Bhansali Engineering Polymers Ltd. — Interim / Quarterly Report 2021

Jan 10, 2021

~r b~ANsAli ENGiNEERiNq polyMERs liMiTEd

CIN : L27100MH1984PLC032637

Registered Office: 401, 4th Floor, Peninsula Heights, C. D. Barfiwala Road, Andheri (West), Mumbai - 400 058. Tel. : (91-22) 2621 6060/61/62/63/64 • Fax : (91-22) 2621 6077 • E-mail : abstron@bhansaliabs.com •Website : www.bhansaliabs.com

BEPL/SEC/2021/04

10th January, 2021

To,	To,
The BSE Limited	National Stock Exchange of India Limited
Corporate Relationship Department,	Exchange Plaza, C - 1, Bandra- Kurla
Phiroze Jeejeebhoy Towers,	Complex, Bandra (East),
Dalal Street, Mumbai - 400 001	Mumbai - 400 051
Security Code: 500052	Security Code : BEPL

Sub: Outcome of Board Meeting-Sunday, 10th January, 2021.

Dear Sir/ Madam,

Pursuant to Regulation 30 read with Schedule III and other applicable regulations of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, please be informed that the Board of Directors of the Company at its meeting held today, inter alia, considered and approved Un-Audited Financial Results (Standalone and Consolidated) for the quarter and nine months ended 31st December, 2020, after the Limited Review by the Statutory Auditors.

The meeting of the Board of Directors commenced at 5:00 pm and concluded at 6:00 pm.

We hereby enclose the following:

• a. Limited Review Report on Un-Audited Financial Results (Standalone and Consolidated) for the quarter and nine months ended 31st December, 2020, issued by the Statutory Auditors of the Company; and
• b. Copy of Un-Audited Financial Results (Standalone and Consolidated) for the quarter and nine months ended 31st December, 2020.

Request you to take the same on record.

Thanking you,

Yours faithfully, For Bhansali Engineering Polymers Limited

~ M. Patel

Ashwin Company Secretary & GM (Legal)

Encl: as above

AZAD JAIN & CO. CHARTERED ACCOUNTANTS

INDEPENDENT AUDITOR'S REVIEW REPORT ON THE QUARTERAND NINE MONTHS ENDEDUNAUDlTED STANDALONE FINANCIAL RESULTS OF THE COMPANY PURSUANT TO REGULATION 33 OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS,2015

-------· .. ····· ·~--·----------------------------:

Review Report to The Board of Directors, Bhansali Engineering Polymers Limited, Mumbai.

• 1) We have reviewed the accompanying Statement of Unaudited Standalone Financial Results of Bhansali Engineering Polymers Limited("the Company") for the quarterand nine month ended 3151 December, 2020("the Statement''), being submitted by the Company to the Stock Exchanges viz. The BSE Limited (''BSE") and The National Stock Exchange of India Limited ("NSE")pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 201S, as amended ("the Regulation"), read with SEBI Circular No. CIR/CFD/CMD1/44/2019dated 291h March, 2019 ("the Circular").
• 2) The preparation of the statementin accordance with the recognition and measurement principles laid down in Indian Accounting Standards 34, "Interim Financial Reporting", (Ind AS 34) prescribed under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, read with the Circular is the responsibility of the Company's management and has been approved by the Board of Directors of the Company.Our respomibility is to express a conclusion on the Statement based on our review.
• 3) We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of Entity "("the Standard"), 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 Statementis free of material misstatement. A review is limited primarily to inquiries of Company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

HO: &1603, LAKE FLORENCE. LAKE HOMES, OFF ADI SANl<ARACHARYAMARG, PONAI, MUMBAI, (MAHARASHTRA)-400076, MOB. 09414167046 401-402, (4TH FLOOR), SHREEJI CHAMBERS. 32 ·A, PANCHWATI, UDAIPUR • 313 001 TEL. :0294 • 2428460, 2425529

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AZAD JAIN & CO. CHARTERED ACCOUNTANTS

4) Based on our review conducted as stated above, nothing has come to our attention that causes us to believe that the accompanying Statement,prepared in accordance with the applicable Indian Accounting Standards ("Ind AS") prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other recognized accounting practices and policies, has not disclosed the information required to be disclosed in terms of the Regulation,read with the circular, including the manner in which it is to be disclosed or that it contains any material misstatement.

