Visaka Industries

------VISAKA InDUSTRIES LlMITED®_....:..::cIN.;.;...:::.
: •
CORP OFF: "VISAKA TOWER", 1-8-303/69/3, S.P. ROAD, SECUNDERABAD - 500 003.
TEL: +91-40-2781 3833,2781 3835, www.visaka.co E-mail: vil@visaka.in
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Ref:VILSTEX/AnnuaIReport2022/FY2023/20 Date 25.05.2022

To,
National Stock Exchange of India Limited, SSE Limited,
Exchange Plaza, 5th Floor, The Senior General Manager,
Plot No. C/1 G Block, Bandra Kurla Complex, Listing Compliances , Floor 25 , P. J. Towers,
Bandra (East) , Mumbai - 400051 Dalal Street, Mumbai - 400001
Scrip Code - VISAKAIND Scrip Code - 509055
Dear Sir/Madam,
Sub: Submission of the Annual Report for FY-2021-22 along with Notice of AGM, Explanatory
Statement, etc.
With reference to above, please find enclosed herewith Annual Report of the Company for the financial
year 2021-22 along with the Notice of the 40 th Annual General Meeting (AGM) , which is being
dispatched today to members of the company.
The said report is also being placed on the website of the Company at www.visaka.co.
This is for your information and records please .
Thanking you,
Yours faithfully,
For VISAKA INDUSTRIES LIMITED
Ramakanth Kunapuli
Assistant Vice President &
Company Secretary
Encl . a/a
Regd. Office & Factory : A.C. Division I, Survey No. 315, Yelumala Village, R.C. Puram Mandai, Sanga Reddy District, rs, Pin 502 300.
Factory : A.C. Division II : Survey No. 170/1, Manikantham Village, Paramathi-Velur Taluq, Namakkal District, Tamil Nadu, Pin 637 207.
Factory : A.C. Division III : GAT.No.70/3A & 70/3A13 & 70/1B &70/1C, SahaJpur Industrial Area, Nandur (V), Daund (Tq), Pune, Maharashtra, Pin 412 020.
Factory: A.C. Division IV : Plot No.11, 12,18 To 21 & 30, Changsole Mouza, Bankibundh G.P. No.4, Salboni MldnapurWest, W.B, Pin 721147.
Factory: A.C. Division V : Survey No. 90/2A 90/2B 27/1 , G.Nagenhalii Village, Kempannadodderi Post, Kestur Road, Kora Hobli, Tumkur Dist, Karnataka, Pin 572 138.
Factory: A.C. Division VI : Village & Post, Kannawan, PS Bachrawan, Tehsil Maharajgunj, Dist Raebareli, U.P, Pin 229 301.
Factory: A.C. DiviSion VII : Survey No. 385, 386, Jujjuru (V), Near Kanchikacharla, Veerulapadu (M), Krishna Dlst, A.P, Pin 521181.
Factory: A.C. Division VIII : Plot No. 1994 (P) 2006, Khata No. 450, Chaka No. 727, Paramanpur (V), P.S. Sason, Tehsil Maneswar, Sambalpur Dist, Odlsha, Pin 768 200.
Factory: Textile Division : Survey No. 179 & 180, Chiruva Village, Mouda Taluk, Nagpur District, Maharashtra, Pin 441104.
Factory: V-Boards Division I : Gajalapuram Village, Kukkadam Post, Vemulapaly Mandai, Adjacent to Kukkadam Railway Station, Nalgonda Dist, T.S, Pin 508 207.
Factory : V-Boards Division II : GAT No: 248 & 261 to 269, Delwadl Village, Daund Taluq, Pune Dls~ Maharashtra, Pin 412 214.
Factory: V-Boards Division III : Mustil Nos. 106, 107 & 115, Jhaswa Village, P.S. & Tehsil Salawas , Jhajjar, Haryana, Pin 124146.
way!
Green is the
Visaka Industries Limited

Annual Report 2021-22
Forward-looking statement
In this Annual Report we have disclosed forward-looking information to enable investors to comprehend our prospects and take informed investment
decisions. This report and other statements - written and oral - that we periodically make contain forward-looking statements that set out anticipated
results based on the management’s plans and assumptions. We have tried wherever possible to identify such statements by using words such
as ‘anticipates’, ‘estimates’, ‘expects’, ‘projects’, ‘intends’, ‘plans’, ‘believes’, and words of similar substance in connection with any discussion of future
performance.
We cannot guarantee that these forward-looking statements will be realised, although we believe we have been prudent in assumptions. The
achievement of results is subject to risks, uncertainties and even inaccurate assumptions. Should known or unknown risks or uncertainties materialise,
or should underlying assumptions prove inaccurate, actual results could vary materially from those anticipated, estimated or projected. Readers should
bear this in mind.
We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
Revenue from operations
1416
PAT attributable to owners
crore
118 crore
Contents
02 Corporate snapshot 40 Visaka’s health, safety and 106 Corporate information
environment (ESG) commitment
08 How Visaka has grown over the years 108 Standalone financial statements
42 Business drivers
12 ‘Green is the way’ and Visaka 161 Consolidated financial statements
47 Our engagement
16 Joint Managing Director’s overview 211 Notice & explanatory statements
48 Our business segments
20 Chief Financial Officer’s performance
overview 60 Risk management
24 The big picture 63 Board’s report
26 Integrated value creation at Visaka 90 Corporate Governance Report
Green is the
way!
There is a larger global movement towards a
new age of products.
Products that are durable across the decades.
Products that are easy to recycle.
Products manufactured with environment-
friendly resources.
Products associated with renewable energy.
At Visaka Industries, our products tick each
of these boxes.
This is enhancing our relevance as a
company that continues to draw richly from
its environment-friendly past, is respected
for its green business model of the present
and will become increasingly relevant in
people’s lives as a green company in the
future.
Green is the way!

C O R P O R AT E S N A P S H O T
‘Green’.
This one word underlines the business of Visaka
Industries Limited.
We manufacture roofing sheets that endure
across the decades.
We manufacture fibre cement boards and panels
that are environment friendly.
2 Visaka Industries Limited

We manufacture solar roofing products and
solutions that are being described as tomorrow’s
solutions.
We manufacture textile yarns from recycled fibre
that empower fabric and apparel makers to make
responsible products.
Through this ‘green’ orientation, we are
strengthening our profitability (today) and
sustainability (tomorrow).
Annual Report 2021-22 3

Our ethos
Vision
Committed to be a
‘credible’, ‘passionate’ and
‘innovative’ solutions-
providing company
Mission
To be a complete cost-effective and
qualitative building solutions provider.
To identify potential products, which add
value to the societal needs. To explore and
enhance our niche textile markets. To create
value and trust among all the stakeholders.
Values
Ethical
Initiative,
Care, compassion functioning, Trust, good faith
responsibility and
and courtesy fairness and and integrity
accountability
transparency

Background Manufacturing units are supported by dealers in urban, rural and suburban
The Company was incorporated in 13 marketing offices across India. India.
1981 by Dr. G. Vivekanand. It is presently
Product basket Brands
stewarded by Mr. G. Vamsi Krishna, son
of Dr. G. Vivekanand and Mrs. Saroja The Company commenced the Our cement roofing sheets are marketed
Vivekanand. Over the last four decades, manufacture of corrugated cement fibre under the Visaka / Shakti brands
the Company has established itself as sheets in 1985. The Company diversified
Our Boards / Panels / Planks are marketed
one of the leading building construction into the manufacture of synthetic yarns
under the V Next brand
material providers and a dependable in 1992. The Company widened its
synthetic yarns manufacturer in India. business by manufacturing V Next fibre Our integrated solar panel roofing is
cement boards from 2008. This was offered under the ATUM brand
Pan-India presence followed by the launch of a one-of-its-
Our synthetic blended yarn is marketed
The Company is headquartered in kind solar roofing product called ATUM
under the Wonder Yarn brand
Hyderabad (India). Visaka has 13 in 2018.
manufacturing locations across India. The Company’s non-asbestos roofing Listing
Building products facility possesses an business accounted for 40% of its The Company’s equity shares are listed
annual production capacity of 8,02,000 revenues in 2021-22. and actively traded on the BSE and
tonnes of cement roofing sheets and NSE. Visaka’s market capitalisation was
Distribution network H1,012 crore as on March 31, 2022. The
2,39,750 tonnes of fibre cement flat
board products. The Company’s products are marketed promoters owned a 48.36% stake in the
directly to retailers as opposed to Company’s equity capital.
Yarn spinning plant possesses an the conventional distributor-retailer
annual production capacity of 2,752 twin approach. The Company’s distribution
air-jet spinning positions equivalent to network comprises more than 7,000
82,560 ring spindles.
Awards
Achieved 24th position in BW from Exhibition Society in 2003 Pradesh Federation of Chamber of
Businessworld India’s Most Sustainable Commerce in 1987.
The Exhibition Society AP
Companies, 2021-22
Distinguished Industrialist Award 2003 FAPCCI The Best Industrial
The Company was awarded the Most (Large) Productivity Effort in the State 1987
Trusted Brands Award 2021 by CNBC (Large)
All India Manufacturers’ Association
TV18 in 2020-21
Best Performance in Large and Medium Best Management Award from the
Silver Winner Spotlight awards by Scale, 2001 Government of Andhra Pradesh in 1987
LACP Under Category Annual Report
Man of the Millennium award 2000 Award from Council for Industrial
for 2011-12
Development in 1985
Council for Industrial Development &
Awareness Centre of Environment
Trade Industrial Promotion Gold Medal
World Environment Day 2006
Award 1990
AP Distinguished Industrial Award
Productivity award from the Andhra

Visaka’s
product portfolio
Cement roofing sheets
Corrugated
Close-fitting
cement fibre Apron pieces Cladding/ Walling
adjustable ridges
sheets
Serrated adjustable
North light ridges Barge boards North light curves ridges
Roof lights Ridge finals

V Next
V-Board V-Premium V-Designer
V-Plank V-Panel V-Infill
Yarns Solar roofing
Cotton-touch air-
jet-spun polyester ATUM
yarns

How Visaka has
grown over the years
Revenues EBITDA Net profit EBITDA margin
(H crore) (H crore) (H crore) (%)
1127
1047
1143
1400
155.65
115.49
202.06
209.94
67.41
49.29
110.64
118.53
13.82
11.04
17.67
14.99
FY19 FY20 FY21 FY22 FY19 FY20 FY21 FY22 FY19 FY20 FY21 FY22 FY19 FY20 FY21 FY22
Definition Definition Definition Definition

Growth in sales, net of taxes and Earning before the deduction Profit earned during the year EBITDA margin is a profitability
duties of fixed expenses (interest, after deducting all expenses ratio used to measure a
depreciation, extraordinary and provisions company’s pricing strategy and
Why is this measured? items and tax) operating efficiency
It is an index that showcases the Why is this measured?
Company’s ability to optimise Why is this measured? It highlights the strength in the Why is this measured?
business operating costs It is an index that showcases the business model to generate The EBIDTA margin gives an idea
despite inflationary pressures, Company’s ability to enhance value for its shareholders of how much a company earns
which can be easily compared business operating surplus (before accounting for interest
with the retrospective average despite inflationary pressures , What does it mean? and taxes) on each rupee of
and sectoral peers resulting in a number that can Ensures that adequate cash is sales
be compared with sectoral available for reinvestment and
What does it mean? peers allows the Company’s growth What does it mean?
Aggregate sales increased 22.5% engine to not run out of steam Demonstrates adequate buffer
to H1400 crore in 2021-22 What does it mean? in the business, which when
Helps create a robust growth Value impact multiplied by scale, enhances
Value impact engine and allows the Company The Company reported a 7% surpluses
The Company performed better to build profits in a sustainable increase in net profit in FY2021-
than the sectorial average manner 22, reflecting enhanced viability Value impact
country’s economic growth and The Company reported a 268
reporting record revenues in its Value impact bps decline in EBITDA margin
existence The Company’s EBITDA was during FY2021-22 on account
3.9% higher than its previous of higher resource and logistic
peak. costs

RoCE Debt cost Interest cover Net worth
(%) (%) (x) (H crore)
14.92
9.03
20.29
17.95
7.10
5.90
5.60
5.60
7.8
6.6
15.8
18.2
499.50
505.01
626.92
732.31
FY19 FY20 FY21 FY22 FY19 FY20 FY21 FY22 FY19 FY20 FY21 FY22 FY19 FY20 FY21 FY22
Definition Definition Definition Definition

It is a financial measure of a This is derived through the This is derived through the This is derived through the
company’s profitability and calculation of the average cost division of EBIDTA by interest accretion of shareholder-owned
efficiency with which its capital of the consolidated debt on the outflow funds
is employed Company’s books
Why is this measured? Why is this measured?
Why is this measured? Why is this measured? Interest cover indicates the Net worth indicates the financial
RoCE is a useful metric for This indicates our ability in Company’s comfort in servicing soundness of the Company –
comparing profitability across convincing bankers and other interest outflow - the higher the the higher the better
companies based on the debt providers of the robustness better
amount of capital they use – of our business model, What does it mean?
especially in capital-intensive translating into a progressively What does it mean? This indicates the borrowing
sectors lower debt cost (potentially A company’s ability to meet its capacity of the Company and
leading to higher margins) interest obligations, an aspect influences the gearing (which
What does it mean? of its solvency, is arguably one in turn influenced the cost
Enhanced RoCE can potentially What does it mean? of the most important factors in at which the Company can
drive valuations and perception Enhanced cash flows; guaranteeing sizeable returns to mobilise debt)
strengthened credit rating for shareholders
Value impact successive declines in debt cost Value impact
The Company reported a 234 Value impact The Company’s net worth
bps decline in RoCE during Value impact The Company’s interest cover strengthened 16.8% during the
2021-22 due to an increase in Debt cost remained stable increased to 18x during the year year.
capital employed in business during the year under review under review
expansions

This annual report will
not commence with a
performance review
It will commence with a preview of the national future instead, a suitable
landscape for the Visaka Industries of the future
1
Mr. Narendra Modi, the
Indian Prime Minister,
2
This is having a cascading
effect: Indian Railways has
committed that India committed to become
would be a net zero carbon a net zero company by
emissions country by 2070 at 2030 through the use of
the climate change Summit environment - friendly
G20 and COP-26 products
3
The GST regime, rapid
e-commerce growth and
4
There is a greater focus on
affordable housing in India
growing importance of today than ever; housing
logistics are likely to drive finance companies are
warehouse creation across seeking to finance affordable
the country housing customers investing
in ‘green’ domestic products

Visaka. Right
company at the
right time.
There is an increased preference for green products
the world over
33
% of global consumers who reduced
71
% increase in online searches for
16
% increase in global public concern for
their emissions in 2021 sustainable products the world over in nature
(Source: euromonitor.com) the last five years
(Source: Economist Intelligence Unit)
41
£ billion, the size of the UK market for
4
X, number of times the UK market for
50+
% of C-Suite executives from fashion
ethically and sustainably sourced goods, ethically and sustainably sourced goods and textile sectors who say consumer
2019 grew in 20 years demand is driving their sustainability
(Source: we forum.org) agenda
(Source: we forum.org)
44
US$ trillion, nature’s estimated value to
42
% by which Gen X consumers prefer to
90
% of Gen X consumers who said they
the global economy, more than half the pay more for sustainable brands would be willing pay an extra 10% or
global GDP (Source: First Insight) more for sustainable products
(Source: weform.org) (Source: forbes.com, March 2022)
0.07
% of synthetic fibre production that uses
30-40 74.64
US$ billion, estimated size of India’s new US$ billion, projected size of the global
recycled resources ‘green’ building market green technology and sustainability
(Source: Common Objective) market by 2030 (growing 21.9%)
(Source: Investopedia)

S T R AT E G I C D E P T H
‘Green is the way’

and Visaka
At Visaka Industries, our environment-friendliness is drawn from a
structured approach that comprises ability, responsibility and sustainability

Ability Responsibility Sustainability
At Visaka Industries, we believe that Often – as it happens in an uncertain The third factor - sustainability - is
‘green’ products need to be affordable, world – this is not enough. There is increasingly relevant. Companies need
accessible and available. This warrants a premium on flexibility in the face to moderate their carbon footprint,
an ability to maximise all factors that of uncertainty, patience in the face consume a lower quantum of finite
transpire within our control: to moderate of sluggishness, agility in the face of natural resources, manufacture products
costs, enhance quality, strengthen the opportunity and prudence in the use that do not need to be periodically
Balance Sheet and protect the interests of resources, practices and processes. changed and address the needs of all
of all stakeholders. These initiatives This premium on discipline emphasizes stakeholders.
make it possible for Visaka to remain the role of responsibility, a culture-
competitive across regions, products and defining framework that deepens our
market cycles, a robust foundation to commitment to an environment-friendly
take the environment-friendliness of our mindset.
products ahead.
The combination – ability, responsibility and sustainability – made it possible for Visaka to
outperform in the past, report an attractive performance in 2021-22 and is likely to generate
attractive growth across the foreseeable future.
Green is
the way at
Visaka
Ability Responsibility Sustainability

BIG PICTURE
How ‘Green is the way’

is transforming Visaka
This ethic is increasingly showing up in our performance

Visaka and ability
Increased revenues despite an erratic economic environment
990 1,400 24.44 118.53

crore, revenues, crore, revenues, H crore, Profit after H crore, Profit after
2015-16 2021-22 tax, 2015-16 tax, 2021-22
Strong market position
Cement roofing sheets V Next products Yarn (twin air-jet spun) Solar roofing (ATUM)
Market share (%) 18 Market share (%) 32 Market share (%) 80 Market share (%) 100
Market position 2 Market position 1 Market position 1 Market position 1
8 15 27
Number of years Visaka has been India’s Number of years Visaka has been India’s Number of years Visaka has been the
largest fiber cement board and panel second largest cement roofing sheets largest producer of air-jet spun yarn in India
producer manufacturer
Visaka and responsibility Visaka and sustainability
1.02
Debt-equity ratio, 2015-16
0.28
Debt-equity ratio, 2021-22
14
% of revenues from new age
businesses, 2015-16
278
H crore, net debt, 2015-16
152
H crore, net debt, 2021-22
22
% of revenues from new age
businesses, 2021-22

PERFORMANCE REVIEW
The Joint Managing

Director’s overview
I am pleased to present yet

another year of profitable
growth at our Company,
which validates the sustainable
robustness of our business
model.
Overview
I am pleased to present another year of previous best and this improvement
growth at our Company, which validates was despite a sharp increase in the
the sustainable robustness of our cost of raw materials and logistics, the
business model. Russia-Ukraine war and foreign exchange
volatility.
Sales revenues increased 23%, EBITDA
grew 4% and profit after tax increased Some measures to optimise rising input
7% during the year under review. The costs comprised the use of product mix
relationship between these outcomes alternatives following R&D, cost-effective
indicates that our business model is measures, automation, processes
attractively structured to enhance simplification, superior technology use
stakeholder value with every successive in production, increased operational
increase in revenues despite a sharp scale, quality vendors and procuring from
increase in costs. Each of our businesses nearest places.
reported record numbers; the aggregate
record revenues reported by your
Company were 23% higher than the

The revenue proportion from
new products increased from
19% of our turnover to 22%
during the last financial year.
Thinking different
The principal driver of our profitable When industry observers advised cement we heard was ‘opportunity’.
growth was the Visaka DNA. Over roofing players like ours to wait for the
When most felt that sticking to
the years, this DNA manifested in the pandemic to blow over, we invested to
conventional products was the best way
capacity to think different. enhance manufacturing capacity instead.
into the future, we broadbased to the
When industry observers indicated that When observers advised us to stick to manufacture of environment-friendly
the largest would survive in a volume-led our knitting (cement roofing sheets and building products.
business, we focused on becoming the synthetic yarns), we diversified into the
The outcome was that the revenue
best instead. manufacture of fibre cement boards and
proportion from new products increased
solar roofing solutions.
When experts felt that manufacturing from 19% of our turnover to 22% during
large volume commodity yarns would be When most advisors cautioned us about the last financial year.
safest, we selected to go niche instead. the pandemic-induced slowdown, what
Relevance
A few years ago, we decided that when it focus on growing the affordable housing more than validated. It has broadbased
came to business or capacity expansion, segment, the largest bulge of India’s real our presence towards new age and
whatever we did would be linked to the estate sector. Your Company had been environment-friendly building materials
national economic direction. addressing this segment through the like fibre cement boards and solar
manufacture of cement roofing sheets roofing; it has graduated us from the
The one sector on which we placed all
for nearly three decades; any extension commodity segment to a niche; it has
our new chips was the country’s building
into the building materials sector would extended us from the domestic to
sector (housing and commercial). This
make it possible to enhance our presence exports market; it has enhanced our
direction was influenced by the extensive
in the same segment, enhance cross-sale brand from the conventional or legacy
under-ownership of homes across the
opportunities, carve out a larger share of to the modern and progressive. The
country. We were convinced that as
the trade partner’s wallet and strengthen Company will continue to invest in the
Indians earned more, there would be
our brand as a committed building new age businesses, building scale and
a traction towards increased home
materials player. recall, creating a platform for profitable
ownership.
and sustainable growth into the long-
I am please to communicate that this
Visaka was at the right place at the right term.
long-term directional shift has been
time. The Indian government selected to

20
%, revenue generated from fibre cement
Our cement roofing sheets business
The Company leveraged its national
leadership (number two by market share)
during the last financial year. Principally,
financial year, strengthening the overall
price-value proposition for cement
roofing sheets.
boards and panels business, FY22
the Company protected its brand, which
The result was that the capacity
stood for ‘trust’. This translated into
utilisation of this business strengthened
quicker offtake and a premium over
60
from 89% to 96% during the last financial
the average prevailing market average.
year. The Company added a second
This business accounted for 60% of the
manufacturing line (capacity 100,000
Company’s revenues during 2021-22.
TPA) in our Raebareli plant, the first such
%, revenue generated from cement The attractive offtake of the product was expansion in 10 years. This expansion
roofing sheets business, FY22 the result of a consumer recognition of was funded through accruals and
the advantage of a cement roofing sheet commercial production commenced
over the metal alternative. Over the last on 5th may 2022. By virtue of utilising
few years, there has been a growing existing infrastructure is expected to
recognition of the limitations of the metal generate an attractive payback in less
product – in terms of a high heat transfer time. This expansion will make it possible
and the sound generated by this product for our Company to amortise fixed
when raining. Consumers acknowledged costs and brand spending effectively,
the multi-decade durability of our strengthening our margins and surplus.
product (‘buy it, lay it, forget it’). Metal
sheets became more expensive during
the commodity inflation of the last
Our fibre cement boards business

The Company leveraged its national to get accepted by general consumers,
leadership (32% market share) in this which augurs well for its long-term
business during the last financial year. scalability and profitability. Six, there is a
The Company generated a 40% higher fashion element in this business, marked
turnover from this business. This business by a demand for value-added features
accounted for 20% of the Company’s like colour design boards, facades, planks
revenues during 2021-22; exports and other designed interior products,
accounted for 20% of this business. making it possible to price as per need.
We are optimistic of the long-term This optimism translated into our
prospects of this business for various commissioning one more board unit
reasons. One, the products ride the need at Udumalpet (near Coimbatore) from
for economical, yet effective, interiors. January 2022, enhancing our overall
Two, it is superior to a cement or brick fibre cement board capacity by 30% to
wall for reasons of cost and time taken to 2,20,000 TPA. The H105 crore expansion
erect. Three, the product is accepted as was funded through accruals, an
environment-friendly. Four, the product attractive foundation for business
is enjoying an export traction, which sustainability.
makes it possible to market the product
in India without discounting. Five, the
fibre cement board is only just beginning

Our solar roofing solutions business
This is one of the most exciting time when there is a growing interest this innovative product is virtually non-
businesses within our Company – for its in the subject (solar energy) on account existent; even as there could be some
scope and scalability. The ATUM solar roof of its affordability and the fact that it is competition with the traditional solar
leveraged its uniqueness during the last cheaper than grid energy; besides, there panel, its robustness and functionality
financial year. The Company generated a is a growing interest in monetising roof promise a growing market share. By the
H14 crore turnover from this business on space through solar energy, creating virtue of being patented in South Africa
a sales volume of 5.3MW. a wide market across residential and and USA (in addition to India), we foresee
commercial property owners. a large market for this game-changing
The year under review was favorable for
product.
this business not only because of the What makes this segment compelling
volume offtake but because the product within the Company’s revenue mix is
attracted large institutional buyers like the virtually unlimited headroom at a
Indian Railways and Serum Institute, to time when the world is turning towards
name a few. The product comes at a renewable energy. The competition for
Our synthetic yarns business

The Company’s synthetic yarns business pent-up demand and a normalisation in nicheness, committed clientele, increased
reported a 83% higher turnover. This textile sector activity across the principal exports and new free trade deals being
business accounted for 18% of the weaving hubs of Mumbai and Bhilwara. signed by India that could open new
Company’s revenues during 2021-22; The Company continued to manufacture markets.
exports accounted for 18% of this yarns for premium fabrics and upholstery,
business a segment that was not as extensively
impacted. The outlook of this business
The yarn business reported an impressive
remains optimistic on account of its
recovery on the basis of a release in
Optimism
The US and Indian economies have 15%; exports could rise to 25 to 30% of which provide us with multi-year growth
committed decisively to infrastructure the Company’s revenues in the coming prospects, which should enhance value
investment across the coming years, years. On the overall, one foresees in the hands of all those who own our
which augurs favourably for the stronger revenues, margins and surplus. Company.
Company’s building materials business.
If there is an overarching message one
Besides, a number of prominent national
would like to leave shareholders with, it is
builders are making decisive decisions
this: your Company’s revenues have been
in favour of green products. By the
prudently blended with a bias towards
virtue of V Boards being IGBT-certified
non-roofing and non-textiles. Our
and emitting 30 times lesser carbon
business will ride the Indian economic
emissions compared to other products
story, growing personal consumption
in the building industry, the product is
and a preference for renewable energy.
attractively placed to capitalise.
Our products address large consumption G. Vamsi Krishna
During the current financial year, the
opportunities within India and the world, Joint Managing Director
Company foresees revenue growth of

CHIEF FINANCIAL OFFICER’S PERFORMANCE OVERVIEW
An insight into the

financial heart of our
business
Overview
The big message that we seek to for environment-friendly products,
communicate is that the Company enhancing cash flows and growing
built on its business during the year the business without seeking recourse
under review even as it encountered to incremental debt. The Company
challenges related to raw material cost successfully addressed these challenges,
volatility, supply chain bottlenecks, making it yet another growth year.
staggered vaccination process, The improvement in performance
capacity commissioning, working was a validation of the Company’s
capital management, protecting the maturing, critical mass and enhanced
price-value proposition of the end competitiveness.
products, enhancing product mix
offtake, increasing the preference
Profitable growth
During the last decade, the Company operations (compared with the Indian
scaled around a foundation of three GDP growth of a projected 8.6% to
businesses – traditional cement roofing generate peak revenues. The Company
sheets, non-roofing non-textiles and reported a 7% increase in PAT that was
textiles – to enhance resilience in the more than H100 crore for the second
face of economic and market cycles. This sequential occasion despite losing a part
long-term direction was validated during of the first quarter to the pandemic.
the year under review. The Company
reported 23.5% revenue growth from

Biggest achievement
The biggest achievement is not how we three P’s – the Company’s performance, to widening its lending consortium to
performed; it was how the improvement promoter and prospects. This creditable emerging as a front-line talent recruiter
was perceived by some of the most rating is likely to have a range of – a platform to scale the business to the
demanding rating agencies in India. At positive spin-offs: from empowering next level.
a time when most companies struggled the Company to mobilise low-cost debt
to protect their rating, your Company
protected its credit rating of AA- for Credit rating
long-term and short-term borrowings FY20 AA-
as appraised by CARE Ratings Ltd. This FY21 AA-
protection represents a validation of the FY22 AA-
Capital efficiency
The Company reported creditable the Company to build on – the higher fibre boards business that the Company
profitability during the year under review. the offtake, the better the profitability. entered in 2008-09, emerging as the
EBITDA margin was 15%; Return on largest Indian producer in a little more
Across the foreseeable future, we expect
Capital Employed declined marginally than a decade.
to generate a return superior to what
by 234 bps to 18% due to an increase
our risk partners (shareholders) would Our objective is to generate a superior
in working capital outlay; RoE declined
be able to generate if they invested in margin. This commitment was disrupted
marginally from 19.55% to 17.44% due to
alternative asset classes. The Company during the last financial year when
increased equity.
will seek to maximise capital efficiency our EBITDA margin declined following
Despite the moderate declines, the through low-cost debt mobilization, a sharp increase in raw material and
Company protected the overall integrity investment in projects with shrinking logistics costs. However, this decline in
of its Balance Sheet from impairment, a payback, value-addition and superior margins was more than made up by
validation of its volume-driven and value- working capital management. The an increase in our sales volumes and
accretive business model. As an index of Company will maximise capital efficiency the value-addition we generated from
the Company’s profitability, the average by entering a product segment, creating some of our products, a validation of our
cost of gross debt was 5.6% while the reasonable capacity, seeding the market, volume- and value-driven approach.
Company generated an average 17.44% growing a consumption appetite,
Return on Equity, underlining the intrinsic investing accruals in additional capacity
profitability of the business. Even though in under-penetrated regions, widening
the interest on gross debt was treated as this to a pan-India footprint proximate
an expense and the interest earned on to consumption markets and using this
liquid deposits shown as ‘Other Income’, proximity cum logistical advantage to
the Company’s net interest outflow was widen its business moat.
negligible.
Over the decades, the Company grew
The overall improvement in the health its cement roofing sheets business from
of the business was the result of various scratch to emerge as the second largest.
long-term priorities: enhance economies This approach was also replicated in the
of scale and brand in the volume-driven
cement sheets business, generating
a premium in the boards and panels EBITDA margin %
business and value-addition in the solar FY20 11
roof and yarns businesses. The clarity of FY21 18
this approach created a foundation for FY22 15

Business mix
Our objective is to blend our revenues During the year under review, our The proportion of non-textiles non-
with a slant towards non-roofing non- non-textiles non-roofing solutions roofing revenues is expected to increase
textile revenues. When we entered generated 22% of revenues; the cement to 30% of the overall turnover across the
this business in 2008-09, our cement roofing sheets business generated 60% foreseeable future, strengthening value-
roofing sheets business accounted for of revenues while the textiles business addition and broadbasing the revenue
78% of revenues and textiles for 22%. (affected by lockdown during first mix.
The non-textiles non-roofing business quarter) accounted for 18% of revenues.
enhanced value-addition beyond the
commoditised cement roofing sheets Non-textiles non-roofing sheets revenue proportion %
segment; it empowered the Company FY20 20
to capitalise on a growing boards and FY21 19
panels opportunity. FY22 22
Liquidity
As a policy, the Company seeks to The Company placed a premium on disposal (no incremental debt).
maximise the use of accruals in business liquidity, preferring it over profitability
The result of this financial discipline is
growth, moderating the use of borrowed when the alternative was between
that the Company repaid H10 crore of
funds. During the year under review, maximum revenues with stretched
Non Current borrowings during the last
the Company drew about 25% of liquidity and moderate revenues with
financial year while its investment of
the sanctioned short-term loans (on enhanced liquidity. The success of this
H145 crore in expansion projects and
average), which made it possible to approach was evident in the cash flows.
normal CAPEX was funded through net
moderate interest outflow and enhance Over the years, the Company recognised
worth. This represents a watershed in
profitability, a virtuous cycle. the importance of working with a
the Company’s existence. By breaking
progressively under-borrowed Balance
The Company enhanced its working the debt-funded chain, the Company
Sheet, rising interest cover, attractive
capital hygiene through the following intends to generate additional cash flows
gearing and lower Net debt/EBITDA.
priorities: shrinking our receivables cycle (that would otherwise have serviced
The Company focussed on protecting
through better terms of trade with our debt), strengthening a virtuous cycle of
terms of trade (within tolerance limits),
primary customers (trade partners), reinvestment, cash flow generation and
leveraging cash in hand to generate raw
marketing products with strong offtake enhanced value.
material discounts and addressing fresh
and graduation to a value-added product
capital expenditure with resources at its
mix.
Debt management
The Company used working capital from 0.25 in 2020-21 to 0.28 in 2021-22 cash position. The cost of debt on the
loans and short-term foreign currency as the Company grew net worth on the Company’s books was 5.6% during the
loans for working capital purposes that one hand and used short-term debt year under review .
were mobilised at competitive rates. to address increased working capital
The debt-equity ratio was marginally
The Company’s total debt increased requirements.
higher from 0.25 in 2020-21 to 0.28 in
from H155 crore to H208 crore; net worth
The capital expenditure notwithstanding, 2021-22 as the Company grew net worth
strengthened from H627 crore to H732
the Company is proceeding to a net on the one hand and used short-term
crore; gearing was marginally higher

debt to address increased working capital balances the role of debt and net worth. debt is shareholder value-accretive after
requirements. It would be pertinent to By the virtue of investing in products it has repaid debt, maximised cash flows
indicate that the Company’s gross debt with strong traction that generates an and created a war chest for the second
comprised an interest-free loan from the attractive return within a compressed investment round.
Government of The Pradeshiya Industrial period, the Company repays debt with
& Investment Corporation of UP Ltd. speed. This preference for long-term
(PICUP) of H62.46 crore, dealer deposits
of H40.5 crore (securing receivables) and
Debt-equity ratio
public deposits of H13.28 crore.
FY20 0.60
When the Company invests in capital FY21 0.25
expenditure to finance expansion, it FY22 0.28
Working capital management

The Company’s focus is not just the total employed decreased from 44% to partners. The Company did well to
quantitative growth of the business but 42% across the last year; the proportion moderate its inventory size in terms of
also the hygiene of its numbers, reflected of inventory in the working capital days of turnover, a validation of its supply
in its working capital management. It outlay increased from 70% to 73%. The chain partnerships and capacity to pay
generally seeks to draw working capital Company’s receivables cycle declined on time and in full.
less than the sanctions provided by the to 31 days from 39 days of turnover
banks. During the year under review, equivalent during the year under review
the Company drew only 25% of the due to a better management of trade
sanctioned working capital. There was
a premium on competent working Working capital as % of total capital employed
capital management; there was a sharp FY20 48
increase in the cost of raw materials. FY21 44
Working capital as a proportion of the FY22 42
Accruals management
Capital discipline is central to the 16.20% was returned to shareholders as cement roofing sheets business and
Company’s sustainability. The Company dividend. During the year, the Company normal capital expenditure.
generated H156 crore in cash profit invested H145 crore in capacity expansion
during the year under review, of which of its non-textiles non-roofing business,
Way forward
The Company ended the year under outcome of a long-term build-up of
review around a strong financial surpluses. In an unpredictable world,
foundation. The Company’s net worth this significant net worth bias implies
stood at H732 crore as on March 31, relative de-risking; it provides the
2022, with H49 crore in long-term debt Company patient and resilient capital in
and H159 crore in short-term debt. The challenging periods. Shafi Singanamala,
Company’s large net worth was the Chief Financial Officer

THE BIG PICTURE
Visaka is prepared
for a US$ 5 trillion
Indian economy
The Company is invested in businesses that will ride India’s
economic growth
Overview
Visaka has invested in businesses that ride the Indian The current population of
economic growth. The stronger the growth of the economy, India is 1.40 billion as on
the better the Company’s performance. From a macro 2022; by 2027, India could
perspective, the Company is attractively placed. In 2021, overtake China to become
India, with a population of around 1.40 billion, possessed an the most populous country.
economy estimated at US$ 2.92 trillion, the sixth largest in the More than 50% of India’s
world. India is likely to grow faster to emerge as the world’s current population is below
third largest economy by the end of this decade. the age of 25; over 65%
population is below 35.
National turnaround: India’s tax investment of around 111 lakhs crore
collections reported a record 27.07 lakhs (US$ 1.5 trillion) during 2020-2025
crore in 2021-22 compared with the to provide world-class infrastructure.
Budget estimate of H22.17 lakhs crore; (Source: Money Control, pib.gov.in,
tax-to-GDP ratio jumped from 10.3% in Livemint). This could grow the cement
2020-21 to 11.7% in 2021-22, the highest roofing sheet, solar roofs and panels
since 1999. The value of goods exported businesses of the Company.
from India witnessed 40% growth during
Population and demographics: The
the 2021-22 financial year, touching a
current population of India is 1.40 billion
record US$ 417.8 billion and surpassing
as on 2022; by 2027, India could overtake
the target set by the government by 5%.
China to become the most populous
This could strengthen all the Company’s
country. More than 50% of India’s current
businesses.
population is below the age of 25; over
Infrastructure spending: In the 2022 65% population is below 35. India’s
Union Budget, India announced a 35% population is urbanising, evolving its
increase in infrastructure outlay. The PLI preferences and aspirations. The country
schemes are expected to strengthen could have the world’s third-largest
MSMEs, increasing their contribution to number of high-income households by
the Indian economy from 30% to 40%. 2030. This could catalyse all businesses in
National Infrastructure Pipeline (NIP) was which the Company is present.
launched with projected infrastructure

Middle-class: Around 55% of India’s catalysing the businesses where the
population could belong to the Company is present.
consuming class by 2030, a significant
Make in India: Atmanirbhar Bharat
improvement from 24% today. (Source:
is expected to enhance self-reliance
Economic Times). By 2030, India will
and provide for the country’s growing
move from being an economy led by the
needs from within. This is expected
bottom of the pyramid, to one led by the
to strengthen India’s position as a
middle-class. The number of middle-
competitive global products and services
income households is expected to rise
provider. This could catalyse the erection
from 50% of all households today to 80%
of infrastructure, strengthening the offtake
by 2030, accounting for 75% of consumer
of cement roofing sheets, panels and solar
spending by that year. This could catalyse
roofs.
all the businesses in which the Company is
present. Rural housing: There is a greater
emphasis on affordable housing in India,
Spending: As 140 million households
backed by interest subvention provided
move into the middle-class and another
by the government to borrowers. The real
20 million move into the high-income
estate sector is expected to reach US$ 1
bracket, they could spend 2-2.5x more
trillion in market size by 2030, up from
on essential categories (food, beverages,
US$ 200 billion in 2021 and contribute
apparel, personal care, gadgets, transport
13% to the country’s GDP by 2025. This
and housing) and 3-4x more on services
is expected to strengthen prospects of the
(healthcare, education, entertainment
cement roofing sheets and panels segment.
and household care). Upper-middle-
income and high-income entrants could Renewable energy: There is a greater
drive a 15-20% increase in the ownership focus on renewable energy in India. The
of durables (washing machines, country has set an ambitious target to
refrigerators, TVs and personal vehicles). achieve 500 GW renewable energy by
This could catalyse the offtake of cement 2030. The Indian Prime Minister pledged
roofing sheets, panels, solar roofs and at the COP26 Climate Conference in
textiles, all the businesses the Company is Glasgow that India would achieve net
More than present in. zero carbon emissions by 2070. (Source:
50%
Economic Times). This trend is expected to
Plan B: Plan B is an increasingly used
widen the market for the Company’s solar
reference to describe the world’s need
roofs business.
to reduce its excessive dependence on
of India’s current population is China for resources and products and Textiles: India’s textiles sector is expected
below the age of 25; over broadbase the global supply chain. The to capitalise on the China +1 factor,
country that comes collectively closest resulting in enhanced demand for yarn
65%
in terms of scale, costs, legal framework, coming to India. India is investing in
knowledge base and manufacturing mega textile parks to strengthen its
tradition is India. The optimism on this positioning as a dependable global
count arises from the fact that even a supplier. This trend is expected to drive
population is below 35. nominal movement away of the world’s demand for synthetic yarn manufactured
procurement from China can drive India’s by the Company.
share of exports and global trade. This
could strengthen the country’s industries,

I N T E G R AT E D V A L U E C R E AT I O N
How Visaka is
structured to
enhance value for
all stakeholders
A report on how we enhance stakeholder value in an
institutionalised manner
Overview
In the modern world, it is no longer enough to enhance shareholder value. The operative term
that is being increasingly used is ‘stakeholder value’.
By the very nature of the term, to be integrated across all stakeholders, Interestingly, the influence of an
‘stakeholder’ does not merely refer to the measure by which all companies are Integrated Report enhances an
the interest group that owns equity in appraised. This Integrated Value-Creation understanding across diverse
the Company. It refers to every single Report is being increasingly respected for stakeholders (employees, customers,
individual or sentient being likely to be its appraisal of ‘hard’ and ‘soft’ initiatives in suppliers, business partners, local
influenced by the Company’s brand, its reporting format. The report draws on communities, legislators, regulators and
product or operations. In short, it refers to diverse strands (financial, management policy makers), underlining the need for
everyone and everything, living or not. commentary, governance, remuneration an organisation to enhance value in a
and sustainability reporting) in explaining sustainable manner.
This represents an understanding of how
an organisation’s ability to create,
the value sought to be created needs
enhance and sustain value.
Our sustainability is derived from a favourable national direction

Rising population Rural market Demographic dividend
India’s population was around 1.40 India is the largest rural market in the The Indian population’s median age
billion in 2022 and is expected to surpass world, strengthening demand for cement of 28 (2022) compares well with the
China’s by 2027 – a perpetually growing roofing sheets global average (30), driving demand for
market fashionable products (hence, synthetic
yarns)
Renewable energy Affordable housing

There is a growing traction for renewable India’s affordable housing segment of
energy products, on account of their US$ 2.6 billion is expected to grow to US$
(Source: Population U, Business Standard,
cost-efficiency over grid power 1 trillion by 2030, sustaining the offtake Indian Retailer, Statista, India.com, ETimes,
of cement roofing sheets Times of India)

Our sustainability framework
Strategy Procurement economies Distribution footprint
Manufacture products that address Procure quality resource through Footprint across a number of States
unmet needs or around unaddressed enduring relationships
Manufacture products close to
value
Procure economically by promising consumers
Ensure environment responsibility volumes in exchange for value
Address primary customers (channel
through products and processes
Procure sustainably through market partners)
Manufacture products that address cycles
national priorities (housing, renewable
energy, clothes)
Manufacturing excellence Brand and customer capital Financial structure

Maximise asset utilisation; moderate Invest in corporate and product brands Moderate debt / debt cost; turn net
costs cash surplus
Manufacture different grades; widen
Invest in cutting-edge technologies; choice Strengthen working capital efficiency
higher efficiency
Launch products of the future; create Focus on value-addition
Deepen specialisation in each location markets
Environment integrity People competence Community support

Moderate resource consumption per Enhance talent productivity Provide community support
unit of output
Invest in knowledge, experience and Focus on integrated development
Protect the ecological balance passion
Engage in a sustainable way for
Benchmark around regulatory Deepen a culture of outperformance extended impact
compliance standards

Constituents of
Visaka’s value creation
The Financial Capital generates Manufactured Capital encompasses Intellectual Capital comprises
surpluses driving the financial periodical investments in efficient knowledge and experiences that
engine. processes and technologies, take the business ahead.
enhancing productivity, product
quality and consistency while
moderating costs.
Sector’s criticality and how Visaka’s strategy

Strategic focus Key enablers
Innovate and Investment in product Invested in digitalisation Introduced the Enhanced synthetic
excel improvement, innovative ATUM yarn quality to address
certifications and premium customers
training
Cost Invested in scale Moderated debt and Negotiated superior Positioned

advantage to enhance debt cost; enhanced trade terms manufacturing plants
manufacturing and the role of accruals in near consuming markets
brand economies business growth
Supplier of Marketed its Delivered superior product quality, customisation Positioned itself as a
choice dependability and (yarns) and product longevity (cement roofing deliverer of a lower
brand assurance sheets) ownership cost
Robust Focused on long-term Merit-based employer Facilitated talent Trained, remunerated

people talent retention development fairly, provided stable
practices jobs
Responsible Engaged in Focused on activities Engaged in enhancing Allocated and spent 2%

corporate community- near its manufacturing community living of the profit in 2021-22
citizenship strengthening facilities standards in CSR activities
initiatives

Human Capital comprises people Social & Relationship Capital Natural Capital comprises the
skills, experiences and capabilities. comprises the value of the Company Company’s efforts towards a
derives from its engagements with responsible consumption of natural
vendors and customers and efforts resources and efficient production
towards societal uplift. with a declining carbon footprint.
Materiality Capital impacted
- - Could affect growth; - Manufactured,

could enhance Intellectual and
commoditization; could Financial
erode brand premium
Reduced receivables - Could make it difficult Could enhance Financial and Social
by 8 days of turnover for the Company to vulnerability to market
equivalent in the year compete cycles
Certifications enhanced Provided a superior Could affect - Intellectual,

product acceptance consumer value sustainability of the Manufactured and
proposition brand proposition is Social
compromised
Remunerated - Talent attrition could - Intellectual and

employees H132 crore in enhance knowledge Human
2021-22 drain, affecting viability
- - Could affect the - Social and Natural

Company’s respect as a
responsible corporate
citizen

Value-creation chain
Material acquired from Material acquired from

India /overseas to factory India /overseas to factory
Value addition Value addition
Final
product Fibre
- Cement cement
roofing boards and
sheets panel
Business
model
ATUM Yarn
Dealers/distributors/
architects/engineers/
designers
Value addition Value addition
Material acquired from Material acquired from

India /overseas to factory End India /overseas to factory
consumers

Engaging our stakeholders
We recognise the importance of fostering and maintaining strong relationships with key stakeholders through transparent, sincere and
effective engagements. We are intent on improving on our established credibility and rapport with them.
Stakeholder group Customers Government, competent

authorities
Visaka’s considerations Our products are used by these Our ability to produce, market and
stakeholders and therefore it is distribute products is dependent on the
imperative that they are fully aware of marketing authorisations and regulatory
the indications, benefits and impacts approvals issued by the authorities
of our products while we need to
have a thorough understanding of
their perceptions and expectations
Stakeholder interests Quality and affordability Legal and regulatory compliance

Consistent, reliable and on-time Affordable outcomes
supply of product
Social and environmental impact of
Impact of product recalls or any operations
quality, efficacy concerns which
Tax revenues and investments
may arise
How we engage Engage with dealers, architects, Audits of manufacturing sites by

designers and retailers regulatory authorities to ensure Good
Manufacturing Practice (GMP) and
Open communication with
regulatory compliance
customers through commercial
discussions and meetings Participation in industry bodies
Reports and interactions aimed at
confirming legislative and regulatory
compliance policies and processes
Involvement in government programmes
aimed at creating jobs and uplifting
disadvantaged communities
Capitals impacted Intellectual Manufactured

Manufactured Social & Relationship
Natural

Employees Suppliers, consultants and Investors and funders
business partners
Employees play a critical role in ensuring These stakeholders play an important As providers of capital, these
we achieve our strategic objectives. We role in enabling us to meet our stakeholders require to be kept
need to understand the needs, challenges commitments to customers informed of material developments
and aspirations of this important impacting the Group and its future
stakeholder group prospects
Job security Fair engagement terms and timely Growth in revenue, EBITDA and
settlement returns on investment
Equitable remuneration packages,
performance incentives and benefit Ongoing communication on our Appropriate management of
structures expectations and service levels capital expenditure, working capital
provided and expenses
Diversity and inclusivity
Fair selection processes Gearing, solvency and liquidity
Performance management, skills
development and career planning Dividends
Reputation as an ethical employer Security over assets, ethical
stewardship of investments and
Employee health, safety and wellness
good corporate governance
Fair executive remuneration
Direct engagements by supervisors and One-on-one meetings to discuss Dedicated investor and analyst
business management service levels or other commercial presentations, roadshows and one-
aspects on-one meetings
Conferences and townhall meetings
Interactions regarding safety, Stock exchange announcements,
Induction and internal training
health, environmental and ethical media releases and published
Employee wellness campaigns compliance results
Annual General Meetings
Investor relations section of the
Visaka’s website
Engagements with the financial
media
Human Social & Relationship Financial

Financial

Value created by our Company in 2021-22
1,416 1,265 9 160

(H crore) Revenue from (H crore) Expenses for (H crore) Other (H crore) Wealth
operations materials, services and operating income created
interest
Financial capital
1,426 71.26 15 18
(H crore) Total revenue (H) Earnings per share - (H) Dividend per share (%) RoCE
Basic
Manufacturing capital
854 285 248

(H crore) Cement roofing (H crore) V Next revenues (H crore) Yarn revenues
sheet revenues
Human capital Social capital
1,971 38 2.30
Permanent employees Average age (H crore) Investment in
CSR
Intellectual capital Natural capital
Market status (cement

roofing sheets): Second
Training: 21 person-hours
a year 73 84
largest (%) of the Company, (H crore) Investment in
Employees of five years eco-friendly technologies
or more (V Next and ATUM, FY22)

How Visaka Industries has
enhanced shareholder value
Our value-accretive business model
At Visaka Industries, we have enhanced value across the decade on account of our leadership
(number two) presence in the cement roofing sheets segment, revenue visibility from the synthetic
yarns business and a growing presence in non-roofing, noon textiles businesses. These businesses
have capitalised on the vast addressable market within India.
How our valuation has grown

Capital appreciation
214 782 1,012

(H crore) market (H crore) market (H crore) market
capitalisation, capitalisation, capitalisation,
31 March 2020 31 March 2021 31 March 2022
Relative outperformance
How Visaka’s equity price (CAGR) performed vis-à-vis the BSE Sensitive Index
1 year 3 years 5 years 10 years

Stock price 23% 12% 17% 23%
Sensex 18% 15% 15% 13%
Dividend payout
The Company paid out an aggregated H194 crore in dividend
across 26 successive years ending 2021-22.
Dividend payout (H crore)
FY18 11.12
FY19 11.12
FY20 23.82
FY21 24.72
FY22 25.36
Dividend payout ratio (%)

FY18 16.7
FY19 16.5
FY20 48.3
FY21 22.3
FY22 21.40

1
Business mix
2
Housing focus
3 4
Capacity Financial
dispersal discipline
5 6
The
Brand drivers Integration
7 of 8
shareholder
Responsibility value at Visaka Sustainability

Business mix
Blend of four De-risked approach Roofing (conventional Businesses linked to Address rural and
businesses in one and renewable), synthetic lifestyle quality urban needs
yarn and boards
Housing focus
Addressing roofing and Addressing interior and Servicing protection and Superior price-value
paneling needs exterior requirements functional priorities proposition
Capacity dispersal
13 pan-India manufacturing Plants proximate to markets Lower logistic costs; quicker Better risk dispersal in the
locations service event of downtime
Financial discipline
Focus on capacity creation Financing through moderate Funding through Modest overall gearing of
with short payback debt and accruals concessional or low-cost debt 0.28 (31 March 2022)
Brand
Products marketed under the Brands recognised for Brands positioned around Brands spending at around
Visaka/Shakti/V Next/Wonder superior price-value ‘peace of mind’ and ‘trust’ 2-3% of annual revenues
yarn brands proposition
Integration
Boards are used in the All interior product Integration to enhance Interior boards distributed
manufacture of panels manufacturing to be margins and synergies through cement roofing
progressively integrated sheet network
Responsibility
ESG-compliant business Extensively de-risked Robust governance and Focus on enhanced
model approach disclosures stakeholder value
Sustainability
Addressing a core national Investment in scalable Long-term relationships with Comfortable Net debt/EBIDTA
requirement (roofing, business platforms stakeholders of 0.72; credible AA- credit
panelling and yarn) rating

How we generated superior
financial hygiene
EBITDA EBITDA margin
98 210
H crore, Earnings
before interest. tax
H crore, Earnings
before interest. tax
9.9 14.9
and depreciation- and depreciation- %, 2015-16 %, 2021-22
amortisation, 2015-16 amortisation, 2021-22
CAGR 13.5%, six years ending 2021-22 500 bps growth, six years ending 2021-22
Gearing RoCE
1.02 0.28 8.60 17.95

Debt-equity ratio, Debt-equity ratio, % Return on Capital % Return on Capital
2015-16 2021-22 Employed, 2015-16 Employed, 2021-22
0.74x decline, six years ending 2021-22 935 bps increase, six years ending 2021-22

How we intend to enhance
shareholder value going ahead
Progressive debt Revenue Reducing Growing through
reduction broadbasing logistic costs accruals
Visaka had debt of H304 crore Visaka had a longstanding Visaka commenced business Visaka grew the business
as on 31 March 2020 which cement roofing sheets and with a unit in Udumalpet through a combination of
reduced to 208 crore as on synthetic yarn presence (Tamil Nadu) catering to debt and equity
31st March 22. South India
It extended to the It invested H457 crore accruals
Gearing increased from 0.25 manufacture of fibre cement The Company now has 13 in six years ending 2021-22
to 0.28 (as on 31 March 2022) sheets, boards and solar plants across India
Business growth is likely to
roofing products
Logistics cost was 10.5% of be generated from accruals
It moderated the proportion revenue from operations in going ahead
of cement roofing sheets to 2021-22
60% in turnover (2012-22)
The Company strategically
It intends to moderate this located the plant at
proportion to 50% by 2025. Udumalpet, Tamil Nadu to
moderate logistics costs

OUR COMMITMENT
Visaka’s health, safety

and environment (ESG)
commitment
Overview
At Visaka Industries, we are committed to make and market products that are safe for the
consumer, ecology, employees and communities. As a building products and textile yarns
manufacturer we place the highest importance on workforce health and safety. The Company
invested 1-2% of its revenues on HSE initiatives each year.
Our HSE focus

Set safety, health & environment communities. Maximise recycling; reuse waste and
targets and regularly review it for scrap
Motivate employees and communities
continual improvement.
to adopt new water conservation Dispose waste in an environment
Identity associated hazards and techniques (sprinklers, drip irrigation and friendly and energy-efficient manner.
implement appropriate steps to control rainwater harvesting etc.)
Comply with all applicable legal and
risks at an acceptable level.
Reduce freshwater consumption other requirements
Create awareness for water through engineering control and
conservation among employees and ingenious ideation
Health initiatives
The Company reported zero health safeguards. To mitigate this risk, the hazardous raw materials
mishaps since inception due to the handling of all raw material has been
The Company’s factories maintain
following initiatives. automated
health records of workers; periodic
Raw material management can pose The Company provides personal health tests and analyses are conducted
a risk to human health if done without protection equipment to handle coupled with recommendations
Safety initiatives
Focus
Providing safe working conditions Following standard operating Week, Fire Week, Environment Day, Water
procedures. Day and Earth Day.
Providing personal protection
equipment Conducting safety training; enhancing
awareness programmes during Safety

Outcomes
The Company reported zero accidents The Company possesses OHSAS The Company reported 99.5% of no-
during the year under review certifications on safety management incident lapses
Visaka’s Covid-19 protection initiatives
The Company protected employees during Covid-19 pandemic through the following initiatives: mental and physical health status
coordination; updating health benefits to accommodate emergencies and restoring normalcy.
Initiatives
All administrative employees were Nose masks, hand wash liquids and Health insurance cover was increased
provided the option to work from home sanitisers were provided; the Company for employees
during the lockdown sanitised its offices and factories.
Vaccination was conducted for
There were special leave provisions for Benefits like on-time salaries/wages, employees and contractors across the
pandemic-affected employees yearly increments / performance-linked Company’s premises
incentives/ annual bonuses to employees
Employees were periodically engaged
remained protected
with to ascertain their wellbeing
Environment
The Company reduced, recycled and Reduced dependence on natural fibre briquettes for steam production
replaced consumption through the pulp to reduce deforestation
Installed sewage treatment plants to
following initiatives:
Reused fly ash delivered by coal power treat waste-water
Reused 100% of our process waste plants
Installed air pollution control
water
Reused 100% process wastewater equipment inside DG sets
Recycled 100% discarded post
Identified new and sustainable raw Achieved the highest green building
production FCBs
materials certification (Platinum)
Reused discarded paper bags for fibre
Used waste rice husk and agri Provided green cover across 35% of
pulp production
the total site area
Outlook Electricity conservation Green cover

The Company intends to become net The Company benchmarked energy The Company allocated around 35% of
zero in terms of electricity use mix across consumption across its manufacturing its total site area to tree cover. All trees,
all its plants plants to enhance overall performance. shrubs and grass varieties procured were
It implemented solar power PV in plants. native to the region. The small leaf trees
The Company intends to enhance
It moderated a reliance on diesel and helped arrest pollution.
respect as a leading sustainable building
researched the use of bio-diesel in
materials manufacturer Material conservation
DG sets. It increased the proportion
Water conservation of renewable energy as a part of the The Company consumed recycled yarn
electricity mix. It invested in air blowers, equivalent to 173 million PET bottles in
There is a growing premium on prudent
variable frequency drives and radiators. It producing sustainable yarn.
water conservation. Utilisation of an
installed LEDs and EF3 and rated motors
autoclave steam water and RO reject
across its manufacturing facilities.
water is in process.

