Heritage Foods Limited

Heritage Foods Limited 194 Summary of the signi fi cant accounting policies and other explanatory information (All amounts in ₹ millions, except share data and where otherwise stated) 32 Income tax expense Particulars For the year ended 31 March 2021 31 March 2020 (a) Income tax expense reported in the Statement of Pro fi t and Loss Tax expense comprises of: Current tax expense 500.37 185.05 Deferred tax expense/(bene fi t) 9.85 (31.77) 510.22 153.28 The major components of income tax expense and the reconciliation of expected tax expense based on the domestic e ff ective tax rate of the Company at 25.168% (31 March 2020: 25.168%) and the reported tax expense in the Standalone Statement of Pro fi t and Loss is as follows: Reconciliation of tax expense and the accounting pro fi t/(loss) multiplied by India’s tax rate Particulars For the year ended 31 March 2021 31 March 2020 Pro fi t/(loss) before tax 1,961.86 (1,446.76) Expected tax expense at the Indian tax rate 25.168% (31 March 2020: 25.168%) 493.76 (364.12) Tax e ff ect of amounts which are not deductible/taxable in calculating taxable income: E ff ect of deductions allowed under Chapter VI-A of the Income Tax Act, 1961 (“IT Act, 1961) (4.86) (7.29) E ff ect of expenses not deductible under the IT Act, 1961 18.03 1,295.57 E ff ect of income not subject to tax under the IT Act, 1961 (0.91) (741.82) E ff ect on adoption of Taxation Laws (Amendment) Ordinance, 2019 - (41.01) Others 4.20 11.95 Income tax expense 510.22 153.28 33 Earnings per equity share Particulars For the year ended 31 March 2021 31 March 2020 Pro fi t/((loss) for the year 1,451.64 (1,600.04) Weighted average number of equity shares outstanding during the year 46,398,000 46,398,000 Earnings per equity share (EPES) (in absolute ₹ terms) Nominal value per share equity share 5.00 5.00 Basic and Diluted EPES 31.29 (34.49) The Company did not have any potential dilutive equity shares as on 31 March 2021 and 31 March 2020. 34 Dividend proposed before approval or issue of the fi nancial statements The amount of dividend proposed or declared to be paid in cash before the fi nancial statements were approved for issue but not recognised as a distribution to owners during the year ended 31 March 2021 amounts to ₹ 231.99 ( ₹ 5 per equity share) (31 March 2020: ₹ 116.00 ( ₹ 2.5 per equity share)).