Beardsell Limited — Audit Report / Information 2021

Jun 30, 2021

==> picture [526 x 96] intentionally omitted <==

Sec : June : 2021

30[th] June, 2021

The Listing Manager, The Listing Manager National Stock Exchange of India Limited, BSE Limited Exchange Plaza Registered Office : Floor 25 Bandra Kurla Complex, Bandra (E) P J Towers, Dalal Street, Mumbai-400 051 Mumbai – 400 001 Scrip Code: BEARDSELL Scrip Code: 539447

Dear Sir

We are pleased to inform you that the Board of Directors at its Meeting held today (30[th] June , 2021), which commenced at 14.00 P.M. and concluded at 19.40 P.M., have considered and approved the followings.

The Board has approved the Statement of Un-Audited Standalone and Consolidated Financial Results for the Quarter and Twelve Months Ended 31[st] March, 2021, duly certified by the auditors [M/s. S.R.BATLIBOI & ASSOCIATES LLP, Chartered Accountants (ICAI Firm registration number : 101049W/E300004 ) ] of our Company.

This is for your information and records.

==> picture [211 x 107] intentionally omitted <==

Encl : As Above

==> picture [438 x 25] intentionally omitted <==

6th Floor – “A” Block Tidel Park, No. 4, Rajiv Gandhi Salai Taramani, Chennai – 600 113, India Tel: +91 44 6117 9000

Chartered Accountants

==> picture [221 x 15] intentionally omitted <==

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

To The Board of Directors of Beardsell 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 Beardsell Limited (the “Company”) for the quarter and year ended March 31, 2021 (“Statement”), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”).

In our opinion and to the best of our information and according to the explanations given to us, the Statement:

• 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 net loss and other comprehensive income and other financial information of the Company 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.

Emphasis of Matter

We draw attention to Note (d) of the Statement which describes the continuing impact of Covid-19 pandemic, and its possible consequential implications, if any, on the Company’s operations and the carrying value of its assets as at March 31, 2021. Our opinion is not modified in respect of this matter.

Chartered Accountants

==> picture [221 x 15] intentionally omitted <==

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.

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.

Chartered Accountants

==> picture [221 x 15] intentionally omitted <==

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.

Other Matter

1. The accompanying Statement includes the Company’s share of net profit Rs. 17.59 lakhs and net loss Rs. 39.04 lakhs for the quarter and year ended March 31, 2021 respectively, on its investment in a partnership firm, based on financial statements and other financial information audited by their independent auditors. The independent auditor’s reports on financial statements of this partnership firm have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the Company’s share of net loss from the firm is based solely on the report of such auditors.

Our opinion on the Statement is not modified in respect of this matter.

1. The Statement includes the results for the quarter ended March 31, 2021 and March 31, 2020 being the balancing figures between the audited figures in respect of the full financial year ended March 31, 2021 and March 31, 2020 and the published unaudited year-to-date figures up to the end of the third quarter of the respective financial years, which were subjected to a limited review by us, as required under the Listing Regulations.

Our opinion on the Statement is not modified in respect of this matter.

For S.R. BATLIBOI & ASSOCIATES LLP

Chartered Accountants ICAI Firm Registration Number: 101049W/E300004

KRISHNAN ARAVIND

Digitally signed by KRISHNAN ARAVIND DN: cn=KRISHNAN ARAVIND, c=IN, o=Personal, email=aravind.krishnan@srb.in Date: 2021.06.30 18:47:34 +05'30'

