Bajaj Electricals Ltd.

May 25, 2021

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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,

Sub.: Outcome of the Meeting of the Board of Directors of Bajaj Electricals Limited (“Company”) held on Tuesday, May 25, 2021

[Meeting Commencement time: 12.00 noon; Meeting Conclusion time: 1:40 p.m.]

A. Financial Results

Pursuant to the provisions of Regulations 30 (read with Para A of Schedule III) and 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“ SEBI Listing Regulations ”), we wish to inform you that the Board of Directors of the Company (“ Board ”) at its Meeting held on Tuesday, May 25, 2021 (“ Meeting ”), has approved the Audited Standalone and Consolidated Financial Results of the Company for the fourth quarter and the year ended March 31, 2021 (“ Financial Results ”), along with Auditor’s Reports thereon.

The copies of the said Financial Results, along with the Auditor’s Reports thereon, are enclosed herewith. We also enclose herewith following documents:

i. A declaration that the Auditor’s Reports submitted are with unmodified opinion (free from any qualifications).
ii. Press Release on the said Financial Results.
iii. A statement confirming no deviation(s) or variation(s) in the use of the proceeds of the Company’s Unsecured Listed Redeemable Non-Convertible Debentures as per the provisions of Regulation 52(7) of the SEBI Listing Regulations.

B. Fund Raising

The Board at its Meeting has also approved a proposal to obtain an enabling approval of shareholders, at their ensuing annual general meeting, to borrow funds from time to time (if required) by way of offer of securities, including but not limited to issuance of secured/unsecured redeemable Non-Convertible Debentures or Commercial Papers, upto an amount not exceeding Rs.300 crore to the eligible investors on a private placement basis, in one or more tranches, considering the prevailing money market conditions at the time of borrowing.

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

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C. Holding of Annual General Meeting (“AGM”) of the Company

Given the unprecedented times due to COVID-19 pandemic in the country, the Ministry of Corporate Affairs, vide its circulars dated May 5, 2020, April 8, 2020, April 13, 2020 and January 13, 2021; and the Securities and Exchange Board of India (SEBI), vide its circulars dated May 12, 2020 and January 15, 2021, have permitted the holding of the AGM through Video Conferencing (“ VC ”)/Other Audio Visual Means (“ OAVM ”), without the physical presence of the Members at a common venue.

In view of the above, the 82[nd] AGM of the Company will be held on Wednesday, August 11, 2021, at 3:00 P.M. through VC/OAVM.

We request you to take the above on record and treat the same as compliance under the applicable provisions of the SEBI Listing Regulations.

Thanking you,

Yours Faithfully, For Bajaj Electricals Limited

Digitally signed by AJAY SURESH AJAY SURESH NAGLE NAGLE Date: 2021.05.25 13:40:45 +05'30' Ajay Nagle EVP and Head – Legal & Company Secretary

Encl.: As above.

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Independent Auditor’s Report on the Quarterly and Year to Date Audited Standalone Financial Results of the Company Pursuant to the Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To The Board of Directors of Bajaj Electricals Limited

Report on the audit of the Standalone Financial Results

Opinion

We have audited the accompanying statement of quarterly and year to date Standalone financial results of Bajaj Electricals Limited (the “Company”) for the quarter ended March 31, 2021 and for the year ended March 31, 2021 (“Statement”), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 and 52 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. is presented in accordance with the requirements of the Listing Regulations in this regard; and
ii. gives a true and fair view in conformity with the applicable accounting standards and other accounting principles generally accepted in India, of the net profit and other comprehensive income and other financial information of the Company for the quarter ended March 31, 2021 and for the year ended March 31, 2021.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013, as amended (“the Act”). Our responsibilities under those Standards are further described in the “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 together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.

Management’s Responsibilities for the Standalone Financial Results

The Statement has been prepared on the basis of the Standalone annual financial statements. The Board of Directors of the Company are responsible for the preparation and presentation of the Statement that gives a true and fair view of the net profit and other comprehensive income of the Company and other financial information in accordance with the applicable accounting standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with 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 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 Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Page 1 of 3

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Limited Review Report of Standalone Financial Results of Bajaj Electricals Limited

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

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

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

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is 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 the Statement.

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 Statement, 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 control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.

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

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

Page 2 of 3

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Limited Review Report of Standalone Financial Results of Bajaj Electricals Limited

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

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

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per Vikram Mehta Partner Membership Number: 105938 UDIN: 21105938AAAADA6265 Mumbai; May 25, 2021

Page 3 of 3

CIN : L31500MH1938PLC009887 Registered Office: 45/47, Veer Nariman Road, Mumbai - 400 001 Tel. 022-61497000 Website : http://www.bajajelectricals.com Email : [email protected]

STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2021

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(Rs. In Lakhs except per share data)
Quarter ended Year ended
31-Mar-21 31-Dec-20 31-Mar-20 31-Mar-21 31-Mar-20
Sr.No. Particulars
(Audited) (Unaudited) (Audited) (Audited) (Audited)
(refer note 9) (refer note 9)
1 Revenue from operations
(a) Gross sales 124,165 148,410 129,218 453,564 492,926
(b) Other operating income 1,283 1,257 742 3,742 4,783
Total Revenue from operations 125,448 149,667 129,960 457,306 497,709
2 Other income (refer note 6) 3,179 2,335 1,941 7,269 5,263
3 Total Income (1 + 2) 128,627 152,002 131,901 464,575 502,972
4 Expenses
(a) Cost of raw materials consumed (refer note 12) 13,617 7,242 6,594 29,379 27,342
(b) Purchase of traded goods (refer note 12) 89,857 100,233 84,534 297,245 296,999
(c) Changes in inventories of finished goods, work-in-progress
and traded goods (18,003) (9,139) (859) (26,970) 8,797
(d) Erection & Subcontracting Expenses 3,676 6,843 9,347 24,369 31,063
(e) Employee benefits expense (refer note 12) 10,061 9,322 9,781 38,828 39,602
(f) Depreciation and amortisation expense 1,629 1,806 1,815 6,926 6,801
(g) Other expenses (refer note 12) 19,075 20,413 17,218 64,301 73,213
(h) Finance Costs 1,062 1,643 3,576 7,555 16,916
Total Expenses 120,974 138,363 132,006 441,633 500,733
5 Profit / (loss) before exceptional items and tax (3 - 4) 7,653 13,639 (105) 22,942 2,239
6 Exceptional Items (refer note 3) 295 - - (1,176) -
7 Profit / (loss) before tax (5 - 6) 7,358 13,639 (105) 24,118 2,239
8 Tax Expense (refer note 7)
Current Tax 282 3,921 (385) 4,761 119
Deferred Tax 1,472 (363) 280 993 2,133
Total Tax Expense / (Income) 1,754 3,558 (105) 5,754 2,252
9 Net Profit / (Loss) for the period / year (7 - 8) 5,604 10,081 - 18,364 (13)
10 Other comprehensive (income) / loss, net of income tax
Items that will not be reclassified to profit or loss (net of tax)
(refer note 3) 900 (185) 554 (860) 854
Total other comprehensive (income) / loss, net of income
tax 900 (185) 554 (860) 854
11 Total comprehensive income / (loss) for the period / year
(9 - 10) 4,704 10,266 (554) 19,224 (867)
12 Paid-up equity share capital (Face value of Rs. 2/-) 2,291 2,288 2,275 2,291 2,275
13 Reserve excluding revaluation reserves 157,361 134,842
14 Networth 159,490 137,108
15 Debenture redemption reserve 3,750 4,625
16 Earnings per share after exceptional items (not annualised)
(Face value of Rs. 2/-)
(a) Basic 4.90 8.82 0.00 16.08 (0.01)
(b) Diluted 4.88 8.80 0.00 16.02 (0.01)
Earnings per share before exceptional items (not annualised)
(Face value of Rs. 2/-)
(a) Basic 5.15 8.82 0.00 15.05 (0.01)
(b) Diluted 5.14 8.80 0.00 15.00 (0.01)
17 Debt Equity Ratio 0.29 0.69
Debt Service Coverage Ratio 0.98 1.25
Interest Service Coverage Ratio 4.53 1.19
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Notes to the standalone financial results:

1) In FY 2018-19, the Company had issued 1,850 unsecured listed redeemable non-convertible debentures (NCDs) of Rs.10,00,000/- each, aggregating to Rs.18,500 lacs, on private placement basis, having following 3 options :

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Option Listed on ISIN
Option A – 350 NCDs (Date of redemption : February 19, 2021) * National Stock Exchange of INE193E08038
Option B – 750 NCDs (Date of redemption: August 20, 2021) India Limited (NSE) INE193E08020
Option C – 750 NCDs (Date of redemption : February 18, 2022) INE193E08012
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The said tranche has been repaid on February 18, 2021 As on March 31, 2021, the Asset Cover Ratio of the Company was 3.77 times.
2) On February 17, 2021, based on the review of the latest developments, the Rating Committee of ICRA, after due consideration has revised the long-term rating to [ICRA]A (pronounced ICRA A) from [ICRA]A- (pronounced ICRA A minus). The Rating Committee of ICRA, after due consideration has also revised the short-term rating to [ICRA]A1 (pronounced ICRA A one) from [ICRA]A2+ (pronounced ICRA A two plus). The Outlook on the long-term rating is Stable.
3) 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 has 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. The Company has in this quarter finalised the same. Consequently, the Company has 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.

4) 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 / 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 has become a subsidiary of the Company w.e.f. the Effective Date (i.e. April 30, 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.

Initiation of a study to explore the possibility of a merger of SLL into the Company:

The Board of the Company, at its Meeting, has decided to commence an evaluation of a potential merger of SLL into the Company with a view to combine the strengths and synergies of both businesses so as to benefit all stakeholders and accordingly authorised some of the Directors and Officials of the Company (“BEL Management”) to commence the evaluation / exploratory process.

5) The outbreak of COVID-19 globally and in India has caused significant disturbances and slow-down of economic activity. The Company’s operations were impacted in the months of March 2020 and April 2020 due to temporary suspension of manufacturing facilities, sales and distribution and execution of EPC contracts following nationwide lockdown announced by the Government of India. The Company thereafter, has resumed operations at its manufacturing units at Chakan and Ranjangaon, branches, and at all warehouses across the country including its EPC sites. The Company continues to assess the recoverability of the carrying amount of its assets through consideration of various internal and external information and has concluded that these carrying amounts are recoverable as on March 31, 2021. With normalisation of business from the quarter ended September 30, 2020, the performance of the consumer products and the EPC segment for the quarter ended March 31, 2021 is comparable to the quarter performance of the previous period.
6) Other income for the quarter ended December 31, 2020 and year ended March 31, 2021 in the above standalone financial results includes profit on sale of ownership premises held for sale of Rs 1,742.51 lakhs.
7) The Company had re-computed the tax expense as per the tax regime announced under section 115BAA of the Income Tax Act, 1961. Accordingly, (a) the provision for current and deferred tax was determined at the rate of 25.17%, and (b) the deferred tax assets and deferred tax liabilities as on April 1, 2019 were restated at the rate of 25.17%. As a result, the tax expense for the year ended March 31, 2020 in the above standalone financial results was higher by Rs. 1,662.82 lakhs.
8) The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post-employment benefits received Presidential assent on September 28, 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.
9) The figures of the quarter ended March 31, 2021 and March 31, 2020 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 relevant financial year, which were subjected to a limited review.
10) The ratios have been calculated as below:

Debt Equity Ratio : Total borrowings (including current maturities of long term borrowings) / Total equity. Total borrowings exclude lease liabilities disclosed separately.

Debt Service Coverage Ratio : (Net Profit / (Loss) for the period + Exceptional Items + Finance Costs + Depreciation and amortisation expense - Lease Instalments) / (Finance Costs - Interest on lease liability + Long term borrowings scheduled principal repayments during the period).

Interest Service Coverage Ratio : (Profit / (Loss) before tax + Finance Costs + Depreciation of Right of Use assets – Lease Instalments) / (Finance Costs - Interest on lease liability).

Asset Cover Ratio : net assets / total debt. Net assets is calculated as total assets - deferred tax assets - right of use assets - current liabilities (excluding short term borrowings, current maturities of long term borrowings and current lease liabilities). Total debt includes total non-current liabilities excluding lease liabilities + short term borrowings + current maturities of long term borrowings.

