Apar Industries Ltd — Interim / Quarterly Report 2021

Feb 4, 2021

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SEC/0402/2021 4th February, 2021

National Stock Exchange of India Ltd.	BSE Ltd.
"Exchange Plaza".	t of Corporate Services,rtme
2?1 Floor, Phiroze Jeejeebhoy Towers,C-1 , Block G,
Sandra-Kurla Complex,	Dalal Street,
Sandra (E),	Fort,
Mumbai -400 051	Mumbai -400 001
Scrip Symbol: APARINDS	Scrip Code : 532259
Kind Attn.: The Manager, Listing Dept.	Kind Attn. : Department of Corporate Services

Ref. : Our Letter No. SEC/2001/2021 dated 20th January, 2021

Sub. : Outcome of Board Meeting and submission of Standalone & Consolidated Unaudited Financial Results of the Company for the Third Quarter and Nine Months ended 31st December, 2020 (2020-21 )

Listing Regulation : Reg. 30 read with Para A(4) of Part A of Schedule Ill, Reg. 33 & all other applicable Regulations, if any, of the SEBI (LODR) Regulations, 2015, as amended from time to time

Dear Sir,

The Board of Directors of the Company at its meeting held today, i.e. 4th February, 2021 have transacted and approved the Standalone and Consolidated Un-audited Financial Results of the Company for the Third Quarter and Nine Months ended 31st December, 2020 of the Current Financial Year 2020-21

In this connection. we are e-filing herewith the following .

• 1. Copy of the Standalone Un-audited Financial Results of the Company for the Third Quarter and Nine Months ended 31 st December, 2020 of the Current Financial Year 2020- 21 (Annexure - 1 ).
• 1. Copy of the Consolidated Un-audited Financial Results of the Company for the Third Quarter and Nine Months ended 31 st December, 2020 of the Current Financial Year 2020- 21 (Annexure - 2).
• 1. Copy of the L1m1ted Review Report of the Statutory Auditors of the Company, Mis. C. N. K. & Associates LLP, Mumbai, on the above Un-audited Financial Results, on both Standalone and Consolidated basis (Annexure - 3 (a) & (b)).

The above information is also available on Company's website at www.apar.com.

The Board Meeting commenced at 11 :45 AM. and concluded at 12.30 P.M.

You are requested to kindly take note of above and bring the same to the notice of investors and members

Thanking you,

Yours faithfully, For Apar Industries Ltd.

jL_____ ( Company Sanjaya Kunde Secretary ~

Encl. : As above APAR Industries Limited Corporate Office: APAR House, Corporale Park, V N Purav Marg, Chembur, Mumbai 400 071. India +91 22 2526 3400/6780 0 400 corpora1e@apar com www apar com

Regd Office: 301/306, Panorama Complex, RC Dull Road, Alkapun, Vadodara 390007, India +91 265 6178 700/6178 709 apar baroda@apar com www apar com CIN L91110GJ1989PLC012802

. APAR APAR INDUSTRIES LIMITED

(AN ISO 9001:2000 COMPANY)

CIN : L91110GJ1989PLC012802 Registered Office : 301 , Panorama Complex, R.C. Dutt Road, Vadodara • 390 007

website: www.apar.com ; email : com_sec@apar.com ; Tel : (91) (0265) 2339906, 2331935 ; Fax : (91) (0265) 2330309