per Aravind K Partner Membership No.: 221268

UDIN: 21221268AAAADT9774

Place: Chennai Date: June 30, 2021

Rupees in lakhs except EPS information and unless otherwise stated BEARDSELL LIMITED STATEMENT OF AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021 CIN: L65991TN1936PLC001428 REGISTERED OFFICE: 47, GREAMS ROAD, CHENNAI 600 006	Rupees in lakhs except EPS information and unless otherwise stated BEARDSELL LIMITED STATEMENT OF AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021 CIN: L65991TN1936PLC001428 REGISTERED OFFICE: 47, GREAMS ROAD, CHENNAI 600 006	Rupees in lakhs except EPS information and unless otherwise stated BEARDSELL LIMITED STATEMENT OF AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021 CIN: L65991TN1936PLC001428 REGISTERED OFFICE: 47, GREAMS ROAD, CHENNAI 600 006	Rupees in lakhs except EPS information and unless otherwise stated BEARDSELL LIMITED STATEMENT OF AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021 CIN: L65991TN1936PLC001428 REGISTERED OFFICE: 47, GREAMS ROAD, CHENNAI 600 006	Rupees in lakhs except EPS information and unless otherwise stated BEARDSELL LIMITED STATEMENT OF AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021 CIN: L65991TN1936PLC001428 REGISTERED OFFICE: 47, GREAMS ROAD, CHENNAI 600 006	Rupees in lakhs except EPS information and unless otherwise stated BEARDSELL LIMITED STATEMENT OF AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021 CIN: L65991TN1936PLC001428 REGISTERED OFFICE: 47, GREAMS ROAD, CHENNAI 600 006
Particulars		Quarter ended		Year	ended
	31.03.2021	31.12.2020	31.03.2020	31.03.2021	31.03.2020
1. Income Revenue from contracts with customers Other income Total income 2. Expenses Cost of materials consumed Purchase of stock-in-trade Changes in inventories of finished goods, work in progress and stock-in-trade Employee benefits expense Depreciation and amortisation expense Finance costs Other expenses Total expenses 3.Profit / (Loss) before exceptional items and tax (1 - 2) 4. Exceptional items (refer note e) 5.Profit / (Loss) before tax (3 + 4) 6. Tax expense Current tax Current tax - earlier years Deferred tax Total tax expense 7. Profit / (Loss) after tax (5 - 6) 8. Other comprehensive income / (loss) Items not to be reclassified to profit or loss in subsequent periods Remeasurement gains / (losses) on defined benefit plans (net) Income tax effect Total 9. Total comprehensive income (7 + 8) Paid-up Equity Share Capital (Face value of Rs. 2/- each) Other equity	Refer note(b)	Unaudited	Refer note(b)	Audited	Audited
	4,340 39	3,512 36	3,520 28	12,063 104	13,895 115
	4,379 2,697 385 11 374 112 95 524	3,548 2,125 315 (38) 316 125 116 448	3,548 1,928 262 (45) 358 124 118 820	12,167 7,067 1,003 21 1,297 485 430 1,818	14,010 7,676 1,227 (71) 1,551 497 506 2,540
	4,198 181 - 181 61 33 (14)	3,407 141 - 141 60 - (65)	3,565 (17) - (17) 89 - (76)	12,121 46 - 46 131 33 (95)	13,926 84 69 153 200 - (155)
	80	(5)	13	69	45
	101 (22) 6	146 1 -	(30) 6 (1)	(23) (19) 5	108 (4) 1
	(16)	1	5	(14)	(3)
	85	147	(25)	(37)	105
	562	562	562	562 3,428	562 3,493
Earning Per Share (EPS) of Rs.2/- each (Rs.) Basic Diluted		Not Annualised
	0.36 0.36	0.52 0.52	(0.11) (0.11)	(0.08) (0.08)	0.38 0.38
See accompanyingnotes to the audited standalone financial results

BEARDSELL LIMITED REGISTERED OFFICE: 47, GREAMS ROAD, CHENNAI 600 006 CIN: L65991TN1936PLC001428	BEARDSELL LIMITED REGISTERED OFFICE: 47, GREAMS ROAD, CHENNAI 600 006 CIN: L65991TN1936PLC001428	BEARDSELL LIMITED REGISTERED OFFICE: 47, GREAMS ROAD, CHENNAI 600 006 CIN: L65991TN1936PLC001428	BEARDSELL LIMITED REGISTERED OFFICE: 47, GREAMS ROAD, CHENNAI 600 006 CIN: L65991TN1936PLC001428	BEARDSELL LIMITED REGISTERED OFFICE: 47, GREAMS ROAD, CHENNAI 600 006 CIN: L65991TN1936PLC001428	BEARDSELL LIMITED REGISTERED OFFICE: 47, GREAMS ROAD, CHENNAI 600 006 CIN: L65991TN1936PLC001428
AUDITED STANDALONE SEGMENT WISE FINANCIAL RESULTS Reporting of Segment wise Standalone Revenue, Results, Assets and Liabilities for the year ended March 31, 2021 Rs. In Lakhs
Particulars	Quarter ended			Year ended
	31.03.2021	31.12.2020	31.03.2020	31.03.2021	31.03.2020
	Refer note(b)	Unaudited	Refer note(b)	Audited	Audited
Segment Revenue Insulation Trading Total Revenue from contracts with customers Segment Results Insulation Trading Total Segment Results Less: Finance costs Less: Other un-allocable expenditure net of un-allocable income Add: Exceptional items (refer note d) Profit / (Loss) before tax Segment Assets Insulation Trading Un-allocable corporate assets Total Segment Assets Segment Liabilities Insulation Trading Un-allocable corporate liabilities Total Segment Liabilities
	3,963 377 4,340 229 47 276 (95) - - 181 9,442 488 1,193 11,123 4,271 94 2,768 7,133	3,167 345 3,512 319 51 370 (116) (113) - 141 9,572 641 1,196 11,409 4,259 177 3,065 7,501	3,192 328 3,520 244 24 268 (118) (167) - (17) 9,762 488 792 11,042 3,730 184 3,073 6,987	10,978 1,085 12,063 658 114 772 (430) (296) - 46 9,442 488 1,193 11,123 4,271 94 2,768 7,133	12,652 1,243 13,895 866 98 964 (506) (374) 69 153 9,762 488 792 11,042 3,730 184 3,073 6,987
Segment revenue and expenses: Segment assets and liabilities: Segment revenue and expenses represent relevant amounts that are either directly attributable to individual segment or are attributable to individual segment on a reasonable basis. Segment assets and liabilities include all relevant amountspertainingto a segment,which are directlyattributable to individual segments or are attributable to individual segments on a reasonable basis. In accordance with Ind AS 108 - "Operating Segment Reporting" and evaluation by the Chief Operating Decision Maker, operating segments of the Company consists of Insulation and Trading.