Place: Udaipur Date:l01hJanuary, 2021

UDIN No: 21400600AAAAAA9887

HO: E-1603, LAKE FLORENCE, LAKE HOMES. OFF ADJ SANKARACHARVAMAAG, POWAi, MUMBAI, (MAHARASHTRA)-400076, MOB. 09414167046

401-402, (4TH FLOOR), SHREEJI CHAMBERS, 32 -A, PANCHWATI, UOAIPUR ~ 3.J 3 0 ..

bHANsAli ENGiNEERiNq polyMERs liMiTEd

CIN : L271OOMH1984PLC032637

Registered Office : 401, 4th Floor, Peninsula Heights, C. D. Barfiwala Road, Andheri (West), Mumbai - 400 058. Tel.: (91-22) 2621 6060/61/62/63/64 •Fax: (91-22) 2621 6077 •E-mail : abstron@bhansaliabs.com •Website: www.bhansaliabs.com

	STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR TliE TlilRD QUARTER AND NINE MONTliS ENDED 31ST DECEMBER, 2020 UNDER IND AS
		('{in Jakhs) (Except Earning per share)
		STANDALONE
	PARTICULARS		Quarter ended			Nine Months ended on	Year ended
		31/12/2020	30/09/2020	31/12/2019	31/12/2020	31/12/2019	31/03/2020
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
	INCOME
I	Gross Revenue including GST	48,524.34	36,318.76	30,567.44	96,572.76	99,868.76	1,29,530.37
II Ill	less:GST Recovered Revenue from operations (Net of GST) (1·11)	7,397.25 41,127.09	5,533.55 30,785.21	4,560.80 26,006.64	14,720.72 81 852.04	14,576.37 85,292.39	19,097.35 1, 10 433.02
IV	Other Income	168.01	169.26	89.17	810.72	573.27	590.06
v	Total Income (lll+IV)	41,295.10	30,954.47	26,095.81	82,662.76	85,865.66	1, 11,023.08
VI	EXPENSES
	(a) Cost of materials Consumed	10,679.23	12,109.62	15,182.69	30,905.42	45,076.66	59,264.98
	(b) Purchase of stock-in-trade	3,896.52	7,631.23	5,672.24	16,561.73	25,628.01	31,881.99
	(c) Changes in inventories offinished goods,	3,292.21	2,859.22	(627.11)	1,409.44	(2,661.15)	(1,813.17)
	wor1<-in-progress and stock-in-trade
	(d) Employee benefits expense	2,417.62	1,060.51	959.33	3966.95	2871.32	2870.06
	(e) Finance Costs	13.66	5.46	2.46	20.40	7.95	11.23
	(f) Depreciation & amortisation expenses	256.52	256.53	258.21	768.47	698.68	951.77
	I fa) Other exoenses	2,436.77	2492.51	2362.25	6304.17	7015.81	9595.08
	TOTAL EXPENSES fa to al	22,992.53	26,415.08	23,810.07	59 936.58	78,637.28	1,02 761.94
VII	Profit /(Loss) before exceptional and extraordinary items and tax rv. Vil	18,302.57	4,539.39	2,285.74	22,726.18	7,228.38	8,261.14
VIII	Exceptional Items
IX	Profit /(Loss) before extraordinary items and tax (VII- VIII)	18 302.57	4,539.39	2 285.74	22 726.18	7,228.38	8,261.14
x	Extraordinary items
	Profit I {Loss) before share of net profit/(loss) of Investment
	accounted for using equity method and tax (IX -X)	18,302.57	4,539.39	2,285.74	22,726.18	7,228.38	8,261.14
XI
	Share of net profit/(loss) from Joint venture accounted for using					-
XII	the eauitv method
XIII	Profit I floss! before tax fXl+Xlll	18,302.57	4,539.39	2,285.74	22,726.18	7,228.38	8,261.14
XIV	Tax Expenses
(i)	Current tax	4,682.00	1,000.00	587.31	5,682.00	1,808.31	2,050.63
(ii) xv	Deferred tax Profit I ClossJ for the period C XIII· XIV I	14.86	2.57	7.66	26.32	(488.76)	(471.95)
XVI	Other Comprehensive Income I (loss) Cnet of tax)	13,605.71 10.22	3,536.82	1,690.77 13.40	17,017.86	5,908.83	6,682.46
	Total Comprehensive income/ (Loss) for the perioa l"•		29.24		2.56	18.29	47.67
XVII	+XVI)	13,605.49	3,566.06	1,704.17	17,020.42	5,927.12	6,730.13
XVIII	Paid Up Equity Share Capital	1,659.06	1,659.06	1,659.06	1,659.06	1,659.06	1,659.06
XIX	Earnings per share {of 'l'.1/- each) {not annualised)
(i)	Basic	8.20	2.13	1.02	10.26	3.56	4.03
(ii)	Diluted	8.20	2.13	1.02	10.26	3.56	4.03
	Notes: I	I		I	I	I
1	The Unaudited Standalone Financial Results have been prepared in accordance with the recognition and measurement principles provided in Indian Accounting Standards {lndAS
	34), the provisions of the Companies Act, 2013 (the Act). as applicable and guidelines issued by the Securities and Exchange Board of India (SEBI) under SEBI {Listing
	Obligations and Disclosure Requirements) Regulallons 2015, (SEBI (LODR) Regulations, 2015) as amended.
2	The above results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors in their meeling held on 1oth January ,2021.The
	Statutory Auditors of the Company have carried out a Limited Review of the aforesaid results in terms of Regulation 33 of SEBI (lODR) Regulations, 2015.
3	In accordance with Regulation 33 of the SEBI {lODR) Regulations, 2015, the above Unaudited Standalone Financial Results of the Company are posted on Company's website
	(www.bhansaliabs.com) and on the website of BSE Limited (www.bseindia.com) and the National Stock Exchange of India Limited (www.nseindia.com), where the Company's
	shares are listed.
4	The Company operates in a single segment namely "Highly Specialized Engineering Thermoplastics".
				/
5	Figures for the previous Period/ Year have been re-grouped/ rewor1 <ed comparable.<="" m_?k{l="" necessary,="" re-arranged="" td="" them="" to="" ~h_erevw="">
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			B.M. ans
	Place : Mumbai		Manag g irector		~~	·\-.,;
	Dated: 10th January, 2021		DIN:001 2930			""'-!' •

