Ador Welding Ltd. — Interim / Quarterly Report 2021

Aug 5, 2021

AWL/SEC/SE/2021-22 05" August, ²⁰²¹

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), Fort, Bandra (East), 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 Thursday, O5'* August, 2021, which commenced at 03:45 pm and concluded at 7:45 pm. In the said meeting, the Unaudited Financial Results (Standalone & Consolidated) of our Company for the first quarter ended 30" June, 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 ended 30° June, 2021 along with Segment wise Revenue, Results & Capital Employed for the quarter ended 30 June, 2021 and as of 30" June, 2021 respectively.
• b) Copy of the Limited Review Report received from the Statutory Auditors, M/s. Walker Chandiok & Co. LLP, Chartered Accountants, in respect of the said Unaudited Financial Results.

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 INAYAK M. BHI

COMPANY SECRETARY Encl.: as above

ADOR WELDING LIMITED

Walker Chandiok & Co LLP

11th Floor, Tower II, 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 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 June 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.
• 1. 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 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.
• 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, 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.

Chartered Accountants

Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune

Walker Chandiok & Co LLP is registered with limited liability with identification number AAC-2085 and has its registered 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 of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

• 1. We draw attention to
• i. Note 4 of the accompanying statement, which describes the uncertainties relating to COVID-19 pandemic outbreak and managements evaluation of its impact on the operations of standalone financial results of the Company as the reporting date. The impact of these uncertainties on the Company's operations is significantly dependent on future developments.
• ii. Note 5 to the accompanying Statement, regarding the restatement carried out by the management of the Company in September 2020 quarter, in accordance with the principles of Ind AS 8 – "Accounting Policies, Changes in Accounting Estimates and Errors" on account of adjustments pertaining to revenue recognition under Ind AS 115 – "Revenue from Contracts with Customers", which is further described in the aforesaid note.

Our conclusion is not modified in respect of this matter.

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

KHUSHROO B PANTHAKY Digitally signed by KHUSHROO B PANTHAKY Date: 2021.08.05 18:46:19 +05'30'

Khushroo B. Panthaky Partner Membership No:042423

UDIN:21042423AAAAHC4316

Place: Mumbai Date: 05 August 2021

Page 2 of 2

Chartered Accountants

	s#ador

Regd. Office: Ador House, 6, K.Dubash Marg, Fort, Mumbai - 400 001-16 CIN : 1.70100MH1951PI.C008647

