Q4 Fy 24
Q4 Fy 24
Q4 Fy 24
May 1, 2024
Sub: Outcome of Board Meeting of Adani Wilmar Limited (“the Company”) held on 1st
May, 2024 and Submission of Audited Financial Results for the quarter and financial
year ended 31st March, 2024 pursuant to Regulation 33 of the Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
1.The Board of Directors of the Company at its meeting held on 1st May, 2024 which
commenced at 12:00 P.M. and concluded at 2:30 P.M. has approved and taken on
record the Audited Financial Results (Standalone and Consolidated) of the Company
for the quarter and financial year ended 31st March, 2024.
2.The said Audited Financial Results prepared in terms of Regulation 33 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, together with the
report of Statutory Auditors thereon are enclosed herewith.
We would like to inform that M/s S R B C & Co. LLP and M/s. Dharmesh Parikh & Co. LLP,
Joint Statutory Auditors of the Company have issued audit reports with unmodified
opinion on the Audited Financial Results (Standalone and Consolidated) for the
financial year ended 31st March, 2024.
Registered Office: Fortune House, Nr. Navrangpura Railway Crossing, Ahmedabad 380 009, Gujarat, India
The copy of the resignation letter dated 1st May, 2024, along with Annexure as received
from M/s Dharmesh Parikh & Co., LLP is attached herewith. The Board of Directors at
its meeting held today also noted that there are no other reasons other than mentioned
in the resignation letter received from M/s Dharmesh Parikh & Co. LLP, Chartered
Accountants dated 1st May, 2024.
The Audit Committee and Board at their respective meetings placed on record their
appreciation to M/s Dharmesh Parikh & Co. LLP, Chartered Accountants (Firm
Registration No: 112054W/W100725) for their services as Joint Statutory Auditors of
the Company.
Further, please note that M/s S R B C & Co., LLP, Chartered Accountants (Firm
Registration No: 324982E/E300003) shall continue to act as the Statutory Auditor of
the Company till the conclusion of 29th Annual General Meeting (AGM) of the Company
viz. till the expiry of their first term as Statutory Auditors.
4. The Board has also approved the proposal to convene the 26th AGM of the Company
on Wednesday, 26th June 2024 at 11:30 A.M. through Video Conferencing / Other Audio
Visual means in accordance with the applicable circulars issued by the Ministry of
Corporate Affairs and the Securities and Exchange Board of India.
Thanking You
Yours faithfully,
For Adani Wilmar Limited
Darshil Digitally signed by
Darshil Mayank Lakhia
Mayank Date: 2024.05.01
Lakhia 14:32:49 +05'30'
Darshil Lakhia
Company Secretary
M. No : A20217
Registered Office: Fortune House, Nr. Navrangpura Railway Crossing, Ahmedabad 380 009, Gujarat, India
SRBC&COLLP Dharmesh Parikh & Co LLP
Chartered Accountants Chartered Accountants
21st Floor, B Wing, 303/304, "Milestone"
Privilon Ambli BRT Road, Nr. Drive-in-Cinema,
Behind Iskcon Temple Opp. T.V. Tower, Thaltej,
Off SG Highway, Ahmedabad - 380 054
Ahmedabad - 380 059, India
Independent Auditor's Report on the Quarterly and Year to Date Audited Standalone Financial
Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, as amended
To
The Board of Directors of
Adani Wilmar Limited
Opinion
We have audited the accompanying statement of quarterly and year to date standalone financiai results
of Adani Wilmar Limited (the "Company") for the quarter ended March 31 , 2024 and for the year ended
March 31, 2024 ("Statement"), attached herewith, being submitted by the Company pursuant to the
requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 20 I 5, as amended (the "Listing Regulations").
In our opinion and to the best of our infonnation and according to the explanations given to us, the
Statement:
1. is presented in accordance with the requirements of the Listing Regulations in this regard;
and
11. gives a true and fair view in confo1mity with the applicable accounting standards and other
accounting principles generally accepted in India, of the net profit and other comprehensive
income and other financial infonnation of the Company for the quarter ended March 31 ,
2024 and for the year ended March 31, 2024.
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under
section 143(10) of the Companies Act, 2013 , as amended ("the Act"). Our responsibilities under those
Standards are further described in the "Auditor's Responsibilities for the Audit of the Standalone
Financial Results" section of our report. We are independent of the Company in accordance with the
Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical
requirements that are relevant to our audit of the financial statements under the provisions of the Act
and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is
sufficient and appropriate to provide a basis for our opinion.
The Statement has been prepared on the basis of the standalone annual financial statements. The Board
of Directors of the Company are responsible for the preparation and presentation of the Statement that
. ~ g~ves a true and fair view of the net profit and other comprehensive income of the Company and other
" (. f-i¾1_!Wl~ial information i~ accordance with ~he applicable accounting standards ~rescri?ed_ under Section
-r3~~of:.,the Act read with relevant rules issued thereunder and other accountmg prmc1ples generally
acce <i~A\in India and in compliance with Regulation 33 of the Listing Regulations. This responsibil...ity
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also includes maintenance of adequate accounting records in accordance with the provisions of the Act
for safeguarding of the assets of the Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for ensuring the accuracy and completeness
of the accounting records, relevant to the preparation and presentation of the Statement that give a true
and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the Statement, the Board of Directors are responsible for assessing the Company's ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the management either intends to liquidate the Company or
to cease operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the Company's financial reporting process.
Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our
opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted
in accordance with SAs will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the Statement, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also
responsible for expressing our opinion on whether the company has adequate internal financial
controls with reference to financial statements in place and the operating effectiveness of such
controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists related
to events or conditions that may cast significant doubt on the Company's ability to continue as a
going concern. If we conclude that a material uncertainty exists, we are required to draw attention
in our auditor's report to the related disclosures in the financial results or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditor's report. However, future events or conditions may cause the Company to
cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Statement, including the disclosures,
and whether the Statement represents the underlying transactions and events in a manner that
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We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
Other Matter
The Statement includes the results for the quarter ended March 3 I, 2024 being the balancing figure
between the audited figures in respect of the full financial year ended March 31, 2024 and the published
unaudited year-to-date figures up to the third quarter of the current financial year, which were subjected
to a limited review by us, as required under the Listing Regulations.
