SML/SEC/2024-25-024

23rd May, 2024

Dy. General Manager- The Secretary,

Corporate Relationship Department National Stock Exchange of India Ltd.
BSE Limited Exchange Plaza, 5th Floor,
P.J Towers, Dalal Street Plot no. C/1, G Block
Fort, Mumbai-400 001 Bandra- Kurla Complex
Bandra (E), Mumbai – 400 051
Scrip Code: 505192 Scrip Code: SMLISUZU

Dear Sir,

Outcome of Board Meeting - Regulation 30 of SEBI (LODR) Regulations, 2015

This is to inform you that the Board of Directors of the Company at their Meeting held today i.e.
23rd May, 2024 (Thursday) at New Delhi have :

1. Approved the Audited Financial Results for the fourth quarter & financial year ended on
31st March, 2024.

In compliance with the provisions of Regulation 33(3)(d) of the SEBI (Listing and Obligations
and Disclosure Requirements) Regulations, 2015, the Company hereby declares that the
Statutory Auditors, M/s Walker Chandiok & Co LLP, Chartered Accountants
(Firm Registration No. 001076N/N500013), have issued the Audit Report with unmodified
opinion on the Audited Financial Results of the Company for the fourth quarter and financial
year ended on 31st March, 2024. A copy of the Audited Financial Results along with Statutory
Auditor’s report with unmodified opinion is enclosed herewith.

2. Considered and recommended final dividend of 160% (Rs.16 per equity share of Rs.10 each
fully paid up) for financial year ended on 31st March 2024, subject to approval by the
shareholders of the Company at the ensuing Annual General Meeting.

The Board meeting commenced at 11:15 A.M. and concluded at 02:54 P.M.

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

Yours faithfully
For SML ISUZU LIMITED
Parvesh Digitally signed by Parvesh Madan
DN: c=IN, o=Personal, title=0319,
pseudonym=CuD89maqW8MkkGFoy0DnVyw7IhcRrrUd,
2.5.4.20=0e1a77d54a096206e1348eb1252e92e878facec34c819ff

Madan
bdaf66cf4ac5b8323, postalCode=160047, st=Chandigarh,
serialNumber=321aa9bc0f98ab0fac7ef996a6599ddb07768433b0
9197dd51fd989c5a852da3, cn=Parvesh Madan
Date: 2024.05.23 14:55:25 +05'30'

(PARVESH MADAN)
Company Secretary & Compliance Officer
[email protected]
ACS-31266
 SML ISUZU LIMITED
Regd. Office : Village Asron, Distt. Shahid Bhagat Singh Nagar (Nawanshahr) - 144 533, Punjab
CIN : L50101PB1983PLC005516, Website: www.smlisu zu.com, Email id : lnves [email protected], T : 911881 270255, F: 911881 270223

STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2024
(Rupees In Crorcs, except share data, per share data and unless otherwise stated!
Quarter ended Year ended

S .No. Particulars 31.03.2024 31.12.2023 31.03.2023 31.03.2024 31.03.2023

Audited Audited Audited
Unaudited
I refer note 6) trefer no te 61

1 INCOME

a) Revenue from operalions 679.60 386.13 583.22 2,195.93 1,821.59

b) Other Income 2.02 0.97 1.64 5.41 3.12

Total Incom e (1) 681.62 387.10 584.86 2,201.34 1,824.71

2 EXPENSES

a) Cost of materials consumed 498.10 41 2.41 437.93 1,754.81 1,491.83

b) Purchase of stock-in-trade 20.44 17.78 23.35 78.41 78.48

c) Changes in inventories of finished goods, work-In-progress (3.20) (140.98) 2.38 (135.89) (109.12)
and stock-In-trade

d) Employee benefits expense 50.41 49.49 47.12 195.69 172.45

e) Finance cost 10.72 7.88 9.39 30.35 25.05

f) Deprecia tion and amortisation expense 12.1 0 12.04 10.43 47.52 42.43

g) Other expenses 42.65 25.63 29.19 124.00 106.31

Total Expenses (2) 631.22 384.25 559.79 2,094.89 1,807.43

3 Profit befo re tax (1 ·2) 50.40 2.85 25.07 106.45 17.28

4 Tax expense I (credit)

- Current tax - . . . -
- Tax adjustment related to pri or years 0.08 . (0.23) 0.08 (0.23)
- Deferred tax (2.00) 0 .17 (1.49) (1.51) (2.32)

5 Profit for the oerlod 13-41 52.32 2.68 26.79 107.88 19.83

6 Other Comprehensi ve Income

A. (i) Items that will not be reclassified to Profit or Loss

- Remeasurement gains I (losses) gains on defined benefit plans 1.61 (0.64) (2.64) (0.32) (3.77)