Statement of Standalone Financial Results for Quarter ended 30 June 2021

		s#ador
	Regd. Office: Ador House, 6, K.Dubash Marg, Fort, Mumbai - 400 001-16 CIN : 1.70100MH1951PI.C008647	ADOR WELDING LIMITED
		Statement of Standalone Financial Results for Quarter ended 30 June 2021			(Rs. in lakhs)
St. No.	Particulars	30 June 2021 I	Quarter ended 31 March 2021 [ (Unaudited)	30 June 2020	'Year ended 31 March 2021
1	Income		(Refer note 3)	Restated (Refer note 5)	(Audited)
	Revenue from operations Other income	12,788 159	16,159 430	5,486 218	44,728 731
	'Total income :	12,947	16,589	5,704	45,489
	2 Expenses Cost of raw materials and components consumed	9,892	11,378	3,957	32,620
	Purchases of stock-in-trade Changes in inventories of finished goods, work-in-progress and stock-in-trade	598 (427)	ou (633)	28 (291)	nT (189)
	Employee benefits expense Finance costs	Aut 93	1,074 m5	804 5	3,756 oa
	Depreciation and amoxtisation espense Other expenses 'Total expenses	270 1,502	278 2,260	282 734 5,729	1,110 6,605
	3. Profit/(Loss) before exceptional items and tax (1-2)	12,039 908	15,219 4,370	(25)	44,490 969
	4 Exceptional items (net) (Loss) (Refer note 7) 5. Profit/(Loss) before tax (3-4)	: 908	(2337) (167)	= (25)	(2837) (4,568)
	6 Income tax expense/ (credit) Current tax	274	158	5	158
	Deterred tax 'Total tax expenses/ (credit) (net)	(a) 233	(384) (226)	0) Co)	(27) 369)
	1 Net Profit/(Loss) for the period (5-6) 8 Other comprehensive income/ (loss) for the period (net of tax)	ons	(04	@y	199)
	Items not to be reclassilied subsequently to profit or (loss) Gain/(oss) on fai value of defined benefit plans as pee actuacial valuation Tncome tax effect on above		63	"	70
	9 Total comprehensive income/(loss) for the period (after tax) 10 Paid-up equity share capital (Face value of Rs. 10 per share)	- 675 1,360	(16) (894) 1,360	= 2b 1,360	(18) 147) 1,360
	AL Other equity (excluding revaluation reserve Rs. Nil) 12 Earnings per share (EPS) (net of tax) (in Rs.)	-			22,383
	Basic and diluted EPS (aot annualised)	4.96	(6.92)	(0.15)	(8.82)
Sr.	Particulars	Statement of Standalone Segment Information for Quarter ended 30 June 2021,	Quarter ended		(Rs, in Jakhs) Year ended
No.		30 June 2021 I	'31 March 2021 I (Unaudited)	30 June 2020	31 March 2021 (Audited)
	Segmentwise revenue, results, assets, abilities and capital employed		(Refer note 3)	Restated (Refer note 5)
	1 Segment revenue Consumables	1OAIB	12,215	4,207
	Equipment and automation Flares & Process Equipment Division'	1,974 465	2,654 1,307	792 488
	Less: Inter segment revenue 'Total revenue from operations	9) 12,788	ay) 16,159	Y 5,486
	2 Segment results Consumables	1,130	1,205	343	4,268,
	L2quipment and automation Places & Process Equipment Division*	218	463 102	(uty) 60	551 2,490)
	'Yoral Less:	1,276	4,770	289	2,323
	Finance costs (unallocable) Other unallocable expenses net of unallocable income	67) Gul)	2)	(139) (175)	35) (1,019)
	Exceptional items (net) (Loss) (Refer note 7)	2 908	(338) (2,537)	z	253)
	Total Profit/(Loss) before tax 3. Segment assets		(167)	(23)	(4,568)
	Consumables: Equipment and automation	23,865 8112	20,135 7,456	20,817 7761	20,135 7,456
	Flares & Process Equipment Division' Assets classified as held for sale (unallocable)	4.2 106	4,996 106	916 =	4,996 106
	Unallocable corporate assets 'Votal segment assets	3,388 39,686	4815 31,508	3,635 41,629	4,815 37,508
	4 Segment liabilities Consumables	7,063	5,712	4,091	5,112
	Equipment and automation Flares & Process Pquipment Division'	2,009 2,072	1,916 4152	184 4,793	1,916 A152
	Unallocable corporate liabilities 'Votal segment liabilities	4124 15,268	1,985 13,765	6,031 16,759	1,985 13,765
	5 Capital employed				14423
	Equipment and automation	6,103	5,540	5917	5,340 sid
	Unallocable corporate assets net of unallocable cosporate liabilities	(630)	2,936	2,396)	2,936 23,743
	Consumables Flares & Process Equipment Division? 'Total capital employed	16,802 213 24,418	14,423 aH 23,743	16,726 4,623 24,870

Notes to the standalone financial results:

• 1 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 5 August 2021.
• ²'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, ind policies to the extent applicable. 2013 and other recognised accounting practi
• 3 The figures for the quarter ended 31 March 2021 are the balancing figures between audited figures in respect of full financial year ended 31 March 2021 and the unaudited published year to date figures upto 31 December 2020 which were subjected to limited review.
• Management has considered all relevant external and internal factors in the iquidity position and ability to repay debts. No adjustment to key estimates and inuiing process given the uncertainties associated with it, however no 4 Management has made an assessment of the impact of COVID 19, in preparation of these financial statemen measurement of assets and liabilities including recoverability of carrying values of assets of the Compan judgements that impact the financial results are required. However, the impact assessment of COVID19 will be a co significant impact is envisaged on the operations, as of now bearing unforescen circumstances.
• During the Previous year, the Company was made aware of certain liquidated damages and project cost overrun with respect to the delay in the execution of an overseas Engineering Procurement and Constructions (EPC) project. The management believes that the impact of this should be restated in the respective lines on the financial statements/ information of the previous periods. The restatement was on account of omi ions of the past, which had been taken into consideration in the relevant accounting periods to which they relate to. Accordingly, the impact on Earnings Per Share (EPS) had been considered,

Pursuant to the impact of aforesaid changes, the Company had restated the financial statements/ results for the comparative periods, in accordance with the requirements of Ind-AS 8 "Accounting Policies, Changes in Accounting Estimates and Errors'. The Retained Earnings (other equity) as at 1 April 2019, within the Statement of Changes in Equity, have also been restated to adjust the impact of such adjustments which relate to the prior periods. The impact of aforesaid restatements for the quartet ended 30 June 2020 is as follows:

(Rs. in lakhs) Quarter ended 30 June 2020 Impact on Statement of Profit and Loss: Particulars Revenue from operations a Other income (uy) st of raw materials and components consumed - Other expenses Profit/(Loss) before tax (a4) expense/ (benefit) Profit/(Loss) after tax (CO) 'Total comprehensive income for the period (alter tas) 4) Basic and diluted carnings/(loss) per share (0.32) (Figures in bracket represents decrease) Total 236 575 1,549 177 2,537 * Earlier known as "Projects".

⁶During the Previous year, the Company had entered into a Memorandum of Understanding (MOU) for the sale/transfer of its right in Ahmednagar property admeasuring 66,108 square meters, as is where basis, for a consideration of Rs. 1,162 lakhs which has been duly approved by Board. Till 30 June 2021, the Company has received Rs. 723 lakhs as advance against the transactions. The transactions is likely to be completed by December 2021, hence the same has been shown as 'Assets classified as held for sale'

⁷Exceptional 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 various factors like movement in collection of C forms, Assessment order 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 Company and the matter is pending in the Court of Law of Kuwait.

					(Rs. in lakhs)
Particulars	Consumables		Equipments and Flares & Process_ automation _ Equipment Division* _ expenses net of	Other unallocable 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/ CS assessment	26	575		37	848
Provision for doubtful debts and Bad debts written off	7	-	1,519	-	1549

⁸The Board has approved amalgamation/merger of its 100% subsidiary "Ador Welding Academy Private Limited" with its Holding Company "Ador Welding Limited" and the management is in process of filing its scheme of amalgamation/merger with the National Company Law Tribunal (NCL

9 Previous periods'/ year's figures have been regrouped or teclassified wherever necessary. "8!

For ADOR WELDING LIMITED)

\ hu A. T. Malkani Mumbai MANAGING DIRECTOR 5 August 2021 € DIN : 01585637

Walker Chandiok & Co LLP

11th Floor, Tower II, 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 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 June 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.

Name of Subsidiary included in the statement

Sr. No.	Subsidiary
1	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'), and 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. 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.

Page 1 of 2

Chartered Accountants

Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune

Walker Chandiok & Co LLP is registered with limited liability with identification number AAC-2085 and has its registered office at L-41, Connaught Circus, Outer Circle, New Delhi, 110001, India

Ador Welding Limited Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial 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 and upon consideration of the review reports of the other auditors , 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.
• 1. We draw attention to
• i. Note 5 of the accompanying statement which describes the uncertainties relating to COVID-19 pandemic outbreak and managements evaluation of its impact on the operations of consolidated financial results of the Group as the reporting date. The impact of these uncertainties on the Groups operations is significantly dependent on future developments.
• ii. Note 6 to the accompanying Statement, regarding the restatement carried out by the management of the Holding company in September 2020 quarter, in accordance with the principles of Ind AS 8 – "Accounting Policies, Changes in Accounting Estimates and Errors" on account of adjustments pertaining to revenue recognition under Ind AS 115 – "Revenue from Contracts with Customers", which is further described in the aforesaid note.