BUSINESS DRIVERS
Manufacturing excellence
Overview
The Company’s manufacturing capabilities are built around execution excellence. The
manufacturing operations are data-driven, enhancing accuracy in resource demand projections.
The manufacturing function comprises experienced professionals and competence to fabricate
manufacturing equipment.
Strengths Challenge: The Company faced a decline consumption markets

The Company’s products adhere to in the margins of fibre cement sheets
The Company deepened
ASTM, European and Indian (IS) standards due to increased raw material costs.
engagements with vendors who can
The Company integrated forwards to Counter-initiatives: Continuous R&D, supply raw materials around a superior
enhance sustainability (boards to panels) deploying cutting-edge production price-value proposition
technologies and increased scale of
The Company created a dust-free and The Company enhanced
operations were some cost-effective
ergonomic shop floor manufacturing automation to enhance
measures, which helped optimise raw
productivity
material costs leading to stable margins
Challenges and counter- in 2021-22. The Company invested in research
initiatives to develop cost-effective raw materials
Challenge: The Company encountered a Highlights, 2021-22 without compromising end product
raw material price increase of almost 10% The Company implemented a quality
during the year under review. brownfield capacity expansion of
1,00,000 tonnes per annum in the roofing Outlook
Counter-initiatives: The Company
sheets business (Raebareli) and about The Company will seek to invest deeper
attempted to offset this increase through
50,000 tonnes per annum in the boards in research to cap manufacturing costs.
value-engineering and research-led
business (Udumalpet), These plants
process improvement.
will reduce logistics costs in reaching

BUSINESS DRIVERS
Supply chain management

Overview Big numbers
There is a premium on competent supply chain management
in the businesses where Visaka is present, translating into a
~10,000
Dealer stations across India as on
high raw material availability, high asset utilisation and lower
31st March, 2022
inventory.
Strengths challenges during first two months of the the board plant at Udumalpet in January
Strong brand of paying vendors on last financial year 2022.
time Counter-initiatives: Competent The Company expanded its cement
Proprietary competence in planning by the procurement team roofing sheet in Raebareli
commissioning new units, reducing a and coordination among various
The Company delivered record
dependence on vendors plants helped address the challenge of
production and sales across its roofing
interrupted supply, protecting overall
Dispersed manufacturing units, and fibre cement board businesses
capacity utilisation
helping procure from proximate supply
Challenge: Port congestion and Outlook
sources
container shortage affected imports The Company intends to deepen its
Long-term contracts with resource supply chain to minimise supply shocks.
suppliers, enhancing procurement Counter-initiatives: Long-term contracts
stability with suppliers and global transport
agencies helped address international
Challenges and counter- demand on time and in full.
initiatives
Highlights, 2021-22
Challenge: The second pandemic
Despite delays from equipment
wave transportation and productivity
suppliers, the Company commercialised

BUSINESS DRIVERS
Quality Management review

Overview standards were maintained; regular market
feedback helped enhance product quality.
The Company is committed to deepen quality
benchmarks to protect the The Company achieved the highest global
health and safety of users. exports share due to its robust quality
framework.
The Company engaged with prospective
suppliers only after rigorous testing and The Company’s quality processes comprised
site visits to ensure that raw material quality the testing of raw materials according to the
addresses the Company’s high standards and industry standards and requirements and
requirements. testing of finished goods to determine the
mechanical and strength properties in line
The Company invested in research and
with quality standards.
development to ensure that high quality
Our certifications Outlook, 2022-23 enhance quality specifications and

IS 14862:2000 The Company intends to strengthen implement TPM in all plants following
ISO 9001:2015 its Total Productive Maintenance (TPM) back-to-back commitments from large
IS 8336 movement, plug improvement areas, global institutional customers.
Highlights, 2021-22 Big numbers

The Company reported increased
production and dispatch (domestic and
international markets) following greater 1 2 38
demand arising out of enhanced product V Next boards, Cement roofing sheets, Countries, market
quality. domestic market domestic market presence
position position

BUSINESS DRIVERS
Building a digitalised company

Overview The result is that technology at Visaka is being
widely perceived as the principal competitive
The last few years have been an inflection
differentiator, where most players work within
point in our business. There is a growing
a narrow corridor of competitiveness. The
recognition that technology is not just
more successful companies are inevitably
important to the Company; it is intrinsic to
those possessing superior enabling
its existence. Technology is not required to
technology leading to enhanced overall
only improve a function or two; technology is
competitiveness. At Visaka, we believe that
imperative to build an efficient company at all
we remain competitive, liquid and viable in
levels – technology in developing innovative
business only on account of the technology
products, providing superior service, making
we use.
process-driven cost savings and enhancing
operational efficiency.
Challenges and mitigation Digital marketing using social media

There is a need to digitally reach platforms
customers in B2C products (ATUM). Launch of an IoT-based app for
charging stations for solar roofing
Highlights, 2021-22 products
A progressive digitalisation of the IT
Automation of manual processes
department
across the Finance/Human Resource/
Enhanced V Next solution app for the Operations functions
Company’s products

Enhanced data
collection and
analysis
Stronger Data-driven
resource customer
management insights
Superior and
Stronger
predictable
productivity;
customer
lower waste.
outcomes
How
digitalisation
Enhanced
is transforming Improved
organisational
Visaka productivity
responsiveness

ENGAGEMENT
Corporate Social Responsibility

Overview
At Visaka, corporate social responsibility is an integral part
of the Company’s culture. Visaka has continued to address
the needs of peripheral communities. During the year under
review, the Company spent H2.30 crore in CSR initiatives.
Our CSR vision Providing drinking water and The Company provided solar-powered
The Company’s vision is to actively sanitation facilities carts to street vendors to empower them
contribute to the social and economic to earn a living at night
Engaging in rural development
development of the communities in The Company reimbursed salaries
Enhancing skills leading to sustainable
which we operate. In doing, so to build to tutors in the backward districts of
livelihoods
a better, sustainable way of life for the Telangana
weaker sections of society and raise the Strengthening a framework for
The Company provided drinking water,
country’s human development index. dependable health care
conducted health camps and widened
Our focus areas CSR initiatives, 2021-22 rural electrification coverage through
solar roofing
Improving Human Development Index The Company provided educational
infrastructure in schools and colleges,
Promoting educational facilities to the
including the construction of classrooms
underprivileged
and laboratories

B U S I N E S S D I V I S I O N A N A LY S I S # I
Cement roofing sheets

Business profile
Market share (%) 18 Number of plants 8
Presence Pan-India Brands Visaka / Shakti
Andhra
Pradesh, Tamil
Nadu, Karnataka,
Sales contribution
Plant locations West Bengal, Odisha,
Uttar Pradesh,
(%) to Total Revenue 60%
Telangana and
Maharashtra
Overview The Company’s volumes grew 7% in operational in the first quarter of

The Company commenced the 2021-22 compared to the previous year. 2022-23. The performance improvement
manufacture of cement roofing sheets in Demand remained stable compared was partly catalysed by a rise in steel
1985 with an annual capacity of 36,000 to the pent-up demand witnessed prices that enhanced the price-value
metric tonnes. It possessed the capacity during the previous year. The Company proposition of cement roofing sheets.
to manufacture 8,02,000 metric tonnes embarked on the exercise to add 100,000
across eight plants by the close of the metric tonnes per annum to its installed
year under review, accounting for 60% of capacity – the first such instance after
the Company’s revenues. 10 years - which is expected to become

Strengths 2021-22. The increased cash flows with EBITDA from the business accounted
Sectoral expertise: Visaka has been farmers is likely to sustain home building for 17% of the Company’s EBIDTA
in business for over four decades, and renovation, strengthening the compared with 21.8% in the previous
aggregating rich experience of consumer offtake of cement roofing sheets. year
preferences, resource logistics and There is a growing consumer perception Way forward
market cycles. that cement roofing sheets provide
The Company’s roofing business is
Certifications: The Company’s products superior value over metal sheets for rural
expected to perform creditably following
were certified with accreditations like BIS, residential applications, with lower heat
a sustained increase in rural incomes,
which translated into quality consistency transfer and sound during the monsoons;
which should sustain demand growth.
and brand recall. besides, the product built on multi-
Favourable monsoons are also expected
decade product durability, enhancing
Wide footprint: The Company to sustain industry growth into yet
the price-value proposition. During the
established a large retail footprint of another year. In view of the Russia-
last financial year, widening the price
about 7,000 pan-India dealers. Ukraine war, there were challenges
difference between a cement roofing
in supply-chain management and
Extensive scale: The Company is the sheet and steel, strengthening preference
the availability of raw materials. The
second largest manufacturer of cement and offtake for the former.
Company is taking adequate measures
roofing sheets, accounting for 18% to address the challenges. The Company
Highlights, 2021-22
of the sector’s pan-India capacity and expects to pass cost increases (inputs and
generating procurement, branding and Revenues increased 6% from H791
logistics) to customers by capitalising on
administrative economies crore in 2020-21 to H841 crore.
the cost differential enjoyed over steel.
Capacity utilisation was 96% compared Moreover, in the next two to three years,
Sectorial trend to 89% in 2020-21. the Company expects to generate 50%
The Company expects to capitalise on of its revenue mix from cement roofing
higher minimum support prices (MSP) Sales accounted for 60% of the
sheets.
and favourable agriculture harvest of Company revenues
Capacity utilisation Contribution to

FY18 FY19 FY20 FY21 FY22 total sales (%)
Installed capacity (metric tonnes) 802,000 802,000 802000 802000 802000
71
60
Capacity utilisation (%) 88 92 80 89 96
Sales growth
FY18 FY19 FY20 FY21 FY22
Sales (H crore) 677 728 626 791 841
Sales growth (%) +6.2 +7.6 -14 26 6 FY15 FY22

B U S I N E S S D I V I S I O N A N A LY S I S # I I
V Next products, fibre

cement boards and panels
Division profile
Market share (%) 32 Number of plants 4
Presence Pan-India Brands V Next
Telangana,
Maharashtra, Sales contribution
Plant locations
Haryana and Tamil (%) to Total Revenue 20%
Nadu

Overview sectoral capacity. It is also the exclusive termite-resistant and UV-resistant by TUV
Visaka commenced the manufacture producer of the premium product -Type Singapore. The Company’s automated
of fibre cement boards and panels in A. Visaka is expanding its distribution fibre cement board plant is ISI-certified,
2009. The user-friendly substitute for network and spreading product consuming far lower power compared to
conventional walls and dry wall solutions awareness by engaging with opinion the sectoral average.
(V Next panel) is manufactured with influencers (carpenters, architects and
Customised: The Company started with
technical inputs from Australia and contractors). Based on diverse options to
more than 30 applications but has since
accepted by builders and practicing explore creative applications, V Next has
selected to focus on seven customised
professionals in India and overseas. developed a growing clientele in India,
applications.
Middle East and Africa.
These panels are manufactured in an Value-added: The Company introduced
asbestos-free manufacturing units at The Company’s focus is to increase value-
value-added products like designer
Miryalaguda, Telangana and Jhajjar, added products from this business. The
boards and exterior boards like planks.
Haryana. V Next panel is energy-efficient manufacture of grading designer boards
It introduced the path-breaking V-Infill
with superior thermal and acoustic will generate superior pricing with the
(load bearing dry wall) technology that
properties. The product is offered in objective to enhance the proportion of
accelerates construction. This lightweight
three thickness variants – 50mm, 75mm value-added products from the present
concrete (cement, sand, expanded
and 100mm – with a standard width 10%. The business has developed a
polystyrene concrete and a proprietary
of 600mm and lengths of 2,400mm, committed clientele in the Middle East,
additive) is mixed with water and poured
2,700mm, 3,000mm and 3,300mm. The Europe, Nepal, Sri Lanka and Thailand,
between a structure made with V Next
product is widely used as ready-to- among other countries, for around 30%
frames, TMT rods and V-Boards as facing
install walls for sturdy structures like site of its capacity.
sheets.
camps, offices, villas, resorts, farmhouses,
Strengths Procurement: The Company sources fly
partitions in malls, hotels and hospitals.
Quality: V Next products are ash and cement from areas proximate
The Company manufactures V Next
manufactured using cellulose fiber; to its facilities. The Company’s plants in
Board, non-asbestos autoclaved fibre
they are Green Pro Certified products Pune and Miryalaguda are proximate to
cement board using the Hatchek
(V-Board, V-Designer, V-Plank, V-Premium the large cities, strengthening logistics
process with high pressure steam curing
and V-Panel) by CII-IGBC. Visaka is the management across the working capital
technology.
only company to be Green Product- cycle.
Visaka’s capacity is 2,20,000 metric certified in the category of fibre cement
Features: The Company invested its
tonnes per annum for boards and 19,750 boards.
V Next products with superior attributes
metric tonnes per annum for panels. The
Certification: The Company’s products of fire- and termite resistance, denseness,
Company is the leading player in terms
are certified fire-proof, water-proof, moisture free, swelling-free, tensile, water
of market share, accounting for 32% of

Installed capacity (metric tonnes) 129,750 179750 179750 189750 239750
11
20
Capacity utilisation (%) 81 67 76 71 76
Sales growth
Sales (H crore) 152 177 196 203 284
Sales growth (%) 9 17 11 3 40 FY15 FY22

absorbance and water vapour resistance. The Company engaged directly with Developers, Puravankara and Panchsheel
marquee customers like Mahindra Life in Pune.
Challenges and mitigation Spaces, Tatas and L&T, strengthening the
Exports accounting for 20% of
The Company encountered challenges institutional proportion of its revenues.
revenues (17% in the previous year);
related to raw material inflation that put a
The Company developed a functional the domestic segment is expected to
premium on passing these to customers.
app, empowering customers to access a remain robust on account of demand
Besides, the Company encountered some
complete design (for commercial space, restabilisation in the country’s real estate
consumer resistance following inflation
factory or residential space) using the V sector.
that affected disposable incomes.
Next product, a single point solution.
The Company is marketing products
Highlights, 2021-22 (V Next The Company reinforced its leadership across more than 2500 outlets pan-India
products) position related to wall panelling and dry and the business is expected to grow
Revenues increased by 40% from H203 wall applications; the Company will enter around 25%.
crore in 2020-21 to H284 crore in 2021-22. the false ceiling segment where gypsum
The Company will set up a panels unit
board has been a prominent player;
Capacity utilisation stood at 76% (71% along with the Udumalpet facility, to
the Company will leverage its existing
in the previous year). push the dry wall concept
relationships with prominent residential
Sales accounted for 20% of revenues. developers like Alliance Group, Sobha
Way forward
The V Next brand performed creditably and expected to grow attractively, catalysed by growth in the domestic and export markets.
The Company expects to generate B2B contracts from large companies, making it possible to grow this business by about 25%.
Did you know? Did you know? Did you know?

V Next started by selling about 1000 V Next segment is a product of choice V Next is a preferred interior panel
square feet a day. The product now for almost all new and prominent across most Dubai malls
sells about 10 million square feet a projects for brand-enhancing clients
month like Microsoft, Amazon, JW Marriott,
Tatas and L&T
The V Next portfolio
V-Board for interiors V-Premium for V-Plank for exteriors V-Panel for internal V-Infill for load
exteriors and external walls bearing walls

V Next applications
Wall panelling Dry walls Partitions False ceilings
Mezzanine
Roof underlay Kitchen cabinets Shelves
flooring
External
Sidings Façades Gates cladding
cladding
Soffits (flower-
Did you know?
bed ceilings) V Next Boards emits 36 kg of carbon compared to 1 ton of carbon by
concrete, almost 800 kg by plywood and 2 tonnes by steel

SUB-BUSINESS SEGMENT
ATUM
Overview Productive: The product is attractively to a large pan-India hospital segment,
The pioneering ATUM solar roof was low on space but high on productivity; data centres and large family enterprise
launched in 2018, a breakthrough in the a 1-kilowatt panel can be installed
The following are some of the ATUM
field of sustainable energy. Visaka secured across 66.5 square feet compared to a
roof clients:
patents for this product in USA, South conventional solar panel that occupies
100 square feet Indian Railways
Africa and India.
Serum Institute (Covishield)
ATUM is an integrated solar rooﬁng Durable: The product provides an
Mahindra Resorts
system that addresses all functions enduring solution (40-45 years for the
Manipal Institute
of a traditional roof while generating roofing application and >25 years for the
Rainbow Hospital
renewable energy. The Company power generation function).
Pheonix Group
manufactures integrated solar panels Certified: The product is backed by
The business got patents for the
with a cement base, providing superior relevant certifications (BIS certified-
product in the US, South Africa and India
heat insulation over a traditional roof IS:14286/ IEC 61215, IEC 61730 Part-1 and
without compromising aesthetics. IEC 61730 Part-2). ATUM received the Way forward
In the last few years, ATUM established prestigious UL certification that opened
The Company has set up 250 charging
itself as a trusted product deployed markets in USA and Europe
stations, providing green energy to its
across segments and geographies. The consumers. Further, the Company plans
Challenges and mitigation
Company is optimistic of prospects to add more charging stations in 2022-23.
based on the Indian government’s Since the product is still relatively new,
renewable energy commitment and a there is a need to enhance awareness The Company is fabricating ATUM Life,
resolution to moderate carbon footprint. The Company engaged in extensive a chain of experience centres offering
marketing during the year. There was all eco-friendly sustainable and green
The Company developed applications a need to validate product quality. The products under one roof.
for data center players and the railways, Company received BIS certification for
generating repeat orders. The Company The Company intends to launch about
ATUM
also commenced exports to Africa 10 ATUM Life studios to explain the
product
and the Middle East, broadbasing its Highlights, 2021-22
geographic coverage. The Company implemented 97 ATUM Life will enable consumers
projects; it ended the year with a project adopt sustainable products like
Differentiated features pipeline of 15 MW across hospitals, V Next solutions, emerging as a point of
Strength: ATUM demonstrated the pharmaceuticals and data centres. reference and experience
capacity to withstand wind speeds of
>180 km per hour, enhancing reliability The Company launched ATUM Charge,
a self-sustaining solar powered-charging
Integration: The product provides an station that will be set up across India
integrated power generating roofing and the world
solution (~2 metres x1 metre correlates
to 21.5 square feet for a 320-watt peak). The Company generated repeat orders
from Hindustan Aeronautics, in addition

Did you
know?
If a traditional solar panel
consumes 100 square
feet to generate one
kilo watt or 4.5 units a
day, ATUM promises to
do the same using 66.5
square feet – enhanced
space efficiency
ATUM Projects executed in 2021-2022

Region Number of projects Capacity (kilowatts)
South 58 2460
West 26 2334
North 3 63
East & North East 3 311
Export 7 142

New age products

B U S I N E S S D I V I S I O N A N A LY S I S # I I I
Synthetic yarns

Overview Reputed: The Company invested in EBITDA from this business was 18.5% of
Visaka extended into the manufacture periodic capacity addition (12,000 metric what reported by the Company
of synthetic yarn in 1992 when it tonnes of yarns per annum at present)
The Company produced 250 tonnes of
commissioned a factory in Nagpur. The to service the growing requirements
sustainable yarn, a new venture derived
plant was designed to produce 2,000 of some of the biggest fabric brands in
from bottles, which was well accepted in
tonnes of man-made yarns per annum India.
Europe and America.
using the cutting-edge air-jet spinning Technology: The Company manufactures
technology. yarns with the sophisticated twin airjet Way forward
Over the years, the Company spinning technology. The Company continued to observe
manufactured specialised products market trends before deciding whether it
Best-in-class: The yarns manufactured
(mélange, high twist and specialty would enhance manufacturing capacity.
by the Company are marked by low
yarns) in different blends utilised by pilling, no singeing and excellent dye
quality-conscious fabric manufacturers, pick-up, low picks per inch, low weaving
resulting in realisations among the costs, low value loss/ fresher piece
highest in the country’s yarn sector. The lengths, high perspiration absorption,
Company’s quality emphasis is validated low shrinkage, smooth appearance and
by prominent downstream brands like cotton-touch feel.
Donear, Siyaram Silks, Raymonds, GBTL,
Preferred: The yarns produced by
RSWM, BSL Suitings and Arvind Mills,
Visaka enhance loom productivity and
among others. The Company scaled its
are preferred by demanding fabric
spinning capacity in 2016-17 to produce
manufacturers
12,000 tonnes per annum.
Strengths Highlights, 2021-22

Revenues increased by 83% from H135
The synthetic yarn division performed
crore in 2020-21 to H247 crore
creditably, maintaining traditional
margins year. The last few years proved Capacity utilisation increased from 60%
turbulent for the textile industry wherein in 2020-21 to 90%
it took shutdowns and incurred losses.

MTS machines 41 41 41 41 41
18
18
Spinning positions 2752 2752 2752 2752 2752
Sales growth
Sales (H crore) 169 219 215 135 247
Sales growth (%) -3% +30% -2% -37% 83 FY15 FY22

Risk management
Our business divisions and risk probabilities
Divisions Risk probabilities Reasons
Cement roofing sheets High-moderate Rural economic slowdown
Slowdown in building and construction sector
V Next Moderate-low Differentiated products and market
ATUM Moderate Comparatively new in market
Yarn Low Superior customer reach and product quality
Building products business
Risks Probability Mitigation
There is a perception that Medium The quantum of fibre used in India is minimal. No fatalities have
cement asbestos products been reported in India by users of the material.
are harmful The Company uses white fibre whereas the carcinogenic blue
fibre is banned.
The free floating asbestos used by the Company is well below
the 0.1 fibres/ml of air standard fixed by Ministry of Environment.
The Company’s on-going audit ensures a safe workplace for
employees.
The Company presents its case responsibly to the external
world that the material used is safe
There is a risk of Medium The Company imports all the fibre it needs (three grades, from
interrupted fibre Russia, Kazakhistan, Brazil).
supply that could affect Even as the Company has been working with suppliers for long,
production it enters into annual contracts with them based on its production
plan for predictable supply.
The Company keeps adequate raw material inventory as a
hedge against shipment delays and unavailability of material.

There is a risk of supplying Medium-low The Company has progressively commissioned plants in
far from the production regions with attractive offtake but relatively inadequate supply.
plant, incur high freight The Company’s strategy is to service consumers across a radius
costs, transshipment of 500 km.
breakage and endangered
Each of the Company’s plants covers mutually exclusive
profitability. marketing zones, maximising national coverage.
There is a risk of Medium-low There is a risk of oversupply especially when new capacities
realisations declining come on stream without corresponding market growth, resulting
in the event of product in a decline in realisations. However, as the market grows,
oversupply or demand realisations correct.
destruction The Company has generally marketed its products in regions
of under-supply, enhanced recall and strengthened its market
share. The result is that its material has generally sold quicker even
in times of oversupply and commanded a premium in times of
undersupply
The business is exposed to Low The Company has a proactive hedging policy handled by a
forex risk, considering that committee of executives.
nearly all the Company’s The Company also enjoys a natural hedge for a part of its
requirement of fibre is imports through yarn and V Next products export.
imported.
Textile business
The Company may be Low The Company has consciously selected to be present at the
affected by commodity value-added end of the business through the manufacture
realisations. of niche and premium products. Some of the products fetch
realisations higher than the prevailing industry average. The
Company’s average realisation per kg of end product was H189 in
2020-21 and H231 in 2021-22.
The Company could be High-medium This risk affects the entire industry. However, the Company has
affected by a rise in input always passed on costs due to its premium quality positioning.
prices.

The Company could be Low The Company has deliberately graduated to the manufacture of
affected by a decline yarns used in value-added products.
in offtake and product The Company addresses the needs of weavers who make
relevance. branded garments and home textiles. There is a growing market
for these products in India on account of income increase, a
greater proportion of the population becoming earners, a decline
in the average age and a general inclination to graduate to a
better living standard.
The Company’s textiles Low The Company customises yarn products and produces
business could be affected challenging counts not easily replicated by competitors, helping
by client attrition retain customers.

Statutory Reports Financial Statements
Board’s
Report
Your Directors are pleased to present the 40th Annual Report on the operational and business performance of the Company together
with the Audited Financial Statements (Standalone and Consolidated) for the Financial Year ended March 31, 2022.
Financial Performance
The summarized financial performances for the Financial Year ended March 31, 2022 are as under: (Rs. In lakhs)
Particulars Standalone Consolidated
2021-22 2020-21 2021-22 2020-21

Total Revenues 1,42,567 1,15,479 1,42,568 1,15,513
Profit before depreciation and Taxes 19,839 18,925 19,821 18,925
Profit before taxes 16,077 14,926 16,059 14,926
Provision for taxes (Including deferred tax) 4,224 3,861 4,227 3,861
Total comprehensive income 11,895 11,087 11,874 11,086
Dividend * 2,802 824 2,802 824
Balance brought forward from previous year 27,268 17,006 27,268 17,006
Profit available for appropriation 36,362 27,268 36,341 27,268
*Dividend paid during the respective years
Performance review and the state of Company’s affairs: The Company’s other key performance indicators are as under:
The Company’s consolidated total income for the year 2021-22 • Cash Profit increased by 3% to Rs. 156 crores from Rs. 151
was Rs. 1425.68 crores, up by 23% over the previous year. Profit crores in previous year
before tax (PBT) was Rs. 160.59 crores representing a growth of
8% over the previous year. • The capital expenditure for FY 2021-22 was incurred of
Rs. 145 crores, major part of Rs. 81 Crores is in respect of V
The Company’s standalone total income for the year 2021-22 was Next Boards & Panels projects at Udumlpet near Coimbatore
Rs. 1425.67 crores, up by 23% over the previous year. Profit before and Rs. 49 Cores is towards setting up of additional line at
tax (PBT) was Rs. 160.77 crores representing a growth of 8% over Asbestos unit at Raebareli near Lucknow and other capital
the previous year. expenditure
The company has posted another good year of performance There is no change in the nature of the business of the Company
by achieving highest turnover and profits with all segments during the year under review.
contributing significantly. The demand for the Company’s
products is stable in spite of Covid related lockdowns in the DIVIDEND
first quarter and challenges being faced in the supply chain and Your Directors declared an interim dividend of Rs. 7/- (i.e. 70%) per
increase in resources cost etc. share of Rs. 10/- each fully paid up during the financial year under

review. Your Directors are pleased to recommend a Final Dividend Management discussion and analysis
of Rs. 8/- (i.e. 80%) per share of Rs. 10/- each for the Financial Global economic review
Year 2021-22. With the above, the total dividend payout would
The global economy grew an estimated 5.9% in 2021 compared
be Rs.15/- (i.e. 150%) per share of Rs. 10/- which is on par with
to a de-growth of 3.3% in 2020. This improvement was largely due
the previous year’s Dividend of Rs. 15/- per share (i.e.150%). The
to increased vaccination rollout the world over and a revival in
dividend, if approved at the 40th annual general meeting (AGM),
economic activity based on catch-up consumption.
will be paid to all eligible members.
The global economic recovery is attributed to accelerated
TRANSFER TO RESERVES
vaccine rollout across 4.4 billion people, around 56% of the
The company has not proposed to transfer any amount to the global population (single dose). The spot price of Brent crude
general reserve. oil increased 53.34% from USD 50.37 per barrel at the beginning
SHARE CAPITAL of 2021 to USD 77.24 per barrel at the end of the calendar year,
strengthening the performance of oil exporting countries and
The paid-up share capital of your company increased by Rs.80.00
moderating growth in importing nations. Global FDI reported an
lacs to Rs. 1728.10 lacs during the year under review consequent
increase from $929 billion in 2020 to an estimated $1.65 trillion
to allotment of Eight Lakh Equity Shares of Rs. 10/- each fully paid
in 2021.
up issued to promoters and promoter group upon conversion of
8,00,000 convertible warrants. The global economy was affected by prohibitive shipping freight
rates, a shortage of shipping containers and semiconductor
Subsidiary companies:
chips in 2021, affecting global economic recovery. Inflation was
The Company has two subsidiaries as on March 31, 2022 i.e. VNEXT at its highest since 2011, especially in the advanced economies,
Solutions Private Limited and Atum Life Private Limited, Vnext catalysed by a run up in commodity prices. Some emerging
Solutions Pvt Ltd is setup to capitalise on the expertise gained and developing economies were positioned to withdraw policy
in the various applications of its products. Viz., EPC contracts, support to contain inflation even as the economic recovery was
Turnkey solutions, construction of Infil houses with Atum Solar still incomplete.
panels, V-Boards, V-Panels and Infil material.
The prominent feature of the global economic activity during
Atum Life Private Limited is formed to deal with the sustainable the year under review was a sharp revival in commodity prices
and eco-friendly products. The Company is proposed to open to record levels following the drop at the time of pandemic
studios to deal with various range of sustainable products outbreak. The commodities that reported a sharp increase in
including holding company’s sustainable products. The Company prices comprised steel, coal, oil, copper, food grains, fertilisers and
has put up Atum charging stations which provides clean energy gold.
to consumers. ATUM Charge is India’s First Green EV charging
stations and it is powered by our own ATUM Solar roofing. The global economy is projected to grow at a modest 2.6% in
The Company aims for Zero emissions, net zero facilities and 2022 following the Russia-Ukraine crisis. A higher interest rate
sustainable network. environment could affect emerging markets and developing
economies with large foreign currency borrowings and external
The Statement containing salient features of the financial financing needs in 2022.
statement of Subsidiaries / associate companies / joint ventures
(Pursuant to first proviso to sub-section (3) of section 129 read Regional growth (%) 2021 2020
with rule 5 of Companies (Accounts) Rules, 2014) in form AOC-1 is World output 5.9 (3.3)
annexed as Annexure-1. Advanced economies 5.0 (4.9)
Emerging and developing economies 6.3 (2.4)
In terms of Section 129(3) of the Companies Act, 2013, the
consolidated financial statements of the company and all its (Source: IMF, World Bank, UNCTAD)
subsidiaries prepared in accordance with Ind AS 110 and 111 Performance of major economies
as specified in the Companies (Indian Accounting Standards)
Rules, 2015, forming part of the annual report. In accordance United States: The country reported GDP growth of 5.7% in
with Section 136 of the Companies Act, 2013, the audited 2021 compared to a de-growth of 3.4% in 2020, following the
financial statements and related information of the company government’s investment of trillions of dollars in COVID relief.
and its subsidiaries, wherever applicable, are available on the China: The country’s GDP grew 8.1% in 2021 compared to 2.3% in
company’s website: www.visaka.co. These are also available for 2020 despite it being the novel coronavirus epicentre.
inspection during regular business hours at our corporate office
United Kingdom: The country’s GDP grew 7.5% in 2021 compared
in Hyderabad, India.
to a 9.9% de-growth in 2020.

Japan: The country reported growth of 1.7% in 2021 following a India surpassed the Rs 88,000 crore target set for asset
contraction in the previous year. monetisation in 2021-22, raising over Rs 97,000 crore with roads,
power, coal, mining and minerals accounting for a large chunk of
Germany: The country reported a GDP growth of 2.9% in 2021
the transactions.
compared to a decline of 4.9% in 2020.
The Indian government launched a four-year Rs. 6 lakh crore
(Source: World Bank, IMF, Business Standard, Times of India)
asset monetisation plan (roads and highways, pipelines,
Indian economic review power transmission lines, telecom towers, railways station re-
The Indian economy reported an attractive recovery in 2021-22, development, private trains, tracks, goods sheds, dedicated
its GDP rebounding from a de-growth of 7.3 per cent in 2020-21 freight corridor, railways stadiums, airports, projects in major
to a growth of 8.6 (E) per cent in 2021-22. By the close of 2021-22, ports, coal mining projects, mineral mining blocks, national stadia,
India was among the six largest global economies, its economic redevelopment of colonies and hospitality assets).
growth rate was the fastest among major economies (save China), In 2021, India was the largest recipient of global remittances. The
its market size at around 1.40 billion the second most populous in country received USD 87 billion during 2021, with the US being
the world and its rural under-consumed population arguably the the largest source (20%). India’s foreign exchange reserves stood
largest in the world. at an all-time high of USD 642.45 billion as on September 3, 2021,
Y-o-Y growth of the Indian economy crossing USD 600 billion in FOREX reserves for the first time.
FY19 FY20 FY21 FY22 India’s currency weakened 3.59% from Rs. 73.28 to Rs. 75.91 to
Real GDP growth (%) 6.1 4.2 (7.3) 8.6 (E) a US dollar through FY 22. The consumer price index (CPI) of
India stood at an estimated 5.3% in FY 2021-22. India reported
Growth of the Indian economy, 2021-22
improving Goods and Services Tax (GST) collections month-on-
Q1, Q2, Q3, Q4, month in the second half of 2021-22 following the relaxation of
FY22 FY22 FY22 FY22 the lockdown, validating the consumption-driven improvement
Real GDP growth (%) 20.1 8.4 5.4 4.8 (E) in the economy. The country recorded its all-time highest GST
collections in March 2022 standing at Rs. 1.42 lakh crore, which is
The Indian economy was affected by the second wave of the 15% higher than the corresponding period in 2021.
pandemic that affected economic growth towards the fag end
of the previous financial year and across the first quarter of the India ranked 62 in the 2020 World Bank’s Ease of Doing Business
financial year under review. The result is that after a growth of ranking. The country received positive FPIs worth Rs. 51,000 crore
1.6 per cent in the last quarter of 2020-21, the Indian economy in 2021 as the country ranked fifth among the world’s top leading
grew 20.1 per cent in the first quarter of FY 2021-22 due to the stock markets with a market capitalisation of $3.21 trillion in
relatively small economic base during the corresponding period March 2022.
of the previous year. The fiscal deficit was estimated at Rs. 15.91 trillion for the year
India’s monsoon was abundant in 2021 as the country received ending March 31, 2022 on account of a higher government
99.32% of a normal monsoon, lower though than in the previous expenditure during the year under review.
year. The estimated production of rice and pulses recorded India’s per capita income was estimated to have increased 16.28%
volumes of 127.93 million tonnes and 26.96 million tonnes from Rs. 1.29 lakh in 2020-21 to Rs.1.50 lakh in 2021-22 following a
respectively. The total oilseeds production of the country relaxation in lockdowns and increased vaccine rollout.
recorded a volume of 371.47 million tonnes. Moreover, based
on the spatial and temporal distribution of the 2021 monsoon India’s tax collections increased to a record Rs 27.07 lakh crore
rainfall, the agricultural gross value added (GVA) growth in FY22 in FY 2021-22 compared with a budget estimate of Rs 22.17
is anticipated to be 3-3.5%. The country’s manufacturing sector lakh crore. While direct taxes increased 49 per cent, indirect tax
grew an estimated 12.5 per cent, the agriculture sector 3.9 per collections increased 30 per cent. The tax-to-GDP ratio jumped
cent, mining and quarrying by 14.3%, construction by 10.7% and from 10.3 per cent in FY21 to 11.7 per cent in FY22, the highest
electricity, gas and water supply by 8.5% in FY 2021-22. since 1999.
There were positive features of the Indian economy during the Retail inflation in March at 6.95 per cent was above the RBI’s
year under review. tolerance level of 6 per cent but fuel prices played no part in this
surge. Retail inflation spiked to a 17-month high in March 2022,
India attracted highest annual FDI inflow of USD 83.57 billion in above the upper limit of the RBI’s tolerance band for the third
FY 2021-22, a validation of global investing confidence in India’s straight month.
growth story. The government approved 100% FDI for insurance
intermediaries and increased FDI limit in the insurance sector (Source: Economic Times, IMF, World Bank, EIU, Business Standard,
from 49% to 74% in Union Budget 2021-22. McKinsey, SANDRP, Times of India, Livemint, InvestIndia.org,
Indian Express, NDTV, Asian Development Bank)

Indian economic reforms and Budget 2022-23 Indian construction and building materials industry
provisions India’s construction industry addresses growth coming out of its
The Budget 2022-23 seeks to lay the foundation of the Indian real estate and urban development. The construction industry
economy over the ‘Amrit Kaal’ period of the next 25 years leading witnessed a rebound to grow 15.8% to US$541.54 billion in 2021,
to 100 years of independence in 2047. The government is driven by the global response to broadbase supply lines away
emphasizing the role of PM GatiShakti, Inclusive Development, from China, government housing schemes, large captive market
Productivity Enhancement & Investment, Sunrise Opportunities, and pent-up demand following COVID-19. India is expected to
Energy Transition and Climate Action, as well as Financing of emerge as the third largest construction market by 2025, with
Investments. output expected to increase an average 7.1% a year in line with
the national goal to modernize infrastructure and create ‘smart’
The capital expenditure target of the Indian government
urban development. This industry has an extensive coverage with
expanded by 35.4% from Rs.5.54 lakh crore to Rs. 7.50 lakh crore.
contributions of around 55% to the steel, 15% to the paint and
The effective capital expenditure for FY23 is seen at Rs. 10.7 lakh
30% to the glass industries.
crore. An outlay of Rs. 5.25 lakh crore was made to the Ministry
of Defence, which is 13.31% of the total budget outlay. A boost The government permitted 100% FDI under the automatic route
was provided to India’s electric vehicle policy ‘Scheme for Faster in completed projects for operations and the management of
Adoption and Manufacturing of (Hybrid and) Electric Vehicle in townships, malls / shopping complexes and business construction,
India’. An announcement of nearly Rs. 20,000 crore was made which helped the real estate sector attract US$23.9 billion during
for the PM Gati Shakti National Master Plan to catalyse the 2017-21. The Indian construction industry is expected to report
infrastructure sector. An expansion of 25,000 km was initiated average annual growth of 11.6% between 2022 and 2025 on
for 2022-23 for the national highways network. To boost the account of investments of US$1.5 trillion in National Infrastructure
agricultural sector, an allocation of Rs. 2.37 lakh crore was made Pipeline during FY2020-2025. A vast transformation is expected in
towards the procurement of wheat and paddy under MSP markets and industries, marked by digitisation.
operations. An outlay of Rs. 1.97 lakh crore was announced for
The Indian construction industry is expected to return to recovery
the Production Linked Incentive (PLI) schemes across 13 sectors.
in 2022. Even as commercial construction could remain subdued,
Outlook private developers are optimistic of prospects. The National
India’s medium-term optimism is derived from the fact that three Infrastructure Plan is expected to drive infrastructure construction.
down cycles – long-term, medium-term and short-term – could (Sources: indiaglobalbusiness.com, IBEF, Businesswire)
well be reversing at the same time. The long-term downtrend, as Rural India proxy
a result of nonperforming assets, scams and overcapacity could
The business of your company is catalysed by the prospects of
be over; the medium-term downtrend that was caused by the
rural India, from where it derives [60] per cent of its revenues
ILFS crisis, select banks collapse and weakening NBFCs could well
through the sale of asbestos roofing sheets. This is a large market,
be over; the short-term downtrend on account of the pandemic
marked by around 65 per cent of the country’s population,
has weakened following the acceleration of the vaccine rollout.
growing rural incomes, increased aspirations and the need to
There is a possibility of each of these downtrends having played live better. India’s rural India population accounted for 44% of
out, which could well lead to a multi-year revival in capital the global rural population, indicating the size of the addressable
investments. Some USD 500 billion worth of investments are market (Source: World Bank).
expected to be made in the wind and solar infrastructure, energy
Rural India accounts for around 55 per cent of India’s manufacturing
storage and grid expansion.
GDP; rural areas were host to nearly 75 per cent of new factories
The Indian economy is projected to grow by 8% in FY23 (World built in the last decade, and rural factories account for 70 per cent
Bank estimate), buoyed by tailwinds of consistent agricultural of all new manufacturing jobs. Nielsen estimates that the FMCG
performance, flattening of the COVID-19 infection curve, increase market in rural India could generate US$ 100 billion in revenues
in government spending, favourable reforms and an efficient roll- by 2025, catalysed by online portals and smartphone ownership.
out of the vaccine leading to a revival in economic activity.
The health of the country’s rural sector has been catalysed by
Across the next three years, capital expenditure in core sectors abundant monsoons and harvests as well as attractive minimum
- cement, metal, oil refining and power - should be about Rs. 5 supplier prices, strengthening farm incomes. In turn, enhanced
trillion. Besides, the government’s production linked incentives incomes have generated home renovation or building, catalysing
(PLI)–led capex should generate an incremental Rs 1.4 trillion in the demand for asbestos roofing sheets. (Source: ibef.com)
sectors like consumer durables, pharmaceuticals and automobiles.

Sectorial drivers Indian solar rooftop market overview

Increasing population and urbanization: India’s population is India is a prominent solar power generating nation, its solar
expected to rise from 1.40 billion in 2022 to 1.52 billion in 2036, capacity having grown dramatically in the past few years. The
70% in urban India. National Solar Mission intends to enhance India’s renewable
energy capacity to 225GW by 2022 and 500GW by 2030. The Indian
Demographic dividend: India’s median age of population is 28,
rooftop solar market is estimated to grow 25% compounded for
lower than the global average of 30, which is expected to sustain
five years.
the national economic growth (including the construction
sector). India installed 1,700 MW solar capacity in 2021; the residential
segment accounted for 35%, followed by the commercial
Growing real estate sector: The real estate sector is expected to
segment (33%), industrial segment ((26%) and government
grow from US$541.54 billion in 2021 to US$842.54 billion in 2025,
segment (6%). A significant growth in rooftop installations is
driving building materials demand.
expected in FY22-23.
Smart Cities Mission and AMRUT: Under the Union Budget FY
The share of the industrial segment increased from 23% in 2015
2022-23, Rs.14,100 crore was outlined for Smart Cities Mission
to nearly 70% in 2019. Maharashtra, Rajasthan, Tamil Nadu,
and AMRUT, catalysing urban growth (marginally higher than Rs.
Karnataka, and Gujarat are key rooftop solar power states,
13,750 crore allocated under Union Budget 2021-22).
accounting for nearly 46% of the national rooftop solar capacity.
Pradhan Mantri Awas Yojana - Gramin (PMAY-G): India seeks to The rooftop solar market recorded its best year on account of a
establish 30 million houses in rural areas by 2022, strengthening pent-up demand spillover from 2020. (Source: solarquarter.com,
construction growth. Economic Times, Business Standard)
Budgetary allocation: According to Union Budget 2022-23, the Indian textiles industry review
Ministry of Rural Development was allocated Rs 1,35,944 crore. Textile industries employ more than 18 million people directly
Besides, for MNREGS, the rural employment guarantee scheme, and more than 20 million people indirectly, contributing 2% to
the budgetary allocation remained unchanged at Rs 73,000 crore India’s GDP and 7% to industrial production as of 2021. India is
despite a revised estimated for FY22 of nearly Rs 98,000 crore. among the top five global exporters in various categories like
(Source: The wire, Money Control) natural fibre, MMF spun yarn, filament yarn, woven fabric and
Indian fibre cement products sector overview home textiles.
Fibre cement products in India are a prevalent roofing material. The Indian textile sector registered a growth of 41% in the first
These materials are developed with high quality cement and three quarters of FY 2021-22 compared to the corresponding
imported fibre. Fibre cement roofing sheets are complex quarters of financial year 2020-21. The government aims to
building and construction materials, especially utilized in roofing enhance India’s textiles export from $29.6 billion in 2020 to $100
and facade applications owing to their strength and durability. billion by 2026. The Indian textiles market is expected to grow to
However, fibre cement roofing sheets demand is majorly driven more than US$ 209 billion by 2029.
by strict regulations against the use of asbestos in construction
Man-made fibres (MMF) are poised to grow as a result of
due to the health risks involved in its use. The Indian fibre cement
significant investments in world-class production plants, ongoing
market was 33,346.93 kilotons by volume in 2021.
innovation, new product mix and the need for countries to seek
The Indian fibre cement roofing sheets market was anticipated an alternative to China in their restructured supply chain.
to grow to US$ 963.86 million by FY 2027, growing at a CAGR
Indian government’s textile vision is to reach revenues of US$
of more than 5%. The growth is likely to be driven by economic
350 billion by 2024-25, warranting capacity trebling to 12 billion
development, infrastructure investments and suitability of
kg in five years. In December 2021, the government approved a
fibre cement roofing products over alternatives. In terms of
production-linked incentive (PLI) scheme for textiles. The scheme
raw materials, the Indian fiber cement roofing sheets market is
is expected to promote production of man-made fabric (MMF)
classified into portland cement, chrysotile asbestos fibre and
apparel, MMF fabrics and products of technical textiles with an
others. The roofing category is expected to sustain popularity on
aim to increase the global presence of India in these products.
account of established longevity and utility.
The government announced extension of the Rebate of State and
The fibre cement board comprises cement, silica and cellulose Central Taxes and Levies (RoSCTL) scheme for apparel and made-
fibre. This green product enjoys traction in India (produced ups for three years.
and marketed by Visaka under the brand of VNext products),
The Government aims to encourage private investments through
utilized in internal and external applications (except roof ). The
investments under Integrated Textile Parks Scheme and the
product is a replacement for brick work applications, plywood
Technology Upgradation Fund. The Indian textile industry is the
applications, MDF applications and gypsum board applications.
second largest employer in the country after the agricultural
(Source: Techsciresearch, Yahoo)

sector, in terms of employment creation, offering direct and Analysis of the Balance Sheet Sources of funds
indirect employment to around 100 million people. • The capital employed by the Company increased by 20%
Under the Union Budget 2022-23, the total allocation for the from Rs 798 crore as on 31st March, 2021 to Rs 958 crore as
textile sector was Rs. 12,382 crore (US$ 1.62 billion). Out of this, on 31st March, 2022.
Rs.133.83 crore (US$ 17.5 million) is for Textile Cluster Development • The net worth of the Company increased from Rs 627 crore
Scheme, Rs. 100 crore (US$ 13.07 million) for National Technical as on 31st March, 2021 to Rs 732 crore as on 31st March, 2022
Textiles Mission, and Rs. 15 crore (US$ 1.96 million) each for PM owing to increase in reserves and surpluses. The Company’s
Mega Integrated Textile Region and Apparel parks scheme and equity share capital increased from 1.648 crore equity shares
the Production Linked Incentive Scheme. (Source: IBEF, IMARC, to 1.728 crore equity shares of Rs 10 each, during the year
Statista, India textile journal.com) under review.
Big numbers • Long-term debt of the Company decreased to Rs 49 crore
2% as on 31st March, 2022. The long-term debt-equity ratio of
Share of India’s GDP, 2021 the Company stood at 0.07 in 2021-22 compared to 0.12 in
FY2020-21.
12%
Share of textile exports in country’s overall exports, 2021 • Finance costs of the Company decreased from Rs 12.81
crore in FY2020-21 to Rs 11.56 crore in 2021-22 following
Growth drivers
the repayment of liabilities and negotiation of better terms
Millennial demand: Millennials comprise 34% of India’s population with bankers. The Company’s interest cover stood at a
and 23% of the nation’s working population; this millennial comfortable 18.2 in 2021-22 15.8 in FY2020-21.
demand drives textile sector growth.
Applications of funds
Affluent middle class: Aspiring households that earn Rs 5 to Rs
• Fixed assets (gross) of the Company increased by 18% from
20 Lakhs catalyse consumption. Affluent households have more
Rs 577 crore as on 31st March, 2021 to Rs. 679 crore as on 31st
than doubled from 10 million to 24 million since 2008. Aspirers
March, 2022 due to expansion.
have increased from 31 million households to 57 million during
the same period. Elites earning beyond Rs 20 Lakhs jumped from Other non-current assets
3 to 9 million since 2008. • Other non-current assets of the Company enhanced from Rs
Growing aspirations: India comprises an aspiring population, 43.09 crore as on 31st March, 2021 to Rs 47.85 crore as on
marked by lifestyle enhancement, strengthening the offtake of 31st March, 2022
apparel. Working capital management
Western wear demand: Owing to casual dress code in offices • Current assets of the Company increased from Rs 503 crore
and urbanisation, the demand for western wear could increase, as on 31st March, 2021 to Rs 548 crore as on 31st March,
strengthening prospects of the textile sector. 2022. The current and quick ratios of the Company stood at
1.75 and 0.62, respectively in 2021-22 compared to 2.17 and
Growing online brands: India’s e-commerce market is estimated
0.96, respectively in FY2020-21.
to reach USD 350 billion in 2030, catalysed by rising internet
penetration, online shopping and smartphone use (Sources: • Inventories including raw materials, work-in-progress and
Economic Times, Mint, Wazir Advisors, Mint, IBEF) finished goods among others increased by 18% from Rs 249
crore as on 31st March, 2021 to Rs 293crore as on 31st March,
Financial overview
2022. The inventory cycle days decreased from 88 days of
Analysis of the profit and loss statement turnover equivalent in FY2020-21 to 71 days of turnover
Revenues: Revenue from operations reported 23% growth from equivalent in 2021-22.
Rs 1,146 crore in FY2020-21 to Rs 1416 crore in 2021-22. Other
• Trade receivables increased by 26% from Rs 111 crore as
income of the Company reported a 15% growth and accounted
on 31st March 2021 to Rs 140 crore as on 31st March, 2022.
for 0.7% share of the Company’s revenues reflecting the
More than 96% of the receivables are considered good. The
Company’s dependence on its core business operations.
Company debtor turnover cycle is 31 days due to higher
Expenses: Total expenses of the Company increased 26% from turnover during 2021-22 compared to 39 days in FY2020-21.
Rs 1005 crore in FY2020-21 to Rs 1265 crore in 2021-22 due to
• Cash and bank balances of the Company decreased from
higher production. Employee expenses accounting for 9.34% of
Rs 117 crore as on 31st March, 2021 to 27 crore as on 31st
the Company’s revenues and increased by 10% from Rs 120 crore
March, 2022.
in FY2020- 21 to Rs 132 crore in FY 2021-22.

• Loans and advances made by the Company increased by Company’s permanent employee strength stood at 1971 as at
113% from Rs 48 crore as on 31st March, 2021 to Rs 102 crore 31st March, 2022
as on 31st March, 2022 on account of increased advances
Cautionary statement
payable to suppliers and others.
The statement made in this section describes the Company’s
Margins objectives, projections, expectation and estimations which may
The EBIDTA margin of the Company decreased by 268 basis be ‘forward looking statements’ within the meaning of applicable
points from 17.67 % in FY2020-21 to 14.99 % in 2021-22, while the securities laws and regulations. Forward–looking statements are
net profit margin of the Company decreased by 121basis points. based on certain assumptions and expectations of future events.
The Company cannot guarantee that these assumptions and
Key ratios
expectations are accurate or will be realised by the Company.
Particulars 2021-22 2020-21 Actual result could differ materially from those expressed in the
Debt-equity ratio 0.28 0.25 statement or implied due to the influence of external factors
Return on equity (%) 17.44 19.55 which are beyond the control of the Company. The Company
assumes no responsibility to publicly amend, modify or revise
Earnings per share (Rs) - Basic 71.26 68.47
any forward-looking statements on the basis of any subsequent
Debtors Turnover (days) 31 39
development, information or events.
Inventory Turnover (days) 71 88
Fixed Deposits
Interest Coverage Ratio 18.2 15.8
During the year under review, your Company has accepted Rs.0.74
Current Ratio 1.75 2.17
crores as public deposits and repaid Rs.0.72 crores upon maturity
EBITDA Margin (%) 14.99 17.67
making the outstanding as on March 31, 2022 to Rs.13.28 crores.
Net Profit Margin (%) 8.46 9.68 In this regard, it is further stated that:
Internal financial control systems and their adequacy a) There were no deposits lying unpaid or unclaimed at the end
The Company’s internal audit system has been continuously of the year i.e. 31.03.2022
monitored and updated to ensure that assets are safeguarded, b) There has been no default in repayment of deposits or
established regulations are complied with and pending issues payment of interest thereon during the year
are addressed promptly. The audit committee reviews reports
c) There are no deposits lying with the Company which are
presented by the internal auditors on a routine basis. The
not in compliance with the requirements of Chapter V of the
committee makes note of the audit observations and takes
Companies Act 2013 (Act) and
corrective actions wherever necessary. It maintains constant
dialogue with statutory and internal auditors to ensure that d) As provided under the Act, the outstanding deposits
internal control systems are operating effectively. Based on its accepted under the provisions of previous Act have been
evaluation (as provided under Section177 of the Companies repaid and squared off, fully.
Act, 2013 and Clause 18 of SEBI Listing Regulations), the Audit
Investor Education and Protection Fund (IEPF)
Committee has concluded that as of 31st March, 2022, the Internal
Financial Controls were adequate and operating effectively. Pursuant to the applicable provisions of the Companies Act, 2013,
read with the IEPF Authority (Accounting, Audit, Transfer and
M/s. Price Waterhouse & Co. Chartered Accountants LLP, the Refund) Rules, 2016 (‘the Rules’), all unpaid or unclaimed dividend
Statutory Auditors of the Company audited the financial are required to be transferred by the Company to the IEPF
statements included in this Annual Report and issued a report established by the Government of India, after the completion of
on the internal controls over financial reporting (as defined in seven years. Further, according to the said Rules, the shares on
Section 143 of the Companies Act, 2013). which dividend has not been paid or claimed by the shareholders
Human resources for seven consecutive years or more shall also be transferred to
the demat account of the IEPF Authority. In compliance with the
The Company believes that its dedicated and motivated
aforesaid provisions the Company has transferred the unclaimed
employees are its greatest asset. The Company till now has offered
and unpaid dividends and corresponding shares to IEPF.
competitive compensations, healthy work environment and
the employee performances are recognized through a planned Unclaimed Dividend and Shares
reward and recognition programme. The Company intends to Your company, during the year under review, in compliance
develop a workplace where every employee can recognize and with provisions of Section 125 of the Companies Act 2013, read
attain his or her true power. The Company motivates individuals with relevant applicable rules and circulars issued thereunder
to undertake voluntary projects apart from their scope of work from time to time by the Ministry of Corporate Affairs, New
that help them to learn and nurture creative thinking. The Delhi, transferred 8345 Equity Shares during the year to the IEPF

Authority in respect of which no claim of dividend has been is subject to approval of the members at the ensuing annual
made for seven consecutive years general meeting.
Further, in terms of the aforesaid provisions, upon expiry of 7 Shri G Vamsi Krishna is holding 1,21,730 shares of the Company.
consecutive years’ period, unclaimed dividend amount pertaining He does not hold any directorships in any other public limited
to the Year 2014-15 together with shares, if any, will be transferred companies.
to the said fund on or before August 31st 2022
Shri J.P. Rao, Whole-time director (DIN-03575950) is liable to
Banks and financial institutions retire by rotation at the ensuing annual general meeting and
Your Company is prompt in making the payment of interest and being eligible, offers himself for reappointment. Shri J P Rao is
repayment of loans to the financial institutions / banks apart not holding any shares of the Company. He does not hold any
from payment of interest on working capital to the banks. Banks directorships in any other public limited companies.
and Financial Institutions continue their unstinted support in all Directors’ Responsibility Statement
aspects and the Board records its appreciation for the same.
Pursuant to Section 134(5) of the Companies Act, 2013, Directors
Corporate social responsibility of your Company state that:
Your Company, as a responsible Corporate Citizen has spent a) In the preparation of the annual accounts for the year ended
an amount of Rs.230.07 lakhs towards CSR activities as against March 31, 2022, the applicable accounting standards have
minimum amount to be spent i.e. Rs.205.97 Lakhs for the Financial been followed along with proper explanation relating
year 2021-22 towards objectives of which entail it to undertake to material departures and the annual accounts have
the CSR activities as contemplated under Schedule VII of the been prepared in compliance with the provisions of the
Companies Act, 2013 and CSR policy adopted by the Company. Companies Act, 2013.
A report on CSR activities as required under Rule 8 of the b) They have selected such accounting policies and applied
Companies (Corporate Social Responsibility) Rules, 2014 is them consistently and made judgements and estimates that
enclosed as Annexure–2. are reasonable and prudent to give a true and fair view of
CSR policy of the Company may be accessed on the Company’s the state of affairs of the Company at the end of the financial
website at the link: www.visaka.co. year and of the profit of the company for the said period.
Directors and key managerial personnel c) The directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance
As on 31st March 2022, Smt. G. Saroja Vivekanand, Managing
with the provisions of the Companies Act, 2013 for
Director, Shri G.Vamsi Krishna, Joint Managing Director, Shri J P Rao,
safeguarding the assets of the Company by preventing and
Whole-time Director, Shri S. Shafiulla , CFO and Shri Ramakanth
detecting fraud and other irregularities.
Kunapuli, AVP & Company Secretary are Key Managerial Personnel
of the Company in accordance with the provisions of Section(s) d) They have prepared the annual accounts on a going concern
2(51), 203 of the Companies Act, 2013 read with the Companies basis.
(Appointment and Remuneration of Managerial Personnel) Rules,
e) They have laid down internal financial controls in the
2014. Details of appointment and resignation of KMP. During the
Company that are adequate and are operating effectively
year under review, the changes in KMP’s are given below:
and
a. Shri I. Srinivas VP & Company Secretary was ceased as
f ) They have devised proper systems to ensure compliance
Company Secretary w.e.f 5th May 2021 due to his sudden
with the provisions of all applicable laws and these are
demise.
adequate and are operating effectively.
b. Shri M Muralidhar was appointed as Company Secretary
Corporate Governance
w.e.f 1st November, 2021 and resigned for the position of
Company Secretary w.e.f 22nd January, 2022 Pursuant to the provisions of Chapter IV read with Schedule V
of the SEBI (Listing Obligations and Disclosure Requirements)
c. Shri Ramakanth Kunapuli was appointed as AVP & Company Regulations, 2015, a separate section on Corporate Governance
Secretary w.e.f 22nd January, 2022. has been incorporated in the Annual Report for the information
The Board of Directors in its meeting held on 30th April, 2022, of the shareholders. A certificate from the statutory auditors of
on the recommendations of Nomination and Remuneration the Company regarding compliance with the conditions of
Committee, re-appointed Shri Gaddam Vamsi Krishna (DIN: Corporate Governance as stipulated under the said Schedule
03544943) as Joint Managing Director of the Company for a period V of SEBI (Listing Obligations and Disclosure Requirements)
of Five years effective from May 06, 2022. The said appointment Regulations, 2015 also forms part of this Annual Report.

