DNL/ 1 40l NSE / 1 1 1 6 / 2020 May 27, 2020

Listing Department National Stock Exchange of India Limited, Exchange Plaza Bandra Kurla Complex Bandra (E) MUMBAT - 400 051

Dear Sir,

Stock Svmbot: DEEPAKNTR

Sub: Pubtication of Audited Financia[ Resutts

Pursuant to the requirement of Regutation 47(1)(bl and 47(3) of SEBI (Listing Obtigations and Disclosure Requirements) Regutations, 2015 ("Listing Regulations"), we have pteasure to furnish herewith newspaper ctippings of Standalone and Consolidated Audited Financial Resutts of the Company for the quarter and year ended 31st March ,2020, pubtished in newspapers - Financial Express - Gujarati & The Indian Express - Engtish, Ahmedabad and Business Standard, Mumbai editions on 27th May, 2020.

The said advertisement have atso been uploaded on the website of the company.

You are requested to take the same on your record. Thanking you,

Yours faithfutty For DEEPAK NITRITE LIMITED

Enc[: as above

DEEPAK NITRITE LIMITED Cl N: 124110GJ1970P1C00173s Registered & Corporate Ofrice: Aaditya-1, Chhani Road, Vadodara-390 024. Gujarat, India. Tel: +91 265 276 5200/396 0200 | Fax: +91 2652765344 Investor Relations Contact: investor@ godeepak.com www.godeepak.com @¼û¼y¼¡¼¼y, ù¼Æ†¼¡¼¼•, t¼¼. 27 û¼Ì, 2020 | ö¼ü¼‡¼¼½‡¬¼ü¼ÿ¼ @¼ÌL¬¼Š¼œÌ¬¼ | 3 WWW.INDIANEXPRESS.COM

THEINDIANEXPRESS,WEDNESDAY,MAY27,2020 ‘SURVIVED WITHOUTFOOD,WATER FOR 70 YRS’ BREATHARIAN YOGI DIES AT 90 Prahlad Jani alias Chunriwala Mataji, a breatharian Yo gi who claimed to have survived without 3 food or water for over 70 years, died Tuesday in Gandhinagar district, his disciples said. He was 90. GUJARAT Jani's claims of surviving without food or water were tested in 2003 and 2010 by scientists.

