Ador Welding Ltd. — Interim / Quarterly Report 2021

Nov 12, 2021

AWL/SEC/SE/2021-22 12" November, 2021

Fort, Bandra (East), Mumbai — 400 023 Mumbai - 400 051

BSE LTD. NATIONAL STOCK EXCHANGE OF INDIA LTD. Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, 1* Floor, Dalal Street, Bandra-Kurla Complex (BKC), Company Scrip Code: 517041 Company Scrip Code: ADORWELD

Dear Sir / Madam,

Sub: Outcome of the Board Meeting

This is to inform that the meeting of the Board of Directors of our Company was held today i.e. on Friday, 12" November, 2021, which commenced at 04:00 pm and concluded at 07:45 pm. In the said meeting, the Unaudited Financial Results (Standalone & Consolidated) of our Company for the second quarter & half-year ended 30" September, 2021 were approved, amongst other things.

Attached / enclosed please find herewith the following:-

• a) Pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a copy of Unaudited Financial Results (Standalone & Consolidated) for the quarter & half-year ended 30° September, 2021 along with Segment wise Revenue, Results & Capital Employed for the quarter & half-year ended 30 September, 2021 and as of 30" September, 2021 respectively along with the Statement of Assets & Liabilities as of 30° September, 2021.
• b) Copy of the Limited Review Reports received from the Statutory Auditors, M/s. Walker Chandiok & Co. LLP, Chartered Accountants, in respect of the said Unaudited Financial Results (Standalone & Consolidated).

The aforesaid results shall be uploaded onto the website of the Company at www.adorwelding.com & extract of the same shall be published in the Newspapers as well.

We hereby request you to take the above information on your record and acknowledge its receipt.

Thanking you,

Yours Sincerely,

For ADOR WELDING LIMITED

VINAYAK M. BHIDE COMPANY SECRETARY & COMPLIANCE OFFICER Encl.: as above

ADOR WELDING LIMITED

Regd. & Corporate Office: Ador House, 6, K. Dubash Marg, Fort, Mur ~400 001 - 16, Maharashtra, Indi +91 2266239300 | www.adorwelding.cam CIN: L70100MH1951P1.coose47 & 1800 233 1071 care@adorians.com | ©+9120 40706000

Walker Chandiok & Co LLP

11th Floor, Tower Il, One International Center, S B Marg, Prabhadevi (W), Mumbai - 400013 Maharashtra, India T +91 22 6626 2699 F +91 22 6626 2601

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 Ador Welding Limited

• 1. We have reviewed the accompanying statement of standalone unaudited financial results ('the Statement) of Ador Welding Limited ('the Company') for the quarter ended 30 September 2021 and the year to date results for the period 1 April 2021 to 30 September 2021, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant circulars issued by the SEBI from time to time.
• 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'), other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant circulars issued by the SEBI from time to time. 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 ('ICAI'). 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.

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Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune number AAC-2085 and has its registered

Chartered Accountants Walker Chandiok & Co LLP is registered with limited liability with identification office at L-41, Connaught Circus, Outer Circle, New Delhi, 110001, India

Ador Welding Limited

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)

1. 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, the SEBI Circulars, 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

Digitally signed by KH US H ROO KHUSHROO B PANTHAKY B PANTHAKY alge p 211-12 18:43:19

Khushroo B. Panthaky Partner Membership No:042423

UDIN:21042423AAAAQR5592

Place: Mumbai Date: 12 November 2021

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s:ador

pesce of mind

ADOR WELDING LIMITED

Regd. Office: Ador House, 6, K.Dubash Marg, Fort, Mumbai - 400 001-16 CIN : L70100MH1951PLC008647

Statement of Unaudited Standalone Financial Results for Quarter and Half year ended 30 September 2021

