1000 2000 Result 20220510

ExtrusionTechnik
KET /SEC/SE/2022-23/07 Date: May 10, 2022
BSE Limited National Stock Exchange India Ltd.

Floor 25, Phiroze Jeejeebhoy Tower, Exchange Plaza, C-1, Block-G,
Dalal Street, Bandra Kurla Complex, Bandra (East),
Mumbai - 400 001 Mumbai-400051
Scrip Code: 524109 Stock Code: KABRAEXTRU
Dear Sirs,
Sub: Outcome of Board Meeting of the Company held on May 10, 2022
In continuation of our letter dated May 02, 2022 and in terms of the provisions of Regulation 30
and Regulation 33 of SEBI (Listing Obligation & Disclosure Requirements) Regulations, 2015,
we wish to inform that the Board of Director of the company at its meeting held today, inter alia
has:
1. Considered and approved Audited Financial Results (Standalone & Consolidated) for
the Quarter ended and Financial year ended March 31, 2022, a copy whereof along with
Auditors Report, declaration confirming that the Audit Reports are with an unmodified
opinion and Press Release is enclosed herewith as “ANNEXURE 1”. The said financial
results are being uploaded on the website of the company www.kolsite.com and will
published in newspapers as per the requirements of SEBI Listing Regulation.
2. recommended a Dividend of Rs. 3 per Equity shares @ 60% for the financial year ended
March 31, 2022., subject to approval by shareholders of the Company. The Company will
inform in due course the date on which it will hold Annual General Meeting (AGM) for
the financial year ended 31St March, 2022 and the date from which dividend will be paid
or demand draft/ warrant will be dispatched to the shareholders.
3. approved the appointment of Mr. Atanu Maity as Chief Executive Officer -Extrusion
Division w.e.f. May 10, 2022; The information thereof pursuant to SEBI Circular no.
CIR/CFD/CMD/4/2015 is annexed herewith as “ANNEXURE-2.”
The meeting of Board of Directors commenced at 10:00 a.m. and concluded at 05:30 p.m.
Kindly take the above submission on your record.
www.kolsite.com A Kolsite Group Company

Kabra Extrusiontechnik Ltd.
Fortune Terraces, B wing, 10th Floor, Link Road, Opp. Citi Mall,
Andheri (West), Mumbai - 400 053. Maharashtra, India.
Phone : +91-22-26734822/23/24/25 ¢ Fax : +91-22-2673 5041 * Email : sales@kolsitegroup.com ~s
Works 1:
Woes
Kabra Industrial
ste Estate,
state, Kachigam,
Kachi ,D Daman - 396210. Indi
ndia BATTRIXX
Survey No. 259/1 to 5, 260/1 to 6, 265/3, Costal Highway, Dunetha, Daman — 396210. India. IAA SG Tas
Tel. : +91-260-2241 401-3 / 2242 616 ¢ Fax : +91-260-2241 965 « Email : ket@kolsitegroup.com
CIN - L28900MH1982PLC028535
ExtrusionTechnik
Thanking you,
Yours faithfully,
For Kabra Extrusiontechnik Limited
ANTONY PIUS Digitally| signed by ANTONY PIUS
LAPAT
ALAI
ALAPAT Date: 2022.05.10 17:38:46 +05'30'
Antony Alapat
Company Secretary
ANNEXURE 2
Disclosure of events and information pursuant to Regulation 30 of the SEBI (Listing

Obligations and Disclosure Requirements) Regulations, 2015 read with Para A of
Schedule III (PART A) thereto and SEBI Circular no. CIR/CFD/CMD/4/2015 dated
09th September, 2015 regarding changes in Key Managerial Personnel:
Name of Key Managerial Person Mr. Atanu Maity

Reason for change viz. appointment Appointment as Chief Executive Officer -
Extrusion Division
Date of Appointment 10" May 2022
Brief profile (in case of appointment) He is qualified as B.Tech from IIT (Madras)
in Electrical Engineering and also MSc in
Management from London Business School.
He has a total experience of over 35
valuable years in industries like Industrial
machinery, Oil Exploration, Automotive
Components and HVAC, where he held
various leadership positions in Sales,
Operations and Strategy.
Disclosure of relationships between NA
directors (in case of appointment of
director)

Phone : +91-22-26734822/23/24/25 ¢ Fax : +91-22-2673 5041 * Email : sales@kolsitegroup.com
Works 1:
Woes
Kabra Industrial
ste Estate,
state, Kachigam,
Kachi ,D Daman - 396210. Indi
ndia BATTRIXX
Survey No. 259/1 to 5, 260/1 to 6, 265/3, Costal Highway, Dunetha, Daman — 396210. India. IAA SG Tas
CIN - L28900MH1982PLC028535
STANDALONE AND CONSOLIDATED AUDITED FINANCIAL RESULTS
FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2022
(® in lakhs)
| Sr. No. Particulars Standalone Consolidated
Quartdr Ended Year Ended uartdr Ended Year Ended
March 31 Dec 31 Mar 31 March 31 Mar 31 Mar 31 Dec 31 Mar 31 Mar 31 Mar 31
2022 2021 2021 2022 2021 2022 2021 2021 2022 2021
Audited Unaudited Audited Audited Audited Audited Unaudited Audited Audited Audited
I Revenue from operations 16,263.08 10.535.81 10.731.90 40.590.34 27,622.84 16.263.08 10.535,81 10.731.90 40.590.34 27,622.84
1] |;Other Income 23.46 27.97 128.36 224,91 286.76 23.46 27.97 128.36 224.91 286.76
Il Total income (I +11 )| 16,286.54 10,563.77 10,860.26 40,815.25 27,909.60 16,286.54 10,563.77 10.860.26 40,815.25 27,909.61
IV |EXPENSES
Cost of material consumed 11,464.23 7.986.36 5.380.35 28.849.26 14,312.78 11.464.23 7.986.36 5.380.35 28.849.26 14.312.78
Changes in inventories of finished goods & work im progress 240.62 (988.37) 1.599.28 | (1.492.67) 3.336.19 240.62 (988,37) 1,599.28 (1.492.67) 3.336.19
Employee benefit expense 1.09891 988.92 745.53 3.786.69 2.743.30 1,101.12 988.92 745.53 3.788.90 2.743.30
Finance Cost 99.84 72.15 43.28 267.50 270.09 99.84 72.15 43.28 267.50 270.09
Depreciation and amortisation expense 297.27 283.52 265.06 1.12449 966.91 297.65 283.52 265.06 1.124.88 966.91
Other Expenses 1,487.79 926.30 1,323.10 3.95161 3,155.12 1,487.97 926.30 1.323.10 3.951.79 3.155.12
Total expenses (1V)| 14,688.66 9.268.89 9356.61 36,486.89 24,784.39 14,691.43 9.268.89 9,356.61 36,489.66 24,784.40
V__ |Profit/(Loss) before exceptional items & tax ( II] -IV ) 1,597.88 1,294.89 1,503.65 4,328.36 3,125.21 1,595.11 1,294.89 1,503.65 4,325.59 3,125.21
VI |Share in Profitv(Loss) of Joint Ventures & Associztes (net of tax) 72.95 (7.24) 39.58 24.63 37.52
VII |Exceptional items - =
VI | Profit/ (Loss) before tax ( V + VI - VII) 1597.88 1294.89 1503.65 4328.36 3125.21 1,668.07 1,287.65 1,543.23 4,350.22 3,162.73
IX |Tax expenses
Current Tax 399.41 400.80 278.40 1.217.60 670.00 399.41 400.80 278.40 1,217.60 670.00
Income Tax Earlier Year 35.31 (0.02) (18.55) 71.08 (18.55) 55.31 (0.02) (18.55) 71.08 (18.55)
MAT Credit entitlement = < (105.95) e (106.48) = . (105.95) . (106.48)
Deferred Tax (6.06). 10.62 84.22 34.17 161.59 (6.06) 10.62 84.22 34.17 161.59
X = | Profit/ (Loss) for the period ( VIII - IX) 1,149.22 $83.49 1,265.53 3,005.52 2,418.65 1219.41 876.25 1305.11 3,027.37 2,456.17
XI | Other Comprehensive [ncome
i) Items that will not be reclassified to profit or loss (414.78) (794.05) (662.48) (411.12) 2.141,52 (414.78) (794.05) (662.48) (411.12) 2.141.52
ii) Income tax relating to items that will not be reclassified to profit or loss (15.33) 97.57 - (52.51) - (15.33) 97.57 - (52.51) -
XII | Total Comprehensive Income for the period ( X + XI) (Comprising Profit
(Loss) and Other Comprehensive Income for the period) 719.11 187.01 603.05 2,541.89 4560.18 78930 179.77 642.63 2,563.75 4597.69
XIIE | Paid up Equity Share Capital 1,604.14 1,595.12 1,595.12 1,604.14 1,595.12 1.604.14 1.595.312 1.595.12 1.604.14 1.595.12
{Face Value of Rs. 5/- each)
XIV_ | Earnings Per Share (Face value of Rs. 5/- each) (Basic & Diluted ) - not
annualised - per share
1. Basic 3.60 2.77 3.97 9.42 7.58 3.82 2.75 4.09 9.49 7.70
2. Diluted 3.49 2.77 3.97 9.35 7.58 3.70 2.75 4.09 9.41 7.70
Notes
1 The above Results have been reviewed and recommended by the Audit Committee at its meeting held on 9th May'22 & approved by the Board of Directors at its meeting held on 10th May’22
During the quarter ended 31° March’22, the Company has allotted 30,70,516 warrants. each convertible into one equity share, on preferential basis at issue price of & 329/- each. upon receipt of 25% of the issue
am
Figures of the previous periods have been regrouped wherever necessary. The figures for the quarter ended 3] st March are the balancing figures between audited figures in respect of the full financial year and
For Kabra Extrusiontechnik Ltd.

“
bee,
(S.V. Kabra)
Chairman & Managing Director
Date: 10-05-2022
Place:Mumbai
Standalone & Consolidated Segment Information for Quarter and year ended 31st March.’2022
(Rin Lali}
St No Particulars Standelone Consolidated
Quarter ended Year ended Quarter ended Year ended
March 31, March 31, March 31, March 31, March 31,
Dec 31, 2021 March 31, 2021 Dec 31, 2021 2021 March 31, 2022 )March 31, 2021
2022 2021 2022 2022
(audited) (Unaudited) leudited) (audited)
(audited) (audited) (audited)
) Segment Revenue
Extrusion Machinery Division 10,273.45 6,797.36 10,682.33 29,879.95 27,514.70 10,273.45 6,797.36 10,682.33 23,879.95 27,514.70
Battery Division 5,940.21 3,766.40 111.36 10,915.08 196.36 5,940.21 3,766.40 111.36 10,915.08 196.36
‘Total Segment Revenue 16,213.66 10,563.76 10,793.68 40,795.03 27,711.06 16,213.66 10,563.76 10,793.68 40,795.03 27,711.06
(ii) ‘Segment Results
Battery Division 422.66 346.71 7171.71 381.28 -528.16 422.66 346.71 -171.71 381.28 -528.16
‘Total Segment Results 1,697.73 1,367.02 1,546.93 4,595.86 3,395.30 1,697.74 1,367.02 1,546.93 4,595.87 3,395.30
Unallocated Corporate income net of unallocated expenses -2.77 -2.77
Profit / (loss} before interest and taxation 1,697.73 1,367.02 1,546.93 4,895.86 3,395.30 1,694.97 1,367.02 1,546.93 4,593.10 3,395.30
Finance Cost 99.84 72.15 43.28 267.50 270.09 99.84 72.15 43.28 267.50 270.09
Profit (+)/loss (-) before exceptional items and share of loss 1,597.89 1,294.87 1,503.65 4,328.36 3,125.21 1,595.13 1,294.87 1,503.65 4,325.60 3,125.21
‘Share in profit/{loss) of joint ventures / associates 72.95 -7.24 39.58 24.63 37,52
Profit(+)/LossH before exceptional items and tax 1,597.89 1,294.87 1,503.65 4,328.36 3,125.21 1,668.08 1,287.63 1,543.24 4,350.23 3,162.73
Exceptional items
Profit(+)/ Loss{ -) before tax 1,597.89 1,294.87 1,503.65 4,328.36 3,125.21 1,668.08 1,287.63 1,543.24 4,350.23 3,162.73
Tax Expenses
Current Tax 399.41 400.76 278,40 1,217.60 670.00 399.41 400.76 278.40 1,217.60 670,00
MAT Credit Entitelment -105.95 -106.48 -105.95 - -106.48
income Tax of earlier year 55.32 -18.55 71.08 -18.55 55.32 -18.55 71.08 -18.55
Deffered Tax -6.05 10.62 84.22 34.17 161.59 ~6.05 10.62 84.22 34.17 161.59
Net Profit/ (loss) after tax 1,149.21 883.49 1,265.53 3,005.51 2,418.65 1,219.40 876.25 1,305.11 3,027.38 2,456.18
Other Comprehensive tncome 430.11 -696.48 ~662.48 463.63 2,141.52 430.11 -696.48 -662.48 463.63 2,141.52
Net Comprehensive Income 719.10 187.01 603.05 2,541.88 4,560.17 789.29 179.77 642.63 2,563.75 4,597.70
Segment Assets
Battery Division 23,203.94 13,702.92 7,558.20 23,203.94 7,558.20 23,203.94 13,702.92 7,558.20 23,203.94 7,558.20
Total Segment Assets 47,437.55 39,392.63 30,050.40 47,437.55 30,050.40 47,437.56 39,392.63 30,050.40 47,437.56 30,050.40
Unallocated Corporate Assets 9,344.74 7,755.05 9,891.60 9,344.74 9,891.60 9,415.06 7,678.37 9,863.24 9,415.06 9,863.24
Total Assets 56,782.29 47,147.68 39,942.00 56,782.29 39,942.00 56,852.62 47,071.00 39,913.64 56,852.62 39,913.64
(iv) Segment Liabilities | .:
Total Segment Liabilities 16,793.09 16,254.88 11,753.24 16,793.09 11,753.24 16,793.09 16,254.88 11,753.24 16,793.09 11,753.24
Unallocated Corporate Liab 39,989.21 30,892.80 28,188.76 39,989.21 28,188.76 40,059.53 30,816.12 28,160.41 40,059.53 28,160.41
Total Liabilities 56,782.29 47,147.68 39,942.00 56,782.29 39,942.00 56,852.62 47,071.00 39,913.65 56,852.62 39,913.64
(v) Capital Employed
Unallocated -30,644.47 -23,137.75 -18,297.16 -30,644.47 -18,297.16 -30,644.47 -23,137.75 18,297.17 -30,644.47 -18,297.16
Statement of Assets & Liabilities as at 31st March 2022
(® in lakhs)
Standalone Consolidation
Particulars As at March | As at March| As at March | As at March
31, 2022 31, 2021 31,2022 31, 2021
ASSETS
Non-current assets
Property, Plant and Equipment 14,935.30 13,168.76 14,995.30 13,168.76
Capital work-in-progress . 51,25 - 51,25
Investment Property - - - -
Goodwill - - 83.43 :
Other Intangible assets 666.57 829,87 666.57 829.87
Financial Assets
Investments 3,930 89 4,394.97 3,847 16 4,366.61
Trade receivables 2 . ss _
Loans 72.01 37.04 72.01 37.04
Others - - - -
Deferred tax assets (net) - - - -
Other non-current assets 616.97 1,209.66 616.97 1,209.66
Total non-current assets 20,221.74 19,691.54 20,281.44 19,663.19
Current assets
Inventories 20,408.58 11,167.96 20,408.58 11,167.96
Financial Assets
Investments 1,627.45 4,178.21 1,627.45 4,178.21
Trade receivables 5,591.92 2,204.65 5,591.92 2,204.65
Cash and cash equivalents 15.72 192.19 15.72 192.19
Other balances with banks 3,206.41 647.60 3,206.41 647.60
Loans 39.45 73,61 39.45 73.61
Other financial assets 248.72 177.61 248.72 177.61
Current Tax Assets (net) 276.10 175.74 276.10 175.74
Other current assets 5,146.21 1,432.88 5,156.84 1,432.89
Total current assets 36,560.55 20,250.45 36,571.18 20,250.46
{TOTAL ASSETS 56,782.29 39,942.01 56,852.62 39,913.65
EQUITY AND LIABILITIES

Equity
Equity Share capital 1,604 14 1,595.12 1,604.14 1,595.12
Other Equity 31,294 20 26,246.18 31,287.80 26,217.82
Total equity 32,898.34 27,841.29 32,891.94 27,812.93
LIABILITIES
Non-current liabilities
Financial Liabilities
Borrowings 1,639.89 1,286.67 1,639.89 1,286.67
Trade payables 2 5 + =
Other financial liabilities = . “ =
Provisions 99.98 116.06 99 98 116.06
Deferred tax liabilities (net) 683,78 231.41 684,83 231.41
Other non-current liabilities - « - «
Total non-current liabilities 2,423.65 1,634.14 2,424.70 1,634.14
Current liabilities
Financial liabilities
Borrowings 4,205,00 1,110,09 4,205.20 1,110.09
Trade payables 10,229.02 4,241.84 10,300.11 4,241.84
Other financial liabilities 1,250.10 1,041.41 1,250.10 1,041.41
Other current liabilities 4,680.12 3,765.74 4,680.12 3,765.74
Provisions 633.84 307.49 638.25 307 49
Current tax liabilities (net) 462,22 = 462.22 -
Total current liabilities 21,460.30 10,466.57 21,535.99 10,466.57
Total liabilities 23,883.95 12,100.71 23,960.68 12,100.71
TOTAL EQUITY AND LIABILITIES 56,782.29 39,942.01 $6,852.62 39,913.65

Kabra ExtrusionTechnik Limited
Cash Flow Statement for the year ended 31st March 2022
(All amounts are in Indian rupees lakhs unless otherwise stated)
(in lakhs)
Standalone Consolidated
For the year For the year For the year For the year
ended March ended March ended March ended March
ao 31, 2022 31,2021 31, 2022 31, 2021
Rs Rs Rs Rs
A. Cash flow from operating activities
Net Profit / (Loss) before extraordinary items and tax 4,328.36 3,125.21 4,325.59 3,125.21
Adjustments for:
Depreciation and amortisation (including exceptional item) 1,124.49 966.91 1,124.69 966.91
Provision for impairment of fixed assets and intangibles
Profit on sale of property, plant and equipments (7.28) (1.68) (7.28) (1.68)
Profit on sale of investment (131.60) (18.51) (131.60) (18.51)
Dividend income from current investments (73.86) - (73,86) -
Fair value changes of current investments 18.71 (139.02) 18,71 (139.02)
Interest income from financial assets at amortised cost (30.88) (67.13) (30.88) (67.13)
Interest expenditure on borrowings 219.88 165.74 219.88 165.74
Interest Expenditure of earlier year (18.55) - (18.55)
Bill discounting charges - 79.49 - 79,49
Other borrowing cost 47,62 24.86 47.62 24,86
Fair value changes in derivative instrument 32.03 (60.42) 32.03 (60.42)
Fair value changes in non-current investments - - -
Remeasurements of defined benefit plans 125.75 33.73 125.75 33.73
Provision for doubtful trade and other receivables, loans and advances 41,52 24.30 41.52 24.30
Operating profit / (loss) before working capital changes 5,694.74 4,114.93 5,692.17 4,114.93
Changes in working capital
(Increase) / Decrease in inventories (9,240.62) 1,352.90 (9,240.62) 1,352.90
(Increase) / Decrease in trade receivables (3,387.27) (524.68) (3,387.27) (524.68)
(Increase) / Decrease in other bank balances (2,558.81) (96.24) (2,558.81) (96.24)
(Increase) / Decrease in current loans 34.15 7.21 34.15 7.21
(Increase) / Decrease in other current financial asset (71.11) 439.88 (71.11) 439.88
(Increase) / Decrease in other current assets (3,713.32) 191,99 (3,723.95) 191.99
(Increase) / Decrease in non-current loans (34.97) (0.48) (34.97) (0.48)
(Increase) / Decrease in other non-current assets 83.34 (4.17) 84.38 (4.17)
Increase / (Decrease) in trade payables 5,987.18 (245.29) 6,058.27 (245.29)
Increase / (Decrease) in current other financial liabilities 208.69 (370.91) 208.69 (370,91)
Increase / (Decrease) in other current liabilities 914.38 (942.64) 914.38 (942.64)
Increase / (Decrease)in short-term provision 326.35 61.72 330.76 61.72
Increase / (Decrease)in long-term provision (16.08) (79.18) (16.08) (79.18)
Cash generated trom operations (5,773.34) 3,905.03 (5,710.01) 3,905.03
Net income tax (paid) / refunds (509.64) (201,21) (509.64) (201.21)
MAT Credit utlised - 106.48 - 106.48
Net cash flow from / (used in) operating activities (6,282.98) 3,810.30 (6,219.65) 3,810.30
B, Cash flow from investing activities
Capital expenditure on property plant and equipment (2,670.46) (460.19) (2,752.50) (460.19)
Expenditure on intangibles (including capital advance) 496,06 (632,53) 496.06 (632.53)
Proceeds from sale of property plant and equipment 7.28 1.68 29.32 1.68
Investment in joint ventures (80.00) - - -
Deffered Tax Expenses 34,26 (220.05) 34.17 (220.05)
Sale of investment Non Current Investment 342,06 - 342.06

Purchase of Goodwill - - (83.43) ‘
Net sale / (purchase) of current investments 2,550.76 (1,989.54) 2,550.76 (1,989.54)
Interest received 30.88 67.13 30.88 67.13
Dividend received 73.86 - 73.86 -
Net cash flow from / (used in) investing activities 784,71 (3,233.49) 721.18 (3,233.49)
C. Cash flow from financing activities
Interest expenditure on term loan and cash credit (219.88) (165.74) (219,88) (165.74)
Interest Expenditure of earlier year 18.55 18.55
Bill discounting charges (79.49) - (79.49)
Issue of Warrant 2,961.73 2,961.73
Issue of Equity 9.02 9.02
Other borrowing cost (47,62) (24.86) (47.62) (24.86)
Fair value changes in derivative instrument (32.03) 60.42 (32.03) 60.42
Interim dividend (797.56) : (797.56)
Tax on interim dividend
Borrowings / (Repayment) (Net) 3,448.13 (275.67) 3,448.33 (275.67)
Net cash flow from / (used in) financing activities 5,321.80 (466.80) §,322.00 (466,80)
Net Increase / (decrease) in Cash and cash equivalents (176.47) 110.00 (176.47) 110.00
Cash and cash equivalents at the beginning of the year 192.19 82.19 192.19 82.19
Cash and cash equivalents at the end of the year 15,72 192.19 15.72 192.19
DD) A.G. OGALE & CO.
Chartered Accountants
MARCH 31, 2022

STANDALONE FINANCIAL RESULTS
To the Board of Directors of

Kabra Extrusiontechnik Limited
We have audited the accompanying statement of standalone financial results of

Kabra Extrusiontechnik Limited (the “Company”) for the quarter and year ended
March 31, 2022 (“the Statement”),being submitted by the Company pursuant to
the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, read with SEBI Circular No.
CIR/CFD/FAC/62/2016 dated July 5, 2016. Attention is drawn to the fact that
the figures for the quarter ended March 31, 2022 and the corresponding quarter
ended in the previous year as reported in these annual standalone financial
results are balancing figures between audited figures in respect of full financial
year and published year to date standalone figures up to end of the third quarter
of the financial year, which were subjected to a limited review was required
under the Regulations and the Circular.
This statement which is the responsibility of the Company’s Management and

has been approved by the Board of Directors. The Statement, as it relates to the
quarter year ended March ‘31, 2022, has been compiled from the related interim
condensed standalone financial statements prepared in accordance with Indian
Accounting Standard 34, “Interim Financial Reporting” (“Ind AS 34”) and as it
relates to the year ended March 31, 2022, has been compiled from the related
annual standalone financial statements prepared in accordance with Indian
Accounting Standards, prescribed under Section 133 of the Companies Act, 2013
read with relevant rules issued there under and other accounting principles
generally accepted in India. Our responsibility is to express opinion on the
standalone financial statements based on our audit of such interim condensed
standalone financial statements and annual standalone financial statements.
We conducted our audit in accordance with the Standard on auditing issued by

the Institute of Chartered Accountants of India. Those Standards require that we
comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the Statement is free from material
misstatement.
An audit involves performing procedures to obtain evidence about the amounts
and the disclosures in the Statement. The procedures selected depend on the
auditor’s judgment, including the assessment of the risks of material
misstatement of the Statement, whether due to fraud or error. In making those
risk assessments, the auditor considers internal financial controls relevant to the
Company’s preparation and fair presentation of the Statement in order to design
audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the Company’s internal
financial control. An audit also includes evaluating the appropriateness of the
accounting policies used and the reasonableness of the accounting estimates
made by the Management, as well as evaluating the overall presentation of the
Statement.
We believe that the audit evidence obtained by us, is sufficient and appropriate
to provide a basis for our audit opinion.
In our opinion and to the best of our information and according to the
explanation given to us, these quarterly financial results as well as the year to
date results:
(i) are presented in accordance with the requirements of Regulation 33 of the
SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, as modified by Circular NO. CIR/CFD/FAC/62/2016 dated July 5,
2016 and
(ii) gives a true and fair view in conformity with the aforesaid Indian
Accounting Standards and other accounting principles generally accepted
in India of the profit, total comprehensive income and other financial
information of the Company for the quarter and year ended March 31,
2022.
For A.G. Ogale & Co.

FirprRegistration No. 114115W
Membership No.: 113775

Pune, May 10, 2022.
UDIN : 22113775AISTRK7830
Ganesh Prasad, 365/38, Ekbote Colony, Shankarsheth Road, Pune 411 042.
Contact: 94 220 320 49 Mail : pramodgugale@gmail.com
| Om | AG. OGALE & CO.
Mh es rat Chartered Accountants
INDEPENDENT AUDIT REPORT FOR THE YEAR ENDED MARCH 31, 2022
CONSOLIDATED FINANCIAL RESULTS
To the Board of Directors of

Kabra Extrusiontechnik Limited
i We have audited the accompanying statement of consolidated financial results of

Kabra Extrusiontechnik Limited (the “Company”), its jointly controlled entities
and Wholly-owned subsidiary entity (the Company, its jointly controlled entities
and Wholly-owned subsidiary entity are referred to as the “the group”) for the
quarter and year ended March 31, 2022 (“the Statement”), being submitted by the
Company pursuant to the requirement of Regulation 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI
Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016. Attention is drawn to
the fact that the figures for the quarter ended March 31, 2022 and the
corresponding quarter ended in the previous year as reported in these annual
consolidated financial results are balancing figures between audited figures in
respect of full financial year and published year to date consolidated figures up
to end of the third quarter of the relevant financial year, which were subjected to
a limited review as required by the Regulations and the Circular.
2, This statement is the responsibility of the Company’s Management and has been
approved by the Board of Directors. The Statement, as it relates to the year ended
March 31, 2022 has been compiled from the related audited annual consolidated
Ind AS financial statements prepared in accordance with Indian Accounting
Standards, prescribed under Section 133 of the Companies Act, 2013 read with
relevant rules issued there under and other accounting principles generally
accepted in India. Our responsibility is to express opinion on the statements
based on our audit.
3 We conducted our audit in accordance with the Standard on auditing issued by

the Institute of Chartered Accountants of India. Those Standards require that we
comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the Statement is free from material
misstatement.
An audit involves performing procedures to obtain evidence about
and the disclosures in the Statement. The procedures selected deppe
auditor’s judgment, including the assessment of the risks
misstatement of the Statement, whether due to fraud or error. In mak fe
risk assessments, the auditor considers internal financial controls relevant to the
Company’s preparation and fair presentation of the Statement in order to design
audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the Company’s internal
financial control. An audit also includes evaluating the appropriateness of the
accounting policies used and the reasonableness of the accounting estimates
made by the Management, as well as evaluating the overall presentation of the
Statement.
We believe that the audit evidence obtained by us, is sufficient and appropriate
to provide a basis for our audit opinion.
In our opinion and to the best of our information and according to the
explanation given to us these quarterly financial results as well as the year to
date results:
(i) include the results of the jointly controlled entities namely Penta Auto
Feeding India Limited and Kabra Mecanor Belling Technik Private
Limited and Wholly-owned subsidiary namely Varos Technology Private
Limited.
(ii) | are presented in accordance with the requirements of Regulation 33 of the

SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, as modified by Circular NO. CIR/CFD/FAC/62/2016 dated July 5,
2016 and,
(iii) give a true and fair view in conformity with the aforesaid Indian
Accounting Standards and other accounting principles generally accepted
in India of the consolidated total comprehensive income (comprising of
net profit and other comprehensive income) and other financial
information of the Company for the quarter and year ended March 31,
2022.
We did not audit the financial statements of jointly controlled entities and
included in the Statement, whose financial statements reflect total assets of Rs.
934.59 lakhs for the year ended March 31, 2022 and Rs. 934.59 lakhs for the
quarter ended on that date, total revenue from operations of Rs. 1290.15 lakhs
for the year ended March 31, 2022 and Rs 773.46 lakhs for the quarter ended on
that date, and total Profit (including other comprehensive income) of Rs.53.59
lakhs for the year ended March 31, 2022 and Rs. 154.95 lakhs for the quarter
ended on that date as considered in the statement. We did not audit the
financial statements of Wholly-owned subsidiary reflect total assets of Rs. 70.63
lakhs for the year ended March 31, 2022 and Rs. 70.63 lakhs for the quarter
ended on that date, total revenue from operations of Rs. Nil for the year ended
March 31, 2022 and Rs Nil for the quarter ended on that date, and total Loss of
Rs. 2.67 lakhs for the year ended March 31, 2022 and Rs. 2.67 lakhs for the
quarter ended on that date as considered in the statement. These financial
statements and other financial information have been audited by the other
auditors whose reports have been furnished to us.
Our opinion in so far as it relates to the balances and affairs of such jointly
controlled entities and Wholly-owned subsidiary is based solely on the report
of other auditor. Our opinion is not modified / qualified in respect of this matter.
For A.G, Ogale & Co.

Firm Registration No. 114115W
Pramod
Partner
Pune, May 10, 2022

UDIN: 22113775 AISUKU9832
Ganesh Prasad, 365/38, Ekbote Colony, Shankarsheth Road, Pune 411 042.
Contact : 94 220 320 49 Mail : pramodgugale@gmail.com
ExtrusionTechnik
KET/SEC/SE/2022-23/09 Date: May 10, 2022
BSE Limited National Stock Exchange India Ltd.

Floor 25, Phiroze Jeejeebhoy Tower, Exchange Plaza, C-1, Block-G,
Dalal Street, Bandra Kurla Complex, Bandra (East),
Mumbai - 400 001 Mumbai-400051
Scrip Code: 524109 Stock Code: KABRAEXTRU
Dear Sirs,
Sub: Declaration of unmodified opinion
In compliance with the provisions of Regulation 33(3)(d) of the SEBI ((Listing Obligations and
Disclosure Requirements) Regulations, 2015 and the SEBI Circular’ No.
CIR/CFD/CMD/56/2016 dated May 27, 2016, we confirm that M/s. A.G. OGALE & Co,,
Statutory auditors of the Company have issued Audit Reports with unmodified opinion on the
Audited Financial Results (Standalone and Consolidated) of the Company for the financial year
ended March 31, 2022. Accordingly the impact of audit qualification is Nil.
Kindly take the above submission on your record.
Thanking you,
Yours faithfully,
For Kabra Extrusiontechnik Limited
Digitally signed by
ANTO NY ANTONY PIUS ALAPAT
Pl US ALAPAT Date: 2022.05.10
17:35:46 +05'30'
Antony Alapat
Company Secretary

Phone : +91-22-26734822/23/24/25 ¢ Fax : +91-22-2673 5041 * Email : sales@kolsitegroup.com
Works 1:
Kabra Industrial Estate, Kachigam, Daman - 396210. India v
Works 2: BATTRIXX
FUTURE ENERGY.
Survey No. 259/1 to 5, 260/1 to 6, 265/3, Costal Highway, Dunetha, Daman — 396210. India.
CIN - L28900MH1982PLC028535
SFE LE
Press Release
10" May, 2022
Key Highlights for Quarter & Year ended March, 2022
Revenue has increased by 52% for quarter ended Mar’22 on YoY basis.
>,
“~
Revenue has increased by 47% for year ended Mar’22 on YoY basis.
>,
“~
Battery division has achieved revenue of % 59.40 crs for the quarter ended Mar’22
>,
“~
which is up by 58% over quarter ended Dec’21 (2 37.66 crs) and achieved total
revenue of % 109.15 crs for year ended Mar’22 v/s of % 1.96 crs for year ended Mar’
21.
“+ Revenue for Extrusion division has increased by 8.6% during the current financial
year ended Mar’ 22 on YoY basis.
** Operating Margin (EBIDTA) has increased to 19.95 crs (from % 18.12 crs), up by
10% for quarter ended Mar’22 on YoY basis.
*“* Operating Margin (EBIDTA) has increased to % 57.20 crs (from % 43.62 crs), up by
31% for year ended Mar’22 on YoY basis.
“+ PBT has increased to % 15.98 crs (from % 15.04 crs), up by 6% for quarter ended Mar’
22 on YoY basis.
** PBT has increased to % 43.28 crs (from % 31.25 crs), up by 38% for year ended Mar’
22 on YoY basis.
Update on Battery Segment
Battrixx continues to acquire the top Original Equipment Manufacturers (OEM’s) in the two-
wheeler segment. Backed by strong orders, Battrixx division has turned profitable in the last
quarter. Battrixx continues to invest in research and development in future technologies
that result in upgraded battery packs, improved design for better performance, increased
mileage and enhanced safety.
During the quarter ended Mar’22, Company has acquired 100% stake in Varos Technology
Pvt. Ltd. We expect very strong business synergies to be generated through this acquisition
by offering strog IOT capabilities and tools making our battery packs smarter and offering
solutions for battery swapping station. Battrixx has recently launched it’s first IOT Device
scalable with 2G/3G/4G/5G connectivity.
Page 1 of 2
Battrixx is actively working on twds adopting alternate cell chemistries, offering more
technically advanced safety features thru it’s own R&D capabilities and in close co—
ordination with our customers.
For more details, pls visit;

www.kolsite.com / www.battrixx.com
Safe Harbor
This statement contains certain forward looking statements concerning the Company’s future business prospects and business
profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such
forward looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties
regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India
and abroad, government policies and actions regulations, interest and other fiscal costs generally prevailing in the economy, pandemic or
any event/disruptions beyond the Company’s control. The Company does not undertake to make any announcement in case any of these
forward looking statements become materially incorrect in future or update any forward looking statements made from time to time by or
on behalf of the Company.
This statement have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to
purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding
commitment whatsoever.
Page 2 of 2
WHERE OPPORTUN IT'f l\~COMES REALIIT
Neuland Laboratories Limited

11th Floor, (5th Office Level),
Phoenix IVY Building,
May 10, 2022 Plot No. 573A-111, Road No.82,
Jubilee Hills, Hyderabad-500033,
To To Telangana, India
BSE Limited The National Stock Exchange of India Ltd Tel: 040 67611600/ 67611700
Phiroze Jeejeebhoy Towers, Exchange Plaza, Email: neuland@neulandlabs.com
www.neulandlabs.com
25th Floor, Dalal Street, Bandra Kurla Complex, Bandra (E)
Mumbai - 400 001 Mumbai - 400 001
Scrip Code: 524558 Scrip Code: NEULANDLAB; Series: EQ
Dear Sirs,
Sub: Outcome of Board Meeting

Pursuant to Regulation 30 and 33 of SEBI (Listing Obligations &. Disclosure Requirements)
Regulations, 2015 ("SEBI Listing Regulations, 2015"), we wish to inform you that the Board of
Directors at their meeting held on even date, have considered and approved the following:
a. Financial Results: Upon recommendation of the Audit Committee, the Board of Directors
have approved the Audited Financial Results (Standalone &. Consolidated) as per Indian
Accounting Standards (IND AS) for the year ended March 31, 2022 along with Statement of
Assets and Liabilities as on March 31, 2022 (enclosed). The Board of Directors took note of
the Statutory Auditors' Report on the Audited Financial Results (Standalone &.
Consolidated) for the year ended March 31, 2022 with unmodified opinion (enclosed).
We would like to state that the Statutory Auditors of the Company, M/s. MSKA &. Associates,
Chartered Accountants, have issued audit reports with unmodified opinion on the
Statement.
Also enclosed is a copy of the Press Release along with presentation to the Investors/
Analysts, on the Unaudited Financial Results of the Company for the quarter ended March
31, 2022.
b. Final Dividend: Have recommended payment of final dividend of Rs.5.00/-(50%) per equity
share on a face value of Rs.10 each, subject to the approval of members of the Company.
The above information will also be available on the website of the Company at
www.neulandlabs.com.
The meeting of Board of Directors of the Company commenced at 02:30 p.m. and concluded at
.~.ft.~~~-f.~ fl').
This is for your information and records.
Yours faithfully,
Encl: as above
Registered Office: 11th Floor, (5th Office Level), Phoenix IVY Building, Plot No. 573A-III, Road No.82, Jubilee Hills, Hyderabad-500033, Telangana, India I CIN No. L8S19STG 1984PLC004393
1101 /B, Manjeera Trinity Corporate
MS KA & Associates JNTU·Hitech Cit y Road, Kukatpally

Te!angana State, Hyderabad 500072, !NOIA
Chartered Accountants Tel: +91 40 6814 2999
Independent Auditor's Report on Quarterly Standalone Financial Results and Year to Date Standalone
Financial Results pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations 2015
To the Board of Directors of Neuland Laboratories Limited
Report on the Audit of Standalone Financial Results
Opinion
We have audited the accompanying standalone annual financial results of Neuland Laboratories Limited
(hereinafter referred to as 'the Company') for the quarter and year ended March 31, 2022 ('the
Statement'), attached herewith, being submitted by the Company pursuant to the requirement of
Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
('Listing Regulations').
In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid Statement:
(i) are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this
regard; and
(ii) give a true and fai r view in conformity with the applicable accounting standards prescribed under
Section 133 of the Companies Act, 2013 ("the Act") read with Companies (Indian Accounting Standards)
Rules, 2015, as amended, and other accounting principles generally accepted in India, of net profit and
other comprehensive income and other financial information of the Company for the year ended March 31 ,
2022.
Basis for Opinion
We conducted our audit 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 Responsibilities
for the Audit of the Standalone Financial Results 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 together
with the ethical requirements that are relevant to our audit of the financial statements under the
provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the Code of Ethics.
We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our
opinion.
Board of Directors' Responsibilities for the Standalone Financial Results
This Statement, which is the responsibility of the Company's Management and approved by the Board of
Directors, have been prepared on the basis of the standalone annual financial statements. The Company's
Board of Directors are responsible for the preparation and presentation of this Statement that give a true
and fair view of the net profit and other comprehensive income in accordance with the Indian Accounting
Standards prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards)
Rules, 2015, as amended issued thereunder and other accounting principles generally accepted in India and
in compliance with Regulation 33 of the Listin · s. The Board of Directors of the Company are
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f Hyd~ oad ~
g *
o>'0rprt A ~"'
,, .,_
Head Office: 602, Floor 6, Raheja Titanium, Western Express Highway, Geetanjalf Railway Colony, Ram Nagar, Goregaoo (E), Mumbai 400063, INDIA, Tel: +91 22 6831 1600
Ahmedabad I Bengaluru I Chennai I Goa I Gurugram I Hyderabad I Kochi I Kolkata I Mumbai I Pune www.mska.in
responsible for maintenance of adequate accounting records in accordance with the provisions of the Act
for safeguarding of 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 the design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for ensuring accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the Statement that give a true and fair
view and are free from material misstatement, whether due to fraud or error, which have been used for
the purpose of preparation of the Statement by the Directors of the Company, as aforesaid.
In preparing the Statement, the Board of Directors of the Company are responsible for assessing the ability
of the Company 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 Board of Directors of the Company are responsible for overseeing the financial reporting process of the
Company.
Auditor's Responsibilities for the Audit of the Standalone Financial Results
Our objectives are to obtain reasonable assurance about whether the Statement 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 Statement.
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 Statement, 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 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 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 Board of Directors.
• Conclude on the appropriateness of the Board of Directors 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 ability of the Company 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 Statement or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence
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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 Statement, including the
disclosures, and whether the Statement represent the underlying transactions and events in a
manner that achieves fair presentation.
We communicate with those charged with governance of the Company of which we are the independent
auditors 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.
Other Matters
The Statement include the results for the quarter ended March 31, 2022 being the balancing figure
between the audited figures in respect of the full financial year and the published unaudited year to date
figures up to the third quarter of the current financial year prepared in accordance with the recognition
and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting"
which were subject to limited review by us.
Our Opinion is not modified in respect of the above matter.
For M S K A 6: Associates
ICAI Firm Registration No. ~~~fl.~~
AmitQALal
Partner -
Membership No. 214198
UOIN: 22214198AISEXJ8423
Place: Hyderabad, INDIA
Date: May 10, 2022
I
_/{
NEVLAND
WIIER[ OPl'ORTIJNITY 8KOMES nEALITY

11th Floor, (5th Office level),
Plot No. 573A-111, Road No.82,
Telangana, India
Tel: 040 67611600 / 676 11700

Email: neuland@neulandlabs.com
www.neulandlabs.com
NEULAND LABORATORIES LIMITED

11th Floor (5th Office Level), Phoenix IVY Building, Plot No. 573A·III,
Road No 82, Jubilee Hills, Hyderabad • 50003 3
STATEMENT OF STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2022
(Amount in lakhs of , , unless otherwise stated)

Quarter Ended Year Ended Year Ended
SI. Particulars 31.03.2022 31.12.2021 31.03.2021 31.03.2022 31.03.2021
No. (Unaudited) (Unaudited) (Unaudited) {Audited) (Audited)
1 Revenue
(a) Revenue from operations 25,587.25 23,646.98 24,470.47 95,107.66 93,691.31
(b) Other income 63.14 190.01 1,459.65 207.67 1,609.49
Total Income 25,650.39 23,836.99 25,930.12 95,315.33 95,300.80
2 Expenses
(a) Cost of materials consumed 9,771.33 9,584.52 11,918.63 43,755.36 43,965.70
(b) Changes in inventories of finished goods and work-in-progress 1,989.42 1,026.90 (1,040.23) (1,541.47) (124.-45)
(c) Employee benefits expense 4,243.57 4,569.27 4,228.42 17,575.85 14,402.20
(d) Finance costs 277.00 332.16 457.77 1,349.44 1,789.75
(e) Depreciation and amortisation expense 1,245.23 1,277.48 1,114.11 4,903.64 3,967.85
(f) Manufacturing expenses 3,236.32 3,387.99 3,3TI.10 13,136.31 11,630.64
(g) Other expenses 2,475.35 1,848.86 3,447.73 7,962.22 9, 1n.90
Total expenses 23,238.22 22,027. 18 23,498.53 87,141.35 84,804.59
3 Profit before tax (1-2) 2,412.17 1,809.81 2,431.59 8,173.98 10,496.21

4 Tax expense
(a) Current tax 703.04 444.31 470.06 2,042.19 1,248.29
(b) Deferred tax (473.52) 92.27 238.73 {221.55) 1,218.43
5 Profit for the period I year (3-4) 2,182.65 1,273.23 1,722.80 6,353.34 8,029.49
6 Other comprehensive income (net of taxes)
(a) Items that will not be reclassified to profit or loss
Re-measurement gains/ (losses) on defined benefit plans (248.46) (-49.-48) (46.89) (396.90) (57.45)
Equity instruments through other comprehensive income (0.19) 0.66 (102.54) (302.16) (96.26)
Tax on items that will not be reclassified to profit or loss 62.53 12.46 11 .80 99.89 14.46
Total comprehensive Income 1,996.53 1,236.87 1,585.17 5,754.17 7,890.24
7 Paid-up Equity Share Capital (Face value - ,10 each) 1,290.05 1,290.05 1,290.05 1,290.05 1,290.05
8 Other equity {excluding revaluation reserve) 82, 183.-49 76,814.22
9 Earnings Per Share (of ,10 each) (In absolute, terms)
(a) Basic (refer note 4) 17.01 9.92 13.43 49.52 62.58
(b) Diluted (refer note 4) 17.01 9.92 13.43 49.52 62.58
See accompanyin11 notes to the financial results
Registered Office : 11th Floor, (5th Office Level}, Phoenix IVY Building, Plot No. 573A-III, Road No.82, Jubilee Hills, Hyd erabad-500033, Telangana, India I CIN No. L85195TG1984PLC004393
NOTES:
The financial results for the quarter and year ended 31 March 2022 have been reviewed by the Audit Committee and approved by the Board of Directors at their
meeting hetd on 10 May 2022.
2 The financial results have been prepared in accordance with the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Companies Act, 2013,
and other accounting principles generally accepted in India and in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015.
3 The operations of the Company are predominantly related to the manufacture and sale of active pharmaceutical ingredients and allied services. As such there is
only one primary reportable segment as per Ind AS 108 "Operating Segments· .
4 The EPS for quarters has not been annualised.
5 The Board of Directors has recommended a dividend of Rs.5.00/ · only per equity share of face value of Rs.10 each, for the year ended 31st March, 2022.
6 The figure for the quarter ended 31st March, 2022 & 31st March, 2021 are the balancing figures between the audited figures in respect of the full financial yea
and the published figures upto nine months of the relevant financial year.
7 The previous period figures have been regrouped/rearranged wherever necessary to make it comparable with the current period.
Dr.DR
Place: Hyderabad Executiv
Date: 1OMay 2022 (DIN 00107
STATEMENT OF STANDALONE ASSETS AND LIABILITIES AS ON 31 MARCH 2022
(Amount in lakhs of,, unless otherwise stated) '

