JAI BALAJI INDUSTRIES LIMITED

Ref : JB I L /S E /2 0 2 3 - 2 4
D ate : 1 5 th Ja n u ary , 2 0 2 4

To, To
T he M a n ag er T he M anager,
L isting D e p a r t m e n t , D ept, o f C o r p o r a te S e r v ic e s
N a tio n a l S to c k E x c h a n g e o f In d ia L im ite d BSE L im ited
"EXCHANGE PLAZA", C -l, Block G P h iro z e Je e je e b h o y T o w e rs
B a n d ra - K urla C om plex, B a n d r a (E) Dalai S treet,
M u m bai - 4 0 0 051 M um bai - 4 0 0 001
(C o m p an y 's ScripC ode: JAIBALAJI) (C o m p a n y 's Scrip Code: 5 3 2 9 7 6 )

D ear Sir,

Sub: O u t c o m e o f B o a r d M e e tin g

P u r s u a n t to R e g u la tio n 30 of th e SEBI (Listing O bligatio ns a n d D isclo su re R e q u ire m e n ts )

R e g u latio n s 2 0 1 5 , th is is to in fo rm y o u th a t th e B o a rd of D ire c to rs of th e c o m p a n y a t its m e e tin g
held on M onday, 1 5 th Ja n u a ry , 2 0 2 4 w h ic h c o m m e n c e d a t 12:15 p.m. a n d c o n c lu d e d at 0 2 :5 5 p.m.,
h ave in te r alia c o n s id e r e d , a p p r o v e d a n d ta k e n on re c o r d a m o n g s t o t h e r ite m s of A genda:-

1. T he S ta n d a lo n e a n d C o n so lid a te d U n a u d ite d F inancial R esu lts of th e C o m p a n y for th e Q u a rte r

e n d e d 3 1 st D e c e m b e r, 2 0 2 3 , in c o m p lia n c e w ith R e g u latio n 33 of th e SEBI (Listing O bligations
a n d D isclo su re R e q u ir e m e n ts ) R e g u latio n s 2 0 1 5 . W e a re e n c lo sin g h e r e w ith th e following:

a) The U n -a u d ite d Financial R esu lts for th e th ir d q u a r t e r e n d e d 3 1 st D ec em b e r, 2023.

b) T he L im ited R ev iew R e p o rt for th e s e c o n d q u a r t e r e n d e d 3 1 st D e c e m b e r, 20 2 3 , issu e d by

M /s. Das & P ra sa d , C h a r te r e d A cc o u n ta n ts, (S ta tu to ry A u d ito r) o f th e C om pany.

2. B ased on th e r e c o m m e n d a tio n of N o m in a tio n & R e m u n e r a tio n C o m m itte e a n d a p p ro v a l of

A udit C o m m itte e, th e B o a rd of D ire c to rs o f th e C o m p a n y h a s a p p o in te d of Shri Raj K u m a r
S h a rm a as th e Jo int C hief F inancial Officer (CFO) a n d Key M an a g e ria l P e rs o n n e l (KMP) o f th e
C o m p an y p u r s u a n t to th e p ro v is io n s o f S ection 203 of th e C o m p a n ie s Act, 2 0 1 3 w .e.f Jan u ary
15, 2 0 2 4 . Shri Sanjiv Jajodia will c o n tin u e to act as th e CFO o f th e C om pany.

T he d e tails r e q u ir e d u n d e r R eg u la tio n 30 of th e SEBI (LODR) R e g u la tio n s, 2 0 1 5 r e a d w ith

SEBI C ircu lar No. S E B I /H O /C F D /C F D - P o D - l/P /C I R /2 0 2 3 /1 2 3 d a te d July 13, 2023 is
e n c lo s e d as A n n e x u r e -A.

