BLACK BOX LIMITED — Audit Report / Information 2019

May 30, 2019

Equinox Business Park Tower 1, Off BKC LBS Marg, Kurla (West) Mumbai 400 070 India T +91 22 6661 7272 www.agcnetworks.com

AGC/SD/SE/2019/ _25

May 30, 2019

C te R el at io hi D tm t or po ra ns p ep ar en	C te R la tio hi D tm t or po ra e ns p ep ar en
B ba S ck Ex ch Li ite d to om y an ge m	N io l S ck Ex ch Li ite d at to na an ge m
St P.J To D al al Fo et rt w er s, re , ,	Co Ex ch Pl B dr Ku rla pl an ge az a, an a m ex ,
M ba i 40 0 00 1 um -	Ba nd (E t) ,M ba i 40 0 05 1 ra as um -

Sub.: Corrigendum to the Outcome of the Board Meeting held on May 29, 2019 Ref.: Scrip code BSE: 500463/NSE: AGCNET

Dear Sir/Madam,

We refer to our letter no. AGC/SD/SE/2019/53 dated May 29, 2019, wherein AGC Networks Lirnlt e d ("the Company") informed the Stock Exchanges regarding the outcome of the Board Meeting held on May 29, 2019 & also submitted the Audited Financial Results for the quarter/year ended March 31, 2019 alongwith the Auditors Report thereon.

In the said submission, the Statement on Impact ·of Audit Qualifications was inadvertently missed while scanning the documents.

Accordingly, we hereby resubmit the full set of Outcome of the said meeting alongwith the aforesaid Statement on Impact of Audit Qualifications as was intended originally.

We request you to take this on record and disseminate accordingly.

Thanking You,

Company· Secretary & Compliance Officer

AGC Networks Limited Equinox Business Park Tower 1, Off BKC LBS Marg, Kurla (West) Mumbai 400 070 India T +91 22 6661 7272 www.agcnetworks.com

AGC/SD/SE/2019/ S°"~

May 29, 2019

S B ba ck E ha Li ite d to om xc ng e m y	St N io l ck E ha Li ite d at na o xc ng e m
P.J To er s, w	Ex ch Pl S dr Ku rla C pl an ge az a an a om ex , ,
Da lal S Fo tr t, rt, ee	S dr (E ) t an a as ,
M ba i - 4 00 0 0 1 um	M ba i - 4 00 0 5 1 um

Sub.: Outcome of the Board Meeting dated May 29th, 2019 & Audited Financial Results of the Company (Standalone and Consolidated) for the quarter and year ended March 3l5t, 2019

Ref.: Scrip code BSE: 500463/NSE: AGCNET

Dear Sir/Madam,

With reference to our letter no. AGC/SD/SE/2019/52 dated May 22, 2019 regarding meeting of the Board of Directors ("the Board") of the Company and pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulati6ns, 2015, we-wish to inform you that the Board at its meeting held on Wednesday, May 29th, 2019, has inter-alia, considered and approved the Audited Financial Results of the Company (Standalone and Consolidated) for the quarter and year ended March 315t, 2019.

Further, pursuant to regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), we are enclosing herewith the following:

• a) Audited Standalone and Consolidated Financial Results of the Company, for the quarter and year ended March 31, 2019;
• b) Report of Auditors on Standalone and Consolidated Financial Results of the Company, for the

Registered Office: Equinox Bualnesa Park, Tower 1, Off BKC, LBS Marg, Ku~a (West), Mumbai - 400 070, Maharashtra, India CIN: L32200MH1986PLC040652

c) Declaration regarding Auditor's Report with Statement of Impact of Audit Qualifications for the Standalone and Consolidate financial results.

· d . '1, I() ~rj · . b' \ «: p~ The Board Meeting commence at , .. ..1 and concluded at .,.,..)

This is for your information, record and necessary action.

Thanking You,

For AGC Networks Limited

r>

Company Secretary & Compliance Officer Encl: As above Adi~

Walker Chandiok & Co LLP 16th Floor, Tower II, lndiabulls Finance Centre, SB Marg, Elphinstone (W) Mumbai - 400 013 India

T +91 22 6626 2600 F +91 22 6626 2601

Independent Auditor's Report on Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

To the Board of Directors of AGC Networks Limited

• 1. We have audited the accompanying consolidated financial results of AGC Networks Limited ('the Holding Company') and its subsidiaries (the Holding Company and its subsidiaries together referred to as 'the Group') for the year ended 31 March 2019, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Attention is drawn to Note 2 to the consolidated financial results which states that the figures for the quarter ended 31 March 2019 as reported in these consolidated financial results, are the balancing figures between audited consolidated figures in respect of the full financial year and the published consolidated year to date figures up to the end of the third quarter of the financial year. Also, the figures up to the end of the third quarter had only been reviewed and not subjected to audit. These consolidated financial results are based on the consolidated financial statements for the year ended 31 March 2019 prepared in accordance with the accounting principles generally accepted in India, including Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013 ('the Act') and published consolidated year to date figures up to the end of the third quarter of the financial year prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, Interim Financial Reporting, specified under Section 133 of the Act, and SEBI Circular CIR/CFD/FAC/62/2016 dated 5 July 2016, which are the responsibility of the Holding Company's management. Our responsibility is to express an opinion on these consolidated financial results based on our audit of the consolidated financial statements for the year ended 31 March 2019 and our review of consolidated financial results for the nine-months period ended 31 December 2018.
• 1. We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial results are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts disclosed as financial results. An audit also includes assessing the accounting principles used and significant estimates made by management. We believe that our audit provides a reasonable basis for our qualified opinion.

Page 1 of 3

Chartered Accountants

Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Neida and Pune

Walker Chandiok & Co LLP is registered with limited liability with Identification number AAC-2085 and lts registered office al L-41 Connaught Circus. New Delhi, 110001, India

Walker Chandiok &_Co LLP

AGC Networks Limited

Independent Auditor's Report on Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

1. As stated in Note 7 to the accompanying financial results, during the year ended 31 March 2015, the Company had recognised sale of a property, classified as fixed assets under previous GAAP, having carrying value of Rs. 0.74 crores, and recorded profit on such sale amounting to Rs. 40.85 crores (net of incidental selling expenses amounting to Rs. 3.04 crores). In our opinion, the significant risks and rewards of ownership of the said property were not transferred when such sale was recognised, and therefore, recognition of such sale and the accounting treatment followed by the Company were not in accordance with the principles of Indian Accounting Standard (Ind AS) 16, Property, Plant and Equipment.

Our report on the financial results for the quarter and year ended 31 March 2018 was also qualified in respect of the above matter.

During the current year, the said property was re-assigned to the Company by the buyer, and thereafter, significant risks and rewards in respect of the said property have been transferred to another buyer through a separate sale transaction for a consideration of Rs. 23.51 crores. However, instead of recognition of sale of this property in accordance with the principles of Ind AS 16, Property, Plant and Equipment, the Company has recorded only the differential amount between the said consideration and balance receivable amounting to Rs. 22.40 crores from the earlier incorrectly recognised sale, as profit on sale of property, plant and equipment.

Had the Company followed the principles of Ind AS 16, and corrected the aforementioned errors relating to incorrect recognition of sale, in earlier year, of the said property in accordance with Ind AS 8, Accounting Policies, Changes in Accounting Estimates and Errors, and subsequently recorded the sale of such property in the year ended 31 March 2019 as per the principles of Ind AS 16, exceptional item (income), representing gain on sale of property, plant and equipment, for the quarter and year ended 31 March 2019 would have been higher by Nil and Rs. 22.79 crores respectively (quarter ended 31 December 2018: Nil, quarter and year ended 31 March 2018: Nil) while depreciation expense for the quarter and year ended 31 March 2019 would have been higher by Nil and Rs. 0.02 crores respectively (quarter ended 31 December 2018: Nil, quarter ended 31 March 2018: Rs. 0.01 crores, year ended 31 March 2018: Rs. 0.04 crores). The balance consideration receivable from the buyer in the first sale transaction amounting to Rs. 22.40 crores would have been adjusted against opening balance of retained earnings as at 1 April 2017. The resulting impact on retained earnings as at 31 March 2019 would be Nil (31 March 2018: Rs. 37.58 crores).

Our report on the financial results for the quarter and nine-month period ended 31 December 2018 was also qualified in respect of the above matter.

