BEML Ltd — Interim / Quarterly Report 2021

Nov 13, 2021

id WeAo aw tied ae areny TVA A oo a # f od Ki BEML ee © bel

	ಬಿಇಎಂಎಲ್ ಲಿಮಿಟೆಡ್
	वीर्डएमएल लिमिटेड
žν	BEML LIMITED
		Schedule 'A' Company under Ministry of Defence, Govt. of India
		Defence & Aerospace Mining & Construction Rail & Metro
Ref: CS/SE/Q-2/			13.11.2021
National Stock Exchange of India Ltd.		The BSE Limited
Listing Compliance Department		Listing Compliance Department
Exchange Plaza, Bandra-Kurla Complex,		P.J. Towers, 26th Floor,
Bandra (East), MUMBAI - 400 051		Dalal Street, MUMBAI - 400 001

Dear Sir / Medam,

• Sub: Unaudited Financial Results (Standalone & Consolidated) for the second quarter and half year ended 30.09.2021 -Reg.
• Ref: (i) BEML Letter No. CS/SE/O-2/152, dated 22.10.2021 (ii) BEML Letter No. CS/SE/Q-2, dated 10.11.2021

Please find enclosed herewith Un-audited Financial Results (Stencalane and Consolidated), in the detailed format, along with Limited Review Reports for the secand quarter and half year ended 30.09.2021 in terms of Regulation 37 of the SEEI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The said results nave been considered and approved by the Board at its 342 meeting held cn 13.47.2927. Arrangements have also been made to publish the extract of the results in 2 nztiona daily (English) and local daily (Kannada) newspapers.

Yours faithfully For BEML LIMITED

Cpaithyr 2004

(S V Ravisekhar Rao) : Company Secretary & Com fiance Off

Encl: As above

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	BEML Limited tia Ue (CIN: L35202KA1964GO1/001530)
&	(A Govt. of India Mini Ratna Company under Ministry of Defence) Registered Office : "BEML SOUDHA", 23/1, 4th Main Road, 5.R. Nagar, Bengaluru - 560 027.
	Tel. & Fax: (080) 22963142, E-mail: cs@beml.co.in, Website: www.bemlindia.in LE RA aw pee Statement of Standalone Unaudited Results for the Quarter and Six months ended 30-09-2021						(% in lakhs except EPS) Audited
			Unaudited results for three months ended		Unaudited Year to date figures for period ended		results for
S.No	Particulars					30-09-2020 31-03-2021	year ended
	Revenue from operations	30-09-2021 30-06-2021 30-09-2020 30-09-2021 1,00,042	45,100	66,395	1,45,142]	1,05,519 1,815	3,55,721 6,016
Il	Other income It! Total Income {I+II)	1,346 1,01,389	1,952 47,052	582 66,976	3,298 1,48,441	1,07,333	3,61,737
IV	Expenses: Cost of materials consumed	52,033	27,734	45,462	79,767	70,501	2,03,825
	Purchase of stock-in-trade Changes in inventories of finished goods,	- 5,541	- (5,645)	= (14,938)	2 (104)}	- (18,905)	° 86
	stock-in-trade and work-in-progress				42,707	43,032	84,865
	Employee benefits expense Finance costs	21,738 1,248	20,969 1,421	21,183 860
					2,669	1,853	3,912
	Depreciation and amortization expense	1,659 17,788	1,665 10,191	1,759 10,815	3,324 27,979	3,556 18,736	7,068 52,700
	@_[Cther expenses Total Expenses (IV)	1,00,0038	56,335	65,141	1,56,343	1,18,773	3,52,456
V	[Profit / (Loss) before exceptional items and tax (II-IV)	1,380	(9,283)	1,836	(7,903)	(11,439)	9,281
VI VIL	Add/ (Less) : Exceptional items Profit / (Loss) before tax (V-V!)	: 1,380	- (9,283)	= 1,836	x (7,903)	7 (11,439)	5 9,281
VII \X	Tax expense Profit / (Loss) for the year from continuing	: 1,380	- (9,283)	- 1,836	- (7,903)	: (11,439)	1,801 7,480
	operations (VII-VIII)	-	<	3	"	*	5
XI	X Profit / (Loss) from discontinuing operations Tax expense of discontinued operations	*		H	=	=	= *
Xt	[Profit / (Loss) from discontinued operations (after tax) (X-XI)	-		-	-
XIV	XIll_ Profit / (Loss) for the period (iX+XII) Other Comprehensive Income	1,380 (2,567)	(9,283) (2,567)	1,836 (1,225)	(7,903) {5,134)	(11,439) (2,451)	7,480 (7,559)
XV	{Total Comprehensive Income for the year (XIX)	(1,187)	(11,850)	610	(13,037)	(13,890)	(79)
XVI =.	Earnings per equity share: (210/- each) in ® Basic and diluted	3.31	(22.29)	4.41	(18.98)	(27.47)	17.96
nvll	Equity Share Capital	4,164	4,164	4,164	4,164	4,164	4,164
XIX	XVIII [Reserves (excluding Revaluation Reserve) _ Capital Redemption Reserve	2,04,731 -	2,06,418 é	2,06,190] is	2,04,731 =	2,06,190 a	2,18,268 =
XX xXI_	Debenture Redemption Reserve [Net worth	5,000 2,08,908	5,000 _2,10,595]	7,500 _2,10,368	5,000 2,08,908	7,500 _2,10,368	5,000 2,22,445
a) b)	Debt Service Coverage Ratio* Interest Service Coverage Ratio	3.22 2.11	(0.54) (5.53)	4.72 aii3	(0.15) (1.96)	(0.51) (5.17)	1.44 3.37
c)	[Debt Equity Ratio	0.39 2.16	0.38 2.29	0.20 2.78	0.39 2.16	0.20 2.78	0.33 2.33
d)	Current Ratio e) Long term debt to working capital	0.04	0.04	0.08	0.04	0.08	0.07
f) g)	Bad debts to Account receivable ratio Current liability ratio	0.01 0.39	0.01 0.37	0.00 0.30	0.01 0.39	0.00 0.30	0.01 0.36
i)	h)_ Total debts to total assets [Debtors turnover *	0.15 2.86	0.15 1.32	0.08 1.48	0.15 2.05	0.08 1.19	0.13 2.09
i) K)_ )	lInventory turnover * Operating margin (%) = profit margin (%)	1.78 1.28% 1.38%]	0.98 -21.76% __-20.58%	2.43 3.18% 2.76%	1.37 -5,88% -5.44%	1.86 -10.80% -10.84%	710 2.02% 2.10%