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2020

							(f In crore)
		Standalone
Sr.No.	Particulars	3 months ended	9 months ended	Finan cf alyear ended
		31.12.2020	30.09.2020	31.12.2019	31 .12.2020	31 .12.2019	31 .03.2020
		Reviewed	Reviewed	Reviewed	Reviewed	Reviewed	Audited
	Revenue lrom operations
	I Sales Income	1,576.29	1,350.07	1.725 92	4, 139 87	5,295.40	6,995.67
	II Other Operating Income	8.16	12 85	15.81	30.33	48.90	64.42
1	Total Revenue lrom operatlons	1,584.45	1.362.92	1,741 73	4.170 20	5.344.30	7,060.09
23	Otller lncomeTotal Income (1 +2)	2.361,586.81	3.681,366.60	1 321,743.05	7 244,177.44	7.215,351.51	8.297,068.38
4	Expenaes
	(a) Cost of materials consumed	1,149.05	1,009 07	1,278 04	2,893 42	4,056 98	5,434 15
	(b) Purchases or stock-in-trade	17 65	18 62	29 23	46 18	65.34	148.60
	(c) Changes m inventories of finished goods. work~n.progress and stock-In-trade	(22.55)	(32 58)	16 66	184 84	(7 42)	(163.39)
	(d) Employee benefits expense	33.08	36.80	38 25	110 24	117 99	160.02
	(e) Finance costs	35.27	27.80	49 89	108 35	169 55	219.08
	(f) Depreoahon and amortisation expense	21.46	21.07	20.46	63.28	58.11	79.15
	(g) Other expenses	263.60	222 42	265.03	648.51	755 85	1,020.24
	Total expenaes	1,497 .56	1,305.20	1,697 .58	4,054.82	5,216.40	6,897.85
	Less Transler to capital assets	0.21	0.09	0.14	0.47	1.07	1 14
	Net total expenses	1,497.35	1,305.11	1,697 .42	4,054.35	5,215.33	6,896.71
5	Profit before tax (3-4)	89.46	61 .49	45.63	123.09	136.18	171 .67
6	Tax expense
	(a) Current Tax	22.90	8 10	12.02	31.00	35 85	45.69
	(b) Delerred Tax	(0.17)	7.77	(0.25)	0.41	(12 37)	(13.00)
7	Profit for the period (5-6)	66.73	45.62	33.86	91.68	112.70	138.98
8	Other comprehensive Income (OCl)
(A)	Items that wlll not be reclassified to profit or loss
	OJ Items that will not be reclassified to profit or toss	0.55	(0.30)	(0 22)	(004)	(065)	(1 .17)
	01) Income tax relating to Items that will not be reclassified to profit or loss	(0.14)	0.08	0.05	0 01	0 16	0.30
(B)	Items that will be reclassified to profit or toss
	Ol Items that will be reclassified to profit or loss	(17.04)	23 32	46 76	82.00	(14.36)	(114.75)
	(II) Income tax relating lo Items that will be reclassified to profit or loss	4.28	(5 86)	(11 77)	(20 38)	304	28 04
	Other comprehensive Income (OCl)	(12.35)	17.24	34.82	61 .59	(11.81)	(87.58)
9	Total comprehen sive Income for the period/year (7+8)	54.38	62.86	68.68	153.27	100.89	51 .40
10	Paid-up equity share capital (Face value of tile share' 10 each)	38.27	38.27	38.27	38.27	38.27	38.27
11	Reserves excluding Revaluation Reserve						1.050.69
12	Earnings Per Share (EPS) (f)
	- Basic and Diiuted (not annualised ror the quarter)	17.44	11.92	8 85	23.96	29.45	36.32

UNAUDITED STANDALONE SEGMENT-WISE REVENUE, RESULTS, ASSETS AND LIABILITIES UNDER REGULATION 33 OF THE LISTING REGULATIONS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER 2020

						!' In crore)
Partlculars		3 months ended		9 months ended		Financialyear ended
	31.12.2020	30.09.2020	31.12.2019	31 .12.2020	31 .12.2019	31 .03.2020
	Reviewed	Reviewed	Reviewed	Reviewed	Reviewed	Audited
Segment Revenue
Conductors	737.75	628 81	860.25	2,076.06	2,781 .08	3,620.24
Transformer ind Speciality 011•	561 .75	480 43	500 55	1,323.22	1,479.88	1,924.90
PowerfTelecom Cable	321 .99	254.07	391 .32	825.81	1,154.13	1,600.84
Others	14.56	12.33	9.27	29.77	24 92	34.55
Total	1,636.05	1,375.64	1,761 .39	4,254.86	5,440.01	7,180.53
Leu: Inter.Segment Revenue	51 .60	12.72	19 66	84.66	95.71	120.44
Gross Sales/ Income from operatlon1	1,584.45	1,362.92	1,741 .73	4,170.20	5,344.30	7,060.09
Segment Results before finance coals and taxConductors	29 99	31 .20	33 44	77 26	111.24	152 20
Transformer and Speciality Oils	79.08	59.36	32.26	142 70	98 30	119.55
PowerfTelecom Cable	19 46	3.86	36.02	25.13	117.20	154.59
Others	2 18	1 01	0.50	2.73	1 42	1.77
Total	130.71	95.43	102.22	247.82	328.16	428.11
Leu : Finance coots	35.27	27.80	49 89	108.35	169.55	219.08
: Unallocable expenditure (net of Income)	5.98	6.14	6.70	16.38	22 43	37.36
Profit before tax	89.46	61.49	45,63	123.09	136.18	171.67
Segment Assets
Conductors	1,822.04	1,635 24	1,716 24	1,822 04	1,716 24	1,936.54
Transformer and Speciality Olis	975 89	927 75	1,054.69	975.89	1,054.69	1,073.41
PowerfTelecom Cable	993 88	944 00	1,153 44	993 88	1,153 44	1,213.83
Others/Unalloc able	217.53	115.89	105.15	217 53	105 15	89.91
Total	4,009.34	3,622.88	4,029.52	4,009.34	4,029.52	4,313.69
Segment Llabllltles
Conductors	1,399.02	1,262.79	1,445 43	1,399.02	1,445.43	1,622.65
Transformer ind Speciality Olio	624.34	605 63	708.16	624.34	708.16	742.51
PowerfTelecom Cable	491 .72	323.43	532.95	491.72	532.95	575.52
Others/Unallocable	1,494 26	1,431 03	1,342.98	1,494 26	1,342 98	1,373.01
Total	4,009.34	3,622.88	4,029.52	4,009.34	4,029.52	4,313.69

