AGI GREENPAC LIMITED — Interim / Quarterly Report 2021

May 10, 2021

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NEAPS/BSE ONLINE

10[th] May, 2021

The Corporate Relationship Department BSE Limited Phiroze Jeejeebhoy Towers, 1[st] Floor, New Trading Ring Rotunda, Dalal Street, Mumbai - 400001

Listing Department National Stock Exchange of India Limited Plot No. C/1, Block-G Exchange Plaza, 5[th] Floor, Bandra Kurla Complex, Bandra (E), Mumbai – 400051

Dear Sir/Ma’am,

Sub: Submission of Audited Financial Results for the quarter and year ended 31[st] March, 2021 pursuant to Regulations 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”)

With reference to the captioned subject, we would like to inform you that the Board of Directors in its meeting held on 10[th] May, 2021 has, inter alia, approved the following items:

• a) Audited Financial Results including Segment wise Revenue, Results, Assets and Liabilities for the fourth quarter and year ended 31[st] March, 2021 along with Statement of Assets and Liabilities and Cash Flow Statement of the Company for the year ended 31[st] March, 2021, duly recommended by the Audit Committee in its meeting held on 10[th] May, 2021, pursuant to Regulations 30 and 33 of the Listing Regulations and the same is attached herewith.

• b) Auditors’ Report on Financial Results of the Company for the quarter and year ended 31[st] March, 2021 issued by M/s. Lodha and Co., Chartered Accountants and the same is attached herewith.

• b) Declaration on Auditors’ Report with unmodified opinion under Regulation 33(3)(d) of the Listing Regulations with respect to Audited Financial Results for the quarter and year ended 31[st] March, 2021 and the same is attached herewith.

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Further, the Board has recommended payment of Dividend @ 200% i.e. Rs.4 (Rupees Four) per equity share of Rs.2/- each for the year ended 31[st] March, 2021 subject to the approval of the Shareholders at the 61[st] Annual General Meeting scheduled to be held on 24[th] September, 2021 and will be credited/dispatched on or before 29[th] September, 2021 to the shareholders entitled for the same.

Further, pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith a copy of a Press Release which will be disseminated shortly.

The meeting of Board of Directors commenced at 3:00 pm and concluded at 5.57 pm.

This is for your reference and record.

For HSIL Limited

Digitally signed PULKIT by PULKIT BHASIN BHASIN Date: 2021.05.10 18:04:56 +05'30'

(Pulkit Bhasin) Company Secretary

Name: Pulkit Bhasin Address: 301-302, Park Centra, Sector-30, Gurugarm-122001 Membership No.: 27686

