Aegis Logistics Ltd. — Interim / Quarterly Report 2021

Jul 30, 2020

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July 30, 2020

To, The Secretary, Capital Market Operations Market Operations Department, The National Stock Exchange of India Ltd. The BSE Ltd. Exchange Plaza, 5[th] Fl., Plot No.C/1, Phiroze Jeejeebhoy Towers, G Block, Bandra-Kurla Complex, Dalal Street, Fort, Bandra (E), MUMBAI – 400 023. MUMBAI – 400 051. Scrip Code : 500003 Scrip Code : AEGISCHEM

Dear Sir,

Sub. : Outcome of Board Meeting

Pursuant to regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we have to inform you that the Board of Directors of the Company at their meeting held today i.e. July 30, 2020, have considered and approved inter-alia Unaudited Financial Results (Standalone & Consolidated) for the quarter ended June 30, 2020. The Results alongwith Limited Review Report are enclosed for your records.

Further the Company confirms that as per the Company's Code of Conduct for Prohibition of Insider Trading adopted pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015, the trading window for dealing in the securities of the Company remains closed for the Company's Directors/designated persons associated with the Company from July 01, 2020 till the close of trading hours on Saturday, August 1, 2020.

The Meeting of the Board of Directors of the Company commenced at 5.30 p.m. and concluded at 6.40 p.m.

Kindly take the same on record.

Thanking you.

Yours faithfully, For AEGIS LOGISTICS LIMITED

MONICA TANAY GANDHI Digitally signed by MONICA TANAY GANDHI DN: c=IN, o=Personal, postalCode=400103, st=Maharashtra, 2.5.4.20=bfcd0496b6ad8dbe85c6e295131edf2724fb1f75dbab3e12cc362421518aee99, serialNumber=35515a2f6b0d07209007b815dfe26589133732d888953a51287c5c2eb3d4f728, cn=MONICA TANAY GANDHI Date: 2020.07.30 19:01:05 +05'30'

MONICA GANDHI COMPANY SECRETARY

Encl.: as above

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Narain Chambers, 5th Floor, M. G. Road, Vile Parle (E), Mumbai - 400 057 Tel.: +91-22-62507600 Mistry Bhavan, 3rd Floor, Dinshaw Vachha Road, Churchgate, Mumbai - 400 020 Tel.: +9l-22-66230600

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INDEPENDENT AUDITOR’S LIMITED REVIEW REPORT

To The Board of Directors Aegis Logistics Limited

1. We have reviewed the accompanying Statement of Unaudited Standalone Financial Results (the “Statement”) of Aegis Logistics Limited (“the Company”) for the quarter ended 30[th] June, 2020 being submitted by the Company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“the Regulations”) as amended from time to time.

2. This Statement, which is the responsibility of the Company’s Management and approved by the Board of Directors at their meeting held on 30[th] July, 2020, 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 read with the relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to issue a Report on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE 2410) ‘Review of Interim Financial Information Performed by the Independent Auditor of the Entity’, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing 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.

4. Based on our review conducted and procedures performed, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the

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Regulations, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For C N K & Associates LLP Chartered Accountants Firm Registration No. 101961W/W-100036

Place: Mumbai Date: 30[th] July, 2020

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D.P. Sapre Partner Membership No. 040740