			s:ador
	Regd. Office: Ador House, 6, K.Dubash Marg, Fort, Mumbai - 400 001-16 CIN : L70100MH1951PLC008647		pesce of mind ADOR WELDING LIMITED
	Statement of Unaudited Standalone			Financial Results for Quarter and Half year ended 30 September 2021			(Rs, in lakhs)
No.	Particulars Sr.	30 September 2021	Quarter ended 30 June 2021	30 September 2020	Half year ended 30 September 2021	30 September 2020	Year ended
							31 March 2021
	Income 1			(Unaudited)			(Audited)
	Revenue from operations Other income	15,951 134	12,788 159	9,578 56	28,739 293	15,064 317	44,728 731
	Total income Expenses 2	16,085	12,947	9,634	29,032	45,381	45,459
	Cost of raw materials and components consumed Purchases of stock-in-trade	10,215 1,074	9,892 598	7,683 166	20,107 1,672	11,640 194	32,620 947
	Changes in inventories of finished goods, work-in-progress and stock-in-trade Employee benefiis expense	291 1,233	(1,427) 1,111	(224) 940	(1,136) 2,344	(515) 1744	{1,189) 3,756
	Finance costs	115	93	154	208	369	641
	Depreciation and amortisation expense Other expenses	265 1,835	270 1,502	276 1,517	535 3,337	558 2,294	1,110 6,605
	Total expenses 3 Profit/(Loss) before exceptional items and tax (1-2)	15,028 1,057	12,039 908	10,512 (878)	27,067 1,965	16,284 (903)	44,490 969
	4 Exceptional items gain/ (loss) (Refer note 6) 5 Profit/(Loss} before tax (3-4)	715 1,772	- 908	- (878)	715 2,680	- (903)	(2,537) (1,568)
	Income tax expense/ (credit) 6
	Current tax Deferred tax	379 (71)	274 (41)	(5) (233)	653 (112)	- (229)	158 (827)
	Total tax expenses / (credit) (net) 7 ' Net Profit/ (Loss) for the period (5-6)	308 1,464	233 675	(238) (640)	541 2,139	(229) (674)	(369) (1,199)
	Other comprehensive income /(loss) for the period (net of tax) Trems not to be reclassified subsequently to profit or (loss) - Gain/ (oss) on fair value of defined benefit plans as per actuarial valuation	(105)	-	7	(105)	7	70
	- Income tax effect on above 9 Total comprehensive income/{loss) for the period (after tax)	27 1,386	= 675	(2) (635)	27 2,061	Q) (669)	(18) (1,147)
	10 Paid-up equity share capital (Face value of Rs. 10 per share) 11 Other equity (excluding revaluation reserve Rs. Nil)	1,360 -	1,360 -	1,360	1,360	1,360	1,360 22,383
	42 Earnings per share (EPS) (net of tax) (in Rs.)
	Basic and diluted EPS (not annualised} Statement of Standalone Segment Information for Quarter and Half year ended 30 September 2021	10.76	4.96	(4.71)	15.73	(4.96)	(8.82)
	Particulars Sr.		Quarter ended		Half year ended		(Rs. in lakhs) Year ended
No.		30 September 2021	30 June 2021	30 September 2020	30 September 2021	30 September 2020	31 March 2021
				(Unaudited)			(Audited)
	Segmentwise revenue, results, assets, liabilities and capital employed 1 Segment revenue
	Consumables	12,598	10,418	8,099	23,016 4,737	12,306 2,550	35,233 7,085
	Equipment and automation Flares & Process Equipment Division*	2,763 619	1,974 465	1,758 (264)	1,084	224	2,473
	Less: Enter segment revenue Total revenue from operations	(29) 15,951	(69) 12,788	(15) 9,578	(98) 28,739	(16) 15,064	(63) 44,728
	2 Segment results
	Consumables Equipment and automation Flares & Process Equipment Division*	1,276 311 (75)	1,130 218 (72)	1,222 75 (1,843)	2,406 529 (447)	1,565 (7) (1,785)	4,268 551 (2,496)

	5 Profit/(Loss} before tax (3-4)	1,772	908	(878)	2,680	(903)	(1,568)
6	Income tax expense/ (credit)
	Current tax	379	274	(5)	653	-	158
	Deferred tax	(71)	(41)	(233)	(112)	(229)	(827)
	Total tax expenses / (credit) (net)	308	233	(238)	541	(229)	(369)
	7 ' Net Profit/ (Loss) for the period (5-6)	1,464	675	(640)	2,139	(674)	(1,199)
	Other comprehensive income /(loss) for the period (net of tax)
	Trems not to be reclassified subsequently to profit or (loss)
	- Gain/ (oss) on fair value of defined benefit plans as per actuarial valuation	(105)	-	7	(105)	7	70
	- Income tax effect on above	27	=	(2)	27	Q)	(18)
	9 Total comprehensive income/{loss) for the period (after tax)	1,386	675	(635)	2,061	(669)	(1,147)
	10 Paid-up equity share capital (Face value of Rs. 10 per share)	1,360	1,360	1,360	1,360	1,360	1,360
	11 Other equity (excluding revaluation reserve Rs. Nil)	-	-				22,383
	42 Earnings per share (EPS) (net of tax) (in Rs.)
	Basic and diluted EPS (not annualised}	10.76	4.96	(4.71)	15.73	(4.96)	(8.82)
	Statement of Standalone Segment Information for Quarter and Half year ended 30 September 2021
							(Rs. in lakhs)
Sr.	Particulars		Quarter ended		Half year ended		Year ended
No.		30 September 2021	30 June 2021	30 September 2020	30 September 2021	30 September 2020	31 March 2021
				(Unaudited)			(Audited)
	Segmentwise revenue, results, assets, liabilities and capital employed
	1 Segment revenue
	Consumables	12,598	10,418	8,099	23,016	12,306	35,233
	Equipment and automation	2,763	1,974	1,758	4,737	2,550	7,085
	Flares & Process Equipment Division*	619	465	(264)	1,084	224	2,473
	Less: Enter segment revenue	(29)	(69)	(15)	(98)	(16)	(63)
	Total revenue from operations	15,951	12,788	9,578	28,739	15,064	44,728
	2 Segment results
	Consumables	1,276	1,130	1,222	2,406	1,565	4,268
	Equipment and automation	311	218	75	529	(7)	551
	Flares & Process Equipment Division*	(75)	(72)	(1,843)	(447)	(1,785)	(2,496)
	Total	1,512	1,276	(546)	2,788	(257)	2,323
	Less:
	Tinance costs (unallocable)	(77)	(57)	(80)	(134)	(219)	(335)
	Other unallocable expenses net of unallocable income	(378)	(311)	(252)	(689)	(427)	(1,019)
	Profit/(Loss) before exceptional items and tax	1,057	908	(878)	1,965	(903)	969
	Exceptional items gain / (oss) (Refer note 6)	715	-	-	715	-	(2,537)
	Total Profit/(Loss) before tax	1,772	908	(878)	2,680	(903)	(1,568)
3	Segment assets
	Consumables	22,668	23,865	20,914	22,668	20,914	20,135
	Equipment and automation	7967	8,112	6,952	7,967	6,952	7456
	Flares & Process Equipment Division*	4,690	4,215	8,419	4,696	8,419	4,996.
	Assets classified as held for sale (unallocable)	126	106	-	126	-	106
	Unallocable corporate assets	4,698	3,388	3,910	4,698	3,910	4,815
	Total segment assets	40,149	39,686	40,195	40,149	40,195	37,508
	4 Segment liabilities
	Consumables	5,297	7,063	5,583	5,297	5,583	5,712
	Equipment and automation	2,082	2,009	2,145	2,082	2,145	1,916
	Flares & Process Equipment Division*	2,299	2,072	4,687	2,299	4,687	4,152
	Unallocable corporate habilities	4,667	4,124	3,559	4,667	3,559	1,985
	Total segment liabilities	14,345	15,268	15,974	14,345	15,974	13,765
5	Capital employed
	Consumables	17,371	16,802	15,331	17,371	15,331	14,423
	Equipment and automation	5,885	6,103	4,807	5,885	4,807	5,540
	Flares & Process Equipment Division*	2,391	2,143	3,732	2,391	3,732	844
	Unallocable corporate assets net of unallocable corporate liabilities	157	(630)	351	157	351	2,936
	Total capital employed	25,804	24,418	24,221	25,804	24,221	23,743