REGISTERED OFFICE: 47, GREAMS ROAD, CHENNAI 600 006 BEARDSELL LIMITED CIN: L65991TN1936PLC001428	REGISTERED OFFICE: 47, GREAMS ROAD, CHENNAI 600 006 BEARDSELL LIMITED CIN: L65991TN1936PLC001428	REGISTERED OFFICE: 47, GREAMS ROAD, CHENNAI 600 006 BEARDSELL LIMITED CIN: L65991TN1936PLC001428
AUDITED STANDALONE STATEMENT OF ASSETS AND LIABILITIES		Rs. In lakhs
Particulars	As at 31.03.2021	As at 31.03.2020
	Audited	Audited
ASSETS Non-current assets Property, plant and equipment Capital work in progress Intangible assets Right-of-use assets Financial assets Investments in subsidiary Investments in controlled entity Other investments Loans Trade receivables Bank balances other than cash and cash equivalents Others Non-current tax assets (net) Deferred tax assets (net) Other non-current assets Current assets Inventories Financial assets Trade receivables Cash and cash equivalents Bank balances other than cash and cash equivalents Loans Others Other current assets TOTAL ASSETS EQUITY AND LIABILITIES Equity Equity share capital Other equity Total equity Non-current liabilities Financial liabilities Borrowings Lease liabilities Other financial liabilities Deferred tax liabilities (net) Current liabilities Financial liabilities Borrowings Trade payables Total outstanding dues to micro, small and medium enterprises Total outstanding dues of creditors other than micro, small amd medium enterprises Lease liabilities Other financial liabilities Other current liabilities Provisions Current tax liabilities (net) TOTAL EQUITY AND LIABILITIES	2,707 51 61 652 30 462 45 22 35 280 123 21 67 1
		2,833 112 81 781 28 112 50 8 25 180 104 25 - 11
	4,557 1,245 3,628 149 73 23 55 1,393	4,350 1,095 3,868 63 72 19 143 1,432
	6,566	6,692
	11,123	11,042
	562 3,428	562 3,493
	3,990 1,291 223 2	4,055 635 347 3
	-	16
	1,516 1,045 - 2,941 138 671 597 130 95	1,001
		1,804
		-
		2,714
		129
		535
		531
		115
		158
	5,617	5,986
	11,123	11,042
See accompanyingnotes to the audited standalone financial results

BEARDSELL LIMITED REGISTERED OFFICE: 47, GREAMS ROAD, CHENNAI 600 006 CIN: L65991TN1936PLC001428	BEARDSELL LIMITED REGISTERED OFFICE: 47, GREAMS ROAD, CHENNAI 600 006 CIN: L65991TN1936PLC001428	BEARDSELL LIMITED REGISTERED OFFICE: 47, GREAMS ROAD, CHENNAI 600 006 CIN: L65991TN1936PLC001428
AUDITED STANDALONE STATEMENT OF CASH FLOWS	Rs. In lakhs
Particulars	Year ended 31.03.2021	Year ended 31.03.2020
	Audited	Audited
A. Cash flow from operating activities Profit / (loss) before exceptional items and taxes Adjustments for: Depreciation and amortisation expense Loss/ (gain) on sale of property, plant and equipment (net) Finance income Liabilities no longer required written back Allowance for credit loss Share of (profit)/ loss from controlled entity Finance costs Net loss/ (gain) on foreign exchange fluctuations (unrealised) Operating profit before working capital changes Movement in working capital: (Increase) / Decrease in inventories (Increase) / Decrease in current and non-current trade receivables (Increase) / Decrease in financial and non-financial assets (Increase) / Decrease in other assets Increase / (Decrease) in trade payables Increase / (Decrease) in financial, non-financial liabilities and provisions Cash generated from operations Income tax paid (net of refunds)
	46	84
	485 (5) (21) (4) 81 39 430 (13) 1,038 (150) (240) 50 39 244 291 1,272 (206)	497 (7) (38) (13) 474 150 506 (4) 1,649 (95) 25 (62) (275) (3) (100) 1,139 10
Net cash flow(used in) / from operating activities(A)	1,066	1,149
B. Cash flow (used in) / from investing activities Proceeds from sale of property, plant and equipment Deposits made during the year (net of refunds) Finance income received Purchase of property, plant and equipment, including intangible assets, capital work in progress and capital advances	(131) 11 (100) 18	(268) 31 49 34
Net cash flow (used in) / from investing activities (B) Cash flow from Exceptional items(refer note e)	(202)	(154)
	-	205
Net cash flow(used in) / from investing activities after exceptional items(B)	(202)	51
C. Cash flow (used in) / from financing activities Proceeds from long-term borrowings Repayment of long-term borrowings Proceeds/ repayment from short-term borrowings (net) Dividend paid (including dividend distribution tax) Payment of principal portion of lease liabilities Finance cost paid	954 (383) (761) (27) (129) (432)
		293
		(188)
		(809)
		(82)
		(131)
		(512)
Net cash flow(used in) / from financing activities(C)	(778)	(1,429)
Net increase/ (decrease) in Cash and Cash equivalents (A+B+C) Cash and Cash equivalents at the beginning of theyear	86 63
		(229)
		292
Cash and Cash equivalents at the end of theyear	149	63
See accompanyingnotes to the audited standalone financial results