As at As at
Particulars 31.03.2022 31.03.2021
(Audited) (Audited)
Assets
Non-current assets
Property, plant and equipment 45,712.21 40,172.16
Capital work in progress 2,045.71 1,725.02
Right of Use Assets 899.68 1,224.37
Investment property 1,965.84 1,890.64
Goodwill 27,946.10 27,946.10
Other intangible assets 212.02 349.75
Financial assets
i) Investments 65.56 59.81
ii) Other financial assets 583.26 580.05
Non-current tax assets 519.80 609.25
Other non-current assets 138.68 2,977.16
Total non-current assets 80,088.86 77,534.31
Current assets
Inventories 26,521.01 24,760.77
Financial assets
ii) Trade Receivables 23,432.64 21,773.31
iii) Cash and cash equivalents 371.84 111.59
iv) Other bank balances 1,526.81 1,696.37
v) Other financial assets 429.63 309.31
Other current assets 5,503.62 5,520.81
Total current assets 58,123.23 54,817.73
Total assets 1,38,212.09 1,32,352.04
Equity ant.I Liabilities

Equity
Equity Share Capital 1,290.05 1,290.05
Other equity 82,267.38 76,898.11
Total Equity 83,557.43 78,188.16
Liabilities
Non current-liabilities
Financial liability
i) Borrowings 10,424.79 8,813.26
ii) Lease liability 693.96 958.60
Provisions 1,145.16 909.65
Deferred tax liabilities 5,578.23 5,899.66
Other non-current liabilities . 236.48
Total non-current liabilities 17,842.14 16,867.65
C:1;rrerit liabilities
financial liability
i) Borrowings 12,669.82 8,204.27
iii) Trade payables
total outstandir.g dues of micro enterprises and smaa enteri->rises a!id 1,621 . 11 856.79
tota: outstanoing dues of creditors other than micro ente-rprhes and small enterpri~e$ 10,132.43 14,817.84
iv) Other financial liabilities 5,328.35 6,462.02
Other current liabilities - 121.31 6,637.86
Provisions 6,674.87 64.26
Total curre11t liabi!:ties 36,812.52 37,296.23
Total equity and liabilities - 1,38,112.:n 1,32,352.04

~"~ '
NEULAND

STANDALONE STATEMENT OF CASH FLOWS
(Amount in /akhs off, unless otherwise stated)

Year ended Year ended
Particulars 31.03.2022 31.03.2021
(Audited) (Audited)
Cash flow from operating activities
Profit before tax 8,173.98 10,496.21
Adjustments:
Depreciation and amortisation expense 4,903.64 3,967.85
Interest income (99.49) (166.73)
Loss/(Gain) on sale of investment properties, net . (1,309.25)
Finance costs 1,349.44 1,789.75
Unrealised foreign exchange (gain)/loss, net 289.84 (135.12)
Unrealised (gain) / loss on forward contracts (58.65) .
Provision towards doubtful trade receivables 56.79 385.33
Provision for employee benefits (4.45) (514.88)
Operating cash flows before working capital changes 14,611.10 14,513.16
Changes in inventories (1 ,760.24) (2,806.03)
Changes in trade receivables (1,710.01) (3,007.49)
Changes in other assets 1,772.76 (895.03)
Changes in trade payables (3,906.13) 3,682.18
Changes in other financial assets (70.66) 326.78
Changes in other financial liabilities (774.98) 3,018.32
Changes in other liabilities (249.47) 4,614.89
Cash generated from operating activities 7,912.37 19,446.78
Income-taxes paid, net (2,052.62) (519.25)
Net cash generated from operating activities (A) 5,859.75 18,927.53
Cash flows from investing activities

Purchase of property, plant and equipment and other intangible assets (9,588.68) (10,538.82)
Proceeds from sale of property, plant and equipment 43.61 0.85
Investment properties (101.48) .
Movement in other bank balances 166.06 1,881.3-4
Interest income received 108.77 215.12
Net cash used in investing activities (B) (9,371.72) (8,441.51)
Cash flows from financing activities

Proceeds from short·term borrowings, net 3,479.54 (11, 143.58)
Proceeds from long-term borrowings 4,512.68 3,636.46
Repayment of long-term borrowings (2,226.07) (1,459.17)
Repayment of lease liability (253.20) (253.53)
Dividend paid (384.90) (256.60)
Interest on lease liability (80.10) (98.02)
Interest paid (1,275.73) (1,791.52)
Net cash generated from / (used in) financing activities (C) 3,772.22 (11,365.96)
Net (decrease)/ increase in cash and cash equivalents during the period (A+ B + C) 260.25 (879. 94)
Cash and cash equivalents at the beginning of the year 111.59 991.53
Cash and cash equivalents at the end of the year 371.84 111. 59
MSKA & Associates JNTU-Hitech City Road, Kukatpally

Tetangana State, Hyderabad 500072, INDIA
Tel: +91 40 6814 2999
Independent Auditor' s Report on Quarterly Consolidated Financial Results and Year to Date
Consolidated Financial Results pursuant to the Regulation 33 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations 2015
To the Board of Directors of Neuland Laboratories Limited [Holding Company]
Report on the Audit of Consolidated Financial Results
Opinion
We have audited the accompanying consolidated annual financial results of Neuland Laboratories Limited
(hereinafter referred to as the 'Holding Company') and its subsidiaries (Holding Company and its
subsidiaries together referred to as "the Group"), for the quarter and year ended March 31, 2022, ('the
Statement') attached herewith, being submitted by the Holding Company pursuant to the requirement of
('listing Regulations').
In our opinion and to the best of our information and according to the explanations given to us and based
on the consideration of reports of other auditors on separate audited financial statements of the
subsidiaries, the aforesaid Statement:
(i) include the annual financial results of the following entities
Sr. No Name of the Entity Relationship with the Holding Company

1 Neuland Laboratories K.K. , Japan Wholly Owned Subsidiary
2 Neuland Laboratories Inc., USA Wholly Owned Subsidiary
(ii) are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this
regard; and
(iii) give a true and fair view in conformity with the applicable accounting standards prescribed under
Rules, 2015, as amended and other accounting principles generally accepted in India, of net profit and
other comprehensive income and other financial information of the Group for the year ended March 31,
2022.
Basis for Opinion
for the Audit of the Consolidated Financial Results section of our report. We are independent of the Group,
We believe that the audit evidence obtained b us and other auditors in terms of their reports referred to
in "Other Matter'' paragraph below, is suffici te to provide a basis for our opinion.
lead Office: 602, Floor 6 , Raheja Titanium, Western Express Highway, Geetanjali Railway Colony, Ram Nagar, Go~egaon (E), Mumbai 400063, INDIA, Tel: +91 ~~si~
ihmedabad I Bengaluru I Chennai I Goa I Gurugram I Hyderabad I Koch1 I Kolkata I Mumbai I Pune · ·
Board of Directors' Responsibilities for the Consolidated Financial Results
These Statement, which is the responsibility of the Holding Company's Management and approved by the
Holding Company's Board of Directors, have been prepared on the basis of the consolidated annual
financial statements. The Holding Company's Board of Directors are responsible for the preparation and
presentation of this Statement that give a true and fair view of the net profit and other comprehensive
income and other financial information of the Group in accordance with the Indian Accounting Standards
prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015, as
amended and other accounting principles generally accepted in India and in compliance with Regulation 33
of the Listing Regulations. The respective Board of Directors of the companies included in the Group are
for safeguarding of the assets of the Group 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 the design, implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the Statement that give a true and fair view and
are free from material misstatement, whether due to fraud or error, which have been used for the purpose
of preparation of the Statement by the Directors of the Holding Company, as aforesaid .
In preparing the Statement, the respective Board of Directors of the companies included in the Group are
responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless the respective
Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic
alternative but to do so.
The respective Board of Directors of the companies included in the Group are responsible for overseeing
the financial reporting process of the Group.
Auditor's Responsibilities for the Audit of the Consolidated Financial Results
be expected to influence the economic decisions of users taken on the basis of this Statement.
internal control.
also responsible for expressing our opinio e company has adequate internal financial
controls.
related to events or conditions that may cast significant doubt on the ability of the Group to
draw attention in our auditor's report to the related disclosures in the Statement or, if such
the Group to cease to continue as a going concern.
• Obtain sufficient appropriate audit evidence regarding the financial results of the entities within
the Group to express an opinion on the Statement. We are responsible for the direction,
supervision and performance of the audit of financial information of such entities included in the
Statement of which we are the independent auditors. For the other entities included in the
Statement, which have been audited by other auditors, such other auditors remain responsible for
the direction, supervision and performance of the audits carried out by them. We remain solely
responsible for our audit opinion.
We communicate with those charged with governance of the Holding Company and such other entities
included in the Statement of which we are the independent auditors 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.
safeguards.
We also performed procedures in accordance with the circular issued by SEBI under Regulation 33(8) of the
Listing Regulations, as amended, to the extent possible.
Other Matters
1. The Statement includes the audited Financial Results of aforesaid two subsidiaries, whose Financial
Results reflect Group's share of total assets (before consolidation adjustments) of Rs. 694.19 lakhs as
at March 31, 2022, Group's share of total revenue (before consolidation adjustments) of Rs. 226.87
and Rs. 886.87 lakhs and Group's share of total net profit after tax (before consolidation
adjustments) of Rs. 1. 95 and 28.86 lakhs for the quarter ended March 31, 2022, and for the period
from April 01, 2021 to March 31, 2022 respectively, as considered in the Statement, which have been
audited by their respective independent auditors. The independent auditors' reports on financial
statements of these entities have been furnished to us and our opinion on the Statement, in so far as
it relates to the amounts and disclosures included in respect of these entities, is based solely on the
report of such auditors and the procedures performed by us are as stated in paragraph above.
Further, both these subsidiaries are located ~ ~~ u,dia whose financial statements have been
~f9~
\\s;%
\ Hyd~ ad,._f
,;,, •'))"'
t<>,:">f( ~ "''"'"' {\
prepared in accordance with accounting principles generally accepted in their respective countries
and which have been audited by other auditors under generally accepted auditing standards
applicable in their respective countries. The Holding Company's management has converted the
financial statements of such subsidiaries located outside India from accounting principles generally
accepted in their respective countries to accounting principles generally accepted in India. We have
audited these conversion adjustments made by the Holding Company's management.
Our opinion on the Statement is not modified with respect to our reliance on the work done and the
reports of the other auditors and the financial results certified by the Board of Directors.
2. The Statement include the results for the quarter ended March 31, 2022 being the balancing figure
between the audited figures in respect of the full financial year and the published unaudited year to
date figures up to the third quarter of the current financial year prepared in accordance with the
recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim
Financial Reporting" which were subject to limited review by us.
Our opinion is not modified in respect of this matter
For MS KA & Associates

Partner
Membership No. 21
UDIN: 22214198AISGOF8153
Place: Hyderabad, !NOIA
Date: May 10, 2022
I
_/{
NEULAND
WHElli OPPOIUUNITY OECOM ES REALITY
Neuland laboratories Limited

Plot No. 573A-III, Road No.82,
Telangana, India
Tel : 040 67611600 / 67611700

Email : neuland@neulandlabs.com
www.ne ulandlabs.com

STATEMENT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2022
(AmoUnt to lakhs of f, unless otherwise stated)

SI. Partlculars 31.03.2022 31.12-2021 31.03. 2021 31.03.2022 31.03.2021
No. (Unaudited) (Unaudited) (Unaudited) (Audited) (Audited)
1 Revenue
(b) Other income 63.15 190.01 1,459.65 207.68 1,609.51
Total Income 25,650.40 23,836.99 25,930. 12 95,315.34 95,300.82
2 Expenses
(a) Cost of materials consumed 9,771.33 9,584.53 11,918.63 43,755. 36 43,965.70
(b) Changes in inventories of finished goods and work-in-progress 1,989.42 1,026-90 (1,040.23) (1,541.47) (124.45)
(C) Employee benefits expense 4,396.96 4,803.67 4,342.41 18,247.23 14,973.67
(d) Finance costs 277.03 332.18 457.79 1,349.51 1,789.83
(f) Manufacturing expenses 3,236.32 3,387.99 3,372.10 13,136.31 11,630.64
(g) Other expenses 2,306.41 1,600.65 3,326.20 7,248.13 8,563.82
Total expenses 23,222.88 22,013.40 23,491.11 87,099.09 84,767.47

4 Tax expense
(a) Current tax 710.29 437-76 474.90 2,042.90 1,255. 73
(b) Deferred tax (460.84) 92.27 234.85 (208.85) 1,214.55
5 Profit for the period I year (3-4) 2,178.07 1, 293.56 1,729.26 6,382.20 8,063.07
6 Other comprehensive Income (net of taxes)
(a) Items that wfll not be reclassified to profit or loss
Re-measurement gains/(losses) on defined benefit plans (248.46) (49.48) (46.89) (396.90) (57.45)
Equity Instruments through other comprehensive income (0.19) 0.66 (102. 54) (302.16) (96.26)
(b) Items to be reclassified to profit or loss
Exchange differences in translating the financial statements of a foreign 2.74 2.64 (10.70) 6.18 (17.22)
operations

7 Paid-up Equity Share Capital (Face value • "'10 each) 1,290.05 1,290.05 1,290.05 1,290.05 1,290.05
8 Other equity (excluding revaluation reserve) 82,676.14 77,271.83
9 Earnings Per Share (of "'10 each) (In absolute, terms)
(a) Basic {refer note 5) 16.97 10.08 13.48 49.74 62.85
See accomoanvln11 notes to the financial results
Registered Office : 11th Floor, (5th Office Level), Phoenix IVY Building, Plot No. 573A-III, Road No.82, Jubilee Hills. Hyderabad-500033, Telangana, India I CIN No. l85195TG1984PLC004393
NOTES:
The financial results for the quarter and year ended 31 March 2022 have been reviewed by the Audit Committee and approved by the Board of Directors at
their meeting held on 10 May 2022.
2 The financial results have been prepared in accordance with the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Companies Act,
2013, and other accounting principles generally accepted in India and In terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015.
3 The Consolidated Financial Results include results of the following wholly owned subsidiaries:
(a) Neu land Laboratories Inc., USA;
(b) Neuland Laboratories KK., Japan.
4 The operations of the Company and its subsidiaries are predominantly related to the manufacture and sale of active pharmaceutical ingredients and allied
services. As such there is only one primary reportable segment as per Ind AS 108 "Operating Segments".

6 The Board of Directors has recommended a dividend of Rs.5.00/ • only per equity share of face value of Rs.10 each, for the year ended 31st March, 2022.
7 The figure for the quarter ended 31st March, 2022 ft 31st March, 2021 are the balancing figures between the audited figures in respect of the full financial
year and the published figures upto nine months of the relevant financial year.
Place: Hyderabad
Date: 10 May 2022
NEULANO LABORATORIES LIMITED
STATEMENT OF CONSOLIDATED ASSETS ANO LIABILITIES AS ON 31 MARCH 2022
(Amount in lakhs off, unless otherwise stated)

As at As at
Particulars 31.03.2022 31.03.2021
(Audited) (Audited)
Assets
Non-current assets
Goodwill 27,946.10 27,946.10
Financial assets
Other non-current assets 138.68 2 977.16
Total non-current assets 80 071 . 25 77 520.04
Current assets
Inventories 26,521.01 24,760.77
Financial assets
iii) Cash and cash equival~nts 509.14 243.56
Other current assets 5 520.68 5,529.83
Total c11rrent assets 58,277.59 54,958.72
Tot.,1 assets 1 38 348.114 1 32 478.76
Equity and Liabilities

Equity
Other equity 82,760.03 77,355.n
Total Equity 84,050.08 n,645.77
Liabilities
Financial tidbillty
i) Borrowings 10,424.79 8,813.26
P~ovisions 1,191.43 943.89
Other non-cur rent liabilities 2.98 290.47
Current liabil!tiE,S
Financial liability
i) Borrowings 12,669.82 e,204.27
ii) Lease. liability 264,63 253.19
iii) Trade payables
tota! outstanding dues of micro enterprises and small enterprises and 1,o2U1 856.79
total outstanding dues of creditors other than micro enterprises and small enterprises 9,60!i.f,7 14,356.66
1'1) Ott.er finar.dal liabilities 5,348..66 6,467.9~
Other current liabilities 121.31 6,647.93
Previsions 6 684.46 64.26
Total current liabilities 36 851.09
Total t.it and liabilities 1 32,478.76
CONSOLIDATED STATEMENT OF CASH FLOWS
(Amount in /akhs of if, unless otherwise stated)

Year ended Year Ended
Particulars 31.03.2022 31.03.2021
(Audited) (Audited)
Adjustments:
Interest Income (99.50) (166. 75)
Loss/ (Gain) on sale of investment properties, net . (1,309.25)
Finance costs 1,349.51 1,789.83
Provision for employee benefits 7.58 (511.16)
Changes in inventories (1,760.24) (2,806.03)
Changes In trade receivables (1,710.01) (3,007.50)
Changes in other assets 1,764.n (897.66)

Purchase of investments property (101.48) -
Movement in other bank balances 166.06 1,881.34

Proceeds from short-term borrowings, net 3,479.54 (11,143.58)
Dividend paid (384. 90) (256.60)
Interest paid (1,275.80) (1,791.60)
Net cash generated from I (used in) financing activities (C) 3,772.15 (11,366.04)
Net (decrease)/ increase in cash and cash equivalents during the period (A+ B + C) 259.40 (872.24)
Cash and cash equivalents at the beginning of the year 243.56 1,120.35
Effect of exchange rate changes on cash and cash equivalents 6.18 (4. 55)
Cash and cash equivalents at the end of the year 509.14 243.56
Neuland FY22 income at Rs.953.2 crore
EBITDA at Rs. 144.3 crore
Hyderabad, India, May 10, 2022 – Neuland Laboratories Limited (NLL) (NSE: NEULANDLAB; BSE:524558),
a pharmaceutical manufacturer providing active pharmaceutical ingredients (APIs), complex intermediates
and custom manufacturing solutions services to customers located in around 80 countries, today announced
financial results for the fourth quarter and year ended March 31, 2022.
Commenting on the performance Mr. Sucheth Davuluri, Vice-Chairman and Chief Executive Officer of
the Company said, “The past financial year was marked by a flat revenue, owing principally to weak GDS
offtake from our customers. Given our focus on building execution excellence, we remain confident about
the long-term prospects of all our businesses despite facing certain technical issues with some late-stage
CMS projects.”
In addition, Mr. Saharsh Davuluri, Vice Chairman and Managing Director, Neuland Labs added “Our
performance this year was a mixed bag. While our GDS business experienced a revenue decrease due to
volume drop in certain key products, our input cost structures experienced an unusual increase. Given
our focus on delivering complex projects in line with clients’ technical requirements, we retain our
optimism that the overall business will grow in line with our stated expectations and reflect increased
margins over the long term.”
Financial Summary
Rs. crore
QoQ YoY YoY
Particulars Q4FY22 Q3FY22 Growth Q4FY21 Growth FY22 FY21 Growth
(%) (%) (%)
Total Income 256.5 238.4 7.6% 259.3 (1.1)% 953.2 953.0 0.0%
EBITDA 39.3 34.2 15.1% 40.0 (1.7)% 144.3 162.5 (11.2%)

(200)
EBITDA margin (%) 15.3% 14.3% 100 bps 15.4% (10) bps 15.1% 17.1%
bps
PAT 21.8 12.7 71.4% 17.2 26.7% 63.5 80.3 (20.9)%
(170)
PAT margin (%) 8.5% 5.3% 320 bps 6.6% 190 bps 6.7% 8.4%
bps
EPS (Basic) Rs. 17.0 9.9 71.4% 13.4 26.7% 49.5 62.6 (20.9)%
Q4 FY22 Earnings Call

The company will conduct a one-hour Earnings call at 18:00 hrs. IST on Tuesday, May 10, 2022 where
the management will discuss the Company’s performance and answer questions from participants. To
participate in this conference call, please register on the Zoom link below:
Zoom Link
WWW.NEULANDLABS.COM | BSE: 524558 NSE: NEULANDLAB | BLOOMBERG: NLL: IN |SECTOR: PHARMACEUTICALS

Please note that the transcript of the conference call will be uploaded on the company website in due
course.
About Neuland Laboratories Limited

For over 38 years, Neuland Labs has been at the forefront of manufacturing APIs through its cGMP manufacturing facilities, working
with customers in close to 80 countries. Neuland Labs has developed more than 300 processes and 75 APIs and has filed over 903+
Regulatory filings in the US (60 active US DMFs), the European Union (EU) and other geographies. Its manufacturing facilities are
inspected and approved by the U.S. FDA and other leading regulatory agencies. Its record of quality manufacturing and reliability
is highlighted by cGMP certifications that include the U.S. FDA, TGA (Australia), EDQM (EU), German Health Authority, ANVISA
(Brazil), EMA (EU), Cofepris (Mexico), KFDA (Korea), PMDA (Japan), CFDA (China), FSI “SID &GP” Russia, Health Canada, ISO 9001,
ISO14001, OHSAS18001 and ISO 27001. For more information, visit www.NeulandLabs.com.
If you have any questions or require further information, please feel free to contact
IR Department at Neuland
Tel: +91 40 6761 1600
Email: ir@neulandlabs.com
Diwakar Pingle, EY IR
Email: diwakar.pingle@in.ey.com
Earnings
Presentation
Q4 FY 22
BSE CODE : 524558 | NSE SYMBOL : NEULANDLAB | BLOOMBERG: NLL:IN | REUTERS: NEUL.NS
Safe Harbour
Except for the historical information contained herein, statements in this
presentation and the subsequent discussions, which include words or
phrases such as "will", "aim", "will likely result", "would", "believe", "may",
"expect", "will continue", "anticipate", "estimate", "intend", "plan",
"contemplate", seek to", "future", "objective", "goal", "likely", "project",
"should", "potential", "will pursue", and similar expressions of such expressions
may constitute "forward-looking statements“. These forward-looking
statements involve a number of risks, uncertainties and other factors that
could cause actual results to differ materially from those suggested by the
forward-looking statements. These risks and uncertainties include but are
not limited to our ability to successfully implement our strategy, our growth
and expansion plans, obtain regulatory approvals, our provisioning policies,
technological changes, investment and business income, cash flow
projections, our exposure to market risks as well as other risks. The Company
does not undertake any obligation to update forward-looking statements
to reflect events or circumstances after the date thereof.
2
Table of Contents
Q4 & FY-22
1 HIGHLIGHTS
2 BUSINESS OVERVIEW
3 CAPABILITIES
4 FINANCIALS
5
OUTLOOK
3
Q4 & FY-22 HIGHLIGHTS
Management Speak
SUCHETH DAVULURI
“The past financial year was marked by a flat revenue, owing principally
to weak GDS offtake from our customers. Given our focus on building
execution excellence, we remain confident about the long-term
prospects of all our businesses despite facing certain technical issues with
some late-stage CMS projects.”
SAHARSH DAVULURI
“Our performance this year was a mixed bag. While our GDS business
experienced a revenue decrease due to volume drop in certain key
products, our input cost structures experienced an unusual increase.
Given our focus on delivering complex projects in line with clients’
technical requirements, we retain our optimism that the overall business
will grow in line with our stated expectations and reflect increased
5
Key Highlights
FY22
Business Highlights Financial Highlights
❖ Growth from development projects ❖ Total income was Rs. 953.2 crore in
was offset by Inventory destocking and FY22, as compared to Rs. 953.0 in
lower offtake at customers’ end crore in FY21*
❖ Focus on creating execution & project ❖ EBITDA margin decreased by 200 bps
management excellence even as we from 17.1% to 15.1% in FY22 due to
handle multiple complex late-stage • Logistics issues
projects • Higher manpower and other
expenses arising from Unit 3
commercialization
❖ Increased headcount to account for
higher business volumes in coming
quarters ❖ PAT decreased by 20.9% to Rs. 63.5
crores on account of
• Higher depreciation led by Unit 3
❖ Filed 5 USDMFs during the year - commercialization
(Tafamidis Megulumine, Vilanterol,
Elagolix, Linezolid, Aripiprazole (Sterile))
* FY21 Total Income included other income of Rs. 13.09 crores towards profit on sale of investment property
6
Key Highlights
Q4 FY22
❖ In Prime segment, Mirtazapine, ❖ Total income was Rs. 256.5 crore in

Labetalol & Levofloxacin performed Q4FY22, a decrease of 1.1% YoY*
well.
❖ EBITDA margin decreased by 10 bps
❖ Specialty had a decent growth quarter from 15.4% to 15.3% in Q4FY22 due to
with revenues coming from • Increase in input prices, shipping
Dorzolamide & Entacapone costs and logistics issues
❖ PAT increased by 26.7% to Rs. 21.8

❖ CMS revenues driven by product
volumes which have recently moved
to commercialization stage • Reversal of higher deferred tax
made earlier
❖ Filed DMFs for Elagolix Sodium &

Linezolid
* Q4 FY21 Total Income included other income of Rs. 13.09 crores towards profit on sale of investment property
7
Profit & Loss Snapshot (Standalone)
YoY
QoQ YoY
Particulars (Rs. Cr) Q4FY22 Q3FY22 Q4FY21 FY22 FY21 (%)
(%) (%)
Total Income 256.5 238.4 7.6% 259.3* (1.1) % 953.2 953.0* 0.0%
EBITDA 39.3 34.2 15.1% 40.0 (1.7)% 144.3 162.5 (11.2)%
EBITDA Margin 15.3% 14.3% 100 Bps 15.4% (10) Bps 15.1% 17.1% (200) Bps
Profit Before Tax 24.1 18.1 33.3% 24.3 (0.8)% 81.7 105.0 (22.1)%
Profit Before Tax

9.4% 7.6% 180 Bps 9.4% - 8.6% 11.0% (240) Bps
Margin
Profit After Tax 21.8 12.7 71.4% 17.2 26.7% 63.5 80.3 (20.9)%
Profit After Tax

8.5% 5.3% 320 Bps 6.6% 190 Bps 6.7% 8.4% (170) Bps
Margin
Earnings Per Share
17.0 9.9 71.4% 13.4 26.7% 49.5 62.6 (20.9)%
(Rs.)
* Q4FY21 & FY21 Total Income included other income of Rs. 13.09 crores towards profit on sale of investment property
8
Financials (Standalone)
Revenue (Rs. Cr)
953
*
953 EBITDA (Rs. Cr) and EBITDA Margin (%)
258 257
238 180 163
16.7%
203 43 39 17.1%
160
15.3% 144
13.6% 14.3%
34 140 15.1%
28
120
100
80
Q1FY22 Q2FY22 Q3FY22 Q4FY22
FY21 FY22 60
Certain items classified as revenue in Q1 &Q3 have been reclassified as expenses to Q1FY22 Q2FY22 Q3FY22 Q4FY22 FY21 FY22
the tune of Rs. 2.8 Cr
EPS (Rs) PAT (Rs. Cr)

63
8.4%
50
17 8.5% 80 6.7%
16 7.9% 5.3%
22 64
20
10 4.3%
13
7 9
FY21 FY22 Q1FY22 Q2FY22 Q3FY22 Q4FY22 FY21 FY22

9
Key Operating Metrics
YoY Analysis Quarter on Quarter Movement
4% 3% 4% 4%
3% 5%
28% 22%
30% 27% 28%
40%
22%
22% 23%
24% 25%
20%
53%
47% 43% 45% 43%
36%
FY 21 FY 22 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22
Prime Speciality CMS Others

10
Business Salience (Overall Company)
PRODUCT YoY Analysis QoQ Movement
64%
54%
58% 60% 61% TOP 10
57%
TOP 5
40% 39% 43%
% of Total revenue
42%
38%
41%
CUSTOMER YoY Analysis QoQ Movement
52% 53% 54% 53%

49% 47%
36% 41%
36% 37% 41%
39%
11
Business Salience (Prime)
Q1 Q2 Q4
FY-21 47% FY-22 43% Q3
53% FY22 45% 36% FY22 43%
FY22 FY22

96% 95% 97%
92%
98% 92% TOP 10
TOP 5
(of Prime revenue)
78%
74% 73% 71% 70%
67%

63% 59% 60% 61%
55% 58%
48% 42% 38% 48%

40% 41%
12
% represents Niche / Speciality % from Overall revenue for respective Quarter / YTD
Business Salience (Specialty)
Q1 Q2 Q3 Q4
FY-21 22% FY-22 24% 22% FY22 23% 20% 25%
FY22 FY22 FY22
YoY Analysis QoQ Movement TOP 10

PRODUCT
TOP 5
83% 82% 91% 91% 89% 86% (of Specialty
Revenue)
57% 60% 66%

64% 67%
61%
56% 67% 68% 68%

51% 63%
42% 48% 50% 42% 50%

36%
% represents Niche / Speciality % from Overall revenue for respective Quarter / YTD 13
Business Salience (CMS)
Q1 Q2 Q3 Q4
FY-21 28% FY-22 30% 22% FY22 27% 40% 28%
FY21 FY22 FY22
PRODUCT YoY Analysis QoQ Movement TOP 10

99% 99% TOP 5
97%
(of CMS revenue)
82% 85%
80%
92% 75%
71% 83% 84%
61%

99% 99% 97%

89%
87%
81%
72% 86% 84%
70% 76%
92%
% represents CMS % from Overall revenue for respective Quarter / YTD 14

Key Operating Metrics – CMS Revenue Split
Rs. In Cr
Commercial Development
282
269
114
95
136
70 72
38
44 14
38
168
133 23
56 57
34
21
FY21 FY22 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22
15
Number of Active CMS Projects
Q4 FY22 Pre-Clinical P-1 P-2 P-3 Development Commercial Grand Total

API 14 3 7 7 8 8 47
Intermediate 7 5 2 0 8 12 34
Grand Total 21 8 9 7 16 20 81

API 15 3 7 3 12 6 46
Grand Total 22 7 9 3 20 17 78

API 12 4 5 5 9 6 41
Grand Total 19 8 7 10 17 15 76

API 10 4 2 4 5 5 30
Grand Total 10 6 2 10 13 15 56
16
BUSINESS OVERVIEW
Our Journey – Key Milestones
Laying Strong Foundation Deepening Our Capabilities Increased Sustainable Growth

1984 - 2003 2004 - 2012 2013 - Today
Successfully 1984 1986 1994 1997 2004 2007 2008 2009

cleared 15
USFDA Incorporated First API sale of Neuland First USA Japan R&D Centre PMDA, Japan
inspections. Salbutamol goes public US FDA Audit Operation Subsidiary established; EDQM Approval
Sulphate / Audit of Unit-1 First NCE
Albuterol Sulphate Approval
Multiple audits
passed with 2013 2015 2016 2017 2018 2019 2020 2021
no major
Strategic 10th R&D Facility Among first 3 Acquisition of Increased flow of 100 Mn+ Unit – 3
observations alignment of US FDA Audit approved by US API facilities in advanced projects from Revenue over Commercializat
business FDA India to be intermediates CMS Japan 75 Live CMS ion 271 KL
towards niche audited by & API Facility Active emphasis Projects 15th Reaction
API's & Custom CFDA (Unit-1) on supply chain US FDA Audit of volume
Manufacturing EDQM de-risking Unit-2
Solutions Audit of Unit-2
18
Generic Drug Substance (GDS)
We started as a Prime API ..Added Speciality molecules for
manufacturer… complex products..
Capability Capability
✓ 3 US FDA and EU GMP compliant ✓ High end complex chemistry capabilities
manufacturing facilities ✓ Backend support by R&D department
✓ Collective capacity: ~860 KL ✓ Experience of hurdle free scale up
Business Approach Business Approach
✓ Work on molecules either with a ✓ Work with leading companies and

business leadership approach or help them to meet their technical
partnership with client requirements while being
✓ Ensure uninterrupted supply with competitive
quality commitment
Strategy Forward Strategy Forward

✓ Maintain leadership position in key
molecules ✓ Focus on niche APIs with complex
✓ Work on process optimization to chemistry
improve yields, productivity and ✓ File IP for non infringing processes
thus margins
Robust manufacturing base placed on the foundation of quality and pureplay API commitment
19
On path to being a preferred partner in CMS..
Services
✓ Manufacturing API to customer specifications
✓ Designing and developing manufacturing processes
✓ Process optimization for competitiveness
✓ Complete CMC partner for the API
✓ Patent protection for processes
Business Approach
✓ Local presence in US, Europe and Japan with technical as
well as commercial employees
✓ Consultative approach on customer relationships
✓ Business targeted on Neuland’s technology capabilities and
perceived customer needs leading to increased traction
Strategy Forward
✓ Add depth in technical capabilities
✓ Investment in QBD labs, process engineering and foray into new
areas of customer solutions
✓ Work effectively on customer relationships and leverage on
portfolio expansion
✓ Targeting molecules in the later stages of the clinical cycle
Create a sustainable CMS business that is driven by technology and strong customer relationships
20
CAPABILITIES
Scaled up Manufacturing Facilities over the years
UNIT-1 233 KL
Bonthapally, Hyderabad
UNIT-2 363 KL
Pashamylaram, Hyderabad
UNIT-3 305 KL
Gaddapotharam, Hyderabad
Year of 1986 1994 2017*

Establishment
Block - 1, 2, 3, 4, H, KL & S 34 Block-1, 2, 3, FC, NMSM, Mini Block - 1, 2, 4, 5

Blocks plant6
Hydrogenation
7.4KL Facility creation under process
Reaction Volume 6KL
Solvent Recovery 100KLD 50KLD

System 20KLD
Cryogenic 15KL
25KL
Reaction Volume 15KL
USFDA, EDQM, CFDA, PMDA, Desktop Inspection by USFDA in 2020;

Regulatory et. al
USFDA, EDQM, PMDA, ANVISA et. al ANVISA (Brazil) 2022
Adding capacities for new CMS projects and growth of key GDS molecules 22
Backed up by sound R&D capabilities
R&D Facility, Hyderabad
Infrastructure Significant R&D Achievements

• 15 Development Labs with space for • Several NCE APIs added in NDA or commercial stage
expansion drugs
• 60 Fume hoods • Support for multiple APIs each year in Phase 2
• Analytical Labs and Phase 3 clinical candidates
• Dedicated kilo Lab for Scale up • Generic API business -
✓ 900+ DMFs filed
• Dedicated Labs for Peptides
✓ 300+ API processes developed
• Separate facility for D2 analogues
✓ 204+ patents filed. Received USPTO patent for improved process
synthesis of Paliperidone Palmitate
23
New capabilities built
FBRM HAZARDOUS & WET LABORATORY

Dedicated area
Particle size for hazardous
check for chemical
polymorph management
achievement and wet lab
expansion
PEPTIDE LAB PID LABORATORY,

To address
9800 sq. ft. new UNIT-III product quality
lab with
issues,
additional 7
impurities
hoods for 25
synthesis, cost
chemists
Research reduction.
POLY BLOCK REACTORS
For solubility/
Capabilities PID LABORATORY,
Expansion with 3
B-S, UNIT-I fume hoods
crystallisation
along with
study, carrying
space for 2
out multiple
more
reactions
laboratories.
LABORATORY REACTORS HEATING & COOLING
Enhanced SYSTEMS
ability to
perform For DOE studies
reactions in a and projects
wide range of -
90-200 degrees
24
Global Presence
NORTH AMERICA
EUROPE APAC
37%
42% 5%
JAPAN
MENA INDIA
4%
5% 4%
BD Office in LATAM
Princeton, New
Jersey 4%
Since 2004
Our BD Office in JAPAN

Since 2007
% Refers to FY22 Sales by End market
25
Regulatory Filings Across Geographies
30
Filings with
Health Canada
10 20
Japanese DMF filed China DMF filed
62
DMFs with
USFDA
19 231
filings with
22 ROW filings
including Turkey,
KFDA Korea filings with TGA Mexico, Brazil etc
~495 27
EUDMF filings
across
Germany,
CEPs Received
for different
916+
France, Poland, products Filings till date
Italy etc
** The numbers on this slide reflect the number of filings, the number of active filings could vary as geographic filings are merged
and changes in product portfolio .
26
FINANCIALS
Continuous Growth…
Rs. In Cr
FINANCIAL PERFORMANCE
163
HIGHLIGHTS
953 953
144
767 ▪ Revenue CAGR of 12.5% for FY 19-22

led by growth in all 3 businesses
670
105
80
▪ EBITDA growth of 33.0% CAGR in FY
19-22 due to balanced contribution
61 from both GDS and CMS business
64
16
16
▪ Shift to CMS and Specialty in overall
revenue mix along with resource
FY19 FY20 FY21 FY22 efficiency steps accelerated
Revenue
Sales 670 767 953** 953 profitability
EBITDA 61 105 163 144
Net Profit 16 16 * 80 64
Sales EBITDA Net Profit
** FY21 included other income of Rs. 13.09 crores towards profit on sale of investment property
* This was after a one-time tax charge of Rs. 23.2 Cr in Q4FY20 that the Company chose to exercise under Section 115BAA of the IT act
28
Stable Balance Sheet..
Particulars
Mar-19 Mar-20 Mar-21 Mar-22 Current Ratio (x) ROCE (%)
(Rs. Cr)
1.57 11.93
Shareholders 1.47 8.55
696 706 782 836 1.37
1.42 7.60
' funds
3.89
Net Debt 194 214 152 212 2019 2020 2021 2022
2019 2020 2021 2022
Investments 8 8 7 4
Fixed Asset Turnover (x) Debt to Equity (x)
Tangible 0.37
365 391 438 497 0.33
Assets 0.28
2.89 0.22
2.26 2.35 2.08
Intangible
Assets
2 2 3 2
(Excluding
2019 2020 2021 2022
Goodwill) 2019 2020 2021 2022
Working
233 289 309 382
Capital
29
OUTLOOK
..Laying Foundation for our Growth Strategy
CREATE AN ORGANIZATION THAT RESULTS IN VALUE FOR ALL STAKEHOLDERS
BUSINESS SCALE
Extend capabilities to Invest into capacity to
organically build a augment sales and
sustainable GDS accelerate business
and CMS business growth
CHEMISTRY RELATIONSHIPS
Deploy advanced Leverage on Long –
chemistry skills to add standing relationships
differentiated products with leading generic
to its portfolio and innovator
companies
QUALITY FINANCIALS
Develop techniques like Re-aligning revenue
QBD to stay ahead of portfolio for a
the curve & set profitable growth
precedents for “no
quality compromise”
31
Contact Us
For over 38 Years, Neuland Laboratories Ltd.

For further information contact
(BSE:524558, NSE: NEULANDLAB) has been at the
forefront of manufacturing APIs through its cGMP
manufacturing facilities, working with customers in close IR Desk
to 80 countries. Neuland Labs
Neuland Labs has developed more than 300 processes +91 40 6761 1600
and 75 APIs and has filed over 900+ Regulatory filings in ir@Neulandlabs.com
the US (62 active US DMFs), the European Union (EU)
and other geographies. Its manufacturing facilities are
inspected and approved by the U.S. FDA and other Diwakar Pingle
leading regulatory agencies. Its record of quality
Christensen IR
manufacturing and reliability is highlighted by cGMP
certifications that include the U.S. FDA, TGA (Australia), +91 22 4215 0210
EDQM (EU), German Health Authority, ANVISA (Brazil), dpingle@christensenir.com
EMA (EU), Cofepris (Mexico), KFDA (Korea), PMDA
(Japan), CFDA (China), FSI “SID &GP” Russia, Health
Canada, ISO 9001, ISO14001, OHSAS18001 and ISO
27001.
32
I
_/{
NEULAND
WH ER.E OPPORTUNITY BECOMES REALITY
Thank You
Confidential. © 2021 Neuland Laboratories Ltd. All rights reserved.

