AIRAN LIMITED — Annual Report 2022

May 21, 2022

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Date : May 21, 2022

To, Listing Compliance Department National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex Bandra East. Mumbai - 400051

Dear Sir,

• Sub. : Outcome of the Board Meeting held on today i.e. on – May 21, 2022, in terms of second proviso to Regulation 30(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 .

Ref. : Airan Limited (Symbol: AIRAN)

In reference to captioned subject, we hereby inform you that the Board of Directors of the Company,in their Board Meeting held on today, i.e. on May 21, 2022, at the Registered Office of the Company which was commenced at 10:00 AM And concluded at 11:30 AM, have Audited Financial Results for the quarter and year ended on March 31, 2022;

1. Considered, approved and taken on record the Standalone and consolidated audited financial results for the quarter and year ended on March 31, 2022 along with Audit Report (Unmodified Opinion) and Declaration by the Company for the Audit Report with Unmodified Opinion;

2. Considered, approved and taken on record the standalone and consolidated audited financial Statement for the financial year ended on March 31, 2022.

These are also being made available on the website of the Company at www.airanlimited.in

You are requested to take the same on record.

Yours faithfully,

For and on behalf of

A I R A N L I M I T E D

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Stuti Kinariwala Company Secretary Membership No-A46213

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Date:21[st ] May, 2022

To,

National Stock Exchange of India Limited Exchange Plaza Bandra-Kurla Complex Bandra (E) Mumbai – 400 051

Dear Sir,

Sub. : Submission of Audited Financial Results of the Company for the quarter and year ended on March 31, 2022 along with Auditor Report (Unmodified Opinion) and Declaration for the Auditor’s Report with Unmodified Report.

Ref. : Airan Limited (Symbol: AIRAN)

In reference to captioned subject and pursuant to Regulation 33(3) (d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are hereby submitting the followings:

1. Audited Standalone and consolidated Financial Results for the quarter and year ended on March 31, 2022.

2. Standalone and Consolidated Balance Sheet for the year ended as at March 31, 2022,

3. Standalone and Consolidated Statement of Profit and Loss for the year ended as at March 31, 2022.

4. Standalone and Consolidated Cash Flow Statement for the year ended as at March 31,2022

5. Audit Report (unmodified opinion) on the Audited Financial Results.

6. Declaration by the Company (for audit report with unmodified opinion)

Kindly take the same on your record and disseminate the same on your website and oblige us.

You are requested to take the same on record.

Yours faithfully,

For and on behalf of

A I R A N L I M I T E D

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Stuti Kinariwala Company Secretary Membership No-A46213

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Date : May 21, 2022

To, National Stock Exchange of India Limited Exchange Plaza Bandra-Kurla Complex Bandra (E) Mumbai - 400 051

Dear Sir,

Sub. : Declaration pursuant to Regulation 33(3) (d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Ref. : Airan Limited (Symbol: AIRAN)

In Compliance with Regulation 33(3) (d) of the SEBI (Listing Obligations and Disclosure Requirements)Regulations, 2015, as amended by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2016, vide notification no. SEBIILAD-NRO IGN/2016-17/001 dated May 25, 2016 and circular no. CIRlCFD ICMD 15612016 dated May 27, 2016, we hereby declare that the Statutory Auditors of the Company, M/s. Deora Maheshwari Co, Chartered Accountants, Ahmedabad (FRN: 123009 W) have issued an Audit Report with unmodified opinion on the Audited Financial Results of the Company for the quarter and year ended March 31, 2022.

