Bhansali Engineering Polymers Ltd. — Interim / Quarterly Report 2023

Jul 13, 2023

An ISO 9001 : 2015 Company [g® bHANSAli ENqiNEERiNq polyMERS liMiTEd

CIN: L27100MH1984PLC032637

Registered Office : 301 & 302, 3rd Floor, Peninsula Heights, C. D. Barfiwala Road, Andheri (West), Mumbai - 400 058. Tel. : (91-22) 2621 6060/61/62/63/64 •E-mail : abstron@bhansaliabs.com • Website : www.bhansaliabs.com

BEPL/SEC/2023/98

13th July, 2023

To,
National Stock Exchange of India Limited
Exchange Plaza, C -1, Bandra-Kurla Complex,
Bandra (East),
Mumbai - 400 051
Security Code : BEPL

Sub: Outcome of Board Meeting - Thursday, 13th July, 2023

Dear Sir/ Madam,

Pursuant to Regulation 30, 33 and 42 read with Schedule III and other applicable Regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a s amended, please be informed that the Board of Directors of the Company at its meeting held today had, inter alia:

• 1. Approved the Un-Audited Financial Results (Standalone and Consolidated) for the quarter ended 3Qth June, 2023, after the Limited Review by the Statutory Auditors;
• 1. Declared 1st Interim Dividend of Re.1 / ( 100 %) per Equity Share (of the face value of Re.1 each) for financial year 2023-24, subject to deduction of tax at source;
• 1. Fixed the date of closure of Register of Memb ers and Share Transfer Books of the Company on Wednesday, 26th July, 2023 for the purpose of payment of 1st Interim Dividend to Equity shareholders. The Interim Dividend will be paid on or before 04lh August, 2023.

The meeting commenced at 11:30 a.m. and concluded at 12:57 p.m.

We here by enclose the following:

• a. Limited Review Report on Un-Audited Financial Results (Standalone and Consolidated) for the quarter ended 3Qlh June, 2023, issued by the Statutory Auditor of the Company; and
• b. Copy of Un-Audited Financial Results (Standalone and Consolidated) for the q uarter ended 30th June, 2023.

Request you to take the same on record.

Thanking you,

Yours faithfully, For Bhansali Engineering Polymers Limited

ASHWIN MANILAL PATEL Digitally signed by ASHWIN MANILAL PATEL Date: 2023.07.13 13:03:32 +05'30'

Ashwin M. Patel Company Secretary & GM (Legal)

Satnoor Plant : Bhansali Nagar, Taluka - Sausar, Dist. Chhindwara, Madhya Pradesh - 480 108. Tel. : (07165) 226376/77/78/79 •E-mail: beplchw@bhansaliabs.com Abu Road Plant : Plot No. SP-138-143, Ambaji Industrial Area, Abu Road, Dist. Sirohi (Rajasthan) - 307 026. Tel. : (02974) 226781 /82/83/84 •E-mail : beplabr@bhansaliabs.com

INDEPENDENT AUDITOR'S REVIEW REPORT ON THE QUARTERLY UNAUDITED CONSOLIDATED FINANCIAL RESULTS OF THE COMPANY PURSUANT TO THE REGULATION 33 OF THE SEBI (LISTI NC 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 Consolidated Financial Results of BHANSALI ENGINEERING POLYMERS LIMITED ('the Company'), comprising its joint venture together, ('the Group') for the quarter ended 3Qth Ju.11e ,2023 (' t.1-!e Statement'), attac..l:ed here with, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, as amended ('the Regulation') read with SEBI Circular No. CIR/CFD/CMDl/44/2019 dated 29th March, 2019 (" the Circular").
• 1. This statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors in their meeting held on 13th July , 2023 has been prepared in acc-ordance with recognition and measurement pri.t1ciples laid down in Indian Accuunting 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 accou.nting prL.riciples generall~,-7 accepted in India, read with t...11e Circular. Our respor1sibilit)7 is to express a conclusion on the Statement based on our review.
• 1. We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410, "Review of Interim Financial Information Perforrned by lhe Independent Auditor of Entity "("lhe 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 ether 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.