• 1. 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 other auditors on separate financial results and on other financial information of the subsidiaries, the consolidated financial results:
• (i) include the financial results for the year ended 31 March 2019, of the following entities:
• a. AGC Networks Australia Pty Ltd
• b. AGC Networks Pte. Ltd.
• c. AGC Networks Inc. and its subsidiaries (consolidated)
• d. AGC Networks Philippines, Inc.
• e. AGC Networks and Cyber Solutions Limited
• f. AGCN Solutions Pte. Limited

Page 2 of 3

Walker Chandiok &_Co LLP

AGC Networks Limited

Independent Auditor's Report on Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

• g. AGC Networks L.L.C., Dubai
• h. AGC Networks L.L.C., Abu Dhabi
• i. AGC Networks New Zealand Limited
• j. BBX Main Inc.
• k. BBX Inc. and its subsidiaries (consolidated)
• (ii) are presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circular CIR/CFD/FAC/62/2016 dated 5 July 2016. in this regard except for the effects of the matter described in paragraph 3; and
• (iii) give a true and fair view of the consolidated net loss (including other comprehensive income) and other financial information in conformity with the accounting principles generally accepted in India including Ind AS specified under Section 133 of the Act for the year ended 31 March 2019 except for the effects of the matter described in paragraph 3.
• 1. We did not audit the financial statements of one subsidiary, whose financial statements reflect total assets of Rs. 1,780.09 crores and net assets of Rs. 135.34 crores as at 31 March 2019, and total revenues of Rs. 1,030.95 crores for the year ended on that date, as considered in the consolidated financial results. These financial statements have been audited by other auditors whose report has been furnished to us by the management and our opinion on the consolidated financial results, in so far as it relates to the amounts and disclosures included in respect of this subsidiary, and our report in terms of Regulation 33 of the SEBI (listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circular CIR/CFD/FAC/62/2016 dated 5 July 2016, in so far as it relates to the aforesaid subsidiary are based solely on the report of such other auditors.
• Further, this subsidiary is located outside India whose financial statements and other financial information has been prepared in accordance with accounting principles generally accepted in its respective country and which have been audited by other auditors under generally accepted auditing standards applicable in their respective countries .The Holding Company's management has converted the financial statements of this subsidiary located outside India from accounting principles generally accepted in its respective country to accounting principles generally accepted in India. We have audited these conversion adjustments made by the Holding Company's management. Our opinion, in so far as it relates to the financial information of this subsidiary located outside India, is based on the report of other auditors and the conversion adjustments prepared by the management of the Holding Company and audited by us.

Our opinion on the consolidated financial results is not modified in respect of this matter with respect to our reliance on the work done by and the reports of the other auditors.

For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No.: 001076N/N500013 ^v.e

Partner . Membership No. 079597

Place: Mumbai Date: 29 May 2019

Page 3 of 3

AGC NETWORKS LIMITED

Registered Office:- Equinox Business Park (Peninsula Techno Park), Off Sandra Kurla Complex, LBS Marg, Kurla (West), Mumbai - 400070.

STATEMENT OF AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER I YEAR ENDED 31 MARCH 2019

			Qu de d art er en		Ye ar	(Rs .In ) cro res de d en
			Un dit ed au		Au dit	ed
Sr . N o.	Pa rtic ula rs	31 /03 120 19 (Re fer ote 2 ) n	311 121 20 18	311 03/ 20 18 (R efe ote 2 ) r n	31/ /20 03 19	/03 /20 31 18
1	Inc om e
	(a) R fr rat ion ev en ue om o pe s	1,2 33 .02	23 4.6 9	20 9.3 7	1,8 52. 74	73 3.4 5
	(b) O the r i nco me	0.0 1	2.4 9	0.8 2	6.3 9	4.8 8
	To tal in co me	1,23 3.0 3	237 .18	210 .19	1,8 59 .13	73 8,3 3
2	Ex pe ns es
	C (a) t o f m ale ria ls and ts d os c om po nen co nsu me	3.13	-	-	3.1 3	0.2 7
	(b) of P ha sto ck- in-t rad urc se e	33 9.9 2	95 .03	62 .26	56 0.4 6	25 5.3 4
	(c) C ha in in rie of rk- in-p ck -in de nd fin ish ed ds nto sto -tra ng es ve s wo rog res s, a g oo	56 .47	2.4 0	(0.0 6)	58 .54	(13 .25 )
	(d) S ice ch erv arg es	20 2.6 2	57 .14	59 .30	36 7.3 7	20 1.0 0
	(e) (ne t) E loy b efi ts mp ee en ex pen se	47 3.9 5	50 .09	52 .46	62 4.3 7	19 2.7 4
	Fin (f) ts an ce c os	28 .36	5.3 0	5.6 8	44 .54	24 .96
	(g) De cia tio nd rtis atio pre n a a mo n ex pe ns e	6.6 7	2.7 9	2.1 6	14. 65	8.1 7
	(h) O the r e xp en se s	144 .70	15. 46	14 .54	192 .30	64 .05
	To tal e xp en se s	1,2 56 .02	22 8.2 1	196 ,34	1,8 65 .36	73 3.2 8
3	(Lo )/p rof it be for pti al ite nd x ( 1-2 ) ta ss e ex ce on ms a	(22 ) .99	8.9 7	13. 85	(6.2 3)	5.0 5
4	Ex pti al Ite s/( inc e) (re fer te 6) ce on ms ex pe nse om no -	77 .29	-	5.6 9	73 .12	(14 .02 :
5	(Lo )/p rof it be fo tax (3 -4) ss re	(10 0.2 8)	8.9 7	7.9 6	(79 .35 )	19 .07
6	Ta (cr ed it)/ x ex pe ns e
	- C t l urr en ax	(1.9 7)	0.14	0.2 9	(0. 29 )	5.1 9
	- D efe d tax rre	(0. 29 )	-	(1.0 5)	(0.2 9)	(1. 05 ;
7	Ne t ( los s)/ fit for th rio d (5- 6) pro e pe	(98 .02 )	8.8 3	8.7 2	(78 ) .77	14. 93
6	Ot he he ive ( los s)/ lnc r c om pre ns om e	. ( 4) 1.5	(2.6 6)	0.4 6	2.14	(0.2 6;
9	To tal reh siv (los s)/ inc for th rio d (7+ 8) co mp en e om e e pe	(99 .56 )	6.1 7	9.2 0	(76 .63 )	14. 67
10	Pa id- ity sh pit al (fa lue of R s.1 0 ch ) up e qu are ca ce va ea	29 .74	29 .74	26. 47	29 .74	26 .47
11	Ot he ity (ex clu din alu ati ) r e qu g rev on re se rve				(11 ) .07	61 .64
12	(Lo )/e ing ha of Rs h be for ptio l i .10 tem ss arn s pe r s re e ac e ex ce na s :
	Ba sic ( in Rs .)	(7.1 0)"	3.0 4.	5.1 3•	(1.9 3)	0.3 2
	Dil d (in Rs .) ute	(7.1 0)"	3.0 4.	5.0 9•	(1. 93 )	0.3 2
	(Lo )/e of fte lng ha Rs .10 h a tio l it ss am s pe r s re e ac r e xc ep na em s :
	Ba sic ( in Rs .)	(33 )' .57	4' 3.0	6' 3.0	(26 ) .97	5.2 4
	Dil d (in R s.) ute	(33 ). .57	3.0 4'	3.0 4•	(26 .97 )	5.2 0
	• N ol alis ed an nu

Consolidated Balance sheet (Rs. in crores)

	Co ol id ed at ns
Pa rti la cu rs	A ud	ite d
	31 /0 3/ 20 19	31 /0 3/ 20 18
S S TS A E
N nt et on -c ur re a ss s
Pr la nd ip ty nt t op er , p a e qu m en	15 5.9 9	23 .06
G dw ill oo	20 5. 37	83 .7 6
O th i gi bl nt ts er an e as se	38 .10	4 6.7
Fi ia l a et na nc ss s
T de iva bl ra re ce es	-	0.3 2
Lo an s	1. 80	3.1 0
O th fi ia l a et er na nc ss s	9.2 5	1.0 0
C (n ) nt ta ts et ur re x as se	62 .71	59 .27
fe (n ) De d ta ts et re x as se	31 .98	1.0 4
O th nt et er n on -c ur re a ss s	28 .36	6.0 3
To l n ta nt et on -c ur re a ss s	53 3. 56	18 4. 32
C nt et ur re a ss s
Inv to rie en s	15 0.8 4	31 .0 1
Fi ia l ts na nc as se
T de ei bl ra r ec va es	86 1.7 7	20 8.2 2
Ca sh nd h ui le nt a c as eq va s	20 5.9 4	9.2 2
O th b k ba la er an nc es	56 5 .9	2. 37
Lo an s	25 .89	2.3 0
O th fi ia l a et er na nc ss s	65 .81	29 .11
O th nt et er c ur re a ss s	53 0. 49	11 3.8 7
To l c ta nt et ur re a ss s	1,8 97 .69	39 10 6.
TO TA L A S S ET S	2, 43 1.2 5	58 0.4 2
IT Y A N D LI A B IL IT IE S
EQ U Eq ui ty
Eq ui ha ita l ty s re c ap	29 .74	28 .4 7
O th ity er e qu	(1 1.0 7)	61 .64
To l e ity ta qu	18 .6 7	90 .11
Li ab ili tie s
N l ia bi lit ie nt on -c ur re s
Fin ci al lia bi lit ie an s
B in or ro w gs	58 6.8 9	19 .76
O f th in cia l l ia bi liti er an es	4. 70	4. 60
Pr is io ov ns O th li ab ilit ie nt er n on -c ur re s	10 5.8 8 86 .64	10 .6 2 11. 66
To l l ia bi lit ie ta nt no n- cu rre s	78 4. 11	46 4 .6
C l ia bi lit ie nt ur re s
Fi ial l iab ilit ie na nc s
Bo in rro w gs	20 61 6.	11 8.3 9
T de ab le ra p ay s	56 1.9 2	13 8.8 6
O th fi ia l li ab ilit ies er na nc	27 2. 54	45 .64
Pr is io ov ns	97 .95	4. 27
O th lia bil itie nt er c ur re s	48 45 9.	13 6.5 1
To l c l ia bi lit ie ta nt ur re s	1,6 28 .4 7	44 3. 67
TO TA L EQ U I TY A N D LI A B IL IT IE S	2, 43 1. 25	58 0.4 2

Notos:

• 1) These financial results have been prepared In accordance wilh the Companies (Indian Accounting Standards) Rule, 2015 ("Ind AS") prescribed under Sec11on 133 of the Companies Act, 2013 read with rule 3 of the Ind AS and Companies (Indian Accounting Standards) (Amendments) Rule. 2016.
• 2) Figures for the quarter ended 31 March 2019 and 31 March 2018 are the balancing figures between the audited figures in respect of the full financial year and the unaudited published year to date figures up to the third quarter of the current and previous financial year.
• 3) The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 29 May 2019. These results have been prepared on the basis of audited consolidated financial statement for the year ended 31 March 2019.
• 4) The Company declared the dividend of Re. 1 per 1% Non-Cumulative Non-Convertible Redeemable Preference Share ("NCRPS") having face value of Rs. 100 each which was approved at annual general meeting held on 1 Augusl 2018.
• 5) The Board at its meeting held on 12 August 2014 anotted 1,500,000 NC RPS having face value of Rs.100 each for the period of ⁷years. On 30 March 2018, lhe Company received approval from the preference shareholders for extension of term by 5 years post e)Cpiry of original term of 7 years. Further. pursuant lo the shareholders approval and in principle approval from the stock exchanges. the nature and terms of the NCRPS were changed to compulsory convertible preference shares ("CCPS"}, Subsequentty on 31August2018, Company has alloted equity shares on account of conversion of the CCPS as per pricing formula prescnDed under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 at a price of Rs. 116 per equity share.

