RISHABH INSTRUMENTS LIMITED

Rishabh Instruments Limited IPO NOTE

Business Highlights IPO Transaction Details
Fresh issuance of Equity Shares aggregating upto ₹ 75 crore
•Rishabh Instruments is a global energy efficiency
and Offer for Sale from Promoter & Selling Shareholders of
solution company focused on electrical automation, 94,28,178 Equity Shares of face value ₹ 10 each
metering and measurement, precision engineered
products with diverse applications across industries Price Band ₹ 418 to ₹ 441 per Equity Share
including power, automotive and industrial sectors. 34 Equity Shares and in multiples of 34
Bid Lot
•They supply a wide range of electrical measurement shares thereafter
Post Issue
and process optimization equipment, and are ₹ 1,590.7 crore - ₹ 1,674.1 crore
Implied Mcap
engaged in designing, developing and Issue Size
manufacturing, and sale of devices significantly ₹ 469 crore to ₹ 491 crore
(Amount)
under their own brand across several sectors. Motilal Oswal Investment Advisors
•They provide comprehensive solutions to customers Limited, DAM Capital Advisors
BRLM
Limited, Mirae Asset Capital Markets
looking for cost-effective ways to measure, control,
(India) Limited
record, analyse and optimise energy and processes
Registrar KFin Technologies Limited
through an array of products.
•They also provide complete aluminium high BSE Limited and National Stock
Listing
Exchange of India Limited
pressure die casting solutions for customers
requiring close tolerance fabrication (such as All Retail Applications compulsorily in UPI Mode
automotive compressor manufacturers and
IPO Transaction Timelines
automation high precision flow meters
manufacturers), machining and finishing of precision Bid/Offer Opens on: Wednesday, August 30, 2023
components.
Bid/Offer Closes on: Friday, September 01, 2023
•The Company is a global leader in manufacturing
Finalization of Basis of On or about Wednesday,
and supply of analog panel meters, and is amongst
Allotment September 6, 2023
the leading global companies in terms of Refunds / Unblocking On or about Thursday,
manufacturing and supply of low voltage current of ASBA Accounts September 7, 2023
transformers (Source: F&S Report). On or about Friday, September
Credit of Equity Shares
•Lumel is the most popular brand in Poland for 8, 2023
Listing and Trading of On or about Monday,
meters, controllers, and recorders and Lumel Alucast
Equity Shares September 11, 2023
is one of the leading non-ferrous pressure casting
players in Europe (Source: F&S Report). Investor Categories Break-up
•Rishabh Instruments is a vertically integrated player (appro No. of Shares (in In ₹ cr % of
x.) lakhs) Issue
involved in designing, developing, manufacturing
and supplying (a) electrical automation devices; (b) @ Floor @ Cap @ Floor @ Cap
Price Price Price Price
metering, control and protection devices; (c)
QIB 56.11 55.64 234.5 245.4 50%
portable test and measuring instruments; and (d)
solar string inverters. NIB 16.83 16.69 70.4 73.6 15%
•In addition, the Company manufactures and - NIB 1 11.22 11.12 46.9 49.1
supplies aluminium high pressure die casting
- NIB 2 5.61 5.56 23.5 24.5
through a Subsidiary, Lumel Alucast.
•The Company also provides certain manufacturing Retail 39.27 38.95 164.2 171.8 35%
services which include mould design and Total 112.22 111.28 469.1 490.8 100%
manufacturing, EMI/EMC testing services, Electronic
NIB 2 – NII Bidding between ₹ 2 lakhs – ₹10 lakhs
Manufacturing Services, and software solutions. NIB 1 – NII bidding greater than ₹ 10 lakhs

For additional information & risk factors please refer to the Red Herring Prospectus. 1
 RISHABH INSTRUMENTS LIMITED