* Farlier known as "Projects".

ADOR WELDING LIMITED

sador
peace of mind ADOR WELDING LIMITED
Regd. Office: Ador House, 6, K.Dubash Marg, Fort, Mumbai - 400 001-16 CIN : L70100MH1951PLC008647
Standalone Statement of Assets and Liabilities as at 30 September 2021		(Rs. in lakhs)
Particulars	As at 30 September 2022	As at 31 March 2021
ASSETS Non-current assets	(Unaudited)	(Audited)
(a) Property, plant and equipment	10,220	10,655
(b) Right-of-use asset {c) Capital work-in-progress	469 376	123 327
(d) Investment properties (e) Intangible assets	737 55	789 75
() Intangible assets under development (g) Investment in subsidiary	- 213	= 213
th) Financial assets
@) Loans (i) Other financial assets	25 921	15 882
(i) Non-current tax assets, net () Deferred tax assets, net	1,054 225	1,192 86
(k) Other non-current assets Total non- current assets	1,971 16,270	1,977 16,334
Current assets (a) Inventories	9,530	6,246
(b) Financial assets @) Investments	1,581	965
(it) Trade receivables	9,895	10,533
(iii) Cash and cash equivalents (iv) Other bank balances	956 105	1,688 112
(v) Loans (vi) Other financial assets	61 159	35 272
(c) Other current assets	1,466 23,753	1,217 21,068
(d) Assets classified as held for sale Total current assets	126 23,879	106 21,174
Total Assets	40,149	37,508
EQUITY AND LIABILITIES Equity
(a) Equity share capital (b) Other equity	1,360 24,444	1,360 22,383
Total Equity	25,804	23,743
Liabilities Non-current liabilities (a) Financial liabilities
(i) Lease Liabilities (ii) Other financial liabilities	105 16	106 30
(b) Provisions	474	359
(c) Other non-current liabilities Total non- current liabilities	4 599	5 500
Current liabilities (a) Financial Liabilities
(i) Borrowings (i) Lease liabilities	3,100 14	2,800 13
(iii) Trade payables Total outstanding dues to micto, small and medium enterprises	621	249
Total outstanding dues to creditors other than micro, small and medium enterprises	5,848	7,145
(iv) Other financial liabilities (b) Other curtent liabilities (c) Provisions	1,368 2,199 596	1,077 1,488 493
Total current liabilities	13,746	13,265

(a) Equity share capital	1,360	1,360
(b) Other equity	24,444	22,383
Total Equity	25,804	23,743
Liabilities
Non-current liabilities
(a) Financial liabilities
(i) Lease Liabilities	105	106
(ii) Other financial liabilities	16	30
(b) Provisions	474	359
(c) Other non-current liabilities	4	5
Total non- current liabilities	599	500
Current liabilities
(a) Financial Liabilities
(i) Borrowings	3,100	2,800
(i) Lease liabilities	14	13
(iii) Trade payables
Total outstanding dues to micto, small and medium enterprises	621	249
Total outstanding dues to creditors other than micro, small and	5,848	7,145
medium enterprises
(iv) Other financial liabilities	1,368	1,077
(b) Other curtent liabilities	2,199	1,488
(c) Provisions	596	493
Total current liabilities	13,746	13,265
Total Equity and Liabilities	40,149

ADOR WELDING LIMITED

Unaudited Standalone Statement of Cash Flow for the Half year ended 30 September 2021