6) Exceptional items:

Par ticu lars	Qu arte nde d r e			ded Ye en ar
	31/ 031 201 9	31/ 12/ 201 8	31/ 031 201 8	311 03/ 201 9	31/ 03/ 201 8
Rev al of vis ion inst bso lete /no ovi Inve [ref (a )] nto note ers pro aga o n-m ng ry er	(1.5 0)			(3.6 5)	(12 .08 )
Rev al of t {r efe le (b}) ers ren r no					(5.2 1)
Inte t in gai sal f p lant d e qui ( refe (c)l nst erty ent ote res com e a e o rop , p an pm r n			(0.6 1)	(0.9 1)	(3.2 3)
fit of (ref e ( d)) Pro sale ty, pla nt and uip nt not on pro per eq me er				(1.1 1)
Wr ite off of old ceiv abl e b ala gal sale of pla n! and ulp (ref e ( e)) nst rty, nt not re nce s a pr ope eq me er	-		6.5 0	-	6.5 0
e ( fJ] Sev [ref not era nce e xpe nse s er	32. 06			32. 06	-
Ac isit ion st ( ref ole (g) ] qu co er n	34. 42			34. 42
of fer For eclo lea {re not e ( h)) sur e ses	2.0 2			2.0 2
Pro visi for pol icy cha in Va ion [ref e { i)] cat not on nge er	10.2 9			10.2 9
	77. 29		5.8 9	73 .12	(14 .02

{a) Represenls reversal of inventory provisions made In earlier years to reflect lower of cost and net realisable value. The Company has entered into an agreemenl with a buyer for sale of these inventories.

(b) Represents reversal or rent liability pertaining to earlier years, as a result of settlement with the lessor. (c) Represents interest income on sale consideration receivable from the erstwhile buyer with respect to sale of property situated at Gandhinagar.

(d) Represents profit on sale of property, plant and equipment situated al Gandhinagar.

{e) Represents write off of oki receivable balances against sale of property, plant and equipment.

{f) Represents severance cost of Black Box Corporation towards ralionalisation of manpower to enhance operational efficiencies. (g) Represents aquisition related cost of Black Box CorporaUon which includes valuation fees, advisory fees, legaJ and professional fees and consulting fees.

(h) Represents eartyctosure of leases related to Black Box Corporation.

(i) Represents accrual for poltcy change in vacation related to Black Box Corporation.

7) During the year ended 31 March 2015. lhe Company entered into deed of assignment to transfer all the rights, title and obllgaUons of Its land and building situated at Gandhinagar to another company for a consideration of Rs. 44.63 Crores. During April 2015, the lender to whom these assets were provided as seccrity provided its ln-prfnclpat approval for the said transfer subject to fulfilment of conditions stated therein. The said transfer was pending approval from the relevant government authority and transfer of legal title that were considered lo be procedural In nature. Accordingly, the Company had recognised profit on sale of property, plant and equipment or Rs. 40.85 crores (net of incidental expenses Rs. 3.04 crores) during the year ended 31 March 2015.

During the current year. the said property was re-assigned lo the name of the Company by the buyer since the buyer expressed Its Inability lo get the aforemenlioned sale deed registered with the relevant government authority. Subsequently. the said property has been transferred to another buyer through a separate sale transaction rcr a conslderatlon of Rs. 23.51 crcres, and the Company has recorded Lhe differential amount of Rs.1.11 erores between the said consideration and balance receivable from the earlier recognised sale, as profit on sale of property, plant and equipment. The amount of consideration already received amounting Rs. 22.23 crores from the erstwh!le buyer is not required to be refunded by the Company. The entire transaction stands completed.

8) Acquisitions:

AGC Networks Pte. Lid, a subskllary of AGC Networks Llmlled completed acquisition of Black BO)C Corporation, headquartered in Pittsburgh, Pennsylvania, USA on 7 January 2019 on completion of tender offer process. Under the terms of the merger agreement, each share of Black Box common stock that was tendered In the offer and not vafldly withdrawn has been accepted for payment and have received consideration of USS1.10 in cash, and each share of Black Box common stock that was not tendered in the offer (other than those as to which holders properly exercise dissenters' rights and those owned at the commencemenlof the tender offer by AGC or Its direct and Indirect subsidiaries) has been cancelled and converted Into the right lo receive the merger consideration or USS1.10 In cash. All such consideration is net to the holder of Black 8o)C common stock without interest thereon. Payment for such shares have been made in accordance with the terms of the merger agreement and the tender offer. and as a result Black Box Corporation has become a 100% subsidiary of AGC Networks Pie. Ltd, Singapore through its US subsidiaries.

COPC Holdings Inc, USA

Black Box Corporation, USA

AGC Networl<s Pte. Ltd ("AGC Singapore"). Wholly-owned Subsidiary of lhe Company and AGC Networks Inc. ("AGC us·). Wholly-owned Subsidiary of AGC Singapore, have jointly entered inlo a Stock Purchase Agreement with COPC Holdings Inc .. USA (Target Company) and Global Quality Assurance limited ("Seller") to acquire 100% stake In the Target Company for a purchase consideration of USS 5.5 million. The acquisition is effective from 1 January 2019.

• 9) The statement of consolidated results are prepared In accordance with the requirements of Ind AS 110 'Consolidated Financial Statements' specified under Section 133 of the Companies Act. 2013.
• 10) The financial results of the subsidiaries as per Annexure I have been consolidated with the financial results of the Company.
• 11) Previous periods I year figures have been re-qtcuped and rectassified, wherever necessary, to conform to lhose or Ihe cunem period ^Iyear.

Place: Mumbai Dato: 29 May 2019 CIN: L3220DMH1986PLC040652

FOR AND ON BEHALF OF THE BOARD

--~"=f ~P-SANJEEV VERMA

WHOLE-TIME DIRECTOR DIN: 06871685

Annexure I

List of subsidiaries

1	AG C Ne ks A lia P Ltd tw tra ty or us
2	AG C Ne tw ork Pie L td. s
3	AG C Ne tw ork Inc s
4	AG C Ne tw ks Ph ilip pin Inc or es ,
5	AG C Ne ks nd C yb So lut ion Lim ite d tw or a er s
6	AG CN S olu tio Pie Lim ite d ns
7	AG C .C Ne tw ks L.L Du ba i or .,
8	AG C .C Ne tw ks L.L Ab Dh ab i or u .,
9	AG C Ne tw ks Ne Ze ala nd L im ite d or w
10	BB X Ma in Inc
11	BB X Inc
12	Bla ck B C tio ox orp ora n
13	AC S Co ica tio Inc mm un ns ,
14	AC S Da tal ine LP ,
15	AC S Inv LL C tor es s,
16	BB T hn olo gie Inc ec s,
17	BB OX H old ing Me xic LL C s o
18	BB OX H old ing Pu eb la LL C s
19	Bla ck B C ion of Pe lva nia rat ox or po nn sy
20	Bla ck B N k Se rvi Inc G So lut ion etw t ox or ce s, ov er nm en s . -
21	Bla ck B S ice Co ox erv s mp an y
22	CB S Te ch log ies C no or p.
23	De lan T ele Inc ey co m,
24	No C nic ati Inc rst an om mu on s,
25	Nu -V isi T hn olo gie LL C on ec s,
26	Bla ck B N k Se rvi Au ali Pt Ltd etw str ox or ce s a y
27	Bla ck B G mb H ox
28	Bla ck Bo Ne k Se rvi NV tw x or ce s
29 30	Bla ck B d Br il lnd tria Co rci Ltd ox o as us e me o a. Bla ck B C ad Co ion rat
31	ox an a rpo Ca ./N Ca No rst da Ltd tan da u ee an na ors na
32	, , Bl k Bo Ho ldi Ltd ac ng s x
33	Bl k Bo Ch ile S A ac x
34	Bl k Bo E- Co (S ha ha i) C Ltd ac x m m er ce ng o.,
35	Bl k Bo x A /S ac
36	Bl k B N rk Se ice (U K) L im ite d et ac ox wo rv s
37	Bl k Bo Fin la nd O Y ac x
38	Bla ck B F ox ra nc e
39	Bl k B D hla nd G bH tsc ac ox eu m
40	Bl k B N rk Se ice Ind ia Pr iva L im ite d et te ac ox wo rv s
41	Bl k B N rk Se ice s ( Du bli n) Lim ite d et ac ox wo rv
42	Bl k B S of e D elo t S vic Li ite d tw ac ox ar ev pm en er es m
43	Bla ck B N rk Se ice s S .r.l et ox wo rv
44	Bla ck B N rk Se ice s C L td et ox wo rv o.,
45	Se Bla ck B N rk ice s K L im ite d et ox wo rv or ea
46	Bl k B N rk Se rvi SO N. BH D. et ac ox wo ce s
47	Bla ck B de M ico , S . d R. L. de C .V ox ex e
48	Bl k B In io l B .V te at ac ox rn na
49	Bla ck B In tio l H old ing B. V. te ox rna na s
50	Se Bl k B N rk ice s N Ze ala nd Li ite d et ac ox wo rv ew m
51	Bl k B N A S ac ox or ge
52	Bl k Bo P. R. C ac x or p.
53	k S S Bl k Bo Ne vic ing Pi Ltd tw ac x or er es ap or e e
54	C SA Bl k B lca cio ac ox om un ne s,
55	Se Bla ck B N et rk ice s A B ox wo rv
56	S G Bl k B N et rk vic A ac ox wo er es
57	Se s C Bl k B N et rk rvi tio ac ox wo ce or po ra n
58	Se SA e C ici B lac k Bo d .V rv os x
59	CO PC H old ing s I nc
60	CO PC In c.
61	CO PC In ion al Inc te at rn
62	CO PC cif As ia Pa ic Inc
63	CO PC In io l H old ing s L LC te at rn na
64	CO PC In dia P riv at Lim ite d e
65	CO PC C lta (B eij ing ) C Lim ite d nts on su o.