Business Overview IPO NOTE

• Electrical automation products include energy management software, transducers and isolators, paperless recorders
(chartless) and dataloggers, temperature and humidity recorders, I/O converters and temperature controllers among
others.
• The Company’s metering, control and protection devices consist of analog panel meters, rotary cam switches,
current transformers, shunts, digital panel meters, multifunction meters, multi-load monitoring meters, power
quality meters, power quality analyzers, power factor controllers, LV and MV relays, genset controllers, synchronizing
units, power supply and battery chargers among others.
• Under the portable test and measuring instruments portfolio, the Company manufactures various categories of
digital multimeters, digital clamp meters, digital insulation testers, digital earth testers and environmental products
such as ultrasonic level/thickness meter, digital luxmeter, non-contact tachometers, DB meter, submarine cable fault
locator among others.
• Rishabh Instruments also manufactures solar string inverters in India designed for use in photovoltaic installations
connected to the grid.
• In terms of the aluminium high pressure die castings, Rishabh Instruments serve global automation, automotive and
other industries with inhouse designed tools (which include die casting moulds and CNC fixtures) and various post
casting processes such as high precision machining, surface treatment and heat treatment.
• The Company is diversified in terms of end users of products, serving industrial (FMCG, pharmaceutical, cement,
steel, railways), power (generation, transmission and distribution, renewable energy, oil and gas), OEM industries
(transformer, motor, cable and special machine manufacturers) and new applications (data centre, laboratories,
semiconductors, consumer electronics, and building automation).
• Rishabh Instruments is a technology and R&D focused enterprise concentrating on innovation of own products,
processes and applications to add value to customers as well as the industry.
• The R&D centres in India are accredited nationally and internationally. The R&D centres in India, Poland and China
are staffed with a team of 95 engineers as of May 31, 2023.
• The Company manufactures all products in-house from their five manufacturing facilities – two in India, two in
Poland and one in China.
• Products manufactured at all Manufacturing Facilities (other than Poland Manufacturing Facility II) are tested and
certified by testing laboratories for certifications such as CE, ROHS, UKCA etc.
• In India, both the manufacturing facilities are situated in Nashik, Maharashtra.
• Nashik Manufacturing Facility I is a vertically integrated facility with end-to-end product development capabilities
from concept design to testing.
• Nashik Manufacturing Facility II is also a vertically integrated facility with a tool design facility.
• Both the Nashik Manufacturing Facilities hold ISO 9001:2015 certification of quality management system.
• In Poland as well, the Company has two manufacturing facilities both situated at Zielona Góra, Poland – Poland
Manufacturing Facility I and Poland Manufacturing Facility II.
• Poland Manufacturing Facility I is a dedicated facility for production of electrical and electronics products.
• Poland Manufacturing Facility II has an aluminium die casting facility comprising a foundry, CNC machining, post
processing facility (shot blasting, powder coating, painting, washing lines), tool shop and a laboratory.
• Both the Poland Manufacturing Facilities hold various accreditations including ISO 9001:2015, ISO 14001:2015 and
IATF 16949:2016.
• The China Manufacturing Facility located in Shanghai, China houses a production facility and an R&D unit and holds
ISO 9001:2015 certification of quality management system.
• Products manufactured at the China Manufacturing Facility are tested and certified by testing laboratories for
certifications including CE, ROHS, UKCA.

For additional information & risk factors please refer to the Red Herring Prospectus. 2
 RISHABH INSTRUMENTS LIMITED

Business Overview – Products Snapshot IPO NOTE

Product Product application
I/O Converters • Telemetering (eg: remote transmission of electrical
parameters to regional distribution center)

• SCADA (Supervisory Control & Data Acquisition)

• Field data conversion over communications

Transducer and isolator • Telemetering (e.g. remote transmission of electrical

parameters to regional distribution center)

• SCADA

• Process control where accurate & reliable monitoring of

Electrical parameters is desired (eg: energy co-generation)

• Input to recorders/indicators

• Pollution board/monitoring
Paperless recorder and data • Process industries
logger
• Conveyor monitoring and recording