3. T he B ro w n fie ld e x p a n s io n of th e m a n u f a c tu rin g c a p a c ity o f th e C o m p a n y a t th e D u rg a p u r

p la n t in W e s t Bengal fro m in te r n a l a c c ru a ls of a r o u n d R s.1,000 c r o r e by:

1. R a m p in g up th e m a n u f a c tu r in g ca p a c ity of v a lu e a d d e d p r o d u c ts viz. Ductile Iron Pipes

a n d S p e c ia l-g ra d e F erro allo y s;

Regd. Office : 5, Bentinck Street, 1st Floor, Kokata- 700 001.

Phone : +91-33-2248 9808, 2248 8173, Fax : +91-33-2243 0021/2210 7893/
E-mail : info@jaibalajigroup.com, Website : www.jaibalajigroup.com
CIN - L27102WB1999PLC089755
 JAI BALAJI INDUSTRIES LIMITED

2. In c re a sin g o f m e ta llic c a p ac ity by d e b o ttle n e c k in g a n d tec h n o lo g ic a l u p - g ra d a tio n of the

Pig Iron P la n t a n d p u ttin g up a d d itio n a l S in te rin g ca p a c ity for b a c k w a r d in te g ra tio n ;
3. In c r e a s e in c a p a c ity to g e n e r a te m o r e g re e n p o w e r by in sta lla tio n o f a d d itio n a l Boilers.

This is for y o u r in fo r m a tio n a n d re co rd .

T h a n k in g you.

Yours faithfully,
for JAI BALAJI INDUSTRIES LIMITED
Digitally signed by
Ajay Kumar Ajay Kumar Tantia
Tantia Date: 2024.01.15
15:09:43 +05'30'
AJAY KUMAR TANTIA
COMPANY SECRETARY

Enel: as ab o v e

Regd. Office : 5, Bentinck Street, 1st Floor, Kokata- 700 001.

Phone : +91-33-2248 9808, 2248 8173, Fax : +91-33-2243 0021/2210 7893/2242 6263
E-mail : info@jaibalajigroup.com, Website : www.jaibalajigroup.com
CIN - L27102WB1999PLC089755
 JAI BALAJI INDUSTRIES LIMITED

A nnexure- A

D is c lo s u r e u n d e r C la u se (7 ) o f P ara A o f P art A o f S c h e d u le III o f R e g u la t io n 3 0 o f SEBI

(L isting O b lig a tio n s a n d D i s c lo s u r e R e q u i r e m e n t s ) R e g u la t io n s , 2 0 1 5 r e a d w it h SEBI
Circular no S E B I / H O / C F D / C F D - P o D - l / P / C I R / 2 0 2 3 / 1 2 3 d a t e d July 13, 2 0 2 3

Sr.
No. P a r tic u la r s D e t a ils
1. N am e Shri Raj K u m ar S h a rm a

2. R easo n for c h a n g e viz. a p p o in tm e n t, r e ­ A p p o in tm e n t

a p p o in tm e n t, re sig n a tio n , rem oval,

3.
/c e s s a t i o n (as a p p lic a b le ) & te r m s
of a p p o i n t m e n t / r e - a p p o in tm e n t
4. B rief profile (in case of a p p o in tm e n t);
5. D isc lo su re of re la tio n s h ip s b e tw e e n
d ir e c to r s (in ca se o f a p p o in tm e n t o f a
d ire c to r).
1 5 th January, 2 0 2 4
Shri Raj K u m ar S h a rm a is a qualified Cost
A c c o u n ta n t w ith e x te n siv e h a n d s on e x p e rie n c e
of o v e r 32 y e a r s in th e field of stra te g ic planning,
finance, C o rp o r a te & Fund ra isin g etc. He is
w o rk in g closely w ith th e CFO of th e Com pany.
He h as b e e n a s s o c ia te d w ith th e C o m p a n y for
m o re th a n 19 y e a rs. His k n o w le d g e a n d
e x p e rie n c e in finan ce will be v a lu a b le for th e
C om pany.
Not A pplicable

Regd. Office : 5, Bentinck Street, 1st Floor, Kokata- 700 001.