AZAD JAIN & CO. CHARTERED ACCOUNTANTS

INDEPENDENT AUDITOR'S REVIEW REPORT ON. 1HE QUARTER AND NINE MONms ENDEDUNAUDITED CONSOLIDATED FINANCIAL RESULTS OF nm COMPANY PURSUANT TOREGULATION 33 OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULA TIO NS, 2015.

Review Report to The Board of Directors, Bhansali Engineering Polymers Limited, Mumbai

• 1) We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of BHANSAU ENGINEERING POLYMERS LIMITED ('the Company'), comprising its joint venture together, ('the Group') for the quarter and nine monthsended 31 • 1 December, 2020 (' the Statement'), attached here with, 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 Regulation') read with SEBI Circ:War No.CIR/CFD/CMDl/44/2019 dated 29"' March, 2019 ("the Circular").
• 2) This statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors in their meeting he~d onlO"'January, 2021 has been prepared in accordance with recognition and measurement principles laid down in Indian Accounting Standards 34, "Interim Financial Reporting", (Ind AS 34) prescribed under Section 133 of the Companies Act, 2013, as amended, read with relevant Rules issued thereunder and other accounting principles generally accepted in India, read with the Circular. Our responsibility is to express a conclusion on the Statement based on our review.
• 3) We conducted our review in accordance with the Standard on Review Engagement (S~E) 2410,"Review of Interim Financial Infonnation Perfonned by the Independent Auditor of Entity "("the Standard"), 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 signifi.· ·~at~t matters that might be identified in an -~~ .. ~~~.~c .. ~ordingly, we do .not~ express an audit op1mon. . ..• , ~)AL.N.._~'. .C''~ 'O'\ ~ ' ~ . - ,.~ ~- ' ^~fc·· MUM!M •,

HO: E-1603, LAKE FL.ORENCI;, LAKE HOMES. OFF ADI SANKARACHARYA MARG, POwAfiA.!uMBAI, ~SHTRA)- 400076, MOB. 09414167046 '~..... /.F/ 401-402, (4TH FLOOR), SHREEJI CHAMBERS, 32 ·A, PANCHWATI, UOAtit~~1 TEL. :0294 - 2428460, 2425529 _______________________ ...... __ __;,;,_ ___ , ....

