SHALIMAR

PAINTS

November 09, 2023

BSE Limited National Stock Exchange of India Ltd

Corporate Relationship Department, Exchange Plaza, 5" Floor,
1st Floor, New Trading Ring, Plot No. C/1, G- Block
Rotunda Building, P.J. Towers, Bandra Kurla Complex, Bandra (E),
Dalal Street, Fort, Mumbai - 400 001 Mumbai — 400051
BSE Scrip Code: 509874 NSE Symbol : SHALPAINTS

Sub: Outcome of Board Meeting under Regulations 30 and 33 of SEBI (Listing Obligations and
Disclosure Requirements) Regulations. 2015, as amended (“SEBI Listing Regulations)

Dear Sir/Madam,

This is in continuation to our letters dated September 29, 2023 and November 02, 2023.

We wish to inform you that pursuant to the applicable provisions of the SEBI Listing Regulations, the Board
of Directors of Shalimar Paints Limited (the “Company”) at its meeting held today, i.e. November 09, 2023,
inter alia, considered and approved the Un-audited Standalone and Consolidated Financial Results of the
Company for the quarter and half year ended September 30, 2023, duly reviewed by the Audit Committee.

Copy of the aforesaid financial results along with the Limited Review Report(s) by the Statutory Auditors of
the Company are enclosed herewith as Annexure - 1.

The meeting of the Board of Directors commenced at 12:30 p.m. and concluded at 02:50 p.m.

The Extract of Statement of Un-audited Financial Results will be published in the newspapers in terms of
Regulation 47(1)(b) of the SEBI Listing Regulations.

You are requested to kindly take the above information on records.

Thanking you,

Yours faithfully,

For Shalimar Paints Limited

("\

NE
Shik] : astogi
Company Secretary & Head - Legal
Encl.: As above

Shalimar Paints Lid,

Corporate Office:1* Floor, Plot No. 28, Sector 32; Gurugram:= 122001, Haryana
SHALIMAR Regd, Office: Stainless: Centre, 4" Floor, Plot No. 50, Sector 32, Gurugraim - 122801; Haryana.
PAINTS Call: +91 124461 6600 Fax: +91 124 461 6659 Toll Free: 1800-103-6509 :
| Email Id: [email protected] Website: www.shalimarpaints.com CIN: U24222HR1902PLCOS561Y
 Walker Chandiok & Co LLP

Walker Chandiok & Co LLP

21st Floor, DLF Square
Jacaranda Marg, DLF Phase II,
Gurugram - 122 002
Haryana, India

T +91 124 462 8099

F +91 124 462 8001

Independent Auditor's Review Report on Standalone Unaudited Quarterly Financial Results

and Year to Date Results of the Company pursuant to the Regulation 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

To the Board of Directors of Shalimar Paints Limited

1. We have reviewed the accompanying statement of standalone unaudited financial results (‘the
Statement’) of Shalimar Paints Limited (‘the Company’) for the quarter ended 30 September
2023 and the year to date results for the period 1 April 2023 to 30 September 2023, being
submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (‘Listing
Regulations’).

2. The Statement, which is the responsibility of the Company's management and approved by the
Company's Board of Directors, has been prepared in accordance with the recognition and
measurement principles laid down in Indian Accounting Standard 34, Interim Financial
Reporting (‘Ind AS 34°), prescribed under section 133 of the Companies Act, 2013 (‘the Act),
and other accounting principles generally accepted in India and is in compliance with the
presentation and disclosure requirements of Regulation 33 of the Listing Regulations. Our
responsibility is to express a conclusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review
Engagements (SRE) 2410, Review of Interim Financial Information Performed by the
Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. A
review of interim financial information consists of making inquiries, primarily of 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
the Standards on Auditing specified under section 143(10) of the Act, and consequently, does
not enable us to obtain assurance that we would become aware of all significant matters that
might be identified in an audit. Accordingly, we do not express an audit opinion.

Chartered Accountants ‘Walker Chandiok & Co LLP is registered

with limited liability with identification
Offices in Ahmedabad, Bengeluru, Chandigarh, Chennai, Dehradun, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, number AAC-2085 and has its registered
Moida and Pune office at L-41, Connaught Circus, Outer
Circle, New Delhi, 110001, India
Walker Chandiok & Co LLP
Independent Auditor's Review Report on Standalone Unaudited Quarterly Financial Results
and Year to Date Results of the Company pursuant to the Regulation 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (Cont'd)

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 ind AS 34, prescribed under section 133 of the Act, and
other accounting principles generally accepted in India, has not disclosed the information
required to be disclosed in accordance with the requirements of Regulation 33 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including
the manner in which it is to be disclosed, or that it contains any material misstatement.