Our conclusion is not modified in respect of this matter.

1. We did not review the interim financial results of the subsidiary included in the Statement total revenues of NIL, total net profit after tax of ₹ 4,672, total comprehensive income ₹ 4,672 for the quarter ended on 30 June 2021, as considered in the Statement. These interim financial results have been reviewed by other auditors 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 these subsidiary is based solely on the review report of such other auditors and the procedures performed by us as stated in paragraph 3 above.

For Walker Chandiok & Co LLP

Chartered Accountants Firm Registration No:001076N/N500013

KHUSHROO B PANTHAKY

Digitally signed by KHUSHROO B PANTHAKY Date: 2021.08.05 18:47:00 +05'30'

Khushroo B. Panthaky Partner Membership No:042423

UDIN:21042423AAAAHD7319

Place: Mumbai Date: 05 August 2021

Page 2 of 2

Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune

Walker Chandiok & Co LLP is registered with limited liability with identification number AAC-2085 and has its registered office at L-41, Connaught Circus, Outer Circle, New Delhi, 110001, India

Chartered Accountants

ADOR WELDING LIMITED

Regd. Office: Ador House, 6, K.Dubash Marg, Fort, Mumbai - 400 001-16 CIN : 1.70100MHI951PLC008647 Statement of Consolidated Financial Results for Quarter ended 30 June 2021