For and on behalf of

A I R A N L I M I T E D

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Stuti Kinariwala Company Secretary Membership No-A46213

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INDEPENDENT AUDITOR’S REPORT ON AUDIT OF STANDALONE FINANCIAL RESULTS TO THE BOARD OF DIRECTORS OF AIRAN LIMITED

Opinion

We have audited the accompanying Statement of Standalone Financial Results of AIRAN LIMITED (the “Company”), for the quarter and year ended March 31, 2022 (the “Statement”), 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:

• a) is presented in accordance with the requirements of Regulation 33 of the Listing Regulations; and

• b) gives a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standards (“Ind AS”) and other accounting principles generally accepted in India of the net profit and total comprehensive income and other financial information of the Company for the quarter and year then ended March 31, 2022

Basis for Opinion

We conducted our audit of the Statement in accordance with the Standards on Auditing (“SA”s) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Standalone 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 (“ICAI”) together with the ethical requirements that are relevant to our audit of the Standalone Financial Results under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

Management’s Responsibilities for the Standalone Financial Results

This Statement, which includes the Standalone financial results is the responsibility of the Company’s Board of Directors, and has been approved by them for the issuance. The Statement has been compiled from the related audited Interim condensed standalone financial statements for the three months and year ended March 31, 2022. This responsibility includes preparation and presentation of the Standalone Financial Results for the quarter and year ended March 31, 2022 that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Ind AS, 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 Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are 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 Standalone Financial Results that give a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Results, 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 to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the financial reporting process of the Company.

Auditor’s Responsibilities for the Audit of the Standalone Financial Results

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

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

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

• Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of such controls.

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

• Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the Listing Regulations.

• 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 ability of the Company 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 Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Standalone Financial Results, including the disclosures, and whether the Standalone Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the Standalone Financial Results of the Company to express an opinion on the Standalone Financial Results.

Materiality is the magnitude of misstatements in the Standalone Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Standalone Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Standalone Financial Results.

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.

Place: Ahmedabad Date: 21/05/2022

For Deora Maheshwari Co. Chartered Accountants FRN: 123009W CA Aditya Deora Partner Membership no. 160575 UDIN : 22160575AJISWV4700

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Standalone Audited Statement of Financial Results for the Quarter and Year ended on March 31, 2022

(Rs. In Lakh except per share data)

Particulars Six Months Ended Year to Date Quarter Ended 31/03/2021 31/03/2022 31/03/2021 31/12/2021 31/03/2022	Si	x M Qu	onths Ende arter Ended	d		Year t	o D	ate
A Date of start of reporting period B Date of end of reporting period C Whether results are audited or unaudited D Nature of report standalone or consolidated 01/04/2020 01/04/2021 01/01/2021 01/10/2021 01/01/2022 31/03/2021 31/03/2022 31/03/2021 31/12/2021 31/03/2022 Audited Standalone Audited Standalone Audited Standalone Unaudited Standalone Audited Standalone
I Revenue From Operations
Net sales or Revenue from Operations	2,245.78	1,896.57		1,945.37		7,673.63	6,286.30
II Other Income	152.78	142.43		18.17		488.11	182.08
III Total Income(l+Il)	2,398.56	2,039.00		1,963.54		8,161.74	6,468.38
IV Expenses
(a) Employee benefit expense	1,104.83	1,002.34		907.07		3,964.76	3,282.34
(b) Finance Costs	2.52	3.11		14.54		18.90	46.52
(c) Depreciation and amortisation expense	114.22	111.67		119.05		435.61	417.42
(d) Co-ordinator Expense	283.37	272.71		261.55		1,109.57	904.08
(e) Data ProcessingExpense	421.51	245.23		206.95		1,105.14	643.18
(f) Other Expenses	146.64	142.97		135.82		514.22	456.55
Total expenses(IV)	2,073.09	1,778.03		1,644.98		7,148.20	5,750.09
V Profit/(loss) before exceptional items and tax(III-IV)	325.47	260.97		318.56		1,013.54	718.29
VI Profit(loss) after exceptional items and before Tax(V-VI)	325.47	260.97		318.56		1,013.54	718.29
VII Tax Expense	26.16	38.52		69.66		168.79	161.29
(a) Current Tax	67.50	28.00		93.75		191.70	190.00
(b) Deferred Tax(Income)/Expense	(41.34)	10.52		(24.09)		(22.92)	(28.71)
VIII Profit(Loss) for theperiod from continulng operations(Vl-VlI)	299.31	222.45		248.90		844.76	557.00
IX Profit(Loss) for theperiod(XIII A + XIII B + XIII C)	299.31	222.45		248.90		844.76	557.00
X Other Comprehensive Income
a. i). Items that will not be reclassifled toprofIt or loss
Remeasurement of Defined Benefit Plan	2.49	(2.85)		(11.40)		(6.06)	(11.40)
Income tax relatingto measurement of Defined Benefit Plan	(0.62)	0.72		2.87		1.53	2.87
b. i). Item that will be reclassifed toprofit or loss
ii). Income tax relating to items that will be reclassifed toprofit or loss	-	-
Total Other Comprehensive income	1.87	(2.13)		(8.53)		(4.53)	(8.53)
XI Total Comprehensive income [Comprising Profit for the Period and Other comprehensive income] (XIV+XV)	301.18	220.32		240.37		840.23	548.47
XII Details of equity share capital
Paid-upequityshare capital	2,500.40	2,500.40		2,500.40		2,500.40	2,500.40
Face value of equityshare capital(Per Share)	2.00	2.00		2.00		2.00	2.00
XIII Earnings per share
(a) Earnings per share(not annualised forquarter ended)
Basic earnings(loss) per share from continuingoperation	0.24	0.18		0.20		0.68	0.45
Diluted earnings(loss) per share from continuingoperation	0.24	0.18		0.20		0.68	0.45
(b) Earnings per share(not annualised forquarter ended)
Basic earnings(loss) per share from continuingand discotinued operations	0.24	0.18		0.20		0.68	0.45
Diluted earnings(loss) per share continuingand discotinued operations	0.24	0.18		0.20		0.68	0.45