,, 'Y ,. J'

• ' Otes:•
  • 1. This Stalement has been prepared In accordance with the Companies (Indian Accounting StandaTds) Rules, 2015 (as amended) (Ind AS). presaibed under section 133 of the Companies Act. 2013 and other recognised accounting practices and policies to the extent applicable.
  • 1. The above Standalone unaudited financial results were reviewed by the Audit Committee of Directors and approved by the Board or Directors at their respec~ve meetings held on 4th February, 2021 . The Statutory Auditors of the Company have carried out a limited review of the above standalone results lor the quarter and nine months ended 31sl December, 2020 and have Issued an unmodified audit opinion on the said financial results.
  • 1. Operations during the third quarter recovered from the economic slowdown caused by the Covid-19 pandemic. The Company is continuing Its operations in all the business units wltn current moderate demand. The Management has considered the global economic condltiais prevailing as at the date or approval or these financials results, and has used internal and external sources of Information to the extent determined by it. Based on Its assessment of business I economic conditions as on date, the Company expects to recover the carrying value of Its assets. The actual outcome or these assumptions and estimates may vary In future due to the Impact or the pandemic.
  • 1. During the quarter Company has provided for, Interest or' 14.13 crores ,being Interest payable on IGST free imports against Advance license used for IGST pald Exports deared under Rebate(refund). This pertains to period October 2018 to December 2020
  • 1. Others I unallocated' segment llabllltles In the segment Information Includes equity share capital and unallocated reserves excluding hedge reserve amounting to ' 1270.85 crore as at 31st December, 2020, ' 1179.51 crore as at 31st Maren. 2020 and' 1197.13 crore as at 31st December, 2019.
  • 1. The financial results of the Company are being forwarded to the Stock Exchanges (BSE and NSE) for uploading on their respective websites and the same are also made available on the Company's website viz .. www.apar.com
  • 1. Figures for previous penods have been regrouped, wherever necessary.

Place : M umbal Date: 4th February, 2021

(f In crore)

. APAR APAR INDUSTRIES LIMITED (AN ISO 9001:2000 COMPANY)

CIN : L91110GJ1989PLC012802

Registered Office : 301, Panorama Complex, R.C. Dutt Road, Vadodara. 390 007

website: www.apar.com ; email : com_sec@apar.com ; Tel : (91) (0265) 2339906, 2331935 ; Fax : (91) (0265) 2330309

STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER 2020

	,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,

		Consolidated
Sr.No.	Particulars	3 months ended			9 months ended		Financialyear ended
		31.12.202030.09.2020		31 .12.2019	31 .12.202031 .12.2019		31.03.2020
		Reviewed	Reviewed	Reviewed	Reviewed	Reviewed	Audited
	Revenue from operations
	I Sales Income	1.703.84	1.468 22	1,822 47	4,456 12	5,603 07	7,403.95
	11 Other Operating Income	10.35	12.46	14 16	3173	44 19	57.79
1	Re11enue from operallons	1.714.19	1,480 68	1,836 63	4,487.85	5,647 26	7,461 .74
2	Other income	3 11	2.96	1 38	7 27	7 30	8 41
3	Total Income (1+2)	1,717.30	1,483.64	1,838.01	4,495.12	5,654.56	7,470.15
4	Expenses
	(a) Cost of matenals consumed	1.238 13	1.088.41	1,351 76	3,115 89	4.303 45	5.767.26
	(bl Purchases of stock-In-trade	17 65	18 62	29 23	4618	65 34	148 60
	(c) Changes in in11entones of finished goods. work-to-progre ss and stock-in-trade	(22.21)	(28.18)	13 72	188 45	(S 57)	(164.82)
	(d) Employee benefits expense	36 01	41 11	40 57	117 75	124 55	168 83
	(e) Finance costs	36 91	29 57	51 80	113 63	176 03	227 65
	(I) Depreoa11on and amort1sa11on expense	23 46	23.11	22 45	69 38	64 05	8712
	(g) Other expenses	281.83	241.81	278 39	699 93	790 99	1,067.32
	Total expenses	1,611.78	1,414.45	1,787.92	4,351.21	5,518.84	7,301.96
	Less Trans fer to capital assets	0.21	0.18	0.14	0.56	112	1.22
	Net total expenses	1,611.57	1,414.27	1,787.78	4,350.65	5,517.72	7,300.74
5	Profit before tax (3-4)	105.73	69.37	50.23	144.47	136.84	169.41
6	Tax expense
	(a) Current Tax	23 08	8.10	13 56	3118	37 39	46 49
	(b) Deferred Tax	0.20	777	0 00	0 41	(1 2 37)	(12 33)
	(c) Tnxes of e:irl1er ye:irs						010
7	Profit before share In net profit (loss) of associates (5·6)	82.45	53.50	36.67	112.88	111 .82	135.15
	Share in net profit (loss) of assoaates	(000)			(000)
8	Profit for the period	82.45	53.50	36.67	112.88	111.82	135.15
9	Other comprehensive Income (OCI)
(A)	Items that will not be reclassified to profit or loss
	(1) Items that wtll not be reclassified to profit or loss	0 55	(0.30)	(0 2.2)	(004)	(0 65)	(117)
	(11) Income lax rela1ing to items that will not be redass1fied to profit or loss	(0 14)	0.08	005	0 01	0 16	0 30
(8)	Items that will be reclassified to profit or loss
	(i) Items that wtll be reclassified to profit or loss	(17.34)	21 .94	47 46	80.55	(12.02)	(109.54)
	(11) Income tax relating to items that will be reclassified to profit or loss	4 43	(5.45)	(11 91)	(19 85)	2 36	26 97
	other comprehensive Income (OCI)	(12.50)	16.27	35.38	60.67	(10.15)	(83.44)
10	Total comprehensive Income for the period/year (8+9)	69.95	69.77	72.05	173.55	101 .67	51 .71
	Profit for the period/year attributable to
	a) Owners of the Company	82.45	53.50	36 67	112 88	111 82	135 15
	b) Non-Controlling Interest
	Other comprehensive Income att.ributable to
	a) Owners of lhe Company	(12 50)	16.27	35 38	6067	(10.15)	(83 44)
	b) Nao-Controlling Interest
	Total comprehensive Income attributable to
	a) Owners of the Company	69 95	69.77	72 05	173 55	101 67	51 71
	b) Non-Controlling Interest	38 27	38 27	38 27	38 27	38.27	38.27
11	Paid-up equity share capital (Face value of the share f 10 each)Resenies eiccluding Revaluation Resenie						1,128 16
1213	Earnings Per Share (EPS) (f)
	• Basic and Diluted (not annualtsed for the quarter)	21 55	13 98	9.58	29 50	29 22	35 32

J~/ ~,.

UNAUDITED CONSOLIDATED SEGMENT-WISE REVENUE, RESULTS, ASSETS AND LIABILITIES UNDER REGULATION 33 OF THE LISTING REGULATIONS FOR THE QUARTER AND NllNE MONTHS ENDED 31ST DECEMBER 2020