Statutory Auditors and auditors’ report Criteria for identification, appointment, remuneration
M/s. Price Waterhouse & Co., Chartered Accountants LLP (FRN and evaluation of performance of Directors
304026E/E300009), Hyderabad statutory auditors who were Your Company constituted Nomination and Remuneration
appointed as statutory auditors of the Company to hold the office Committee (hereinafter referred to as “the Committee”), to
from the conclusion of the 35th annual general meeting till the oversee, inter-alia, matters relating to:
conclusion of 40th annual general meeting to be held in the year
a) Identify persons who are qualified to become directors and
2022 audited the books of the Company for the financial year
persons who can be appointed in senior management in
2021-22 and submitted their report. The report of the Statutory
accordance with the criteria laid down, recommend to the
Auditors on the financial statements for the financial year 2021-22
Board their appointment and removal
does not contain any modifications or adverse remarks.
b) Formulate the criteria for determining qualifications, positive
The Board of Directors of the Company on the recommendation
attributes and independence of a director
of the Audit Committee re-appointed M/s. Price Waterhouse & Co.,
Chartered Accountants LLP (FRN 304026E/E300009), Hyderabad c) Recommend to the Board a policy relating to the
as statutory auditors of the Company for a further period of Five remuneration for the directors, key managerial personnel
year from the conclusion of this 40th Annual General Meeting till and other employees
the conclusion of the 45th Annual General Meeting to be held in
d) Carry out evaluation of every director’s performance
the year 2027 on such remuneration as may be decided by the
including that of Independent Directors and
Board of Directors in consultation with the Statutory Auditors
of the Company. The said appointment is subject to approval of e) Devise a policy to be followed for identification, appointment,
the members of the Company in their ensuing Annual General remuneration and evaluation of performance of directors
Meeting. including Company’s Board diversity etc., as approved by the
Board.
Cost audit:
In terms of the Section 148(1) of the Companies Act, 2013 read The criteria for appointment, qualifications, and positive attributes
with the Companies (Cost Records and Audit) Rules, 2014, the along with remuneration policy as applicable to Directors, KMPs
Company is required to maintain cost records pertaining to and other Senior management personnel and the criteria to be
building products division and textile products division and followed for performance evaluation of each director including
stipulated cost records pertaining to the said Divisions are to be Independent Directors of the Company is enclosed as Annexure
audited. – 4.
M/s. Sagar & Associates, Cost Accountants, Hyderabad, were Formal annual evaluation made of the performance of
appointed as Cost Accountants of the Company for conducting the Board, its committees and of individual directors
the cost audit for the financial year 2021-22 at a remuneration of Your Company believes that it is the collective effectiveness of
Rs.1,65,000/- (exclusive of out-of-pocket expenses and applicable the Board that impacts the Company’s performance and thus, the
taxes) and the same was ratified by members of the company at primary evaluation platform is that of collective performance of
the 39th annual general meeting of the Company. the Board.
The Board after considering the recommendations of its Audit The parameters for evaluation of Board performance, as laid
Committee, appointed the aforesaid firm as cost auditors for under evaluation criteria adopted by the Company, have been
the financial year 2022-23 and appropriate resolution in this derived from the Board’s core role of trusteeship to protect and
connection has been included in the notice calling the ensuing enhance shareholder value as well as fulfil expectations of other
annual general meeting of the Company for ratification of their stakeholders through strategic supervision of the Company.
remuneration by FY 22-23. Cost audit report for the financial year The said criteria also contemplate evaluation of Directors based
ended March 31, 2021 was filed with the Central Government on on their performance as directors apart from their specific
August 21, 2021. role as independent, nonexecutive and executive directors as
Secretarial audit: mentioned below:
Your Board has appointed Mr. K. V. Soorianarayanan, Practicing a. Every director will be evaluated on discharging their duties
Company Secretary, Secunderabad, as Secretarial Auditor of the and responsibilities as enshrined under various statutes
Company for the financial year 2021-22 and secretarial audit and regulatory facet, participation in discussions and
report for the financial year ended March 31, 2022 in FORM MR-3 deliberations in achieving an optimum balance between the
is enclosed as Annexure-3. interest of company’s business and its stakeholders.
The report of the Secretarial Auditors for the financial year 2021- b. Executive Directors will also be evaluated based on targets/
22 does not contain any modifications or adverse remarks. criteria given to Executive Directors by the Board from time
to time in addition to their terms of appointment.

c. Independent Directors will also be evaluated on discharging Russia and Ukraine . The Company is taking adequate measures to
their obligations in connection with their independence address these challenges.
criteria as well as adherence with the requirements of
Other disclosures
professional conduct, roles, functions and duties, specifically
applicable to Independent Directors as contained in Board Meetings:
Schedule IV to the Companies Act, 2013. During the year under review the Board met five times i.e. on
The criteria also specifies that the Board would evaluate each 22.04.2021, 26.07.2021, 30.10.2021, 22.01.2022 and 04.02.2022.
committee’s performance based on the mandate on which the Other details viz., members of the Board and their attendance
committee has been constituted and the contributions made by etc., are given in report on Corporate Governance which forms
each member of the said committee in effective discharge of the part of this Annual Report.
responsibilities. Audit Committee:
The Board of Directors of your Company has made annual The Audit Committee comprises Three Independent Directors
evaluation of its performance, its committees and directors for viz., Smt. Vanitha Datla, (Chairperson), Shri Gusti J. Noria,
the financial year 2021-22 based on aforesaid criteria. Shri P. Srikar Reddy apart from Smt G Saroja Vivekanand, Managing
Director as members. All the recommendations made by the
Particulars of loans, guarantees or investments
Audit Committee were accepted by the Board.
Details of investments made by the Company, are given in the
notes to the financial statements (Please refer Note Nos. 5 & 6.1). Compliance with Secretarial Standards
During the year under review, your Company did not give any The Company has complied with applicable provisions of
other loans or guarantees, provide any security or make any the Secretarial Standards issued by the Institute of Company
investments as covered under Section 186 of the Companies Act, Secretaries of India and approved by the Government of India
2013, other than as disclosed above. under Section 118(10) of the Companies Act, 2013.
Related party transactions Conservation of Energy, Technology Absorption,

Related party transactions entered during the financial year under Foreign Exchange Earnings and Outgo:
review are disclosed in notes to the financial statements of the Information required under section 134(3)(m) of the Companies
Company for the financial year ended March 31, 2022. These Act, 2013 read with Rule 8 of the Companies (Accounts) Rules,
transactions entered were at an arm’s length basis and in the 2014, is enclosed herewith as Annexure-6.
ordinary course of business.
Vigil Mechanism:
There were no materially significant related party transactions In accordance with the provisions of the Companies Act, 2013
with the Company’s promoters, directors, management or and SEBI(LODR) Regulations the Company established Vigil
their relatives, which could have had a potential conflict with Mechanism to report genuine concerns by all its stakeholders.
the interests of the Company. Form AOC-2, containing the The Audit Committee of the Board periodically reviews the
particulars of the aforesaid related party transactions is enclosed complaints received if any under the policy.
as Annexure-5.
The Vigil Mechanism Policy has been uploaded on the website of
The Policy on materiality of related party transactions and dealing the Company under investor relations/ listing compliances tab at
with related party transactions as approved by the Board may be www.visaka.co.
accessed on the Company’s website under investor relations/
listing compliances tab at www.visaka.co. Annual Return
As required under Section 92(3) of the Companies Act,2013
Risk Management
and read with Rule 12(1) of the Companies (Management
The Company has established Enterprise Risk Management and Administration) Amendment rules, 2020, Annual Return
process to manage risks with the objective of maximizing for the financial year 2021-22 is available on the Company’s
shareholders value. website under investor relations/listing compliances tab at
The Board of Directors of the Company has formed a Risk www.visaka.co.
Management Committee to implement and monitor the risk Remuneration of Directors, Key Managerial Personnel,
management Policy of the Company. During the year under Employees and General:
review, Risk management Committee and the Board have
Statement showing disclosures pertaining to remuneration
periodically reviewed various elements of risks and steps taken
and other details as required under Section 197(12) of the
to mitigate the same. Reviewed the challenges in the supply
Act read with Rule 5(1) of the Companies (Appointment and
chain and availability of raw materials in view of the war between
Remuneration of Managerial Personnel) Rules, 2014 is enclosed

as Annexure-7. In terms of Section 197(12) of the Companies vi. the details of application made or any proceeding pending
Act, 2013, read with Rule 5(2) and 5(3) of the Companies under the Insolvency and Bankruptcy Code, 2016 (31 of
(Appointment and Remuneration of Managerial Personnel) Rules, 2016) during the year alongwith their status as at the end of
2014, a statement showing the names and other particulars of the the financial year.
top ten employees in terms of the remuneration drawn as set out
vii. the details of difference between amount of the valuation
in said rules forms part of the annual report. Considering the first
done at the time of one-time settlement and the valuation
proviso to Section 136(1) of the Companies Act, 2013, this annual
done while taking loan from the Banks or Financial
report, excluding the aforesaid information, is being sent to the
Institutions along with the reasons thereof.
shareholders of the Company and others entitled thereto. The
said information is available for inspection at the Corporate office viii. There are no qualification, reservation or adverse remark
of the Company during business hours on working days of the or disclaimer made by the auditor in his report and by the
Company up to the date of the ensuing annual general meeting. company secretary in practice in his secretarial audit report;
Any shareholder interested in obtaining a copy thereof, may write
Your Directors further state that:
to the Company Secretary in this regard.
a) The company has complied with the provisions of
General: constitution of internal complaints committee under the
Your Directors state that no disclosure or reporting is required in sexual harassment of women at workplace (prevention,
respect of the following items as there were no transactions on prohibition and redressal) Act, 2013 and
these items during the year under review:
b) During the year under review there were no cases filed/
i. Issue of equity shares with differential rights as to dividend, no complains have been made to Internal Complaints
voting or otherwise. Committee. pursuant to the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013.
ii. Issue of shares (including sweat equity shares) to employees
of the Company under any scheme. Acknowledgements:
iii. No significant or material orders were passed by any regulator Your Directors would like to express their sincere appreciation
or Court or Tribunal which impacts the going concern status for the assistance and co-operation received from the financial
and Company’s operations in future. institutions, banks, government authorities, customers, vendors
and members during the year under review. Your Directors also
iv. details in respect of frauds reported by auditors under wish to place on record their deep sense of appreciation for
sub-section (12) of section 143 other than those which are the committed services by the Company’s executives, staff and
reportable to the Central Government workers.
v. material changes and commitments, if any, affecting the The Directors deeply regret the loss of life caused due to the
financial position of the company which have occurred outbreak of COVID-19 and are grateful to every person who risked
between the end of the financial year of the company to their life and safety to fight this pandemic.
which the financial statements relate and the date of the
report;
On behalf of the Board of Directors
Date: 09.05.2022 Dr. G Vivekanand

Place: Secunderabad Chairman

Annexure-1
FORM NO. AOC.1
Statement containing salient features of the financial statement of Subsidiaries/associate companies/joint ventures
(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014)
Part “A”: Subsidiaries

(Information in respect of each subsidiary to be presented with amounts in R Lakhs)
Sl. No. Particulars Subsidiary 1 Subsidiary 2
1. Name of the Subsidiary VNEXT SOLUTIONS PRIVATE LIMITED ATUM LIFE PRIVATE LIMITED
2. Reporting period for the subsidiary concerned, if SAME AS HOLDING COMPANY SAME AS HOLDING COMPANY
different from the holding company’s reporting
period
3. Reporting currency and Exchange rate as on the NOT APPLICABLE NOT APPLICABLE
last date of the relevant financial year in the case
of foreign subsidiaries
4. Share capital 101.00 141.00
5. Reserves & surplus 7.31 (27.88)
6. Total assets 349.40 144.37
7. Total Liabilities 349.40 144.37
8. Investments - -
9. Turnover 390.24 8.50
10. Profit before taxation 9.52 (27.49)
11. Provision for taxation 2.40 -
12. Profit after taxation 7.12 (27.49)
13. Proposed Dividend NIL NIL
14. % of shareholding 100% 100%
Notes: The following information shall be furnished at the end of the statement:
1. Names of subsidiaries which are yet to commence operations: NIL
2. Names of subsidiaries which have been liquidated or sold during the year: NIL
Part “B”: Associates and Joint Ventures: NIL
Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures
Name of Associates/Joint Ventures Name 1 Name 2 Name 3
1. Latest audited Balance Sheet Date
2. Shares of Associate/Joint Ventures held by the company on the year end
No.
Amount of Investment in Associates/Joint Venture
Extend of Holding %
3. Description of how there is significant influence
4. Reason why the associate/joint venture is not consolidated
5. Net worth attributable to Shareholding as per latest audited Balance Sheet
6. Profit / Loss for the year
i. Considered in Consolidation
ii. Not Considered in Consolidation
1. Names of associates or joint ventures which are yet to commence operations.
2. Names of associates or joint ventures which have been liquidated or sold during the year.
Note: This Form is to be certified in the same manner in which the Balance Sheet is to be certified.

Annexure-2
CSR Activities for Financial Year 2021-22

(Persuant to Section 135 of the Companies Act 2013 and rules made thereunder)
1. Brief outline on CSR Policy of the Company: At Visaka, CSR is no mere acronym, is an integral part of the Visaka’s culture imbibed by
one and all involved in the working of the Company. Our vision is to actively contribute to the social and economic development
of the communities in which we operate. In doing, so to build a better, sustainable way of life for the weaker sections of society and
raise the country’s human development index.
2. Composition of CSR Committee:
Sl. Name of Director Designation /Nature of Number of meetings Number of meetings of
No. Directorship of CSR Committee CSR Committee attended
held during the year during the year
1 Shri Gusti J.Noria Chairman - Independent Director 1 1
2 Shri G. Appnender Babu Member - Independent Director 1 1
3 Dr. G.Vivekanand Member - Non Executive Director 1 1
4 Smt. G.Saroja Vivekanand Member - Managing Director 1 1
5 Shri J.P.Rao Member - Whole-time Director 1 1
3 Provide the web-link where Composition of CSR committee, CSR Policy and CSR https://visaka.co
projects approved by the board are disclosed on the website of the company.
4 Provide the details of Impact assessment of CSR projects carried out in pursuance Not Applicable
of sub-rule (3) of rule 8 of the Companies (Corporate Social responsibility Policy)
Rules, 2014, if applicable (attach the report).
5. Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate Social responsibility
Policy) Rules, 2014 and amount required for set off for the financial year, if any: Not Applicable
Sl. Financial Year Amount available for set-off from Amount required to be set- off for
No. preceding financial years (in Rs) the financial year, if any (in Rs)
1
2
3
6. Average net profit of the company as per section 135(5). 10298.48 Lacs
7. (a) Two percent of average net profit of the company as per 205.97 Lacs
section 135(5)
(b) Surplus arising out of the CSR projects or programs or -
activities of the previous financial years.
(c) Amount required to be set off for the financial year, if any -
(d) Total CSR obligation for the financial year (7a+7b-7c). 205.97 Lacs

8. (a) CSR amount spent or unspent for the financial year:
Total Amount Spent Amount Unspent (in Rs.)
for the Financial Total Amount transferred to Unspent Amount transferred to any fund specified under
Year (in Rs.) CSR Account as per section 135(6) Schedule VII as per second proviso to section 135(5)
Amount Date of transfer Name of the Fund Amount Date of transfer
2,30,07,147.07 - - - - -
(b) Details of CSR amount spent against ongoing projects for the financial year: NIL
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
Sl. Name of the Item from Local area Location of the Project Amount Amount Amount Mode of Mode of
No Project the list of (Yes/ No) project Duration allocated spent transferred to Implementation implementation –
activities in for the in the Unspent CSR – Direct (Yes/No). Through implementing
schedule VII project current Account for the agency.
to the Act State. District (in Rs.). financial project as per Name CSR
Year (in Section 135(6) registration
Rs.). (in Rs.). number.
1.
2.
3.
(c) Details of CSR amount spent against other than ongoing projects for the financial year: (Amount in Rs.)
1 2 3 4 5 6 7 8
Sl. Name of the Project Item from Local area Location of the project. Amount spent Mode of Mode of
No the list of (Yes/ No). for the project implementation - implementation -
activities in (in Rs.) Direct (Yes/No). Through implementing
schedule VII agency.
to the Act. State. District. Name. CSR
registration
number.
1 Provision of Drinking Water, Conducting Clause I of Yes Telangana Hyderabad 14,20,079.29 Yes
Health Camps, Eradication of Poverty, Food Schedule VII No Telangana Karimnagar 4,38,925.00 Yes
Distribution
No Telangana Mancherial 3,41,630.00 Yes
Yes Telangana Nalgonda 1,00,000.00 Yes
Yes Telangana Sangareddy 1,30,794.00 Yes
Yes Tamilnadu Namakkal 1,47,935.00 Yes
Yes Tamilnadu Paramathi 27,050.00 Yes
No Tamilnadu Salem 50,000.00 No
Yes Maharashtra Pune 99,999.97 Yes
Yes West Bengal Medinipur 87,500.00 Yes
Yes Karnataka Tumkur 61,870.00 Yes
Yes Andhra Pradesh Vijayawada 19,800.00 Yes
No Andhra Pradesh Guntur 96,000.00 Yes
Yes Andhra Pradesh Krishana 1,22,640.00 Yes
Yes Haryana Jhanswa 51,500.00 Yes
2 Building of Classrooms and Toilets in schools Clause II of No Telangana Khammam 50,000.00 Yes
and colleges Schedule VII Yes Telangana Secunderabad 1,43,75,391.08 Yes
Yes Telangana Hyderabad 1,51,000.00 Yes
Yes tamilnadu Paramathi 73,063.24 Yes
Yes Telangana Secunderabad 5,49,101.54 Yes
3 Supply of classroom furniture and payment Clause II of Yes Telangana Sangareddy 1,62,484.00 Yes
of teachers salaries Schedule VII No Telangana Karimnagar 16,17,700.00 Yes
Yes Tamilnadu Namakkal 45,000.00 Yes
Yes Maharashtra Nagpur 20,400.00 Yes
Yes Odissa Sambalpur 16,783.89 Yes
4 Ensure Environmental Sustainability - Flora Clause IV of
and Fauna : Distribution of Solar Power Carts Schedule VII
Yes Telangana Hyderabad 26,50,000.00 Yes
enabling them to earn their livelihood to
overcome poverty
5 Sports Clause VII of Yes West Bengal Salboni 26,000.00 Yes
Schedule VII Yes Maharashtra Nagpur 7,000.00 Yes
TOTAL 2,30,07,147.07

(d) Amount spent in Administrative Overheads: NIL

(e) Amount spent on Impact Assessment, if applicable: Not Applicable
(f ) Total amount spent for the Financial Year (8b+8c+8d+8e):2,30,07,147.07
(g) Excess amount for set off, if any: Not applicable
Sl. Particular Amount (in Rs.)
No.
(i) Two percent of average net profit of the company as per section 135(5) 2,05,97,000.00
(ii) Total amount spent for the Financial Year 2,30,07,147.07
(iii) Excess amount spent for the financial year [(ii)-(i)] 24,10,147.07
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous financial years, if any NIL
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] 24,10,147.07
9. (a) Details of Unspent CSR amount for the preceding three financial years: NOT APPLICABLE
Sl. Preceding Financial Year Amount Amount Amount transferred to any fund Amount
No. transferred spent specified under Schedule VII as per remaining to
to Unspent in the section 135(6), if any. be spent in
CSR Account reporting Name of Amount Date of succeeding
under section Financial the Fund (in Rs). transfer. financial
135 (6) (in Year (in years. (in Rs.)
Rs.) Rs.).
1.
2.
3.
(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s):Not Applicable
(1) (2) (3) (4) (5) (6) (7) (8) (9)
Sl. Project ID. Name of the Financial Project Total Amount Cumulative Status
No Project. Year in duration. amount spent on amount of the
which the allocated the project spent at project -
project was for the in the the end of Completed
commenced. project reporting reporting /Ongoing.
(in Rs.). Financial Year Financial
(in Rs). Year. (in Rs.)
1.
2.
3.
10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired through CSR spent
in the financial year. (asset-wise details). NOT APPLICABLE
(a) Date of creation or acquisition of the capital asset(s).
(b) Amount of CSR spent for creation or acquisition of capital asset.
(c) Details of the entity or public authority or beneficiary under
whose name such capital asset is registered, their address etc.
(d) Provide details of the capital asset(s) created or acquired
(including complete address and location of the capital asset).
11. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per section 135(5). Not Applicable
The CSR Committee confirms that the implementation and monitoring of the CSR policy is in compliance with the objective and
policy of the Company
G Saroja Vivekanand Gusti J Noria

Managing Director (Chairman CSR Committee).
DIN: 00012994 DIN: 00015561

Annexure-3
FORM MR-3
SECRETARIAL AUDIT REPORT
for the financial year ended on 31st March, 2022
[Pursuant to section 204(1) of the Companies Act, 2013 and Rule No. 9 of the
Companies (Appointment and Remuneration Personnel) Rules, 2014]
To
The Members of
VISAKA INDUSTRIES LTD.
Visaka Towers, 1-8-303/69/3,
S. P. Road, Secunderabad – 500003
We have conducted the secretarial audit of the compliance (v) The Regulations and Guidelines prescribed under the
of applicable statutory provisions and the adherence to good Securities and Exchange Board of India Act, 1992;
corporate practices by VISAKA INDUSTRIES LTD (hereinafter
(a) The Securities and Exchange Board of India (Substantial
called the Company).
Acquisition of Shares and Takeovers) Regulations, 2011;
Secretarial Audit was conducted in a manner that provided us a
(b) The Securities and Exchange Board of India (Prohibition
reasonable basis for evaluating the corporate conducts/statutory
of Insider Trading) Regulations, 2015;
compliances and expressing our opinion thereon.
(c) The Securities and Exchange Board of India (Issue of
Based on our verification of the Company’s books, papers, minute
Capital and Disclosure Requirements) Regulations,
books, forms and returns filed and other records maintained
2018;
by the Company and also the information provided by the
Company, its officers, agents and authorized representatives (d) The Securities and Exchange Board of India (Share Based
during the conduct of secretarial audit, we hereby report that in Benefits) Regulations, 2014;
our opinion, the Company has, during the audit period covering
(e) The Securities and Exchange Board of India (Issue and
the financial year ended on 31st March, 2022 complied with the
Listing of Debt Securities) Regulations, 2008;
statutory provisions listed hereunder and also that the Company
has proper Board-processes and compliance-mechanism in place (f ) The Securities and Exchange Board of India (Registrars
to the extent, in the manner and subject to the reporting made to an Issue and Share Transfer Agents) Regulations, 1993
hereinafter: regarding the Companies Act and dealing with client;
We have examined the books, papers, minute books, forms and (g) The Securities and Exchange Board of India (Delisting of
returns filed and other records maintained by the Company for Equity Shares) Regulations, 2009; and
the financial year ended on 31st March, 2022 according to the (h) The Securities and Exchange Board of India (Buyback of
provisions of: Securities) Regulations, 1998;
(i) The Companies Act, 2013 (the Act) and the rules made (vi) We have also examined compliance with the applicable
thereunder; clauses of the following:
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and (a) Secretarial Standards issued by The Institute of Company
the rules made thereunder; Secretaries of India.
(iii) The Depositories Act, 1996 and the Regulations and Bye- (b) The Securities Exchange Board of India (Listing
laws framed thereunder; Obligations and Disclosure Requirements) Regulations,
(iv) Foreign Exchange Management Act, 1999 and the rules and 2015 and
regulations made thereunder to the extent of – (c ) Labour Laws and other applicable laws to the Company
(a) Foreign Direct Investment, During the period under review, the Company has complied
(b) Overseas Direct Investment, and with the provisions of the Act, Rules, Regulations, Guidelines,
Standards, etc. mentioned above.
(c) External Commercial Borrowings;

We further report that - We further report that there are adequate systems and processes
in the company commensurate with the size and operations of
(i) The Board of Directors of the Company is duly constituted
the company to monitor and ensure compliance with applicable
with proper balance of Executive Directors, Non-Executive
laws, rules, regulations and guidelines.
Directors and Independent Directors. The changes in the
composition of the Board of Directors that took place during We further report that, the compliance by the Company of
the period under review were carried out in compliance with applicable financial laws such as Direct and indirect laws and
the provisions of the Act. maintenance of financial records and books of accounts have
not been reviewed in this Audit since the same have been
(ii) Adequate notice is given to all directors to schedule the
subject to review by the statutory auditors, tax auditors and other
Board Meetings, agenda and detailed notes on agenda were
designated professionals.
sent at least seven days in advance and a system exists for
seeking and obtaining further information and clarifications
on the agenda items before the meeting and for meaningful
K.V. Soorianarayanan
participation at the meeting.
Practising Company Secretary
(iii) All decisions at Board Meetings and Committee Meetings M.No.3380
were carried out unanimously as recorded in the minutes of C.P. No: 12678
the meetings of the Board of Directors or Committees of the Place: Hyderabad Peer Review Cert No. 1147/2021
Board, as the case may be. Date: 29.04.2022 UDIN: F003380D000244258
Note: This report is to be read with our letter of even date which is annexed as Annexure A and forms an integral part of this report.

‘Annexure A’
To
The Members of
Visaka Towers, 1-8-303/69/3,
S. P. Road, Secunderabad – 500003
Our report of even date is to be read along with this letter. 3. Where ever required, we have obtained the Management
representation about the compliance of laws, rules and
1. Maintenance of secretarial record is the responsibility of
regulations and happening of events etc.
the management of the company. Our responsibility is to
express an opinion on these secretarial records based on our 4. The compliance of the provisions of Corporate and
audit. other applicable laws, rules, regulations, standards is the
responsibility of management. Our examination was limited
2. We have followed the audit practices and processes as
to the verification of procedures on test basis.
were appropriate to obtain reasonable assurance about the
correctness of the contents of the Secretarial records. The 5. The Secretarial Audit report is neither an assurance as to
verification was done on test basis to ensure that correct the future viability of the company nor of the efficacy or
facts are reflected in secretarial records. We believe that the effectiveness with which the management has conducted
processes and practices, we followed provide a reasonable the affairs of the company.
basis for our opinion.
M.No.3380
C.P. No: 12678
Place: Hyderabad Peer Review Cert No. 1147/2021
Date: 29.04.2022 UDIN: F003380D000244258

Annexure-4
Document setting out criteria followed by Nomination and

Remuneration Committee of the Board of Visaka Industries Limited
for identification, appointment, remuneration and evaluation of
performance of directors
Visaka Industries Limited, as required under the provisions of consultation with Board of Directors and top management of
Section 178 of the Companies Act, 2013 and Securities Exchange the Company, may make such alterations as may be required
Board of India (Listing Obligations and Disclosures Requirements) from time to time to meet the exigencies arising out of statutory
Regulations, 2015 (Listing Regulations) constituted a Board level modifications or otherwise.
committee titled “Nomination and Remuneration Committee”
Definitions: Words used hereunder will have the same meaning
(herein after referred as the Committee) to oversee, inter-alia,
as defined and ascribed in the Companies Act, 2013 (herein after
matters relating to:
referred to as the Act) and SEBI Listing Regulations.
a) identify persons who are qualified to become directors and
Matters pertaining to Nomination of Directors, KMPs,
who may be appointed in senior management in accordance
Senior Management and other employees
with the criteria laid down, recommend to the Board their
appointment and removal; Nomination Criteria for Directors:
In identifying and recommending the candidature for
b) formulate the criteria for determining qualifications, positive
appointment as Director, the Committee will consider the
attributes and independence of a director;
following criteria:
c) recommend to the Board a policy relating to the
i) Ethical standards of integrity and probity, maturity and
remuneration in whatever form payable to the directors,
balance of mind to perform the designated role, ability to
key managerial personnel, senior management and other
bring exercise of independent judgment and judicious
employees;
thinking, qualification, expertise as strategist, eminence in
d) specify, from time to time, the manner for effective his field of expertise.
evaluation of performance of Board, its Committees and
ii) Possessing appropriate skills, experience and knowledge
individual directors to be carried out either by the Board or
in one or more fields of Business including International
Committee or an Independent external agency and review
Business, Strategy and Expansion, Engineering, Medicine,
its implementation and compliance and
finance, law, management, sales, marketing, administration,
e) devise a policy on Board Diversity research, corporate governance, technical operations
or other disciplines related to preferably the company’s
Now this document sets out the framework and guidelines that
business.
the said Committee is expected to observe in discharging its
functions effectively as contemplated under aforesaid provisions iii) Non-disqualified under the applicable provisions of
i.e. to oversee process of identifying persons qualified to become Companies Act, 2013, rules made thereunder, Listing
directors of the Company, determining their qualifications, positive Agreement or any other enactment for the time being in
attributes and independence as well as identifying persons who force, as the case may be;
may be appointed in senior management in accordance with the
iv) Ensure that the Company shall not appoint or continue the
Company’s internal requirements from time to time; in making
employment of any person as Whole-time Director who has
its recommendations to the Board as to their appointment or
attained the age of seventy years without the approval of
removal as the case may be and to carry out evaluation of every
shareholders by passing a special resolution with proper
director’s performance including Independent Directors.
justification.
This document also contains the remuneration policy relating
v) Ensure that the proposed Director consents to act as Director
to the remuneration of the Directors, Key Managerial and Senior
and can devote his time and energies towards the overall
Managerial Personnel as well as policy on Board Diversity as
development and betterment of the Company’s business.
recommended by the Committee and approved by the Board.
vi) Ensure that the proposed Director discloses his interest and
It is to be noted that framework and guidelines set out hereunder
Company’s shareholding, if any and the Committee feels that
is subject to such periodical reviews and the Committee in

such interest will not affect in discharging his duties towards agreement relating to disqualifications, resignation, removal and
the Company in pursuance of the said appointment. retirement.
vii) Ensure that the candidature of the Director will be in line Directors, KMPs and Senior Management Personnel shall retire as
with and promote the objectives enshrined in Company’s per the applicable provisions of the Act and the prevailing policy
policy on Board Diversity. of the Company respectively. The Board will have the discretion
to retain the Director, KMP, Senior Management Personnel in the
Nomination Criteria for KMPs / Senior Management
same position / remuneration or otherwise even after attaining
personnel:
the retirement age, for the benefit of the Company.
The committee will consider:
Matters pertaining to Remuneration:
i) Ethical standards of integrity and probity, maturity and
balance of mind to perform the designated role, qualification, This document also sets out the following remuneration policy
expertise and experience. applicable to the remuneration payable to Directors, key
managerial and other Senior Managerial personnel and other
ii) Possessing adequate qualification, expertise and experience employees of the Company.
as prescribed by the Company for the position he / she is
considered for appointment. The Committee for this purpose, General:
if required, will avail the assistance of other top executives of 1) The Company’s remuneration policy, in general, is driven by
the Company but however, has discretion to decide whether the success and performance of the individual employee
qualification, expertise and experience possessed by a as well as his expertise in critical areas of operations of the
person is sufficient / satisfactory for the concerned position. Company.
iii) Ensure that the person discloses his interest and the 2) The Committee will recommend the remuneration to be
Committee feels that such interest will not affect in paid to the Managing Director, Whole-time Director, KMP
discharging his duties towards the Company in pursuance of and Senior Management Personnel to the Board for their
the said appointment. approval and while recommending such remuneration, the
Committee will consider, inter-alia, whether:
Additional Criteria for Appointment of Independent
Directors: a) The level and composition of remuneration is reasonable
The Committee will consider whether the Director meets the and sufficient to attract, retain and motivate the person
criteria of Independence as well as other attributes as mentioned of the quality required to run the company successfully;
under the provisions of Section 149 of the Companies Act, 2013 b) The remuneration is comparable and in proportion to
read with applicable rules and Schedule IV thereunder and SEBI the accepted industry standards;
Listing Regulations, including any amendments made thereof
from time to time. c) Relationship of remuneration to performance is clear
and meets appropriate performance benchmarks; and
Additional Responsibility of the Board:
d) To the extent possible, such remuneration to directors,
It is further to be noticed that it is the responsibility of the Board to
key managerial personnel and senior management
obtain other relevant and applicable approvals and procedures as
involves a balance between fixed and incentive pay
laid down under the provisions of the Companies Act, 2013, rules
reflecting short and long-term performance objectives
made thereunder, Listing Agreement or any other enactment for
appropriate to the working of the company and its
the time being in force and applicable as the case may be.
goals:
Term / Tenure, Continuity and Renewal:
3) The remuneration / compensation / commission etc. so
The Term / Tenure of the Directors shall be governed as per recommended shall be subject to the prior/post approval of
provisions of the Companies Act, 2013 and rules made thereunder the shareholders of the Company and Central Government,
as amended from time to time. The terms of KMPs and other wherever required.
Senior Management employees shall be governed under their
respective terms of appointment. 4) Increments to the existing remuneration/ compensation
structure may be recommended by the Committee to the
As regards the continuity or renewal of appointment of Directors; Board which should be within the slabs approved by the
their resignation and removal, the Committee will make its Shareholders in the case of Executive Directors.
recommendations to the Board, based on the periodical evaluation
process to be done under this document from time to time as well 5) Where any insurance is taken by the Company on behalf of its
as subject to observation of provisions as contemplated under the Whole-time Director, Chief Executive Officer, Chief Financial
Companies Act, 2013 and other applicable laws including listing Officer, the Company Secretary and any other employees

for indemnifying them against any liability, the premium or Committee thereof. Provided that the amount of such
paid on such insurance shall not be treated as part of the fee shall not exceed such amount per meeting as may be
remuneration payable to any such personnel. Provided that prescribed by the Central Government from time to time
if such person is proved to be guilty, the premium paid on and approved by the Board.
such insurance shall be treated as part of the remuneration.
b) Commission:
6) Loans, advances and other similar kind of benefits to
Commission may be paid within the monetary limit approved
KMPs, Senior Management Personnel are governed
by shareholders, subject to the limit not exceeding 1% of
under Company’s relevant policies as applicable to all the
the profits of the Company computed as per the applicable
employees of the Company read with relevant provisions of
provisions of the Act subject to a maximum of Rs.10.00 lacs.
all applicable laws in that connection.
Matters pertaining to Evaluation:
Remuneration to Executive Directors, KMP and Senior
Management Personnel: The Company conducts its operations under the overall direction
of the Board of Directors within the framework laid down by
a) Fixed pay: various statutes, more particularly by the Companies Act, 2013;
The Executive Director/ KMPs shall be eligible for a monthly the Articles of Association, Listing Regulations, internal code of
remuneration as may be approved by the Board on the conduct and policies formulated by the Company for its internal
recommendation of the Committee. The breakup of the execution. The Board of the company is comprising of eminent
pay scale and quantum of perquisites including, employer’s people from different fields facilitating Board’s diversity apart
contribution to P.F, pension scheme, medical expenses, club from having sufficient number of independent directors.
fees etc., shall be decided and approved by the Board/ the In the context of the company’s business, Engineering, Project
Person authorized by the Board on the recommendation Execution, Marketing, business strategy and evaluation of
of the Committee and approved by the shareholders and performance with industry benchmarks in the fields of Building
Central Government, wherever required. materials, roofing and textile (yarn) are the key core skill /
Besides, Managing Director is eligible for commission such expertise / competence, apart from governance, finance and
that the total remuneration payable shall not exceed 5% of taxation functions.
the net profits for each financial year as determined under The Board while discharging its duties / responsibilities is assisted
the provisions of the Companies Act, 2013. by various committees of the board like Audit Committee,
Remuneration payable to Senior Management Personnel is Nomination & Remuneration Committee, Stakeholder
governed by their respective terms of appointment. Relationship Committee, CSR Committee, etc.
b) Minimum Remuneration: These committees are statutorily obligated to review various

matters as stipulated under Companies Act, 2013 and Listing
If, in any financial year, the Company has no profits or its Regulations.
profits are inadequate, the Company shall pay remuneration
to its Whole-time Director in accordance with the provisions The company believes that it is the collective effectiveness of the
of Schedule V of the Act and if it is not able to comply with Board and its committees coupled with individual performance of
such provisions, with the previous approval of the Central each director in his field of eminence, that enhances Company’s
Government. performance and thus, the primary evaluation platform is that of
performance of the Board as a whole, its committees and each of
c) Provisions for excess remuneration: the directors individually.
If any Executive Director draws or receives, directly or The parameters of evaluation for Board or its committees or
indirectly by way of remuneration any such sums in excess each of the individual directors’ performance, are derived from
of the limits prescribed under the Act or without the prior each of its or his core role of trusteeship to protect and enhance
sanction of the Central Government, where required, he / she shareholder value as well as to fulfil expectations of other
shall refund such sums to the Company and until such sum stakeholders through strategic supervision of the Company.
is refunded, hold it in trust for the Company. The Company
shall not waive recovery of such sum refundable to it unless With regard to the evaluation process; the Companies Act, 2013
permitted by the Central Government. read with Listing Regulations contemplates that:
Remuneration to Non-Executive / Independent a) Nomination and Remuneration Committee, from time

Director: to time, shall lay down / specify the manner for effective
evaluation of performance of Board, its Committees and
a) Sitting Fee: individual directors to be carried out either by the Board or
The Non-Executive / Independent Director may receive Committee or an Independent external agency as well as
remuneration by way of fee for attending meetings of Board review its implementation and compliance;

b) The Independent Directors in a separate meeting shall In all these cases, be it by Board or by Independent Directors or by
review, performance of the non-independent directors any of its committees, the evaluation of each Director would be
done based on parameters like
a) and the Board as a whole and performance of the
Chairperson of the Company (after taking into account a. well informed and understand the Company, its business
views of Executive and Non-Executive directors); and the external environment in which it operates;
b) Performance evaluation of an Independent Director b. prepare well and participate actively in the Board and its
shall be done by the entire board of directors, excluding committee meetings;
the director being evaluated;
c. Effectively probe to test the assumptions; rendering
In view of the above, until further decided otherwise, the independent and unbiased opinion;
company adopts the following manner for effective evaluation of
d. Resolute in holding to their views and resisting pressure from
Board, its committees and individual directors:
others;
i. the Board shall evaluate performance of its own, its
e. Follow-up on matters about which they have expressed
committees, Independent Directors;
concern;
ii. the Nomination and Remuneration Committee shall evaluate
f. strive to attend all meetings of the Board of Directors,
every director’s performance;
Committees and General meetings;
iii. Independent Directors in a separate meeting shall evaluate
g. Contributions in development of a Strategy, Business plan or
the performance of the Board as a whole, Non- Independent
risk management;
Directors and chairperson
h. Maintenance of good interpersonal and cordial relationship
Criteria for evaluation:
with other Board members, KMPs and Senior Management
Evaluation of Directors will be done based on their performance personnel;
as directors apart from their specific role as independent,
nonexecutive and executive directors as mentioned below: i. Diplomatic and convincing way of presenting their views
and listening to views of others;
a. Every director will be evaluated on meeting their duties
and responsibilities as enshrined under various statutes j. up-to-date with the latest developments in areas such as the
and other regulatory facet, participation in discussions and corporate governance framework, financial reporting and in
deliberations in achieving an optimum balance between the the industry and market conditions etc.,
interest of company’s business and its stakeholders. k. adhering to ethical standards, code of conduct of the
b. Executive Directors, being evaluated as Directors as Company and insider trading guidelines etc.;
mentioned above, will also be evaluated based on targets / l. making timely disclosures of their interest and disclosure of
criteria given to executive Directors by the board from time non-independence, when it exists and
to time in addition to their terms of appointment.
m. His/her contribution to enhance overall brand image of the
c. Independent Directors, being evaluated as a Director as Company.
mentioned above, will also be evaluated on meeting their
obligations connected with their independence criteria as The Nomination & Remuneration Committee will follow the same
well as adherence with the requirements of professional in evaluating performance of each Director of the Company.
conduct, roles, functions and duties specifically applicable As stated above, it is to be noted here that the Directors
to Independent Directors as contained in Schedule IV to the collectively as a Board or individually as Independent Directors,
Companies Act, 2013. Non-Independent Director etc., will be evaluated by the Board,
The Board will evaluate each of its committee’s performance Independent Directors etc., based on the criteria adopted for that
based on the mandate on which the committee has been purpose and in the eventuality of existence of discrepancies, if
constituted and the contributions made by each member of the any between the evaluation made by the Committee and the
said committee in effective discharge of the responsibilities of the Board or Independent Directors, the Board of Directors will have
said committee. the discretion to decide and act on the same.

ANNEXURE–5
FORM NO. AOC-2

(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule
8(2) of the Companies (Accounts) Rules, 2014)
Form for disclosure of particulars of contracts / arrangements entered into by the company with related parties
referred to in sub-section (1) of section 188 of the Companies Act, 2013 including certain arms-length transactions
under third proviso thereto:
1. Details of contracts or arrangements or transactions not at arm’s length basis: Not Applicable
(a) Name(s) of the related party and nature of relationship
(b) Nature of contracts/arrangements/transactions
(c) Duration of the contracts / arrangements / transactions
(d) Salient terms of the contracts or arrangements or transactions
including the value, if any
(e) Justification for entering into such contracts or arrangements or Not Applicable
transactions
(f ) date(s) of approval by the Board
(g) Amount paid as advances, if any
(h) Date on which the special resolution was passed in general
meeting as required under first proviso to section 188 Not
Applicable
2. Details of material contracts or arrangement or transactions at arm’s length basis:

(a) Name(s) of the related party and nature of relationship
(b) Nature of contracts/arrangements/transactions
(c) Duration of the contracts / arrangements / transactions * Please refer the note given below
(d) Salient terms of the contracts or arrangements or transactions
including the value, if any:
(e) Date(s) of approval by the Board, if any:
(f ) Amount paid as advances, if any:
Transactions like payment of remuneration and Dividend are as per the terms approved by the shareholders.
Transactions like payment of remuneration and Dividend are as per the terms approved by the shareholders. Acceptance of the public
deposits was done in pursuance of issue of advertisement inviting public deposits under the provisions of Schedule V of the Companies
Act, 2013; terms of which are having equal and universal application to all the deposit holders. Unsecured loan availed was to meet
short-term requirements, the interest rate of which is on par with working capital. Transaction relating to contribution to CSR activities
was made in compliance with the requirements of the Section 135 of the Companies Act, 2013 after due approvals. Please refer CSR
section in Board’s report for more details in this regard. Advances reflects the advances given in the ordinary course of business and the
salary advances availed as a part of the conditions of service extended by the company to all its employees. Transactions pertaining to
advertisement expenses, purchases and sales are also entered in the ordinary course of business at an arm’s length basis as per business
requirements of the Company.
*NOTE: The details of names, nature of relationship; nature of such contracts / arrangements / transactions is disclosed in Note No. 41
of the Standalone Financial Statements.

ANNEXURE–6
Particulars of Energy Conservation, Technology Absorption and

Foreign Exchange Earnings and Outgo required under the Companies
(Accounts) Rules, 2014
A. Conservation of energy: during Winter season (Reduced use of Humidification

i. Steps taken for conservation of energy and other equipments).
• Better layouts at the time of project implementation to - Contract Demand revised in the month of Mar 2022 from
simplify the operations. 5450 KVA to 5600 KVA to maintain full loading during
Summer season (Full capacity use of Humidification and
• Right sizing of Drives.
other equipment).
• Automatic power factor controller (APFC) to maintain
ii. Steps taken by the company for utilising alternate
power factor closer to unity in order to ring down the
sources of energy and investment made thereon:
energy bills.
AC-Division has been utilising the solar power generated
• High efficiency equipment for handling Vacuum, Process from it 30KW, 686KW, captive solar plant setup at Patancheru
Water, Compressed air and hydraulic equipment. & Raebareli.
• Installation of energy efficient motors (IE3 & IE4) Company has been utilising the Solar Power generated from
• Replacing of hydraulic ACB system with servo system its 2.5 MW Captive Solar Plant setup at Miryalguda, Telangana
with a capacity of 42 lakh units per annum. In addition,
• Stopping drives during idle machine running by installed 1 MW roof top solutions at different manufacturing
programming in PLC. locations, which add 12 lakh units per annuum utilising
• Replacing of metal halide lights with LED. renewable energy sources.
• Installation of new compressors (Year 2017) and Energy Addition of almost 2.8 MW rooftop installation work is
Audits by Eficomp for Electricity and Air. underway and the results will be seen in the current FY
(2022-23).
Following Steps taken By Spinning Division for conservation
of Energy: B. Technology absorption:
i. Efforts made towards technology absorption and the
• VFD Installed in All drive of Humidification Plants.
benefits derived therefrom:
• VFD Installed at Fresh water Pump. A) The Company is continuously endeavouring to upgrade
• VFD installed in Continuous Waste Evacuation System. its technology from time to time in all aspects through
in-house R&D primarily aiming at reduction of cost of
• Autoclave Vacuum Pump equipped with VFD.
production and improving the quality of the product.
• Convention light replaced with LED Lights.
B) The Company could successfully reduce the cost of
• TFO machines Run on Optimum Speed production, by using the inhouse developed alternative
raw materials, power consumption and improving
• Power Factor maintained almost Unity throughout Year
technical efficiencies and productivity.
by Using Online System.
AC Division:
• Continuous running of Filters optimized to intermittent
Running. (a) AC-Division is continually endeavouring to upgrade
its manufacturing technology of hatcheck machine
• Optimization of Contract Demand: time to time through In-house R&D, brainstorming and
Thro’ continuous monitoring and forecasting, we are implementing different KAIZENS aiming to get benefit
optimizing and revising contract demands. in PQCDSM (Productivity, Quality, Cost, Delivery Safety
and Moral)
- Contract Demand revised in the month of Nov’2021
from 5600 KVA to 5450 KVA to maintain full loading b) Installation of rooftop solar panels work is underway at
Nandur plant.

VNext Boards Division: Fibre Cement roofing: The Company has been
(a) Installed a new stirring system for pulp chests with experimenting various substitutes both for cement and
energy-saving stirring units in the FY 2021-22. fibre and has also been varying the ratio of raw materials
for improving quality and reducing cost.
(b) Installation of rooftop solar panels work is underway at
Delwadi plant. VNext Boards: The company has been experimenting
on the different alternative raw materials and other
Spinning Division: alternative products, keeping in the view of varying
(a) Use of recycled polyester fibre as an alternate to virgin applications to meet the customer requirements and to
Polyester – 57 products developed as replica). reduce the cost. The focus is on usage of recycling and
sustainable products.
(b) Auto cone packing machine with Auto strapping
installed in the month of Jun’21 to go for packing Spinning Division: The company has been trying various
automation. new products with different fibres and their blends
in various counts. The new shades are developed in
(c) Auto bale plucker installation in Unit No. 4 in the month
conventional and sustainable yarn counts. Sustainable
of Aug’21.
yarn developed for new segments like shoppers’ bag,
(d) Bale clamp attachment installed on Electrical forklift for home & kitchen furnishings.
Unloading of fiber bales.
Benefits derived because of the above R&D:
(e) Bag Loader machine procured for Loading of finished
Fibre cement roofing: The Company has achieved
goods in truck.
reduction in cost and increase in productivity.
ii. Particulars of imported technology (imported during
Vnext boards: The Company could develop new value-
the last 3 years reckoned from the beginning of the
added designer variants and water repellent board and
financial year):
alternative raw materials and developed products to
The company has imported machinery from Taiwan to suit U.K markets.
accommodate automatic painting of Planks with improved
technology in the year 2020 Spinning Division: Developing new customer base
related to sustainable products, Knitting Industries etc.
Our AC manufacturing technology is fully developed by own and new products help us sustain the volume and
iii. Expenditure incurred on research & development profitability.
a) Expenditure on R&D: c) Future course of action:
No specific expenditure exclusively on R&D has been Fibre cement roofing: In respect of the Asbestos
incurred. The indigenous technology available is Division, use of substitute fibers is being continuously
continuously being upgraded to improve the overall experimented.
performance of the Company.
Spinning Division: The company is continuously
R & D is continuous and an ongoing process for alternate experimenting with new blends and shades and higher
RM, Asbestos fibre replacement, reduction of RM cost. speeds. Exploring to strengthen and exploring New
The expenses are already included in our existing RM splicing technology to increase battery separator fabric
cost. No separate expenditure exclusively has been customer base in India.
accounted till now. We will start to maintain separate
Exploring rewinding of yarn through Autoconer with
expenditure exclusively on R & D activities.
Usterised clearing for some exclusive customer (100 %
b) Specific areas in which R&D carried out by the Spliced and Uster cleared). Also exploring the facility for
Company: TFO yarn with splicer for making knot free yarn.
AC-Division: Finding out the alternate RM for cement, • Proposed in Capital Budget to install High Energy
Asbestos fibre already 10% of GGBS has replaced 10% of Efficient 30 HP Motor’s in TFO machine to reduce
cement & Recron, wollastonite, CRP are jointly replacing power consumption.
15% of Asbestos fibre till date. Further analysis of Trails
continued for more Asbestos Fibre replacement and • We are in planning to install Offline Solar Inverter
reduction of RM cost by maintaining the product quality for Pump House street lighting initially.
and productivity • Hydro Pneumatic automatic System for fresh water
supply in Plant at required pressure only.

FOREIGN EXCHANGE EARNINGS / OUTGO: requirements of export market as well as increase the volume.
The details of foreign exchange earnings / outgo during the year New markets in various countries are being continuously explored
2021 - 22 are as follows: to make the market broad based.
(Amount in Lakhs)
Particulars 2021-22 2020-21

Earnings in Foreign Currency
Exports of Goods (FOB Value) 9,270.45 6,094.79
CIF Value of Imports
Raw Materials 26,585.53 14,240.61
Capital Goods 264.20 -
Components & Spare parts 203.15 184.92
Activities relating to exports, initiatives taken to increase

exports, development of new export markets for products
and services, and export plans:
The Company is exporting its yarn and V-Next products. Efforts
are on to develop new varieties of these products to meet the

Annexure-7
Statement of particulars as per Rule 5 of Companies

(Appointment and Remuneration of Managerial personnel) Rules, 2014.
(i) The ratio of the remuneration of each director to the median remuneration of the employees of the company for the financial year
2021-22:
Sl. Name of the Director Ratio of the remuneration to

No. the median remuneration of
the employees
1 Dr. G. Vivekanand, Chairman 3.55
2 Smt. Vanitha Datla, Independent Director@ NA
3 Shri Gusti J. Noria, Independent Director 4.02
4 Shri G. Appnender Babu, Independent Director 3.74
5 Shri P. Srikar Reddy, Independent Director 3.89
6 Smt. G. Saroja Vivekanand, Managing Director 281.00
7 Shri G. Vamsi Krishna, Joint Managing Director 166.00
8 Shri J P Rao, Whole-time Director 38.61
@ No remuneration was taken
(ii) The percentage increase in remuneration of each Director, Chief Financial Officer, Chief Executive Officer, Company Secretary or
Manager in the financial year.
Sl. Name of the KMP Percentage increase in the

No. remuneration
1 Smt. G. Saroja Vivekanand 5.80
2 Shri G. Vamsi Krishna 5.04
3 Shri J P Rao 15.00
4 Shri Shafiulla Singanamala 14.00
5 Shri Ramakanth Kunapuli $
NA
There was no increase in the remuneration paid to other directors
$
Shri Ramakanth Kunapuli, AVP & CS was appointed as Company Secretary w.e.f 22nd January,2022
(iii) Percentage increase in the median remuneration of employees in the financial year.4.5%
(iv) The number of permanent employees on the rolls of Company as on 31st March, 2022 stood at 1971
(v) Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year
and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are
any exceptional circumstances for increase in the managerial remuneration. -NA-
(vi) The Remuneration paid to Key Managerial Personnel is as per the Remuneration Policy of the Company.
For and on behalf of the Board
Place: Secunderabad Dr G Vivekanad

Date: 09-05-2022 Chairman

Report on
Corporate
Governance
In Compliance with the chapter IV read with Schedule V of SEBI(LODR) Regulations, 2015, the details of
compliances made for the financial year ended 31.03.2022 are as follows:
1. A brief statement on company’s philosophy on code of and the Board consists of sufficient number of Independent
governance: Directors as stipulated under Companies Act, 2013 and
SEBI(LODR) Regulations, 2015 (Listing Regulations). The
Visaka Industries Limited (hereinafter “Company”) believes
Board further confirms that in its opinion, the independent
that good corporate governance is process in directing
directors fulfil the conditions specified in SEBI Listing
and controlling the affairs of the Company in an efficient
Regulations and are independent from management. The
manner and helps in achieving the goal of maximizing
Company has appointed Woman Director (independent)
value of Company’s stakeholders in a sustainable manner.
as per the provision of SEBI(LODR) Regulations,2015 as
Company’s Governance framework is built on transparency,
amended.
integrity, ethics, honesty and accountability as core values,
and the management believes that practice of each of these ii) While appointing new Independent Directors on the Board,
creates the right corporate culture fulfilling the purpose of the Nomination and Remuneration Committee of the
Corporate Governance. Board considers the qualifications, positive attributes and
independence as per the criteria laid down in that behalf and
Key tools devised for achieving the enshrined objectives
makes its recommendation to the Board for its consideration.
are a well-defined code of conduct, robust internal and
financial controls, systems, transparency, risk management iii) The Board, inter-alia, provides leadership, strategic
procedures/systems; communications, ESH standards, guidance, objective and independent view / judgment to
product quality standards, etc., which are properly the Company’s management. The Board meets at regular
implemented through continuous review process and intervals for planning, assessing and evaluating all important
mechanism setup for the said purpose. business.
The Company’s Governance code is available on the iv) The Board members are updated from time to time, on the
Company’s website https://visaka.co for general information. Company’s procedures and policies as per the familiarization
However, it is to be recognized that Corporate Governance is program devised in that behalf by the Company, copy of the
not just a destination but a consistent journey to consolidate same is available on company’s website at https://visaka.co.
and enhance sustainable value creation to the company by
v) None of the Board of Directors of the Company is a member
adhering to the core values.
on more than 10 committees or Chairperson of more than
2. Board of Directors: 5 committees as specified under SEBI Listing Regulations,
i) The Board of Visaka Industries Limited consists of eminent across all the listed / public limited Companies in which
persons with optimum balance of Executive Directors, Non- he is a Director. The Board confirms that the Independent
Executive Directors and Independent Directors, having Directors fulfil the conditions specified in these regulations
professional expertise from different fields such as technical, and that they are Independent of the management.
business strategy and management, marketing, medicine, vi) None of the Board of Directors of the Company is a director
finance, governance and thus meets the requirements of the of more than seven listed entities and serving as an
Board diversity. The Chairman is a Non-Executive Director independent Director in more than seven listed entities.

vii) The details of the Board of Directors of the Company as on March 31, 2022 are as under:
Name of the Director Designation / No. of Board Whether Number Number Number of
Category Meetings attended of other of Board Chairmanships
attended AGM held on Directorships Committee of Board
during 2021-22 25.05.2021 held in other memberships Committees
companies@ held in other held in other
companies companies
Dr. G. Vivekanand
Chairman Non – Executive Promoter 5 Yes 1 - -
Director
Shri Gusti J Noria
5 No - - -
Non – Executive Independent Director
$
Shri P. Srikar Reddy
5 Yes 3$ 2$ -
Non-Executive Independent Director
Shri G. Appnender Babu
5 Yes - - -
Smt. Vanitha Datla
4 Yes 2 - -
Smt. G. Saroja Vivekanand
5 Yes 1 1 -
Managing Director
Shri G. Vamsi Krishna
5 Yes - - -
Joint Managing Director
Shri J.P.Rao
5 Yes - - -
Whole-time Director
$ Shri P. Srikar Reddy is the Managing Director of Sonata Software Limited and Director of Palred Technologies Limited both
listed entities and Sonata Information Technology Limited. He is member of Audit Committee and Stakeholders Relationship
Committee in Sonata Software Limited.
@ The other directorships of Listed and Unlisted Public Companies are only considered and Directorships of Private Company,
Section 8 Company and OPC are not considered
viii) As per the information available with the Company, consideration. During the year under review, the Board has
except Dr. G. Vivekanand, Smt. G. Saroja Vivekanand and accepted all the recommendations from the Committees.
Shri G. Vamsi Krishna, none of the Directors are related interse.
xii) A meeting of the Independent Directors was held on
ix) None of the Independent Directors have any material 22.04.2021 and inter-alia, discussed on matters pertaining
pecuniary relationship or transaction with the Company. to performance review of the Board, Chairman and Non-
Independent Directors.
x) Five (5) Board Meetings were held during the year ended
March 31, 2022 i.e. on 22.04.2021, 26.07.2021, 30.10.2021, xiii) The Board comprises with highly qualified members
22.01.2022 and 04.02.2022. The gap between any two possessing required skills, expertise and competence in
meetings did not exceed one hundred and twenty days. In making effective contributions towards the growth of the
view of Covid-19 pandemic four board meetings were held company. Leadership, operational experience, strategic
through video conferencing / other audio visual mode as planning, industry experience, research & development,
allowed under MCA Circular No.20/2020 dated May 5, 2020 innovation, consumer insights, marketing, supply chain
and SEBI SEBI/HO/CFD/CMD1/CIR/P/2020/79 May 12, 2020 management and branding are the key core skill / expertise
and one board meeting held physically. / competence, in the context of the company’s business
apart from governance, finance, taxation and regulatory
xi) Information on various important business proposals
affairs functions. In the opinion of the Board, these skills are
including the information as stipulated in Schedule II of
available with the board and the following chart / matrix
the Listing Regulations and recommendations of various
depicts the aforesaid skills/expertise/competence possessed
committees has been placed before the Board for its
by the board.

