PRIVI SPECIALITY CHEMICALS LIMITED Annual Report 2020-21

187 Annual Report 2020-21 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS 39 Dividend on equity shares Particulars Year ended March 31, 2021 Year ended March 31, 2020 (Restated) Final dividend for the year ended March 31, 2020 - Rs. 1.50 (March 31, 2019 Rs.: 2.00) per fully paid up share 585.94 753.47 (Amount of Cash-out flow of dividend is inclusive of dividend distribution tax) 585.94 753.47 Dividends not recognized at the end of reporting period Final dividend of Rs. 2.00 per fully paid up equity shares (March 31, 2020 Rs. 1.50 per fully paid up share). This proposed dividend is subject to the approval of share holders in the ensuing annual general meeting. 781.25 585.94 (Amount of Cash-out flow of dividend is inclusive of dividend distribution tax) 781.25 585.94 40 Revenue from Contracts with Customers (a) The Group is primarily in the Business of manufacture and sale of Aroma chemicals. All sales are made at a point in time and revenue recognised upon satisfaction of the performance obligations which is typically upon dispatch/ delivery. The Company has a credit evaluation policy based on which the credit limits for the trade receivables are established, the Company does not give significant credit period resulting in no significant financing component. (b) Reconciliation of revenue recognised from Contract liability: Particulars Year ended March 31, 2021 Year ended March 31, 2020 (Restated) Opening Contract liability 160.50 219.17 Less: Recognised as revenue during the year (includes contract liabilities at the beginning of the period) 2,887.33 1,438.24 Add: Addition to contract liability during the year 2,898.76 1,379.57 Closing Contract liability 171.93 160.50 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 profit and loss: Particulars Year ended March 31, 2021 Year ended March 31, 2020 (Restated) Revenue from contract with customer as per Contract price 1,26,982.11 1,30,592.04 Less: Discounts and other adjustments 171.71 210.91 Revenue from contract with customer as per statement of profit and loss 1,26,810.40 1,30,381.13 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended March 31, 2021 (Currency: Indian Rupees in lakhs)