repayment of long-term debt of %10,083,72 Lakhs during first half of FY 2021-22.

" Average Debtors and Average Inventory has been considered. Ratios for the quarter /half year have,been annualised, ror SEERA S Smee GREER. i a a

FADHMANABHAN MENAKSHISUNDARAM US symbyraciwavevrenesimironan ee ue Ee A >) afta att

Ferrer 4 eee AMIT BANERJEE sreaet ws water Peers Page 1 of 2 Chairman & Managing Directo,

Notes

• 1 The above results as duly reviewed and recommended by Audit Committee were approved by the Board of Directors at the Meeting held on 13.11.2021.
• 2 The spread of COVID-19 Pandemic and subsequent restrictions during the quarter and six months ended has impacted the Company's turnover and Company's manufacturing facilities, disruption in spares & service business, non receipt of materials due to global COVID-19 impact on supply chain disruptions, restrictive movements /non availability of required trailers etc, the impact of which could not be quantified.

Based on the information available (internal as well as external) upto the date of approval of these financial results, Company : expects to recover the carrying amounts of intangible assets, trade receivables, inventory and other financial Assets. Efforts are

• being made to minimize the impact and Company will continue to closely monitor the developments & future economic & business outlook and its impact on Company's future financial statements.
• 3 Non-convertible secured Debentures of Rs. 100 crores were redeemed on 18.05.2021.
• 4 Fund raised through Commercial Paper amounting to Rs. 200 crores on 27.07.2021 and Rs. 200 crores on 26.08.2021 for a period of 90 days.
• 5 Exemption has been granted by SEBI from publishing segment-wise information.
• ⁶Provisions in respect of employee retirement benefits are estimated considering actual expenditure of 2020-21 and likely increases.
• ⁷As per the approval of CCEA dtd 8th September 2021, Vignyan industries Limited (VIL), a subsidiary of BEML Ltd., is under Voluntary Liquidation and Official Liquidator has been appointed on 12.10.2021.
• ⁸Wholly Owned Subsidiary (WOS) in the name and style of BEML LAND ASSETS LIMITED has been incorporated on 15.07.2021 for demerger of surplus land and assets as part of the strategic disinvestment process. The assets identified for demerger and clear for transfer to resultant Company have been included under "Non-current assets held for demerger". The Company has filed the Scheme of arrangement for demerger with MCA for approval on 22.10.2021.
• ⁹The Limited Review Report issued by the Auditors on the Unaudited results, as duly placed before the aforesaid meeting of the Board, is enclosed.
• ¹⁰The previous period's figures have been regrouped and reclassified wherever necessary to make them comparable with the current period's figures.

For SUNDARAM & SRINIVASAN_<5 i Sa Chanered Acoountants - ~ » te PADHMANABHAN MENAKSHISUNDARAM SDA sirso 120 Suan Aa8 VERAICHSUNDARAM '#, cue ter a xp a & x , . MENAKSH! BUNDARAM\S\ "Sierra: LS hadi a Partner * 200 O18 ad Place: Shillong M. No. 217014 "Seen aceee (AMIT BANERJE

By order of the Board for BEML Limited

Date : 13.11.2021 Chairman and Managing Director

ata ast AMIT BANERJEE area wad weer eye Chairman & Managing Director

Statement of Consolidated Unaudited Results for the Quarter and Six months ended 30-09-2021 (2 in lakhs except EPS)