scador peace of mind ADOR WELDING LIMITED
Regd. Office: Ador House, 6, K.Dubash Marg, Fort, Mumbai - 400 001-16 CIN : L70100MH1951PLC008647 Unaudited Standalone Statement of Cash Flow for the Half year ended 30 September 2021		(Rs. in lakhs)
Particulars	Half year ended 30 September 2021 (Unaudited)	Half year ended 30 September 2020
Cash flow from operating activities Profit / (loss) before tax	2,680	(903)
Adjustment for: Fair value adjustments relating to Financial assets at fair value through profit or loss	(38) (1)	(51) (1)
Financial assets at amortised cost Interest expense on lease liability Depreciation and amortisation expense	6 535 1	5 558 246
Bad debts written off Provision for dowbtful debts Exceptional items (Refer note 6) Assets written off	32 (715) -	- - 53
Provisions/ liabilities no longer required now written back Provision for balance with tax authorities Items considered separately:	(34) 152	= -
Finance costs Surplus on sale of investments Interest income	202 (8) (23)	364 - (38)
Rental income	(60) (2)	(27)
Exchange gain on revaluation of foreign cutrency monetary item	2,727	(123) 83
Operating profit before working capital changes Adjustments for changes in working capital: Inventories	(3,284) 601	(441) 2,282
Trade receivables Loans and other receivables 'Trade payables	(137) (907) 759	1,358 674 29
Liabilities and provisions Cash (used) / generated from operating activities Income tax refund/ (paid)	(241) (515)	3,985 309
Net cash (used)/ generated from operating activities (A) Cash flow from investing activities Acquisition of property, plant and equipment Gncluding capital work-in-progress,	(756) (843)	4,294 (219)
and capital advances) Purchase of investments Proceeds from sale of property, plant and equipment	(1,070) 912	- 1
Advance received against proposed sale of property Proceeds from sale of investments Interest income	388 500 22	= 20 38
Rental received Investment in fixed deposits Net cash used in investing activities (B)	46 (13) (58)	9 (13) (164)
Cash flow from financing activities Finance costs Finance cost paid on lease liabilities	(206) (6)	(374) (5)
Repayment of lease lability Proceeds /(repayment) of current borrowings Net cash generated / (used) in financing activities (C)	(6) 300 82	(5) (3,391) (3,775)
(Net (decrease) / increase in cash and cash equivalents (A+B+C) Cash and cash equivalents at the beginning of the period	(732) 1,688	355 502
Cash and cash equivalents at the end of the period Components of cash and cash equivalents: Cash on hand	956 10	857 4

Repayment of lease lability	(6)	(5)
Proceeds /(repayment) of current borrowings	300	(3,391)
Net cash generated / (used) in financing activities (C)	82	(3,775)
(Net (decrease) / increase in cash and cash equivalents (A+B+C)	(732)	355
Cash and cash equivalents at the beginning of the period	1,688	502
Cash and cash equivalents at the end of the period	956	857
Components of cash and cash equivalents:
Cash on hand	10	4
Balances with banks in current accounts	946	853
Total cash and cash equivalents	956	857

(Notes to the standalone financial results:

• 'The above standalone financial results have been reviewed by the Audit Committee and then approved by the Board of Directors at their respective meetings held on 12 November 2021.
• The above financial results have been prepared in accordance with Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable.
• The limited review, as required under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, has been completed by the Statutory Auditors.
• In the current quarter, Company operations are at normalcy and there is no impact of pandemic on the company's financials for the quarter and six months period ended 30 September 2021. The Management is continuously monitoring the current COVID-19 developments and possible effects that may result from the current pandemic on it's financial conditions, liquidity, operations and actively working to minimise the impact of this unprecedented situation.
• During the previous year, the Company had entered into a Memorandum of Understanding (MOU) for the sale/transfer of its leasehold tights in Ahmednagar property admeasuring 66,108 squate meters, on "as is where is basis", for a consideration of Rs. 1,462 lakhs, which was duly approved by the Board. The Company have received Rs. 950 lakhs as advance against the said transaction as on date. This transaction is likely to be completed by Decembet 2021, as approval for the transfer is awaited from Mahatashtta Industrial Development Corporation (MIDC), hence the same has been shown as "Assets classified as held for sale'. Also, during this quarter ended 30 September 2021, the Company has entered into agreement/MOU for sale of 3 flats situated at Silvassa having WDV of Rs. 21 lakhs for a sale consideration of Rs. 69 lakhs, hence the same is classified from 'ownership premises' to 'Assets classified as held for sale'.
• Exceptional items for the Quarter ended 30 September 2021, represents profit from sale of Delhi Naitaina property of Rs. 715 lakhs. The said property is sold for Rs. 900 lakhs having WDV of Rs. 185 lakhs as on the date of sale.The said profit from the sale of property is not related to any specific segment, hence to be considered as other unallocable income in segment reporting

Segment wise "Exceptional items" for the year ended 31 March 2021 are as follows:-