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PART I STATEM	HSIL LIMITED REGD. OFFICE: 2, RED CROSS PLACE, KOLKATA-700 001 Website: www.hsilgroup.com Email: hsilinvestors@hsilgroup.com CIN : L51433WB1960PLC024539 TEL: 033-22487407/5668 ENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2021 (₹ in crore)	HSIL LIMITED REGD. OFFICE: 2, RED CROSS PLACE, KOLKATA-700 001 Website: www.hsilgroup.com Email: hsilinvestors@hsilgroup.com CIN : L51433WB1960PLC024539 TEL: 033-22487407/5668 ENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2021 (₹ in crore)	HSIL LIMITED REGD. OFFICE: 2, RED CROSS PLACE, KOLKATA-700 001 Website: www.hsilgroup.com Email: hsilinvestors@hsilgroup.com CIN : L51433WB1960PLC024539 TEL: 033-22487407/5668 ENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2021 (₹ in crore)	HSIL LIMITED REGD. OFFICE: 2, RED CROSS PLACE, KOLKATA-700 001 Website: www.hsilgroup.com Email: hsilinvestors@hsilgroup.com CIN : L51433WB1960PLC024539 TEL: 033-22487407/5668 ENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2021 (₹ in crore)	HSIL LIMITED REGD. OFFICE: 2, RED CROSS PLACE, KOLKATA-700 001 Website: www.hsilgroup.com Email: hsilinvestors@hsilgroup.com CIN : L51433WB1960PLC024539 TEL: 033-22487407/5668 ENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2021 (₹ in crore)	HSIL LIMITED REGD. OFFICE: 2, RED CROSS PLACE, KOLKATA-700 001 Website: www.hsilgroup.com Email: hsilinvestors@hsilgroup.com CIN : L51433WB1960PLC024539 TEL: 033-22487407/5668 ENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2021 (₹ in crore)
S.No.	Particulars	3 months ended 31st March 2021	Preceding 3 months ended 31st December 2020	Corresponding 3 months ended in the previous year 31st March 2020	Year ended 31st March 2021	Year ended 31st March 2020
		(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)
I II	Revenue from operations Other income	633.21 5.01	541.48 6.11	461.03 7.10	1,852.59 27.96	1,859.07 20.30
III	Total income(I+II)	638.22	547.59	468.13	1,880.55	1,879.37
IV	Expenses b) Purchases of stock-in-trade d) Employee benefits expense e) Finance cost f) Depreciation and amortization expense g) Power and fuel h)Other expenses a) Cost of materials consumed c) Changes in inventories of finished goods, stock-in-trade and work-in-progress	239.16 - 52.40 66.64 14.91 30.08 85.47 92.87	215.63 - 15.82 62.43 18.63 30.99 78.11 74.90	165.19 12.59 (1.67) 51.14 18.41 35.45 81.97 97.47	728.24 0.01 40.42 222.83 71.88 121.36 289.00 291.99	725.67 46.03 (81.90) 227.48 73.48 142.88 352.28 318.45
	Total expenses(IV)	581.53	496.51	460.55	1,765.73	1,804.37
V	Profit/(Loss) before exceptional items and tax(III-IV)	56.69	51.08	7.58	114.82	75.00
VI	Exceptional item Less: Transfer from business reconstruction reserve(refer note no. 7)	(10.73) 10.73	- -	(14.00) 14.00	(10.73) 10.73	(14.00) 14.00
VII	Profit/(Loss) before tax	56.69	51.08	7.58	114.82	75.00
VIII	Tax expense a) Current tax b) Minimum alternative tax c) Earlier year income tax (refer note 4) d) Deferred tax charge/(benefit) Tax expenses(VIII)	10.49 2.10 - 11.08 23.67	9.27 (5.81) - 11.70 15.16	0.96 (0.96) - 4.20 4.20	21.37 (5.32) (14.71) 25.42 26.76	12.94 (12.94) - 26.58 26.58
IX	Profit/(Loss) for theperiod(VII - VIII)	33.02	35.92	3.38	88.06	48.42
X	Other comprehensive income (net of tax) (A)(i) Items that will not be reclassified to profit or loss (ii) Income tax relating to items that will not be reclassified to profit or loss Total other comprehensive income(X)	(0.05) (0.05) **(0.10) **	(0.23) 0.08 **(0.15) **	(10.81) 3.78 **(7.03) **	(0.75) 0.19 **(0.56) **	(11.51) 4.02 (7.49)
XI	Total comprehensive income for theperiod(IX+X)	32.92	35.77	**(3.65) **	87.50	40.93
XII	Earnings before interest, tax, depreciation and amortization (EBITDA) [V+IV (e)+IV(f)]	101.68	100.70	61.44	308.06	291.36
XIII	Paid-up equity share capital(face value ₹ 2/-per share) (refer note no. 8)	12.94	12.94	14.46	12.94	14.46
XIV	Other equity (excluding revaluation reserve)				953.58	964.65
XV	Earnings per share : (of ₹ 2/- each ) (not annualized) (refer note no. 8) (a) Basic (₹) (b) Diluted (₹)	4.77 4.77	5.08 5.08	0.47 0.47	12.71 12.71	6.69 6.69

NARENDR Digitally signed by NARENDRA A KUMAR KUMAR LODHA Date: 2021.05.10 LODHA 18:02:12 +05'30'

RAJENDRA Digitally signed by RAJENDRA KUMAR KUMAR SOMANY Date: 2021.05.10 SOMANY 17:58:05 +05'30'