						(₹ in crore)
Consolidated
Particulars	3 months ended			9 months ended	Financialyear ended
	31.12.2020	30.09.2020	31.12.2019	31.12.2020	31.12.2019	31.03.2020
	Reviewed	Reviewed	Reviewed	Reviewed	Reviewed	Audited
Segment Revenue
Conductors	737.38	628.42	868.32	2,074.86	2,785.95	3,624.01
Transformer and Speciality Oils	691.85	598.59	587.38	1,642.07	1,777.98	2,322.78
Power/Telecom Cable	321.99	254.07	391.32	825.81	1,154.13	1,600.84
Others	14.57	12.32	9.27	29.77	24.92	34.55
Total	1,765.79	1,493.40	1,856.29	4,572.51	5,742.98	7,582.18
Less: Inter-Segment Revenue	51.60	12.72	19.66	84.66	95.72	120.44
Gross Sales/ Income from operations	1,714.19	1,480.68	1,836.63	4,487.85	5,647.26	7,461.74
Segment Results before finance costs and tax
Conductors	32.11	31.24	40.40	77.92	117.23	157.57
Transformer and Speciality Oils	94.07	69.78	31.81	168.71	99.46	120.56
Power/Telecom Cable	19.46	3.86	36.02	25.13	117.20	154.59
Others	2.18	1.01	0.50	2.73	1.42	1.71
Total	147.82	105.89	108.73	274.49	335.31	434.43
Less : Finance costs	36.91	29.57	51.80	113.63	176.03	227.65
: Unallocable expenditure (net of income)	5.18	6.95	6.70	16.39	22.44	37.37
Profit before tax	105.73	69.37	50.23	144.47	136.84	169.41
Segment Assets
Conductors	1,826.18	1,639.20	1,730.66	1,826.18	1,730.66	1,925.94
Transformer and Speciality Oils	1,273.56	1,245.43	1,389.05	1,273.56	1,389.05	1,398.81
Power/Telecom Cable	993.88	944.00	1,153.44	993.88	1.153.44	1,211.37
Others/Unallocable	217.38	114.94	105.02	217.38	105.02	117.68
Total	4,311.00	3,943.57	4,378.17	4,311.00	4,378.17	4,653.80
Segment Liabilities
Conductors	1,399.17	1,264.35	1,456.43	1,399.17	1,456.43	1,608.55
Transformer and Speciality Oils	834.19	848.81	973.17	834.19	973.17	1,000.81
Power/Telecom Cable	491.72	323.43	532.95	491.72	532.95	573.07
Others/Unallocable	1,585.92	1,506.98	1,415.62	1,585.92	1,415.62	1,471.37
Total	4,311.00	3,943.57	4,378.17	4,311.00	4,378.17	4,653.80

otes:-

• 1. This Statement has been prepared 1n accordance with the Companies (Indian Accounung Standards) Rules, 2015 (as amended) (Ind AS), prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable
• 1. The abow Consolidated unaudited financial results were rel.'lewed by the Audit Committee of Directors and approwd by the Board of Directors at their respecti1111 meetings held on 4th February, 2021. The Statutory Auditors of the Company ha\18 earned out a limited rel.'lew of the abow consolidated results for the quarter and nine months ended 31st December. 2020 and ha\18 issued an unmodified audit opinion on the said financial reslAts
• 1. Operations dunng the third quarter recowred from the economic slowdown caused bythe Col.'ld-19 pandemic The Company l s continuing its operabons in all the business units with current moderate demand The Management has considered the global economic conditions prevailing as at the date of approval of these financial s results. and has used internal and external sources of information to the extent determined by It Based on its assessment of business I economic conditions as on date, the Company expects to recowr the carrying value ol its assets The actual outcome of these assumptions and estimates may vary in future due to the impact of the pandemic
• 1. Ounng the quarter Company has provided for.Interest of ' 14.13 crores ,being Interest payable on IGST free Imports against Advance License used for IGST paid Exports cleared under Rebate(refund) This pertains to period October 2018 to December 2020
• 1. Others I unallocated' segment liabiliues in the segment information includes equity share capital and unallocated resef\18s excluding hedge reserw amounting to' 1362 51 crore as at 31st December 2020. ' 1254 19 crore as at 31st March,2020 and' 1269.78 crore as at 31st December,2019.
• 1. The financial results of the Company are betng forwarded to the Stock Exchanges (BSE and NSE) for uploading on their respecllw websites and the same are also made available on the Companys website VIZ. www.apar.com
• 1. Figures for pre,.ous penods/year ha\18 been regrouped, where1111r necessary

Place : Mumbai Date: 4th February, 2021

Chartered Accountants

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.: +91-22-6623 0600

lndeoendent Auditor's Review Reoort on Unaudited Standalone Financial Results of the Company for the nine months ended 3151 December 2020 pursuant to Regulation 33 of t he SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

To the Board of Directors of Apar Industries Limited

• 1. We have reviewed the accompanying Statement of Unaudited Standalone Financial Results ot Apar Industries l imited ("the Company" ) for the nine months ended 3l51 December 2020 ("the Statement") attached herewith, being submitted by the Company pursuant to the requirement ot Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015, as amended ("the Listing Regulations" ).
• 1. This Statement, which is the responsibility ot the Company' s Management and approved by the Board ot Directors at their meeting held on 4m February 2021, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 ("Ind AS 34" ) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, " Review ot Interim Financial lntormation Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statement is free of material misstatement. A review ot interim tinancial information consists of making inquiries, primarily of persons responsible tor 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 specitied under section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware ot all significant matters that might be identified in an audit. Accordingly, we do not express an auait opinion.