• Solar data monitoring and recording

• Special purpose machine (SPM), Data monitoring and

recording

Temperature and humidity • Temperature and humidity recording for use in industrial
recorder installations, pharmaceuticals, cement manufacturing,
steel and data centres

Temperature Controller • Furnace control

• Boiler control

• Temperature & Humidity monitoring and control for

various types of chambers

• Climate control & monitoring

• Process control (Pharma & Chemical applications)

Proposed products
Transducer (multi-function, • Telemetering (e.g. Remote transmission of electrical
self powered) and pollution parameters to regional distribution center)
transducer (EPM)
• SCADA

• Process control where accurate & reliable monitoring of

Electrical parameters is desired. (E.g. Energy co-
generation)

• Input to recorders/indicators
Lumel KD10 (144x 144) KD6 • Process industries
(96x96) recorders with
universal inputs • Conveyor monitoring and recording

• Solar data monitoring and recording

• Special purpose machine (SPM), Data monitoring–and

recording
Lumel PD20 - RS485 to USB - • SCADA
converter
• Field data conversion over MODBUS–communications
Lumel SMP - New neutron - • Detectors for neutron detection
detector system

For additional information & risk factors please refer to the Red Herring Prospectus. 3
 RISHABH INSTRUMENTS LIMITED

Business Overview – Products Snapshot IPO NOTE

Product Product application

• All types of panels (electrical parameter monitoring)

• Test benches
Analog panel meter
• Laboratories
• DG sets

• All types of panels/ distribution boards

• Test benches
Rotary CAM switch • Laboratories
• E- bikes
• DG sets

• All types of panels

• Fuse switch disconnectors
Current transformer
• Load monitoring
• DG sets

Digital Panel Meters • All types of panels (electrical parameter monitoring)

• All types of panels (electrical parameter monitoring)

• Load monitoring
Multifunction meter
• Energy billing monitoring (sub- metering)
• Building management systems (BMS)

• Power quality analysis (critical loads and main incoming 3

Power quality meter
phase systems)

Power factor controller • Power factor correction system (APFC panels)

LV protection relays • Electrical faults monitoring and protection in LV system

• Electrical faults monitoring and protection in MV system

Medium voltage protection relay
for network safety

For additional information & risk factors please refer to the Red Herring Prospectus. 4
 RISHABH INSTRUMENTS LIMITED

Business Overview – Products Snapshot IPO NOTE

Genset controller • DG sets

Synchronizing units • Power generation

• Transmission and distribution
• Renewable energy
• Steel

Rotary CAM switch - with LED • Phase segregation distribution boards required in
indications residential and commercial buildings

LV Protection relays- basic earth • Electrical faults monitoring–and protection

leakage relay

Lumel N32 (family) • All types of panels (electrical parameter monitoring)

Proposed products

Multifunction Meters: • All types of panels

A) DIN rail MFMs; • Load monitoring
B) Panel Mount (High end and • Energy billing monitoring (sub-metering)
economical version); and • Building management system BMS
C) Direct current operated meters
(with MID and without MID)

Lumel CR4 - CZIP (MV+LV protection) • Electrical faults monitoring and protection
Lumel CR4 - CZIP-Linux

Lumel Power quality analyzer ND50 • Power quality analysis (critical loads and main incoming
three-phase systems)

For additional information & risk factors please refer to the Red Herring Prospectus. 5
 RISHABH INSTRUMENTS LIMITED