11) The above results have been reviewed by the Audit Committee and approved by the Board of Directors in their respective meetings held on May 25, 2021.
12) Previous period / year figures have been regrouped / reclassified where necessary.
13) 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 Ltd.

CIN : L31500MH1938PLC009887

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

Tel. 022-61497000 Website : http://www.bajajelectricals.com Email : [email protected]

STATEMENT OF ASSETS AND LIABILITIES AS AT 31ST MARCH, 2021

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(Rs. In Lakhs)
Standalone
As at 31st Mar As at 31st Mar
Particulars
2021 2020
(Audited) (Audited)
ASSETS
Non-Current Assets
Property, plant and equipment 27,147 28,088
Capital work in progress 1,002 937
Right-of-use assets 6,123 12,047
Intangible assets 213 285
Intangible assets under development 782 157
Investment property 12,600 -
Investments in subsidiary, associate and joint venture 3,315 4,000
Financial Assets
i)Investments 470 1,286
ii)Trade receivables 40,471 48,755
iii)Loans 11,145 4,187
iv)Other financial assets 2,946 2,684
Deferred tax assets (net) (refer note 7) 5,249 4,531
Current tax assets (net) 7,559 9,739
Other non-current assets 10,994 10,340
Total Non-Current Assets 130,016 127,036
Current Assets
Inventories 97,105 69,077
Financial Assets
i)Trade receivables 151,151 204,899
ii)Cash and cash equivalents 4,563 10,161
iii)Bank balances other than (ii) above 1,593 308
iv)Loans 1 3
v)Other current financial assets 390 480
Other current assets 33,042 33,047
Contract assets 6,861 10,593
294,706 328,568
Assets classified as held for sale 287 250
Total Current Assets 294,993 328,818
Total Assets 425,009 455,854
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(Rs. In Lakhs)
Standalone
As at 31st Mar As at 31st Mar
Particulars
2021 2020
(Audited) (Audited)
EQUITY & LIABILITIES
EQUITY
Equity share capital 2,291 2,275
Other Equity 158,170 135,651
Share application money pending allotment 12 0
Total Equity 160,473 137,926
LIABILITIES
Non-Current Liabilities
Financial Liabilities
i) Borrowings 2,458 7,991
i) Lease liabilities 2,211 7,317
iii) Other financial liabilities 84 201
Provisions 2,095 2,238
Employee Benefit Obligations 6,764 7,100
Total Non-Current Liabilities 13,612 24,847
Current Liabilities
Financial Liabilities
i) Borrowings 23,420 65,757
ii) Lease liabilities 1,653 2,546
iii) Trade payables
a) Total outstanding dues of micro enterprises & small enterprises 10,977 7,421
b) Total outstanding dues of other than micro enterprises & small enterprises 83,434 82,609
iv) Other current financial liabilities 74,187 67,028
Provisions 8,966 8,735
Employee benefit obligations 1,183 2,062
Current tax liabilities (net) 2,382 963
Contract liabilities 20,546 37,046
Other current liabilities 24,176 18,914
Total Current Liabilities 250,924 293,081
Total Liabilities 264,536 317,928
Total Equity & Liabilities 425,009 455,854
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Bajaj Electricals Limited

CIN : L31500MH1938PLC009887

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

Tel. 022-61497000 Website : http://www.bajajelectricals.com Email : [email protected]

STANDALONE CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH 2021

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(Rs in Lakhs)
Year ended March 31, Year ended March 31,
Particulars
2021 2020
(Audited) (Audited)
Cash flow from operating activities
Profit before income tax 24,118 2,239
Adjustments for:
Depreciation and amortisation expense 6,926 6,801
Employee share-based payment expense 422 521
(Gain)/Loss on disposal of property, plant and equipment (2,257) (28)
Measurement of financial assets held at fair value through Profit or Loss (117) 38
Measurement of financial assets and liabilities held at amortised cost (229) (463)
Measurement of provisions at fair value (341) (310)
-
Derecognition of investment in associate pursuant to merger (1,176)
-
Impairment of property, plant & equipment (25)
Finance costs 7,555 16,916
Interest income (2,265) (1,661)
Impairment allowance for doubtful debts & advances (net of write back) (1,224) (1,991)
Bad debts and other irrecoverable debit balances written off 3,016 349
34,428 22,386
Change in operating assets and liabilities:
(Increase)/decrease in trade receivables (current & non-current) 60,432 62,566
(Increase)/decrease in financial and other assets (current & non-current) (384) 10,882
(Increase)/decrease in inventories (27,260) 13,026
Increase/(decrease) in trade payables, provisions, employee benefit obligations, other financial (89) (41,611)
liabilities and other liabilities (current & non-current)
Cash generated from operations 67,127 67,249
Income taxes paid (net of refunds) (1,157) (4,508)
Net cash inflow from operating activities 65,970 62,741
Cash flows from investing activities
Purchase of property, plant and equipment including capital work in progress and capital (2,146) (2,921)
advances
Purchase of intangible assets including intangible assets under development (819) (14)
Proceeds from sale of property, plant and equipment including advances received 1,983 97
Loans and advances given to subsidiary, associate and joint venture (8,698) (2,577)
Loans and advances repaid by subsidiary, associate and joint venture - 344
Purchase of investments (0) (161)
(Increase)/decrease in bank deposits (2,219) 116
Interest received 848 494
Net cash used in from investing activities (11,051) (4,622)
Cash flows from financing activities
Proceeds from issues of shares (net of issue expenses) 1,049 34,817
Proceeds from borrowings 1,724 29,519
Repayment of borrowings (53,881) (92,629)
Payment of lease liabilities (2,709) (2,207)
Interest paid (6,704) (14,256)
-
Dividends paid to Company’s shareholders (3,585)
-
Tax on dividend paid (737)
Net cash used in from financing activities (60,521) (49,078)
Net increase / (decrease) in cash and cash equivalents (5,602) 9,041
Cash and cash equivalents at the beginning of the financial year 10,161 1,120
Acquired on business combination 4 -
Cash and cash equivalents at end of March 31, 2021 4,563 10,161
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Bajaj Electricals Limited

CIN : L31500MH1938PLC009887

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

Tel. 022-61497000 Website : http://www.bajajelectricals.com Email : [email protected]