	PART II
	Segment wise revenue, results, assets and liabilities		(₹ in crore)
1	Particulars	3 months ended 31st March 2021	Preceding 3 months ended 31st December 2020	Corresponding 3 months ended in the previous year 31st March 2020	Year ended 31st March 2021	Year ended 31st March 2020
	Segment revenue from operation: a) Packaging products b) Building products c ) Others Total Less : Inter segment revenue Total income from operations	(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)
		418.22 215.89 0.77 634.88 1.67 633.21	361.01 179.43 2.69 543.13 1.65 541.48	318.06 135.19 13.17 466.42 5.39 461.03	1,258.69 592.70 6.23 1,857.62 5.03 1,852.59	1,241.51 579.88 43.07 1,864.46 5.39 1,859.07
2	a) Packaging products b) Building products c ) Others Total profit before unallocable expenditure Less: i) Finance costs ii)Other un-allocable expenditure/(Income) net off un-allocable income Total Profit/(Loss) before tax Segment results: Profit(+)/ loss(-) (before tax and interest from each segment)	74.72 6.85 0.24 81.81 14.91 10.21 56.69	63.59 9.62 (0.09) 73.12 18.63 3.41 51.08	35.49 (4.17) 0.75 32.07 18.41 6.08 7.58	196.43 0.91 0.16 197.50 71.88 10.80 114.82	153.46 19.86 1.18 174.50 73.48 26.02 75.00
3	Segment assets a) Packaging products b) Building products c ) Others d) Unallocated Total Segment liabilities a) Packaging products b) Building products c ) Others d) Unallocated Total	1,674.24 1,107.49 17.00 57.29 2,856.02 841.93 748.55 6.08 25.90 1,622.46	1,707.51 1,089.56 24.01 64.86 2,885.94 941.34 714.14 8.15 10.78 1,674.41	1,655.77 1,087.52 21.42 103.68 2,868.39 961.61 634.16 6.97 8.77 1,611.51	1,674.24 1,107.49 17.00 57.29 2,856.02 841.93 748.55 6.08 25.90 1,622.46	1,655.77 1,087.52 21.42 103.68 2,868.39 961.61 634.16 6.97 8.77 1,611.51

Digitally signed NARENDR by NARENDRA A KUMAR KUMAR LODHA Date: LODHA 2021.05.10 18:02:48 +05'30'

RAJENDR Digitally signed by RAJENDRA A KUMAR KUMAR SOMANY Date: 2021.05.10 SOMANY 17:58:27 +05'30'

HSIL Limited	HSIL Limited	(₹ in crore)	(₹ in crore)
STATEMENT OF ASSETS AND LIABILITIES		As at 31st March 2021	As at 31st March 2020
	Particulars
		(Audited)	(Audited)
A 1	ASSETS Non-current assets a) Property, plant and equipments b) Capital work in progress c) Goodwill d) Other intangible assets e) Financial assets i) Investments ii) Loans iii) Other financial assets f) Current tax asset (net) g)Other non-current assets
		1,829.24 30.52 - 2.10 11.12 17.11 0.23 22.08 57.80	1,806.69 33.00 10.73 2.27 11.73 16.78 0.84 60.12
			32.07
	Total non-current assets	1,970.20	1,974.23
2	Current assets a) Inventories b) Financial assets i) Investments ii) Trade receivables iii) Cash and cash equivalents iv) Bank balance other than (iii) above v) Loans vi) Other financial assets c) Other current assets d)Non Current assets held for sale	436.14 - 317.30 3.74 19.67 0.01 34.02 74.94 -
			407.98 - 293.04 24.94 22.56 0.02
			22.44 76.64 46.54
	Total current assets	885.82	894.16
	TOTAL ASSETS(A=1+2)	2,856.02	2,868.39
B 1	EQUITY AND LIABILITIES Equity a) Equity share capital b)Other equity	12.94 1,220.62
			14.46 1,242.42
	Total equity	1,233.56	1,256.88
2	Non-current liabilities a) Financial liabilities i) Borrowings ii) Other financial liabilities b) Provisions c) Deferred tax liabilities (net) d)Other non-current liabilities	675.40 17.96 8.84 256.26 1.18
			728.70 18.75 8.02 236.35 1.81
	Total non-current liabilities	959.64	993.63
3	Current liabilities a) Financial liabilities i) Borrowings ii) Trade payables - Due to micro and small enterprise - Due to others iii) Other financial liabilities b) Other current liabilities c)Provisions	128.74 23.95 206.18 221.88 73.45 8.62
			208.73 10.94 184.28
			171.16
			32.84 9.93
	Total current liabilities	662.82	617.88
	Total liabilities(2+3)	1,622.46	1,611.51
	TOTAL EQUITY AND LIABILITIES (B=1+2+3)	2,856.02	2,868.39

RAJENDR Digitally signed by RAJENDRA A KUMAR KUMAR SOMANY Date: 2021.05.10 SOMANY 17:58:42 +05'30'