WHERE OPPORTUN IT'f l\~COMES REALIIT

May 10, 2022 Plot No. 573A-111, Road No.82,
To To Telangana, India
BSE Limited The National Stock Exchange of India Ltd Tel: 040 67611600/ 67611700
Phiroze Jeejeebhoy Towers, Exchange Plaza, Email: neuland@neulandlabs.com
www.neulandlabs.com
25th Floor, Dalal Street, Bandra Kurla Complex, Bandra (E)
Mumbai - 400 001 Mumbai - 400 001
Scrip Code: 524558 Scrip Code: NEULANDLAB; Series: EQ
Dear Sirs,
Sub: Outcome of Board Meeting

Pursuant to Regulation 30 and 33 of SEBI (Listing Obligations &. Disclosure Requirements)
Regulations, 2015 ("SEBI Listing Regulations, 2015"), we wish to inform you that the Board of
Directors at their meeting held on even date, have considered and approved the following:
a. Financial Results: Upon recommendation of the Audit Committee, the Board of Directors
have approved the Audited Financial Results (Standalone &. Consolidated) as per Indian
Accounting Standards (IND AS) for the year ended March 31, 2022 along with Statement of
Assets and Liabilities as on March 31, 2022 (enclosed). The Board of Directors took note of
the Statutory Auditors' Report on the Audited Financial Results (Standalone &.
Consolidated) for the year ended March 31, 2022 with unmodified opinion (enclosed).
We would like to state that the Statutory Auditors of the Company, M/s. MSKA &. Associates,
Chartered Accountants, have issued audit reports with unmodified opinion on the
Statement.
Also enclosed is a copy of the Press Release along with presentation to the Investors/
Analysts, on the Unaudited Financial Results of the Company for the quarter ended March
31, 2022.
b. Final Dividend: Have recommended payment of final dividend of Rs.5.00/-(50%) per equity
share on a face value of Rs.10 each, subject to the approval of members of the Company.
The above information will also be available on the website of the Company at
www.neulandlabs.com.
The meeting of Board of Directors of the Company commenced at 02:30 p.m. and concluded at
.~.ft.~~~-f.~ fl').
This is for your information and records.
Yours faithfully,
Encl: as above
Registered Office: 11th Floor, (5th Office Level), Phoenix IVY Building, Plot No. 573A-III, Road No.82, Jubilee Hills, Hyderabad-500033, Telangana, India I CIN No. L8S19STG 1984PLC004393
MS KA & Associates JNTU·Hitech Cit y Road, Kukatpally