Sl no Director Name Skills / expertise / competence iii) The Chairperson is a Chartered Financial Analyst from ICFAI.
1 Dr. G. Vivekanand Leadership, strategic planning, All the members of the committee are financially literate.
business operations, industry Accordingly, the Composition of the Audit Committee is in
experience, risk management, conformity with Section 177 of the Companies Act, 2013 and
consumer insights & supply chain Listing Regulations.
management, governance and iv) Four (4) Audit Committee Meetings were held during the
regulatory affairs. year ended March 31, 2022, i.e. on 22.04.2021, 26.07.2021,
2 Shri Gusti J Noria Business operations, strategic 30.10.2021 and 04.02.2022. The gap between any two
planning, consumer insights, meetings did not exceed one hundred and twenty days
financial & supply chain and necessary quorum was present at all meetings. In view
management and branding. of Covid19 pandemic prevailed during the year, three
3 Shri P.Srikar Reddy Leadership, Business strategy, Committee meetings were held through video conference
operations, marketing, engineering mode as allowed under MCA Circular No.20/2020 dated May
& project management, risk 5, 2020 and SEBI SEBI/HO/CFD/CMD1/CIR/P/2020/79 May
management, branding, financial 12, 2020 and one meeting held physically.
& supply chain management and
governance. v) Chief Financial Officer, Internal Auditor and Statutory
4 Shri G. Appnender Business strategy & operations, Auditors are the invitees to the meetings and the Company
Babu engineering, project management, Secretary acts as the Secretary of the Audit Committee.
risk management, financial & vi) The Chairperson of the Audit Committee attended last
supply chain management and Annual General Meeting of the Company held on May 25,
governance. 2021.
5 Smt. Vanitha Datla Business strategy & operations,
risk management, financial 4. Nomination and Remuneration Committee:
management, governance and i) The terms of reference of the Committee cover the matters
regulatory affairs. specified for the Nomination and Remuneration Committee
6 Smt. G. Saroja Operational experience, strategic under Section 178 of the Companies Act, 2013 and Listing
Vivekanand planning, industry experience, Regulations.
risk management, governance &
ii) The Composition of the said Committee and details of
regulatory affairs.
7 Shri G. Vamsi Business strategy, consumer meetings attended by the Directors are given below:
Krishna insights, new products, innovation, Name Meetings during the
research & development, operations, year 2021-22
marketing, branding, project Held Attended
management and risk management Shri Gusti J Noria – Chairman 3 3
8 Shri J.P.Rao Marketing, sales & consumer Shri P. Srikar Reddy – Member 3 3
insights, operations, supply chain Shri G. Appnender Babu – Member 3 3
management and distribution.
iii) The constitution and composition of the Committee thus
3. Audit Committee: satisfy the requirements of Section 178 of the Act, read with
i) The terms of reference of the Audit Committee cover the Listing Regulations.
matters specified for Audit Committees under Listing
iv) The Committee during the financial year 2021–22 met three
Regulations and Section 177 of the Companies Act, 2013.
times on 22.04.2021, 30.10.2021 and 22.01.2022.
ii) The composition of the Audit Committee as on March 31,
v) The document setting out criteria followed by the
2022 and particulars of meetings attended by the members
Nomination and Remuneration Committee for identification,
are as follows:
appointment, remuneration and evaluation of performance
Name No. of Meetings of Directors which is enclosed as Annexure–4 to the Board’s
during the year Report contains the information as to the various matters
2021-22 that are reviewed by the Committee from time to time.
Held Attended vi) Details of shareholdings of the Directors who are holding
Smt. Vanitha Datla – Chairperson 4 3 shares in the Company as on March 31, 2022:
Shri Gusti J. Noria – Member 4 4
Name No. of Shares of Rs.10/- each
Shri P. Srikar Reddy – Member 4 4
Dr G Vivekanand 6863492
Smt. G. Saroja Vivekanand – Member 4 4
Smt. G. Saroja Vivekanand 875139

Name No. of Shares of Rs.10/- each also to attract, retain and motivate employees, Directors and
Shri G. Vamsi Krishna 121730 other senior management.
Shri Gusti J Noria 3913 The Company’s Remuneration Policy as applicable to
Directors, KMPs and other Senior management personnel
vii) Remuneration Policy:
of the Company forms part of document setting out criteria
The Company’s remuneration policy is driven by the success of identification, appointment, remuneration, evaluation of
and performance of the individual employees as well as his performance of directors which is annexed as Annexure–4
expertise in critical areas of operations of the Company. This to the Boards’ Report.
policy is designed to create high performance culture and
viii) The details of Remuneration paid to Directors during the year 2021-22 are given below: (Amount in Rs.)
Director Designation Salary Perquisites Commission Sitting Fees Total

Dr. G. Vivekanand Chairman - - 10,00,000 1,15,000 11,15,000
Smt. G. Saroja Vivekanand Managing Director 1,63,63,541 40,64,538 6,79,00,000 - 8,83,28,079
Shri G. Vamsi Krishna Jt. Managing Director 75,19,700 5,61,240 4,41,00,000 - 5,21,80,940
Shri Gusti J. Noria Independent Director - - 10,00,000 2,65,000 12,65,000
Shri P. Srikar Reddy Independent Director - - 10,00,000 2,20,000 12,20,000
Shri G. Appnender Babu Independent Director - 10,00,000 1,75,000 11,75,000
Shri J. P. Rao Whole-time Director 99,53,843 21,83,187 - - 1,21,37,030
Smt. Vanitha Datla Independent Director - - - - -
Shri S. Shafiulla CFO 48,23,864 7,68,833 - - 55,92,697
*Shri I. Srinivas Company Secretary 26,58,577 22,494 - - 26,81,071
$
Shri M. Muralidhar Company Secretary 9,87,440 1,70,047 - - 11,57,487
#
Shri Ramakanth Kunapuli Company Secretary 9,05,900 1,37,823 - - 10,43,723
* Mr. I. Srinivas worked part of the year as a Company Secretary.
$
Mr. M. Muralidhar worked part of the year as Company Secretary.
#
Appointed as Company Secretary w.e.f 22-01-2022.
5. Stakeholders’ Relationship Committee: 6. Risk Management Committee:
i) The Committee, inter-alia, approves issuance of duplicate The Company pursuant to the SEBI(LODR) Regulations,
share certificates as well as oversees and reviews all matters 2015 has constituted Risk Management Committee and has
connected with the securities transfer, transmission, adopted Risk Management Policy.
nomination, dematerialization and rematerialisation
The terms of reference of the Risk Management Committee
including redressing grievances related thereto. The
cover the matters specified under Listing Regulations and
Committee also considers redressing of shareholder’s
Section 177 of the Companies Act, 2013.
complaints relating to non-receipt of notices/annual reports
and dividends etc. The Committee during the financial year 2021–22 met two
times on 30.10.2021 and 31.03.2022
ii) The Committee consists of three directors and
Shri G. Appnender Babu is the Chairman of the Committee The composition of the Risk Management Committee as on
and thus the constitution of the Committee is in compliance March 31, 2022 and particulars of meetings attended by the
with section 178 of the Act read with Listing Regulations. members are as follows:
iii) During the financial year under review the Committee Name Meetings during the
met Five times i.e. on 20.10.2021, 30.10.2021, 03.02.2022, year 2021-22
21.02.2022 & 30.03.2022 and all members attended all Held Attended
meetings. Shri Gusti J Noria – Chairman 2 2
Smt. Vanitha Datla – Member 2 2
iv) Shri Ramakanth Kunapuli, AVP and Company Secretary is the
Shri G. Vamsi Krishna – Member 2 2
Compliance Officer of the Company.
Shri J. P. Rao – Member 2 2
v) The Chairman of the Committee has attended last Annual
General Meeting of the Company held on May 25, 2021.
vi) Details of complaints received and redressed:
Opening Received Resolved Closing

Balance Balance
Nil 2 2 NIL

7. General Body Meetings
i) The particulars of day, date, time, venue special resolutions passed, if any, in last three annual general meetings of the Company are
given below:
Year Particulars of the Day, Date & Time Venue Special Resolutions
AGM Passed, if any
Tuesday 25.05.2021 Through Video Conferencing (VC) / Other
2020-21 39th AGM No
11.30 A.M. Audio-Visual Means (OAVM)
Thursday 23.07.2020 Through Video Conferencing (VC) / Other
2019-20 38th AGM Yes
11.30 A.M. Audio-Visual Means (OAVM)
Regd Office: Survey.No.315, Yelumala Villege,
Thursday 27.06.2019
2018-19 37th AGM R.C.Puram Mandal, Sangareddy Dt. Telangana Yes
11.30A.M
- 502300.
ii) The Company during the financial year ended March 31, 2022 did not transact any business through postal ballot and hence
passing of special resolution through postal ballot does not arise.
9. Disclosures: a) Audit qualifications: There were no qualifications by the

i) During the financial year ended March 31, 2022 there are statutory auditors on the financial statements for the
no materially significant related party transactions, which year ended March 31, 2022.
have potential conflict with the interest of Company at b) Separate post of Chairman and CEO: The Company has
large. Related party transactions entered during the financial separate Chairman and Managing Director.
year under review are disclosed in the notes to the audited
financial statements of the company for the financial year c) Reporting of Internal Auditor: The Internal auditor
ended March 31, 2022. reports to the Audit Committee.
These transactions entered were at an arm’s length basis and v) Code of conduct: The code of conduct as adopted by
were in the ordinary course of business. the Board of Directors is applicable to all directors, senior
management and employees above officers’ level. The
The details of related party transactions entered by the prime purpose of the code is to create an environment
Company during the FY-2021-22 are given in note number wherein all the Board Members and Senior Management
41 of the Financial Statements. of the Company maintain ethical standards and to ensure
ii) There were no occasions of non-compliance by the Company compliance with the laid down ethical standards. The code
and no penalties or strictures were imposed on the Company is available on the Company’s website at https://visaka.co.
by the Stock Exchanges or the SEBI or any statutory authority, (vi Details of utilization of funds raised through preferential
on any matter related to Capital markets, during the last allotment as specified under Regulation 32 (7A):
three years except an instance of slight delay in appointment
of woman director(Independent) in the financial year 2020- During the Financial Year 2021-22, the Company has received
21 for which The National Stock Exchange of India Ltd levied an amount of Rs.Rs.14,46,00,000 Crore towards balance 75%
a fine of Rs.3,24,500(including GST). money payable on allotment of 8,00,000 Equity Shares
on conversion of 8,00,000 convertible warrants issued
iii) Vigil Mechanism (Whistle Blower Policy): The Company has on preferential basis to the Promoters / Promoter Group as
a Vigil mechanism (Whistle blower policy) in place enabling permitted under Chapter V of the SEBI (Issue of Capital and
the employees or other connected persons having interest in Disclosure Requirements) Regulations, 2018. The amount
any transactions with the company to report of any unethical raised through the Preferential Issue have been utilized as
or improper practices noticed in the organization. The Policy per the objects specified in the Explanatory Statement to the
also provides the procedure of making such representation EGM Notice dated. 25th July, 2020.
and dealing with the said representation and also provides
protection from victimization. During the year under review, Declaration as to adherence to the Code of Conduct
no employee was denied access to the Audit committee in All the directors and senior management of the Company
this behalf. have affirmed compliance with the Company’s code of
iv) The Company is in compliance with all the applicable conduct for the financial year ended March 31, 2022.
mandatory requirements and has fulfilled the following non-
mandatory / discretionary requirements as prescribed in
Date: 09.05.2022 Smt. G. Saroja Vivekanand
Listing Regulations:
Secunderabad Managing Director

vi) CEO & CFO certificate: The Managing Director and Chief total issued and listed capital. The audit confirms that the
Financial Officer of the Company have given a Certificate as total issued / paid-up capital of the Company is in agreement
contemplated in Listing Regulations. with the total number of shares in physical form and the total
number of dematerialized shares held with NSDL and CDSL.
vii) The company’s website contains all information, disclosures,
policies etc., as applicable to the entity. ix) Total fee paid to the statutory auditors for all services: please
refer Note 33(a) of this annual report.
viii) Share Capital Audit: Practicing Company Secretary carried
out a secretarial audit to reconcile the total admitted capital x) Credit Ratings: Credit rating agency “CARE Ratings” reviewed
with National Securities Depository Limited (NSDL) and various credit facilities of the company during the financial
Central Depository services (India) Limited (CDSL) and the year ended 31.03.2022 as per the following details:
Sl.No. Facilities Rating Remarks

1 Long term Bank Facilities CARE AA-; Stable [Double A Minus; Reaffirmed
Outlook: Stable]
2 Short term Bank Facilities CARE A1+ (A One Plus) Reaffirmed
3 Medium Term Fixed Deposit CARE AA- (FD); Stable [Double A Minus Reaffirmed
(Fixed Deposit); Outlook: Stable]
Symbols Rating Definition

CARE AA Instruments with this rating are considered to have high degree of safety regarding timely servicing of
financial obligations. Such instruments carry very low credit risk.
CARE A Instruments with this rating are considered to have adequate degree of safety regarding timely servicing of
financial obligations. Such instruments carry low credit risk.
Modifiers {“+” (plus) / “-” (minus)} can be used with the rating 10. Means of Communication:
symbols for the categories CARE AA to CARE C. The modifiers Audited financial results of the Company are published
reflect the comparative standing within the category. in Business Standard / Economic Times(Bombay and
Rating Outlook: The rating outlook can be ‘Positive’, ‘Stable’ or Hyderabad Editions) / Financial Express (English edition)
‘Negative’. and Velugu (Regional edition) newspapers respectively
on quarterly basis, in addition to being displayed on the
‘A +ve’ outlook indicates an expected upgrade in the credit Company’s website – “https://visaka.co”. Presentations made
ratings in the medium term on account of expected positive to institutional investors and details of Conference Calls etc.,
impact on the credit risk profile of the entity in the medium are intimated to stock exchanges apart from being uploaded
term. on the website of the company.
‘A -ve’ outlook would indicate an expected downgrade in the Audited financial results of the Company (Quarterly, Half
credit ratings in the medium term on account of expected yearly and annual) are immediately, after the Board’s
negative impact on the credit risk profile of the entity in the approval uploaded / displayed on the company’s website
medium term. https://visaka.co under investors tab (a separate sections for
‘A’ ‘Stable’ outlook would indicate expected stability (or investors information) in addition to submitting the same
retention) of the credit ratings in the medium term on to BSE Limited and National Stock Exchange of India (NSE).
account of stable credit risk profile of the entity in the They are also published in one English daily newspaper and
medium term. one Telugu newspaper within stipulated time of 48 hours of
approval.
xi) Prohibition of Insider Trading: The Company has a policy i.e.
code of conduct prohibiting insider trading in conformity The annual reports are sent to members of the company in
with SEBI (Prohibition of Insider Trading) Regulations, 2015. addition to submitting the same to BSE and NSE as well as
The said policy contains necessary procedures applicable to uploading the same on the Company’s website.
Directors, officers and designated persons for trading in the Press releases highlighting the financial performance on
securities of the Company. quarterly basis, Investor presentations, Investor calls, etc., are
The trading window closure is intimated in advance to all intimated to stock exchanges on regular basis in addition to
the concerned during which period, the Board of Directors uploading the same on the Company’s website.
and designated persons are not permitted to trade in the
securities of the company. The policy is available on the
website www.visaka.on

11. General Shareholder’s information:
1 Annual General Meeting
Date June 17, 2022
Time 11.30 A.M.
Venue The Company is conducting the AGM through Video Conference / Other
Audio-Visual Mode (VC/OAVM) pursuant to the MCA Circular dated May 5,
2020, January 13, 2021, May 5, 2022 and as such there is no requirement to
have a venue for the AGM. For details, please refer to the Notice of this AGM.
2 Financial Calendar 2021-22
Year ending March 31, 2022
AGM June 17, 2022
3 Date of Book Closure May 30, 2022 to June 03, 2022 (both days inclusive)
4 Dividend Payment Date On or before July 15, 2022
5 Listing on Stock Exchanges National Stock Exchange of India Ltd and BSE Limited
(The Company has paid the listing fee for 2022-23 to the BSE & NSE)
6 Stock Code / Symbol on NSE / BSE VISAKAIND / 509055

respectively
7 Address of exchanges BSE Corporate Office: BSE Limited, Phiroze Jeejeebhoy
Towers, Dalal Street, Mumbai- 400001
NSE Corporate Office: National Stock Exchange of India
Ltd., Exchange Plaza, Plot no. C/1, G Block, Bandra-Kurla
Complex, Bandra (E), Mumbai - 400 051
8 International Securities Identification INE392A01013

Number (ISIN) allotted to the Company’s
Shares
13. Market Price Data:

Details of monthly high and low market price as per stock exchanges data for the Financial Year ended March 31, 2022 are as follows:
S. Month Price at BSE Price at NSE

No. High Low High Low
1 April – 2021 604 459 605 459
2 May – 2021 717 582 720 581
3 June – 2021 708 641 709 640
4 July – 2021 850 685 850 684
5 August – 2021 874 665 873 664
6 September – 2021 744 655 744 655
7 October – 2021 700 594 696 594
8 November – 2021 648 556 620 556
9 December – 2021 656 562 652 571
10 January – 2022 709 596 708 600
11 February – 2022 676 533 677 534
12 March – 2022 682 514 649 511

11. Performance of share price of the Company in comparison to BSE Sensex:

Sl.No. Month Visaka’s Closing BSE Sensex Closing
Price at BSE (Rs.)
1 April – 2021 579 48782
2 May – 2021 667 51937
3 June – 2021 686 52483
4 July – 2021 819 52587
5 August – 2021 730 57552
6 September – 2021 664 59126
7 October – 2021 595 59307
8 November – 2021 580 57065
9 December – 2021 624 58254
10 January – 2022 625 58014
11 February – 2022 566 56247
12 March – 2022 586 58569
(Source: The information is compiled from the data available from the BSE website)
12. Registrar and Transfer Agents
Name & Address: KFin Technologies Private Limited
Unit: Visaka Industries Limited
Karvy Selenium Tower B, Plot No. 31 & 32,
Gachibowli, Financial District, Nanakramguda,
Serilingampally, Hyderabad – 500 032
Phone: 040-67162222, E-mail: einward.ris@kfintech.com
Website: www.kfintech.com
Toll Free No: 1800-3094-001
13. Share Transfer System
The Company’s shares are traded in the stock exchanges compulsorily in Demat form. The Company’s Registrar and Transfer agent is
the common agency to look after physical and demat registry work. Shares lodged for transfer with the registrar are processed and
returned to shareholders within the stipulated time. The Company has been obtaining certificates annually as to the compliances
made by the Company with regard to transfer and transmissions of shares lodged with the company during the financial year
ended March 31, 2022 from practicing company secretary.
14. Shareholding (as on March 31, 2022)
a) Distribution of shareholding as on March 31, 2022
S. Category Shareholders Amount %

No. (No. of shares) Number % (in Rs.) Amount
1 100001 & Above 96 0.31 12,55,51,510.00 72.65
2 50001- 100000 80 0.26 58,65,110.00 3.39
3 40001- 50000 48 0.16 22,44,050.00 1.30
4 30001- 40000 46 0.15 16,51,510.00 0.96
5 20001- 30000 130 0.43 33,43,110.00 1.93
6 10001- 20000 377 1.24 55,94,100.00 3.24
7 5001- 10000 887 2.92 69,39,450.00 4.02
8 1-5000 28737 94.53 2,16,20,680.00 12.51
Total: 30401 100.00 17,28,09,520.00 100.00

b) Categories of Shareholders as on March 31, 2022
Sl.No. Category No. of Shares %

1 Promoters & Promoter Group 8357698 48.36
2 Foreign Portfolio Investors 825242 4.78
3 Banks, Financial Institutions, Insurance Companies (Central, State Gov. 4475 0.03
Institutions / Non-Government institutional)
4 Mutual Funds 1072 0.01
5 Private Corporates Bodies 1925068 11.14
6 Indian Public 5606761 32.44
7 NRIs / OCBs 264125 1.53
8 Clearing Members 22557 0.13
9 IEPF 142287 0.82
10 Directors (other than Promoter Director) 3913 0.02
11 Alternative Investment Fund 127754 0.74
Total 17280952 100.00
15. Dematerialization of shares and liquidity:

As on March 31, 2022, 98.63% of the paid-up share capital of the Company has been dematerialized.
16. Outstanding GDRs / ADRs / Warrants or any convertible instruments: NIL.
17. Secretarial Compliance Report
Pursuant to Regulation 24A of the Listing Regulations the Company has submitted to the Stock Exchanges the Secretarial Compliance
Report for the Financial Year 2020-21 furnished by K.V. Soorianarayanan a Practicing Company Secretary . The Company shall be
filing the Secretarial Compliance Report for the Financial Year 2021-22 within the prescribed time.
18. Dividend Distribution policy
In compliance with Regulation 43A of the Listing Regulations the Company has formulated its Dividend Distribution Policy, the
details of which are available on the Company’s website at: https://www.visaka.co
19. Manufacturing facilities:
PLANTS ADDRESSES
1. A.C. Division – Plant 1
Survey No.315, Yelumala Village, R. C. Puram Mandal, Sangareddy District - 502 300, Telangana
Behind Supa Gas, Manickanatham Village, Paramathi, Velur Taluq, Namakkal District, Tamil Nadu - 637 207
Changsole Mouza, Bankibund, G.P.No.4, Salboni Block, Midnapore West, West Bengal – 721 147
Survey No. 27/1, G. Nagenahalli Village, Kora Hobli, Tumkur Taluk & District, Karnataka
Village Kannawan, P.S. Bacharawan, Tehsil: Maharaj Ganj, Raibareli District, Uttar Pradesh – 229 301
Survey No. 385 and 386, Near Kanchikacharla, Jujjuru (Village), Veerula Padu Mandal, Krishna District,
Andhra Pradesh – 521 181
Plot No. 2006, 1994, Khata No. 450, At- Paramanapur, Manejwan, Navamunda Village, Sambalpur District, Odisha – 768 200
Gat.No.70/3A, 70/3, Sahajpur Industrial Area, Nandur (Village), Daund (Taluk), Pune (District) - 412 202, Maharashtra
9. Textile Division
Survey No.179 & 180, Chiruva Village, Maudha Taluq, Nagpur District, Maharashtra
10. V-Boards and V-Panels Division – 1
Survey No. 95 & 96, Gajalapuram Village, Near Miryalguda P.O. Pedadevullapally Mandal, Tripuraram Adjacent to Kukkadam
Railway Station Nalgonda District, Telangana – 508 207

11. V-Boards Division – 2

Gatt No. 262, Delwadi Village, Daund Taluq, District Pune, Maharashtra
12. V-Boards Division – 3
Mustil No.105, 106 & 115, Jhanswa Tehsil, Matanhail, Jhajjar, Haryana.
13. V-Boards Division-4)
S.F.No.169/A3/C1,B1, 174/A1, A3, B, Venasapatti Village, Udumalaipettai Taluk, Tiruppur Dist, Tamilnadu-642126.
14. ATUM Division
Survey No. 89, 93, 94, 95 and 96, Gajalapuram Village, Tripuraram, Nalgonda District, Telangana
20. Address for Correspondence/registering investor grievances:

Enquiries, if any relating to shareholder records, share transfers, transmission of shares, change of address / bank mandate details
for physical shares, receipt of dividend warrants, loss of share certificates, updation of PAN, etc., and related grievances may be
addressed to KFin Technologies Limited (Kfintech), Unit: Visaka Industries Limited.
OR
The Company Secretary
Visaka Towers, 1-8-303/69/3
S.P. Road, Secunderabad – Pin: 500 003.
Email: investor.relations@visaka.in
Tel Nos: 091 - 040 - 27813833, 27813835 / 27892190 To 92
To know more about the Company, you are welcome to visit us at: https://visaka.co

CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS
(pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015)
To
The Members of
Survey No 315, Yelumala Village,
R C Puram Mandal, Medak,
Telangana 502300, India
We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of VISAKA INDUSTRIES
LTD having CIN L52520TG1981PLC003072 and having registered office at Survey No 315, Yelumala Village, R C Puram Mandal, Medak,
Telangana 502300, India (hereinafter referred to as ‘the Company’), produced before us by the Company for the purpose of issuing this
Certificate, in accordance with Regulation 34(3) read with Schedule V Para-C Sub clause 10(i) of the Securities Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015.
In our opinion and to the best of our information and according to the verifications (including Directors Identification Number (DIN)
status at the portal www.mca.gov.in) as considered necessary and explanations furnished to us by the Company & its officers, we hereby
certify that none of the Directors on the Board of the Company as stated below for the Financial Year ending on 31st March, 2022 have
been debarred or disqualified from being appointed or continuing as Directors of companies by the Securities and Exchange Board of
India, Ministry of Corporate Affairs, or any such other Statutory Authority.
Sl.No. Name of Director DIN Date of appointment
in Company
1. Dr. G. Vivekanand 00011684 18.06.1981
2. Mrs. G. Saroja Vivekanand 00012994 28.01.2003
3. Mr. G. Vamsi Krishna 03544943 01.06.2014
4. Mr. J.P. Rao 03575950 07.05.2015
5. Mr. Gusti J. Noria 00015561 22.02.2000
6. Mr. P. Srikar Reddy 00001401 25.07.2015
7. Mr. Gogineni Appnender Babu 00034681 12.08.2019
8. Mrs. Vanitha Datla 00480422 26.05.2020
Ensuring the eligibility for the appointment / continuity of every Director on the Board is the responsibility of the management of the
Company. Our responsibility is to express an opinion on these based on our verification. This certificate is neither an assurance as to
the future viability of the Company nor of the efficiency or effectiveness with which the management has conducted the affairs of the
Company.
M.No.3380
C.P. No: 12678
Place: Hyderabad Peer Review Cert No. 1147/2021
Date: 29.04.2022 UDIN: F003380D000244291

AUDITORS’ CERTIFICATE REGARDING

COMPLIANCE OF CONDITIONS OF CORPORATE GOVERNANCE
To
The Members of
We have examined the compliance of conditions of Corporate Governance by Visaka Industries Limited, for the year ended March 31,
2022 as stipulated in Regulations 17, 17A, 18, 19, 20, 21, 22, 23, 24, 24A, 25, 26, 27 and clauses (b) to (i) of sub-regulation (2) of regulation
46 and para C, D and E of Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (as amended) (collectively referred to as “SEBI Listing Regulations, 2015”).
The compliance of conditions of Corporate Governance is the responsibility of the Company’s management. Our examination was carried
out in accordance with the Guidance Note on Certification of Corporate Governance, issued by the Institute of Chartered Accountants
of India and was limited to procedures and implementation thereof, adopted by the Company for ensuring the compliance of the
conditions of Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.
In our opinion and to the best of our information and according to the explanations given to us, we certify that the Company has
complied with the conditions of Corporate Governance as stipulated in the SEBI Listing Regulations, 2015.
We state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness with
which the management has conducted the affairs of the Company.
For Price Waterhouse & Co Chartered Accountants LLP

Firm Registration Number: 304026E/E-300009
N.K. Varadarajan
Partner
Place: Secunderabad Membership Number: 090196
Date: May 09, 2022 UDIN: 22090196AIQBPV8744

BUSINESS RESPONSIBILITY REPORT
[Pursuant to Regulation 34(2)(f ) of SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015)
SECTION A: GENERAL INFORMATION ABOUT THE SECTION D: BR INFORMATION

COMPANY 1. Details of Directors responsible for BR
I. Details of the listed entity a. Details of the Director responsible for implementation
1. Corporate Identity Number (CIN) of the company: of the BR policy/policies
L52520TG1981PLC003072 Sl Particulars Details
2. Name of the company: Visaka Industries Limited No.
1 DIN of the Director 00012994
3. Registered Office address: Survey No 315, Yelumala village, R 2 Name Smt. G. Saroja Vivekanand
C Puram Mandal, Sangareddy district- 502300, Telangana 3 Designation Managing Director
4. Website: www.visaka.co
b. Details of BR head:
5. E-mail id: vil@visaka.co
Sl Particulars Details
6. Financial year reported: April 2021 to March 2022.
No.
7. Sector(s) that the company is engaged in (Industrial activity 1 DIN of the Director DIN: 03544943
code wise): Manufacture of Cement Fibre, Roofing products, 2 Name Shri G. Vamsi Krishna
Fibre Cement Flat Board & Panels (23959) and Manmade 3 Designation Joint -Managing Director
polyester yarn (13114) 4 Phone Number 040-27813833
8. List three key products/services that the Company 5 Email vamsi@visaka.in
manufactures/provides (as in balance sheet): Fibre Cement
Roofings Products, VNext-Boards, Manmade yarn. 2. The operating principles adopted by the Company
supplement the requirements under the National Voluntary
9. Total number of locations where business activity is
Guidelines
undertaken by the Company
PRINCIPLE 1: Businesses should conduct and govern themselves
(a) Number of international locations: Nil
with integrity, and in a manner that is Ethical, Transparent and
(b) Number of national locations: The Company Accountable
is undertaking business activities across India and
PRINCIPLE 2: Business should provide goods and services in a
locations are given at page No. 107
manner that is sustainable and safe
10. Markets served by the Company: National & International
PRINCIPLE 3: Businesses should respect and promote the well-
markets
being of all employees, including those in their value chains
SECTION B: FINANCIAL DETAILS OF THE COMPANY PRINCIPLE 4: Businesses should respect the interests of and be
1. Paid up-Capital: H17.28 Crores responsive to all its stakeholders.
2. Total Turnover: H1425.67 Crores PRINCIPLE 5: Businesses should respect and promote human
3. Total Profit after Tax: H118.53 Crores rights.
4. Total spending on CSR as percentage of average net profits: PRINCIPLE 6: Businesses should respect and make efforts to
2% protect and restore the environment.
5. List of activities in which expenditure in 4 above has been PRINCIPLE 7: Businesses, when engaging in influencing public
incurred: Provision of drinking water, Construction of and regulatory policy, should do so in a manner that is responsible
irrigation tanks, Building classrooms and toilets in schools and transparent.
and colleges,Providing Flora & fauna, Health Camps, Sports PRINCIPLE 8: Businesses should promote inclusive growth and
facility, Supply of classroom furniture and payment of equitable development
teachers’ salaries, etc. PRINCIPLE 9: Businesses should engage with and provide value
SECTION C: OTHER DETAILS to their consumers in a responsible manner.
1. Does the Company have any subsidiary company/
companies: Yes – Vnext Solutions Private Limited and Atum
Life Private Limited.

Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
Policy and management processes
a. Do you have a policy for: Y Y Y Y Y Y Y Y Y
b. Has the policy been formulated in consultation with the Y Y Y Y Y Y Y Y Y
stake holders ? (Yes/No)
c. Does the policy conform to any national/international The policies are aligned to the legal requirements and in compliance
standards? with standards stipulated by respective agencies.
D. Has the policy been approved by the board? The policies were either approved or noted from time to time.
Implementation of policy is carried out by the management
If yes, has it been signed by MD/Owner/CEO/appropriate
Board Director?
E. Does the entity have a specified committee of the Board/ The Corporate Social Responsibility Policy is administered by the CSR
Director to oversee the implementation of the policy? Committee in line with requirements of the Companies Act, 2013. The
implementation and adherence to the Code of Conduct and policies
like the Employee Health and Safety (EHS) and quality practices are
overseen by the management
F. Indicate the link for the policy to be viewed online? Policies which are internal to the Company are available on the
intranet portal of the Company. Other policies are available on the
website of the Company, www.visaka.co.
G. Has the policy been formally communicated to all Yes
relevant internal and external stakeholders?
H. Does the company have in-house structure to implement Yes
the policy/policies
I. Does the company have a grievance redressal mechanism Yes
related to the policy/policies to address stakeholders’
grievances related to the policy/policies?
j. Has the entity carried out independent assessment/ No. The Company has not carried out independent assessment
evaluation of the working of its policies by an external of the policies. The management team periodically looks at the
agency? implementation of the relevant policies. CSR activities undertaken in
pursuance of CSR policy will be reviewed by the CSR committee of
the board.
3. Governance related to Business Responsibility: Principle 2: Businesses should provide goods and services
that are safe and contribute to sustainability throughout
Business Responsibility Report is part of the Annual Report.
their life cycle
It is also available on the Company’s website www.visaka.co.
The Company believes in developing products which are efficient
It is proposed to be assessed annually.
and environment friendly and several steps have been taken
SECTION E: PRINCIPLE-WISE PERFORMANCE in this direction. The VNext Boards & Panels are certified Green
Principle 1: Businesses should conduct and govern Products by the Green Building Council of CII. The Solar Roofing
themselves with Ethics, Transparency and Accountability Panels are Green Products and help to reduce carbon footprint.
The Company is committed to adhere to the highest standards The Environment Management practices of the Company focus
of ethical and legal conduct of its business operations. In order to on conservation of natural resources and waste management.
maintain these standards, it has adopted the ‘Code of Conduct’, Further, at the factory locations, the Company endeavours to
which lays down the principles and standards that govern the create jobs for the local communities.
actions of the Senior employees and Board of Directors in the
course of conduct of business of the Company. Principle 3: Businesses should promote the well-being of all
employees
Any actual or potential violation of the Code, would receive
appropriate intervention by the Company. The Company has 1. Total number of employees: 1971
adopted a ‘Whistle blower policy’ to highlight any concerns and 2. Total number of employees hired on temporary/contractual/
for a proper redressal of the same. casual basis: 3197
There were no complaints from shareholders pending at the 3. Number of permanent women employees: 70
beginning of the year. The Company received 2 complaints
from shareholders during the year and all complaints have been 4. Number of permanent employees with disabilities: Nil
resolved satisfactorily. 5. Whether the Company has an employee association that

is recognised by management: At the factories there are discrimination whatsoever manner in the name of race, color,
recognised Worker Unions. The staff and Managers have not religion, sex or national origin is entertained.
formed Union.
The Code of Conduct is applicable to all the directors and senior
6. Percentage of permanent employees who are members of management. There have been no complaints received in the
the above association: 627(32% ) of employees mentioned past financial year. The Company promotes the Code of Conduct
above at Point No.1. which apart from other things ensures that there are no instances
of sexual harassment, child labour or discriminatory practices.
7. Number of complaints relating to child labour, forced labour,
involuntary labour, sexual harassment in the last financial Principle 6: Businesses should respect, protect, and make
year and pending, as on the end of the financial year : Nil efforts to restore the environment
Category No. Of No. Of All the Company’s manufacturing units have policies on
complaints complaints environment, health and safety measures in line with the
filed during pending as Environment, Health and Safety Practices adopted by the
the financial on end of the Company. All the roofing plants produce as per ISI standard and
year financial year comply with the guidelines of the Environmental ministry and
Child labour/forced - - State PCB’s. The VNext Boards are Ecofriendly products which
labour/involuntary contribute to Environmental improvement. The Solar Roofing
labour Product helps to reduce carbon footprint by producing clean
Sexual harassment - - energy. The company implemented various quality management
Discriminatory - systems like 5S and TPM successfully and got sustenance and
employment excellence awards from various quality certification institutions.
Also got sustenance certificates from CII-JIPM (Japan institute of
8. Details of safety & skill upgradation during financial year
productive maintenance) and QCFI (Quality Circle Forum of India.
2021-22:
The Company also monitors hazardous wastes and emissions in
No Category Safety Skill Upgradation its manufacturing units and the wastes and emissions are within
training permissible limits as laid down by the regulators.
1 Permanent employees 70% 70%
2 Permanent women 100% 96% The company also observes world environment week, world
employees energy conservation week, world safety week and brings
3 Casual/Temporary/ 80% 45% awareness among the employees and other stakeholders.
Contractual Employees There are no pending EHS show cause notices as at the end of
the financial year.
Principle 4: Businesses should respect the interests of, and
be responsive towards all stakeholders, especially those who Principle 7: Businesses, when engaged in influencing public
are disadvantaged, vulnerable and marginalised and regulatory policy, should do so in a responsible manner
As a responsible corporate citizen, Visaka has been continuously The Company is a member of the following trade/chamber/
engaged in various social activities uplifting the human index of association:
the country. The Company’s vision is to actively contribute to the
a) Federation of the Telangana Chambers of Commerce and
social and economic development of the communities in which
Industry
we operate and build a better, sustainable way of life for the
weaker sections of society. CSR policy of the company is available b) Confederation of Indian Industry
at www.visaka.co.
The company participates in seminars, conferences organised by
Various initiatives undertaken by the company in pursuance of its these associations, from time to time.
CSR activities undertaken are disclosed as a part of Annexure to
Principle 8: Businesses should support inclusive growth and
the Boards’ Report.
equitable development
Principle 5: Businesses should respect and promote human
The company has set up its manufacturing units across the
rights
country spread over 9 states employing local people to the extent
The company recognizes the responsibility to respect human possible.
rights as enshrined under international bill of human rights,
The company is committed to corporate responsibility and
constitution of India, national laws and policies. Principles of
sustainability. The company has also undertaken plantation in the
fairness, respect and dignity and equal opportunities are the
vicinities of various plant locations.
guiding principles in implementation of the same and no

In terms of its CSR policy, the company is undertaking various Principle 9: Businesses should engage with and provide
activities. During the year under review, we have undertaken value to their customers in a responsible manner
activities like Provision of drinking water, Construction of irrigation
For receiving and resolving customer complaints there are
tanks, Building classrooms and toilets in schools and colleges,
adequate systems in place. Customers may register their
Providing Flora & fauna, Health Camps, Sports facility, Supply of
grievances through appropriate medium. The Company adheres
classroom furniture and payment of teachers’ salaries, etc.
to all applicable laws and regulations on product labelling. The
These initiatives are implemented by the Company directly to company did not carry out any formal consumer satisfaction
support initiatives that benefit the society at large. The details are survey as it did not feel the necessity for the same.
provided in the annexure to the Boards’ report.

Corporate Information
for the year ended 31st March, 2022
CIN: L52520TG1981PLC003072
Board of Directors Risk Management Committee
Dr. G. Vivekanand, Chairman Shri Gusti J Noria, Chairman
Shri Gusti J Noria, Independent Director Smt. Vanitha Datla, Member
Shri P. Srikar Reddy, Independent Director Shri G. Vamsi Krishna, Member
Shri G Appnender Babu, Independent Director Shri J.P.Rao, Member
Smt. Vanitha Datla, Independent Director Corporate Office:
Smt. G. Saroja Vivekanand, Managing Director
Shri G. Vamsi Krishna, Joint Managing Director
Shri J. P. Rao, Whole-time Director
S.P. Road, Secunderabad – 500 003.
Chief Financial Officer: Registered Office:
Shri S. Shafiulla
Survey No. 315, Yelumala Village,
Assistant Vice President R.C. Puram Mandal, Sangareddy District – 502 300,
and Company Secretary: Telangana.
Shri Ramakanth Kunapuli Statutory Auditors:

Committees of the Board Price Waterhouse & Co Chartered Accountants LLP
Unit-2B, 8th Floor,Octave Block, Block E1, Parcel-4,
Audit Committee
Salarpuria Sattva Knowledge City, Raidurg,
Smt. Vanitha Datla, Chairperson
Hyderabad, Telangana - 500081.
Shri Gusti J Noria, Member
Shri P. Srikar Reddy, Member Cost Auditors:
Smt. G. Saroja Vivekanand, Member M/s. Sagar & Associates
Nomination and Remuneration Committee 205, Raghava Ratna Towers,
Shri Gusti J Noria, Chairman Chirag Ali Lane, Abids, Hyderabad – 500 001.
Shri P. Srikar Reddy, Member Secretarial Auditors:
Shri G. Appnender Babu, Member
Shri K.V.Soorianarayanan
Stakeholders Relationship Committee Company Secretary in Practice
Shri G. Appnender Babu, Chairman 3-43, 2nd Cross Road, Hastinapuri Colony,
Dr. G. Vivekanand, Member Sainikpuri Post, Secunderabad – 500 094
Smt. G. Saroja Vivekanand, Member
Bankers:
CSR Committee
State Bank of India - Industrial Finance Branch, Hyderabad.
Shri Gusti J Noria, Chairman
HDFC Bank - Begumpet Branch, Hyderabad.
Shri G. Appnender Babu, Member
IDBI Bank - Specialised Corporate Branch, Chennai
Dr. G. Vivekanand, Member
ICICI Bank - Hyderabad
Smt. G. Saroja Vivekanand, Member
Shri J. P. Rao, Member

Plants Addresses
1. A.C. Division – Plant 1 8. A.C. Division – Plant 8

Survey No.315, Yelumala Village, R. C. Puram Mandal Gat.No.70/3A, 70/3, Sahajpur Industrial Area
Sangareddy District - 502 300, Telangana Nandur (Village), Daund (Taluk),
2. A.C. Division – Plant 2 Pune (District) - 412 202, Maharashtra
Behind Supa Gas, Manickanatham Village 9. Textile Division

Paramathi, Velur Taluq, Namakkal District, Survey No.179 & 180, Chiruva Village
Tamil Nadu - 637 207 Maudha Taluq, Nagpur District, Maharashtra
3. A.C. Division – Plant 3 10. V-Boards and V-Panels Division – 1
Changsole Mouza, Bankibund, G.P.No.4, Salboni Survey No. 95 & 96, Gajalapuram Village,
Block, Midnapore West, West Bengal – 721 147 Near Miryalguda P.O. Pedadevullapally Mandal,
4. A.C. Division – Plant 4 Tripuraram Adjacent to Kukkadam Railway Station
Nalgonda District, Telangana – 508 207
Survey No. 27/1, G. Nagenahalli Village, Kora
Hobli, Tumkur Taluk & District, Karnataka 11. V-Boards Division – 2
5. A.C. Division – Plant 5 Gatt No. 262, Delwadi Village, Daund Taluq,
District Pune, Maharashtra
Village Kannawan, P.S. Bacharawan,
Tehsil: Maharaj Ganj, Raibareli District 12. V-Boards Division – 3
Uttar Pradesh – 229 301 Mustil No.105, 106 & 115,
6. A.C. Division – Plant 6 Jhanswa Tehsil, Matanhail, Jhajjar, Haryana
Survey No. 385 and 386, Near Kanchikacharla 13. V-Boards Division-4)
Jujjuru (Village), Veerula Padu Mandal, Krishna District, S. F. No.169/A3/C1,B1, 174/A1, A3, B, Venasapatti Village,
Andhra Pradesh – 521 181 Udumalaipettai Taluk, Tiruppur Dist, Tamilnadu-642126
7. A.C. Division – Plant 7 14. ATUM Division
Plot No. 2006, 1994, Khata No. 450 Survey No. 89, 93, 94, 95 & 96, Gajalapuram
At- Paramanapur, Manejwan, Navamunda Village, Village, Tripuraram Mandal, Nalgonda District,
Sambalpur District, Odisha – 768 200 Telangana

Independent auditor’s Report
To the Members of
Report on the audit of the Standalone financial statements Basis for Opinion
Opinion 3. We conducted our audit in accordance with the Standards
on Auditing (SAs) specified under Section 143(10) of the
1. We have audited the accompanying standalone financial
Act. Our responsibilities under those Standards are further
statements of Visaka Industries Limited (“the Company”),
described in the “Auditor’s Responsibilities for the Audit of
which comprise the standalone balance sheet as at March
the Standalone Financial Statements” section of our report.
31, 2022, and the standalone statement of Profit and Loss
We are independent of the Company in accordance with
(including Other Comprehensive Income), the standalone
the Code of Ethics issued by the Institute of Chartered
statement of changes in equity and the standalone
Accountants of India together with the ethical requirements
statement of cash flows for the year then ended, and notes
that are relevant to our audit of the standalone financial
to the standalone financial statements, including a summary
statements under the provisions of the Act and the
of significant accounting policies and other explanatory
Rules thereunder, and we have fulfilled our other ethical
information.
responsibilities in accordance with these requirements and
2. In our opinion and to the best of our information and the Code of Ethics. We believe that the audit evidence we
according to the explanations given to us, the aforesaid have obtained is sufficient and appropriate to provide a basis
standalone financial statements give the information for our opinion.
required by the Companies Act, 2013 (“the Act”) in the Key audit matters
manner so required and give a true and fair view in conformity
4. Key audit matters are those matters that, in our professional
with the accounting principles generally accepted in India,
judgment, were of most significance in our audit of the
of the state of affairs of the Company as at March 31, 2022,
standalone financial statements of the current period. These
and total comprehensive income (comprising of profit and
matters were addressed in the context of our audit of the
other comprehensive income), changes in equity and its
standalone financial statements as a whole and in forming
cash flows for the year then ended.
our opinion thereon, and we do not provide a separate
opinion on these matters.
Key audit matter How our audit addressed the key audit matter
Appropriateness of capitalisation of costs included in Property We have performed procedures, including the following, in
Plant and Equipment/ Capital work in progress as per Ind AS 16 relation to testing of capitalisation of costs included in Property
Property, Plant and Equipment Plant and Equipment/ Capital work in progress:
Refer to Note-2 (q) (Significant Accounting Policies), Note-4.1 Understood, evaluated and tested the design and operating
(Property, plant and equipment) and Note 4.2 (Capital work-in- effectiveness of key controls relating to capitalisation of various
progress) of the enclosed financial statements. costs incurred in relation to Property Plant and Equipment.
During the year, the company has incurred significant capital Performed test of details with focus on those items that we
expenditure towards expansion of its asbestos plant at Lucknow, considered significant due to their amount or nature and tested
its boards plant at Udumalpet and Chennai and its panels plant a sample of items capitalised during the year against underlying
at Udumalpet. Capital expenditure of Rs. 8,628.30 lakhs relating to supporting documents to ascertain nature of costs and whether
boards plant at Udumalpet has been capitalized during the year they meet the recognition criteria provided in the Ind AS 16,
and the capital expenditure on the other projects of Rs. 4,357.28 Property, Plant and Equipment in this regard.
lakhs is included in Capital work in progress as at the year end.
Given the significance of the capital expenditure during the Verified the other related costs including those incurred towards
year, there is a risk that elements of costs that are ineligible for repairs and maintenance and debited to Statement of Profit and
capitalisation in accordance with the recognition criteria provided Loss Account, to ascertain whether these meet the criteria for
in Indian Accounting Standard 16, Property, Plant and Equipment capitalization.
are capitalized and that costs that should have capitalized have Our procedures as mentioned above did not identify any costs
been expensed. that had been inappropriately capitalized and that costs that
should have capitalised have been expensed.

Timing of Revenue recognition in the proper period as per Ind Our audit procedures included the following:
AS 115
We evaluated the design and tested operating effectiveness
Refer to Note-2 (d) (Significant Accounting Policies) and Note-26 of the relevant controls with respect to revenue recognition
(Revenue from operations) of the standalone financial statements. including those relating to cut off at year end;
The Company’s revenue is principally derived from sale of building We assessed the appropriateness of the revenue recognition
products and synthetic blended yarn. accounting policies in line with Ind AS 115 “Revenue from
Contracts with Customers”.
In accordance with Ind AS 115, Revenue from contracts with
customers, revenue from sale of goods is recognised when control We performed substantive testing of revenue transactions,
of the products being sold is transferred to the customer and when recorded during the year by testing the underlying documents
there are no unfulfilled obligations. The performance obligations in which included goods dispatch notes, shipping documents and
the contracts are fulfilled at the time of dispatch, delivery or upon customer acknowledgments, as applicable.
formal customer acceptance depending on terms of contract
We tested a sample of manual journal entries posted to
with the customer. Revenue is measured at fair value of the
revenue and assessed their appropriateness.
consideration received or receivable after deduction of any trade/
volume discounts and taxes or duties collected. We tested, on a sample basis, specific revenue transactions
recorded before and after the financial year end date
We identified timing of revenue recognition in the proper period
including examination of credit notes issued after the year
as a key audit matter since it involves higher assessed risk of
end to determine whether the revenue has been recognised
material misstatement and is required to be recognised as per the
in the appropriate financial period.
requirements of applicable accounting framework.
Based on the above stated procedures, no significant exceptions
were noted in revenue recognition.
Other Information Standards specified under Section 133 of the Act. This
5. The Company’s Board of Directors is responsible for the responsibility also includes maintenance of adequate
other information. The other information comprises the accounting records in accordance with the provisions of
information included in the annual report, but does not the Act for safeguarding of the assets of the Company and
include the financial statements and our auditor’s report for preventing and detecting frauds and other irregularities;
thereon. selection and application of appropriate accounting policies;
making judgments and estimates that are reasonable and
Our opinion on the standalone financial statements does not prudent; and design, implementation and maintenance of
cover the other information and we do not express any form of adequate internal financial controls, that were operating
assurance conclusion thereon. effectively for ensuring the accuracy and completeness
In connection with our audit of the standalone financial of the accounting records, relevant to the preparation and
statements, our responsibility is to read the other information presentation of the standalone financial statements that give
and, in doing so, consider whether the other information is a true and fair view and are free from material misstatement,
materially inconsistent with the standalone financial statements whether due to fraud or error.
or our knowledge obtained in the audit or otherwise appears to 7. In preparing the standalone financial statements, management
be materially misstated. If, based on the work we have performed, is responsible for assessing the Company’s ability to continue
we conclude that there is a material misstatement of this other as a going concern, disclosing, as applicable, matters related
information, we are required to report that fact. to going concern and using the going concern basis of
We have nothing to report in this regard. accounting unless management either intends to liquidate the
Company or to cease operations, or has no realistic alternative
Responsibilities of management and those charged with but to do so. Those Board of Directors are also responsible for
governance for the standalone financial statements overseeing the Company’s financial reporting process.
6. The Company’s Board of Directors is responsible for the
Auditor’s responsibilities for the audit of the standalone
matters stated in Section 134(5) of the Act with respect to
financial statements
the preparation of these standalone financial statements
that give a true and fair view of the financial position, 8. Our objectives are to obtain reasonable assurance about
financial performance, changes in equity and cash flows of whether the standalone financial statements as a whole
the Company in accordance with the accounting principles are free from material misstatement, whether due to fraud
generally accepted in India, including the Accounting or error, and to issue an auditor’s report that includes our

opinion. Reasonable assurance is a high level of assurance any significant deficiencies in internal control that we identify
but is not a guarantee that an audit conducted in accordance during our audit.
with SAs will always detect a material misstatement when it
11. We also provide those charged with governance with a
exists. Misstatements can arise from fraud or error and are
statement that we have complied with relevant ethical
considered material if, individually or in the aggregate, they
requirements regarding independence, and to communicate
could reasonably be expected to influence the economic
with them all relationships and other matters that may
decisions of users taken on the basis of these standalone
reasonably be thought to bear on our independence, and
financial statements.
where applicable, related safeguards.
9. As part of an audit in accordance with SAs, we exercise
12. From the matters communicated with those charged with
professional judgment and maintain professional scepticism
governance, we determine those matters that were of
throughout the audit. We also:
most significance in the audit of the standalone financial
Identify and assess the risks of material misstatement of the statements of the current period and are therefore the key
standalone financial statements, whether due to fraud or audit matters. We describe these matters in our auditor’s
error, design and perform audit procedures responsive to report unless law or regulation precludes public disclosure
those risks, and obtain audit evidence that is sufficient and about the matter or when, in extremely rare circumstances,
appropriate to provide a basis for our opinion. The risk of not we determine that a matter should not be communicated
detecting a material misstatement resulting from fraud is in our report because the adverse consequences of doing
higher than for one resulting from error, as fraud may involve so would reasonably be expected to outweigh the public
collusion, forgery, intentional omissions, misrepresentations, interest benefits of such communication.
or the override of internal control.
Report on other legal and regulatory requirements
Obtain an understanding of internal control relevant to the
13. As required by the Companies (Auditor’s Report) Order, 2020
audit in order to design audit procedures that are appropriate
(“the Order”), issued by the Central Government of India in
in the circumstances. Under Section 143(3)(i) of the Act, we
terms of sub-section (11) of Section 143 of the Act, we give
are also responsible for expressing our opinion on whether
in the Annexure B a statement on the matters specified in
the company has adequate internal financial controls with
paragraphs 3 and 4 of the Order, to the extent applicable.
reference to standalone financial statements in place and
the operating effectiveness of such controls. 14. As required by Section 143(3) of the Act, we report that:
Evaluate the appropriateness of accounting policies used (a) We have sought and obtained all the information and
and the reasonableness of accounting estimates and related explanations which to the best of our knowledge and
disclosures made by management. belief were necessary for the purposes of our audit.
Conclude on the appropriateness of management’s use of (b) In our opinion, proper books of account as required by
the going concern basis of accounting and, based on the law have been kept by the Company so far as it appears
audit evidence obtained, whether a material uncertainty from our examination of those books.
exists related to events or conditions that may cast significant (c) The Balance Sheet, the Statement of Profit and
doubt on the Company’s ability to continue as a going Loss (including other comprehensive income), the
concern. If we conclude that a material uncertainty exists, we Statement of Changes in Equity and the Statement of
are required to draw attention in our auditor’s report to the Cash Flows dealt with by this Report are in agreement
related disclosures in the standalone financial statements or, with the books of account.
if such disclosures are inadequate, to modify our opinion.
(d) In our opinion, the aforesaid standalone financial
Our conclusions are based on the audit evidence obtained
statements comply with the Accounting Standards
up to the date of our auditor’s report. However, future events
specified under Section 133 of the Act.
or conditions may cause the Company to cease to continue
as a going concern. (e) On the basis of the written representations received
from the directors as on March 31, 2022 taken on
Evaluate the overall presentation, structure and content
record by the Board of Directors, none of the directors is
of the standalone financial statements, including the
disqualified as on March 31, 2022 from being appointed
disclosures and whether the standalone financial statements
as a director in terms of Section 164(2) of the Act.
represent the underlying transactions and events in a
manner that achieves fair presentation. (f ) With respect to the adequacy of the internal financial
controls with reference to standalone financial
10. We communicate with those charged with governance statements of the Company and the operating
regarding, among other matters, the planned scope and effectiveness of such controls, refer to our separate
timing of the audit and significant audit findings, including Report in “Annexure A”.

(g) With respect to the other matters to be included been received by the Company from any
in the Auditor’s Report in accordance with Rule 11 person or entity, including foreign entities
of the Companies (Audit and Auditors) Rules, 2014 (“Funding Parties”), with the understanding,
(as amended), in our opinion and to the best of our whether recorded in writing or otherwise,
information and according to the explanations given to that the Company shall, whether, directly or
us: indirectly, lend or invest in other persons or
entities identified in any manner whatsoever
i. The Company has disclosed the impact of pending
by or on behalf of the Funding Party (“Ultimate
litigations on its financial position in its standalone
Beneficiaries”) or provide any guarantee,
financial statements – Refer Note 39 to the
security or the like on behalf of the Ultimate
standalone financial statements;
Beneficiaries (Refer Note 57 to the standalone
ii. The Company did not have any long-term contracts financial statements); and
including derivative contracts for which there were
(c) Based on such audit procedures that we
any material foreseeable losses.
considered reasonable and appropriate in
iii. There has been no delay in transferring amounts, the circumstances, nothing has come to our
required to be transferred, to the Investor Education notice that has caused us to believe that the
and Protection Fund by the Company during the representations under sub-clause (a) and (b)
year. contain any material misstatement.
iv. (a) The management has represented that, to the The dividend declared and paid during the
best of its knowledge and belief, as disclosed year by the Company is in compliance with
in the notes to the accounts, no funds have Section 123 of the Act.
been advanced or loaned or invested either
15.
The Company has paid/ provided for managerial
from borrowed funds or share premium or
remuneration in accordance with the requisite approvals
any other sources or kind of funds by the
mandated by the provisions of Section 197 read with
Company to or in any other person or entity,
Schedule V to the Act.
including foreign entities (“Intermediaries”),
with the understanding, whether recorded
in writing or otherwise, that the Intermediary
shall, whether, directly or indirectly, lend or
invest in other persons or entities identified in For Price Waterhouse & Co
any manner whatsoever by or on behalf of the Chartered Accountants LLP
Company (“Ultimate Beneficiaries”) or provide
Firm Registration
any guarantee, security or the like on behalf
Number: 304026E/E-300009
of the Ultimate Beneficiaries (Refer Note 57 to
the standalone financial statements);
UDIN: 22090196AIPZVG2482 N.K. Varadarajan
(b) The management has represented that, to the
best of its knowledge and belief, as disclosed Place: Secunderabad Partner
in the notes to the accounts, no funds have Date: May 09, 2022 Membership Number: 090196

Annexure A to Independent Auditor’s Report
Referred to in paragraph 14(f ) of the Independent Auditor’s Report of even date to the members of Visaka Industries Limited on
the standalone financial statements for the year ended March 31, 2022
Report on the Internal Financial Controls with reference to obtain reasonable assurance about whether adequate
to Financial Statements under clause (i) of sub-section 3 internal financial controls with reference to financial
of Section 143 of the Act statements was established and maintained and if such
controls operated effectively in all material respects.
1. We have audited the internal financial controls with reference
to financial statements of Visaka Industries Limited (“the 4. Our audit involves performing procedures to obtain audit
Company”) as of March 31, 2022 in conjunction with our evidence about the adequacy of the internal financial
audit of the standalone financial statements of the Company controls system with reference to financial statements and
for the year ended on that date. their operating effectiveness. Our audit of internal financial
controls with reference to financial statements included
Management’s Responsibility for Internal Financial obtaining an understanding of internal financial controls
Controls with reference to financial statements, assessing the risk that
2. The Company’s management is responsible for establishing a material weakness exists, and testing and evaluating the
and maintaining internal financial controls based on the design and operating effectiveness of internal control based
internal control over financial reporting criteria established on the assessed risk. The procedures selected depend on the
by the Company considering the essential components auditor’s judgement, including the assessment of the risks of
of internal control stated in the Guidance Note on Audit material misstatement of the financial statements, whether
of Internal Financial Controls Over Financial Reporting due to fraud or error.
(“the Guidance Note”) issued by the Institute of Chartered 5. We believe that the audit evidence we have obtained is
Accountants of India (“ICAI”). These responsibilities include sufficient and appropriate to provide a basis for our audit
the design, implementation and maintenance of adequate opinion on the Company’s internal financial controls system
internal financial controls that were operating effectively for with reference to financial statements.
ensuring the orderly and efficient conduct of its business,
including adherence to company’s policies, the safeguarding Meaning of Internal Financial Controls with reference to
of its assets, the prevention and detection of frauds and financial statements
errors, the accuracy and completeness of the accounting
6. A company’s internal financial controls with reference
records, and the timely preparation of reliable financial
to financial statements is a process designed to provide
information, as required under the Act.
reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for
Auditor’s Responsibility
external purposes in accordance with generally accepted
3. Our responsibility is to express an opinion on the Company’s accounting principles. A company’s internal financial
internal financial controls with reference to financial controls with reference to financial statements includes
statements based on our audit. We conducted our audit in those policies and procedures that (1) pertain to the
accordance with the Guidance Note and the Standards on maintenance of records that, in reasonable detail, accurately
Auditing deemed to be prescribed under Section 143(10) and fairly reflect the transactions and dispositions of the
of the Act to the extent applicable to an audit of internal assets of the company; (2) provide reasonable assurance
financial controls, both applicable to an audit of internal that transactions are recorded as necessary to permit
financial controls and both issued by the ICAI. Those preparation of financial statements in accordance with
Standards and the Guidance Note require that we comply generally accepted accounting principles, and that receipts
with ethical requirements and plan and perform the audit

and expenditures of the company are being made only Opinion

in accordance with authorisations of management and 8. In our opinion, the Company has, in all material respects, an
directors of the company; and (3) provide reasonable adequate internal financial controls system with reference to
assurance regarding prevention or timely detection financial statements and such internal financial controls with
of unauthorised acquisition, use, or disposition of the reference to financial statements were operating effectively
company’s assets that could have a material effect on the as at March 31, 2022, based on the internal control over
financial statements. financial reporting criteria established by the Company
considering the essential components of internal control
Inherent Limitations of Internal Financial Controls with stated in the Guidance Note issued by ICAI.
reference to financial statements
7. Because of the inherent limitations of internal financial
controls with reference to financial statements, including the For Price Waterhouse & Co
possibility of collusion or improper management override Chartered Accountants LLP
of controls, material misstatements due to error or fraud
Firm Registration
may occur and not be detected. Also, projections of any
Number: 304026E/E-300009
evaluation of the internal financial controls with reference to
financial statements to future periods are subject to the risk
UDIN: 22090196AIPZVG2482 N.K. Varadarajan
that the internal financial controls with reference to financial
Place: Secunderabad Partner
statements may become inadequate because of changes
Date: May 09, 2022 Membership Number: 090196
in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.

