BPL Ltd. — Interim / Quarterly Report 2023

Aug 11, 2023

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BPL Limited Dynamic House, 64 Church Street Post Box No. 5194 Bengaluru - 560 001, India. Ph: +91-80-2532 7985, 2558 9109 E-mail: investor@bpl.in / Website: www.bpl.in CIN: L28997KL1963PLC002015

11th August 2023

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The Manager - Listing,Corporate Relationship DepartmentBombay Stock Exchange LtdPhiroze Jeejeebhoy TowersDalal StreetMumbai- 400001Scrip code - 500074	The Manager - ListingNational Stock Exchange of India Ltd.,Exchange Plaza, C-1, Block G,Bandra Kurla Complex,Bandra (E)Mumbai - 400 051Trading Symbol - BPL

Sub: Outcome of the Board Meeting held on 11th August 2023

In Compliance with Regulation 33 of SEBI (LODR) Regulations, 2015, kindly be noted that the board approved the following and accordingly, unaudited financial results and limited review report are attached herewith:

• $1.$ Considered, approved and took on record the unaudited financial results of the company, both standalone and consolidated, for the quarter ended on 30th June 2023 along with Limited Review Report by the statutory auditors on the
• $\overline{2}$ Considered Board's Report to the members for the financial year 2022-23.
• 1. Appointed Mr. P. Sivarajan, Practicing Chartered Accountant as a Scrutinizer for the e-voting process in respect of Annual General Meeting (AGM) - 2023.
• Approved notice convening the e-AGM for the calendar year 2023 and 4. appointed NSDSL to provide e-platform for conducting the said AGM.
• Considered of Secretarial Audit Report for the FY 2022-23. 6.
• $7.$ Considered renewal of lease rent agreements with related parties i.e. Electronic Research Private Limited, BPL Telecom Private Limited and BPL Medical Technologies Pvt Ltd

BPL Limited.

Regd.Office: BPL Works, Palakkad - 678 007, Kerala. CIN - L28997KL1963PLC002015 E-mail:investor@bpl.in, URL:www.bpllimited.com, Tel: No.+91 80 25589109 Statement of Standalone Unaudited Financial Results for the Quarter ended 30th June, 2023

SI.			(INR Lakhs)
Nos		Quarter ended			Year ended
	Particulars	30-06-2023	31-03-2023	30-06-2022	31-03-2023
I	REVENUE	(Unaudited)	(Audited)	(Unaudited)	(Audited)
	Revenue from operations
П	Other Income (net)	1,445.40	1,533.83	1,213.84	5,221.57
Ш	Total Income (I+II)	13.26	851.05	21.41	980.36
IV	EXPENSES	1,458.66	2,384.88	1,235.25	6,201.93
	Cost of material consumed
	Purchases of Stock-in-Trade	764.79	910.62	686.52	3,059.52
	Changes in inventories of finished goods, Stock-in-Trade and		22.47	7.72	1.79
	work-in-progress	3.38	31.58	31.93
	Employee benefits expense	246.22	227.07	168.13	6.31
	Finance costs	18.01	32.87	39.10	762.83
	Depreciation and amortization expense	47.16	22.88	41.42	142.73
	Other expenses	119.87	191.39	135.90	168.98
	Total Expenses	1,199.43	1,438.88	1,110.72	742.98
V	Profit/(loss) before exceptional items and tax (III-IV)	259.23	946.00	124.53	4,885.13
VI	Profit/(loss) before tax	259.23	946.00	124.53	1,316.80
VII	Tax Expense:				1,316.80
	$(1)$ Current Tax	53.57	219.83
	(2) MAT Credit Availed	(53.57)	(219.83)		219.83
	(3) Deferred Tax		745.13	$\overline{\phantom{a}}$	(219.83)
VIII	Profit (Loss) for the period from continuing operations (VI-VII)	259.23	200.87		745.13
IX	Profit/(loss) for the period	259.23	200.87	124.53124.53	571.67
$\mathbf X$	Other Comprehensive Income				571.67
	$\overline{A}(i)$ Items that will not be reclassified to profit or loss	$\overline{a}$	6,483.40
	(ii) Gains/(losses) on defined benefit obligations		(11.29)	$\frac{1}{2}$	6,483.40
XI					(11.29)
	Total Comprehensive Income for the period (Comprising Profit(Loss) and Other Comprehensive Income for the period)	259.23	6,672.98	124.53	7,043.79
XII	Paid-up equity share capital: (Face value Rs.10 each)	4,897.67	4,897.67	4,894.46	4,897.67
	Earnings per equity share (for continuing operation):
	$(1)$ Basic	0.53	13.62	0.25	14.38
	(2) Diluted	0.53	13.62	0.25	14.38