Te!angana State, Hyderabad 500072, !NOIA
Chartered Accountants Tel: +91 40 6814 2999
Independent Auditor's Report on Quarterly Standalone Financial Results and Year to Date Standalone
Financial Results pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations 2015
To the Board of Directors of Neuland Laboratories Limited
Report on the Audit of Standalone Financial Results
Opinion
We have audited the accompanying standalone annual financial results of Neuland Laboratories Limited
(hereinafter referred to as 'the Company') for the quarter and year ended March 31, 2022 ('the
Statement'), attached herewith, being submitted by the Company pursuant to the requirement of
('Listing Regulations').
In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid Statement:
(i) are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this
regard; and
(ii) give a true and fai r view in conformity with the applicable accounting standards prescribed under
Rules, 2015, as amended, and other accounting principles generally accepted in India, of net profit and
other comprehensive income and other financial information of the Company for the year ended March 31 ,
2022.
Basis for Opinion
for the Audit of the Standalone Financial Results section of our report. We are independent of the Company
We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our
opinion.
Board of Directors' Responsibilities for the Standalone Financial Results
This Statement, which is the responsibility of the Company's Management and approved by the Board of
Directors, have been prepared on the basis of the standalone annual financial statements. The Company's
Board of Directors are responsible for the preparation and presentation of this Statement that give a true
and fair view of the net profit and other comprehensive income in accordance with the Indian Accounting
Standards prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards)
Rules, 2015, as amended issued thereunder and other accounting principles generally accepted in India and
in compliance with Regulation 33 of the Listin · s. The Board of Directors of the Company are
q,, Oc
~/ \ / '.'?
f Hyd~ oad ~
g *
o>'0rprt A ~"'
,, .,_
Head Office: 602, Floor 6, Raheja Titanium, Western Express Highway, Geetanjalf Railway Colony, Ram Nagar, Goregaoo (E), Mumbai 400063, INDIA, Tel: +91 22 6831 1600
Ahmedabad I Bengaluru I Chennai I Goa I Gurugram I Hyderabad I Kochi I Kolkata I Mumbai I Pune www.mska.in
for safeguarding of 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 the design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for ensuring accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the Statement that give a true and fair
view and are free from material misstatement, whether due to fraud or error, which have been used for
the purpose of preparation of the Statement by the Directors of the Company, as aforesaid.
In preparing the Statement, the Board of Directors of the Company are responsible for assessing the ability
of the Company 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 Board of Directors of the Company are responsible for overseeing the financial reporting process of the
Company.
Auditor's Responsibilities for the Audit of the Standalone Financial Results
be expected to influence the economic decisions of users taken on the basis of these Statement.
internal control.
also responsible for expressing our opinion on whether the company has adequate internal financial
controls.
related to events or conditions that may cast significant doubt on the ability of the Company to
draw attention in our auditor's report to the · related disclosures in the Statement or, if such
~t9~
~~~;~~
¥C
Hyd\'\Yad 1
-~')',.,. , •r•"'"~,§"
the Company to cease to continue as a going concern.
We communicate with those charged with governance of the Company of which we are the independent
auditors 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.
safeguards.
Other Matters
The Statement include the results for the quarter ended March 31, 2022 being the balancing figure
between the audited figures in respect of the full financial year and the published unaudited year to date
figures up to the third quarter of the current financial year prepared in accordance with the recognition
and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting"
which were subject to limited review by us.
Our Opinion is not modified in respect of the above matter.
For M S K A 6: Associates
ICAI Firm Registration No. ~~~fl.~~
AmitQALal
Partner -
Membership No. 214198
UOIN: 22214198AISEXJ8423
Place: Hyderabad, INDIA
Date: May 10, 2022
I
_/{
NEVLAND
WIIER[ OPl'ORTIJNITY 8KOMES nEALITY

11th Floor, (5th Office level),
Plot No. 573A-111, Road No.82,
Telangana, India
Tel: 040 67611600 / 676 11700

Email: neuland@neulandlabs.com
www.neulandlabs.com

11th Floor (5th Office Level), Phoenix IVY Building, Plot No. 573A·III,
Road No 82, Jubilee Hills, Hyderabad • 50003 3
STATEMENT OF STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2022
(Amount in lakhs of , , unless otherwise stated)

SI. Particulars 31.03.2022 31.12.2021 31.03.2021 31.03.2022 31.03.2021
No. (Unaudited) (Unaudited) (Unaudited) {Audited) (Audited)
1 Revenue
(b) Other income 63.14 190.01 1,459.65 207.67 1,609.49
Total Income 25,650.39 23,836.99 25,930.12 95,315.33 95,300.80
2 Expenses
(a) Cost of materials consumed 9,771.33 9,584.52 11,918.63 43,755.36 43,965.70
(b) Changes in inventories of finished goods and work-in-progress 1,989.42 1,026.90 (1,040.23) (1,541.47) (124.-45)
(c) Employee benefits expense 4,243.57 4,569.27 4,228.42 17,575.85 14,402.20
(d) Finance costs 277.00 332.16 457.77 1,349.44 1,789.75
(f) Manufacturing expenses 3,236.32 3,387.99 3,3TI.10 13,136.31 11,630.64
(g) Other expenses 2,475.35 1,848.86 3,447.73 7,962.22 9, 1n.90
Total expenses 23,238.22 22,027. 18 23,498.53 87,141.35 84,804.59

4 Tax expense
(a) Current tax 703.04 444.31 470.06 2,042.19 1,248.29
(b) Deferred tax (473.52) 92.27 238.73 {221.55) 1,218.43
5 Profit for the period I year (3-4) 2,182.65 1,273.23 1,722.80 6,353.34 8,029.49
6 Other comprehensive income (net of taxes)
(a) Items that will not be reclassified to profit or loss
Re-measurement gains/ (losses) on defined benefit plans (248.46) (-49.-48) (46.89) (396.90) (57.45)
Equity instruments through other comprehensive income (0.19) 0.66 (102.54) (302.16) (96.26)
7 Paid-up Equity Share Capital (Face value - ,10 each) 1,290.05 1,290.05 1,290.05 1,290.05 1,290.05
8 Other equity {excluding revaluation reserve) 82, 183.-49 76,814.22
9 Earnings Per Share (of ,10 each) (In absolute, terms)
(a) Basic (refer note 4) 17.01 9.92 13.43 49.52 62.58
See accompanyin11 notes to the financial results
Registered Office : 11th Floor, (5th Office Level}, Phoenix IVY Building, Plot No. 573A-III, Road No.82, Jubilee Hills, Hyd erabad-500033, Telangana, India I CIN No. L85195TG1984PLC004393
NOTES:
The financial results for the quarter and year ended 31 March 2022 have been reviewed by the Audit Committee and approved by the Board of Directors at their
meeting hetd on 10 May 2022.
2 The financial results have been prepared in accordance with the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Companies Act, 2013,
and other accounting principles generally accepted in India and in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015.
3 The operations of the Company are predominantly related to the manufacture and sale of active pharmaceutical ingredients and allied services. As such there is
only one primary reportable segment as per Ind AS 108 "Operating Segments· .
5 The Board of Directors has recommended a dividend of Rs.5.00/ · only per equity share of face value of Rs.10 each, for the year ended 31st March, 2022.
6 The figure for the quarter ended 31st March, 2022 & 31st March, 2021 are the balancing figures between the audited figures in respect of the full financial yea
and the published figures upto nine months of the relevant financial year.
Dr.DR
Place: Hyderabad Executiv
Date: 1OMay 2022 (DIN 00107
STATEMENT OF STANDALONE ASSETS AND LIABILITIES AS ON 31 MARCH 2022
(Amount in lakhs of,, unless otherwise stated) '

As at As at
Particulars 31.03.2022 31.03.2021
(Audited) (Audited)
Assets
Non-current assets
Goodwill 27,946.10 27,946.10
Financial assets
Other non-current assets 138.68 2,977.16
Total non-current assets 80,088.86 77,534.31
Current assets
Inventories 26,521.01 24,760.77
Financial assets
iii) Cash and cash equivalents 371.84 111.59
Other current assets 5,503.62 5,520.81
Total current assets 58,123.23 54,817.73
Total assets 1,38,212.09 1,32,352.04
Equity ant.I Liabilities

Equity
Other equity 82,267.38 76,898.11
Total Equity 83,557.43 78,188.16
Liabilities
Financial liability
i) Borrowings 10,424.79 8,813.26
Provisions 1,145.16 909.65
Other non-current liabilities . 236.48
C:1;rrerit liabilities
financial liability
i) Borrowings 12,669.82 8,204.27
iii) Trade payables
total outstandir.g dues of micro enterprises and smaa enteri->rises a!id 1,621 . 11 856.79
tota: outstanoing dues of creditors other than micro ente-rprhes and small enterpri~e$ 10,132.43 14,817.84
iv) Other financial liabilities 5,328.35 6,462.02
Other current liabilities - 121.31 6,637.86
Provisions 6,674.87 64.26
Total curre11t liabi!:ties 36,812.52 37,296.23
Total equity and liabilities - 1,38,112.:n 1,32,352.04

~"~ '
NEULAND

STANDALONE STATEMENT OF CASH FLOWS
(Amount in /akhs off, unless otherwise stated)

Year ended Year ended
Particulars 31.03.2022 31.03.2021
(Audited) (Audited)
Adjustments:
Loss/(Gain) on sale of investment properties, net . (1,309.25)
Finance costs 1,349.44 1,789.75
Provision for employee benefits (4.45) (514.88)
Changes in inventories (1 ,760.24) (2,806.03)
Changes in trade receivables (1,710.01) (3,007.49)
Changes in other assets 1,772.76 (895.03)

Investment properties (101.48) .
Movement in other bank balances 166.06 1,881.3-4

Proceeds from short·term borrowings, net 3,479.54 (11, 143.58)
Dividend paid (384.90) (256.60)
Interest paid (1,275.73) (1,791.52)
Net cash generated from / (used in) financing activities (C) 3,772.22 (11,365.96)
Net (decrease)/ increase in cash and cash equivalents during the period (A+ B + C) 260.25 (879. 94)
Cash and cash equivalents at the beginning of the year 111.59 991.53
Cash and cash equivalents at the end of the year 371.84 111. 59
MSKA & Associates JNTU-Hitech City Road, Kukatpally

Tetangana State, Hyderabad 500072, INDIA
Tel: +91 40 6814 2999
Independent Auditor' s Report on Quarterly Consolidated Financial Results and Year to Date
Consolidated Financial Results pursuant to the Regulation 33 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations 2015
To the Board of Directors of Neuland Laboratories Limited [Holding Company]
Report on the Audit of Consolidated Financial Results
Opinion
We have audited the accompanying consolidated annual financial results of Neuland Laboratories Limited
(hereinafter referred to as the 'Holding Company') and its subsidiaries (Holding Company and its
subsidiaries together referred to as "the Group"), for the quarter and year ended March 31, 2022, ('the
Statement') attached herewith, being submitted by the Holding Company pursuant to the requirement of
('listing Regulations').
In our opinion and to the best of our information and according to the explanations given to us and based
on the consideration of reports of other auditors on separate audited financial statements of the
subsidiaries, the aforesaid Statement:
(i) include the annual financial results of the following entities
Sr. No Name of the Entity Relationship with the Holding Company

1 Neuland Laboratories K.K. , Japan Wholly Owned Subsidiary
2 Neuland Laboratories Inc., USA Wholly Owned Subsidiary
(ii) are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this
regard; and
(iii) give a true and fair view in conformity with the applicable accounting standards prescribed under
Rules, 2015, as amended and other accounting principles generally accepted in India, of net profit and
other comprehensive income and other financial information of the Group for the year ended March 31,
2022.
Basis for Opinion
for the Audit of the Consolidated Financial Results section of our report. We are independent of the Group,
We believe that the audit evidence obtained b us and other auditors in terms of their reports referred to
in "Other Matter'' paragraph below, is suffici te to provide a basis for our opinion.
lead Office: 602, Floor 6 , Raheja Titanium, Western Express Highway, Geetanjali Railway Colony, Ram Nagar, Go~egaon (E), Mumbai 400063, INDIA, Tel: +91 ~~si~
ihmedabad I Bengaluru I Chennai I Goa I Gurugram I Hyderabad I Koch1 I Kolkata I Mumbai I Pune · ·
Board of Directors' Responsibilities for the Consolidated Financial Results
These Statement, which is the responsibility of the Holding Company's Management and approved by the
Holding Company's Board of Directors, have been prepared on the basis of the consolidated annual
financial statements. The Holding Company's Board of Directors are responsible for the preparation and
presentation of this Statement that give a true and fair view of the net profit and other comprehensive
income and other financial information of the Group in accordance with the Indian Accounting Standards
prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015, as
amended and other accounting principles generally accepted in India and in compliance with Regulation 33
of the Listing Regulations. The respective Board of Directors of the companies included in the Group are
for safeguarding of the assets of the Group 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 the design, implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the Statement that give a true and fair view and
are free from material misstatement, whether due to fraud or error, which have been used for the purpose
of preparation of the Statement by the Directors of the Holding Company, as aforesaid .
In preparing the Statement, the respective Board of Directors of the companies included in the Group are
responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless the respective
Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic
The respective Board of Directors of the companies included in the Group are responsible for overseeing
the financial reporting process of the Group.
Auditor's Responsibilities for the Audit of the Consolidated Financial Results
be expected to influence the economic decisions of users taken on the basis of this Statement.
internal control.
also responsible for expressing our opinio e company has adequate internal financial
controls.
draw attention in our auditor's report to the related disclosures in the Statement or, if such
the Group to cease to continue as a going concern.
• Obtain sufficient appropriate audit evidence regarding the financial results of the entities within
the Group to express an opinion on the Statement. We are responsible for the direction,
supervision and performance of the audit of financial information of such entities included in the
Statement of which we are the independent auditors. For the other entities included in the
Statement, which have been audited by other auditors, such other auditors remain responsible for
the direction, supervision and performance of the audits carried out by them. We remain solely
responsible for our audit opinion.
We communicate with those charged with governance of the Holding Company and such other entities
included in the Statement of which we are the independent auditors 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.
safeguards.
We also performed procedures in accordance with the circular issued by SEBI under Regulation 33(8) of the
Listing Regulations, as amended, to the extent possible.
Other Matters
1. The Statement includes the audited Financial Results of aforesaid two subsidiaries, whose Financial
Results reflect Group's share of total assets (before consolidation adjustments) of Rs. 694.19 lakhs as
at March 31, 2022, Group's share of total revenue (before consolidation adjustments) of Rs. 226.87
and Rs. 886.87 lakhs and Group's share of total net profit after tax (before consolidation
adjustments) of Rs. 1. 95 and 28.86 lakhs for the quarter ended March 31, 2022, and for the period
from April 01, 2021 to March 31, 2022 respectively, as considered in the Statement, which have been
audited by their respective independent auditors. The independent auditors' reports on financial
statements of these entities have been furnished to us and our opinion on the Statement, in so far as
it relates to the amounts and disclosures included in respect of these entities, is based solely on the
Further, both these subsidiaries are located ~ ~~ u,dia whose financial statements have been
~f9~
\\s;%
\ Hyd~ ad,._f
,;,, •'))"'
t<>,:">f( ~ "''"'"' {\
prepared in accordance with accounting principles generally accepted in their respective countries
and which have been audited by other auditors under generally accepted auditing standards
applicable in their respective countries. The Holding Company's management has converted the
financial statements of such subsidiaries located outside India from accounting principles generally
accepted in their respective countries to accounting principles generally accepted in India. We have
audited these conversion adjustments made by the Holding Company's management.
Our opinion on the Statement is not modified with respect to our reliance on the work done and the
reports of the other auditors and the financial results certified by the Board of Directors.
2. The Statement include the results for the quarter ended March 31, 2022 being the balancing figure
between the audited figures in respect of the full financial year and the published unaudited year to
date figures up to the third quarter of the current financial year prepared in accordance with the
recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim
Financial Reporting" which were subject to limited review by us.
Our opinion is not modified in respect of this matter
For MS KA & Associates

Partner
Membership No. 21
UDIN: 22214198AISGOF8153
Place: Hyderabad, !NOIA
Date: May 10, 2022
I
_/{
NEULAND
WHElli OPPOIUUNITY OECOM ES REALITY
Neuland laboratories Limited

Plot No. 573A-III, Road No.82,
Telangana, India
Tel : 040 67611600 / 67611700

Email : neuland@neulandlabs.com
www.ne ulandlabs.com

STATEMENT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2022
(AmoUnt to lakhs of f, unless otherwise stated)

SI. Partlculars 31.03.2022 31.12-2021 31.03. 2021 31.03.2022 31.03.2021
No. (Unaudited) (Unaudited) (Unaudited) (Audited) (Audited)
1 Revenue
(b) Other income 63.15 190.01 1,459.65 207.68 1,609.51
Total Income 25,650.40 23,836.99 25,930. 12 95,315.34 95,300.82
2 Expenses
(a) Cost of materials consumed 9,771.33 9,584.53 11,918.63 43,755. 36 43,965.70
(b) Changes in inventories of finished goods and work-in-progress 1,989.42 1,026-90 (1,040.23) (1,541.47) (124.45)
(C) Employee benefits expense 4,396.96 4,803.67 4,342.41 18,247.23 14,973.67
(d) Finance costs 277.03 332.18 457.79 1,349.51 1,789.83
(f) Manufacturing expenses 3,236.32 3,387.99 3,372.10 13,136.31 11,630.64
(g) Other expenses 2,306.41 1,600.65 3,326.20 7,248.13 8,563.82
Total expenses 23,222.88 22,013.40 23,491.11 87,099.09 84,767.47

4 Tax expense
(a) Current tax 710.29 437-76 474.90 2,042.90 1,255. 73
(b) Deferred tax (460.84) 92.27 234.85 (208.85) 1,214.55
5 Profit for the period I year (3-4) 2,178.07 1, 293.56 1,729.26 6,382.20 8,063.07
6 Other comprehensive Income (net of taxes)
(a) Items that wfll not be reclassified to profit or loss
Re-measurement gains/(losses) on defined benefit plans (248.46) (49.48) (46.89) (396.90) (57.45)
Equity Instruments through other comprehensive income (0.19) 0.66 (102. 54) (302.16) (96.26)
(b) Items to be reclassified to profit or loss
Exchange differences in translating the financial statements of a foreign 2.74 2.64 (10.70) 6.18 (17.22)
operations

7 Paid-up Equity Share Capital (Face value • "'10 each) 1,290.05 1,290.05 1,290.05 1,290.05 1,290.05
8 Other equity (excluding revaluation reserve) 82,676.14 77,271.83
9 Earnings Per Share (of "'10 each) (In absolute, terms)
(a) Basic {refer note 5) 16.97 10.08 13.48 49.74 62.85
See accomoanvln11 notes to the financial results
Registered Office : 11th Floor, (5th Office Level), Phoenix IVY Building, Plot No. 573A-III, Road No.82, Jubilee Hills. Hyderabad-500033, Telangana, India I CIN No. l85195TG1984PLC004393
NOTES:
The financial results for the quarter and year ended 31 March 2022 have been reviewed by the Audit Committee and approved by the Board of Directors at
their meeting held on 10 May 2022.
2 The financial results have been prepared in accordance with the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Companies Act,
2013, and other accounting principles generally accepted in India and In terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015.
3 The Consolidated Financial Results include results of the following wholly owned subsidiaries:
(a) Neu land Laboratories Inc., USA;
(b) Neuland Laboratories KK., Japan.
4 The operations of the Company and its subsidiaries are predominantly related to the manufacture and sale of active pharmaceutical ingredients and allied
services. As such there is only one primary reportable segment as per Ind AS 108 "Operating Segments".

6 The Board of Directors has recommended a dividend of Rs.5.00/ • only per equity share of face value of Rs.10 each, for the year ended 31st March, 2022.
7 The figure for the quarter ended 31st March, 2022 ft 31st March, 2021 are the balancing figures between the audited figures in respect of the full financial
year and the published figures upto nine months of the relevant financial year.
Place: Hyderabad
Date: 10 May 2022
NEULANO LABORATORIES LIMITED
STATEMENT OF CONSOLIDATED ASSETS ANO LIABILITIES AS ON 31 MARCH 2022
(Amount in lakhs off, unless otherwise stated)

As at As at
Particulars 31.03.2022 31.03.2021
(Audited) (Audited)
Assets
Non-current assets
Goodwill 27,946.10 27,946.10
Financial assets
Other non-current assets 138.68 2 977.16
Total non-current assets 80 071 . 25 77 520.04
Current assets
Inventories 26,521.01 24,760.77
Financial assets
iii) Cash and cash equival~nts 509.14 243.56
Other current assets 5 520.68 5,529.83
Total c11rrent assets 58,277.59 54,958.72
Tot.,1 assets 1 38 348.114 1 32 478.76
Equity and Liabilities

Equity
Other equity 82,760.03 77,355.n
Total Equity 84,050.08 n,645.77
Liabilities
Financial tidbillty
i) Borrowings 10,424.79 8,813.26
P~ovisions 1,191.43 943.89
Other non-cur rent liabilities 2.98 290.47
Current liabil!tiE,S
Financial liability
i) Borrowings 12,669.82 e,204.27
ii) Lease. liability 264,63 253.19
iii) Trade payables
tota! outstanding dues of micro enterprises and small enterprises and 1,o2U1 856.79
total outstanding dues of creditors other than micro enterprises and small enterprises 9,60!i.f,7 14,356.66
1'1) Ott.er finar.dal liabilities 5,348..66 6,467.9~
Other current liabilities 121.31 6,647.93
Previsions 6 684.46 64.26
Total current liabilities 36 851.09
Total t.it and liabilities 1 32,478.76
CONSOLIDATED STATEMENT OF CASH FLOWS
(Amount in /akhs of if, unless otherwise stated)

Year ended Year Ended
Particulars 31.03.2022 31.03.2021
(Audited) (Audited)
Adjustments:
Interest Income (99.50) (166. 75)
Loss/ (Gain) on sale of investment properties, net . (1,309.25)
Finance costs 1,349.51 1,789.83
Provision for employee benefits 7.58 (511.16)
Changes in inventories (1,760.24) (2,806.03)
Changes In trade receivables (1,710.01) (3,007.50)
Changes in other assets 1,764.n (897.66)

Purchase of investments property (101.48) -
Movement in other bank balances 166.06 1,881.34

Proceeds from short-term borrowings, net 3,479.54 (11,143.58)
Dividend paid (384. 90) (256.60)
Interest paid (1,275.80) (1,791.60)
Net cash generated from I (used in) financing activities (C) 3,772.15 (11,366.04)
Net (decrease)/ increase in cash and cash equivalents during the period (A+ B + C) 259.40 (872.24)
Cash and cash equivalents at the beginning of the year 243.56 1,120.35
Effect of exchange rate changes on cash and cash equivalents 6.18 (4. 55)
Cash and cash equivalents at the end of the year 509.14 243.56
Neuland FY22 income at Rs.953.2 crore
EBITDA at Rs. 144.3 crore
Hyderabad, India, May 10, 2022 – Neuland Laboratories Limited (NLL) (NSE: NEULANDLAB; BSE:524558),
a pharmaceutical manufacturer providing active pharmaceutical ingredients (APIs), complex intermediates
and custom manufacturing solutions services to customers located in around 80 countries, today announced
financial results for the fourth quarter and year ended March 31, 2022.
Commenting on the performance Mr. Sucheth Davuluri, Vice-Chairman and Chief Executive Officer of
the Company said, “The past financial year was marked by a flat revenue, owing principally to weak GDS
offtake from our customers. Given our focus on building execution excellence, we remain confident about
the long-term prospects of all our businesses despite facing certain technical issues with some late-stage
CMS projects.”
In addition, Mr. Saharsh Davuluri, Vice Chairman and Managing Director, Neuland Labs added “Our
performance this year was a mixed bag. While our GDS business experienced a revenue decrease due to
volume drop in certain key products, our input cost structures experienced an unusual increase. Given
our focus on delivering complex projects in line with clients’ technical requirements, we retain our
optimism that the overall business will grow in line with our stated expectations and reflect increased
Financial Summary
Rs. crore
QoQ YoY YoY
Particulars Q4FY22 Q3FY22 Growth Q4FY21 Growth FY22 FY21 Growth
(%) (%) (%)
Total Income 256.5 238.4 7.6% 259.3 (1.1)% 953.2 953.0 0.0%
EBITDA 39.3 34.2 15.1% 40.0 (1.7)% 144.3 162.5 (11.2%)

(200)
EBITDA margin (%) 15.3% 14.3% 100 bps 15.4% (10) bps 15.1% 17.1%
bps
PAT 21.8 12.7 71.4% 17.2 26.7% 63.5 80.3 (20.9)%
(170)
PAT margin (%) 8.5% 5.3% 320 bps 6.6% 190 bps 6.7% 8.4%
bps
EPS (Basic) Rs. 17.0 9.9 71.4% 13.4 26.7% 49.5 62.6 (20.9)%
Q4 FY22 Earnings Call

The company will conduct a one-hour Earnings call at 18:00 hrs. IST on Tuesday, May 10, 2022 where
the management will discuss the Company’s performance and answer questions from participants. To
participate in this conference call, please register on the Zoom link below:
Zoom Link
WWW.NEULANDLABS.COM | BSE: 524558 NSE: NEULANDLAB | BLOOMBERG: NLL: IN |SECTOR: PHARMACEUTICALS

Please note that the transcript of the conference call will be uploaded on the company website in due
course.
About Neuland Laboratories Limited

For over 38 years, Neuland Labs has been at the forefront of manufacturing APIs through its cGMP manufacturing facilities, working
with customers in close to 80 countries. Neuland Labs has developed more than 300 processes and 75 APIs and has filed over 903+
Regulatory filings in the US (60 active US DMFs), the European Union (EU) and other geographies. Its manufacturing facilities are
inspected and approved by the U.S. FDA and other leading regulatory agencies. Its record of quality manufacturing and reliability
is highlighted by cGMP certifications that include the U.S. FDA, TGA (Australia), EDQM (EU), German Health Authority, ANVISA
(Brazil), EMA (EU), Cofepris (Mexico), KFDA (Korea), PMDA (Japan), CFDA (China), FSI “SID &GP” Russia, Health Canada, ISO 9001,
ISO14001, OHSAS18001 and ISO 27001. For more information, visit www.NeulandLabs.com.
If you have any questions or require further information, please feel free to contact
IR Department at Neuland
Tel: +91 40 6761 1600
Email: ir@neulandlabs.com
Diwakar Pingle, EY IR
Email: diwakar.pingle@in.ey.com
Earnings
Presentation
Q4 FY 22
BSE CODE : 524558 | NSE SYMBOL : NEULANDLAB | BLOOMBERG: NLL:IN | REUTERS: NEUL.NS
Safe Harbour
Except for the historical information contained herein, statements in this
presentation and the subsequent discussions, which include words or
phrases such as "will", "aim", "will likely result", "would", "believe", "may",
"expect", "will continue", "anticipate", "estimate", "intend", "plan",
"contemplate", seek to", "future", "objective", "goal", "likely", "project",
"should", "potential", "will pursue", and similar expressions of such expressions
may constitute "forward-looking statements“. These forward-looking
statements involve a number of risks, uncertainties and other factors that
could cause actual results to differ materially from those suggested by the
forward-looking statements. These risks and uncertainties include but are
not limited to our ability to successfully implement our strategy, our growth
and expansion plans, obtain regulatory approvals, our provisioning policies,
technological changes, investment and business income, cash flow
projections, our exposure to market risks as well as other risks. The Company
does not undertake any obligation to update forward-looking statements
to reflect events or circumstances after the date thereof.
2
Table of Contents
Q4 & FY-22
1 HIGHLIGHTS
2 BUSINESS OVERVIEW
3 CAPABILITIES
4 FINANCIALS
5
OUTLOOK
3
Q4 & FY-22 HIGHLIGHTS
Management Speak
SUCHETH DAVULURI
“The past financial year was marked by a flat revenue, owing principally
to weak GDS offtake from our customers. Given our focus on building
execution excellence, we remain confident about the long-term
prospects of all our businesses despite facing certain technical issues with
some late-stage CMS projects.”
SAHARSH DAVULURI
“Our performance this year was a mixed bag. While our GDS business
experienced a revenue decrease due to volume drop in certain key
products, our input cost structures experienced an unusual increase.
Given our focus on delivering complex projects in line with clients’
technical requirements, we retain our optimism that the overall business
will grow in line with our stated expectations and reflect increased
5
Key Highlights
FY22
❖ Growth from development projects ❖ Total income was Rs. 953.2 crore in
was offset by Inventory destocking and FY22, as compared to Rs. 953.0 in
lower offtake at customers’ end crore in FY21*
❖ Focus on creating execution & project ❖ EBITDA margin decreased by 200 bps
management excellence even as we from 17.1% to 15.1% in FY22 due to
handle multiple complex late-stage • Logistics issues
projects • Higher manpower and other
expenses arising from Unit 3
commercialization
❖ Increased headcount to account for
higher business volumes in coming
quarters ❖ PAT decreased by 20.9% to Rs. 63.5
• Higher depreciation led by Unit 3
❖ Filed 5 USDMFs during the year - commercialization
(Tafamidis Megulumine, Vilanterol,
Elagolix, Linezolid, Aripiprazole (Sterile))
6
Key Highlights
Q4 FY22
❖ In Prime segment, Mirtazapine, ❖ Total income was Rs. 256.5 crore in

Labetalol & Levofloxacin performed Q4FY22, a decrease of 1.1% YoY*
well.
❖ EBITDA margin decreased by 10 bps
❖ Specialty had a decent growth quarter from 15.4% to 15.3% in Q4FY22 due to
with revenues coming from • Increase in input prices, shipping
Dorzolamide & Entacapone costs and logistics issues
❖ PAT increased by 26.7% to Rs. 21.8

❖ CMS revenues driven by product
volumes which have recently moved
to commercialization stage • Reversal of higher deferred tax
made earlier
❖ Filed DMFs for Elagolix Sodium &

Linezolid
* Q4 FY21 Total Income included other income of Rs. 13.09 crores towards profit on sale of investment property
7
Profit & Loss Snapshot (Standalone)
YoY
QoQ YoY
Particulars (Rs. Cr) Q4FY22 Q3FY22 Q4FY21 FY22 FY21 (%)
(%) (%)
Total Income 256.5 238.4 7.6% 259.3* (1.1) % 953.2 953.0* 0.0%
EBITDA 39.3 34.2 15.1% 40.0 (1.7)% 144.3 162.5 (11.2)%
EBITDA Margin 15.3% 14.3% 100 Bps 15.4% (10) Bps 15.1% 17.1% (200) Bps
Profit Before Tax 24.1 18.1 33.3% 24.3 (0.8)% 81.7 105.0 (22.1)%
Profit Before Tax

9.4% 7.6% 180 Bps 9.4% - 8.6% 11.0% (240) Bps
Margin
Profit After Tax 21.8 12.7 71.4% 17.2 26.7% 63.5 80.3 (20.9)%
Profit After Tax

8.5% 5.3% 320 Bps 6.6% 190 Bps 6.7% 8.4% (170) Bps
Margin
Earnings Per Share
17.0 9.9 71.4% 13.4 26.7% 49.5 62.6 (20.9)%
(Rs.)
* Q4FY21 & FY21 Total Income included other income of Rs. 13.09 crores towards profit on sale of investment property
8
Financials (Standalone)
Revenue (Rs. Cr)
953
*
953 EBITDA (Rs. Cr) and EBITDA Margin (%)
258 257
238 180 163
16.7%
203 43 39 17.1%
160
15.3% 144
13.6% 14.3%
34 140 15.1%
28
120
100
80
FY21 FY22 60
Certain items classified as revenue in Q1 &Q3 have been reclassified as expenses to Q1FY22 Q2FY22 Q3FY22 Q4FY22 FY21 FY22
the tune of Rs. 2.8 Cr
EPS (Rs) PAT (Rs. Cr)

63
8.4%
50
17 8.5% 80 6.7%
16 7.9% 5.3%
22 64
20
10 4.3%
13
7 9
FY21 FY22 Q1FY22 Q2FY22 Q3FY22 Q4FY22 FY21 FY22

9
Key Operating Metrics
4% 3% 4% 4%
3% 5%
28% 22%
30% 27% 28%
40%
22%
22% 23%
24% 25%
20%
53%
47% 43% 45% 43%
36%
Prime Speciality CMS Others

10
Business Salience (Overall Company)
64%
54%
58% 60% 61% TOP 10
57%
TOP 5
40% 39% 43%
% of Total revenue
42%
38%
41%
52% 53% 54% 53%

49% 47%
36% 41%
36% 37% 41%
39%
11
Business Salience (Prime)
Q1 Q2 Q4
FY-21 47% FY-22 43% Q3
53% FY22 45% 36% FY22 43%
FY22 FY22

96% 95% 97%
92%
98% 92% TOP 10
TOP 5
(of Prime revenue)
78%
74% 73% 71% 70%
67%

63% 59% 60% 61%
55% 58%
48% 42% 38% 48%

40% 41%
12
% represents Niche / Speciality % from Overall revenue for respective Quarter / YTD
Business Salience (Specialty)
Q1 Q2 Q3 Q4
FY-21 22% FY-22 24% 22% FY22 23% 20% 25%
FY22 FY22 FY22
YoY Analysis QoQ Movement TOP 10

PRODUCT
TOP 5
83% 82% 91% 91% 89% 86% (of Specialty
Revenue)
57% 60% 66%

64% 67%
61%
56% 67% 68% 68%

51% 63%
42% 48% 50% 42% 50%

36%
% represents Niche / Speciality % from Overall revenue for respective Quarter / YTD 13
Business Salience (CMS)
Q1 Q2 Q3 Q4
FY-21 28% FY-22 30% 22% FY22 27% 40% 28%
FY21 FY22 FY22
PRODUCT YoY Analysis QoQ Movement TOP 10

99% 99% TOP 5
97%
(of CMS revenue)
82% 85%
80%
92% 75%
71% 83% 84%
61%

99% 99% 97%

89%
87%
81%
72% 86% 84%
70% 76%
92%
% represents CMS % from Overall revenue for respective Quarter / YTD 14

Key Operating Metrics – CMS Revenue Split
Rs. In Cr
Commercial Development
282
269
114
95
136
70 72
38
44 14
38
168
133 23
56 57
34
21
FY21 FY22 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22
15
Number of Active CMS Projects

API 14 3 7 7 8 8 47
Grand Total 21 8 9 7 16 20 81

API 15 3 7 3 12 6 46
Grand Total 22 7 9 3 20 17 78

API 12 4 5 5 9 6 41
Grand Total 19 8 7 10 17 15 76

API 10 4 2 4 5 5 30
Grand Total 10 6 2 10 13 15 56
16
BUSINESS OVERVIEW
Our Journey – Key Milestones
Laying Strong Foundation Deepening Our Capabilities Increased Sustainable Growth

1984 - 2003 2004 - 2012 2013 - Today
Successfully 1984 1986 1994 1997 2004 2007 2008 2009

cleared 15
USFDA Incorporated First API sale of Neuland First USA Japan R&D Centre PMDA, Japan
inspections. Salbutamol goes public US FDA Audit Operation Subsidiary established; EDQM Approval
Sulphate / Audit of Unit-1 First NCE
Albuterol Sulphate Approval
Multiple audits
passed with 2013 2015 2016 2017 2018 2019 2020 2021
no major
Strategic 10th R&D Facility Among first 3 Acquisition of Increased flow of 100 Mn+ Unit – 3
observations alignment of US FDA Audit approved by US API facilities in advanced projects from Revenue over Commercializat
business FDA India to be intermediates CMS Japan 75 Live CMS ion 271 KL
towards niche audited by & API Facility Active emphasis Projects 15th Reaction
API's & Custom CFDA (Unit-1) on supply chain US FDA Audit of volume
Manufacturing EDQM de-risking Unit-2
Solutions Audit of Unit-2
18
Generic Drug Substance (GDS)
We started as a Prime API ..Added Speciality molecules for
manufacturer… complex products..
Capability Capability
✓ 3 US FDA and EU GMP compliant ✓ High end complex chemistry capabilities
manufacturing facilities ✓ Backend support by R&D department
✓ Collective capacity: ~860 KL ✓ Experience of hurdle free scale up
Business Approach Business Approach
✓ Work on molecules either with a ✓ Work with leading companies and

business leadership approach or help them to meet their technical
partnership with client requirements while being
✓ Ensure uninterrupted supply with competitive
quality commitment
Strategy Forward Strategy Forward

✓ Maintain leadership position in key
molecules ✓ Focus on niche APIs with complex
✓ Work on process optimization to chemistry
improve yields, productivity and ✓ File IP for non infringing processes
thus margins
Robust manufacturing base placed on the foundation of quality and pureplay API commitment
19
On path to being a preferred partner in CMS..
Services
✓ Manufacturing API to customer specifications
✓ Designing and developing manufacturing processes
✓ Process optimization for competitiveness
✓ Complete CMC partner for the API
✓ Patent protection for processes
Business Approach
✓ Local presence in US, Europe and Japan with technical as
well as commercial employees
✓ Consultative approach on customer relationships
✓ Business targeted on Neuland’s technology capabilities and
perceived customer needs leading to increased traction
Strategy Forward
✓ Add depth in technical capabilities
✓ Investment in QBD labs, process engineering and foray into new
areas of customer solutions
✓ Work effectively on customer relationships and leverage on
portfolio expansion
✓ Targeting molecules in the later stages of the clinical cycle
Create a sustainable CMS business that is driven by technology and strong customer relationships
20
CAPABILITIES
Scaled up Manufacturing Facilities over the years
UNIT-1 233 KL
Bonthapally, Hyderabad
UNIT-2 363 KL
Pashamylaram, Hyderabad
UNIT-3 305 KL
Gaddapotharam, Hyderabad
Year of 1986 1994 2017*

Establishment
Block - 1, 2, 3, 4, H, KL & S 34 Block-1, 2, 3, FC, NMSM, Mini Block - 1, 2, 4, 5

Blocks plant6
Hydrogenation
7.4KL Facility creation under process
Reaction Volume 6KL
Solvent Recovery 100KLD 50KLD

System 20KLD
Cryogenic 15KL
25KL
Reaction Volume 15KL
USFDA, EDQM, CFDA, PMDA, Desktop Inspection by USFDA in 2020;

Regulatory et. al
USFDA, EDQM, PMDA, ANVISA et. al ANVISA (Brazil) 2022
Adding capacities for new CMS projects and growth of key GDS molecules 22
Backed up by sound R&D capabilities
R&D Facility, Hyderabad
Infrastructure Significant R&D Achievements

• 15 Development Labs with space for • Several NCE APIs added in NDA or commercial stage
expansion drugs
• 60 Fume hoods • Support for multiple APIs each year in Phase 2
• Analytical Labs and Phase 3 clinical candidates
• Dedicated kilo Lab for Scale up • Generic API business -
✓ 900+ DMFs filed
• Dedicated Labs for Peptides
✓ 300+ API processes developed
• Separate facility for D2 analogues
✓ 204+ patents filed. Received USPTO patent for improved process
synthesis of Paliperidone Palmitate
23
New capabilities built
FBRM HAZARDOUS & WET LABORATORY

Dedicated area
Particle size for hazardous
check for chemical
polymorph management
achievement and wet lab
expansion
PEPTIDE LAB PID LABORATORY,

To address
9800 sq. ft. new UNIT-III product quality
lab with
issues,
additional 7
impurities
hoods for 25
synthesis, cost
chemists
Research reduction.
POLY BLOCK REACTORS
For solubility/
Capabilities PID LABORATORY,
Expansion with 3
B-S, UNIT-I fume hoods
crystallisation
along with
study, carrying
space for 2
out multiple
more
reactions
laboratories.
LABORATORY REACTORS HEATING & COOLING
Enhanced SYSTEMS
ability to
perform For DOE studies
reactions in a and projects
wide range of -
90-200 degrees
24
Global Presence
NORTH AMERICA
EUROPE APAC
37%
42% 5%
JAPAN
MENA INDIA
4%
5% 4%
BD Office in LATAM
Princeton, New
Jersey 4%
Since 2004
Our BD Office in JAPAN

Since 2007
% Refers to FY22 Sales by End market
25
Regulatory Filings Across Geographies
30
Filings with
Health Canada
10 20
Japanese DMF filed China DMF filed
62
DMFs with
USFDA
19 231
filings with
22 ROW filings
including Turkey,
KFDA Korea filings with TGA Mexico, Brazil etc
~495 27
EUDMF filings
across
Germany,
CEPs Received
for different
916+
France, Poland, products Filings till date
Italy etc
** The numbers on this slide reflect the number of filings, the number of active filings could vary as geographic filings are merged
and changes in product portfolio .
26
FINANCIALS
Continuous Growth…
Rs. In Cr
FINANCIAL PERFORMANCE
163
HIGHLIGHTS
953 953
144
767 ▪ Revenue CAGR of 12.5% for FY 19-22

led by growth in all 3 businesses
670
105
80
▪ EBITDA growth of 33.0% CAGR in FY
19-22 due to balanced contribution
61 from both GDS and CMS business
64
16
16
▪ Shift to CMS and Specialty in overall
revenue mix along with resource
FY19 FY20 FY21 FY22 efficiency steps accelerated
Revenue
Sales 670 767 953** 953 profitability
EBITDA 61 105 163 144
Net Profit 16 16 * 80 64
Sales EBITDA Net Profit
** FY21 included other income of Rs. 13.09 crores towards profit on sale of investment property
* This was after a one-time tax charge of Rs. 23.2 Cr in Q4FY20 that the Company chose to exercise under Section 115BAA of the IT act
28
Stable Balance Sheet..
Particulars
Mar-19 Mar-20 Mar-21 Mar-22 Current Ratio (x) ROCE (%)
(Rs. Cr)
1.57 11.93
Shareholders 1.47 8.55
696 706 782 836 1.37
1.42 7.60
' funds
3.89
Net Debt 194 214 152 212 2019 2020 2021 2022
2019 2020 2021 2022
Investments 8 8 7 4
Fixed Asset Turnover (x) Debt to Equity (x)
Tangible 0.37
365 391 438 497 0.33
Assets 0.28
2.89 0.22
2.26 2.35 2.08
Intangible
Assets
2 2 3 2
(Excluding
2019 2020 2021 2022
Goodwill) 2019 2020 2021 2022
Working
233 289 309 382
Capital
29
OUTLOOK
..Laying Foundation for our Growth Strategy
CREATE AN ORGANIZATION THAT RESULTS IN VALUE FOR ALL STAKEHOLDERS
BUSINESS SCALE
Extend capabilities to Invest into capacity to
organically build a augment sales and
sustainable GDS accelerate business
and CMS business growth
CHEMISTRY RELATIONSHIPS
Deploy advanced Leverage on Long –
chemistry skills to add standing relationships
differentiated products with leading generic
to its portfolio and innovator
companies
QUALITY FINANCIALS
Develop techniques like Re-aligning revenue
QBD to stay ahead of portfolio for a
the curve & set profitable growth
precedents for “no
quality compromise”
31
Contact Us
For over 38 Years, Neuland Laboratories Ltd.

For further information contact
(BSE:524558, NSE: NEULANDLAB) has been at the
forefront of manufacturing APIs through its cGMP
manufacturing facilities, working with customers in close IR Desk
to 80 countries. Neuland Labs
Neuland Labs has developed more than 300 processes +91 40 6761 1600
and 75 APIs and has filed over 900+ Regulatory filings in ir@Neulandlabs.com
the US (62 active US DMFs), the European Union (EU)
and other geographies. Its manufacturing facilities are
inspected and approved by the U.S. FDA and other Diwakar Pingle
leading regulatory agencies. Its record of quality
Christensen IR
manufacturing and reliability is highlighted by cGMP
certifications that include the U.S. FDA, TGA (Australia), +91 22 4215 0210
EDQM (EU), German Health Authority, ANVISA (Brazil), dpingle@christensenir.com
EMA (EU), Cofepris (Mexico), KFDA (Korea), PMDA
(Japan), CFDA (China), FSI “SID &GP” Russia, Health
Canada, ISO 9001, ISO14001, OHSAS18001 and ISO
27001.
32
I
_/{
NEULAND
WH ER.E OPPORTUNITY BECOMES REALITY
Thank You
Confidential. © 2021 Neuland Laboratories Ltd. All rights reserved.

AVADH/SE/2021-22/68 May 10, 2022
The Manager The Manager

Listing Department Listing Department
National Stock Exchange of India Limited BSE Ltd.
‘Exchange Plaza’ 1st Floor, New Trading Ring
C-1, Block G Rotunda Building
Bandra-Kurla Complex P.J. Towers
Bandra (E) Dalal Street, Fort
Mumbai 400051 Mumbai-400 001
SYMBOL —- AVADHSUGAR STOCK CODE - 540649
Dear Sirs
Sub: Outcome of Board meeting
Pursuant to Regulation 30 and 33 of SEBI (Listing Obligations & Disclosure Requirements),

Regulations, 2015, we wish to inform you that the Board of Directors of the Company at its
meeting held today i.e. May 10, 2022 has transacted inter-alia the following items of
business:
1. Considered and approved the Audited Annual Financial Results of the Company for the
quarter and financial year ended March 31, 2022. A copy of Audited Financial Results
along with Auditors report thereon and Declaration pursuant to Regulation 33(3)(d) of the
Listing Regulations, 2015 are enclosed for your records.
2. The Board of Directors has also recommended a dividend of Rs. 10/- per equity share of
Rs.10/- each for the year ended March 31, 2022, subject to approval of the Shareholders.
The meeting commenced at 12 Noon and concluded at about 2:15 p.m.
The above results are also being made available on the Company's website at www. birla-
sugar.com
The above is for your information and dissemination to all concerned.
Yours faithfully,
For ee & Energy Limited
/-
Devinder Kumar Jain
Company! Secretary
1. — 14674
cl.: — as above
K.K. BIRLA GROUP OF SUGAR COMPANIES

Corporate Office: Sth Floor, Birla Building, 9/1 R. N. Mukherjee Road, Kolkata 700 001 e Email: birlasugar@birla-sugar.com
Phone: +91 33 2243 0497/ 8, 2248 7068, 3057 3700, 3041 0900 e Fax: +91 33 2248 6369
Regd Office: P.O. Hargaon, Dist. Sitapur, U.P., PIN 261 121 e Website : www.birla-sugar.com e CIN: L15122UP2015PLC069635
AVADH SUGAR & ENERGY LIMITED
Registered Office: P.O. Hargaon, District Sitapur, Uttar Pradesh - 261 121
Phone (05862) 256220; Fax (05862) 256225
CIN : L15122UP2015PLC069635, Web-site : www.birla-sugar.com
E-mail: birlasugar@birla-sugar.com
(% in lakhs)
Statement of Audited Financial Results for the quarter and year ended 31 March 2022
Sr.| Particulars Three months Previous Three Corresponding Year ended Previous Year
No. ended 31.03.2022 | months ended Three months 31.03.2022 ended 31.03.2021
(Refer Note 3) 31.12.2021 ended 31.03.2021
in the previous
year
(Refer Note 3)
(Audited) (Unaudited) (Audited) (Audited) (Audited)
1. | Income
(a) Revenue from Operations 75,869.48 74,652.11 83,084.01 2,74,365.91 2,71,052.01
(b) Other Income 164,23 53.53 201.09 411.98 640.15
Total Income 76,033.71 74,705.64 83,285.10 2,74,777.89 2,71,692.16
2. | Expenses
(a) Cost of raw materials consumed 97,790.25 60,347.25 90,582.52 1,87,398.79 1,97,121.62
(b) Purchases of stock-in-trade 778.03 621.65 621.89 2,055.79 1,479.05
(c) Change in inventories of finished goods, (41,548.00) (2,251.10) (28,397.41) 21,990.91 14,170.98
work-in-progress and stock-in-trade
(d) Employee benefits expense 2,870.62 2,708.66 2,778.15 10,011.78 9727.07
(e) Finance costs (net) 1,965.37 1,618.37 2,790.72 8,842.41 11,601,90
{f) Depreciation and amortisation expense 1,255.81 1,297 25 1,266.82 5,128.49 4,830.93
(g) Other expenses 7,485.98 5,919.85 6,794.39 22,627.53 22,624.13
Total Expenses 70,598.06 70,261.93 76,437.08 2,58,055.70 2,61,555.68
3. | Profit before exceptional items and tax (1-2) 5,435.65 4443.71 6,848.02 16,722.19 10,136.48
4. | Exceptional ttems - - - - -
5. | Profit before tax (3+4) 5,435.65 4,443.71 6,848.02 16,722.19 10,136.48
6, | Tax expense:
(i) Current tax 948.21 776.68 1,178.97 2,921.83 1,744.48
(ii) Provision of tax for earlier years 0.01 (2.26) 0.22 (2.25) 0.22
(iii) Deferred tax (647.91) 782.88 8.50 1,361.68 633.40
Total tax expense 300.31 1,537.30: 1,187.69 4,281.26 2,378.10
7. | Net Profit after tax (5-6) $,135.34 2,886.41 5,660.33 12,440.93 7,758.38
8. | Other Comprehensive Income

(i) Items that will not be reclassified to profit or 979.79 (623.48) (190.88) 3,230.47 496.18
loss .
(ii) Income tax relating to items that will not be (185.19) 7273. 74.19 (447.03) 1.88
reclassified to profit or loss
(iii) Items that will be reclassified to profit or - - - - -
loss
(iv) Income tax relating to items that will be - - - - -
Total Other Comprehensive Income 794.60 (550.75) (116.69) 2,783.44 498.06
9. | Total Comprehensive Income [comprising net 5,929.94 2,335.66 5,543.64 15,224.37 8,256.44
profit and other comprehensive income] (7+8)
10. |Paid-up Equity Share Capital 2,001.84 2,001.84 2,001.84 2,001.84 2,001.84
11. |Other Equity 79,037.91 64,573.95
12, |Earnings per equity share (of€ 10 each) (in 2):

(a) Basic 25.66 * 14.41 * 28.28 * 62.15 38.76
(b) Diluted 25.66 * 14.41 * 28.28 * 62.15 38.76
* not annualised
Phone (05862) 256220; Fax (05862) 256225
E-mail : birlasugar@birla-sugar.com
{% in lakhs)
Segment wise Revenue, Results, Assets and Liabilities for the quarter and year ended 31 March 2022
No. ended 31.03.2022 months ended Three months 31.03.2022 ended 31.03.2021
(Refer Note 3) 31.12.2021 ended 31.03.2021
in the previous
year
(Refer Note 3)

1, | Segment Revenue
(a) Sugar 79,191.95 71,302.33 $1,692.36 2,60,696.67 256,258
50
(b) Distillery 13,674.30 10,376.43 9464.96 48,436.73 34,676.76
(c) Co-generation 7,691.30 4,889.37 6,792.87 16,816.64 15,669.09
{d) Others 796.61 632.47 643.89 2,092.25 1,519.78
Total Segment Revenue 1,01,354.16 87,200.60 98,594.08 3,28,042.29 3,08,124.13
Less : Inter Segment revenue 25,484.68 12,548.49 15,510.07 53,676.38 37,072.12
Total Revenue from Operations 75,869.48 74,652.11 83,084.01 2,74,365.91 2,71,052.01
2. | Segment Results
(a) Sugar 5,258.47 3,505.23 $,126.37 12,815.46 9,271.17
(b) Distillery 2,711.33 2,607.87 4,379.42 14,672.69 12,683.88
(c) Co-generation 380.75 290.41 750.12 157.24 1,152,72
(d) Others 19.53 13.43 17.66 48.19 39.43
Total segment profit before finance costs, tax 8,370.08 6,416.94 10,273.57 27,693.58 23,147.20
and unallocable items
Less:
(i) Finance costs (net) 1,965.37 1.618.37 2,790.72 8,842.41 11,601.90
(i) Other unallocable expenditure 969.06 354.86 634.83 2,128.98 1408.82
(net of unallocable income)
Profit before tax 5,435.65 444371 6,848.02 16,722.19 10,136.48
3. | Segment Assets
(a) Sugar 1,71,664.71 131,931.95 2,00,164.48 1,71,664.71 2,00,164.48
(b) Distillery 27,300.37 22,459.67 21,027.67 27,300.37 21,027.67
(c) Co-generation 37,624.45 35,891.00 38,432.51 37,624.45 38,432.51
(d) Others 50.88 37.56 8425 50.88 53.25
(e) Unallocable Assets 6,405.92 5,670.84 5,208.19 6,405.92 5,208.19
Total Segment Assets 2,43,046.33 195,991.02 2,.64,886.10 2,43,046.33 2.64,886.10
4, | Segment Liabilities
(a) Sugar 36,608.82 21,646.44 57,990.59 36,608.82 57,990.59
(b) Distillery 1,245.81 1,131.18 1,041.29 1,245.81 1,041.29
(c) Co-generation 292.14 311.16 551.96 292.14 551.96
(d) Others 0.34 0.27 0.05 0,34 0.05
(¢) Unallocable Liabilities 1,23,859.47 97,798.79 1,38,726.42 1,23,859,47 138,726.42
Total Segment Liabilities 1,62,006.58 120,887.84 1,98.310.31 1,62,006.58 1,98 310,31
Phone (05862) 256220; Fax (05862) 256225
CIN : L15122UP2015PLC069635, Web-site : www-.birla-sugar.com
@& in lakhs)
STATEMENT OF ASSETS AND LIABILITIES
Sr.| Particulars As at 31.03.2022 | As at 31.03.2021
No. (Audited) (Audited)
1. | ASSETS
Non-Current Assets
(a) Property, Plant and Equipment 1,07,688,12 1,08 ,435.82
(b) Capital Wark-In-Progress 860.96. 1,396.47
(c) Intangible Assets 48.29 52.10
(d) Financial Assets
(i) Investments 4,682.17 1,518.89
(ii) Other Financial Assets 135.93 87.64
(e) Non - Current Tax Assets (net) 211,15 442.03
(f) Other Non - Current Assets 1,986.20 257.83
Total Non-Current Assets 1,15,612.82 1,12,190.78
Current Assets
(a) Inventories 1,16,973.02 135,064.72
(b) Biological Assets other than bearer plants 1.03 8.53
(c) Financial Assets
(i) Trade Receivables 8,570.55 6114.97
(1i) Cash and Cash Equivalents 80.05 489.29
(ili) Bank Balances other than (ii) above 225.89 191.66
(iv) Loans 48.59 25.89
(v} Other Financial Assets 48.24 38.62
(d) Other Current Assets 1,486.14 10,761.64
Total Current Assets 1,27,433,51 152,695.32
TOTAL ASSETS 2,43,046,33 2,64,886.10
2. | EQUITY AND LIABILITIES