AGC NETWORKS LIMITED

Registered Office:- Equinox Business Park (Peninsula Techno Park), Off Sandra Kurla Complex, LBS Marg, Kurla (West), Mumbai - 400070.

STATEMENT OF AUDITED CONSOLIDATED SEGMENTAL INFORMATION FOR THE QUARTER I YEAR ENDED 31 MARCH 2019

Segment information

		Qu de d art er en		Ye ar	(R in es) s cr or de d
		Un dit ed au		en Au dit ed
Pa rtic ula rs	31/ 03 /20 19 2 l {Re fer ote n	31/ 12/ 20 18 '	31 /03 /20 18 * (R 2 ) efe ote r n	31 103 120 19	31 /03 /20 18 ' {R efe 2 1 ote r n
Se t gm en rev en ue
Sy int ion ste rat m eg	98 6.6 7	23 4.6 9	20 9.3 7	1,6 06 .39	73 3.4 5
Te ch log du ct lut ion no y pro so s	22 7.1 9	-	-	22 7.1 9	-
Ot he rs	19. 16	-	-	19 .16	-
Re fro tio ve nu e m op era ns	1,2 33 .02	23 4.6 9	20 9.3 7	1,8 52 .74	73 3.4 5
Se ult t r gm en es s
Sy ste int rat ion m eg	6.4 7	11. 78	16 .71	33 .03	25 .13
Te ch log du ct lut ion no y pro so s	(1. 26 )	-	-	(1.2 6)	-
Ot he rs	0.1 7	-	-	0.1 7	-
To tal f s ult nt o eg me res s	5.3 6	11. 78	16 .71	31 .92	25 .13
Ol he r i nc om e	0.0 1	2.4 9	0.6 2	6.3 9	4.6 8
Fin sts an ce co	26 .36	5.3 0	5.6 6	44 .54	24 .96
(Lo )/p rof it be for pti al ite nd ta ss e ex ce on ms a x	(22 .99 )	8.9 7	.65 13	(6. 23 )	5.0 5
6 ) Ex pti al ite es/ (in ) (re fer ote ce on ms ex pe ns co me n -	77 .29	-	5.8 9	73 .12	114 .02 )
sl/ fit for llL be tax os oro e	(10 0.2 8)	8.9 7	7.9 6	{79 .35 )	19. 07
l/e Ta x { dil cre xp en se	(2. 26 )	0.1 4	(0 .76 )	(0. 56 )	4.1 4
l!L s)/ fit for th rio d os pro e pe	{98 } .02	8.8 3	8.7 2	178 .m	14. 93
De cia tio d a rtis atio ore n an mo n ex pe ns e	6.6 7	2.7 9	2.1 6	14 .65	8.1 7

Notes on Segment information :

Further to the recent significant acquisitions In January 2019, the Board has reviewed the segmental presentation of financial information it requires to assess performance and allocate resources. it now considers a business activity focused reporting format to be more meaningful from a management forecasting perspective.

2 Assets and liabilities used in the Group's business are not identifiable to any of the reportable segments. as these are used Interchangeably between segments. The management believes that it is currently not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.

• These figures have been restated in line with new segmental classification.

	An I nc xu rc atio Au
		Sta Im f A ud it Q ual ific tem ent ct o on pa	n (f aud it r ith od ifie d c pin icn ) su bm itte d a lon ith A ual rt w or epo m g-w nn	dit ed Re sul ts ( Co lid ati on) Fin ial nso anc
		Sta tem ent [See	Imp of Au dit Qu alif ica tio for d Fin ial Yea nde d 3"1J\ farc ll20 act on n u: anc r e 20 16) 1 ll ch'l ll:11 ion 33/ j2 of the SE lll (LO ) A ndm ula tion DR Reg ent me s,	19
	0 (A t in Cr ) mo un orc
	SI.	Pa rtic ula rs	Au dit ed Fig ure s	Ad jus ted Fi (au dit ed fig s af ad jus tin g f ter gur es ure or
	No		(as d b efo aclj us1 iug fo ual ific ari s] rte re po re r q cn	alif ica tio ns) qu
		Tu r/T l lnc ota rno ve ocn c	1,8 59 .13	1,8 81 .92
	:?	To tal E dit xp en ure fit/ Ne t P (L )	1,9 37 .90 -78 .77	t,9 37 .n -56 .00
		co oss Ea rni Sh ng s p er are
		Ba sic	-26 .97	-19 .18
		Di lut ive	- 26. 97	-19 .18
		To tal As set s	2.~ 31. 25	2,4 31. 25
		tal Lia bili ties To Ne i'or th	2,4 12.5 8 18.6 7	2,· ll2 .58 18. 67
		t \ te h An the r f ina nci al i (s) (as fe lt a ria r d ie tcm y o pp rop
		t) ma nag em en
II.	Au dl1	or' lifi ion cat s q ua
	a.	tai ls o f A ud it Q lifi ion De ua c:u :	(i) dit or' lifi tio l a ud ite d f ina ial sul Au [co ts s q ua ca n o n a nn ua nc re nso As ted in N 7 the yin g f ina nci al r lts, du cin he sta ote to g t ac co mp an esu yea r c	lida tio n] od ed 31 1\l: h 2 01 5, t he Co y I m) ise d sa le o f a trc mp an re co gn
			s G 1\J \P. , cl ifie d a s fi xed nd evi ha vin yin set pro pc ny ass as s u er pr ou g c arr g v	alu f R s. 0 .74 nd ord ed fit ch sale e o cr orc s, a rec pro on su
			nti Rs . -10 .8: s (n f in cid al sel lin nti et o ent am ou ng 10 . cr orc g e xp en ses am ou ard f o hip of th aid sfe d w he uch ert t tr rew s o wn ers e s pr op ere no an rre n s	Rs . 3 .04 s). ln pin ion , th igr1 ific ri sks d ant ng 10 cr orc ou r o e s an le nis ed, d t her efo iuc f su ch le \1'3 \$ re sa cog an re, rc co gn n o sa
			y w d t he tin fol low ed b)' the C t in g tr eat nt an ac co un me om pan y w ere no ac co lan d E	rda wi th the inc ipl of Ind ian A ting St da rd (In d nce pr es cco un an
			1\S ) 16 , P y, P ipm ert t an ent rop qu Ou th e f ina nci al r lts for th ded 3J M ort ter atc	h 2 018 als ual ifie d i of the ab ect
			d y r r ep on esu e q uar an ear en Du rin he the ed the C t re ert to	w as o q n r esp ov e ru nn er. br the bu nd th aft nif i.c:m isk nd ard s lo t r
			id p ign g t cur ren ar, sa rop y W :lS re- ass om pa f th aid y h be nsf ed oth bu th ert tra to rcs pcc c o e s pc op ave en err an er yer rou	,ig ny ye r, a ere er, s a rew gh ale cti for nsi de ion of Rs . 2 3.5 1 rat tra rat :i s epa e s nsa on a co
			. H r, i ead of nit ion of le o f th is p y in dan nst ert ceo ccs ow eve re cog sa rop ac cor	wit h t he pri ipl f I nd A S 16, Pr y, P L1n nd ert t a ce nc es o op
			uip the C y h ord ed 01t l)1 t he dif fer tia l am nt b Eq nt, etw me om pan as rec en ou 22 tO fro rlie r in ctly ise d s ale ofi Rs. Ute t on crc rcs m ea co rre rec ogn , as pr sa	the id sid tio nd ba lan eiv abl tin een . sa con era n a ce rec e a mo un g 10 le o f p d e ipm ert lan t. rop y, p t an qu en
			d t he y f oll ed the inc ipl of Ind and d th Ha Co J\ S 1 6, cte mp an ow pr es co rre sale , in rlie , of th aid et1 y i rda ith Ind A S 8 , A ea r y ear e s pr op n a cco nce w cco and bse ly ord ed the le o f s uch y in th de d 3 ent ert su qu rec sa pr op e y ear en f p tin ipm item (i ), g t,i- ain sntc o ert lan nd ent rep res en rop t a equ nco me on y, p bee n h igh er b y N il a nd Rs . 2 2.7 9 c ive ly ( end ed 31 D ect art rcr cs r esp qu er wh ile dep iati t f the :'ltt nd yC 11.r de d 3 1 ~ l'.ai- cl1 20 19 rec on exp cns or qu cr a en (qu nd ed 31 De ber 18: Ni l, q ded 3l M h 2 018 : R art ::w rte er e cem ua r en arc in ba lan nsi der ati eiv abl e fr th e b the fir ale ctio st s tra ce co on rec om uy er nsa in:o ing ba lan of ain ed nin I 1\ pri l 20 17. "Th t o ret at ':IS aga pen ce ear gs e r esu Ni l (3 1 M h 2 01 8: Rs. 37 .58 s). arc cr orc	for ion ed bti inc itio f ent to ect e a em err ors re ng orr re co gn n o tin oli cie s, C ha in Ac tin stim nd g P g E Er ate un ng es co un s a ror s, 1 M h 2 019 r th rin cip les of lu d A S 1 6. ion al ept arc as pe e p exc nd de d 3 1 M h 2 0)9 ld , fo r th hav .tcc a ye ar en arc ou e q uar w e mb 20 18; Ni l, q nd ded 31 Ma ech 20 18: N il) ece er u:m er a ye ar en uld ha bee n h igh er b y N il a nd R s. 0 .02 ive ly ect wo ve cr ore s r esp s. 0 .01 de d 3 1 M h 2 01 8: R 0.0 -l c cs) . T he crc ecs , yc :a.r en arc s. rcr rin o R s. 2 24 0 c uld ha be adj ed g t ust n n mo un ror es wo ve en ltin g im ine d e ing t 3 1 M :-irc h 2 019 ld b ct o eta pa n r arn s a s a w ou e
			Ou the fi cia l re sul ts f the d n inc h p eri od ort art r r ep on nan or qu er an -m om ab att ov e m er.	ded 31 D mb 20 18 s al alif ied in f th ct o en ece er wa so qu re spe e
			(ii) A ud ito r's Qu afi fic afi th e I l F ina ial C ls r ela tin nte t o on on rna nc on In pin ion rdi the in for tio nd pla ion s gi to nat to ou r o , ac co ng ma n a ex ven us in be ide nti fied th ing eff ive f th e H old ing Co 's I rat ect en e o pe nes s o mp any	bo g t tte o a ve ma r d b d o aud it, the fo llo wi ial akn ha ter an ase n o ur ng ma we ess s FC oF R a t 3 1 M h 2 019 s a arc :
			Th e M old ing Co y's int al f ina ial c l ov lua tio f a tro mp an ern nc on er eva n o cco Th is h led mi f e pti al i (m ) an eff ive ly. ssta tem ent tem ect to as s o xce on co me	tin f n uti cti tin tra ot un g o on -ro ne nsa on s \W S n op era g d d iat ion se f the ded 31 M h 2 019 at ep rec exp en ye ar co uc
			A 'ma ial akn ' is a d efi cie bin atio f d efi cie nci in ter we ess ncy . or n c om n o es, teri al mi of rb c C 's a ual in im fi nci al s ssta tem ent ter tate ma om pa ny nn or na	IFC oF R, h t hat th is abl ibi lity th at a suc ere a r eas on e p oss ill n be ted de ted tim ely ba sis. nts ot tec w me pre ven or on a
			ha sid d t he ria l w eak ss i den tifi ed 71m J re d a bo \Xie ate rte ve con ere m ne po ve lied in ud it o f th sol ida ted fi cia l st of th e G ate nts app ou c a e c on nan me rou akn ha ffe d o ini th oli dat ed fin ial s cte we ess s a ur op on on e c nrn anc tatc uts rne lida ted f inan cia l.st ate nts co nso me	in det ini the im ing f au dit e, t t ex ten t o ts erm ng na rur . am res nd fo r th de d 3 1 M h 2 019 nd th ria l p :I S a t a ate e y ear en arc , a e m of the G nd e h iss d a alif ied ini the rou p a w ave ue . qu op on on
	b.	T> 'Pe of Au dit Q ual ific ati on ;	Qu alif ied ini op on