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Balance Sheet
(~ in Crores)
As at As at
March March
Particulars
31, 2024 31 , 2023
Audited
ASSETS
NON-CURRENT ASSETS
(a) Property, Plant and Equipment 4,127.97 4,000.29
(b) Capital Work in Progress 854.71 323.14
(c) Other Intangible Assets 132.26 134.46
(d) Intangible assets under development 9.32
(e) Right of Use Assets 288.26 241.82
(f) Financial Assets
(i) Investments 230.37 237.73
(ii) Loans 49.05
(iii) Other Financial Assets 69.16 65.64
(g) Income Tax Asset (Net) 61.47 59.91
(h) Other Non Current Assets 777.48 799.42
TOTAL NON-CURRENT ASSETS 6,551.00 5,911.46
CURRENT ASSETS
(a) Inventories 6,924.31 7,096.00
(b) Financial Assets
(i) Investments 50.03
(ii) Trade Receivables 1,740.79 1,937.20
(iii) Cash and Cash Equivalents 155.01 269.20
(iv) Bank balance other than Cash and Cash Equivalents 2,506.61 3,265.03
(v) Loans 52.07 2.66
(vi) Other Financial Assets 356.15 628.08
(c) Other Current Assets 486.38 453.95
TOTAL CURRENT ASSETS· 12,221 .32 13,702.15
Non-current assets classified as held for sale 30.53 5.22
TOTAL ASSETS 1B,802.85 19,618.83
LIABILITIES
NON-CURRENT LIABILITIES
(a) Financial Liabilities
(i) Lease Liabilities 137.31 93.01
(b) Provisions 540.31 565.05
(c) Deferred Tax Liabilities (Net) 338.49 395.54
TOTAL NON-CURRENT LIABILITIES 1,016.11 1,053.60
CURRENT LIABILITIES
(a) Financial Liabilities
(i) Borrowings 2,173.73 2,124.80
(ii) Trade Credits from banks 3,922.00 5,863.33
(iii) Lease Liabilities 49.34 40.84
(iv) Trade Payables
• Total outstanding dues of Micro and Small Enterprises 139.33 37.14
• Total outstanding dues of creditors other than Micro and Small Enterprises 2,351.05 1,716.21
(v) Other Financial Liabilities 685.83 638.38
(b) Other Current Liabilities 168.44 149.16
(c) Provisions 7.05 7.06
(d) Liabilities for Current Tax (Net) 17.94
TOTAL CURRENT LIABILITIES 9,514.71 10,576.92
TOTAL LIABILITIES 10,530.82 11,630.52
TOTAL EQUITY AND LIABILITIES 18,802.85 19,618.83
Statement of Cash Flow
(~ in Crores)
Year Ended
Sr. March March
Particulars
No. 31, 2024 31 , 2023
Audited
A CASH FLOW FROM OPERATING ACTIVITIES
Net Profit Before Tax 381.23 824.65
Adjustments for:
Depreciation and Amortization Expense 321.59 319 .30
Interest on Income Tax Refund (1.53) (0.42)
(Profit)/ Loss on Sa le/ Discard of Property, Plant and Equipments (22.10) 2.77
Sundry Balance Written back (27.0B) (5.27)
Net Gain on sale/ fair valuation of Investment at FVTPL (0.66) (11.52)
Gain on termination of Finance Lease Contract (133) (0.40)
Foreign Exchange Loss on Borrowings (Net) 13.51 41.71
Unrealised Foreign Exchange Loss other than Borrowings 8 Derivatives (Net) 19.00 0.16
Unrealised Mark to Market (Gain)/Loss on Foreign Currency Derivative Contracts (Net) (11 .11) 23.B3
Allowances for Credit Impaired of Trade Receivables 3.69 8.57
Finance Cost 614.17 482.35
Amortisation of Ancillary Cost of Borrowing 0.41
Interest Income on Bank Deposits and Inter Corporate Deposits (212.14) (208.48)
Operating Profit Before Working Capital Changes 1,077.24 1,477.66
Adjustments for Working Capital Changes:
Decrease in Inventories 171.69 280.50
Decrease in Trade Receivables 193.37 196.11
(Increase) in Financial Loans (0.36) (0.27)
Decrease/ (Increase) in Financial Assets 285.41 (314.87)
(Increase)/ Decrease in Other Assets (31.48) 67.41
Increase/ (Decrease) in Trade Payables 763.83 (31 .96)
(Decrease) in Trade Credits (1,959 .96) (911 .63)
(Decrease) in Provisions (25.73) (1 .78)
Increase/ (Decrease) in Financial Liability 15.09 (123.92)
Increase in Other Liabilities 19.28 16.02
Cash Generated From Operations 508,38 653.27
Direct Taxes Paid (Net of Refunds) (141 .96) (139 .38)
Net Cash Generated from Operating Activities 366.42 513.89
D Net (Decrease)/ Increase in Cash and Cash Equivalents (A+B+C) (113.66) 193.62
E Cash and Cash Equivalents at the Beginning of the year 269.20 78.96
Add : Foreign exchange (loss) on Foreign Currency Bank Accounts (0.53) (3.38)
F Cash and Cash Equivalents at the end of the year 155.01 269 .20
1 The aforesaid standalone financial results have been reviewed by the Audit Committee and approved by the Board of Directors at the ir meetings held on
April 30, 2024 e, May 01, 2024
2 The joint statutory auditors have carried out audit of standalone financial results of the Company for the quarter and year ended on March 31 , 2024.
3 During the year ended March 31 , 2022. the Company has completed its initial public offer ("IPO") of 15,67.29,745 equity shares of face value oft 1 each
at an issue price of t 230 per share (including share premium of t 229 per share). The Company had received an amount oft 3,506.02 Crores from IPO
net of discount offered to eligible employees (employees of Company and other eligible employees as defined in prospectus) oft 4.7B Crores and actual
IPO expenses (inclusive of taxes) oft 93,98 Crores (out of which t 86.58 Crores (excluding taxes) adjusted against Securities Premium account as at
September 30, 2023) (provisional IPO expenses oft 128.52 Crores as per prospectus).