		ador ADOR WELDING LIMITED
	Regd. Office: Ador House, 6, K.Dubash Marg, Fort, Mumbai - 400 001-16 CIN : 1.70100MHI951PLC008647 Statement of Consolidated		Financial Results for Quarter ended 30 June 2021
Si No.	Particulars	30 June 2021	Quarter ended 31 March 2021 [	30 June 2020 I	(Rs. in lakhs) Year ended 31 March 2021
1	Income		(Unaudited) (Refer note 4)	Restated (Refer note 6)	(Audited)
	Revenue from operations Other income	12,788 16	16,167 432	5491 221	44,768 79
	'Yotal income 2. Expenses Cost of raw materials and components consumed	12,949	16,599	5,712	45,507
	Purchases of stock-in-teade Changes in inventories of finished goods, work-in-progress and stock-in-trade	9,892 598 (1427)	11,378 oul (533)	3,957 28 (291)	32,620 947 (1,189)
	Employee benefits expense Finance costs Depreciation and amortisation expense	itt 93 272	1,078 151 279	807 215 284	3,770 Gu 117
	Other expenses Total expenses 3 Profit/(Loss) before exceptional items and tax (1-2)	1,502 12,041	2,265 15,229	735, 5,735	6,610 44,516
	4 Exceptional items (net) (Loss) (Rete note 8) 5 Profit/(Loss) before tax (3-4)	908 = 908	1,370 (2397) (1,027)	(23) - (23)	991 (2399) (4,406)
	6 Income tax expense/(credit) Current tas	204	160	5	160
	Deferred tax 'Total tax expenses/ (credit) (net) 7 Net Profit/(Loss) for the period (5-6)	(al) 233 675	(386) (226) (gol)	°) a) (a9)	(528) 368)
	8 Other comprehensive income/ (loss) for the period (net of tax) Items not to be reclassified subsequently to profit or (loss)				(1,038)
	3ain/(loss) on fair value of defined benefit plans as per actuarial valuation = Income tax effect on above 9 Total comprehensive income/(loss) for the period (after tax)	S 2 675	3 (16) (754)	£ (9)	70 (18) (986)
	10 Paid-up equity share capital (Face value of Rs. 10 per share) M1 Other equity (excluding revaluation reserve Rs, Nil) 12 Barnings per share (EPS) (net of tax) (in Rs.)	1,360 :	1,360	1,360	1,360 22,394
	and diluted FPS (not annualised) Basic	4.96 Statement of Consolidated Segment Information for Quarter ended 30 June 2021	(5.89)	(0.14)	(7.63)
Sr. No.	Particulars	30 June 2021	Quarter ended [___31March 2021'	30 June 2020	(Rs. in lakhs) 'Year ended 31 March 2021
	Segmentwise revenue, results, assets, liabilities and capital employed		(Unaudited) (Refer note 4)	Restated (Refer note 6)	(Audited)
	1 Segment revenue Consumables Equipments and automation	10,418 1974	12,215 2,662	4,207 797	35,233 7125
	Flares & Process Equipment Di Less: Inter segment revenue	465 9)	1,307 (17)	488 (a)	2473 (3)
	'Total revenue from operations 2 Segment results Consumables	12,788	16,167	5,491	44,768
	Equipments and automation Hlares & Process Equipment Divis	1,130 218 (72)	1,205 463 102	33 (112) 0	4,268 373 (2,496)
	Total	1,276	1,770	291	2,345
	costs (unallocable) Other unallocable expenses net of unallocable income Exceptional items (net) (Loss) (Refer note 8)	67) G1!) 2	(62) (338) 397)	(139) (175)	(335) (1,019) (2,397)
	'Total Profit/(Loss) before tax 3 Segmentassets	908	4,027)	(23)	(1,406)
	Consumables Equipments and automation Flares & Process Equipment Division*	23,865 8,336 A215	20,135 7,682 4,996	20,817 7,978 9416	20,135 7,682
	Assets classified as held for sale (unallocable) Unallocable comporate assets	106 3177	106 4,602	3,282	4,996 106 4,602
	'Total segment assets 4 Segment liabilities	39,699	37,521	41,493	37,521
	Consumables. Equipments and automation Mares & Process Equipment Division"	7,063 2,011 2072	5,712 1,918	4,091 1,856	5,712 1,918
	Unallocable corporate liabilities Total segment liabilities	A124 15,270	4,152 1,985 13,767	4,793 6,031 16,71	4,152 1,985 13,767
	5 Capital employed Consumables	16,802	14,423	16,726	14,423
	Equipments and automation Flares & Process Equipment Division' Unallocable corporate assets net of unallocable corporate liabilities	6,325 2,143	5,164 844	6,122 4,623	5,764 B44
	employed Total capital	(8H) 24,429	2,723 23,754	(2,749) 24,722	25723 23,754

* Earlier known as "Projects".

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 mectings held on 5 August 2021.
• 1. '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.
• 3 'The consolidated financial results of the Group have been prepared as per Ind AS 110 Consolidated Vinancial Statements.
• 4 The figures for the quarter ended 31 March 2021 are the balancing figures between audited figures in respect of full financial year ended 31 March 2021 and the unaudited published year to date figures upto 31 December 2020 which were subjected to limited review.
• 5 Management has made an assessment of the impact of COVID 19, in preparation of these financial statements. Management has considered all relevant external and s including recoverability of carrying values of assets of the Group, its liquidity position and ability to repay internal factors in the measurement of assets and liabil debts. No adjustment to key estimates and judgements that impact the financial results are required. However, the impact assessment of COVID19 will be a continuing process given the uncertainties associated with it, however no significant impact is envisaged on the operations, as of now bearing unforescen circumstances.
• 6 During the Previous year, the Group was made aware of certain liquidated damages and project cost overrun with respect to the delay in the execution of an overseas that the impact of this should be restated in the respective lines on the financial Engineering Procurement and Constructions (RPC) project. The management belie statements/ information of the previous periods. 'Ihe restatement was on account of omissions of the past, which had been taken into consideration in the rclevant accounting periods to which they relate to. Accordingly, the impact on Earnings Per Share (FPS) had been considered.