	of alif ica tio Fre Qu c. qu en cy n:	nd ed 31 Ma .n::h 20 1 S d Au dito r's lifi cati ual udi ted fi cia l ults (c olid :uio n) has b rin fro the ya r e an qua on on ann a nan res ons een ap pea g m ha s b dat ed for th nd ed 31 Ma rch 20 19 ba sed th e f ion ed de r th ual ific ati and A udi 's act ent r.t tor e } 'C~ 01\ een up r e s m un e q on pa ali fic ati e I l F ina nci al C ls i ela tio ha r h bee ing fro the )'C de d J I M h 2 016 di nte tro n t o t t m atte qu on on rna on u r as n a pp ear m ar en arc
d.	ud it Q ual ific atio he the i1 is Fo e A n (s ) w tct re np: by tifi ed th ud ito r, M iew nt v qu an e a an age me s:	r al l th Du rin g th de d 3 1 M h 2 015 , th e C ed into d eed of sig sfe e ei gh tid nd ob lig :ui s of its ter ent to tr ts, e y cu en arc om pa ny en as nm an e a oo lan d a nd bu ild ing sit ed Ga nd hin oth )' f sid tio f R !>. + t63 C Du rin g A pri l 20 15, th e le nd uat at r to p::tn aga an er c om or a c on era n o roe cs. er co wh th ovi ded rity ovi de d ir s i rin cip al al f the id nsf sub jec fu l.fJ f c ond itio set tra t to nt o om ese as s w ere pr as se cu pr n-p app rov or sa er mc ns ted th in. Tu aid sfe din al f th cle rho riry d t sfe r of le gal tit le th> lt w sta tr cct ere e s an r w as pen g a pp rov rom e r vam gc vc mm au an ran ere nsi de red be ed l in e. A rdi ly, tb c C y h ad nis ed fit le o f p lam d e ipm of R to tur ert ent co pr oc ura na cco ng om p;m rec og pro on sa rop y, p an qu s. -10 .85 s (n f in cid tal IU . 3. 0J ) du rin g th ded 31 M h 2 015 et o cr orc en exp en ses cro rcs e y ear en arc Du rin g th , th aid sign ed the f th e C by the bu si th e b sed its t y ert e c urr en ear e s pr op y \ .-:1! ' re -as 10 n am e o om pa ny yer nce uye r e xp res wit h t ina bil ity th for tio ned le d eed gis ed he rele o\• ho rity . Su bse tly , th aid y h be get ter t g nt aut ert 10 e a em en sa re van cm mc qu en e s pr op as en nsf ed oth bu th gh ale ion fo nsi dcr nti of Rs. 23 .51 od th e C ha rde d tra to rat tr act <':tQ l'.'.C'S err an er yer rou a s epa e s ans r a co cn , n om pa ny s r eco the di ffe rinl of Rs. I. I I be th aid nsi der ati d b ala cei vab le f th arl ier nis ed s ale rof nt tw rcn am ou cro ccs een e s co on an nce re rom e e rec og , a s p s le of lan d e ipm t. T he of sidc al dy eiv ed nti Rs . 22 .23 s fr th wh ile t an ut rst on sa pc op crr y, p qu en nrn ou con cau ou rea rec am ou ng cr oec om e e bu is ire d 10 be fun ded by th e C . Th nti cti nd ple ted t re sta yer no qu re cm pa oy e e re rrn nsa un s c om Ac din gly be lie th hc lnt l F ina nci al C ls a ting ffe ctiv ely at r tro cor ma na gem cm ves cnm on rc op era e
	r A ud it Q lifi ion (s) wh th e im ct i fo cat c. ua ere pa s o m tifi ed the dit by qu an au or :	NA
	~ M nt's tim ati th e im p:1c f au dit t o an age me es on on ali fic atio qu n:	NA
	it) If m nt i nab le im the im est ate ct, to an age me s u pa s fo r th rea son e s am e:	NJ \
	W) Au dit ' c (~ (U) ab nts ors om me on or ov e	N: \

lit Signatories:

DIN : 06871685 _,, For AGC Networks Limited

SANJEEV • RMA WHOLE TIME DIRECTOR

For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No. 001076N I N500013

Nikhilcsh Nagar

Partner Membership No.: 079597

Place: Mumbai Date: 29 May 2019

• 1-vvl C"I?~ ~ SUJAYSHETH

AUDIT COMllnTTEE CHAIRMAN

Walker Chandiok &.Co LLP

lndiabulls Finance Centre, SB Marg, Elphinstone (W) Mumbai - 400 013 India 16th Floor, Tower II, Walker Chandiok & Co LLP

T +91 22 6626 2600 F +91 22 6626 2601

Independent Auditor's Report on Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

To the Board of Directors of AGC Networks Limited

• 1. We have audited the accompanying standalone financial results of AGC Networks Limited ('the Company') for the year ended 31 March 2019, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Attention is drawn to Note 2 to the standalone financial results which states that the figures for the quarter ended 31 March 2019 as reported in these standalone financial results, are the balancing figures between audited standalone figures in respect of the full financial year and the published standalone year to date figures up to the end of the third quarter of the financial year. Also, the figures up to the end of the third quarter had only been reviewed and not subjected to audit. These standalone financial results are based on the standalone financial statements for the year ended 31 March 2019 prepared in accordance with the accounting principles generally accepted in India, including Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013 ('the Act') and published standalone year to date figures up to the end of the third quarter of the financial year prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, Interim Financial Reporting, specified under Section 133 of the Act, and SEBI Circular CIR/CFD/FAC/62/2016 dated 5 July 2016, which are the responsibility of the Company's management. Our responsibility is to express an opinion on these standalone financial results based on our audit of the standalone financial statements for the year ended 31 March 2019 and our review of standalone financial results for the nine-month period ended 31 December 2018.
• 1. We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial results are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts disclosed as financial results. An audit also includes assessing the accounting principles used and significant estimates made by management. We believe that our audit provides a reasonable basis for our qualified opinion.