During the quarter ended September 30. 2023, basis the no due certificates issued by self-certified syndicate banks, all intermediaries including BRLMs
and syndicate member banks and on completion of all IPO related expenses, t 6.29 crores towards excess provision relating to IPO issue expenses have
been credited to Securities Premium Account.
Further. the funds from savings in IPO expenses as compared to provisional IPO expenses amounting to t 34.54 crores has been transferred to General
Corporate purpose and accordingly the amount proposed to be utilised for General Corporate Purpose stand revised to t 97.12 Crores compared to the
original amount oft 62.58 Crores. The Company's Board of Directors has approved the aforesaid revision in IPO object in their meeting held on August
02, 2023,
Net proceeds which were unutilised as at March 31, 2024 were temporarily invested in deposits with scheduled commercial banks and kept in
monitoring agency bank account and IPO objects payment proposal account with scheduled commercial banks.
4 The Company publishes these financial results along with the consolidated financial results. In accordance with Ind AS 108,"0perating Segments", the
Company has disclosed the segment information in the unaudited consolidated financial results.
5 The State of West Bengal vide Trade Circular dated April 17, 2023 has notified the changes in The West Bengal Sales Tax (Settlement of Dispute) Act.
1999 and The West Bengal Sales Tax (Settlement of Dispute) Rule. 1999 where in the taxpayers are allowed to settle ta x litigations pending with various
Commercial Tax authorities.
As per the Scheme. the tax litigation pending under The West Bengal Tax on Entry of Goods into Local Areas Act, 2012 is allowed to be settled by
making 50% payment of disputed tax liability thereby waiving off any interest and penalty thereon. During the quarter ended 30th September 2023, the
Company has opted for the said Settlement Scheme to conclude the tax dispute of t 162.54 Crores (including interest) pertaining to financial years
2012-13 to 2017-18 and made a payment oft 53.51 Crores to the authority. Amount paid under the settlement Scheme has been recognised in the
Statement of Profit e, Loss and disclosed as exceptional item in the results of quarter ended September 30, 2023.
6 (a) ·In accordance with the Company's Accounting Policy, management has assessed the designation as Derivative Contracts of certain committe,
purchase and sales contracts which were open as at March 31. 2024. Accordingly, such purchase and sales contracts oft 3619.70 Crores and t 2090.78
Crores respectively, having net unrealised mark-to -market gain of~ 198.47 Crores as at March 31 , 2024 have been designated as own use contracts to
be settled and accounted at time of physical deliveries.As at March 31.2023 such amount was Nil.
(b) The Company enters into various commodity derivative instruments to manage its exposure to risk associated with commodity prices fluctuations.
Accordingly, net impact of realised and unrealized (gain) / loss on these derivatives has been reclassified under 'Other Expenses/ Other Income·. as
appropriate, under the nomenclature 'Commodity Derivative (gain)/ loss (net)' for better presentation and disclosure in terms of requirement of Ind AS 1
'Presentation of Financial Statements'. The loss/ (gain) for the current quarter. previous quarter. comparative quarter. year end and previous year end is
t 207.04 Crores: t (130.36) Crores: t (240.65) Crores : t 355.21 Crores and t (702.55) Crores respectively. Due to such reclassification. there is no impact
on net profits for the periods presented in the results.
7 During the year ended March 31.2024, the Company has undertaken technical assessment of useful life of the plant and machinery, considering the
technological advancements and economic benefits observed from existing assets in past period. Based on the assessment, the Company believes that
the useful life of the asset is more than the prescribed life under Schedule II of the Companies Act.2013 .
Accordingly, the useful life of certain assets is revised resulting reduced depreciation by t 16.49 Crores in the statement of profit and loss account
during the quarter and year ended March 31 ,2024.
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8 During the previous financial yea r 20 22-23. a Short Seller Report ("SSR") was published in wh ich certain allegations were made on certain Adani Group
Companies. In this regard . cert ain writ petit ions were filed with the Hon'ble Supreme Court ("SC") seeking independent investigation of the allegations in
the SSR and the Securities and Exchange Board of India ("SEBI ") also commenced investigating the allegations mad e in the SSR for any violations of
applicable SEBI Regulations.
The SC also constituted an expert committee to investigate and also advice into the various aspects of existing laws and regulations. and also directed
the SEBI to consider certain additional aspects in its scope. The Expert Committee submitted its report dated May 06. 2023. finding no regulatory
failure . The SEBI also concluded its investigations in twenty-two of the twenty-four matters as per the status report dated 25th August 2023 to the SC.
The SC by its order dated January 03. 2024. disposed off all matters of appeal in various petitions including separa t e independent investigations
relating to the allegations in the SSR. and stated that the SEBI should complete the pending two investigations. preferably within 3 mon t hs. and take its
investigations (including the twenty-two investigations already completed) to their logical conclusion in accordance with law.
During the quarter. the Company has received Show Cause Notice (SCN) from the SEBI relating to validity of Peer Review Certificate (PRC) of
predecessor auditor in earlier financial year. which the Company has responded to . Based on legal advice obtained. management believes that the
matter is technical in nature and has no material consequential effects to relevant financial statements. and that there is no material non-compliance of
applicable laws and regulations.
Basis the Company's assessment. the SC order and the fact that there are no allegations made in the SSR relating to the Company and there are no
pending regulatory or adjudicatory proceedings as of date. except as mentioned above. management of the Company is confident that these financial
statements do not require any reporting adjustments in this regard.
9 The figures for the last quarter are the balancing figures between audited figures in respect of the full financial year ending March 31. 2024 e, March 31,
2023 and the unaudited published year-to-date figures up to December 31. 2023 and December 31. 2022 respectively, being the date of the end of the
third quarter of the respective financial years which were subject to limited review by the statutory auditors.