	BEML Limited
e	diam (CIN: L35202kKA1964G01001530) (A Govt. of India Mini Ratna Company under Ministry of Defence)
e	Registered Office : "BEML SOUDHA", 23/1, 4th Main Road, S.R. Nagar, Bengaluru - 560 027.
	—" Tel. & Fax: (080) 22963142, E-mail: cs@bemI.co.in, Website: www.bemlindia.in Statement of Consolidated Unaudited Results for the Quarter and Six months ended 30-09-2021						(2 in lakhs except EPS)
			Unaudited results for three months		Unaudited Year to date		Audited
	5. No Particulars		ended		figures for period ended		results for year ended
	Revenue from operations	30-09-2021 30-06-2021 30-09-2020 30-09-2021 30-09-2020 31-03-2021 1,00,042	45,100	66,372	1,45,142	1,05,417	3,55,664
ll	Other income	1,345	1,931	582	3,276	1,815	6,016
WL TV	Total Income (I+1I) Expenses:	1,01,387	47,031	66,954	1,48,418	1,07,232	3,61,680
	Cost of materials consumed Purchase of stock-in-trade	51,955	27,730	45,441	79,685	70,361	2,03,727
	Changes in inventories of finished goods,	- 5,607	- (5,645)	- (14,983)	- (38)	- (18,960)	= 88
	stock-in-trade and work-in-progress Employee benefits expense	21,981	21,023	21,267	43,004	43,199	85,195
	Finance costs	1,274	1,421	868	2,695	1,868	3,940
		1,676
	Depreciation and amortization expense Other expenses	17,829	1,683 10,220	1,776 10,863	3,359 28,049	3,591 18,851	7,138 52,881
eo.	Total Expenses (IV)	1,00,321	56,432	65,231	1,56,753	—1,18,909	3,52,969
V_	Profit / (Loss) before exceptional items and tax (IIHV)	1,066	(9,401)	1,722	(8,335)	(11,678)	8,711
VI	Add/ (Less) : Exceptional items	-	-	- 1,722	- (8,335)	= (11,678)	8,711
VIL Vili.	Profit / (Loss) before tax (V-VI) Tax expense	1,066 -	{9,401) -	-	:	=	1,841
IX	Profit / (Loss) for the year from continuing operations (VII-ViII)	1,066	(9,401)	1,722	(8,335)	(11,678)	6,870
X	Profit / (Loss) from discontinuing operations	-	-	-	-	-	<
Xi	Tax expense of discontinued operations XI Profit / (Loss) from discontinued operations	: -	%	Fs	z	7	#
	(after tax) (X-X!)				(8,335)	(11,678)	6,870
XI	Profit / (Loss) for the period (IX+XiIl) XIV_ Other Comprehensive Income	1,066 (2,567)	(9,401) (2,567)	1,722 (1,225)	(5,134)	(2,451)	(7,535)
XV_	Total Comprehensive Income for the year (XUIEXIV)	(1,501)	(11,968)	497	(13,469)	(14,128)	(665)
XVI	Earnings per equity share: (%10/- each) in =						16.50
eo	Basic and diluted Equity Share Capital	2.56 4,164	(22.57) 4,164	4.14 4,164	(20.02) 4,164	(28.04) 4,164	4,164
	"Vill Reserves (excluding Revaluation Reserve)	2,03,248 10	2,05,279 10	2,05,518 10	2,03,248 10	2,05,518 10	2,17,247_ 10
XIX xX	Capital Redemption Reserve Debenture Redemption Reserve	5,000	5,000	7,500	5,000	7,500	5,000
XXI a)	Net worth Debt Service Coverage Ratio *	2,11,773 2.56	2,09,457 (0.55)	2,09,695 4.59	2,11,773 (0.18)	2,09,695 (0.52	2,21,424 1.40
b)	interest Service Coverage Ratio	1.84	(5.62)	2.98	(2.09)	(5.25)	3.21
c)	Debt Equity Ratio Current Ratio	0.39 2.15	0.39 2.28	0.20 2.77	0.39 2.15	0.20 2.77	0.34 2.32
d) e)	Long term debt to working capital	0.04	0.04	0.08	0.04	0.08	0.07
f) g)	Bad debts to Account receivable ratio Current liability ratio	0.01 0.39	0.01 0.37	0.00 0.30	0.01 0.39	0.00 0.30	0.02 0.36
h)	Total debts to total assets	0,15	0.15	0.08	0.15	0.08	0.13 4.89
i) j)	Debtors turnover * {Inventory turnover *	1.43 0.89	1,32 0.98	1.15 0.78	2.05 1.37	1.85 1,19	1.79
k) )	[Operating margin (%) _ Net profit margin (%)	0.99% 1.07%	-21.98% -20.84%	3.03% 2.59%	-6.14% -5.74%	-11.03% -11.08%	1.87% 1.93%

* Prepayment of long-term debt of 310,083.72 Lakhs during first half of FY 2021-22.