Key Financial Statistics IPO NOTE

Particulars (in INR m) Fiscal 2023 Fiscal 2022 Fiscal 2021

Revenue from operations 5,695.40 4,702.50 3,899.56

EBITDA 863.17 826.32 700.21

EBITDA margin 15.16% 17.57% 17.96%

Profit/(loss) after tax 496.87 496.52 359.40

PAT margin 8.57% 10.35% 8.93%

Net cash generated from

275.08 132.82 529.34
operations

ROCE 13.77% 15.20% 12.16%

ROE 12.39% 14.58% 12.01%

Debt/equity ratio 0.26 0.28 0.31

Asset turnover ratio 1.12 1.17 1.27

1. EBITDA is earnings before interest, tax, depreciation and amortization and is calculated as the restated profit for the period or year plus tax
expense, finance cost, depreciation and amortization expenses.
2. EBITDA margin is the percentage of earnings before interest, tax, depreciation and amortization and is calculated as the restated profit for the
period or year plus tax expense, finance cost, depreciation and amortization expenses
3. PAT margin is the percentage of the amount that remains after a company has paid off all of its operating and non-operating expenses, other
liabilities and taxes.
4. ROCE is calculated using two components, i.e. earnings before interest and tax and capital employed and is calculated by earnings before
interest and tax divided by total assets less current liabilities.
5. ROE is calculated on the basis of net profit after tax divided by shareholder’s equity and is calculated by profit after tax divided by net worth
(share capital and other equity).
6. Debt/equity ratio (times) is the ratio calculated by dividing the Company’s debts by Shareholders’ equity.
7. Asset turnover ratio – Considered Total Assets and Total Income

Key Strengths
• Ability to drive technology and innovation through advanced research and development capabilities.
• Rishabh Instruments is a technology and R&D focused enterprise striving to set trends for the industry and
concentrating on innovation of products, processes as well as applications to add value to the industry and
to customers.
• Their global presence affords an exposure to the latest technologies for their core segments and they
accordingly strive to drive both their product portfolio and service offerings with R&D capabilities.
• Their ability to develop and integrate technology allows them to provide innovative and customizable
solutions to their customers more efficiently.
• Global engineering solution provider operating in large addressable markets and well positioned to benefit from
mega industrialisation trends
• As a global energy efficiency solution company providing electrical measurement and process optimization
equipment, and engaged in the designing, development and manufacturing of devices primarily across
power and industrial sectors, Rishabh Instruments is well positioned to leverage their market position to tap
the opportunities from mega industrialisation trends.
• Their established manufacturing facilities and processes, global footprint and exposure in over 100
countries, a wide distribution network, and a track record of innovation and research and development,
position them advantageously to capture modern engineering requirements.

For additional information & risk factors please refer to the Red Herring Prospectus. 6
 RISHABH INSTRUMENTS LIMITED