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For and on behalf of the Board of Directors of AIRAN Limited

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Sandeepkumar Vishwanath Agrawal (Managing Director) Din : 02566480

Ahmedabad, dated May 21, 2022

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Standalone Audited Statement of Assets and Liabilities

(Rs. In Lakh)

Particulars	Year Ended	Year Ended
	31/03/2022	31/03/2021
A Date of start of reporting period B Date of end of reporting period C Whether results are audited or unaudited D Nature of report standalone or consolidated	01/04/2021	01/04/2020
	31/03/2022	31/03/2021
	Audited Standalone	Audited Standalone
ASSETS
1 Non-current assets
a) Property,Plant and Equipment	5,595.71	5,896.55
b) Other Intangible assets	17.46	21.01
c) Financial Assets
(i) Investments	700.87	588.85
Total Non-Current Assets	6,314.04	6,506.41
2 Current assets
a) Financial Assets
(i) Investments	1,076.97	118.16
(ii) Trade receivables	988.35	1,926.09
(iii)Cash and cash equivalents	0.44	27.49
(iv)Bank balances other than(iii)above	38.15	52.98
(v) Loans	1,813.52	1,663.27
(vi)Others financial assets	255.51	396.85
b) Other current assets	702.92	76.84
c) Current Tax Assets(Net)	51.21	-
Total Current Assets	4,927.07	4,261.68
TOTAL ASSETS	11,241.11	10,768.09
EQUITY & LIABILITIES :
EQUITY:
a) EquityShare capital	2,500.40	2,500.40
b) Other Equity	6,939.01	6,098.79
Total Equity	9,439.41	8,599.19
LIABILITIES :
1) Non-Current Liabilities
a) Financial Liabilities
(i) Borrowings	174.76	-
b) Employee benefit obligations	72.33	43.03
c) Deferred tax liabilities(Net)	650.76	675.20
Total Non-Current Liabilities	897.85	718.23
2) Current liabilities
a) Financial Liabilities
(i) Borrowings	-	581.43
(ii) Tradepayables	232.12	181.77
(iii)Other financial liabilities	0.27	0.27
b) Other current liabilities	671.46	643.11
c) Current Tax Liabilities(Net)	-	44.09
Total Current Liabilities	903.85	1,450.67
Total Liabilities	1,801.70	2,168.90
TOTAL EQUITY AND LIABILITIES	11,241.11	10,768.09

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For and on behalf of the Board of Directors of AIRAN Limited

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Sandeepkumar Vishwanath Agrawal (Managing Director) Din : 02566480

Ahmedabad, dated May 21, 2022

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Notes on Standalone Financial Results:

• 1 The above Standalone results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on May 21, 2022.