4 Average Debtors and Average Inventory has been considered. Ratios for the quarter /half year have been annualised. For SUNDARAM & SRINIVASAN x § 3 => ! as

Chaerered Accountants we PADHMANABHAN Dia epey PADEMANASEA —_ aia aqst MENAKSHISUNDARAM, Dae at 90 40530 . MENAKSH! SUNDARAM AMIT BANERJEE Partner m M. No. 217014 ~ greet Ud U4

airman & Managing Director

Notes

• 1 The above results as duly reviewed and recommended by Audit Committee were approved by the Board of Directors at the Meeting held on 13.11.2021.
• 2 The spread of COVID-19 Pandemic and subsequent restrictions during the quarter and six months ended has impacted the Group's turnover and Groups's manufacturing facilities, disruption In spares & service business, non receipt of materials due to global COVID-19 impact on supply chain disruptions, restrictive movements /non avallability of required trailers etc, the impact of which could not be quantified.

Based on the information available (internal as well as external) upto the date of approval of these financial results, Group expEMKS to recover the carrying amounts of intangible assets, trade receivables, inventory and other financial Assets. Efforts are being made to minimize the impact and Group will continue to closely monitor the developments & future economic & business outlook and its impact on Group's future financial statements. |

• 3 Non-convertible secured Debentures of Rs. 100 crores were redeemed on 18.05.2021.
• 4 Fund raised through Commercial Paper amounting to Rs. 200 crores on 27,07,2021 and Rs. 200 crores on 26.08.2021 for a period of 90 days.
• 5 Exemption has been granted by SEBI from publishing segment-wise information.
• 6 Provisions in respect of employee retirement benefits are estimated considering actual expenditure of 2020-21 and likely increases.
• 7 As per the approval of CCEA dtd 8th September 2021, Vignyan Industries Limited (VIL), a subsidiary of BEML Ltd., is under Voluntary Liquidation and Official Liquidator has been appointed on 12.10.2021. The valuation of the Assets & Liabilities are at realizable value.
• & Wholly Owned Subsidiary (WOS) in the name and style of BEML LAND ASSETS LIMITED has been incorporated on 15.07.2021 for
• demerger of surplus land and assets as part of the strategic disinvestment process. The assets identified for demerger have and clear for transfer to resultant Company been included under "Non-current assets held for demerger". The Company has filed the
• Scheme of arrangement for demerger with MCA for approval on 22.10.2021. 9 The Limited Review Report issued by the Auditors on the Unaudited results, as duly placed before the aforesaid meeting of the
• Board, is enclosed. 10 The previous period's figures have been regrouped and reclassified wherever necessary to make them comparable with the current period's figures.

For SUNDARAM & SRINIVASAN. for BEML Limited Chanered A riterits eh SAT ers ts PADHMANABHAN Digfally signed by PADMANABHAN er" Maw Mo ' MENAKSHISUNDARAM Date: 2021.11.13 102952 +05'30 "| Saree . ». MENAKSH! SUNODARAM\® * a if M. No, Fi7914

By order of the Board

Partner to Ld i co neg ne See

Place: Shillong (AMIT BANERJEE) Date : 13.11.2021 Chairman and Managing Director

afaa vast AMIT BANERJEE ^oChairman & Managing Director

	BEML Limited
	i HG raw: 135202kA1964G01001530)
	(A Govt. of India Mini Ratna Company under Ministry of Defence) a Nee espe
	Registered Office: "BEML SOUDHA", 23/1, 4th Main Road, S.R. Nagar, Bengaluru-560 027 Tel. & Fax: (080) 22963142, E-mall: cs@beml.co.in, Website: www. bemlindia.in
	Standalone / Consolidated Statement of Assets and Liabilities				(Zin Lakhs)
	Particulars		Standalone as at	Consolidated as at
	. Assets	30-09-2021 Unaudited	30-09-2020 Unaudited	30-09-2021	30-09-2020
	(1) Non-current assets			Unaudited	Unaudited
	(a) Property, Plant and Equipment	52,885
	(b) Right of Use asset (c) Capital work-in-progress	727	54,043 818	57,809 727	55,004
	(a) Intangible assets	995	1,690	995	818 1,704
	(e) Intangible assets under development	3,068 850	3,828 -	3,068	3,828
	(f) Financial assets (i) Investments			850	-
	(ii) Loans	259 12	258	0	0
	(iii) Other financial assets (f) Deferred tax assets (net)	50	10 53	12 50	10
	(g) Other non-current assets	19,724	20,800	19,724	53 20,840
	Total non-current assets (2) Current assets	7,578 86,147	7,271 88,771	6,975	6,668
es	{a} Inventories			90,208	88,925
~	{b) Inventories & Other Movable Assets held for sale	2,26,793 -	2,16,404 :	2,26,779	2,16,939
	(c) Financial Assets (i) Investments			740	*
	(ti) Trade receivables	i 1,45,325	ss	-	=
	(iii) Contract Assets	68,334	1,17,421 40,334	1,45,325 68,334	1,17,421
	(iv) Cash and cash equivalents (v) Bank Balance Other than liv) above	971	2,928	973	40,334 2,928
	(vi) Loans	58 1,382	51 -	58	51
	(vii) Other financial assets (viii) Current tax assets (Net)	700	704	5 700	- 706
	(c) Non-current assets held for demerger	2,089 350	4,337	2,089	4,337
	(d) Other current assets Total current assets	30,046	- 28,658	350 30,085	- 27,998
	Total Assets	4,76,048	4,10,836	4,75,438	4,10,713
	Il. Equity and Liabilities	5,62,194	4,99,607	5,65,647	4,99,639
	Equity (a) Equity share capital
	(b) Other Equity	4,177 2,04,731	4,177 2,06,190	4,177	4,177
	Equity attributable to equity holders of the parent Non-controlling interests	2,08,908	2,10,368	2,07,627 2,11,805	2,05,522 2,09,699
	Total Equity	- 2,08,908	-	(31)	(4)
ad	Liabilities (1) Non-current liabilities		2,10,368	2,11,773	2,09,695
	oe (a) Financial liabilities				ogee
	(i) Borrowings	-	10,075	-
	(ii) Other financial liabilities (b) Provisions	785	838	785	10,075 838
	(c) Other non-current liabilities	22,922 1,09,136	19,731	22,922	19,731
	Total non-current liabilities	1,32,B43	1,10,915 1,41,559	1,09,136 1,32,843	1,10,915 1,41,559
	(2) Current liabilities (a) Financial liabilities
	(i) Borrowings	72,782
	(ii) Trade payables		20,798	72,782	20,989
	(A) Micro & Small Enterprises	7,039	3,547	7,039	3,549
	(B) Other than Micro & Small Enterprises (iii) Other financial liabilities	65,284 11,723	52,106	65,338	52,256
	(b) Other current liabilities	38,049	12,235 39,660	11,738 38,100	12,258 39,690
	(c) Provisions (d) Current tax liabilities (Net)	25,566	19,334	26,034	19,642
	Total current liabilities	- 2,20,442	- 1,47,680	0 2,21,030	= 1,48,384
	Total Equity and Liabilities
		5,62,194	4,99,607	5,65,647	4,99,639