NARENDR Digitally signed by NARENDRA A KUMAR KUMAR LODHA Date: 2021.05.10 LODHA 18:03:11 +05'30'

A B C	HSIL Limited Statement of cash flows for the year ended 31st March 2021	( ₹ in crores)	( ₹ in crores)
	Particulars	Year ended 31 March 2021	Year ended 31 March 2020
		(Audited)	(Audited)
	CASH FLOW FROM OPERATING ACTIVITIES Profit before exceptional items and tax as per statement of profit and loss Adjustments for: Depreciation & Amortisation (Gain)/Loss on disposal of property, plant & equipment Provision for expected credit loss Deferred government grant Net Foreign Exchange (Gain)/loss Provision for doubtful advances Sundry balances and liabilities no longer required, written back Interest Income Finance costs Operating Profit before Working Capital Changes Working capital adjustments: Decrease/ (Increase) in trade and other receivables Decrease/ (Increase) in inventories Decrease/ (Increase) in Other Assets Increase/ (decrease) in trade and other payables Increase/ (decrease) in Provision Income - tax paid Income - tax refund earlier years CASH FLOW FROM INVESTING ACTIVITIES Payment to acquire financial assets Proceeds on sale of financial assets Interest Received Loan received /(Paid) Payment for property, plant and equipment Proceeds from disposal of property, plant and equipment Movement in other bank balances Net cash flows generated from (used in) investing activities CASH FLOW FROM FINANCING ACTIVITIES Proceeds from borrowings Repayment of borrowings Movement in short term borrowings (net) Buyback of equity shares (refer note 8) Premium and expenses on buyback of shares (refer note 8) Tax on distributable profit (buyback) (refer note 8) Payment of lease liabilities Interest paid on lease liability Taxes on dividend paid Dividend paid to owners of the company Interest Paid Net cash flows generated from (used in) financing activities Net increase (decrease) in cash and cash equivalents (A+B+C) Cash and cash equivalents at the beginning of the year Cash and cash equivalents at year end Net cash flows generated from (used in) operating activities after exceptional items	114.82 121.36 3.21 7.43 (2.02) (10.64) 0.30 (8.75) (11.33) 71.88	75.00 - 142.88 (2.95) 2.24 (2.92) 26.13 - (3.94) (1.39) 73.48
		286.26	308.53
		(51.49) (28.16) 3.50 107.90 (0.63)	23.91 (117.31) (9.03) (95.02) 1.01
		317.38	112.09
		(19.60) 50.98	(5.33) -
		348.76	106.76
		(0.00) - 11.38 - (169.98) 47.53 3.49	- - 0.95 0.18 (133.25) 36.51 (19.28)
		(107.58)	(114.89)
		43.23 (56.58) (79.99) (1.52) (63.17) (13.71) (2.92) (0.17) - (21.75) (65.80)	56.77 (17.87) 56.74 - - - - - (5.43) (20.75) (71.90)
		(262.38)	(2.44)
		(21.20) 24.94	(10.57) 35.51
		3.74	24.94

NARENDRA Digitally signed by NARENDRA KUMAR KUMAR LODHA Date: 2021.05.10 LODHA 18:03:41 +05'30'

RAJENDRA Digitally signed by RAJENDRA KUMAR KUMAR SOMANY Date: 2021.05.10 17:59:06 SOMANY +05'30'

Notes:

• (1) The above financial results of HSIL Limited ("The Company") for the quarter and year ended 31st March 2021 have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 10th May 2021.

• (2) Figures for the quarter ended 31 March 2021 represents the balancing figures between the audited figures for the full financial year and published year to date figures upto third quarter of the current financial year.

• (3) To restrain the wide spread of COVID-19 pandemic in India, the Government of India declared lockdowns which impacted the business activities during first half of the financial year 2020-2021. Accordingly results of year ended on 31st March 2021 are not comparable with corresponding year ended on 31st March 2020, on account of restriction in business activities. Considering current market scenario and company’s quality product portfolio, brand image, long-standing relationships & goodwill with its customers, suppliers and other stakeholders, Company expects that the business operations, cash flows, future revenue, assets and liabilities will sustain going forward.

• (4) Other income for the quarter and year ended 31st March 2021 include ₹ Nil and ₹ 8.05 crore respectively being interest on the income tax refund. Earlier year income tax represent liability no longer required and written back ₹ 14.71 crore.