(ii) Income tax rela ted to items that will not be reclassified to profit or loss (0.41) 0.17 0.95 0 .08 0.95

B. (i) Items that will be reclassified to Profit or Loss

- Effective portion or gains on hedging Instruments in - . 0.28
cash flow hedges

(ii) Income tax related to items th at will be reclassified to profit or loss - . . (0.83:
7 Total Comprehensi ve in come for the period (5+6) (comprising 53.52 2.21 25.10 107.64 16.46
Pro fit and Other Comprehensive Income for th e period)

8 Paid-up equity share capital (face value Rs. 10 per share) 14.48 14.48 14.48 14.48 14.48

9 Other equity 271.11 163.47

10 Basic and diluted earnings per share in Rs. (not annual ised) 36.14 1.86 18.52 74.54 13.71

See accompanying notes to the audited financial results

Statem ent of A ssets and Liabilities as at 3 1 M arc h 2024
Rs C rores
Particulars Audited A udited
31.03.2024 31 .03.2023
A. ASSETS
1 No n.current assets
Property, plant and equipment 267.20 275.31
Capital work-in-progress 2.57 0.94
Right of use assets 5.01 5.93
Intangible assets 68.30 74.65
Intangible assets under development 8,01 10.24
Financial assets
- Loans 2.02 0.82
- Other financial assets 2.94 4.19
Deferred tax assels (net) 19.08 17.50
Income tax assets (net) 5.02 2.71
Olher non-current assets 7.76 6.11
Total non -current assets (A) 387.91 398.40

2 Current assets
Inventories 579.73 421.89
Financial assets
- Trade receivables 168.97 75.75
- Cash and cash equivalents 34.82 3.49
- Bank balances other lhan cash and cash equivalents 13.87 2.35
- Loans 0.67 0.45
- Other fi nancial assets 1.33 0.57
Other current assets 25.22 33.66
Total current assets (B) 824.61 538.1 6
Total assets (A+B) 1,212.52 936.56

B. EQUITY AND LIABILITIES

1 Equity
Equity share capital 14.48 14.48
Other equity 271.11 163.47
Total equity (C ) 285.59 177.95

2 Liabilities

Non.current llabilities
Financial liabilities
- Borrowings 40.35 16.52
- Lease liabilities 3.07 4.06
- Other financial liabilities 11 .83 11 .34
Provisions 50.28 40.07
Other non-current liabilities 1.85 1.66
Total non-current liabi liti es (D) 107.38 73.65

Current liabilities
Financial liabilities
- Borrowings 375.30 241 .59
- Trade payables
(a) total outstanding dues of micro enterpri ses and small enterprises 21.04 17.40
(b) total outstanding dues of creditors oth er than micro enterprises and 310.84 274.20
small enterprises
- Lease liabilities 2.55 2.34
- Other financial liabilities 11 .79 14.54
Other current liabilities 65.52 118.84
Provisions (refer note 5) 32.36 15.90
Current tax liabilities (nel) 0.15 0.15
Total c urrent liabilities (E) 819.55 684.96
Total liabi lities (D+E) 926.93 758.61
Total equity and liabilities (C+D+E) 1,212.52 936.56
 STATEMENT OF CASH FLOWS FOR THE YE AR ENDED 31 MARCH 2 0 24
Rupees In Crores
Audited Audited
Year ended Year ended
31 March 2024 31 March 2023
A. CASH FLOW FROM OPERATING ACTIVITIES
Profit before tax 106.45 17.28
Adjustments for :
Depreciation and amortization expense 47.52 42.43
Unrealised loss on foreign exchange fluctuation (net) 0.01
Finance costs 30.35 25.04
Interest income (2.07) (1.63)
Property, plant and equipment written off (net) 0.52 0. 10
Net gain on sale of property, plant and equipment (1 .08)
Allowance for doubtful trade receivables I advances 0.07
Provision for inventories written down I (written back) 2.71 (0.86)
Bad debts I advances written off 0.35 0.15
Liabilities/provisions/allowances no longer required written back (0.40) !1 .73)
Operating profit before working capital changes 184.42 80.79
Adjustments for changes in :
Trade receivables (93.43) 4.30
Inventories (160.55) (125.04)
Other non-current and current financial assets (0.65) 1.66
Other non-current and current loans (1 .41) (0.44)
Other non-current and current assets 7.90 (8.37)
Trade payables 40.57 47.00
Non-current and current provisions 25.54 8.35
Other non-current and current financial liabilities 2.43 0. 15
Other non-current and current liabilities (53.13) 75.51
Cash (used In) I generated from operations (48.31) 83.91
Less: Direct tax paid I (refund) [net] 1.37 (6.15)
Net cash (used in) I generated from operating activities (49.68) 90.06
8. CASH FLOW FROM INVESTING ACTIVITIES :
Payment for property, plant and equipment, intangible assets, (42.43) (41 .30)
capital work in progress and intangible assets under development
Proceeds from sale of property, plant and equipment 5.23
Maturity of I (investment in) bank deposits [having original maturity of more 0.99 (1.80)
than three months]
(Investment in) I maturity of bank deposits held as margin money (11.53) 0.44
Interest received 1.94 0.58
Net cash used In Investing activities (45.80) (42.08)
C. CASH FLOW FROM FINANCING ACTIVITIES
Long-term borrowings taken during the year 49.26 30.67
Long-term borrowings repaid durin g the year (17.74) (48.17)
Payment of lease liabilities (Principal) (1.79) (2.57)
Payment of lease liabilities (Interest) (0.55) (0.64)
Short-term borrowings taken I (repaid) during the year (net) 126.03 (10.44)
Dividend transferred to Investor Education and P rote ction Fund (0.28) (0.20)
Dividend paid (0.01)
Withdrawal from unpaid dividend accounts 0.28 0.21
Finance costs paid !28.40) !24.01)
Net cash generated from I (used in) financing activities 126.81 (55.16)
Net increase I (decrease) in cash and cash equivalents 31.33 (7.18)
Cash and cash equivalents at the beginning of the year 3.49 10.67
Cash and cash equivalents at the end of the year 34.82 3.49
Notes to the Cash Flow Statement :-
1. Components of cash and cash equivalents
Balances with banks
- Bank deposits (original maturity of 3 months or less) 12.41 1.60
- Current accounts 22.41 1.89
34.82 3.4 9