For GUNDARAM ; : By order of the Board & SRINIVASAN 7& FAG. had for BEML Limited PADHMANABHAN Charered Accountants Siew Mo: 4p eating re e(3 ra Me | £3 2) aia ast "P. samrenrcets rina o 7 AMIT BANERJEE a er oan ic ene oremer Ua ae eye (AMIT BANERJEE) Chairman & Managing Diregtor on and Managing Director

BEML Limited dine (CIN: L35202KA1964G01001530)
@beml (A Govt. of India Mini Ratna Company under Ministry of Defence) = Registered Office: "BEML SOUDHA", 23/1, 4th Main Road, & Fax: (080) 22963142, E-mail: es@beml.co.in, Website: www. bernlindia.in Tel.		\$.R. Nagar, Bengaluru-560 027
Standalone / Consolidated Cash Flow Statement Particulars
		'Standalone for the half year ended					Consolidated for the half year endec	(Bin kakhs,
	sroranet Sub item	Main Item	30-09-2020 Sub item	Main item	30-09-2021 Sub item	Main Item	eae tea. Sub item	Main Rem
A. Cash flow from operating activities Net profit before tax and extraordinary items Adjustments for		(7,902.67)		(11,439.25)	:	(8,335.26)		(11/677 68)
Depreciation and amortization expense (Gain)/lass on disposal of property, plant and equipment Foreign exchange loss / (gain)	3,324.24 (4.29) 92.83		3,555.65 (1234) 22.41		3,388.51 (4.23) 92.83		3,590.78 (12.34) 2241
Financing Cost Interest Income (Other Provisions / Allowances.	2,669.46 (128.93) (4,965.05)	988.26	1,853.13 (17.26) (4,643.54)	758.05	2,694.82 (106.44) (5,058.85)	376.58	1,868.22 (17.26) (4,871.26)	580.55
(Operating Profit / (Loss) before changes in working capital Adjustment for Inventories	(30,256.51)	(6,914.42)	(16,904.34)	(10,681.20)}	(29,772.51)	(7,358.68)	(16,742.97)	(21,097-13})
Revaluation of Inventory & Other Movable Assets Trade & other receivables 'Other current assets	- 38,976.51 2,194.41		- 22,261.17 (2,586.57)		(740.20) 39,169.58 2,483.60		22,261.16 (2,114.18)
Trade payables Other payables (Cash generated from operations	(1,832.45) (6,400.07)	2,681.50 (4,232.51)!	(10,273.54) 12,615.53	5,112.25 (5,568.95)	(1,891.97) (6,384.17)	2,864.32 (4,484.36)	(10,470.96) 12,610.15	5,543.20 (5,553.94)
Direct taxes (paid) / refunded et cash flow from / (used in) operating activities		1,418.80 (2,813.71)		3,708.31 (1,860.64)		1,418.80 (3,075.56}		3,708.31 (1,845.63)
8. Cash flow from Investing activities Purchase of property, plant and equipment Revaluation of property, plant and equipment	(1,447.09) =		(1,359.29} a		(1,436.82) (4,031.93)		(1,359.29)
Purchase of Intangible assets Sale of property, plant and equipment Sale of intangible assets	(353.59) 136.58		(21.55) 79.9)		(353.59) 136.58		(21.85) 79.91
Investments In subsidiaries Interest Recelved	(1.00) (28.96)		- (106.10)		(46.01)		(106.10)
Dividends from subsidiaries from / (used in) Investing activities Net cash flow		(1,694.06)	x	(1.40733)	s	(5,731.77)		(1,407.33)
C. Cash flow from financing activities Proceeds/(Repayments) from/to ECB & long-term borrowings Proceeds from short-term borrowings
Proceeds from Unsecured Loans (Commercial Paper Issued) Proceeds/(Repayments) from/of Non-Convertible Debentures Proceeds/(Repayments) of Soft loan	54,400.00 (10,000.00) (83.72)		15,000.00 (10,000.00) (73.03)		54,400.00 {10,000,00) (83.72)		15,000.00: (10,000.00) (73.03)
Financing Cost Adjustment in retained earnings Dividend & Tax paid for equity shares Net cash flow from / (used in) financing activities	(3,003.61) (499.73)	40,812.94	(2,186.04) - (1,457.56)	1,283.36	(3,028.97) 4,318.06 (499.73)		(2,201.13) : (1,457.56)
Net increase/(decrease) in cash and cash equivalents Cash and Cash Equivalents, Beginning of the year		36,305.16		(1984.60);		45,105.64 36,298.31		1,268.27 (1,984.68)