Notes:

• 1. The above Standalone results have been reviewed by the Audit Committee and approved on $8th$ August 2023, and taken on record by the Board of Directors at the meeting held on $11th$ August 2023.
• 1. The Financial results for all the periods presented above have been prepared in accordance with Ind AS notified under the Companies (Indian Accounting Standards) Rules, 2015 as amended from time to time.
• 1. The format for audited quarterly / yearly results as prescribed in SEBI's Circular CIR/CFD/CMD/15/2015 dated 30 November 2015 has been modified to comply with requirements of SEBI's circular dated 5th July 2016, Ind AS and Schedule III (Division II) to the Companies Act, 2013, applicable to companies that are required to comply with Ind AS.
• 1. The estimated amount of contingent liabilities as on June 30th 2023 is Rs. 179.46 Crores.
• 1. An unsecured claimant had obtained an order against the Company from single Bench of the Honorable High Court of Delhi, confirming the order of a Sole Arbitrator. The Company has filed appeal against the said order with the Division Bench of Honorable High Court of Delhi. The Company is hopeful of getting a favorable order on merit; hence, no provision is made in the books of accounts for the claim.
• 1. Preference Shares issued by the company have become due as per the terms on which they were issued and have not yet been redeemed. Pursuant to the provisions of Section 55 of the Companies Act, 2013, Preference Shares can be redeemed only out of profits that are otherwise available for dividend. The Company doesn't have sufficient accumulated profit for distribution as dividend.
• 1. Company has contributed Rs. 80.00 Lacs to Gratuity trust fund account against the liability of Rs.216 12 Lacs and the balance payable is Rs.136.12 Lacs. Company is hopeful of making the Gratuity trust fund updated in the near future.
• 1. Provision for Deferred Taxation as per Ind AS-12 "Income Tax" provision for current Tax and employee benefits as per Ind AS 19 "Employee Benefits" will be made at the end of the year

1. Previous period figures have been regrouped / reclassified to conform to current period's presentations.

For and behalf of the Board of BPL Limited

Ajit G Nambiar (Chairman & Managing Director)

Place: BangaloreDate: 11th August, 2023

MKUK & ASSOCIATES CHARTERED ACCOUNTANTS

Limited Review Report

To the Board of Directors, BPL Limited.

We have reviewed the accompanying unaudited financial results of BPL Limited (the 'Company") for the period ended June 30, 2023, together with the relevant notes thereon (the 'Statement'), The Statement has been prepared by the Company pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the "Listing Regulations, 2015") read with SEBI circular dated July 5, 2016.

This statement is the responsibility of the Company's Management and has been approved by the Board of Directors and has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued there under and other accounting principles generally accepted in India. Our responsibility is to issue a report on these financial statements based on our review.

We conducted our review in accordance with the Standard on Review Engagements (SRE) 2410, "Engagements to review financial statements" 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 provide less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

Based on our review conducted as above, nothing has come to our attention that causes us to believe that the Statement has not been prepared in all material respects in accordance with Ind AS and other recognized accounting practices and policies, and has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure requirements) Regulations, 2015 read with SEBI circular dated July 5, 2016 including the manner in which it is to be disclosed, or that it contains any material misstatement, except for impact (if any), of matters mentioned in note no. $6 & 7$ of notes accompanying unaudited financial results.

For MKUK & ASSOCIATES
Chartered Accountants
(FRN: 050113S)
& ASSOCIATEDMANOJ KUMAR UKN
(M NO:091730)
PARTNER

Place: Bangalore Date: 11.08.2023

UDIN NO: 23091730BGZHLL5098

3155/A, 2nd Floor, 11th Main, 2nd Stage, Indiranagar, Bengaluru - 560038 +9180 25251861

BPL Limited. Regd.Office: BPL Works, Palakkad - 678 007, Kerala. CIN - L28997KL1963PLC002015 E-mail:investor@bpl.in, URL:www.bpllimited.com, Tel: No.+91 80 25589109E-mail:investor@bpl.in, URL:www.bpllimited.com, Tel: No.+91 80 25589109Statement of Consolidated Unaudited Financial Results for the Quarter ended 30