For Walker Chandiok & Co LLP

Chartered Accountants
Firm Registration No: 001076N/N500013
AN
Ny ERR
9 y L
vo |
Ashish Gera
Partner
Membership No. 508685
UDIN: 23508685BGYCVM4055

Place: Gurugram
‘Date: 9 November 2023

Chartered Accountants
Walker Chandiok & Co LLP

Walker Chandiok & Co LLP

21st Floor, DLF Square
Jacaranda Marg, DLF Phase 11,
Gurugram - 122 002
Haryana, India

T +91 124 462 8099

F +91 124 4628001

Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial

Results and Year to Date Results of the Company pursuant to the Regulation 33 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

To the Board of Directors of Shalimar Paints Limited

1. We have reviewed the accompanying statement of consolidated unaudited financial results (‘the
Statement’) of Shalimar Paints Limited (‘the Holding Company’) and its subsidiaries (the Holding
Company and its subsidiaries together referred to as ‘the Group’), (refer Annexure 1 for the list
of subsidiaries, included in the Statement) for the quarter ended 30 September 2023 and the
consolidated year to date results for the period 1 April 2023 to 30 September 2023, being
submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (‘Listing
Regulations’).

This Statement, which is the responsibility of the Holding Company's management and
approved by the Holding Company's Board of Directors, has been prepared in accordance with
the recognition and measurement principles laid down in Indian Accounting Standard 34,
Interim Financial Reporting (‘Ind AS 34’), prescribed under section 133 of the Companies Act,
2013 (‘the Act’), and other accounting principles generally accepted in India and is in
compliance with the presentation and disclosure requirements of Regulation 33 of the Listing
Regulations. Our responsibility is to express a conclusion on the Statement based on our
review.

We conducted our review of the Statement in accordance with the Standard on Review
Engagements (SRE) 2410, Review of Interim Financial Information Performed by the
Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. A
review of interim financial information consists of making inquiries, primarily of 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
the Standards on Auditing specified under section 143(10) of the Act, and consequently, does
not enable us to obtain assurance that we would become aware of 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 SEBI Circular CIR/CFD/CMD1/44/2019

dated 29 March 2019 issued by the SEBI under Regulation 33 (8) of the Listing Regulation, to
the extent applicable.

Chartered Accountants Walker Chandiok & Co LLP is registered

with limited liability with identification
Offices in Ahmedabad, Bengaluru, Chandigarh, Cheanai, Dehradun, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, number AAC-2085 and has its registered
Noida and Pune office at L-41, Connaught Circus, Outer
Circle, New Dethi, 110001, India
Walker Chandiok & Co LLP
Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial
Results and Year to Date Results of the Company pursuant to the Regulation 33 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (Cont'd)

4. Based on our review conducted and procedures performed as stated in paragraph 3 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 Ind AS
34, prescribed under section 133 of the Act, and other accounting principles generally accepted
in India, has not disclosed the information required to be disclosed in accordance with the
requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (as amended), including the manner in which it is to be disclosed, or that it
contains any material misstatement.

The Statement includes the interim financial information of two subsidiaries, which have not
been reviewed by their auditors, whose interim financial information reflects total assets of ¥
27.24 crores as at 30 September 2023, and total revenues of ¥ 0.00 crores and 2 0.00, net loss
after tax of ¥ 0.12 crores and ¥ 0.23 crores, total comprehensive income of Z (0.12) crores and
¥ (0.23) crores for the quarter and year-to-date period ended 30 September 2023 respectively,
cash flow (net) of 0.00 crores for the period ended 30 September 2023 as considered in the
Statement have been furnished to us by the Holding Company's management. Our conclusion
on the Statement, in so far as it relates to the amounts and disclosures included in respect of
these subsidiaries are based solely on such unreviewed interim financial information. According
to the information and explanations given to us by the management, these interim financial
information are not material to the Group.

Our conclusion is not modified in respect of this matter with respect to our reliance on the
financial information certified by the management.

