Bajaj Electricals Ltd. — Interim / Quarterly Report 2022

Aug 11, 2021

August 11, 2021

==> picture [169 x 56] intentionally omitted <==

To, BSE Limited Department of Corporate Services Phiroze Jeejeebhoy Towers Dalal Street Mumbai 400 001

: Code No. 500031

National Stock Exchange of India Limited

Listing Department Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai 400 051

: BAJELEC - Series: EQ BAJ21-Series B NCDs INE193E08020 BAJ22 -Series C NCDs INE193E08012

Dear Sir/Madam,

Re.: Unaudited financial results of Bajaj Electricals Limited (“the Company”) for the first quarter ended June 30, 2021

We refer to our letter dated August 11, 2021, whereby the Company has published its unaudited financial results for the first quarter ended June 30, 2021, and have to inform you that, due to some technical glitch, the data at few places was not reflecting properly. We regret the inconvenience caused and enclose herewith a scanned copy of the said results for your ready reference.

We request you to take the above on record.

Thanking you,

Yours Faithfully, For Bajaj Electricals Limited AJAY Digitally signed by AJAY SURESH SURESH NAGLE Date: 2021.08.11 NAGLE 16:57:28 +05'30' Ajay Nagle EVP and Head – Legal & Company Secretary

Encl. as above

Regd. Office: 45/47, Veer Nariman Road, Mumbai 400 001. Tel.: 022-61497000 Email ID: legal@bajajelectricals.com Website: www.bajajelectricals.com Corporate Identity Number (CIN): L31500MH1938PLC009887

August 11, 2021

==> picture [45 x 39] intentionally omitted <==

Bajaj Electricals Ltd. !P1sph�/#fl · 7;;usf

To,

BSE Limited

: Code No. 500031

Department of Corporate Services Phiroze Jeejeebhoy Towers Dalal Street Mumbai 400 001

National Stock Exchange of India Limited

Listing Department Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai 400 051

: BAJELEC - Series: EQ BAJ21-Series B NCDs INE193E08020 BAJ22 -Series C NCDs INE193E08012

Dear Sir/Madam,

Sub.: Unaudited financial results of Bajaj Electricals Limited (the "Company") for the first quarter endedJune 30,2021

Further to our letter dated August 3, 2021 and pursuant to the provisions of Regulations 30 and 33 (read with Part A of Schedule Ill) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("SEBI Listing Regulations"), we enclose herewith the following:

• a. Statement of Unaudited Standalone and Consolidated Financial Results of the Company for the first quarter ended June 30, 2021, along with Limited Review Reports by the Auditors' thereon, which were approved and taken on record by the Board of Directors of the Company in its meeting held today i.e. on August 11, 2021; and

• b. Press Release.

The said meeting commenced at 1:00 p.m. and concluded at 1.50 p.m.

We request you to take the above on record; put up the same on your Notice Board for the information of members and general public; and treat the same as compliance under the applicable provisions of the SEBI Listing Regulations.

Thanking you,

Yours Faithfully, For Bajaj Electricals Limited AJAY SU RESH �;t�•��;���e�:�LE NAGLE �t,�e3!�2�0��3�� Ajay Nagle EVP and Head- Legal & Company Secretary

Encl.: As above.

Regd. Office: 45/47, Veer Nariman Road, Mumbai 400 001. Tel.: 022-61497000 Email ID: legal@baiajelectricals.comWebsite:www.bajajelectricals.com Corporate Identity Number (CIN): L31500MH1938PLC009887

OLLP

12th Floor, The R uby 29 Senapati Bapat Marg Dadar (West), Mumbai. 400 028, India Tel: +91 22 6819 8000

==> picture [74 x 8] intentionally omitted <==

Independent Auditor's Review Report on the Quarterly Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to

The Board of Directors

Bajaj Electricals Limited

• 1 . We have reviewed the accompanying statement of unaudited standalone financial results of Bajaj Electricals Limited (the "Company") for the quarter ended June 30, 2021 (the "Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").

• This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (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.

• 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 Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

• Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in 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.

For S R B C & CO LLP Chartered Accountants ICAI Firm registration number: 324982E/E300003 VI KRAM Digitally signed by VIKRAM MEHTA MEHTA 13:29:51 +05'30' Date: 2021 .08. 1 1 per Vikram Mehta Partner Membership number.: 105938 UDIN: 21105938AAAAFR7405 Mumbai, August 11, 2021

Page 1 of 1

SRBC & CO LLP, a Limited Liability Partnership with LLP Identity No. AAB-4318 Regd. Office: 22, Ca mac Street, Block 'B', 3[rd ] Floor, Kolkata - 700 016

Bajaj Electricals Ltd.