Page 1 of 3

Chartered Accountants

Offices In Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata. Mumbai, New Delhi, Noida and Pune

Walker Chandiok & Co LLP Is registered with limited liability with identification number AAC-2085 and lls registered office at L-41 Connaughl Circus. New Delhi, 110001. India

Walker Chandiok &.Co LLP

AGC Networks Limited

Independent Auditor's Report on Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

1. As stated in Note 7 to the accompanying financial results, during the year ended 31 March 2015, the Company had recognised sale of a property, classified as fixed assets under previous GAAP, having carrying value of Rs. 0.74 crores, and recorded profit on such sale amounting to Rs. 40.85 crores (net of incidental selling expenses amounting to Rs. 3.04 crores). In our opinion, the significant risks and rewards of ownership of the said property were not transferred when such sale was recognised, and therefore, recognition of such sale and the accounting treatment followed by the Company were not in accordance with the principles of Indian Accounting Standard (Ind AS) 16, Property, Plant and Equipment.

Our report on the financial results for the quarter and year ended 31 March 2018 was also qualified in respect of the above matter.

During the current year, the said property was re-assigned to the Company by the buyer, and thereafter, significant risks and rewards in respect of the said property have been transferred to another buyer through a separate sale transaction for a consideration of Rs. 23.51 crores. However, instead of recognition of sale of this property in accordance with the principles of Ind AS 16, Property, Plant and Equipment, the Company has recorded only the differential amount between the said consideration and balance receivable amounting to Rs. 22.40 crores from the earlier incorrectly recognised sale, as profit on sale of property, plant and equipment.

Had the Company followed the principles of Ind AS 16, and corrected the aforementioned errors relating to incorrect recognition of sale, in earlier year, of the said property in accordance with Ind AS 8, Accounting Policies, Changes in Accounting Estimates and Errors, and subsequently recorded the sale of such property in the year ended 31 March 2019 as per the principles of Ind AS 16, exceptional item (income), representing gain on sale of property, plant and equipment, for the quarter and year ended 31 March 2019 would have been higher by Nil and Rs. 22.79 crores respectively (quarter ended 31 December 2018: Nil, quarter and year ended 31 March 2018: Nil) while depreciation expense for the quarter and year ended 31 March 2019 would have been higher by Nil and Rs. 0.02 crores respectively (quarter ended 31 December 2018: Nil, quarter ended 31 March 2018: Rs. 0.01 crores, year ended 31 March 2018: Rs. 0.04 crores). The balance consideration receivable from the buyer in the first sale transaction amounting to Rs. 22.40 crores would have been adjusted against opening balance of retained earnings as at 1 April 2017. The resulting impact on retained earnings as at 31 March 2019 would be Nil (31 March 2018: Rs. 37.58 crores).

Our report on the financial results for the quarter and nine-month period ended 31 December 2018 was also qualified in respect of the above matter.

• 1. In our opinion and to the best of our information and according to the explanations given to us, the standalone financial results:
• (i) are presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circular CIR/CFD/FAC/62/2016 dated 5 July 2016, in this regard except for the effects of the matter as described in paragraph 3; and

Page 2 of 3

Walker Chandiok &..Co LLP

AGC Networks Limited

Independent Auditor's Report on Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

(ii) give a true and fair view of the standalone net profit (including other comprehensive income) and other financial information in conformity with the accounting principles generally accepted in India including Ind AS specified under Section 133 of the Act for the year ended 31 March 2019 except for the effects of the matter as described in paragraph 3.

For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No.: 001076N/N500013

,J

N;~1.t:ga• Partner Membership No. 079597

Place: Mumbai Date: 29 May 2019

Page 3 of 3

AGC NETWORKS LI MITED

Registered Office:- Equinox Business Park (Peninsula Techno Park), Off Sandra Kurla Co mplex, LBS Marg, Kurla (West), Mu mbai - 400070.

S T ATE MENT OF AUDITED S T ANDALONE FINANCIAL RESULTS FOR THE QUARTER I YEAR ENDED 31 MARCH 2019

			Qu art end ed er		Yea nd ed r e
Sr . N o.	Pa rtic ula rs		Un dit ed au		Au dit ed
		31 /03 /20 19 !Re fer te 2 1 no	31/ 121 20 18	31/ /20 03 18 (R efe 2) ote r n	31/ 03 /20 19	31/ 03/ 20 18
1	Inc om e
	(a) Re e fr tio ve nu om op era ns	73 .56	90 .93	91 .38	30 6.8 5	30 3.3 9
	(b) O the r in co me	0.9 8	1.4 8	0.0 3	6.2 5	5.3 0
	To tal Inc om e	74 .54	92 .41	91 .41	31 3.1 0	30 8.6 9
2	Ex pen ses
	(a) C t of ials d c d ter nts os ma an om po ne co nsu me					0.2 7
	(b) P ha f st k-i rad n-t urc se o oc e	23 .77	39 .47	36 .29	115 .48	129 .55
	Ch of s i n in tor ies d s toc k-i n-t rad (c) rk-i an ge ven an e wo n-p roq res s	1.3 5	1.2 6	(0. ) 90	5.3 9	(11 ) .46
	(d) Se rvi ch ce arg es	26 .10	27 .68	23 .66	98 .09	81 .79
	(e) Em plo e b efi ts e (ne t) ye en xp en se	11. 13	10. 49	13 .16	45 .87	46 .27
	Fin (Q sts an ce co	3.6 0	4.4 1	4.9 5	17 .05	20 .90
	(g) D iati d a rtis ati ep rec on an mo on ex pen se	0.4 5	0.5 2	0.5 5	2.0 1	2.1 3
	(h) O the r e xp en ses	7.6 9	8.2 0	5.9 1	33 .60	28 .02
	To tal ex pe ns es	74 .09	92 .03	83 .62	31 7.4 9	29 7.4 7
3	fiU (lo ) be fo (1- 2) Pro tio l Ite d t ss re e xc ep na ms an ax	0.4 5	0.3 8	7.7 9	(4. ) 39	11. 22
4	Ex tion al item in (re fer 6) te cep s - co me no	(1.5 0)		{0. 61)	(5. 67 )	(20 .52 )
5	Pr ofi t b efo tax (3 -4) re	1.9 5	0.3 8	8.4 0	1.2 8	31. 74
6	Ta x e xp en se
7	Ne t p rof it fo r th iod (5· 6) e p er	1.9 5	0.3 8	8.4 0	1.2 8	31 .74
8	siv e in e/( s) Ot he reh los r co mp en com	0.0 6	(0. ) 20	(0. ) 09	0.8 3	(0. ) 90
9	To tal reh siv inc for th eri od (7+ 8) co mp en e om e e p	2.0 1	0.1 8	8.3 1	2.1 1	30 .84
10	Pa id- uity sh pit al { fac alu f R s.1 0 e h) up eq are ca e v e o ac	29 .74	29 .74	28 .47	29 .74	28 .47
11	Ot he uity r eq				63 .05	.04 57
12	Ea mi s/( los s) p sha of Rs .1 O ch be for tio l ite ng er re ea e e xc ep na ms :
	(In s.) Ba sic R	o.i s-	0.1 3"	2.7 4•	(1.5 0)	3.9 4
	Dil d ( In R s.) ute	o.i s-	0.1 3·	2.1 1·	(1.5 0)	3.9 1
	Ea rni sh ot Rs .10 ch aft pU al ite ng s p er are ea er ex ce on ms :
	Ba sic (i n R s.)	0.6 7•	0.1 3·	2.9 5•	0.4 4	11.1 5
	Dil d (i n R s.) ute • N alis ed	0.6 6•	0.1 3·	2.9 3•	0.4 4	11. 06

Standalone Balance sheet (Rs. in crores)

	St da an	lo ne
Pa rti la cu rs	Au di	d te
	31 /0 3/ 20 19	31 /0 3/ 20 18
S S S A ET
N nt et on -c ur re a ss s
Pr la d ui ty nt t op er , p an eq pm en	0 7.7	89 7.
O th in ib le ta et er ng a ss s	0.7 8	1.4 7
Fi ial et na nc a ss s
Inv tm t es en	48 .72	48 .72
T de iv ab le ra re ce s	-	0. 32
Lo an s	1.4 6	2. 60
O th fin cia l ts er an as se	1.0 3	1. 89
C ( t) nt ta ts ur re x as se ne	62 .25	57 .97
O th nt et er n on -c ur re a ss s	5.8 5	5.8 2
To l n ta nt et on -c ur re a ss s	12 7. 79	12 6. 68
C
nt et ur re a ss s In ie nt ve or s	16 .18	22 .4 5
Fin ci al et an a ss s
T de iv ab le ra re ce s	93 .92	10 3.6 4
C h d sh iv al ts as an ca e qu en	0.7 3	0. 86
O th b k ba la er an nc es	2.7 6	0.8 4
Lo an s	25 .57	2.0 5
O th fin cia l a et er an ss s	22 .88	37 .12
O th nt et er c ur re a ss s	54 .20	44 .99
To l c ta nt et ur re a ss s	21 24 6.	21 1.9 5
TO TA L A S S ET S	34 4. 03	33 8. 63
EQ S U IT Y A N D LI A B IL IT IE
Eq ui ty
Eq ui ha ita l ty s re c ap	29 .74	28 .4 7
O th ity er e qu	63 .05	57 .04
To l e ity ta qu	92 .7 9	85 .5 1
Li ab ili tie s
N lia bi lit ie nt on -c ur re s
Fi ia l l ia bi lit ie na nc s
O th fi ia l l ia bi liti er na nc es	0.5 2	5.5 0
Pr is io ov ns	6. 31	6.6 9
O th li ab ilit ie nt er n on -c ur re s	12 .63	5.0 9
To l n l ia bi lit ie ta nt on -c ur re s	19 .46	17 .2 8
C l ia bi lit ie nt ur re s
Fi ia l li ab ilit ie na nc s
Bo in rro w gs	98 .0 4	11 7.2 7
T de ab le ra p ay s	83 .11	64 8 .7
O th fi ia l li ab ilit ie er na nc s	14 .85	16 .3 4
Pr is io ov ns	0. 65	0. 79
O th lia bi lit ie nt er c ur re s To ta l c nt li ab ili tie	35 .13 23 1.7 8	36 .66 23 5. 84
ur re s
TO T A L EQ U IT Y A N D LI A B IL IT IE S	34 4. 03	33 8. 63