Phone : +91-33-2248 9808, 2248 8173, Fax : +91-33-2243 0021/2210 7893/2242 6263
E-mail : info@jaibalajigroup.com, Website : www.jaibalajigroup.com
CIN - L27102WB1999PLC089755
 JAI BALAJI INDUSTRIES LIMITED

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2 0 2 3

(3 In la c s ]
Stand a lone
P articu lars Q u a rte r Ended Nine M onths Ended Year e n d e d
SI.
No. 31 .1 2.2023 30.09 .2 023 3 1 .12.20 22 3 1 .1 2 .2 0 2 3 31.12.20 22 3 1 .03.20 23
(U nAudited) (UnAudited) (UnAudited) (U nAudited) (UnAudited) (Audited)
(Refer n ote 4) (Refer n o te 4) (Refer no te 4) (Refer note 4)
1 Incom e from O perations
a] Revenue from Operations 1,53,898.68 1,54,662.93 1,53,694.83 4,56,818.08 4,40,106.33 6,12,507.47
b) Other Income 2,344.00 2,759.24 245.13 5,885.46 1,425.45 3,548.94
Total Income from O p eratio n ( l a to l b ) 1,5 6,242.6 8 1,57,422.17 1,5 3,939.9 6 4,6 2 ,7 0 3 .5 4 4,4 1,531 .7 8 6,16,056.41
2 Expenses
a) Cost of materials consumed 1,03,636.43 1,00,779.45 1,12,132.35 3,01,581.47 3,19,540.49 4,30,397.89
b) Purchases of stock-in-trade 137.34 70.61 759.15 1,063.52 2,286.79 4,605.24
c) Changes in inventories of finished goods,
(6,212.40) (497.00) (4,203.67) (7,195.59) (7,292.40) (5,045.20)
work-in-progress and stock-in-trade
d) Employee benefits expense 4,183.28 4,029.22 3,283.60 11,911.35 9,441.47 13,162.26
e) Finance Cost 1,499.73 1,872.76 1,988.60 5,490.93 6,275.25 8,888.42
f) Depreciation and amortisation expense 2,064.02 2,079.13 2,505.17 6,281.81 7,339.73 9,792.74
g) Other Expenses 27,473.99 28,932.66 34,683.46 82,911.53 96,849.67 1,43,762.33
Total e x p e n se s (2a to 2g) 1,3 2,782.3 9 1,37,266.83 1,5 1,148.6 6 4,02,0 4 5.02 4,34,441.0 0 6,05,563.6 8
Profit / (Loss) b e fo r e ex cep tio n al item s
3 23,460.29 20,155 .3 4 2,791,3 0 60,658.52 7,090.78 10,492.7 3
a n d T ax (l-2 )

4 Exceptional Item - - - - - -
5 P ro f it/ (Loss) b efo re tax (3-4) 23,460.29 2 0,155.34 2,791.3 0 6 0 ,658 .5 2 7,090.78 10,492.73

6 'Fax Expense
- Current tax -
- Deferred tax charge / (credit) -
- MAT reversal - - 4,709.71
Total 4,709.71
7 Net P ro fit/ (Loss) after tax (5-6) 2 3 ,460.29 2 0 ,155 .3 4 2,791.3 0 60 ,6 58.52 7,090.78 5,783.02
8 Other Comprehensive Income - - - - - (38.26)
9 Total C o m pre hensive In com e (7+8) 23,460.29 2 0 ,155 .3 4 2,791.3 0 60 ,6 58.52 7,090.78 5,744.7 6
10 Paid-up Equity Share Capital 16,0 45.03 16,045.03 14,545.0 3 16 ,045.03 14,545.03 14,545.03
(Equity Share of RslO/- each)
11 Other equity - - - - - 41,062.12
12 Earnings p e r Equity Share
-Basic (n ot an nu alised) (3 ) 14.72 12.79 2.03 38.8 5 5.75 4.49
-D iluted (n ot annualised) (3) 13.22 11.22 1.58 34.0 5 4.38 4.11

Regd. Office : 5, Bentinck Street, 1st Floor, Kokata- 700 001.