CIN : L31500MH1938PLC009887

Registered Office: 45/47, Veer Nariman Road, Mumbai - 400 001 Tel. 022-61497000 Website : http://wv\lW.bajajelectricals.com Email : legal@bajajelectricals.com

STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2021

		(Rs. In Lakhs except per share data) Quarter ended Year Ended 30-Jun-21 30-Jun-20 31-Mar-21 31-Mar-21 (Unaudited) (Unaudited) (Audited) (Audited) (refer note 4l 84,228 60,352 124,165 453,564 1,051 422 1,283 3,742 85,279 60,774 125,48 457,306 1,327 779 3,179 7,269 86,606 61,553 128,627 464,575 7,791 1,732 13,617 29,379 39,220 26,930 89,857 297,245 6,317 11,173 (18,003) (26,970) 3,757 3,889 3,676 24,369 10,195 9,829 10,061 38,828 1,444 1,724 1,629 6,926 17,285 9,299 19,075 64,301 1,466 2,687 1,062 7,555 87475 67,263 120,974 41,633 (869 (5,710 7,653 22,942 - (1,471 295 (1,176) (869 (4,239 7 358 24 118 (226) (1,758) 282 4,761 0 236 1,472 993 (226 (1,522 1 754 5 754 (643' {2,717' 5 604 18 364 (39' (1,327 900 '860 (39' (1,327) 900 (860 {604' 11 3901 4 704 19 224 2,293 2,275 2,291 2,291 157,361 159,477 (0.56 (2.39 4.9C 16.08 (0.56) (2.39 4.8€ 16.02 (0.56 (3.68 5.15 15.05 (0.56 {3.68 5.1' 15.00	(Rs. In Lakhs except per share data) Quarter ended Year Ended 30-Jun-21 30-Jun-20 31-Mar-21 31-Mar-21 (Unaudited) (Unaudited) (Audited) (Audited) (refer note 4l 84,228 60,352 124,165 453,564 1,051 422 1,283 3,742 85,279 60,774 125,48 457,306 1,327 779 3,179 7,269 86,606 61,553 128,627 464,575 7,791 1,732 13,617 29,379 39,220 26,930 89,857 297,245 6,317 11,173 (18,003) (26,970) 3,757 3,889 3,676 24,369 10,195 9,829 10,061 38,828 1,444 1,724 1,629 6,926 17,285 9,299 19,075 64,301 1,466 2,687 1,062 7,555 87475 67,263 120,974 41,633 (869 (5,710 7,653 22,942 - (1,471 295 (1,176) (869 (4,239 7 358 24 118 (226) (1,758) 282 4,761 0 236 1,472 993 (226 (1,522 1 754 5 754 (643' {2,717' 5 604 18 364 (39' (1,327 900 '860 (39' (1,327) 900 (860 {604' 11 3901 4 704 19 224 2,293 2,275 2,291 2,291 157,361 159,477 (0.56 (2.39 4.9C 16.08 (0.56) (2.39 4.8€ 16.02 (0.56 (3.68 5.15 15.05 (0.56 {3.68 5.1' 15.00	(Rs. In Lakhs except per share data) Quarter ended Year Ended 30-Jun-21 30-Jun-20 31-Mar-21 31-Mar-21 (Unaudited) (Unaudited) (Audited) (Audited) (refer note 4l 84,228 60,352 124,165 453,564 1,051 422 1,283 3,742 85,279 60,774 125,48 457,306 1,327 779 3,179 7,269 86,606 61,553 128,627 464,575 7,791 1,732 13,617 29,379 39,220 26,930 89,857 297,245 6,317 11,173 (18,003) (26,970) 3,757 3,889 3,676 24,369 10,195 9,829 10,061 38,828 1,444 1,724 1,629 6,926 17,285 9,299 19,075 64,301 1,466 2,687 1,062 7,555 87475 67,263 120,974 41,633 (869 (5,710 7,653 22,942 - (1,471 295 (1,176) (869 (4,239 7 358 24 118 (226) (1,758) 282 4,761 0 236 1,472 993 (226 (1,522 1 754 5 754 (643' {2,717' 5 604 18 364 (39' (1,327 900 '860 (39' (1,327) 900 (860 {604' 11 3901 4 704 19 224 2,293 2,275 2,291 2,291 157,361 159,477 (0.56 (2.39 4.9C 16.08 (0.56) (2.39 4.8€ 16.02 (0.56 (3.68 5.15 15.05 (0.56 {3.68 5.1' 15.00
Sr.No.	Particulars	Quarter ended Year Ended
		30-Jun-21	30-Jun-20 31-Mar-21 31-Mar-21
		(Unaudited)	(Unaudited) (Audited) (Audited) (refer note 4l
1 Revenue from operations a) Gross sales 'b) Other operating income !otal Revenue from operations 2 �ther income 3 Total Income (1 + 2) 4 Expenses a) Cost of raw materials consumed (refer note 6) b) Purchase of traded goods (refer note 6) c) Changes in inventories of finished goods, work-in-progress and traded goods d) Erection & Subcontracting Expenses e) Employee benefits expense (refer note 6) f) Depreciation and amortisation expense g) Other expenses (refer note 6) (h) Finance Costs Total Expenses 5 Profit / (loss) before exceptional items and tax (3 - 4) 6 Exceptional Items (refer note 2) 7 _rofitI(loss) before tax (5 - 6) 8 !Tax Expense !urrent Tax Deferred Tax lotal Tax Expense / (Income) 9 Net Profit/ {Loss) for the period / year (7 - 8) 10 Other comprehensive (income)/ loss, net of income tax Items that will not be reclassified to profit or loss (net of tax) (refer note 2) lotal other comprehensive {income) / loss, net of income tax 11Total comprehensive income/ (loss) for the period/ vear (9- 10)		84,228 1,051 85,279	60,352 124,165 453,564 422 1,283 3,742 60,774 125,48 457,306
		1,327	779 3,179 7,269
		86,606	61,553	128,627 464,575
		7,791 39,220 6,317 3,757 10,195 1,444 17,285 1,466	1,732 26,930 11,173 3,889 9,829 1,724 9,299 2,687	13,617 29,379 89,857 297,245 (18,003) (26,970) 3,676 24,369 10,061 38,828 1,629 6,926 19,075 64,301 1,062 7,555
		87475 67,263		120,974 41,633
		(869 (5,710 - (1,471		7,653 22,942 295 (1,176)
		(869 (4,239 7 358 24 118
		(226) (1,758) 282 4,761 0 236 1,472 993
		(226 (1,522 1 754 5 754
		(643' {2,717' 5 604 18 364
		(39' (1,327 900 '860 (39' (1,327) 900 (860
		{604' 11 3901 4 704 19 224
12 Paid-up equity share capital (Face value of Rs. 2/-) 13 Reserve excluding revaluation reserves 14 Netorth 15 Earnings per share after exceptional items (not annualised) (Face value of Rs. 2/-) (a) Basic (b) Diluted Earnings per share before exceptional items (not annualised) (Face value of Rs. 2J-) (a) Basic 11b) Diluted		2,293 2,275 2,291 2,291 157,361 159,477 (0.56 (2.39 4.9C 16.08 (0.56) (2.39 4.8€ 16.02 (0.56 (3.68 5.15 15.05 (0.56 {3.68 5.1' 15.00