LAKE FLORENCE LAKE HOMES OFF ADI SANKARACHARYA MARG, POWAi, MUMBAI, (MAHARASHTRA)- 400076, MOB. 09414167046 HO: E-1603, • • 401 _ 402• ( 4TH FLOOR), SHREEJI CHAMBERS, 32 -A, PANCHWATI, UDAIPUR - 313 001 TEL. :0294 - 2428460, 2425529 We also 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.

• 1. The Statement includes the results of the following entities: Bhansali Nippon A& L Private Limited Goint venture Entity).
• 1. 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 of Rs. 214.00 lakhs ai1d total net Profit after tax of Rs. 18.40 lakhs for the three months ended 301 h June, 2023. 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 t.11is matter.

For Azad Jain & Co

I

Chartered Accountants

Partner Membership Number: 400600

Place: Mumbai

Date: 13th July, 2023

UDIN No: 23400600BGZHH01774

bHANsAli ENGiNEERiNG polyMERs liMiTEd

CIN: L27100MH 1984PLC032637

Registered Office : 301 & 302, 3rd Floor, Peninsula Heights, C. D. Barfiwala Road, Andheri (West), Mumbai - 400 058. Tel. : (91 -22) 2621 6060/61 /62/63/64 •E-mail : abstron@bhansaliabs.com •Website: www.bhansaliabs.com

	STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED 30TH JUNE,2023 UNDER IND AS.i n lakhs) (Except Earning per share)
				CONSOLIDATED
	PA RT I C U LA R S		Quarter ended		Year ended
		3010612023	3110312023	30/0612022	31/0312023
		Unaudited	Audited	Unaudited	Audited
	INCOME
I	Gross Revenue induding GST	34.744.54	38,691 .03	39.810.02	1.60.779.02
II	Less:GST Recovered	5.296 52	5,90 1.04	6.069.08	24.523.36
Ill	Revenue from operations (Net of GST) (1-11 )	29,448.02	32,789.99	33,740.94	1,36,255.66
IV	Other Income	1.252.96	782.84	683.59	2.891 28
v	Total Income llll+IVl	30,700.98	33,572.83	34,424.53	1,39, 146. 94
VI	EXPENSES
	(a) Cost of malerials Consumed	19.853.70	19.674.74	22.971.75	87,440.57
	(b) Purchase of stock-in-lrade	975.32	2. 143.73	569.74	7.708.55
	(c) Changes in invenlories of finished goods.	( 1.243.35)	2.669.85	(521.01)	3,400.20
	work-in-progress and stock-in-trade
	(d) Employee benefits expense	1.433.23	859.40	1.424.39	4.678.48
	(e) Finance Costs	484	8.79	9.08	117.22
	(f) Depreciation & amortisation expenses	244 98	244.32	245.25	991 .64
	(a) Other exoenses (Refer Note No. 3)TOTALEXPENSES fatoal	2,773.18	5.233.90	3,265.92	15.331.04
		24,041 .90	30,834.73	27,965.12	1,19,667.70
VII	Profit I (Loss) before exceptional and extraordinary itemsand tax IV • Vil	6,659.08	2,738.10	6,459.41	19,479.24
VIII	Exceplional Items
IX	Profit I (Loss) before extraordinary items and tax (VII- VIII)	6,659.08	2,738.10	6,459.4 1	19,479.24
x	Extraordinarv items
	Profit I (loss)before share of net profiV(loss) of investment	6,659.08	2,738.10	6,459.41	19,479.24
XI	accounted for using equity method and tax (IX -X)
	Share of net profiV(loss) from Joint venture accounted for using
XII	the eouitv method	18.40	18.29	21 .10	82.95