STANDALONE SEGMENTWISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2021

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(Rs. In Lakhs)
Quarter ended Year ended
Sr. 31-Mar-21 31-Dec-20 31-Mar-20 31-Mar-21 31-Mar-20
Particulars
No. (Audited) (Audited)
(Unaudited) (Audited) (Audited)
(refer note 9) (refer note 9)
1 SEGMENT REVENUE
A) Consumer Products 97,119 114,937 74,569 330,354 308,462
B) EPC 28,317 34,718 55,380 126,893 189,176
C) Others 12 12 11 59 71
Revenue from Operations 125,448 149,667 129,960 457,306 497,709
2 SEGMENT PROFIT BEFORE TAX & FINANCE COST
(PROFIT(+) / LOSS (-))
A) Consumer Products 8,508 14,388 4,756 32,401 20,823
B) EPC (793) (908) (2,337) (5,413) (3,462)
C) Others (8) (14) (25) (28) (15)
7,707 13,466 2,394 26,960 17,346
Less:
A) Finance Cost 1,062 1,642 3,576 7,555 16,916
B) Other un-allocable expenditure net of unallocable income (1,008) (1,815) (1,077) (3,537) (1,809)
Profit before exceptional items and tax 7,653 13,639 (105) 22,942 2,239
295 - - -
Exceptional items (refer note 3) (1,176)
Profit before tax 7,358 13,639 (105) 24,118 2,239
3 Segment Assets
A) Consumer Products 158,543 147,644 141,812 158,543 141,812
B) EPC 193,386 206,726 251,816 193,386 251,816
C) Others 133 146 128 133 128
D) Unallocable assets 72,947 72,654 62,098 72,947 62,098
Total 425,009 427,170 455,854 425,009 455,854
4 Segment Liabilities
A) Consumer Products 122,654 136,463 103,696 122,654 103,696
B) EPC 82,708 80,778 110,445 82,708 110,445
- - - - -
C) Others
D) Unallocable liabilities including borrowings 59,174 54,785 103,787 59,174 103,787
Total 264,536 272,026 317,928 264,536 317,928
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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 : May 25, 2021

By Order of the Board of Directors for Bajaj Electricals Limited Shekhar Bajaj Chairman and Managing Director

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

To The Board of Directors of Bajaj Electricals Limited

Report on the audit of the Consolidated Financial Results

Opinion

We have audited the accompanying statement of quarterly and year to date consolidated financial results of Bajaj Electricals Limited (“Holding Company”) and its subsidiary (the Holding Company and its subsidiary together referred to as “the Group”), its associates and joint venture for the quarter ended March 31, 2021 and for the year ended March 31, 2021 (“Statement”), attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations”)

In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of the other auditors on separate audited financial statements of an associate, the Statement:

i. includes the results of the following entities; Name of the Entity Bajaj Electricals limited Nirlep Appliances Private Limited Starlite Lighting Limited Hind Lamps Limited	i. includes the results of the following entities; Name of the Entity Bajaj Electricals limited Nirlep Appliances Private Limited Starlite Lighting Limited Hind Lamps Limited
	Name of the Entity	Relationship
	Bajaj Electricals limited	Parent
	Nirlep Appliances Private Limited	Subsidiary
	Starlite Lighting Limited	Joint Venture
	Hind Lamps Limited	Associate

ii. are presented in accordance with the requirements of the Listing Regulations in this regard; and
iii. gives a true and fair view in conformity with the applicable accounting standards, and other accounting principles generally accepted in India, of the consolidated net profit and other comprehensive income and other financial information of the Group for the quarter ended March 31, 2021 and for the year ended March 31, 2021.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs), as specified under Section 143(10) of the Companies Act, 2013, as amended (“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, its associates and joint ventures in accordance with the ‘Code of Ethics’ issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in “Other Matter” paragraph below, is sufficient and appropriate to provide a basis for our opinion.

Page 1 of 4

Limited Review Report of Consolidated Financial Results of Bajaj Electricals Limited

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Management’s Responsibilities for the Consolidated Financial Results

The Statement has been prepared on the basis of the consolidated annual financial statements. The Holding Company’s Board of Directors are responsible for the preparation and presentation of the Statement that give a true and fair view of the net profit and other comprehensive income and other financial information of the Group including its associates and joint ventures in accordance with the applicable accounting standards prescribed under section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Board of Directors of the companies included in the Group and of its associates and joint ventures are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and its associates and joint ventures 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 Statement 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 the Statement by the Directors of the Holding Company, as aforesaid.

In preparing the Statement, the respective Board of Directors of the companies included in the Group and of its associates and joint ventures are responsible for assessing the ability of the Group and of its associates and joint ventures 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 Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group and of its associates and joint ventures are also responsible for overseeing the financial reporting process of the Group and of its associates and joint ventures.

Auditor’s Responsibilities for the Audit of the 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 Statement, 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 control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

Page 2 of 4

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Limited Review Report of Consolidated Financial Results of Bajaj Electricals Limited

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 and its associates and joint ventures 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 Group and its associates and joint ventures to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within the Group and its associates and joint ventures of which we are the independent auditors to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of the financial information of such entities included in the Statement of which we are the independent auditors. For the other entities included in the Statement, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

We communicate with those charged with governance of the Holding Company and such other entities included in the Statement 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.

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

Other Matter

The accompanying Statement includes the financial statements of an associate whose financial statements include Group’s share of net profit and loss of Rs. 0.00 lakhs and Rs. 0.00 lakhs and Group’s share of total comprehensive income and loss of Rs. 0.00 lakhs and Rs. 0.00 lakhs for the quarter and for the year ended March 31, 2021 respectively, as considered in the Statement whose financial statements, other financial information have been audited by their respective independent auditors.

The independent auditor’s report on the financial statements of these entities have been furnished to us by the Management and our opinion on the Statement in so far as it relates to the amounts and disclosures included in respect of the associate is based solely on the reports of such auditors and the procedures performed by us as stated in paragraph above.

Our opinion on the Statement is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditor.

Page 3 of 4

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Limited Review Report of Consolidated Financial Results of Bajaj Electricals Limited

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

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

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per Vikram Mehta Partner Membership Number: 105938 UDIN: 21105938AAAACZ4670 Mumbai; May 25, 2021

Page 4 of 4

Bajaj Electricals Ltd.