Annexure B to Independent Auditor’s Report
Referred to in paragraph 13 of the Independent Auditors’ Report of even date to the members of Visaka Industries Limited on the
standalone financial statements as of and for the year ended March 31, 2022
i. (a) (A)
The Company is maintaining proper records net carrying value of each class of Property, Plant and
showing full particulars, including quantitative Equipment or intangible assets does not arise.
details and situation, of Property, Plant and
(e) Based on the information and explanations furnished
Equipment.
to us, no proceedings have been initiated on (or) are
(B) The Company is maintaining proper records showing pending against the Company for holding benami
full particulars of Intangible Assets. property under the Prohibition of Benami Property
Transactions Act, 1988 (as amended in 2016) (formerly
(b) The Property, Plant and Equipment are physically verified
the Benami Transactions (Prohibition) Act, 1988 (45 of
by the Management according to a phased programme
1988)) and Rules made thereunder.
designed to cover all the items over a period of three
years which, in our opinion, is reasonable having regard ii. (a)
The physical verification of inventory has been
to the size of the Company and the nature of its assets. conducted at reasonable intervals by the Management
Pursuant to the programme, a portion of the Property, during the year and, in our opinion, the coverage
Plant and Equipment has been physically verified by and procedure of such verification by Management
the Management during the year and no material is appropriate. The discrepancies noticed on physical
discrepancies have been noticed on such verification. verification of inventory as compared to book records
were not 10% or more in aggregate for each class of
(c) The title deeds of all the immovable properties, as
inventory.
disclosed in Note 4.1 to the financial statements, are
held in the name of the Company. (b) During the year, the Company has been sanctioned
working capital limits in excess of Rs. 5 crores, in
(d) The Company has not revalued its Property, Plant and
aggregate, from banks on the basis of security of
Equipment or intangible assets or both during the year.
current assets. The Company has filed quarterly returns
Consequently, the question of our commenting on
or statements with such banks, which are in agreement
whether the revaluation is based on the valuation by a
with the audited books of account (Also refer Note 51 to
Registered Valuer, or specifying the amount of change,
the financial statements).
if the change is 10% or more in the aggregate of the
iii. (a) The Company has made investments in four companies, granted unsecured loans to two companies and advances in nature
of loans (salary advances) to fourteen other parties. The aggregate amount during the year, and balance outstanding at the
balance sheet date with respect to such loans or advances and guarantees or security to subsidiaries, joint ventures and
associates and to parties other than subsidiaries, joint ventures and associates are as per the table given below:
All amounts in H lakhs
Guarantees Security Loans Advances in
nature of loans
Aggregate amount granted/ provided during the
year
- Subsidiaries - - - -
- Joint Ventures - - - -
- Associates - - - -
- Others - - 3,500.00 87.46
Balance outstanding as a balance sheet date in
respect of the above case
- Subsidiaries - - - -
- Joint Ventures - - - -
- Associates - - - -
- Others - - 3,022.03 67.74
(Also refer Note 6.2, 12 and 13 to the financial statements)

(b) In respect of the aforesaid investments/loans/advances in v. In our opinion, and according to the information and
nature of the loan, the terms and conditions under which explanations given to us, the Company has complied with
such loans were granted/investments were made are not the directives issued by the Reserve Bank of India and the
prejudicial to the Company’s interest. provisions of Sections 73, 74, 75 and 76 or any other relevant
provisions of the Act and the Rules framed thereunder to
(c) In respect of the aforesaid loans/advances in nature
the extent notified, with regard to the deposits accepted by
of loans, the schedule of repayment of principal and
the Company or amounts which are deemed to be deposits.
payment of interest has been stipulated, and the parties
According to the information and explanations given to us,
are repaying the principal amounts, as stipulated, and
no order has been passed by the Company Law Board or
are also regular in payment of interest as applicable.
National Company Law Tribunal or Reserve Bank of India or
(d) In respect of the aforesaid loans/advances in nature of any Court or any other Tribunal on the Company in respect
loans, there is no amount which is overdue for more of the aforesaid deposits, and therefore, the question of our
than ninety days. commenting on whether the same has been complied with
or not does not arise.
(e) There were no loans/advances in nature of loans which
fell due during the year and were renewed/extended. vi. Pursuant to the rules made by the Central Government of
Further, no fresh loans were granted to same parties to India, the Company is required to maintain cost records as
settle the existing overdue loans/advances in nature of specified under Section 148(1) of the Act in respect of its
loan. products. We have broadly reviewed the same and are of
the opinion that, prima facie, the prescribed accounts and
(f ) The loans/advances in nature of loans (in the nature of
records have been made and maintained. We have not,
salary advances) granted during the year, including to
however, made a detailed examination of the records with a
related parties had stipulated the scheduled repayment
view to determine whether they are accurate or complete.
of principal and where applicable payment of interest
except in relation to a loan of Rs. 25 cr which is repayable vii. (a) According to the information and explanations given
on demand or within one year from date of disbursement to us and the records of the Company examined by us,
whichever is earlier. in our opinion, the Company is regular in depositing
the undisputed statutory dues, including goods and
iv. In our opinion, and according to the information and
services tax, provident fund, employees’ state insurance,
explanations given to us, the Company has complied with
income tax, sales tax, service tax, duty of customs,
the provisions of Sections 185 and 186 of the Companies
duty of excise, value added tax, cess, entry tax and
Act, 2013 in respect of the loans and investments made.
other material statutory dues, as applicable, with the
The Company has not provided any guarantees and security
appropriate authorities.
to the parties covered under Sections 185 and 186 of the
Companies Act, 2013.
(b) According to the information and explanations given to us and the records of the Company examined by us, there are no
statutory dues of goods and services tax, provident fund, employees’ state insurance, income tax, cess, which have not been
deposited on account of any dispute. The particulars of other statutory dues referred to in sub-clause (a) as at March 31, 2022
which have not been deposited on account of a dispute, are as follows:
Name of the statute Nature of dues Amount Period to which the Forum where the dispute is
(Rs. In lakhs*) amount relates pending
Central Excise Act, 1944 Excise duty/ 5,646.23 2003-05 Customs Excise & Service tax
Interest/ Penalty Appellate Tribunal, Chennai
Central Excise Act, 1944 Excise duty 14.86 August 2013 Assistant commissioner Central
to January 2016 excise, Pune
Central Excise Act, 1944 Excise duty 55.94 March 2006 to Customs Excise & Service tax
November 2015 Appellate Tribunal, Bangalore
Customs, Central Excise & Service Duty draw back 152.10 July 2009 to Commissioner (Appeals),
tax Drawback Rules, 1995 March 2011 Customs & Central Excise, Nagpur
Bihar VAT Act, 2005 Joint Commissioner
VAT/Interest 3.77 Financial year 2005-06
(Appeals), Patna
Orissa VAT Act, 2004 October 2009 to
VAT/Penalty 10.97 Orissa Sales Tax Tribunal, Cuttack
March 2011
West Bengal VAT Act, 2005 Interest 123.16 Financial year 2010-11 Additional Commissioner of Sales
tax, Kolkata

Name of the statute Nature of dues Amount Period to which the Forum where the dispute is
(Rs. In lakhs*) amount relates pending
Orissa Entry tax Act 1999 Entry tax/ 10.38 October 2009 to Orissa Sales Tax Tribunal, Cuttack
Penalty March 2011
Uttar Pradesh VAT Act, 2008 VAT 60.48 April 2017 to Additional Commissioner
June 2017 (Appeals), Commercial Tax,
Lucknow
Central Sales Tax Act,1956 Central Sales tax 0.65 April 2017 to Additional Commissioner
June 2017 (Appeals), Commercial Tax,
Lucknow
Central Sales Tax Act,1956 Central Sales tax 8.03 April 01, 2016 to Joint Commissioner of State tax,
March 31, 2017 Nagpur.
Central Sales Tax Act,1956 Central Sales tax 26.35 April 01, 2017 to Deputy Commissioner of State
June 30, 2017 tax, Nagpur.
Service tax Act, 1994 Service Tax/ 12.85 April 2006 to Commissioner Appeals, Nagpur
Penalty February 2007
Service tax Act, 1994 Service Tax/ 2.20 July 2005 to Commissioner Appeals, Nagpur
Penalty October 2006
Central Excise Act 1944 Excise duty/ 41.69 November 04, 2006 Commissioner Appeals, Nagpur
Penalty to January 31, 2007
* Net of amount paid under protest – Rs. 188.69 lakhs.
viii. According to the information and explanations given to Company has not taken any funds from any entity or
us and the records of the Company examined by us, there person on account of or to meet the obligations of its
are no transactions in the books of account that has been subsidiaries.
surrendered or disclosed as income during the year in the
(f ) According to the information and explanations given to
tax assessments under the Income Tax Act, 1961, that has not
us and procedures performed by us, we report that the
been previously recorded in the books of account.
Company has not raised loans during the year on the
ix. (a) According to the records of the Company examined by pledge of securities held in its subsidiaries.
us and the information and explanation given to us, the
x. (a) The Company has not raised any money by way of
Company has not defaulted in repayment of loans or
initial public offer or further public offer (including debt
other borrowings or in the payment of interest to any
instruments) during the year. Accordingly, the reporting
lender during the year.
under clause 3(x)(a) of the Order is not applicable to the
(b) According to the information and explanations given Company.
to us and on the basis of our audit procedures, we
(b) The Company has made a preferential allotment of
report that the Company has not been declared
equity shares during the year, in compliance with the
Wilful Defaulter by any bank or financial institution or
requirements of Section 42 and Section 62 of the Act.
government or any government authority.
The funds raised have been used for the purpose for
(c) In our opinion, and according to the information and which funds were raised.
explanations given to us, the term loans have been
xi. (a) During the course of our examination of the books and
applied for the purposes for which they were obtained.
records of the Company, carried out in accordance with
(Also refer Note 60 to the financial statements)
the generally accepted auditing practices in India, and
(d) According to the information and explanations given according to the information and explanations given to
to us, and the procedures performed by us, and on an us, we have neither come across any instance of material
overall examination of the financial statements of the fraud by the Company or on the Company, noticed or
Company, we report that no funds raised on short-term reported during the year, nor have we been informed of
basis have been used for long-term purposes by the any such case by the Management.
Company.
(b) During the course of our examination of the books and
(e) According to the information and explanations given records of the Company, carried out in accordance with
to us and on an overall examination of the financial the generally accepted auditing practices in India, and
statements of the Company, we report that the according to the information and explanations given

to us, a report under Section 143(12) of the Act, in (d) Based on the information and explanations provided by
Form ADT-4, as prescribed under rule 13 of Companies the management of the Company, the Group does not
(Audit and Auditors) Rules, 2014 was not required to have any CICs, which are part of the Group. We have not,
be filed with the Central Government. Accordingly, however, separately evaluated whether the information
the reporting under clause 3(xi)(b) of the Order is not provided by the management is accurate and complete.
applicable to the Company. Accordingly, the reporting under clause 3(xvi)(d) of the
Order is not applicable to the Company.
(c) During the course of our examination of the books and
records of the Company carried out in accordance with xvii. The Company has not incurred any cash losses in the
the generally accepted auditing practices in India, and financial year or in the immediately preceding financial year.
according to the information and explanations given to
xviii. There has been no resignation of the statutory auditors
us, and as represented to us by the management, no
during the year and accordingly the reporting under clause
whistle-blower complaints have been received during
(xviii) is not applicable.
the year by the Company. Accordingly, the reporting
under clause 3(xi)(c) of the Order is not applicable to the xix. According to the information and explanations given to us
Company. and on the basis of the financial ratios (Also refer Note 46 to the
financial statements), ageing and expected dates of realisation
xii. As the Company is not a Nidhi Company and the Nidhi Rules,
of financial assets and payment of financial liabilities, other
2014 are not applicable to it, the reporting under clause 3(xii)
information accompanying the financial statements, our
of the Order is not applicable to the Company.
knowledge of the Board of Directors and management plans
xiii. The Company has entered into transactions with related parties and based on our examination of the evidence supporting
in compliance with the provisions of Sections 177 and 188 of the assumptions, nothing has come to our attention, which
the Act. The details of such related party transactions have causes us to believe that any material uncertainty exists as
been disclosed in the financial statements as required under on the date of the audit report that Company is not capable
Indian Accounting Standard 24 “Related Party Disclosures of meeting its liabilities existing at the date of balance sheet
specified under Section 133 of the Act. as and when they fall due within a period of one year from
the balance sheet date. We, however, state that this is not an
xiv. (a) In our opinion and according to the information and
assurance as to the future viability of the Company. We further
explanation given to us, the Company has an internal
state that our reporting is based on the facts up to the date of
audit system commensurate with the size and nature of
the audit report and we neither give any guarantee nor any
its business.
assurance that all liabilities falling due within a period of one
(b) The reports of the Internal Auditor for the period under year from the balance sheet date will get discharged by the
audit have been considered by us. Company as and when they fall due.
xv. The Company has not entered into any non-cash xx. As at balance sheet date, the Company does not have any
transactions with its directors or persons connected with amount remaining unspent under Section 135(5) of the Act.
him. Accordingly, the reporting on compliance with the Accordingly, reporting under clause 3(xx) of the Order is not
provisions of Section 192 of the Act under clause 3(xv) of the applicable. Refer note 33(b) of the financial statements.
xxi. The reporting under clause 3(xxi) of the Order is not
xvi. (a) The Company is not required to be registered under applicable in respect of audit of Standalone Financial
Section 45-IA of the Reserve Bank of India Act, 1934. Statements. Accordingly, no comment in respect of the said
Accordingly, the reporting under clause 3(xvi)(a) of the clause has been included in this report.
(b) The Company has not conducted non-banking financial For Price Waterhouse & Co
/ housing finance activities during the year. Accordingly, Chartered Accountants LLP
the reporting under clause 3(xvi)(b) of the Order is not Firm Registration
applicable to the Company. Number: 304026E/E-300009
(c) The Company is not a Core Investment Company (CIC)
as defined in the regulations made by the Reserve Bank UDIN: 22090196AIPZVG2482 N.K. Varadarajan
of India. Accordingly, the reporting under clause 3(xvi) Place: Secunderabad Partner
(c) of the Order is not applicable to the Company. Date: May 09, 2022 Membership Number: 090196

Standalone Balance Sheet as at 31 March 2022 All amounts in H lakhs
Particulars Note 31 March 2022 31 March 2021
I. ASSETS
Non-current Assets
(a) Property, plant and equipment 4.1 46,052.14 39,617.22
(b) Capital work-in-progress 4.2 4,866.49 509.33
(c) Intangible assets 4.3 0.00 0.00
(d) Investments in subsidiaries 5 242.00 2.00
(e) Financial assets
(i) Investments 6.1 0.00 0.00
(ii) Other financial assets 6.2 72.70 107.90
(f ) Other non-current assets 7 4,785.33 4,309.45
Current Assets
(a) Inventories 8 29,300.98 24,926.70
(b) Financial assets
(i) Trade receivables 9 13,410.33 10,516.34
(ii) Cash and cash equivalents 10 2,404.89 11,080.23
(iii) Other bank balances 11 312.23 573.57
(iv) Loans 12 3,022.03 -
(v) Other financial assets 13 338.26 202.57
(c) Other current assets 14 6,033.02 3,026.16
TOTAL ASSETS 1,10,840.40 94,871.47
II. EQUITY AND LIABILITIES
Equity
(a) Equity share capital 15 1,732.07 1,652.07
(b) Other equity 16 71,498.98 61,039.95
Liabilities
Non-Current Liabilities
(a) Financial liabilities
(i) Borrowings 17 4,902.96 7,650.44
(ii) Other financial liabilities 18 12.28 13.66
(b) Deferred tax liabilities (net) 19 1,282.90 1,270.33
Current Liabilities
(i) Borrowings 20 11,814.71 3,898.09
(ii) Trade payables 21
(a) total outstanding dues of micro and small enterprises 204.57 36.35
(b) total outstanding dues other than (ii) (a) above 8,376.56 9,254.21
(iii) Other financial liabilities 22 4,549.54 4,058.42
(b) Other current liabilities 23 5,657.50 5,464.97
(c) Provisions 24 538.30 275.16
(d) Current Tax Liabilities(net) 25 270.03 257.82
TOTAL EQUITY AND LIABILITIES 1,10,840.40 94,871.47
Summary of significant accounting policies 2
The accompanying notes are an integral part of the standalone financial statements.
As per our report of even date.
For Price Waterhouse & Co On behalf of Board of Directors

Chartered Accountants LLP
Firm Registration Number: 304026E/E-300009 Dr. G. Vivekanand Smt. G. Saroja Vivekanand
Chairman Managing Director
N. K. Varadarajan DIN : 00011684 DIN : 00012994
Partner
Membership Number: 090196 S. Shafiulla K. Ramakanth
Chief Financial Officer Company Secretary &
Assistant Vice President
Place: Secunderabad
Date: May 09, 2022

Standalone Statement of Profit and Loss for the year ended 31 March 2022
All amounts in H lakhs, except Earning Per Share
Particulars Note Year ended Year ended
31 March 2022 31 March 2021
I. Revenue from operations 26 1,41,577.94 1,14,620.88
II. Other income 27 988.65 858.60
III. Total Income (I + II) 1,42,566.59 1,15,479.48
IV. Expenses
Cost of materials consumed 28 69,744.37 50,544.52
Purchases of stock-in-trade 420.40 279.21
Changes in inventories of finished goods and work-in-progress 29 (3,071.66) 1,573.59
Employee benefits expense 30 13,222.89 12,012.12
Finance costs 31 1,155.51 1,281.39
Depreciation expense 32 3,761.80 3,999.00
Other expenses 33 41,256.28 30,863.94
Total expenses 1,26,489.59 1,00,553.77
V. Profit before tax (III - IV) 16,077.00 14,925.71
VI. Tax expense:
(1) Current tax 4,211.64 4,032.89
(2) Deferred tax 12.57 (147.43)
(3) Tax relating to prior years - (24.22)
VII. Profit for the year (V-VI) 11,852.79 11,064.47
VIII. Other comprehensive income
Items that will not be reclassified to statement of profit and loss
a) Remeasurement of defined employee benefit plans 56.13 29.54
b) Income tax relating to item (a) above (14.13) (7.43)
Other comprehensive income (net of tax ) 42.00 22.11
IX. Total comprehensive income for the year 11,894.79 11,086.58
X. Earning per equity share attributable to owners of Visaka Industries
Limited:
(1) Basic 42 71.26 68.47
(2) Diluted 69.54 67.64
Summary of significant accounting policies. 2

Partner
Place: Secunderabad
Date: May 09, 2022

Standalone Statement of Cash Flows for the year ended 31 March 2022
Particulars 31 March 2022 31 March 2021
Cash flow from operating activities
Profit before tax 16,077.00 14,925.71
Adjustments for:
Depreciation expense 3,761.80 3,999.00
Property, plant and equipment written off 8.61 10.10
Interest income on financial assets carried at amortized cost (307.11) (317.70)
Gain on disposal of property, plant and equipment (31.76) (12.67)
Provision for doubtful debts (7.13) 73.63
Bad Debts written off 37.66 41.74
Amortisation of government grants (384.39) (385.05)
Finance costs 1,155.51 1,281.39
Remeasurement of defined employee benefit plans 56.13 29.54
Change in operating assets and liabilities
(Increase) / Decrease in trade receivables (2,924.52) 3,369.10
(Increase) / Decrease in financial assets other than trade receivables (48.37) 15.81
(Increase) / Decrease in other assets (3,220.96) 1,041.85
(Increase) / Decrease in Inventories (4,374.28) 5,465.95
Increase / (Decrease) in Trade payables (709.43) 770.27
Increase / (Decrease) in other financial liabilities 214.91 (106.15)
Increase / (Decrease) in provisions 263.14 (249.06)
Increase / (Decrease) in other liabilities 192.53 2,558.43
Cash Generated from Operations 9,759.34 32,511.89
Income taxes paid (4,213.56) (3,111.03)
Net cash inflow from operating activities 5,545.78 29,400.86
Cash flows from investing activities
Receipt of loan repayment 477.97 -
Payments for property plant and equipment (14,547.78) (5,430.08)
Interest received 254.99 308.55
Proceeds from sale of property, plant and equipment 40.48 25.87
Investment in subsidiaries (240.00) (2.00)
Movement in other bank balances 261.34 (275.09)
Loan given (3,500.00) -
Net cash outflow from investing activities (17,253.00) (5,372.75)

Standalone Statement of Cash Flows for the year ended 31 March 2022
Cash flow from financing activities
Repayment of non current borrowings (1,004.74) (1,099.44)
Proceeds/ (repayment) from current borrowings other than related party loans 6,289.00 (13,466.54)
Repayment of loan to related party (2,190.00) (1,852.70)
Receipt of loan from related party 2,076.00 1,716.70
Dividend paid to company's shareholders (2,792.05) (830.96)
Proceeds from Issue of shares and share warrants 1,446.00 1,928.00
Finance cost (792.33) (970.94)
Net cash inflow/(outflow) from financing activities 3,031.88 (14,575.88)
Net increase/(Decrease) in cash and cash equivalents (8,675.34) 9,452.23
Cash and Cash equivalents at the beginning of the financial year 11,080.23 1,628.00
Cash and Cash equivalents at the end of the year 2,404.89 11,080.23
Statement of Cash flow has been prepared under the indirect method as set out in Ind AS - 7 specified under Section 133 of the

Partner
Place: Secunderabad
Date: May 09, 2022

Standalone Statement of Changes in Equity for the year ended 31 March 2022
a. Equity share capital All amounts in H lakhs
Particulars Note Equity share capital
As at 01 April 2020 1,592.07
Changes in equity share capital 60.00
As at 31 March 2021 15 1,652.07
As at 31 March 2022 1,732.07
b. Other equity All amounts in H lakhs

Reserves and Surplus Money
received
Securities
Particulars Note General Retained against Total
Premium
Reserve Earnings share
Reserve
warrants
Balance as at 1 April 2020 16 4,903.45 27,000.00 17,005.97 - 48,909.42
Profit for the year - - 11,064.47 - 11,064.47
Other comprehensive income - - 22.11 - 22.11
Dividends - - (824.05) - (824.05)
Share premium on issue of equity shares 1,386.00 - - - 1,386.00
Money received against share warrants - - - 482.00 482.00
Balance as at 31 March 2021 6,289.45 27,000.00 27,268.50 482.00 61,039.95
Profit for the year - - 11,852.79 11,852.79
Dividends - - (2,801.76) - (2,801.76)
Money adjusted on conversion of warrants - - - (482.00) (482.00)
Balance as at 31 March 2022 8,137.45 27,000.00 36,361.53 - 71,498.98

Partner
Place: Secunderabad
Date: May 09, 2022

Notes to the Standalone Financial Statements for the year ended 31 March 2022
1. Background
Visaka Industries Limited was incorporated in 1981 having its registered office in Survey No.315, Yelumala Village, R.C. Puram Mandal,
Sangareddy District - 502 300, Telangana State. The Company is into the business of manufacture of cement fibre sheets, fibre cement
boards & panels, solar panels and synthetic yarn. The Company has thirteen manufacturing locations spread across India.
2. Significant Accounting Policies

This note provides a list of the significant accounting policies adopted in the preparation of these financial statements. These policies
have been consistently applied to all the years presented, unless otherwise stated.
a) Basis of preparation
(i) Compliance with Ind AS
The financial statements comply in all material aspects with Indian Accounting Standards (Ind AS) notified under section 133
of the Companies Act, 2013 (the Act) [Companies (Indian Accounting Standards) Rules, 2015] and other relevant provisions of
the Act.
(ii) Historical cost convention
The financial statements have been prepared on a historical cost basis, except for the following:
• Certain financial assets and liabilities that are measured at fair value;
• Defined benefit plans – plan assets measured at fair value;
(iii) New and amended standards adopted by the Company
The Company has applied the following amendments to Ind AS for the first time for their annual reporting period commencing
1 April 2021:
• Extension of COVID-19 related concessions – amendments to Ind AS 116
• Interest rate benchmark reform – amendments to Ind AS 109, Financial Instruments, Ind AS 107, Financial Instruments:
Disclosures, Ind AS 104, Insurance Contracts and Ind AS 116, Leases.
The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to
significantly affect the current or future periods.
(iv) Reclassifications consequent to amendments to Schedule III
The Ministry of Corporate Affairs amended the Schedule III to the Companies Act, 2013 on 24 March 2021 to increase the
transparency and provide additional disclosures to users of financial statements. These amendments are effective from 1 April
2021.
Consequent to above, the Company has changed the classification/presentation of current maturities of long-term borrowings
in the current year.
The current maturities of long-term borrowings has now been included in the “Current borrowings” line item. Previously,
current maturities of long-term borrowings were included in ‘other financial liabilities’ line item.
The Company has reclassified comparative amounts to conform with current year presentation as per the requirements of Ind
AS 1. The impact of such classifications is summarised below: All amounts in H lakhs
Balance sheet (extract) 31 March 2021 Increase/ 31 March 2021
(as previously (Decrease) (restated)
reported)
Other financial liabilities (current) 5,938.28 (1,879.86) 4,058.42
Borrowings (current) 2,018.23 1,879.86 3,898.09
b) Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision
maker. The Company has identified the Managing Director and Joint Managing Director as chief operating decision makers. Refer
note 38 for segment information presented.

c) Foreign currency translation
(i) Functional and presentation currency
Items included in the financial statements are measured using the currency of the primary economic environment in which the
entity operates (‘the functional currency’). The financial statements are presented in Indian rupee (H), which is the Company’s
functional and presentation currency.
(ii) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the
transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of
monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally recognised in the
statement of profit and loss.
d) Revenue Recognition
Revenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are net of returns,
trade allowances, rebates, GST and amounts collected on behalf of third parties.
Sale of products
Timing of recognition- Revenue from sale of products is recognised when control of the products is transferred to customers based
on the terms of sale.
Measurement of revenue- Revenue from sales is based on the price specified in the sales contracts, net of all expected discounts
and returns in relation to sales made until the end of the reporting period.
No element of financing is deemed present as the sales are made with credit terms consistent with market practices. A receivable is
recognised when the goods are dispatched, delivered or upon formal customer acceptance depending on terms of contract with
the customer.
e) Government grants
Grants from the government are recognised at fair value where there is a reasonable assurance that the grant will be received and
the Company will comply with all attached conditions.
Government grants relating to income are deferred and recognised in the profit or loss over the period necessary to match them
with the costs they are intended to compensate and presented within other income.
Government grants relating to the purchase of property, plant and equipment are included in non-current liabilities as deferred
income and are credited to profit and loss on a straight line basis over the expected lives of the related assets and presented within
other income.
The benefit of a government loan at below current market rate of interest is treated as a government grant.
f ) Income tax
Current income tax
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation
authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the
reporting date in the countries where the Company operates and generates taxable income.
Current income tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in other
comprehensive income or in equity). Current tax items are recognised in correlation to the underlying transaction either in OCI
or directly in equity. Management periodically evaluates positions taken in the tax returns with respect to situations in which
applicable tax regulations are subject to interpretation and establishes provisions where appropriate.
Deferred tax
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and
their carrying amounts for financial reporting purposes at the reporting date. Deferred tax liabilities are recognised for all taxable
temporary differences.
Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused
tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the
deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer
probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised
deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that future
taxable profits will allow the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised
or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted at the reporting date.
Deferred tax items are recognised in correlation to the underlying transaction either in OCI or directly in equity. Deferred tax assets
and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and
the deferred taxes relate to the same taxable entity and the same taxation authority.
g) Leases
As a lessee:
The Company recognizes a right-of-use asset (“ROU”) and a corresponding lease liability for all lease arrangements in which it is
a lessee, except for leases with a term of twelve months or less (short-term leases) and low value leases. For these short-term and
low value leases, the Company recognizes the lease payments as an operating expense on a straight-line basis over the term of the
lease. Certain lease arrangements includes the options to extend or terminate the lease before the end of the lease term. ROU assets
and lease liabilities includes these options when it is reasonably certain that they will be exercised.
The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for any lease
payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives.
They are subsequently measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are depreciated
from the commencement date on a straight-line basis over the shorter of the useful life of the asset or the balance lease term of
the underlying asset. Right of use assets are evaluated for recoverability whenever events or changes in circumstances indicate that
their carrying amounts may not be recoverable.
The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are
discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates in the
country of domicile of the leases. Lease liabilities are re-measured with a corresponding adjustment to the related right of use asset
if the company changes its assessment if whether it will exercise an extension or a termination option.
Lease liability and ROU asset shall be separately presented in the Balance Sheet and lease payments shall be classified as financing
cash flows.
h) Impairment of assets
Property, plant and equipment and intangible assets are tested for impairment annually whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by
which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value
less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which
there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets
(cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of
the impairment at the end of each reporting period.
i) Cash and cash equivalents
For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at
call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are
readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
j) Trade receivables
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using effective interest method,
less provision for impairment.
k) Inventories
Raw materials and stores, work-in-progress, traded and finished goods are stated at the lower of cost and net realizable value. Cost
of raw materials and traded goods comprise of cost of purchase. Cost of work-in-progress and finished goods comprises direct
materials, direct labour and an appropriate proportion of variable and fixed overhead expenditure, the later being allocated on the

basis of normal operating capacity. Cost of inventories also include all other cost incurred in bringing the inventories to their present
location and condition. Costs are assigned to individual items of inventory on weighted average basis. Costs of purchased inventory
are determined after deducting rebates and discounts. Net realizable value is the estimated selling price in the ordinary course of
business less the estimated costs of completion and the estimated costs necessary to make the sale.
l) Investment in subsidiaries
The investment in subsidiaries are carried in the financial statements at historical cost except when the investment is classified as
held for sale in which case it is accounted for as non -current assets held for sale and discontinued operations .
Investments in subsidiaries carried at cost are tested for impairment in accordance with Ind AS 36. Any impairment loss reduces the
carrying value of the investment.
m) Other Investments and financial assets
i) Classification
The Company classifies its financial assets in the following measurement categories:
those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss),
and
those measured at amortised cost.
The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the
cash flows.
For assets measured at fair value, gains and losses will either be recorded in Statement of profit or loss or other comprehensive
income. For investments in debt instruments, this will depend on the business model in which the investment is held. For
investments in equity instruments, this will depend on whether the Company has made an irrevocable election at the time of
initial recognition to account for equity investment at fair value through other comprehensive income.
The Company reclassifies debt investments when and only when its business model for managing those assets changes.
ii) Measurement
At initial recognition, the company measures a financial asset at its fair value plus, in the case of a financial asset not at fair value
through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs
of financial assets carried at fair value through profit or loss are expensed in profit or loss.
Debt instruments:
Subsequent measurement of debt instruments depends on the Company’s business model for managing the asset and the
cash flow characteristics of the asset. There are three measurement categories into which the Company classifies its debt
instruments:
Amortised cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments
of principal and interest are measured at amortised cost. A gain or loss on a debt investment that is subsequently measured
at amortised cost and is not part of a hedging relationship is recognised in profit or loss when the asset is derecognised or
impaired. Interest income from these financial assets is included in finance income using the effective interest rate method.
Fair value through other comprehensive income (FVOCI): Assets that are held for collection of contractual cash flows and
for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest, are measured at
fair value through other comprehensive income (FVOCI). Movements in the carrying amount are taken through OCI, except for
the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses which are recognised in
profit and loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified
from equity to profit or loss and recognised in other gains/(losses). Interest income from these financial assets is included in
other income using the effective interest rate method.
Fair value through profit or loss: Assets that do not meet the criteria for amortised cost or FVOCI are measured at fair value
through profit or loss. A gain or loss on debt investment that is subsequently measured at fair value through profit or loss is
recognised in profit or loss and presented net in the statement of profit and loss in the period in which it arises. Interest income
from these financial assets is included in other income.

Equity instruments:
The Company subsequently measures all equity investments (other than investment in subsidiary) at fair value. Where the
company’s management has elected to present fair value gains and losses on equity investments in other comprehensive
income, there is no subsequent reclassification of fair value gains and losses to profit or loss. Dividends from such investments
are recognised in profit or loss as other income when the Company’s right to receive payments is established.
Changes in the fair value of financial assets at fair value through profit or loss are recognised in the other income. Impairment
losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other
changes in fair value.
iii) Impairment of financial assets
The Company assesses on a forward looking basis the expected credit losses associated with its assets carried at amortised cost
and FVOCI debt instruments. The impairment methodology applied depends on whether there has been a significant increase
in credit risk. Note 36 details how the Company determines whether there has been a significant increase in credit risk.
For trade receivables only, the Company applies the simplified approach permitted by Ind AS 109 Financial Instruments, which
requires expected lifetime losses to be recognised from initial recognition of the receivables.
iv) Derecognition of financial assets
A financial asset is derecognized only when
The Company has transferred the rights to receive cash flow from the financial asset or
retains the contractual rights to receive the cash flows of the financial assets, but assumes a contractual obligation to pay
cash flows to one or more recipients.
Where the entity has transferred an asset, the Company evaluates whether it has transferred substantially all risks and rewards
of ownership of the financial asset. In such cases, the financial asset is derecognized. Where the entity has not transferred
substantially all risks and rewards of ownership of the financial asset is not derecognized.
Where the entity has neither transferred a financial asset nor retains substantially all risks and rewards of ownership of the
financial asset, the financial asset is derecognised if the Company has not retained control of the financial asset. Where the
Company retains control of the financial asset, the asset is continued to be recognised to the extent of continuing involvement
in the financial asset.
n) Income recognition
Interest income
Interest income from debt instruments is recognised using effective interest rate method. The effective interest rate is the rate that
exactly discounts estimated future cash receipts through the expected life of the financial asset to the gross carrying amount of a
financial asset. When calculating the effective interest rate, the company estimates the expected cash flows by considering all the
contractual terms of the financial instruments.
o) Derivatives
The Company enters into certain derivative contracts to hedge risks which are not designated as hedges. Such contracts are
accounted at fair value through profit or loss and are included in profit and loss account.
p) Offsetting financial instruments
Financial assets and liabilities are offset and the net amount is reported in the balance sheet where there is a legally enforceable
right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability
simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal
course of business and in the event of default, insolvency or bankruptcy of the Company or the counterparty.
q) Property, plant and equipment
Freehold land is carried at historical cost. All other items of Property, plant and equipment are stated at historical cost less
depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items.
Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is
probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured

reliably. The carrying amount of any component accounted for as separate asset is derecognized when replaced. All other repairs
and maintenance are charged to profit or loss during the reporting period in which they are incurred.
Transition to Ind AS
On transition to Ind AS, the Company has elected to continue with the carrying value of all its property, plant and equipment
recognized as at April 1, 2016 measured as per the previous GAAP and use that carrying value as the deemed cost of the property,
plant and equipment.
Depreciation/Amortisation methods, estimated useful lives and residual value
Depreciation is calculated using the straight-line basis at the rates arrived at based on the useful lives prescribed in Schedule II of
the Companies Act, 2013 which are as follows:
Asset Description Life of the asset (in years)
Buildings
Borewells 5
Roads 10
Factory buildings 30
Non factory buildings 60
Plant and equipment
Process Machinery 15
Others 10
Furniture and fixtures 10
Vehicles 8
Office Equipment 5
Data processing equipment
Servers and networks 6
Others 3
The company follows the policy of charging depreciation on pro-rata basis on the assets acquired or disposed off during the year.
Leasehold assets are amortised over the period of lease or useful life whichever is less.
The residual values are not more than 5% of the original cost of the asset. The assets’ residual values and useful lives are reviewed,
and adjusted if appropriate, at the end of each reporting period. An asset’s carrying amount is written down immediately to its
recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.
Gains or losses on disposal are determined by comparing proceeds with the carrying amount.
r) Intangible assets
(i) Recognition
Intangible assets are recognised only when future economic benefits arising out of the assets flow to the enterprise and are
amortised over their useful life.
(ii) Amortization methods and periods
The Company amortizes intangible assets on a straight line method over their estimated useful life not exceeding 5 years.
Software is amortised over a period of three years.
s) Trade and other payables
These amounts represent liabilities for goods and services provided to the company prior to the end of financial year which are
unpaid. The amounts which are unsecured are presented as current liabilities unless payment is not due within 12 months after the
reporting period. They are recognized initially at their fair value and subsequently measured at amortized cost using the effective
interest method.
t) Borrowings
Borrowings are initially recognized at fair value, net of transaction cost incurred. Borrowings are subsequently measured at amortized
cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over
the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognized as
transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is

deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all the facility will be drawn
down, the fee is capitalized as a prepayment for liquidity services and amortized over the period of the facility to which it relates.
Borrowings are removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired.
The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and
the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss.
u) Borrowing costs
General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying
asset are capitalized during the period of time that is required to complete and prepare the asset for its intended use or sale.
Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale.
Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is
deducted from the borrowing cost eligible for capitalization.
Other borrowings costs are expensed in the period in which they are incurred.
v) Provisions
Provisions for legal claims and returns are recognised when the company has a present legal or constructive obligation as a result
of past event, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably
estimated. Provisions are not recognised for future operating losses.
Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present
obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects
current market assessments of the time value of money and the risks specific to the liability. The increase in the provisions due to
the passage of time is recognized as interest expense.
w) Employee benefits
(i) Short-term obligations
Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within 12 months
after the end of the period in which the employees render the related service are recognized in respect of employees’ services
up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled.
The liabilities are presented as current employee benefit obligations in the balance sheet.
(ii) Other long-term employee benefit obligations
The liabilities for earned leave is not expected to be settled wholly within 12 months after the end of the period in which
the employees render the related service. They are therefore measured at the present value of expected future payments to
be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit
method. The benefits are discounted using the market yields at the end of the reporting period that have terms approximating
to the terms of the related obligations. Remeasurements as a result of the experience adjustments and changes in actuarial
assumptions are recognized in profit or loss.
The obligations are presented as current liabilities in the balance sheet if the entity does not have an unconditional right to
defer settlement for at least twelve months after the reporting period, regardless of when the actual settlement is expected
to occur.
(iii) Post-employment obligations
The Company operates the following post-employment schemes:
(a) Defined benefit plans such as gratuity; and
(b) Defined contribution plans such as provident fund and superannuation fund.
Gratuity obligations
The liability or assets recognized in the balance sheet in respect of gratuity plans is the present value of the defined benefit
obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated
annually by actuaries using the projected unit credit method.

The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows by
reference to market yields at the end of the reporting period on government bonds that have terms approximating to the
terms of the related obligation.
The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the
fair value of plan assets. This cost is included in employee benefit expense in the statement of profit and loss.
Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognized
in the period in which they occur, directly in other comprehensive income. They are included in retained earnings in the
statement of changes in equity and in the balance sheet.
Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognized
immediately in profit or loss.
Defined contribution plans
The company pays provident fund contributions to publicly administered funds as per local regulations and superannuation
fund to LIC. The Company has no further payment obligations once the contributions have been paid. The contributions are
accounted for as defined contribution plans and the contributions are recognized as employee benefit expense when they
are due.
(iv) Bonus plans
The Company recognizes a liability and an expense for bonuses. The Company recognizes a provision where contractually
obliged or where there is a past practice that has created a constructive obligation.
x) Contributed equity
Equity shares are classified as equity.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the
proceeds.
Money received against share warrants are reflected as a separate line item - ‘Money received against share warrants’ under ‘Other
equity’.
y) Dividends
Provision is made for the amount of any dividend declared, being appropriately authorized and no longer at the discretion of the
entity, on or before the end of the reporting period but not distributed at the end of the reporting period.
z) Earning per share
(i) Basic earnings per share
Basic earnings per share is calculated by dividing:
The profit attributable to owners of the company
By the weighted average number of equity shares outstanding during the financial year, adjusted for bonus elements in
equity shares issued during the year and excluding treasury shares.
(ii) Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account:
The after income tax effect of interest and other financing costs associated with dilutive potential equity shares, and
The weighted average number of additional equity shares that would have been outstanding assuming the conversion
of all dilutive potential equity shares.
aa) Rounding of amounts
All amounts disclosed in the financial statements and notes have been rounded off to the nearest two decimal places of lakhs as
per the requirement of Schedule III, unless otherwise stated.

ab) Standards issued but not yet effective
The Ministry of Corporate Affairs has vide notification dated 23 March 2022 notified Companies (Indian Accounting Standards)
Amendment Rules, 2022 which amends certain accounting standards, and are effective 1 April 2022. These amendments are
not expected to have a material impact on the Company in the current or future reporting periods and on foreseeable future
transactions.
3. Critical estimates and Judgements

The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual
results. Management also needs to exercise judgement in applying the Company’s accounting policies.
This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are more
likely to be materially adjusted due to estimates and assumptions turning out to be different than those originally assessed. Detailed
information about each of these estimates and judgements is included in relevant notes together with information about the basis
of calculation for each affected line item in the financial statements.
The areas involving critical estimates or judgements are:
1. Estimation of defined benefit obligation - Refer Note 24
2. Useful lives of fixed assets - Refer Note 2(q) and Note 32
3. Impairment of trade receivables - Refer Note 9
Estimates and judgements are continually evaluated. They are based on historical experience and other factors, including
expectations of future events that may have a financial impact on the Company and that are believed to be reasonable under the
circumstances.

4.1 (a) Property, plant and equipment
Net carrying
Gross carrying amount Accumulated depreciation
amount
Particulars As at As at As at
As at Deletions/ As at Deletions/
Additions 31 March For the Year 31 March 31 March
1 April 2021 Adjustments 1 April 2021 Adjustments
2022 2022 2022
Owned
Assets
Land 9,410.01 147.28 - 9,557.29 - - - - 9,557.29
Buildings 24,561.14 3,680.28 - 28,241.42 5,218.23 1,242.96 - 6,461.19 21,780.23
Plant and 21,762.11 6,004.96 25.28 27,741.79 11,665.96 2,258.81 22.07 13,902.70 13,839.09
Equipment
Furniture and 118.46 18.74 0.40 136.80 58.75 11.74 0.34 70.15 66.65
Fixtures
Vehicles 890.82 204.73 31.92 1,063.63 394.68 113.89 17.86 490.71 572.92
Office 247.57 23.94 0.56 270.95 153.52 35.97 0.56 188.93 82.02
Equipment
Data 752.37 134.12 0.26 886.23 634.12 98.43 0.26 732.29 153.94
Processing
Equipment
TOTAL 57,742.48 10,214.05 58.42 67,898.11 18,125.26 3,761.80 41.09 21,845.97 46,052.14
The Company has setup a V Board manufacturing unit at Udumalpet in Tamilnadu State during the year and the unit commenced
commercial production on 1st January 2022.
4.1 (b) Property, plant and equipment

Net carrying
amount
2021 2021 2021
Owned
Assets
Land 8,871.17 538.84 - 9,410.01 - - - - 9,410.01
Buildings 24,017.33 545.25 1.44 24,561.14 3,998.53 1,219.91 0.21 5,218.23 19,342.91
Plant and 20,040.49 1,856.02 134.40 21,762.11 9,316.22 2,479.25 129.51 11,665.96 10,096.15
Equipment
Furniture and 113.67 4.92 0.13 118.46 46.67 12.21 0.13 58.75 59.71
Fixtures
Vehicles 898.59 26.25 34.02 890.82 303.86 108.00 17.18 394.68 496.14
Office 218.61 29.29 0.33 247.57 116.56 37.29 0.33 153.52 94.05
Equipment
Data 717.69 38.35 3.67 752.37 495.11 142.34 3.33 634.12 118.25
Processing
Equipment
TOTAL 54,877.55 3,038.92 173.99 57,742.48 14,276.95 3,999.00 150.69 18,125.26 39,617.22

4.2 (a) Capital work-in-progress
Capital work-in-progress Ageing schedule All amounts in H lakhs
Amount in capital work-in-progress for a period of

Total as at
Capital work-in-progress More 31 March 2022
Less than 1 year 1-2 years 2-3 years
than 3 years
Projects in progress 4851.76 14.73 - - 4,866.49
Projects temporarily suspended - - - - -
4.2 (b) Capital work-in-progress


Total as at
Capital work-in-progress More
Less than 1 year 1-2 years 2-3 years 31 March 2021
than 3 years
Projects in progress 469.62 39.71 - - 509.33
4.3 (a) Intangible assets

Net carrying
amount
2022 2022 2022
Computer 124.94 - - 124.94 124.94 - - 124.94 -
Software
TOTAL 124.94 - - 124.94 124.94 - - 124.94 -
4.3 (b) Intangible assets

Net carrying
amount
2021 2021 2021
Computer 124.94 - - 124.94 124.94 - - 124.94 -
Software
TOTAL 124.94 - - 124.94 124.94 - - 124.94 -

5. Investment in subsidiaries All amounts in H lakhs
Investments carried at cost
Equity investment in subsidiary companies (unquoted - fully paid up)
a) Vnext Solutions Private Limited 101.00 1.00
10,10,000 (2021-10,000) shares of H 10 each
b) Atum Life Private Limited 141.00 1.00
14,10,000 (2021-10,000) shares of H 10 each
TOTAL 242.00 2.00
Aggregate amount of unquoted investments in subsidiaries 242.00 2.00
6.1. Investments All amounts in H lakhs

Investments in Equity Instruments (unquoted - fully paid up)
Other entities - Fair value through Profit and Loss (FVTPL)
a) Visaka Thermal Power Limited 0.00 0.00
20,78,600 (2021-20,78,600) shares of H 10 each
b) Somerset Entertainment Ventures (Singapore) Pte Ltd 0.00 0.00
1,31,903 (2021 -1,31,903) shares of Singapore $ 10 each
c) OPGS Power Gujarat Private Limited 0.00 0.00
7,02,000(2021 - 7,02,000) shares of H 0.10 each
d) V- Solar Roofings Private Limited 0.00 0.00
1,900 (2021 - 1900) of H 10 each
TOTAL 0.00 0.00
Aggregate amount of unquoted investments 0.00 0.00
The Company holds investments as at date, however the fair value of the same is determined as nil.
6.2. Other financial assets (non - current) All amounts in H lakhs

Unsecured, Considered good
Employee advances 11.57 46.77
Secured, Considered good
Deposits with maturity of more than 12 months * 61.13 61.13
TOTAL 72.70 107.90
* Earmarked with bank for providing bank guarantee to sales tax department.
7. Other non-current assets All amounts in H lakhs

Unsecured, considered good
i) Capital advances 3,819.15 3,557.37
ii) Deposits with government and others 966.18 752.08
TOTAL 4,785.33 4,309.45

8. Inventories All amounts in H lakhs
a) Raw material 13,103.14 12,210.33
{including material in transit of H 1,250.82 lakhs (2021- H 3,671.71lakhs)}
b) Work-in-progress 3,092.49 2,847.80
c) Finished goods 11,676.26 8,849.29
{including material in transit of H 746.07lakhs (2021-H 359.27lakhs)}
d) Stores and spares 1,429.09 1,019.28
TOTAL 29,300.98 24,926.70
9. Trade receivables All amounts in H lakhs

Secured, considered good 2,306.81 2,374.23
Unsecured, considered good 11,103.52 8,142.11
Unsecured, considered doubtful 572.05 579.18
13,982.38 11,095.52
Less: Allowance for doubtful debts (572.05) (579.18)
TOTAL 13,410.33 10,516.34
9. (a) Trade Receivables ageing schedule: All amounts in H lakhs

Sl. Particulars Outstanding for following periods from due date of payment Total as at
No. Less than 6 months - 1-2 years 2-3 years More than 31 March 2022
6 months 1 Year 3 years
(i) Undisputed Trade receivables - 12,948.76 245.70 153.94 19.46 42.47 13,410.33
considered good
(ii) Undisputed Trade Receivables - - - 70.19 135.22 214.27 419.68
considered doubtful
(iii) Disputed Trade Receivables - - - - - - -
considered good
(iv) Disputed Trade Receivables - - - 34.02 2.22 116.13 152.37
considered doubtful
9. (b) Trade Receivables ageing schedule: All amounts in H lakhs

Sl. Particulars Outstanding for following periods from due date of payment Total as at
No. Less than 6 months - 1-2 years 2-3 years More than 31 March 2021
considered good
(ii) Undisputed Trade Receivables - 19.85 1.77 164.00 60.60 209.75 455.97
considered doubtful
considered good
considered doubtful
Debtors aged above 1 year in note 9(a) and 9(b) above are secured against sundry deposits (Refer note 22) received from the customers
and hence considered good.

10. Cash and cash equivalents All amounts in H lakhs
a) Balances with banks
in current accounts 2,401.88 1,185.88
b) Cash on hand 3.01 2.87
c) Cheques in hand - 130.11
d) Deposits with maturity of less than 3 months - 9,761.37
TOTAL 2,404.89 11,080.23
11. Other bank balances All amounts in H lakhs

Earmarked balances with banks
Unpaid dividend account 122.46 112.75
Reserve towards Public deposit 175.00 202.00
Margin money deposit 9.77 8.82
Deposit with maturity of more than 3 months but less than 12 monhts 5.00 250.00
TOTAL 312.23 573.57
12. Loans All amounts in H lakhs

Inter corporate deposits 3,022.03 -
TOTAL 3,022.03 -
12.1. During the year, the Company has provided inter corporate deposit to Jamuna Hatcheries Private Limited of H 1,000 lakhs for
working capital requirements at an interest rate of 18% p.a which are repayable within six months from the date of disbursments. Further
Jamuna Hatcheries Private Limited has repaid the inter corporate deposit of H 477.97 lakhs.
12.2. During the year, the Company has provided inter corporate deposit to Sushee Infra & Mining Limited of H 2,500 lakhs for short term
business requirements at an interest rate of 18% p.a which are repayable within one year from the date of disbursment or repayable on
demand whichever is earlier.
13. Other financial assets (current) All amounts in H lakhs

Interest receivable 125.15 73.03
Advances to related parties (Refer note 41) 25.06 3.83
TOTAL 338.26 202.57
14. Other current assets All amounts in H lakhs

Rent deposits 73.78 40.68
Prepaid expenses 312.78 201.13
Supplier advances 3,203.91 1,081.16
Cenvat , VAT & GST credit available 691.73 1,046.70
Others 1,750.82 656.49
TOTAL 6,033.02 3,026.16

15. Equity share capital All amounts in H lakhs
AUTHORIZED:
3,00,00,000 (2021- 3,00,00,000) Equity Shares of H 10/- each 3,000.00 3,000.00
5,00,000 (2021- 5,00,000) 12% Cumulative Redeemable Preference Shares H 100/- each 500.00 500.00
TOTAL 3,500.00 3,500.00
ISSUED, SUBSCRIBED & PAID-UP CAPITAL
1,72,80,952 (2021- 1,64,80,952) equity shares of H 10/- each fully paid up 1,728.10 1,648.10
Add: Shares forfeited - 79,408 (2021- 79,408) shares 3.97 3.97
TOTAL 1,732.07 1,652.07
(A) Movement in equity share capital: All amounts in H lakhs

Particulars Number of shares Amount
Balance at 1 April 2020 15,880,952 1,592.07
Movement during the year 600,000 60.00
Balance at 31 March 2021 16,480,952 1,652.07
Movement during the year 800,000 80.00
Balance at 31 March 2022 17,280,952 1,732.07
(B) Details of shareholders holding more than 5% shares in the Company

As at 31 March 2022 As at 31 March 2021
Name of the shareholder No. of % No. of
% holding
Shares holding Shares
a) Dr. G. Vivekanand 68,63,492 39.72 66,11,980 40.12
b) Vigilance Security Services Private Limited 879,764 5.09 1,614,460 9.80
c) Smt. G. Saroja Vivekanand 875,139 5.06 294,139 1.78
(C) Details of Shareholding of Promoters

Shares held by promoters at the end of the year % Change
As at 31 March 2022 during the
Promoter name year
No. of Shares % of total shares
Dr. G. Vivekanand 68,63,492 39.72% 3.80%
Smt. G. Saroja Vivekanand 8,75,139 5.06% 197.53%
Sri. G. Vamsi Krishna 1,21,730 0.70% 460.19%
Total 7,860,361 45.48%

Promoter name
No. of Shares % of total shares year
Dr. G. Vivekanand 6,611,980 40.12% 12.08%
Smt. G. Saroja Vivekanand 294,139 1.78% 51.51%
Sri. G. Vamsi Krishna 21,730 0.13% 0.00%
Total 6,927,849 42.03%
(D) Terms/Rights attached to equity shares

The Company has only one class of equity shares having a face value of H 10 /- each. Each holder of equity share is entitled to one
vote per share. The company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the company, the
equity shareholders will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The
distribution will be in proportion to the number of equity shares held by the shareholders.
(E) The Company has not issued any share as fully paid up without payment being received in cash or as bonus shares nor any share
has been bought back by the Company since its incorporation.

16. Other equity All amounts in H lakhs
Reserves and surplus
Securities premium reserve 8,137.45 6,289.45
General reserve 27,000.00 27,000.00
Retained earnings 36,361.53 27,268.50
Money received against share warrants - 482.00
TOTAL 71,498.98 61,039.95
(i) Securities Premium Reserve All amounts in H lakhs

Opening balance 6,289.45 4,903.45
Movement during the year 1,848.00 1,386.00
Closing balance 8,137.45 6,289.45
(ii) General Reserve All amounts in H lakhs

Movement during the year - -
(iii) Retained earnings All amounts in H lakhs

Profit for the year 11,852.79 11,064.47
Interim dividend (1,153.67) (824.05)
Final dividend (1,648.09) -
Items of other comprehensive income recognised directly in retained earnings
- Remeasurements of post employment benefit obligation, net of tax 42.00 22.11
(iv) Money received against share warrants All amounts in H lakhs

Opening balance 482.00 -
Money received during the year - 482.00
Money adjusted on conversion of warrants (482.00) -
Closing balance - 482.00
The Company on January 22, 2022 allotted 8,00,000 fully paid equity shares of face value H 10/- each to the promoters group against
8,00,000 convertible warrants after receiving the balance consideration of H 1,446 lakhs. Convertible warrants outstanding as at 31 March
2022 - Nil (31 March 2021 - 8,00,000).
Nature and purpose of other reserves
(i) Securities Premium Reserve
Securities Premium Reserve is used to record the premium on issue of shares. The reserve is utilised in accordance with the provision
of the act.
(ii) General Reserve
General reserve is used for strengthening the financial position and meeting future contingencies and losses.

17. Borrowings (non-current) All amounts in H lakhs
Non- current
a) Secured loans
Term loan from bank 251.45 1,257.29
Loans from others
PICUP Loan 2,657.40 3,797.87
Deferred revenue grant - PICUP Loan 1,758.40 2,142.80
b) Unsecured loans
Public deposits 235.71 452.48
TOTAL 4,902.96 7,650.44
(i) Term loan is taken from IDBI Bank Limited for the Textile unit near Mouda Taluk, Nagpur in Maharashtra. The loan sanctioned is
H 6,035.00 lakhs during the year 2016-17, out of which H 3,500.00 lakhs is drawn in 2016-17 and H 2,535.00 lakhs is drawn in 2017-18
and is repayable in 24 quarterly installments at the rate of H 251.46 lakhs each quarter from the financial year 2017-18 to 2023-24
(i.e., from September’ 2017 to June’ 2023).The current rate of interest is 7.8% p.a. This loan is secured by first mortgage and charge in
favour of the Bank on all the Company’s fixed assets both present and future on pari passu basis with other lenders, second charge
on the current assets of the Company. The amount outstanding as at balance sheet date is H 1,257.29 lakhs repayable in 5 quarterly
installments (out of which H 1,005.84 lakhs are included in Borrowings (current)).
(ii) Loans from others include interest free loans of H 6,246.33 lakhs availed (H 1,523.75 lakhs in 2012-13, H 809.99 lakhs in 2014-15,
H 814.44 lakhs in 2016-17, H 973.03 lakhs in 2017-18, H 2,125.12 lakhs in 2019-20) from The Pradeshiya Industrial & Investment
Corporation of U.P. Ltd (PIC UP) for the cement asbestos unit at Raebareli, U.P which is sanctioned under the Industrial Investment
Promotion Scheme, 2003. The loan is secured by first charge on all assets of the company both present and future, by way of first
pari-passu charge with all the secured lenders of the Company and personal guarantee of Mrs. G Saroja Vivekanand, Managing
director of the company. The loans are repayable (each installment drawn) after 10 years from the date of disbursement.
As per Ind AS requirements, these loans should be recognised at fair value and the difference between fair value and transaction
value is recognised as Deferred Revenue Grant.
(iii) Public deposits represent deposits accepted from public carrying interest varying from 9.5% to 11.5% p.a. The maturity of these
deposits fall on different dates depending on the date of each deposit. There are no deposits matured and remaining unpaid as on
the balance sheet date.
18. Other financial liabilities (non-current) All amounts in H lakhs

Interest accrued but not due 12.28 13.66
TOTAL 12.28 13.66
19. Deferred tax liabilities (net) All amounts in H lakhs

a) Deferred tax assets
Expenses allowable on payment basis 164.18 165.97
b) Deferred tax liabilities
Depreciation and amortisation 1,447.08 1,436.30
Deferred tax liabilities (net) 1,282.90 1,270.33

Movement in deferred tax liabilities (net) All amounts in H lakhs
WDV of Expenses allowable
Particulars Total
depreciable PPE on payment basis
As at 01 April 2020 1,565.20 (147.44) 1,417.76
Charged/(Credited) to statement of profit and loss (128.90) (18.53) (147.43)
As at 31 March 2021 1,436.30 (165.97) 1,270.33
Charged/(Credited) to statement of profit and loss 10.78 1.79 12.57
As at 31 March 2022 1,447.08 (164.18) 1,282.90
20. Borrowings (current) All amounts in H lakhs

Current
a) Secured loans
Working capital loans from banks 3,496.62 477.26
Current maturities of long term debts (Refer note 17) 2,529.59 1,005.84
b) Unsecured loans
Current maturities of public deposits 1,091.89 874.02
Short term loans from banks 4,696.61 1,076.72
Inter corporate deposits from related parties (Refer note 41) - 114.00
Inter corporate deposits from others - 350.25
TOTAL 11,814.71 3,898.09
20.1 Working capital loans from banks are loans from State Bank of India .The loans are repayable on demand which are secured on pari-
passu basis by hypothecation of the Company’s entire current assets including raw materials, work-in-progress, stores & spares, finished
goods and book debts, present and future, and second charge by way of hypothecation on all fixed assets present and future. The loan
carries floating rate of interest and present interest rate is 7.30% p.a.
20.2 Short term loans are availed from various banks with a maximum maturity period of six months. The rates of interest vary from 1%
to 2% p.a.
20.3 Inter Corporate Deposit are short term loans repayable on demand carrying on interest rate of 9% p.a.
20.4 Net Debt Reconciliation All amounts in H lakhs
Opening balance of borrowings 11,548.53 26,286.04
Less:- Repayment of non-current borrowings (1,004.74) (1,099.44)
Proceeds/ (repayment) from current borrowings 6,175.00 (13,602.54)
Fair Value Adjustment (1.12) (35.53)
Closing balance of borrowings 16,717.67 11,548.53
21. Trade payables All amounts in H lakhs

(a) Total outstanding dues of micro and small enterprises (Refer note 44) 204.57 36.35
(b) Total outstanding dues other than (a) above 8,376.56 9,254.21
TOTAL 8,581.13 9,290.56

21 (a) Trade Payables ageing schedule: All amounts in H lakhs
Outstanding for following periods from due date of payment
Sl. Total as at 31
Particulars More than
No. Unbilled dues Less than 1 year 1-2 years 2-3 years March 2022
3 years
(i) MSME - 204.57 - - - 204.57
(ii) Others 1,360.78 6,519.18 70.00 39.26 48.03 8,037.25
(iii) Disputed dues- MSME - - - - - -
(iv) Disputed dues- Others 339.31 - - - - 339.31
Total 1,700.09 6,723.75 70.00 39.26 48.03 8,581.13
21 (b) Trade Payables ageing schedule: All amounts in H lakhs

Sl. Total as at 31
Particulars More than 3
years
(i) MSME - 36.35 - - - 36.35
(ii) Others 3,150.93 5,655.90 54.63 45.73 7.71 8,914.90
Total 3,490.24 5,692.25 54.63 45.73 7.71 9,290.56
22. Other financial liabilities (current) All amounts in H lakhs

Unpaid dividend 122.46 112.75
Sundry deposits * 4,049.87 3,834.96
Capital creditors 317.79 32.58
TOTAL 4,549.54 4,058.42
*Sundry deposits include security deposits from stockists, agents and transporters etc.
23. Other current liabilities All amounts in H lakhs

Advances from customers 1,351.66 1,142.98
Statutory liabilities 1,507.70 1,606.77
Employee benefits payable 2,798.14 2,715.22
TOTAL 5,657.50 5,464.97
24. Provisions All amounts in H lakhs

Current
Provision for contingencies 223.59 123.16
Provision for employee benefits
- Leave encashment 106.09 152.00
- Gratuity 208.62 -
TOTAL 538.30 275.16

24. Provisions (Contd.)
Movement in provision for contingencies All amounts in H lakhs
Balance as at beginning of the year 123.16 123.16
Provision made during the year 100.43 -
Balance as at end of the year 223.59 123.16
(i) Leave obligations

The leave obligation covers the Company’s liability for earned leave. The Company has created a fund with LIC for earned leave
encashment of employees for future payment.
(ii) Defined contribution plans
The Company has defined contribution plans namely Provident fund and super annuation fund. Contributions are made to provident
fund at the rate of 12% of basic salary as per regulations. The contributions are made to registered provident fund administered
by the Government. The Company has created an approved superannuation fund and accounts for the contribution made to LIC
against an insurance policy taken with them. The obligation of the Company is limited to the amount contributed and it has no
further contractual nor any constructive obligation. The expense recognised during the year towards defined contributions plans is
as follows:
Company’s Contribution to Provident Fund 651.08 580.23
Company’s Contribution to Superannuation Fund 105.50 102.54
(iii) Post- employment obligations

a) Gratuity
The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972.The amount of gratuity
payable on retirement/termination is the employees last drawn basic salary per month computed proportionately for 15 days
salary multiplied for the number of years of service. The Company operates post retirement gratuity plan with LIC of India.
The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which
recognises each period of service giving rise to additional unit of employee benefit entitlement and measures each unit
separately to build up the final obligation.
Present value Fair Value of
Particulars Net Liability
of obligation Plan Assets
1 April 2020 2,939.79 2,762.83 176.96
Current service cost 259.03 - 259.03
Interest expense/(income) 183.52 192.28 (8.76)
Total amount recognized in profit and loss 442.55 192.28 250.27
Remeasurements
Return on plan assets, excluding amounts - 2.50 (2.50)
included in interest expense/(income)
(Gain)/loss from change in financial assumptions 4.54 - 4.54
Experience (gains)/loss (31.58) - (31.58)
Total amount recognized in other (27.04) 2.50 (29.54)
comprehensive income
Employer contributions - 415.41 (415.41)
Benefit payments (513.62) (513.62) -
31 March 2021 2,841.68 2,859.40 (17.72)

1 April 2021 2,841.68 2,859.40 (17.72)
Remeasurements
Return on plan assets, excluding amounts included - 3.52 (3.52)
in interest expense/(income)
(Gain)/loss from change in financial assumptions (106.34) - (106.34)
Experience (gains)/loss 53.73 - 53.73
Total amount recognized in other (52.61) 3.52 (56.13)
comprehensive income
31 March 2022 3,115.61 2,906.99 208.62
The Company has no legal obligation to settle deficit in the funded plan with an immediate contribution or additional one off
contribution. The Company intends to contribute as any request for contribution is made by LIC.
The net (surplus)/ deficit disclosed above relating to funded and unfunded plans are as follows:
Present value of funded obligations 3,115.61 2,841.68
Fair value of plan assets 2,906.99 2,859.40
(Surplus )/Deficit of funded plans 208.62 (17.72)
Expected contributions to post- employment benefit plans of gratuity for the year ending 31 March 2023 are H 286.78 Lakhs.
iv) Significant estimates and sensitivity Analysis
The sensitivity of the defined benefit obligation to changes in key assumptions is: All amounts in H lakhs
Particulars Key assumptions (Increase)/Decrease in Defined benefit obligation by
Increase in assumption by Decrease in assumption by
31 March 31 March Rate 31 March 31 March Rate 31 March 31 March
2022 2021 2022 2021 2022 2021
Discount rate 7.25% 6.82% 1% 230.10 217.84 1% (266.48) (252.77)
Salary growth rate 5.00% 5.00% 1% (253.86) (240.24) 1% 222.97 210.75
Attrition rate 3.00% 3.00% 1% (34.57) (23.90) 1% 38.28 26.24
The above sensitivity analysis is based on a change in each assumption while holding all other assumptions constant. In practice,
this is unlikely to occur and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined
benefit obligation to significant actuarial assumptions, the same method (present value of the defined benefit obligation calculated
with the projected unit credit method at the end of the reporting period) has been applied as when calculating the defined benefit
liability recognised in the balance sheet.