Notes to the standalone financial results:

1) Execution of Control Transfer Agreement: The Company, at its meeting held on Friday, April 30, 2021 ("Effective Date"),executed the Control Transfer Agreement ("CTA") with (i) Shri Ravindra Bharati and Shri Arvind Bharati (collectively, the "Outgoing Promoters"), who, along with the Company, were promoters I joint promoters of Starlite Lighting Limited ("SLL"), (ii) some other shareholders of SLL (related to the outgoing promoters or belonging to their business group), and (iii) SLL • to terminate the Shareholders Agreement dated February 22, 2007 by and between the outgoing promoters, company and SLL; and • to record the agreed terms and conditions for the relinquishment and transfer of the joint control and management rights of SLL by the outgoing promoters in favour of the Company such that the Company shall have the sole control and management rights of SLL from the start of the business hours on the Effective Date. In consideration of the said relinquishment and transfer of joint control and management rights of SLL by outgoing promoters in favour of the Company, the Company will pay an aggregate control premium of Rs.1,480 lakhs, plus GST as applicable, to the outgoing promoters, subject to the terms and conditions of the said CTA. Subsequently, SLL is consolidated as a subsidiary from April 1, 2021. Execution of Share Subscription Agreement: With the approval granted by the Board of the Company at its Meeting, the Share Subscription Agreement ("SSA") has been executed on April 30, 2021 (after the execution of CTA) by and amongst: (i) the Company, (ii) SLL, (iii) Shri Ravindra Bharati, and (iv) Shri Arvind Bharati, for subscribing to the 4,50,00,000 Equity Shares of SLL ("Subscription Shares") by the Company and/or by its identified purchaser(s) at a price of Rs.10/- per Equity Share, which are to be issued on a private placement/ preferential allotment basis, subject to the approval of the board of directors and shareholders of SLL. 2) During the quarter ended June 30, 2020, the Hon'ble National Company Law Tribunal, Mumbai Bench vide its order dated May 21, 2020 had approved the scheme of arrangement for demerger of the manufacturing undertaking of the Hind Lamps Limited (associate of the Company) into the Company, which had been filed with the Registrar of Companies on June 30, 2020. The Company had accounted for the demerger as a business combination under Ind AS 103 as per the Scheme and accounted for the fair value of assets and liabilities acquired on a provisional basis on June 30, 2020. Consequently, the Company had derecognised its existing 19% of the proportionate investment in the manufacturing undertaking of Hind Lamps Limited, resulting in a gain of Rs 1,176.12 lakhs which has been disclosed as an exceptional items in the above standalone financial results for the year ended March 31, 2021. As per the Ind AS 103 and the Scheme, the difference of Rs 165.18 lakhs, between the fair value of the assets acquired, liabilities assumed and the consideration has been credited to other comprehensive income for the year ended March 31, 2021 and accumulated in equity as capital reserve as on March 31, 2021 in the above standalone financial results. As on June 30, 2020, the Company had recognised Rs. 1,471.25 lakhs as gain in exceptional items and Rs. 1,423.34 lakhs were credited in other comprehensive income. Subsequently, for the quarter ended March 31, 2021, the Company has recognised Rs. 295.13 lakhs debit and Rs. 1,258.16 lakhs in exceptional items and other comprehensive income, respectively. 3) The Company has made an assessment of the impact of continuing COVID-19 pandemic on it current and future operations, liquidity position and cash/low giving due consideration to internal and external factors. The Company is continously monitoring the situation and does not foresee any significant impact on its operations and the financial position as at June 30, 2021. 4) The figures of the quarter ended March 31, 2021 are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures upto the third quarter of the financial year, which were subjected to a limited review. 5) The above results have been reviewed by the Audit Committee and approved by the Board of Directors in their respective meetings held on August 11, 2021. 6) Previous period/ year figures have been regrouped/ reclassified where necessary. 7) These standalone financial results are available on the Company's website viz. www.bajajelectricals.com and on the websites of BSE (www.bseindia.com) and NSE (www.nseindia.com).