CIN : L31500MH1938PLC009887

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

Tel. 022-61497000 Website : http://www.bajajelectricals.com Email : [email protected]

CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2021

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(Rs. In Lakhs except per share data)
Quarter ended Year ended
31-Mar-21 31-Dec-20 31-Mar-20 31-Mar-21 31-Mar-20
Sr.No. Particulars
(Audited) (Unaudited) (Audited) (Audited) (Audited)
(refer note 9) (refer note 9)
1 Revenue from operations
(a) Gross sales 124,556 148,749 129,327 454,690 493,890
(b) Other operating income 1,291 1,265 739 3,771 4,833
Total Revenue from operations 125,847 150,014 130,066 458,461 498,723
2 Other income (refer note 6) 3,073 2,243 1,691 6,920 4,615
3 Total Income (1 + 2) 128,920 152,257 131,757 465,381 503,338
4 Expenses
(a) Cost of raw materials consumed (refer note 12) 15,892 9,143 7,461 35,015 30,613
(b) Purchase of traded goods (refer note 12) 87,733 98,341 83,191 291,613 293,463
(c) Changes in inventories of finished goods, work-in-progress and traded
goods (18,179) (9,130) (943) (27,073) 8,886
(d) Erection & Subcontracting Expenses 3,677 6,844 9,350 24,371 31,066
(e) Employee benefits expense (refer note 12) 10,252 9,482 9,931 39,451 40,156
(f) Depreciation and amortisation expense 1,787 1,968 1,954 7,516 7,367
(g) Other expenses (refer note 12) 19,208 20,585 17,343 64,767 73,708
(h) Finance Costs 1,077 1,647 3,608 7,643 17,078
Total Expenses 121,447 138,880 131,895 443,303 502,337
5 Profit / (loss) before exceptional items, share of profit / (loss) of an
associate and a joint venture and tax (3 - 4) 7,473 13,377 (138) 22,078 1,001
6 Exceptional Items (refer note 3) 295 - - (2,549) -
7 Profit / (loss) before share of profit / (loss) of an associate and a joint
venture and tax (5 - 6) 7,178 13,377 (138) 24,627 1,001
8 Share of profit / (loss) of an associate and a joint venture - - (69) - (285)
9 Profit / (loss) before tax (7 + 8) 7,178 13,377 (207) 24,627 716
10 Tax Expense (refer note 7)
Current Tax 282 3,921 (385) 4,761 127
Deferred Tax 1,470 (363) 259 970 1,617
Total Tax Expense / (Income) 1,752 3,558 (126) 5,731 1,744
11 Net Profit / (Loss) for the period / year (9 - 10) 5,426 9,819 (81) 18,896 (1,028)
12 Other comprehensive (income) / loss, net of income tax
Items that will not be reclassified to profit or loss (net of tax) (refer note 3) 896 (184) 583 (866) 891
Total other comprehensive (income) / loss, net of income tax 896 (184) 583 (866) 891
13 Total comprehensive income / (loss) for the period (11 - 12) 4,530 10,003 (664) 19,762 (1,919)
14 Net Profit /(Loss) attributable to:
- Owners 5,460 9,867 (114) 19,055 (927)
- Non-controlling interests (34) (48) 33 (159) (101)
Total comprehensive income / (loss) attributable to:
- Owners 4,563 10,050 (697) 19,920 (1,816)
- Non-controlling interests (33) (47) 33 (158) (103)
15 Paid-up equity share capital (Face value of Rs. 2/-) 2,291 2,288 2,275 2,291 2,275
16 Reserve excluding revaluation reserves 154,711 131,741
17 Networth 156,839 134,006
18 Debenture redemption reserve 3,750 4,625
19 Earnings per share after exceptional items (not annualised) (Face value of
Rs. 2/-)
(a) Basic 4.74 8.59 (0.08) 16.54 (0.99)
(b) Diluted 4.72 8.57 (0.08) 16.49 (0.99)
Earnings per share before exceptional items (not annualised) (Face value of
Rs. 2/-)
(a) Basic 5.00 8.59 (0.08) 14.31 (0.99)
(b) Diluted 4.98 8.57 (0.08) 14.26 (0.99)
20 Debt Equity Ratio 0.30 0.71
Debt Service Coverage Ratio 0.97 1.21
Interest Service Coverage Ratio 4.36 1.11
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Notes to the consolidated financial results:

1) In FY 2018-19, the Parent Company had issued 1850 unsecured listed redeemable non-convertible debentures (NCDs) of Rs.10,00,000/- each, aggregating to Rs.18,500 lacs, on private placement basis, having following 3 options :

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The said tranche has been repaid on February 18, 2021

As on March 31, 2021, the Asset Cover Ratio of the Group was 3.63 times.

2) On February 17, 2021, based on the review of the latest developments, the Rating Committee of ICRA, after due consideration has revised the long-term rating to [ICRA]A (pronounced ICRA A) from [ICRA]A- (pronounced ICRA A minus). The Rating Committee of ICRA, after due consideration has also revised the short-term rating to [ICRA]A1 (pronounced ICRA A one) from [ICRA]A2+ (pronounced ICRA A two plus). The Outlook on the long-term rating is Stable.
3) 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 Parent Company) into the Parent Company, which has been filed with the Registrar of Companies on June 30, 2020. The Parent 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. The Group has in this quarter finalised the same. 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 been 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 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 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.

4) 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 Arvind 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 has become a subsidiary of the Parent Company w.e.f. the Effective Date (i.e. April 30, 2021)

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.

Initiation of a study to explore the possibility of a merger of SLL into the Parent Company:

The Board of the Parent Company, at its Meeting, has decided to commence an evaluation of a potential merger of SLL into the Parent Company with a view to combine the strengths and synergies of both businesses so as to benefit all stakeholders and accordingly authorised some of the Directors and Officials of the Parent Company (“BEL Management”) to commence the evaluation / exploratory process.