UDIN: 20040740AAAAAW8273

	(Rs. in Lakhs except per share data) STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2020 AEGIS LOGISTICS LIMITED	(Rs. in Lakhs except per share data) STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2020 AEGIS LOGISTICS LIMITED	(Rs. in Lakhs except per share data) STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2020 AEGIS LOGISTICS LIMITED	(Rs. in Lakhs except per share data) STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2020 AEGIS LOGISTICS LIMITED	(Rs. in Lakhs except per share data) STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2020 AEGIS LOGISTICS LIMITED
Sr. No.	Particulars	Quarter ended			Year ended
		30.06.2020	31.03.2020	30.06.2019	31.03.2020
		Unaudited	Audited (Refer note 2)	Unaudited	Audited
1 2 3 4 5 6 7 8 9 10 11 12	Revenue from operations Other income TOTAL INCOME (1+2) EXPENSES Purchases of stock-in-trade Changes in Inventories of stock in trade Employee benefits expenses Expenses as per Employee Stock Purchase Plan Finance costs Depreciation and amortisation expense Other expenses TOTAL EXPENSES (Loss)/ Profit before tax (3-4) Tax expenses (Loss)/ Profit for the period/ year (5-6) Other Comprehensive Income (Net of Taxes) Total Comprehensive Income for the period/ year (7+8) Paid up Equity Share Capital (Face value of Re.1 per share) Other Equity Earnings per equity share (Face value of Re. 1 each) (not annualised, except for the year ended 31.03.2020) Basic (in Rs) Diluted (in Rs)	10,778 334 11,112 2,378 950 710 4,214 407 971 1,949 11,579 (467) (99) (368) (15) (383) 3,397 (0.11) (0.11)	23,538 2,821 26,359 12,270 1,282 1,066 4,214 518 1,065 2,408 22,823 3,536 91 3,445 (66) 3,379 3,397 1.01 0.98	21,303 2,004 23,307 13,363 (166) 1,079 - 606 848 2,048 17,778 5,529 1,357 4,172 (2) 4,170 3,340 1.25 1.25	85,972 6,654 92,626 49,721 191 3,832 23,879 2,269 3,797 8,595 92,284 342 (2,127) 2,469 (72) 2,397 3,397 97,128 0.73 0.70

See accompanying notes to the financial results

	(Rs. in Lakhs) STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2020 AEGIS LOGISTICS LIMITED	(Rs. in Lakhs) STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2020 AEGIS LOGISTICS LIMITED	(Rs. in Lakhs) STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2020 AEGIS LOGISTICS LIMITED	(Rs. in Lakhs) STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2020 AEGIS LOGISTICS LIMITED	(Rs. in Lakhs) STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2020 AEGIS LOGISTICS LIMITED
	PARTICULARS		Quarter ended		Year ended
		30.06.2020	31.03.2020	30.06.2019	31.03.2020
		Unaudited	Audited (Refer note 2)	Unaudited	Audited
Segment Revenue Liquid Terminal Division Gas Terminal Division Net Sales / Income from Operations Segment Results Liquid Terminal Division Gas Terminal Division Less: Finance Cost Other un-allocable expenditure (net) Add: Interest Income Total Profit Before Tax Segment Assets Liquid Terminal Division Gas Terminal Division Unallocable Total Segment Liabilities Liquid Terminal Division Gas Terminal Division Unallocable Total Capital employed Liquid Terminal Division Gas Terminal Division Unallocable Total			4,331 19,207	3,904 17,399
		4,348			16,569
		6,430			69,403
		10,778	23,538	21,303	85,972
			2,127 4,371	1,852 3,186
		2,234			8,055
		2,357			15,176
		4,591	6,498 518 3,443 999	5,038 606 (812) 285	23,231
		407			2,269
		4,947			22,068
		296			1,448
		(467)	3,536	5,529	342
			1,13,023 32,666 26,877	1,12,010 23,696 16,982
		1,14,356			1,13,023
		32,357			32,666
		22,912			26,877
		1,69,625	1,72,566	1,52,688	1,72,566
			22,305 20,236 5,452	30,070 17,078 8,791
		27,801			22,305
		18,845			20,236
		4,036			5,452
		50,682	47,993	55,939	47,993
			90,718 12,430 21,425	81,940 6,618 8,191
		86,555			90,718
		13,512			12,430
		18,876			21,425
		1,18,943	1,24,573	96,749	1,24,573

AEGIS LOGISTICS LIMITED

STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2020

NOTES:

• 1 The above Standalone Financial Results have been reviewed by the Audit Committee and approved by the Board of Directors at the meeting held on July 30th, 2020.

• 2 The figures for the quarter ended March 31, 2020 in the above financial results are the balancing figures between the audited figures for the full financial year and the year to date unaudited figures published up to the nine months ended December 31, 2019 which were subjected to limited review.