• (5) Based on technical assessments carried out by technical experts in line with usage & practices, the Company had during the quarter ended 30th September 2020 revised the useful life of certain class of Property, Plant and Equipment. The aforesaid revision in useful life had been given effect from 1st April 2020, and accordingly depreciation for quarter and year ended 31st March 2021 is lower by ₹ 6.09 crore and ₹ 22.92 crore respectively.

• (6) The fire incident at company’s Bhongir unit engaged in manufacturing of container glass, a part of packaging product division was reported in quarter ended 31st March,2020 against which a claim was filed and company has received on account payment of ₹ 25.87 crore (excluding interim payment for loss of profit as stated below). The unit is covered by insurance including Reinstatement Value (“RIV”) & Loss of Profit (“LOP”) clause. The estimated WDV value of one machinery which was fully damaged by the fire and cost of restoration of other machines totalling to ₹ 22.81 crore has been provided against claim receivable towards value of assets on RIV basis. Also the company had raised an interim claim towards LOP amounting to ₹ 7.66 crore based on provisional assessment till the quarter ended 31st March, 2020 & received an interim payment of ₹ 1.50 crores. Considering prudence the management has decided not to account for any additional amount for the subsequent quarter on account of LOP pending final assessment. The insurance company is still in the process of assessing the loss. The company will recognize and adjust the balance value of claims, upon final agreement towards assessment & settlement of claims with Insurance Company. In the opinion of management there will not be any material adverse impact on this account on the state of affairs and result of the company.

• (7) The Board of Directors of the Company have approved utilisation of Business Reconstruction Reserve (BRR) by ₹10.73 crore towards impairment of Goodwill relating to Packaging Product division during the quarter & year ended 31st March 2021 shown under exceptional item. The corresponding figure for quarter and year ended 31st March 2020 was ₹ 14.00 crore. The aforesaid utilisation against BRR is as per the Scheme of Arrangement approved by the Hon'ble High Court of Calcutta vide its order dated 26th March 2010.

• (8) Pursuant to the Buyback Offer dated 21st September 2020, the Company bought back 75,99,014 Equity Shares upto buyback closing date 31st December, 2020. As a result, the Paid-up Capital of the Company stands reduced from ₹ 14.46 crore to ₹ 12.94 crore. The Company created a Capital Redemption Reserve of ₹ 1.52 crore relating to buyback and also utilised Securities Premium Account amounting to ₹ 63.17 crore towards the premium and expenses paid towards buy back and ₹ 13.71 crore towards tax thereon as per section 115 QA of the Income Tax Act 1961.

• (9) The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and post-employment benefits received Indian Parliament’s approval and Presidential assent in September 2020. The Code has been published in the Gazette of India and subsequently, on November 13, 2020, draft rules were published and stakeholders’ suggestions were invited. However, the date on which the Code will come into effect has not been notified. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.

• (10) The Board of Directors have recommended a dividend of 200% i.e. ₹ 4/- (previous year ₹3/-) on equity share of ₹2/- each for the year ended 31st March 2021 subject to approval of shareholders in the ensuing Annual General Meeting.

• (11) The previous period/year figures have been rearranged /regrouped, whenever considered necessary.

Place : Gurugram Date: 10th May 2021

RAJENDRA Digitally signed by RAJENDRA KUMAR KUMAR SOMANY Date: 2021.05.10 SOMANY 17:59:26 +05'30' Dr. Rajendra Kumar Somany Chairman and Managing Director

NAREND Digitally signed RA by NARENDRA KUMAR LODHA KUMAR Date: 2021.05.10 LODHA 18:04:06 +05'30'

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12, Bhagat Singh Marg, New Delhi – 110 001, India Telephone : 91 11 23710176/ 23710177/ 2336 4671/ 2414 Fax : 91 11 23345168 / 23314309 E-mail : delhi@lodhaco.com

Chartered Accountants

INDEPENDENT AUDITOR’S REPORT

To

The Board of Directors of

HSIL Limited

Report on the audit of the Financial Results

Opinion

1. We have audited the accompanying Statement of Financial Results of HSIL Limited (‘the Company’) for the quarter and year ended March 31, 2021 (“the statement”),attached herewith , being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“the Listing Regulations”). In our opinion and to the best of our information and according to the explanations given to us, the statement:

2. a) is presented in accordance with the requirements of the Listing Regulations in this regard; and