10 Previous period's/ year figure s have been regrouped/ reclassified wherever necessary.
Place Ahmedabad A •
Date May 01, 2024 irector and Chief Executive Officer
S RBC &CO LLP Dharmesh Parikh & Co LLP
Chartered Accountants Chartered Accountants
21st Floor, B Wing, 303/304, "Milestone"
Privilon Ambli BRT Road, Nr. Drive-in-Cinema,
Behind Iskcon Temple Opp. T.V. Tower, Thaltej,
Off SG Highway, Ahmedabad-380 054
Ahmedabad - 380 059, India
Independent Auditor's Report on the Quarterly and Year to Date Consolidated Financial
Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015, as amended
To
The Board of Directors of
Adani Wilmar Limited
Opinion
We have audited the accompanying statement of quarterly and year to date consolidated
financial results of Adani Wilmar Limited ("Holding Company") and its subsidiaries (the
Holding Company and its subsidiaries together referred to as "the Group"), and joint ventures
for the quarter ended March 31, 2024 and for the year ended March 31, 2024 ("Statement"),
attached herewith, being submitted by the Holding Company pursuant to the requirement of
Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, as amended ("Listing Regulations").
In our opinion and to the best of our information and according to the explanations given to us
and based on the consideration of the reports of the other auditors on separate audited financial
statements of the subsidiaries and joint ventures, the Statement:
We conducted our audit in accordance with the Standards on Auditing (SAs), as specified under
Section 143(10) of the Companies Act, 2013, as amended ("the Act"). Our responsibilities
under those Standards are further described in the "Auditor's Responsibilities for the Audit of
the Consolidated Financial Results" section of our report. We are independent of the Group
and joint ventures in accordance with the 'Code of Ethics' issued by the Institute of Chartered
Accountants ofindia together with the ethical requirements that are relevant to our audit of the
financial statements under the provisions of the Act and the Rules thereunder, and we have
fulfilled our other ethical responsibilities in accordance with these requirements and the Code
of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their
S RBC &CO LLP Dharmesh Parikh & Co LLP
Chartered Accountants Chartered Accountants
reports referred to in "Other Matter" paragraph below, is sufficient and appropriate to provide
a basis for our opinion.
In preparing the Statement, the respective Board of Directors of the companies included in the
Group and joint venture entities are responsible for assessing the ability of the respective
company(ies) and joint venture entities to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the going concern basis of accounting
unless the management either intends to liquidate the respective company(ies) or to cease
operations, or has no realistic alternative but to do so.
The respective Board of Directors of the companies included in the Group and joint venture
entities are also responsible for overseeing the financial reporting process of their respective
company(ies).
Our objectives are to obtain reasonable assurance about whether the Statement as a whole is
free from material misstatement, whether due to fraud or error, and to issue an auditor's report
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with SAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of the Statement.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the Statement, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain
SRBC& CO LLP Dharmesh Parikh & Co LLP
Chartered Accountants Chartered Accountants
audit evidence that is sufficient and appropriate to provide a basis for our opinion. The
risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances. Under Section l 43(3)(i) of
the Act, we are also responsible for expressing our opinion on whether the company
has adequate internal financial controls with reference to financial statements in place
and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of the Board of Directors' use of the going concern
basis of accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the
ability of the Group and joint ventures to continue as a going concern. If we conclude
that a material uncertainty exists, we are required to draw attention in our auditor's
report to the related disclosures in the Statement or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditor's report. However, future events or conditions may cause the
Group and joint ventures to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Statement, including the
disclosures, and whether the Statement represent the underlying transactions and events
in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the
entities within the Group of which we are the independent auditors and whose financial
information we have audited, to express an opinion on the Statement. We are
responsible for the direction, supervision and performance of the audit of the financial
information of such entities included in the Statement of which we are the independent
auditors. For the other entities included in the Statement, which have been audited by
other auditors, such other auditors remain responsible for the direction, supervision and
performance of the audits carried out by them. We remain solely responsible for our
audit opinion.
We communicate with those charged with governance of the Holding Company included in
the Statement of which we are the independent auditors regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit. We also provide those charged
with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
We also performed procedures in accordance with the Master Circular issued by the Securities .
Exchange Board of India under Regulation 33 (8) of the Listing Regulations, to the extent
applicable.
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Other Matter
The accompanying Statement includes the audited financial statements and other financial
information, in respect of:
• 4 subsidiaries, whose financial statements before consolidation adjustments include
total assets of INR 1,034.53 crs as at March 31, 2024, total revenues of INR 556.02 crs
and INR 2,084.27 crs, total net loss after tax ofINR 5.95 crs and INR 110.98 crs, total
comprehensive loss of INR 5.25 crs and INR 110.26 crs, for the quarter and the year
ended on that date respectively, and net cash outflows of INR 22.02 crs for the year
ended March 31, 2024, as considered in the Statement which have been audited by one
of the Joint Auditors, Dharmesh Parikh & Co LLP.
• 3 joint ventures, whose financial statements include Group's share of net profit of INR
1.02 crs and net loss of INR 23.25 crs and Group's share of total comprehensive income
of INR 1.02 crs and total comprehensive income of INR 23.25 crs for the quarter and
for the year ended March 31, 2024 respectively, as considered in the Statement whose
financial statements, other financial information have been audited by their respective
independent statutory auditors.
• 1 joint venture, whose financial statements includes the Group's share of net profit of
INR Nil and INR Nil and Group's share of total comprehensive income of INR Nil and
INR Nil for the quarter and for the year ended March 31, 2024 respectively, as
considered in the Statement which have been audited by one of the Joint Auditors,
Dharmesh Parikh & Co LLP.
The independent auditor's report on the financial statements of these entities have been
furnished to us by the Management and our opinion on the Statement in so far as it relates to
the amounts and disclosures included in respect of these subsidiaries and joint ventures is based
solely on the reports of such auditors and the procedures performed by us as stated in paragraph
above.
The accompanying Statement includes unaudited financial statements and other unaudited
financial information in respect of:
• 2 subsidiaries, whose financial statements and other financial information reflect total
assets of INR 59 .91 crs as at March 31, 2024, and total revenues of INR Nil and INR
Nil, total net loss after tax of INR Nil and INR 0.05 crs, total comprehensive loss of
INR 0.02 crs and INR 0.07 crs, for the quarter and the year ended on that date
respectively and no cashflows for the year ended March 31, 2024, whose financial
statements and other financial information have not been audited by any auditor(s).