Phone : +91-33-2248 9808, 2248 8173, Fax : +91-33-2243 0021/2210 7893/2242 6263
E-mail : into@jaibalajigroup.com, Website : www.jaibalajigroup.com
CIN - L27102WB1999PLC089755
 JAI BALAJI INDUSTRIES LIMITED

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2023

(T in lacs)
C o n solidated
P a r t ic u l a r s Q u a r t e r E nd ed Nine M onths Ended
SI.
No. 3 1 .1 2 .2 0 2 3 3 0 .09.20 23 31.12 .2 023
(U nA udited) (U nA udited) (U nAudited)
(R efer n o te 4)
1 Income from O perations
a) Revenue from Operations 1,5 3,89 8.68 1,5 4,66 2.93 4,5 6 ,8 1 8 .0 8
b) Other Income 2 ,3 44.0 0 2,7 59.2 4 5,8 85.4 6

Total Income from O peration ( l a to l b ) 1,56,242.68 1,57,422.17 4,62,703.54

2 Expenses
a) Cost of materials consumed 1 ,03,636.43 1,00,779.45 3,01,581.47
b) Purchases of stock-in-trade 1 3 7 .3 4 70.61 1,0 63.5 2

c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (6 ,2 1 2 .4 0 ) (4 9 7 .0 0 ) (7 ,1 9 5 .5 9 )

d) Employee benefits expense 4 ,1 8 3 .2 8 4 ,0 29.2 2 11 ,911.35
e) Finance Cost 1,499.73 1,8 72.7 6 5,490.93
f) Depreciation and am ortis atio n expense 2,0 64.0 2 2,079.13 6,281.81
g) Oth er Expenses 2 7 ,4 7 3 .9 9 2 8 ,9 3 2 .6 6 8 2 ,911 .53

Total expenses (2a to 2g) 1,32,782.39 1,37,266.83 4,02,045.02

3 Profit / (Loss) before e xceptional items and T ax(l-2 ) 23,460.29 20,155.34 60,658.52
4 Exceptional Item - - 0

5 P rofit/(L o ss) before tax (3-4) 23,460.29 20,155.34 60,658.52

6 Tax Expense
- C urrent tax - - -

- Deferred tax charge / (credit) - - -

- MAT reversal - -

Total - - -

7 Net Profit/ (Loss) after tax (5-6) 23,460.29 20,155.34 60,658.52

8 Oth er Comprehensive Income - - -
9 Total Compre hensive Incom e (7+8) 23,460.29 20,155.34 60,658.52
10 Paid-up Equity Share Capital 16,045.03 16,045.03 16,045.03
(Equity Share of R s lO / - each)
11 Oth er equity - - -

12 Earnings per Equity Share

-Basic (n ot annualised) ( I ) 14.72 12.79 38.85
-Diluted (n ot annualised) ( I ) 13.22 11.22 34.05

Regd. Office : 5, Bentinck Street, 1st Floor, Kokata- 700 001.

Phone : +91-33-2248 9808, 2248 8173, Fax : +91-33-2243 0021/2210 7893/2242 6263
E-mail : info@jaibalajigroup.com, Website : www.jaibalajigroup.com
CIN - L27102WB1999PLC089755
 JAI BALAJI INDUSTRIES LIMITED
Notes:

1 The results have b e e n re v i e w e d by th e Audit C om m ittee an d w e r e a p p ro v e d by th e Board of Directors of the C om pany

at the m eetings held on 1 5 th Janu ary,2024.