EQUITY
(a) Equity Share Capital 2,001.84 2,001.84
(b) Other Equity 79,037.91 64,573.95
Total Equity 81,039.75 66,575.79
LIABILITIES
Non-Current Liabilities
(a) Financial Liabilities
(i) Borrowings 40,302.70 49,545.82
(ii) Lease Liabilities 166.82 197.37
(iii) Other Financial Liabilities 105.49 107.44
(b) Provisions 173.37 401.33
(c) Deferred Tax Liabilities (net) 2,160.52 351.81
(d) Other Non-current Liabilities 181,58 584.35
Total Non-Current Liabilities 43,090.48 51,188.12
Current Liabilities
(i) Borrowings 80,977.67 87,710.34
(ii) Trade Payables
(A) total outstanding dues of micro enterprises and small enterprises 443.01 410.09
(B) total outstanding dues of creditors other than micro enterprises and small enterprises 30,603.45 53,538.79
(iv) Other Current Financial Liabilities 1,726.53 1,897,71
(b) Other Current Liabilities 4,361.12 2,421.94
(c) Provisions 728.47 610.83
(d) Current Tax Liabilities (net) - 486.34
Total Current Liabilities 1,18,916.10 147,122.19
Total Liabilities 1,62,006.58 1,98,310.31
TOTAL EQUITY AND LIABILITIES 2,43,046.33 2,64,886.10
Phone (05862) 256220; Fax (05862) 256225
CIN: L15122UP2015PLC069635, Web-site : www.birla-sugar.com
Notes:
(® in lakhs)
1, Statement of Cash Flows for the year ended 31 March 2022
Particulars Year ended Year ended
31.03.2022 31.03.2021
(Audited) (Audited)
(A) CASH FLOW FROM OPERATING ACTIVITIES:
Adjustments for:
Depreciation in relation to Biological Assets other than bearer plants 3.85 431
Finance Costs 8,842.41 11,601.90
Provision for bad and doubtful debts / advances - 0.10
Bad debts, irrecoverable claims and advances written off (net) 1.20 -
(Gain) / Loss on sale / discard of Property, Plant and Equipment / Tangible Assets (net) (53.87) 34.16
Molasses storage and maintenance fund 47.06 45.81
Dividend income (59.45) (59.45)
Income from investments in co-operative farming societies (90.82) (139.78)
Unspent liabilities, Provisions no longer required and Unclaimed balances written back (73.86) (206.60)
30,421.19 26,231.63
Working capital adjustments:
Decrease in Inventories 18,091.70 13,480.58
Decrease / (Increase) in Biological assets other than bearer plants 7.50 (1.10)
(Increase) / Decrease in Trade Receivables and Loans (2,478.28) 5,524.16
(Increase)/ Decrease in Other Financial Assets (12.19) 72.50
Decrease in Other Assets 9,170.33 7,756.82
(Decrease) in Trade Payables (22,828.56) (5,752.37)
Increase in Other Financial Liabilities 74.96 131.32
(Decrease) in Provisions (43.13) (21.46)
Increase in Other Liabilities 2,144,72 709.37
Cash generated from Operations 34,548.24 48,131.45
Income tax paid (net of refund received) (3,175.04) (1,583.52)
Net Cash generated from Operating Activities 31,373.20 46,547.93
(B) CASH FLOW FROM INVESTING ACTIVITIES:
Proceeds from sale of Property, Plant and Equipment 70.13 60,32
Acquisition of Property, Plant and Equipment (5,539.45) (11,090.38)
Acquisition of Intangible Assets (9.93) (2.11)
Interest received 40.89 14.9]
Dividend received 59.45 59.45
Income from Investments in co-operative farming societies received 90.82 139.78
(Bank deposits made) / Proceeds from Bank deposits (net) (69,19) 18.37
Net Cash used in Investing Activities (5,357.28) (10,799.66)
(C) CASH FLOW FROM FINANCING ACTIVITIES:
Repayment of Non-current Borrowings (31,154.03) (14,800.96)
Proceeds from Non-current Borrowings 17,522.99 9,500.00
Repayment of Current Borrowings (net) (2,872.55) (17,764.04)
Repayment of Lease liabilities (0.85) (22.66)
Interest on lease liabilities paid (24.15) (26.43)
Interest Paid (9,095.83) (11,881.96)
Dividend paid on Equity Shares (800.74) (800.74)
Net Cash used in Financing Activities (26,425.16) (35,796.79)
Net Changes in Cash and Cash Equivalents (A + B+ C) (409.24) (48.52)
Cash and Cash Equivalents at the beginning of the year 489.29 337.81
Cash and Cash Equivalents at the end of the year 80.05 489.29
The Statement of Cash Flows has been prepared under the “Indirect Method’ as set out in IND AS 7, ‘Statement of Cash Flows’.
Phone (05862) 256220; Fax (05862) 256225
2. Sugar is a seasonal industry where crushing normally takes place during the period between November and May, while sales are distributed
throughout the year. The performance of the Company varies from quarter to quarter
3. The figures of the last quarter of the current year and for the previous year are the balancing figures between the audited figures in respect of full
financial year ended 31° March and the published year to date reviewed figures upto the third quarter ended 31° December.
4. The Board of Directors has recommended a dividend of € 10/- per equity share of = 10/- each for the year ended 31" March, 2022, which is subject to
approval of Shareholders at the ensuing Annual General Meeting of the Company.
The above audited financial results and segment results have been reviewed by the Audit Committee and approved by the Board of Directors at their
wn
meetings held on 10" May, 2022.
6. The figure of the previous periods have been regrouped / reclassified, wherever necessary, to conform to the classification for the quarter and year
ended 31" March, 2022.
For and on behalf of Board of Directors
Zi
“Chandra Shekhar Nopany
Place: Kolkata Co-Chairperson
Date: 10'" May, 2022 DIN - 00014587
BSR&Co. LLP
Unit No, 603, 6" Floor, Tawer 4,
Talephone +97 43 4035 4200
Plot No, §, Block ~ DP, Godrej Waterside,
Fax. +9133 4035 4295
Sactor V, Salt Lake, Kolkata — 700001
Independent Auditor's Report

To the Board of Directors of Avadh Sugar & Energ
y Limited
Report on the audit of the Annual Financial Result
s
We have audited the accompanying annuai financial results

of Avadh Sugar & Energy Limited (hereinafter
referred to as the “Company”’) for the year ended 31 March
2022, attached herewith, being submitted by
the Company pursuant to the requirement of Regulation 33 of the Securities and Exchang
{Listing Obligations e Board of India
and Disclosure Requirements) Regulations, 2015, as amende
Regulations”). d ("Listing
In our opinion and to the best of our information and
according to the explanations given to us, the
aforesaid annual financial resuits:
a. are presented in accordance with the requirements of
Regulation 33 of the Listing Regulations in this
regard; and
b. give a true and fair view in conformity with the recognition
and measurement principles laid down in
the applicable Indian Accounting Standards, and other
accounting principles generally accepted in
India, of the net profit and other comprehensive income and other financial informat
ion for the year
ended 31 March 2022,
We conducted our audit in accordance with the Standar

ds on Auditing (“SAs") specified under section
143(10) of the Companies Act, 2013 (“the Act’}. Our responsi
bilities under those SAs are further described
in the Auditor's Responsibilities for the Audit of ihe Annual
Financial Results 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 together with the ethical requirements that are relevant
Statements under the provisions of the Act, and the to our audit of the financial
Rules thereunder, and we have fulfilled our other
ethical responsibilitias in accordance with these require
ments and the Code of Ethics. We believe that the
audit evidence obtained by us, is sufficient and appropriate
to provide a basis for our opinion on the annual
financial results.
These annual financial results have been Prepared

on the basis of the annual financial statements.
The Company's Manage
ment and the Board of Directors are responsible for the
Presentation of these annual financial results that give preparation and
a true and fair view of the net profit/ loss and other
comprehensive income and other financial information
in accordance with the recognition and
measurement principles laid down in Indian Accounting
Standards prescribed under Section 133 of the
Act and other accounting principles generally accepte
d in India and in compliance with Regulation 33 of
the Listing Regulations. This tasponsibility also includes
maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding
of the assets of the Company and for preventing
and detecting frauds and other irregularities: selectio
n and application of appropriate accounting policies;
making judgments and estimates that are reasonable
and prudent: and the design, implementation and
maintenance of adequate internal financial controls
, that were operating effectively for ensuring accurac
and completeness of the accounting records, relevant y
to the preparation and presentation of the annual
financial results that give a true and fair view and
are free from material misstatement, whether due
fraud or error. to
a
Reghtered Office:
' BSRECo la Partnership firm with Raglsiration No
BAG1223) converted nlo BSA ACO LLP @
a Kinnuted Liabily Pastnarship with LLP Registration No. 14th Fioor, Canin! 8 Wing and North & Wing, Nasco
AAB-8181} wilh afferl from October 14, 2019 IT Park 4, Nasco
Canter, Waslem Exprepa Highway, Goragaon (East),
Mumbai - 400089
BSR &Co. LLP
Independent Auditor's Report (Continued)

Avadh Sugar & Energy Limited
In preparing the annual financial results, the Management and the Board of Directors are responsible for
assessing the Company's ability to continue as a gcing 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 iiquidate the Company or to cease operations, or has ne realistic alternative but to do so.
The Board of Directors is/are responsible for overseeing the Company's financial reparting process.
Our objectives are to obtain reasonable assurance about whether the annual financial results 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 annual financial results.
- Identify and assess the risks of material misstatement of the annual financial results, 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 ane resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal 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 through a separate report on the complete set of financial statements on
whether the company has adequate internal financial controls with reference to 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 in the annual financial results made by the Management and Board
of Directors.
— Conclude on the appropriateness of the Management and Board of Directors 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 appropriateness of this
assumption. 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 annual financial results 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 overail presentation, structure and content of the annual financial results, including the
disclosures, and whether the annual financial results represent the underlying transactions and events
in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other maiters, 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.
safeguards.
BSR&Co. LLP :
Independent Auditor’s Report (Continued)

The annual financiat results include the resul ts for the

quarter ended 31 March 2022 being the
balancing figure between the audited figures i n
respect of the full financial year and the published
unaudited year to date figures up to the third qui
arter of the current financial year which were subject to
limited review by us.
Se ForBSR& Co. LLP

Chartered Accountanis
Firm’s Registration No.:101248W/W-100022
Kolkata
10 May 2022
UDIN:22055757AIRPWS9704
ABAVADEI
MB su car & ENERGY LTD
AVADH/SE/2021-22/67 May 10, 2022

SYMBOL — AVADHSUGAR STOCK CODE - 540649
Dear Sirs,
Sub: Declaration pursuant to Requlation 33(3)(d) of the Securities and Exchange

Board of India(Listing Obligations and Disclosure Requirements) Regulations,
2015
In terms of the provisions of Regulation 33(3)(d) of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 as amended by the SEBI (Listing Obligations and
Disclosure Requirements) (Amendment) Regulations, 2016, vide notification No. SEBI/LAD-
NRO/GN/2016-17/001 dated May 25, 2016 and Circular No CIR/CFD/CMD/56/2016 dated
May 27, 2016, we confirm that the Statutory Auditors of the Company, M/s. BS R & Co LLP,
Chartered Accountants (Registration No 101248W /W-100022) have issued an Audit Report
with unmodified opinion on the Audited Financial Results of the Company for the quarter and
year ended March 31, 2022.
This declaration is submitted for your information, record and dissemination to all concerned.
Thanking you,
Yours faithfully,
For Avadh Sugar & Energy Limited
“SS eee
Dilip Patodia “—
Chief Financial Officer

Corporate Office: 5th Floor, Birla Building, 9/1 R. N. Mukherjee Road, Kolkata 700 001 e Email: birlasugar@birla-sugar.com
Phone: +91 33 2243 0497 / 8, 2248 7068, 3057 3700, 3041 0900 e Fax: +91 33 2248 6369
Regd Office: P.O. Hargaon, Dist. Sitapur, U.P., PIN 261 121 ¢ Website : www.birla-sugar.com e CIN: L15122UP2015PLC069635
AVADH/SE/2021-22/68 May 10, 2022

SYMBOL —- AVADHSUGAR STOCK CODE - 540649
Dear Sirs
Sub: Outcome of Board meeting
Pursuant to Regulation 30 and 33 of SEBI (Listing Obligations & Disclosure Requirements),

Regulations, 2015, we wish to inform you that the Board of Directors of the Company at its
meeting held today i.e. May 10, 2022 has transacted inter-alia the following items of
business:
1. Considered and approved the Audited Annual Financial Results of the Company for the
quarter and financial year ended March 31, 2022. A copy of Audited Financial Results
along with Auditors report thereon and Declaration pursuant to Regulation 33(3)(d) of the
Listing Regulations, 2015 are enclosed for your records.
2. The Board of Directors has also recommended a dividend of Rs. 10/- per equity share of
Rs.10/- each for the year ended March 31, 2022, subject to approval of the Shareholders.
The meeting commenced at 12 Noon and concluded at about 2:15 p.m.
The above results are also being made available on the Company's website at www. birla-
sugar.com
The above is for your information and dissemination to all concerned.
Yours faithfully,
For ee & Energy Limited
/-
Devinder Kumar Jain
Company! Secretary
1. — 14674
cl.: — as above

Corporate Office: Sth Floor, Birla Building, 9/1 R. N. Mukherjee Road, Kolkata 700 001 e Email: birlasugar@birla-sugar.com
Phone: +91 33 2243 0497/ 8, 2248 7068, 3057 3700, 3041 0900 e Fax: +91 33 2248 6369
Regd Office: P.O. Hargaon, Dist. Sitapur, U.P., PIN 261 121 e Website : www.birla-sugar.com e CIN: L15122UP2015PLC069635
Phone (05862) 256220; Fax (05862) 256225
E-mail: birlasugar@birla-sugar.com
(% in lakhs)
Statement of Audited Financial Results for the quarter and year ended 31 March 2022
No. ended 31.03.2022 | months ended Three months 31.03.2022 ended 31.03.2021
(Refer Note 3) 31.12.2021 ended 31.03.2021
in the previous
year
(Refer Note 3)
1. | Income
(a) Revenue from Operations 75,869.48 74,652.11 83,084.01 2,74,365.91 2,71,052.01
(b) Other Income 164,23 53.53 201.09 411.98 640.15
Total Income 76,033.71 74,705.64 83,285.10 2,74,777.89 2,71,692.16
2. | Expenses
(a) Cost of raw materials consumed 97,790.25 60,347.25 90,582.52 1,87,398.79 1,97,121.62
(b) Purchases of stock-in-trade 778.03 621.65 621.89 2,055.79 1,479.05
(c) Change in inventories of finished goods, (41,548.00) (2,251.10) (28,397.41) 21,990.91 14,170.98
work-in-progress and stock-in-trade
(d) Employee benefits expense 2,870.62 2,708.66 2,778.15 10,011.78 9727.07
(e) Finance costs (net) 1,965.37 1,618.37 2,790.72 8,842.41 11,601,90
{f) Depreciation and amortisation expense 1,255.81 1,297 25 1,266.82 5,128.49 4,830.93
(g) Other expenses 7,485.98 5,919.85 6,794.39 22,627.53 22,624.13
Total Expenses 70,598.06 70,261.93 76,437.08 2,58,055.70 2,61,555.68
3. | Profit before exceptional items and tax (1-2) 5,435.65 4443.71 6,848.02 16,722.19 10,136.48
4. | Exceptional ttems - - - - -
5. | Profit before tax (3+4) 5,435.65 4,443.71 6,848.02 16,722.19 10,136.48
6, | Tax expense:
(i) Current tax 948.21 776.68 1,178.97 2,921.83 1,744.48
(ii) Provision of tax for earlier years 0.01 (2.26) 0.22 (2.25) 0.22
(iii) Deferred tax (647.91) 782.88 8.50 1,361.68 633.40
Total tax expense 300.31 1,537.30: 1,187.69 4,281.26 2,378.10
7. | Net Profit after tax (5-6) $,135.34 2,886.41 5,660.33 12,440.93 7,758.38
8. | Other Comprehensive Income

(i) Items that will not be reclassified to profit or 979.79 (623.48) (190.88) 3,230.47 496.18
loss .
(ii) Income tax relating to items that will not be (185.19) 7273. 74.19 (447.03) 1.88
(iii) Items that will be reclassified to profit or - - - - -
loss
(iv) Income tax relating to items that will be - - - - -
Total Other Comprehensive Income 794.60 (550.75) (116.69) 2,783.44 498.06
9. | Total Comprehensive Income [comprising net 5,929.94 2,335.66 5,543.64 15,224.37 8,256.44
profit and other comprehensive income] (7+8)
10. |Paid-up Equity Share Capital 2,001.84 2,001.84 2,001.84 2,001.84 2,001.84
11. |Other Equity 79,037.91 64,573.95
12, |Earnings per equity share (of€ 10 each) (in 2):

(a) Basic 25.66 * 14.41 * 28.28 * 62.15 38.76
(b) Diluted 25.66 * 14.41 * 28.28 * 62.15 38.76
* not annualised
Phone (05862) 256220; Fax (05862) 256225
{% in lakhs)
Segment wise Revenue, Results, Assets and Liabilities for the quarter and year ended 31 March 2022
No. ended 31.03.2022 months ended Three months 31.03.2022 ended 31.03.2021
(Refer Note 3) 31.12.2021 ended 31.03.2021
in the previous
year
(Refer Note 3)

1, | Segment Revenue
(a) Sugar 79,191.95 71,302.33 $1,692.36 2,60,696.67 256,258
50
(b) Distillery 13,674.30 10,376.43 9464.96 48,436.73 34,676.76
(c) Co-generation 7,691.30 4,889.37 6,792.87 16,816.64 15,669.09
{d) Others 796.61 632.47 643.89 2,092.25 1,519.78
Total Segment Revenue 1,01,354.16 87,200.60 98,594.08 3,28,042.29 3,08,124.13
Less : Inter Segment revenue 25,484.68 12,548.49 15,510.07 53,676.38 37,072.12
Total Revenue from Operations 75,869.48 74,652.11 83,084.01 2,74,365.91 2,71,052.01
2. | Segment Results
(a) Sugar 5,258.47 3,505.23 $,126.37 12,815.46 9,271.17
(b) Distillery 2,711.33 2,607.87 4,379.42 14,672.69 12,683.88
(c) Co-generation 380.75 290.41 750.12 157.24 1,152,72
(d) Others 19.53 13.43 17.66 48.19 39.43
Total segment profit before finance costs, tax 8,370.08 6,416.94 10,273.57 27,693.58 23,147.20
and unallocable items
Less:
(i) Finance costs (net) 1,965.37 1.618.37 2,790.72 8,842.41 11,601.90
(i) Other unallocable expenditure 969.06 354.86 634.83 2,128.98 1408.82
(net of unallocable income)
Profit before tax 5,435.65 444371 6,848.02 16,722.19 10,136.48
3. | Segment Assets
(a) Sugar 1,71,664.71 131,931.95 2,00,164.48 1,71,664.71 2,00,164.48
(b) Distillery 27,300.37 22,459.67 21,027.67 27,300.37 21,027.67
(c) Co-generation 37,624.45 35,891.00 38,432.51 37,624.45 38,432.51
(d) Others 50.88 37.56 8425 50.88 53.25
(e) Unallocable Assets 6,405.92 5,670.84 5,208.19 6,405.92 5,208.19
Total Segment Assets 2,43,046.33 195,991.02 2,.64,886.10 2,43,046.33 2.64,886.10
4, | Segment Liabilities
(a) Sugar 36,608.82 21,646.44 57,990.59 36,608.82 57,990.59
(b) Distillery 1,245.81 1,131.18 1,041.29 1,245.81 1,041.29
(c) Co-generation 292.14 311.16 551.96 292.14 551.96
(d) Others 0.34 0.27 0.05 0,34 0.05
(¢) Unallocable Liabilities 1,23,859.47 97,798.79 1,38,726.42 1,23,859,47 138,726.42
Total Segment Liabilities 1,62,006.58 120,887.84 1,98.310.31 1,62,006.58 1,98 310,31
Phone (05862) 256220; Fax (05862) 256225
CIN : L15122UP2015PLC069635, Web-site : www-.birla-sugar.com
@& in lakhs)
STATEMENT OF ASSETS AND LIABILITIES
Sr.| Particulars As at 31.03.2022 | As at 31.03.2021
No. (Audited) (Audited)
1. | ASSETS
Non-Current Assets
(a) Property, Plant and Equipment 1,07,688,12 1,08 ,435.82
(b) Capital Wark-In-Progress 860.96. 1,396.47
(c) Intangible Assets 48.29 52.10
(d) Financial Assets
(i) Investments 4,682.17 1,518.89
(ii) Other Financial Assets 135.93 87.64
(e) Non - Current Tax Assets (net) 211,15 442.03
(f) Other Non - Current Assets 1,986.20 257.83
Total Non-Current Assets 1,15,612.82 1,12,190.78
Current Assets
(a) Inventories 1,16,973.02 135,064.72
(b) Biological Assets other than bearer plants 1.03 8.53
(c) Financial Assets
(i) Trade Receivables 8,570.55 6114.97
(1i) Cash and Cash Equivalents 80.05 489.29
(ili) Bank Balances other than (ii) above 225.89 191.66
(iv) Loans 48.59 25.89
(v} Other Financial Assets 48.24 38.62
(d) Other Current Assets 1,486.14 10,761.64
Total Current Assets 1,27,433,51 152,695.32
TOTAL ASSETS 2,43,046,33 2,64,886.10
2. | EQUITY AND LIABILITIES
EQUITY
(a) Equity Share Capital 2,001.84 2,001.84
(b) Other Equity 79,037.91 64,573.95
Total Equity 81,039.75 66,575.79
LIABILITIES
Non-Current Liabilities
(i) Borrowings 40,302.70 49,545.82
(iii) Other Financial Liabilities 105.49 107.44
(b) Provisions 173.37 401.33
(c) Deferred Tax Liabilities (net) 2,160.52 351.81
(d) Other Non-current Liabilities 181,58 584.35
Total Non-Current Liabilities 43,090.48 51,188.12
Current Liabilities
(i) Borrowings 80,977.67 87,710.34
(ii) Trade Payables
(A) total outstanding dues of micro enterprises and small enterprises 443.01 410.09
(B) total outstanding dues of creditors other than micro enterprises and small enterprises 30,603.45 53,538.79
(iv) Other Current Financial Liabilities 1,726.53 1,897,71
(b) Other Current Liabilities 4,361.12 2,421.94
(c) Provisions 728.47 610.83
(d) Current Tax Liabilities (net) - 486.34
Total Current Liabilities 1,18,916.10 147,122.19
Total Liabilities 1,62,006.58 1,98,310.31
TOTAL EQUITY AND LIABILITIES 2,43,046.33 2,64,886.10
Phone (05862) 256220; Fax (05862) 256225
CIN: L15122UP2015PLC069635, Web-site : www.birla-sugar.com
Notes:
(® in lakhs)
1, Statement of Cash Flows for the year ended 31 March 2022
Particulars Year ended Year ended
31.03.2022 31.03.2021
(Audited) (Audited)
(A) CASH FLOW FROM OPERATING ACTIVITIES:
Adjustments for:
Depreciation in relation to Biological Assets other than bearer plants 3.85 431
Finance Costs 8,842.41 11,601.90
Provision for bad and doubtful debts / advances - 0.10
Bad debts, irrecoverable claims and advances written off (net) 1.20 -
(Gain) / Loss on sale / discard of Property, Plant and Equipment / Tangible Assets (net) (53.87) 34.16
Molasses storage and maintenance fund 47.06 45.81
Dividend income (59.45) (59.45)
Income from investments in co-operative farming societies (90.82) (139.78)
Unspent liabilities, Provisions no longer required and Unclaimed balances written back (73.86) (206.60)
30,421.19 26,231.63
Working capital adjustments:
Decrease in Inventories 18,091.70 13,480.58
Decrease / (Increase) in Biological assets other than bearer plants 7.50 (1.10)
(Increase) / Decrease in Trade Receivables and Loans (2,478.28) 5,524.16
(Increase)/ Decrease in Other Financial Assets (12.19) 72.50
Decrease in Other Assets 9,170.33 7,756.82
(Decrease) in Trade Payables (22,828.56) (5,752.37)
Increase in Other Financial Liabilities 74.96 131.32
(Decrease) in Provisions (43.13) (21.46)
Increase in Other Liabilities 2,144,72 709.37
Cash generated from Operations 34,548.24 48,131.45
Income tax paid (net of refund received) (3,175.04) (1,583.52)
Net Cash generated from Operating Activities 31,373.20 46,547.93
(B) CASH FLOW FROM INVESTING ACTIVITIES:
Proceeds from sale of Property, Plant and Equipment 70.13 60,32
Acquisition of Property, Plant and Equipment (5,539.45) (11,090.38)
Acquisition of Intangible Assets (9.93) (2.11)
Interest received 40.89 14.9]
Dividend received 59.45 59.45
Income from Investments in co-operative farming societies received 90.82 139.78
(Bank deposits made) / Proceeds from Bank deposits (net) (69,19) 18.37
Net Cash used in Investing Activities (5,357.28) (10,799.66)
(C) CASH FLOW FROM FINANCING ACTIVITIES:
Repayment of Non-current Borrowings (31,154.03) (14,800.96)
Proceeds from Non-current Borrowings 17,522.99 9,500.00
Repayment of Current Borrowings (net) (2,872.55) (17,764.04)
Repayment of Lease liabilities (0.85) (22.66)
Interest on lease liabilities paid (24.15) (26.43)
Interest Paid (9,095.83) (11,881.96)
Dividend paid on Equity Shares (800.74) (800.74)
Net Cash used in Financing Activities (26,425.16) (35,796.79)
Net Changes in Cash and Cash Equivalents (A + B+ C) (409.24) (48.52)
Cash and Cash Equivalents at the beginning of the year 489.29 337.81
Cash and Cash Equivalents at the end of the year 80.05 489.29
The Statement of Cash Flows has been prepared under the “Indirect Method’ as set out in IND AS 7, ‘Statement of Cash Flows’.
Phone (05862) 256220; Fax (05862) 256225
2. Sugar is a seasonal industry where crushing normally takes place during the period between November and May, while sales are distributed
throughout the year. The performance of the Company varies from quarter to quarter
3. The figures of the last quarter of the current year and for the previous year are the balancing figures between the audited figures in respect of full
financial year ended 31° March and the published year to date reviewed figures upto the third quarter ended 31° December.
4. The Board of Directors has recommended a dividend of € 10/- per equity share of = 10/- each for the year ended 31" March, 2022, which is subject to
approval of Shareholders at the ensuing Annual General Meeting of the Company.
The above audited financial results and segment results have been reviewed by the Audit Committee and approved by the Board of Directors at their
wn
meetings held on 10" May, 2022.
6. The figure of the previous periods have been regrouped / reclassified, wherever necessary, to conform to the classification for the quarter and year
ended 31" March, 2022.
For and on behalf of Board of Directors
Zi
“Chandra Shekhar Nopany
Place: Kolkata Co-Chairperson
Date: 10'" May, 2022 DIN - 00014587
BSR&Co. LLP
Unit No, 603, 6" Floor, Tawer 4,
Talephone +97 43 4035 4200
Plot No, §, Block ~ DP, Godrej Waterside,
Fax. +9133 4035 4295
Sactor V, Salt Lake, Kolkata — 700001
Independent Auditor's Report

To the Board of Directors of Avadh Sugar & Energ
y Limited
Report on the audit of the Annual Financial Result
s
We have audited the accompanying annuai financial results

of Avadh Sugar & Energy Limited (hereinafter
referred to as the “Company”’) for the year ended 31 March
2022, attached herewith, being submitted by
the Company pursuant to the requirement of Regulation 33 of the Securities and Exchang
{Listing Obligations e Board of India
and Disclosure Requirements) Regulations, 2015, as amende
Regulations”). d ("Listing
In our opinion and to the best of our information and
according to the explanations given to us, the
aforesaid annual financial resuits:
a. are presented in accordance with the requirements of
Regulation 33 of the Listing Regulations in this
regard; and
b. give a true and fair view in conformity with the recognition
and measurement principles laid down in
the applicable Indian Accounting Standards, and other
accounting principles generally accepted in
India, of the net profit and other comprehensive income and other financial informat
ion for the year
ended 31 March 2022,
We conducted our audit in accordance with the Standar

ds on Auditing (“SAs") specified under section
143(10) of the Companies Act, 2013 (“the Act’}. Our responsi
bilities under those SAs are further described
in the Auditor's Responsibilities for the Audit of ihe Annual
Financial Results 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 together with the ethical requirements that are relevant
Statements under the provisions of the Act, and the to our audit of the financial
Rules thereunder, and we have fulfilled our other
ethical responsibilitias in accordance with these require
ments and the Code of Ethics. We believe that the
audit evidence obtained by us, is sufficient and appropriate
to provide a basis for our opinion on the annual
financial results.
These annual financial results have been Prepared

on the basis of the annual financial statements.
The Company's Manage
ment and the Board of Directors are responsible for the
Presentation of these annual financial results that give preparation and
a true and fair view of the net profit/ loss and other
comprehensive income and other financial information
in accordance with the recognition and
measurement principles laid down in Indian Accounting
Standards prescribed under Section 133 of the
Act and other accounting principles generally accepte
d in India and in compliance with Regulation 33 of
the Listing Regulations. This tasponsibility also includes
maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding
of the assets of the Company and for preventing
and detecting frauds and other irregularities: selectio
n and application of appropriate accounting policies;
making judgments and estimates that are reasonable
and prudent: and the design, implementation and
maintenance of adequate internal financial controls
, that were operating effectively for ensuring accurac
and completeness of the accounting records, relevant y
to the preparation and presentation of the annual
financial results that give a true and fair view and
are free from material misstatement, whether due
fraud or error. to
a
Reghtered Office:
' BSRECo la Partnership firm with Raglsiration No
BAG1223) converted nlo BSA ACO LLP @
a Kinnuted Liabily Pastnarship with LLP Registration No. 14th Fioor, Canin! 8 Wing and North & Wing, Nasco
AAB-8181} wilh afferl from October 14, 2019 IT Park 4, Nasco
Canter, Waslem Exprepa Highway, Goragaon (East),
Mumbai - 400089
BSR &Co. LLP
Independent Auditor's Report (Continued)

In preparing the annual financial results, the Management and the Board of Directors are responsible for
assessing the Company's ability to continue as a gcing 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 iiquidate the Company or to cease operations, or has ne realistic alternative but to do so.
The Board of Directors is/are responsible for overseeing the Company's financial reparting process.
Our objectives are to obtain reasonable assurance about whether the annual financial results 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 annual financial results.
- Identify and assess the risks of material misstatement of the annual financial results, 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 ane resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal 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 through a separate report on the complete set of financial statements on
whether the company has adequate internal financial controls with reference to 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 in the annual financial results made by the Management and Board
of Directors.
— Conclude on the appropriateness of the Management and Board of Directors 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 appropriateness of this
assumption. 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 annual financial results 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 overail presentation, structure and content of the annual financial results, including the
disclosures, and whether the annual financial results represent the underlying transactions and events
in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other maiters, 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.
safeguards.
BSR&Co. LLP :
Independent Auditor’s Report (Continued)

The annual financiat results include the resul ts for the

quarter ended 31 March 2022 being the
balancing figure between the audited figures i n
respect of the full financial year and the published
unaudited year to date figures up to the third qui
arter of the current financial year which were subject to
limited review by us.
Se ForBSR& Co. LLP

Chartered Accountanis
Firm’s Registration No.:101248W/W-100022
Kolkata
10 May 2022
UDIN:22055757AIRPWS9704
ABAVADEI
MB su car & ENERGY LTD
AVADH/SE/2021-22/67 May 10, 2022

SYMBOL — AVADHSUGAR STOCK CODE - 540649
Dear Sirs,
Sub: Declaration pursuant to Requlation 33(3)(d) of the Securities and Exchange

Board of India(Listing Obligations and Disclosure Requirements) Regulations,
2015
In terms of the provisions of Regulation 33(3)(d) of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 as amended by the SEBI (Listing Obligations and
Disclosure Requirements) (Amendment) Regulations, 2016, vide notification No. SEBI/LAD-
NRO/GN/2016-17/001 dated May 25, 2016 and Circular No CIR/CFD/CMD/56/2016 dated
May 27, 2016, we confirm that the Statutory Auditors of the Company, M/s. BS R & Co LLP,
Chartered Accountants (Registration No 101248W /W-100022) have issued an Audit Report
with unmodified opinion on the Audited Financial Results of the Company for the quarter and
year ended March 31, 2022.
This declaration is submitted for your information, record and dissemination to all concerned.
Thanking you,
Yours faithfully,
For Avadh Sugar & Energy Limited
“SS eee
Dilip Patodia “—
Chief Financial Officer

Corporate Office: 5th Floor, Birla Building, 9/1 R. N. Mukherjee Road, Kolkata 700 001 e Email: birlasugar@birla-sugar.com
Phone: +91 33 2243 0497 / 8, 2248 7068, 3057 3700, 3041 0900 e Fax: +91 33 2248 6369
Regd Office: P.O. Hargaon, Dist. Sitapur, U.P., PIN 261 121 ¢ Website : www.birla-sugar.com e CIN: L15122UP2015PLC069635
cers is relations
TD Power Systems Limited

(CIN -L31103KA1999PLC025071)
REGISTERED OFFICE & FACTORY:
27, 28 and 29, KIADB Industrial Area
Dabaspet, Nelamangala Taluk
Date: May 10, 2022
Bengaluru Rural District
The Corporate Service The Listing Department Bengaluru — 562 111 India
Department The National Stock Exchange of India Ltd.
BSE Limited Exchange Plaza, Bandra- Kurla Complex Tel +91 80 229 95700 / 6633 7700
P J Towers, Dalal Street Bandra (East) Fax +9180 27734439 / 2299 5718
Mumbai — 400 001 Mumbai 400 051 Mail tdps@tdps.co.in
www.tdps.co.in
Sirs,
Sub: Outcome of Board Meeting held today i.e. May 10 2022
The Board of Directors of the Company at their meeting held today considered inter alia the following;
1. Approved the Standalone and Consolidated Audited Financial Results of the Company for the quarter and
year ended March 31, 2022 and noted the Statutory Auditors’ Report thereon.
2. Recommended a final dividend of 35% i.e. Rs.3.50 per Equity Share of face value of Rs.10 each for the
financial year ended March 31,2022. The said dividend, if declared at the ensuing Annual General Meeting
{AGM) of the Company, will be paid within 30 days from the date of AGM.
The declaration on the audit report pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (LODR) is enclosed.
The Company has opted to publish an extract of the consolidated financial results, pursuant to option made
available as per Regulation 33 & 47 of the SEBI (LODR) Regulations, 2015. The Standalone Financial Results is
being uploaded on the Company's website www.tdps.co.in. The key information on the standalone financial
results is as under:
(Rs. in Lakhs)
Particulars Quarter ended Year ended
31.03.2022 | 31.03.2021 | 31.03.2022 | 31.03.2021
(Audited) | (Audited) (Audited) (Audited)
Net Sales / Income from Operations 21,437.51 17,036.70 71,880.55 49,941.43
Profit Before Tax 2,923.90 1,322.05 7,379.33 2,351.59
Profit After Tax 2,183.77 1,005.03 5,441.49 1,747.75
Total Comprehensive income for the period 2,179.61 981.37 5,317.62 1,793.85
{Comprising Profit for the period (after tax} and
other Comprehensive Income (after tax))
Kindly take the above on record.
Thanking you,
For TD Power Systems Limited,
Company Secretary
Encl: A/a
INDEPENDENT AUDITOR’S REPORT
TO THE BOARD OF DIRECTORS OF TD POWER SYSTEMS LIMITED
Report on the audit of the Standalone Annual Financial Results
Opinion
We have audited the accompanying Statement of Standalone Annual Financial Results of TD
Power Systems Limited (herein after referred to as the “Company”) for the year ended 31st March,
2022 (“standalone annual financial results”), attached herewith, being submitted by the company
pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India
(“SEBI”) (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
(“Listing Regulations”).
In our opinion and to the best of our information and according to the explanations given to us
these standalone financial results:
i. are presented in accordance with the requirements of Regulation 33 of the Listing
Regulations in this regard; and
ii. give a true and fair view in conformity with the recognition and measurement principles laid
down in the applicable Indian Accounting Standards and other accounting principles
generally accepted in India of the net profit and other comprehensive income and other
financial information for the year ended 31st March, 2022.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under
section 143(10) of the Companies Act, 2013 (the Act). Our responsibilities under those
Standards are further described in the Auditor’s Responsibilities for the Audit of the Standalone
Annual Financial Results 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 together with the
ethical requirements that are relevant to our audit of the Standalone Annual Financial Results for
the year ended 31 March, 2022 under the provisions of the Companies Act, 2013 and the Rules
thereunder, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the Code of Ethics. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion on the standalone annual financial
results.
Emphasis of Matter
(a) We draw attention to Note No. 5(a) & 5(b) in the audited Standalone Annual Financial Results,
which describes the basis on which the going concern assumption in the preparation of financial
statements of two subsidiaries was considered to be appropriate and the evaluation of the carrying
value of investment in one subsidiary and that no further provision for impairment in the carrying
value of the investment in that subsidiary is considered necessary by the management.
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Tel: +91+80+42444999,
Email: bangalore@varmaandvarma.com
(b) We draw attention to Note No. 6 in the audited Standalone Annual Financial Results, which
describes the impact of COVID-19 pandemic, carried out by the management of the company on
the company’s business operations, financial position, carrying value of assets and the
uncertainties associated with such evaluation in the present circumstances and that the impact
may be different from that assessed as the date of approval of these financial results.
Our opinion is not modified in respect of the above two matters.
Management’s and Board of Directors’ Responsibilities for the Standalone Annual Financial
Results
These standalone annual financial results have been prepared on the basis of the Standalone
Financial Statements of the company. The Company’s Board of Directors are responsible for the
preparation of these standalone annual financial results that give a true and fair view of the net profit
and other comprehensive income and other financial information of the company in accordance with
the recognition and measurement principles laid down in Indian Accounting Standards
prescribed under Section 133 of the Act read with relevant rules issued thereunder and other
accounting principles generally accepted in India and in compliance with Regulation 33 of the
Listing Regulations. This responsibility also includes maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding of 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 standalone annual financial results that give a true and fair
view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone annual financial results, the Management and the Board of Directors
are 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 Board of Directors are also responsible for overseeing the Company’s financial reporting
process.
Auditor’s Responsibilities for the Audit of the Standalone Financial Results
Our objectives are to obtain reasonable assurance about whether the standalone annual
financial results 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 annual financial
results.
Tel: +91+80+42444999,
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 annual financial
results, 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.
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 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 in the standalone annual financial results made by
the Management and by the Board of Directors.
• Conclude on the appropriateness of the Management and the Board of Directors’ 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 annual financial results 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 annual financial
results, including the disclosures, and whether the financial results represent the underlying
transactions and events in a manner that achieves fair presentation.
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.
Tel: +91+80+42444999,
Other Matters
i) We did not audit the financial statements of Japan Branch included in the standalone financial
results of the Company whose financial statements reflect total assets of INR 1,947.52 Lakhs,
total revenues of INR 1,509.78 Lakhs and net loss after tax of INR 53.16 Lakhs for the year
ended 31 March, 2022 as considered in the standalone annual financial results. The financial
statements of the Branch have been audited by the branch auditors whose report has been
furnished to us, and our opinion in so far as it relates to the amounts and disclosures included
in respect of the Branch, is based solely on the report of such branch auditors.
ii) As stated in Note No. 2, the standalone annual financial results include results for the quarter
ended 31st March 2022 and quarter ended 31st March 2021 being the balancing figure between
audited figures in respect of the full financial year and the published unaudited year to date
figures up to the third quarter of the financial year, which were subject to limited review by us.
Our opinion is not modified in respect of the above matters.
For VARMA & VARMA

FRN 004532S
Sriniv Digitally signed

by Srinivas K P
Date:
as K P 2022.05.10
13:38:12 +05'30'
K.P. SRINIVAS
Place: Delhi Partner
Date: 10th May 2022 M.No.208520
UDIN: 22208520AISBKP6356
Tel: +91+80+42444999,
Report on the Audit of Consolidated Annual Financial Results
Opinion
We have audited the accompanying Statement of Consolidated Annual Financial Results of TD

Power Systems Limited (hereinafter referred to as the ‘Holding Company”) and its
subsidiaries (Holding Company and its subsidiaries together referred to as “the Group”) , for
the year ended 31st March, 2022 (“consolidated annual financial results”) attached herewith,
being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the
Securities and Exchange Board of India (“SEBI”) (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended (‘Listing Regulations’).
In our opinion and to the best of our information and according to the explanations given to us and
based on the consideration of reports of other auditors on separate audited financial
statements of the subsidiaries, the aforesaid consolidated annual financial results:
(i) includes the annual financial results of the following entities:
a) D F Power Systems Private Limited, India

b) TD Power Systems USA Inc, United States of America
c) TD Power Systems Japan Limited, Japan
d) TD Power Systems Europe GMBH, Germany
e) TD Power Systems Jenerator Sanayi Anonim Sirketi, Turkey
(ii) are presented in accordance with the requirements of Regulation 33 of the Listing
(iii) give a true and fair view in conformity with the recognition and measurement principles laid
down in the applicable Accounting Standards and other accounting principles generally
accepted in India, of the consolidated net profit and other comprehensive income and other
financial information of the Group for the year ended 31st March, 2022.
Basis for Opinion
section 143(10) of the Companies Act, 2013 (“the Act”). Our responsibilities under those Standards
are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Annual
Financial Results section of our report. We are independent of the Group, in accordance with
the Code of Ethics issued by the Institute of Chartered Accountants of India together with the
ethical requirements that are relevant to our audit of the consolidated annual financial results
under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have
fulfilled our other ethical responsibilities in accordance with these requirements and the Code of
Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their
reports referred to in “Other Matter” paragraph below, is sufficient and appropriate to provide a
basis for our opinion on the consolidated annual financial results.
Tel: +91+80+42444999,
Emphasis of Matter
We draw attention to Note no.6 in the Consolidated Annual Financial Results, which describes the
evaluation of the impact of COVID-19 carried out by the management on the group’s business
operations, financial position, carrying value of assets and the uncertainties associated with such
an evaluation in the present circumstances and that the impact may be different from that
assessed as at the date of approval of these financial statements.
Our opinion is not modified in respect of this matter.
Management’s and Board of Directors’ Responsibilities for the Consolidated Annual

Financial Results
These Consolidated annual financial results have been prepared on the basis of the
consolidated financial statements. The Holding Company’s Board of Directors are responsible
for the preparation and presentation of these consolidated annual financial results that give a true
and fair view of the net profit and other comprehensive income and other financial information of
the Group in accordance with the recognition and measurement principles laid down in Indian
Accounting Standards prescribed under Section 133 of the Act read with relevant rules
issued thereunder and other accounting principles generally accepted in India and in
compliance with Regulation 33 of the Listing Regulations. The respective Management and Board
of Directors of the companies included in the Group are responsible for maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding of the assets of
the Group 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 the design, implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the consolidated annual
financial results that give a true and fair view and are free from material misstatement, whether
due to fraud or error, which have been used for the purpose of preparation of the consolidated
annual financial results by the Management and the Directors of the Holding Company, as
aforesaid.
In preparing the consolidated annual financial results, the respective Management and the Board
of Directors of the companies included in the Group are responsible for assessing the ability
of the group to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the respective Board of
Directors either intends to liquidate the Group or to cease operations, or has no realistic
The respective Board of Directors of the companies included in the Group are responsible for
overseeing the financial reporting process of the Group.
Tel: +91+80+42444999,
Auditor’s Responsibilities for the Audit of the Consolidated Annual Financial Results
Our objectives are to obtain reasonable assurance about whether the consolidated annual
of assurance but is not a guarantee that an audit conducted in accordance with Standards on
Auditing 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
consolidated annual financial results.
As part of an audit in accordance with Standards on Auditing, we exercise professional judgment

and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the consolidated annual financial
• Obtain an understanding of internal control relevant to the audit 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 financial statements in place and the operating
accounting estimates and related disclosures in the consolidated annual financial results made by
the Management and by the Board of Directors of the Holding Company.
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 consolidated annual
financial results 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 Group to cease to continue as a going
concern.
• Evaluate the overall presentation, structure, and content of the consolidated annual financial
results, including the disclosures, and whether the consolidated annual financial results
represent the underlying transactions and events in a manner that achieves fair presentation.
Tel: +91+80+42444999,
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities
within the Group to express an opinion on the consolidated annual financial results. We are
responsible for the direction, supervision, and performance of the audit of financial information
of such entities included in the consolidated annual financial results of which we are the
independent auditors. For the other entities included in the consolidated annual financial
results, which have been audited by other auditors, such other auditors remain responsible for
the direction, supervision and performance of the audits carried out by them. We remain
solely responsible for our audit opinion.
We communicate with those charged with governance of the Holding Company 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.
Perform procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of
the Listing Regulations to the extent applicable.
Other Matters
i. The Consolidated Annual Financial Results include the audited financial results of one Indian
subsidiary, whose Financial Statements reflect total assets of INR 851.40 Lakhs as at 31st
March, 2022, total revenue of INR 15.53 Lakhs and total net profit after tax of INR 762.26
Lakhs for the year ended 31st March, 2022, as considered in the consolidated annual
Financial Results, which have been audited by the independent auditors of the subsidiary
company. The independent auditors’ report on financial statements of that entity have been
furnished to us and our opinion on the consolidated annual Financial Results, in so far as it
relates to the amounts and disclosures included in respect of this entity, is based solely on the
ii. The Consolidated Annual Financial Results include the audited financial results of four foreign
subsidiaries, whose Special Purpose Financial Statements reflect total assets of INR
10,056.06 Lakhs as at 31st March, 2022 , total revenue of INR 18,454.38 Lakhs and total net
profit after tax of INR 725.34 Lakhs for the year ended 31st March, 2022, as considered in
the Consolidated Annual Financial Results, which have been audited by an independent firm
of Chartered Accountants in India. The report of the independent firm of chartered
accountants on the Special Purpose financial statements of those subsidiaries have been
furnished to us and our opinion on the consolidated annual financial results, in so far as it
relates to the amounts and disclosures included in respect of these entities, is based solely on
the report on the special purpose financial statements issued by that Independent firm of
Chartered Accountants in India and the procedures performed by us are as stated in
paragraph above.
Tel: +91+80+42444999,
Our opinion on the Consolidated Annual Financial Results is not modified in respect of
the matters referred in (i) and (ii) above with respect to our reliance on the work done and
the reports of the other auditors/ independent firm of Chartered Accountants in India.
iii. As stated in Note No. 2, the consolidated annual financial results include results for the
quarter ended 31st March 2022 and quarter ended 31st March 2021 being the balancing figure