(Notes to the standalone financial results:
'The above standalone financial results have been reviewed by the Audit Committee and then approved by the Board of Directors at their respective meetings held on 12 November 2021.
The above financial results have been prepared in accordance with Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable.
The limited review, as required under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, has been completed by the Statutory Auditors.
In the current quarter, Company operations are at normalcy and there is no impact of pandemic on the company's financials for the quarter and six months period ended 30 September 2021. The Management is continuously monitoring the current COVID-19 developments and possible effects that may result from the current pandemic on it's financial conditions, liquidity, operations and actively working to minimise the impact of this unprecedented situation.
During the previous year, the Company had entered into a Memorandum of Understanding (MOU) for the sale/transfer of its leasehold tights in Ahmednagar property admeasuring 66,108 squate meters, on "as is where is basis", for a consideration of Rs. 1,462 lakhs, which was duly approved by the Board. The Company have received Rs. 950 lakhs as advance against the said transaction as on date. This transaction is likely to be completed by Decembet 2021, as approval for the transfer is awaited from Mahatashtta Industrial Development Corporation (MIDC), hence the same has been shown as "Assets classified as held for sale'. Also, during this quarter ended 30 September 2021, the Company has entered into agreement/MOU for sale of 3 flats situated at Silvassa having WDV of Rs. 21 lakhs for a sale consideration of Rs. 69 lakhs, hence the same is classified from 'ownership premises' to 'Assets classified as held for sale'.
Exceptional items for the Quarter ended 30 September 2021, represents profit from sale of Delhi Naitaina property of Rs. 715 lakhs. The said property is sold for Rs. 900 lakhs having WDV of Rs. 185 lakhs as on the date of sale.The said profit from the sale of property is not related to any specific segment, hence to be considered as other unallocable income in segment reporting
Exceptional items for the year ended 31 March 2021, includes Rs. 140 lakhs provision for diminution in the value of investment in its 100% subsidiary "Ador Welding Academy Private Limited", Rs. 848 lakhs (including Rs. 819 lakhs provision and Rs. 29 lakhs written off towards vatious factors like movement in collection of C forms, Assessment order tecetved during the yeat etc.) and provisions amounting to Rs. 1,549 lakhs which includes Rs. 1,305 lakhs receivables from a project executed in the Kuwait, for which appropriate actions has been taken by the Company and the matter is pending in the Court of Law of Kuwait.
Segment wise "Exceptional items" for the year ended 31 March 2021 are as follows:-					(Rs. in lakhs)
Particulars	Consumables	Equipments and automation	Flares & Process Equipment Division*	Other unallocable expenses net of unallocable income	Total
Provision for diminution in the value of investment in its 100% subsidiary "Ador Welding Academy Private Limited"	-	-	-	140	140
Provision against doubtful receivables from various tax authority against the VAT/ CST assessment	236	575	-	37	848
Provision for doubtful debts and Bad debts written off	-	-	1,549	-	1,549
Total * Harlier known as "Projects".	236	575	1,549	177	2,537
The Board of Directors of the Company, at its meeting held on 28 May 2021, have approved the Scheme of Amalgamation (merger by absorption) of Ador Welding Academy Private Limited ("Ttansferor Company") with Adot Welding Limited ("Transferee Company" ot "the Company"). The Management has filed the scheme of amalgamation with the National Company Law Tribunal (NCLT). Statutory approval of Mumbai Bench of National Company Law Tribunal (NCLT) is pending, hence no adjustment has been made in the books of account of the Company and in the standalone financial results upto all periods ending 30 September 2021.
year's foures have been regrouped or reclassified wherever necessary. Previous periods'/ P Mi

For ADOR WELDING LIMITED

\ Wall

A.'T. Malkani Mumbai MANAGING DIRECTOR 12 November 2021 DIN : 01585637

Walker Chandiok & Co LLP

11th Floor, Tower Il, One International Center, S B Marg, Prabhadevi (W), Mumbai - 400013 Maharashtra, India T +91 22 6626 2699 F +91 22 6626 2601

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 Ador Welding Limited

1. We have reviewed the accompanying statement of unaudited consolidated financial results ('the Statement') of Ador Welding Limited ('the Holding Company') and its subsidiary (the Holding Company and its subsidiary together referred to as 'the Group'), (refer table below for the name of subsidiary included in the statement) for the quarter ended 30 September 2021 and the consolidated year to date results for the period 01 April 2021 to 30 September 2021, 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), including relevant circulars issued by the SEBI from time to time. 1

Name of subsidiary included in the Statement

S. No.	Subsidiary
	[Ador Welding Academy Private Limited

• 1. 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'), other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant circulars issued by the SEBI from time to time. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. 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 ('ICAI'). 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 SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), to the extent applicable.

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Ador Welding Limited 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)

• 1. 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 recognition and measurement principles laid down in Ind AS 34, prescribed under Section 133 of the Act, and as per the presentation requirements of the SEBI Circulars 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.
• We did not review the interim financial information of a subsidiary included in the Statement, whose financial information reflects total assets of 229.62 lakhs as at 30 September 2021, and total revenues of NIL and NIL, total net loss after tax of = 0.08 lakhs and = 0.02 lakhs, total comprehensive loss of = 0.08 lakhs and % 0.02 lakhs, for the quarter and year-to-date period ended on 30 September 2021, respectively, and cash flows (net) of = 7.92 lakhs for the period ended 30 September 2021, as considered in the Statement. These interim financial information have been reviewed by other auditor whose review report has been furnished to us by the management, and our conclusion in so far as it relates to the amounts and disclosures included in respect of this subsidiary is based solely on the review report of such other auditor and the procedures performed by us as stated in paragraph 3 above.

For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No:001076N/N500013

Digitally signed by KHUSHROO kHusHRoo 8 ANT HAKY B PANTHAKY Aer7021.11.12

18:44:36 +05'30' Khushroo B. Panthaky Partner Membership No:042423

UDIN:21042423AAAAQS7487

Place: Mumbai Date: 12 November 2021

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Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune number AAC-2085 and has its registered

Chartered Accountants Walker Chandiok & Co LLP is registered with limited liability with identification office at L-41, Connaught Circus, Outer Circle, New Delhi, 110001, India