Key Strengths IPO NOTE

• Vertically integrated operations, backed by strong manufacturing capabilities

• Rishabh Instrument’s geographically distributed Manufacturing Facilities make it among the leading global
companies in terms of manufacturing and supply of low voltage current transformers (Source: Frost &
Sullivan Report) and their vertical integration makes them a cost and time efficient supplier of products.
• Their fully integrated operations comprise worldwide procurement of raw materials, injection moulding of
engineering plastics, turning, punching and forming of metal components, surface mounting and through
hole assembly of electronic components, conversion into sub-assemblies, integration of sub-assemblies into
finished products, calibration and automated testing of finished products.
• Diversified product portfolio
• The Company is a global leader in manufacturing and supply of analog panel meters, and among the leading
global companies in terms of manufacturing and supply of low voltage current transformers (Source: F&S
Report).
• Lumel is the most popular brand in Poland for meters, controllers, and recorders and Lumel Alucast is one of
the leading non-ferrous pressure casting players in Europe (Source: F&S Report).
• Rishabh Instruments has a product portfolio of over 145 product lines and 0.13 million stock keeping units
as of May 31, 2023.
• Wide customer base
• The Company has a wide customer base and is not dependent on any specific customer for total revenue
from operations for electrical automation products, metering, control and protection devices, and portable
test and measuring instruments.
• Thanks to the broad product portfolio, they are diversified in terms of end users, serving industrials (FMCG,
pharmaceutical, cement, steel, railways), power (generation, transmission and distribution, renewable
energy, oil and gas), OEM industries (transformer, motor, cable and special machine manufacturers) and
new applications (data centre, laboratories, semiconductors, consumer electronics, and building
automation).
• Their long-standing and diversified customer base also includes blue chip customers such as ABB India
Limited, Siemens Limited, Pronutec S.A., Lucy Electric India Private Limited and Perel OY.
• Track record of successful integration of acquired businesses or entities across geographies
• Anchored against their presence in India, the Company steadily extended global reach by way of strategic
acquisitions in Europe, the United Kingdom and China, and with every acquisition worked towards
integrating acquisitions and achieving synergies.
• Lubuskie Zakłady Aparatów Elektrycznych “Lumel” Spółka akcyjna was state-owned at the time of its
acquisition and post acquisition it was restructured into two separate companies, Lumel Alucast (for the
high pressure die casting business) and Lumel SA (for production of electrical and electronics products).
• Rishabh Instruments introduced modern management systems such as SAP – ERP.
• Global and integrated business model increasing cost competitiveness and de-risking customer supply chain
• Rishabh Instruments began with a single office in Nashik, Maharashtra in 1982 and have since steadily
extended presence not only in India but globally as well.
• Now they have a total of five manufacturing facilities spread across India, Poland and China, and have an
extensive network of authorized distributors/stockists, sales and marketing offices, resident sales engineers.
• They also operate two modification centres, one in Essex, United Kingdom through a Subsidiary Sifam UK
and the other in Kennesaw, Georgia, the United States through its Subsidiary Sifam USA.
• Their modification centres are supplied with ‘virtually finished goods’ from the manufacturing facilities and
are equipped to complete the full products/ reprogram to suit the customer requirements for onwards sale.
• This supports cost optimization goals as the modification centres are capable of modifying products locally
and are not dependent on the supplying manufacturing facility for fulfilling local customer needs.

For additional information & risk factors please refer to the Red Herring Prospectus. 7
 RISHABH INSTRUMENTS LIMITED

Key Strengths IPO NOTE

• Well-established and recognised brands

• Rishabh Instruments’ brands ‘Rishabh’, ‘Lumel’, ‘Sifam’ and ‘Tinsley’ are well recognised in multiple
countries.
• The Company has held a trademark registration containing the name ‘Rishabh’ for over 37 years and a
trademark containing the name ‘Lumel’ has been in existence for over 55 years.
• ‘Lumel’ has brand recognition both in the electronics field and the high-pressure aluminium die casting field
with OEM customers and industrial users alike.
• Strong and demonstrated management capabilities
• The Company was founded in 1982 by Narendra Joharimal Goliya who is the Promoter, as well as Chairman
and Managing Director. He holds a bachelor’s degree in technology (electrical engineering) from the Indian
Institute of Technology, Bombay and a master’s degree in science from the Leland Stanford Junior
University. He has over four decades of experience in the manufacturing and electrical industry.
• He is supported by a management team comprising Dineshkumar Musalekar (President and Chief Executive
Officer of Lumel), who has been overseeing operations in Europe for over nine years; Nitinkumar Sudhir
Deshpande (Head – Marketing, Business Development and Profit Centre Head), who was previously
associated with ABB Limited, Siemens Limited and Schneider Electric India Private Limited; as well as Anand
Purshottam Laddha (Director Finance, Lumel) and Vishal Prabhakar Kulkarni (Chief Financial Officer) who
have been associated with the Company for over eight years.

Strategies
Enhance product innovation, engineering and design competence while focusing on higher value addition
Rishabh Instruments is a technology and R&D focused enterprise and seeks to utilise technical know-how and R&D
capabilities since product innovation is an important and consistent objective.
They seek to continue to improve the innovation capabilities, design processes and in-house testing facilities which they
rely on. They seek to add resources and technically competent manpower while continuing to explore opportunities for
collaboration and inorganic growth.

Expanding geographical footprint

The Company proposes to capitalize on their presence in India and expand their network of stockists / distributors
supported by opening up of branch offices in Tier II cities. In addition, they propose to upgrade existing branches to include
regional technical training and service centres which will make its product offerings more accessible and allow it to provide
product and application training along with calibration and repair services as well.