2 The c o m p a n y had is sued and allo te d 2,2 0,00,0 00 w a r r a n t s on Preferential a llo tm e n t basis to Com panies falling u n d e r
P ro m o te r g ro u p carry in g a right to co n v e rt each w a r r a n t into an Equity Share of ^10 each w ithin a period of 18
m o n th s from th e d a te of a llo tm e n t i.e. 20 th January ,2 023 .T he w a r r a n t h o ld e rs had paid 2 5 % of th e total consideration
of ^ 4 5 / - p e r w a r r a n t a m o u n tin g to 2 4 75 lacs as ap plicatio n m o n e y ag ain st the abov e w a rra n t s .

3 During th e q u arter, th e c o m p a n y has been san ctio n ed a T e rm Loan of Rs 519,00 lacs an d w o rk in g Capital D em and
Loan of Rs 40,00 lacs from T ata Capital Financial Services Limited. Out of the said T e rm Loan th e c o m p a n y has ta k en
d is b u r s e m e n t of Rs 4 3 7 ,6 8 .6 7 lacs and accordingly rep aid the en tire d ues of Edelw eis s Assets R econstruction
Company Limited.
4 The Board of D irectors of th e Company, a t its m e eting held on 2 2 n d July, 2 0 22 had considered, and a p p ro v e d the
m e rg e r of tw o w holly o w n e d sub sid iary com panie s, Jai Balaji Energy (Purulia) Limited an d Jai Balaji Steels (Purulia)
Limited w ith th e c o m p a n y by w a y of a sch em e of am alg am atio n p u r s u a n t to Sections 230 to 232 of th e Companies Act,
2013 ('Scheme'). The Hon'ble National C om pany Law T ribunal ('NCLT'), Kolkata Bench vide its o r d e r d ated 11th
D ecem ber, 2 023 has a p p r o v e d the sc h e m e w ith the a p p o in te d d ate of th e m e r g e r being 1st April, 2022. As p er
guidance on A ccounting c o m m o n control tr a n s a c tio n s co n tain ed in Ind AS 103 'Business Combinations', th e m e rg e r
has been acc o u n te d for using th e pooling of in t e re s t m ethod. Accordingly, th e financial s t a te m e n ts for th e p revious
y e a r e n d e d 3 1 s t March 2023, th e previo us perio d e n d e d an d q u a r t e r e n d e d 3 1 D e c e m b e r 202 2 an d previous q u a r t e r
e n d ed 30 S e p te m b e r 2 0 2 3 have b e e n re s ta t e d d urin g the q u a r t e r to include th e im p a c t of th e m erger. The C om pany
did n o t had any o th e r s u b sid ia ry in p rev ious year, th e re fo re con solidated financial s t a t e m e n t of previous y e a r is not
provided.

5 The co m p a n y has in c o r p o r a t e d a n ew su b sidiary n a m e d Kesarisuta Industries Uganda Limited in Uganda in July,

2 023.The sub sid iary c o m p a y has n o t m a d e any tr a n sa c tio n s from th e d ate of its in c o rp o ra tio n to th e period cov ered
u n d e r th e financial result, so th e r e a re no changes in sta n d a lo n e and co nso lid ated results.

6 The co m p a n y is m ainly in the b u sin e ss of m a n u fa c tu rin g steel p ro d u c ts an d hence has only one re p o r ta b l e op eratin g
s e g m e n t as p e r Ind AS 108- O perating Sergm ents .

7 Figures for th e p rev io u s p e r i o d s / y e a r have b een r e - g r o u p e d / r e - a r r a n g e d w h e r e e v e r necessary.

Adityg Jajodia

Place: Kolkata
■m 4
Chairman &yManaging D irec to r
D a te : 1 5th January,2 0 2 4 DIN: 0 0 0 4 5 1 1 4

Regd. Office : 5, Bentinck Street, 1st Floor, Kokata- 700 001.

Phone : +91-33-2248 9808, 2248 8173, Fax : +91-33-2243 0021/2210 7893/2242 6263
E-mail : info@jaibalajigroup.com, Website : www.jaibalajigroup.com
CIN - L27102WB1999PLC089755
 Chartered Accountants

I n d e p e n d e n t A uditor's R e v ie w R e p o r t o n t h e Q uarterly U n a u d ite d S t a n d a lo n e Financial R e su lts o f th e

Ja i B alaji I n d u str ie s L im ited p u r s u a n t to t h e R e gu la tion 3 3 o f th e SEBI (Listing O bligations a n d
D isc lo s u r e R e q u ir e m e n t s ) R e g u latio n s, 2 0 1 5 , a s a m e n d e d .