For Walker Chandiok & Co LLP

Chartered Accountants
Firm Registration No: 001076N/N500013

\
os

Ashish Gera
Partner
Membership No. 508685
UDIN: 23508685BGYCVNG237

Place: Gurugram
Date: 9 November 2023

Chartered Accountants
Walker Chandiok & Co LLP
Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial
Results and Year to Date Results of the Company pursuant to the Regulation 33 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (Contd)

Annexure 1

List of entities included in the Statement

Holding Company
1. Shalimar Paints Limited

Subsidiaries
1. Eastern Speciality Paints & Coatings Pvt Limited
2. Shalimar Adhunik Nirman Limited

{Chartered Accountants
 SHALIMAR
PAINTS

Shalimar Paints Limited

Regd office: Stainless Centre, 4th Floor, Plot No. 50, Sector 32, Gurugram - 122001, Haryana
Tel No: +91 124 461 6600 Fax: +91 124 461 6659 Toll Free: 1800-103-6509
Email id: [email protected] Website: www .shalimarpaints.com CIN: L24222HR1902PLC065611

Statement of Unaudited Standalone Financial Results for the Quarter and Six Months ended 30.09.2023
(Rs. in crore, except per share data)
Quarter ended Six months ended Year ended
S No |Particulars 30.09.2023 30.06.2023 30.09.2022 30.09.2023 30.09.2022 31.03.2023
(Unaudited) (Unaudited) {Unaudited) (Unaudited) (Unaudited) (Audited)
1 |income
a) Revenue from operations 119.14 125.63 110.68 244.77 220.58 485.55
b) Other income 2.30 1.61 1.15 3.91 2.78 7.21
Total income 121.44 127.24 111.83 248.63 223.36 492.76
2 |Expenses
a) Cost of materials consumed 7845 87.23 69.74 165.68 154.05 345.56
b) Purchase of stock-in-trade 747 7.89 6.69 15.36 13.60 24.48
¢} Changes in inventories of finished goods, work-
in-progress and stock-in-trade 4.79 (9.28) 6.91 (4.49) 4.17) (13.44)
d) Employee benefits expense 19.09 17.23 12.80 36.32 24.77 53.43
e) Finance costs 433 397 4.06 8.30 8.41 15.90
f) Depreciation and amortisation expense 346 3.28 3.10 6.74 6.49 12.69
g) Other expenses 29.46 27.18 19.28 56.64 4049 90.24
Total expenses 147.05 137.50 122.58 284.55 243.64 528.86

3 |Loss before tax (1-2) (25.61) (10.26) (10.75) (35.87) (20.28) (36.10)
Tax expenses
a) Current tax - - - - - -
b) Deferred tax - - - - - -
5 |Loss for the period/ year (3-4) (25.61) (10.26) (10.75) (35.87) {20.28) (36.10)
Other comprehensive income
Re-measurement of defined benefit plans 0.06 (0.44) 0.01 0.38) 0.01 045
Income tax relating to items that will not be
reclassified to Profit or Loss - - - - - -
Total comprehensive income (5+6) (25.55) (10.70) (10.74) (36.25) (20.27) (35.65)
Paid-up equity share capital (face value of Rs 2
per share) 14.44 14.44 14.44 14.44 14.44 14.44
9 |Other equity 322.19
10 (Loss) per share {of Rs. 2 each) (not annualised
for quarters and six months)
Basic (3.55) (1.42) (1.49) 4.97) (2.81) (5.00)
Diluted (3.55) (1.42) (1.49 4.97) 2.81) (5.00)
* Amounts below the rounding off norms adopted by the Company are presented as "0"
See accompanying notes to the financial results

SIGNED FOR
IDENTIFICATION
PURPOSES ONLY
 SHALIMAR
PAINTS
Shalimar Paints Limited
Notes :
1
These standalone financial results of Shalimar Paints Limited (the 'Company') for the quarter and half year ended on 30.09.2023
have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on
09.11.2023 The statutory auditors of the Company have conducted a limited review of these standalone financial results.
The above results have been prepared in accordance with the recognition and measurement principles of applicable Indian
Accounting Standards (‘Ind AS') notified under section 133 of the Companies Act, 2013, as amended and read with relevant rules
thereunder and in compliance with the presentation and disclosure requirements of Regulation 33 of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 (as amended).
The Company is engaged in manufacture and sale of paints. As the Company's business activity falls within a single business
segment viz. 'Paints' and the sales are primarily in the domestic market, accordingly there is no separate reportable segments as
per Ind AS 108, "Operating Segments".
During the quarter ended 30.09.2023, on receipt of redemption notice from the debenture holder, the Company has fully repaid
the 9% Optionally Convertible Debentures (OCDs) amounting to Rs. 55.00 crores on 22.08.2023.
During the six months period ended 30.09.2023, the Nomination and Remuneration Committee of the Company at its meeting
held on 06.04.2023 had granted 19,66,566 stock options to its eligible employees under the Shalimar Paints Limited Employees
Stock Option Scheme 2022. The stock options will vest over the period of 4 years and accordingly, the Company has recorded an
expense of Rs 1.21 crore during the period ended 30.09.2023
Previous period/ year figures have been regrouped/ reclassified, wherever necessary, to confirm to the current period's
classification.