• 2 The standalone financial result for the quarter and year ended 31st March 2022 have been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard (Ind AS) 34, “Interim Financial Reporting” prescribed under Section 133 of the Companies Act 2013 read with relevant rules thereunder and in terms of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended read with SEBI Circular No. CIR/CFD/CMD/44/2019 dated 29 March, 2019. are in compliance with Indian Accounting Standards (Ind-AS) notified by the Ministry of Corporate Affairs.

• 3 The Company is engaged in Single Segment of Service Sector and there are no other segments in which the Company is engaged. Hence Segment Reporting is not made by the company.

• 4 The results of the company are available for investors at www.airanlimited.com and www.nseindia.com.

• 5 Previous year’s / period’s figure have been regrouped / rearranged wherever necessary.

• 6 The figures for the last quarter are the balancing figures between audited figures in respect of the full financial year ending 31st March, 2022 and 31st March, 2021, and the unaudited published year - to - date figures up to 31st December, 2021 and 31st December, 2020 respectively, being the date of the end of the third quarter of the respective financial years which were subjected to limited reveiw.

Ahmedabad, dated May 21, 2022

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For and on behalf of the Board of Directors of AIRAN Limited

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Sandeepkumar Vishwanath Agrawal (Managing Director) Din : 02566480

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Standalone Statement of Cash Flows for the year ended 31 March 2022

(All amounts are in Indian Rupees, except share data and as stated)

(Rs. In Lakh)

Particulars	Particulars	Year Ended	Year Ended
		31/03/2022	31/03/2021
A Date of start of reporting period B Date of end of reporting period C Whether results are audited or unaudited D Nature of report standalone or consolidated		01/04/2021	01/04/2020
		31/03/2022	31/03/2021
		Audited Standalone	Audited Standalone
A. CASH FROM OPERATING ACTIVITY :
NET PROFIT BEFORE TAX & EXTRA ORDINARY ITEMS :		1,013.54	718.28
Adjustment For :
Depreciation		435.61	417.42
FV Adjustment on current investments		(81.27)	(41.73)
Finance Cost / Interest Exp.		18.90	46.52
Interest Income		(113.11)	(107.42)
(Profit)/ Loss on Disposal of PropertyPlant & Equipment		(4.00)	(20.25)
(Profit)/ Loss on Disposal of Shares		(246.52)	-
Other Adjustments		(6.06)	(11.40)
Operating Activity Before Working Capital Changes :(a)		1,017.09	1,001.42
Adjustment For :
(Increase)/ Decrease in Other Financial Assets		(8.91)	347.27
(Increase)/ Decrease in Trade & Other Receivables		937.74	(435.62)
(Increase)/ Decrease in Other Current Assets		(677.28)	(18.09)
Operating Activity After Changes in Current Assets :(b)		1,268.64	894.98
Increase /(Decrease)in Other Financial & Other Current Liabilities		(15.75)	-
(Decrease)/increase in tradepayables		50.35	123.18
(Decrease)/increase in Provisions		29.30	317.79
Cashgenerated from operations		1,332.54	1,335.95
Income Tax Paid:(‘c)		(191.70)	(190.00)
Net Cash Flow from Operating Activities :(A)		1,140.84	1,145.95
B. CASH FLOW FROM INVESTING ACTIVITIES :
Purchase of Property,Plant & Equipment and Intangible Assets		(277.14)	(851.66)
Proceeds from disposal of Property,Plant & Equipment and Intangible Assets		149.93	121.83
Investment in Subsidiaries		(112.02)	(346.63)
Purchase of Current Investments		(1,000.00)	-
Sale of Current Investments		368.98	-
Interest Income		113.11	107.42
Net Cash Flow from Investing Activities :(B)		(757.14)	(969.04)
C. CASH FLOW FROM FINANCING ACTIVITIES :
Proceeds from /(Repayment of)Short Term Borrowings		(581.43)	417.71
Proceeds from LongTerm Borrowings		174.76	-
Repayment of LongTerm Borrowings		-	(600.33)
Interest Paid		(18.90)	(46.52)
Net Cash Flow from Financing Activities :(C)		(425.57)	(229.14)
Net Increase/(Decrease) in Cash & Cash Equivalent :(A + B + C) =( D)		(41.87)	(52.23)
Cash & Cash Equivalents(Opening):
Cash on Hand		27.49	10.52
Balance with Banks		52.98	122.18
		80.47	132.70
Cash & Cash Equivalents(Closing):
Cash on Hand		0.44	27.49
Balance with Banks		38.16	52.98
		38.60	80.47
Significant accounting policies	3