To
Board o f Directors of
Jai B alaji In d u stries Limited

1. We have reviewed the accompanying Statement o f unaudited Standalone Financial Results o f Jai Balaji
Industries Limited ("the Company"), for the quarter endedDecemberJ 1st, 2023 ("the Statement") attached
herewith, being submitted by the Company pursuant to the requirement o f Regulation 33 o f the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing
Regulations").

2. The Com pany’s Management is responsible for preparation o f statement in accordance with the recognition
and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) “Interim Financial
Reporting” prescribed under section 133 o f the Companies Act, 2013 as amended, read with relevant rules
issued there under and other accounting principles generally accepted in India and in compliance with
Regulation 33 o f the Listing Regulations. The statement has been approved by the Company’s Board of
Directors. Our responsibility is to express a conclusion on the statement based on our review.

3. We conducted our review o f the statement in accordance with the Standard on Review Engagement (SRE)
2410, “Review o f Interim Financial Information Performed by Independent Auditor o f the Entity” issued by
the Institute o f Chartered Accountants o f India. This standard requires that we plan and perform review to
obtain moderate assurance as to whether the statement is free from material misstatement. A review o f
interim financial information consists o f making inquiries, primarily o f persons responsible for financial and
accounting matters and applying analytical and other review procedures. A review is substantially less in
scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable
us to obtain an assurance that we would become aware o f all significant matters that might be identified in an
audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) o f
the SEBI (Listing Obligation and Disclosure Requirements) Regulation 2015, as amended, to the extent
applicable.

4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the
accompanying statement, prepared in accordance with the recognition and measurement principles laid down
in the aforesaid Indian Accounting Standard ( ‘Ind A s’) specified under section 133 o f the companies Act,
2013 as amended, read with relevant rules issued there under and other accounting principles generally
accepted in India, has not disclosed the information required to be disclosed in terms o f Listing Regulations,
including the manner in which it is to be disclosed, or that it contains any material misstatement.

5. The Statement for the corresponding previous quarter and previous period ended 31st December 2022 and
financial statement for the year ended 31st march 2023 were reviewed by another auditor who expressed an
unmodified opinion.

For Das & Prasad

Chartered Accountants
Firm Registration Number: 303054E

(TLv- U jh
Sweta Shah
Partner
Place: Kolkata Membership No:- 067564
Date: 15th January 2024 UDIN: S~CH G> K

Head Office : 4, Chowringhee Lane, Block - III, 8th Floor, Suit # 8F, Kolkata - 700 016
Tel. : +91 33 2252 1912, E-mail : d.pkolkata@yahoo.com, Website : www.dasandprasad.com
Mumbai Branch : Suit No. 405, The Central, 4th Floor, Shell Colony Road, Chembur, Mumbai - 400 071, Tel. : 022-25221233
Bhubaneswar Office: Siddhivinayak Enclave, Block - A1, Room No. 408, Dist. : Khurda, Bhubaneswar - 751006
 Chartered Accountants

Independent Auditor’s Review Report on the Quarterly and Year to Date Unaudited Consolidated Financial
Results of the Jai Balaji Industries Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015, as amended.

To
Board of Directors o f
Ja i B alaji In d u str ie s Limited

1. We have reviewed the accompanying Statement o f unaudited Consolidated Financial Results o f Jai Balaji
Industries Limited (the “Parent Company"), and its subsidiaries (the parent company and its subsidiaries
together referred to as “the G roup”), for the quarter ended 31st December, 2023 ("the Statement") attached
herewith, being submitted by the Parent Company pursuant to the requirement o f Regulation 33 o f the
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing
Regulations").