between audited figures in respect of the full financial year and the published unaudited year
to date figures up to the third quarter of the financial year, which were subject to limited review
by us.
Our opinion is not modified in respect the matter referred in (iii) above.
For VARMA & VARMA

FRN 004532S

by Srinivas K P
as K P
Date: 2022.05.10
13:39:22 +05'30'
K.P. SRINIVAS
Date: 10th May 2022 M.No.208520
UDIN: 22208520AISCCI5221
Tel: +91+80+42444999,
TD POWER SYSTEMS LIMITED
REGISTERED OFFICE & PLANT: # 27,28 &29 KIADB INDUSTRIAL AREA, DABASPET, NELAMANGALA TALUK, BANGALORE 562 111
CIN: L31103KA1999PLC025071, E mail Id: tdps@tdps.co.in,Website: www.tdps.co.in, Tel. No.: + 91 80 22995700, Fax: + 91 80 7734439
STATEMENT OF STANDALONE/CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2022
(` in Lakhs)
Consolidated Standalone
Sl. Quarter ended Year ended Quarter ended Year ended
Particulars
No. 31.03.2022 31.12.2021 31.03.2021 31.03.2022 31.03.2021 31.03.2022 31.12.2021 31.03.2021 31.03.2022 31.03.2021
(AUDITED)* (UNAUDITED) (AUDITED)* (AUDITED) (AUDITED) (AUDITED)* (UNAUDITED) (AUDITED)* (AUDITED) (AUDITED)
` ` ` ` ` ` ` ` ` `
Revenue
I Revenue!from!Operations! !!!!!!22,716.61 !!!!!!!!!!!17,980.71 !!!!!!16,834.60 !!!!!79,742.46 !!!!!59,358.43 !!!!!!21,437.51 !!!!!!!!!!!18,771.11 !!!!!!17,036.70 !!!!!71,880.55 !!!!!49,941.43
II Other!Income !!!!!!!!!!!!843.01 !!!!!!!!!!!!!!!!!325.31 !!!!!!!!!!!!267.67 !!!!!!!!1,671.42 !!!!!!!!!!!932.25 !!!!!!!!!!!!910.31 !!!!!!!!!!!!!!!!!400.34 !!!!!!!!!!!!486.12 !!!!!!!!1,756.48 !!!!!!!!1,268.50
III Total Income (I+II) 23,559.62 18,306.02 17,102.27 81,413.88 60,290.68 22,347.82 19,171.45 17,522.82 73,637.03 51,209.93
IV Expenses
Cost!of!materials!consumed !!!!!!16,696.01 !!!!!!!!!!!13,139.35 !!!!!!11,820.41 !!!!!55,200.11 !!!!!42,581.32 !!!!!!16,437.25 !!!!!!!!!!!13,637.41 !!!!!!10,941.47 !!!!!52,580.48 !!!!!35,077.29
Purchases!of!stock!in!trade !!!!!!!!!!!!176.20 !!!!!!!!!!!!!!!!!!!!(0.16) !!!!!!!!!!!!816.02 !!!!!!!!!!!940.96 !!!!!!!!1,002.01 !!!!!!!!!!!!176.20 !!!!!!!!!!!!!!!!!!!!(0.16) !!!!!!!!!!!!592.33 !!!!!!!!!!!940.96 !!!!!!!!!!!778.32
Changes!in!inventories!of!finished!goods,!stock-in-trade!and!work-in-progress !!!!!!!!!!(797.14) !!!!!!!!!!!!!!!(576.23) !!!!!!!(1,518.13) !!!!!!!!!!!847.22 !!!!!!(3,994.17) !!!!!!!!!!(952.35) !!!!!!!!!!!!!!!(152.61) !!!!!!!!!!!!395.54 !!!!!!(1,830.51) !!!!!!(1,428.04)
Employee!benefits!expense !!!!!!!!2,002.91 !!!!!!!!!!!!!2,136.64 !!!!!!!!2,257.66 !!!!!!!!8,056.97 !!!!!!!!7,940.28 !!!!!!!!1,703.29 !!!!!!!!!!!!!1,983.81 !!!!!!!!2,131.33 !!!!!!!!7,273.31 !!!!!!!!7,308.72
Finance!Costs !!!!!!!!!!!!!!70.75 !!!!!!!!!!!!!!!!!!!24.03 !!!!!!!!!!!!!(35.72) !!!!!!!!!!!205.70 !!!!!!!!!!!446.54 !!!!!!!!!!!!!!70.75 !!!!!!!!!!!!!!!!!!!24.03 !!!!!!!!!!!!!(36.41) !!!!!!!!!!!205.70 !!!!!!!!!!!445.85
Depreciation!and!amortisation!expense !!!!!!!!!!!!550.50 !!!!!!!!!!!!!!!!!561.89 !!!!!!!!!!!!545.63 !!!!!!!!2,203.96 !!!!!!!!2,149.76 !!!!!!!!!!!!529.28 !!!!!!!!!!!!!!!!!540.16 !!!!!!!!!!!!531.83 !!!!!!!!2,123.70 !!!!!!!!2,096.83
Other!expenses !!!!!!!!1,577.34 !!!!!!!!!!!!!1,100.54 !!!!!!!!1,549.61 !!!!!!!!5,509.17 !!!!!!!!5,234.12 !!!!!!!!1,459.50 !!!!!!!!!!!!!1,112.08 !!!!!!!!1,644.68 !!!!!!!!4,964.06 !!!!!!!!4,579.37
Total expenses (IV) 20,276.57 16,386.06 15,435.48 72,964.09 55,359.86 19,423.92 17,144.72 16,200.77 66,257.70 48,858.34
V Profit before exceptional items and tax (III-IV) 3,283.05 1,919.96 1,666.79 8,449.79 4,930.82 2,923.90 2,026.73 1,322.05 7,379.33 2,351.59
VI Exceptional!items!(Refer!Note!No.5(a)) !!!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!560.28 !!!!!!!!!!!!136.04 !!!!!!!!!!!757.72 !!!!!!!!!!!717.51 !!!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!-
VII Profit before tax (V-VI) 3,283.05 2,480.24 1,802.83 9,207.51 5,648.33 2,923.90 2,026.73 1,322.05 7,379.33 2,351.59
VIII Tax Expenses
(a)!Current!Tax !!!!!!!!!!!!791.39 !!!!!!!!!!!!!!!!!463.07 !!!!!!!!!!!!141.73 !!!!!!!!1,977.59 !!!!!!!!1,150.51 !!!!!!!!!!!!714.68 !!!!!!!!!!!!!!!!!491.60 !!!!!!!!!!!!193.34 !!!!!!!!1,772.83 !!!!!!!!!!!626.46
(b)!Deferred!Tax! !!!!!!!!!!!!!!25.45 !!!!!!!!!!!!!!!!!!!63.25 !!!!!!!!!!!!123.68 !!!!!!!!!!!165.01 !!!!!!!!!!!!(22.62) !!!!!!!!!!!!!!25.45 !!!!!!!!!!!!!!!!!!!63.25 !!!!!!!!!!!!123.68 !!!!!!!!!!!165.01 !!!!!!!!!!!!(22.62)
IX Profit for period/year (VII - VIII) 2,466.21 1,953.92 1,537.42 7,064.91 4,520.44 2,183.77 1,471.88 1,005.03 5,441.49 1,747.75
X Other Comprehensive Income
Items that will not be reclassified to profit or loss
(i)!Remeasurement!of!defined!benefit!plans !!!!!!!!!!!!!!41.01 !!!!!!!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!92.92 !!!!!!!!!!!!(84.34) !!!!!!!!!!!136.13 !!!!!!!!!!!!!!41.01 !!!!!!!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!92.92 !!!!!!!!!!!!(84.34) !!!!!!!!!!!136.13
(ii)!Tax!on!defined!benefit!plans !!!!!!!!!!!!!(10.32) !!!!!!!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!(23.38) !!!!!!!!!!!!!!21.23 !!!!!!!!!!!!(34.26) !!!!!!!!!!!!!(10.32) !!!!!!!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!(23.38) !!!!!!!!!!!!!!21.23 !!!!!!!!!!!!(34.26)
Items that will be reclassified to profit or loss
(i)!Exchange!difference!on!translation!of!foreign!operations!(Refer!Note!No.8) !!!!!!!!!!(136.54) !!!!!!!!!!!!!!!(592.18) !!!!!!!!!!(190.69) !!!!!!!!!(858.48) !!!!!!!!!(255.78) !!!!!!!!!!!!!(34.85) !!!!!!!!!!!!!!!!!(22.72) !!!!!!!!!!!!!(93.20) !!!!!!!!!!!!(60.76) !!!!!!!!!!!!(55.77)
XI Total Comprehensive Income for the period/year (IX+X) (Comprising Profit
and Other Comprehensive Income for the period/year) 2,360.36 1,361.74 1,416.27 6,143.32 4,366.53 2,179.61 1,449.16 981.37 5,317.62 1,793.85
Details of equity share capital:
XII Paid-up!equity!share!capital!(Face!value!of!`.10/-!per!share) !!!!!!!!3,110.35 !!!!!!!!!!!!!3,110.35 !!!!!!!!3,093.34 !!!!!!!!3,110.35 !!!!!!!!3,093.34 !!!!!!!!3,110.35 !!!!!!!!!!!!!3,110.35 !!!!!!!!3,093.34 !!!!!!!!3,110.35 !!!!!!!!3,093.34
XIII Reserves!(excluding!Revaluation!reserve) !!!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!!- !!!!!49,606.08 !!!!!43,974.30 !!!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!!- !!!!!49,155.37 !!!!!44,349.29
XIV Earnings per equity share
Basic!(in!`) !!!!!!!!!!!!!!!!!8.00 !!!!!!!!!!!!!!!!!!!!!!6.33 !!!!!!!!!!!!!!!!!5.04 !!!!!!!!!!!!!!22.96 !!!!!!!!!!!!!!14.83 !!!!!!!!!!!!!!!!!7.08 !!!!!!!!!!!!!!!!!!!!!!4.77 !!!!!!!!!!!!!!!!!3.29 !!!!!!!!!!!!!!17.68 !!!!!!!!!!!!!!!!5.73
Diluted!(in!`) !!!!!!!!!!!!!!!!!7.98 !!!!!!!!!!!!!!!!!!!!!!6.28 !!!!!!!!!!!!!!!!!4.97 !!!!!!!!!!!!!!22.80 !!!!!!!!!!!!!!14.61 !!!!!!!!!!!!!!!!!7.06 !!!!!!!!!!!!!!!!!!!!!!4.74 !!!!!!!!!!!!!!!!!3.25 !!!!!!!!!!!!!!17.56 !!!!!!!!!!!!!!!!5.65
*!Refer!Note!No.2
UNAUDITED SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(` in Lakhs)
Particulars 31.03.2022 31.12.2021 31.03.2021
30.06.2020
31.03.2022 31.03.2021 31.03.2022 31.12.2021 31.03.2021 31.03.2022 31.03.2021
(AUDITED)* (UNAUDITED) (AUDITED)*
(UNAUDITED)
(AUDITED) (AUDITED) (AUDITED)* (UNAUDITED) (AUDITED)* (AUDITED) (AUDITED)
` ` ` ` ` ` ` ` ` ` `
1 Segment Revenue
(net sale/income from each segment should be disclosed)
(a)!Manufacturing !!!!!25,696.58 !!!!!!!!!!21,303.05 !!!!!20,277.63 !!!!88,794.57 !!!!69,209.21 !!!!!21,158.42 !!!!!!!!!!18,654.85 !!!!!16,117.56 !!!!70,426.56 !!!!48,538.69
(b)!Project!Business!including!WOS !!!!!!!!!!!390.90 !!!!!!!!!!!!!!!!184.56 !!!!!!!!1,267.90 !!!!!!!1,725.51 !!!!!!!2,262.61 !!!!!!!!!!!390.90 !!!!!!!!!!!!!!!!184.56 !!!!!!!!1,032.43 !!!!!!!1,725.51 !!!!!!!2,027.14
(c)!Engineering,!procurement!and!construction!(EPC)! !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!-
Total segment revenue 26,087.48 21,487.61 21,545.53 90,520.08 71,471.82 21,549.32 18,839.41 17,149.99 72,152.07 50,565.83
Less:!Inter!Segment!Revenue !!!!!!!!!!!111.81 !!!!!!!!!!!!!!!!!!68.30 !!!!!!!!!!!113.29 !!!!!!!!!!271.52 !!!!!!!!!!624.40 !!!!!!!!!!!111.81 !!!!!!!!!!!!!!!!!!68.30 !!!!!!!!!!!113.29 !!!!!!!!!!271.52 !!!!!!!!!!624.40
Less:!Inter!Company !!!!!!!!3,259.06 !!!!!!!!!!!!3,438.60 !!!!!!!!4,597.64 !!!!10,506.10 !!!!11,488.99 !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!-
Revenue from operations 22,716.61 17,980.71 16,834.60 79,742.46 59,358.43 21,437.51 18,771.11 17,036.70 71,880.55 49,941.43
2 Segment Results:
(Profit)(+)/ Loss (-) before tax and interest from each segment)
(a)!Manufacturing !!!!!!!!3,252.80 !!!!!!!!!!!!2,603.14 !!!!!!!!1,806.66 !!!!!!!9,422.71 !!!!!!!4,919.23 !!!!!!!!3,252.80 !!!!!!!!!!!!2,603.14 !!!!!!!!1,806.66 !!!!!!!9,422.71 !!!!!!!4,919.23
(a1)!Less!:!Inter!Segment/Company !!!!!!!!!(384.95) !!!!!!!!!!!!!!!!!!80.23 !!!!!!!!!(353.54) !!!!!(1,155.94) !!!!!(2,528.79) !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!-
(b)!Project!Business!including!WOS !!!!!!!!!!!250.44 !!!!!!!!!!!!!!!!(29.33) !!!!!!!!!!!151.45 !!!!!!!!!!213.23 !!!!!!!!!!!!!41.11 !!!!!!!!!!!252.63 !!!!!!!!!!!!!!!!(27.08) !!!!!!!!!!!141.85 !!!!!!!!!!222.99 !!!!!!!!!!!!!39.89
(c)!Engineering,!procurement!and!construction!(EPC)! !!!!!!!!!!!!!!(2.39) !!!!!!!!!!!!!!!!!!!(2.62) !!!!!!!!!!!!!!(4.06) !!!!!!!!!!!(10.99) !!!!!!!!!!!(15.30) !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!-
Less:!Depreciation !!!!!!!!!!!550.50 !!!!!!!!!!!!!!!!561.89 !!!!!!!!!!!545.63 !!!!!!!2,203.96 !!!!!!!2,149.76 !!!!!!!!!!!529.28 !!!!!!!!!!!!!!!!540.16 !!!!!!!!!!!531.83 !!!!!!!2,123.70 !!!!!!!2,096.83
3,335.30 1,929.07 1,761.96 8,576.93 5,324.07 2,976.15 2,035.90 1,416.68 7,522.00 2,862.29
Less:(i)!Finance!cost !!!!!!!!!!!!!!70.75 !!!!!!!!!!!!!!!!!!24.03 !!!!!!!!!!!!(35.72) !!!!!!!!!!205.70 !!!!!!!!!!446.54 !!!!!!!!!!!!!!70.75 !!!!!!!!!!!!!!!!!!24.03 !!!!!!!!!!!!(36.41) !!!!!!!!!!205.70 !!!!!!!!!!445.85
(ii)!Other!unallocable!expenditure!net!off!unallocable!income!(including!
exceptional!item) !!!!!!!!!!!!(18.50) !!!!!!!!!!!!!!(575.20) !!!!!!!!!!!!!!(5.15) !!!!!!!!!(836.28) !!!!!!!!!(770.80) !!!!!!!!!!!!(18.50) !!!!!!!!!!!!!!!!(14.86) !!!!!!!!!!!131.04 !!!!!!!!!!!(63.03) !!!!!!!!!!!!!64.85
Profit before Tax 3,283.05 2,480.24 1,802.83 9,207.51 5,648.33 2,923.90 2,026.73 1,322.05 7,379.33 2,351.59
3 Capital Employed = Segment Assets - Segment liabilities
Segment Asset
(a)!Manufacturing !!!!!74,522.41 !!!!!!!!!!70,894.53 !!!!!60,311.25 !!!!74,522.41 !!!!60,311.25 !!!!!69,236.75 !!!!!!!!!!66,220.12 !!!!!54,816.99 !!!!69,236.75 !!!!54,816.99
(b)!Project!Business!including!WOS !!!!!!!!2,294.91 !!!!!!!!!!!!2,514.06 !!!!!!!!3,719.90 !!!!!!!2,294.91 !!!!!!!3,719.90 !!!!!!!!2,276.96 !!!!!!!!!!!!2,492.68 !!!!!!!!3,689.47 !!!!!!!2,276.96 !!!!!!!3,689.47
(c)!Engineering,!procurement!and!construction!(EPC)! !!!!!!!!!!!!!!!!0.70 !!!!!!!!!!!!!!!!109.83 !!!!!!!!!!!115.29 !!!!!!!!!!!!!!!0.70 !!!!!!!!!!115.29 !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!-
(d)!Un-allocable!Segment !!!!!13,851.44 !!!!!!!!!!17,224.10 !!!!!14,341.34 !!!!13,851.44 !!!!14,341.34 !!!!!16,795.66 !!!!!!!!!!20,274.96 !!!!!17,389.01 !!!!16,795.66 !!!!17,389.01
90,669.46 90,742.52 78,487.78 90,669.46 78,487.78 88,309.37 88,987.76 75,895.47 88,309.37 75,895.47
Segment Liabilities
(a)!Manufacturing !!!!!28,337.81 !!!!!!!!!!31,092.70 !!!!!22,574.34 !!!!28,337.81 !!!!22,574.34 !!!!!26,478.49 !!!!!!!!!!29,658.11 !!!!!20,430.61 !!!!26,478.49 !!!!20,430.61
(c)!Engineering,!procurement!and!construction!(EPC)! !!!!!!!!!!!!!!17.25 !!!!!!!!!!!!!!!!!!17.44 !!!!!!!!!!!791.14 !!!!!!!!!!!!!17.25 !!!!!!!!!!791.14 !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!-
(d)!Un-allocable!Segment !!!!!!!!7,913.03 !!!!!!!!!!!!7,432.01 !!!!!!!!5,850.62 !!!!!!!7,913.03 !!!!!!!5,850.62 !!!!!!!!7,888.73 !!!!!!!!!!!!7,407.80 !!!!!!!!5,826.81 !!!!!!!7,888.73 !!!!!!!5,826.81
37,953.03 40,419.85 31,420.14 37,953.03 31,420.14 36,043.65 38,935.05 28,452.84 36,043.65 28,452.84
Note:-!In!Accordance!with!IND!AS!108!-!“Operating!Segments",!!the!above!segments!reported!are!based!on!the!review!of!the!Chief!Operating!Decision!Maker.
* Refer Note No.2
STANDALONE/CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES (Rupees in Lakhs)
As at As at As at As at
Particulars 31.03.2022 31.03.2021 31.03.2022 31.03.2021
(AUDITED) (AUDITED) (AUDITED) (AUDITED)
` ` ` `
ASSETS
Non - current assets
Property,!Plant!and!Equipment !!!!!16,048.34 !!!!!16,995.10 !!!!!15,388.79 !!!!!16,561.42
Capital!work!in!progress !!!!!!!!!!!!!!63.47 !!!!!!!!!!!!!!25.15 !!!!!!!!!!!!!!63.47 !!!!!!!!!!!!!!25.15
Intangible!assets!other!than!Goodwill !!!!!!!!!!!586.91 !!!!!!!!!!!399.29 !!!!!!!!!!!586.91 !!!!!!!!!!!399.29
Intangible!assets!under!development !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!32.10 !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!32.10
Financial assets
Investments!(Refer!Note!No.5(a)!&!(b)) !!!!!!!1,993.94 !!!!!!!1,993.94 !!!!!!!3,771.63 !!!!!!!3,771.63
Loans !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!- !!!!!!!1,017.36 !!!!!!!1,017.38
Other!non-current!financial!assets !!!!!!!!!!!122.80 !!!!!!!!!!!122.80 !!!!!!!!!!!122.80 !!!!!!!!!!!122.80
Other!non-current!assets !!!!!!!1,853.97 !!!!!!!1,749.85 !!!!!!!1,853.97 !!!!!!!1,782.37
Current Assets
Inventories !!!!!20,914.66 !!!!!18,878.10 !!!!!19,152.93 !!!!!14,574.46
Financial assets
Trade!receivables !!!!!24,108.76 !!!!!16,188.86 !!!!!24,508.09 !!!!!17,578.02
Cash!and!cash!equivalents !!!!!!!5,539.34 !!!!!!!4,744.90 !!!!!!!3,846.35 !!!!!!!3,777.81
Bank!Balances!other!than!cash!and!cash!equivalents !!!!!10,594.99 !!!!!11,685.58 !!!!!10,594.99 !!!!!11,685.58
Other!current!financial!assets !!!!!!!2,995.69 !!!!!!!2,695.09 !!!!!!!2,247.90 !!!!!!!1,947.87
Other!current!assets !!!!!!!5,846.59 !!!!!!!2,977.02 !!!!!!!5,154.18 !!!!!!!2,619.59
TOTAL 90,669.46 78,487.78 88,309.37 75,895.47
Equity:
Share!Capital !!!!!!!3,110.35 !!!!!!!3,093.34 !!!!!!!3,110.35 !!!!!!!3,093.34
Other!Equity !!!!!49,606.08 !!!!!43,974.30 !!!!!49,155.37 !!!!!44,349.29
Non - current liabilities
Financial Liabilities:
Long!term!Provisions !!!!!!!!!!!499.39 !!!!!!!!!!!452.59 !!!!!!!!!!!499.39 !!!!!!!!!!!452.59
Deferred!tax!liabilities!(Net)! !!!!!!!!!!!792.22 !!!!!!!!!!!627.21 !!!!!!!!!!!792.22 !!!!!!!!!!!627.21
Current Liabilities
Short-term!Borrowings !!!!!!!7,096.51 !!!!!!!5,199.60 !!!!!!!7,096.51 !!!!!!!5,199.60
Trade!payables!:
-!total!outstanding!dues!of!micro!enterprises!and!Small!enterprises! !!!!!!!!!!!!!!64.34 !!!!!!!!!!!!!!60.26 !!!!!!!!!!!!!!64.34 !!!!!!!!!!!!!!60.26
-!total!outstanding!dues!of!creditors!other!than!micro!enterprises!and!
Small!enterprises! !!!!!15,068.12 !!!!!10,777.33 !!!!!14,613.91 !!!!!10,139.40
Other!current!financial!liabilities !!!!!!!8,356.15 !!!!!!!8,320.51 !!!!!!!7,834.73 !!!!!!!7,258.38
Other!current!liabilities !!!!!!!4,746.83 !!!!!!!4,989.85 !!!!!!!3,983.92 !!!!!!!3,777.67
Provisions !!!!!!!!!!!463.35 !!!!!!!!!!!377.64 !!!!!!!!!!!432.50 !!!!!!!!!!!322.58
Current!tax!liabilities-Net !!!!!!!!!!!866.12 !!!!!!!!!!!615.15 !!!!!!!!!!!726.13 !!!!!!!!!!!615.15
TOTAL 90,669.46 78,487.78 88,309.37 75,895.47
For & on behalf of the Board
Digitally signed
NIKHIL by NIKHIL
KUMAR
KUMA Date:
2022.05.10
R 13:32:00
+05'30'
Place: Frankfurt Nikhil Kumar
Date: 10th May 2022 Managing Director
CASH FLOW STATEMENT FOR (Rupees in Lakhs)
Year Ended Year Ended Year Ended Year Ended
Particulars 31.03.2022 31.03.2021 31.03.2022 31.03.2021
` ` ` `
CASH FLOW FROM OPERATING ACTIVITIES
Net Profit before tax 9,207.51 5,648.33 7,379.33 2,351.59
Adjustments!for:
Depreciation !!!!!!!2,014.88 !!!!!!!2,015.70 !!!!!!!1,934.62 !!!!!!!1,962.77
Amortisation !!!!!!!!!!!189.08 !!!!!!!!!!!134.06 !!!!!!!!!!!189.08 !!!!!!!!!!!134.06
(Profit)!/!Loss!on!disposal!of!Property,!Plant!and!
Equipments! !!!!!!!!!!!!!!(0.06) !!!!!!!!!!!(10.50) !!!!!!!!!!!!!!(0.06) !!!!!!!!!!!(10.50)
Unbilled!revenue !!!!!!!!!!!!!26.68 !!!!!!!!!!!!!53.10 !!!!!!!!!!!!!26.68 !!!!!!!!!!!!!53.10
Interest!income!on!bank!deposits !!!!!!!!!(642.28) !!!!!!!!!(634.84) !!!!!!!!!(642.22) !!!!!!!!!(634.70)
Interest!income!on!financial!assets!(Non-convertible!
debentures!carried!at!amortised!cost) !!!!!!!!!!!(81.10) !!!!!!!!!!!(80.87) !!!!!!!!!!!(81.10) !!!!!!!!!!!(80.87)
Interest!income!accrued!on!financial!assets!(Non-
convertible!debentures!carried!at!amortised!cost) !!!!!!!!!!!(94.43) !!!!!!!!!!!(94.19) !!!!!!!!!!!(94.43) !!!!!!!!!!!(94.19)
Interest!on!the!loan!given!to!subsidiaries !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!(41.18) !!!!!!!!!!!(47.76)
Interest!expenses!(including!foreign!exchange!difference!
recorded!as!adjustment!to!borrowing!cost) !!!!!!!!!!!205.70 !!!!!!!!!!!446.54 !!!!!!!!!!!205.70 !!!!!!!!!!!445.85
Compensation!expenses!under!Employee!Stock!Option!
Scheme !!!!!!!!!!!133.61 !!!!!!!!!!!303.74 !!!!!!!!!!!133.61 !!!!!!!!!!!303.74
Unrealised!foreign!exchange!loss/(gain)!(net) !!!!!(1,012.85) !!!!!!!!!(183.88) !!!!!(1,154.21) !!!!!!!!!(295.10)
Provision!no!longer!required!(including!exceptional!item) !!!!!!!!!(757.72) !!!!!!!!!(717.51) !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!-
Provision!for!warranty!claims !!!!!!!!!!!!!78.25 !!!!!!!!!!!!!!!!8.48 !!!!!!!!!!!102.36 !!!!!!!!!!!!!!!!8.48
Provision!for!leave!encashment !!!!!!!!!!!!!54.71 !!!!!!!!!!!!!22.48 !!!!!!!!!!!!!54.36 !!!!!!!!!!!!!22.20
Operating profit before working capital changes 9,321.98 6,910.64 8,012.54 4,118.67
Adjustments for :
Decrease/(Increase)!in!trade!receivables !!!!!(7,887.76) !!!!!!!1,010.24 !!!!!(6,897.93) !!!!!!!1,015.30
Decrease/(Increase)!in!other!receivables!&!current!and!
non-current!assets !!!!!(1,203.19) !!!!!(3,119.05) !!!!!!!!!(976.32) !!!!!(3,006.57)
Decrease/(Increase)!in!inventories !!!!!(2,036.56) !!!!!(4,437.32) !!!!!(4,578.47) !!!!!(1,987.97)
(Decrease)/Increase!in!trade!payables !!!!!!!4,327.99 !!!!!(3,493.48) !!!!!!!4,511.71 !!!!!(3,024.50)
(Decrease)/Increase!in!other!payable,!provision!&!current!
and!non-current!liabilities !!!!!!!!!!!278.92 !!!!!!!3,822.50 !!!!!!!!!!!612.20 !!!!!!!3,533.55
Cash generated from operations 2,801.38 693.53 683.73 648.48
Direct!taxes!paid!including!TDS !!!!!(1,710.65) !!!!!!!!!(979.05) !!!!!(1,623.07) !!!!!!!!!(678.54)
Net cash flow from operating activities - A 1,090.73 (285.52) (939.34) (30.06)
Cash flow from investing activities
Payment!for!property,plant!and!equipments!(net!of!transfer!
of!CWIP!to!property,!plant!and!equipments) !!!!!(1,121.25) !!!!!(1,165.29) !!!!!!!!!(802.75) !!!!!(1,050.31)
Payment!for!intangible!assets!(net!of!transfer!from!
intangible!assets!under!development) !!!!!!!!!(376.70) !!!!!!!!!(343.02) !!!!!!!!!(376.70) !!!!!!!!!(343.02)
Proceeds!from!disposal!of!property,plant!and!equipments !!!!!!!!!!!!!14.87 !!!!!!!!!!!!!19.52 !!!!!!!!!!!!!!!!2.50 !!!!!!!!!!!!!19.52
Proceeds!from!repayment!of!loan!given!to!subsidiary !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!37.68 !!!!!!!!!!!!!85.36
Interest!received!on!loan!given!to!subsidiary !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!41.18 !!!!!!!!!!!!!47.76
Interest!received!on!bank!deposits !!!!!!!!!!!959.01 !!!!!!!!!!!667.37 !!!!!!!!!!!958.95 !!!!!!!!!!!667.23
Net cash from/(used in) investing activities - B (524.07) (821.42) (139.14) (573.46)
Particulars 31.03.2022 31.03.2021 31.03.2022 31.03.2021
` ` ` `
Cash flow from financing activities
Proceeds!from!working!capital!borrowings!(net) !!!!!!!1,865.84 !!!!!(1,561.15) !!!!!!!1,865.84 !!!!!(1,561.15)
Proceeds!from!ESOP!exercised!received !!!!!!!!!!!126.40 !!!!!!!!!!!126.41 !!!!!!!!!!!126.40 !!!!!!!!!!!126.41
Proceeds!from!issue!of!shares!to!ESOP!Trust !!!!!!!!!!!!!17.01 !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!17.01 !!!!!!!!!!!!!!!!!!-
Interest!paid !!!!!!!!!(149.60) !!!!!!!!!(307.58) !!!!!!!!!(149.60) !!!!!!!!!(306.89)
Dividend!Received!by!ESOP!Trust !!!!!!!!!!!!!!!!4.95 !!!!!!!!!!!!!!!!2.68 !!!!!!!!!!!!!!!!4.95 !!!!!!!!!!!!!!!!2.68
Dividend!Paid,!including!dividend!distribution!tax !!!!!!!!!(776.49) !!!!!!!!!(232.02) !!!!!!!!!(776.49) !!!!!!!!!(232.02)
Net cash flow from financing activities - C 1,088.11 (1,971.66) 1,088.11 (1,970.97)
Net!Foreign!exchange!difference!on!translation!of!foreign!
operations!-!D !!!!!!!!!(858.48) !!!!!!!!!(255.78) !!!!!!!!!!!!!60.76 !!!!!!!!!!!!!55.77
Net increase/decrease in cash and cash equivalents
(A+B+C+D) 796.29 (3,334.38) 70.39 (2,518.72)
Effect!of!exchange!rate!changes!on!the!balance!of!cash!and!
cash!equivalents!held!in!foreign!currencies! !!!!!!!!!!!!!!(1.85) !!!!!!!!!!!(52.39) !!!!!!!!!!!!!!(1.85) !!!!!!!!!!!(52.39)
Cash!and!cash!equivalents!at!the!beginning!of!the!year !!!!!!!4,744.90 !!!!!!!8,131.67 !!!!!!!3,777.81 !!!!!!!6,348.92
Cash and cash equivalents at the end of the year 5,539.34 4,744.90 3,846.35 3,777.81
Cash and cash equivalents at the end of the year -

constitute
Balances!with!banks
In!current!accounts !!!!!!!3,123.27 !!!!!!!3,141.79 !!!!!!!1,430.28 !!!!!!!2,174.74
In!EEFC!account !!!!!!!!!!!701.21 !!!!!!!!!!!507.72 !!!!!!!!!!!701.21 !!!!!!!!!!!507.72
In!Cash!Credit!Account !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!412.85 !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!412.85
In!deposit!accounts!with!less!than!3!months!maturity !!!!!!!1,709.54 !!!!!!!!!!!680.00 !!!!!!!1,709.54 !!!!!!!!!!!680.00
Cash!on!hand !!!!!!!!!!!!!!!!5.32 !!!!!!!!!!!!!!!!2.54 !!!!!!!!!!!!!!!!5.32 !!!!!!!!!!!!!!!!2.50
5,539.34 4,744.90 3,846.35 3,777.81
Digitally signed
NIKHIL byKUMAR
NIKHIL
Date:
KUMAR 2022.05.10
13:31:15 +05'30'

NOTES TO FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2022
Notes:
1 The Financial results have been prepared in accordance with the Ind AS notified under the Companies (Indian
Accounting Standard) Rules, 2015. The above financial results have been recommended by the Audit committee and
approved!by!the!Board!of!Directors!at!their!respective!meetings!held!on!10th!May!2022.
2 The Ind AS financial results and financial information for the quarter ended March 31, 2022 and quarter ended March
31, 2021 is the balancing figure between audited figures in respect of the full year and published unaudited year to
date!figures!upto!the!third!quarter,!which!were!subject!to!the!limited!review!by!the!auditors.
3 The consolidated financial results relate to TDPS Group. The Group consists of TD Power Systems Limited and its
wholly!owned!Indian!and!Overseas!subsidiaries!as!follows:
D!F!Power!Systems!Private!Limited,!India
TD!Power!Systems!USA!Inc,!United!States!of!America
TD!Power!Systems!Japan!Limited,!Japan
TD!Power!Systems!Europe!GMBH,!Germany
TD!Power!Systems!Jenerator!Sanayi!Anonim!Sirketi,!Turkey
4 During the quarter ended 30th September 2019, the Company has implemented TDPSL Equity Based Compensation
Plan 2019, ("Plan") through employee welfare trust after obtaining necessary approvals as per provision of the
Companies Act, 2013. The employee cost on account of Employee Stock Options and Employee Stock Appreciation
Rights granted as per the plan has been accounted for in the Statement of Profit & Loss and the cost of shares acquired
for!the!purpose!of!the!Plan!has!been!included!under!Other!Equity.
During the year ended 31st March 2022, 1,70,084 Equity Shares of `.10/- each were issued & allotted to the TDPSL
Employee Welfare Trust (Trust) in respect of the exercise of 2,26,760 ESARs by grantees. Consequently, the paid up
capital of the Company as at March 31, 2022 stands at `.3,110.35 Lakhs comprising 3,11,03,498 Equity Shares of
`.10/-each. As per the TDPSL Equity Based Compensation Plan 2019, the said shares were transferred by the Trust to
the!ESAR!Grantees!in!settlement!of!the!ESAR’S!exercised.
During the year ended 31st March 2022, 1,87,961 ESOPs (PY: 1,87,961 ESOPs) vested and were exercised at an
exercise price of `.67.25 (PY:`.67.25) per option against which 1,87,961 Equity shares (PY: 1,87,961 Equity shares) of
the Company were transferred to the ESOP grantees by TDPSL Employee Welfare Trust. The exercise price received
by the Trust in respect of the said ESOP’s amounted to `. 126.40 lakhs (PY:`. 126.41 lakhs) in terms of the TDPSL
Equity!Based!Compensation!Plan!2019.
5(a) The net worth of the Indian Subsidiary Company continues to be positive owing to substantial reduction of
accumulated losses. There is a write back of creditors and provisions amounting to `.757.72 lakhs (PY `. 717.51
Lakhs) in respect of reduction in liability related to project cancellation & supply related issues. Discussion are
ongoing with remaining creditors for adjustments/settlement. Further, while such of the receivables which are
doubtful of realisation have been fully provided for from time to time, efforts are ongoing to realise receivables which
will help in reviving business. The Company continues to evaluate business proposals related to engineering services
which is gradually recovering due to the ongoing pandemic and will review possibilities in this regard from time to
time with required support from the parent Company. Accordingly, the financial statements of that subsidiary are
continued to be prepared on a going concern basis which is considered appropriate by the management of that
company.
(b) The overseas subsidiary in USA has accumulated losses exceeding its share capital and has eroded its networth as at
the end of the reporting period. The Subsidiary’s liabilities exceeds its total assets by `. 882.84 lakhs (PY: `. 1,018.06!
Lakhs). A substantial portion of the liabilities is loan from the Parent company which is being renewed on timely basis
reflecting the parent company’s resolve to support and grow the market. Over the last 3-4 years this subsidiary has
improved foothold in the American market and has delivered certain initial orders from very reputed customers. This
will help in receiving improved orders in the forthcoming years enabling better operating performance. The
subsidiary is manging it’s cash flow requirements. However, the parent company is authorised by its Board to infuse
further funds as and when required. Based on this, the management of that company is of the opinion that the going
concern assumption in preparation of the financial statements of that company is appropriate. Hence, considering the
future prospects of the said subsidiary no provision for impairment in the carrying value of the investment in this
subsidiary!is!considered!necessary!by!the!management!of!the!company!in!the!standalone!financial!results.
6 The management has considered the possible effects that may result from the Covid-19 pandemic on the carrying
value of assets. In developing the assumptions relating to the possible future uncertainties in the economic conditions
because of this pandemic, the group, as at the date of approval of these financial results has used internal and external
sources of information to assess the expected future performance of the group. The group has internally assessed
sensitivity of the assumptions used and based on the current estimates, the group expects that the carrying amount of
the assets, as reflected in the balance sheet as at March 31, 2022, are fully recoverable. The management has also
estimated the future cash flows for the group with the possible effects that may result from the COVID-19 pandemic
and does not foresee any adverse impact on its ability to continue as going concern and in meeting its liabilities as and
when they fall due. The actual impact of the Covid-19 pandemic may be different from that estimated as at the date of
approval!of!these!financial!results.
7 During May 2021, the company has received demand from Income tax department of `.1,942 lakhs for AY 2017-18
with respect to Transfer Pricing and other disallowance u/s 143(3) r.w.s 144C (3) read with section 144B of the
Income-tax Act. The Transfer Pricing Officer (TPO) has passed an order with demand considering transfer pricing
adjustment on the overall turnover of the Company instead of restricting to transactions with Associate Enterprises.
The Sales to Associate Enterprises for the said year is `.1,964.90 lakhs as compared to the Sales of the entire Company
of `.36,944.03 lakhs. Disputing the said order, the Company filed an objection before the Dispute Resolution panel of
the Income Tax Department at Bengaluru on May 26 2021. Further, consequent to a writ petition filed by the
Company, the operation of the assessment order & recovery proceedings has been stayed by the Hon’ble High Court of
Karnataka!vide!it’s!order!dated!June!30!2021.
The!Company!has!received!assessment!order!u/s!143(3)!r.w.s!260!read!with!section!144B!of!the!Income!Tax!Act!based!
on directions of Dispute Resolution panel. Further, consequent to a writ petition filed by the Company, the operation
of the assessment order & recovery proceedings has been stayed by the Hon’ble High Court of Karnataka vide it’s
order!dated!March!21,!2022.
8 Other comprehensive income includes foreign exchange translation Loss of `.752.30 Lakhs which is notional in nature
from our foreign Subsidiary-Turkey due to sharp depreciation of Turkish Lira to Indian Rupee from ` 8.84 (TL to INR)
at!the!beginning!of!the!year!to!` 5.15!(TL!to!INR)!at!the!end!of!year,!a!drop!of!42%.
9 The Board of Directors have recommended a final dividend of `. 3.50 (Previous Year: `. 2.50) per equity share of ` .10/-!
each for the financial year ended 31st March 2022 subject to the approval of the shareholders in the annual general
meeting!of!the!company.
10 Segment!wise!Revenue,!Results,!assets!and!liabilities!are!stated!separately.
For TD Power Systems Limited
Digitally signed
NIKHIL byKUMAR
NIKHIL
KUMAR Date: 2022.05.10

13:31:43 +05'30'
Place:!Frankfurt Nikhil Kumar

Date:!10th!May!2022 Managing Director
is relations

(CIN -L31103KA1999PLC025071)
Bengaluru — 562 111 India
Tel +91 80 229 95700 / 6633 7700

May 10, 2022
Fax +9180 27734439 / 2299 5718
Mail tdps@tdps.co.in
The Corporate Service The Listing Department
Department The National Stock Exchange of India Ltd. www.tdps.co.in
BSE Limited Exchange Plaza, Bandra- Kurla Complex
P J Towers, Dalal Street Bandra (East)
Mumbai — 400 001 Mumbai 400 051
Sirs,
Sub: Declaration pursuant to Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015
|, MN Varalakshmi Chief Financial Officer of TD Power Systems Limited having its Registered Office
at # 27, 28 & 29, KIADB Industrial Area, Dabaspet, Nelamangala Taluk, Bangalore, Karnataka - 562
111, India, hereby declare that, Varma & Varma (FRN 004532S) Statutory Auditors of the Company
have issued Audit Reports with unmodified opinion on Annual Audited Financial Results of the
Company (Standalone & Consolidated) for the year ended March 31, 2022.
Kindly take this declaration on your records,
Thanking You
Yours truly,
For TD POWER SYSTEMS LIMITED
a
MN Varalakshmi
CFO
cers is relations

(CIN -L31103KA1999PLC025071)
Date: May 10, 2022
The Corporate Service The Listing Department Bengaluru — 562 111 India
Department The National Stock Exchange of India Ltd.
BSE Limited Exchange Plaza, Bandra- Kurla Complex Tel +91 80 229 95700 / 6633 7700
P J Towers, Dalal Street Bandra (East) Fax +9180 27734439 / 2299 5718
Mumbai — 400 001 Mumbai 400 051 Mail tdps@tdps.co.in
www.tdps.co.in
Sirs,
Sub: Outcome of Board Meeting held today i.e. May 10 2022
The Board of Directors of the Company at their meeting held today considered inter alia the following;
1. Approved the Standalone and Consolidated Audited Financial Results of the Company for the quarter and
year ended March 31, 2022 and noted the Statutory Auditors’ Report thereon.
2. Recommended a final dividend of 35% i.e. Rs.3.50 per Equity Share of face value of Rs.10 each for the
financial year ended March 31,2022. The said dividend, if declared at the ensuing Annual General Meeting
{AGM) of the Company, will be paid within 30 days from the date of AGM.
The declaration on the audit report pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (LODR) is enclosed.
The Company has opted to publish an extract of the consolidated financial results, pursuant to option made
available as per Regulation 33 & 47 of the SEBI (LODR) Regulations, 2015. The Standalone Financial Results is
being uploaded on the Company's website www.tdps.co.in. The key information on the standalone financial
results is as under:
(Rs. in Lakhs)
Particulars Quarter ended Year ended
31.03.2022 | 31.03.2021 | 31.03.2022 | 31.03.2021
(Audited) | (Audited) (Audited) (Audited)
Net Sales / Income from Operations 21,437.51 17,036.70 71,880.55 49,941.43
Profit Before Tax 2,923.90 1,322.05 7,379.33 2,351.59
Profit After Tax 2,183.77 1,005.03 5,441.49 1,747.75
Total Comprehensive income for the period 2,179.61 981.37 5,317.62 1,793.85
{Comprising Profit for the period (after tax} and
other Comprehensive Income (after tax))
Kindly take the above on record.
Thanking you,
For TD Power Systems Limited,
Company Secretary
Encl: A/a
Report on the audit of the Standalone Annual Financial Results
Opinion
We have audited the accompanying Statement of Standalone Annual Financial Results of TD
Power Systems Limited (herein after referred to as the “Company”) for the year ended 31st March,
2022 (“standalone annual financial results”), attached herewith, being submitted by the company
pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India
(“SEBI”) (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
(“Listing Regulations”).
In our opinion and to the best of our information and according to the explanations given to us
these standalone financial results:
i. are presented in accordance with the requirements of Regulation 33 of the Listing
ii. give a true and fair view in conformity with the recognition and measurement principles laid
down in the applicable Indian Accounting Standards and other accounting principles
generally accepted in India of the net profit and other comprehensive income and other
financial information for the year ended 31st March, 2022.
Basis for Opinion
section 143(10) of the Companies Act, 2013 (the Act). Our responsibilities under those
Standards are further described in the Auditor’s Responsibilities for the Audit of the Standalone
Annual Financial Results 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 together with the
ethical requirements that are relevant to our audit of the Standalone Annual Financial Results for
the year ended 31 March, 2022 under the provisions of the Companies Act, 2013 and the Rules
thereunder, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the Code of Ethics. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion on the standalone annual financial
results.
Emphasis of Matter
(a) We draw attention to Note No. 5(a) & 5(b) in the audited Standalone Annual Financial Results,
which describes the basis on which the going concern assumption in the preparation of financial
statements of two subsidiaries was considered to be appropriate and the evaluation of the carrying
value of investment in one subsidiary and that no further provision for impairment in the carrying
value of the investment in that subsidiary is considered necessary by the management.
Tel: +91+80+42444999,
(b) We draw attention to Note No. 6 in the audited Standalone Annual Financial Results, which
describes the impact of COVID-19 pandemic, carried out by the management of the company on
the company’s business operations, financial position, carrying value of assets and the
uncertainties associated with such evaluation in the present circumstances and that the impact
may be different from that assessed as the date of approval of these financial results.
Our opinion is not modified in respect of the above two matters.
Management’s and Board of Directors’ Responsibilities for the Standalone Annual Financial
Results
These standalone annual financial results have been prepared on the basis of the Standalone
Financial Statements of the company. The Company’s Board of Directors are responsible for the
preparation of these standalone annual financial results that give a true and fair view of the net profit
and other comprehensive income and other financial information of the company in accordance with
the recognition and measurement principles laid down in Indian Accounting Standards
prescribed under Section 133 of the Act read with relevant rules issued thereunder and other
accounting principles generally accepted in India and in compliance with Regulation 33 of the
Listing Regulations. This responsibility also includes maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding of 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 standalone annual financial results that give a true and fair
view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone annual financial results, the Management and the Board of Directors
are 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 Board of Directors are also responsible for overseeing the Company’s financial reporting
process.
Auditor’s Responsibilities for the Audit of the Standalone Financial Results
Our objectives are to obtain reasonable assurance about whether the standalone annual
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 annual financial
results.
Tel: +91+80+42444999,
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 annual financial
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 financial statements in place and the operating

accounting estimates and related disclosures in the standalone annual financial results made by
the Management and by the Board of Directors.
• Conclude on the appropriateness of the Management and the Board of Directors’ 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 annual financial results 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 annual financial
results, including the disclosures, and whether the financial results represent the underlying
transactions and events in a manner that achieves fair presentation.
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.
Tel: +91+80+42444999,
Other Matters
i) We did not audit the financial statements of Japan Branch included in the standalone financial
results of the Company whose financial statements reflect total assets of INR 1,947.52 Lakhs,
total revenues of INR 1,509.78 Lakhs and net loss after tax of INR 53.16 Lakhs for the year
ended 31 March, 2022 as considered in the standalone annual financial results. The financial
statements of the Branch have been audited by the branch auditors whose report has been
furnished to us, and our opinion in so far as it relates to the amounts and disclosures included
in respect of the Branch, is based solely on the report of such branch auditors.
ii) As stated in Note No. 2, the standalone annual financial results include results for the quarter
ended 31st March 2022 and quarter ended 31st March 2021 being the balancing figure between
audited figures in respect of the full financial year and the published unaudited year to date
figures up to the third quarter of the financial year, which were subject to limited review by us.
Our opinion is not modified in respect of the above matters.
For VARMA & VARMA

FRN 004532S

by Srinivas K P
Date:
as K P 2022.05.10
13:38:12 +05'30'
K.P. SRINIVAS
Date: 10th May 2022 M.No.208520
UDIN: 22208520AISBKP6356
Tel: +91+80+42444999,
Report on the Audit of Consolidated Annual Financial Results
Opinion
We have audited the accompanying Statement of Consolidated Annual Financial Results of TD

Power Systems Limited (hereinafter referred to as the ‘Holding Company”) and its
subsidiaries (Holding Company and its subsidiaries together referred to as “the Group”) , for
the year ended 31st March, 2022 (“consolidated annual financial results”) attached herewith,
being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the
Securities and Exchange Board of India (“SEBI”) (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended (‘Listing Regulations’).
In our opinion and to the best of our information and according to the explanations given to us and
based on the consideration of reports of other auditors on separate audited financial
statements of the subsidiaries, the aforesaid consolidated annual financial results:
(i) includes the annual financial results of the following entities:
a) D F Power Systems Private Limited, India

b) TD Power Systems USA Inc, United States of America
c) TD Power Systems Japan Limited, Japan
d) TD Power Systems Europe GMBH, Germany
e) TD Power Systems Jenerator Sanayi Anonim Sirketi, Turkey
(ii) are presented in accordance with the requirements of Regulation 33 of the Listing
(iii) give a true and fair view in conformity with the recognition and measurement principles laid
down in the applicable Accounting Standards and other accounting principles generally
accepted in India, of the consolidated net profit and other comprehensive income and other
financial information of the Group for the year ended 31st March, 2022.
Basis for Opinion
section 143(10) of the Companies Act, 2013 (“the Act”). Our responsibilities under those Standards
are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Annual
Financial Results section of our report. We are independent of the Group, in accordance with
the Code of Ethics issued by the Institute of Chartered Accountants of India together with the
ethical requirements that are relevant to our audit of the consolidated annual financial results
under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have
fulfilled our other ethical responsibilities in accordance with these requirements and the Code of
Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their
reports referred to in “Other Matter” paragraph below, is sufficient and appropriate to provide a
basis for our opinion on the consolidated annual financial results.
Tel: +91+80+42444999,
Emphasis of Matter
We draw attention to Note no.6 in the Consolidated Annual Financial Results, which describes the
evaluation of the impact of COVID-19 carried out by the management on the group’s business
operations, financial position, carrying value of assets and the uncertainties associated with such
an evaluation in the present circumstances and that the impact may be different from that
assessed as at the date of approval of these financial statements.
Our opinion is not modified in respect of this matter.
Management’s and Board of Directors’ Responsibilities for the Consolidated Annual

Financial Results
These Consolidated annual financial results have been prepared on the basis of the
consolidated financial statements. The Holding Company’s Board of Directors are responsible
for the preparation and presentation of these consolidated annual financial results that give a true
and fair view of the net profit and other comprehensive income and other financial information of
the Group in accordance with the recognition and measurement principles laid down in Indian
Accounting Standards prescribed under Section 133 of the Act read with relevant rules
issued thereunder and other accounting principles generally accepted in India and in
compliance with Regulation 33 of the Listing Regulations. The respective Management and Board
of Directors of the companies included in the Group are responsible for maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding of the assets of
the Group 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 the design, implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the consolidated annual
financial results that give a true and fair view and are free from material misstatement, whether
due to fraud or error, which have been used for the purpose of preparation of the consolidated
annual financial results by the Management and the Directors of the Holding Company, as
aforesaid.
In preparing the consolidated annual financial results, the respective Management and the Board
of Directors of the companies included in the Group are responsible for assessing the ability
of the group to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the respective Board of
Directors either intends to liquidate the Group or to cease operations, or has no realistic
The respective Board of Directors of the companies included in the Group are responsible for
overseeing the financial reporting process of the Group.
Tel: +91+80+42444999,
Auditor’s Responsibilities for the Audit of the Consolidated Annual Financial Results
Our objectives are to obtain reasonable assurance about whether the consolidated annual
of assurance but is not a guarantee that an audit conducted in accordance with Standards on
Auditing 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
consolidated annual financial results.
As part of an audit in accordance with Standards on Auditing, we exercise professional judgment

and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the consolidated annual financial
• Obtain an understanding of internal control relevant to the audit 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 financial statements in place and the operating
accounting estimates and related disclosures in the consolidated annual financial results made by
the Management and by the Board of Directors of the Holding Company.
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 consolidated annual
financial results 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 Group to cease to continue as a going
concern.
• Evaluate the overall presentation, structure, and content of the consolidated annual financial
results, including the disclosures, and whether the consolidated annual financial results
represent the underlying transactions and events in a manner that achieves fair presentation.
Tel: +91+80+42444999,
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities
within the Group to express an opinion on the consolidated annual financial results. We are
responsible for the direction, supervision, and performance of the audit of financial information
of such entities included in the consolidated annual financial results of which we are the
independent auditors. For the other entities included in the consolidated annual financial
results, which have been audited by other auditors, such other auditors remain responsible for
the direction, supervision and performance of the audits carried out by them. We remain
solely responsible for our audit opinion.
We communicate with those charged with governance of the Holding Company 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.
Perform procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of
the Listing Regulations to the extent applicable.
Other Matters
i. The Consolidated Annual Financial Results include the audited financial results of one Indian
subsidiary, whose Financial Statements reflect total assets of INR 851.40 Lakhs as at 31st
March, 2022, total revenue of INR 15.53 Lakhs and total net profit after tax of INR 762.26
Lakhs for the year ended 31st March, 2022, as considered in the consolidated annual
Financial Results, which have been audited by the independent auditors of the subsidiary
company. The independent auditors’ report on financial statements of that entity have been
furnished to us and our opinion on the consolidated annual Financial Results, in so far as it
relates to the amounts and disclosures included in respect of this entity, is based solely on the
ii. The Consolidated Annual Financial Results include the audited financial results of four foreign
subsidiaries, whose Special Purpose Financial Statements reflect total assets of INR
10,056.06 Lakhs as at 31st March, 2022 , total revenue of INR 18,454.38 Lakhs and total net
profit after tax of INR 725.34 Lakhs for the year ended 31st March, 2022, as considered in
the Consolidated Annual Financial Results, which have been audited by an independent firm
of Chartered Accountants in India. The report of the independent firm of chartered
accountants on the Special Purpose financial statements of those subsidiaries have been
furnished to us and our opinion on the consolidated annual financial results, in so far as it
relates to the amounts and disclosures included in respect of these entities, is based solely on
the report on the special purpose financial statements issued by that Independent firm of
Chartered Accountants in India and the procedures performed by us are as stated in
paragraph above.
Tel: +91+80+42444999,
Our opinion on the Consolidated Annual Financial Results is not modified in respect of
the matters referred in (i) and (ii) above with respect to our reliance on the work done and
the reports of the other auditors/ independent firm of Chartered Accountants in India.
iii. As stated in Note No. 2, the consolidated annual financial results include results for the
quarter ended 31st March 2022 and quarter ended 31st March 2021 being the balancing figure
between audited figures in respect of the full financial year and the published unaudited year
to date figures up to the third quarter of the financial year, which were subject to limited review
by us.
Our opinion is not modified in respect the matter referred in (iii) above.
For VARMA & VARMA

FRN 004532S

by Srinivas K P
as K P
Date: 2022.05.10
13:39:22 +05'30'
K.P. SRINIVAS
Date: 10th May 2022 M.No.208520
UDIN: 22208520AISCCI5221
Tel: +91+80+42444999,
(` in Lakhs)
Sl. Quarter ended Year ended Quarter ended Year ended
Particulars
No. 31.03.2022 31.12.2021 31.03.2021 31.03.2022 31.03.2021 31.03.2022 31.12.2021 31.03.2021 31.03.2022 31.03.2021
(AUDITED)* (UNAUDITED) (AUDITED)* (AUDITED) (AUDITED) (AUDITED)* (UNAUDITED) (AUDITED)* (AUDITED) (AUDITED)
` ` ` ` ` ` ` ` ` `
Revenue
I Revenue!from!Operations! !!!!!!22,716.61 !!!!!!!!!!!17,980.71 !!!!!!16,834.60 !!!!!79,742.46 !!!!!59,358.43 !!!!!!21,437.51 !!!!!!!!!!!18,771.11 !!!!!!17,036.70 !!!!!71,880.55 !!!!!49,941.43
II Other!Income !!!!!!!!!!!!843.01 !!!!!!!!!!!!!!!!!325.31 !!!!!!!!!!!!267.67 !!!!!!!!1,671.42 !!!!!!!!!!!932.25 !!!!!!!!!!!!910.31 !!!!!!!!!!!!!!!!!400.34 !!!!!!!!!!!!486.12 !!!!!!!!1,756.48 !!!!!!!!1,268.50
III Total Income (I+II) 23,559.62 18,306.02 17,102.27 81,413.88 60,290.68 22,347.82 19,171.45 17,522.82 73,637.03 51,209.93
IV Expenses
Cost!of!materials!consumed !!!!!!16,696.01 !!!!!!!!!!!13,139.35 !!!!!!11,820.41 !!!!!55,200.11 !!!!!42,581.32 !!!!!!16,437.25 !!!!!!!!!!!13,637.41 !!!!!!10,941.47 !!!!!52,580.48 !!!!!35,077.29
Purchases!of!stock!in!trade !!!!!!!!!!!!176.20 !!!!!!!!!!!!!!!!!!!!(0.16) !!!!!!!!!!!!816.02 !!!!!!!!!!!940.96 !!!!!!!!1,002.01 !!!!!!!!!!!!176.20 !!!!!!!!!!!!!!!!!!!!(0.16) !!!!!!!!!!!!592.33 !!!!!!!!!!!940.96 !!!!!!!!!!!778.32
Changes!in!inventories!of!finished!goods,!stock-in-trade!and!work-in-progress !!!!!!!!!!(797.14) !!!!!!!!!!!!!!!(576.23) !!!!!!!(1,518.13) !!!!!!!!!!!847.22 !!!!!!(3,994.17) !!!!!!!!!!(952.35) !!!!!!!!!!!!!!!(152.61) !!!!!!!!!!!!395.54 !!!!!!(1,830.51) !!!!!!(1,428.04)
Employee!benefits!expense !!!!!!!!2,002.91 !!!!!!!!!!!!!2,136.64 !!!!!!!!2,257.66 !!!!!!!!8,056.97 !!!!!!!!7,940.28 !!!!!!!!1,703.29 !!!!!!!!!!!!!1,983.81 !!!!!!!!2,131.33 !!!!!!!!7,273.31 !!!!!!!!7,308.72
Finance!Costs !!!!!!!!!!!!!!70.75 !!!!!!!!!!!!!!!!!!!24.03 !!!!!!!!!!!!!(35.72) !!!!!!!!!!!205.70 !!!!!!!!!!!446.54 !!!!!!!!!!!!!!70.75 !!!!!!!!!!!!!!!!!!!24.03 !!!!!!!!!!!!!(36.41) !!!!!!!!!!!205.70 !!!!!!!!!!!445.85
Depreciation!and!amortisation!expense !!!!!!!!!!!!550.50 !!!!!!!!!!!!!!!!!561.89 !!!!!!!!!!!!545.63 !!!!!!!!2,203.96 !!!!!!!!2,149.76 !!!!!!!!!!!!529.28 !!!!!!!!!!!!!!!!!540.16 !!!!!!!!!!!!531.83 !!!!!!!!2,123.70 !!!!!!!!2,096.83
Other!expenses !!!!!!!!1,577.34 !!!!!!!!!!!!!1,100.54 !!!!!!!!1,549.61 !!!!!!!!5,509.17 !!!!!!!!5,234.12 !!!!!!!!1,459.50 !!!!!!!!!!!!!1,112.08 !!!!!!!!1,644.68 !!!!!!!!4,964.06 !!!!!!!!4,579.37
Total expenses (IV) 20,276.57 16,386.06 15,435.48 72,964.09 55,359.86 19,423.92 17,144.72 16,200.77 66,257.70 48,858.34