Bajaj Electricals Limited

CIN : L31500MH1938PLC009887

Registered Office: 45/47, Veer Nariman Road, Mumbai -400 001

Tel. 022-61497000 Website : http://www.bajajelectricals.com Email : legal@bajajelectricals.com

STANDALONE SEGMENTWISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER ENDED 30th JUNE 2021

	Quarter ended 30-Jun-21 30-Jun-20 31-Mar-21 (Audited) (Unaudited) (Unaudited) (refer note 4) 61,319 39,437 97,119 23,952 21,331 28,317 8 6 12 85,279 60,774 125,4 1,547 1,054 8,508 (1,334 (4,369) (793) (13 (12) (8 200 (3,327) 7,707 1,466 2,687 1,062 (397 (304 (1,008' (869 (5,710 7,653 - (1471 295 (869' (4,239' 7,358 145,509 121,520 158,543 176,071 232,578 193,386 48 127 133 86,392 68,426 72,947 408,020 422,651 425,009 106,181 99,941 122,654 71,361 95,168 82,708 - - - 70,093 89,024 59,174 247,635 284,133 264,536 (Rs. In Lakhs 31-Mar-21 (Audited) 330,354 126,893 59 457,306 32,401 (5,413) (28) 26,960 7,555 (3,537 22,942 (1,176 24,118 158,543 193,386 133 72,947 425,009 122,654 82,708 - 59,174 264,536	Quarter ended 30-Jun-21 30-Jun-20 31-Mar-21 (Audited) (Unaudited) (Unaudited) (refer note 4) 61,319 39,437 97,119 23,952 21,331 28,317 8 6 12 85,279 60,774 125,4 1,547 1,054 8,508 (1,334 (4,369) (793) (13 (12) (8 200 (3,327) 7,707 1,466 2,687 1,062 (397 (304 (1,008' (869 (5,710 7,653 - (1471 295 (869' (4,239' 7,358 145,509 121,520 158,543 176,071 232,578 193,386 48 127 133 86,392 68,426 72,947 408,020 422,651 425,009 106,181 99,941 122,654 71,361 95,168 82,708 - - - 70,093 89,024 59,174 247,635 284,133 264,536 (Rs. In Lakhs 31-Mar-21 (Audited) 330,354 126,893 59 457,306 32,401 (5,413) (28) 26,960 7,555 (3,537 22,942 (1,176 24,118 158,543 193,386 133 72,947 425,009 122,654 82,708 - 59,174 264,536
Sr. No. Particulars	Quarter ended 30-Jun-21 30-Jun-20 31-Mar-21 (Audited) (Unaudited) (Unaudited) (refer note 4) 31-Mar-21 (Audited)
	30-Jun-21 (Unaudited)
		(Audited) (Unaudited) (refer note 4) (Audited)
1 2 !EGMENT REVENUE I) Consumer Products J) EPC K) Others Revenue from Operations SEGMENT PROFIT/ (LOSS) BEFORE TAX & FINANCE COST I) Consumer Products ') EPC K) Others ,�ess: I) Finance Cost B)Other un-allocable expenditure net of unallocable income Profit / (loss) before exceptional items and tax Exceptional items (refer note 2) Profit/ (loss) before tax	61,319 23,952 8
3 4 Segment Assets A) Consumer Products B)EPC q Others D) Unallocable assets Total Segment Liabilities A) Consumer Products B)EPC C) Others D)Unallocable liabilities including borrowings Total
	408,020 106,181 71,361 - 70,093
	247,635

Note:

The Company has, pursuant to the provisions of Ind AS 108, identified its business segments as its primary reportable segments, which comprises of Consumer Products, EPC and Others. "Consumer Products" includes Appliances, Fans, Consumer Lighting Products and Morphy Richards. "EPC" includes Transmission Line Towers, Power Distribution and Illumination Projects. "Others" includes Wind Energy.

Place : Mumbai Date : August 11, 2021

By Order of the Board of Directors for Bajaj Electricals Limited Digitallysigned SHEKHA bySHEKHAR BAJAJ R BAJAJ[Date: 2021.08.11 ] 13:16:16 +05'30' Shekhar Bajaj Chairman and Managing Director

OLLP

12th Floor, The Ruby 29 Senapati Bapat Marg Dadar (West), Mumbai. 400 028, India Tel: +91 22 6819 8000

==> picture [75 x 6] intentionally omitted <==

Independent Auditor's Review Report on the Quarterly Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to

The Board of Directors

Bajaj Electricals Limited

1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Bajaj Electricals Limited (the "Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group") and its associate for the quarter ended June 30, 2021 (the "Statement") attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").