5) The outbreak of COVID-19 globally and in India has caused significant disturbances and slow-down of economic activity. The Group’s operations were impacted in the months of March 2020 and April 2020 due to temporary suspension of manufacturing facilities, sales and distribution and execution of EPC contracts following nationwide lockdown announced by the Government of India. The Group thereafter, has resumed operations at its manufacturing units at Chakan and Ranjangaon, branches, and at all warehouses across the country including its EPC sites. The Group continues to assess the recoverability of the carrying amount of its assets through consideration of various internal and external information and has concluded that these carrying amounts are recoverable as on March 31, 2021. With normalisation of business from the quarter ended September 30, 2020, the performance of the consumer products and the EPC segment for the quarter ended March 31, 2021 is comparable to the quarter performance of the previous period.
6) Other income for the quarter ended December 31, 2020 and year ended March 31, 2021 in the above consolidated financial results includes profit on sale of ownership premises held for sale of Rs 1,742.51 lakhs.
7) The Group had re-computed the tax expense as per the tax regime announced under section 115BAA of the Income Tax Act, 1961. Accordingly, (a) the provision for current and deferred tax was determined at the rate of 25.17%, and (b) the deferred tax assets and deferred tax liabilities as on April 1, 2019 were restated at the rate of 25.17%. As a result, the tax expense for the year ended March 31, 2020 in the above consolidated financial results, was higher by Rs. 1,395.29 lakhs.
8) The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post-employment benefits received Presidential assent on September 28, 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified. The Group will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.
9) The figures of the quarter ended March 31, 2021 and March 31, 2020 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 relevant financial year, which were subjected to a limited review.
10) The ratios have been calculated as below:

Debt Equity Ratio : Total borrowings (including current maturities of long term borrowings) / Total equity. Total borrowings exclude lease liabilities disclosed separately.

Interest Service Coverage Ratio : (Profit / (Loss) before tax + Finance Costs + Depreciation of Right of Use assets – Lease Instalments) / (Finance Costs - Interest on lease liability).

Asset Cover Ratio : net assets / total debt. Net assets is calculated as total assets - deferred tax assets - right of use assets - current liabilities (excluding short term borrowings and current maturities of long term borrowings) and current lease liabilities. Total debt includes total noncurrent liabilities excluding lease liabilities + short term borrowings + current maturities of long term borrowings.

11) The above results have been reviewed by the Audit Committee and approved by the Board of Directors in their respective meetings held on May 25, 2021.
12) Previous period / year figures have been regrouped / reclassified where necessary.
13) These consolidated 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 Ltd.

CIN : L31500MH1938PLC009887

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

Phone: 022-22043780 Fax:022-22851279

Website : http://www.bajajelectricals.com Email : [email protected]

STATEMENT OF ASSETS AND LIABILITIES AS AT 31ST MARCH 2021

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(Rs. In Lakhs)
Consolidated
Particulars As at 31st Mar 2021 As at 31st Mar 2020
(Audited) (Audited)
ASSETS
Non-Current Assets
Property, plant and equipment 30,580 30,555
Capital work in progress 1,002 939
Right-of-use assets 6,123 12,047
Intangible assets 1,155 1,618
Intangible assets under development 782 157
Investment property 12,600 -
Goodwill 2,644 2,644
- -
Investments in subsidairy, associate and joint venture
Financial Assets
i)Investments 471 1,288
ii)Trade receivables 40,471 48,755
iii)Loans 7,245 1,587
iv)Other financial assets 2,884 2,512
Deferred tax assets (net) (refer note 7) 5,249 4,510
Current tax assets (net) 7,574 9,753
Other non-current assets 11,013 10,454
Total Non-Current Assets 129,793 126,819
Current Assets
Inventories 98,640 69,887
Financial Assets
i)Trade receivables 151,216 204,899
ii)Cash and cash equivalents 4,564 10,163
iii)Bank balances other than (ii) above 1,599 310
iv)Loans 1 3
v)Other current financial assets 390 480
Other current assets 33,421 33,316
Contract assets 6,861 10,593
296,692 329,651
Assets classified as held for sale 287 250
Total Current Assets 296,979 329,901
Total Assets 426,772 456,720
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(Rs. In Lakhs)
Consolidated
Particulars As at 31st Mar 2021 As at 31st Mar 2020
(Audited) (Audited)
EQUITY & LIABILITIES
EQUITY
Equity share capital 2,291 2,275
Other Equity 155,519 132,550
Share application money pending allotment 12 0
- -
Non-controlling interest
Total Equity 157,822 134,825
LIABILITIES
Non-Current Liabilities
Financial Liabilities
i) Borrowings 2,555 7,991
ii) Lease liabilities 2,211 7,317
iii) Other financial liabilities 988 948
Provisions 2,149 2,293
Employee Benefit Obligations 6,896 7,239
Total Non-Current Liabilities 14,799 25,788
Current Liabilities
Financial Liabilities
i) Borrowings 24,012 66,244
ii) Lease liabilities 1,653 2,546
iii) Trade payables
a) Total outstanding dues of micro enterprises & small enterprises 11,775 7,798
b) Total outstanding dues of other than micro enterprises & small enterprises 84,240 83,189
iv) Other current financial liabilities 74,353 67,089
Provisions 8,984 8,750
Employee benefit obligations 1,233 2,115
Current tax liabilities (net) 2,383 963
Contract liabilities 20,546 37,051
Other current liabilities 24,972 20,362
Total Current Liabilities 254,151 296,107
Total Liabilities 268,950 321,895
Total Equity & Liabilities 426,772 456,720
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Bajaj Electricals Limited

CIN : L31500MH1938PLC009887

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

Tel. 022-61497000 Website : http://www.bajajelectricals.com Email : [email protected]