• 3 Other Expenditure includes the provision of Commission Rs.300 lakhs for the quarter ended June 30, 2020 to the Managing Directors which is dependent upon the net profit determinable u/s 198 of the Companies Act, 2013 at the year end.

• 4 In view of the outbreak of Coronavirus (COVID-19) pandemic globally and in India, the Company’s business operations were temporarily disrupted. The Company has considered the possible effects, if any, that may result from the pandemic on the carrying amounts of assets after considering internal and external sources of information including the possible future uncertainties in the global economic conditions as at the date of approval of these financial results and has determined that none of these balances require a material adjustment to their carrying value. The Company continues to closely monitor the rapidly changing situation

Place: Mumbai Date: July 30th, 2020

For and on behalf of the Board of Directors Digitally signed by RAJ CHANDARIA DN: c=UK, o=Personal, postalCode=W22TD, st=LONDON, RAJ 2.5.4.20=76d8aad40991296d4c29c1de439b 5c9ccd6af312bd8f80c3304bc1f8d14640af, serialNumber=6350173a1ab0d706e860c28 CHANDARIA 01f05e49f9d579325f33ac691bcc88e242ec4 72ad, cn=RAJ CHANDARIA Date: 2020.07.30 18:49:02 +05'30' Raj K. Chandaria Chairman & Managing Director DIN : 00037518

Narain Chambers, 5th Floor, M. G. Road, Vile Parle (E), Mumbai - 400 057 Tel.: +91-22-62507600 Mistry Bhavan, 3rd Floor, Dinshaw Vachha Road, Churchgate, Mumbai - 400 020 Tel.: +9l-22-66230600

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INDEPENDENT AUDITOR’S LIMITED REVIEW REPORT

To The Board of Directors Aegis Logistics Limited

1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results (the “Statement”) of Aegis Logistics Limited (the “Parent”) and its subsidiaries (the Parent and its subsidiaries together referred to as the “Group”), for the quarter ended 30[th] June, 2020, being submitted by the Parent pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, (“the Regulations”) as amended from time to time.

2. This Statement, which is the responsibility of the Parent Company’s management and approved by the Parent Company’s Board of Directors at their meeting held on 30[th] July, 2020, 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 read with the relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to issue a Report based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE 2410) ‘Review of Interim Financial Information Performed by the Independent Auditor of the Entity’, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing 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.

4. We also performed procedures in accordance with the circular issued by the Securities and Exchange Board of India under Regulation 33 (8) of the Listing Regulations, as amended, to the extent applicable.

The Statement includes the results of the following entities: Parent:

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Aegis Logistics Limited

Subsidiaries:

• a. Aegis Gas (LPG) Private Limited

• b. Konkan Storage Systems (Kochi) Private Limited

• c. Sealord Containers Limited

• d. Aegis LPG Logistics (Pipavav) Limited

• e. Aegis Terminal (Pipavav) Limited

• f. Aegis Group International Pte Limited

• g. Aegis International Marine Services Pte Limited

• h. Hindustan Aegis LPG Limited

• i. Eastern India LPG Company Private Limited

• Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of review reports of the auditors of subsidiary companies referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Regulations, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

• We did not review the financial results of five subsidiaries included in the Statement of Unaudited Consolidated Financial Results, whose financial results reflect total revenues of Rs. 8,609.06 lakhs, total net profit after tax of Rs. 3,812.59 lakhs and total comprehensive income of Rs. 3,809.63 lakhs for the quarter ended 30[th] June, 2020, as considered in the Statement of Unaudited Consolidated Financial Results. These financial results have been reviewed by other auditors, who have been appointed by the Management of the Parent company and whose reports have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph above. Our conclusion on the Statement is not modified in respect of the above matters.

