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Jubilant Foodworks Ltd.

Auditor Report

NSE: JUBLFOODEQ BSE: 533155ISIN: INE797F01020INDUSTRY: Hotels, Resorts & Restaurants

BSE   Rs 448.35   Open: 453.65   Today's Range 445.25
458.30
 
NSE
Rs 448.85
-6.00 ( -1.34 %)
-6.50 ( -1.45 %) Prev Close: 454.85 52 Week Range 420.35
586.35
You can view full text of the latest Auditor's Report for the company.
Market Cap. (Rs.) 29617.15 Cr. P/BV 14.53 Book Value (Rs.) 30.88
52 Week High/Low (Rs.) 587/420 FV/ML 2/1 P/E(X) 83.86
Bookclosure 12/07/2023 EPS (Rs.) 5.35 Div Yield (%) 0.27
Year End :2023-03 
Independent Auditor’s Report

To the Members of Jubilant FoodWorks Limited

REPORT ON THE AUDIT OF THE STANDALONE
FINANCIAL STATEMENTS

Opinion

We have audited the accompanying standalone financial
statements of Jubilant FoodWorks Limited (“the Company”),
which comprise the Balance Sheet as at March 31,2023,
and the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Cash Flows and
the Statement of Changes in Equity for the year then ended,
and a summary of significant accounting policies and other
explanatory information.

In our opinion and to the best of our information and according
to the explanations given to us, and based on the consideration
of report of the other auditor on separate financial statements
of the Trust referred to in Other Matters Section below, the
aforesaid standalone financial statements give the information
required by the Companies Act, 2013 (“the Act”) in the manner
so required and give a true and fair view in conformity with
the Indian Accounting Standards prescribed under section
133 of the Act read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended, (“Ind AS”) and other
accounting principles generally accepted in India, of the state
of affairs of the Company as at March 31,2023, and its profit,
total comprehensive income, its cash flows and the changes in
equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements
in accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Act. Our responsibilities under those
Standards are further described in the Auditor's Responsibility
for the Audit of the Standalone Financial Statements 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 (ICAI) together with the ethical requirements
that are relevant to our audit of the standalone financial
statements under the provisions of the Act and the Rules made
thereunder, and we have fulfilled our other ethical responsibilities
in accordance with these requirements and the ICAI's Code
of Ethics. We believe that the audit evidence obtained by us is
sufficient and appropriate to provide a basis for our audit opinion
on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the
standalone financial statements of the current period. These
matters were addressed in the context of our audit of the
standalone financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on

these matters. We have determined the matters described below
to be the key audit matters to be communicated in our report.

1. Impairment of Investment in Subsidiary:

The Company holds investment in subsidiary located in Sri
Lanka amounting to INR 1,252.81 million as at March 31,
2023 and has recognized provision for diminution of INR
745.69 million as on March 31,2023. (Refer Note 4 of the
Standalone Financial Statements)

The Company has undertaken an annual assessment of
indicators of impairment in respect of the investment in
subsidiary as mentioned in Note 38 of the standalone
financial statements.

To assess the recoverability of the investment in subsidiary,
management is required to make significant estimates and
assumptions related to forecast of future revenue, operating
margins, growth rate and selection of the discount rates.
The Company used the discounted cash flow approach to
determine the recoverable value of the investments. These
assumptions are of particular importance due to the level
of uncertainties and judgment involved, thus changes in
these assumptions could have a significant impact on the
recoverable value of the investments.

How the Key Audit Matter was Addressed in our Audit:

Our principal audit procedures in this area included, among
other:

1. We assessed the Company's impairment process
and tested the design and implementation of internal
control established to the estimates and judgments for
the carrying values of investment in subsidiary.

2. Challenged Company's key market related
assumptions used in the DCF model including discount
rate, long term growth rates against external data, by
involving internal fair valuation specialist;

3. Assessed the reliability of cash flow forecasts through
a review of actual past performance and comparison
to previous budgeted performance and assessed the
reasonableness of the forecasts by challenging the
assumptions in respect of growth strategies in the
market in which it operates;

4. Tested the mathematical accuracy and performing
sensitivity analyses of the model;

5. Understood the commercial prospects of the
investments in subsidiary under the current economic
environment including the challenges faced by the
business to specifically evaluate whether these have
been appropriately reflected in the revised forecast
growth rates;

6. Assessed the appropriateness and completeness
of the related disclosures in the standalone financial
statements.

2. Claims and Litigations

The Company is subject to lawsuits and claims which coulc
have a significant impact on the results if the potential
exposure were to materialize. For the current year ended
March 31,2023, we believe there is a risk relating to
ongoing litigations on Goods and Service Tax matters
(including Anti-profiteering) which is disclosed in Note
31.A of the standalone financial statements. The amounts
involved are significant and the application of accounting
standard to determine the amount, if any, to be provided as
a liability or disclosed as a contingent liability, is inherently
subjective. This includes assumptions relating to the
likelihood and/or timing of cash outflows from the business
and the pending decision of Appropriate Authority.