BEARDSELL LIMITED REGISTERED OFFICE: 47, GREAMS ROAD, CHENNAI 600 006 CIN: L65991TN1936PLC001428

==> picture [19 x 30] intentionally omitted <==

NOTES TO AUDITED STANDALONE FINANCIAL RESULTS:

a) The Standalone financial results for the quarter and year ended March 31, 2021, which have been prepared in accordance with the Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013 as amended, have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on June 30, 2021. An audit of the financial results for the quarter and year ended March 31, 2021 have been carried out by the statutory auditors (also refer note b)

b) The standalone financial results for the quarter ended March 31, 2021 and March 31, 2020 are balancing figures between audited figures in respect of the full financial years and the unaudited published year-to-date figures upto December 31, 2020, being the date of the end of the third quarter for respective financial years which were subjected to limited review.

c) The audited standalone financial results for the quarter and year ended March 31, 2021 also includes the profit of Rs 18 lakhs and loss of 39 lakhs respectively from the controlled entity - Saideep Polytherm (Partnership firm) under other expenses.

d) The Company has considered the possible effects that may result from COVID-19 in the preparation of these standalone financial results including the recoverability of carrying amounts of financial and non-financial assets. In developing the assumptions relating to the possible future uncertainties in the economic conditions because of COVID-19, the Company has, at the date of approval of these standalone financial results, used internal and external sources of information which are relevant and expects that the carrying amount of these assets will be recovered. The impact of COVID-19 on the Company's financial results may differ from that estimated as at the date of approval of these standalone financial results. However, the impact assessment of COVID-19 is a continuing process, given the uncertainties associated with its nature and duration. The Company will continue to monitor any material changes to future economic conditions and the consequent impact on its business, if any and make any necessary adjustments in the relevant financial period.

e) On October 23, 2019, the Company has transferred leasehold rights on land situated in GIDC industrial estate, Dahej III, Taluka Vagra, Gujarat for a consideration of Rs.205 lakhs to a third party. The Company has recognised an amount of Rs.69 lakhs as gain on disposal of leasehold rights during the year ended March 31, 2020 as an exceptional item.

f) The Board of directors had recommended a final dividend of Rs.0.10 per equity share of Rs.2 each for the year ended March 31, 2020 in the meeting held on August 19, 2020 and the same has been subsequently approved by the shareholders in the Annual General Meeting held on September 30, 2020.

g) The code on Social Security, 2020 ('The Code") relating to employee benefits during employment and post-employment benefits, received Presidential assent in September 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 Ministry of Labour and Employment has also released draft rules thereunder on November 13, 2020 and has invited suggestions from stakeholders, which are under consideration by the Ministry. The Company will evaluate the rules, assess the impact, if any, and account for the same once the rules are notified and become effective.

h) The above financial results are also available on the stock exchange websites www.bseindia.com, www.nseindia.com and on our website www.beardsell.co.in.

i) Previous periods' figures have been re-grouped/ re-classified, where necessary to make it comparable with the current period.

For Beardsell Limited ANUMOLU Digitally signed by ANUMOLU AMRITH AMRITH Date: 2021.06.30 18:23:56 +05'30' Place : Hyderabad Amrith Anumolu Date : June 30, 2021 Executive Director

6th Floor – “A” Block Tidel Park, No. 4, Rajiv Gandhi Salai Taramani, Chennai – 600 113, India Tel: +91 44 6117 9000

Chartered Accountants

==> picture [221 x 15] intentionally omitted <==

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 Beardsell 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 Beardsell Limited (“Holding Company”), its subsidiary and controlled entity (the Holding Company, its subsidiary and controlled entity together referred to as “the Group”), for the quarter and 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 the subsidiary and controlled entity, the Statement:

• i. includes the results of the following entities; a) Sarovar Insulation Private Limited (subsidiary)

• b) M/s Saideep Polytherm (controlled entity)

• 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 net loss and other comprehensive income and other financial information of the Group 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 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.