stador poner of mind

		stador
	Regd. Office: Ador House, 6, K.Dubash Marg, Fort, Mumbai - 400 001-16 CIN : L70100MH1951PLC008647	poner of mind ADOR WELDING LIMITED
a bi	Statement of Unaudited Consolidated Financial Results for Quarter and Half year ended 30 September 2021 Particulars	30 September	Quarter ended 30 June	30 September	Half year ended 30 September	30 September	(Rs. in lakhs) Year ended 31 March 2021
	1 Income Revenue from operations	2021 15,951	2021	2020 (Unaudited)	2021	2020	(Audited)
	Other income Total income 2 Expenses	137 16,088	12,788 161 12,949	9,595 57 9,652	28,739 298 29,037	15,086 321 15,407	44,768 739 45,507
	Cost of raw materials and components consumed Purchases of stock-in-trade Changes in inventories of finished goods, work-in-progress and stock-in-trade	10,215 1,074 291	9,892 508 (1,427)	7,683 166 (224)	20,107 1,672 (1,136)	11,640 194 (515)	32,620 947 (1,189)
	Employee benefits expense Finance costs Depreciation and amortisation expense	1,233 115 267	1,111 93 272	94d 154 278	2,344 208 539	1,754 369 562	3,770 641 1,117
	Other expenses Total expenses 3 Profit/(Loss) before exceptional items and tax (1-2)	1,836 15,031 1,057	1,502 12,041 908	1,510 10,511 (859)	3,338 27,072 1,965	2,287 16,288 (881)	6,610 44,516 991
	4 Exceptional items gain/ (loss) (Refer note 6) 5 Profit/(Loss) before tax (3-4) 6 Income tax expense/(credit) Current tax	715 1,772 379	no 908 274	Hi (859) 6)	715 2,680 653	- (881) -	(2,397) (1,406) 158
	Deferred tax Total tax expenses/(credit) (net) 7 Net Profit/(Loss) for the period (5-6)	(71) 308 1,464	(41) 233 675	(290) (295) (564)	(112) 541 2,139	(299) (299) (582)	(526) (368) (1,038)
	Other comprehensive income/ (loss) for the period (net of tax) Items not to be reclassified subsequently to profit or (loss) - Gain/ (loss) on fair value of defined benefit plans as per actuarial valuation	(105)	-	7	(105) 27	7 (2)	70 (18)
	- Income tax effect on above 9 Total comprehensive income/ (loss) for the period (after tax) 10 Paid-up equity share capital (Face value of Rs. 10 per share) 11 Other equity (excluding revaluation reserve Rs. Nil)	a? 1,386 1,360	- G75 1,360	Q (559) 1,360	2,061 1,360	(577) 1,360	(986) 1,360 22,394
	12 Earnings per share (EPS) (net of tax) (in Rs.} Basic and diluted EPS (not annualised) Statement of Consolidated Segment Information for Quarter and Half Year ended 30 September 2021	10.76	4.96	(4.15)	15.73	(4.28)	(7.63) (Rs. in lakhs)
Sx, No.	Particulars	30 September 2021	Quarter ended 30 June 2021	30 September 2020	Half year ended 30 September 2021	2020	'Year ended. 30 September 31 March 2021
	Sepmentwise revenue, resulis, assets, liabilities and capital employed 1. Segment revenue Consumables	12,598	10,418	(Unaudited) 8,099	23,016	42,306	(Audited) 35,233
	Equipments and automation Flares & Process Equipment Division* Less: Inter segment revenue	2,763 619 (29)	1,974 465 (69)	1,775 (264) (15)	4,737 1,084 (98)	2,572 224 (16)	7125 2A73 (63)
	Total revenue from operations 2 Segment sesulis Consumables	15,951 1,276	12,788 1,130	9,595 1,222	28,739 2,406	15,086 1,565	44,768 4,268
	Equipments and automation Flares & Process Equipment Division* Total	311 (75) 1,512	218 (72) 1,276	94 (1,843) (527)	529 (147) 2,788	(4) (1,785) (234)	573 (2,496) 2,345
	Less: Finance costs (unallocable) Other unallocable expenses net of unallocable income	(77) (378)	(57) (311)	(80) (252)	(134) (689)	(219) (428)	(335) (1,019)
	Profit/ (Loss) before exceptional items and tax	1,057 715 L772	908 - 908	(859) - (859)	1,965 WS 2,680	(881) - (881)	991 (2,397) (4,406)
	Exceptional items gain /(loss) (Refer note 6) Total Profit/(Loss) before tax					20,914
	3 Segment assets Consumables Equipments and automation	22,668 8,197	23,865 8,336	20,914 7,192	22,668 8,197	7,192	20,135 7,688
	Flares & Process Equipment Division* Assets classified as held for sale (unallocable) Unallocable corporate assets	4,690 126 4,486	4,215 106 3,177	8,419 - 3,557	4,690 126 4,486	8,419 3,557	4,996 106 4,602
	Total segment assets 4 Segment liabilities Consumables	40,167 5,297	39,699 7,063	40,082 5,583	40,167 5,297	40,082 5,583	37,527 5,712
	Equipments and automation Flares & Process Equipment Division* Unallocable corporate liabilities	2,090 2,299 4,666	2,011 2,072 4,124	2,162 4,687 3,559	2,090 2,299 4,666	2,162 4,687 3,559	1,924 4,152 1,985
	Totai segment liabilities 5 Capital employed Consumables	14,352 17,371	15,270 16,802	15,991 15,331	14,352 17,371	15,991 15,331	13,773 14,423
	Equipments and automation Flares & Process Equipment Division* Unallocable corporate assets net of unallocable corporate abilities	6,107 2,391 64)	6,325 2,143 (841)	5,030 3,732 (2)	6,107 2,391 (64)	5,030 3,732 (2)	5,764 844 2.723

* Barlier known as "Projects.