RAJKOT TO THIRUVANANTHAPURAM VMCannounces10%property First Shramik train from Gujarat to taxrebatetotideovercrisis Kerala leaves with over 1,200 migrants the railway station. Then, we nounced, she stopped getting EXPRESSNEWSSERVICE More than 5,000 had to spend more than three paid by her employers. AHMEDABAD, MAY 26 hours within the bus and later More than 5,000 migrants ADITIRAJA migrants in Gujarat they made us stand in neatly- in Gujarat, including students VADODARA,MAY26 THE FIRST Shramik train from have listed themselves drawn circles outside the rail- and workers who lost their Gujarat to Kerala left the state on the Non-Resident way station and videographed jobs, have listed themselves on INAdesperateattempt to replen- with over 1,200 stranded mi- us. As we stepped on to the rail- the Non-Resident Keralites ish its dwindling funds, the grants on Tuesday. Despite be- Keralites Affairs way platform, we were Affairs (NORKA) website of the Vadodara Municipal Corporation ing a point-to-point train, the (NORKA) website of the herded into the bogies of the Kerala Government. (VMC), for the first time, an- Thiruvanthapuram-bound Kerala Government waiting train like sheep and On Tuesday, a Shramik train nounced a 10% rebate for citizens train originated at Rajkot and cattle. There was no social from Gandhidham to who pay their advance property made multiple stops in the distancing during boarding or Visakhapatnam also made tax for the current financial year state, picking up migrants inside the train. No health multiple stops at Ahmedabad, betweenJune1and30.Thecash- along the way, official sources they had to pay Rs 885 for a check was conducted," said Vadodara and Surat to pick pas- strapped civic body is in further said. ticket. Anu after boarding the train at sengers for the destinations of crisis due to the Covid-19 lock- The train which started Anu Jacob Kurshingal, a 26- 4 am. Rajamundry, Srikakulam, down with several of its projects from Rajkot with 300-odd pas- year-old academician who lost "Having suffered the Vijayawada and getting stalled. sengers, stopped at her job during the lockdown, trauma of lockdown in a new Visakhapatnam. This train car- VMC officials say that Ahmedabad to pick up over 270 said that passengers in city, the way we were treated ried about 1,209 migrants. Tuesday'sannouncementwillen- migrants including those from Ahmedabad were herded into was the last nail in the coffin. I On Tuesday, 17 trains carry- courage many residents to pay Gandhinagar and Mehsana, 62 the train bogies like cattle. will never return," said Anu ing 20,677 migrants left the their property tax on time. from Vadodara and 568 from "Firstly, we were made to who had come to Ahmedabad state. So far, 901 Shramik trains Speaking to The Indian Express, Surat. Passengers who boarded wait at the GMDC ground. From for a job in December 2019. from Gujarat have transported DeputyMunicipalCommissioner this train from Ahmedabad said there, we boarded the bus to After the lockdown was an- 13.12 lakh migrants. SKPatelsaid,"Therebateisanim- mediate relief. It is valid only for Road carpeting work under way in Vadodara on Tuesday. Bhupendra Rana thecurrentfinancialyearforthose Government of India who have no pending dues. Department of Atomic Energy Anyonewhohasclearedpastdues will try to ensure that it is abolished in 2003. Tiwari said, November 2014 and are awaiting or is willing to clear them along smoothly executed," Patel said. "Our annual growth with octroi their rehabilitation homes to be CORRIGENDUM with the penalties will also be el- It was just recently that the was pegged at a compounded ready, Patel said that the liability Advt.No.03-R/IMSc/2020 Date: 26.05.2020 igible for this rebate for the cur- VMC, which has been in a hand- 18%. Had there been a correspon- of paying the rent allowances to Reference our indicative advertisementNo.01-R/IMSc/ rentyear.Therebatewillbecalcu- to-mouth existence for several ding increase in the octroi grant, otherfamilieslieswiththedevel- lated on the spot for physical years now, managed to stabilise we would have been self suffi- opers under the Public Private 2020 Dated 20.03.2020 and subsequent indicative payments in ward offices and by its finances. However, the lock- cient." Partnership (PPP) model. corrigendum advertisement No.02-R/IMSc/2020 dated our online payment deals as well downandsuspensionof develop- According to Patel, the VMC "Ultimately, theVMCwillhave 20.04.2020 inviting applications for the post of sothatthecitizenspay10%lessto ment projects exhausted all its has also planned to raise Rs 100 to compensate the developer by DIRECTOR, IMSc, Chennai (Level –15under 7th begin with." funds and incurred a liability of croreviabondsaleto tideoverthe allowing some relaxation in the CPC) which appeared on all leading Newspapers. Patelsaidthemove isto bene- about Rs 70 crore per month, in- financial crisis. This sum, prima- premium amount of the land. So Due to COVID–19 Lock Down, the last date is further fit both the VMC and the citizens. cluding salaries of staffamount- rily, is meant for the ongoing the civic body will bear the cost. "We are planning to make use of ing to Rs 45 crore. AmrutYojanathataimsto linkthe We are also planning to open up extended upto 10.06.2020 for receipt of applications social media and newspapers to Chief Accountant Santosh water network in the city. more of our commercial plots for through Registered Post (or) Speed post (or) Courier ensurethatthemessageaboutthe Tiwari said, "We could sail The suspension of develop- development to generate in- (or) email: [email protected]. rebate reaches the people. throughthemonthsof March and mentprojectshasaffectedseveral come," Patel said. Other terms and conditions as explained in the detailed Property tax is one of our biggest Aprilbecausewe hadreservesbut ongoinghousingprojectsthatare On May 6, Congress corpora- advertisementappearing on the following websites incomes," Patel said, stating that the months ahead are tough. At meant to rehabilitate over 2,000 tor and former deputy mayor remain same. in the last financial year 2019-20, themoment,theremaynotbeis- displaced families in the city. Chirag Zaveri from Vadodara the VMC earned Rs 454 crore suesinpayingsalariesaswe have WhiletheVMChasamonthlyex- wrote a letter to Gujarat Chief i) www.dae.gov.in under“Vacancy Notices’’ againsttheestimatedRs474crore a monthly octroi grant of Rs 26.8 penditure of Rs 15 lakh towards Minister Vijay Rupani, seeking Rs ii) www.imsc.res.in under “Other Positions” through property tax collections. crore regularly given by the state the 480-odd families of Kalyan 500 crore for the cash-strapped "This year too, we are expect- government." Nagar who were displaced in VMC. ingasimilarincome.We alsohave However, several officials rue another major source of income that the grant has been stagnant through town planning and we at the amount since octroi was

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Vadodara MUMBAI | WEDNESDAY, 27 MAY 2020 ECONOMY & PUBLIC AFFAIRS 5