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 mectings held on 5 August 2021.
2.	'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.
3		'The consolidated financial results of the Group have been prepared as per Ind AS 110 Consolidated Vinancial Statements.
4		The figures for the quarter ended 31 March 2021 are the balancing figures between audited figures in respect of full financial year ended 31 March 2021 and the unaudited published year to date figures upto 31 December 2020 which were subjected to limited review.
5	Management has made an assessment of the impact of COVID 19, in preparation of these financial statements. Management has considered all relevant external and internal factors in the measurement of assets and liabil s including recoverability of carrying values of assets of the Group, its liquidity position and ability to repay debts. No adjustment to key estimates and judgements that impact the financial results are required. However, the impact assessment of COVID19 will be a continuing process given the uncertainties associated with it, however no significant impact is envisaged on the operations, as of now bearing unforescen circumstances.
	6 — During the Previous year, the Group was made aware of certain liquidated damages and project cost overrun with respect to the delay in the execution of an overseas Engineering Procurement and Constructions (RPC) project. The management belie statements/ information of the previous periods. 'Ihe restatement was on account of omissions of the past, which had been taken into consideration in the rclevant accounting periods to which they relate to. Accordingly, the impact on Earnings Per Share (FPS) had been considered.				that the impact of this should be restated in the respective lines on the financial
	Pursuant to the impact of aforesaid changes, the Group had restated the financial statements/ results for the comparative periods, in accordance with the requirements of Ind-AS 8 - 'Accounting Policies, Changes in Accounting Listimates and Errors'. The Retained Earnings (other equity) as at 1 April 2019, within the Statement of Changes in Liguity, have also been restated to adjust the impact of such adjustments which relate to the prior periods. 'The impact of aforesaid restatements for the quarter ended 30 June 2020 is as follows:
	Impact on Statement of Profit and Loss:					(Rs. in lakhs)
	Particulars					Quarter ended 30 June 2020
	Revenue from operations					-
	Other income					(44)
	Cost of raw materials and components consumed					-
	Other expenses					"
	Tax expense/ (benefit)
	Profit/ (Loss) after tax					(4)
	Total comprehensive income for the period (after tax)					(44)
	Basic and diluted carnings/ (loss) per share					(0.32)
	(figures in bracket represents decrease)
7	During the Previous year, the Holding Company had entered into a Memorandum of Understanding (MOU) for the sale/tcansfer of its right in Ahmednagar property admeasuring 66,108 square meters, as is where basis, for a consideration of Rs. 1,462 lakhs which has been duly approved by Board. 'ill 30 June 2021, the Holding Company has received Rs. 723 lakhs as advance 2 as 'Assets classified as held for sale'.				st the transactions. The transactions is likely to be completed by December 2021, hence the same has been shown
8	Lixceptional 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 order 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 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 follow					(Rs. in lakhs)
			Equipments and	Flares & Process	Other unallocable expenses net of	Total
	Particulars	Consumables	automation	Equipment Division*	unallocable income
	Provision against doubtful receivables from various tax authority against the VA'I/ CST ssment a	236	575	-	37	848
	Provision for doubtful debts and Bad debts written off	-	-	1,549	=	1,549
	Total	236	575	1,549	37	2,397
9	* Larlier known as "Projects". The Board has approved amalgamation/merger of its 100% subsidiary "Ador Welding Academy Private Limited" with its Holding Company "Ador Welding Limited" and the management is in process of filing its scheme of amalgamation/merger with the National Company Law 'Tribunal (NCLT).
10	The standalone results for the quarter ended 30 June 2021 and auditor's report thercon are available on the Parent Company's website at www.adonwelding.com.

Particulars	Consumables	Equipments and automation	Flares & Process Equipment Division*	Other unallocable expenses net of unallocable income	Total
Provision against doubtful receivables from various tax authority against the VA'I/ CST ssment a	236	575	-	37	848
Provision for doubtful debts and Bad debts written off	-	-	1,549	=	1,549
Total	236	575	1,549	37	2,397

For ADOR WELDING LIMITED

\Qte A. T. Malkani [AGING DIRECTOR DIN : 01585637 ⁵

Mumbai August 2021