total Segment Revenue | 13735.86 | 50632.95 | |
| Less: Inter segment revenue | 2.25 | 11.49 | |
| Revenue from operations | 13733.61 | 50621.46 | |
| 2 | Segment Result | ||
| Profit (+) / Loss (-) before tax and interest from each segment | |||
| 1 | Pressing segment | 166.9 | 306.9 |
| 2 | Bus body segment | 715.43 | 2829.5 |
| Total Profit before tax | 882.33 | 3136.4 | |
| i. Finance cost | 0.92 | 3.32 | |
| ii. Other Unallocable Expenditure net off Unallocable income | -116.41 | -578.88 | |
| Profit before tax | 997.82 | 3711.96 | |
| 3 | (Segment Asset - Segment Liabilities) | ||
| Segment Asset | |||
| 1 | Pressing segment | 4006.82 | 4006.82 |
| 2 | Bus body segment | 15335.37 | 15335.37 |
| Total Segment Asset | 19342.19 | 19342.19 | |
| Un-allocable Assets | 14292.78 | 14292.78 | |
| Net Segment Asset | 33634.97 | 33634.97 | |
| 4 | Segment Liabilities | ||
| Segment Liabilities | |||
| 1 | Pressing segment | 839.99 | 839.99 |
| 2 | Bus body segment | 12988.51 | 12988.51 |
| Total Segment Liabilities | 13828.5 | 13828.5 | |
| Un-allocable Liabilities | 436.47 | 436.47 | |
| Net Segment Liabilities | 14264.97 | 14264.97 | |
| Disclosure of notes on segments | Textual Information(1) | ||
Text Block | |
| Textual Information(1) | Notes 1. Segment revenue:- A. The segment revenue for the year ended 31 March 2023 includes an amount of Rs. nil towards reversal of provision from trade receivable, on account of settlement of prices [(quarter ended 31 March 2023 - Rs. nil) (quarter ended 31 December 2022 – Rs. nil) (quarter ended 31 March 2022 – Rs. 24.39 lakhs) (year ended 31 March 2022 - 100.95 lakhs)] for the pressing division. B. The segment revenue for the year ended 31 March 2023 includes an amount of Rs nil towards reversal of provision from trade receivable, on account of settlement of prices [(quarter ended 31 March 2023 - Rs. nil) (quarter ended 31 December 2022 – Rs. nil) (quarter ended 31 March 2022 – Rs. nil) (year ended 31 March 2022 - Rs. 261.68 lakhs)] for the bus division. 2. Exceptional item:- The fire incidence took place on 8 February 2022 at Plant 1 of Goa which had affected the main stores and some property, plant and equipment. The Company had lodged the claim with the insurance company and accordingly reported the exceptional loss of Rs. 594.22 Lakhs (after netting-off of interim payment received from insurance company of Rs. 200 Lakhs) in the quarter ended 31 March 2022. The Company has received Rs. 200 lakhs in the first quarter ended 30 June 2022 and Rs. 210.80 lakhs in the second quarter ended 30 September 2022, as full and final settlement towards the claim and accordingly recognised exceptional income of Rs. 296.69 Lakhs for the period ending 31 December 2022 (after netting-off of expenditure in relation to repairs of such assets amounting to Rs. 114.11 lakhs). 3. Tata Motors Limited contributed Rs. 45,294.68 lakhs [(quarter ended 31 March 2023 - Rs. 12,385.77 lakh) (quarter ended 31 December 2022 – Rs. 7,685.67 lakh) (quarter ended 31 March 2022 – Rs. 9,870.79 lakhs) (year ended 31 March 2022 - 23,495.37 lakhs)] to the Companies revenue and is the only party contributing more than 10% to the Company's revenue. 4. The figures for the quarter ended 31 March 2023 and 31 March 2022 represent the difference between the audited figures in respect of the full financial year and the published figures for the nine month ended 31 December 2022 and 31 December 2021 respectively. Place: Mumbai, Maharashtra Dated: 08 May 2023 O. V. Ajay CEO & Executive Director DIN 07042391 |
Cash flow statement, indirect | ||
| Particulars | Year ended (dd-mm-yyyy) | |
| A | Date of start of reporting period | 01-04-2022 |
| B | Date of end of reporting period | 31-03-2023 |
| C | Whether results are audited or unaudited | Audited |
| D | Nature of report standalone or consolidated | Standalone |
| Part I | Blue color marked fields are non-mandatory. | |
| Statement of cash flows | ||
| Cash flows from used in operating activities | ||
| Profit before tax | 3711.96 | |
| Adjustments for reconcile profit (loss) | ||
| Adjustments for finance costs | 8.26 | |
| Adjustments for decrease (increase) in inventories | -1071.44 | |
| Adjustments for decrease (increase) in trade receivables, current | -897.97 | |
| Adjustments for decrease (increase) in trade receivables, non-current | 0 | |
| Adjustments for decrease (increase) in other current assets | -567.09 | |
| Adjustments for decrease (increase) in other non-current assets | -10.28 | |
| Adjustments for other financial assets, non-current | 0 | |
| Adjustments for other financial assets, current | 56.57 | |
| Adjustments for other bank balances | 0 | |
| Adjustments for increase (decrease) in trade payables, current | -463.66 | |
| Adjustments for increase (decrease) in trade payables, non-current | 0 | |