. < Supply chain blocks, lack of labour Hurdlesinland acquisition? push MSMEs in Chennai to the brink NHAIto scrap The second of a five-part series focuses on how the lockdown has compounded the woes of already-struggling firms partofcontract

T E NARASIMHAN & GIREESH BABU ings,” says Sujeesh. But it is not only Ambattur MEGHA MANCHANDA Chennai (Ambattur), 26 May S Shanmugam, managing which is struggling with lack of New Delhi, 26 May Sebi slaps ~7-lakh partner at India Industries, an manpower, lack of orders and Ashokan, proprietor of industrial and auto components supply chain issues. S Dilli, pro- To reduce build-up of arbitra- fine on NHAI for Srivari Alloys, in the manufacturer, which supplies prietor of Sri Chellaiamman tion cases, the National High- SAmbattur Industrial to TVS Motor, feels that the Industries in Thiru Vi Ka ways Authority of India (NHAI) disclosure lapses Estate in Chennai, is running moratorium on loans is a good Industrial Estate, Guindy in has asked its project managers The Securities and his factory with only around move, but banks should not Chennai, which produces sheet to cancel portions of the propo- Exchange Board of India 15 per cent of his workforce, charge interest after the mora- metal shearing and folding job- sed contracts in case of hurdles (Sebi) on Tuesday even though he is allowed to torium period. Their factory, work, says that though he in the land acquisition process. imposed a penalty of function with 33 per cent. which used to employ 60 peo- opened his unit two weeks ago, NHAI Chairman Sukhbir Almost 80 per cent of work- ple, now has around six to 10 the order flow is dry. Also, in Singh Sandhu, in a letter to ~7 lakh on the National ers are from other districts and workers, who are mostly carry- place of the six workers he had the authority’s regional offices Highways Authority of another 10 per cent are migrant ing out maintenance work. before, he has just two now. The and project director, has said India (NHAI) for delay in labourers, and a majority of “The government should other four were migrants and the matter of land acquisition making timely disclosure them are not able to get back to have given one year’s moratori- have gone away. should not be left pending as about financial results. work either due to the lockdown um without interest. Industry Similarly, Sri Raghavendra it leads to litigation cases in Sebi had conducted an or fear of the has been paying taxes for 72 Fabrications, which manufac- the future. examination in the growing number years, why can’t the government tures shearing, folding and press “In future, the stipulated matter of NHAI from of Covid-19 posi- waive taxes from industry components and is a sub con- land would be acquired and financial year 2015-16 tive cases in at least for one year during these tractor to ICF and Chennai handed over encumbrance free to 2018-19. Chennai. Srivari ALOOK AT AMBATTUR ESTATE tough times,” asks Corporation, used to have to the contractor in time or that Alloys, manufac- ~26,000 cr Shanmugam. He adds that around six to eight workers from part of the project will be can- During its UNLOCKING investigation, Sebi INDIA tures aluminium 1,167 acres 2,400 units, 20,000 95 factories 75 % of the Business done while the Centre has Chennai and its outskirts. M celled if the land is not handed MSME-2 alloys, high pres- taken by of which micro, small are in the manpower by 17 industrial announced additional Manohar, the proprietor, says he over,” Sandhu wrote in the let- found that NHAI delayed sure die castings Ambattur around 200 units in the auto, allied is from estates in loans for MSMEs, many will has had only one worker since ter, a copy of which is with filing of its half-yearly and precision machine compo- Industrial Estate are tiny peripheries industries other places Tamil Nadu find it difficult to get banks to he opened up a few days ago. Business Standard. financial results by four nents, and supplies to compa- approve them. With no public transportation, Such disputes mostly land days to 78 days between nies such as TVS Motor, The Tamil Nadu govern- the others cannot come to work. in arbitration, for which con- 2015-16 to 2018-19. PTI Simpson & Company, TAFE, T E Soundararajan, owner of assigned to other companies in the major industrial estates ment’s Small Industries Small units are facing other tracts have provision. It is not among others. Fluidtech, a medium-scale either. of Chennai are unimpressed Development Corporation pressures, too. Some are being just the projects that get “I have 40 machines that company, has a similar story to Soundararajan feels that the with the government’s eco- Limited (SIDCO) industrial asked to forego GST, while those delayed but also the invested acquisition progression data. used to run in three shifts, of tell. The company, which man- central government’s relief nomic package. “If this is the estate in Ambattur houses about with limited workers are battling money — either of the govern- NHAI’s concern for the which, only eight are now run- ufactures furnaces, has around package to mitigate the crisis level of measures (under the ~20 2,400 units and most of them to retain their orders and not ment or the private party — arbitration matters and its ning on one shift,” says 90 employees, but is now run- faced by industry in the wake of trillion package) the govern- are MSMEs. And in and around have them given to competitors. gets stuck in the dispute. It is related claims can be gauged Ashokan, whose company had ning with only 18 people. The the lockdown to tackle the coro- ment is offering, I am afraid it is the estate, there are around “While we are paying GST, those learnt that not just for future from the fact that at the start of a turnover of ~45 crore last year. non-availability of workers with navirus pandemic, will not solve all over for the MSMEs,” says A N 20,000 micro and small outfits who are placing orders are projects, the NHAI has done 2020, the authority had set a “My fixed expenses (rentals and specialised skills has become a the problems of the micro, small Sujeesh, president of Ambattur which depends on business demanding that we offer prod- the same for some project target of settling arbitration wages) were around ~60 lakh huge problem. Though and medium enterprises Industrial Estate Manufacturers from the industrial estate. ucts without GST. We definitely stretches in the past. claims worth ~70,000 crore even during the lockdown peri- Fluidtech has arranged for vehi- (MSMEs). The additional loans Association (AIEMA). Almost 95 per cent of the units cannot exempt GST,” says “The idea is to stay away through the reconciliation od. Plus, I have to pay an EMI of cles to pick up around 5-10 work- may not be of much use for “If I borrow funds, it should in Ambattur are devoted to auto Manohar. He, too, doesn’t from any future litigation and method in January. ~13 lakh per month for my ers daily, this is an additional smaller units, he says, adding be for investments, not to repay and allied industries and more believe the Centre’s announce- arbitration, because then ques- The process began with loans,” he says, adding orders cost, points out Soundararajan. that the moratorium my existing loans. If I am forced than 90 per cent of its revenue ments will result in any actual tions are raised as to why NHAI NHAI settling an arbitration from the passenger car industry Supply chain is another con- announced by RBI also means to borrow to repay my loans, it is comes from this sector. And support for the MSMEs. “Only did not address the issue if the claim worth about ~650 crore had been down by almost 50 cern, as many of the sub-con- little since they would have a point of no return. What the almost 75 per cent of the the influential and large players land was not fully acquired,” with Infrastructure Leasing & per cent for nearly six months. tractors are not functioning as to pay interest after the government has given us as a industrial estate’s manpower will be able to get something. For said an official. Sandhu has Financial Services (IL&FS) for The lockdown has only yet, and because their work is moratorium period. stimulus, is further borrowings has traditionally come from people like us, there is no hope,” asked his regional offices for a nearly ~200 crore through a compounded his woes. specialised, it cannot be Indeed, most entrepreneurs to repay your existing borrow- other states. he says with despair. stricter maintenance of land conciliation process. PublicGDPratiocouldscalenewhigh