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AZAD JAIN & CO. CHARTERED ACCOUNTANTS

We a]so performed procedures in accordance with the Circular issued by the Securities and Exchange Board of India under Regulation 33(8} of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended, to the extent applicable.

• 4) The Statement includes the results of the following entities: Bhansali Nippon A& L Private Limited Ooint Venture Entity).
• 5) The Statement includes the interim financial results and other financial information of 1 joint venture entity whose interim financial results/information reflects Group's share of total assets ofR.s.174.26lakhsand total net profit after tax of Rs; 23.41 lakhsfor the nine monthsended 3151 December, 2020(Previous quarterLoss of Rs.0.16lakhs). These financial statements and other financial information have been reviewed by other auditor, whose reports have been furnished to us by the management. Our opinion, in so far as it relates to the affairs of such Joint Venture is based solely on the report of such auditors. Our conclusion is not modified in respect of this matter.

For Azad Jain & Co Cltartered Accoutttattts Firm~· egis ·. tion ~~ . ..":her: 0.06~Y.\7~. ·~. VV'~ ~~~ CA sh Vetdla/ ~ \~f. lf!J k!JMN~wJ ~) Parttter :~fi: Membership Number: 40060~~~!.~~";,.·

Place: Mumbai Date :101hJanuary, 2021

UDIN No: 21400600AAAAAB1334

HO: E-1603, LAKE FLORENCE. LAKE HOMES, OFF ADI SANKARACHARYAMARG, POWAi, MUMBAI, (MAHARAsHTRA)-400076; MOB.,09414167046 401-402, (4TH FLOOR), SHREEJI CHAMBERS, 32 ·A, PANCHWATI, UDAIPUR • 313 001 TEL. :0294. 2428460, 2425529

b~ANsAli ENGiNEERiNG polyMERs liMiTEd

GIN: L27100MH1984PLC032637

Registered Office : 401, 4th Floor, Peninsula Heights, C. D. Barfiwala Road, Andheri (West), Mumbai - 400 058. Tel.: (91-22) 2621 6060/61/62/63/64 •Fax: (91-22) 2621 6077 •E-mail: abstron@bhansaliabs.com •Website: www.bhansaliabs.com

	STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE THIRD QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2020 UNDER IND AS
		('!'.in lakhs) (Except Earning per share)
				CONSOLIDATED
	PARTICULARS		Quarter ended		Nine Months ended on		Year ended
		31/12/2020	30/09(2020	31/12/2019	31/12/2020	31/12/2019	31/03/2020
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
	INCOME
I	Gross Revenue including GST	48,524.34	36,318.76	30,567.44	96,572.76	99,868.76	1,29,530.37
II	Less:GST Recovered	7,397.25	5,533.55	4,560.80	14,720.72	14,576.37	19,097.35
Ill	Revenue from operations (Net of GST) (1·11)	41,127.09	30,785.21	26 006.64	81 852.04	85,292.39	1,10 433.02
IV v	Other Income	168.01	169.26	89.17	810.72	573.27	590.06
	Total Income llll+IVl	41,295.10	30,954.47	26,095.81	82,662.76	85,865.66	1,11,023.08
VI	EXPENSES (a) Cost of materials Consumed	10,679.23
	(b) Purchase of stock-in-trade	3,896.52	12,109.62 7,631.23	15,182.69 5,672.24	30,905.42 16,561.73	45,076.66 25,628.01	59,264.98 31,881.99
	(c) Changes in inventories of finished goods,	3,292.21	2,859.22	(627.11)	1,409.44	(2,661.15)	(1,813.17)
	work-in-progress and stock-in-trade
	(d) Employee benefits expense	2,417.62	1,060.51	959.33	3,966.95	2,871.32	2870.06
	(e) Finance Costs	13.66	5.46	2.46	20.40	7.95	11.23
	(f) Depreciation & amortisation expenses	256.52	256.53	258.21	768.47	698.68	951.77
	I (al Other exoenses	2,436.77	2,492.51	2,362.25	6,304.17	7,015.81	9595.08
	TOTAL EXPENSES (a to Q)	22,992.53	26,415.08	23,810.07	59,936.58	78,637.28	1,02,761.94
	Profit I (Loss) before exceptional and eX1raordinary items
VII	and tax IV ·Vil	18,302.57	4,539.39	2,285.74	22,726.18	7,228.38	8,261.14
VIII	Exceotional Items
IX	Profit I (Loss) before eX1raordinary items and tax (VII· VIII)	18,302.57	4,539.39	2,285.74	22 726.18	7,228.38	8,261.14
x	Extraordinarv items
XI	Profit I (Loss)before share of net profit/(loss) of investment accounted for using equity method and tax (IX -X)	18,302.57	4,539.39	2,285.74	22,726.18	7,228.38	8,261.14
	Share of net profiti(loss) from Joint venture accounted for using
XII	the eauitv method	23.57	13.77	1.04	23.41	24.38	18.99
XIII	Profit/ ILoss) before tax (Xl+Xlll	18,326.14	4 553.16	2,286.78	22,749.58	7,252.76	8,280.13
XIV	Tax Expenses
(i)	Current tax	4,682.00	1,000.00	587.31	5,682.00	1808.31	2050.63
(ii)	Deferred tax	14.86	2.57	7.66	26.32	(488.76)	1471.95)
xv	Profit I !Lossl for the Deriod I XIII- XIV l	13,629.28	3,550.59	1,691.81	17 041.26	5 933.21	6,701.45
XVI	Other Comprehensive Income I (loss) (net of tax) 1 ota1 "omprenens1ve income I \LOSS) 1or tne perioa 1Av	10.221	29.24	13.40	2.56	18.29	47.67
XVII	+XVI)	13,629.06	3,579.83	1,705.21	17,043.82	5,951.50	6,749.12
XVIII	Paid Up Equity Share Capital	1,659.06	1,659.06	1,659.06	1,659.06	1,659.06	1,659.06
XIX	Earnings per share (of '!'.1/- each) (not annualised)
(i)	Basic	8.22	2.14	1.02	10.27	3.58	4.04
(ii)	Diluted	8.22	2.14	1.02	10.27	3.58	4.04
	Notes:
1	The Unaudited Consolidated Financial Results have been prepared in accordance with the recognition and measurement principles provided in Indian Accounting Standards (lndAS
	34), the provisions of the Companies Act, 2013 (the Act), as applicable and guidelines issued by the Securities and Exchange Board of India (SEBI) under SEBI (Listing Obligations
	and Disclosure Requirements) Regulations 2015, (SEBI (LODR) Regulations, 2015) as amended.
2	The above results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors in their meeting held on 10th January ,2021.The Statutory
	Auditors of the Company have carried out a Limited Review of the aforesaid results in terms of Regulation 33 of SEBI (LODR) Regulations, 2015.
3	In accordance with Regulation 33 of the SEBI (LODR) Regulations, 2015, the above Unaudited Consolidated Financial Results of the Company are posted on Company's website
	(www.bhansaliabs.com) and on the website of BSE Limited (www.bseindia.com) and the National Stock Exchange of India Limited (www.nseindia.com), where the Company's shares
	are listed.
4	The Company operates in a single segment namely "Highly Specialized Engineering Thermoplastics".
5	Figures for the previous Period/ Year have been re-grouped/ reworked/ re-arrangeQ\'~erev\' necessary, to makeJiem comparable.
	~~'"""~un.' ~ ~-~ ~ ;B~ ~hansali Place : Mumbai rector Mana~_in
	Dated : 1oth Januarv, 2021		DIN:O 102930		~"-	·<:>"