Expected cash flow and duration of the plan All amounts in H lakhs
Weighted average duration of DBO 14 14
Expected total benefit payments
Year 1 430.34 447.82
Year 2 434.71 238.49
Year 3 173.99 233.17
Year 4 173.08 152.42
Year 5 233.21 160.90
Next 5 years 968.01 904.03
v) Risk exposure
Through its defined benefit plans, the Company is exposed to a number of risks, the most significant of which are detailed below:
Interest rate risk:
The defined benefit obligation calculated uses a discount rate based on government bonds. If bond yields fall, the defined benefit
obligation will tend to increase.
Salary inflation risk:
Higher than expected increases in salary will increase the defined benefit obligation.
Demographic risk:
This is the risk of variability of results due to unsystematic nature of decrements that include mortality, withdrawal, disability
and retirement. The effect of these decrements on the defined benefit obligation is not straight forward and depends upon the
combination of salary increase, discount rate and vesting criteria. It is important not to overstate withdrawals because in the financial
analysis the retirement benefit of a short career employee typically costs less per year as compared to a long service employee.
25. Current Tax Liabilities(net) All amounts in H lakhs

Opening balance 257.82 (647.25)
Less: Taxes paid (net of refunds) (4,213.56) (3,111.03)
Add: Current tax expense for the year 4,225.77 4,040.32
Less: Tax relating to prior years - (24.22)
TOTAL 270.03 257.82
26. Revenue from operations All amounts in H lakhs

Particulars Year ended Year ended
31 March 2022 31 March 2021
Sale of products 1,40,043.37 1,14,338.36
Other operating revenue
Export incentives 96.52 96.71
Industrial incentives 1,240.29 68.73
Sale of scrap 197.76 117.08
TOTAL 1,41,577.94 1,14,620.88

27. Other income All amounts in H lakhs
Year ended Year ended
Particulars
31 March 2022 31 March 2021
Interest income on financial assets carried at amortised cost 307.11 317.70
Insurance claim received 38.46 70.03
Government grants 384.39 385.05
Net gain on disposal of property, plant and equipment 31.76 12.67
Miscellaneous income 226.93 73.15
TOTAL 988.65 858.60
28. Cost of materials consumed All amounts in H lakhs

Particulars
31 March 2022 31 March 2021
Cost of materials consumed 69,744.37 50,544.52
TOTAL 69,744.37 50,544.52
29. Changes in inventories of finished goods and work in progress All amounts in H lakhs
Particulars
31 March 2022 31 March 2021
Opening inventory
Finished goods 8,849.29 12,341.80
Work-in-progress 2,847.80 928.88
(A) 11,697.09 13,270.68
Closing inventory
Finished goods 11,676.26 8,849.29
Work-in-progress 3,092.49 2,847.80
(B) 14,768.75 11,697.09
TOTAL (A-B) (3,071.66) 1,573.59
30. Employee benefits expense All amounts in H lakhs

Particulars
31 March 2022 31 March 2021
Salaries, wages and bonus 11,210.62 10,271.17
Contribution to provident and other funds 844.63 782.57
Gratuity 285.42 250.27
Leave compensation 98.15 129.49
Staff welfare expenses 784.07 578.62
TOTAL 13,222.89 12,012.12
31. Finance costs All amounts in H lakhs

Particulars
31 March 2022 31 March 2021
Interest on borrowings 1,028.71 1,177.27
Other borrowing cost 92.78 44.11
Interest on shortfall in payment of advance tax 34.02 60.01
TOTAL 1,155.51 1,281.39

32. Depreciation expense All amounts in H lakhs
Particulars
31 March 2022 31 March 2021
Depreciation of property, plant and equipment 3,761.80 3,999.00
TOTAL 3,761.80 3,999.00
33. Other expenses All amounts in H lakhs

Particulars
31 March 2022 31 March 2021
Consumption of stores and spares 3,537.83 2,533.02
Cost of packing materials consumed 1,596.80 949.39
Power and fuel 5,447.33 4,370.86
Repairs and maintenance
Buildings 838.61 446.77
Plant and machinery 497.86 362.58
Insurance 404.31 353.05
Rates & taxes 199.93 217.52
Rent 465.82 381.43
Wages - contract labour 4,770.81 3,500.23
Travelling & conveyance 882.82 559.46
Commission 522.42 219.22
Freight 14,858.29 10,519.61
Advertisement & sales promotion expenses 2,471.11 2,708.60
Payments to auditors {Refer note 33 (a)} 52.05 53.42
Directors' sitting fee 7.75 11.90
Bad debts written off 37.66 41.74
Foreign exchange (gain)/loss (net) (73.52) (52.02)
Non whole time directors' commission 40.00 69.17
Property, plant and eqiupment written off 8.61 10.10
Allowance for doubtful debts (7.13) 73.63
Corporate social responsibility (CSR) expenditure {Refer note 33 (b)} 230.07 177.16
Contribution to political party * 300.00 300.00
Miscellaneous expenses 4,166.85 3,057.10
TOTAL 41,256.28 30,863.94
*Donation to Bharatiya Janata Party
33 (a) Payment to auditor All amounts in H lakhs

Particulars
31 March 2022 31 March 2021
(a) To statutory auditors
- Statutory audit fee 31.50 31.50
- Quarterly audit fee 4.00 4.00
- Certification fee 7.25 8.50
- Reimbursement of expenses 1.70 1.76

33 (a) Payment to auditor All amounts in H lakhs
Particulars
31 March 2022 31 March 2021
(b) To others
- Cost audit fee 1.50 1.50
- Tax audit fee 6.00 6.00
- Certification and taxation matters 0.10 0.16
TOTAL 52.05 53.42
33 (b) Corporate Social Responsibility expenditure All amounts in H lakhs

Particulars
31 March 2022 31 March 2021
Contribution to Visaka Charitable trust - 136.10
Amount spent directly by the Company towards CSR activities 230.07 41.06
230.07 177.16
a) Amount required to be spent by the Company during the year as per Section 135 205.97 172.88
of the Act
b) Amount approved by the board to be spent during the year 230.07 172.88
c) Amount of expenditure incurred /Amount spent during the year on :
1. Construction/ acquisition of any assets - -
2. On purposes other than (1) above 230.07 177.16
d) Details of related party transactions
Nature of activities:
Provision of drinking water, Conducting health camps,Eradiction of Poverty,Food distribution,Building of classrooms and Toilets in
schools and colleges etc.
Details of excess CSR expenditure under Section 135(5) of the Act All amounts in H lakhs
Particulars Amount
Balance excess spent as at 1 April 2021 -
Amount required to be spent during the year 205.97
Amount spent during the year 230.07
Balance excess spent as at 31 March 2022 (24.10)
34. Reconciliation of tax expenses and the accounting profit multiplied by tax rate All amounts in H lakhs
Particulars
31 March 2022 31 March 2021
Profit before tax expense 16,077.00 14,925.71
Tax at the Indian tax rate of 25.168% 4,046.26 3,756.50
Effect of non-deductible expense 180.72 144.21
Effect of allowances for tax purpose (2.77) (15.25)
Tax relating to prior years - (24.22)
Income tax expense 4,224.21 3,861.24

35. Financial instruments and risk management
Fair values
1. The carrying amounts of trade payables, other financial liabilities(current), other financial assets(current), borrowings (current),
trade receivables, cash and cash equivalents, other bank balances and loans are considered to be the same as fair value due to
their short term nature.
2. Borrowings(non-current) consists of loans from banks and government authorities, other financial liabilities(non-current)
consists of interest accrued but not due on deposits and other financial assets consists of employee advances where the fair
value is considered based on the discounted cash flow.
The fair value of financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current
transaction between willing parties, other than in a forced or liquidation sale.
(i) Categories of financial instruments All amounts in H lakhs
31 March 2022 31 March 2021
Particulars Level
Carrying amount Fair value* Carrying amount Fair value*
Financial assets
Measured at amortised cost:
Non-current
Other financial assets 3 72.70 72.70 107.90 107.90
Current
Trade receivables 3 13,410.33 13,410.33 10,516.34 10,516.34
Cash and Cash Equivalents 3 2,404.89 2,404.89 11,080.23 11,080.23
Other bank balances 3 312.23 312.23 573.57 573.57
Loans 3 3,022.03 3,022.03 - -
Measured at fair value through profit and loss
Non-current
Investments 3 0.00 0.00 0.00 0.00
Total 19,560.44 19,560.44 22,480.61 22,480.61
Financial liabilities
Measured at amortised cost
Non-current
Borrowings 3 4,902.96 4,902.96 7,650.44 7,650.44
Other financial liabilities 3 12.28 12.28 13.66 13.66
Current
Borrowings 3 11,814.71 11,814.71 3,898.09 3,898.09
Trade Payables 3 8,581.13 8,581.13 9,290.56 9,290.56
Other Financial Liabilities 3 4,549.54 4,549.54 4,058.42 4,058.42
Total 29,860.62 29,860.62 24,911.17 24,911.17
*Fair value of instruments is classified in various fair value hierarchies based on the following three levels:
Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices.
Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques, which
maximise the use of observable market data and rely as little as possible on entity specific estimates. If significant inputs required to fair
value an instruments are observable, the instrument is included in Level 2.
Level 3: If one or more of the significant inputs are not based on observable market data, the instruments is included in level 3.
Management uses its best judgement in estimating the fair value of its financial instruments. However, there are inherent limitations in
any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates presented above are not necessarily
indicative of the amounts that the Company could have realized or paid in sale transactions as of respective dates. As such, the fair value
of financial instruments subsequent to the reporting dates may be different from the amounts reported at each reporting date.

36. Financial risk management
The Company is exposed to market risk (fluctuation in foreign currency exchange rates, price and interest rate), liquidity risk and credit
risk, which may adversely impact the fair value of its financial instruments. The Company assesses the unpredictability of the financial
environment and seeks to mitigate potential adverse effects on the financial performance of the Company.
(A) Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
prices. Market risk comprises of currency risk, interest rate risk and price risk. Financial instruments affected by market risk include
loans and borrowings, trade receivables and trade payables involving foreign currency exposure. The sensitivity analysis in the
following sections relate to the position as at 31 March 2022 and 31 March 2021.
The sensitivity of the relevant profit or loss item is the effect of the assumed changes in respective market risks. This is based on the
financial assets and financial liabilities held at 31 March 2022 and 31 March 2021.
(i) Foreign currency exchange rate risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in
foreign exchange rates. The Company’s exposure to the risk of changes in foreign exchange rates relates primarily to the
trade/ other payables, trade/other receivables .The risks primarily relate to fluctuations in US Dollar, GBP against the functional
currencies of the Company. The Company’s exposure to foreign currency changes for all other currencies is not material. The
Company evaluates the impact of foreign exchange rate fluctuations by assessing its exposure to exchange rate risks.
The following tables demonstrate the sensitivity to a reasonably possible change in US dollors and GBP exchange rates, with
all other variables held constant. The impact on the Company’s profit before tax is due to changes in the fair value of monetary
assets and liabilities.
(ii) Sensitivity
The sensitivity of profit or loss to changes in the exchange rates arises mainly from foreign currency denominated financial
instruments and from foreign forward exchange contracts:
Increase/(decrease) in Increase/(decrease) in other
Particulars profit before tax components of equity
31 March 2022 31 March 2021 31 March 2022 31 March 2021
Change in USD
1% increase (38.01) (18.86) (28.44) (14.11)
1% decrease 38.01 18.86 28.44 14.11
Change in GBP
1% increase 0.72 0.77 0.54 0.58
1% decrease (0.72) (0.77) (0.54) (0.58)
The movement in the pre-tax effect is a result of a change in the fair value of monetary assets and liabilities denominated in US
dollars and GBP, where the functional currency of the entity is a currency other than US dollars and GBP.
(iii) Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of change in market
interest rates. The Company’s exposure to the risk of changes in market interest rates relates primarily to the Company’s debt
obligations with floating interest rates. As the Company has certain debt obligations with floating interest rates, exposure to the
risk of changes in market interest rates are dependent of changes in market interest rates. Management monitors the movement
in interest rate and, wherever possible, reacts to material movements in such rates by restructuring its financing arrangement.
As the Company has no significant interest bearing assets, the income and operating cash flows are substantially independent
of changes in market interest rates.

36. Financial risk management (Contd.)
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and
borrowings affected. With all other variables held constant, the Company’s profit before tax is affected through the impact on
floating rate borrowings, as follows:

Change in interest rate
increase by 100 basis points (94.51) (38.17) (70.72) (28.56)
decrease by 100 basis points 94.51 38.17 70.72 28.56
The assumed increase/decrease in interest rate for sensitivity analysis is based on the currently observable market environment.
(B) Credit Risk

Credit risk is the risk arising from credit exposure to customers, cash and cash equivalents held with banks and current and non-
current held-to maturity financial assets.
With respect to credit exposure from customers, the Company has a procedure in place aiming to minimise collection losses. Credit
Control team assesses the credit quality of the customers, their financial position, past experience in payments and other relevant
factors. Cash and other collaterals are obtained from customers when considered necessary under the circumstances.
The carrying amount of trade receivables, loans, advances, deposits, cash and bank balances, bank deposits and interest receivable
on deposits represents company’s maximum exposure to the credit risk. No other financial asset carry a significant exposure
with respect to the credit risk. Bank deposits and cash balances are placed with reputable banks and deposits are with reputable
government, public bodies and others.
The credit quality of financial assets is satisfactory, taking into account the allowance for credit losses.
The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management
also considers the factors that may influence the credit risk of its customer base, including default risk associate with the industry
and country in which customers operate. Credit quality of a customer is assessed based on an extensive credit rating scorecard and
individual credit limits are defined in accordance with this assessment.
An impairment analysis is performed at each reporting date on an individual basis for major receivables. In addition, a large number
of minor receivables are grouped into homogenous groups and assessed for impairment collectively. The maximum exposure to
credit risk at the reporting date is the carrying value of each class of financial assets. The Company also holds deposits as security
from certain customers to mitigate credit risk.
i. Credit risk on cash and cash equivalents, deposits with banks and other bank balances is limited as the Company generally
invest in deposits with banks with high credit ratings assigned by external agencies.
ii. Expected credit loss provision created for trade receivable primarily comprise of specific provisions created towards certain
receivables as the Company considers the life time credit risk of these financial assets to be very low.
(i) Expected credit loss for trade receivable under simplified approach: All amounts in H lakhs
Gross carrying amount 13,982.38 11,095.52
Expected credit losses (Loss allowance provision) (572.05) (579.18)
Carrying amount of trade receivables 13,410.33 10,516.34

Expected credit loss for financial assets where general model is applied
The financial assets which are exposed to credit risk are loans and employee advances.
Estimated Estimated
Asset group gross carrying gross carrying
amount at default amount at default
Gross carrying amount
Loans 3,022.03 -
3,246.71 176.31
Net carrying amount
Loans 3,022.03 -
Total 3,246.71 176.31
(ii) Reconciliation of loss allowance provision All amounts in H lakhs

Particulars Trade receivables
Loss allowance as at 1 April 2020 505.55
Changes in loss allowance during the period of 2020-21 73.63
Loss allowance as at 31 March 2021 579.18
Changes in loss allowance during the period of 2021-22 (7.13)
(iii) Significant estimates and judgements

Impairment of financial assets:
The impairment provisions for financial assets disclosed above are based on assumptions about risk of default and expected
loss rates. The company uses judgement in making these assumptions and selecting the inputs to the impairment calculation,
based on the company’s past history, existing market conditions as well as forward looking estimates at the end of each
reporting period.
(C) Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding to meet obligations when due
and to close out market positions. Company’s treasury maintains flexibility in funding by maintaining availability under deposits in
banks.
Management monitors cash and cash equivalents on the basis of expected cash flows.
(i) Financing arrangements:
The company had access to the following undrawn borrowing facilities at the end of the reporting period
As at As at
Particulars
31 March 2022 31 March 2021
Expiring within one year (bank overdraft and other facilities) 23,494.00 28,490.00

(ii) Maturities of Financial liabilities
Contractual maturities of financial liabilities as at :
31 March 2022 31 March 2021
Particulars Less than More than Less than More than
12 months 12 months 12 months 12 months
Borrowings 11,814.71 4,902.96 3,898.09 7,650.44
Trade Payables 8,581.13 - 9,290.56 -
Other Financial Liabilities 4,549.54 12.28 4,058.42 13.66
Total 24,945.38 4,915.24 17,247.07 7,664.10
(iii) Management expects finance cost to be incurred for the year ending 31 March 2023 of H 1,450 Lakhs.
37. Capital management

A. Capital management and Gearing Ratio
For the purpose of the Company’s capital management, capital includes issued equity capital, share premium and all other
equity reserves attributable to the equity holders. The primary objective of the company’s capital management is to maximise
the shareholder value.
The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the
requirements of the financial covenants. The Company monitors capital using a gearing ratio, which is debt divided by total
capital. The Company includes within debt, interest bearing loans and borrowings.
Borrowings
Current 11,814.71 3,898.09
Non current 4,902.96 7,650.44
Debt 16,717.67 11,548.53
Equity
Equity share capital 1,732.07 1,652.07
Other equity 71,498.98 61,039.95
Total capital 73,231.05 62,692.02
Gearing ratio in % (Debt/ capital) 23% 18%
In order to achieve this overall objective, the Company’s capital management, amongst other things, aims to ensure that it
meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements.
Breaches in meeting the financial covenants would permit the bank to immediately call loans and borrowings.
No changes were made in the objectives, policies or processes for managing capital during the years ended 31 March 2022
and 31 March 2021.
B. Dividends All amounts in H lakhs

Dividends recognised
During the year, the directors have recommended the payment of an interim 1,153.67 824.05
dividend of H 7/- per fully paid equity share (31 March 2021 - H 5/-).
For the year ended the directors have recommended the payment of a final 1,382.48 1,648.10
dividend of H 8/- per fully paid equity share (31 March 2021 - H 10/-). This
proposed dividend is subject to the approval of shareholders in the ensuing
annual general meeting, hence the same is not recognised.

38. Segment information
The Company’s Managing Director and Joint Managing Director examines the Company’s performance from a product perspective
and has identified two reportable segments:
1. Building products - The building products division produces asbestos sheets, solar panels ,accessories used mostly as roofing
material and non asbestos flat sheets and sandwich panels used as interiors.
2. Synthetic Yarn - Synthetic yarn division manufactures Yarn out of blends of polyester, viscose, other materials which go into the
weaving of fabric. They primarily uses a measure of profit before tax to assess the performance of the operating segments.
Segment revenue and expenses:
The Company has an established basis of allocating Joint/Corporate expenses to the segments, which is reasonable, and followed
consistently. All other segment revenue and expenses are attributable to the segments. Certain Expenses/Income are not specifically
allocable to specific segments and accordingly these expenses are disclosed as unallocated corporate expenses or income and
adjusted only against the total income of the company. Segment result includes the respective other income.
Segment assets and liabilities:
Segment assets include all operating assets used by a segment and consist principally of operating cash, debtors, inventories and
fixed assets, net of allowances and provisions that are reported as direct offsets in the balance sheet. While most assets can be
directly attributed to individual segments, the carrying amount of certain assets used jointly by two or more segments is allocated
to the segments on a reasonable basis. In such cases, the entire revenue and expenses of these assets including depreciation are
also allocated to the same segments. Assets which are not allocable to the segments have been disclosed as ‘unallocated corporate
assets’. Segment liabilities include all operating liabilities and consist principally of creditors and accrued liabilities. Segment assets
and liabilities do not include deferred income taxes. The loans and other borrowings that are not specifically allocable to the various
segments are disclosed as ‘unallocated corporate liabilities’.
Inter segment transfers:
The Company adopts a policy of pricing inter-segment transfers at cost to the transferor segment.
Summary of segment information All amounts in H lakhs

A. Revenue
Segment revenue
Building product 1,16,750.16 1,00,957.13
Synthetic yarn 24,827.78 13,663.75
Total revenue 1,41,577.94 1,14,620.88
B. Segment profit
Building product 16,116.50 18,422.10
Synthetic yarn 4,410.86 312.07
Segment operating profit 20,527.36 18,734.17
Reconciliation of segment operating profit to operating profit
Unallocated:
Unallocated corporate expenses (3,936.58) (3,139.83)
Unallocated corporate Income 641.73 612.76
Operating profit 17,232.51 16,207.10
Finance costs (1,155.51) (1,281.39)
Income tax expense (4,224.21) (3,861.24)
Profit after tax 11,852.79 11,064.47

38. Segment information (Contd.)
Segment Assets
Synthetic yarn 14,622.35 13,784.48
Unallocated corporate assets 12,870.45 15,484.46
Total assets 1,10,840.40 94,871.47
Segment liabilities
Synthetic yarn 1,842.81 1,423.09
Unallocated corporate liabilities 22,829.34 17,268.17
Total liabilities 37,609.35 32,179.45

Geographical segment revenue by location of customers
India 1,31,019.28 1,08,147.65
Outside India 10,558.66 6,473.23
1,41,577.94 1,14,620.88

Geographical segment assets
India 1,09,135.37 93,804.29
Outside India 1,705.03 1,067.18
1,10,840.40 94,871.47
39. Contingent liabilities

The Company has following contingent liabilities as at:
(i) VAT/CST/Entry tax* 85.28 146.43
(ii) Excise duty/Customs duty/Service tax* 6,049.47 5,974.63
(iii) Thirty party claims not acknowledged as debts - 200.01
Total 6,134.75 6,321.07
*Includes H 143.99 lakhs (2021 H 58.47 lakhs) paid under protest.
The Company has established a liability with respect to contingencies for which loss is probable or estimable (Refer Note 24). While
the ultimate resolution of and liability and cost relatable to these matters cannot be determined with certainity, the management
does not believe any of these pending actions, individually or in the aggregate, will materially impact operations or materially affect
financial condition or liquidity.
40. Commitments
(a) Capital commitments
Capital expenditure contracted for at the end of the reporting period but not recognised as liabilities is as follows:
Property, plant and equipment 4,023.19 4,706.12
Total 4,023.19 4,706.12

41. Related party transactions
Names of related parties and nature of relationships:
Names of the related parties Nature of relationship
i) Key Managerial Personnel (KMP):
Mrs. G.Saroja Vivekanand Managing Director
Mr.G.Vamsi Krishna Joint Managing Director
Mr.V.Vallinath (till September 08, 2020) Whole Time Director & CFO
Mr.J.Pruthvidhar Rao Whole Time Director & COO
Mr.S.Shafiulla (with effect from September 9, 2020) Chief Financial Officer
Late Mr.I. Srinivas (till May 05, 2021) Company Secretary & Vice-President (Corporate Affairs)
Mr. M. Muralidhar Company Secretary & Chief Management Accountant
(with effect from November 01, 2021 till January 21, 2022)
Mr. K. Ramakanth ((with effect from January 22, 2022) Company Secretary & Assistant Vice President
ii) Non-whole-time Directors
Mr. Bhagirat B. Merchant (Retired on March 31, 2021) Director
Dr. G.Vivekanand Director
Mr. Gusti Noria Director
Late Mr. V. Pattabhi (Retired on March 31, 2021) Director
Mr. P. Srikar Reddy Director
Mr. Gogineni Appnender Babu Director
Mrs. Vanitha Datla (with effect from May 26, 2020) Director
iii) Relatives of key managerial personnel/Directors:
Mrs. G.Vritika Daughter of Mrs. Saroja Vivekanand
Mrs. G.Vaishnavi Daughter of Mrs. Saroja Vivekanand
Mr. G.Venkat Krishna Son of Mrs. Saroja Vivekanand
Mrs. B.L. Sujata Spouse of Mr. V.Vallinath
Mrs. K.Vimala Mother of Mrs. Saroja Vivekanand
Mrs. Dinaz Gusti Noria Spouse of Mr. Gusti Noria
Mr. Youhan Gusti Noria Son of Mr. Gusti Noria
iv) Enterprises in which key managerial personnel and/or their
relatives have control:
a) Visaka Thermal Power Limited
b) Visaka Charitable Trust
c) VIL Media Private Limited
d) A-Bond Strands Private Limited (ceased with effect from
December 2,2020)
e) V-Solar roofing Private Limited
f ) G Vivekanand family trust
g) SV family trust
h) Arudra Roofings Private Limited
v) Subsidiary companies
a) Vnext Solutions Private Limited
b) Atum Life Private Limited

41. Related party transactions (Contd.)
Details of transactions during the year where related party relationship existed: All amounts in H lakhs

Names of the related parties Nature of Transactions
31 March 2022 31 March 2021
Mrs. G.Saroja Vivekanand Remuneration* 883.28 834.83
Mr.G.Vamsi Krishna Remuneration* 521.81 496.79
Mr.V.Vallinath Remuneration* - 164.29
Mr.J.Pruthvidhar Rao Remuneration* 121.37 102.77
Mr.S.Shafiulla Remuneration* 55.93 24.84
Mr.I. Srinivas Remuneration* 26.81 36.71
Mr. M. Muralidhar Remuneration* 11.57 -
Mr. K. Ramakanth Remuneration* 10.44 -
Mrs. G.Saroja Vivekanand Dividend paid 50.00 14.71
Dr.G.Vivekanand Dividend paid 1,124.14 330.60
Mr.G.Vamsi Krishna Dividend paid 3.69 1.09
Mrs. G.Vritika Dividend paid 0.68 0.20
Mrs. G.Vaishnavi Dividend paid 0.68 0.20
G Vivekanand family trust Dividend paid 6.24 1.83
SV family trust Dividend paid 2.64 0.77
Arudra Roofings Private limited Dividend paid 96.58 28.41
VIL Media Private limited Dividend paid 0.08 0.02
Mr. Gusti Noria Dividend paid 0.48 -
Mrs. Dinaz Gusti Noria Dividend paid 0.17 -
Mr. Youhan Gusti Noria Dividend paid 0.02 -
Mr. Bhagirat B. Merchant Commission and Sitting fees - 12.55
Dr. G.Vivekanand Commission and Sitting fees 11.15 11.80
Mr. Gusti Noria Commission and Sitting fees 12.65 12.15
Mr. V. Pattabhi Commission and Sitting fees - 12.55
Mr. P. Srikar Reddy Commission and Sitting fees 12.20 11.35
Mr. Gogineni Appnender Babu Commission and Sitting fees 11.75 11.50
Mrs. G.Vritika Interest on Public Deposits 4.08 2.67
Mrs. G.Vaishnavi Interest on Public Deposits 3.75 3.65
Mr. G.Venkat Krishna Interest on Public Deposits 0.57 0.60
Mrs. B.L. Sujata Interest on Public Deposits - 3.45
Mrs. K.Vimala Interest on Public Deposits 2.50 2.80
Dr.G.Vivekanand Loan received 636.00 1,130.00
Loan Repaid 636.00 1,380.00
Interest on Unsecured loan 7.05 7.49
Mrs. G.Saroja Vivekanand Loan received 230.00 472.70
Loan Repaid 230.00 472.70
Mr.G.Vamsi Krishna Royality paid - 9.57
Arudra Roofings Private limited ICD received 0.00 114.00
ICD repaid 114.00 -
Interest on ICD 1.15 1.38
VIL Media Private limited Advertising Expenses 748.58 591.72
ICD received 1,210.00 -
ICD repaid 1,210.00 -
Interest on ICD 15.32 -

Details of transactions during the year where related party relationship existed: (Contd.) All amounts in H lakhs

31 March 2022 31 March 2021
Visaka Charitable Trust Contribution towards CSR - 136.10
Vnext Solutions Private limited Investment 100.00 1.00
Sale 385.63 13.39
Rental income 0.27 -
Atum Life Private limited Investment 140.00 1.00
Sale 9.63 -
Rental income 2.55 -
A- Bond Strands Private limited Handling Charges - 2.08
Interest on security deposits - 1.24
Mrs. G.Vritika Public Deposits received 15.00 8.00
Mrs. G.Vaishnavi Public Deposits received 3.25 3.42
Mrs. B.L. Sujata Public Deposits repaid - 36.00
Mr.J.Pruthvidhar Rao Advances given 26.54 -
Advances repaid 2.75 17.93
Mr.S.Shafiulla Advances repaid 2.56 -
* Post employment benefits are actuarially determined on overall basis and hence not seperately provided.
Details of outstanding balances as at the year end where related party relationship existed: All amounts in H lakhs
Names of the related parties Nature of Balance 31 March 2022 31 March 2021
Arudra Roofings Private limited ICD outstanding - 114.00
Vnext Solutions Private limited Debtors Outstanding 183.06 2.49
Advances given - 6.90
Atum Life Private limited Debtors Outstanding 12.38 -
Mrs. G.Vritika Public Deposits Outstanding 47.34 32.34
Ms. G.Vaishnavi Public Deposits Outstanding 39.35 36.10
Mr. G.Venkat Krishna Public Deposits Outstanding 6.00 6.00
Mrs. K.Vimala Public Deposits Outstanding 25.00 25.00
Mr.J.Pruthvidhar Rao Advances Outstanding 25.06 1.27
Mr.S.Shafiulla Advances Outstanding - 2.56
42. Earnings per share (EPS)

Particulars
31 March 2022 31 March 2021
Profit after tax ((H in lakhs)) 11,852.79 11,064.47
Weighted average number of equity shares outstanding in calculating Basic EPS 166.32 161.59
(Nos in lakhs)
Weighted average number of equity shares outstanding in calculating Diluted EPS 170.44 163.59
(Nos in lakhs)
Face value per share H 10.00 10.00
Basic Earnings per Share (EPS) H 71.26 68.47
Diluted Earnings per Share (EPS) H 69.54 67.64

43. Assets pledged as security
The carrying amounts of assets pledged as security for current and non-current borrowings are:
Non-current Assets
(a) Property, plant and equipment 46,052.14 39,617.22
(b) Capital work-in-progress 4,866.49 509.33
(c) Intangible assets 0.00 0.00
(d) Investments in subsidiaries 242.00 2.00
(e) Financial assets
Investments 0.00 0.00
Other financial assets 72.70 107.90
(f ) Other non-current assets 4,785.33 4,309.45
Current Assets
(a) Inventories 29,300.98 24,926.70
(i) Trade receivables 13,410.33 10,516.34
(ii) Cash and cash equivalents 2,404.89 11,080.23
(iii) Other bank balances 312.23 573.57
(iv) Loans 3,022.03 -
(v) Other financial assets 338.26 202.57
(c) Other current assets 6,033.02 3,026.16
TOTAL 1,10,840.40 94,871.47
44. The details of dues to micro enterprises and small enterprises (MSME) as defined under Micro,Small and Medium Enterprises
Development Act, 2006 (‘MSMED Act’) and disclosures pursuant to the MSMED Act are as follows (Refer note 21):
Principal amount due to suppliers registered under the MSMED Act and remaining 204.57 36.35
unpaid as at year end
Interest due to suppliers registered under the MSMED Act and remaining unpaid - -
as at year end
Principal amounts paid to suppliers registered under the MSMED Act, beyond the - -
appointed day during the year
Interest paid, under Section 16 of MSMED Act, to suppliers registered under the - -
MSMED Act, beyond the appointed day during the year
Interest paid, other than under Section 16 of MSMED Act,to suppliers registered - -
under the MSMED Act, beyond the appointed day during the year
Amount of interest due and payable for the period of delay in making payment - -
(which have been paid but beyond the appointed day during the year) but
without adding the interest specified under the MSMED Act
Interest accrued and remaining unpaid at the end of each accounting year - -
Amount of further interest remaining due and payable even in the succeeding - -
years, until such date when the interest dues above are actually paid to the small
enterprise, for the purpose of disallowance of a deductible expenditure under
section 23 of the MSMED Act

45. Impact assessment of the global health pandemic- COVID-19 and related estimation uncertainty
The impact of Covid -19 pandemic has been felt across the economy and business segments. Consequent to significant opening
up of the economic activity in the country, the demand for the company’s products has improved compared to that during the
initial phases of Covid-19 including the lock down period. All the business segments of the Company have substantially recovered
as at year end. In preparation of these financial statements, the Company has taken into account both the current situation and
likely future developments.
46. Financial Ratios

Particulars Numerator Denominator 31 March 2022 31 March 2021 Variance % Reasons for variance of above 25%
Current Ratio (no. Current Assets Current Liabilities 1.75 2.17 -19% -
of times)
Debt Equity ratio Total Debt Shareholder’s 0.28 0.25 12% -
(no. of times) Equity
Debt service Earnings Debt Service 3.81 5.86 -35% Variance is primarily on account of
coverage ratio (no. available for increase in current maturities of long
of times) debt service term borrowings payable in FY 22-23.
Return on Equity Net Profits Average 17.44 19.55 -11% -
Ratio (%) after taxes Shareholder’s
Equity
Inventory turnover Cost of goods Average 5.17 4.13 25% Variance is primarily on account of
ratio (no. of times) sold (or) sales Inventory increase in sales along with decrease
in average inventory.
Trade Receivables Net Credit Average trade 11.71 9.33 26% Variance is primarily on account of
turnover ratio (no. Sales receivables increase in net credit sales along with
of times) decrease in average trade receivables.
Trade payables Net Credit Average trade 7.95 5.27 51% Variance is primarily on account of
turnover ratio (no. Purchases payables increase in net credit purchases.
of times)
Net capital Net Sales Working Capital 5.98 4.22 42% Variance is primarily on account of
turnover ratio (no. increase in net sales and decrease in
of times) working capital.
Net profit ratio (%) Net Profits Net Sales 8.46 9.68 -13% -
after taxes
Return on Capital Earning before Capital Employed 17.95 20.29 -12% -
employed (%) interest and
taxes
Return on Difference in Opening market 33.00 245.00 -87% Variance is primarily on account of high
investment (ROI) market value value and Sum volatility of market price in the previous
(%) adjusted with of (Net cash flow year due to COVID pandemic.
net cash flows from Equity X
to equity Weight of the net
cash flow)
47. Title deeds of immovable properties

The title deeds of all the immovable properties, as disclosed in note 4.1 to the financial statements, are held in the name of the company.
48. Valuation of Property Plant & Equipment, intangible asset

The Company has not revalued its property, plant and equipment or intangible assets or both during the current or previous year.
49. Loans or advances to specified persons

No loans or advances in the nature of loans are granted to promoters, directors, KMPS and the related parties (as defined under Companies
Act, 2013,) either severally or jointly with any other person, that are repayable on demand or without specifying any terms or period of
repayment.
50. Details of benami property held

No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami
Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

51. Borrowing secured against current assets
The Company has borrowings from banks on the basis of security of current assets. The quarterly returns or statements of current
assets filed by the Company with banks are in agreement with the books of accounts.
52. Wilful defaulter

The Company has not been declared wilful defaulter by any bank or financial institution or other lender.
53. Relationship with struck off companies

The Company has no transactions with the companies struck off under Section 248 of the Companies Act, 2013 or Section 560 of
the Companies Act, 1956.
54. Registration of charges or satisfaction with Registrar of Companies (ROC)

There are no charges or satisfaction yet to be registered with Registrar of Companies (ROC) beyond the statutory period.
55. Compliance with number of layers of companies

The Company has complied with the number of layers prescribed under the Section 2(87) of the Companies Act, 2013 read with
Companies (Restriction on number of layers) Rules, 2017.
56. Compliance with approved scheme(s) of arrangements

The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous financial year.
57. Utilisation of borrowed funds and share premium

No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind
of funds) by the Company to or in any other person or entity, including foreign entities (“Intermediaries”) with the understanding,
whether recorded in writing or otherwise, that the Intermediary shall lend or invest in party identified by or on behalf of the
Company (Ultimate Beneficiaries). The Company has not received any fund from any party(Funding Party) with the understanding
that the Company shall whether, directly or indirectly lend or invest in other persons or entities identified by or on behalf of the
Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries
58. Undisclosed income

There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income
Tax Act, 1961, that has not been recorded previously in the books of account.
59. Details of crypto currency or virtual currency

The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.
60. Utilisation of borrowings availed from banks and financial institutions

The borrowings obtained by the company from banks and financial institutions have been applied for the purposes for which such loans
were taken.

Partner
Place: Secunderabad
Date: May 09, 2022

Independent auditor’s Report

To the Members of
Report on the Audit of the Consolidated Financial Basis for Opinion

Statements 3. We conducted our audit in accordance with the Standards
on Auditing (SAs) specified under Section 143(10) of the
Opinion
Act. Our responsibilities under those Standards are further
1. We have audited the accompanying consolidated financial described in the “Auditor’s Responsibilities for the Audit
statements of Visaka Industries Limited (hereinafter referred of the Consolidated Financial Statements” section of our
to as the “Holding Company”) and its subsidiaries (Holding report. We are independent of the Group in accordance
Company and its subsidiaries together referred to as “the with the ethical requirements that are relevant to our audit
Group”), (refer Note 1 to the attached consolidated financial of the consolidated financial statements in India in terms
statements), which comprise the consolidated balance of the Code of Ethics issued by the Institute of Chartered
sheet as at March 31, 2022, and the consolidated statement Accountants of India and the relevant provisions of the
of profit and loss (including other comprehensive income), Act, and we have fulfilled our other ethical responsibilities
the consolidated statement of changes in equity and the in accordance with these requirements. We believe that the
consolidated statement of cash flows for the year then audit evidence we have obtained and the audit evidence
ended, and notes to the consolidated financial statements, obtained by the other auditors in terms of their reports
including a summary of significant accounting policies and referred to in sub-paragraph [16] of the Other Matters
other explanatory information (hereinafter referred to as “the section below is sufficient and appropriate to provide a basis
consolidated financial statements”). for our opinion.
2. In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid Key audit matters
consolidated financial statements give the information 4. Key audit matters are those matters that, in our professional
required by the Companies Act, 2013 (“the Act”) in the judgment, were of most significance in our audit of the
manner so required and give a true and fair view in conformity consolidated financial statements of the current period.
with the accounting principles generally accepted in India, These matters were addressed in the context of our audit
of the consolidated state of affairs of the Group, as at March of the consolidated financial statements as a whole, and
31, 2022, of consolidated total comprehensive income in forming our opinion thereon, and we do not provide a
(comprising of profit and other comprehensive income), separate opinion on these matters.
consolidated changes in equity and its consolidated cash
flows for the year then ended.

Appropriateness of capitalisation of costs included in Property We have performed procedures, including the following, in
Plant and Equipment/ Capital work in progress as per Ind AS 16 relation to testing of capitalisation of costs included in Property
Property, Plant and Equipment Plant and Equipment/ Capital work in progress:
Refer to Note-2 (p) (Significant Accounting Policies), Note-4.1 Understood, evaluated and tested the design and operating
(Property, plant and equipment) and Note 4.2 (Capital work-in- effectiveness of key controls relating to capitalisation of
progress) of the enclosed financial statements. various costs incurred in relation to Property Plant and
Equipment.
During the year, the Holding Company has incurred significant
capital expenditure towards expansion of its asbestos plant at Performed test of details with focus on those items that we
Lucknow, its boards plant at Udumalpet and Chennai and its considered significant due to their amount or nature and
panels plant at Udumalpet. Capital expenditure of Rs. 8,628.30 lakhs tested a sample of items capitalised during the year against
relating to boards plant at Udumalpet has been capitalized during underlying supporting documents to ascertain nature of costs
the year and the capital expenditure on the other projects of Rs. and whether they meet the recognition criteria provided in
4,357.28 lakhs is included in Capital work in progress as at the year the Ind AS 16, Property, Plant and Equipment in this regard.
end.
Verified the other related costs including those incurred
Given the significance of the capital expenditure during the towards repairs and maintenance and debited to Statement
year, there is a risk that elements of costs that are ineligible for of Profit and Loss Account, to ascertain whether these meet
capitalisation in accordance with the recognition criteria provided the criteria for capitalization.
in Indian Accounting Standard 16, Property, Plant and Equipment
Our procedures as mentioned above did not identify any costs
are capitalized and that costs that should have capitalized have
that had been inappropriately capitalized and that costs that
been expensed.
should have capitalised have been expensed.
Timing of Revenue recognition in the proper period as per Ind Our audit procedures included the following:
AS 115
We evaluated the design and tested operating effectiveness
Refer to Note-2 (d) (Significant Accounting Policies) and Note-25 of the relevant controls with respect to revenue recognition
(Revenue from operations) of the consolidated financial statements. including those relating to cut off at year end.
The Holding Company’s revenue is principally derived from sale of We assessed the appropriateness of the revenue recognition
building products and synthetic blended yarn. accounting policies in line with Ind AS 115 “Revenue from
Contracts with Customers”.
In accordance with Ind AS 115, Revenue from contracts with
customers, revenue from sale of goods is recognised when control We performed substantive testing of revenue transactions,
of the products being sold is transferred to the customer and when recorded during the year by testing the underlying documents
there are no unfulfilled obligations. The performance obligations in which included goods dispatch notes, shipping documents and
the contracts are fulfilled at the time of dispatch, delivery or upon customer acknowledgments, as applicable.
formal customer acceptance depending on terms of contract
We tested a sample of manual journal entries posted to
with the customer. Revenue is measured at fair value of the
revenue and assessed their appropriateness.
consideration received or receivable after deduction of any trade/
volume discounts and taxes or duties collected. We tested, on a sample basis, specific revenue transactions
recorded before and after the financial year end date
We identified timing of revenue recognition in the proper period
including examination of credit notes issued after the year
as a key audit matter since it involves higher assessed risk of
end to determine whether the revenue has been recognised
material misstatement and is required to be recognised as per the
in the appropriate financial period.
requirements of applicable accounting framework.
Based on the above stated procedures, no significant exceptions
were noted in revenue recognition.

Other Information applicable, matters related to going concern and using the
5. The Holding Company’s Board of Directors is responsible going concern basis of accounting unless management
for the other information. The other information comprises either intends to liquidate the Group or to cease operations,
the information included in the annual report but does or has no realistic alternative but to do so.
not include the consolidated financial statements and our 10. The respective Board of Directors of the companies included
auditor’s report thereon. in the Group are responsible for overseeing the financial
6. Our opinion on the consolidated financial statements does reporting process of the Group.
not cover the other information and we do not express any
form of assurance conclusion thereon. Auditor’s Responsibilities for the Audit of the
Consolidated Financial Statements
7. In connection with our audit of the consolidated financial
11. Our objectives are to obtain reasonable assurance about
statements, our responsibility is to read the other information
whether the consolidated financial statements as a whole
and, in doing so, consider whether the other information
are free from material misstatement, whether due to fraud
is materially inconsistent with the consolidated financial
or error, and to issue an auditor’s report that includes our
statements or our knowledge obtained in the audit or
opinion. Reasonable assurance is a high level of assurance
otherwise appears to be materially misstated. If, based on
but is not a guarantee that an audit conducted in accordance
the work we have performed and the reports of the other
with SAs will always detect a material misstatement when it
auditor as furnished to us (Refer paragraph 16 below), we
exists. Misstatements can arise from fraud or error and are
conclude that there is a material misstatement of this other
considered material if, individually or in the aggregate, they
information, we are required to report that fact. We have
could reasonably be expected to influence the economic
nothing to report in this regard.
decisions of users taken on the basis of these consolidated
financial statements.
Responsibilities of Management and Those Charged with
Governance for the Consolidated Financial Statements 12. As part of an audit in accordance with SAs, we exercise
8. The Holding Company’s Board of Directors is responsible professional judgment and maintain professional scepticism
for the preparation and presentation of these consolidated throughout the audit. We also:
financial statements in term of the requirements of the Identify and assess the risks of material misstatement of the
Act that give a true and fair view of the consolidated consolidated financial statements, whether due to fraud or
financial position, consolidated financial performance and error, design and perform audit procedures responsive to
consolidated cash flows, and changes in equity of the Group those risks, and obtain audit evidence that is sufficient and
in accordance with the accounting principles generally appropriate to provide a basis for our opinion. The risk of not
accepted in India, including the Accounting Standards detecting a material misstatement resulting from fraud is
specified under Section 133 of the Act. The respective Board higher than for one resulting from error, as fraud may involve
of Directors of the companies included in the Group are collusion, forgery, intentional omissions, misrepresentations,
responsible for maintenance of adequate accounting records or the override of internal control.
in accordance with the provisions of the Act for safeguarding
the assets of the Group and for preventing and detecting Obtain an understanding of internal control relevant to the
frauds and other irregularities; selection and application audit in order to design audit procedures that are appropriate
of appropriate accounting policies; making judgments in the circumstances. Under Section 143(3)(i) of the Act, we
and estimates that are reasonable and prudent; and the are also responsible for expressing our opinion on whether
design, implementation and maintenance of adequate the Holding company has adequate internal financial
internal financial controls, that were operating effectively controls with reference to consolidated financial statements
for ensuring accuracy and completeness of the accounting in place and the operating effectiveness of such controls.
records, relevant to the preparation and presentation of the Evaluate the appropriateness of accounting policies used
consolidated financial statements that give a true and fair and the reasonableness of accounting estimates and related
view and are free from material misstatement, whether due disclosures made by management.
to fraud or error, which have been used for the purpose of
Conclude on the appropriateness of management’s use of
preparation of the consolidated financial statements by the
the going concern basis of accounting and, based on the
Directors of the Holding Company, as aforesaid.
audit evidence obtained, whether a material uncertainty
9. In preparing the consolidated financial statements, the exists related to events or conditions that may cast significant
respective Board of Directors of the companies included doubt on the ability of the Group to continue as a going
in the Group are responsible for assessing the ability of concern. If we conclude that a material uncertainty exists, we
the Group to continue as a going concern, disclosing, as are required to draw attention in our auditor’s report to the

related disclosures in the consolidated financial statements lakhs and net assets of Rs. 221.43 lakhs as at March 31,
or, if such disclosures are inadequate, to modify our opinion. 2022, total revenue of Rs. 399.19 lakhs, total comprehensive
Our conclusions are based on the audit evidence obtained loss (comprising of loss and other comprehensive loss) of
up to the date of our auditor’s report. However, future events Rs. 20.37 lakhs and net cash flows amounting to Rs. (7.47)
or conditions may cause the Group to cease to continue as lakhs for the year ended on that date, as considered in the
a going concern. consolidated financial statements. These financial statements
have been audited by other auditor whose reports have
Evaluate the overall presentation, structure and content
been furnished to us by the Management, and our opinion
of the consolidated financial statements, including the
on the consolidated financial statements insofar as it relates
disclosures, and whether the consolidated financial
to the amounts and disclosures included in respect of these
statements represent the underlying transactions and events
subsidiaries and our report in terms of sub-section (3) of
in a manner that achieves fair presentation.
Section 143 of the Act including report on Other Information
Obtain sufficient appropriate audit evidence regarding insofar as it relates to the aforesaid subsidiaries is based
the financial information of the entities or business solely on the reports of the other auditor.
activities within the Group to express an opinion on the
Our opinion on the consolidated financial statements, and
consolidated financial statements. We are responsible for
our report on Other Legal and Regulatory Requirements
the direction, supervision and performance of the audit of
below, is not modified in respect of the above matters with
the financial statements of the Holding Company included
respect to our reliance on the work done and the reports of
in the consolidated financial statements of which we are the
the other auditor.
independent auditors. For the other entities included in the
consolidated financial statements, which have been audited
Report on Other Legal and Regulatory Requirements
by other auditor, such other auditor remain responsible for
the direction, supervision and performance of the audits 17. As required by paragraph 3(xxi) of the Companies (Auditor’s
carried out by them. We remain solely responsible for our Report) Order, 2020 (“CARO 2020”), issued by the Central
audit opinion. Government of India in terms of sub-section (11) of Section
143 of the Act, we report that there are no qualifications
13. We communicate with those charged with governance of or adverse remarks included by the respective auditors in
the Holding Company included in the consolidated financial their CARO 2020 reports issued in respect of the standalone
statements of which we are the independent auditors financial statements of the companies which are included in
regarding, among other matters, the planned scope and these Consolidated Financial Statements.
timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we identify 18. As required by Section 143(3) of the Act, we report, to the
during our audit. extent applicable, that:
14. We also provide those charged with governance with a (a) We have sought and obtained all the information and
statement that we have complied with relevant ethical explanations which to the best of our knowledge and
requirements regarding independence, and to communicate belief were necessary for the purposes of our audit of
with them all relationships and other matters that may the aforesaid consolidated financial statements.
reasonably be thought to bear on our independence, and (b) In our opinion, proper books of account as required by
where applicable, related safeguards. law relating to preparation of the aforesaid consolidated
15. From the matters communicated with those charged with financial statements have been kept so far as it appears
governance, we determine those matters that were of from our examination of those books and the reports of
most significance in the audit of the consolidated financial the other auditor.
statements of the current period and are therefore the key (c) The Consolidated Balance Sheet, the Consolidated
audit matters. We describe these matters in our auditor’s Statement of Profit and Loss (including other
report unless law or regulation precludes public disclosure comprehensive income), the Consolidated Statement
about the matter or when, in extremely rare circumstances, of Changes in Equity and the Consolidated Statement
we determine that a matter should not be communicated of Cash Flows dealt with by this Report are in agreement
in our report because the adverse consequences of doing with the relevant books of account and records
so would reasonably be expected to outweigh the public maintained for the purpose of preparation of the
interest benefits of such communication. consolidated financial statements.
Other Matters (d) In our opinion, the aforesaid consolidated financial

16. We did not audit the financial statements of two subsidiaries statements comply with the Accounting Standards
whose financial statements reflect total assets of Rs. 493.77 specified under Section 133 of the Act.

(e) On the basis of the written representations received on behalf of the Company or any of such
from the directors of the Holding Company as on March subsidiaries (“Ultimate Beneficiaries”) or
31, 2022 taken on record by the Board of Directors of provide any guarantee, security or the like on
the Holding Company and the reports of the statutory behalf of the Ultimate Beneficiaries.
auditor of its subsidiary companies incorporated in
(b) The respective Managements of the Company
India, none of the directors of the Group companies,
and its subsidiaries which are companies
incorporated in India is disqualified as on March 31,
incorporated in India whose financial
2022 from being appointed as a director in terms of
statements have been audited under the Act
Section 164(2) of the Act.
have represented to us and the other auditors
(f ) With respect to the adequacy of internal financial of such subsidiaries respectively that, to the
controls with reference to consolidated financial best of their knowledge and belief, no funds
statements of the Group and the operating effectiveness which are material either individually or in
of such controls, refer to our separate report in Annexure the aggregate have been received by the
A. Company or any of such subsidiaries from
any person or entity, including foreign entities
(g) With respect to the other matters to be included in
(“Funding Parties”), with the understanding,
the Auditor’s Report in accordance with Rule 11 of
whether recorded in writing or otherwise, that
the Companies (Audit and Auditor’s) Rules, 2014, in
the Company or any of such subsidiaries shall,
our opinion and to the best of our information and
directly or indirectly, lend or invest in other
according to the explanations given to us:
persons or entities identified in any manner
i. The consolidated financial statements disclose whatsoever by or on behalf of the Funding
the impact, if any, of pending litigations on the Party (“Ultimate Beneficiaries”) or provide any
consolidated financial position of the Group. Refer guarantee, security or the like on behalf of the
Note 38 to the consolidated financial statements. Ultimate Beneficiaries.
ii. The Group did not have any long-term contracts (c) Based on the audit procedures, that has been
including derivative contracts as at March 31, 2022 considered reasonable and appropriate in the
for which there were any material foreseeable circumstances, performed by us and those
losses. performed by the auditor of the subsidiaries
which are companies incorporated in India
iii. There has been no delay in transferring amounts
whose financial statements have been
required to be transferred to the Investor Education
audited under the Act, nothing has come to
and Protection Fund by the Holding Company and
our or other auditor’s notice that has caused
its subsidiary companies, incorporated in India
us or the other auditor to believe that the
during the year.
representations under sub-clause (i) and (ii) of
iv. (a) The respective Managements of the Holding Rule 11(e) contain any material misstatement.
Company and its subsidiaries which are
v. The dividend declared and paid during the year
companies incorporated in India whose
by the Holding Company is in compliance with
financial statements have been audited under
Section 123 of the Act. No dividend has been
the Act have represented to us and the other
declared/paid by the subsidiaries during the year.
auditors of such subsidiaries respectively that,
to the best of their knowledge and belief, no 19. The Group has paid/ provided for managerial remuneration
funds which are material either individually in accordance with the requisite approvals mandated by the
or in the aggregate have been advanced or provisions of Section 197 read with Schedule V to the Act.
loaned or invested either from borrowed
funds or share premium or any other sources For Price Waterhouse & Co
or kind of funds by the Holding Company Chartered Accountants LLP
or any of such subsidiaries to or in any other
person or entity, including foreign entities Firm Registration
(“Intermediaries”), with the understanding, Number: 304026E/E-300009
whether recorded in writing or otherwise, that
the Intermediary shall, directly or indirectly, UDIN: 22090196AIQAKR9265 N.K. Varadarajan
lend or invest in other persons or entities Place: Secunderabad Partner
identified in any manner whatsoever by or Date: May 09, 2022 Membership Number: 090196

Annexure A to Independent Auditor’s Report
Referred to in paragraph 18(f ) of the Independent Auditor’s Report of even date to the members of Visaka Industries Limited on
the consolidated financial statements for the year ended March 31, 2022
Report on the Internal Financial Controls with reference issued by the ICAI. Those Standards and the Guidance Note
to Consolidated Financial Statements under clause (i) of require that we comply with ethical requirements and plan
sub-section 3 of Section 143 of the Act and perform the audit to obtain reasonable assurance about
whether adequate internal financial controls with reference
1. In conjunction with our audit of the consolidated financial
to financial statements was established and maintained and
statements of the Company as of and for the year ended
if such controls operated effectively in all material respects.
March 31, 2022, we have audited the internal financial
controls with reference to financial statements of Visaka 4. Our audit involves performing procedures to obtain audit
Industries Limited (hereinafter referred to as “the Holding evidence about the adequacy of the internal financial
Company”) and its subsidiary companies which are controls system with reference to financial statements and
companies incorporated in India, as of that date. their operating effectiveness. Our audit of internal financial
controls with reference to financial statements included
Management’s Responsibility for Internal Financial obtaining an understanding of internal financial controls
Controls with reference to financial statements, assessing the risk that
2. The respective Board of Directors of the Holding Company a material weakness exists, and testing and evaluating the
and its subsidiary companies which are companies design and operating effectiveness of internal control based
incorporated in India, are responsible for establishing and on the assessed risk. The procedures selected depend on the
maintaining internal financial controls based on internal auditor’s judgement, including the assessment of the risks of
control over financial reporting criteria established by the material misstatement of the financial statements, whether
Company considering the essential components of internal due to fraud or error.
control stated in the Guidance Note on Audit of Internal 5. We believe that the audit evidence we have obtained and
Financial Controls Over Financial Reporting (“the Guidance the audit evidence obtained by the other auditors in terms
Note”) issued by the Institute of Chartered Accountants of their reports referred to in the Other Matters paragraph
of India (“ICAI”). These responsibilities include the design, below is sufficient and appropriate to provide a basis for our
implementation and maintenance of adequate internal audit opinion on the Holding Company’s internal financial
financial controls that were operating effectively for controls system with reference to consolidated financial
ensuring the orderly and efficient conduct of its business, statements.
including adherence to the respective company’s policies,
the safeguarding of its assets, the prevention and detection Meaning of Internal Financial Controls with reference to
of frauds and errors, the accuracy and completeness of the financial statements
accounting records, and the timely preparation of reliable
6. A company’s internal financial control with reference to
financial information, as required under the Act.
financial statements is a process designed to provide
Auditor’s Responsibility reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for
3. Our responsibility is to express an opinion on the Company’s
external purposes in accordance with generally accepted
internal financial controls with reference to financial
accounting principles. A company’s internal financial control
statements based on our audit. We conducted our audit in
with reference to financial statements includes those
accordance with the Guidance Note issued by the ICAI and
policies and procedures that (1) pertain to the maintenance
the Standards on Auditing deemed to be prescribed under
of records that, in reasonable detail, accurately and fairly
Section 143(10) of the Companies Act, 2013, to the extent
reflect the transactions and dispositions of the assets of the
applicable to an audit of internal financial controls, both
company; (2) provide reasonable assurance that transactions
applicable to an audit of internal financial controls and both
are recorded as necessary to permit preparation of financial

statements in accordance with generally accepted controls system with reference to financial statements and
accounting principles, and that receipts and expenditures such internal financial controls with reference to financial
of the company are being made only in accordance statements were operating effectively as at March 31, 2022,
with authorisations of management and directors of the based on the internal control over financial reporting criteria
company; and (3) provide reasonable assurance regarding established by the Company considering the essential
prevention or timely detection of unauthorised acquisition, components of internal control stated in the Guidance Note
use, or disposition of the company’s assets that could have a issued by the ICAI.
material effect on the financial statements.
Other Matters
Inherent Limitations of Internal Financial Controls with 9. Our aforesaid reports under Section 143(3)(i) of the Act on
reference to financial statements the adequacy and operating effectiveness of the internal
7. Because of the inherent limitations of internal financial financial controls with reference to financial statements
controls with reference to financial statements, including the insofar as it relates to two subsidiary companies which
possibility of collusion or improper management override are companies incorporated in India, is based on the
of controls, material misstatements due to error or fraud corresponding reports of the auditors of such companies
may occur and not be detected. Also, projections of any incorporated in India. Our opinion is not modified in respect
evaluation of the internal financial controls with reference to of this matter.
financial statements to future periods are subject to the risk
that the internal financial control with reference to financial For Price Waterhouse & Co
statements may become inadequate because of changes Chartered Accountants LLP
in conditions, or that the degree of compliance with the
policies or procedures may deteriorate. Firm Registration
Number: 304026E/E-300009
Opinion
8. In our opinion, the Holding Company and its subsidiary
UDIN: 22090196AIQAKR9265 N.K. Varadarajan
companies, which are companies incorporated in India,
Place: Secunderabad Partner
have, in all material respects, an adequate internal financial
Date: May 09, 2022 Membership Number: 090196

Consolidated Balance Sheet as at 31 March 2022 All amounts in H lakhs
Particulars Note 31 March 2022 31 March 2021
I. ASSETS
Non-current Assets
(a) Property, plant and equipment 4.1 46,052.14 39,617.22
(b) Capital work-in-progress 4.2 4,954.96 509.33
(c) Intangible assets 4.3 0.00 0.00
(d) Financial assets
(i) Investments 5.1 0.00 0.00
(ii) Other financial assets 5.2 108.02 107.90
(e) Other non-current assets 6 4,785.77 4,309.45
Current Assets
(a) Inventories 7 29,378.46 24,926.70
(i) Trade receivables 8 13,347.94 10,516.34
(ii) Cash and cash equivalents 9 2,424.39 11,107.20
(iii) Other bank balances 10 312.23 573.57
(iv) Loans 11 3,022.03 -
(v) Other financial assets 12 338.26 202.57
(c) Other current assets 13 6,172.53 3,019.76
TOTAL ASSETS 1,10,896.73 94,890.04
II. EQUITY AND LIABILITIES
Equity
(a) Equity share capital 14 1,732.07 1,652.07
(b) Other equity 15 71,478.41 61,039.75
Liabilities
Non-Current Liabilities
(i) Borrowings 16 4,902.96 7,650.44
(ii) Other financial liabilities 17 12.28 13.66
(b) Deferred tax liabilities (net) 18 1,282.90 1,270.33
Current Liabilities
(i) Borrowings 19 11,816.17 3,898.09
(ii) Trade payables 20
(a) total outstanding dues of micro and small enterprises 204.57 36.35
(b) total outstanding dues other than (ii) (a) above 8,406.18 9,255.10
(iii) Other financial liabilities 21 4,549.54 4,058.42
(b) Other current liabilities 22 5,701.20 5,482.82
(c) Provisions 23 538.30 275.16
(d) Current Tax Liabilities(net) 24 272.15 257.85
TOTAL EQUITY AND LIABILITIES 1,10,896.73 94,890.04
Summary of significant accounting policies 2
The accompanying notes are an integral part of the consolidated financial statements.