Continue to pursue strategy for inorganic growth

Anchored against the presence in India, Rishabh Instruments has steadily extended global reach by way of strategic
acquisitions in Europe, the United Kingdom and China. Starting with the acquisition of Lubuskie Zakłady Aparatów
Elektrycznych “Lumel” Spółka akcyjna in Poland during Fiscal 2012, which (together with Lumel) has a 69-year
operating history, Rishabh Instruments gained a platform for further penetration particularly in Central and Eastern
European markets.

Target new customers and expand existing customer accounts

The Company has had prior success with attempts to cross-sell and the Company intends to continue to target new
customers and expand existing customer accounts. They have the ability to implement localization of products across
Nashik Manufacturing Facilities, Poland Manufacturing Facilities.

Explore opportunities to tap emerging products and services segments

Given the dynamic nature of the engineering industry, Rishabh Instruments seeks to explore new opportunities by
introducing new products and services leveraging their experience and established track-record.

Promote product localization

The Company entered into a five-year bilateral license agreement dated March 31, 2022, for product localization with
Lumel SA (the “Product Localization Contract”) under which is established a framework to roll out localized Lumel products
in the Indian market.

For additional information & risk factors please refer to the Red Herring Prospectus. 8
 RISHABH INSTRUMENTS LIMITED

Objects of the IPO IPO NOTE

The Offer comprises a Fresh Issue by the Company and an Offer for Sale by the Selling Shareholders.

The details of the expected deployment of the Net Proceeds are as below:
1. Financing the cost towards expansion of Nashik Manufacturing Facility I
2. General corporate purposes

For additional information & risk factors please refer to the Red Herring Prospectus. 9
 RISHABH INSTRUMENTS LIMITED

Retail Payment Schedule & Dates IPO NOTE

Number of Shares Cap Price Total Amount

34 ₹ 441 ₹ 14,994
68 ₹ 441 ₹ 29,988
102 ₹ 441 ₹ 44,982
136 ₹ 441 ₹ 59,976
170 ₹ 441 ₹ 74,970
204 ₹ 441 ₹ 89,964
238 ₹ 441 ₹ 1,04,958
272 ₹ 441 ₹ 1,19,952
306 ₹ 441 ₹ 1,34,946
340 ₹ 441 ₹ 1,49,940
374 ₹ 441 ₹ 1,64,934
408 ₹ 441 ₹ 1,79,928
442 ₹ 441 ₹ 1,94,922

INDICATIVE TIMETABLE
Anchor Investor Bidding
29th August, 2023
Open & Close
Issue Opens on 30th August, 2023

Issue Closes on 1st September, 2023

Finalization of Basis of
On or about 6th September, 2023
Allotment
Initiation of refunds/un-
On or about 7th September, 2023
blocking of ASBA Accounts
Credit of Equity Shares On or about 8th September, 2023

Trading begins on On or about 11th September, 2023

For additional information & risk factors please refer to the Red Herring Prospectus. 10
 RISHABH INSTRUMENTS LIMITED

Consolidated Profit and Loss IPO NOTE

Particulars (in INR m) Year ended Year ended Year ended

31 March 2023 31 March 2022 31 March 2021

Income

Revenue from operations 5,695.40 4,702.50 3,899.56

Other income 102.41 96.65 125.36

Total income 5,797.81 4,799.15 4,024.92

Expenses

Cost of material consumed 2,350.16 2,010.80 1,488.66

Purchase of Stock-in-trade 259.25 128.70 62.78

Changes in inventories of finished goods, stock-in-trade and work-in-

(46.17) (167.56) 10.95
progress
Employee benefits expense 1,451.24 1,257.48 1,149.20

Finance costs 51.50 34.31 31.71

Depreciation and amortization expense 204.60 199.80 210.87

Other expenses 920.17 743.41 613.12

Total expenses 5,190.75 4,206.94 3,567.29

EBITDA 863.26 826.51 700.55

EBITDA % 14.89% 17.22% 17.41%

Profit for the year before share of profit of an associate and tax 607.06 592.21 457.63