| Adjustments for increase (decrease) in other current liabilities | -352.68 | |
| Adjustments for increase (decrease) in other non-current liabilities | 0 | |
| Adjustments for depreciation and amortisation expense | 467.55 | |
| Adjustments for impairment loss reversal of impairment loss recognised in profit or loss | 0 | |
| Adjustments for provisions, current | -48.53 | |
| Adjustments for provisions, non-current | 0 | |
| Adjustments for other financial liabilities, current | 0 | |
| Adjustments for other financial liabilities, non-current | 0 | |
| Adjustments for unrealised foreign exchange losses gains | 0 | |
| Adjustments for dividend income | 24.02 | |
| Adjustments for interest income | 700.65 | |
| Adjustments for share-based payments | 0 | |
| Adjustments for fair value losses (gains) | 0 | |
| Adjustments for undistributed profits of associates | 0 | |
| Other adjustments for which cash effects are investing or financing cash flow | 0 | |
| Other adjustments to reconcile profit (loss) | 0 | |
| Other adjustments for non-cash items | -1.3 | |
| Share of profit and loss from partnership firm or association of persons or limited liability partnerships | 0 | |
| Total adjustments for reconcile profit (loss) | -3605.24 | |
| Net cash flows from (used in) operations | 106.72 | |
| Dividends received | 0 | |
| Interest paid | 0 | |
| Interest received | 0 | |
| Income taxes paid (refund) | 534.87 | |
| Other inflows (outflows) of cash | 0 | |
| Net cash flows from (used in) operating activities | -428.15 | |
| Cash flows from used in investing activities | ||
| Cash flows from losing control of subsidiaries or other businesses | 0 | |
| Cash flows used in obtaining control of subsidiaries or other businesses | 0 | |
| Other cash receipts from sales of equity or debt instruments of other entities | 0 | |
| Other cash payments to acquire equity or debt instruments of other entities | 0 | |
| Other cash receipts from sales of interests in joint ventures | 0 | |
| Other cash payments to acquire interests in joint ventures | 0 | |
| Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships | 0 | |
| Cash payment for investment in partnership firm or association of persons or limited liability partnerships | 0 | |
| Proceeds from sales of property, plant and equipment | 6.05 | |
| Purchase of property, plant and equipment | 357.81 | |
| Proceeds from sales of investment property | 1079.45 | |
| Purchase of investment property | 0 | |
| Proceeds from sales of intangible assets | 0 | |
| Purchase of intangible assets | 0 | |
| Proceeds from sales of intangible assets under development | 0 | |
| Purchase of intangible assets under development | 0 | |
| Proceeds from sales of goodwill | 0 | |
| Purchase of goodwill | 0 | |
| Proceeds from biological assets other than bearer plants | 0 | |
| Purchase of biological assets other than bearer plants | 0 | |
| Proceeds from government grants | 0 | |
| Proceeds from sales of other long-term assets | 0 | |
| Purchase of other long-term assets | 4000.03 | |
| Cash advances and loans made to other parties | 0 | |
| Cash receipts from repayment of advances and loans made to other parties | 0 | |
| Cash payments for future contracts, forward contracts, option contracts and swap contracts | 0 | |
| Cash receipts from future contracts, forward contracts, option contracts and swap contracts | 0 | |
| Dividends received | 24.02 | |
| Interest received | 389.52 | |
| Income taxes paid (refund) | 0 | |
| Other inflows (outflows) of cash | 0 | |
| Net cash flows from (used in) investing activities | -2858.8 | |
| Cash flows from used in financing activities | ||
| Proceeds from changes in ownership interests in subsidiaries | 0 | |
| Payments from changes in ownership interests in subsidiaries | 0 | |
| Proceeds from issuing shares | 0 | |
| Proceeds from issuing other equity instruments | 0 | |
| Payments to acquire or redeem entity's shares | 0 | |
| Payments of other equity instruments | 0 | |
| Proceeds from exercise of stock options | 0 | |
| Proceeds from issuing debentures notes bonds etc | 0 | |
| Proceeds from borrowings | 0 | |
| Repayments of borrowings | -2951.27 | |
| Payments of finance lease liabilities | 0 | |
| Payments of lease liabilities | 2.37 | |
| Dividends paid | 153.37 | |
| Interest paid | 3.38 | |
| Income taxes paid (refund) | 0 | |
| Other inflows (outflows) of cash | 1.15 | |
| Net cash flows from (used in) financing activities | 2793.3 | |
| Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes | -493.65 | |
| Effect of exchange rate changes on cash and cash equivalents | ||
| Effect of exchange rate changes on cash and cash equivalents | 0 | |
| Net increase (decrease) in cash and cash equivalents | -493.65 | |
| Cash and cash equivalents cash flow statement at beginning of period | 603.09 | |
| Cash and cash equivalents cash flow statement at end of period | 109.44 | |