SIGNED FOR
IDENTIFICATION
PURPOSES ONLY
For and on behalf of the Board

#
nA Bapta
Place: Gurugram Managing Director
Date: 09.11.2023 DIN: 01722395
 SHALIMAR
PAINTS

Shalimar Paints Limited

Regd office: Stainless Centre, 4th Floor, Plot No. 50, Sector 32, Gurugram - 122001, Haryana
Tel No: +91 124 461 6600 Fax: +91 124 461 6659 Toll Free: 1800-103-6509
Email id: [email protected] Website: www. shalimarpaints.com CIN: L24222HR1902PLC065611

Statement of Unaudited Consolidated Financial Results for the Quarter and Six Months ended 30.09.2023
(Rs. in crore, except per share data)
Quarter ended Six months ended Year ended
S No [Particulars 30.09.2023 30.06.2023 30.09.2022 30.09.2023 30.09.2022 31.03.2023
(Unaudited) {Unaudited) {Unaudited) (Unaudited) (Unaudited) (Audited)
1 |Income
a) Revenue from operations 119.14 125.63 110.68 244.77 220.58 485.55
b) Other income 2.27 1.61 1.15 3.88 2.69 7.21
Total income 121.41 127.24 111.83 248.65 223.27 492.76
2 |Expenses
a) Cost of materials consumed 78.45 87.23 69.74 165.68 154.05 345.56
b) Purchase of stock-in-trade 747 7.89 6.69 15.36 13.60 24.48
c) Changes in inventories of finished goods, work-
in-progress and stock-in-trade 4.79 (9.28) 6.91 (4.49) 4.17) (13.44)
d) Employee benefits expense 19.09 17.23 12.80 36.32 24.77 5343
e) Finance costs 433 3.97 4.06 8.30 8.41 15.90
f) Depreciation and amortisation expense 347 3.28 3.10 6.75 6.50 1271
g) Other expenses 29.43 27.19 19.28 56.62 40.49 90.27
Total expenses 147.03 137.51 122.58 284.54 243.65 528.91
3 |Loss before tax (1-2) (25.62) (10.27) (10.75) (35.89) (20.38) (36.15)
Tax expenses
a) Current tax - - - - - -
- - - _ _ ~
b) Deferred tax
5 |Loss for the period/ year (3-4) (25.62) (10.27) (10.75) (35.89) (20.38) (36.15)
6 |Other comprehensive income
Re-measurement of defined benefit plans 0.06 (0.44) 0.01 (0.38) 0.01 045
Income tax relating to items that will not be
reclassified to Profit or Loss - - - -
7 |Total comprehensive income (5+6) (25.56) (10.71) (10.74) (36.27) (20.37) (35.70)
8 |Paid-up equity share capital (face value of Rs 2
per share) 14.44 14.44 14.44 14.44 14.44 14.44
9 |Other equity 338.11
10 (Loss) per share {of Rs. 2 each) (nat annualised
for quarters and six months)
Basic (3.55) (142) (1.49) (4.97) (2.82) (5.01)
Diluted (3.55) (1.42) (1.49) 4.97) (2.82) (5.01)
* Amounts below the rounding off norms adopted by the Company are presented as "0"
See accompanying notes to the financial results