Notes:

• 1) These financial results have been prepared in accordance with the Companies (Indian Accounting Standards) Rule, 2015 ("Ind AS") prescribed under Section 133 of the Companies Act, 2013 read with rule 3 of the Ind AS and Companies (Indian Accounting Standards) (Amendments) Rule, 2016.
• 2) Figures for the quarter ended 31 March 2019 and 31 March 2018 are the balancing figures between the audited figures in respect of the full financial year and the unaudited published year to date figures up to the third quarter of the current and previous financial year.
• 3) The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 29 May 2019. These results have been prepared on the basis of audited standalone financial statement for the year ended 31 March 2019.
• 4) The Company declared the dividend of Re.1 per Non-Convertible Redeemable Preference Share ("NCRPS") having face value of Rs. 100 each which was approved at annual general meeting held on 1 August 2018.
• 5) The Board at its meeting held on 12 August 2014 allotted 1,500,000 NC RPS having face value of Rs.100 each for the period of 7 years. On 30 March 2018, the Company received approval from the preference shareholders for extension of lerm by 5 years post expiry of original term of 7 years. Further, pursuant to the shareholders approval and in principle approval from the stock exchanges. the nature and terms of the NCRPS were changed to compulsory convertible preference shares ("CCPS"). Subsequently on 31 August 2018, Company has alloted equity shares on account of conversion of the CCPS as per pricing formula prescribed under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 at a price of Rs. 118 per equity share.

6) Exceptional items:

					IRs . i ) n cro res
Pa rtic ula rs	Qu de d art er en			Ye de d ar en
	31/ 03 /20 19	31/ 12/ 20 18	31/ 03/ 20 18	311 03 120 19	31/ 03 /20 18
Re l o f p isio ain obs ole te/ ing inv [re fer (a )] st tor ote ve rsa rov n ag no n-m ov en y n	(1.5 0)	-	-	(3. 65 )	(12 .08 )
Re l o f r t [ ref (b) ] te ve rsa en er no	-	-	-	-	(5.2 1)
Inte inc ain le of pla d uip (re fer (c )] t st rty nt nt ote res om e ag sa pro pe an eq me n ,	-	-	(0. 61 )	(0. 91 )	(3.2 3)
fit of [re fer (d )] Pro le rty pla nt d uip nt ote on sa pro pe an eq me n ,	-	-	-	(1.1 1)	-
	(1. ) 50	-	(0. ) 61	(5. 67 )	(20 .52 )

(a) Represents reversal of inventory provisions made In earlier years to reflect lower of cost and net realisable value. The Company has entered into an agreement with a buyer for sale of these inventories.

• (b) Represents reversal of rent liability pertaining to earlier years, as a result of settlement with the lessor.
• (c) Represents interest income on sale consideration receivable from the erstwhile buyer with respect to sale of property situated at Gandhinagar.
• (d) Represents profit on sale of property, plant and equipment situated at Gandhinagar.
• 7) During the year ended 31 March 2015, the Company entered into deed of assignment to transfer all the rights. title and obligations of its land and building situated at Gandhinagar to another company for a consideration of Rs. 44.63 Crores. During April 2015, the lender to whom these assets were provided as security provided its Inprincipal approval for the said transfer subject to fulfilment of conditions staled therein. The said transfer was pending approval from the relevant government authority and transfer of legal title that were considered to be procedural in nature. Accordingly, the Company had recognised profit on sale of property, plant and equipment of Rs. 40.85 crores (net of incidental expenses Rs. 3.04 crores) during the year ended 31 March 2015.

During the current year, the said property was re-assigned to the name of the Company by the buyer since the buyer expressed its inability to get the aforementioned sale deed registered with the relevant government authority. Subsequently, the said property has been transferred to another buyer through a separate sale transaction for a consideration of Rs. 23.51 crores, and the Company has recorded the differential amount of Rs.1.11 crores between the said consideration and balance receivable from the earlier recognised sale, as profit on sale of property, plant and equipment. The amount of consideration already received amounting Rs. 22.23 crores from the erstwhile buyer is not required to be refunded by the Company. The entire transaction stands completed.

8) Previous periods I year figures have been re-grouped and reclassified, wherever necessary, to conform to those of the current period I year.