Emphasis of Matter

We draw attention to Note (d) of the Statement which describes the continuing impact of Covid-19 pandemic, and its possible consequential implications, if any, on the Group’s operations and the carrying value of its assets as at March 31, 2021. Our opinion is not modified in respect of this matter.

Chartered Accountants

==> picture [221 x 15] intentionally omitted <==

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 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 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 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 are responsible for assessing the ability of the Group 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 are also responsible for overseeing the financial reporting process of the Group.

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

Our objectives are to obtain reasonable assurance about whether the 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.

==> picture [221 x 15] intentionally omitted <==

Chartered Accountants

• Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the 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 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 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, 201 9 issued by the Securities Exchange Board of India under Regulation 33 (8) of the Listing Regulations, to the extent applicable.

Other Matter

1. The accompanying Statement includes the audited financial results/statements and other financial information, in respect of:

2. the subsidiary and controlled entity, whose financial results/statements include total assets of Rs 3,974.17 lakhs as at March 31, 2021, total revenues of Rs 947.32 lakhs and Rs 2,562.47 lakhs, total net profit after tax of Rs. 10.18 lakhs and net loss after tax of Rs. 45.49 lakhs, total comprehensive profit of Rs. 10.18 lakhs and total comprehensive loss of Rs. 45.49 lakhs, for the quarter and the year ended on that date respectively, and net cash outflows of Rs. 3.65 lakhs for the year ended March 31, 2021, as considered in the Statement which 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 these subsidiary and controlled entity 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 auditors.

Chartered Accountants

==> picture [221 x 15] intentionally omitted <==

1. The Statement includes the results for the quarter ended March 31, 2021 and March 31, 2020 being the balancing figures between the audited figures in respect of the full financial years ended March 31, 2021 and March 31, 2020 and the published unaudited year-to-date figures up to the end of the third quarter of the respective financial years, which were subjected to a limited review by us, as required under the Listing Regulations.

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

For S.R. BATLIBOI & ASSOCIATES LLP

Chartered Accountants ICAI Firm Registration Number: 101049W/E300004

KRISHNAN ARAVIND

Digitally signed by KRISHNAN ARAVIND DN: cn=KRISHNAN ARAVIND, c=IN, o=Personal, email=aravind.krishnan@srb.in Date: 2021.06.30 18:48:12 +05'30'

per Aravind K Partner Membership No.: 221268

UDIN: 21221268AAAADU1317

Place: Chennai Date: June 30, 2021

STATEMENT OF AUDITED	Rupees in lakhs except EPS information and unless otherwise stated BEARDSELL LIMITED REGISTERED OFFICE: 47, GREAMS ROAD, CHENNAI 600 006 CIN: L65991TN1936PLC001428 CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021	Rupees in lakhs except EPS information and unless otherwise stated BEARDSELL LIMITED REGISTERED OFFICE: 47, GREAMS ROAD, CHENNAI 600 006 CIN: L65991TN1936PLC001428 CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021	Rupees in lakhs except EPS information and unless otherwise stated BEARDSELL LIMITED REGISTERED OFFICE: 47, GREAMS ROAD, CHENNAI 600 006 CIN: L65991TN1936PLC001428 CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021	Rupees in lakhs except EPS information and unless otherwise stated BEARDSELL LIMITED REGISTERED OFFICE: 47, GREAMS ROAD, CHENNAI 600 006 CIN: L65991TN1936PLC001428 CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021	Rupees in lakhs except EPS information and unless otherwise stated BEARDSELL LIMITED REGISTERED OFFICE: 47, GREAMS ROAD, CHENNAI 600 006 CIN: L65991TN1936PLC001428 CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021
Particulars		Quarter ended		Year	ended
	31.03.2021	31.12.2020	31.03.2020	31.03.2021	31.03.2020
1. Income Revenue from contracts with customers Other income Total income 2. Expenses Cost of materials consumed Purchase of stock-in-trade Changes in inventories of finished goods, work in progress and stock-in-trade Employee benefits expense Depreciation and amortisation expense Finance costs Other expenses Total expenses 3.Profit / (Loss) before exceptional items and tax (1 - 2) 4. Exceptional items (refer note e) 5.Profit / (Loss) before tax (3 + 4) 6. Tax expense Current tax Current tax - earlier years Deferred tax Total tax expense 7. Profit / (Loss) after tax (5 - 6) Profit / (loss) for the year/period attributable to: Owners of the Company Non-controlling interest 8. Other comprehensive income / (loss) Items not to be reclassified to profit or loss in subsequent periods Remeasurement gains / (losses) on defined benefit plans (net) Income tax effect Total Other comprehensive income / (loss) for the year attributable to: Owners of the Company Non-controlling interest 9. Total comprehensive income (7 + 8) Total comprehensive income / (loss) for the year attributable to: Owners of the Company Non-controlling interest Paid-up Equity Share Capital (Face value of Rs. 2/- each) Other equity	Refer note(c)	Unaudited	Refer note(c)	Audited	Audited
	4,715 37	3,764 32	4,059 25	13,225 90	16,074 98
	4,752 2,774 384 (1) 427 143 119 758	3,796 2,103 315 (35) 363 156 140 593	4,084 2,310 262 (116) 409 159 166 953	13,315 7,309 1,002 18 1,464 607 527 2,355	16,172 8,901 1,227 (138) 1,757 625 641 3,101
	4,604 148 - 148 61 33 (9)	3,635 161 - 161 60 - (65)	4,143 (59) - (59) 89 - (76)	13,282 33 - 33 131 33 (90)	16,114 58 69 127 200 - (155)
	85	(5)	13	74	45
	63 63 - (22) 6	166 166 - 1 -	(72) (72) - 6 (1)	(41) (41) - (19) 5	82 82 - (4) 1
	(16) (16) -	1 1 -	5 5 -	(14) (14) -	(3) (3) -
	47	167	(67)	(55)	79
	47 - 562	167 - 562	(67) - 562	(55) - 562 3,386	79 - 562 3,469
Earning Per Share(EPS) of Rs.2/- each(Rs.)		Not Annualised
Basic Diluted	0.22 0.22	0.59 0.59	(0.26) (0.26)	(0.15) (0.15)	0.29 0.29
See accompanyingnotes to the audited consolidated financial results