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH 2021

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(Rs in Lakhs)
Year ended March 31, Year ended March 31,
Particulars
2021 2020
(Audited) (Audited)
Cash flow from operating activities
Profit before income tax 24,627 716
Adjustments for:
Depreciation and amortisation expense 7,516 7,367
Employee share-based payment expense 422 521
(Gain)/Loss on disposal of property, plant and equipment (2,257) (28)
Measurement of financial assets held at fair value through Profit or Loss (117) 38
Measurement of financial assets and liabilities held at amortised cost (229) (463)
Measurement of provisions at fair value (341) (310)
Share of loss of associate and joint venture - 285
-
Derecognition of investment in associate pursuant to merger (2,549)
- -
Exceptional items
-
Impairment of property, plant and equipment (25)
Finance costs 7,643 17,078
Interest income (1,917) (1,374)
Impairment allowance for doubtful debts & advances (net of write back) (1,229) (1,956)
Bad debts and other irrecoverable debit balances written off 3,016 370
34,585 22,219
Change in operating assets and liabilities:
(Increase)/decrease in trade receivables (current & non-current) 60,372 62,658
(Increase)/decrease in financial and other assets (current & non-current) (762) 11,021
(Increase)/decrease in inventories (27,986) 13,138
Increase/(decrease) in trade payables , provisions, employee benefit obligations, other 767 (41,882)
financial liabilities and other liabilities (current & non-current)
Cash generated from operations 66,976 67,154
Income taxes paid (net of refunds) (1,157) (4,510)
Net cash inflow from operating activities 65,819 62,644
Cash flows from investing activities
Purchase of property, plant and equipment including capital work in progress and capital (3,214) (3,083)
advances
Purchase of intangible assets including intangible assets under development (819) (18)
Proceeds from sale of property, plant and equipment including advances received 1,983 119
Loans and advances (given) / repaid by associate and joint venture (net) (7,240) (1,577)
Purchase of investments (0) (161)
(Increase)/decrease in bank deposits (2,223) 150
Interest received 496 495
Net cash used in from investing activities (11,017) (4,075)
Cash flows from financing activities
Proceeds from issues of shares (net of issue expenses) 1,049 34,817
Proceeds from borrowings 1,860 29,519
Repayment of borrowings (53,814) (92,919)
Payment of lease liabilities (2,709) (2,202)
Interest paid (6,791) (14,420)
-
Dividends paid to Company’s shareholders (3,585)
-
Tax on dividend paid (737)
Net cash used in from financing activities (60,405) (49,527)
Net increase / (decrease) in cash and cash equivalents (5,603) 9,042
Cash and cash equivalents at the beginning of the financial year 10,163 1,121
Acquired on business combination 4 -
Cash and cash equivalents at end of March 31, 2021 4,564 10,163
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Bajaj Electricals Limited

CIN : L31500MH1938PLC009887

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

Tel. 022-61497000 Website : http://www.bajajelectricals.com Email : [email protected]

CONSOLIDATED SEGMENTWISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2021

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(Rs. in Lakhs)
Quarter ended Year ended
Sr. 31-Mar-21 31-Dec-20 31-Mar-20 31-Mar-21 31-Mar-20
Particulars
No. (Audited) (Audited)
(Unaudited) (Audited) (Audited)
(refer note 9) (refer note 9)
1 SEGMENT REVENUE
A) Consumer Products 97,518 115,283 74,676 331,508 309,476
B) EPC 28,317 34,718 55,380 126,893 189,176
C) Others 12 13 10 60 71
Revenue from Operations 125,847 150,014 130,066 458,461 498,723
2 SEGMENT PROFIT BEFORE TAX & FINANCE COST (PROFIT(+)
/ LOSS (-))
A) Consumer Products 8,450 14,221 5,047 31,974 20,040
B) EPC (793) (908) (2,337) (5,413) (3,462)
C) Others (9) (13) (25) (28) (15)
7,648 13,300 2,685 26,533 16,563
Less:
A) Finance Cost 1,077 1,647 3,608 7,643 17,078
B) Other un-allocable expenditure net of unallocable income (902) (1,724) (785) (3,188) (1,516)
Profit before exceptional items, share of profit / (loss) of an 7,473 13,377 (138) 22,078 1,001
associate and a joint venture and tax
Exceptional Items (refer note 3) 295 - - (2,549) -
Profit before share of profit / (loss) of an associate and a joint 7,178 13,377 (138) 24,627 1,001
venture and tax
- - -
Share of profit / (loss) of an associate and a joint venture * (69) (285)
Profit before tax 7,178 13,377 (207) 24,627 716
3 Segment Assets
A) Consumer Products 167,498 156,069 149,278 167,498 149,278
B) EPC 193,386 206,726 251,816 193,386 251,816
C) Others 133 146 128 133 128
D) Unallocable assets 65,755 65,459 55,498 65,755 55,498
Total 426,772 428,400 456,720 426,772 456,720
4 Segment Liabilities
A) Consumer Products 126,378 139,877 107,175 126,378 107,175
B) EPC 82,708 80,778 110,445 82,708 110,445
- - - - -
C) Others
D) Unallocable liabilities including borrowings 59,864 55,013 104,275 59,864 104,275
Total 268,950 275,668 321,895 268,950 321,895
pertains to consumer products segment
Note :
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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	By Order of the Board of Directors	By Order of the Board of Directors	By Order of the Board of Directors	By Order of the Board of Directors
	for Bajaj Electricals Limited



Place : Mumbai	Shekhar Bajaj
Date : May 25, 2021	Chairman and Managing Director

May 25, 2021

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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.: Declaration by Bajaj Electricals Limited (the “Company”) in terms of Regulation 33(3)(d) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“SEBI Listing Regulations”)

In terms of the second proviso to Regulation 33(3)(d) of the SEBI Listing Regulations, we declare that Messrs S R B C & Co LLP, Chartered Accountants, the Statutory Auditors of the Company, have issued the Audit Reports with unmodified opinion on the Standalone and Consolidated Financial Results of the Company for the year ended March 31, 2021.

We request you to take the above on record and treat the same as compliance under the applicable provisions of the SEBI Listing Regulations.

Thanking you,

Yours Faithfully, For Bajaj Electricals Limited

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Shekhar Bajaj Chairman & Managing Director

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PRESS RELEASE
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May 25, 2021

Bajaj Electricals Posts Strong Q4 Results Consumer Products (CP) Revenues up 31%, CP EBIT up by 67% Profit Before Tax Improves from Rs. 2 Cr. Loss to Rs. 72 Cr. Profit

Bajaj Electricals Ltd has declared its results for the year and quarter ended March 31, 2021.

For the fourth quarter of 2020-21, the Company has achieved Sales/income from operations of Rs. 1,258 Cr. as against Rs. 1,301 Cr., a decrease of 3.2% over the fourth quarter of the previous year. For the quarter, the company has made profit before tax and profit after tax of Rs. 72 Cr. and Rs. 54 Cr. respectively, as against loss before tax and loss after tax of Rs. 2 Cr. and Rs. 1 Cr., in the corresponding fourth quarter of the previous year.