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For and on behalf of the Board of Directors of AIRAN Limited

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Sandeepkumar Vishwanath Agrawal (Managing Director) Din : 02566480

Ahmedabad, dated May 21, 2022

~~Page | 09 of 15~~

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INDEPENDENT AUDITOR’S REPORT ON AUDIT OF CONSOLIDATED FINANCIAL RESULTS TO THE BOARD OF DIRECTORS OF AIRAN LIMITED

Opinion

We have audited the accompanying Statement of Consolidated Financial Results of AIRAN LIMITED (the “Company”) and its subsidiaries (the Company and its subsidiaries together referred to as the “Group”), for the quarter and year ended March 31, 2022 (the “Statement”), 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:

• i. includes the results of the subsidiaries as given in the Annexure to this report;

• ii. is presented in accordance with the requirements of Regulation 33 of the Listing Regulations; and

• iii. gives a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standards (“Ind AS”) and other accounting principles generally accepted in India of the consolidated net profit and consolidated total comprehensive income and other financial information of the Group for the quarter and year ended March 31, 2022.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (“SA”s) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Results section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (the “ICAI”) together with the ethical requirements that are relevant to our audit of the Interim Consolidated Financial Results under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

Management’s Responsibilities for the Consolidated Financial Results

This Statement which includes Consolidated financial results is the responsibility of the Company’s Board of Directors and has been approved by them for the issuance. The Statement has been compiled from the audited interim condensed consolidated financial statements for the three months and year ended March 31, 2022. This responsibility includes preparation and presentation of the Consolidated Financial Results that give a true and fair view of the consolidated net profit and consolidated other comprehensive income and other financial information of the Group in accordance with the recognition and measurement principles laid down in Ind AS, 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 Regulation 33 of the Listing Regulations.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments 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 respective financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of this Consolidated Financial Results by the Directors of the Company, as aforesaid.

In preparing the Consolidated Financial Results, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the respective entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Boards of Directors either intend to liquidate their respective entities or to cease operations, or have no realistic alternative but to do so.

The respective Boards of Directors of the companies included in the Group are responsible for overseeing the financial reporting process of the Group.

Auditor’s Responsibilities for the Audit of the Consolidated Financial Results

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

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

• Identify and assess the risks of material misstatement of the Consolidated Financial Results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is

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higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of such controls.

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

• Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the Listing Regulations.

• 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 ability of the Group 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 Consolidated 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 Group to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Consolidated Financial Results, including the disclosures, and whether the Consolidated Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities within the Group to express an opinion on the Consolidated Financial Results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the Consolidated Financial Results of which we are the independent auditors.

Materiality is the magnitude of misstatements in the Consolidated Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Consolidated Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Consolidated Financial Results.

We communicate with those charged with governance of the Company and such other entities included in the Consolidated Financial Results of which we are the independent auditors 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.

Place: Ahmedabad Date: 21/05/2022

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For Deora Maheshwari Co. Chartered Accountants FRN: 123009W CA Aditya Deora Partner Membership no. 160575 UDIN : 22160575AJITA02797

AIRAN LIMITED

Annexure 1 - List of entities consolidated

1.	CqubInfosystems Private Limited
2.	Airan Global Private Limited
3.	Quadpro ITES Limited (Previously known as Quadpro E Services Pvt. Ltd.)
4.	Airan Singapore Private Limited
5.	Airan Australia Pty Limited
6.	Airan UK Limited

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Consolidated Audited Statement of Financial Results for the Quarter and Year ended on March 31, 2022

(Rs. In Lakh except per share data)