2. This Statement. which is the responsibility of the Holding Company's Management and approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (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.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the Circular No. CIR/CFD/CMD1/44/2019 dated March 29, 2019 issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.

4.	S Thetatement includes the results of the following entities:
	Name of entity Relationship
	Bajaj Electricals Limited Parent Company
	NirlepAppliancesPrivate Limited Subsidiary
	Starlite Liqhtinq Limited Subsidiary Hind Lamps Limited Associate

1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with 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.

Page 1 of 2

SRBC & CO LLP, a Limited Liability Partnership with LLP Identity No. AAB-4318 Regd. Office: 22, Camac Street, Block 'B', 3,d Floor, Kolkata - 700 016

Charte,d f.c:,::oumants

OLLP

Bajaj Electricals Limited Consolidated Limited Review Report

1. The accompanying Statement includes unaudited interim financial results and other unaudited financial information in respect of:

2. 1 subsidiary, whose interim financial results and other financial information reflect total revenues of Rs 1,002.34 lakhs, total net loss after tax of Rs. 422.70 lakhs, total comprehensive loss of Rs. 424. 7 4 lakhs, for the quarter ended June 30. 2021.

3. 1 associate, whose interim financial results includes the Group's share of net profit of Rs. 0.00 lakhs Group's share of total comprehensive income of Rs. 0.00 lakhs for the quarter ended June 30, 2021.

The unaudited interim financial results and other unaudited financial information of the these subsidiary and associate have not been reviewed by their auditor and have been approved and furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the affairs of these subsidiary and associate, is based solely on such unaudited interim financial results and other unaudited financial information. According to the information and explanations given to us by the Management, these interim financial results are not material to the Group.

Our conclusion on the Statement in respect of matters stated in para 6 is not modified with respect to our reliance on the work done and the financial results certified by the Management.

For S R B C & CO LLP Chartered Accountants ICAI Firm registration number: 324982E/E300003

VIKRAM Digitally signed by VIKRAM MEHTA MEHTA 13:30:34 +05'30' Date: 2021.08.11 per Vikram Mehta Partner Membership number.: 105938 UDIN: 21105938AAAAFS5345 Mumbai, August 11, 2021

Page 2 of 2

SRBC & CO LLP, a Limited Liability Partnership with LLP Identity No. AAB-4318 Regd. Office: 22, Camac Street, Block 'B', 3'" Floor, Kolkata - 700 016

Bajaj Electricals Ltd.

CIN : L31500MH1938PLC009887

Registered Office: 45/47. Veer Nariman Road, Mumbai - 400 001

Tel. 022-61497000 Website : http://www.oajajelectricals.com Email : legal@bajajelectricals.com

CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED 30th JUNE 2021

			(Rs.InLakhs exceptpershare data)	(Rs.InLakhs exceptpershare data)
Sr.No.		Particulars	Quarer ended Year Ended 30-Jun-21 30-Jun-20 31-Mar-21 31-Mar-21
			(Unaudited)	(Unaudited) (Audited) (Audited) (refer note 4)
1 2 3 4 5 6 7 B 9 10 11 12 13 14		Revenue fom operations (a) Gross sales (b) Other operating income Total Revenue from operations Other income Total Income (1 + 2) Expenses (a) Cost of raw materials consumed (refer note 6) (b) Purchase of traded goods (refer note 6) (c) Changes in inventories of finished goods, work-in-progress and traded goods (d) Erection & Subcontracting Expenses (e) Employee benefits expense (refer note 6) (f) Depreciation and amortisation expense (g) Other expenses (refer note 6) (h) Finance Costs Total Expenses Profit I (loss) before exceptional items, share of profit I (loss) of an associate and a joint venture and tax (3 - 4) Exceptional Items (refer note 2) Profit I (loss) before share of profit I (loss) of an associate and a joint venture and tax (5 - 6) Share of profit / (loss) of an associate and a joint venture Profit I (loss) before tax (7 + 8) Tax Expense Current Tax Deferred Tax Total Tax Expense I (Income) Net Profit I {Loss) for the period/ year (9 - 10) Other comprehensive (income)/ loss, net of income tax Items that will not oe reclassified to profit or loss (net of tax) (refer note 2) Total other comprehensive (income) / loss, net of income tax Total comprehensive income I(loss) for theperiod(11 - 12)	84,504 1,181	60,405 124,556 454,690 424 1,291 3,771
			85.685	60,829 125,847 458,461
			852	705 3,073 6,920
			**86 537 **	61,534 128,920 465 381
			10,391 1,939 15,892 35.015 36,960 26,739 87,733 291,613 5,732 11,152 (18,179 (27,073) 3,758 3,889 3,677 24,371 10,625 9,965 10,252 39,451 1,729 1,861 1,787 7,516 18,163 9,320 19,208 64,767 2,320 2,719 1,077 7,643
			89,678 67,584 121,47 443,303
			13,141 (6,050' 7,473 22,078
			(2,844' 295 {2,549
			(3,141' (3,206 7,178 24,627 -
			13,141 13,2061 7,178 24 627
			(244) (1,758) 282 4,761 1400 212 1 470 970
			~~(6~~' (1 546 1 752 5 731
			12.4971 (1,660 5 426 18,896 137' 11,327 896 C66
			(37' (1,327 896 (866
			12,460' (333 4 530 19 762
	Net Profit /(Loss) attrioutable to: -Owners - Non-controlling interests Total comprehensive income_I_(loss) attributable to: -Owners - Non-controllinginterests		(2,187) (1,593 5,460 19,055 (310) (67 (3) (159 (2,150) (266) 4,563 19,920 1310' (67 (33) !1581
15 16 17 18	Paid-up equity share capital (Face value of Rs. 2/-) Reserve excluding revaluation reserves Netorth Earnings per share after exceptional items (not annualised) (Face value of Rs. 2/-) (a) Basic (b) Diluted Earnings per share before exceptional items (not annualised) (Face value of Rs. 2/-) (a) Basic (b)Diluted		2,293 2,275 2,291 2,291 154,711 156,826 (2.18 (1.46 4.74 16.54 (2.18 (1.46 4.72 16.49 (2.18 (3.96, 5.00 14.31 12.18 (3.96 4.98 14.26