2. The above "Statement of Cash nows" has b een prepared as per the Indirect method as set out in Indian Accounting Standard-?,
"Statement of Cash Flows'.
No tes:
1 The above audited results were reviewed by lhe Audit Committee on 22 May 2024 and approved by th e Board of Directors in th eir meeting held on
23 May 2024. The above results for l he year ended 31 March 2024 have been audited by the Statutory Auditors of th e Company. The unmodified audit
report of lhe Statutory Auditors is being filed with the BSE and National Stock Exchange Limited. For more details on the audited results, visit 'disclosure'
section of our website at www.smlisuzu.com and 'Financial Results' In 'Corporates' section of www.nseindia.com and www.bseindia.com.
2 The above financial results have been prepared in accordance wilh the recognilion and measurement principles of the Indian Accounting Slandards ('Ind
AS') prescribed under section 133 of lhe Companies Acl. 2013 ('the Act') read with lhe Companies (Indian Accoun ting Slandards) Rules, 2015 as amended
from lime to lime, and olher accounling principles generally accepted in India and Is in compliance wilh the presentalion and disclosure requirements of
Regulation 33 of th e SEBI (Listing Obligations and Disclosure Requirements) Regulations. 2015 (as amended), including relevant circulars issued by the
SEBI from time to tim e.
3 The Company is primarily engaged in the business of manufaclurl ng of commercial vehicles and related components which constitutes a single business
segment and accordingly, disclosure requirements of Ind AS 108, 'Operating Segments' are not required to be given. As defined In Ind AS 108, the Chief
Operating Decision Maker (CODM), i.e. the Board of Directors, evaluates the performance of the Company and allocates resources based on the analysis of
the various performance indicators of the Company as a single unit.
4 The Company has unrecognized deferred lax assets of Rs. 30.52 crores on unabsorbed deprecialion and unused tax losses of Rs. 121.28 crores as on
31 March 2023. During the current year, the Company has recognized enlire amount of unrecognized deferred tax asset considering currenl profits and
sufficient future laxable profits based on projections.
5 In September 2010, the Company had initiated arbitration proceedings against the Delhi Metro Railway Corporalion (DMRC) seeking compensation for
losses due to cancellalion of a conlract. The Company had won an arbltral award in August 2014 allowing claims of Rs. 11.52 crores which was challenged
by DMRC before Hon'ble High Court of Delhi ('High Court'). During the year, the Company filed an Execution Petition before High Court for enforcement of
Arbitration Award and High Court directed the release of the said amount to the Company, subjecl to satisfaction of lhe Regislrar General on submission of
security. The amount of Rs. 11.52 crores was released to the Company on 30 March 2024, upon furnishing bank guarantee. The management is expecting a
favorable outcome based on the evaluation of the case. As the case filed by DMRC is presently sub-Judice and bank guaranlee has been furnished, lhe
managemenl has recorded a provision for conlingencies of Rs. 11 .52 crores in the financial results.
6 The figures for lhe quarter ended 31 March 2024 and the corresponding quarter ended In the previous year, as reported in l hese financial results, are the
balancing figures between audited figures In respect of the full financial year and the published year to date figures upto the end of lhird quarter of the
relevant financial year. Also, lhe fig ures upto the end of the lhird quarter had only been reviewed and not subj ected to audit.
7 The Board of Directors has considered and recommended a final dividend of 160 % (Rs. 16 per equity share of Rs. 10 each fully paid up) amounting to
Rs. 23.15 crores, subject to approval by lhe shareholders at the ensuing Annual General Meeting.
8 The CEO and CFO have certified these results under Regulation 33(2) of SEBI (LODR) Regulations. 2015.