• 1 joint venture, whose financial statements includes the Group's share of net profit of
INR 0. 76 crs and INR 0.21 crs and Group's share of total comprehensive income of
INR 0. 76 crs and INR 0.21 crs for the quarter ended and for the year ended March 31,
2024 respectively.
These unaudited financial statements have been approved and furnished to us by the
Management and our opinion on the Statement, in so far as it relates to the amounts and
disclosures included in respect of these subsidiaries is based solely on such unaudited financial
statements. In our opinion and according to the information and explanations given to us by
S RBC & CO LLP Dharmesh Parikh & Co LLP
Chartered Accountants Chartered Accountants
the Management, these financial statements/ financial information are not material to the
Group.
From the total subsidiaries, 4 of these subsidiaries are located outside India whose financial
statements and other financial information have been prepared in accordance with the
accounting principles generally accepted in their respective countries and of these subsidiaries,
2 subsidiaries have been audited by one of the joint auditors while balance 2 subsidiaries have
not been audited by any auditors and have been furnished to us by the Management under
generally accepted auditing standards applicable in their respective countries. The Holding
Company's management has converted the financial statements of such subsidiaries located
outside India from accounting principles generally accepted in their respective countries to
accounting principles generally accepted in India. We have audited these conversion
adjustments made by the Holding Company's management. Our opinion in so far as it relates
to the balances and affairs of such subsidiaries located outside India is based on the report of
other auditors and the conversion adjustments prepared by the management of the Holding
Company and audited by us.
Our opinion on the Statement is not modified in respect of the above matters with respect to
our reliance on the work done and the reports of the other auditors and the financial statements
certified by the Management.
The Statement includes the results for the quarter ended March 31, 2024 being the balancing
figures between the audited figures in respect of the full financial year ended March 31, 2024
and the published unaudited year-to-date figures up to the end of the third quarter of the current
financial year, which were subjected to a limited review by us, as required under the Listing
Regulations.
t
CL mtered Accountants
I ,-Qi- [/(rf~)
Partner Partner
Annexure 1 : List of entities whose financial results are included in the Consolidated financial
results of Adani Wilmar Limited for the quarter and year ended on March 31, 2024
A. Wholly-Owned Subsidiaries
Sr. No. Name of the Entity
1 Adani Wilmar Pte. Limited, Singapore
2 AWL Edible Oils and Foods Private Limited, India
3 Golden Valley Agrotech Private Limited, India
4 Leverian Holdings Pte Limited, Singapore*
5 Bangladesh Edible Oil Limited, Bangladesh*
6 Shun Shing Edible Oil Limited, Bangladesh*
*Subsidiary and Step-down subsidiaries of Adani Wilmar Pte. Limited, Singapore
B. Joint Ventures
Sr.No. Name of the Entity
1 Vishakha Polyfab Private Limited, India
2 AWN Agro Private Limited, India
3 KTV Health Food Private Limited, India
4 KTV Edible Oils Private Limited, India**
C. Associate
Sr. No. Name of the Entity
PT Flextech Packaging, Indonesia***
Net Profit attributable to Equity Share-holders 156.75 200.89 93 .61 147.99 582.12
12 Paid-up Equity Share Capital (Face value oft 1 each) 729 .97 129.97 729.97 129.97 129.97
13 Other Equity excluding Revaluation Reserves as at March 31 8,186.02 8 ,035.78
14 Earnings per Share - (Face value of Z 1 each)
Basic and Diluted (int) (Not annualized for the quarter) 1.21 1.55 0.72 1.14 4.48
Consolidated Balance Sheet
(~ in Crores)
As at As at
March March
Particulars
31, 2024 31, 2023
Audited
ASSETS
NON-CURRENT ASSETS
(a) Property, Plant and Equipment 4,425.B2 4,326.57
(b) Capital Work in Progress 869.53 323.96
(c) Goodwill on Consolidation 48,80 49.69
(d) Other Intangible Assets 132.98 135.45
(e) Intangible assets under development 9.32
(f) Right of Use Assets 313.35 281.64
(g) Financial Assets
(i) Investments 311.59 342.09
(ii) Loans 49.05
(iii) Other Financial Assets 76.83 72.98
(h) Deferred Tax Assets (Net) 30,02 1.20
(i) Income Tax Asset (Net) 61.57 60.04
U) Other Non Current Assets 778.39 800.02
TOTAL NON-CURRENT ASSETS 7,058.20 6,442.69
CURRENT ASSETS
(a) Inventories 7,203.80 7,681.24
(b) Financial Assets
(i) Investments . 50.03
(ii) Trade Receivables 1,782.91 1,931.41
(iii) Cash and Cash Equivalents 258.60 394.83
(iv) Bank balance other than Cash and Cash Equivalents 2,550.98 3,329.25
(v) Loans 52.08 2.68
(vi) Other Financial Assets 384.49 655.69
(c) Other Current Assets 484.94 486.74
TOTAL CURRENT ASSETS 12,717.80 14,531 .87
Non-current assets classified as held for sale 30.53 5.22
TOTAL ASSETS 19,806.53 20,979 .78
LIABILITIES
NON-CURRENT LIABILITIES
(a) Financial Liabilities
(i) Lease Liabilities 148.54 118.54
(b) Provisions 592.94 612.96