Notes to the consolidated financial results:

1) Execution of Control Transfer Agreement:

The Parent Company, at its meeting held on Friday, April 30, 2021 ("Effective Date"),executed the Control Transfer Agreement ("CTA") with (i) Shri Ravindra Bharati and Shri Arvincl Bharati (collectively, the "Outgoing Promoters"), who, along with the Parent Company, were promoters/ joint promoters of Starlite Lighting Limited ("SLL"), (ii) some other shareholders of SLL (related to the outgoing promoters or belonging to their business group), and (iii) SLL

• to terminate the Shareholders Agreement dated February 22, 2007 by and between the outgoing promoters, Parent Company and SLL; and

• to record the agreed terms and conditions for the relinquishment and transfer of the joint control and management rights of SLL by the outgoing promoters in favour of the Parent Company such that the Parent Company shall have the sole control and management rights of SLL from the start of the business hours on the Effective Date.

In consideration of the said relinquishment and transfer of joint control and management rights of SLL by outgoing promoters in favour of the Parent Company, the Parent Company will pay an aggregate control premium of Rs. 1,480 lakhs, plus GST as applicable, to the outgoing promoters, subject to the terms and conditions of the said CTA.

Subsequently, SLL is consolidated as a subsidiary from April 1, 2021. Further, the Group has accounted for the acquisition as a business combination under Ind AS 103 and accounted the fair value of assets and liabilities acquired on April 1, 2021. Accordingly, the Group has recognised goodwill on a provisional basis of Rs. 16,356.74 lakhs.

Execution of Share Subscription Agreement:

With the approval granted by the Board of the Parent Company at its Meeting, the Share Subscription Agreement ("SSA") has been executed on April 30, 2021 (after the execution of CTA) by and amongst: (i) the Parent Company, (ii) SLL, (iii) Shri Ravindra Bharati, and (iv) Shri Arvind Bharati, for subscribing to the 4,50,00,000 Equity Shares of SLL ("Subscription Shares") by the Parent Company and/or by its identified purchaser(s) at a price of Rs.10/- per Equity Share, which are to be issued on a private placement/ preferential allotment basis, subject to the approval of the board of directors and shareholders of SLL.

• 2) During the quarter ended June 30, 2020, the Hon'ble National Company Law Tribunal, Mumbai Bench vide its order dated May 21, 2020 hac approved the scheme of arrangement for demerger of the manufacturing undertaking of the Hind Lamps Limited (associate of the Paren Company) into the Parent Company, which has been filed with the Registrar of Companies on June 30, 2020. The Parent Company hac accounted for the demerger as a business combination under Ind AS 103 as per the Scheme and accounted for the fair value of assets anc liabilities acquired on a provisional basis on June 30, 2020. Consequently, the Parent Company has derecognised its existing 19% of the proportionate investment in the manufacturing undertaking of Hind Lamps Limited, resulting in a gain of Rs 2,548.60 lakhs which has beer disclosed as an exceptional items in the above consolidated financial results for the year ended March 31, 2021. As per the Ind AS 103 and the Scheme, the difference of Rs 165.18 lakhs, between the fair value of the assets acquired, liabilities assumed and the consideration has beer credited to other comprehensive income for the year ended March 31, 2021 and accumulated in equity as capital reserve as on March 31, 2021 ir the above consolidated financial results.

As on June 30, 2020, the Group had recognised Rs. 2,843.73 lakhs as gain in exceptional items and Rs. 1,423.34 lakhs were credited in other comprehensive income. Subsequently, for the quarter ended March 31, 2021, the Group has recognised Rs. 295.13 lakhs debit and Rs. 1,258.16 lakhs in exceptional items and other comprehensive income, respectively.

• 3) The group has made an assessment of the impact of continuing COVID-19 pandemic on it current and future operations, liquidity position and cashflow giving due consideration to internal and external factors. The Company is continously monitoring the situation and does not foresee an� significant impact on its operations and the financial position as at June 30, 2021.