BEARDSELL LIMITED REGISTERED OFFICE: 47, GREAMS ROAD, CHENNAI 600 006 CIN: L65991TN1936PLC001428	BEARDSELL LIMITED REGISTERED OFFICE: 47, GREAMS ROAD, CHENNAI 600 006 CIN: L65991TN1936PLC001428	BEARDSELL LIMITED REGISTERED OFFICE: 47, GREAMS ROAD, CHENNAI 600 006 CIN: L65991TN1936PLC001428	BEARDSELL LIMITED REGISTERED OFFICE: 47, GREAMS ROAD, CHENNAI 600 006 CIN: L65991TN1936PLC001428	BEARDSELL LIMITED REGISTERED OFFICE: 47, GREAMS ROAD, CHENNAI 600 006 CIN: L65991TN1936PLC001428	BEARDSELL LIMITED REGISTERED OFFICE: 47, GREAMS ROAD, CHENNAI 600 006 CIN: L65991TN1936PLC001428
AUDITED CONSOLIDATED SEGMENT WISE FINANCIAL RESULTS Reporting of Segment wise Consolidated Revenue, Results, Assets and Liabilities for the year ended March 31, 2021 Rs. In Lakhs
Particulars	Quarter ended			Year ended
	31.03.2021	31.12.2020	31.03.2020	31.03.2021	31.03.2020
	Refer note(c)	Unaudited	Refer note(c)	Audited	Audited
Segment Revenue
Insulation Trading Total Revenue from contracts with customers Segment Results Insulation Trading Total Segment Results Less: Finance costs Less: Other un-allocable expenditure net of un-allocable income Add: Exceptional items (refer note e) Profit / (Loss) before tax Segment Assets Insulation Trading Un-allocable corporate assets Total Segment Assets Segment Liabilities Insulation Trading Un-allocable corporate liabilities Total Segment Liabilities	4,338 377 4,715 220 47 267 (119) - - 148 10,628 488 1,193 12,309 5,499 94 2,768 8,361	3,419 345 3,764 363 51 414 (140) (113) - 161 11,101 641 1,196 12,938 5,792 177 3,065 9,034	3,731 328 4,059 250 24 274 (166) (167) - (59) 11,239 488 792 12,519 5,231 184 3,073 8,488	12,140 1,085 13,225 742 114 856 (527) (296) - 33 10,628 488 1,193 12,309 5,499 94 2,768 8,361	14,831 1,243 16,074 975 98 1,073 (641) (374) 69 127 11,239 488 792 12,519 5,231 184 3,073 8,488
Segment revenue and expenses: In accordance with Ind AS 108 - "Operating Segment Reporting" and evaluation by the Chief Operating Decision Maker, operating segments of the Company consists of Insulation and Trading.
Segment assets and liabilities: Segment revenue and expenses represent relevant amounts that are either directly attributable to individual segment or are attributable to individual segment on a reasonable basis. Segment assets and liabilities include all relevant amountspertainingto a segment,which are directlyattributable to individual segments or are attributable to individual segments on a reasonable basis.