XIII	Profit I (Loss) before tax (Xl+Xll)	6,677.48	2,756.39	6,480.51	19,562.19
XIV	Tax Expenses
	(i) Current tax	1,658.23	1,304.26	1.709.50	5650.96
	(ii) Deferred tax	[31 .50)	26.49	(2.77	35.38
xv	Profit I (loss) for the period ( XIII- XIV)	5,050.75	1,425.62	4,773.78	13,675.83
XVI	Other Comprehensive Income I (loss) (net of tax)	114.37	(36.461	23.63	129.971
	110L>1 <omprenens1ve 11loss1="" e="" fi\v<="" income="" m="" perioa="" ror="" td="">
XVII	+XVI)	5,036.38	1,389.16	4,797.41	13,645.86
XVIII	Paid Up Equity :;hare c.;apital	2.488 59	1.659.06	1.659.06	1.659.06
XIX	Earnings per share (of 1/ each) (Reier Note No.4)
	(i) Basic
					5.50
	l!iil Diluted	2.032.03	0.570.57	1.921.92	5.50
	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 thei1
	meeung held on 13th July ,2023. The Statutory Auditors or the Company have carried out a Limited Review or the aforesaid results in
	tenns of Regulation 33 of SEBI (listing Obligalions and Disclosure Requirements) 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 SSE Limited (www.bse1ndia.com) and the
	National Stock Exchange of India Limited (www.nseindia.com), where the Company's shares are listed.
4	The Shareholders of the Company approved the issue of Bonus Equity Shares in the Annual General Meeting held on 19th June.
	2023 in proportion of 1 (One) Equity Share for every 2 (Two) equity shares held. The Allotment Committee of the Board of Directors at
	their meeting held on 11th July. 2023 have approved allotment of 8.29.52.820 Equity Shares of Re.1/- each, fully paid up. to the
	eligible Shareholders whose names appear in the Register of Members and the list of beneficial owners as on 5th July . 2023, being
	the record date fixed for this purpose. Accordingly. the basic and diluted earning per share have been adjusted for all the periods
	presented for the bonus shares allotted in accordance with Ind AS 33 - Earning per Share· as nolified by the Ministry of Corporate
	Affairs.
5	The Board of Directors has declared the 1st Interim Dividend of 100 % for the financial year 2023-24 of Re 11- per Equity share ol
	face value of Re 1/- each. The said dividend will be paid on lhe enhanced Paid up Equity Share Capital consisting of 24.88,58.460
	equity shares. pursuant to Bonus issue of 8,29,52,820 Equity shares on 11th July. 2023.
	The Company operates in a single segment namely "Highly Specialized Engineering Thennoplastics" .
6
7	The figures for the quarter ended 31st March. 2023 are the balancing figures between the audited figures in respect of the full
	financial year and the reviewed year·tO·date figures up to third quarter of the respective financial year.
8	Figures for the previous Period/ Year have been re-grouped/ rewor1 <edl comparable.<="" make="" necessary,="" re-arranged="" td="" them="" to="" wherever="">
		\	"	/
					"' '"
			.<br>""' 1'-	-	u.;.,,
	Place : Mumbai		8 . ~ hansarManng 1recto r