Partner
Place: Secunderabad
Date: May 09, 2022

Consolidated Statement of Profit and Loss for the year ended 31 March 2022
All amounts in H lakhs, except Earning Per Share
Particulars Note
31 March 2022 31 March 2021
I. Revenue from operations 25 1,41,581.42 1,14,653.91
II. Other income 26 986.28 858.60
III. Total Income (I + II) 1,42,567.70 1,15,512.51
IV. Expenses
Cost of materials consumed 27 69,744.37 50,544.52
Purchases of stock-in-trade 478.65 303.77
Changes in inventories of finished goods and work-in-progress 28 (3,149.14) 1,573.59
Employee benefits expense 29 13,222.89 12,012.12
Finance costs 30 1,155.51 1,281.39
Depreciation expense 31 3,761.80 3,999.00
Other expenses 32 41,294.59 30,872.55
Total expenses 1,26,508.67 1,00,586.94
V. Profit before tax (III - IV) 16,059.03 14,925.57
VI. Tax expense:
(1) Current tax 4,214.04 4,032.95
(2) Deferred tax 12.57 (147.43)
(3) Tax relating to prior years - (24.22)
VII. Profit for the year (V-VI) 11,832.42 11,064.27
VIII. Other comprehensive income
Items that will not be reclassified to statement of profit and loss
a) Remeasurement of defined employee benefit plans 56.13 29.54
b) Income tax relating to item (a) above (14.13) (7.43)
Other comprehensive income (net of tax ) 42.00 22.11
IX. Total comprehensive income for the year 11,874.42 11,086.38
X. Earning per equity share attributable to owners of Visaka Industries
Limited:
(1) Basic 41 71.14 68.47
(2) Diluted 69.42 67.63
Summary of significant accounting policies. 2

Partner
Place: Secunderabad
Date: May 09, 2022

Consolidated Statement of Cash Flows for the year ended 31 March 2022
Cash flow from operating activities
Adjustments for:
Depreciation expense 3,761.80 3,999.00
Property, plant and equipment written off 8.61 10.10
Interest income on financial assets carried at amortized cost (307.11) (317.70)
Gain on disposal of property, plant and equipment (31.76) (12.67)
Bad Debts written off 48.70 41.74
Amortisation of government grants (384.39) (385.05)
Finance costs 1,155.51 1,281.39
Remeasurement of defined employee benefit plans 56.13 29.54
Change in operating assets and liabilities
(Increase) / Decrease in Trade Receivables (2,873.17) 3,369.10
(Increase) / Decrease in financial assets other than trade receivables (49.69) 15.81
(Increase) / Decrease in other assets (3,367.31) 1,048.25
(Increase) / Decrease in Inventories (4,451.76) 5,465.95
Increase / (Decrease) in Trade payables (680.70) 771.16
Increase / (Decrease) in other financial liabilities 214.91 (106.15)
Increase / (Decrease) in provisions 263.14 (249.06)
Increase / (Decrease) in other liabilities 218.38 2,576.28
Cash Generated from Operations 9,633.19 32,536.89
Income taxes paid (4,213.87) (3,111.06)
Net cash inflow from operating activities 5,419.32 29,425.83
Cash flows from investing activities
Payments for property plant and equipment (14,636.25) (5,430.08)
Interest received 254.99 308.55
Loans given (3,500.00) -
Receipt of loan repayment 477.97 -
Proceeds from sale of property, plant and equipment 40.48 25.87
Movement in other bank balances 261.34 (275.09)
Net cash outflow from investing activities (17,101.47) (5,370.75)

Consolidated Statement of Cash Flows for the year ended 31 March 2022
Cash flow from financing activities
Repayment of non current borrowings (1,004.74) (1,099.44)
Proceeds/ (repayment) from current borrowings other than related party loans 6,290.46 (13,466.54)
Repayment of loan to related party (2,190.00) (1,852.70)
Receipt of loan from related party 2,076.00 1,716.70
Dividend paid to company's shareholders (2,792.05) (830.96)
Proceeds from Issue of shares and share warrants 1,446.00 1,928.00
Deposit with Chit fund Company (34.00) -
Finance cost (792.33) (970.94)
Net cash inflow/(outflow) from financing activities 2,999.34 (14,575.88)
Net increase/(Decrease) in cash and cash equivalents (8,682.81) 9,479.20
Cash and Cash equivalents at the beginning of the financial year (Refer note 9) 11,107.20 1,628.00
Cash and Cash equivalents at the end of the year 2,424.39 11,107.20
Statement of Cash flow has been prepared under the indirect method as set out in Ind AS - 7 specified under Section 133 of the

Partner
Place: Secunderabad
Date: May 09, 2022

Consolidated Statement of Changes in Equity for the year ended 31 March 2022
a. Equity share capital All amounts in H lakhs
Particulars Note Equity share capital
As at 01 April 2020 1,592.07
As at 31 March 2021 14 1,652.07
As at 31 March 2022 1,732.07
b. Other equity All amounts in H lakhs

Reserves and Surplus Money
received
Securities
Particulars Note General Retained against Total
Premium
Reserve Earnings share
Reserve
warrants
Balance as at 1 April 2020 15 4,903.45 27,000.00 17,005.97 - 48,909.42
Dividends - - (824.05) - (824.05)
Money received against share warrants - - - 482.00 482.00
Balance as at 31 March 2021 6,289.45 27,000.00 27,268.30 482.00 61,039.75
Dividends - - (2,801.76) - (2,801.76)
Money received against share warrants - - - (482.00) (482.00)
Balance as at 31 March 2022 8,137.45 27,000.00 36,340.96 - 71,478.41

Partner
Place: Secunderabad
Date: May 09, 2022

Notes to the Consolidated Financial Statements for the year ended 31 March 2022
1. Background
Visaka Industries Limited was incorporated in 1981 having its registered office in Survey No.315, Yelumala Village, R.C. Puram Mandal,
Sangareddy District - 502 300, Telangana State. The Company has two subsidiaries namely Vnext Solutions Private Limited and Atum
Life Private Limited. The group is engaged into the business of manufacture , trading and construction activity of cement fibre sheets,
fibre cement boards & panels, solar panels, synthetic yarn and trading of green products, eco-friendly products, sustainable products,
organic products.
2. Significant Accounting Policies

This note provides a list of the significant accounting policies adopted in the preparation of these consolidated financial statements.
These policies have been consistently applied to all the years presented, unless otherwise stated. The consolidated financial statements
are for the group consisting of Visaka Industries Limited (the “company”) and its subsidiaries.
a) Basis of preparation
(i) Compliance with Ind AS
The consolidated financial statements comply in all material aspects with Indian Accounting Standards (Ind AS) notified under
section 133 of the Companies Act, 2013 (the Act) [Companies (Indian Accounting Standards) Rules, 2015] and other relevant
provisions of the Act.
(ii) Historical cost convention
The consolidated financial statements have been prepared on a historical cost basis, except for the following:
Certain financial assets and liabilities that are measured at fair value;
Defined benefit plans – plan assets measured at fair value;
(iii) New and amended standards adopted by the group
The group has applied the following amendments to Ind AS for the first time for their annual reporting period commencing 1
April 2021:
Extension of COVID-19 related concessions – amendments to Ind AS 116
Interest rate benchmark reform – amendments to Ind AS 109, Financial Instruments, Ind AS 107, Financial Instruments:
Disclosures, Ind AS 104, Insurance Contracts and Ind AS 116, Leases.
The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to
significantly affect the current or future periods.
(iv) Reclassifications consequent to amendments to Schedule III
The Ministry of Corporate Affairs amended the Schedule III to the Companies Act, 2013 on 24 March 2021 to increase the
transparency and provide additional disclosures to users of financial statements. These amendments are effective from 1 April
2021.
Consequent to above, the group has changed the classification/presentation of current maturities of long-term borrowings
in the current year.
The current maturities of long-term borrowings has now been included in the “Current borrowings” line item. Previously,
current maturities of long-term borrowings were included in ‘other financial liabilities’ line item.
The group has reclassified comparative amounts to conform with current year presentation as per the requirements of Ind AS
1. The impact of such classifications is summarised below: All amounts in H lakhs
Balance sheet (extract) 31 March 2021 Increase/ 31 March 2021
(as previously (Decrease) (restated)
reported)
Other financial liabilities (current) 5,938.28 (1,879.86) 4,058.42
Borrowings (current) 2,018.23 1,879.86 3,898.09

Principles of consolidation
Subsidiaries
Subsidiaries are all entities over which the group has control. The group controls an entity when the group is exposed to, or has rights
to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the
relevant activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are
deconsolidated from the date the control ceases. The group combines the financial statements of the parent and its subsidiaries line
by line adding together like items of assets, liabilities, equity, income and expenses. Intercompany transactions, balances and unrealised
gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides
evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure
consistency with the policies adopted by the group.
Changes in ownership interests

The group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of
the group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling
interests reflect their relative interests in the subsidiary. Any difference between the amount of adjustment to non-controlling interests
and any consideration paid or received is recognized within equity.
When the group ceases to consolidate or equity account an investment because of a loss of control, any retained interest in the equity
is remeasured to its fair value with change in carrying amount recognized in profit or loss. This fair value becomes the initial carrying
amount for the purpose of subsequently accounting for the retained interest as an associate or financial asset. In addition, any amounts
previously recognized in other comprehensive income in respect that entity are accounted for as if the group had directly disposed of
the related assets or liabilities. This may mean that amounts previously recognized in othercomprehensive income are reclassified to
profit or loss.
b) Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision
maker. The group has identified the Managing Director and Joint Managing Director as chief operating decision makers. Refer note
37 for segment information presented.
c) Foreign currency translation
(i) Functional and presentation currency
Items included in the financial statements of each of the groups entities are measured using the currency of the primary
economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are
presented in Indian rupee (H), which is the Company’s functional and presentation currency.
(ii) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the
transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of
monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally recognised in the
statement of profit and loss.
d) Revenue Recognition
Revenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are net of returns,
trade allowances, rebates, GST and amounts collected on behalf of third parties.
Sale of products
Timing of recognition- Revenue from sale of products is recognised when control of the products is transferred to customers based
on the terms of sale.
Measurement of revenue- Revenue from sales is based on the price specified in the sales contracts, net of all expected discounts
and returns in relation to sales made until the end of the reporting period.
No element of financing is deemed present as the sales are made with credit terms consistent with market practices. A receivable is
recognised when the goods are dispatched, delivered or upon formal customer acceptance depending on terms of contract with
the customer.

e) Government grants
Grants from the government are recognised at fair value where there is a reasonable assurance that the grant will be received and
the group will comply with all attached conditions.
Government grants relating to income are deferred and recognised in the profit or loss over the period necessary to match them
with the costs they are intended to compensate and presented within other income.
Government grants relating to the purchase of property, plant and equipment are included in non-current liabilities as deferred
income and are credited to profit and loss on a straight line basis over the expected lives of the related assets and presented within
other income.
The benefit of a government loan at below current market rate of interest is treated as a government grant.
f ) Income tax
Current income tax
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation
authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the
reporting date in the countries where the group operates and generates taxable income.
Current income tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in other
comprehensive income or in equity). Current tax items are recognised in correlation to the underlying transaction either in OCI
or directly in equity. Management periodically evaluates positions taken in the tax returns with respect to situations in which
applicable tax regulations are subject to interpretation and establishes provisions where appropriate.
Deferred tax
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and
their carrying amounts for financial reporting purposes at the reporting date. Deferred tax liabilities are recognised for all taxable
temporary differences.
Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused
tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the
deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer
probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised
deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that future
taxable profits will allow the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised
or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted at the reporting date.
Deferred tax items are recognised in correlation to the underlying transaction either in OCI or directly in equity. Deferred tax assets
and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and
the deferred taxes relate to the same taxable entity and the same taxation authority.
g) Leases
As a lessee:
The group recognizes a right-of-use asset (“ROU”) and a corresponding lease liability for all lease arrangements in which it is a lessee,
except for leases with a term of twelve months or less (short-term leases) and low value leases. For these short-term and low value
leases, the group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease. Certain
lease arrangements includes the options to extend or terminate the lease before the end of the lease term. ROU assets and lease
liabilities includes these options when it is reasonably certain that they will be exercised.
The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for any lease
payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are
subsequently measured at cost less accumulated depreciation and impairment losses.Right-of-use assets are depreciated from
the commencement date on a straight-line basis over the shorter of the useful life of the asset or the balance lease term of the
underlying asset. Right of use assets are evaluated for recoverability whenever events or changes in circumstances indicate that
their carrying amounts may not be recoverable.

The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are
discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates in the
country of domicile of the leases. Lease liabilities are re-measured with a corresponding adjustment to the related right of use asset if
the group changes its assessment if whether it will exercise an extension or a termination option.
Lease liability and ROU asset shall be separately presented in the Balance Sheet and lease payments shall be classified as financing cash
flows.
h) Impairment of assets
Property, plant and equipment and intangible assets are tested for impairment annually whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by
which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value
less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which
there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets
(cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of
the impairment at the end of each reporting period.
i) Cash and cash equivalents
For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at
call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are
readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
j) Trade receivables
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using effective interest method,
less provision for impairment.
k) Inventories
Raw materials and stores, work-in-progress, traded and finished goods are stated at the lower of cost and net realizable value. Cost
of raw materials and traded goods comprise of cost of purchase. Cost of work-in-progress and finished goods comprises direct
materials, direct labour and an appropriate proportion of variable and fixed overhead expenditure, the later being allocated on the
basis of normal operating capacity. Cost of inventories also include all other cost incurred in bringing the inventories to their present
location and condition. Costs are assigned to individual items of inventory on weighted average basis. Costs of purchased inventory
are determined after deducting rebates and discounts. Net realizable value is the estimated selling price in the ordinary course of
business less the estimated costs of completion and the estimated costs necessary to make the sale.
l) Investments and other financial assets
i) Classification
The group classifies its financial assets in the following measurement categories:
those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss),
and
those measured at amortised cost.
The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the
cash flows.
For assets measured at fair value, gains and losses will either be recorded in Statement of profit or loss or other comprehensive
income. For investments in debt instruments, this will depend on the business model in which the investment is held. For
investments in equity instruments, this will depend on whether the group has made an irrevocable election at the time of
initial recognition to account for equity investment at fair value through other comprehensive income.
The group reclassifies debt investments when and only when its business model for managing those assets changes.
ii) Measurement
At initial recognition, the group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value
through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs
of financial assets carried at fair value through profit or loss are expensed in profit or loss.

Debt instruments:
Subsequent measurement of debt instruments depends on the group’s business model for managing the asset and the cash
flow characteristics of the asset. There are three measurement categories into which the group classifies its debt instruments:
Amortised cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments
of principal and interest are measured at amortised cost. A gain or loss on a debt investment that is subsequently measured
at amortised cost and is not part of a hedging relationship is recognised in profit or loss when the asset is derecognised or
impaired. Interest income from these financial assets is included in finance income using the effective interest rate method.
Fair value through other comprehensive income (FVOCI): Assets that are held for collection of contractual cash flows and
for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest, are measured at
fair value through other comprehensive income (FVOCI). Movements in the carrying amount are taken through OCI, except for
the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses which are recognised in
profit and loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified
from equity to profit or loss and recognised in other gains/(losses). Interest income from these financial assets is included in
other income using the effective interest rate method.
Fair value through profit or loss: Assets that do not meet the criteria for amortised cost or FVOCI are measured at fair value
through profit or loss. A gain or loss on debt investment that is subsequently measured at fair value through profit or loss is
recognised in profit or loss and presented net in the statement of profit and loss in the period in which it arises. Interest income
from these financial assets is included in other income.
Equity instruments:
The group subsequently measures all equity investments at fair value. Where the group’s management has elected to present
fair value gains and losses on equity investments in other comprehensive income, there is no subsequent reclassification of fair
value gains and losses to profit or loss. Dividends from such investments are recognised in profit or loss as other income when
the group’s right to receive payments is established.
Changes in the fair value of financial assets at fair value through profit or loss are recognised in the other income. Impairment
losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other
changes in fair value.
iii) Impairment of financial assets
The group assesses on a forward looking basis the expected credit losses associated with its assets carried at amortised cost
and FVOCI debt instruments. The impairment methodology applied depends on whether there has been a significant increase
in credit risk. Note 35 details how the group determines whether there has been a significant increase in credit risk.
For trade receivables only, the group applies the simplified approach permitted by Ind AS 109 Financial Instruments, which
requires expected lifetime losses to be recognised from initial recognition of the receivables.
iv) Derecognition of financial assets
A financial asset is derecognized only when
The group has transferred the rights to receive cash flow from the financial asset or
retains the contractual rights to receive the cash flows of the financial assets, but assumes a contractual obligation to pay
cash flows to one or more recipients.
Where the entity has transferred an asset, the group evaluates whether it has transferred substantially all risks and rewards
of ownership of the financial asset. In such cases, the financial asset is derecognized. Where the entity has not transferred
substantially all risks and rewards of ownership of the financial asset is not derecognized.
Where the entity has neither transferred a financial asset nor retains substantially all risks and rewards of ownership of the
financial asset, the financial asset is derecognised if the group has not retained control of the financial asset. Where the group
retains control of the financial asset, the asset is continued to be recognised to the extent of continuing involvement in the
financial asset.

m) Income recognition
Interest income
Interest income from debt instruments is recognised using effective interest rate method. The effective interest rate is the rate that
exactly discounts estimated future cash receipts through the expected life of the financial asset to the gross carrying amount of
a financial asset. When calculating the effective interest rate, the group estimates the expected cash flows by considering all the
contractual terms of the financial instruments.
n) Derivatives
The group enters into certain derivative contracts to hedge risks which are not designated as hedges. Such contracts are accounted
at fair value through profit or loss and are included in profit and loss account.
o) Offsetting financial instruments
Financial assets and liabilities are offset and the net amount is reported in the balance sheet where there is a legally enforceable
right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability
simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal
course of business and in the event of default, insolvency or bankruptcy of the group or the counterparty.
p) Property, plant and equipment
Freehold land is carried at historical cost. All other items of Property, plant and equipment are stated at historical cost less
depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items.
Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is
probable that future economic benefits associated with the item will flow to the group and the cost of the item can be measured
reliably. The carrying amount of any component accounted for as separate asset is derecognized when replaced. All other repairs
and maintenance are charged to profit or loss during the reporting period in which they are incurred.
Transition to Ind AS
On transition to Ind AS, the Company has elected to continue with the carrying value of all its property, plant and equipment
recognized as at April 1, 2016 measured as per the previous GAAP and use that carrying value as the deemed cost of the property,
plant and equipment.
Depreciation/Amortisation methods, estimated useful lives and residual value
Depreciation is calculated using the straight-line basis at the rates arrived at based on the useful lives prescribed in Schedule II of
the Companies Act, 2013 which are as follows:
Asset Description Life of the asset (in years)
Buildings
Borewells 5
Roads 10
Factory buildings 30
Non factory buildings 60
Plant and equipment
Process Machinery 15
Others 10
Furniture and fixtures 10
Vehicles 8
Office Equipment 5
Data processing equipment
Servers and networks 6
Others 3
The group follows the policy of charging depreciation on pro-rata basis on the assets acquired or disposed off during the year.
Leasehold assets are amortised over the period of lease or useful life whichever is less.

The residual values are not more than 5% of the original cost of the asset. The assets’ residual values and useful lives are reviewed,
and adjusted if appropriate, at the end of each reporting period. An asset’s carrying amount is written down immediately to its
recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.
Gains or losses on disposal are determined by comparing proceeds with the carrying amount.
q) Intangible assets
(i) Recognition
Intangible assets are recognised only when future economic benefits arising out of the assets flow to the enterprise and are
amortised over their useful life.
(ii) Amortization methods and periods
The group amortizes intangible assets on a straight line method over their estimated useful life not exceeding 5 years. Software
is amortised over a period of three years.”
r) Trade and other payables
These amounts represent liabilities for goods and services provided to the group prior to the end of financial year which are
unpaid. The amounts which are unsecured are presented as current liabilities unless payment is not due within 12 months after the
reporting period. They are recognized initially at their fair value and subsequently measured at amortized cost using the effective
interest method.
s) Borrowings
Borrowings are initially recognized at fair value, net of transaction cost incurred. Borrowings are subsequently measured at amortized
cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over
the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognized as
transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is
deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all the facility will be drawn
down, the fee is capitalized as a prepayment for liquidity services and amortized over the period of the facility to which it relates.
Borrowings are removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired.
The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and
the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss.
t) Borrowing costs
General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying
asset are capitalized during the period of time that is required to complete and prepare the asset for its intended use or sale.
Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale.
Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is
deducted from the borrowing cost eligible for capitalization.
Other borrowings costs are expensed in the period in which they are incurred.
u) Provisions
Provisions for legal claims and returns are recognised when the group has a present legal or constructive obligation as a result
of past event, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably
estimated. Provisions are not recognised for future operating losses.
Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present
obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects
current market assessments of the time value of money and the risks specific to the liability. The increase in the provisions due to
the passage of time is recognized as interest expense.
v) Employee benefits
(i) Short-term obligations
Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within 12 months
after the end of the period in which the employees render the related service are recognized in respect of employees’ services
up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled.
The liabilities are presented as current employee benefit obligations in the balance sheet.

(ii) Other long-term employee benefit obligations
The liabilities for earned leave is not expected to be settled wholly within 12 months after the end of the period in which
the employees render the related service. They are therefore measured at the present value of expected future payments to
be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit
method. The benefits are discounted using the market yields at the end of the reporting period that have terms approximating
to the terms of the related obligations. Remeasurements as a result of the experience adjustments and changes in actuarial
assumptions are recognized in profit or loss.
The obligations are presented as current liabilities in the balance sheet if the entity does not have an unconditional right to
defer settlement for at least twelve months after the reporting period, regardless of when the actual settlement is expected
to occur.
(iii) Post-employment obligations
The group operates the following post-employment schemes:
(a) Defined benefit plans such as gratuity; and
(b) Defined contribution plans such as provident fund and superannuation fund.
Gratuity obligations
The liability or assets recognized in the balance sheet in respect of gratuity plans is the present value of the defined benefit
obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated
annually by actuaries using the projected unit credit method.
The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows by
reference to market yields at the end of the reporting period on government bonds that have terms approximating to the
terms of the related obligation.
The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the
fair value of plan assets. This cost is included in employee benefit expense in the statement of profit and loss.
Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognized
in the period in which they occur, directly in other comprehensive income. They are included in retained earnings in the
statement of changes in equity and in the balance sheet.
Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognized
immediately in profit or loss.
Defined contribution plans
The group pays provident fund contributions to publicly administered funds as per local regulations and superannuation fund
to LIC. The group has no further payment obligations once the contributions have been paid. The contributions are accounted
for as defined contribution plans and the contributions are recognized as employee benefit expense when they are due.
(iv) Bonus plans
The group recognizes a liability and an expense for bonuses. The group recognizes a provision where contractually obliged or
where there is a past practice that has created a constructive obligation.
w) Contributed equity
Equity shares are classified as equity.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the
proceeds.
Money received against share warrants are reflected as a separate line item - ‘Money received against share warrants’ under ‘Other
equity’.
x) Dividends
Provision is made for the amount of any dividend declared, being appropriately authorized and no longer at the discretion of the
entity, on or before the end of the reporting period but not distributed at the end of the reporting period.

y) Earning per share
(i) Basic earnings per share
Basic earnings per share is calculated by dividing:
The profit attributable to owners of the company
By the weighted average number of equity shares outstanding during the financial year, adjusted for bonus elements in
equity shares issued during the year and excluding treasury shares.
(ii) Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account:
The after income tax effect of interest and other financing costs associated with dilutive potential equity shares, and
The weighted average number of additional equity shares that would have been outstanding assuming the conversion
of all dilutive potential equity shares.
z) Rounding of amounts
All amounts disclosed in the financial statements and notes have been rounded off to the nearest two decimal places of lakhs as
per the requirement of Schedule III, unless otherwise stated.
aa) Standards issued but not yet effective
The Ministry of Corporate Affairs has vide notification dated 23 March 2022 notified Companies (Indian Accounting Standards)
Amendment Rules, 2022 which amends certain accounting standards, and are effective 1 April 2022. These amendments are not
expected to have a material impact on the group in the current or future reporting periods and on foreseeable future transactions.
3. Critical estimates and Judgements

The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual
results. Management also needs to exercise judgement in applying the group’s accounting policies.
This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are more
likely to be materially adjusted due to estimates and assumptions turning out to be different than those originally assessed. Detailed
information about each of these estimates and judgements is included in relevant notes together with information about the basis of
calculation for each affected line item in the financial statements.
The areas involving critical estimates or judgements are:
1. Estimation of defined benefit obligation - Refer Note 23
2. Useful lives of fixed assets - Refer Note 2(p) and Note 31
3. Impairment of trade receivables - Refer Note 8
Estimates and judgements are continually evaluated. They are based on historical experience and other factors, including expectations
of future events that may have a financial impact on the group and that are believed to be reasonable under the circumstances.

4.1 (a) Property, plant and equipment
Net carrying
amount
As at Deletions/ As at For Deletions/
Additions 31 March 31 March 31 March
1 April 2021 Adjustments 1 April 2021 the Year Adjustments
2022 2022 2022
Owned
Assets
Land 9,410.01 147.28 - 9,557.29 - - - - 9,557.29
Buildings 24,561.14 3,680.28 - 28,241.42 5,218.23 1,242.96 - 6,461.19 21,780.23
Plant and 21,762.11 6,004.96 25.28 27,741.79 11,665.96 2,258.81 22.07 13,902.70 13,839.09
Equipment
Furniture and 118.46 18.74 0.40 136.80 58.75 11.74 0.34 70.15 66.65
Fixtures
Vehicles 890.82 204.73 31.92 1,063.63 394.68 113.89 17.86 490.71 572.92
Office 247.57 23.94 0.56 270.95 153.52 35.97 0.56 188.93 82.02
Equipment
Data 752.37 134.12 0.26 886.23 634.12 98.43 0.26 732.29 153.94
Processing
Equipment
TOTAL 57,742.48 10,214.05 58.42 67,898.11 18,125.26 3,761.80 41.09 21,845.97 46,052.14
The Holding Company has setup a V Board manufacturing unit at Udumalpet in Tamilnadu State during the year and the unit commenced
commercial production on 1st January 2022.
4.1 (b) Property, plant and equipment

Net carrying
amount
2021 2021 2021
Owned
Assets
Land 8,871.17 538.84 - 9,410.01 - - - - 9,410.01
Buildings 24,017.33 545.25 1.44 24,561.14 3,998.53 1,219.91 0.21 5,218.23 19,342.91
Plant and 20,040.49 1,856.02 134.40 21,762.11 9,316.22 2,479.25 129.51 11,665.96 10,096.15
Equipment
Furniture and 113.67 4.92 0.13 118.46 46.67 12.21 0.13 58.75 59.71
Fixtures
Vehicles 898.59 26.25 34.02 890.82 303.86 108.00 17.18 394.68 496.14
Office 218.61 29.29 0.33 247.57 116.56 37.29 0.33 153.52 94.05
Equipment
Data 717.69 38.35 3.67 752.37 495.11 142.34 3.33 634.12 118.25
Processing
Equipment
TOTAL 54,877.55 3,038.92 173.99 57,742.48 14,276.95 3,999.00 150.69 18,125.26 39,617.22

4.2 (a) Capital work-in-progress

Total as at
Capital work-in-progress More 31 March 2022
Less than 1 year 1-2 years 2-3 years
than 3 years
Projects in progress 4,940.23 14.73 - - 4,954.96
4.2 (b) Capital work-in-progress


Total as at
Capital work-in-progress More
Less than 1 year 1-2 years 2-3 years 31 March 2021
than 3 years
Projects in progress 469.62 39.71 - - 509.33
4.3 (a) Intangible assets

Net carrying
amount
2022 2022 2022
Computer 124.94 - - 124.94 124.94 - - 124.94 -
Software
TOTAL 124.94 - - 124.94 124.94 - - 124.94 -
4.3 (b) Intangible assets

Net carrying
amount
2021 2021 2021
Computer 124.94 - - 124.94 124.94 - - 124.94 -
Software
TOTAL 124.94 - - 124.94 124.94 - - 124.94 -

5.1. Investments All amounts in H lakhs
Investments in Equity Instruments (unquoted - fully paid up)
Other entities - Fair value through Profit and Loss (FVTPL)
a) Visaka Thermal Power Limited 0.00 0.00
20,78,600 (2021-2,078,600) shares of H 10 each
b) Somerset Entertainment Ventures (Singapore) Pte Ltd 0.00 0.00
1,31,903 (2021 -131,903) shares of Singapore $ 10 each
c) OPGS Power Gujarat Private Limited 0.00 0.00
7,02,000(2021 - 702,000) shares of H 0.10 each
d) V- Solar Roofings Private Limited 0.00 0.00
1,900 (2021- 1900) of H 10 each
TOTAL 0.00 0.00
Aggregate amount of unquoted investments - -
5.2. Other financial assets (non - current) All amounts in H lakhs

Unsecured, Considered good
Deposit with Chit fund Company 34.00 -
Contract asset 1.32 -
Secured, Considered good
Deposits with maturity of more than 12 months 61.13 61.13
TOTAL 108.02 107.90
* Earmarked with bank providing bank guarantee to sales tax department.
6. Other non-current assets All amounts in H lakhs

i) Capital advances 3,819.15 3,557.37
ii) Deposits with government and others 966.62 752.08
TOTAL 4,785.77 4,309.45
7. Inventories All amounts in H lakhs

a) Raw material 13,103.14 12,210.33
{including material in transit of H 1,250.82 lakhs (2021- H 3,671.71 lakhs)}
b) Work-in-progress 3,092.49 2,847.80
c) Finished goods 11,753.74 8,849.29
{including material in transit of H 746.07 lakhs (2021-H 359.27 lakhs)}
d) Stores and spares 1,429.09 1,019.28
TOTAL 29,378.46 24,926.70

8. Trade receivables All amounts in H lakhs
Secured, considered good 2,306.81 2,374.23
Unsecured, considered good 11,041.13 8,142.11
Unsecured, considered doubtful 572.05 579.18
13,919.99 11,095.52
Less: Allowance for doubtful debts (572.05) (579.18)
TOTAL 13,347.94 10,516.34
8. (a) Trade Receivables ageing schedule: All amounts in H lakhs

Sl. Total as at
Particulars Less than 6 months - More than 31 March 2022
No. 1-2 years 2-3 years
considered good
(ii) Undisputed Trade Receivables - - - 70.19 135.22 214.27 419.68
considered doubtful
considered good
considered doubtful
8. (b) Trade Receivables ageing schedule: All amounts in H lakhs

Sl. Total as at
Particulars Less than 6 months - More than
No. 1-2 years 2-3 years 31 March 2021
considered good
(ii) Undisputed Trade Receivables - 19.85 1.77 164.00 60.60 209.75 455.97
considered doubtful
considered good
considered doubtful
Debtors aged above 1 year in note 8(a) and 8(b) above are secured against sundry deposits (Refer note 21) received from the customers
and hence considered good.
9. Cash and cash equivalents All amounts in H lakhs

a) Balances with banks
in current accounts 2,421.38 1,212.81
b) Cash on hand 3.01 2.91
c) Cheques in hand - 130.11
d) Deposits with maturity of less than 3 months - 9,761.37
TOTAL 2,424.39 11,107.20

10. Other bank balances All amounts in H lakhs
Earmarked balances with banks
Unpaid dividend account 122.46 112.75
Reserve towards Public deposit 175.00 202.00
Margin money deposit 9.77 8.82
Deposit with maturity of more than 3 months but less than 12 months 5.00 250.00
TOTAL 312.23 573.57
11. Loans All amounts in H lakhs

Inter corporate deposits 3,022.03 -
TOTAL 3,022.03 -
11.1. During the year, the Company has provided inter corporate deposit to Jamuna Hatcheries Private Limited of H 1,000 lakhs for
working capital requirements at an interest rate of 18% p.a which are repayable within six months from the date of disbursments. Further
Jamuna Hatcheries Private Limited has repaid the inter corporate deposit of H 477.97 lakhs
11.2. During the year, the Company has provided inter corporate deposit to Sushee Infra & Mining Limited of H 2,500 lakhs for short
term business requirements at an interest rate of 18% p.a which are repayable within one year from the date of disbursment or payable
on demand.
12. Other financial assets (current) All amounts in H lakhs

Interest receivable 125.15 73.03
Advances to related parties (Refer note 40) 25.06 3.83
TOTAL 338.26 202.57
13. Other current assets All amounts in H lakhs

Rent deposits 77.38 40.68
Prepaid expenses 312.78 201.13
Supplier advances 3,317.90 1,081.66
Cenvat , VAT & GST credit available 713.65 1,046.70
Others 1,750.82 649.59
TOTAL 6,172.53 3,019.76
14. Equity share capital All amounts in H lakhs

AUTHORIZED:
3,00,00,000 (2021- 3,00,00,000) Equity Shares of H 10/- each 3,000.00 3,000.00
5,00,000 (2021- 5,00,000) 12% Cumulative Redeemable Preference Shares H 100/- each 500.00 500.00
TOTAL 3,500.00 3,500.00
ISSUED, SUBSCRIBED & PAID-UP CAPITAL
1,72,80,952 (2021- 1,64,80,952) equity shares of H 10/- each fully paid up 1,728.10 1,648.10
Add: Shares forfeited - 79,408 (2021- 79,408) shares 3.97 3.97
TOTAL 1,732.07 1,652.07

14. Equity share capital (Contd.)
(A) Movement in equity share capital: All amounts in H lakhs
Particulars Number of shares Amount
Balance at 1 April 2020 1,58,80,952 1,592.07
Movement during the year 6,00,000 60.00
Balance at 31 March 2021 1,64,80,952 1,652.07
Movement during the year 8,00,000 80.00
Balance at 31 March 2022 1,72,80,952 1,732.07
(B) Details of shareholders holding more than 5% shares in the Company

As at 31 March 2022 As at 31 March 2021
Name of the shareholder No. of % No. of
% holding
Shares holding Shares
a) Dr. G Vivekanand 68,63,492 39.72 66,11,980 40.12
b) Vigilance Security Services Private Limited 8,79,764 5.09 16,14,460 9.80
c) Smt. G. Saroja Vivekanand 8,75,139 5.06 2,94,139 1.78
(C) Details of Shareholding of Promoters

Promoter name year
No. of Shares % of total shares
Dr. G. Vivekanand 68,63,492 39.72% 3.80%
Sri. G. Vamsi Krishna 1,21,730 0.70% 460.19%
Total 78,60,361 45.48%

Promoter name
No. of Shares % of total shares year
Dr. G. Vivekanand 66,11,980 40.12% 12.08%
Sri. G. Vamsi Krishna 21,730 0.13% 0.00%
Total 69,27,849 42.03%
(D) Terms/Rights attached to equity shares

The Company has only one class of equity shares having a face value of H 10 /- each. Each holder of equity share is entitled to one
vote per share. The company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the company, the
equity shareholders will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The
distribution will be in proportion to the number of equity shares held by the shareholders.
(E) The Company has not issued any share as fully paid up without payment being received in cash or as bonus shares nor any share
has been bought back by the Company since its incorporation.

15. Other equity All amounts in H lakhs
Reserves and surplus
Securities premium reserve 8,137.45 6,289.45
General reserve 27,000.00 27,000.00
Retained earnings 36,340.96 27,268.30
Money received against share warrants - 482.00
TOTAL 71,478.41 61,039.75
(i) Securities Premium Reserve All amounts in H lakhs

Movement during the year 1,848.00 1,386.00
(ii) General Reserve All amounts in H lakhs

Movement during the year - -
(iii) Retained earnings All amounts in H lakhs

Profit for the year 11,832.42 11,064.27
Interim dividend (1,153.67) (824.05)
Final dividend (1,648.09) -
Items of other comprehensive income recognised directly in retained earnings
- Remeasurements of post employment benefit obligation, net of tax 42.00 22.11
(iv) Money received against share warrants All amounts in H lakhs

Opening balance 482.00 -
Money received during the year - 482.00
Money adjusted on conversion of warrants (482.00) -
Closing balance - 482.00
The Holding Company on January 22, 2022 allotted 8,00,000 fully paid equity shares of face value H 10/- each to the promoters group
against 8,00,000 convertible warrants after receiving balance consideration of H 1,446 lakhs. Convertible warrants outstanding as at 31
March 2022 - Nil (31 March 2021 - 8,00,000).
Nature and purpose of other reserves
(i) Securities Premium Reserve
Securities Premium Reserve is used to record the premium on issue of shares. The reserve is utilised in accordance with the provision
of the act.
(ii) General Reserve
General reserve is used for strengthening the financial position and meeting future contingencies and losses.

16. Borrowings (non-current) All amounts in H lakhs
Non- current
a) Secured loans
Term loan from bank 251.45 1,257.29
Loans from others
PICUP Loan 2,657.40 3,797.87
Deferred revenue grant - PICUP Loan 1,758.40 2,142.80
b) Unsecured loans
Public deposits 235.71 452.48
TOTAL 4,902.96 7,650.44
(i) Term loan is taken from IDBI Bank Limited for the Textile unit near Mouda Taluk, Nagpur in Maharashtra. The loan sanctioned is
H 6,035.00 lakhs during the year 2016-17, out of which H 3,500.00 lakhs is drawn in 2016-17 and H 2,535.00 lakhs is drawn in 2017-18
and is repayable in 24 quarterly installments at the rate of H 251.46 lakhs each quarter from the financial year 2017-18 to 2023-24
(i.e., from September’ 2017 to June’ 2023).The current rate of interest is 7.8% p.a. This loan is secured by first mortgage and charge in
favour of the Bank on all the Company’s fixed assets both present and future on pari passu basis with other lenders, second charge
on the current assets of the Company. The amount outstanding as at balance sheet date is H 1,257.29 lakhs repayable in 5 quarterly
installments (out of which H 1,005.84 lakhs are included in Borrowings (current)).
(ii) Loans from others include interest free loans of H 6,246.33 lakhs availed (H 1,523.75 lakhs in 2012-13, H 809.99 lakhs in 2014-15,
H 814.44 lakhs in 2016-17, H 973.03 lakhs in 2017-18, H 2,125.12 lakhs in 2019-20) from The Pradeshiya Industrial & Investment
Corporation of U.P. Ltd (PIC UP) for the cement asbestos unit at Raebareli, U.P which is sanctioned under the Industrial Investment
Promotion Scheme, 2003. The loan is secured by first charge on all assets of the company both present and future, by way of first
pari-passu charge with all the secured lenders of the Company and personal guarantee of Mrs. G Saroja Vivekanand, Managing
director of the company. The loans are repayable (each installment drawn) after 10 years from the date of disbursement.
As per Ind AS requirements, these loans should be recognised at fair value and the difference between fair value and transaction
value is recognised as Deferred Revenue Grant.
(iii) Public deposits represent deposits accepted from public carrying interest varying from 9.5% to 11.5% p.a. The maturity of these
deposits fall on different dates depending on the date of each deposit. There are no deposits matured and remaining unpaid as on
the balance sheet date. .
17. Other financial liabilities (non-current) All amounts in H lakhs

TOTAL 12.28 13.66
18. Deferred tax liabilities (net) All amounts in H lakhs

a) Deferred tax assets
Expenses allowable on payment basis 164.18 165.97
b) Deferred tax liabilities
Depreciation and amortisation 1,447.08 1,436.30
Deferred tax liabilities (net) 1,282.90 1,270.33

18. Deferred tax liabilities (net) (Contd.)
Movement in deferred tax liabilities (net) All amounts in H lakhs
Particulars WDV of Expenses allowable Total
depreciable PPE on payment basis
As at 01 April 2020 1,565.20 (147.44) 1,417.76
Charged/(Credited) to statement of profit and loss (128.90) (18.53) (147.43)
As at 31 March 2021 1,436.30 (165.97) 1,270.33
Charged/(Credited) to statement of profit and loss 10.78 1.79 12.57
As at 31 March 2022 1,447.08 (164.18) 1,282.90
19. Borrowings (current) All amounts in H lakhs

Current
a) Secured loans
Working capital loans from banks 3,498.08 477.26
Current maturities of long term debts (Refer note 16) 2,529.59 1,005.84
b) Unsecured loans
Current maturities of public deposits 1,091.89 874.02
Short term loans from banks 4,696.61 1,076.72
Inter corporate deposits from related parties (Refer note 40) - 114.00
Inter corporate deposits from others - 350.25
TOTAL 11,816.17 3,898.09
19.1 Working capital loans from banks are loans from State Bank of India.The loans are repayable on demand which are secured on
pari-passu basis by hypothecation of the Company’s entire current assets including raw materials, work-in-progress, stores & spares,
finished goods and book debts, present and future, and second charge by way of hypothecation on all fixed assets present and future.
The loan carries floating rate of interest and present interest rate is 7.30% p.a.
19.2 Short term loans are availed from various banks with a maximum maturity period of six months. The rates of interest vary from 1%
to 2% p.a.
19.3 Inter Corporate Deposits are short term loans repayable on demand carrying on interest rate of 9% p.a.
19.4 Net Debt Reconciliation All amounts in H lakhs

Opening balance of borrowings 11,548.53 26,286.04
Less:- Repayment of non-current borrowings (1,004.74) (1,099.44)
Proceeds/ (repayment) from current borrowings 6,176.46 (13,602.54)
Fair Value Adjustment (1.12) (35.53)
Closing balance of borrowings 16,719.13 11,548.53
20. Trade payables All amounts in H lakhs

(a) Total outstanding dues of micro and small enterprises (Refer note 43) 204.57 36.35
(b) Total outstanding dues other than (a) above 8,406.18 9,255.10
TOTAL 8,610.75 9,291.45

20 (a) Trade Payables ageing schedule: All amounts in H lakhs
Sl. Total as at 31
Particulars More than
3 years
(i) MSME - 204.57 - - 204.57
(ii) Others 1,360.78 6,548.80 70.00 39.26 48.03 8,066.87
Total 1,700.09 6,753.37 70.00 39.26 48.03 8,610.75
20 (b) Trade Payables ageing schedule: All amounts in H lakhs

Sl. Total as at 31
Particulars More than 3
years
(i) MSME - 36.35 - - - 36.35
(ii) Others 3,150.93 5,656.79 54.63 45.73 7.71 8,915.79
Total 3,490.24 5,693.14 54.63 45.73 7.71 9,291.45
21. Other financial liabilities (current) All amounts in H lakhs

Unpaid dividend 122.46 112.75
Sundry deposits* 4,049.87 3,834.96
Capital creditors 317.79 32.58
TOTAL 4,549.54 4,058.42
* Sundry deposits include security deposits from stockists, agents and transporters etc.
22. Other current liabilities All amounts in H lakhs

Advances from customers 1,393.60 1,160.49
Statutory liabilities 1,509.46 1,607.11
Employee benefits payable 2,798.14 2,715.22
TOTAL 5,701.20 5,482.82
23. Provisions All amounts in H lakhs

Current
Provision for contingencies 223.59 123.16
Provision for employee benefits
- Leave encashment 106.09 152.00
- Gratuity 208.62 -
TOTAL 538.30 275.16

Movement in provision for contingencies All amounts in H lakhs
Balance as at beginning of the year 123.16 123.16
Provision made during the year 100.43 -
Balance as at end of the year 223.59 123.16
(i) Leave obligations

The leave obligation covers the group’s liability for earned leave. The group has created a fund with LIC for earned leave encashment
of employees for future payment.
(ii) Defined contribution plans
The group has defined contribution plans namely Provident fund and super annuation fund. Contributions are made to provident
fund at the rate of 12% of basic salary as per regulations. The contributions are made to registered provident fund administered
by the Government. The group has created an approved superannuation fund and accounts for the contribution made to LIC
against an insurance policy taken with them. The obligation of the group is limited to the amount contributed and it has no further
contractual nor any constructive obligation. The expense recognised during the year towards defined contributions plans is as
follows:
Group’s Contribution to Provident Fund 651.08 580.23
Group’s Contribution to Superannuation Fund 105.50 102.54
(iii) Post- employment obligations

a) Gratuity
The group provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972.The amount of gratuity payable
on retirement/termination is the employees last drawn basic salary per month computed proportionately for 15 days salary
multiplied for the number of years of service. The group operates post retirement gratuity plan with LIC of India. The present
value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognises each
period of service giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up
the final obligation.
1 April 2020 2,939.79 2,762.83 176.96
Remeasurements
(Gain)/loss from change in financial assumptions 4.54 - 4.54
Experience (gains)/loss (31.58) - (31.58)
Total amount recognized in other comprehensive (27.04) 2.50 (29.54)
income
31 March 2021 2,841.68 2,859.40 (17.72)

1 April 2021 2,841.68 2,859.40 (17.72)
Remeasurements
(Gain)/loss from change in financial assumptions (106.34) - (106.34)
Experience (gains)/loss 53.73 - 53.73
Total amount recognized in other comprehensive (52.61) 3.52 (56.13)
income
31 March 2022 3,115.61 2,906.99 208.62
The group has no legal obligation to settle deficit in the funded plan with an immediate contribution or additional one off
contribution. The group intends to contribute as any request for contribution is made by LIC.
The net (surplus) / deficit disclosed above relating to funded and unfunded plans are as follows:
Present value of funded obligations 3,115.61 2,841.68
Fair value of plan assets 2,906.99 2,859.40
(Surplus )/Deficit of funded plans 208.62 (17.72)
Expected contributions to post- employment benefit plans of gratuity for the year ending 31 March 2023 are H 286.78 Lakhs.
iv) Significant estimates and sensitivity Analysis
The sensitivity of the defined benefit obligation to changes in key assumptions is: All amounts in H lakhs
(Increase)/Decrease in Defined benefit obligation by
Key assumptions
Increase in assumption by Decrease in assumption by
Particulars
31 March 31 March 31 March 31 March 31 March 31 March
Rate Rate
2022 2021 2022 2021 2022 2021
Discount rate 7.25% 6.82% 1% 230.10 217.84 1% (266.48) (252.77)
Salary growth rate 5.00% 5.00% 1% (253.86) (240.24) 1% 222.97 210.75
Attrition rate 3.00% 3.00% 1% (34.57) (23.90) 1% 38.28 26.24
The above sensitivity analysis is based on a change in each assumption while holding all other assumptions constant. In practice,
this is unlikely to occur and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined
benefit obligation to significant actuarial assumptions, the same method (present value of the defined benefit obligation calculated
with the projected unit credit method at the end of the reporting period) has been applied as when calculating the defined benefit
liability recognised in the balance sheet.

Expected cash flow and duration of the plan All amounts in H lakhs
Weighted average duration of DBO 14 14
Expected total benefit payments
Year 1 430.34 447.82
Year 2 434.71 238.49
Year 3 173.99 233.17
Year 4 173.08 152.42
Year 5 233.21 160.90
Next 5 years 968.01 904.03
v) Risk exposure
Through its defined benefit plans, the group is exposed to a number of risks, the most significant of which are detailed below:
Interest rate risk:
The defined benefit obligation calculated uses a discount rate based on government bonds. If bond yields fall, the defined benefit
obligation will tend to increase.
Salary inflation risk:
Higher than expected increases in salary will increase the defined benefit obligation.
Demographic risk:
This is the risk of variability of results due to unsystematic nature of decrements that include mortality, withdrawal, disability
and retirement. The effect of these decrements on the defined benefit obligation is not straight forward and depends upon the
combination of salary increase, discount rate and vesting criteria. It is important not to overstate withdrawals because in the financial
analysis the retirement benefit of a short career employee typically costs less per year as compared to a long service employee.
24. Current Tax Liabilities(net) All amounts in H lakhs

Opening balance 257.85 (647.25)
Less: Taxes paid (net of refunds) (4,213.87) (3,111.06)
Add: Current tax expense for the year 4,228.17 4,040.38
Less: Tax relating to prior years - (24.22)
TOTAL 272.15 257.85
25. Revenue from operations All amounts in H lakhs

Particulars
31 March 2022 31 March 2021
Sale of products 1,40,046.85 1,14,371.39
Other operating revenue
Export incentives 96.52 96.71
Industrial incentives 1,240.29 68.73
Sale of scrap 197.76 117.08
TOTAL 1,41,581.42 1,14,653.91

26. Other income All amounts in H lakhs
Particulars
31 March 2022 31 March 2021
Interest income on financial assets carried at amortised cost 307.11 317.70
Insurance claim received 38.46 70.03
Government grants 384.39 385.05
Net gain on disposal of property, plant and equipment 31.76 12.67
Miscellaneous income 224.56 73.15
TOTAL 986.28 858.60
27. Cost of materials consumed All amounts in H lakhs

Particulars
31 March 2022 31 March 2021
Cost of materials consumed 69,744.37 50,544.52
TOTAL 69,744.37 50,544.52
28. Changes in inventories of finished goods and work in progress All amounts in H lakhs
Particulars
31 March 2022 31 March 2021
Opening inventory
Finished goods 8,849.29 12,341.80
Work-in-progress 2,847.80 928.88
(A) 11,697.09 13,270.68
Closing inventory
Finished goods 11,753.74 8,849.29
Work-in-progress 3,092.49 2,847.80
(B) 14,846.23 11,697.09
TOTAL (A-B) (3,149.14) 1,573.59
29. Employee benefits expense All amounts in H lakhs

Particulars
31 March 2022 31 March 2021
Salaries, wages and bonus 11,210.62 10,271.17
Contribution to provident and other funds 844.63 782.57
Gratuity 285.42 250.27
Leave compensation 98.15 129.49
Staff welfare expenses 784.07 578.62
TOTAL 13,222.89 12,012.12
30. Finance costs All amounts in H lakhs

Particulars
31 March 2022 31 March 2021
Interest on borrowings 1,028.71 1,177.27
Other borrowing cost 92.78 44.11
Interest on shortfall in payment of advance tax 34.02 60.01
TOTAL 1,155.51 1,281.39

31. Depreciation expense All amounts in H lakhs
Particulars
31 March 2022 31 March 2021
Depreciation of property, plant and equipment 3,761.80 3,999.00
TOTAL 3,761.80 3,999.00
32. Other expenses All amounts in H lakhs

Particulars
31 March 2022 31 March 2021
Consumption of stores and spares 3,537.83 2,533.02
Cost of packing materials consumed 1,596.80 949.39
Power and fuel 5,447.57 4,370.86
Repairs and maintenance
Buildings 838.61 446.77
Plant and machinery 497.86 362.58
Insurance 404.31 353.05
Rates & taxes 202.44 217.52
Rent 470.32 381.43
Wages - contract labour 4,770.81 3,500.23
Travelling & conveyance 883.18 559.46
Commission & discount 522.42 219.22
Freight 14,858.29 10,519.61
Advertisement & sales promotion expenses 2,476.56 2,708.60
Payments to auditors {Refer note 32 (a)} 53.09 54.12
Directors' sitting fee 7.75 11.90
Bad debts written off 48.70 41.74
Foreign exchange (gain)/loss (net) (73.52) (52.02)
Non whole time directors' commission 40.00 69.17
Property, plant and eqiupment written off 8.61 10.10
Corporate social responsibility (CSR) expenditure {Refer note 32 (b)} 230.07 177.16
Contribution to political party* 300.00 300.00
Miscellaneous expenses 4,180.02 3,065.01
TOTAL 41,294.59 30,872.55
* Donations to Bharatiya Janata Party
32(a). Payment to auditor All amounts in H lakhs

Particulars
31 March 2022 31 March 2021
(a) To statutory auditors
- Statutory audit fee 32.54 32.20
- Quarterly audit fee 4.00 4.00
- Certification fee 7.25 8.50
- Reimbursement of expenses 1.70 1.76

32(a). Payment to auditor (Contd.)
(b) To others
- Cost audit fee 1.50 1.50
- Tax audit fee 6.00 6.00
- Certification and taxation matters 0.10 0.16
TOTAL 53.09 54.12
32 (b). Corporate Social Responsibility expenditure All amounts in H lakhs

Particulars
31 March 2022 31 March 2021
Amount spent directly by the group towards CSR activities 230.07 41.06
230.07 177.16
a) Amount required to be spent by the group during 205.97 172.88
the year as per Section 135 of the Act
b) Amount approved by the board to be spent during the year 230.07 172.88
c) Amount of expenditure incurred / Amount spent during the year on :
1. Construction/ acquisition of any assets - -
2. On purposes other than (1) above 230.07 177.16
d) Details of related party transactions
Nature of activities:
Provision of drinking water, Conducting health camps, Eradiction of Poverty, Food distribution, Building of classrooms and toilets in
schools and colleges etc.
Details of excess CSR expenditure under Section 135(5) of the Act All amounts in H lakhs
Particulars Amount
Balance excess spent as at 1 April 2021 -
Amount required to be spent during the year 205.97
Amount spent during the year 230.07
Balance excess spent as at 31 March 2022 (24.10)
33. Reconciliation of tax expenses and the accounting profit multiplied by tax rate All amounts in H lakhs
Particulars
31 March 2022 31 March 2021
Profit before income tax expense 16,059.03 14,925.57
Tax at the Indian tax rate of 25.168% 4,041.74 3,756.56
Effect of non-deductible expense 187.64 144.21
Effect of allowances for tax purpose (2.77) (15.25)
Tax relating to prior years - (24.22)
Income tax expense 4,226.61 3,861.30

34. Financial instruments and risk management
Fair values
1. The carrying amounts of trade payables, other financial liabilities(current), other financial assets(current), borrowings (current),
trade receivables, cash and cash equivalents, loans and other bank balances are considered to be the same as fair value due to
their short term nature.
2. Borrowings(non-current) consists of loans from banks and government authorities, other financial liabilities(non-current)
consists of interest accrued but not due on deposits other financial assets consists of employee advances where the fair value
is considered based on the discounted cash flow.
The fair value of financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current
transaction between willing parties, other than in a forced or liquidation sale.
Set out below, is a comparision by class of the carrying amounts and fair value of the Company’s financial instruments, other than
those with carrying amounts that are reasonable approximation of fair values:
(i) Categories of financial instruments All amounts in H lakhs

31 March 2022 31 March 2021
Particulars Level
Carrying amount Fair value* Carrying amount Fair value*
Financial assets
Measured at amortised cost:
Non-current
Current
Trade receivables 3 13,347.94 13,347.94 10,516.34 10,516.34
Cash and Cash Equivalents 3 2,424.39 2,424.39 11,107.20 11,107.20
Other bank balances 3 312.23 312.23 573.57 573.57
Loans 3 3,022.03 3,022.03 - -
Measured at fair value through profit and loss
Non-current
Investments 3 0.00 0.00 0.00 0.00
Total 19,552.87 19,552.87 22,507.58 22,507.58
Financial liabilities
Measured at amortised cost
Non-current
Borrowings 3 4,902.96 4,902.96 7,650.44 7,650.44
Other financial liabilities 3 12.28 12.28 13.66 13.66
Current
Borrowings 3 11,816.17 11,816.17 3,898.09 3,898.09
Trade Payables 3 8,610.75 8,610.75 9,291.45 9,291.45
Other Financial Liabilities 3 4,549.54 4,549.54 4,058.42 4,058.42
Total 29,891.70 29,891.70 24,912.06 24,912.06
*Fair value of instruments is classified in various fair value hierarchies based on the following three levels:
Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices.
Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques, which
maximise the use of observable market data and rely as little as possible on entity specific estimates. If significant inputs required to fair
value an instruments are observable, the instrument is included in Level 2.
Level 3: If one or more of the significant inputs are not based on observable market data, the instruments is included in level 3.
Management uses its best judgement in estimating the fair value of its financial instruments. However, there are inherent limitations
in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates presented above are not
necessarily indicative of the amounts that the group could have realized or paid in sale transactions as of respective dates. As such, the
fair value of financial instruments subsequent to the reporting dates may be different from the amounts reported at each reporting date.

35. Financial risk management
The group is exposed to market risk (fluctuation in foreign currency exchange rates, price and interest rate), liquidity risk and credit
risk, which may adversely impact the fair value of its financial instruments. The group assesses the unpredictability of the financial
environment and seeks to mitigate potential adverse effects on the financial performance of the group.
(A) Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
prices. Market risk comprises of currency risk, interest rate risk and price risk. Financial instruments affected by market risk include
loans and borrowings, trade receivables and trade payables involving foreign currency exposure. The sensitivity analyses in the
following sections relate to the position as at 31 March 2022 and 31 March 2021.
The sensitivity of the relevant profit or loss item is the effect of the assumed changes in respective market risks. This is based on the
financial assets and financial liabilities held as at 31 March 2022 and 31 March 2021.
(i) Foreign currency exchange rate risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign
exchange rates. The group’s exposure to the risk of changes in foreign exchange rates relates primarily to the trade/ other
payables, trade/other receivables . The risks primarily relate to fluctuations in US Dollar, GBP against the functional currency of
the group. The group’s exposure to foreign currency changes for all other currencies is not material. The group evaluates the
impact of foreign exchange rate fluctuations by assessing its exposure to exchange rate risks.
The following tables demonstrate the sensitivity to a reasonably possible change in US dollars and GBP exchange rates, with
all other variables held constant. The impact on the group’s profit before tax is due to changes in the fair value of monetary
assets and liabilities.
(ii) Sensitivity
The sensitivity of profit or loss to changes in the exchange rates arises mainly from foreign currency denominated financial
instruments and from foreign forward exchange contracts:
Change in USD
1% increase (38.01) (18.86) (28.44) (14.11)
1% decrease 38.01 18.86 28.44 14.11
Change in GBP
1% increase 0.72 0.77 0.54 0.58
1% decrease (0.72) (0.77) (0.54) (0.58)
The movement in the pre-tax effect is a result of a change in the fair value of monetary assets and liabilities denominated in US
dollars and GBP, where the functional currency of the entity is a currency other than US dollars and GBP.
(iii) Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of change
in market interest rates. The group’s exposure to the risk of changes in market interest rates relates primarily to the group’s
debt obligations with floating interest rates. As the group has certain debt obligations with floating interest rates, exposure
to the risk of changes in market interest rates are dependent of changes in market interest rates. Management monitors the
movement in interest rate and, wherever possible, reacts to material movements in such rates by restructuring its financing
arrangement.

