Heritage Foods Limited | 30th Annual Report 2021-22

30 th Annual Report 2021-22 Heritage Foods Limited 222 32. Income tax expense For the year ended 31 March 2022 31 March 2021 (a) Tax expense comprises of: Current income tax 343.59 516.40 Deferred tax expense/(benefit) (1.38) 18.28 Income tax expense reported in the Consolidated Statement of Profit and loss 342.21 534.68 For the year ended 31 March 2022 31 March 2021 Income tax expense attributable to: Continuing operations 342.21 534.68 Discontinued operations - - 342.21 534.68 The major components of income tax expense and the reconciliation of expected tax expense based on the domestic effective tax rate of the Holding Company at 25.168% (31 March 2021: 25.168%) and the reported tax expense in the Consolidated Statement of Profit and Loss is as follows: Reconciliation of income tax expense and the accounting profit/(loss) multiplied by India’s tax rate: For the year ended 31 March 2022 31 March 2021 Profit before tax from continuing operations 1,398.82 2,025.18 Loss before tax from discontinued operations (4.35) (7.49) Expected income tax expense at the Indian tax rate 25.168% (31 March 2021: 25.168%) 350.96 507.81 Tax effect of amountswhich are not deductible/ (taxable) in calculating taxable income: Effect of deductions allowed under Chapter VI-A of the Income Tax Act, 1961 (“IT Act, 1961) (4.86) (4.86) Effect of expenses not deductible under the IT Act, 1961 8.45 18.03 Effect of income not subject to tax under the IT Act, 1961 (1.07) (0.91) Others (11.27) 14.61 Income tax expense 342.21 534.68 33. Earnings per equity share (EPES) For the year ended 31 March 2022 31 March 2021 Attributable to Owners of the Company Profit from continuing operations 965.69 1,499.48 Profit from discontinued operations - - Profit for the year 965.69 1,499.48 Weighted average number of equity shares outstanding during the year 46,398,000 46,398,000 Earnings per equity share (in absolute ` terms) Nominal value per equity share 5.00 5.00 Basic and Diluted EPES from continuing operations 20.81 32.32 Basic and Diluted EPES from discontinued operations - - Basic and Diluted EPES from continuing and discontinued operations 20.81 32.32 The Company does not have any potential dilutive equity shares as on 31 March 2022 and 31 March 2021. 34. Exceptional item represents provision of ` 91.40 created, on account of disputed liability mainly due to GST classification of flavored milk, being faced by the dairy sector. Summary of the significant accounting policies and other explanatory information (All amounts in ` millions, except share data and where otherwise stated)