Bhansali Nagar, Taluka - Sausar, Dist. Chhindwara, Madhya Pradesh - 480 108. Tel. : (07165) 226376n7178n9 • E-mail: beplchw@bhansaliabs.com Plot No. SP-138-143, Ambaji Industrial Area, Abu Road, Dist. Sirohi (Rajasthan) - 307 026. Tel.: (02974) 226781/82/83/84 • E-mail: beplabr@bhansaliabs.com

'--"""T"IM"~. 1'1"'1, in'.DENT AUDITOR'S REVIEW REPORT ON THE QUARTERLY UNAUDITED STANDALONE FINANCIAL RESULTS OF THE COMPANY PURSUANT TO REGULATION 33 OP SEBI (LISTING ODLIGA TIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015

Review Report to The lfoard ot Directors, Bhansali Engineering Polymers Limited. Mumbai.

• l) We have reviewed the accompanying Statement of Unaudited Standalone Financial Result of Bhansali Engineering Polymers Limited ("the Company") for the quarter ended 30th June, ?Q?3 ("tho <;tatemont") boing cubmitterl hH Comp""" tn th<> <;tock l<vrh<>ng<> ,,.;.,. RJ:i' T irnitorl ...... ...... ..... ....... '•""J. , ' .... .L..1.1. .., ... ... ,.A ..... } ... .... .... } ... v .... ......... ... L.1,.. ....... -.... ........ <1.a. ...... ...., ............. -_., ................. ("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) Reguli!tions, ?01.5, '15 (!mended ("the Reguli!tion"), read with SF.RT Circulrir No_ CIR/CFD/CMDl/44/2019 dated 29th March, 2019 ("the Circular").
• 1. The preparation of the sti'ltement in !'lccordance with the recognition and measu.rernent principles laid down in Indian Accounting Standards 34, "Interim Financial Reporting", (Ind AS 34) prescribed wider Section 133 of ihe Companies Ad:, 2013, as amem.ie<l, 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 responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review in accordance wit.'1 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 Statement is 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.

401-402, (4TH FLOOR), SHREEJI CHAMBERS, 32 -A, PANCHWATI, UDAIPUR - 313 001 TEL. :0294 - 2428460, 2425529

I 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 ruJes issued thereunder and other recognized accounting practices and policies, has not disclosed the information requfred 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.

For .Azad Jain & Co Chartered Accountants FRegistratioo. : 006251<;;_,,,,, 4\ t\ !_ c d-:~ - ;iift::i "> ~ • 'ti • • I,. !f;'.5 ~~~ ~ 'A na n V etaia ;: 4 ~~ J Ji,/ Partner \ ' /ref'! '<;y _. Y Membership No. : 400600 "<:".![R-r:?-·/

Place: Mumbai Date : 13th July, 2023

UDIN No: 23400600BGZI-Il-IN2343

r bANsAli ENGiNEERiNq polyMERs liMiTEd

CIN: L27100MH1 984PLC032637

Registered Office : 301 & 302, 3rd Floor, Peninsula Heights, C. D. Barfiwala Road, Andheri (West), Mumbai - 400 058. Tel.: (91 -22) 2621 6060/61/62/63/64 •E-mail : abstron@bhansaliabs.com •Website : www.bhansaliabs.com

	STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED 30TH JUNE,2023 UNDER IND AS
	(?.in lakhs) (Except Earning per share)
		STANDALONE
	PA RTICUL A RS		Quarter ended		Year ended
		3010612023Unaudited	3110312023Audited	3010612022Unaudited	3110312023Audited
	INCOME
I	Gross Revenue including GST	34,744 54	38.691 03	39.810 02	1.60.779 02
II	Less GST Recovered	5,296 52	5.90 1 04	6.069 08	24.523 36
	Ill Revenue from operations (Net of GST) (1· 11 )IV Olher Income	29,448.021,252 96	32,789.99782 84	33,740.94	1,36,255.66
	v Total Income (lll+IV)	30,700.98	33,572.83	663 5934,424.53	2.691 261,39,146.94
VI	EXPENSES
	(a) Cost of matenals Consumed	19 853 70	19.674 74	22.971 75	87 440 57
	(b) Purehase of stock-in-lrade{c) Changes in inventones of finished goods.	975 32(1,243 35)	2.143 732.669 85	569 74(521 01)	7,708 553.400 20
	work-in-progress and stock-in-trade
	(d) Employee benefits expense	1 43323	859 40	1.424 39	4.678 48
	(e) Finance Costs	4 84	8 79	9 08	117 22
	(f) Depreciahon & amortisahon expenses{g) Other expenses (Refer Note No 3)	244 982.773 18	244 325,233 90	245 253,265 92	991 6415.331 04
	TOTAL EXPENSES (a tog)	24,041.90	30,834.73	27,965.12	1,19,667.70
	VII Profit /{l oss) before exceptional and extraordinary items	6,659.08	2,738.10	6,459.41	19,479.24
	and tax IV . VIIVIII Exceot1onal Items
	IX Profit /(Loss) before extraordinary items and tax {VII- VIII)
	x Extraordinary items	6,659.08	2,738.10	6,459.41	19,479.24
	Profit I (Loss) before share of net profiV(loss) of
	investment accounted for using equity method and tax (IX -	6,659.08	2,738.10	6,459.41	19,479.24
XI	Xl
	Share of net profiV{loss) from Joint venture accounted for usingXII the eQu1tv method
	XIII Profit I (Loss) before tax (Xl+Xlll	6,659.08	2,738.10	6,459.41	19,479.24
	XIV Tax Expenses
	(1) Current tax	1,658 23	1,304 28	1,709 50	5,850 98
	(11) Deferred taxxv Profit I (Loss) fo r the oeriod ( XIII- XIV l	(31 50)5,032.35	26 491,407.33	(2 77)4,752.68	35 3813,592.88
	XVI Other Comprehensive Income I {loss) {net of tax)	(14.37	136.461	23.63	129.971
	XVII 1ota1 omprenens1ve mco me 1\LOSS) 1or me penoo ~.	5,017.98	1,370.87	4,776.31	13,562.91
	+XVI }XVIII Paid Up Equity Share Capital	2,488 59		1.659 06	1,659 06
	XIX Eam1ngs per share {of t 1/- eaeh) (Reier Note No 4)		1.659 06
	(1) Basic	2.02	0.57	1.91	5.46
	ll1ilD1luted	2.02	0.57	1.91	5.46
	Notes:
	1 The Unaudited Standalone Financial Results have been prepared 1n accordance with the recogmhon and measuremen1 pnnciples
	provided m Indian Accounting Standards (lndAS 34). the prov1s1ons of the Companies Act. 2013 (the Act), as applicable and
	guidelines issued by the Secunhes and Exchange Board of India {SEBI) under SEBI {listing Obligations and DisclosureRequirements) 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 D irectors m their
	meeting held on 13th July.2023 The Statutory Auditors of the Company have earned out a Llrn1ted Review of the aforesaid results on
	terms of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations. 2015
3	In accordance wi1h Regulation 33 of the SEBI {LODR) Regulahons. 2015, the above Unaudited Standalone Financial Results of theCompany are posted on Company's website {www bhansaliabs com) and on the website of BSE L1m1ted (www bse1nd1a com) and
	the Nauonal Stock Exchange of India L1m1ted {www nse1nd1a com). where the Company's shares are listed
4	The Shareholders of the Company approved the issue ol Bonus Equity Shares m the Annual General Meeting held on 19th June,
	2023 1n proportion of 1 {One) Equity Share for every 2 (Two) equity shares held The Allotment Comm1t1ee of the Board of Directors
	at 1hetr meeting held on 11th July. 2023 have approved allotment of 8.29,52,820 Equity Shares of Re 11- eaeh. fully paid up, to theeligible Shareholders whose names appear 1n the Register of Members and 1he hst of beneficial owners as on 5th July . 2023 being
	the record date fixed for this purpose Accordingly the basic and diluted eam1ng per share have been adiusted for all the penods
	presented for the bonus shares allolled on accordance With Ind AS 33 • Earning per Share· as notified by the M1n1stry of Corporate
	AffairsThe Board of Directors has declared the 1st lntenm D1v1dend of 100 % for the financial year 2023-24 ol Re 1/- per Equity share or
5
	face value of Re 11- eaeh The said d1v1dend Wiil be paid on the enhanced Paid up Equity Share Capital consisting of 24.88.58,460equity shares. pursuant to Bonus issue of 8,29.52.820 Equity shares on 11th July, 2023
6	The Company operates m a single segment namely "Highly Specialized Engoneenng Thermoplastics"
	7 The figures for the quarter ended 31st Mareh, 2023 are the balancing figures between the audited figures 1n respect of the full
	financial year and the reviewed year-to-date figures up to third quarter ol the respechve financial yearFigures for the previous Penod/ Year have been re-grouped/ reworked/ re-arranged wherever necessary/Ke them				/
8	comparable		f
				~~
					mO~moo
			nsali
	torPlace : Mumbaig Di
	Dated : 13th July, 2023		2 0
				'

Satnoor Plant Bhansali Nagar, Taluka - Sausar, Dist. Chhindwara, Madhya Pradesh - 480 108. Tel. : (07165) 226376/77/78/79 •E-mail: beplchw@bhansaliabs.com Abu Road Plant Plot No. SP-1 38-143, Ambaji Industrial Area, Abu Road, Dist. Sirohi (Rajasthan) - 307 026. Tel. : (02974) 226781/82/83/84 • E-mail : beplabr@bhansaliabs.com