PRIVI SPECIALITY CHEMICALS LIMITED Annual Report 2020-21

130 PRIVI SPECIALITY CHEMICALS LIMITED (Formerly known as Fairchem Speciality Limited) (B) Reconciliation of revenue recognised from Contract liability: Particulars As at March 31, 2021 As at March 31, 2020 (Restated) Opening Contract liability 137.43 219.17 Less: Recognised as revenue during the year 2,763.04 1,438.24 Add: Addition to contract liability during the year 2,742.28 1,356.50 Closing Contract liability 116.67 137.43 Contract liability primarily relates to advance consideration received from customers for sale of products in case of few contracts based on terms agreed. The contract liability is expected to be recognised within 12 months. There is no contract asset as at March 31, 2021 (March 31, 2020 : Nil) (C) Reconciliation of revenue as per contract price and as recognised in Statement of Standalone Profit and Loss: Particulars As at March 31, 2021 As at March 31, 2020 (Restated) Revenue from contract with customer as per Contract price 1,24,844.40 1,27,642.57 Less: Discounts and other adjustments 171.71 210.91 Revenue from contract with customer as per statement of standalone profit and loss 1,24,672.69 1,27,431.66 (D) Disaggregation of revenue from contract with customers Particulars Revenue from contracts with customers (IND AS 115) March 31, 2021 Revenue from contracts with customers (IND AS 115) March 31, 2020 (Restated) India 33,853.82 35,301.69 Europe(excluding UK) 31,661.76 28,503.52 North America 25,875.47 24,701.73 Asia (Excluding India) 12,643.72 16,547.26 Middle East 7,716.07 8,699.00 United Kingdom 6,198.93 6,360.97 South America 2,871.73 4,012.01 Africa 3,707.93 3,234.87 Australia and New Zealand 143.26 70.61 1,24,672.69 1,27,431.66 (E) Unsatisfied Performance Obligations The Company applies the practical expedient in Paragraph 121 of Ind AS 115 and does not disclose information about remaining performance obligations. NOTES TO THE STANDALONE FINANCIAL STATEMENTS for the year ended March 31, 2021 (Currency: Indian Rupees in lakhs) 37 Revenue from Contracts with Customers (continued)