3. b) gives a true and fair view in conformity with the applicable accounting standards and other accounting principles generally accepted in India of the net profit, other comprehensive income and other financial information of the Company for the quarter and year ended 31[st] March,2021.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013, as amended (“the Act”). Our responsibilities under those Standards are further described in the “Auditors’ Responsibilities for the Audit of the Financial Results” section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in

NARENDR Digitally signed by NARENDRA A KUMAR KUMAR LODHA Date: 2021.05.10 LODHA 18:11:53 +05'30'

accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

Attention is drawn to:

• (i) Note no. 7 to the statement regarding the utilisation of the Business Reconstruction Reserve (‘BRR’) to the extent of Rs.10.73 Cr which was created in accordance with a scheme of arrangement (the scheme) approved by Hon'ble High Court of Calcutta. During the year the Company has impaired goodwill related to a Business undertaking amounting to Rs.10.73 Cr and charged the same as exceptional item to statement of financial results of that year, and withdrawn equivalent amount from BRR.

Our opinion is not modified in respect of the above matter.

Management’s Responsibilities for the Financial Results

The statement has been prepared on the basis of the annual financial statements. The Board of Directors of the Company are responsible for the preparation and presentation of the statement that gives a true and fair view of the net profit and other comprehensive income of the Company and other financial information in accordance with the applicable accounting standards prescribed under section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulations 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies, making judgements and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the statement, the Board of Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or the cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company’s financial reporting process.

NARENDR Digitally signed by NARENDRA A KUMAR KUMAR LODHA Date: 2021.05.10 LODHA 18:12:16 +05'30'

Auditor’s Responsibilities for the audit of Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is the high level of assurance but, is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatement can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the statement.

As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risk of material misstatement of the statement, whether due to fraud of error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion through a separate report on the complete set of financial statements on whether the Company has adequate internal financial control with reference to financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

• Conclude on the appropriateness of the Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

Digitally signed by NARENDRA KUMAR LODHA Date: 2021.05.10 18:12:34 +05'30'

NARENDRA KUMAR LODHA

• Evaluate the overall presentation, structure and content of the statement, including the disclosures, and whether the statement represents the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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

Other Matters

• i) The Statement includes the results for the quarter ended 31[st] March, 2021 being the balancing figure between the audited figures in respect of the full financial year ended 31[st] March,2021 and the published unaudited year to date figures up to the third quarter of the current financial year, which were subjected to a limited review by us , as required under the Listing Regulations.

Our opinion on above matter is not modified.

For LODHA & CO.

Chartered Accountants Firm Registration No: 301051E

NARENDR Digitally signed by NARENDRA A KUMAR KUMAR LODHA Date: 2021.05.10 LODHA 18:12:54 +05'30'

(N. K. Lodha)

Partner Membership No. 85155 UDIN: 21085155AAAABW4520

Place: Delhi Date: 10[th] May 2021

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NEAPS/BSE ONLINE

10[th] May, 2021

The Corporate Relationship Department BSE Limited Phiroze Jeejeebhoy Towers, 1[st] Floor, New Trading Ring Rotunda, Dalal Street, Mumbai - 400001

Listing Department National Stock Exchange of India Limited Plot No. C/1, Block-G Exchange Plaza, 5[th] Floor, Bandra Kurla Complex, Bandra (E), Mumbai – 400051

Dear Sir/Ma’am,

Sub: Declaration on Auditors’ Report with Unmodified Opinion under Regulation 33(3)(d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Dear Sirs,

I, Dr. Rajendra Kumar Somany, Chairman and Managing Director of HSIL Ltd (CIN: L51433WB1960PLC024539) having registered office at 2, Red Cross Place, Kolkata-700 001 hereby declare that in accordance with Regulation 33(3)(d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, M/s. Lodha & Co., Chartered Accountants (Firm’s Registration No. 301051E) Statutory Auditors of the Company have issued an Audit Report with unmodified opinion on Audited Financial Results of the Company for the quarter and financial year ended on 31 March, 2021.

This is for your information and records.

For HSIL Limited

RAJENDR Digitally signed by RAJENDRA A KUMAR KUMAR SOMANY Date: 2021.05.10 SOMANY 18:02:14 +05'30'

Dr. Rajendra Kumar Somany Chairman and Managing Director DIN: 00053557

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Press Release

May 10, 2021

HSIL Limited

NSE: HSIL; BSE: 500187

HSIL closed a year on a strong note, delivered EBITDA of ₹ 102 Crore in Q4 FY2021, registering a growth of 65.5% on Y-o-Y basis

Gurugram, India, May 10, 2021: HSIL Limited, India’s leading Packaging company, today announced its financial results for the fourth quarter and year ending March 31, 2021.