BEARDSELL LIMITED REGISTERED OFFICE: 47, GREAMS ROAD, CHENNAI 600 006 CIN: L65991TN1936PLC001428	BEARDSELL LIMITED REGISTERED OFFICE: 47, GREAMS ROAD, CHENNAI 600 006 CIN: L65991TN1936PLC001428	BEARDSELL LIMITED REGISTERED OFFICE: 47, GREAMS ROAD, CHENNAI 600 006 CIN: L65991TN1936PLC001428
AUDITED CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES	Rs. In lakhs
Particulars	As at 31.03.2021	As at 31.03.2020
	Audited	Audited
ASSETS Non-current assets Property, plant and equipment Capital work in progress Goodwill Other intangible assets Right of use assets Financial assets Investments Loans Trade receivables Bank balances other than cash and cash equivalents Others Non-current tax assets (net) Deferred tax assets (net) Other non-current assets Current assets Inventories Financial assets Trade receivables Cash and cash equivalents Bank balances other than cash and cash equivalents Loans Others Other current assets TOTAL ASSETS EQUITY AND LIABILITIES Equity Equity share capital Other equity Total equity Non-current liabilities Financial liabilities Borrowings Lease liabilities Other financial liabilities Provisions Deferred tax liabilities (net) Current liabilities Financial liabilities Borrowings Trade payables Total outstanding dues to micro, small and medium enterprises Total outstanding dues of creditors other than micro, small amd medium enterprises Lease liabilities Other financial liabilities Other current liabilities Provisions Current tax liabilities (net) TOTAL EQUITY AND LIABILITIES	4,643 63 242 61 589 46 22 35 280 126 24 62 1	4,886 124 242 81 700 51 8 25 180 107 28 11
	6,194 1,717 3,184 159 87 23 82 863	6,443 1,527 3,319 76 86 19 170 879
	6,115	6,076
	12,309	12,519
	562 3,386	562 3,469
	3,948 1,488 180 1 24 -	4,031 877 286 1 22 16
	1,693 1,561 - 3,336 120 742 615 199 95	1,202 2,278 - 3,362 110 646 558 174 158
	6,668	7,286
	12,309	12,519
See accompanyingnotes to the audited consolidated financial results

BEARDSELL LIMITED REGISTERED OFFICE: 47, GREAMS ROAD, CHENNAI 600 006 CIN: L65991TN1936PLC001428	BEARDSELL LIMITED REGISTERED OFFICE: 47, GREAMS ROAD, CHENNAI 600 006 CIN: L65991TN1936PLC001428	BEARDSELL LIMITED REGISTERED OFFICE: 47, GREAMS ROAD, CHENNAI 600 006 CIN: L65991TN1936PLC001428
AUDITED CONSOLIDATED STATEMENT OF CASH FLOWS	Rs. In lakhs
Particulars	Year ended 31.03.2021	Year ended 31.03.2020
	Audited	Audited
A. Cash flow from operating activities Profit / (loss) before exceptional items and taxes Adjustments for: Depreciation and amortisation expense Loss/ (gain) on sale of property, plant and equipment (net) Finance income Liabilities no longer required written back Allowance for credit loss Finance costs Net loss/ (gain) on foreign exchange fluctuations (unrealised) Operating profit before working capital changes Movement in working capital: (Increase) / Decrease in inventories (Increase) / Decrease in current and non-current trade receivables (Increase) / Decrease in financial and non-financial assets (Increase) / Decrease in other assets Increase / (Decrease) in trade payables Increase / (Decrease) in financial, non-financial liabilities and provisions Cash generated from operations Income tax paid (net of refunds)	33 607 (5) (18) (4) 81 527 (12) 1,209 (190) 44 50 16 (8) 289 1,410 (206)	58 625 (5) (40) (13) 474 641 (5) 1,735 (144) 97 (66) (156) (180) (83) 1,203 9
Net cash flow(used in) / from operating activities(A)	1,204	1,212
B. Cash flow (used in) / from investing activities Proceeds from sale of property, plant and equipment Deposits made during the year (net of refunds) Finance income received Purchase of property, plant and equipment, including intangible assets, capital work in progress and capital advances	(131) 11 (100) 18	(553) 29 48 37
Net cash flow (used in) / from investing activities (B) Cash flow from Exceptional items(refer note e)	(202) -	(439) 205
Net cash flow(used in) / from investing activities after exceptional items(B)	(202)	(234)
C. Cash flow (used in) / from financing activities Proceeds from long-term borrowings Repayment of long-term borrowings Proceeds/ (repayment) from short-term borrowings (net) Dividend paid (including dividend distribution tax) Payment of principal portion of lease liabilities Finance cost paid	954 (468) (720) (27) (129) (529)	562 (295) (635) (82) (131) (646)
Net cash flow(used in) / from financing activities(C)	(919)	(1,227)
Net increase/ (decrease) in Cash and Cash equivalents (A+B+C) Cash and Cash equivalents at the beginning of theyear	83 76	(249) 325
Cash and Cash equivalents at the end of theyear	159	76
See accompanyingnotes to the audited consolidated financial results