Due to the level of significant judgment involved, the above
matter has been identified as a key audit matter.

How the key matter was addressed in our audit:

Our audit procedures in this area included, among others:

1. We have evaluated the Company's processes and
controls over litigations operated by Management
through regular meetings with in-house legal counsels
and review of Board and audit committee meeting
minutes;

2. We have assessed correspondence with the
Company's external counsel accompanied by
formal confirmations from that external counsel and
discussions with and representations from in-house
counsel;

3. We have involved our tax specialists to assess relevant
historical and recent judgments passed by the judicial
court authorities in order to challenge the basis used
for the accounting treatment and resulting disclosures;
and

4. Assessed whether the Company's disclosures detailing
the litigation in Note 31.A to the standalone financial
statements. Contingent liabilities adequately disclose
relevant facts and circumstances and potential
liabilities of the Company.

Information Other than the Financial Statements and

Auditor’s Report Thereon

• The Company's Board of Directors is responsible for the

other information. The other information comprises the
information included in the Corporate Overview, Statutory
Report including Management Discussion and Analysis,
Board Report and Corporate Governance Reports, but
does not include the standalone financial statements and
our auditor's report thereon.

• Our opinion on the standalone financial statements does
not cover the other information and we do not express any
form of assurance conclusion thereon.

• In connection with our audit of the standalone financial
statements, our responsibility is to read the other
information and, in doing so, consider whether the other
information is materially inconsistent with the standalone
financial statements or our knowledge obtained during the
course of our audit or otherwise appears to be materially
misstated.

• If, based on the work we have performed, we conclude that
there is a material misstatement of this other information,
we are required to report that fact. We have nothing to
report in this regard.

Responsibilities of Management and Those Charged
with Governance for the Standalone Financial
Statements

The Company's Board of Directors is responsible for the
matters stated in section 134(5) of the Act with respect to
the preparation of these standalone financial statements
that give a true and fair view of the financial position, financial
performance including other comprehensive income, cash flows
and changes in equity of the Company in accordance with the
Ind AS and other accounting principles generally accepted in
India. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of
the Act for safeguarding 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 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 financial statement that give a true and fair
view and are free from material misstatement, whether due to
fraud or error.

In preparing the standalone financial statements, management
is 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 Board of Directors either intends to liquidate the
Company or to cease operations, or has no realistic alternative
but to do so.

The Company's Board of Directors are also responsible for
overseeing the Company's financial reporting process.

Auditor’s Responsibility for the Audit of the
Standalone Financial Statements

Our objectives are to obtain reasonable assurance about
whether the standalone financial statements as a whole are
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 these standalone financial
statements.

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
standalone financial statements, 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 financial 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 standalone 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 management.

• Conclude on the appropriateness of management's 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 standalone financial
statements 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 standalone financial statements, including the
disclosures, and whether the standalone financial
statements represent the underlying transactions and
events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding
the financial information of the Company and its trust to
express an opinion on the standalone financial statements.

We are responsible for the direction, supervision and
performance of the audit of the financial statements of
such entity or business activities included in the standalone
financial statements of which we are the independent
auditors. For the other entity or business activities included
in the standalone financial statements, which have been
audited by the other auditor, such other auditor remain
responsible for the direction, supervision and performance
of the audits carried out by them. We remain solely
responsible for our audit opinion.

Materiality is the magnitude of misstatements in the standalone
financial statements that, individually or in aggregate, makes
it probable that the economic decisions of a reasonably
knowledgeable user of the standalone financial statements
may be influenced. We consider quantitative materiality and
qualitative factors in (i) planning the scope of our audit work
and in evaluating the results of our work; and (ii) to evaluate the
effect of any identified misstatements in the standalone financial
statements.

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.

From the matters communicated with those charged with
governance, we determine those matters that were of most
significance in the audit of the standalone financial statements
of the current period and are therefore the key audit matters.

We describe these matters in our auditor's report unless law or
regulation precludes public disclosure about the matter or when,
in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.

Other Matters

We did not audit the financial statements of JFL Employees
Welfare Trust (‘the trust') included in the standalone financial
statements of the Company whose financial statements reflect
total assets of Rs 440.14 million as at March 31,2023 and total
revenue of Rs 1.63 million for the year ended on that date, as
considered in the standalone financial statements. The financial
statements have been audited by other auditor whose report
has been furnished to us by the management, and our opinion
in so far as it relates to the amounts and disclosures included in
respect of such trust, is based solely on the report of such other
auditors.