As the group has no significant interest bearing assets, the income and operating cash flows are substantially independent of
changes in market interest rates.
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and
borrowings affected. With all other variables held constant, the group’s profit before tax is affected through the impact on
floating rate borrowings, as follows:
Change in interest rate
increase by 100 basis points (94.51) (38.17) (70.72) (28.56)
decrease by 100 basis points 94.51 38.17 70.72 28.56
The assumed increase/decrease in interest rate for sensitivity analysis is based on the currently observable market environment.
(B) Credit Risk
Credit risk is the risk arising from credit exposure to customers, cash and cash equivalents held with banks and current and non-
current held-to maturity financial assets.
With respect to credit exposure from customers, the group has a procedure in place aiming to minimise collection losses. Credit
Control team assesses the credit quality of the customers, their financial position, past experience in payments and other relevant
factors. Cash and other collaterals are obtained from customers when considered necessary under the circumstances.
The carrying amount of trade receivables, loans, advances, deposits, cash and bank balances, bank deposits and interest receivable
on deposits represents company’s maximum exposure to the credit risk. No other financial asset carry a significant exposure
with respect to the credit risk. Bank deposits and cash balances are placed with reputable banks and deposits are with reputable
government, public bodies and others.
The credit quality of financial assets is satisfactory, taking into account the allowance for credit losses.
The group’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management
also considers the factors that may influence the credit risk of its customer base, including default risk associate with the industry
and country in which customers operate. Credit quality of a customer is assessed based on an extensive credit rating scorecard and
individual credit limits are defined in accordance with this assessment.
An impairment analysis is performed at each reporting date on an individual basis for major receivables. In addition, a large number
of minor receivables are grouped into homogenous groups and assessed for impairment collectively. The maximum exposure to
credit risk at the reporting date is the carrying value of each class of financial assets. The group also holds deposits as security from
certain customers to mitigate credit risk.
i. Credit risk on cash and cash equivalents and other bank balances is limited as the group generally invest in deposits with banks
with high credit ratings assigned by external agencies.
ii. Expected credit loss provision created for trade receivable primarily comprise of specific provisions created towards certain
receivables as the group considers the life time credit risk of these financial assets to be very low.
(i) Expected credit loss for trade receivable under simplified approach: All amounts in H lakhs
Gross carrying amount 13,919.99 11,095.52
Expected credit losses (Loss allowance provision) (572.05) (579.18)
Carrying amount of trade receivables 13,347.94 10,516.34

Expected credit loss for financial assets where general model is applied
The financial assets which are exposed to credit risk are loans and employee advances.
Estimated gross Estimated gross
Asset group carrying amount at carrying amount at
default default
Gross carrying amount
Loans 3,022.03 -
3,246.71 176.31
Net carrying amount
Loans 3,022.03 -
Total 3,246.71 176.31
(ii) Reconciliation of loss allowance provision All amounts in H lakhs

Particulars Trade receivables
Loss allowance as at 1 April 2020 505.55
Changes in loss allowance during the period of 2020-21 73.63
Changes in loss allowance during the period of 2021-22 (7.13)
(iii) Significant estimates and judgements

Impairment of financial assets:
The impairment provisions for financial assets disclosed above are based on assumptions about risk of default and expected
loss rates. The group uses judgement in making these assumptions and selecting the inputs to the impairment calculation,
based on the group’s past history, existing market conditions as well as forward looking estimates at the end of each reporting
period.
(C) Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding to meet obligations when
due and to close out market positions. Group’s treasury maintains flexibility in funding by maintaining availability under deposits in
banks.
Management monitors cash and cash equivalents on the basis of expected cash flows.
(i) Financing arrangements:
The group had access to the following undrawn borrowing facilities at the end of the reporting period
As at As at
Particulars
31 March 2022 31 March 2021
Expiring within one year (bank overdraft and other facilities) 23,494.00 28,490.00

(ii) Maturities of Financial liabilities
Contractual maturities of financial liabilities as at :
31 March 2022 31 March 2021
Particulars Less than More than Less than More than
12 months 12 months 12 months 12 months
Borrowings 11,816.17 4,902.96 3,898.09 7,650.44
Trade Payables 8,610.75 - 9,291.45 -
Other Financial Liabilities 4,549.54 12.28 4,058.42 13.66
Total 24,976.46 4,915.24 17,247.96 7,664.10
(iii) Management expects finance cost to be incurred for the year ending 31 March 2023 of H 1,450 Lakhs.
36. Capital management

A. Capital management and Gearing Ratio
For the purpose of the group’s capital management, capital includes issued equity capital, share premium and all other equity
reserves attributable to the equity holders. The primary objective of the company’s capital management is to maximise the
shareholder value.
The group manages its capital structure and makes adjustments in light of changes in economic conditions and the
requirements of the financial covenants. The group monitors capital using a gearing ratio, which is debt divided by total capital.
The group includes within debt, interest bearing loans and borrowings.
Borrowings
Current 11,816.17 3,898.09
Non current 4,902.96 7,650.44
Debt 16,719.13 11,548.53
Equity
Equity share capital 1,732.07 1,652.07
Other equity 71,478.41 61,039.75
Total capital 73,210.48 62,691.82
Gearing ratio in % (Debt/ capital) 23% 18%
In order to achieve this overall objective, the group’s capital management, amongst other things, aims to ensure that it meets
financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. Breaches
in meeting the financial covenants would permit the bank to immediately call loans and borrowings.
No changes were made in the objectives, policies or processes for managing capital during the years ended 31 March 2022
and 31 March 2021.
B. Dividends All amounts in H lakhs

Dividends recognised
During the year, the directors have recommended the payment of an interim 1,153.67 824.05
dividend of H 7/- per fully paid equity share (31 March 2021 - H 5/-).
For the year ended the directors have recommended the payment of a final 1,382.48 1,648.10
dividend of H 8/- per fully paid equity share (31 March 2021 - H 10/-). This
proposed dividend is subject to the approval of shareholders in the ensuing
annual general meeting, hence the same is not recognised.

37. Segment information
The group’s Managing Director and Joint Managing Director examines the group’s performance from a product perspective and
has identified two reportable segments:
1. Building products - The building products division produces asbestos sheets, solar panels ,accessories used mostly as roofing
material and non asbestos flat sheets and sandwich panels used as interiors.
2. Synthetic Yarn - Synthetic yarn division manufactures Yarn out of blends of polyester, viscose, other materials which go into the
weaving of fabric. They primarily uses a measure of profit before tax to assess the performance of the operating segments.
Segment revenue and expenses:
The group has an established basis of allocating Joint/Corporate expenses to the segments, which is reasonable, and followed
consistently. All other segment revenue and expenses are attributable to the segments. Certain Expenses/Income are not specifically
allocable to specific segments and accordingly these expenses are disclosed as unallocated corporate expenses or income and
adjusted only against the total income of the group.Segment result includes the respective other income.
Segment assets and liabilities:
Segment assets include all operating assets used by a segment and consist principally of operating cash, debtors, inventories and
fixed assets, net of allowances and provisions that are reported as direct offsets in the balance sheet. While most assets can be
directly attributed to individual segments, the carrying amount of certain assets used jointly by two or more segments is allocated
to the segments on a reasonable basis. In such cases, the entire revenue and expenses of these assets including depreciation are
also allocated to the same segments. Assets which are not allocable to the segments have been disclosed as ‘unallocated corporate
assets’. Segment liabilities include all operating liabilities and consist principally of creditors and accrued liabilities. Segment assets
and liabilities do not include deferred income taxes. The loans and other borrowings that are not specifically allocable to the various
segments are disclosed as ‘unallocated corporate liabilities’.
Inter segment transfers:
The group adopts a policy of pricing inter-segment transfers at cost to the transferor segment..
Summary of segment information All amounts in H lakhs

A. Revenue
Segment revenue
Building product 1,16,753.64 1,00,990.16
Synthetic yarn 24,827.78 13,663.75
Total revenue 1,41,581.42 1,14,653.91
B. Segment profit
Synthetic yarn 4,410.86 312.07
Segment operating profit 20,509.39 18,734.03
Reconciliation of segment operating profit to operating profit
Unallocated:
Unallocated corporate expenses (3,936.58) (3,139.83)
Unallocated corporate Income 641.73 612.76
Operating profit 17,214.54 16,206.96
Finance costs (1,155.51) (1,281.39)
Income tax expense (4,226.61) (3,861.30)
Profit after tax 11,832.42 11,064.27

37. Segment information (Contd.)
Segment Assets
Synthetic yarn 14,622.35 13,784.48
Unallocated corporate assets 12,628.45 15,482.46
Total assets 1,10,896.73 94,890.04
Segment liabilities
Synthetic yarn 1,842.81 1,423.09
Unallocated corporate liabilities 22,832.92 17,268.20
Total liabilities 37,686.25 32,198.22

Geographical segment revenue by location of customers
India 1,31,022.76 1,08,180.68
Outside India 10,558.66 6,473.23
1,41,581.42 1,14,653.91

Geographical segment assets
India 109,191.70 93,822.86
Outside India 1,705.03 1,067.18
1,10,896.73 94,890.04
38. Contingent liabilities

The group has following contingent liabilities as at:
(i) VAT/CST/Entry tax * 85.28 146.43
(ii) Excise duty/Customs duty/Service tax* 6,049.47 5,974.63
(iii) Thirty party claims not acknowledged as debts - 200.01
Total 6,134.75 6,321.07
Includes H 143.99 lakhs (2021 H 58.47 lakhs) paid under protest.
The group has established a liability with respect to contingencies for which loss is probable or estimable (Refer Note 23). While
the ultimate resolution of and liability and cost relatable to these matters cannot be determined with certainity, the management
does not believe any of these pending actions, individually or in the aggregate, will materially impact operations or materially affect
financial condition or liquidity.
39. Commitments
(a) Capital commitments
Capital expenditure contracted for at the end of the reporting period but not recognised as liabilities is as follows:
Property, plant and equipment 4,023.19 4,706.12
Total 4,023.19 4,706.12

40. Related party transactions
Names of related parties and nature of relationships:
Names of the related parties Nature of relationship
i) Key Managerial Personnel (KMP):
Mrs.G.Saroja Vivekanand Managing Director
Mr.G.Vamsi Krishna Joint Managing Director
Mr.V.Vallinath (till September 08, 2020) Whole Time Director & CFO
Mr.J.Pruthvidhar Rao Whole Time Director & COO
Mr.S.Shafiulla (with effect from September0 9, 2020) Chief Financial Officer
Late Mr.I. Srinivas (till May 05, 2021) Company Secretary & Vice-President (Corporate Affairs)
Mr. M.Muralidhar (with effect from November 01, 2021 till January Company Secretary & Chief Management Accountant
21, 2022)
Mr. K.Ramakanth ((with effect from January 22, 2022) Company Secretary & Assistant Vice President
ii) Non-whole-time Directors
Mr. Bhagirat B. Merchant (Retired on March 31, 2021) Director
Dr. G.Vivekanand Director
Mr. Gusti Noria Director
Late Mr. V. Pattabhi (Retired on March 31, 2021) Director
Mr. P. Srikar Reddy Director
Mr. Gogineni Appnender Babu Director
Mrs. Vanitha Datla (with effect from May 26, 2020) Director
iii) Relatives of key managerial personnel/Directors:
Mrs. G.Vritika Daughter of Mrs. Saroja Vivekanand
Mrs. G.Vaishnavi Daughter of Mrs. Saroja Vivekanand
Mr. G.Venkat Krishna Son of Mrs. Saroja Vivekanand
Mrs. B.L. Sujata Spouse of Mr. V.Vallinath
Mrs. K.Vimala Mother of Mrs. Saroja Vivekanand
Mrs. Dinaz Gusti Noria Spouse of Mr. Gusti Noria
Mr. Youhan Gusti Noria Son of Mr. Gusti Noria
iv) Enterprises in which key managerial personnel and/or their
relatives have control:
a) Visaka Thermal Power Limited
b) Visaka Charitable Trust
c) VIL Media Private Limited
d) A-Bond Strands Private Limited (ceased with effect from
December 2,2020)
e) V-Solar roofing Private Limited
f ) G Vivekanand family trust
g) SV family trust
h) Arudra Roofings Private Limited

Details of transactions during the year where related party relationship existed: All amounts in H lakhs

31 March 2022 31 March 2021
Mrs. G.Saroja Vivekanand Remuneration* 883.28 834.83
Mr.G.Vamsi Krishna Remuneration* 521.81 496.79
Mr.V.Vallinath Remuneration* - 164.29
Mr.J.Pruthvidhar Rao Remuneration* 121.37 102.77
Mr.S.Shafiulla Remuneration* 55.93 24.84
Mr.I. Srinivas Remuneration* 26.81 36.71
Mr. M. Muralidhar Remuneration* 11.57 -
Mr. K. Ramakanth Remuneration* 10.44 -
Mrs. G.Saroja Vivekanand Dividend paid 50.00 14.71
Dr.G.Vivekanand Dividend paid 1,124.14 330.60
Mr.G.Vamsi Krishna Dividend paid 3.69 1.09
Mrs. G.Vritika Dividend paid 0.68 0.20
Mrs. G.Vaishnavi Dividend paid 0.68 0.20
G Vivekanand family trust Dividend paid 6.24 1.83
SV family trust Dividend paid 2.64 0.77
Arudra Roofings Private Limited Dividend paid 96.58 28.41
VIL Media Private Limited Dividend paid 0.08 0.02
Mr. Gusti Noria Dividend paid 0.48 -
Mrs. Dinaz Gusti Noria Dividend paid 0.17 -
Mr. Youhan Gusti Noria Dividend paid 0.02 -
Mr. Bhagirat B. Merchant Commission and Sitting fees - 12.55
Dr. G.Vivekanand Commission and Sitting fees 11.15 11.80
Mr. Gusti Noria Commission and Sitting fees 12.65 12.15
Mr. V. Pattabhi Commission and Sitting fees - 12.55
Mr. P. Srikar Reddy Commission and Sitting fees 12.20 11.35
Mr. Gogineni Appnender Babu Commission and Sitting fees 11.75 11.50
Mrs. G.Vritika Interest on Public Deposits 4.08 2.67
Mrs. G.Vaishnavi Interest on Public Deposits 3.75 3.65
Mr. G.Venkat Krishna Interest on Public Deposits 0.57 0.60
Mrs. B.L. Sujata Interest on Public Deposits - 3.45
Mrs. K.Vimala Interest on Public Deposits 2.50 2.80
Dr.G.Vivekanand Loan received 636.00 1,130.00
Loan Repaid 636.00 1,380.00
Mrs. G.Saroja Vivekanand Loan received 230.00 472.70
Loan Repaid 230.00 472.70
Mr.G.Vamsi Krishna Royality paid - 9.57

Details of transactions during the year where related party relationship existed: (Contd.) All amounts in H lakhs

31 March 2022 31 March 2021
Arudra Roofings Private Limited ICD received - 114.00
ICD repaid 114.00 -
Interest on ICD 1.15 1.38
VIL Media Private Limited Advertising Expenses 748.58 591.72
ICD received 1,210.00 -
ICD repaid 1,210.00 -
Interest on ICD 15.32 -
Visaka Charitable Trust Contribution towards CSR - 136.10
A- Bond Strands Private limited Handling Charges - 2.08
Interest on security deposits - 1.24
Mrs. G.Vritika Public Deposits received 15.00 8.00
Mrs. G.Vaishnavi Public Deposits received 3.25 3.42
Mrs. B.L. Sujata Public Deposits repaid - 36.00
Mr.J.Pruthvidhar Rao Advances given 26.54 -
Advances repaid 2.75 17.93
Mr.S.Shafiulla Advances repaid 2.56 -
* Post employment benefits are actuarially determined on overall basis and hence not seperately provided.
Details of outstanding balances as at the year end where related party relationship existed: All amounts in H lakhs
Names of the related parties Nature of Balance 31 March 2022 31 March 2021
Arudra Roofings Private Limited ICD outstanding - 114.00
Mrs. G.Vritika Public Deposits Outstanding 47.34 32.34
Ms. G.Vaishnavi Public Deposits Outstanding 39.35 36.10
Mr. G.Venkat Krishna Public Deposits Outstanding 6.00 6.00
Mrs. K.Vimala Public Deposits Outstanding 25.00 25.00
Mr.J.Pruthvidhar Rao Advances Outstanding 25.06 1.27
Mr.S.Shafiulla Advances Outstanding - 2.56
41. Earnings per share (EPS)

Particulars
31 March 2022 31 March 2021
Profit after tax attributable to the owners ( H in lakhs) 11,832.42 11,064.27
Weighted average number of equity shares outstanding in calculating Basic EPS 166.32 161.59
(Nos in lakhs)
Weighted average number of equity shares outstanding in calculating Diluted EPS 170.44 163.59
(Nos in lakhs)
Face value per share H 10.00 10.00
Basic Earnings per Share (EPS) H 71.14 68.47
Diluted Earnings per Share (EPS) H 69.42 67.63

42. Assets pledged as security
The carrying amounts of assets pledged as security for current and non-current borrowings are:
Non-current Assets
(a) Property, plant and equipment 46,052.14 39,617.22
(b) Capital work-in-progress 4,954.96 509.33
(c) Intangible assets 0.00 0.00
(d) Financial assets
Investments 0.00 0.00
Other financial assets 108.02 107.90
(e) Other non-current assets 4,785.77 4,309.45
Current Assets
(a) Inventories 29,378.46 24,926.70
(i) Trade receivables 13,347.94 10,516.34
(ii) Cash and cash equivalents 2,424.39 11,107.20
(iii) Other bank balances 312.23 573.57
(iv) Loans 3,022.03 -
(v) Other financial assets 338.26 202.57
(c) Other current assets 6,172.53 3,019.76
TOTAL 110,896.73 94,890.04
43. The details of dues to micro enterprises and small enterprises (MSME) as defined under Micro,Small and Medium Enterprises
Development Act, 2006 (‘MSMED Act’) and disclosures pursuant to the MSMED Act are as follows (note 20):
Principal amount due to suppliers registered under the MSMED Act and remaining 204.57 36.35
unpaid as at year end
Interest due to suppliers registered under the MSMED Act and remaining unpaid - -
as at year end
Principal amounts paid to suppliers registered under the MSMED Act, beyond the - -
appointed day during the year
Interest paid, under Section 16 of MSMED Act, to suppliers registered under the - -
MSMED Act, beyond the appointed day during the year
Interest paid, other than under Section 16 of MSMED Act,to suppliers registered - -
under the MSMED Act, beyond the appointed day during the year
Amount of interest due and payable for the period of delay in making payment - -
(which have been paid but beyond the appointed day during the year) but
without adding the interest specified under the MSMED Act
Interest accrued and remaining unpaid at the end of each accounting year - -
Amount of further interest remaining due and payable even in the succeeding - -
years, until such date when the interest dues above are actually paid to the small
enterprise, for the purpose of disallowance of a deductible expenditure under
section 23 of the MSMED Act
44. Impact assessment of the global health pandemic- COVID-19 and related estimation uncertainty
The impact of Covid -19 pandemic felt across the economy and business segments. Consequent to significant opening up of the economic
activity in the country, the demand for the group’s products has improved compared to that during the initial phases of Covid-19 including
the lock down period. All the business segments of the Company have substantially recovered as at year end. In preparation of these
financial statements, the group has taken into account both the current situation and likely future developments.

45. Interest in Other Entities
The Company’s subsidiaries as at 31 March 2022 are set out below.
Place of Business/ Ownership interest

Ownership interest held by Non-Controlling interests
Name of the entity Country of incorpo- held by the Company
ration 31 March 2022 31 March 2022 Principal activity
Vnext Solutions India 100% 0% To undertake various construction activity with
Private Limited V Infill materials, fibre cement boards, solar
panels and other building materials.
Atum Life Private India 100% 0% Trading of green products, eco-friendly products,
Limited sustainable products and organic products.
46. Other disclosures

Additional Information required by Schedule III
Net Assets(Total Assets Share in Other Comprehen- Share in Total Comprehen-
31 March 2022 Share in Profit or (Loss)
minus Total Liabilities) sive Income sive Income
As % of As % of As % of Con- As % of Con-
Name of the entity in the Consoli- Consolidat- solidated Other solidated Total
Amount Amount Amount Amount
group dated net ed Profit or Comprehensive Comprehen-
assets (Loss) Income sive Income
Parent Company:
Visaka Industries Limited 100.03% 73,231.05 100.17% 11,852.79 100.00% 42.00 100.17% 11,894.79
Sub-total (A) 100.03% 73,231.05 100.17% 11,852.79 100.00% 42.00 100.17% 11,894.79
Subsidiaries
Vnext Solutions Private 0.15% 108.31 0.06% 7.12 0.00% - 0.06% 7.12
Limited
Atum Life Private Limited 0.15% 113.12 -0.23% (27.49) 0.00% - -0.23% (27.49)
Sub-total of subsidiaries 0.30% 221.43 -0.17% (20.37) 0.00% - -0.17% (20.37)
(B)
Sub-total (A+B) 100.33% 73,452.48 100.00% 11,832.42 100.00% 42.00 100.00% 11,874.42
Adjustments arising out of -0.33% (242.00) 0.00% - 0.00% - 0.00% -
Consolidation (C)
Total (A+B+C) 100.00% 73,210.48 100.00% 11,832.42 100.00% 42.00 100.00% 11,874.42

Net Assets(Total Assets Share in Other Comprehen- Share in Total Compre-
31 March 2021 Share in Profit or (Loss)
minus Total Liabilities) sive Income hensive Income
As % of As % of As % of Con- As % of Con-
Name of the entity in the Consoli- Consolidat- solidated Other solidated Total
Amount Amount Amount Amount
group dated net ed Profit or Comprehensive Comprehen-
assets (Loss) Income sive Income
Parent Company:
Visaka Industries Limited 100.00% 62,692.02 100.00% 11,064.47 100.00% 22.11 100.00% 11,086.58
Sub-total (A) 100.00% 62,692.02 100.00% 11,064.47 100.00% 22.11 100.00% 11,086.58
Subsidiaries
Vnext Solutions Private Limited 0.00% 1.19 0.00% 0.19 0.00% - 0.00% 0.19
Atum Life Private Limited 0.00% 0.61 0.00% (0.39) 0.00% - 0.00% (0.39)
Sub-total of subsidiaries (B) 0.00% 1.80 0.00% (0.20) 0.00% - 0.00% (0.20)
Sub-total (A+B) 100.00% 62,693.82 100.00% 11,064.27 100.00% 22.11 100.00% 11,086.38
Adjustments arising out of 0.00% (2.00) 0.00% - 0.00% - 0.00% -
Consolidation (C)
Total (A+B+C) 100.00% 62,691.82 100.00% 11,064.27 100.00% 22.11 100.00% 11,086.38

47. Valuation of Property Plant & Equipment, intangible asset
The group has not revalued its property, plant and equipment or intangible assets or both during the current or previous year.
48. Loans or advances to specified persons
No loans or advances in the nature of loans are granted to promoters, directors, KMPS and the related parties (as defined under Companies
Act, 2013,) either severally or jointly with any other person, that are repayable on demand or without specifying any terms or period of
repayment.
49. Details of benami property held
No proceedings have been initiated on or are pending against the group for holding benami property under the Benami Transactions
(Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.
50. Borrowing secured against current assets
The group has borrowings from banks on the basis of security of current assets. The quarterly returns or statements of current assets filed
by the group with banks are in agreement with the books of accounts.
51. Wilful defaulter
None of the entites of the group have been declared wilful defaulter by any bank or financial institution or other lender.
52. Relationship with struck off companies
The group has no transactions with the companies struck off under Section 248 of the Companies Act, 2013 or Section 560 of the
53. Compliance with number of layers of companies
The group has complied with the number of layers prescribed under the Section 2(87) of the Companies Act, 2013 read with Companies
(Restriction on number of layers) Rules, 2017.
54. Utilisation of borrowed funds and share premium
No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds)
by the group to or in any other person or entity, including foreign entities (“Intermediaries”) with the understanding, whether recorded in
writing or otherwise, that the Intermediary shall lend or invest in party identified by or on behalf of the group (Ultimate Beneficiaries). The
group has not received any fund from any party (Funding Party) with the understanding that the group shall whether, directly or indirectly
lend or invest in other persons or entities identified by or on behalf of the group (“Ultimate Beneficiaries”) or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries.
55. Undisclosed income
There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income Tax
Act, 1961, that has not been recorded previously in the books of account.
56. Details of crypto currency or virtual currency
The group has not traded or invested in crypto currency or virtual currency during the current or previous year.
57. Utilisation of borrowings availed from banks and financial institutions
The borrowings obtained by the group from banks and financial institutions have been applied for the purposes for which such loans
were taken.

Partner
Place: Secunderabad
Date: May 09, 2022

Notice
Notice
Notice is hereby given that the 40th Annual General Meeting (“the Act”) and Rules made thereunder (including any statutory
of VISAKA INDUSTRIES LIMITED (“The Company”) will be held modification(s) or re-enactment thereof, for the time being
on Friday , the 17th day of June 2022 at 11.30 A.M. IST through in force), applicable provisions of SEBI (LODR) Regulations,
Video Conferencing (“VC”) / Other Audio Visual Means (“OAVM”) 2015, the relevant provisions of the Articles of Association of
to transact the following business: the Company and subject to such other approvals, as may be
necessary, consent of the Members be and is hereby accorded
ORDINARY BUSINESS to the re-appointment of Shri G. Vamsi Krishna (DIN:03544943)
1. To consider and adopt the audited financial statements as Joint Managing Director a Whole-time Key Managerial
(standalone and consolidated) of the Company for the Personnel (KMP) of the Company for a period of 5 years effective
financial year ended March 31, 2022 and reports of Board of from May 6, 2022, liable to retire by rotation on the following
Directors of the company and Auditors’ thereon as on that terms and conditions;
date.
A) Basic Salary per month: H 6,00,000/- (Rupees Six Lakhs
2. To confirm payment of Interim Dividend and declaration of only) in the pay scale of H 6,00,000/- to H 10,00,000/-
Final Dividend B) Perquisites & Allowances: In addition to the aforesaid
To confirm the payment of Interim Dividend of H 7.00 per salary, Shri. G. Vamsi Krishna shall also be entitled to the
Equity share and to declare a Final Dividend of H 8.00 per following perquisites and allowances:
Equity Share for the Financial Year 2021-22 (1) Housing: Furnished / unfurnished residential
3. To appoint a Director in place of Shri J P Rao (DIN:03575950) accommodation or House Rent Allowance upto
who retires by rotation and being eligible, offers himself for 50% of the salary thereof. The expenditure incurred
reappointment. on Gas, Electricity, Water and Furnishings, if any will
be paid on actual basis by the Company and shall
4. To appoint statutory auditors of the Company from the
be evaluated as per Income Tax Rules, 1962 or any
conclusion of this 40th Annual General Meeting of the
modification thereof.
Company till the conclusion of the 45th Annual General
Meeting of the Company to be held in the year 2027 and to (2) Medical Reimbursement/Allowance: Expenses
fix their remuneration. incurred for self and family subject to a ceiling of
one-month salary in a year or 3 month’s salary over
“RESOLVED THAT pursuant to Section 139, 142 and all other a period of three years.
applicable provisions, if any, of the Companies Act, 2013
(3) Leave Travel Concession: For self and family once in
read with the Companies (Audit and Auditors) Rules, 2014,
a year in accordance with the rules of the Company.
(including any statutory modification(s) or re-enactment
thereof ) and pursuant to the recommendations of the Audit (4) Club Fees: Fees payable subject to a maximum of
Committee and the Board of Directors of the Company, M/s. two clubs.
Price Waterhouse & Co, Chartered Accountants LLP, having (5) Use of Car with Driver: The Company shall provide
registration No. 304026E/E-300009 be and are hereby re- a car with driver for business use.
appointed as the Statutory Auditors of the Company for a
term of five consecutive years, who shall hold office from (6) Communication facilities: The Company will provide
the conclusion of this 40th Annual General Meeting of the all communication facilities like Telephone/Internet/
Company till the conclusion of the 45th Annual General Mobiles/Fax at residence of the Joint Managing
Meeting of the Company to be held in the year 2027 on such Director and will pay the bills on actual basis.
remuneration as may be decided by the Board of Directors (7) Special Allowance: 15% of the Basic pay.
in consultation with the Statutory Auditors of the Company.”
C) Other benefits:
SPECIAL BUSINESS (1) Contribution to Provident Fund or Annuity Fund as
5. To consider and if thought fit, to pass, with or without per the rules of the Company.
modification(s), the following Resolution(s) as a Special (2) Gratuity payable as per the rules of the Company.
Resolution:
(3) Encashment of Leave at the end of tenure shall be
“RESOLVED THAT pursuant to the provisions of Sections allowed as per the rules of the Company.
196, 197, 198, 203 and any other applicable provisions of the
Companies Act, 2013 (“the Act”) read with Schedule V and D) Commission: In addition to the above, commission
other applicable provisions, if any, of the Companies Act, 2013 not exceeding 2.5% of the net profits of the company

shall be paid to Shri G. Vamsi Krishna as Joint Managing by the Board of Directors of the Company, to conduct the
Director of the Company. audit of the cost records of the Company for the financial year
E) Increments: Increments may be given subject to the ending March 31, 2023, be paid a remuneration of H 1,65,000/-
overall limits specified under Section 197 read with exclusive of out of pocket expenses and applicable taxes.
Schedule V of the Companies Act, 2013. RESOLVED FURTHER THAT the Board of Directors of the
Minimum Remuneration: Notwithstanding anything to the Company be and is hereby authorised to do all acts and take
contrary herein contained, where in any financial year during all such steps as may be necessary, proper or expedient to
the currency of the tenure of the Joint Managing Director, give effect to this resolution.
the Company has no profits or its profits are inadequate,
the Company will pay to the Joint Managing Director By order of the Board
remuneration by way of Salary, Benefits, Perquisites and For VISAKA INDUSTRIES LIMITED
Allowances and Incentive Remuneration as specified above. Ramakanth Kunapuli
“RESOLVED FURTHER THAT, the Board of Directors or its Assistant Vice President &
duly constituted committee be and is hereby authorized to Company Secretary
alter and vary the terms and conditions of appointment and/ Membership No. F5539
or remuneration including annual increments based on the Date: May 9, 2022
performance appraisal, provided the same are not exceeding the Place: Hyderabad
limits specified under Section 197 and other applicable provisions Registered Office:
of the Companies Act, 2013 read with Schedule V thereto. Survey No.315, Yelumala Village,
6. To consider and if thought fit, to pass, with or without R.C.Puram Mandal, Sangareddy District,
modification(s), the following Resolution(s) as an Ordinary Telangana – 502 300
Resolution: CIN: L52520TG1981PLC003072
Website: www.visaka.co
RESOLVED THAT pursuant to the provisions of Section 148 Email: Investor.relations@visaka.in
and other applicable provisions, if any, of the Companies Act, Phone: 040-27813833, 040-27813835
2013 and the Companies (Audit and Auditors) Rules, 2014
(including any statutory modification(s) or re-enactment(s)
thereof, for the time being in force), M/s. Sagar & Associates,
Cost Accountants, Hyderabad, the Cost Auditors appointed
NOTES: 3. Members attending AGM through VC / OAVM shall be

1. In view of the Covid-19 pandemic, the Ministry of Corporate counted for the purpose of reckoning the quorum under the
Affairs (“MCA”) has, vide its circular dated May 5, 2022 read provisions of the Act.
with other previous circulars issued in that connection 4. Since this AGM is being held through VC / OAVM pursuant to
(collectively referred to as “MCA Circulars”), permitted for the MCA Circulars, physical attendance of Members has been
holding the Annual General Meeting (“AGM”) through dispensed with. Accordingly, the facility to appoint proxies by
VC / OAVM and thus physical attendance of Members has the Members will not be available for the AGM and hence the
been dispensed with. In compliance with the said Circulars, Proxy Form and Attendance Slip are not annexed to this Notice.
the AGM of the Company is being held through Video
Conference (VC) / Other Audio-Visual Mode (OAVM) and as 5. The Statement pursuant to Section 102(1) of the Companies
such the route map is not annexed to this Notice. Act, 2013 relating to the Special Business to be transacted at
the Meeting is annexed hereto and forming part of this Notice.
2. In compliance with the aforesaid circulars, this Notice
together with annual report 2021-22 is being sent only 6. The Register of members and share transfer Books of the
through electronic mode to those members whose email Company will be closed from May 30, 2022 to June 03,2022
addresses are registered with the company / depositories. (both days inclusive). The members are requested to –
Copies of the Notice and annual report 2021-22 will also a) Intimate changes if any, relating to name, their registered
be uploaded on the company’s website at www.visaka.co, addresses, email addresses, telephone/mobile numbers,
websites of stock exchanges i.e., BSE Ltd and National Stock Permanent Account Numbers (PAN), mandates,
Exchange of India Ltd., at www.bseindia.com and www. nominations, power of attorney at an early date:
nseindia.com respectively. i) to the Company or

Notice
ii) Company’s Registrar and Transfer Agents, Kfin iv. Amounts lying in the Unclaimed Dividend account
Technologies Limited (Kfintech), in case they hold together with shares, if any, in respect of the Dividend for
shares in physical form and the Year 2014–15 will be transferred to Investor Education
iii) to their Depository Participants in case they hold and Protection Fund on or before August 31, 2022.
shares in electronic form. Accordingly, shareholders who have not claimed Dividend
in respect of the said Dividend for the year 2014-15 are
b) Quote Ledger Folio/Client ID in all the correspondence requested to claim the same on or before August 31, 2022;
and
11. In connection with 1st Interim Dividend, H 7/- per share
c) Intimate to their respective Depository Participant
(i.e., 70%) declared on equity share of H 10/- each fully paid-
about changes in bank particulars such as name of the
up for the financial year 2021–22, an amount aggregating
bank, branch details, bank account number, MICR Code,
to H 11,53,66,664/- was paid to the shareholders through
IFSC Code etc., in case members are holding shares in
electronic means i.e., NEFT, RTGS, ECS and NECS etc.
electronic form. In all such cases, the Company or its
Registrar and Transfer Agents, Kfintech cannot act on 12. All documents referred to in the notice and explanatory
any request received directly from such members. statement are open for inspection at the Corporate Office
of the Company during office hours on all working days
7. SEBI has mandated that with effect from April 1, 2019
(from Monday to Friday) except public holidays, between
securities of listed companies can / should be transferred
11.00 A.M. and 1.00 P.M. up to the date of the annual general
only in dematerialized form. Accordingly, members holding
meeting.
shares in physical form are advised to avail the facility of
dematerialisation and the company / RTA has stopped 13. The business as set out in the notice will be transacted only
accepting any fresh lodgment of transfer of shares in physical through voting by electronic means i.e. e-voting system
form. and as required, the Company is providing the said e-voting
facility to all its members. Under the said system, members
8. Institutional / Corporate Shareholders (i.e. other than
are allowed to exercise their voting rights through remote
individuals / HUF, NRI, etc.) are required to send a scanned
e-voting process, wherein they can cast their vote from a
copy (PDF/JPG Format) of its Board or governing body
place other than venue of the meeting. Apart from aforesaid
Resolution/Authorization etc., authorizing its representative
remote e-voting facility, voting through e-voting system
to attend the AGM through VC / OAVM on its behalf or to
will also be provided during the AGM and those members
participate in e-voting. The said Resolution/Authorization
who did not exercise their vote under remote e-voting, are
shall be sent to the Scrutinizer through their registered mail-
allowed to cast their vote under this platform.
id addressing to vil-evoting2022agm@visaka.in. with a copy
marked to Kfintech, email-id einward.ris@kfintech.com. The 14. M/s. KFin Technologies Limited (Kfintech) will be providing
file scanned image of the board resolution should be in the facility for voting through remote e-voting, for participation
naming format “Corporate name event no.” in the Fortieth AGM through VC/OAVM and e-voting during
the AGM. The e-voting facility will be available at the link
9. Members desiring any information pertaining to accounts
https://evoting.kfintech.com. during the voting period as
are requested to write to the Company at least fifteen days
mentioned at point no. 20 below.
before the date of the meeting to enable the management
to keep the information ready during the meeting. 15. This Notice together with annual report 2021-22 containing
instructions as to creation of login ID and password for
10. Adhering to the various requirements set out in terms of
e-voting along with process and manner is being sent only
provisions of Section 125 of the Companies Act, 2013 read with
through electronic mode to those members who have
Investor Education and Protection Fund Authority (Accounting,
registered their e-mail IDs. Since, physical attendance of
Audit, Transfer and Refund) Amendment Rules, 2017:
Members has been dispensed with, the requirement relating
i. The company has transferred 8345 equity shares to the to put every resolution to vote through a ballot process at
IEPF authority in respect of which no claim for dividend the meeting will not be applicable. The detailed instructions
from the shareholders has been made for the seven as to accessing the Kfintech portal, creation of login ID and
consecutive preceding years. password etc., relating to remote e-voting and participation
in AGM are provided at point no.20 in detailed manner.
ii. The said details have also been uploaded on the
website of the IEPF Authority and on the website of 16. To support Green initiative, members who have not
the Company as well. The same can be accessed at registered their e-mail addresses so far, are requested to
http://www.visaka.co and www.iepf.gov.in. register their e-mail address for receiving all communication
including Annual Report, Notices, Circulars, etc., from the
iii. Respective members may claim back the aforesaid shares
Company electronically.
as well as unclaimed dividend from IEPF authority and

17. In case of joint holders attending the Meeting, only such joint holder who is higher in the order of names will be entitled to vote
18. Information on Directors recommended for appointment/re-appointment as required under Regulation 36(3) of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015.
Name of the Director Shri G. Vamsi Krishna Shri J. P. Rao.
Qualification B.S. from Purdue University, USA. B.A, M.B.A
Age 33 Years 62 Years.
Date of First Appointment 01.06.2014 07.05.2015
Terms & Conditions of Re-appointment Basic Salary per month: Being Reappointment as a director liable to
along with Remuneration sought to be paid. H 6,00,000/- (Rupees Six Lakhs only) in the retire by rotation.
pay scale of H 6,00,000/- to H 10,00,000/-
with Perquisites & Allowances. For further
details, please refer the item no. 5 of the
explanatory Statement to this Notice.
Remuneration last drawn. Please reffer report on the Corportae Please reffer report on the Corportae
Governance of the Annual Report 2021-22 Governance of the Annual Report 2021-22
Relationship with other Directors, manager Dr. G. Vivekanand, Chairman - Father He does not have any relation with any
and other key managerial personnel of the other director or Key managerial person of
Smt. G. Saroja Vivekanand, MD - Mother
Company. the Company
Brief Profile and expertise in specific Played a key role in phenomenal growth in He has long stint and rich experience in
functional area. Turnover and profitability achieved by the versatile roles in sales, distribution and
Company for the last 8 years by continuously marketing functions, both at domestic as
developing and executing the company’s well as global level. He has been associated
business strategies and implementing with the Company for the last 38 years
comprehensive and successful business during said period, he dealt with various
plans. He has also implemented various key operations of the Company and made
cost reducing technics without affecting valuable contributions.
quality and introduced various new
steps for cost effective operations and
market development activities. He is the
brain behind development of modern
technology with the Vnext Fiber Cement
range (2008) that was GreenPro certified
in 2014 which is an eco-friendly substitute
to conventional materials like plywood,
gypsum boards and traditional brick wall
construction. Introduced solid load bearing
wall solution, Vnext Infill in 2017 as an
addition to the Vnext range. Also launched
the innovative ATUM Solar Roof in 2017 an
integrated solar roof as an alternative to the
conventional retrofit solar systems, which
was patented in August 2020. Developed
ATUM powered pushcarts to help low-
income entrepreneurs with their daily
expenses that offer both roofing and power
for their business needs.
No. of Board meetings attended during the 5 out of 5 meetings held 5 out of 5 meetings held
year.
Names of other companies in which V-Solar Roofings Pvt Ltd, Atum Life Private Vnext Solutions Private Ltd
directorship(s) is held Limited, Karido Private Limited, Vnext
Atum Life Private Limited
Solutions Private Ltd, Atumobile Private Ltd

Notice
Name of the Director Shri G. Vamsi Krishna Shri J. P. Rao.

Names of other companies in which holds Nil Nil
the membership of Committees of the
Board.
No. of Equity Shares of H 10/- each held in 1,21,730 Nil
the Company as on 31st March, 2022.
19. Members may join the Fortieth (40th) AGM through VC/ viii. On the voting page, enter the number of shares as on
OAVM by following the procedure which shall be kept open the cut-off date under FOR/AGAINST or alternately you
for the Members from 11.00 a.m. i.e. 30 minutes before the may enter partially any number in FOR and partially in
time scheduled to start the AGM and the Company may AGAINST but the total number in FOR/AGAINST taken
close the window for joining the VC/OAVM 15 minutes after together should not exceed the total shareholding. You
the scheduled time to start the Fortieth AGM. The detailed may also choose the option ABSTAIN.
instructions for participating in the Fortieth AGM through
ix. Members holding multiple folios / demat account shall
VC/OAVM are given in point No 20. Members may note that
choose the voting process separately for each folio /
the VC/OAVM provided by Kfintech allows participation
demat account.
of at least 1000 Members on a first-come-first-served
basis. The large shareholders (i.e. shareholders holding x. Cast your vote by selecting an appropriate option and
2% or more shareholding), promoters/promoter group, click on SUBMIT. A confirmation box will be displayed.
institutional investors, Directors, Key Managerial Personnel, Click OK to confirm else CANCEL to modify. Once you
the Chairpersons of the Audit Committee, Nomination & confirm, you will not be allowed to modify your vote.
Remuneration Committee and Stakeholders Relationship During the voting period, Members can login any
Committee, Auditors, etc. can attend the AGM without any number of times till they have voted on the resolution.
restriction on account of first-come-first-served principle.
xi. Once the vote on the resolution is cast by the Member,
20. Information and other instructions relating to remote he/she shall not be allowed to change it subsequently.
e-voting:
xii. The Portal will be open for voting from 9.00 a.m. on 13th
i. Use the following URL for e-voting from KFintech June, 2022 and closes at 5.00 p.m. on 16th June, 2022.
website: https://evoting.kfintech.com
xiii. Members of the Company who have purchased their
ii. Members of the Company holding shares either in shares after the dispatch of the Notice but before the cut-
physical form or in dematerialised form, as on 10th June, off date (10th June, 2022) may contact KFintech at Tel No.
2022 the cut-off date (Record Date), may cast their vote 1800-3094-001 (toll free) to obtain login id and password
electronically. or send a request to einward.ris@kfintech.com.
iii. Enter the login credentials [i.e., user id and password xiv. In case of any queries, you may refer the Frequently
mentioned in the Attendance Slip enclosed with this Asked Questions (FAQs) for shareholders and e-voting
Member]. Your Folio No/DP ID Client ID will be your user ID. User Manual for shareholders available at the download
iv. After entering the details appropriately, click on LOGIN. section of https://evoting.kfintech.com or contact
KFintech at Tel No. 1800-3094-001 (toll free).
v. You will reach the Password change menu wherein you
are required to mandatorily change your password. The xv. Pursuant to SEBI circular no. SEBI/HO/CFD/CMD/
new password shall comprise of minimum 8 characters CIR/P/2020/242 dated 9th December 2020 on “e-voting
with at least one upper case (A-Z), one lower case (a- facility provided by Listed Companies”, e-voting process
z), one numeric value (0-9) and a special character. The has been enabled to all the individual demat account
system will prompt you to change your password and holders, by way of single login credential, through their
update any contact details like mobile, email etc. on demat accounts / websites of Depositories / DPs in
first login. You may also enter the secret question and order to increase the efficiency of the voting process.
answer of your choice to retrieve your password in case Individual demat account holders would be able to
you forget it. It is strongly recommended not to share cast their vote without having to register again with
your password with any other person and take utmost the e-Voting service provider (ESP) thereby not only
care to keep your password confidential. facilitating seamless authentication but also ease and
convenience of participating in e-voting process.
vi. You need to login again with the new credentials.
Shareholders are advised to update their mobile
vii. On successful login, the system will prompt you to number and e-mail ID with their DPs in order to access
select the EVENT i.e., Visaka Industries Limited. e-voting facility.

Procedure to login through websites of Depositories
NSDL CDSL
Users already registered for IDeAS facility of NSDL Users already registered for Easi / Easiest facility of CDSL
i. Click on URL: https://eservices.nsdl.com. i. Click on URL:
https://web.cdslindia.com/myeasi/home/login or
www.cdslindia.com and click on New System Myeasi
ii. Click on the “Beneficial Owner” icon under ‘IDeAS’ section. ii. Enter your User ID and Password for accessing Easi /
Easiest.
iii. Enter your User ID and Password for accessing IDeAS, iii. Click on Company name or e-voting service provider for
casting the vote during the remote e-voting period.
iv. On successful authentication, you will enter your IDeAS
service login.
v. Click on “Access to e-Voting”.
vi. Click on Company name or e-voting service provider and
you will be re-directed to Kfintech website for casting
the vote during the remote e-voting period.
2. Users not registered for IDeAS facility of NSDL 2. Users not registered for Easi / Easiest facility of CDSL
i. To register, click on URL: https:eservices.nsdl.com. i. To register, click on URL https://web.cdslindia.com/
myeasi/ Registration/ EasiRegistration
ii. Select “Register Online for IDeAS”. ii. Proceed to complete registration using your DP ID,
Client ID, Mobile Number, etc.
iii. Proceed to complete registration using your DP ID, Client iii. After successful registration, please follow steps given
ID, Mobile Number, etc. under Sr. No. 1 above to cast your vote.
iv. After successful registration, please follow steps given
under Sr. No. 1 above to cast your vote.
3. Users may directly access the e-voting module of 3. Users may directly access the e-voting module of
NSDL as per the following procedure: CDSL as per the following procedure:
i. Click on URL: https://www.evoting.nsdl.com/ i. Click on URL: www.cdslindia.com .
ii. Click on the button “Login” available under “Shareholder / ii. Provide demat account number and PAN.
Member” section.
iii. Enter your User ID (i.e. 16-digit demat account number iii. System will authenticate user by sending OTP on
held with NSDL), login type, Password / OTP and registered mobile & email as recorded in the demat
Verification code as shown on the screen account.
iv. On successful authentication, you will enter the e-voting iv. On successful authentication, you will enter the e-voting
module of NSDL module of CSDL.
v. Click on Company name or e-voting service provider and v. Click on Company name or e-voting service provider
you will be re-directed to Kfintech website for casting and you will be re-directed to Kfintech website for
the vote during the remote e-voting period. casting the vote during the remote e-voting period.
NSDL CDSL
Individual shareholders holding shares of the Company in Demat mode can access e-Voting facility provided by the Company
using login credentials of their demat accounts (online accounts) through their demat accounts / websites of Depository
Participants registered with NSDL/CDSL. An option for “e-Voting” will be available once they have successfully logged-in
through their respective logins. Click on the option “e-Voting” and they will be redirected to e-Voting modules of NSDL/CDSL
(as may be applicable). Click on the e-Voting link available against the name of Company or select e-Voting service provider
“KFintech” and you will be redirected to the e-Voting page of KFintech to cast your vote without any further authentication.
Members who are unable to retrieve User ID / Password are advised to use “Forgot User ID” / “Forgot Password” options
available on the websites of Depositories / Depository Participants.
Contact details in case of technical issue on NSDL website Contact details in case of technical issue on CSDL website
Members facing any technical issue in login can contact Members facing any technical issue in login can contact
NSDL helpdesk by sending a request at evoting@nsdl.co.in or CDSL helpdesk by sending a request at helpdesk.evoting@
call at toll free no.: 1800 1020 990 and 1800 22 44 30 cdslindia. com or contact at 022- 23058738
or 22-23058542-43.

Notice
INSTRUCTIONS FOR PARTICIPATING THROUGH VC/OAVM the Notice of the Fortieth AGM and announce the start of the
i. Members will be able to attend the Fortieth AGM through casting of vote through e-voting system. After the Members
VC/OAVM through KFintech e-voting system at https:// participating through VC/OAVM, eligible and interested to
evoting.kfintech.com under shareholders login by using the cast votes, have cast the votes, the e-voting will be closed
remote e-voting credentials and selecting the EVENT for the with the formal announcement of closure of the Meeting.
Company’s Fortieth AGM. Please note that the Members who vii. Only those Members who will be present in the AGM through
do not have the User ID and Password for e-voting or have the VC facility and have not casted their vote through remote
forgotten the User ID and Password may retrieve the same e-voting are eligible to vote through e-voting in the AGM.
by following the remote e-voting instructions mentioned
viii. Members who need assistance or help during the AGM,
in the Notice of AGM to avoid last minute rush. Further,
can contact KFintech, Selenium Tower B, Plot N0. 31 & 32,
Members can also use the OTP based login for logging in to
Financial District, Nanakramguda, Gachibowli, Hyderabad –
the e-voting system.
500032, Telangana. Phone: +91-40-6716-2222.
ii. Members will be required to use internet with a good
21. Members intending to express their views or raise queries
speed to avoid any disturbance during the Meeting. It is
during the AGM may register themselves as a speaker by
recommended to join the Meeting through Google Chrome
sending their request from their registered email address
for better experience.
mentioning their name, DPID & client ID / Folio Number,
iii. Please note that Members connecting from mobile devices PAN, mobile number at vil-evoting2022agm@visaka.in from
or tablets or through laptops etc. connecting via mobile 11th June, 2022 (09.00 AM IST) to 13th June, 2022 (05.00 P.M.
hotspot, may experience Audio/Video loss due to fluctuation IST). Please note that those members who have registered
in their respective network. It is therefore recommended to themselves as a speaker will only be allowed to express their
use stable Wi-Fi or LAN connection to mitigate any kind of views / raise queries during the AGM. The company reserves
aforesaid glitches. the right to restrict the number of speakers depending on
iv. Members can submit questions in advance with regard to the availability of time at the AGM.
the financial statements or any other matter to be placed at 22. Pursuant to Finance Act 2020, dividend income is taxable
the AGM, from their registered email address, mentioning in the hands of the Members w.e.f. 1st April, 2020 and the
their name, DP ID and Client ID No./Folio No. and Mobile No. Company is required to deduct tax at source from dividend
to reach the Company’s email address investor.relations@ paid to Members at the prescribed rates. For the prescribed
visaka.in at least 48 hours in advance before the start of the rates for various categories, the shareholders are requested
meeting i.e., 15th June, 2022 by 1.30 p.m. IST. Such questions to refer to the Finance Act, 2020 and amendments thereof.
by the Members shall be taken up during the meeting and The shareholders are requested to update their PAN with the
replied by the Company suitably. Company / KFintech (in case of shares held in physical mode)
v. Members, who would like to ask questions during the AGM and depositories (in case of shares held in demat mode).
with regard to the financial statements or any other matter to 23. A Resident individual shareholder with PAN and who is not
be placed at the Fortieth AGM, need to register themselves liable to pay income tax can submit a yearly declaration in
as a speaker by sending their request from their registered Form No.15G/15H, to avail the benefit of non-deduction
email address mentioning their name, DP ID and Client of tax at source by email to einward.ris@kfintech.com by
ID No./Folio No. and Mobile No. to reach the Company’s 11.59 p.m. IST on 11th June, 2022. Members are requested
email address investor.relations@visaka.in at least 48 hours to note that in case their PAN is not registered, the tax will be
in advance before the start of the meeting i.e. 15th June, deducted at a higher rate of 20%.
2022 by 1.30 p.m. IST. Those Members who have registered
24. Non-resident shareholders can avail beneficial rates under
themselves as a speaker shall be allowed to ask questions
tax treaty between India and their country of residence,
during the AGM, depending upon the availability of time.
subject to providing necessary documents i.e. No Permanent
vi. During the AGM, the Chairman shall, after response to the Establishment and Beneficial Ownership Declaration,
questions raised by the Members in advance or as a speaker Tax Residency Certificate Form 10F, any other document
at the AGM, formally propose to the Members participating which may be required to avail the tax treaty benefits by
through VC/ OAVM to vote on the resolutions as set out in sending an email to einward.ris@kfintech.com. The aforesaid

declarations and documents need to be submitted by the Price Waterhouse & Affiliates are Network of Firms registered
shareholders by 11.59 p.m. IST on 11th June, 2022. The with the Institute of Chartered Accountants of India. M/s. Price
formats of the same can be downloaded from the website of Waterhouse & Co., Chartered Accountants LLP is conducting
the Company, www.visaka.co. audits for various companies listed on stock exchanges in India.
25. The Securities and Exchange Board of India (SEBI) has The Board recommends the Ordinary Resolution set out at Item
mandated submission of Permanent Account Number (PAN) No. 4 of the Notice for approval by the Members.
by every participant in securities market. Members holding None of the Directors and Key Managerial Personnel of the
shares in electronic form are therefore, requested to submit Company or their relatives is, in any way, concerned or interested
their PAN to their Depository Participants with whom they in the Resolution set out at Item No. 4 of the Notice.
are maintaining their demat accounts. Members holding
Item No. 5
shares in physical form can submit their PAN to the Company
Shri. G. Vamsi Krishna is an International Baccalaureate and
/ Kfintech. KYC documents to be submitted by physical
graduated from the United World College of South East Asia,
holders which were dispatched by RTA.
Singapore in 2006 and also Graduated in Bachelor of Science and
management from Purdue University, USA in 2010.
ANNEXURE TO THE NOTICE
STATEMENT AS REQUIRED UNDER SECTION 102 (1) OF THE Shri. G. Vamsi Krishna played a key role in phenomenal growth in
COMPANIES ACT, 2013 Turnover and profitability achieved by the Company for the last 8
years by continuously developing and executing the company’s
Item No. 4
business strategies and implementing comprehensive successful
This explanatory statement is in terms of Regulation 36(5) of
business plans. He has also implemented various cost reducing
the SEBI (Listing Obligations and Disclosure Requirements)
technics without affecting quality and introduced various new steps
Regulations, 2015 (“SEBI Listing Regulations”), however, the same
for cost effective operations and market development activities.
is strictly not required as per Section 102 of the Act.
He is the brain behind development of modern technology with
The Members at the Thirty Fifth Annual General Meeting the Vnext Fiber Cement range (2008) that was GreenPro certified
(“AGM”) of the Company held on June 20, 2017, had approved in 2014 which is an eco-friendly substitute to conventional
the appointment of M/s. Price Waterhouse & Co., Chartered materials like plywood, gypsum boards and traditional brick wall
Accountants LLP Hyderabad (Firm Registration No: 304026E/ construction. Introduced solid load bearing wall solution, Vnext
E300009), as Statutory Auditors of the Company, to hold Infill in 2017 as an addition to the Vnext range. Also launched the
office till the conclusion of the fortieth AGM. After evaluating innovative ATUM Solar Roof in 2017 an integrated solar roof as an
and considering various factors such as industry experience, alternative to the conventional retrofit solar systems, which was
competency of the audit team, efficiency in conduct of audit, patented in August 2020. Developed ATUM powered pushcarts to
independence, etc., the Board of Directors of the Company has, help low-income entrepreneurs with their daily expenses that offer
based on the recommendation of the Audit Committee, at its both roofing and power for their business needs.
meeting held on May 09, 2022, proposed the re-appointment of
The Board of Directors at its meeting held on April 30, 2022 based on
M/s. Price Waterhouse & Co., Chartered Accountants LLP Chartered
the recommendations of Nomination & Remuneration Committee
Accountants (Firm Registration No: 304026E/E300009), as the
of the Board, re-appointed him as Joint Managing Director of the
Statutory Auditors of the Company, for a term of five consecutive
Company for a further period of Five years with effect from May 6,
years from the conclusion of Fortieth AGM till the conclusion of
2022 The terms of appointment are stated in the resolution as set
Forty Fifth AGM of the Company to be held in the year 2027, at
out at item no.5 of the Notice (hereinafter ‘resolution’).
a remuneration as may be mutually agreed between the Board
of Directors and Statutory Auditors. M/s. Price Waterhouse & Co., None of the Directors, Key Managerial Personnel and their
Chartered Accountants LLP Hyderabad have consented to their relatives except Shri G. Vamsi Krishna, Joint Managing Director,
appointment as Statutory Auditors and have confirmed that if Smt. G. Saroja Vivekanand, Managing Director and
appointed, their appointment will be in accordance with Section Dr. G. Vivekanand, Chairman of the Company are interested or
139 read with Section 141 of the Act. concerned financially or otherwise, in the Resolution set out at
Item No. 5 of the Notice.

Notice
The Board of Directors in the interest of the Company None of the Directors, Key Managerial Personnel of the Company
recommends the resolution for the approval of the members as or their relatives are, in any way, concerned or interested,
a special resolution. financially or otherwise, in the Resolution set out at Item No. 6
of the Notice.
Item No. 6
As per the provisions of Section 148 of the Act read with the The Board of Directors in the interest of the Company,
Companies (Audit and Auditors) Rules, 2014, M/s. Sagar and recommends the resolution for approval of the members.
Associates, Cost Accountants, Hyderabad have been conducting
Cost Audit of Synthetic Yarn Division as well as Building Products By order of the Board
Division of the Company from the financial year 2014-15 onwards. For VISAKA INDUSTRIES LIMITED
The Board of Directors of your Company, based on the Ramakanth Kunapuli

Assistant Vice President &
recommendations of its Audit Committee, approved to appoint
Company Secretary
them as cost auditors for the financial year 2022-23 at a Membership. No. F5539
remuneration of H 1,65,000/- exclusive of out-of-pocket expenses
and applicable taxes subject to your ratification in the ensuing Date : May 9, 2022
Place : Hyderabad
Annual General Meeting of the Company.
Registered Office:
In terms of aforesaid rules, the remuneration payable to them Survey No.315, Yelumala Village,
is subject to ratification by the members. Accordingly, consent R.C.Puram Mandal, Sangareddy District,
of the members is sought for passing an Ordinary Resolution Telangana – 502 300
as set out at Item No.6 of the Notice (hereinafter ‘resolution’) for CIN: L52520TG1981PLC003072
Website:www.visaka.co
ratification of the remuneration payable to the Cost Auditors for
Email:Investor.relations@visaka.in
the financial year ending March 31, 2023. Phone:040-27813833, 040-27813835

Notes

www.visaka.co
S.P. Road, Secunderabad - 500 003

Visaka Industries

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Ref:VILSTEX/AnnuaIReport2022/FY2023/20 Date 25.05.2022

This is for your information and records please .

For VISAKA INDUSTRIES LIMITED

Visaka Industries Limited

Revenue from operations

Green is the way!

2 Visaka Industries Limited

Annual Report 2021-22 3

4 Visaka Industries Limited

Annual Report 2021-22 5

Cement roofing sheets

Roof lights Ridge finals

6 Visaka Industries Limited

V-Board V-Premium V-Designer

V-Plank V-Panel V-Infill

Yarns Solar roofing

Annual Report 2021-22 7

Definition Definition Definition Definition

8 Visaka Industries Limited

Definition Definition Definition Definition

Annual Report 2021-22 9

10 Visaka Industries Limited

Annual Report 2021-22 11

‘Green is the way’

12 Visaka Industries Limited

Annual Report 2021-22 13

How ‘Green is the way’

14 Visaka Industries Limited

990 1,400 24.44 118.53

Strong market position

Visaka and responsibility Visaka and sustainability

Annual Report 2021-22 15

The Joint Managing

I am pleased to present yet

16 Visaka Industries Limited

Annual Report 2021-22 17

Our fibre cement boards business

18 Visaka Industries Limited

Our synthetic yarns business

Annual Report 2021-22 19

An insight into the

20 Visaka Industries Limited

Annual Report 2021-22 21

22 Visaka Industries Limited

Working capital management

Annual Report 2021-22 23

24 Visaka Industries Limited

Annual Report 2021-22 25

Our sustainability is derived from a favourable national direction

Renewable energy Affordable housing

26 Visaka Industries Limited

Manufacturing excellence Brand and customer capital Financial structure

Environment integrity People competence Community support

Annual Report 2021-22 27

Sector’s criticality and how Visaka’s strategy

Cost Invested in scale Moderated debt and Negotiated superior Positioned

Robust Focused on long-term Merit-based employer Facilitated talent Trained, remunerated

Responsible Engaged in Focused on activities Engaged in enhancing Allocated and spent 2%

28 Visaka Industries Limited

Stakeholder interests Quality and affordability Legal and regulatory compliance

How we engage Engage with dealers, architects, Audits of manufacturing sites by

Capitals impacted Intellectual Manufactured

Human Social & Relationship Financial

Challenges and mitigation Digital marketing using social media