For C N K & Associates LLP Chartered Accountants Firm Registration No. 101961W/W-100036 D. P. Sapre Partner Membership No. 040740

Place: Mumbai Date: 30[th] July, 2020

UDIN: 20040740AAAAAX2321

	(Rs. in Lakhs except per share data) AEGIS LOGISTICS LIMITED STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2020	(Rs. in Lakhs except per share data) AEGIS LOGISTICS LIMITED STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2020	(Rs. in Lakhs except per share data) AEGIS LOGISTICS LIMITED STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2020	(Rs. in Lakhs except per share data) AEGIS LOGISTICS LIMITED STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2020	(Rs. in Lakhs except per share data) AEGIS LOGISTICS LIMITED STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2020	(Rs. in Lakhs except per share data) AEGIS LOGISTICS LIMITED STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2020
Sr. No.		Particulars	Quarter ended			Year ended
			30.06.2020	31.03.2020	30.06.2019	31.03.2020
			Unaudited	Audited (Refer note 3)	Unaudited	Audited
1 2 3 4 5 6 7 **8 **		Revenue from operations Other income TOTAL INCOME (1+2) EXPENSES Purchases of stock-in-trade Changes in Inventories of stock in trade Employee benefits expenses Expenses as per Employee Stock Purchase Plan Finance costs Depreciation and amortisation expense Other expenses TOTAL EXPENSES Profit before tax (3-4) Tax expenses Profit for the period/ year Attributable to : Owners of the company Non Controlling Interest Other Comprehensive Income (Net of Taxes) Attributable to : Owners of the company Non Controlling Interest Total Comprehensive Income for the period/ year (7+8)	63,640 496 64,136 47,270 1,530 997 4,214 466 1,755 2,894 59,126 5,010 1,326 3,684 2,983 701 (17) (17) -	1,24,165 1,947 1,26,112 1,03,318 1,551 1,480 4,214 786 1,868 4,298 1,17,515 8,597 3,939 4,658 3,411 1,247 (63) (63) -	1,95,528 622 1,96,150 1,80,841 (264) 1,347 - 849 1,589 3,403 1,87,765 8,385 2,153 6,232 5,695 537 (5) (5) -	7,18,325 3,284 7,21,609 6,47,569 (378) 5,124 23,879 3,312 6,871 14,476 7,00,853 20,756 7,359 13,397 9,959 3,438 (73) (73) -
**9 **			3,667	4,595	6,227	13,324
10 11 **12 **		Attributable to : Owners of the company Non Controlling Interest Paid up Equity Share Capital (Face value of Re.1 per share) Other Equity Earnings per equity share (Face value of Re. 1 each) (not annualised, except for the year ended 31.03.2020) Basic (in Rs) Diluted (in Rs)	2,966 701 3,397 0.88 0.85	3,348 1,247 3,397 1.00 0.97	5,690 537 3,340 1.71 1.71	9,886 3,438 3,397 1,62,064 2.94 2.84

See accompanying notes to the financial results

	(Rs. In Lakhs) AEGIS LOGISTICS LIMITED STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2020	(Rs. In Lakhs) AEGIS LOGISTICS LIMITED STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2020	(Rs. In Lakhs) AEGIS LOGISTICS LIMITED STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2020	(Rs. In Lakhs) AEGIS LOGISTICS LIMITED STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2020	(Rs. In Lakhs) AEGIS LOGISTICS LIMITED STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2020
	PARTICULARS		Quarter ended		Year ended
		30.06.2020	31.03.2020	30.06.2019	31.03.2020
		Unaudited	Audited (Refer note 3)	Unaudited	Audited
Segment Revenue Liquid Terminal Division Gas Terminal Division Net Sales / Income from Operations Segment Results Liquid Terminal Division Gas Terminal Division Less: Finance Cost Less: Other un-allocable expenditure (net) Add : Interest Income Total Profit Before Tax Segment Assets Liquid Terminal Division Gas Terminal Division Unallocable Total Segment Liabilities Liquid Terminal Division Gas Terminal Division Unallocable Total Capital employed Liquid Terminal Division Gas Terminal Division Unallocable Total		5,538 58,102	5,331 1,18,834	4,946 1,90,582	20,754 6,97,571
		63,640	1,24,165	1,95,528	7,18,325
		3,083 6,903	2,702 10,744	2,422 7,377	10,507 39,007
		9,986 466 4,947 437	13,446 786 5,310 1,247	9,799 849 1,133 568	49,514 3,312 27,831 2,385
		5,010	8,597	8,385	20,756
		1,29,288 1,01,754 22,883	1,30,888 1,33,930 27,252	1,31,413 1,14,892 11,106	1,30,888 1,33,930 27,252
		2,53,925	2,92,070	2,57,411	2,92,070
		25,122 26,017 5,643	23,420 61,801 7,018	27,640 54,966 8,803	23,420 61,801 7,018
		56,782	92,239	91,409	92,239
		1,04,166 75,737 17,240	1,07,468 72,129 20,234	1,03,773 59,926 2,303	1,07,468 72,129 20,234
		1,97,143	1,99,831	1,66,002	1,99,831