V Profit before exceptional items and tax (III-IV) 3,283.05 1,919.96 1,666.79 8,449.79 4,930.82 2,923.90 2,026.73 1,322.05 7,379.33 2,351.59
VI Exceptional!items!(Refer!Note!No.5(a)) !!!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!560.28 !!!!!!!!!!!!136.04 !!!!!!!!!!!757.72 !!!!!!!!!!!717.51 !!!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!-
VII Profit before tax (V-VI) 3,283.05 2,480.24 1,802.83 9,207.51 5,648.33 2,923.90 2,026.73 1,322.05 7,379.33 2,351.59
VIII Tax Expenses
(a)!Current!Tax !!!!!!!!!!!!791.39 !!!!!!!!!!!!!!!!!463.07 !!!!!!!!!!!!141.73 !!!!!!!!1,977.59 !!!!!!!!1,150.51 !!!!!!!!!!!!714.68 !!!!!!!!!!!!!!!!!491.60 !!!!!!!!!!!!193.34 !!!!!!!!1,772.83 !!!!!!!!!!!626.46
(b)!Deferred!Tax! !!!!!!!!!!!!!!25.45 !!!!!!!!!!!!!!!!!!!63.25 !!!!!!!!!!!!123.68 !!!!!!!!!!!165.01 !!!!!!!!!!!!(22.62) !!!!!!!!!!!!!!25.45 !!!!!!!!!!!!!!!!!!!63.25 !!!!!!!!!!!!123.68 !!!!!!!!!!!165.01 !!!!!!!!!!!!(22.62)
IX Profit for period/year (VII - VIII) 2,466.21 1,953.92 1,537.42 7,064.91 4,520.44 2,183.77 1,471.88 1,005.03 5,441.49 1,747.75
X Other Comprehensive Income
Items that will not be reclassified to profit or loss
(i)!Remeasurement!of!defined!benefit!plans !!!!!!!!!!!!!!41.01 !!!!!!!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!92.92 !!!!!!!!!!!!(84.34) !!!!!!!!!!!136.13 !!!!!!!!!!!!!!41.01 !!!!!!!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!92.92 !!!!!!!!!!!!(84.34) !!!!!!!!!!!136.13
(ii)!Tax!on!defined!benefit!plans !!!!!!!!!!!!!(10.32) !!!!!!!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!(23.38) !!!!!!!!!!!!!!21.23 !!!!!!!!!!!!(34.26) !!!!!!!!!!!!!(10.32) !!!!!!!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!(23.38) !!!!!!!!!!!!!!21.23 !!!!!!!!!!!!(34.26)
Items that will be reclassified to profit or loss
(i)!Exchange!difference!on!translation!of!foreign!operations!(Refer!Note!No.8) !!!!!!!!!!(136.54) !!!!!!!!!!!!!!!(592.18) !!!!!!!!!!(190.69) !!!!!!!!!(858.48) !!!!!!!!!(255.78) !!!!!!!!!!!!!(34.85) !!!!!!!!!!!!!!!!!(22.72) !!!!!!!!!!!!!(93.20) !!!!!!!!!!!!(60.76) !!!!!!!!!!!!(55.77)
XI Total Comprehensive Income for the period/year (IX+X) (Comprising Profit
and Other Comprehensive Income for the period/year) 2,360.36 1,361.74 1,416.27 6,143.32 4,366.53 2,179.61 1,449.16 981.37 5,317.62 1,793.85
Details of equity share capital:
XII Paid-up!equity!share!capital!(Face!value!of!`.10/-!per!share) !!!!!!!!3,110.35 !!!!!!!!!!!!!3,110.35 !!!!!!!!3,093.34 !!!!!!!!3,110.35 !!!!!!!!3,093.34 !!!!!!!!3,110.35 !!!!!!!!!!!!!3,110.35 !!!!!!!!3,093.34 !!!!!!!!3,110.35 !!!!!!!!3,093.34
XIII Reserves!(excluding!Revaluation!reserve) !!!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!!- !!!!!49,606.08 !!!!!43,974.30 !!!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!!- !!!!!49,155.37 !!!!!44,349.29
XIV Earnings per equity share
Basic!(in!`) !!!!!!!!!!!!!!!!!8.00 !!!!!!!!!!!!!!!!!!!!!!6.33 !!!!!!!!!!!!!!!!!5.04 !!!!!!!!!!!!!!22.96 !!!!!!!!!!!!!!14.83 !!!!!!!!!!!!!!!!!7.08 !!!!!!!!!!!!!!!!!!!!!!4.77 !!!!!!!!!!!!!!!!!3.29 !!!!!!!!!!!!!!17.68 !!!!!!!!!!!!!!!!5.73
Diluted!(in!`) !!!!!!!!!!!!!!!!!7.98 !!!!!!!!!!!!!!!!!!!!!!6.28 !!!!!!!!!!!!!!!!!4.97 !!!!!!!!!!!!!!22.80 !!!!!!!!!!!!!!14.61 !!!!!!!!!!!!!!!!!7.06 !!!!!!!!!!!!!!!!!!!!!!4.74 !!!!!!!!!!!!!!!!!3.25 !!!!!!!!!!!!!!17.56 !!!!!!!!!!!!!!!!5.65
*!Refer!Note!No.2
UNAUDITED SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(` in Lakhs)
Particulars 31.03.2022 31.12.2021 31.03.2021
30.06.2020
31.03.2022 31.03.2021 31.03.2022 31.12.2021 31.03.2021 31.03.2022 31.03.2021
(AUDITED)* (UNAUDITED) (AUDITED)*
(UNAUDITED)
(AUDITED) (AUDITED) (AUDITED)* (UNAUDITED) (AUDITED)* (AUDITED) (AUDITED)
` ` ` ` ` ` ` ` ` ` `
1 Segment Revenue
(net sale/income from each segment should be disclosed)
(a)!Manufacturing !!!!!25,696.58 !!!!!!!!!!21,303.05 !!!!!20,277.63 !!!!88,794.57 !!!!69,209.21 !!!!!21,158.42 !!!!!!!!!!18,654.85 !!!!!16,117.56 !!!!70,426.56 !!!!48,538.69
(b)!Project!Business!including!WOS !!!!!!!!!!!390.90 !!!!!!!!!!!!!!!!184.56 !!!!!!!!1,267.90 !!!!!!!1,725.51 !!!!!!!2,262.61 !!!!!!!!!!!390.90 !!!!!!!!!!!!!!!!184.56 !!!!!!!!1,032.43 !!!!!!!1,725.51 !!!!!!!2,027.14
(c)!Engineering,!procurement!and!construction!(EPC)! !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!-
Total segment revenue 26,087.48 21,487.61 21,545.53 90,520.08 71,471.82 21,549.32 18,839.41 17,149.99 72,152.07 50,565.83
Less:!Inter!Segment!Revenue !!!!!!!!!!!111.81 !!!!!!!!!!!!!!!!!!68.30 !!!!!!!!!!!113.29 !!!!!!!!!!271.52 !!!!!!!!!!624.40 !!!!!!!!!!!111.81 !!!!!!!!!!!!!!!!!!68.30 !!!!!!!!!!!113.29 !!!!!!!!!!271.52 !!!!!!!!!!624.40
Less:!Inter!Company !!!!!!!!3,259.06 !!!!!!!!!!!!3,438.60 !!!!!!!!4,597.64 !!!!10,506.10 !!!!11,488.99 !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!-
Revenue from operations 22,716.61 17,980.71 16,834.60 79,742.46 59,358.43 21,437.51 18,771.11 17,036.70 71,880.55 49,941.43
2 Segment Results:
(Profit)(+)/ Loss (-) before tax and interest from each segment)
(a)!Manufacturing !!!!!!!!3,252.80 !!!!!!!!!!!!2,603.14 !!!!!!!!1,806.66 !!!!!!!9,422.71 !!!!!!!4,919.23 !!!!!!!!3,252.80 !!!!!!!!!!!!2,603.14 !!!!!!!!1,806.66 !!!!!!!9,422.71 !!!!!!!4,919.23
(a1)!Less!:!Inter!Segment/Company !!!!!!!!!(384.95) !!!!!!!!!!!!!!!!!!80.23 !!!!!!!!!(353.54) !!!!!(1,155.94) !!!!!(2,528.79) !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!-
(b)!Project!Business!including!WOS !!!!!!!!!!!250.44 !!!!!!!!!!!!!!!!(29.33) !!!!!!!!!!!151.45 !!!!!!!!!!213.23 !!!!!!!!!!!!!41.11 !!!!!!!!!!!252.63 !!!!!!!!!!!!!!!!(27.08) !!!!!!!!!!!141.85 !!!!!!!!!!222.99 !!!!!!!!!!!!!39.89
(c)!Engineering,!procurement!and!construction!(EPC)! !!!!!!!!!!!!!!(2.39) !!!!!!!!!!!!!!!!!!!(2.62) !!!!!!!!!!!!!!(4.06) !!!!!!!!!!!(10.99) !!!!!!!!!!!(15.30) !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!-
Less:!Depreciation !!!!!!!!!!!550.50 !!!!!!!!!!!!!!!!561.89 !!!!!!!!!!!545.63 !!!!!!!2,203.96 !!!!!!!2,149.76 !!!!!!!!!!!529.28 !!!!!!!!!!!!!!!!540.16 !!!!!!!!!!!531.83 !!!!!!!2,123.70 !!!!!!!2,096.83
3,335.30 1,929.07 1,761.96 8,576.93 5,324.07 2,976.15 2,035.90 1,416.68 7,522.00 2,862.29
Less:(i)!Finance!cost !!!!!!!!!!!!!!70.75 !!!!!!!!!!!!!!!!!!24.03 !!!!!!!!!!!!(35.72) !!!!!!!!!!205.70 !!!!!!!!!!446.54 !!!!!!!!!!!!!!70.75 !!!!!!!!!!!!!!!!!!24.03 !!!!!!!!!!!!(36.41) !!!!!!!!!!205.70 !!!!!!!!!!445.85
(ii)!Other!unallocable!expenditure!net!off!unallocable!income!(including!
exceptional!item) !!!!!!!!!!!!(18.50) !!!!!!!!!!!!!!(575.20) !!!!!!!!!!!!!!(5.15) !!!!!!!!!(836.28) !!!!!!!!!(770.80) !!!!!!!!!!!!(18.50) !!!!!!!!!!!!!!!!(14.86) !!!!!!!!!!!131.04 !!!!!!!!!!!(63.03) !!!!!!!!!!!!!64.85
Profit before Tax 3,283.05 2,480.24 1,802.83 9,207.51 5,648.33 2,923.90 2,026.73 1,322.05 7,379.33 2,351.59
3 Capital Employed = Segment Assets - Segment liabilities
Segment Asset
(a)!Manufacturing !!!!!74,522.41 !!!!!!!!!!70,894.53 !!!!!60,311.25 !!!!74,522.41 !!!!60,311.25 !!!!!69,236.75 !!!!!!!!!!66,220.12 !!!!!54,816.99 !!!!69,236.75 !!!!54,816.99
(c)!Engineering,!procurement!and!construction!(EPC)! !!!!!!!!!!!!!!!!0.70 !!!!!!!!!!!!!!!!109.83 !!!!!!!!!!!115.29 !!!!!!!!!!!!!!!0.70 !!!!!!!!!!115.29 !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!-
(d)!Un-allocable!Segment !!!!!13,851.44 !!!!!!!!!!17,224.10 !!!!!14,341.34 !!!!13,851.44 !!!!14,341.34 !!!!!16,795.66 !!!!!!!!!!20,274.96 !!!!!17,389.01 !!!!16,795.66 !!!!17,389.01
90,669.46 90,742.52 78,487.78 90,669.46 78,487.78 88,309.37 88,987.76 75,895.47 88,309.37 75,895.47
Segment Liabilities
(a)!Manufacturing !!!!!28,337.81 !!!!!!!!!!31,092.70 !!!!!22,574.34 !!!!28,337.81 !!!!22,574.34 !!!!!26,478.49 !!!!!!!!!!29,658.11 !!!!!20,430.61 !!!!26,478.49 !!!!20,430.61
(c)!Engineering,!procurement!and!construction!(EPC)! !!!!!!!!!!!!!!17.25 !!!!!!!!!!!!!!!!!!17.44 !!!!!!!!!!!791.14 !!!!!!!!!!!!!17.25 !!!!!!!!!!791.14 !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!-
(d)!Un-allocable!Segment !!!!!!!!7,913.03 !!!!!!!!!!!!7,432.01 !!!!!!!!5,850.62 !!!!!!!7,913.03 !!!!!!!5,850.62 !!!!!!!!7,888.73 !!!!!!!!!!!!7,407.80 !!!!!!!!5,826.81 !!!!!!!7,888.73 !!!!!!!5,826.81
37,953.03 40,419.85 31,420.14 37,953.03 31,420.14 36,043.65 38,935.05 28,452.84 36,043.65 28,452.84
Note:-!In!Accordance!with!IND!AS!108!-!“Operating!Segments",!!the!above!segments!reported!are!based!on!the!review!of!the!Chief!Operating!Decision!Maker.
* Refer Note No.2
STANDALONE/CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES (Rupees in Lakhs)
As at As at As at As at
Particulars 31.03.2022 31.03.2021 31.03.2022 31.03.2021
` ` ` `
ASSETS
Non - current assets
Property,!Plant!and!Equipment !!!!!16,048.34 !!!!!16,995.10 !!!!!15,388.79 !!!!!16,561.42
Capital!work!in!progress !!!!!!!!!!!!!!63.47 !!!!!!!!!!!!!!25.15 !!!!!!!!!!!!!!63.47 !!!!!!!!!!!!!!25.15
Intangible!assets!other!than!Goodwill !!!!!!!!!!!586.91 !!!!!!!!!!!399.29 !!!!!!!!!!!586.91 !!!!!!!!!!!399.29
Intangible!assets!under!development !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!32.10 !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!32.10
Financial assets
Investments!(Refer!Note!No.5(a)!&!(b)) !!!!!!!1,993.94 !!!!!!!1,993.94 !!!!!!!3,771.63 !!!!!!!3,771.63
Loans !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!- !!!!!!!1,017.36 !!!!!!!1,017.38
Other!non-current!financial!assets !!!!!!!!!!!122.80 !!!!!!!!!!!122.80 !!!!!!!!!!!122.80 !!!!!!!!!!!122.80
Other!non-current!assets !!!!!!!1,853.97 !!!!!!!1,749.85 !!!!!!!1,853.97 !!!!!!!1,782.37
Current Assets
Inventories !!!!!20,914.66 !!!!!18,878.10 !!!!!19,152.93 !!!!!14,574.46
Financial assets
Trade!receivables !!!!!24,108.76 !!!!!16,188.86 !!!!!24,508.09 !!!!!17,578.02
Cash!and!cash!equivalents !!!!!!!5,539.34 !!!!!!!4,744.90 !!!!!!!3,846.35 !!!!!!!3,777.81
Bank!Balances!other!than!cash!and!cash!equivalents !!!!!10,594.99 !!!!!11,685.58 !!!!!10,594.99 !!!!!11,685.58
Other!current!financial!assets !!!!!!!2,995.69 !!!!!!!2,695.09 !!!!!!!2,247.90 !!!!!!!1,947.87
Other!current!assets !!!!!!!5,846.59 !!!!!!!2,977.02 !!!!!!!5,154.18 !!!!!!!2,619.59
TOTAL 90,669.46 78,487.78 88,309.37 75,895.47
Equity:
Share!Capital !!!!!!!3,110.35 !!!!!!!3,093.34 !!!!!!!3,110.35 !!!!!!!3,093.34
Other!Equity !!!!!49,606.08 !!!!!43,974.30 !!!!!49,155.37 !!!!!44,349.29
Non - current liabilities
Long!term!Provisions !!!!!!!!!!!499.39 !!!!!!!!!!!452.59 !!!!!!!!!!!499.39 !!!!!!!!!!!452.59
Deferred!tax!liabilities!(Net)! !!!!!!!!!!!792.22 !!!!!!!!!!!627.21 !!!!!!!!!!!792.22 !!!!!!!!!!!627.21
Current Liabilities
Short-term!Borrowings !!!!!!!7,096.51 !!!!!!!5,199.60 !!!!!!!7,096.51 !!!!!!!5,199.60
Trade!payables!:
-!total!outstanding!dues!of!micro!enterprises!and!Small!enterprises! !!!!!!!!!!!!!!64.34 !!!!!!!!!!!!!!60.26 !!!!!!!!!!!!!!64.34 !!!!!!!!!!!!!!60.26
-!total!outstanding!dues!of!creditors!other!than!micro!enterprises!and!
Small!enterprises! !!!!!15,068.12 !!!!!10,777.33 !!!!!14,613.91 !!!!!10,139.40
Other!current!financial!liabilities !!!!!!!8,356.15 !!!!!!!8,320.51 !!!!!!!7,834.73 !!!!!!!7,258.38
Other!current!liabilities !!!!!!!4,746.83 !!!!!!!4,989.85 !!!!!!!3,983.92 !!!!!!!3,777.67
Provisions !!!!!!!!!!!463.35 !!!!!!!!!!!377.64 !!!!!!!!!!!432.50 !!!!!!!!!!!322.58
Current!tax!liabilities-Net !!!!!!!!!!!866.12 !!!!!!!!!!!615.15 !!!!!!!!!!!726.13 !!!!!!!!!!!615.15
TOTAL 90,669.46 78,487.78 88,309.37 75,895.47
Digitally signed
NIKHIL by NIKHIL
KUMAR
KUMA Date:
2022.05.10
R 13:32:00
+05'30'
Particulars 31.03.2022 31.03.2021 31.03.2022 31.03.2021
` ` ` `
CASH FLOW FROM OPERATING ACTIVITIES
Net Profit before tax 9,207.51 5,648.33 7,379.33 2,351.59
Adjustments!for:
Depreciation !!!!!!!2,014.88 !!!!!!!2,015.70 !!!!!!!1,934.62 !!!!!!!1,962.77
Amortisation !!!!!!!!!!!189.08 !!!!!!!!!!!134.06 !!!!!!!!!!!189.08 !!!!!!!!!!!134.06
(Profit)!/!Loss!on!disposal!of!Property,!Plant!and!
Equipments! !!!!!!!!!!!!!!(0.06) !!!!!!!!!!!(10.50) !!!!!!!!!!!!!!(0.06) !!!!!!!!!!!(10.50)
Unbilled!revenue !!!!!!!!!!!!!26.68 !!!!!!!!!!!!!53.10 !!!!!!!!!!!!!26.68 !!!!!!!!!!!!!53.10
Interest!income!on!bank!deposits !!!!!!!!!(642.28) !!!!!!!!!(634.84) !!!!!!!!!(642.22) !!!!!!!!!(634.70)
Interest!income!on!financial!assets!(Non-convertible!
debentures!carried!at!amortised!cost) !!!!!!!!!!!(81.10) !!!!!!!!!!!(80.87) !!!!!!!!!!!(81.10) !!!!!!!!!!!(80.87)
Interest!income!accrued!on!financial!assets!(Non-
convertible!debentures!carried!at!amortised!cost) !!!!!!!!!!!(94.43) !!!!!!!!!!!(94.19) !!!!!!!!!!!(94.43) !!!!!!!!!!!(94.19)
Interest!on!the!loan!given!to!subsidiaries !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!(41.18) !!!!!!!!!!!(47.76)
Interest!expenses!(including!foreign!exchange!difference!
recorded!as!adjustment!to!borrowing!cost) !!!!!!!!!!!205.70 !!!!!!!!!!!446.54 !!!!!!!!!!!205.70 !!!!!!!!!!!445.85
Compensation!expenses!under!Employee!Stock!Option!
Scheme !!!!!!!!!!!133.61 !!!!!!!!!!!303.74 !!!!!!!!!!!133.61 !!!!!!!!!!!303.74
Unrealised!foreign!exchange!loss/(gain)!(net) !!!!!(1,012.85) !!!!!!!!!(183.88) !!!!!(1,154.21) !!!!!!!!!(295.10)
Provision!no!longer!required!(including!exceptional!item) !!!!!!!!!(757.72) !!!!!!!!!(717.51) !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!-
Provision!for!warranty!claims !!!!!!!!!!!!!78.25 !!!!!!!!!!!!!!!!8.48 !!!!!!!!!!!102.36 !!!!!!!!!!!!!!!!8.48
Provision!for!leave!encashment !!!!!!!!!!!!!54.71 !!!!!!!!!!!!!22.48 !!!!!!!!!!!!!54.36 !!!!!!!!!!!!!22.20
Operating profit before working capital changes 9,321.98 6,910.64 8,012.54 4,118.67
Adjustments for :
Decrease/(Increase)!in!trade!receivables !!!!!(7,887.76) !!!!!!!1,010.24 !!!!!(6,897.93) !!!!!!!1,015.30
Decrease/(Increase)!in!other!receivables!&!current!and!
non-current!assets !!!!!(1,203.19) !!!!!(3,119.05) !!!!!!!!!(976.32) !!!!!(3,006.57)
Decrease/(Increase)!in!inventories !!!!!(2,036.56) !!!!!(4,437.32) !!!!!(4,578.47) !!!!!(1,987.97)
(Decrease)/Increase!in!trade!payables !!!!!!!4,327.99 !!!!!(3,493.48) !!!!!!!4,511.71 !!!!!(3,024.50)
(Decrease)/Increase!in!other!payable,!provision!&!current!
and!non-current!liabilities !!!!!!!!!!!278.92 !!!!!!!3,822.50 !!!!!!!!!!!612.20 !!!!!!!3,533.55
Cash generated from operations 2,801.38 693.53 683.73 648.48
Direct!taxes!paid!including!TDS !!!!!(1,710.65) !!!!!!!!!(979.05) !!!!!(1,623.07) !!!!!!!!!(678.54)
Net cash flow from operating activities - A 1,090.73 (285.52) (939.34) (30.06)
Cash flow from investing activities
Payment!for!property,plant!and!equipments!(net!of!transfer!
of!CWIP!to!property,!plant!and!equipments) !!!!!(1,121.25) !!!!!(1,165.29) !!!!!!!!!(802.75) !!!!!(1,050.31)
Payment!for!intangible!assets!(net!of!transfer!from!
intangible!assets!under!development) !!!!!!!!!(376.70) !!!!!!!!!(343.02) !!!!!!!!!(376.70) !!!!!!!!!(343.02)
Proceeds!from!disposal!of!property,plant!and!equipments !!!!!!!!!!!!!14.87 !!!!!!!!!!!!!19.52 !!!!!!!!!!!!!!!!2.50 !!!!!!!!!!!!!19.52
Proceeds!from!repayment!of!loan!given!to!subsidiary !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!37.68 !!!!!!!!!!!!!85.36
Interest!received!on!loan!given!to!subsidiary !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!41.18 !!!!!!!!!!!!!47.76
Interest!received!on!bank!deposits !!!!!!!!!!!959.01 !!!!!!!!!!!667.37 !!!!!!!!!!!958.95 !!!!!!!!!!!667.23
Net cash from/(used in) investing activities - B (524.07) (821.42) (139.14) (573.46)
Particulars 31.03.2022 31.03.2021 31.03.2022 31.03.2021
` ` ` `
Cash flow from financing activities
Proceeds!from!working!capital!borrowings!(net) !!!!!!!1,865.84 !!!!!(1,561.15) !!!!!!!1,865.84 !!!!!(1,561.15)
Proceeds!from!ESOP!exercised!received !!!!!!!!!!!126.40 !!!!!!!!!!!126.41 !!!!!!!!!!!126.40 !!!!!!!!!!!126.41
Proceeds!from!issue!of!shares!to!ESOP!Trust !!!!!!!!!!!!!17.01 !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!!!17.01 !!!!!!!!!!!!!!!!!!-
Interest!paid !!!!!!!!!(149.60) !!!!!!!!!(307.58) !!!!!!!!!(149.60) !!!!!!!!!(306.89)
Dividend!Received!by!ESOP!Trust !!!!!!!!!!!!!!!!4.95 !!!!!!!!!!!!!!!!2.68 !!!!!!!!!!!!!!!!4.95 !!!!!!!!!!!!!!!!2.68
Dividend!Paid,!including!dividend!distribution!tax !!!!!!!!!(776.49) !!!!!!!!!(232.02) !!!!!!!!!(776.49) !!!!!!!!!(232.02)
Net cash flow from financing activities - C 1,088.11 (1,971.66) 1,088.11 (1,970.97)
Net!Foreign!exchange!difference!on!translation!of!foreign!
operations!-!D !!!!!!!!!(858.48) !!!!!!!!!(255.78) !!!!!!!!!!!!!60.76 !!!!!!!!!!!!!55.77
Net increase/decrease in cash and cash equivalents
(A+B+C+D) 796.29 (3,334.38) 70.39 (2,518.72)
Effect!of!exchange!rate!changes!on!the!balance!of!cash!and!
cash!equivalents!held!in!foreign!currencies! !!!!!!!!!!!!!!(1.85) !!!!!!!!!!!(52.39) !!!!!!!!!!!!!!(1.85) !!!!!!!!!!!(52.39)
Cash!and!cash!equivalents!at!the!beginning!of!the!year !!!!!!!4,744.90 !!!!!!!8,131.67 !!!!!!!3,777.81 !!!!!!!6,348.92
Cash and cash equivalents at the end of the year 5,539.34 4,744.90 3,846.35 3,777.81
Cash and cash equivalents at the end of the year -

constitute
Balances!with!banks
In!current!accounts !!!!!!!3,123.27 !!!!!!!3,141.79 !!!!!!!1,430.28 !!!!!!!2,174.74
In!EEFC!account !!!!!!!!!!!701.21 !!!!!!!!!!!507.72 !!!!!!!!!!!701.21 !!!!!!!!!!!507.72
In!Cash!Credit!Account !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!412.85 !!!!!!!!!!!!!!!!!!- !!!!!!!!!!!412.85
In!deposit!accounts!with!less!than!3!months!maturity !!!!!!!1,709.54 !!!!!!!!!!!680.00 !!!!!!!1,709.54 !!!!!!!!!!!680.00
Cash!on!hand !!!!!!!!!!!!!!!!5.32 !!!!!!!!!!!!!!!!2.54 !!!!!!!!!!!!!!!!5.32 !!!!!!!!!!!!!!!!2.50
5,539.34 4,744.90 3,846.35 3,777.81
Digitally signed
NIKHIL byKUMAR
NIKHIL
Date:
KUMAR 2022.05.10
13:31:15 +05'30'

Notes:
1 The Financial results have been prepared in accordance with the Ind AS notified under the Companies (Indian
Accounting Standard) Rules, 2015. The above financial results have been recommended by the Audit committee and
approved!by!the!Board!of!Directors!at!their!respective!meetings!held!on!10th!May!2022.
2 The Ind AS financial results and financial information for the quarter ended March 31, 2022 and quarter ended March
31, 2021 is the balancing figure between audited figures in respect of the full year and published unaudited year to
date!figures!upto!the!third!quarter,!which!were!subject!to!the!limited!review!by!the!auditors.
3 The consolidated financial results relate to TDPS Group. The Group consists of TD Power Systems Limited and its
wholly!owned!Indian!and!Overseas!subsidiaries!as!follows:
D!F!Power!Systems!Private!Limited,!India
TD!Power!Systems!USA!Inc,!United!States!of!America
TD!Power!Systems!Japan!Limited,!Japan
TD!Power!Systems!Europe!GMBH,!Germany
TD!Power!Systems!Jenerator!Sanayi!Anonim!Sirketi,!Turkey
4 During the quarter ended 30th September 2019, the Company has implemented TDPSL Equity Based Compensation
Plan 2019, ("Plan") through employee welfare trust after obtaining necessary approvals as per provision of the
Companies Act, 2013. The employee cost on account of Employee Stock Options and Employee Stock Appreciation
Rights granted as per the plan has been accounted for in the Statement of Profit & Loss and the cost of shares acquired
for!the!purpose!of!the!Plan!has!been!included!under!Other!Equity.
During the year ended 31st March 2022, 1,70,084 Equity Shares of `.10/- each were issued & allotted to the TDPSL
Employee Welfare Trust (Trust) in respect of the exercise of 2,26,760 ESARs by grantees. Consequently, the paid up
capital of the Company as at March 31, 2022 stands at `.3,110.35 Lakhs comprising 3,11,03,498 Equity Shares of
`.10/-each. As per the TDPSL Equity Based Compensation Plan 2019, the said shares were transferred by the Trust to
the!ESAR!Grantees!in!settlement!of!the!ESAR’S!exercised.
During the year ended 31st March 2022, 1,87,961 ESOPs (PY: 1,87,961 ESOPs) vested and were exercised at an
exercise price of `.67.25 (PY:`.67.25) per option against which 1,87,961 Equity shares (PY: 1,87,961 Equity shares) of
the Company were transferred to the ESOP grantees by TDPSL Employee Welfare Trust. The exercise price received
by the Trust in respect of the said ESOP’s amounted to `. 126.40 lakhs (PY:`. 126.41 lakhs) in terms of the TDPSL
Equity!Based!Compensation!Plan!2019.
5(a) The net worth of the Indian Subsidiary Company continues to be positive owing to substantial reduction of
accumulated losses. There is a write back of creditors and provisions amounting to `.757.72 lakhs (PY `. 717.51
Lakhs) in respect of reduction in liability related to project cancellation & supply related issues. Discussion are
ongoing with remaining creditors for adjustments/settlement. Further, while such of the receivables which are
doubtful of realisation have been fully provided for from time to time, efforts are ongoing to realise receivables which
will help in reviving business. The Company continues to evaluate business proposals related to engineering services
which is gradually recovering due to the ongoing pandemic and will review possibilities in this regard from time to
time with required support from the parent Company. Accordingly, the financial statements of that subsidiary are
continued to be prepared on a going concern basis which is considered appropriate by the management of that
company.
(b) The overseas subsidiary in USA has accumulated losses exceeding its share capital and has eroded its networth as at
the end of the reporting period. The Subsidiary’s liabilities exceeds its total assets by `. 882.84 lakhs (PY: `. 1,018.06!
Lakhs). A substantial portion of the liabilities is loan from the Parent company which is being renewed on timely basis
reflecting the parent company’s resolve to support and grow the market. Over the last 3-4 years this subsidiary has
improved foothold in the American market and has delivered certain initial orders from very reputed customers. This
will help in receiving improved orders in the forthcoming years enabling better operating performance. The
subsidiary is manging it’s cash flow requirements. However, the parent company is authorised by its Board to infuse
further funds as and when required. Based on this, the management of that company is of the opinion that the going
concern assumption in preparation of the financial statements of that company is appropriate. Hence, considering the
future prospects of the said subsidiary no provision for impairment in the carrying value of the investment in this
subsidiary!is!considered!necessary!by!the!management!of!the!company!in!the!standalone!financial!results.
6 The management has considered the possible effects that may result from the Covid-19 pandemic on the carrying
value of assets. In developing the assumptions relating to the possible future uncertainties in the economic conditions
because of this pandemic, the group, as at the date of approval of these financial results has used internal and external
sources of information to assess the expected future performance of the group. The group has internally assessed
sensitivity of the assumptions used and based on the current estimates, the group expects that the carrying amount of
the assets, as reflected in the balance sheet as at March 31, 2022, are fully recoverable. The management has also
estimated the future cash flows for the group with the possible effects that may result from the COVID-19 pandemic
and does not foresee any adverse impact on its ability to continue as going concern and in meeting its liabilities as and
when they fall due. The actual impact of the Covid-19 pandemic may be different from that estimated as at the date of
approval!of!these!financial!results.
7 During May 2021, the company has received demand from Income tax department of `.1,942 lakhs for AY 2017-18
with respect to Transfer Pricing and other disallowance u/s 143(3) r.w.s 144C (3) read with section 144B of the
Income-tax Act. The Transfer Pricing Officer (TPO) has passed an order with demand considering transfer pricing
adjustment on the overall turnover of the Company instead of restricting to transactions with Associate Enterprises.
The Sales to Associate Enterprises for the said year is `.1,964.90 lakhs as compared to the Sales of the entire Company
of `.36,944.03 lakhs. Disputing the said order, the Company filed an objection before the Dispute Resolution panel of
the Income Tax Department at Bengaluru on May 26 2021. Further, consequent to a writ petition filed by the
Company, the operation of the assessment order & recovery proceedings has been stayed by the Hon’ble High Court of
Karnataka!vide!it’s!order!dated!June!30!2021.
The!Company!has!received!assessment!order!u/s!143(3)!r.w.s!260!read!with!section!144B!of!the!Income!Tax!Act!based!
on directions of Dispute Resolution panel. Further, consequent to a writ petition filed by the Company, the operation
of the assessment order & recovery proceedings has been stayed by the Hon’ble High Court of Karnataka vide it’s
order!dated!March!21,!2022.
8 Other comprehensive income includes foreign exchange translation Loss of `.752.30 Lakhs which is notional in nature
from our foreign Subsidiary-Turkey due to sharp depreciation of Turkish Lira to Indian Rupee from ` 8.84 (TL to INR)
at!the!beginning!of!the!year!to!` 5.15!(TL!to!INR)!at!the!end!of!year,!a!drop!of!42%.
9 The Board of Directors have recommended a final dividend of `. 3.50 (Previous Year: `. 2.50) per equity share of ` .10/-!
each for the financial year ended 31st March 2022 subject to the approval of the shareholders in the annual general
meeting!of!the!company.
10 Segment!wise!Revenue,!Results,!assets!and!liabilities!are!stated!separately.
For TD Power Systems Limited
Digitally signed
NIKHIL byKUMAR
NIKHIL
KUMAR Date: 2022.05.10

13:31:43 +05'30'
Place:!Frankfurt Nikhil Kumar

Date:!10th!May!2022 Managing Director
is relations

(CIN -L31103KA1999PLC025071)
Bengaluru — 562 111 India
Tel +91 80 229 95700 / 6633 7700

May 10, 2022
Fax +9180 27734439 / 2299 5718
Mail tdps@tdps.co.in
The Corporate Service The Listing Department
Department The National Stock Exchange of India Ltd. www.tdps.co.in
BSE Limited Exchange Plaza, Bandra- Kurla Complex
P J Towers, Dalal Street Bandra (East)
Mumbai — 400 001 Mumbai 400 051
Sirs,
Sub: Declaration pursuant to Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015
|, MN Varalakshmi Chief Financial Officer of TD Power Systems Limited having its Registered Office
at # 27, 28 & 29, KIADB Industrial Area, Dabaspet, Nelamangala Taluk, Bangalore, Karnataka - 562
111, India, hereby declare that, Varma & Varma (FRN 004532S) Statutory Auditors of the Company
have issued Audit Reports with unmodified opinion on Annual Audited Financial Results of the
Company (Standalone & Consolidated) for the year ended March 31, 2022.
Kindly take this declaration on your records,
Thanking You
Yours truly,
For TD POWER SYSTEMS LIMITED
a
MN Varalakshmi
CFO
,o
Ref. No SIL/CHD 12022-231 1OO52O22

Dated: 101h ltAaY , 2022
BSE Limited (BSE) The Manager,

Corporate Relation DePartment, Lrsting Department,
Phrroze Jeejeebhoy Tower, 25th Floor National Stock Exchange of lndia Ltd (NSE)
Dalal Street. Exchange Plaza, C-|. Blpck G, Bandra Kurla
Mumbai-400001 Complex, Bandra, Mum bai-400051
BSE Scrip: 526951 Trading Symbol: STYLAMIND
Dear Sir/ Madam,
5u b:Outcome of Board Mee ting under Regu lation 30(2) & 30(6) of SEBI (LODR}, RC gu lation s, 2015 -
uarterl ea rl A dited Financial Resu
Dear sir/ Mam,

pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015. lt
is informed that Audited Standalone & Consolidated Financial Results for the Quarter and year ended 31"
March,2022 along with Statement of Assets a nd Lia bilities as on 31't Ma rch,2022 and Cash Flow Statement
for the year ended 31.'t March,2o22 has been considered and duly approved by the Board of Directors of
the company in its Board Meeting held on i.e. Tuesday, 10rh May 2022
With respect to Above, please find enclosed the following documents and information
Audited Standalone & Consolidated financial Results for the Quarter and Year ended March, 31"
,2022
I Statement of Assets and Liabilities as at March 3Lst ,2022, pursuant to Regulation 33 Of SEBI
(LODR) Reg u la tion s,2015
It Cash Flow statement for the year ended 31't March,zoT2, pursuant to Regulation 33 of StBl
(LODR) Regulations,2015
IV The lndependent Auditor's Report with unmodified opinion(s) issued bry M/s Mittal Goel &
Associates, in respect of Audited Standalone & Consolidated Financial Results for the
euarter and
Year ended March 31.st,2022
Pursuant to Regulation 33(3)(d) of sEBr (LoDR) Regurations,20i.5, Decraration
by the Managing
Director of the company to the effect that Auditors have submitted
their Report with unmodified
opinion
Styram lndustiies Limited

)>
Regd. O,lfrce: SCO 14, Sector
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The Board Meeting commenced at 11:00 A.M. and concluded at 12.45 P.M.
You are requested to take above information on record
Thanking You,
For tylam lndustries Limited
lagdish Gupta
Managing Director
Din: 001151.13
Chandigarh Office:
MITTAL GOEL
o&
sCO 40{1, Level lll, Sector 17A,
& ASSOCTATES Chandigarh 160 017
Chanered Accounlanls
f | +97 -1724657 889, 4667 889
E: admin@mgacaindia.com
www. mgaca ind ia.com
Independent Auditor's Review Report on the Quarterly and Year to datcd Audited Consolidsted
Financial Results ofthe Company. Pursuant to the Regulation 3f, ofthe SEBI (Listing Obligatiols !nd
Disclosure Requirements) Regulations, 2015, as amended
To
The Board of Directors of
Stylam Industries Limited
Chandigarh
We have audited the accompanying statement of Consolidated financial results ofStyhm ltrdustries LiDitcd
(the "Holding Company") and its Subsidiary (the Holding Company and its Subsidiary together referred to as 'the
Group" ) for the quarter and year ended March 31,2022 ('Statemcnt"), attached herewith, being submitted by the
Holding Company pursuant to the requirement ofRcgulation 33 ofthe SEBt Listing Obligations and Disclosure
Requirements Regulations, 2015, as amended {the "Listing Regulations").
ln our opinion and to the best ofour information and according to the explanations given to us and based on the
consideration ofthe reports ofthe other Auditors on separate Audited Financial Statements ofthe Subsidiary and
management certified financial statements ofone ofthe subsidiaries, the Statement:
Includes the Financial Results ofthe following entity:
Subsidiarv
- Stylam Asia Pacific Pte Ltd., Sirgapore (ir the process ofStrike off)
- Stylam Panels Limited
Associate comDanv
Alca Vstyle Sdr Bhd, M.laysia
I. is presented in accordance with the requirements ofRegulation 33 ofthe listing Regulations in this
regard; and
III gives a true and fair vierv in conformity with the applicable accounting standards and other
accounting principles generally accepted in India, of the consolidated net profit and other
comprehensive income and other financial information ofthe Oroup Company for the quarter ended
March 31,2022 and or the year ended March 31,2022
Basis For Opinioo
We conducted our audit in accordance with the Standards on Auditing ("SA"s) specified under Section 143(10)
ofthe Act. Our responsibilities under those Standards are further described in the Auditor's Responsibilities for
the Audit of the Consolidated Financial Results section of our report. We are independcnt of the Group in
accordance with the Code ofEthics issued by the Institute ofChartered Accountants oflndia (the..ICAI,,) together
with the ethical requirements that are relevant to our audit of the Consolidated Financial Results under the
New Delhi 343, Atulva Apt, ktor

O,t' 078 T: +91-11{3038002
188, Dwarka, New Delhi 1ro E: consutt@mgacaindia.com
Mumbai 42 - A, xaveri, Sector 17, vashi, New Mumbat4oo 075 r : +9r-2247930026 E: admin@mgacaindia.com
accordance with these requirements and the ICAI's Code ofEthics. We bclieve that the audit evidenc€ obtained
by us is sufficient and appropriate to provide a basis for our audit opinion.
MsnagemeDt's Responsibilitics for the Strndrlone Fitrrncisl Rcsults
The statement which includes c.nsolidated financial results is the responsibility of the Company's Board of
Directors and has been approved by them for the issuance. The Statement has been prepared on the basis ofthe
Consolidated Annual Financial Statements. The Holding Company's Board are responsible for thc preparation
and presentation ofthe Statement that gives a true and fair view ofthe Consolidated net profit and Consolidated
other comprehensive income and other financial information ofthe Group in accordance with the recognition and
measurement principles laid down in tnd AS, prescribed under Section 133 of the Act, read with relevant rules
issued thereunder and other accounting principles generally acrepted in tndia and i[ compliance with Regulation
33 ofthe Listing Regulations . The respective Board ofDirectors ofthe Companies included in the Group are also
responsible for maintenance of adequate Accounting Records irl accordance with the provisions of the Act for
safeguarding ofthe assets ofthe Group and for preventing and detecting frauds and other irregularities; sclection
and application of appropriate accounting policies; making judgments and estimates that are reasonable and
prudent; and the design, implementation and maintenance of adequate intemal financial controls, that were
op€rating effectively for ensuring the accuracy and completeness of the accounting records, relevant to thc
preparation and presentation of the Statement that give a true and fair view and arc free from material
misstatement, whether due to fraud or eror, which have been used for the purpose ofpreparation of the Statement
by the Directors ofthe Holding Company, as aforesaid
In preparing the Statement, the respective Board of Directors of the companies included in the Group is
responsible for assessing the ability ofthe Group to continue as a going concern, disclosing, as applicable, matters
related to going conc€m and using the going concem basis ofaccounting unless the respective Board of Directors
either intends to liquidate the Group or to cease operations, or has no r€alistic altemative but to do so.
The respective Board of Directors the Companies included in the Group are also responsible for overseeing the
financial reporting process ofthe Group
Auditor's Responsibilities for th€ Audit of the Coosolidated Financial Results
Our objectives are to obtain reasonable assurance about whether the statement as a whole is 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 ofassurance, 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 it individually or in the aggegate, they could reasonably be expected to influence the
economic decisions of users taken on the basis ofthis statement.
As part of an audit in accordance with SAs, we exercise professional judgnrent and maintain professional
skepticism throughout the audit. we also:
ldentify and assess the risks of material misstatement of the Statement, 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,
intcntional omissions, misrepresentations, or the override of intemal control.
Obtain an understanding of intemal financial controls relevant to the audit in order to d€sign audit
procedures that are appropriate in the circumstalc€s, but not for the purpos€ of expressing an oPinion on
the effectiveness ofsuch controls.
w'
Evaluate the appropriateness of accounting policies us€d and the reasonableness of accounting estimates
and related disclosures made by the Boatd ofDirectors.
Evaluate the appropriateness and reasonableness ofdisclosures made by the Board ofDirectors in terms
ofthe requirements sp€cified under Regulation 33 ofthe Listing Regulations.
conclude on the appropriateness ofthe Board ofDLectors' use ofthe going concem basis ofac.ounting
and, based on the audit evidence obtained whether a mate al uncertainty exists related to events or
conditions that may cast significant doubt on thc company's ability to continue as a going concem. If we
conclude that a material unc€rtainty exists, we are required to diavr attention in our auditor's report to the
related disclosures in the financial results or, if such disclosures a[e inadequate, to modify our opinion.
our conclusions are based on the audit evidence obtained up to the date ofour auditor's Ieport, However,
future events or conditions may causc the Company to cease to continue as a going concem'
Evaluate the overall presenlation, stlucture and content ofthe Statement, including the disclosures, and
whether the Statement repres€nts the undqlying transactions arld events in a manner that achieves fair
presentation.
Perform procedures in accordance with the chcular issued by the SEBI under Regulation 33(8) of the
Listing Regulations to the extent applicable.
Obtain suffrcient appropriate Audit evidence regarding the financial results,trinancial information ofthe
entiti€s within the Group of which we are the independent Auditors to express an opinion on the
statement. We are responsible for the direction, supervision, and performance ofthe Auditofthe financial
information ofsuch entities included in the statement ofwhich we are the independent auditors.
Materiality is the magnitude of misstatements in the Consolidated Financial Results tha! individually or in
aggregatc, makes it probable that the economic decisions ofa reasonably knowledgeable user ofthe Consolidated
Financial Results may be influenced. We consider quantitative mat€riality and qualitative factors in (i) planning
the scope ofour audit \rr'ork and in evaluating the results ofour work; and (ii) to evaluate the effect ofany idcntified
misstatements in the Consolidated Financial Results.
We communicate with those charged with governancr of the Company and such other entities included in the
Consolidated Financial Results of which we are the independeflt auditors regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, inctuding any significant deficiencies in
intemal conaol that we identiry during our audit.
We also provide those charged with govemance with a statement that we have complied with relevant ethical
requirements rcgarding independcnce, and to communicate with them all relationships and other mstters that may
reasonably be thought to bear on our indep€ndence, and where applicable, related safeguards.
Other matters
The staiement includes Audited Financial R€sults ofSubsidiary. The financials ofthe subsidiary have been audited
by other Independent Auditors. The Independent Audito6' reports on financial statemenE ofthe entity has been
fumished to us and our opinion on the statement in so far as it relates !o the amounts and disclosures included in
respect of the entity, is based on the report of such Audilors and the Focedures performed by us are as stated in
paragraph abve.
v-
Further, subsidiary is located is outside lndia, and Annual Financial Statements has been prepared in accordance
with Accounting principles generally accepted of that country, and which has been audited by other Auditor under
generally accepted Accounting Principles applicable of that country. The Holding company's Management has
converted the financial statements ofsuch subsidiary from accounting principles generally accepted in that country
to accounting prinaiples generally accepted in India. We have audited these conversation adjustments made by
the Holding Company's Management. Our opinion, in so far as it relates !o the amount and disclosures included
in respect of these subsidiary, is based on the Audit Report of other Auditor and the conversion adjustments
prepared by the Management ofHolding Company and Audited by us.
Our opinion on the statement is not modified in respect ofthe above matters.
For MITTAL GOEL & ASSOCIATES

Firm's Regd.
CA SANDEEP KUMAR GOEL

PARTNER X
MEN,fBERSIN NO: 0992I2
DATE:10.05.2022
PLACE: Chandigarh
SWLAM INDUSTRIES LIMITED
CIN: L20211 CH1991PLCol 1732
Rogllt.red Addr€ss : ScO-14 SECTOR 7C MADHYA MARG CHANOIGARH UT CH 16001S lN
STATEMENT OF CONSOLIOATED ASSETS AND LIAB'LITIES AS AT 31ST MARCH 2022

in Lakh
As at
Sr. No Partlculars 31-Ma.-22 31-Mar-21
Audlted Audlted
ASSETS
I Non.currant aasEts
(a) Property, Plant & EquipmEnt 17,872.45 18,781.96
(b) Capital wo.k in progress
17 872.45 18 781.96
(c) lnvestment Property
(d) FlnancialAsssts
(i) lnvestrnents 114.14 136.24
(ii) Loan and Advances 149.S2 139.71
(iii) Other Bank Balanc€s
(iv) Other Non-CunBnt Assets 162.41 273.64
426.48 549.58
Total Non-Currgnt Assets 1 '19 1.54
Current Assets
(a) lnventories 13,290.16 7,184.86
(b) Flnanclal Aas€t8

(i) Trade recaivables 11,876.74 9,864.27
(ii) Cash and cash equivalents 168.?4 508.40
([i) Other Bank Balance 697.31 1,005.34
(iv) Other Financial Assets 3.84 2.43
Other cunent assets 4.555.16 2,817.93
Total Cunent Assets 30 1.44 21 83.24
TOTAL ASSETS 40 714.78

Equlty
(a) Equity Share Capital 847.40 u7.40
(b) Other Equity 761.80 097.78
31 .20 18
Llablllti€s
Non-curr6nt Llabllltlsg
(a) Financial Liabilrties
(i) Bonowings 913.79 2,149.42
(ii) Provisions 232.01 235.07
'I,082.27 1.217.43
(b) Def€nsd Tax Liabilities 75.45 654.23
(c) Other Non-cunent IiabilaliEs 3.53 4 56.15
Cunent Llabllldeg
(a) Financial Liabilitiss
(i) Borrovvings 5,594.19 2,1 1 1.00
(ii) Trade Payables du€ to other than MSME 5,680.65 4,913.40
(iii) TradB Payables due to MSME 123.17 235.91
(iv) Oth€r Financial Liabiliti6s 1,438.87 '1,660.43
(b) Other cunent Liabilities 1,865.82 1 ,196.17
(c) Provisions 107.n 73.25
(d) Current Tax Liabilities 167.16 323.29
977.64 10 513.45
Total U and Llabillties .37 40 714,78
'"o';:ffi:''''','
Date: 10th lvlay 2022
Plac6: Chand rh Director
STYLAM INDUSTRIES LIMITEO
CIN: L2021 1CH1991PLCo11732
Registered Addr6ss : SCO-14 SECTOR 7C MADHYA MARG CHANOIGARH UT CH 160019 lN
STATEMENT OF AUDITED RESULTS FOR THE OUARTER AND YEAR ENDED 31st MARCH 2022-Consolidated
({ in Lakh)
Quarter endod Year Ended
S.No. Particulars 31-Mar-22 31-Oec-21 31-Mar-21 31-Mar22 31-Mar-21
Audited Audited
1 lncome from operations
(a) Revenue from operations 17.968.52 17,687.03 17.019.34 65 934 68
I 47.953 48
{b) Other income 702.s3 (357 70) 63 48 800.07 11004
Total income from operations 18,671.04 17.329.33 17 .082 82 66.7U.74 48.063.52
2 Expenses
(a) Cost of materials consumed 11,013.46 '10,21 5.03 9.799.23 38,979.3r
E 25.120.33
I (b) Purchases of stock-in-trade 3.98 63.12 16 62 103.89 27.26
II (c) Chanoes in inventories
(d) Employee benefits exDense
(301.s0)
1.413.28
(4'11.30)
1,455.03
1944.52',)
1,268.91
(1,531.96)
5.474.12
(493 30)
3.825.48
I (e) Finance Costs
(fl Depreciation and amortisation expense
213.02
564.12
201 62
598.96
128.91
551.06
783.04 601.86
2.314.95
(g) Other expenses 3.849.86 3.058.02 3.422.44 12,539.64 9,574.89
Total expenses 16.756.21 15.180 48 14.242.65 58,677.58 40971.48
3 Prolit / (Loss) from operations before exceptional items 1,914.83 214a.85 2,840.14 8,057.16 7,092 03
4 Exceptional items
5 Profit / (Loss) lrom ordinary activities betor€ tax 1,914.83 2.148.85 2.840.14 8,057.16 7.092.03
6 Tax
I -Current Tax 349.16 589 66 667 29 1,732.90
II Tax for earlaer year
-Deferred Tax
90.31
(182.65) (2 9s) (175.06) (
90 31
134.86)
36.26
(129.58)
? Net Profit / (Loss) after Tax from continuing oF,orations 1,658.01 1,562.14 2.347.91 6.110.72 5,524.97
I Extraordinary items (net of Tax) --
9 Net Profit / (Loss) for the oeriod 1,658.01 1.562.14 2.y7.91 6,1 10.72 s.s24.97
10 Share of Profiu(Loss) of associates and ioint ventures 3.07 (3.07) (23.99) (22.10\ (13.54)
't1 Other Comprehensive lncome (net ot Tax) ('1 5.13) 5.35 (0.90) 10.89
12 Total Comprehensive lncome for the period (net of Tax) 1.645.95 1,562.30 2.329.28 6,087.72 5.522.33
'13 Paid-up equity share capital (Face Value of Rs.5/- each) 847.40 847.40 847.40 u7.40 847 40
Eaminqs per share
't4 Basic 9.78 13.85 36.06 32.60
Diluted 9.7'l 13.74
a-t''"r"affi;;
Date. 1oth May 2022
Place Chand arh tn Director
STYLAM INDUSTRIES LIMITED
CIN: l.20211CH1991P1.C011732
Reglstered Address : sco-14 SECTOR 7C MAITHYA MARG CHANDIGARH UT CH 160019 lN
Statement of Cash Flow for the year ended March 31,2022- Consolidated
(t in Lakh)
Year ended March Year ended March
Particulars
3 2022 1 2027
Cash Flow from operatlng actiYhies:
Profit/(loss) before extraordlnary & excePtional ltems and tax 8,057.16 7 ,092.03
Adlustments for:
- Unreallzed foreign exchange loss/(8aln) (net) 49.82
Government Grant lnd As adJu5tment (644.63)
- Finance costs 783.04 601.86
- Depreclation and amortisation expense 2,325.5s 23r4.95
- lnterest lncome (41.31) (23.81)
- Loss/ {Gain) on sale of Fixed Assets (net) 4.81 7 .46
operatlng Profh before worklng capltal changes 10,484.61 10,027.39
Movements ln working caPital:
Adjusted for:
Trade & other Receivables 12,0L2.47) (1,369.s7)
lnventories (6,105.30) (511.80)
Trade & Other Payables 1035.40 774.13
Net cash Senerated from operations 3,402.24 9,860.15
Payment of dlred taxes (net) -r9]4.l4 (L,7t9.43]
Dividend paid -423.70
Net cash from op€ratint acttultles (A) 1 64,40 .72
I Cash Flow from lnvestlnt actlvhles:

Payment for TanSible Assets (1,438.s0) (660.66)
(lncluding capital work In progress and capitaladvances)
Proceeds from sale of PPE 72.5O 75.31
Proceeds from sale of lnvestment Property
Payment for lnvestments in subsidlary and joint venture (3s.63)
Proceeds/(lnvestment) from/ in other assets (1,047.86) 2L.93
Proceeds/(lnvestment) from/ in other actlvlties (s83.04) 30.53
Maturity/ (lnvestment) ln fixed deposits
lnterest received 41.31 23.81
Net cash from/ (used lnl lnvestlng acttultles (8) 2 9s5.58
c Cash Flow from financlng activlties:
Proceeds of long-term borrowings

(1,4s7.19)
-Edtr,rl (2,349.4s)
Repayment of long term borrowings
Proceeds/ (Repayment) from short-term borrowlngs 3483.20 l'3,742.50r.
Borrowlng costs paid
lnterest pald 7a3.O4 601.86
Net cash from/ (used in) flnancing astlvltles (c) L 242,98 6
Net lncrease/{decrease) ln cash and cash equlvalents (A+B+C) (648.20) 902.20
cash and cash equivalents at the beglnnlnS of the Perlod 1,513.74 611.54
Cash and cash equlvalents at the closlng of the perlod 865.54 1,513.74
For: STYLAM INDUSTRIBQ LIMITEO

X\
Date: 1oth May 2022 .rrgoY(1oupt"
Place: Chandi rh Ma in Director
Chandigarh Office:
MITTAL GOEL 4041, Level lll, Sector 17A,
CNI
SCO
Cha(ered Accounlanls
T : +91-172-4657889, 4667889
E : admin@mgacaindia.com
www.mgacaindia.com
Independent Auditor's Review Report otl the Quarterly and Yetr to d'ted Audited Strndalotrc
FiDr[cial
Results of the Coulptny. Pursuant to the Regulation 33 of thc SEBI (Listing Obligltio[s
atrd Disclosure
Requirements) Regulations, 2015, ss amendcd
To
Stylam lndustries Limited
Chandigsrh
(thc
we have audited the accompanying statement ofstandalone Financial Results ofstylam IDdustries Limitcd
submitted by the Company
"Compsny") for quarter and year ended March 31, 2022 (the "statement"), b€ing
prrrr"i ,o the requirement of Regulation 33 of the SEBI Listing Obligations and Disclosure Requirements
Regulations, 2015, as amended (the "Listing Regulations").
given to us, th€ statement:

In our opinion and to the b€st ofour information and according to the exPlanations
in this
l. is presented in accordance with the requirements ofRegulation 33 ofthe listing Regulations
regard; and
II gives a true and fair view in conformity with the recognition and measuement principles laid down
in the applicable accounting standards (.'lnd As") and other accounting principles generally
accepted in lndia ofthe net profit and other comprehensive income and other financial information
ofthe Company for the quater and year ended on March 31,2022
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) sPecified under section 143(10)
of
the Companies Act, 20t3, as amended ("the Act"). Our responsibilities underthose Standards are further described
in the
..Auditor's Responsibilities for the Audit ofthe Standalone Financial Results" section of our report. We are
independent of the Company in accordance with the Code of Ethics issued by the Institute of Chanered
Accounlants of lndia together with the ethical requirements that are relevantto our audit ofthe financial statements
in
under the provisions ofthe Act and the Rules thereunder, and we have filled our other ethical responsibilities
accordance with these requirements and the code ofEthics. we believe that the audit evidence obtained by us is
sufficient and appropriate to prcvide a basis for our opinion.
Managemetrt's Respotrsibilities for the Starddone Finsncisl Results
The statement has been prepared on the basis of the standalone annual financial statements. The Board of
Directors of the company is responsible for the preparation and presentation of the statemcnt that gives a true
and fair view ofthe net profit and other comprehensive income ofthe company and other financial information
in accordance with the applicable accounting standards prescribed undel section 133 ofthe Act read with relevant
rules issued thereunder and other accounting principles generally accePted in India and in compliance with
Regulation 33 of the listing Regulations. This responsibility also includes maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding of the assets of the company and for
preventing and detecting frauds and other inegularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and prudenq and the design, implementation and
a1
New Delhi 343, Atulya Apt, sector 188, Dwarka, New Delhi 110078 T: +91-11-43038002 E: consutt@mgacaindia.com
Mumbai 42-A, (averi, Sector 17, Vashi, New Mumbai4OO 075 T: +91-2267930026 E: admin@mgacaindia.com
maintenance of adequate intemal financial controls, that were operating effectively for ensuring the accuracy and
completeness ofthe accounting records, relevant to the preparation and presentation ofthe Statement that Sive a
true and fair view and are free ftom material misstatemen! whether due to fraud or enor.
In preparing the Statement, the Board ofDirectors are responsible for assessing the Company's ability to continue
as a going concem, disclosing, as applicable, matters rclated to going concem and using the going concem basis
ofaccounting unless the Board ofDirectors either intends to liquidate the Company or to c€ase op€rations, or has
no realistic altemative but to do so.
The Board of Directors is also responsible for overseeing the Company's financial reporting proc€ss of the
Company.
Auditor's Responsibilities for the Audit of the StaDdalone FiD.ncial Results
Our objectives are to obtain reasonable assurance about whether the statement as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor's report that irlcludes our opinion. Reasonable
assurance is a high level ofassurance, but is not a guarantee that an audit conducted in accordancc with SAs will
considered matcrial if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions ofusers taken on the basis of this Standalone Financial Results.
As parl of an audit in accordance with SAs, we exercise professional judgrnent and maintain professional
skcptioism throughout the audit. we also:
Identify and assess the risks of material misstatement ofthe Statement, whether due to fraud or enor,
design and perform audit procedures responsive to those risk, and obtain audit evidence lhat is sufficienl
and appropriate to provide a basis for our opinion. The risk of not detecti[g a materisl misstatement
resulting from fraud is higher than for one resulting fiom enor, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of intemal conhol.
Obtain an understanding of intemal financial controls relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose ofexpressing an opinion on
the effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by the Board of Directors.
in terms
Evaluate the appropriateness and rcasonableness ofdisclosures made by the Board of Directors