Our opinion on the standalone financial statements and our
report on Other Legal and Regulatory Requirements below is
not modified in respect of the above matter.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, based on our
audit and on the consideration of the reports of the other
auditors on the separate financial statements of the Trust,
referred to in the Other Matters section above we report, to
the extent applicable that:

a) We have sought and obtained all the information and
explanations which to the best of our knowledge and
belief were necessary for the purposes of our audit.

b) In our opinion, proper books of account as required
by law have been kept by the Company so far as it
appears from our examination of those books and the
reports of the other auditors.

c) The Balance Sheet, the Statement of Profit and Loss
including Other Comprehensive Income, the Statement
of Cash Flows and Statement of Changes in Equity
dealt with by this Report are in agreement with the
relevant books of account.

d) In our opinion, the aforesaid standalone financial
statements comply with the Ind AS specified under
Section 133 of the Act.

e) On the basis of the written representations received
from the directors as on March 31,2023 taken on
record by the Board of Directors, none of the directors
is disqualified as on March 31,2023 from being
appointed as a director in terms of Section 164(2) of
the Act.

f) With respect to the adequacy of the internal financial
controls with reference to standalone financial
statements of the Company and the operating
effectiveness of such controls, refer to our separate
Report in “Annexure A”. Our report expresses an
unmodified opinion on the adequacy and operating
effectiveness of the Company's internal financial
controls with reference to standalone financial
statements.

g) With respect to the other matters to be included in the
Auditor's Report in accordance with the requirements
of section 197(16) of the Act, as amended,

In our opinion and to the best of our information
and according to the explanations given to us, the
remuneration paid by the Company to its directors

during the year is in accordance with the provisions of
section 197 of the Act.

h) With respect to the other matters to be included in
the Auditor's Report in accordance with Rule 11 of
the Companies (Audit and Auditors) Rules, 2014,
as amended in our opinion and to the best of our
information and according to the explanations given to
us:

i. The Company has disclosed the impact of pending
litigations on its financial position in its standalone
financial statements - Refer to note 31 to standalone
financial statements.

ii. The Company did not have any long-term contracts
including derivative contracts for which there were any
material foreseeable losses.

iii. There has been no delay in transferring amounts,
required to be transferred, to the Investor Education
and Protection Fund by the Company.

iv. (a) The Management has represented that, to the

best of it's knowledge and belief, other than
as disclosed in the note 33 to the financial
statements 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(s) or entity(ies), including foreign entities
(“Intermediaries”), with the understanding,
whether recorded in writing or otherwise, that
the Intermediary shall, directly or indirectly lend
or invest in other persons or entities identified in
any manner whatsoever by or on behalf of the
Company (“Ultimate Beneficiaries”) or provide any
guarantee, security or the like on behalf of the
Ultimate Beneficiaries.

(b) The Management has represented, that, to the
best of it's knowledge and belief as disclosed
in the notes to accounts, no funds (which are
material either individually or in the aggregate)
have been received by the Company from any
person(s) or entity(ies), including foreign entities
(“Funding Parties”), with the understanding,
whether recorded in writing or otherwise, that
the Company shall, directly or indirectly, lend or
invest in other persons or entities identified in
any manner whatsoever by or on behalf of the
Funding Party (“Ultimate Beneficiaries”) or provide
any guarantee, security or the like on behalf of the
Ultimate Beneficiaries.

(c) Based on the audit procedures performed that
have been considered reasonable and appropriate
in the circumstances, nothing has come to our
notice that has caused us to believe that the
representations under sub-clause (i) and (ii) of Rule
11(e), as provided under (a) and (b) above, contain
any material misstatement.

v. The final dividend proposed in the previous year,
declared and paid by the Company during the year
is in accordance with section 123 of the Act, as
applicable.

As stated in note 45 to the standalone financial
statements, the Board of Directors of the Company
has proposed final dividend for the year which is
subject to the approval of the members at the ensuing
Annual General Meeting. The dividend proposed is in
accordance with section 123 of the Act, as applicable.

vi. Proviso to Rule 3(1) of the Companies (Accounts)

Rules, 2014 for maintaining books of account using
accounting software which has a feature of recording
audit trail (edit log) facility is applicable to the Company

w.e.f. April 1, 2023, and accordingly, reporting under
Rule 11(g) of Companies (Audit and Auditors) Rules,
2014 is not applicable for the financial year ended
March 31,2023.

2. As required by the Companies (Auditor's Report) Order,
2020 (“the Order”) issued by the Central Government in
terms of Section 143(11) of the Act, we give in “Annexure
B” a statement on the matters specified in paragraphs 3
and 4 of the Order.

For Deloitte Haskins & Sells LLP

Chartered Accountants

(Firm's Registration No. 117366W/W-100018)

Rajesh Kumar Agarwal

(Partner)

(Membership No. 105546)

(UDIN: 23105546BGXMRU7098)

Place: Gurugram

Date: May 17, 2023

 
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