AEGIS LOGISTICS LIMITED

STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2020

NOTES:

• 1 The above Consolidated Financial Results have been reviewed by the Audit Committee and approved by the Board of Directors at the meeting held on July 30th, 2020.

• 2 The following Subsidiaries have been considered for the purpose of preparing Consolidated Financial Results as per Ind AS 110 on “Consolidated Financial Statements”.

Name of the Subsidiary Company	Ownership Interest in %
Sea Lord Containers Limited Konkan Storage Systems (Kochi) Private Limited Eastern India LPG Co. (Private) Limited Aegis Group International Pte Limited Aegis Gas LPG Private Limited Hindustan Aegis LPG Limited Aegis International Marine Services Pte. Limited Aegis LPG Logistics (PIPAVAV) Limited Aegis Terminal (PIPAVAV) Limited	100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 60.00% 100.00% 80.30%

• 3 The figures set out above for the quarter ended March 31, 2020 are the balancing figures between the audited figures in respect of the full financial year ended March 31, 2020 and the published unaudited year to date figures upto December 31, 2019 which were subjected to limited review by the auditors.

• 4 Other Expenditure includes the provision of Commission of Rs.300 lakhs for the quarter ended June 30, 2020 to the Directors which is dependent upon the net profit determinable u/s 198 of the Companies Act, 2013 at the year end of the holding company.

• 5 The Company has opted to publish only Consolidated Financial Results. The Standalone Financial Results of the Company for the quarter ended June 30, 2020 will be available on the websites of the Company viz. www.aegisindia.com, Bombay Stock Exchange Ltd. viz. www.bseindia.com and National Stock Exchange of India Ltd. viz. www.nseindia.com. Additional information on Standalone basis is as follows:

follows:
PARTICULARS	Quarter ended			Year ended
	30.06.2020	31.03.2020	30.06.2019	31.03.2020
	Unaudited	Audited	Unaudited	Audited
Net Sales / Income from operations(includingother operatingincome)	10,778	23,538	21,303	85,972
Profit before Tax	(467)	3,536	5,529	342
Profit after Tax	(368)	3,445	4,172	2,469
Total Comprehensive Income	(383)	3,379	4,170	2,397

• 6 In view of the outbreak of Coronavirus (COVID-19) pandemic globally and in India, the Group’s business operations were temporarily disrupted. The Group has considered the possible effects, if any, that may result from the pandemic on the carrying amounts of assets after considering internal and external sources of information including the possible future uncertainties in the global economic conditions as at the date of approval of these financial results and has determined that none of these balances require a material adjustment to their carrying value. The Group continues to closely monitor the rapidly changing situation

For and on behalf of the Board of Directors

Digitally signed by RAJ CHANDARIA DN: c=UK, o=Personal, postalCode=W22TD, st=LONDON, RAJ 2.5.4.20=76d8aad40991296d4c29c1de439b5c 9ccd6af312bd8f80c3304bc1f8d14640af, serialNumber=6350173a1ab0d706e860c2801 CHANDARIA f05e49f9d579325f33ac691bcc88e242ec472ad, cn=RAJ CHANDARIA Date: 2020.07.30 18:50:46 +05'30'

Place: Mumbai Date: July 30th, 2020

Raj K. Chandaria Chairman & Managing Director DIN : 00037518