Sl. nos		Quarter ended		(INR in Lakhs)Year Ended
	Particulars	30-06-2023(Unaudited)	31-03-2023(Audited)	30-06-2022(Unaudited)	31-03-2023(Audited)
T	REVENUE
	Revenue from operations	1,445.40
$\mathcal{I}$	Other Income (net)	15.44	1,533.83	1,213.84	5,221.57
Ш	Total Income (I+II)	1,460.84	853.232,387.06	23.39	988.75
IV	EXPENSES			1,237.23	6,210.33
	Cost of material consumed	764.79
	Purchases of Stock-in-Trade		910.62	686.52	3,059.51
	Changes in inventories of finished goods, Stock-in-Trade and work-	۷	22.47	7.72	1.79
	in-progress	3.38	31.58	31.93	6.31
	Employee benefits expense	246.22	227.07	168.13	762.83
	Finance costs	18.01	44.09	39.10	153.95
	Depreciation and amortization expense	47.16	22.88	41.42	168.98
	Other expenses	126.46	234.43	142.52	805.92
V	Total Expenses	1,206.03	1,493.14	1,117.34	4,959.28
VI	Profit/(loss) before exceptional items and tax (III-IV)	254.81	893.92	119.89	1,251.04
	Profit/(loss) before tax	254.81	893.92	119.89	1,251.04
VII	Tax Expense:
	(1) Current Tax	53.57	219.83		219.83
	(2) MAT Credit Availed	(53.57)	(219.83)
	(3) Deferred Tax		745.13		(219.83)
VIII	Profit (Loss) for the period from continuing operations (VI-VII)				745.13
IX	Profit/(loss) for the period	254.81	148.79	119.89	505.91
$\mathbf X$	Other Comprehensive Income	254.81	148.79	119.89	505.91
	$A(i)$ Items that will not be reclassified to profit or loss
	(ii) Gains/(losses) on defined benefit obligations	$\overline{\phantom{0}}$	6,483.40		6,483.40
XI	Total Comprehensive Income for the period (Comprising Profit		(11.29)		(11.29)
XII	(Loss) and Other Comprehensive Income for the period)	254.81	6,620.90	119.89	6,978.02
	Paid-up equity share capital: (Face value Rs.10 each)	4,897.67	4,897.67	4,894.46	4,897.67
	Earnings per equity share (for continuing operation):
	$(1)$ Basic	0.52	13.52	0.24	14.25
	(2) Diluted	0.52	13.52	0.24	14.25

Notes:

• 1. The above consolidated results have been reviewed and approved by the Audit Committee on 8th August 2023 and taken on record by the Board of Directors at the meeting held on 11th August 2023.
• 1. The Consolidated Financial results for all the periods presented above have been prepared in accordance with Ind AS notified under the Companies (Indian Accounting Standards) Rules, 2015 as amended from time to time.
• 1. The format for audited quarterly / yearly results as prescribed in SEBI's Circular CIR/CFD/CMD/15/2015 dated 30 November 2015 has been modified to comply with requirements of SEBI's circular dated 5th July 2016, Ind AS and Schedule III (Division II) to the Companies Act, 2013, applicable to companies that are required to comply with Ind AS.
• 1. The estimated amount of contingent liabilities as on June 30th 2023 is Rs. 179.71 Crores.
• 1. Preference Shares have become due as per the terms on which they were issued and have not yet been redeemed. Pursuant to the provisions of Section 55 of the Companies Act, 2013, Preference Shares can be redeemed only out of profits that are otherwise available for dividend. Though the Company has earned profit, it is inadequate for the said redemption. The Company is exploring possible methods for redemption of Preference Shares at an early
• 1. Company has contributed Rs. 80.00 Lacs to Gratuity trust fund account against the liability of Rs.216 12 Lacs and the balance payable is Rs.136.12 Lacs. Company is hopeful of making the Gratuity trust fund updated in the
• 1. BPL Power Projects (AP) Pvt Ltd (BPPL) is one of the subsidiaries of the company. The company has underlying assets which are available to the company. BPPL is to yet to commence the commercial operations. Hence, the management is of the opinion that the company is a going concern.
• 1. Provision for Deferred Taxation as per Ind AS-12 "Income Tax" provision for current Tax and employee benefits as per Ind AS 19 "Employee Benefits" will be made at the end of the year.
• 1. Previous period figures have been regrouped /reclassified to conform to current period's presentations.