For and on behalf of

the Board of Directors

JUNYA ?-":"'::= ·.: : -

YAMANISHI:--=:'.:'=·=-
(Junya Yamanishi)
Place: New Delhi Managing Director & CEO
Date: 23 May 2024 DIN: 09174162
 Walker Chandiok &.Co LLP

Walker Chandiok & Co LLP

B-309, 3rd Floor,
Elante Office Building,
Industrial Area, Phase I,
Chandigarh - 160 002
India
T +91 172 4338000

Independent Auditor's Report on Annual Financial 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 SML Isuzu Lim ited

Opinion

1. We have audited the accompanying annual financial results ('the Statement') of SML Isuzu Limited ('the
Company') for the year ended 31 March 2024, attached herewith , being submitted by the Company
pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosu re
Requirements) Regulations, 2015 (as amended) ('Listing Regulations').

2. In our opinion and to the best of our information and according to the explanations given to us , the
Statement:

(i) presents financial results in accordance with the requirements of Regulation 33 of the Listing
Regu lations, and

(ii) gives a true and fair view in conformity with the recognition and measurement principles laid down in
the applicable Indian Accounting Standards ('Ind AS') specified under section 133 of the Companies
Act, 2013 ('the Act'), read with the Companies (Indian Accounting Standards) Rules, 2015, as
amended, and other accounting principles generally accepted in India, of the net profit after tax and
other comprehensive loss and other financial information of the Company for the year ended 31 March
2024.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing 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 Statement 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 ('the
ICAI') together with the ethical requirements that are relevant to our audit of the financial results under
the provisions of the Act and the rules thereunder, and we have fulfil led 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.

Chartered Accountanls Walker Chandiok & Co LLP is registered

with limited liability wilh identification
Orfices in Ahmedabad, Bengaluru, Chandigarh, Chennai, Dehradun, Goa, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, number AAC-2085 and has its registered
New Deihl, Nolda and Pune office at L-41, Connaugh t Circus, Outer
Circle, New Delhi, 110001, India
 Walker Chandiok &.Co LLP

Responsibilities of Management and Those Charged with Governance for the Statement

4. This Statement has been prepared on the basis of the annual financial statements and has been
approved by the Company's Board of Directors. The Company's Board of Directors is responsible for
the preparation and presentation of the Statement that gives a true and fair view of the net profits and
other comprehensive loss and other financial information of the Company in accordance with the Ind
AS specified under section 133 of the Act, read with the Companies (Indian Accounting Standards)
Rules, 2015 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 reason able 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 Statement that gives a true and fair view and is free from
material misstatement, whether due to fraud or error.

5. In preparing the Statement, the Board of Directors is 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.

6. The Board of Directors is also respon sible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Statement

7. Our objectives are to obtain reasonabl e 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 of assurance but is not a guarantee that
an audit conducted in accordance with Standards on Auditing, specified under section 143(10) of the
Act, 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 this Statement.

8. As part of an audit in accordance with the Standards on Auditing, specified under section 143(10) of
the Act, 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 in place an adequate
internal financial controls with reference to financial statements 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 Company's ability to continue
as a going concern. If we conclude that a material uncertainty exists, we are required to draw

Chartered Accountants
 Walker Chandiok &.Co LLP

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 obtained
up to the date of our auditor's report. However, future even ts or conditions may cause the
Company to cease to continue as a going concern; and
• Evaluate the overall presentation, structu re and content of the Statement, including the
disclosures, and whether the Statement represents the underlying transactions and events in a
manner that achieves fair presentation.

9. 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.

10. We also provide those charged with governance with a statement that we have complied with relevant
ethical requ irements regarding independence, and to communicate with them all relationships and
other matters that may reasonably be thought to bear on ou r independence, and where applicable,
related safeguards.

Other Matter

11 . The Statement includes the fina ncial results for the quarter ended 31 March 2024, being the balancing
figures between the audited figures in respect of the full finan cial year and the published unaudited
year-to-date figures up to the third quarter of the current financial year, which were subject to limited
review by us.

Sandeep Mehta
Partner
Membership No. 009410
UDIN: 24099410BKELFZ1801

Place: New Delhi

Date : 23 May 2024

Chartered Accountants