SIGNED FOR
IDENTIFICATION
PURPOSES ONLY
 SHALIMAR
PAINTS
Shalimar Paints Limited
Notes :
1 These consolidated financial results of Shalimar Paints Limited (the ‘Holding Company’) for the quarter and half year ended on
30.09.2023 have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held
on 09.11.2023. The statutory auditors of the Company have conducted a limited review of these consolidated financial results.
The above results have been prepared in accordance with the recognition and measurement principles of applicable Indian
Accounting Standards (‘Ind AS’) notified under section 133 of the Companies Act, 2013, as amended and read with relevant rules
thereunder and in compliance with the presentation and disclosure requirements of Regulation 33 of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 (as amended).
The Group is engaged in manufacture and sale of paints. As the Group's business activity falls within a single business segment viz.
‘Paints’ and the sales are primarily in the domestic market, accordingly there is no separate reportable segments as per Ind AS 108,
"Operating Segments”.
During the quarter ended 30.09.2023, on receipt of redemption notice from the debenture holder, the Company has fully repaid the
9% Optionally Convertible Debentures (OCDs) amounting to Rs. 55.00 crores on 22.08.2023.
During the six months ended 30.09.2023, the Nomination and Remuneration Committee of the Holding Company at its meeting
held on 06.04.2023 had granted 19,66,566 stock options to its eligible employees under the Shalimar Paints Limited Employees
Stock Option Scheme 2022. The stock options will vest over the period of 4 years and accordingly, the Holding Company has
recorded an expense of Rs 1.21 crore during the period ended 30.09.2023
Previous period/ year figures have been regrouped; reclassified, wherever necessary, to confirm to the current period's classification.

| DENTI FICATION For and on behalf of the Board

PURPOSES ONLY

Ashok Kumar Gupta

Place: Gurugram Managing Director
Date: 09.11.2023 DIN: 01722395
 SHALIMAR
PAINTS
Shalimar Paints Limited
Regd office: Stainless Centre, 4th Floor, Plot No. 30, Sector 32, Gurugram - 122001, Haryana
Tel No: +91 124 461 6600 Fax: +91 124 461 6659 Toll Free: 1800-103-6509
Email id: [email protected] Website: www .shalimarpaints.com CIN: L24222HR1902PLC065611
Statement of Unaudited Standalone and Consolidated Assets and Liabilities as at 30.09.2023
( Rs. in Crore )
Standalone Consolidated
Particulars Unaudited Audited Unaudited Audited
As at 30.09.2023 | As at 31.03.2023 | As at 30.09.2023 | As at 31.03.2023
ASSETS
Non-current assets
Property, plant and equipment 227.14 224.93 254.30 252.10
Right-of-use-assets 16.15 16.68 16.15 16.68
Capital work-in-progress 5.90 1.71 5.90 1.71
Intangible assets 3.09 3.34 3.09 3.34
Financial assets
i) Investments 5.86 5.83 0.00 0.00
ii) Loans 2.98 2.95 - -
iii) Other financial assets 141 1.39 144 1.42
Non-current tax assets (Net) 343 2.85 3.43 2.85
Other non-current assets 4.30 0.15 4.30 0.15
Total non-current assets 270.26 259.83 288.61 278.25
Current assets
Inventories 116.45 113.58 116.45 113.58
Financial assets
i) Investment 0.02 0.04 - -
ii) Trade receivables 98.88 107.52 98.88 107.52
iii) Cash and cash equivalents 0.73 21.16 0.79 21.21
iv) Bank balances other than (iii) above 3.77 221 3.77 221
v) Other financial assets 49.79 87.65 49.79 87.65
Current tax assets (net) 1.00 1.00 1.00 1.00
Other current assets 11.84 12.25 11.84 12.25
Total current assets 282.48 345.41 282.52 345.42
Total Assets 552.74 605.24 571.13 623.67

EQUITY AND LIABILITIES

EQUITY
Equity share capital 14.44 14.44 14.44 14.44
Other equity 287.16 322.19 303.06 338.11
Total equity 301.60 336.63 317.50 352.55
LIABILITIES
Non-current liabilities
Financial liabilities
i) Borrowings 8.32 14.62 8.32 14.62
ii) Lease liabilities 0.00 0.35 0.00 0.35
iii) Other financial liabilities 0.12 0.10 012 0.10
Provisions 6.99 6.02 6.99 6.02
Deferred Tax liabilities (Net) - - 248 2.48
Total non-current liabilities 15.43 21.09 17.91 23.57
Current liabilities
Financial liabilities
i) Borrowings 119.13 124.27 119.13 124.27
ii) Lease liabilities 0.74 0.83 0.74 0.83
iii) Trade payables
-Total outstanding dues to micro enterprises 730 1011 730 1011
and small enterprises
-Total Outstanding dues to trade payables 84.13 89.89 84.13 89.91
other than Micro and Small Enterprises
iv) Other financial liabilities 8.82 6.82 8.83 6.82
Provisions 10.15 10.88 10.15 10.89
Other current liabilities 5.44 4.72 5.44 4.72
Total current Habilities 235.71 247.52 235.72 247.55
Total liabilities 251.14 268.61 253.63 271.12
Total Equity and Liabilities 552.74 605.24 571.13 623.67
See accompanying notes to the financial results