of the requirements specified under Regulation 33 of the Listing Regulations'
ConcludeontheappropriatenessoftheBoaldofDirectoB.useofthegoingconcernbosisofaccounting
and, based on the audit evidenc€ obtain€4 whether a material uncertainty exists related
to events or
going concern lf we
conditions that may cast significant doubt on the company's ability to continue as a
report to the
conclude that a material uncertainty exists' we are required to draw attention in our audito/s
'modify our opinion'
related disclosures in the financial results or, ifsuch disclosures are inadequate, to
evidence obtained up to the date of our auditol's report' However,
Our conclusions are based on the audit
to c€ase to mntinue as a going concem'
future events or conditions may cause the Company
including the disclosues' and

Evaluate the overall presentation, structurc and content ofthe Statement'
in a manner that achieves fair
whether the Statement represents the underlying bansactions and events
presentation.
q/
//
obtain sufficient appropriate audit evidenc! regarding the standalone Financial Results ofthe company
to express an opinion on the Standalone Financisl Results'
Materiality is the magnitude of misstatements in the Standalone Financial Results thal individually or in
aggegate, makes it probable that th€ economic decisions of a reasonably knowledgeable user of the Standalone
Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning
the scope ofour audit work and in evaluating the results ofour work; and (ii) to evaluate the effect ofany identified
misstatements in the Standalone Financial Results
We communicate with those charged with govemance regarding, among othel matters, the planned scope and
timing ofthe audit and significant audit findings, including any significant deficiencies in intemal control that we
identify during our audit.
we also provide those charged with govemance with a statement that we have complied wiih relevant ethical
requirements rcgarding independence, and to communicate with them atl relationships and other matters that may
reasonably be thought to bear on our indep€ndence, and whcre applicable, related safeguards.

Firm's Regd. No. 0
4 &
CA KUMAR
PARTNER
0w212
DA]E: 10.05.2022
PLACE: Chandigarh
STYLAiI INDUSTRIES LIMITED
CIN: L2O211CHl99lPLC011732
Regbtered Add1033 | SCO-14 SECTOR 7G MAOHYA MARG CIIANDIGARH UT 160019 lN
STATEMENT OF STANOALONE ASSETS AND LIABILITIES AS AT 31ST MARCH 2022

({ an Lakh)
As at
Sr. No. Particulars 31-a,ar22 3'l -l'la r-21
Audited Audited
ASSETS
I Non.currsnt aaaeta
(a) Property, Plant & Equipment 17.872.45 18.781.95
(b) Capital work in progress
17,872.45 18,781.95
(c) lnvcstment Property
(d) FinancialAssets
(i) lnvestments 249.78 149.85
(ii) Loan and Advances 149.92 139.70
(iii) Other Bank Balances
(iv) Other Non-Current Assets 165.57 283.00
565.27 572.55
Total Non-Current Assets 18,437.72 't9,354.s0
I Current Aaseta
(a) lnventories 13.290.16 7,184.86
(b) FinancialAaaeta
(i) Trade receivables 11,876.74 9,464.27
(ia) Cash and cash equivalents 70.06 508.40
(iii) Other Bank Balance 1,005.34
(iv) Other Financial Assets 3.22 243
(c) Other current assets 4,551. r6 2,817.94
Total Current A$eta 30,488.65 21,383.24
TOTAL ASSETS 48,926.37 40,737.74
EOUITY AND LIABILITIES

Equity
(a) Equity Share Capital u7.40 u7.40
(b) Other Equity 30.797.62 25.'t20.75
31,M5.02 25,968.15
Liabilities
Non.currsnt Liabilitiea
(i) Borrowings 913.79 2.149.42
(ii) Provisions 232.01 235 07
(b) Delerred Tax Liabilities 1,082.27 1.217.43
(c) Other Non-current liabilities 75.45 654.23
2,303.53 4,256.15
Current Liabilitie3
(a) Borrowings 2,110.99
(ii) Trade Payables due to other than MSME 5,680.65 4,913.40
(iii) Trade Payables due to MSME 123.17 235.91
(iv) Other Financial Liabilities 1,438.87 1,660.43
(b) Other Current Liabilities 1,865.70 1 ,196.17
(c) Provisions 107.77 73.25

(d) Cunent Tax Liabilities 167.46 323.29
14,977.82 't0,513.45
Total Equity and Liabilities 48,926.37 40,737.74
*"o';ff:'''"'
Date:1oth May 2022
Place: Chandiqarh Manaqino Director
STYLATI INDUSTRIES LIIUITED
CIX: L202ilCHl99lPLC0I1732
I
Rsgld.rsd AddrBt : SCO la SECTOR 7 C MAOHYA MARG CHAI{OIGARH UT CH 151x)19 ltl
STATEMENT OF AUDITEO RESULTS FOR THE QUARTER AND YEAR ENOED 3lST MARCH 2022-Standalone
{a in Lakh)
Ouaator end6d Year Ended
S.tlo. Particulars 31-Mar22 3l-Ooc-21 31-Mar.21 31-Mab22 31-Mar-21
Audit€d Audited
I lncome trom operations
(a) Revenue from ooerations 17.968 52 17.687.03 17 019.34 65.934.68 47 953.48
(b)Olher income 699.60 (357.70) 63.47 797 14 't
10.03
Total income from operations 18,668.11 17,329.33 17 .082.81 66.731 81 48 063 51
Exponses
(a) Cost of materials consumed 11.013.46 10.215.03 9,799.24 38,979 31 25,120.33
(b) Purchases of slock-in-trade 3.98 63 12 16.62 103.89 27 26
(c) Changes in invento.ies offnished goods, workin- (301.50) (411.30) \944.52)- (493.30)
prooress and stock-in-lrade (1,531.96)
(d) EmoloYee benefils erpense 1 .413.28 1 455 03 1 .268.92 5,478.12 3,825 48
(e) Finance Costs 213.O2 201.62 128.91 783.04 601.85
(fl DeDrecialion and amortisalion exDense 564.12 598 96 551 06 2,314.94
(q) Other exDenses 3.859.15 3.057.62 3,426.34 12.545 95 9,569.43
Total expenses 16 765 50 15,180.08 '14 246 57 58.683.89 40,966 03
3 Profit / (Loss) from oporations betore exceptional 1.902.61 2,149.25 2.836.25 L047.92 7,097.49
4 ExceDtional items
5 Protit / lLossl from ordinarv activitios before tax 1,902.61 2.149.25 2.836 25 a,047.92 7,097.49
6 Tax
-Cunenl Tax 349.16 589.66 667.30 1.990.S9 1.732.S0
-Tax of eadier years 90.31 0 0 90.31 -36 26
-Deferred Tax (182.65) (2.95) (175 05) (134.86) (129.57)
7 Net Protit / (Loss) aftor Tax from continuing ope.ations 1.645.79 1 ,562.54 2 344 00 6,101.48 5.530.42
8 Ertraordinarv items lnel ol Tax)
Net Profit / (Lossl for the Doriod 1.645.79 1.562.54 2 344 00 6.10't 48 5,530.42
t0 Share oI Profil./(Loss) ot a3sociales and ioint ventu,6s 0
tl Olhgr Comprehensive lncomo (net ot Tax) (15.13) 3.23 535 (0.90) 10.8S
12 Total Comprehensivo lncomo lor tho po,iod (net ot 1,630.66 1,565 77 2 349 36 5,541.32
Taxl 6,100.58
t3 Paid-up equity share capltal (Faco Valuo ol Rs.5/- 847.40 841.40 847.40 847.40 847 40
14 Eaminqs per sharc
Basic 962 9.24 13 86 36.00 32.70
Diluled 962 9.24 13.86 36.00 32 70
*'':::ffi:'esLimi"d
Date: 'loth May 2022
Place: Chandigarh Manaqinq Oireclor
SWI-AM INDUSTRIES TIMITED
CIN: 1.20211CH1991PtC011732
Registered Address : SCO 14 SECTOR 7C MADHYA MARG CHANDIGARH UT CH 160019 lN
Statement of Cash Flow for the year ended March 31, 2022- Standalone
(1 in Lakh)
Year ended March Year ended March 31,
Particulars
3,.,2022 2021
Cash Flow from oper.ting activlties:
Profit/(loss) before extraordinary & erceptional items and tax 8,047.92 7,O97.49
Adjustments for:
- Unrealized foreign exchange loss/{gain) (net) 49.82
Government Grant lnd As Adjustment (644.63)
' Finance costs 783.04 601.85
- Depreciation and amortisation expense 2,32s.ss 2,374.94
- Loss/ (Gain) on sale of Fixed Assets (net) 4.81 1 .46
Operating Profit before workinS capltal changes 10,478.30 10,032.84
Movements in working capital:
Adjusted for:
Trade & Other Receivables .2,012.47]. (1,369.s7)
lnventories (6,10s.30) (s 11.80)
Trade & other Payables 1035.28 71,4.73
Net cash Senerated from operations 3,395.82 9,86s.60
Payment of direct taxes (net) (1,913.8s) (1,719.43)
Net cash from operating activities (A) 1 54.27 146.16
B Cash Flow from investint activities:

Payment for Tangible Assets (1,438.s0) (666.12)
(including capitalwork in progress and capitaladvances)
Proceeds from sale of PPE 72.50 75.31
Proceeds from sale of lnvestment Prop€rty 0.07
Payment for investments in subsidiary and joint venture (1oo.oo) (3s.70)
Proceeds/(lnvestment) from/ in other assets (1,037.03) 22.OL
Proceeds/(lnvestment) f rom/ in other activities (s83.04) 30.s3
Net carh from/ (used inl investing activities (B) 7,61 550.17
c Cash Flow f.om financing activities:

Repayment of long term borrowings (1,4s7.19) 12,349.4s].
Proceeds/ (Repayment) f rom short-term borrowings 3483.20 13,742.sO\
lnterest paid 783.03 601.85

Net cash from/ (used inlfinancing activities (C) 242.98 6 693.80
Net increase/(decrease) in cash and cash equivalents (A+B+C) 1,513.73 902,L9
Cash and cash equivalents at the beginninS ofthe period (746.36) 611.54
Cash and cash equivalents at the closinS ofthe period 767.3? 1,513.73
For: STYLAM IND

"::H"_:
Date: 10th May 2022
Place: Chandigarh
Manaqinq Director
Notes to Standalone and Consolidated Financial Results
The audited financial results have been prepared in accordance with the recognition and measuement
principle provided in lndian Accounting Standards (lnd AS 34), thc provisions ofthe companies Act,2013
(the Act), as applicable and guidelines issued by the Securities and Exchange Board oflndia (SEBI) (listing
obligations and Disclosure requirements) Regulations 2015, as amended.
2. The above results have been reviewed by the Audit Committee and approved by the Board of Directors of
the Company at their respective Meetings held on May 10, 2022.
3. The Statutory Auditors have expressed and unmodi6ed. audit opinion on these results.
4. The figures ofthe previous periods have been regrouped, reclassified and re-castd wherever necessary
5. The segment reporting is not required in accordance with Ind AS 106
6. The consolidated financial results include the financial resuhs ofour wholly subsidiary company i.e. Stylam
Asia Pacific he. Ltd, Stylam Panels Limited and its associate Alca Vstyle Sdn.Bhd,Malaysia.
7. The company has applied for striking offits wholly owned subsidiary Stylam Asia Pacific fte. Ltd, and has
uriuen offentire investment in this company.
8. The company has not discontinued any other operations during the period under reviedaudit.
9. Amid rise in raw material and logistics costs, there has been slight decline in the operating results.
10. Our focus mainly revolves around boosting sales and simultaneously taking measure to, control the cost of
the business, the result ofwhich apparent in the near future.
I I . Management is now focusing on domestic sales to increase the top line as well as bottom line.
Place: Chandigarh On behalfof Board

Date: 106 May,2022 stylam {nliustries Limited
Jagdish Gupta
Managing Director
Din: 001l5l l3
I
StLl CHDI 2O22-23t 1 Oo52O22

Ref No
Dated: 10'h MaY,2022
The Manager'
BSE Limited (BSE) Listing DePartment,
Coroorate Relation DePartment Ltd (NSE)
pi,roze .leeieebhoy Tower' 25'h Floor
*;ir;;rl Stock Exchange of lndraBandra
Ptaza c-l Block G
Kurla
;;;;;;0"
Dalal Street, LorPt"* Bandra ' Mumbai-400051
Mumbai-400001
Trading SYmbol: STYLAMIND

BSE ScriP: 526951
(s) u rsuant to Re u lations
ditor's Reoort with un modifie dop inio n
Su b: Dec larat ron
reqa rd ins theAu
uireme nts) Regula tions, 20L5
d) of the SE BI Lis tine o
blisati o n5 a nd Dis closure Req
33(3
Dear Sir/ Madam'
Disclosure Requirements)
of the SEBl (Listing obligations and
pursuant to Regulation 33(3xd) (Amendment)
and D]sclosure Requirements)
Regulations,2ols read with 'i'1 ii'u'"'
-h"*i' obligatlons
M/s Mittal Goel &
O"Otr."' tntt the Auditor of the CompanY'
Regulations,2016, th" to'ptny
-"nmodif &
ied in respect of both the Standalone
Associates has furnished
it' *1p"" *itft
-opinion(s)
for the Financial \eat 2o2l-22
Financial Results
i""1"iorr"o
Thanking Yo u,
For Stylam lndustries Limited
)>
lagdish GuPta
Managing Director
Din:00115113

Regd. Of6<e: SCO 14, Sector 7C, Madhya Marg, Chandigarh (lNDlA)-160019,T: +91-172-502155515021666, F: +91-172-5021495
Works l: Plot No. 192-193, lndustrial Area Phase-'I, Panchkula (Haryana) INDIA - 134109, T: +91 -172-2563907 /2565387
WotkJ ll: Village Manak Tabra towards Raipur Rani, Mattewala Chowk, Distt. Panchkula (Haryana)
W: www.stylam.com, CIN: 1202'l 1CH 1991P1C01 1732 (Govt. of lndia recognised Star Export House)
,o
Ref. No SIL/CHD 12022-231 1OO52O22

Dated: 101h ltAaY , 2022
BSE Limited (BSE) The Manager,

Corporate Relation DePartment, Lrsting Department,
Phrroze Jeejeebhoy Tower, 25th Floor National Stock Exchange of lndia Ltd (NSE)
Dalal Street. Exchange Plaza, C-|. Blpck G, Bandra Kurla
Mumbai-400001 Complex, Bandra, Mum bai-400051
BSE Scrip: 526951 Trading Symbol: STYLAMIND
Dear Sir/ Madam,
5u b:Outcome of Board Mee ting under Regu lation 30(2) & 30(6) of SEBI (LODR}, RC gu lation s, 2015 -
uarterl ea rl A dited Financial Resu
Dear sir/ Mam,

pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015. lt
is informed that Audited Standalone & Consolidated Financial Results for the Quarter and year ended 31"
March,2022 along with Statement of Assets a nd Lia bilities as on 31't Ma rch,2022 and Cash Flow Statement
for the year ended 31.'t March,2o22 has been considered and duly approved by the Board of Directors of
the company in its Board Meeting held on i.e. Tuesday, 10rh May 2022
With respect to Above, please find enclosed the following documents and information
Audited Standalone & Consolidated financial Results for the Quarter and Year ended March, 31"
,2022
I Statement of Assets and Liabilities as at March 3Lst ,2022, pursuant to Regulation 33 Of SEBI
(LODR) Reg u la tion s,2015
It Cash Flow statement for the year ended 31't March,zoT2, pursuant to Regulation 33 of StBl
(LODR) Regulations,2015
IV The lndependent Auditor's Report with unmodified opinion(s) issued bry M/s Mittal Goel &
Associates, in respect of Audited Standalone & Consolidated Financial Results for the
euarter and
Year ended March 31.st,2022
Pursuant to Regulation 33(3)(d) of sEBr (LoDR) Regurations,20i.5, Decraration
by the Managing
Director of the company to the effect that Auditors have submitted
their Report with unmodified
opinion
Styram lndustiies Limited

)>
Regd. O,lfrce: SCO 14, Sector
7C_ I
[,]ffi[t**iffi if##$;,1i"",,ffi r,:,,r#:r',ti;:i'i!,i':;i,2i::i'|666F2+s11772s.2,4ss

7jiffi ; ffi:.fi1;,:T,.#iJ:i?il11,
:n r ssr prcor r
The Board Meeting commenced at 11:00 A.M. and concluded at 12.45 P.M.
You are requested to take above information on record
Thanking You,
For tylam lndustries Limited
lagdish Gupta
Managing Director
Din: 001151.13
Chandigarh Office:
MITTAL GOEL
o&
sCO 40{1, Level lll, Sector 17A,
Chanered Accounlanls
f | +97 -1724657 889, 4667 889
E: admin@mgacaindia.com
www. mgaca ind ia.com
Independent Auditor's Review Report on the Quarterly and Year to datcd Audited Consolidsted
Financial Results ofthe Company. Pursuant to the Regulation 3f, ofthe SEBI (Listing Obligatiols !nd
Disclosure Requirements) Regulations, 2015, as amended
To
Stylam Industries Limited
Chandigarh
We have audited the accompanying statement of Consolidated financial results ofStyhm ltrdustries LiDitcd
(the "Holding Company") and its Subsidiary (the Holding Company and its Subsidiary together referred to as 'the
Group" ) for the quarter and year ended March 31,2022 ('Statemcnt"), attached herewith, being submitted by the
Holding Company pursuant to the requirement ofRcgulation 33 ofthe SEBt Listing Obligations and Disclosure
Requirements Regulations, 2015, as amended {the "Listing Regulations").
ln our opinion and to the best ofour information and according to the explanations given to us and based on the
consideration ofthe reports ofthe other Auditors on separate Audited Financial Statements ofthe Subsidiary and
management certified financial statements ofone ofthe subsidiaries, the Statement:
Includes the Financial Results ofthe following entity:
Subsidiarv
- Stylam Asia Pacific Pte Ltd., Sirgapore (ir the process ofStrike off)
- Stylam Panels Limited
Associate comDanv
Alca Vstyle Sdr Bhd, M.laysia
I. is presented in accordance with the requirements ofRegulation 33 ofthe listing Regulations in this
regard; and
III gives a true and fair vierv in conformity with the applicable accounting standards and other
accounting principles generally accepted in India, of the consolidated net profit and other
comprehensive income and other financial information ofthe Oroup Company for the quarter ended
March 31,2022 and or the year ended March 31,2022
Basis For Opinioo
We conducted our audit in accordance with the Standards on Auditing ("SA"s) specified under Section 143(10)
ofthe Act. Our responsibilities under those Standards are further described in the Auditor's Responsibilities for
the Audit of the Consolidated Financial Results section of our report. We are independcnt of the Group in
accordance with the Code ofEthics issued by the Institute ofChartered Accountants oflndia (the..ICAI,,) together
with the ethical requirements that are relevant to our audit of the Consolidated Financial Results under the
New Delhi 343, Atulva Apt, ktor

O,t' 078 T: +91-11{3038002
188, Dwarka, New Delhi 1ro E: consutt@mgacaindia.com
Mumbai 42 - A, xaveri, Sector 17, vashi, New Mumbat4oo 075 r : +9r-2247930026 E: admin@mgacaindia.com
accordance with these requirements and the ICAI's Code ofEthics. We bclieve that the audit evidenc€ obtained
by us is sufficient and appropriate to provide a basis for our audit opinion.
MsnagemeDt's Responsibilitics for the Strndrlone Fitrrncisl Rcsults
The statement which includes c.nsolidated financial results is the responsibility of the Company's Board of
Directors and has been approved by them for the issuance. The Statement has been prepared on the basis ofthe
Consolidated Annual Financial Statements. The Holding Company's Board are responsible for thc preparation
and presentation ofthe Statement that gives a true and fair view ofthe Consolidated net profit and Consolidated
other comprehensive income and other financial information ofthe Group in accordance with the recognition and
measurement principles laid down in tnd AS, prescribed under Section 133 of the Act, read with relevant rules
issued thereunder and other accounting principles generally acrepted in tndia and i[ compliance with Regulation
33 ofthe Listing Regulations . The respective Board ofDirectors ofthe Companies included in the Group are also
responsible for maintenance of adequate Accounting Records irl accordance with the provisions of the Act for
safeguarding ofthe assets ofthe Group and for preventing and detecting frauds and other irregularities; sclection
and application of appropriate accounting policies; making judgments and estimates that are reasonable and
prudent; and the design, implementation and maintenance of adequate intemal financial controls, that were
op€rating effectively for ensuring the accuracy and completeness of the accounting records, relevant to thc
preparation and presentation of the Statement that give a true and fair view and arc free from material
misstatement, whether due to fraud or eror, which have been used for the purpose ofpreparation of the Statement
by the Directors ofthe Holding Company, as aforesaid
In preparing the Statement, the respective Board of Directors of the companies included in the Group is
responsible for assessing the ability ofthe Group to continue as a going concern, disclosing, as applicable, matters
related to going conc€m and using the going concem basis ofaccounting unless the respective Board of Directors
either intends to liquidate the Group or to cease operations, or has no r€alistic altemative but to do so.
The respective Board of Directors the Companies included in the Group are also responsible for overseeing the
financial reporting process ofthe Group
Auditor's Responsibilities for th€ Audit of the Coosolidated Financial Results
Our objectives are to obtain reasonable assurance about whether the statement as a whole is 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 ofassurance, but is not a guarantee that an Audit conducted in accordance with SAs will
considered material it individually or in the aggegate, they could reasonably be expected to influence the
economic decisions of users taken on the basis ofthis statement.
As part of an audit in accordance with SAs, we exercise professional judgnrent and maintain professional
skepticism throughout the audit. we also:
ldentify and assess the risks of material misstatement of the Statement, 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,
intcntional omissions, misrepresentations, or the override of intemal control.
Obtain an understanding of intemal financial controls relevant to the audit in order to d€sign audit
procedures that are appropriate in the circumstalc€s, but not for the purpos€ of expressing an oPinion on
the effectiveness ofsuch controls.
w'
Evaluate the appropriateness of accounting policies us€d and the reasonableness of accounting estimates
and related disclosures made by the Boatd ofDirectors.
Evaluate the appropriateness and reasonableness ofdisclosures made by the Board ofDirectors in terms
ofthe requirements sp€cified under Regulation 33 ofthe Listing Regulations.
conclude on the appropriateness ofthe Board ofDLectors' use ofthe going concem basis ofac.ounting
and, based on the audit evidence obtained whether a mate al uncertainty exists related to events or
conditions that may cast significant doubt on thc company's ability to continue as a going concem. If we
conclude that a material unc€rtainty exists, we are required to diavr attention in our auditor's report to the
related disclosures in the financial results or, if such disclosures a[e inadequate, to modify our opinion.
our conclusions are based on the audit evidence obtained up to the date ofour auditor's Ieport, However,
future events or conditions may causc the Company to cease to continue as a going concem'
Evaluate the overall presenlation, stlucture and content ofthe Statement, including the disclosures, and
whether the Statement repres€nts the undqlying transactions arld events in a manner that achieves fair
presentation.
Perform procedures in accordance with the chcular issued by the SEBI under Regulation 33(8) of the
Listing Regulations to the extent applicable.
Obtain suffrcient appropriate Audit evidence regarding the financial results,trinancial information ofthe
entiti€s within the Group of which we are the independent Auditors to express an opinion on the
statement. We are responsible for the direction, supervision, and performance ofthe Auditofthe financial
information ofsuch entities included in the statement ofwhich we are the independent auditors.
Materiality is the magnitude of misstatements in the Consolidated Financial Results tha! individually or in
aggregatc, makes it probable that the economic decisions ofa reasonably knowledgeable user ofthe Consolidated
Financial Results may be influenced. We consider quantitative mat€riality and qualitative factors in (i) planning
the scope ofour audit \rr'ork and in evaluating the results ofour work; and (ii) to evaluate the effect ofany idcntified
misstatements in the Consolidated Financial Results.
We communicate with those charged with governancr of the Company and such other entities included in the
Consolidated Financial Results of which we are the independeflt auditors regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, inctuding any significant deficiencies in
intemal conaol that we identiry during our audit.
We also provide those charged with govemance with a statement that we have complied with relevant ethical
requirements rcgarding independcnce, and to communicate with them all relationships and other mstters that may
reasonably be thought to bear on our indep€ndence, and where applicable, related safeguards.
Other matters
The staiement includes Audited Financial R€sults ofSubsidiary. The financials ofthe subsidiary have been audited
by other Independent Auditors. The Independent Audito6' reports on financial statemenE ofthe entity has been
fumished to us and our opinion on the statement in so far as it relates !o the amounts and disclosures included in
respect of the entity, is based on the report of such Audilors and the Focedures performed by us are as stated in
paragraph abve.
v-
Further, subsidiary is located is outside lndia, and Annual Financial Statements has been prepared in accordance
with Accounting principles generally accepted of that country, and which has been audited by other Auditor under
generally accepted Accounting Principles applicable of that country. The Holding company's Management has
converted the financial statements ofsuch subsidiary from accounting principles generally accepted in that country
to accounting prinaiples generally accepted in India. We have audited these conversation adjustments made by
the Holding Company's Management. Our opinion, in so far as it relates !o the amount and disclosures included
in respect of these subsidiary, is based on the Audit Report of other Auditor and the conversion adjustments
prepared by the Management ofHolding Company and Audited by us.
Our opinion on the statement is not modified in respect ofthe above matters.

Firm's Regd.
CA SANDEEP KUMAR GOEL

PARTNER X
MEN,fBERSIN NO: 0992I2
DATE:10.05.2022
PLACE: Chandigarh
SWLAM INDUSTRIES LIMITED
CIN: L20211 CH1991PLCol 1732
Rogllt.red Addr€ss : ScO-14 SECTOR 7C MADHYA MARG CHANOIGARH UT CH 16001S lN
STATEMENT OF CONSOLIOATED ASSETS AND LIAB'LITIES AS AT 31ST MARCH 2022

in Lakh
As at
Sr. No Partlculars 31-Ma.-22 31-Mar-21
Audlted Audlted
ASSETS
I Non.currant aasEts
(a) Property, Plant & EquipmEnt 17,872.45 18,781.96
(b) Capital wo.k in progress
17 872.45 18 781.96
(c) lnvestment Property
(d) FlnancialAsssts
(i) lnvestrnents 114.14 136.24
(ii) Loan and Advances 149.S2 139.71
(iii) Other Bank Balanc€s
(iv) Other Non-CunBnt Assets 162.41 273.64
426.48 549.58
Total Non-Currgnt Assets 1 '19 1.54
Current Assets
(a) lnventories 13,290.16 7,184.86
(b) Flnanclal Aas€t8

(i) Trade recaivables 11,876.74 9,864.27
(ii) Cash and cash equivalents 168.?4 508.40
([i) Other Bank Balance 697.31 1,005.34
(iv) Other Financial Assets 3.84 2.43
Other cunent assets 4.555.16 2,817.93
Total Cunent Assets 30 1.44 21 83.24
TOTAL ASSETS 40 714.78

Equlty
(a) Equity Share Capital 847.40 u7.40
(b) Other Equity 761.80 097.78
31 .20 18
Llablllti€s
Non-curr6nt Llabllltlsg
(a) Financial Liabilrties
(i) Bonowings 913.79 2,149.42
(ii) Provisions 232.01 235.07
'I,082.27 1.217.43
(b) Def€nsd Tax Liabilities 75.45 654.23
(c) Other Non-cunent IiabilaliEs 3.53 4 56.15
Cunent Llabllldeg
(a) Financial Liabilitiss
(i) Borrovvings 5,594.19 2,1 1 1.00
(ii) Trade Payables du€ to other than MSME 5,680.65 4,913.40
(iii) TradB Payables due to MSME 123.17 235.91
(iv) Oth€r Financial Liabiliti6s 1,438.87 '1,660.43
(b) Other cunent Liabilities 1,865.82 1 ,196.17
(c) Provisions 107.n 73.25
(d) Current Tax Liabilities 167.16 323.29
977.64 10 513.45
Total U and Llabillties .37 40 714,78
'"o';:ffi:''''','
Date: 10th lvlay 2022
Plac6: Chand rh Director
STYLAM INDUSTRIES LIMITEO
CIN: L2021 1CH1991PLCo11732
Registered Addr6ss : SCO-14 SECTOR 7C MADHYA MARG CHANOIGARH UT CH 160019 lN
STATEMENT OF AUDITED RESULTS FOR THE OUARTER AND YEAR ENDED 31st MARCH 2022-Consolidated
({ in Lakh)
Quarter endod Year Ended
S.No. Particulars 31-Mar-22 31-Oec-21 31-Mar-21 31-Mar22 31-Mar-21
Audited Audited
1 lncome from operations
(a) Revenue from operations 17.968.52 17,687.03 17.019.34 65 934 68
I 47.953 48
{b) Other income 702.s3 (357 70) 63 48 800.07 11004
Total income from operations 18,671.04 17.329.33 17 .082 82 66.7U.74 48.063.52
2 Expenses
(a) Cost of materials consumed 11,013.46 '10,21 5.03 9.799.23 38,979.3r
E 25.120.33
I (b) Purchases of stock-in-trade 3.98 63.12 16 62 103.89 27.26
II (c) Chanoes in inventories
(d) Employee benefits exDense
(301.s0)
1.413.28
(4'11.30)
1,455.03
1944.52',)
1,268.91
(1,531.96)
5.474.12
(493 30)
3.825.48
I (e) Finance Costs
(fl Depreciation and amortisation expense
213.02
564.12
201 62
598.96
128.91
551.06
783.04 601.86
2.314.95
(g) Other expenses 3.849.86 3.058.02 3.422.44 12,539.64 9,574.89
Total expenses 16.756.21 15.180 48 14.242.65 58,677.58 40971.48
3 Prolit / (Loss) from operations before exceptional items 1,914.83 214a.85 2,840.14 8,057.16 7,092 03
4 Exceptional items
5 Profit / (Loss) lrom ordinary activities betor€ tax 1,914.83 2.148.85 2.840.14 8,057.16 7.092.03
6 Tax
I -Current Tax 349.16 589 66 667 29 1,732.90
II Tax for earlaer year
-Deferred Tax
90.31
(182.65) (2 9s) (175.06) (
90 31
134.86)
36.26
(129.58)
? Net Profit / (Loss) after Tax from continuing oF,orations 1,658.01 1,562.14 2.347.91 6.110.72 5,524.97
I Extraordinary items (net of Tax) --
9 Net Profit / (Loss) for the oeriod 1,658.01 1.562.14 2.y7.91 6,1 10.72 s.s24.97
10 Share of Profiu(Loss) of associates and ioint ventures 3.07 (3.07) (23.99) (22.10\ (13.54)
't1 Other Comprehensive lncome (net ot Tax) ('1 5.13) 5.35 (0.90) 10.89
12 Total Comprehensive lncome for the period (net of Tax) 1.645.95 1,562.30 2.329.28 6,087.72 5.522.33
'13 Paid-up equity share capital (Face Value of Rs.5/- each) 847.40 847.40 847.40 u7.40 847 40
Eaminqs per share
't4 Basic 9.78 13.85 36.06 32.60
Diluted 9.7'l 13.74
a-t''"r"affi;;
Date. 1oth May 2022
Place Chand arh tn Director
STYLAM INDUSTRIES LIMITED
CIN: l.20211CH1991P1.C011732
Reglstered Address : sco-14 SECTOR 7C MAITHYA MARG CHANDIGARH UT CH 160019 lN
Statement of Cash Flow for the year ended March 31,2022- Consolidated
(t in Lakh)
Year ended March Year ended March
Particulars
3 2022 1 2027
Cash Flow from operatlng actiYhies:
Profit/(loss) before extraordlnary & excePtional ltems and tax 8,057.16 7 ,092.03
Adlustments for:
- Unreallzed foreign exchange loss/(8aln) (net) 49.82
Government Grant lnd As adJu5tment (644.63)
- Finance costs 783.04 601.86
- Depreclation and amortisation expense 2,325.5s 23r4.95
- Loss/ {Gain) on sale of Fixed Assets (net) 4.81 7 .46
operatlng Profh before worklng capltal changes 10,484.61 10,027.39
Movements ln working caPital:
Adjusted for:
Trade & other Receivables 12,0L2.47) (1,369.s7)
lnventories (6,105.30) (511.80)
Trade & Other Payables 1035.40 774.13
Net cash Senerated from operations 3,402.24 9,860.15
Payment of dlred taxes (net) -r9]4.l4 (L,7t9.43]
Net cash from op€ratint acttultles (A) 1 64,40 .72
I Cash Flow from lnvestlnt actlvhles:

Payment for TanSible Assets (1,438.s0) (660.66)
(lncluding capital work In progress and capitaladvances)
Proceeds from sale of PPE 72.5O 75.31
Proceeds from sale of lnvestment Property
Payment for lnvestments in subsidlary and joint venture (3s.63)
Proceeds/(lnvestment) from/ in other assets (1,047.86) 2L.93
Proceeds/(lnvestment) from/ in other actlvlties (s83.04) 30.53
Maturity/ (lnvestment) ln fixed deposits
Net cash from/ (used lnl lnvestlng acttultles (8) 2 9s5.58
c Cash Flow from financlng activlties:

(1,4s7.19)
-Edtr,rl (2,349.4s)
Repayment of long term borrowings
Proceeds/ (Repayment) from short-term borrowlngs 3483.20 l'3,742.50r.
Borrowlng costs paid
lnterest pald 7a3.O4 601.86
Net cash from/ (used in) flnancing astlvltles (c) L 242,98 6
Net lncrease/{decrease) ln cash and cash equlvalents (A+B+C) (648.20) 902.20
cash and cash equivalents at the beglnnlnS of the Perlod 1,513.74 611.54
Cash and cash equlvalents at the closlng of the perlod 865.54 1,513.74
For: STYLAM INDUSTRIBQ LIMITEO

X\
Date: 1oth May 2022 .rrgoY(1oupt"
Place: Chandi rh Ma in Director
Chandigarh Office:
MITTAL GOEL 4041, Level lll, Sector 17A,
CNI
SCO
Cha(ered Accounlanls
T : +91-172-4657889, 4667889
E : admin@mgacaindia.com
www.mgacaindia.com
Independent Auditor's Review Report otl the Quarterly and Yetr to d'ted Audited Strndalotrc
FiDr[cial
Results of the Coulptny. Pursuant to the Regulation 33 of thc SEBI (Listing Obligltio[s
atrd Disclosure
Requirements) Regulations, 2015, ss amendcd
To
Chandigsrh
(thc
we have audited the accompanying statement ofstandalone Financial Results ofstylam IDdustries Limitcd
submitted by the Company
"Compsny") for quarter and year ended March 31, 2022 (the "statement"), b€ing
prrrr"i ,o the requirement of Regulation 33 of the SEBI Listing Obligations and Disclosure Requirements
Regulations, 2015, as amended (the "Listing Regulations").
given to us, th€ statement:

In our opinion and to the b€st ofour information and according to the exPlanations
in this
l. is presented in accordance with the requirements ofRegulation 33 ofthe listing Regulations
regard; and
II gives a true and fair view in conformity with the recognition and measuement principles laid down
in the applicable accounting standards (.'lnd As") and other accounting principles generally
accepted in lndia ofthe net profit and other comprehensive income and other financial information
ofthe Company for the quater and year ended on March 31,2022
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) sPecified under section 143(10)
of
the Companies Act, 20t3, as amended ("the Act"). Our responsibilities underthose Standards are further described
in the
..Auditor's Responsibilities for the Audit ofthe Standalone Financial Results" section of our report. We are
independent of the Company in accordance with the Code of Ethics issued by the Institute of Chanered
Accounlants of lndia together with the ethical requirements that are relevantto our audit ofthe financial statements
in
under the provisions ofthe Act and the Rules thereunder, and we have filled our other ethical responsibilities
accordance with these requirements and the code ofEthics. we believe that the audit evidence obtained by us is
sufficient and appropriate to prcvide a basis for our opinion.
Managemetrt's Respotrsibilities for the Starddone Finsncisl Results
The statement has been prepared on the basis of the standalone annual financial statements. The Board of
Directors of the company is responsible for the preparation and presentation of the statemcnt that gives a true
and fair view ofthe net profit and other comprehensive income ofthe company and other financial information
in accordance with the applicable accounting standards prescribed undel section 133 ofthe Act read with relevant
rules issued thereunder and other accounting principles generally accePted in India and in compliance with
Regulation 33 of the listing Regulations. This responsibility also includes maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding of the assets of the company and for
preventing and detecting frauds and other inegularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and prudenq and the design, implementation and
a1
New Delhi 343, Atulya Apt, sector 188, Dwarka, New Delhi 110078 T: +91-11-43038002 E: consutt@mgacaindia.com
Mumbai 42-A, (averi, Sector 17, Vashi, New Mumbai4OO 075 T: +91-2267930026 E: admin@mgacaindia.com
maintenance of adequate intemal financial controls, that were operating effectively for ensuring the accuracy and
completeness ofthe accounting records, relevant to the preparation and presentation ofthe Statement that Sive a
true and fair view and are free ftom material misstatemen! whether due to fraud or enor.
In preparing the Statement, the Board ofDirectors are responsible for assessing the Company's ability to continue
as a going concem, disclosing, as applicable, matters rclated to going concem and using the going concem basis
ofaccounting unless the Board ofDirectors either intends to liquidate the Company or to c€ase op€rations, or has
no realistic altemative but to do so.
The Board of Directors is also responsible for overseeing the Company's financial reporting proc€ss of the
Company.
Auditor's Responsibilities for the Audit of the StaDdalone FiD.ncial Results
Our objectives are to obtain reasonable assurance about whether the statement as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor's report that irlcludes our opinion. Reasonable
assurance is a high level ofassurance, but is not a guarantee that an audit conducted in accordancc with SAs will
considered matcrial if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions ofusers taken on the basis of this Standalone Financial Results.
As parl of an audit in accordance with SAs, we exercise professional judgrnent and maintain professional
skcptioism throughout the audit. we also:
Identify and assess the risks of material misstatement ofthe Statement, whether due to fraud or enor,
design and perform audit procedures responsive to those risk, and obtain audit evidence lhat is sufficienl
and appropriate to provide a basis for our opinion. The risk of not detecti[g a materisl misstatement
resulting from fraud is higher than for one resulting fiom enor, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of intemal conhol.
Obtain an understanding of intemal financial controls relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose ofexpressing an opinion on
the effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by the Board of Directors.
in terms
Evaluate the appropriateness and rcasonableness ofdisclosures made by the Board of Directors
of the requirements specified under Regulation 33 of the Listing Regulations'
ConcludeontheappropriatenessoftheBoaldofDirectoB.useofthegoingconcernbosisofaccounting
and, based on the audit evidenc€ obtain€4 whether a material uncertainty exists related
to events or
going concern lf we
conditions that may cast significant doubt on the company's ability to continue as a
report to the
conclude that a material uncertainty exists' we are required to draw attention in our audito/s
'modify our opinion'
related disclosures in the financial results or, ifsuch disclosures are inadequate, to
evidence obtained up to the date of our auditol's report' However,
Our conclusions are based on the audit
to c€ase to mntinue as a going concem'
future events or conditions may cause the Company
including the disclosues' and

Evaluate the overall presentation, structurc and content ofthe Statement'
in a manner that achieves fair
whether the Statement represents the underlying bansactions and events
presentation.
q/
//
obtain sufficient appropriate audit evidenc! regarding the standalone Financial Results ofthe company
to express an opinion on the Standalone Financisl Results'
Materiality is the magnitude of misstatements in the Standalone Financial Results thal individually or in
aggegate, makes it probable that th€ economic decisions of a reasonably knowledgeable user of the Standalone
Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning
the scope ofour audit work and in evaluating the results ofour work; and (ii) to evaluate the effect ofany identified
misstatements in the Standalone Financial Results
We communicate with those charged with govemance regarding, among othel matters, the planned scope and
timing ofthe audit and significant audit findings, including any significant deficiencies in intemal control that we
identify during our audit.
we also provide those charged with govemance with a statement that we have complied wiih relevant ethical
requirements rcgarding independence, and to communicate with them atl relationships and other matters that may
reasonably be thought to bear on our indep€ndence, and whcre applicable, related safeguards.

Firm's Regd. No. 0
4 &
CA KUMAR
PARTNER
0w212
DA]E: 10.05.2022
PLACE: Chandigarh
STYLAiI INDUSTRIES LIMITED
CIN: L2O211CHl99lPLC011732
Regbtered Add1033 | SCO-14 SECTOR 7G MAOHYA MARG CIIANDIGARH UT 160019 lN
STATEMENT OF STANOALONE ASSETS AND LIABILITIES AS AT 31ST MARCH 2022

({ an Lakh)
As at
Sr. No. Particulars 31-a,ar22 3'l -l'la r-21
Audited Audited
ASSETS
I Non.currsnt aaaeta
(a) Property, Plant & Equipment 17.872.45 18.781.95
(b) Capital work in progress
17,872.45 18,781.95
(c) lnvcstment Property
(d) FinancialAssets
(i) lnvestments 249.78 149.85
(ii) Loan and Advances 149.92 139.70
(iii) Other Bank Balances
(iv) Other Non-Current Assets 165.57 283.00
565.27 572.55
Total Non-Current Assets 18,437.72 't9,354.s0
I Current Aaseta
(a) lnventories 13.290.16 7,184.86
(b) FinancialAaaeta
(i) Trade receivables 11,876.74 9,464.27
(ia) Cash and cash equivalents 70.06 508.40
(iii) Other Bank Balance 1,005.34
(iv) Other Financial Assets 3.22 243
(c) Other current assets 4,551. r6 2,817.94
Total Current A$eta 30,488.65 21,383.24
TOTAL ASSETS 48,926.37 40,737.74
EOUITY AND LIABILITIES

Equity
(a) Equity Share Capital u7.40 u7.40
(b) Other Equity 30.797.62 25.'t20.75
31,M5.02 25,968.15
Liabilities
Non.currsnt Liabilitiea
(i) Borrowings 913.79 2.149.42
(ii) Provisions 232.01 235 07
(b) Delerred Tax Liabilities 1,082.27 1.217.43
(c) Other Non-current liabilities 75.45 654.23
2,303.53 4,256.15
Current Liabilitie3
(a) Borrowings 2,110.99
(ii) Trade Payables due to other than MSME 5,680.65 4,913.40
(iii) Trade Payables due to MSME 123.17 235.91
(iv) Other Financial Liabilities 1,438.87 1,660.43
(b) Other Current Liabilities 1,865.70 1 ,196.17
(c) Provisions 107.77 73.25

(d) Cunent Tax Liabilities 167.46 323.29
14,977.82 't0,513.45
Total Equity and Liabilities 48,926.37 40,737.74
*"o';ff:'''"'
Date:1oth May 2022
Place: Chandiqarh Manaqino Director
STYLATI INDUSTRIES LIIUITED
CIX: L202ilCHl99lPLC0I1732
I
Rsgld.rsd AddrBt : SCO la SECTOR 7 C MAOHYA MARG CHAI{OIGARH UT CH 151x)19 ltl
STATEMENT OF AUDITEO RESULTS FOR THE QUARTER AND YEAR ENOED 3lST MARCH 2022-Standalone
{a in Lakh)
Ouaator end6d Year Ended
S.tlo. Particulars 31-Mar22 3l-Ooc-21 31-Mar.21 31-Mab22 31-Mar-21
Audit€d Audited
I lncome trom operations
(a) Revenue from ooerations 17.968 52 17.687.03 17 019.34 65.934.68 47 953.48
(b)Olher income 699.60 (357.70) 63.47 797 14 't
10.03
Total income from operations 18,668.11 17,329.33 17 .082.81 66.731 81 48 063 51
Exponses
(a) Cost of materials consumed 11.013.46 10.215.03 9,799.24 38,979 31 25,120.33
(b) Purchases of slock-in-trade 3.98 63 12 16.62 103.89 27 26
(c) Changes in invento.ies offnished goods, workin- (301.50) (411.30) \944.52)- (493.30)
prooress and stock-in-lrade (1,531.96)
(d) EmoloYee benefils erpense 1 .413.28 1 455 03 1 .268.92 5,478.12 3,825 48
(e) Finance Costs 213.O2 201.62 128.91 783.04 601.85
(fl DeDrecialion and amortisalion exDense 564.12 598 96 551 06 2,314.94
(q) Other exDenses 3.859.15 3.057.62 3,426.34 12.545 95 9,569.43
Total expenses 16 765 50 15,180.08 '14 246 57 58.683.89 40,966 03
3 Profit / (Loss) from oporations betore exceptional 1.902.61 2,149.25 2.836.25 L047.92 7,097.49
4 ExceDtional items
5 Protit / lLossl from ordinarv activitios before tax 1,902.61 2.149.25 2.836 25 a,047.92 7,097.49
6 Tax
-Cunenl Tax 349.16 589.66 667.30 1.990.S9 1.732.S0
-Tax of eadier years 90.31 0 0 90.31 -36 26
-Deferred Tax (182.65) (2.95) (175 05) (134.86) (129.57)
7 Net Protit / (Loss) aftor Tax from continuing ope.ations 1.645.79 1 ,562.54 2 344 00 6,101.48 5.530.42
8 Ertraordinarv items lnel ol Tax)
Net Profit / (Lossl for the Doriod 1.645.79 1.562.54 2 344 00 6.10't 48 5,530.42
t0 Share oI Profil./(Loss) ot a3sociales and ioint ventu,6s 0
tl Olhgr Comprehensive lncomo (net ot Tax) (15.13) 3.23 535 (0.90) 10.8S
12 Total Comprehensivo lncomo lor tho po,iod (net ot 1,630.66 1,565 77 2 349 36 5,541.32
Taxl 6,100.58
t3 Paid-up equity share capltal (Faco Valuo ol Rs.5/- 847.40 841.40 847.40 847.40 847 40
14 Eaminqs per sharc
Basic 962 9.24 13 86 36.00 32.70
Diluled 962 9.24 13.86 36.00 32 70
*'':::ffi:'esLimi"d
Date: 'loth May 2022
Place: Chandigarh Manaqinq Oireclor
SWI-AM INDUSTRIES TIMITED
CIN: 1.20211CH1991PtC011732
Registered Address : SCO 14 SECTOR 7C MADHYA MARG CHANDIGARH UT CH 160019 lN
Statement of Cash Flow for the year ended March 31, 2022- Standalone
(1 in Lakh)
Year ended March Year ended March 31,
Particulars
3,.,2022 2021
Cash Flow from oper.ting activlties:
Profit/(loss) before extraordinary & erceptional items and tax 8,047.92 7,O97.49
Adjustments for:
- Unrealized foreign exchange loss/{gain) (net) 49.82
Government Grant lnd As Adjustment (644.63)
' Finance costs 783.04 601.85
- Depreciation and amortisation expense 2,32s.ss 2,374.94
- Loss/ (Gain) on sale of Fixed Assets (net) 4.81 1 .46
Operating Profit before workinS capltal changes 10,478.30 10,032.84
Movements in working capital:
Adjusted for:
Trade & Other Receivables .2,012.47]. (1,369.s7)
lnventories (6,10s.30) (s 11.80)
Trade & other Payables 1035.28 71,4.73
Net cash Senerated from operations 3,395.82 9,86s.60
Payment of direct taxes (net) (1,913.8s) (1,719.43)
Net cash from operating activities (A) 1 54.27 146.16
B Cash Flow from investint activities:

Payment for Tangible Assets (1,438.s0) (666.12)
(including capitalwork in progress and capitaladvances)
Proceeds from sale of PPE 72.50 75.31
Proceeds from sale of lnvestment Prop€rty 0.07
Payment for investments in subsidiary and joint venture (1oo.oo) (3s.70)
Proceeds/(lnvestment) from/ in other assets (1,037.03) 22.OL
Proceeds/(lnvestment) f rom/ in other activities (s83.04) 30.s3
Net carh from/ (used inl investing activities (B) 7,61 550.17
c Cash Flow f.om financing activities:

Repayment of long term borrowings (1,4s7.19) 12,349.4s].
Proceeds/ (Repayment) f rom short-term borrowings 3483.20 13,742.sO\
lnterest paid 783.03 601.85

Net cash from/ (used inlfinancing activities (C) 242.98 6 693.80
Net increase/(decrease) in cash and cash equivalents (A+B+C) 1,513.73 902,L9
Cash and cash equivalents at the beginninS ofthe period (746.36) 611.54
Cash and cash equivalents at the closinS ofthe period 767.3? 1,513.73
For: STYLAM IND

"::H"_:
Date: 10th May 2022
Place: Chandigarh
Manaqinq Director
Notes to Standalone and Consolidated Financial Results
The audited financial results have been prepared in accordance with the recognition and measuement
principle provided in lndian Accounting Standards (lnd AS 34), thc provisions ofthe companies Act,2013
(the Act), as applicable and guidelines issued by the Securities and Exchange Board oflndia (SEBI) (listing
obligations and Disclosure requirements) Regulations 2015, as amended.
2. The above results have been reviewed by the Audit Committee and approved by the Board of Directors of
the Company at their respective Meetings held on May 10, 2022.
3. The Statutory Auditors have expressed and unmodi6ed. audit opinion on these results.
4. The figures ofthe previous periods have been regrouped, reclassified and re-castd wherever necessary
5. The segment reporting is not required in accordance with Ind AS 106
6. The consolidated financial results include the financial resuhs ofour wholly subsidiary company i.e. Stylam
Asia Pacific he. Ltd, Stylam Panels Limited and its associate Alca Vstyle Sdn.Bhd,Malaysia.
7. The company has applied for striking offits wholly owned subsidiary Stylam Asia Pacific fte. Ltd, and has
uriuen offentire investment in this company.
8. The company has not discontinued any other operations during the period under reviedaudit.
9. Amid rise in raw material and logistics costs, there has been slight decline in the operating results.
10. Our focus mainly revolves around boosting sales and simultaneously taking measure to, control the cost of
the business, the result ofwhich apparent in the near future.
I I . Management is now focusing on domestic sales to increase the top line as well as bottom line.
Place: Chandigarh On behalfof Board

Date: 106 May,2022 stylam {nliustries Limited
Jagdish Gupta
Managing Director
Din: 001l5l l3
I
StLl CHDI 2O22-23t 1 Oo52O22

Ref No
Dated: 10'h MaY,2022
The Manager'
BSE Limited (BSE) Listing DePartment,
Coroorate Relation DePartment Ltd (NSE)
pi,roze .leeieebhoy Tower' 25'h Floor
*;ir;;rl Stock Exchange of lndraBandra
Ptaza c-l Block G
Kurla
;;;;;;0"
Dalal Street, LorPt"* Bandra ' Mumbai-400051
Mumbai-400001
Trading SYmbol: STYLAMIND

BSE ScriP: 526951
(s) u rsuant to Re u lations
ditor's Reoort with un modifie dop inio n
Su b: Dec larat ron
reqa rd ins theAu
uireme nts) Regula tions, 20L5
d) of the SE BI Lis tine o
blisati o n5 a nd Dis closure Req
33(3
Dear Sir/ Madam'
Disclosure Requirements)
of the SEBl (Listing obligations and
pursuant to Regulation 33(3xd) (Amendment)
and D]sclosure Requirements)
Regulations,2ols read with 'i'1 ii'u'"'
-h"*i' obligatlons
M/s Mittal Goel &
O"Otr."' tntt the Auditor of the CompanY'
Regulations,2016, th" to'ptny
-"nmodif &
ied in respect of both the Standalone
Associates has furnished
it' *1p"" *itft
-opinion(s)
for the Financial \eat 2o2l-22
Financial Results
i""1"iorr"o
Thanking Yo u,
For Stylam lndustries Limited
)>
lagdish GuPta
Managing Director
Din:00115113

Regd. Of6<e: SCO 14, Sector 7C, Madhya Marg, Chandigarh (lNDlA)-160019,T: +91-172-502155515021666, F: +91-172-5021495
Works l: Plot No. 192-193, lndustrial Area Phase-'I, Panchkula (Haryana) INDIA - 134109, T: +91 -172-2563907 /2565387
WotkJ ll: Village Manak Tabra towards Raipur Rani, Mattewala Chowk, Distt. Panchkula (Haryana)
W: www.stylam.com, CIN: 1202'l 1CH 1991P1C01 1732 (Govt. of lndia recognised Star Export House)

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ExtrusionTechnik

KET /SEC/SE/2022-23/07 Date: May 10, 2022

BSE Limited National Stock Exchange India Ltd.

Kindly take the above submission on your record.

www.kolsite.com A Kolsite Group Company

Disclosure of events and information pursuant to Regulation 30 of the SEBI (Listing

Name of Key Managerial Person Mr. Atanu Maity

www.kolsite.com A Kolsite Group Company

For Kabra Extrusiontechnik Ltd.

{TOTAL ASSETS 56,782.29 39,942.01 56,852.62 39,913.65

EQUITY AND LIABILITIES

Total liabilities 23,883.95 12,100.71 23,960.68 12,100.71

TOTAL EQUITY AND LIABILITIES 56,782.29 39,942.01 $6,852.62 39,913.65

Sale of investment Non Current Investment 342,06 - 342.06

Dividend received 73.86 - 73.86 -

MARCH 31, 2022

To the Board of Directors of

We have audited the accompanying statement of standalone financial results of

This statement which is the responsibility of the Company’s Management and

We conducted our audit in accordance with the Standard on auditing issued by

For A.G. Ogale & Co.

Membership No.: 113775

To the Board of Directors of

i We have audited the accompanying statement of consolidated financial results of

3 We conducted our audit in accordance with the Standard on auditing issued by

(ii) | are presented in accordance with the requirements of Regulation 33 of the

For A.G, Ogale & Co.

Pune, May 10, 2022

KET/SEC/SE/2022-23/09 Date: May 10, 2022

BSE Limited National Stock Exchange India Ltd.

Sub: Declaration of unmodified opinion

Kindly take the above submission on your record.

www.kolsite.com A Kolsite Group Company

Key Highlights for Quarter & Year ended March, 2022

Update on Battery Segment

For more details, pls visit;

Neuland Laboratories Limited

Sub: Outcome of Board Meeting

MS KA & Associates JNTU·Hitech Cit y Road, Kukatpally

To the Board of Directors of Neuland Laboratories Limited

Report on the Audit of Standalone Financial Results

Basis for Opinion

Board of Directors' Responsibilities for the Standalone Financial Results

Auditor's Responsibilities for the Audit of the Standalone Financial Results

Our Opinion is not modified in respect of the above matter.

Neuland Laboratories Limited

Tel: 040 67611600 / 676 11700

NEULAND LABORATORIES LIMITED

(Amount in lakhs of , , unless otherwise stated)

3 Profit before tax (1-2) 2,412.17 1,809.81 2,431.59 8,173.98 10,496.21

4 The EPS for quarters has not been annualised.

(Amount in lakhs of,, unless otherwise stated) '

Equity ant.I Liabilities

Total equity and liabilities - 1,38,112.:n 1,32,352.04

NEULAND LABORATORIES LIMITED

(Amount in /akhs off, unless otherwise stated)

Cash flows from investing activities

Cash flows from financing activities

MSKA & Associates JNTU-Hitech City Road, Kukatpally

To the Board of Directors of Neuland Laboratories Limited [Holding Company]

Report on the Audit of Consolidated Financial Results

(i) include the annual financial results of the following entities

Sr. No Name of the Entity Relationship with the Holding Company