For the quarter, Consumer Products (CP) segment of the Company has earned total revenue of Rs. 975 Cr. as against Rs. 747 Cr., a growth of 30.6% over the corresponding quarter of the previous year. CP recorded an EBIT of Rs. 85 Cr. as against Rs. 50 Cr., a growth of 67.4% over the corresponding fourth quarter of the previous year. CP Operating Margins are at 8.7%. EPC segment has achieved a total revenue of Rs. 283 Cr. as against Rs. 554 Cr., registering a de-growth of 48.9% over the corresponding quarter of the previous year. EPC recorded a loss of Rs. 8 Cr. as against loss of Rs. 23 Cr. over the corresponding fourth quarter of the previous year.

For the year ended March 31, 2021, the Company has achieved Sales/income from operations of Rs. 4,585 Cr. as against Rs. 4,987 Cr., a decrease of 8.1% over the corresponding previous year. For the year ended, the company has made profit before tax and profit after tax of Rs. 246 Cr. and Rs. 189 Cr. respectively, as against profit before tax and loss after tax of Rs. 7 Cr. and Rs. 10 Cr., in the corresponding previous year.

For the year ended, Consumer Products segment of the Company has earned total revenue of Rs. 3,315 Cr. as against Rs. 3,095 Cr., a growth of 7.1% over the corresponding previous year. CP segment recorded an EBIT of Rs. 320 Cr. as against Rs. 200 Cr., a growth of 59.5% over the corresponding previous year. CP Operating Margins are at 9.6%. EPC segment has achieved a total revenue of Rs. 1,269 Cr. as against Rs. 1,892 Cr., registering a de-growth of 32.9% over the corresponding previous year.

For the year ended FY21, the Company generated positive Cashflow from Operations of Rs. 658 Cr. as against Rs. 626 Cr. in the corresponding previous year. Debt has reduced from Rs. 962 Cr. as at March 31, 2020 to Rs. 471 Cr. as at March 31, 2021. Net debt as on March 31, 2021 stands at Rs. 425 Cr.

Mr. Shekhar Bajaj, Chairman and Managing Director of Bajaj Electricals Limited, said “I am pleased with our strong performance in this quarter. The Consumer Products business has delivered a strong performance in this quarter, despite a very sharp increase in commodity prices and a weakening of overall demand sentiment, post the third quarter. Our EPC segment has further reduced its loss, while continuing to focus on execution and working capital. On a full-year basis, despite it being a pandemic-impacted year, we have delivered strongly to our overall strategy in line with our long-term vision. We have generated Rs. 658 Cr. of operating cashflow, significantly reduced our debts and delivered all-time-high profits as a company.”

The order book as on April 1, 2021 stands at Rs. 1,116 Cr., comprising of Rs. 476 Cr. for Transmission Line Towers, Rs. 224 Cr. for Power Distribution, and Rs. 416 Cr. for Illumination Projects.

May 25, 2021

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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.: Confirmation by Bajaj Electricals Limited (the “Company”) pursuant to Regulation 52(7) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“SEBI Listing Regulations”)

In terms of the provisions of Regulation 52(7) of the SEBI Listing Regulations, we confirm that there is no deviation in the use of proceeds, aggregating to Rs.150 crore, as received by the Company by issuance of 1,500 Unsecured Listed Redeemable Non-Convertible Debentures (“ NCDs ”) of Rs.10,00,000 each on a private placement basis in two options, viz. ‘Option B’ of 750 NCDs and ‘Option C’ of 750 NCDs, which are listed on National Stock Exchange of India Limited (“ NSE ”) under ISIN 'INE193E08020' and 'INE193E08012', respectively.

Further, the Company has fully redeemed the 350 ‘Option A’ NCDs, which were listed on the NSE under the ISIN INE193E08038, on February 18, 2021.

We request you to take the above on record and treat the same as compliance under the applicable provisions of the SEBI Listing Regulations.

Thanking you,

Yours Faithfully, For Bajaj Electricals Limited

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Shekhar Bajaj Chairman & Managing Director

AI assistant

Bajaj Electricals Ltd. — Annual Report 2021

60535_rns_2021-05-25_c43b1cec-cea4-4d41-9e44-dcce34bcd0e1.pdf

Sub.: Outcome of the Meeting of the Board of Directors of Bajaj Electricals Limited (“Company”) held on Tuesday, May 25, 2021

A. Financial Results

B. Fund Raising

C. Holding of Annual General Meeting (“AGM”) of the Company

To The Board of Directors of Bajaj Electricals Limited

Report on the audit of the Standalone Financial Results

Opinion

Basis for Opinion

Management’s Responsibilities for the Standalone Financial Results

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

Bajaj Electricals Ltd.

STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2021

Notes to the standalone financial results:

Execution of Share Subscription Agreement:

Initiation of a study to explore the possibility of a merger of SLL into the Company:

Bajaj Electricals Ltd.

CIN : L31500MH1938PLC009887

STATEMENT OF ASSETS AND LIABILITIES AS AT 31ST MARCH, 2021

Bajaj Electricals Limited

CIN : L31500MH1938PLC009887

STANDALONE CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH 2021

Bajaj Electricals Limited

STANDALONE SEGMENTWISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2021

Note :

To The Board of Directors of Bajaj Electricals Limited

Report on the audit of the Consolidated Financial Results

Opinion

Basis for Opinion

Management’s Responsibilities for the Consolidated Financial Results

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

Other Matter

Bajaj Electricals Ltd.

CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2021

Notes to the consolidated financial results:

Execution of Share Subscription Agreement:

Initiation of a study to explore the possibility of a merger of SLL into the Parent Company:

Bajaj Electricals Ltd.

STATEMENT OF ASSETS AND LIABILITIES AS AT 31ST MARCH 2021

Bajaj Electricals Limited

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH 2021

Bajaj Electricals Limited

CIN : L31500MH1938PLC009887

CONSOLIDATED SEGMENTWISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2021

BSE Limited

Sub.: Declaration by Bajaj Electricals Limited (the “Company”) in terms of Regulation 33(3)(d) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“SEBI Listing Regulations”)

May 25, 2021

Sub.: Confirmation by Bajaj Electricals Limited (the “Company”) pursuant to Regulation 52(7) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“SEBI Listing Regulations”)

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Bajaj Electricals Ltd. Annual Report 2021