SIGNED FOR
For and on poate of the Board
r ¥ bw y=
IDENTIFICATION Al am Kumar Gupta

PURPOSES ONY 11.2023

Managing Director
DIN: 01722395
 <>
SHALIMAR
PAINTS

Shalimar Paints Limited

Regd office: Stainless Centre, 4th Floor, Plot No. 50, Sector 32, Gurugram - 122001, Haryana
Tel No: +91 124 461 6600 Fax: +91 124 461 6659 Toll Free: 1800-103-6509

Email id: [email protected] Website: www.shalimarpaints.com CIN: L24222HR1902PLC065611

Unaudited Cash Flow Statement for the Six Months ended 30.09.2023
{Rs in Crore)
Standalone (Unaudited) Consolidated (Unaudited)
Particulars Six months Six months Six months Six months
ended ended ended ended
30.09.2023 30.09.2022 30.09.2023 30.09.2022
A. Operating activities
Loss before tax (35.87) (20.28) (35.89) (20.38)
Adjustments to reconcile profit before tax to net cash flows:
Depreciation on property, plant and equipment and amortisation on
intangible asset & Right-of-Use Assets 6.74 649 67 6.50
Interest expense 8.30 8.41 8.30 8.41
Interest income (2.87) (2.50) (2.87) (2.50)
Profit on disposal of property, plant and equipment (0.85) - (0.85) -
Share Based payment 1.21 - 1.21 -
Provision for inventory obsolescence 4.30 - 4.30 -
Unrealised foreign exchange fluctuation (0.03) 0.01 (0.03) 0.01
Operating profit before working capital changes (19.07) (7.87) (19.08) (7.96)
‘Working capital adjustments:
(Increase) in inventories (7.17) (11.91) (717) (11.91)
Decrease/ (Increase) in trade receivables 8.67 (16.61) 8.67 (16.61)
(Increase)/ Decrease in other current and non-current financial asset (0.18) 4.68 (0.18) 4.68
(Increase) / Decrease in other current and non-current asset 0.71) 4.08 0.71) 4.08
Increase / (Decrease) in other current and non-current financial liability 2.02 (1.99) 2.01 (1.92)
Increase / (Decrease) in other current liabilities 0.71 (0.40) 0.71 (0.40)
Decrease in trade payables (8.56) (38.73) (8.56) (38.74)
Increase in provisions 0.61 0.70 0.61 0.70
Total cash used in operations (23.68) (68.05) (23.70) (68.08)
Income tax paid (net of refunds) (0.58) 0.06 (0.58) 0.06
Net cash flows used in operating activities (A) (24.26) (67.99) (24.28) (68.02)

B. Investing activities
Purchase of property, plant and equipment and intangible assets
(including adjustment on account of capital work-in-progress, capital (16.09) 4.74) (16.09) (4.74)
advances and capital creditors)
Proceeds from disposal of property, plant and equipment 0.85 - 0.85 -
Loan given to subsidiaries (0.02) - - -
Investment in subsidiaries (0.01) - - -
Proceed on redemption of / (Investment in) fixed deposits 34.89 (78.81) 34.89 (78.81)
Interest received 4.43 1.47 4.43 1.47
Net cash flows from/ (used in) investing activities (B) 24.05 (82.08) 24.08 (82.08)

C. Financing activities
Proceeds from share warrants - 37.50 - 37.50
Repayment of borrowings (60.45) (7.47) (60.45) (7.44)
Repayment of short-term borrowings (Net) 49,02 (35.61) 49.02 (35.61)
Repayment of lease liabilities (including interest paid on lease liabilities
of Rs, 0.05 crores) (0.54) (0.56) (0.54) (0.56)
Interest paid (8.25) (7.60) (8.25) (7.60)
Net cash used in financing activities (C) (20.22) (13.74) (20.22) (13.71)

Net change in cash and cash equivalents (D=A+B+C) (20.43) (163.81) (20.42) (163.81)
Cash and cash equivalents at the beginning of year ( E) 21.16 164.55 21.21 164.61
Cash and cash equivalents at the end of year (D+E) 0.73 0.74 0.79 0.80

For and on behalf of the Board

SIGNED FOR
IDENTIFICATION
PURPOSES ONLY
Ashok Kumar Gupta
Place : Gurugram Managing Director
Date: 09.11.2023 DIN: 01722395