Share of profit of an associate 0.09 0.20 0.33

Profit before tax 607.15 592.41 457.96

Tax expense

Current tax expense (125.30) (117.64) (102.09)

Adjustment for earlier years - 28.21 -

Deferred tax 15.02 (6.46) 3.53

Total income tax expense (110.28) (95.89) (98.56)

Profit for the year 496.87 496.52 359.40

For additional information & risk factors please refer to the Red Herring Prospectus. 11
 RISHABH INSTRUMENTS LIMITED

Consolidated Balance Sheet IPO NOTE

Particulars (in INR m) As at As at As at

31 March 2023 31 March 2022 31 March 2021

ASSETS

Non-current assets

Property, Plant and Equipment 1,925.97 1,943.54 1,980.76

Capital work-in-progress 76.15 51.34 20.69

Goodwill 213.42 210.57 211.62

Other intangible assets 52.71 42.02 51.19

Financial assets

Investments 2.15 2.08 1.88

Other financial assets 6.79 34.62 23.08

Deferred Tax Asset 21.19 17.32 15.45

Other non-current assets 93.20 12.11 16.26

Total non-current assets 2,391.58 2,313.60 2,320.93

Current assets

Inventories 1,535.06 1,284.17 794.14

Financial assets

Trade receivables 1,209.04 799.79 683.15

Cash and cash equivalents 665.65 462.41 543.25

Bank balances other than cash and cash equivalents 394.87 588.88 635.96
Other financial assets 21.47 24.11 24.99

Current tax assets (net) 8.70 4.95 1.28

Other current assets 262.91 161.01 116.00

Total current assets 4,097.70 3,325.32 2,798.77

Total assets 6,489.28 5,638.92 5,119.70

For additional information & risk factors please refer to the Red Herring Prospectus. 12
 RISHABH INSTRUMENTS LIMITED

Consolidated Balance Sheet IPO NOTE

Particulars (in INR m) As at As at As at

31 March 2023 31 March 2022 31 March 2021

EQUITY AND LIABILITIES

Equity

Equity share capital 292.50 146.25 146.25

Instruments entirely equity in nature 108.18 108.18 108.18

Other equity 3,609.63 3,150.45 2,738.17

Equity attributable to equity holders of parent 4,010.31 3,404.88 2,992.60

Non-Controlling Interest 77.17 56.10 28.65

Total equity 4,087.48 3,460.98 3,021.25

Liabilities

Non-current liabilities

Financial liabilities

Borrowings 258.35 336.18 454.80

Lease Liabilities 6.17 0.59 68.48

Deferred tax liabilities (net) 49.71 61.76 53.62

Provisions 81.84 70.79 71.75

Total non-current liabilities 396.07 469.32 648.65

Current liabilities

Financial liabilities

Borrowings 770.19 629.51 464.72

Lease Liabilities 23.96 66.92 71.31

Trade payables

i)total outstanding dues of micro enterprises and small

53.90 39.09 10.16
enterprises

ii)total outstanding dues of creditors other than micro

774.62 639.18 611.30
enterprise and small enterprise

Other financial liabilities 105.58 143.58 112.99

Other current liabilities 216.92 144.88 110.82

Provisions 60.56 44.33 49.41

Current tax liabilities (net) - 1.13 19.09

Total current liabilities 2,005.73 1,708.62 1,449.80

Total liabilities 2,401.80 2,177.94 2,098.45

Total equity and liabilities 6,489.28 5,638.92 5,119.70

For additional information & risk factors please refer to the Red Herring Prospectus. 13
 RISHABH INSTRUMENTS LIMITED

Consolidated Cash Flow Statement IPO NOTE

Particulars (in INR m) Year ended Year ended Year ended

31 March 2023 31 March 2022 31 March 2021

Cash flow from operating activities

Profit before tax 607.15 592.41 457.96

Adjustments for:

Depreciation and amortization expenses 204.61 199.80 210.87

Share based payment expense 79.85 - 0.27

Finance cost 51.50 34.31 31.71

Interest income (41.09) (29.43) (43.47)

Liabilities written back (3.34) (2.60) -

Loss/ (Gain) on sale of fixed assets (2.59) 0.50 0.02

Provision / (Reversal of excess provision) for bad and doubtful

(3.47) (35.56) (2.64)
debts

Share of Profit of an associate (0.06) (0.20) (0.33)

Operating profit before working capital changes 892.56 759.23 654.39

Changes in working capital

Increase/ (Decrease) in trade payables 153.59 59.41 103.55

Decrease/ (increase) in inventories (250.89) (490.03) (60.46)

Decrease/ (increase) in trade receivables (405.79) (81.08) (68.78)

Decrease/ (increase) in loans - - 39.45

(Decrease)/ increase in other current liabilities 71.96 34.07 10.00

Increase / (Decrease) in provisions 27.28 (6.04) 14.81

Increase/ (Decrease) in other financial liabilities (8.64) 9.67 (109.16)

Decrease/ (increase) in other financial assets (0.48) 2.57 (2.53)

Decrease/(increase) in other assets (71.64) (43.91) 18.88

Cash generated from operations 407.95 243.89 600.15

Income tax paid (132.87) (111.07) (70.81)

Net inflow cash flow from operating activities (A) 275.08 132.82 529.34

For additional information & risk factors please refer to the Red Herring Prospectus. 14
 RISHABH INSTRUMENTS LIMITED

Consolidated Cash Flow Statement IPO NOTE

Particulars (in INR m) Year ended Year ended Year ended

31 March 2023 31 March 2022 31 March 2021

Cash flow from Investing activities

Purchase of property, plant and equipment and intangible assets (302.56) (158.46) (354.03)

Acquisition of Non controlling interest/controlling interest in

(4.63) (14.08) -
subsidiary

Proceeds from sale/ disposal of fixed assets 13.99 1.65 0.23

Net proceeds from /(Investment in) fixed deposits 222.38 33.72 94.91

Interest received 43.68 29.57 50.50

Net cash flow used in investing activities (B) (27.16) (107.60) (208.39)

Cash flow from Financing activities

Payout on buyback of compulsary convertible preference

- (205.81)
shares(including taxes)

Dividend Paid (8.84) (10.73) (8.79)

Proceeds from borrowings 62.85 46.18 101.66

Interest paid (49.17) (31.52) (27.77)

Payment of lease liabilities (49.84) (74.61) (89.49)

Net cash flow used in financing activities (C) (45.00) (70.68) (230.20)

Net increase/(decrease) in cash and cash equivalents (A+B+C) 202.92 (45.46) 90.75
Cash and cash equivalents at the beginning of the year 462.41 543.25 428.44

Net foreign exchange difference 0.32 (35.38) 24.06

Cash and cash equivalents at the end of the year 665.65 462.41 543.25

Cash and cash equivalents comprise (Refer note 14)

Balances with banks

On current, EEFC & Social Fund accounts 266.17 234.99 453.27

Fixed deposits with maturity of less than 3 months 398.89 227.42 89.48

Cash on hand 0.59 0.00 0.50

Total cash and bank balances at end of the year 665.65 462.41 543.25

For additional information & risk factors please refer to the Red Herring Prospectus. 15
 RISHABH INSTRUMENTS LIMITED

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Registration Nos.: Motilal Oswal Financial Services Limited (MOFSL)*: INZ000158836(BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015;
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* Erstwhile MOSL has been amalgamated with Motilal Oswal Financial Services Limited (MOFSL) w.e.f August 21, 2018 pursuant to order dated July
30, 2018 issued by Hon'ble National Company Law Tribunal, Mumbai Bench.

For additional information & risk factors please refer to the Red Herring Prospectus. 16