Particulars Six Months Ended Year to Date Quarter Ended 31/03/2021 31/03/2022 31/03/2021 31/12/2021 31/03/2022	Si	x M Qu	onths Ende arter Ended	d		Year t	o D	ate
A Date of start of reporting period B Date of end of reporting period C Whether results are audited or unaudited D Nature of report standalone or consolidated 01/04/2020 01/04/2021 01/01/2021 01/10/2021 01/01/2022 31/03/2021 31/03/2022 31/03/2021 31/12/2021 31/03/2022 Audited Consolidated Audited Consolidated Audited Consolidated Unaudited Consolidated Audited Consolidated
I Revenue From Operations
Net sales or Revenue from Operations	2,553.80	2,133.91		2,196.59		8,729.66	6,629.74
II Other Income	188.53	166.37		26.46		590.39	225.67
III Total Income(l+Il)	2,742.33	2,300.28		2,223.05		9,320.05	6,855.41
IV Expenses
(a) Employee benefit expense	1,220.27	1,097.93		950.56		4,368.58	3,361.63
(b) Purchase of Stock in Trade	-			-		-	34.84
(c) Finance Costs	9.46	9.83		39.87		48.92	71.85
(d) Depreciation and amortisation expense	136.86	131.43		127.07		510.28	433.41
(e) Co-ordinator Expense	330.49	313.86		296.81		1,267.44	939.33
(f) Data ProcessingExpense	469.47	261.95		333.78		1,276.39	770.02
(g) Other Expenses	176.22	171.26		147.68		634.19	479.75
Total expenses(IV)	2,342.77	1,986.26		1,895.77		8,105.80	6,090.83
V Profit/(loss) before exceptional items and tax(III-IV)	399.56	314.02		327.28		1,214.25	764.58
VI Profit(loss) after exceptional items and before Tax(V-VI)	399.56	314.02		327.28		1,214.25	764.58
VII Tax Expense	47.71	47.57		77.00		212.58	176.01
(a) Current Tax	85.06	35.86		97.61		230.66	201.25
(b) Deferred Tax(Income)/Expense	(37.35)	11.71		(20.61)		(18.08)	(25.24)
VIII Profit(Loss) for theperiod from continulng operations(VlI-VlII)	351.85	266.45		250.28		1,001.67	588.57
IX Profit(Loss) for theperiod(XIII A + XIII B + XIII C)	351.85	266.45		250.28		1,001.67	588.57
X Other Comprehensive Income	351.85	266.45		250.28		1,001.67	588.57
a. i). Items that will not be reclassifled toprofIt or loss
Remeasurement of Defined Benefit Plan	2.49	(2.85)		(11.40)		(6.06)	(11.40)
Income tax relatingto measurement of Defined Benefit Plan	(0.63)	0.72		2.87		1.53	2.87
b. i). Item that will be reclassifed toprofit or loss
exchange difference on translation of foreign operations	1.46	-		0.69		1.46	0.69
ii). Income tax relating to items that will be reclassifed toprofit or loss							-
Total Other Comprehensive income	3.32	(2.13)		(7.84)		(3.07)	(7.84)
XI Total Comprehensive income [Comprising Profit for the Period and Other comprehensive income] (XIV+XV)	355.17	264.32		242.44		998.60	580.73
Profit Attributable to:
Owners of the Company	334.79	253.64		247.33		960.15	585.62
Non-ControllingInterest	17.06	12.81		2.95		41.52	2.95
Total Comprehensive income attributable to:
Owners of the Company	338.11	251.51		239.49		957.08	577.78
Non-ControllingInterest	17.06	12.81		2.95		41.52	2.95
XII Details of equity share capital
Paid-upequityshare capital	2,500.40	2,500.40		2,500.40		2,500.40	2,500.40
Face value of equityshare capital(Per Share)	2.00	2.00		2.00		2.00	2.00
XIII Earnings per share
(a) Earnings per share(not annualised forquarter ended)
Basic earnings(loss) per share from continuingoperation	0.28	0.21		0.20		0.80	0.47
Diluted earnings(loss) per share from continuingoperation	0.28	0.21		0.20		0.80	0.47
(b) Earnings per share(not annualised forquarter ended)
Basic earnings(loss) per share from continuingand discotinued operations	0.28	0.21		0.20		0.80	0.47
Diluted earnings(loss) per share continuingand discotinued operations	0.28	0.21		0.20		0.80	0.47