sador

ADOR WELDING LIMITED

sador peace of mind ADOR WELDING LIMITED Regd. Office: Ador House, 6, K.Dubash Marg, Fort, Mumbai - 400 001-16 CIN : L70100MH1951PLC008647 Consolidated Statement of Assets and Liabilities as at 30 September 2021 (Rs. in lakhs) Particulars As at As at 30 September 2021 31 Maxch 2021 (Unaudited) (Audited) ASSETS Non-current assets (a) Property, plant and equipment 10,302 10,808 (b) Right-of-use asset 469 123 {c) Capital work-in-progress 376 327 (d) Investment properties 737 722 {e) Intangible assets 56 76 (f) Intangible assets under development 4 - (g) Financial assets () Loans 26 16 (ii) Other financial assets 882 921 (h) Non-current tax assets, net 1,068 1,206 (i) Deferred tax assets, net 225 86 (j) Othet non-curtent assets 1,977 1,971 Total non-cutrent assets 16,155 16,223 Current assets (a) Inventories 9,530 6,246 (b) Financial assets (i) Investments 1,689 1,068 (uw) Trade receivables 9,895 10,543 (iit) Cash and cash equivalents 1,704 980 (iv) Other bank balances 105 112 (v) Loans 62 36 (vi) Other financial assets 272 159 {c) Other current assets 1,466 1,217 21,198 23,886 (d) Assets classified as held for sale 126 106 Total current assets 24,012 21,304 Total Assets 40,167 37,527 EQUITY AND LIABILITIES Equity {a) Equity share capital 1,360 1,360 (b) Other equity 22,394 24,455 Total of equity 25,815 23,754 Liabilities Non-current liabilities (a) Financial liabilities (i) Lease liabilities 105 106 Gi) Other financial abilities 30 16 (b) Provisions 474 359 (c) Deferred tax liabilities, net 6 6 (d) Other non-current liabilities 4 5 Total non-current liabilities 605 506 Current liabilities (a) Financial Liabilities Borrowings 3,100 2,800 () Lease Liabilities 13 14 tii) (ai) Trade payables Total outstanding dues to micro, small and medium enterprises 249 621 Total outstanding dues to creditors other than micro, small and 5,848 7,145 medium enterprises Gv) Other financial liabilities 1,368 1,077 (b) Other cutrent liabilities 2,199 1,490 {c) Provisions 493 597 Total current liabilities 43,747 13,267 'Total Equity and Liabilities 40,167 37,527

ADOR WELDING LIMITED

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ADOR WELDING LIMITED Regd. Office: Ador House, 6, K.Dubash Marg, Fort, Mumbai - 400 001-16 CIN : L70100MH1951PLC008647
Unaudited Consolidated Statement of Cash Flow for the Half year ended 30 September 2021 Particulars	Half year ended	{Rs. in lakhs) Half year ended
	30 September 2021 (Unaudited)	30 September 2020
Cash flow from operating activities Profit / (less) before tax Adjustment for:	2,680	(881)
Fair value adjustments relating to Financial assets at fair value through profit or loss Financial assets at amortised cost	(42) e5)	(53) ea)
Interest expense on lease liability Depreciation and amortisation expense Bad debts written off	6 539 1	5 562 246
Provision for doubtful debts Provision for doubtful deposits Exceptional items (Refer Note 6)	32 152 (715)	s a
Provisions/ liabilities no longer required now written back Assets written off	(34) -	- - 53
Items considered separately: Finance costs Surplus on sale of investments	202 (8)	364 3)
Interest income Rental income Exchange gain on revaluation of foreign curtency monetary item	(23) (60) (2)	(38) (26) (123)
Operating profit before working capital changes Adjustments for changes in working capital: Inventories	2,727 (3,284)	105 (441)
'Trade receivables Loans and other receivables Trade payables	610 (137) (907)	2,283 1,357 675
Liabilities and provisions Cash (used) / generated from operating activities Income tax (paid) /refund received	758 (233) (515)	32 4,011 305
Net cash (used) / generated from operating activities (A) Cash flow from investing activities	(748)	4,316
Acquisition of property, plant and equipment (including capital work-in-progress, and capital advances) Purchase of investments	(843) (1,070)	(221) (60)
Proceeds from sale of property, plant and equipment Advance received against proposed sale of property Proceeds from sale of investments	912 388 500	1 - 53
Interest income Rental received	22 46 (13)	38 8 (13)
Investment in fixed deposits Net cash used in investing activities (B) Cash flow from financing activities	(58)	(194)
Finance costs Finance cost paid on lease liabilities	(206) (6)	(374) (5)
Repayment of lease liability Proceeds / (repayment) of current borrowings Net cash used in financing activities (C)	(6) 300 82,	65) 3,391} (3,775)
Net (decrease) /increase in cash and cash equivalents (A+B+C) Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period	(724) 1,704 980	347 518 865
Components of cash and cash equivalents:		4
Cash on hand Balances with banks in current accounts	10 970	861

Repayment of lease liability	(6)	65)
Proceeds / (repayment) of current borrowings	300	3,391}
Net cash used in financing activities (C)	82,	(3,775)
Net (decrease) /increase in cash and cash equivalents (A+B+C)	(724)	347
Cash and cash equivalents at the beginning of the period	1,704	518
Cash and cash equivalents at the end of the period	980	865
Components of cash and cash equivalents:
Cash on hand	10	4
Balances with banks in current accounts	970	861
Total cash and cash equivalents	980	865

Notes to the consolidated financial results:

• 1. The above consolidated financial results have been reviewed by the Audit Committee and then approved by the Board of Directors at their respective meetings held on 12 November 2021.
• The above financial results have been prepared in accordance with Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 off the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable.
• The consolidated financial results of the Company and its subsidiary (the 'Group') have been prepared as per Ind AS 110 Consolidated Financial Statements.
• In the current quarter, Group's operations are at normalcy and there is no impact of pandemic on the group's financials for the quarter and six months petiod ended 30 September 2021. The Management is continuously monitoring the current COVID-19 developments and possible effects that may result from the current pandemic on it's financial conditions, liquidity, operations and actively working to minimise the impact of this unprecedented situation.
• During the previous year, the Holding Company had entered into a Memorandum of Understanding (MOU) for the sale/transfer of its leasehold rights in Ahmednagar property admeasuring 66,108 squate meters, on "as is where is basis", for a consideration of Rs. 1,462 lakhs, which was duly approved by the Board of the Holding Company. The Holding Company has received Rs. 950 lakhs as advance against the said transaction as on date. This transaction is likely to be completed by December 2021, as approval for the transfer is awaited from Maharashtra Industrial Development Corporation (MIDC), hence the same has been shown as "Assets classified as held for sale'. Also, during this quarter ended 30 September 2021, the Holding Company has entered into agreement/MOU for sale of 3 flats situated at Silvassa having WDV of Rs. 21 lakhs for a sale consideration of Rs. 69 lakhs, hence the same is classified from 'ownership premises' to 'Assets classified as held for sale',
• Exceptional items for the quarter ended 30 September 2021, represents profit from sale of Delhi Nairaina property of Rs. 715 lakhs. The said property is sold for Rs. 900 lakhs having WDV of Rs. 185 lakhs as on the date of sale. The said profit from the sale of property is not related to any specific segment, hence to be considered as other unallocable income in segment reporting,