(c) Deferred Tax Liabilities (Net) 338.31 395.41
TOTAL NON-CURRENT LIABILITIES 1,079.79 1,126.91
CURRENT LIABILITIES
(a) Financial Liabilities
(i) Borrowings 2,415.39 2.225.71
(ii) Trade Credits from banks 4,180.83 6.488.20
(iii) Lease Liabilities 63.57 52.02
(iv) Trade Payables
- Total outstanding dues of Micro and Small Enterprises 139,33 37,14
- Total outstanding dues of creditors other than Micro and Small Enterprises 2,679.29 2,012.95
(v) Other Financial Liabilities 705,90 666.74
(b) Other Current Liabilities 191.13 184.41
(c) Provisions 9.26 9.05
(d) Liabilities for Current Tax (Net) 26.05 10.90
TOTAL CURRENT LIABILITIES 10,410.75 11,687.12
TOTAL LIABILITIES 11,490.54 12,814.03
TOTAL EQUITY AND LIABILITIES 19,806.53 20,979 .78
Consolidated Statement of Cash Flow
(~ in Crores)
Year Ended
Sr. March March
Particulars
No. 31, 2024 31, 2023
Audited
A CASH FLOW FROM OPERATING ACTIVITIES
Net Profit Before Tax 262.40 788.92
Adjustments for:
Depreciation and Amortization Expense 363.81 356.15
Interest on Income Ta x Refund (1.53) (0.42)
(Profit)/ Loss on Sale/ Discard of Property, Plant and Equipments (22 .15) 2.78
Sundry Balance Written back (27.08) (5.27)
Net Gain on sale/ fair valuation of Investment at FVTPL (0.66) (11.52)
Gain on termination of Finance Lease Contract (1 .33) (0.40)
Foreign Exchange Loss on Borrowings (N et) 13.51 41.71
Unrealised Foreign Exchange Loss/ (Gain) other than Borrowings e Derivatives (Net) 17.15 (11.46)
Unrealised Mark to Market (Gain)/ Loss on Foreign Currency Derivative Contracts (Net) (11 .11) 23.83
Allowances for Cred it Impaired of Trade Receivables 3.69 8.57
Finance Cost 688.83 525.61
Amortisation of Ancillary Cost of Borrowing 0.41
Interest Income on Bank Deposits and Inter Corporate Deposits (214.33) (211.39)
Operating Profit Before Working Capital Changes 1,071 .20 1,507.52
Adjustments for Working Capital Changes:
Decrease I (Increase) in Inventories 466.93 (5.14)
Decrease in Trade Receivables 143.12 269.15
(Increase) in Financial Loans (0.35) (0.25)
Decrease I (Increase) in Financial Assets 283.83 (339.59)
Decrease in Other Assets 1.89 74.05
Increase in Trade Payables 802.80 224.01
(Decrease) in Trade Credits (2,314 .79) (793.54)
(Decrease) I Increase in Provisions (19.19) 0.82
Increase/ (Decrease) in Financial Liability 8.22 (123.63)
Increase in Other Liabilities 7.35 12.80
Cash Generated From Operations 451.01 826.20
Direct Taxes Paid (Net of Refunds) (162.09) (162.90)
Net Cash Generated from Operating Activities 288.92 663.30
D Net (Decrease)/ Increase in Cash and Cash Equivalen ts (A+B+C) (132.31) 276.81
E Cash and Cash Equivalents at the Beginning of the year 394.83 127.07
Add : Foreign exchange (loss) on Foreign Currency Bank Accounts (0.53) (338)
Add : Exchange (loss) on translation of foreign subsidiaries cash and cash equivalents (Net) (3.39) (5.67)
F Cash and Cash Equivalents at the end of the year 258.60 394.83
1 The aforesaid consolidated financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on
April 3D, 2024 e. May 01, 2024 respectively.
2 The consolidated financial results of the Group includes the financial results of the Company, its subsidiaries (together the "Group"), and its Associate and Joint
Ventures listed in Anne xure 1.
3 The joint statutory auditors have carried out audit of consolidated financial results of the Company for the quarter and year ended on March 31, 2024.
4 During the year ended March 31. 2022 , the Company has completed its initial public offer ("IPO") of 15,67,29,745 equity shares of face value oft 1 each at an
issue price of t 230 per share (including share premium of t 229 per share) . Th e Company had received an amount oft 3.506 .02 Crores from IPO net of
discount offered to eligible employees (employees of Company and other eligible employees as defined in prospectus) oft 4.78 Crores and actual IPO expenses
(inclusive of taxes) oft 93 .98 Crores (out of which t 86.58 Crores (excluding taxes) adjusted against Securities Premium account as at September 30, 2023)
(provisional IPO expenses oft 128.52 Crores as per prospectus) .
During the quarter ended September 30, 2023, basi s the no due certificates issued by self-certified syndicate banks, all intermediaries including BRLMs and
syndicate member banks and on completion of all IPO related expenses, t 6.29 crores towards excess provision relating to IPO issue expenses have been
credi t ed to Securities Premium Account.
Further, the funds from savings in IPO expenses as compared to provisional IPO expenses amounting to t 34,54 crores has been transferred to General
Corporate purpose and accordingly the amount proposed to be utilised for General Corporate Purpose stand revised to t 97.12 Crores compared to the original
amount oft 62.58 Crores. The Company's Board of Directors has approved the aforesaid revision in IPO object in their meeting held on August 02, 2023.
Net proceeds which were unutilised as at March 31. 2024 were temporarily invested in deposits with scheduled commercial banks and kept in monitoring
agency bank account and IPO objects payment proposal account with scheduled commercial banks.