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	Statement of Standalone & Consolidated Unaudited Results for the Six months ended 30-09-2021								(₹ in lakhs except EPS)
ದ	Particular		Standalone				Consolidated
2			N		₹
		Quarter	Half Year	Quarter	Previous	Quarter	Half Year	Quarter	Previous
		Ended	ended	Ended	year ended	Ended	ended	Ended	year ended
		30-09-2021	30-09-2021	30-09-2020	31-03-2021	30-09-2021	30-09-2021	30-09-2020	31-03-2021
		Un-audited	Un-audited	Un-audited	Audited	Un-audited	Un-audited	Un-audited	Audited
	Total Income from Operations	1,01,389	1,48,441	66,976	3,61,737	1,01,387	1,48,418	66,954	3,61,680
	Net Profit / (Loss) for the period (before Tax, Exceptional and / or Extraordinary items)	1,380	(7, 903)	1,836	9,281	1,066	(8,335)	1,722	8,711
$\omega$	e tax (after Exceptional and / Net Profit / (Loss) for the period befor or Extraordinary items)	1,380	(7, 903)	1,836	9,281	1,066	(8,335)	1,722	8,711
4	ax (after Exceptional and / or Net Profit / (Loss) for the period after Extraordinary items)	1,380	(7,903)	1,836	7,480	1,066	(8, 335)	1,722	6,870
m	(Loss) for the period (after tax) and Other Comprehensive Income period [Comprising Profit Total Comprehensive Income for the	(1, 187)	(13, 037)	610	(79)	(1, 501)	(13,469)	497	(665)
	(after tax)]
6	Equity Share Capital	4,164	4,164	4,164	4,164	4,164	4,164	4,164	4,164
	ye) Reserves (excluding Revaluation Reserv	2,04,731	2,04,731	2,06,418	2,18,268	2,03,248	2,03,248	2,05,279	2,17,247
8	Security Premium Account	61,204	61,204	61,204	61,204	61,204	61,204	61,204	61,204
m	Net worth	2,08,908	2,08,908	2,10,368	2,22,445	2,11,773	2,11,773	2,09,695	2,21,424
	ă 10 Paid up Debt Capital / Outstanding Del
	11 Outstanding Redeemable Preference Shares							9
	12 Debt Equity Ratio	0.39	0.39	0.20	0.33	0.39	0.39	0.20	0.34
	continuing and discontinued 13 Earnings per Share (of ₹10/- each) (for
	operations)
	1. Basic:	3.31	(18.98)	4.41	17.96	2.56	(20.02)	4.14	16.50
	2. Diluted:	3.31	(18.98)	4.41	17.96	2.56	(20.02)	4.14	16.50
	14 Capital Redemption Reserve					$\overline{10}$	$\overline{a}$	ö.	$\mathbf{a}$
	15 Debenture Redemption Reserve	5,000	5,000	7,500	5,000	5,000	5,000	7,500	5,000
	16 Debt Service Coverage Ratio	3.22	(0.15)	4.72	1.44	2.96	(0.18)	4.59	1.40
	17 Interest Service Coverage Ratio	2.11	(1.96)	3.13	3.37	1.84	(2.09)	2.98	3.21

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Offices 2498 8762 : Chennai - Mumbai - Bangalore - Madurai Telephone { 2498 ⁸⁴⁶³

New No.4, Old No. 23, C.P. Ramaswamy Road

4210 6952

E-Mail: sundaramandsrinivasan1948@qmail.com yessendes@sundaramandsrinivasan.com Website : www.sundaramandsrinivasan.com

Independent Auditor's Review Report on Unaudited Standalone Quarterly and Year to Date Financial Results of BEML Limited pursuant to the Regulation 33 and Regulation 52 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

TO THE BOARD OF DIRECTORS OF BEML LIMITED

1. We have reviewed the accompanying statement of unaudited standalone financial results of BEML Limited ("the compa ny") for the Quarter/ Half year ended September 30, 2021 ("the statements") being submitted by the Company pursuant to the requirement of Regulation 33 and Regulation 52 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) including relevant circulars issued by the SEB! from time to time.