Segment wise "Exceptional items" for the yeat ended 31 March 2021 are as follows:-

1.	Notes to the consolidated financial results: The above consolidated financial results have been reviewed by the Audit Committee and then approved by the Board of Directors at their respective meetings held
	on 12 November 2021. The above financial results have been prepared in accordance with Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 off
	the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable. The consolidated financial results of the Company and its subsidiary (the 'Group') have been prepared as per Ind AS 110 Consolidated Financial Statements.
	In the current quarter, Group's operations are at normalcy and there is no impact of pandemic on the group's financials for the quarter and six months petiod ended 30 September 2021. The Management is continuously monitoring the current COVID-19 developments and possible effects that may result from the current pandemic on it's financial conditions, liquidity, operations and actively working to minimise the impact of this unprecedented situation.
	During the previous year, the Holding Company had entered into a Memorandum of Understanding (MOU) for the sale/transfer of its leasehold rights in Ahmednagar property admeasuring 66,108 squate meters, on "as is where is basis", for a consideration of Rs. 1,462 lakhs, which was duly approved by the Board of the Holding Company. The Holding Company has received Rs. 950 lakhs as advance against the said transaction as on date. This transaction is likely to be completed by December 2021, as approval for the transfer is awaited from Maharashtra Industrial Development Corporation (MIDC), hence the same has been shown as "Assets classified as held for sale'. Also, during this quarter ended 30 September 2021, the Holding Company has entered into agreement/MOU for sale of 3 flats situated at Silvassa having WDV of Rs. 21 lakhs for a sale consideration of Rs. 69 lakhs, hence the same is classified from 'ownership premises' to 'Assets classified as held for sale',
	Exceptional items for the quarter ended 30 September 2021, represents profit from sale of Delhi Nairaina property of Rs. 715 lakhs. The said property is sold for Rs. 900 lakhs having WDV of Rs. 185 lakhs as on the date of sale. The said profit from the sale of property is not related to any specific segment, hence to be considered as other unallocable income in segment reporting,
	Exceptional items for the year ended 31 March 2021, Rs. 848 lakhs (including Rs. 819 lakhs provision and Rs. 29 lakhs written off towards various factors like movement in collection of C forms, Assessment ordet received during the year etc.) and provisions amounting to Rs. 1,549 lakhs which includes Rs. 1,305 lakhs receivables from a project executed in the Kuwait, for which appropriate actions has been taken by the Holding Company and the matter is pending in the Court off Law of Kuwait. Segment wise "Exceptional items" for the yeat ended 31 March 2021 are as follows:-
	Particulars	Consumables	Equipments and	Flares & Process	Other unallocable	(Rs. in lakhs) Total
	Provision against doubtful receivables from	236	automation 575	Equipment Division* 7	expenses net of unallocable income 37	848
	various tax authority against the VAT/ CST assessment
	Provision for doubtful debts and Bad debts written off	-	-	1,549	-	1,549
	Total * Earlier known as "Projects".	236	575	1,549	37	2,397
	The Board of Directors of the Holding Company, at its meeting held on 28 May 2021, have approved the Scheme of Amalgamation (merger by absorption) of Ador Welding Academy Private Limited ("Transfetor Company") with Ador Welding Limited ("Transferee Company" or "the Company"). The Management has filed the scheme of amalgamation with the National Company Law Tribunal (NCLT). Statutory approval of Mumbai Bench of National Company Law Tribunal (NCLT) is pending, hence no adjustment has been made in the books of account of the Group and in the consolidated financial results upto all periods ending 30 September 2021.
	for the quarter ended 30 September 2021 The standalone tesults www.adorwelding.com.				and auditor's report thereon are available on the Parent Company's website at
	Previous periods'/ year's figures have been regrouped or reclassified wherever necessary.
					uaa	For ADOR WELDING LIMITED
Mumbai	12 November 2021				& ay	A. 'T. Malkani MANAGING DIRECTOR DIN : 01585637

• The Board of Directors of the Holding Company, at its meeting held on 28 May 2021, have approved the Scheme of Amalgamation (merger by absorption) of Ador Welding Academy Private Limited ("Transfetor Company") with Ador Welding Limited ("Transferee Company" or "the Company"). The Management has filed the scheme of amalgamation with the National Company Law Tribunal (NCLT). Statutory approval of Mumbai Bench of National Company Law Tribunal (NCLT) is pending, hence no adjustment has been made in the books of account of the Group and in the consolidated financial results upto all periods ending 30 September 2021.
• The standalone tesults for the quarter ended 30 September 2021 and auditor's report thereon are available on the Parent Company's website at www.adorwelding.com.
• Previous periods'/ year's figures have been regrouped or reclassified wherever necessary.

uaa