==> picture [18 x 28] intentionally omitted <==

BEARDSELL LIMITED REGISTERED OFFICE: 47, GREAMS ROAD, CHENNAI 600 006 CIN: L65991TN1936PLC001428

NOTES TO AUDITED CONSOLIDATED FINANCIAL RESULTS:

a) The Consolidated financial results for the quarter and year ended March 31, 2021, which have been prepared in accordance with the Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013 as amended, have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on June 30, 2021. An audit of the financial results for the quarter and year ended March 31, 2021 have been carried out by the statutory auditors (also refer note c)

b) The audited consolidated financial results includes the results of the Company, its subsidiary held directly - Sarovar Insulation Private Limited and controlled entity - Saideep Polytherm (Partnership firm) (together the 'Group').

c) The consolidated financial results for the quarter ended March 31, 2021 and March 31, 2020 are balancing figures between audited figures in respect of the full financial years and the unaudited published year-to-date figures upto December 31, 2020, being the date of the end of the third quarter for respective financial years which were subjected to limited review.

d) The Group has considered the possible effects that may result from COVID-19 in the preparation of these consolidated financial results including the recoverability of carrying amounts of financial and non-financial assets. In developing the assumptions relating to the possible future uncertainties in the economic conditions because of COVID-19, the Group has, at the date of approval of these consolidated financial results, used internal and external sources of information which are relevant and expects that the carrying amount of these assets will be recovered. The impact of COVID-19 on the Group's financial results may differ from that estimated as at the date of approval of these consolidated financial results. However, the impact assessment of COVID-19 is a continuing process, given the uncertainties associated with its nature and duration. The Group will continue to monitor any material changes to future economic conditions and the consequent impact on its business, if any and make any necessary adjustments in the relevant financial period.

e) On October 23, 2019, the Company has transferred leasehold rights on land situated in GIDC industrial estate, Dahej III, Taluka Vagra, Gujarat for a consideration of Rs.205 lakhs to a third party. The Company has recognised an amount of Rs.69 lakhs as gain on disposal of leasehold rights during the year ended March 31, 2020 as an exceptional item.

f) The Board of directors had recommended a final dividend of Rs.0.10 per equity share of Rs.2 each for the year ended March 31, 2020 in the meeting held on August 19, 2020 and the same has been subsequently approved by the shareholders in the Annual General Meeting held on September 30, 2020.

g) The code on Social Security, 2020 ('The Code") relating to employee benefits during employment and post-employment benefits, received Presidential assent in September 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 Ministry of Labour and Employment has also released draft rules thereunder on November 13, 2020 and has invited suggestions from stakeholders, which are under consideration by the Ministry. The Group will evaluate the rules, assess the impact, if any, and account for the same once the rules are notified and become effective.

h) The above financial results are also available on the stock exchange websites www.bseindia.com, www.nseindia.com and on our website www.beardsell.co.in. i) Previous periods' figures have been re-grouped/ re-classified, where necessary to make it comparable with the current period.

			For Beardsell Limited
			ANUMOLU AMRITH Digitally signed by ANUMOLU AMRITH Date: 2021.06.30 18:24:58 +05'30'
Place	:	Hyderabad	Amrith Anumolu
Date	:	June 30, 2021	Executive Director

Sec : June : 2021

==> picture [526 x 96] intentionally omitted <==

30[th] June, 2021

The Listing Manager, The Listing Manager National Stock Exchange of India Limited, BSE Limited Exchange Plaza Registered Office : Floor 25 Bandra Kurla Complex, Bandra (E) P J Towers, Dalal Street, Mumbai-400 051 Mumbai – 400 001 Scrip Code: BEARDSELL Scrip Code: 539447

Sub: Declaration pursuant to Regulation 33(3Xd) of SEBI (Listing obligations & Disclosure Requirements) Regulations, 2015

ln compliance with the provisions of Regulation 33(3Xd) of SEBI (Listing and Obligations & Disclosure Requirements) Regulations, 2015, as amended by the SEBI (Listing and Obligations & Disclosure Requirements) (Amendment) Regulations, 2016 and SEBI Circular No. CIR/ CFD/CMDI 561 2016, we hereby declare that M/s. S.R.BATLIBOI& ASSOCIATES LLP, Chartered Accountants (ICAI Firm registration number: 101049W/E300004) Auditors of the Company , have issued an unmodified opinion on the Audited Financial Results of the Company (Standalone & Consolidated) for the Quarter , 31 st March, 2021.

This is for your information and records.

==> picture [232 x 119] intentionally omitted <==

==> picture [438 x 25] intentionally omitted <==