1. Based on our review conduct ed as above, nothing has come to our attention that causes us to believe that the accompanying Statement of Unaudited Standalone Financial Results prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting St andards ('Ind AS') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which, it is to be disclosed, or that it contains any material misstatement.

For CNK & Associates LLP

Himanshu Kishnadwa la Partner Membership No. 037391 UDIN: 21037391AAAAAR6229

Place: Mumbai Date: 4th February 2021

-&~~f-3(~

CNI< &Associates LLP

Chartered Accountants

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.: +91-22-6623 0600

Independent Auditor's Review Report on Unaudited Consolidated Financial Results of the Company for the nine months ended 31st December 2020 pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

To the Board of Directors of Apar Industries limited

• 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Apar Industries Limited ("the Pa rent") and its 4 subsidiaries and an associate (the Parent, its subsidiaries and the associate together referred to as "the Group") for the nine months ended 3pt December, 2020 ("the Statement") attached herewith, being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015, as amended (the "List ing Regulations").
• 1. 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 4m February 2021, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 ("Ind AS 34") "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read w ith relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statement is free of material misstatement. A review of rntenm 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 specified under section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the Securities Exchange Board of India under Regulation 33 (8) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, to the extent

1. lhe statement includes results ot the tollowing entities:

!	~~. 1 Name of the entity	I RelationshioI
11	! Apar Industries Limited	I Holding Company
2	Petroleum Specialities Pte. Limited (PSPL)	Wholly owned subsidiary
3	Petroleum Specialities FZE	Wholly owned subsidiary ofPSPL
4	Apar Transmission & Distribution Projects PrivateLimited	Wholly owned subsidiary
5	Apar Distribution & Logistics Private Limited	Wholly owned subsidiary
6	Ampoil Apar Lubricants Private Limited	19thAssociate(fromSeptember 2020)

• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the considerations referred to in paragraphs 6 to 8 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.
• 1. We did not review the financial result of 3 subsidiaries included in the Unaudited Consolidated Financial Results, whose unaudited financial results reflect total revenue of Rs. 153.61 crores and 363.06 crores, total net profit after tax of Rs. 14.93 crores and 21.29 crores and total comprehensive income of Rs. 15.19 crores and Rs. 21.93 crores for the quarter and nine months ended 3l5l December 2020 respectively as considered in the Unaudited Consolidated Financial Results. These financial results of the 3 subsidiaries have been reviewed by other auditors, 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 3 above.

Our conclusion on the Unaudited Consolidated Financial Results is not modified with respect ot the above matter.

1. We did not review the financial result of a 1 subsidiary included in the Unaudited Consolidated Financial Results, whose unaudited financial results reflect total revenue of Rs. 0.11 crores and 0.78 crores, total net loss after tax of Rs. (0.03) crores and (0.09) crores and total comprehensive income (loss) of Rs. (0.03) crores and Rs. (0.09) crores for the ~~~i"A-<~1hs ended 315 c December 2020 respectively as considered in the

Unaudited Consolidated Financial Results. The financial results of the said subsidiary, which have been certified by management of that Company, have been furnished to us and our conclusion, in so far as it relates to the amounts and disclosures included in respect of the said subsidiary, is based solely on such financial results certified by the management of that Company. According to the information and explanations given to us by the management, the Unaudited Financial Results of the said subsidiary are not material to the Group.

Our conclusion on the Unaudited Consolidated Financial Results is not modified with respect of the above matter.

1. The Unaudited Consolidated Financial Results includes the unaudited financial results of an associate which includes share of net loss after tax of Rs. 0.00* and Rs. 0.00* and total comprehensive loss of Rs. 0.00* and Rs. 0.00* for the quarter and nine months 315 December 2020 respectively, as considered in the statement, in respect of the said associate. These financia l resu lts have been reviewed by other auditors 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 the said associate, is based solely on the report of the other auditors and the procedures performed by us as stated in paragraph 3 above.

Our conclusion on the Unaudited Consolidated Financial Results is not modified in respect of the above matters.

* Amount less than Rupees One lac

For CNK & Associates LLP

Chartered Accountants Firm Registration No. 101961W/W-100036

Himanshu Kishnadwala Partner Membership No. 037391 UDIN: 21037391AAAAAS9556

Place: Mumbai Date: 4 th February 2021