Financial Performance Highlights: Q4 FY2021

• Total income of ₹638 crore, growth of 36.3% on Y-o-Y basis

• EBITDA of ₹102 crore, growth of 65.5% on Y-o-Y basis with EBITDA margins of 15.9%

• EBIT of ₹72 crore with EBIT margins of 11.2%

• Net profit of ₹33 crore with margins of 5.2%

Financial Performance Highlights: FY2021

• Total income of ₹1,881 crore

• EBITDA of ₹308 crore, growth of 5.7% on Y-o-Y basis with EBITDA margins of 16.4%

• EBIT of ₹187 crore with EBIT margins of 9.9%

• Adjusted Net profit of ₹73 crore with margins of 3.9%

Q4 FY2021 Results Update:

HSIL continues to deliver sequential growth in topline for a successive third quarter in a row. The company reported a Total Income of ₹638 crore compared to ₹468 crore in the same quarter last year, a growth of 36.3% on Y-o-Y basis. Both business divisions registered a sequential as well as year on year growth. The Packaging Products Division reported Revenue from Operations of ₹418 crore, contributing 66% to the total revenues with a growth of 31.5% on Y-o-Y basis. Building Products Division delivered Revenue from Operations of ₹216 crore, registering a growth of 59.7%.

The company delivered EBITDA of ₹102 crore, registering a robust growth of 65.5% on y-o-y basis. EBITDA margins improved from 13.1% in Q4 FY20 to 15.9% in Q4 FY21. Net profit increased significantly to ₹33 crore as compared to ₹3 crore in the same quarter last year.

Packaging Products Division witnessed increased demand for glass bottles from multiple user segments thereby driving better volumes. The EBIT margins improved significantly from 11.2% in Q4 FY20 to 17.9% in Q4 FY21. The margins were driven by better product mix and higher operational efficiencies at the plants resulting in lower fuel and power costs per unit.

Commenting on the quarterly results, Mr. Sandip Somany, Vice Chairman and Managing Director,

HSIL Limited said, “Despite nation-wide lockdown at the beginning of the year, I am pleased with our Q4 FY2021 performance and have closed an otherwise challenging year on a strong note. The sales and profit growth also reflects the resilience of our business model. During the year, we focused on

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Press Release

May 10, 2021

our costs and efficiencies to deliver a robust performance on a quarter-on-quarter basis. The improvement in margins over the last year clearly demonstrates our abilities to work and deliver under uncertain times. For our future growth, we are investing in a greenfield project for specialty glass packaging and increasing our plastic pipes and fittings plant capacity. With a clear strategic direction, HSIL is well positioned to drive profitable growth in the coming years and create value for all stakeholders.”

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About HSIL Limited:

HSIL Limited is India’s leading Packaging Products Company that manufactures and markets various packaging products, including glass containers and Polyethylene Terephthalate (PET) bottles, products & security caps, and closures. Packaging Products Division has six plants in India, located across Telangana, Uttarakhand, and Karnataka. This Division has a comprehensive product range, catering to 500+ globally acclaimed institutional clients in India. The company’s Building Products Division primarily comprises the manufacturing of sanitaryware, faucets, and plastic pipes and fittings and has five plants spread across Haryana, Rajasthan, and Telangana.

For more information, please contact:

Meenakshi Oberoi

Head Corporate Communications

+91-9860569994 meenakshi.oberoi@hindware.co.in

Safe Harbour:

This release contains statements that contain “forward looking statements” including, but without limitation, statements relating to the implementation of strategic initiatives, and other statements relating to HSIL Limited’s future business developments and economic performance. While these forward-looking statements indicate our assessment and future expectations concerning the development of our business, a number of risks, uncertainties and other unknown factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, general market, macroeconomic, governmental and regulatory trends, movements in currency exchange and interest rates, competitive pressures, technological developments, changes in the financial conditions of third parties dealing with us, legislative developments, and other key factors that could affect our business and financial performance. HSIL Limited undertakes no obligation to publicly revise any forward-looking statements to reflect future / likely events or circumstances.