5 Consolidated Segment wise Revenue, Results, Assets and Liabilities :
(t in Crores)
Quarter Ended Year Ended Year Ended
Sr. March December March March March
Particulars
No. 31, 2024 31, 2023 31, 2023 31 , 2024 31, 2023
Unaudited Audited Audited
i Segment Revenue
a) Edible Oil 10,194.94 9,710.82 10,789.75 38,788.33 46,103.55
b) Food e,. FMCG 1,340.82 1,273.42 1,159.01 4,993.99 4,053.34
c) Industry Essentials 1,702.28 1,844.12 1,923.88 7,479.31 8,027.92
Total 13,238.04 12,828.36 13,872.64 51,261 .63 58,184.81
ii Segment Results
a) Edible Oil 229.34 297,30 75.53 240,89 439 ,83
b) Food e,. FMCG 45.89 13.79 16,70 149.36 95,53
c) Industry Essentials (29.67) 20.53 43.55 47.45 323 .30
Sub-Total 245,56 331.62 135.78 437.70 858.66
Less : Unallocable Finance Costs 19.16 30.44 7.46 70.91 40 ,95
Less: Unallocable Expenses (Net of Income) 15.51 20.23 (0,92) 50.88 28.79
Less: Exceptional Items 53,51
Profit/ (Loss) Before Tax 210.89 280.95 129,24 262.40 788.92
iii Segment Assets
a) Edible Oil 11 ,104.22 11.863,78 12,774.82 11 ,104.22 12,774.82
b) Food e,. FMCG 3,238.69 3,242.81 1,973 .10 3,238.69 1.973.10
c) Industry Essentials 1.881 .75 1.924,01 1,977.48 1.881.75 1,977.48
Sub-Total 16,224.66 17,030.60 16,725.40 16,224.66 16,725.40
d) Unallocable 3.581 ,87 3.591 ,89 4,254.38 3,581.87 4,254.38
Total Assets 19,806.53 20,622.49 20,979.78 19,806.53 20,979.78
iv Segment liabilities
a) Edible Oil 9,103.73 9 ,632.64 11,342.37 9,103.73 11,342.37
b) Food & FMCG 421,15 651,30 227.06 421 .15 227,06
c) Industry Essentials 682.08 782.25 297.57 682.08 297,57
Sub-Total 10,206.96 11,066.19 11,867.00 10,206.96 11 ,867.00
d) Unallocable 1,283.58 1,394.22 947,03 1,283.58 947,03
Total liab_ilities 11,490.54 12,460.41 12,814.03 11,490.54 12,814.03
Notes:, f"r---..:, ~
rJ_<"Se~ment...!8.@eri. e, Resul_ts, Assets and Liabilities represent amounts identifiable _to eac_h of the segment_s._ "Unallocable Expenses (Net of Income)" mainly
l '.),C udes Interes IQEOme, miscellaneous income, expenses on common services not directly 1dent1f1able to Ind1vIdual segment, corporate expenses etc.
6) Segmen t t s; et1~?. Segment Liabilities are as at March 31, 2024, Decem~ ::-::- .c, md March 31, 2023. Unallocable corporate..Pl-.~ ~:::!!ll~ocable
0 11
corpof <l_ '(t::al:l i•l1 e ~ri:,~\r ly represents investments, cash and bank balances, bo~ ~ , a, ,v~ ~sets/liabilities. A ~~JS)~
7
6 The State of West Bengal vide Trad e Circular dated April 17, 2023 ha s notified the changes in The West Bengal Sales Ta x (Settlement of Dispute) Act, 1999 and
The West Bengal Sales Ta x (Settlement of Dispute) Rule, 1999 where in the ta xpayers are allowed to settle ta x litigations pending with various Commerci al Ta x
authorities.
As per the Scheme, the tax litigation pending under The West Bengal Tax on Entry of Goods into Local Areas Act, 2012 is allowed to be settled by making 50%
payment of disputed tax liability thereby waiving off any interest and penalty thereon . During the quarter ended September 30, 2023, the Company has opted
for the said Settlement Scheme to conclude the tax dispute oft 162.54 Crores (including interest) pertaining to financial years 2012-13 to 2017-18 and made a
payment of t 53.51 Crores to the authority. Amount paid under the settlement Scheme has been recognised in the Statement of Profit e,. Loss and disclosed as
exceptional item in the results of quarter ended September 30, 2023.
7 (a) In accordance with the Company's Accounting Policy, management has assessed the designation as Derivative Contracts of certain committed purchase anc
sales contracts which were open as at March 31 , 2024. Accordingly, such purchase and sales contracts oft 3,619.70 Crores and t 2,090.78 Crores respectively,
having net unrealised mark-to-market gain of t 198.47 Crores as at March 31. 2024 have been designated as own use contra cts to be settled and accounted at
time of physical deliveries.As at March 31.2023 such amount was Nil.
(b) The Company enters into various commodity derivative instruments to manage its exposure to risk associated with commodity prices fluctuations.
Accordingly, net impact of realised and unrealized (gain)/ loss on these derivatives has been reclassified under 'Other Expenses/ Other Income', as appropriate,
under the nomenclature 'Commodity Derivative (gain) / loss (net)' for better presentation and disclosure in terms of requirement of Ind AS 1 'Presentation of
Financial Statements'. The loss/ (gain) for the current quarter, previous quarter, comparative quarter, year end and previous year end is t 207.04 Crores : t
(130.36) Crores: t (240.65) Crores: t 355.21 Crores and t (702.55) Crores respectively. Due to such reclassification, there is no impact on net profits for the
periods presented in the results.
8 Consolidated Profit before tax includes net (loss) before tax of t (122.11) Crores and t (45.07) Crores for the current year and previous year respectively as
reported by Company's subsidiary Bangladesh Edible Oil Limited (BEOL). As per the management, key factors contributing for losses in BEOL since quarter
ended December, 2022 are primarily due to currency crisis in Bangladesh coupled with government intervention in pricing of edible oils. As at March 31 , 2024.
the net worth of the BEOL is positive amounting to t 53.66 Crores and in the quarter ended March 31 , 2024 it has started showing improved results.
The BEOL. tax expenses / (credit) for the quarter and year ended March 31. 2024 includes deferred ta x (credit) of t (3 .54) crores and t (28.87) Crores
respectively. on business loss and unabsorbed depreciation ('taxable losses·). recognised based on the group management's assessment of reasonable certainty
for recovery of taxable losses against future projected taxable profits in BEOL.
9 During the quarter/ year ended March 31.2024, the Company has undertaken technical assessment of useful life of the certain plant and machinery (including
electrical installations), considering the technological advancements and economic benefits observed from existing plant and machinery in past years . Based
on such assessment, the Company believes that the useful life of identified plant and machinery is more than the prescribed life under Schedule II of the
Companies Act.2013.
Accordingly, due to revision in the useful life of identified plant and machinery depreciation charge for quarter and for the year has reduced by t 16.49 Crores
in the statement of profit and loss account.
10 During the previous financial year 2022-23, a Short Seller Report ("SSR ") was published in which certain allegations were made on certain Adani Group
Companies. In this regard. certain writ petitions were filed with the Hon'ble Supreme Court ("SC") seeking independent investigation of the allegations in the
SSR and the Securities and Exchange Board of India ("SEBI ") also commenced investigating the allegations made in the SSR for any violations of applicable
SEBI Regulations.