2. This statement, which is the responsibility of the Company's Management approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" prescribed under Section 133 of the Com panies Act, 2013, as amended, read with the relevant rules issued there under and other recognized accounting practices and policies generally accepted in India. Our responsibility is to issue a report on these financial statements based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review is limited Primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying statement of unaudited financial results prepared in accordance with applicable accounting standards and other recognized accounting practices and policies, has not disclosed the information required to be disclosed in terms of Regulation 33 and 52 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended including the manner in which it is to be disclosed, or that it contains any material misstatement.

C.P, Ramaswamy Road

E-Mail Sundaramandsrinivasan1948@aqmail.com : yessendes@sunderamandsrinivasan.com Website : www.sundaramandsrinivasan.com

Emphasis of Matter: Bateson

1. We draw our attention to Note No.2 to the Financial Statements which describes the following matter:

and six a. months The spread ended of COVID—19 Pandemic and subsequent restrictions during the quarter facilities, disruption has impacted the Company's turnover and company's manufacturing COVID-19 impact on in supply spares & service business, non-receipt of materials due to global chain distributions, required trailers ete., restrictive movements / non availability of the impact of which could not be quantified

b. Based on the information available (internal as well as external) up to the date of intangible approval of assets, these trade financial receivables, results, Company expects to recover the carrying amounts of meade to minimize inventory and other financial assets. Efforts are being developments, future the economic impact and Company will continue to closely monitor the financial statements & business outlook and its impact on Company''s future

realization/settlement 6. In respect of Advances to MAMC consortium amounting to Rs. 6,626.28 lakhs, depends on approval from MOD and viable business plan.

loans 7. Advances, and advances balances with government departments, trade Payable, trade receivable, other and deposits are pending confirmation, reconciliation, adjustment of balances. review /

Lakhs, 8. The company which is under has made a provision for shortage of Stock of Spares amounting to Rs. 999.41 reconciliation,

relating 9, In respect to payment of Provision for Pending Legal Cases includes an amount of Rs. 2,167.35 lakhs of Gratuity at the enhanced limit as per DPE Pay Revision for 400 ex-High Court's order.

i i elephone Offices ; Chennai - Mumbai - Bangalore - Madurai p { re ae

New No.4, Old No. 23, Gites jvas C.P. Ramaswamy Road Srini ee : Alwarpet, Chennai - 600 018

. = = _— 2498 8762

E-Mail : sundaramandsrinivasan1948@gmail.com yessendes @sundaramandsrinivasan.com Website : www.sundaramandsrinivasan.com

10, We draw our attention to Note No.7 to the Financial Statements and based on explaation psnenestinnsettenstassts and information as furnished to us, we were given to understand that one of the Subsidiary Company M/s. Vignyan Industries Limited (VIL) has received an approval vide letter dated September 10"' 2021 from Department of Defence Production, Ministry of Defence (MoD) for closure of the company Besides, official liguidator has been appointed on October 12'" 2021, BEML Limited being the holding company carries the Investment in Subsidiary at Cost as per Ind AS 27 - Separate Financial Statements. The matter awaits further developments, and we are unable to comment on the same.

Our conclusion is not modified in respect of these matters.

For Sundaram & Srinivasan Chartered Accountants Firm Regn No: 0042075 PADHMANAB Bigitally signed by PADHMANABHAN HAN MENAKSHISUNDAR MENAKSHISU 4" Date: 2021.11.13 NDARAM 10:56:24 +05'30' P, Menakshi Sundaram Partner Membership No. 217914

Place: Chennai Date: 13th November 2021 UDIN: 21217914AAAAON7903

Offices ; Chennai - Mumbai - Bangalore - Madurai Telephone { 2498 8463

2498 8762 4210 6952

E-Mail : sundaramandsrinivasan1948@qmail.com yessendes@sundaramandsrinivasan.com Website : www.sundaramandsrinivasan.com

Date saicccniien coc

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

TO THE BOARD OF DIRECTORS OF BEML LIMITED

1. We have reviewed the accompanying Statement of Unaudited Consclidated Financial Results of BEML Limited ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), and its share of the net loss after tax and total comprehensive loss for the Quarter/ Half year ended September 30, 2021 ("the Statements, being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, (as amended) including relevant circulars issued by the SEBI from time to time. Attention is drawn to the fact that the consolidated figures for the corresponding quarter and half year ended September 30, 2021 as reported in these financial results have been approved by the Parent's Board of Directors.

2. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.