• 4) The figures of the quarter ended March 31, 2021 are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures upto the third quarter of the financial year, which were subjected to a limited review.

• 5) The above results have been reviewed by the Audit Committee and approved by the Board of Directors in their respective meetings held or August 11, 2021.

• 6) Previous period / year figures have been regrouped/ reclassified where necessary.

• 7) These consolidated financial results are available on the Company's website viz. w .bajajelectricals.com and on the websites of BSE (www.bseindia.com) and NSE (www.nseindia.com).

Bajaj Electricals Limited

CIN : L31500MH1938PLC009887

Registered Office: 45/47, Veer Nariman Road, Mumbai -400 001 Tel. 022-61497000 Website : http://www.bajajelectricals.com Email : legal@bajajelectricals.com

CONSOLIDATED SEGMENTWISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER ENDED 30th JUNE 2021

FOR THE QUARTER ENDED 30th JUNE	FOR THE QUARTER ENDED 30th JUNE	2021	2021
				(Rs. in Lakhsl
		Quarter ended		Year Ended
Sr. No. Particulars		30-Jun-21 30-Jun-20	31-Mar-21 (Audited) (refer note 4)		31-Mar-21 (Audited)
		(Unaudited) (Unaudited)
1 2 3 4	SEGMENT REVENUE A) Consumer Products B)EPC C) Others Revenue from Operations SEGMENT PROFIT/ (LOSS) BEFORE TAX & FINANCE COST A) Consumer Products B)EPC C) Others Less: A) Finance Cost B) Other un-allocable expenditure net of unallocable income Profit/ (loss) before exceptional items, share of profit/ (loss) of an associate and a joint venture and tax Exceptional Items (refer note 2) Profit/ (loss) before share of profit / (loss) of an associate and a joint venture and ta Share of profit/ (loss) of an associate and a joint venture Profit / (loss) before tax Segment Assets A) Consumer Products B) EPC C) Others D) Unallocable assets Total Segment Liabilities A) Consumer Products B)EPC C) Others D) Unallocable liabilities including borrowings Total*	61,726 39,492 23,952 21,331 8 6	97,518 28,317 12		331,508 126,893 60
		85,686 60,829 604 821 (1,334) (4,369) (13) (12) 125,847 8,450 (793) (9)			458,461 31,974 (5,413) (28)
		(743) (3,560) 2,320 2,719 78 (229) (3,141) (6,050) (2,844) 7,648 1,077 (902) 7,473 295			26,533 7,643 (3,188 22,078 (2,549
		(3,141, (3,206) (3,141] (3,206) 180,086 128,927 176,071 232,578 48 127 69,568 62,532 425,773 424,164 113,369 102,814 71,361 95,168 - 87,492 89,730 272,222 287,712 7,178 7,178 167,498 193,386 133 65,755 426,772 126,378 82,708 - 59,864 268,950			24,627 .
					24,627 167,498 193,386 133 65,755
		425,773 424,164 113,369 102,814 71,361 95,168 - 87,492 89,730 272,222 287,712			426,772 126,378 82,708 - 59,864
					268,950
* pertains to consumer products segment Note: The Group has, pursuant to the provisions of Ind AS 108, identified its business segments as its primary reportable segments, which comprises of Consumer Products, EPC and Others. "Consumer Products" includes Appliances, Fans, Consumer Lighting Products and Morphy Richards. ''EPC" includes Transmission Line Towers, Power Distribution and Illumination Projects. "Others" includes Wind Energy.
Place : Mumbai Date : August 11, 2021 By Order of the Board of Directors for Baja Electricals Limited SH E KH Digitally signed AbySHEKHAR BAJAJ R BAJAJDate:2021.08.11 I 3: I 6:54 +05'30' Shekhar Bajaj Chairman and Managing Director

• pertains to consumer products segment

Note:

The Group has, pursuant to the provisions of Ind AS 108, identified its business segments as its primary reportable segments, which comprises of Consumer Products, EPC and Others. "Consumer Products" includes Appliances, Fans, Consumer Lighting Products and Morphy Richards. ''EPC" includes Transmission Line Towers, Power Distribution and Illumination Projects. "Others" includes Wind Energy.

By Order of the Board of Directors for Bajaj Electricals Limited Digitally signed SH E KH A bySHEKHAR BAJAJ R BAJAJ Date:2021.08.11 I 3: I 6:54 +05'30' Place : Mumbai Shekhar Bajaj Date : August 11, 2021 Chairman and Managing Director

Bajaj Electricals Limited

CIN: L31500MH1938PLC009887

Registered Office: 45/47, Veer Nariman Road, Mumbai -400 001

Tel. 022-61497000 Website : http://www.bajajelectricals.com Email : legal@bajajelectricals.com

CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED 30th JUNE 2021

	(Rs. In Lakhs except per share data'
Sr. No. PARTICULARS	Quarter ended Year Ended 30-Jun-21 30-Jun-20 31-Mar-21 31-Mar-21
	(Unaudited) (Unaudited) (Audited) (Audited) 85,685 60,829 125,847 458,461 (3,141) (6,050) 7,473 22,078 (3,141) (3,206 7,178 24,627 (2,497) (1,660) 5,426 18,896 (2,460) (333) 4,530 19,762 2,293 2,275 2,291 2,291 154,711 156,826 (2.18; (1.46' 4.74 16.54 (2.18) (1.46, 4.72 16.49 (2.18; (3.96; 5.00 14.31 (2.18) (3.96) 4.98 14.26
1 2 5 6 7 � Total income from operations Net Profit / (Loss) for the period (before tax, Exceptional and/or Extraordinary Items) Net Profit / (Loss) for the period before tax (after Exceptional and/or Extraordinary Items) Net Profit /(Loss) for period the after tax (after Exceptional and/or Extraordinary Items) Total Comprehensive Income for the period [Comprising Profit / (Loss) for he period (after tax) & Other Comprehensive Income (after tax)) Equity Share Capital Reserves (excluding Revaluation Reserve) as shown in the Audited Balance Sheet of the previous year Networth 1arnings per share after exceptional items (not annualised) (Face value of Rs.21-) Basic: Piluted: �arnings per share before exceptional items (not annualised) (Face value !f Rs. 2/-) Basic: Diluted:

Key numbers of Standalone Financial Results

Sr. PARTICULARS No.			Rs. In Lakhs
		Quarter ended	Year Ended 31-Mar-21 (Audited)
		30-Jun-21 30-Jun-20 31-Mar-21
		(Unaudited) (Unaudited) (Audited)
1 jotal income from operations 2 Net Profit / (Loss) for the period before tax (after Exceptional and/or Extraordinary Items) 3 Net Profit /(Loss) for the period after tax (after Exceptional and/or �xtraordinar Items)		85,279 60,774 125,448 (869) (4,239) 7,358 (643' (2,717' 5,604	457,306 24,118 18,364

The above information has been extracted from the detailed consolidated unaudited financial results for the quarter ended 30th June 2021 which have been reviewed by the Audit Committee, approved by the Board of Directors and filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of the said financial results are available on the Stock Exchange websites, www.nseindia.com and www.bseindia.com and on the Company's website w .bajajelectricals.com.

By order of the Board of Directors for Bajaj Electricals Limited

Place: Mumbai Date : August 11, 2021

1 s H E KHA ��g��� rt��;:J by R BAJAJ �;,�•, !�[2] :���3�� Shekhar Bajaj Chairman & Managing Director

==> picture [142 x 34] intentionally omitted <==

PRESS RELEASE

==> picture [101 x 13] intentionally omitted <==

----- Start of picture text -----

Bajaj Electricals Limited
----- End of picture text -----

==> picture [100 x 19] intentionally omitted <==

August 11, 2021

Bajaj Electricals Posts Q1 Results Consumer Products (CP) Revenues up 56%, with positive EBIT

Bajaj Electricals Ltd has declared its results for the quarter ended June 30, 2021

For the first quarter of 2021-22, the Company has achieved Sales/income from operations of Rs. 857 Cr. as against Rs. 608 Cr., an increase of 40.9% over the first quarter of the previous year. For the quarter, the company has made loss before exception items and tax of Rs. 31 Cr. as against loss before exception items and tax of Rs. 61 Cr. in the corresponding first quarter of the previous year.

For the quarter, Consumer Products (CP) segment of the Company has earned total revenue of Rs. 617 Cr. as against Rs. 395 Cr., a growth of 56.3% over the corresponding quarter of the previous year. CP recorded an EBIT of Rs. 6 Cr. as against Rs. 8 Cr., a de-growth of 26.4% over the corresponding first quarter of the previous year. EPC segment has achieved a total revenue of Rs. 240 Cr. as against Rs. 213 Cr., registering a growth of 12.3% over the corresponding quarter of the previous year. EPC recorded a loss of Rs. 13 Cr. as against loss of Rs. 44 Cr. over the corresponding first quarter of the previous year.

For the quarter ended June 30, 2021, the Company generated positive Cashflow from Operations of Rs. 39 Cr. Net Debt stand at Rs. 656 Cr. including the debt taken over during the quarter as a result of the acquisition of Starlite Lighting Limited. Debt repayment trajectory remains intact.

Mr. Shekhar Bajaj, Chairman and Managing Director of Bajaj Electricals Limited, said "While this quarter's results are impacted by the second wave of COVID-19 and the rise in commodity prices, we have maintained our strategic direction and focus. The Consumer Products business continues to enjoy top-line growth and the EBIT margin for this quarter factors in the impact of various one-off or not-comparable costs and investments made. We remain confident of maintaining our margin expansion in the coming quarters. Our EPC segment has reduced its loss, while continuing to focus on execution and working capital. Even in a challenging quarter, we have continued to generate positive Cashflow from Operations. With demand picking up, we remain confident to deliver to our overall strategy and goals."

The order book as on July 1, 2021 stands at Rs. 888 Cr., comprising of Rs. 498 Cr. for Transmission Line Towers, Rs. 69 Cr. for Power Distribution, and Rs. 321 Cr. for Illumination Projects.