For and behalf of the Board of BPL Limited

Ajit G Nambiar (Chairman & Managing Director)

Place: Bangalore Date: 11th August, 2022

MKUK & ASSOCIATES CHARTERED ACCOUNTANTS

Limited Review Report

To the Board of Directors. BPL Limited.

We have reviewed the accompanying unaudited Consolidated financial results of BPL Limited (the 'Company") for the period ended June 30, 2023, together with the relevant notes thereon (the 'Statement'), The Statement has been prepared by the Company pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the "Listing Regulations, 2015') read with SEBI circular dated July 5, 2016.

This statement is the responsibility of the Company's Management and has been approved by the Board of Directors and has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued there under and other accounting principles generally accepted in India. Our responsibility is to issue a report on these financial statements based on our review.

We conducted our review in accordance with the Standard on Review Engagements (SRE) 2410, "Engagements to review financial statements" 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 provide less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

Based on our review conducted as above, nothing has come to our attention that causes us to believe that the Statement has not been prepared in all material respects in accordance with Ind AS and other recognized accounting practices and policies, and has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure requirements) Regulations, 2015 read with SEBI circular dated July 5, 2016 including the manner in which it is to be disclosed, or that it contains any material misstatement, except for impact (if any), of matters mentioned in note no's, 5,6&7of notes accompanying unaudited financial results.

For MKUK & ASSOCIATES Chartered Accountants (FRN: 050113S) MANOV KUMAR UKN $(M NO:091730)$ PARTNER

Place: Bangalore Date: 11.08.2023

UDIN NO: 23091730BGZHLK1026

The said unaudited Financial Results was recommended by the Audit Committee on 8th August, 2023 and approved by the Board of Directors at its meeting held today. The Limited Review Report (Standalone & Consolidated) was also adopted by the Board at the said meeting.

The meeting commenced at 11.00 A.M and concluded at 5.25 P.M.

We request you to kindly take the above on records and acknowledge receipt thereof.

Thanking you,

Very truly yours,

BPL Limited

anding

Deepika Bhandiwad Company Secretary and Compliance Officer

Encl: a/a

		BPL Limited.
	Regd.Office: BPL Works, Palakkad - 678 007, Kerala. CIN - L28997KL1963PLC002015
	Segment Wise Revenue, Results, Assets And Liabilities for the Quarter ended 30th June 2023
					(INR Lakhs)
SI. No	Particulars	For the Quarter ended			Year ended
		30-06-2023	31-03-2023	30-06-2022	31-03-2023
	Segment Revenue	(Unaudited)	(Audited)	(Unaudited)	(Audited)
	(a) PCB
	(b) Brand Licensing Fee	1,195.40	1,283.83	961.20	4,221.57
	(c) Unallocated	250.00	250.00	250.00	1,000.00
	Total
	Less: Inter Segment Revenue	1,445.40	1,533.83	1,211.20	5,221.57
	Revenue from operations
	2 Segment Results	1,445.40	1,533.83	1,211.20	5,221.57
	(a) PCB
	(b) Brand Licensing Fee	93.96	51.81	53.53	358.55
	Total	170.02	153.95	110.16	258.98
	(Add)/Less:(i) Finance cost	263.98	205.76	163.69	617.53
	(ii) Other un-allocable expense net of un-allocable income	18.01	29.35	39.10	142.73
	Profit/ (Loss) before tax
	3 Segment Assets	245.97	176.41	124.59	474.80
	(a) PCB
	(b) Brand Licensing Fee	4,169.72	3,027.06	3,245.72	3,027.06
	(c) Unallocated	223.77	295.00	47.00	295.00
	Total segment assets	39,681.07	39,578.40	33,246.46	39,578.40
	Segment Liabilities	44,074.56	42,900.46	36,539.18	42,900.46
	(a) PCB
	(b) Brand Licensing Fee	594.86	535.33	696.78	535.33
	(c) Unallocated	515.86	45.00	22.00	45.00
	Total segment liabilities	19,108.46	19,331.00	19,075.23	19,331.00
		20,219.18	19,911.33	19,794.01	19,911.33

Note:

a) In case of Standalone segmental reporting, revenue from Printer Circuit Boards (PCB) consists majorly of single sided PCBs. The revenue from double sided PCBs does not qualify for the reporting threshold prescribed under Ind AS 108 - Operating Segments.

b) As the subsidiaries have no reportable operational income during the first quarter of financial year 2023-24, the figures in Standalone and Consolidated Segmental reporting are the same.