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

4. We also performed procedures in accordance with the circular issued by the SEB! under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

Offices : Chennai - Mumbai - Bangalore - Madurai Telephone 4 2498 8463

'-O New No.4, Old No. 23,

2498 8762 4210 6952

E-Mail ; sundaramandsrinivasan1948@gmail.com yessences@sundaramandsrinivasan.com Website : www.sundaramandsrinivasan.com

1. The Statement includes the results of the following Subsidiaries:

2. a, Vignyan Industries Limited (Under Liquidation)

3. b. MAMC Industries Limited.
4. c. BEML Land Assets Limited

Basis for Qualified Conclusions

1. We draw attention to relating to BEML Midwest Limited, a joint venture Company, has not been consolidated in the absence of its financial statements. As per the accounting principles, the financial statements of this joint venture should have been consolidated using proportionate consolidation method. The effects on the consolidated financial statements, of the failure to consolidate this Joint Venture Company, net of provision for diminution already made in the value of the investment, has not been determined.

2. We draw attention relating to Advance to MAMC Consortium amounting to Rs, Rs. 6,626.28 Lakhs (Previous Year - Rs. 6,150.96 Lakhs) which ought to have been classified as Investment in Joint Venture in accordance with IND AS 28 — Investment in Associates and Joint Ventures.

We are unable to quantify the impact and implications of the above

Qualified Conclusions

1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 9 below, except for the matter described in the Basis of Qualified Conclusion Paragraph 5 to 7 above, nothing has come to our attention that causes us to believe that the accompanying Statement of unaudited consolidated financial results, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ("Ind AS") specified under Section 133 of the Companies Act 2013, as amended, read with relevant rules issued there under and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEB! (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Emphasis of Matter

We draw our attention to:

1. Note No.2 to the Consolidated Financial Statements which describes the following matters:

a. The Company's operations and financial results for quarter ended September 30, 2021 have been adversely impacted by the lockdown imposed to contain the second wave of

²⁴⁹⁸8762 Offices : Chennai - Mumbai - Bangalore - Madurai Telephone { 2498 ⁸⁴⁶³

Srinivasan C.P. Ramaswamy Road

4210 6952

E-Mail : sundaramandsrinivasan1948@gmail.com yessendes@sundaramandsrinivasan.com Website : www.sundaramandsrinivasan.com

COVID-19. The Company's manufacturing facilities were disrupted during the quarteP' Sn the ie company has taken necessary precautions, with reduced availability of workforce and severely disrupted supply chain to minimize the impact on its operations.

b. Based on the information available (internal as well as external) up to the date of approval of these financial results, Company expects to recover the carrying amounts of intangible assets, trade receivables, inventory and other financial assets. Efforts are being made to minimize the impact and Company will continue to clasely monitor the developments, future economic & business outlook and its impact on Company's future financial statements.

1. Advances, balances with government department, trade payable, trade receivable, other loans and advances and deposits are pending confirmation, reconciliation, review /adjustment of balances.

2. In the Books of BEML Limited the company has made a provision for shortage of Stock of spares amounting to Rs. 999.41 Lakhs, which is under reconciliation,

3. In respect of Provision for Pending Legal Cases includes an amount of Rs. 2,167.35 lakhs relating to payment of Gratuity at the enhanced limit as per DPE Pay Revision for 400 ex- executives and non-unionized employees who are covered by DPE Pay Revision circular dated November 26, 2008, based on order of Hon'ble Karnataka High Court Vide dated March 05, ²⁰²¹and on the principle of conservatism. As per Company's Board norms, a Provision amounting to 90% of the Liability has been created in the books of accounts. The Company has filed an SLP with the Hon'ble Supreme Court of India challenging the Hon'ble Karnataka High Court's order.

4. We did not review the financial results of Three subsidiaries included in the consolidated unaudited financial results, whose interim financial results reflect total revenues of Rs. 79.28 lakhs, total net loss after tax of Rs. 435.44 for the quarter / half year ended September 30, 2021, as considered in the consolidated unaudited financial results. The financial results of these Subsidiaries have been reviewed by other auditors whose reports have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the reports of the other auditors.

New No.4, Old No. 23, C.P. Ramaswamy Road Alwarpet, Chennai - 600 018

2498 8762 Telephone { 2438 8463 4210 6952

E-Mail : sundaramandsrinivasan1948@gmail.com yessendes@sundaramandsrinivasan.com Website : www.sundaramandsrinivasan.com

1. We craw our attention to Note No.7 tothe Financial Statements and based on expidnation yee and information as furnished to us, one of the Subsidiary Company, Vignyan Industries Limited (VIL) has received approval vide letter dated September 10, 2021 from Department of Defence Production, Ministry of Defence (MoD) for closure of the company Besides, official liquidator has been appointed on October 12, 2021. The Independent Auditors of the Company on their Report dated October 28, 2021 has stated that the preparation of financial statements of the company is on "liquidation" basis.

Our conclusion is not modified in respect of the above matter.

For Sundaram & Srinivasan Chartered Accountants Firm Regn No: 0042075 PADHMAN_ Digitally signed by N © ABHAN ——MENAKSHISUNDA » |MENAKSHIS RP 13 -/ UNDARAM | 1037:16 +05'30' ' P, Menakshi Sundaram Partner Membership No. 217914

Place: Chennai Date: 13th November 2021 UDIN: 21217914AAAA008178