KRISHNA KANT & INDIVJALDHASMANA borrowing of public-sector undertakings. Mumbai/New Delhi, 26 May THE TRAJECTORY Rangarajan expects the revenues of the Historical trend in India's public debt relative to GDP Centre and the states will fall much The ratio of India’s public debt to GDP is Total public debt (~ trillion) Public debt to GDP (%) below what was projected. expected to scale a new high at the end 160 90 Madan Sabnavis, chief economist of FY21 due to record borrowing by the 72.1 CARE Ratings, said: “India’s public debt central and state governments and an 120 80 to GDP ratio is expected to rise by 800- expected contraction in the country’s 1,000 basis points in FY21, given record gross domestic product (GDP) during 73.7 borrowing by the government and poor the fiscal year. 80 70 GDP growth.” CARE Ratings expects 0-2 According to the Reserve Bank of per cent growth in nominal GDP in FY21. .7 .6 .1 .2 6 India (RBI) data, the combined liabili- .6 Economists, however, say this is not 40 40 60 35 .0 .6 32 29 .0 3 26 .9 4 .8 ties of the Centre and the states were 23. the time to worry about this ratio. “We .7 21 .3 .8 .0 18 .7 .3 .1 16 00 around ~147 trillion at the end of March, 9. brought the debt to GDP ratio from near- 51 58 66 83 94. 105 132 45 75 11 0 146 50 and that translated into a public debt to 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 ly 84 per cent in 2004 to 66 per cent in GDP ratio of 72.1 per cent at the end of last Fiscal year 2016. Then, it rose. So rising debt to GDP fiscal year (given the nominal GDP of is these circumstances is not a worri- ~203 trillion). Economists now expect Source: RBI, BS calculations some part, this can be brought down the ratio to cross 80 per cent. once crisis is over and the economy is India’s public debt will be much high- also called post office deposits. Last ed on the basis of nominal GDP. back to normal. Then you can chalk out er if one includes the borrowing of pub- week, the Centre raised the state gov- “The fiscal deficit of the Centre alone fiscal consolidation planning as we did it lic-sector enterprises such as the ernment borrowing limit to 5 per cent of will be over 7 per cent of GDP in FY21 over 2004 to 2016,” said Pronab Sen, for- National Highways Authority of India, gross state domestic product from 3 per because it has to maintain some of the mer chief statistician of India. Food Corporation of India, Indian cent at present. This will translate into expenditures which have been already Govinda Rao, member of the 14th Railways Finance Corporation, NTPC, state borrowing of around ~10.2 trillion in budgeted. If you assume the states will Finance Commission, doesn’t expect the Oil & Natural Gas Corporation, and FY21, based on the GDP figures for FY20. have a fiscal deficit of 5 per cent of GSDP, ratio to cross 80 per cent. “It is possible Power Grid. The Central government has In comparison, India’s GDP is expect- the combined would be 12 per cent of that states may raise their debt to 28 per announced a 54 per cent increase in mar- ed to shrink at constant prices, may GDP,” said C Rangarajan, former chair- cent of GDP from 25 per cent, the Centre ket borrowing in FY21 to ~12 trillion. In either grow in low single digits, or remain man of the Prime Minister’s Economic may increase it from 45-46 per cent to 50 addition, the government is planning to stagnant at current or nominal prices. Advisory Council. per cent. My feeling is that the debt to borrow ~2.4 trillion from small savings, The public debt to GDP ratio is calculat- The deficit calculation excludes the GDP ratio would be 78-80 per cent.” Handling of Covid creates friction in Thackeray govt