The SC also constituted an expert committee to investigate and also advice into the various aspects of existing laws and regulations, and also directed the
SEBI to consider certain additional aspects in its scope. The Expert Committee submitted its report dated May 06, 2023, finding no regulatory failure. The SEBI
also concluded its investigations in twenty-two of the twenty-four matters as per the status report dated 25th August 2023 to the SC.
The SC by its order dated January 03, 2024, disposed off all matters of appeal in various petitions including separate independent investigations relating to
the allegations in the SSR. and stated that the SEBI should complete the pending two investigations, preferably within 3 months. and take its investigations
(including the twenty-two investigations already completed) to their logical conclusion in accordance with law.
During the quarter, the Company has received Show Cause Notice (SCN) from the SEBI relating to validity of Peer Review Certificate (PRC) of predecessor
auditor in earlier financial year, which the Company has responded to . Based on legal advice obtained, management believes that the matter is technical in
nature and has no material consequential effects to relevant financial statements, and that there is no material non-compliance of applicable laws and
regulations.
Basis the Company's assessment. the SC orde r and the fact that there are no allegations made in the SSR relating to the Company and there are no pend ing
regulatory or adjudicatory proceedings as of date. except as mentioned above, management of the Company is confident that these financial statements do
not require any reporting adjustments in this regard .
11 The figures for the last quarter are the balancing figures between audited figures in respect of the full financial year ending March 31, 2024 e,. March 31, 2023
and the unaudited published year-to -date figures up to December 31, 2023 and December 31, 2022 respectively, being the date of the end of the third quarter
of the respective financial years which were subject to limited review by the statutory auditors.
12 Previous period 's/ year figures have been regrouped/ reclassified wherever necessary.
~(/4/
Place Ahmedabad
Date May 01, 2024 ~ging Director and Chief E><ecutive Officer
Annexure 1 - List of entities included in the Consolidated Financial Results
A. Subsidiaries
B. Joint Ventures
C. Associate
Registered Office: Fortune House, Nr. Navrangpura Railway Crossing, Ahmedabad 380 009, Gujarat, India
DHARMESH PARIKH & CO LLP
CHARTERED ACCOUNTANTS
0\(
IN DIA
[LLPIN - 6517]
To
Board of Directors
Adani Wilmar Limited
Fortune House,
Near Navrangpura Railway Crossing,
Navrangpura,
Ahmedabad - 9 .
We refer to our appointment as the joint statutory auditor of Adani Wilmar Limited
pursuant to the Shareholder's Resolution dated 30 August 2022, to hold office for 5 years.
We have completed our statutory audit for the year ended 31 st March 2024 and issued
our reports on 1st May 2024.
In view of the above and as discussed and agreed with the Management, we express our
inability to continue as the Statutory Auditor of the Company.
As per the requirement of the Companies Act, 2013, we shall be forwarding the copy of
the ADT-3 to be filed with the Registrar of the Companies, in due course.
~ J 4',,J
Dharmesh Parikh & Co. (Reg. No. GUJ/AH/102552), a Partnership Firm has been converted into Dharmesh Parikh & Co LLP w.e.f 9t h April, 2021
303/304, "Milestone", Nr. Drive-in-Cinema, Opp T.V. Tower, Thaltej, Ahmedabad - 380054
Phone: 91-79-27474466, Email: info@dharmeshparikh.net. Website : www.dharmeshparikh .net
DHARMESH PARIKH & CO LLP
CHARTERED ACCOUNTANTS
[LLPIN - 6517]
~IN D I A
Annexure A
Disclosure of information as per the Securities and Exchange Board of India circular
CIR/ CFD/CMD1/114/2019, dated 18th October 2019
a.
·-· --·-·-· •
Date on which the statutory auditor was 30th August, 2022 by the
aooointed: shareholders for a term of 5 years.
b. Date on which the term of the statutory auditor Till the conclusion of 29 th AGM of the
was scheduled to expire: Company to be held in the year 2027.
C. Prior to resignation, the latest audit Audit reports dated 1st May 2024 on
report/limited review report submitted by the the Company's standalone and
auditor and date of its submission: consolidated financial statements
and financial results for the year
ended 31 st March, 2024.
4. Detailed reasons for resignation: Please refer to the resignation letter
dated 1st May 2024.
5. In case of any concerns, efforts made by the Not Applicable
auditor prior to resignation (including
approaching the Audit Committee/Board of
Directors along with the date of communication
made to the Audit Committee/Board of
Directors):
6. In case the information requested by the Not Applicable
auditor was not provided, then following shall
be disclosed:
a. Whether the inability to obtain sufficient
appropriate audit evidence was due to a
management-imposed limitation or
circumstances beyond the control of the -
VARI!(.~
management. ~ ~-· "'~
lif*~12054W/ ~J~~ I
W100725 ~
'J~ , ~ ~
-
Dharmesh Parikh & Co. (Reg. No. GUJ/AH/102552), a Partnership Firm has been converted into Dharmesh Parikh & Co LLP w.e.f 9th April, 2021
303/304, "Milestone", Nr. Drive-in-Cinema, Opp T.V. Tower, Thaltej, Ahmedabad - 380054
Phone : 91-79-27474466, Email: info@dharmeshparikh.net. Website : www.dharmeshparikh.net
DHARMESH PARIKH & CO LLP
CHARTERED ACCOUNTANTS
CA(
I ND I A
[LLPIN - 651 7]
Declaration
1. We hereby confirm that the information given in this letter and its attachments is correct and
complete.
2. We hereby confirm that there is no other material reason other than those provided above for
my resignation/ resignation of my firm.
~,f..J.~
Dharmesh Parikh & Co. (Reg. No. GUJ/AH/102552), a Partnership Firm has been converted into Dharmesh Parikh & Co LLP w.e.f 9th April, 2021
303/304, "Milestone", Nr. Drive-in-Cinema, Opp T.V. Tower, Thaltej, Ahmedabad - 380054
Phone : 91-79-27474466, Email: info@dharmeshparikh.net, Website: www.dharmeshparikh.net