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For and on behalf of the Board of Directors of AIRAN Limited

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Sandeepkumar Vishwanath Agrawal (Managing Director) Din : 02566480

Ahmedabad, dated May 21, 2022

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Consolidated Audited Statement of Assets and Liabilities

(Rs. In Lakh)

Particulars	Year Ended	Year Ended
	31/03/2022	31/03/2021
A Date of start of reporting period B Date of end of reporting period C Whether results are audited or unaudited D Nature of report standalone or consolidated	01/04/2021	01/04/2020
	31/03/2022	31/03/2021
	Audited Consolidated	Audited Consolidated
ASSETS
1 Non-current assets
a) Property,Plant and Equipment	5,927.11	6,123.99
b) Goodwill	236.65	236.65
c) Other Intangible assets	92.42	111.55
Total Non-Current Assets	6,256.18	6,472.19
2 Current assets
a) Financial Assets
(i) Investments	1,121.25	143.81
(ii) Trade receivables	1,169.05	2,232.71
(iii)Cash and cash equivalents	0.57	28.47
(iv)Bank balances other than(iii)above	1,313.90	121.75
(v) Loans	2,470.55	2,154.85
(vi)Others financial assets	332.79	428.49
b) Other current assets	779.56	139.30
c) Current Tax Assets(Net)	51.88	-
Total Current Assets	7,239.55	5,249.38
TOTAL ASSETS	13,495.73	11,721.57
EQUITY & LIABILITIES :
EQUITY:
a) EquityShare capital	2,500.40	2,500.40
b) Other Equity	7,854.53	6,251.31
Equity attributable to the shareholders of the Company	10,354.93	8,751.71
c) Non-ControllingInterests	803.31	149.26
Total Equity	11,158.24	8,900.97
LIABILITIES :
1) Non-Current Liabilities
a) Financial Liabilities
(i) Borrowings	174.76	22.10
b) Employee Benefit Obligations	86.47	65.63
c) Deferred tax liabilities(Net)	643.88	663.49
Total Non-Current Liabilities	905.11	751.22
2) Current liabilities
a) Financial Liabilities
(i) Borrowings	360.60	942.66
(ii) Tradepayables	260.54	366.99
(iii)Other financial liabilities	13.60	13.60
b) Other current liabilities	791.17	746.13
c) Other current liabilities(Net)	6.47	-
Total Current Liabilities	1,432.38	2,069.38
Total Liabilities	2,337.49	10,970.35
TOTAL EQUITY AND LIABILITIES	13,495.73	11,721.57

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For and on behalf of the Board of Directors of AIRAN Limited

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Sandeepkumar Vishwanath Agrawal (Managing Director) Din : 02566480

Ahmedabad, dated May 21, 2022

~~Page | 13 of 15~~

Notes on Consolidated Financial Results:

• 1 The above Consolidated results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on May 21, 2022.

• 2 The Consolidated financial result for the quarter and year ended 31st March 2022 have been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard (Ind AS) 34, “Interim Financial Reporting” prescribed under Section 133 of the Companies Act 2013 read with relevant rules thereunder and in terms of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended read with SEBI Circular No. CIR/CFD/CMD/44/2019 dated 29 March, 2019. are in compliance with Indian Accounting Standards (Ind-AS) notified by the Ministry of Corporate Affairs.

• 3 The Audited financial results of Current quarter include the financial results of the company and its 6 subsidiaries: Cqub Infosystems Pvt. Ltd, Airan Global Pvt. Ltd, Quadpro ITES Limited, Airan Singapore Pvt. Ltd, Airan Australia Pty Ltd & Airan UK Ltd.

• 4 The Company is engaged in Single Segment of Service Sector and there are no other segments in which the Company is engaged. Hence Segment Reporting is not made by the company.

• 5 The results of the company are available for investors at www.airanlimited.com and www.nseindia.com.

• 6 Previous year’s / period’s figure have been regrouped / rearranged wherever necessary.