Place: Mumbai Date : 29 May 2019 CIN : L32200MH1986PLC040652

FOR AND ON BEHALF OF THE BOARD

~-4--1 -~f?-

SANJEEV VERMA WHOLE-TIME DIRECTOR DIN: 06871685

	An I ncx urc Stat f A udi t. Q uali fica tion (for dit wit h difi ed opi nio n) sub mit ted alo wit h An l A udi ted Fin ial ults ( Sta nda lon e) ent Im t o ort Res em on pac au rep mo ng- nua anc
		Sta tem ent	of Aud it alifi cati for the Fin ial end ed ch Imp Qu Ye 31 Mar act on on anc ar	201 9
		!Sec	R lati 33/ ;2 of the SE BI (LO DR ) Am end Reg ula tion 201 6)1 nt egu on me s,
				(A t in D Cro rc) mo un
l.	Sl.	Par ticu lars	Au dit ed Fig ure s	Ad jus ted Fi {a udi ted fi aft adj ing fo ust gu res gu res er r
	No		(as ed bef ad ju stin g f alifi ion s) ort cat rep ore or qu	alif ica tio ns) qu
		Tu /T l I ota rno ver nc om e	318 .77	34 1.5 6
	2	T o ral Ex nd itu pe re	317 .-19	317 .51
		Ne t P tof it/( Lo ss)	1.2 8	24 .05
	4	Ea mi Sh n~ p er a cc sic Ba	0:-1 -1	8.24
		Di lut ive	0.-1 -1	8.1 9
		tal As To set s	34- 1.0 3	34- 1.0 3
		To tal Lia bili ties	251 .24	25 1.24
		Nc 1 \ for th	92 .79	92 .79
		fe lt a An the r fi cia l it (~) (as ria te b he y t y o nan em pp rop
		~) ma na gcm cn
II.	Au dit	or' lifi tio s q ua ca n
	a.	De tail f A ud it Q lifi ion cat s o ua :	(i) Au dit 's q lifi ion l a ud ite d fin cia l r lts "(s cat tan or ua o n a nn ua an esu	da lon e)
			As ted in N 7 the yin g fi cia l re sul dur ing th sta ote to ts, ac co mp an nan e y ear	ded 31 !v lar cl12 015 he Co ha d r ise d s ale , t en mp any eco gn
			of lass ifie d 0 1s f ixe d a nd iou s G 1\J \P , ha vin crt ts u a p rop y-1 c sse er p rev g c arr	yin alu f R s. O . 7-1 nd ded o fi uch e o g v e o cr orc s, a re cor pr n s
			sal tin s. 4 0.8 5 c (ne f in cid al s elli R t o ent e a mo un g 10 ccr es ng ex pen ses am	nti . 3. 0.1 ). I ini , th ign ific Rs ant ou ng tO cro rcs n o ur op on e s
			ris ks d r ard f o hip of th aid rio sfe ert t tr an ew s o wn ers e s pr op y w ere an rre of h s ale d t he nti t fo llo d b he Co tre atm y t suc an ac cou ng en we mp any we	d w hen ch sale ise d, a nd the ref nit ion su W< lS r eco gn ore , re cog t in dan wi th the inc iple f In di re no ac cor ce pr s o an
			tin dar d { Ind lau d E ipm Ac g S A S).1 6, Pr y, P tan ert t an ent co un op qu
			Ou th e f ina nci al r lts for th d y ded 31 M ter r r cp oc:c on esu e q uar an ear en	h 2 018 als lifi ed in f th bo ct o tte arc w as o q ua res pe e a ve ma r.
			Du rin he he sai d p sig d t he Co g t nt r, t rty o t cu rre yea ro pe wa s re -as ne mp	by th e b d t her eaf , si ific ris ks d ter ant any uy er, an gn an
			ard s in of the id ha bee sfe d to oth ct rty n t rew re spe sa pro pe ve ran rre an er sid tio f R s. 2 3.5 1 c Ho , in ad of ion of ste con era n o ror cs. we ver rec og nn sa	bu th gh sal tion fa :tr. tcc e tr t a yer rou a s cp an sac in ith le of thi da th rin cip les of 1n d erty w s p rop ac cor nce e p
			AS 16 , P y. P lan nd Eq uip th e C y h ord ed ly t ert t a nt, rop me om pan as rec on	he dif fer ial bet th aid nsi de ion d ent nt rat am ou we en e s co an
			ba lan eiv abl tin R s. 2 2.4 0 c fro the rlie r in ce rec e a mo un g to ror cs m ea co rre ipm t. equ en	ctly ise d s ale rof it o ale of , pl d ant re co gn , a s p n s pro pc rcy an
			Ha d t he Co fo llo d t he pri iple f In d A S 1 6, d c ed mp any we nc s o an occ ecr of sal e, i arl ier of th aid y in dan wit h I nd /\ S 8 ert n e re ar, e s pr op ac cor ce nd sub tly ord ed the le o f s uch y i he Er ert n t )'C ror s, a seq uen rec sa pr op >tr c ion al i (in e), tin a.ii1 le o f p lan ept tem ert t an exc com re pre sen g g on sa rop y, p by 20 19 uld ha bee n h igh il a nd . 2 2.7 ive ly { N Rs 9 c ect wo ve er ror cs r esp end ed 31 Ma rch 20 18: Ni l) w hil e d eci ati fo r th rtC 'I: an epr on ex pe nse e q ua Ni l an d R s. 0 .02 cti ly (q ded 3 I mb 20 18: D ter cr orc s re spe ve uar en ece er ded 31 ?\1fa rch 20 18: Rs . 0 .04 s). Th e b ala nsi der atio en cr orc nce co n r ece Rs . 22 .4() ld hav e b ad jus ted ain nin g b ala st o 10 cc ore s w ou ee» ag pe nc e o ain ed nin t 3 1 M h 2 0'! 9 w ld be Ni. I {3 1 M h 2 01 ret on ear gs as a arc ou arc	the af nti ed fat ing inc itio ect ore me on err ors rc [O orr re co gn n , A tin g P oli cie s, C han s in A tin g E stim nd ate cco un ge cco un s a nd C <l 31 rch 20 19 r th rin cip les of d A S I Ma In 6, as pe e p d e ipm , fo he nd end ed 31 rch Ma ent r t u:tc -.tr qu qm r a yc nd ed 3 l ber 20 18: il, d y De N rte art qua r e cem qu er an ear d r ded 31 i ar ch 20 19 uld ha bee n h igh er b ear en ~v wo ve y Ni l, q nd ed 31 rch 20 18: . 0 .01 Ma R:: rte t: e ua cr cre s, y ear iva ble fro the bu in the fir ale ion nti st s tra act m yer ns am ou ng f r ine d e ing 1 Ap ril 20 17. Th ltin g i eta at act arn s as e r esu mp 8: R s. 3 7.5 8 c cs) ror</l
			Du th e f ina ial ult s fo r th d n ine th p eri ort ctc e r ep on nc res e q ua r an -m ou the ab atte ov e m r.	od ded 3 l D mb 20 18 lso alif ied in of ct en ece er wa s a qu re spe
			(ii) A ud ito r's Qu ali fic ati he l F ina nci al Co ols lat ing ab In n t ter ntr to on o na re ov e m au er ln pin ion din he· inf atio nd lan nti s gi nd ba sed dit , th e f oll ing ria l w eak o t n t ate ou r o , ac cor g t orm n a exp cn ve o u s a on ow : au ow m nes has be ide nti fie d in th ing eff ive f th e C 's lP Co 31 rch .20 19 FR Ma rat ect at IL" 'l\lC en e o pe ne ss o om pa ny as :
			Th e C y's int al fin ial ol o alu ati of nti ntr om pan ern anc co ver ev on ac cou ng s ha s le d t iss f ex tio nal ite (in nd de cia TIU e) a tat ts o o m em en cep m com pre	of tin rin ffe ctiv ely e tm ot no n-r ou nsa cuc ns wa s n op cra g e , tio se f the nd ed h 2 31 M 019 n e xp en or ye ar e arc
			' is A 'ma ial akn a d efi cie bin ati of de fic ien cie ter we ess ncy , or a com on s, ial mi of the C 's a al o r in teri fin ial ter sst ate nt sta ma me om pa ny nnu m a . nc	in I F C0 FR ch th the is a nab le p ibi lity tha at t a 1 su re re aso oss ill n be d o r d d o tim ely ba sis. tem ts w ot nte ete cte en pr eve n a
			We ha nsi der ed the ria l w eak ss i den tifi ed d r ed ab ate ort ve co m ne an ep ov d i lie aud it o f th da lon e fi cia l st of th e C tan ate nts n o app ur e s nan me om pa ial akn ha ffe d o ini th dal e fi cia ter cte tan ma we ess s a ur op on on e s on nan opi nio he dal e f ina nci al n t stan sta tem ent n o on s.	e in de mi nin he im ing d e of dit ter g t tur e, t xte nt tes ts > an na au nd fo e th de d 3 1 M h 2 019 nd th a.t a t-a ny as e y c en arc , a e l st of th e C d w e h iss ued alif ied ate nts me om pa ny an ave a qu
		b. of Au dit Q lifi ion Ty cat pe ua :	Qu alif ied O pin ion

c.	Fre of Qu alif icat ion que ncy :	Au dit or' ual ific atio al aud ite d f ina ial ult s (s da lon e) h as b ari fro the de d 3 1 M h 2 0 I nd tan j a s q n o n a nnu nc res een ap pe ng m re ar en arc has be dat ed for th ded rch 20 19 ba sed th e f tio ned der th ual ific atio nd A ud ito r's Ma 31 act en up e y ear en on s m en un e q n pa ra a alif ica tio he ln l F ina nci al C ls i ela tio hat hns be rin g fr th ded 3) i\ ·lac ch 201 6. n t tcr tro n r n t o t att qu n o nn on m er en app ea om e r ear en
d .	Fo r A udi t Q ual ific atio (s) wh th e i i!I act n ere mp by the dit M iew ntif ied nt v au or, an age me s: qua	rin g th ded h 2 hc ed into d eed of sig sfe r al l th igh tid nd ob lig atio Du 31 M 01 5~ r Co ter t 10 tr ts, e r ear en arc mp any en as nm en an e r e a ns R.< of its lan d a nd bu ild ing sit ted Ga nd hin the fo nsi der ati of >. # .63 C Du rin g A pri l 2 015 at ar: t ua ag o a no r c om pa ny r a co on rcr cs. , the le nd wh th ide d a rity ide d i in- pri nci pal al for th sai d nsf sub jec to set ts tra t t er om ese as s w ere . pr ov s s ecu pr ov a pp rov e er o ful fil f c dit ion s S tale d t her ein . T he said sfe din al f th ele uth ori and sfe nt o tr t g ty tr me on an r w as p en g a pp rov rom e r van ov ccu rne cr a an r of of leg al titl e th nsi de red be ced l in e. A rdi ly, t he Co ha d r ised rof it o ale at w to tur ert ere co pro ura na cco ng mp any eco gn p n s pr op y, pla and uip f R s. 4 0.8 5 c (ne f in cid al Rs . 3. 04 ) d ing th de d 3 l M h ' .!01 5. nt nt o t o ent eq me ror cs exp ens es cro rcs ur e y ear en arc by Du rin g th th aid ign ed the of th e C th e b sin the bu d its ent ert to e c urr ye ar, e s pr op y w as re- ass na me om pa ny uy er ce yer ex pre sse ina bil ity ge1 th for ion cd e d eed gis ed , v -it h d ie rel o1; 11t a uth ori Su bse ly, th aid y h cnt sat ter nt g ty. ent ert to e n crn re eva ·cm me qu e s pr op as bee sfe d t the r b hro h n le t tio n f sid tic f R s. 2 3.5 1 c d t he Co ha n t r t rat ran rre o a no uye ug se pa e sa ran sac or a c on em n o ror cs, an mp any s ord ed the d iffe tia l a f R s. I . l I be th sai d sid tio and b ala iva ble f th arl ier t o tw rec ren mo un c ror cs een e con era n nc e r ece rom e e nis ed sal rof it o f p lan nd uip Th f c sid tic alr ead ive d a tin g R ate t a nt. t o rec og e, a s p n s o rop crc y. p eq me e a mo un cn cra n y r ece mo un s. '.22 ,23 s fr th wh ile bu : is n uir ed 10 b efu nd ed by the C . T he tire cti nd ple ted rst ot- tra sta or ore om e e yer req e r om pa ny en nsa on s c om din gly nt b elie th the al F ina nci al C ls a tin ffe ctiv ely Ac I n at tro cor m an .,gc me ves rcm on rc op era g e
e.	r A ud it Q ual ific atio n (s ) w her e d ie im ct i Fo ot pa s-n ifie d b y ti le aud ito ant qu r.	NA
	tim atio he im f au dit ~ M nt' n t ct o an age me s es n o pa alif ica tio qu n:	N 1 \
	ii) lf m t is abl tim th e im e tu ate ct, ana gem en un es pa s fo r th rea son e s am e:	NJ \
	ill) Au dit ' co n ( r ( ll) a bo ent ors mm s e ~ o ve	NA

1 ll Signatories:

For AGC Networks Limited

DIN : 06871685 SANJEEVVE WHOLE TfMI£ DlllECTOR /D~ · (~

F., Walker Chandiok & Co LLP Chartered Accountants Finn Rcgiscration No. 00'1076N I N500013

^r" NPad• rtner

Membership No.: 079597

Date: ~9 Mar 2019 Place: Mumbai

DEEPAK KUMAR BANSAL CFO

SUJAYSHETH AUDIT COMilfflTEE CHillllMi\N