2. The Parent Com pany’s Management is responsible for preparation o f statement in accordance with the
recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) “Interim
Financial Reporting” prescribed under section 133 o f the Companies Act, 2013 as amended, read with
relevant rules issued thereunder and other accounting principles generally accepted in India and in
compliance with Regulation 33 o f the Listing Regulations. The statement has been approved by the
Company’s Board o f Directors. Our responsibility is to express a conclusion on the statement based on our
review.

3. We conducted our review o f the statement in accordance with the Standard on Review Engagement (SRE)
2410, “Review o f Interim Financial Information Performed by Independent Auditor of the Entity” issued
by the Institute o f Chartered Accountants o f India. This standard requires that we plan and perform review
to obtain moderate assurance as to whether the statement is free from material misstatement. A review o f
interim financial information consists o f making inquiries, primarily o f persons responsible for financial
and accounting matters and applying analytical and other review procedures. A review is substantially less
in scope than an audit conducted in accordance with Standards on Auditing and consequently does not
enable us to obtain an assurance that we would become aware o f all significant matters that might be
identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8)
o f the SEBI (Listing Obligation and Disclosure Requirements) Regulation 2015, as amended, to the extent
applicable

4. The statement includes the results o f the entities mentioned below:

SI. No. Name o f Entities Country o f Incorporation

A. Subsidiaries (Direct)
1 Kesarisuta Industries Uganda Limited Uganda

5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the
consideration o f the review reports o f other auditors referred to in paragraph 6 below, nothing has come to
our attention that causes us to believe that the accompanying statement, prepared in accordance with the
recognition and measurement principles laid down in the aforesaid Indian Accounting Standard (Tnd A s’)
specified under section 133 o f the companies Act, 2013 as amended, read with relevant rules issued
thereunder and other accounting principles generally accepted in India, has not disclosed the information

Head Office : 4, Chowringhee Lane, Block - III, 8th Floor, Suit # 8F, Kolkata - 700 016
Tel. : +91 33 2252 1912, E-mail : d.pkolkata@yahoo.com, Website : www.dasandprasad.com
Mumbai Branch : Suit No. 405, The Central, 4th Floor, Shell Colony Road, Chembur, Mumbai - 400 071, Tel. : 022-25221233
Bhubaneswar Office: Siddhivinayak Enclave, Block - A1, Room No. 408, Dist. : Khurda, Bhubaneswar - 751006
 required to be disclosed in terms o f Listing Regulations, including the manner in which it is to be disclosed,
or that it contains any material misstatement.

6. We draw your attention to Note (4) and to the results o f the Group in respect o f the Scheme o f
Amalgamation ('the Scheme') between the Company and its subsidiaries, namely JAI BALAJI ENERGY
(Purulia) LIMITED INDIA and JAI BALAJI STEELS (Purulia) LIMITED INDIA ("Transferor
Company"), having the scheme appointed date o f April 1, 2022, as approved by National Company Law
Tribunal vide its order dated 11th December, 2023 (collectively referred to as 'schemes'). In accordance
with the respective orders, the accounting treatment pursuant to the schemes have been given effect from
the respective appointed dates, which is April 1, 2022. Accordingly, the figures for the previous year ended
March 31, 2023 and previous period and quarter ended December 31, 2022 and quarter ended September
30, 2023, have been restated to give effect to the aforesaid mergers.

Our conclusion is not modified in respect o f these matters.

7. The company has incorporated a new foreign subsidiary,Kesarisuta Industries Uganda Limited in
July,2023.The subsidiary company has not made any transactions from the date o f its incorporation to the
period covered under the financial result, so there are no changes in standalone and consolidate results.

Our conclusion on the statement is not modified in respect o f above matters.

For Das & Prasad

Chartered Accountants
FRN: 303054E

Place: Kolkata
Date: 15th January 2024 UDIN: WH O 6 &K / A P ^ F ^ c>V