• 7 The figures for the last quarter are the balancing figures between audited figures in respect of the full financial year ending 31st March, 2022 and 31st March, 2021, and the unaudited published year - to - date figures up to 31st December, 2021 and 31st December, 2020 respectively, being the date of the end of the third quarter of the respective financial years which were subjected to limited reveiw.

Ahmedabad, dated May 21, 2022

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For and on behalf of the Board of Directors of AIRAN Limited

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Sandeepkumar Vishwanath Agrawal (Managing Director) Din : 02566480

~~Page | 14 of 15~~

Consolidated Statement of Cash Flows for the year ended 31 March 2022

(All amounts are in Indian Rupees, except share data and as stated)

(Rs. In Lakh)

Particulars	Particulars	Year Ended	Year Ended
		31/03/2022	31/03/2021
A Date of start of reporting period B Date of end of reporting period C Whether results are audited or unaudited D Nature of report standalone or consolidated		01/04/2021	01/04/2020
		31/03/2022	31/03/2021
		Audited Consolidated	Audited Consolidated
A. CASH FROM OPERATING ACTIVITY :
NET PROFIT BEFORE TAX :		1,214.25	764.58
Adjustment For :
Depreciation		510.28	433.41
FV Adjustment on current investments		(99.91)	(43.58)
Finance Cost / Interest Paid		48.92	71.86
Interest Income		(190.68)	(145.84)
Other Adjustments		(5.82)	(11.40)
(Profit)/ Loss on Disposal of PropertyPlant & Equipment		(4.00)	(20.25)
(Profit)/ Loss on Disposal of Shares		(246.52)	-
Operating Activity Before Working Capital Changes :(a)		1,226.52	1,048.78
Adjustment For :
(Increase)/ Decrease in Other Financial Assets		(220.00)	238.82
(Increase)/ Decrease in Trade & Other Receivables		1,063.66	(469.62)
(Increase)/ Decrease in Other Current Assets		(692.33)	(19.41)
Operating Activity After Changes in Current Assets :(b)		1,377.85	798.57
Increase /(Decrease)in Other Financial & Other Current Liabilities		47.06	13.79
(Decrease)/increase in tradepayables		(106.46)	183.09
(Decrease)/increase in Provisions		20.84	330.75
Cashgenerated from operations		1,339.29	1,326.20
Income Tax Paid:(‘c)		(230.76)	(201.08)
Net Cash Flow from Operating Activities :(A)		1,108.53	1,125.12
B CASH FLOW FROM INVESTING ACTIVITIES :
Purchase of Property,Plant & Equipment and Intangible Assets		(440.20)	(907.03)
Proceeds from disposal of Property,Plant & Equipment and Intangible Assets		149.93	121.83
Investment in Subsidiaries		(112.02)	(346.63)
Purchase of Current Investments		(1,000.00)	-
Sale of Current Investments		368.98	-
Interest Income		190.68	145.84
Net Cash Flow from Investing Activities :(B)		(842.63)	(985.99)
C CASH FLOW FROM FINANCING ACTIVITIES :
Proceeds from Issue of Share Capital		1,372.02	-
Proceeds from /(Repayment of)Short Term Borrowings		(582.06)	417.31
Proceeds from LongTerm Borrowings		174.76	-
Repayment of LongTerm Borrowings		(17.64)	(576.89)
Interest Paid		(48.92)	(71.86)
Net Cash Flow from Financing Activities :(C)		898.15	(231.44)
Net Increase/(Decrease) in Cash & Cash Equivalent :(A + B + C) =( D)		1,164.06	(92.31)
Cash & Cash Equivalents(Opening):
Cash on Hand		28.47	14.08
Balance with Banks		121.75	228.44
		150.22	242.52
Cash & Cash Equivalents(Closing):
Cash on Hand	3	0.57	28.47
Balance with Banks		1,313.71	121.75
		1,314.28	150.22

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For and on behalf of the Board of Directors of AIRAN Limited

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Sandeepkumar Vishwanath Agrawal (Managing Director) Din : 02566480

Ahmedabad, dated May 21, 2022

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