ADITI PHADNIS am requesting you to please provide all infor- Mumbai, 26 May mation like from where the train will run, the list of passengers according to the trains, their med- New political alignments, possibly even central ical certificate and where the train is to go, to the rule, could be on the cards in after General Manager of Central Railway within the Congress leader Rahul Gandhi distanced himself next hour, so that we can plan the time of trains.” and his party from the management of the The implication was that the state government Covid-19 pandemic in the state. was making it a political issue, without being Gandhi said his party, an alliance partner in constructive. the government led by the , was not a All through the weekend, there was sniping key decision-maker in the Maha Vikas Aghadi between supporters of the Maharashtra govern- government. His comments come amid reports ment and the Centre. Senior Sena leader and that NCP chief is upset with CM MP tweeted, addressing , who is also the chief of the Goyal, “Maharashtra government has given you Shiv Sena, for not opening up economic activity a list of workers who wish to return home. The in the state’s bigger urban centres. only request is that the train should reach the sta- Former chief minister Prithviraj Chavan of tion, as announced earlier….The Gorakhpur the Congress had recently remarked that the bound train had reached Odisha,” Raut said. Maharashtra government was not run by the The Congress said the government was “tak- Maha Vikas Aghadi, but only by the Shiv Sena. ing migrant workers on a country tour” without The Nationalist Congress Party (NCP), the providing them food and water. third member of the alliance, could be the reason The only government partner that sided with for the unraveling of the government. Not only the central government was the NCP. Praful Patel did Sharad Pawar, along with associate Praful said in a tweet: “Their (the Modi government’s) Patel, call on the Governor BS Koshiyari, but Patel efforts should be respected. We appreciate that also defended Union Railway Minister Piyush they are providing trains so that people can reach Goyal from attacks by Shiv Sena and Congress home.” NCP’s Ajit Pawar is deputy chief minister leaders, who have been scathing about the lack of and finance minister in the state. BJP leaders help from the railways in helping move migrants have not ruled out a change in alliances. Clearly to their home states. they are waiting for the right time to bring the On Sunday night, in a series of tweets, Goyal government down. In a house of 288, 144 is the asked Maharashtra Chief Minister Uddhav midway mark. The Shiv Sena has 56 MLAs, the Thackeray to provide a list of migrant workers BJP has 105, and the NCP has 54. Congress and a saying his ministry was “ready to provide host of smaller parties and independents are 125 Shramik Special trains” to the Mumbai-head- supporting the Sena. If the NCP withdraws sup- quartered Central Railway. port, the government goes into a minority. Goyal had further said in a tweet, “Since you have said that you have a list ready that is why I More on business-standard.com