Clean Science and Technology Limited — Interim / Quarterly Report 2022

Aug 9, 2021

Date: 09.08.2021

To

BSE Limited Phiroze JeeJeebhoy Towers, Dalal Street. Fort. Mumbai - 400 001 Scrip Code: 543318

National Stock Exchange of India Limited Exchange Plaza, Plot no. C/1, G Block, Bandra-Kurla Complex Bandra (E), Mumbai - 400 051 Trading Symbol: CLEAN

ÿ

Dear Sir/Madam.

Subject: Statement of Unaudited Standalone and Consolidated Financial Results for the quarter ended 30th June, 2021.

Pursuant to the provisions of Regulation 30 (read with Part A of Schedule III) and Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time, please find enclosed the Unaudited Financial Results (Stand-alone and Consolidated) for the quarter ended 30th June, 2021, duly approved and taken on record by the Board of Directors of the Company at its meeting held today i.e. on Monday, 9th August, 2021.

The 'Limited Review Report' issued by B S R & Co LLP, Chartered Accountants, Statutory Auditors of the Company, with respect to the said results is also enclosed.

The Board Meeting commenced at $|2 \text{ Nqq} \rangle$ (IST) and concluded at $|2 \text{ Nqq} \rangle$ (IST)

You are requested to take above information on record.

Thanking You.

For Clean Science and Technology Limited

Mahesh Kulkarni Company Secretary

BSR & CoLLP

Chartered Accountants 8th floor, Business Plaza, Westin Hotel Campus. 36/3-B, Koregaon Park Annex. Mundhwa Road, Ghorpadi, Pune - 411001, India

Telephone: Fax:

+91 20 6747 7300 +91 20 6747 7310

8

$C_{\rm Q}$ 8th Floor s Plaza

Limited review report on unaudited quarterly standalone financial results of Clean Science and Technology Limited under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

To.

Board of Directors of Clean Science and Technology Limited

• 1. We have reviewed the accompanying Statement of unaudited standalone financial results of Clean Science and Technology Limited ("the Company") for the quarter ended 30 June 2021 ("the Statement") being submitted pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended ('Listing Regulations'). Attention is drawn to Note 7 of the Standalone financial results which states the fact that the standalone figures for the corresponding quarter ended 30 June 2020 as reported in these financial results have been approved by the Company's Board of Directors, but have not been subject to review for the reasons mentioned therein.
• 1. This Statement, which is the responsibility of the Company's management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to issue a report on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by SEBI under Regulation 33(8) of the Listing Regulations, to the extent applicable.

1. Attention is drawn to the fact that the figures for the 3 months ended 31 March 2021 as reported in these financial results are the balancing figures between the audited standalone figures in respect of the full financial year ended 31 March 2021 and the special purpose audited standalone figures for

Principal Office:

14th Floor, Central B Wing and North C WiWestern Express Highway, Goragaon (east)

B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co.LLP (a Limited Liability Partnership with LLP Registration No. AAB-8181) with effect fromOctober 14, 2013

Limitetl reviorv report on Unauditertl Quarterl,v Standalone hinancial Resglts of Clean Science and Technology pursuant to Regulation 33 of tho SEBI (Listing Obligations and Disclosure Requirements) Regulations, 201 5 ( co nt inu ert)

the nine months ended 3l December 2020.The audit for the nine months period ended 3l December 2020 was conducted for the purpose of the Draft Offer Document"

1. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has cOme t0 our attenti0n that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

FoTBSR&CoLLP CharteredAccountants Firm Registration No. I 0 I 248WW -t 00022

@r'

Swapnil Dakshindas Partner MembershipNo. 113896 UDIN : 2l I 1389 6 AAAAEV6529

Date: 9 August 2021 Place: Pune

Clean Science and Technology Limited

Regd Oflce: 503, Pentagon Tower P-4, Magarpatta City, Hadapsar, Pure,4l I 013 Maharashtra Web Site: www.cleanscience.co,in, Email Id: compliance@olemscience.co.in, Corporate Identifioation Number: U24l l4PN2003PLCol8532

STATEMtrNT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2O2I

			7 in million (erceut ner shflre ddd
Particulars		Quarter Ended		Yerr Ended
	June 30,2021	March 31,2021	June 30, 2020	March Jl, 202I
	(Unaudited)	(Audited)	(Unaudited)	(Auditerl)
		(Refer note 7)	(Refer note 7)
Income
Revenue from operations	1,463.08	1,338,79	1,128.74	5,t24.28
other Income (net) (refer note 6)	6s,29	57 .29	s2.74	2s6.22
Total income	1,s28.37	r,396.08	1,181,48	5,3E0,50
Expenscs
Cost of materials consumed	547.t2	385.0 I	304.27	t,378.62
Changes in inventories offinished goods and work-in-progress	( 125 08)	(99.03)	(4.77)	(t42.78)
Employee bencfits expense	77.83	I I 1.64	96.62	435.57
FiIaIce costs	0.06	0.02	0.03	0.91
Depreciation md amortisation expense	57 .94	43.4t	41.51	t'72.06
Other expenses	249.82	240.t7	t'7 t.54	863.2 I
Total expenses	807.69	68r,22	609,20	2,707,s9
Profit beforc trx	720.6E	714.86	512.28	2,672,9t
Tax expense:
Currgnt tax	t77.65	t6s. t9	l3 1.04	617.51
Deferred tax charge / (benefit)	(-1.l0)	18.43	22.08	7 t.65
Total Tax Expense	t74.55	183,62	t53.12	689.t6
Profit for the period (A)
Othcr comprehensive income / (losses)
Items that will not be reclassificd subsequently to profit or loss
(i) Remeasurements ofdefined benefit liability / (asset)	(0.04)
(ii) [ncome tax relating to retrreasuements of defined benefit liability / (asset)		0. l9(0.0s)	(0, l4)	(0. r4)
(iii) Equity instrumenls designated through other compreheusiye income	o_0,		0.04	0.04
		0.26	20.39	28.7't
(iv) Iucorne tax related to equity instruments designated through other comprehelsive income		(0.23)	(z.es)	(2.34\
Total Other comprehensive income / (losscs) (B)	(0.03)	0.t?	t7.34	2
Total comprehensive income for the period (A+ B)
Paid up equity capital [Face valLre { l/- per share] (Refer uote 8)	t06.22	t06.22	106.22	t06.22
Other equitv				\ rql q?
Earnings per equitl share IFace valuc { l/- pcr sharel*(Refer note 8)
Basic	s. 14	5.00	3.9s	18.68
Diluted	5.14	5.00
*ljPS arc nol oniualised.for the intcrin periods			3.95	18,68

Notes:

time to time ,

1. The Stahrtory Auditors ofthe Compmy have conducted a limited review ofthe above stmdalone finanoial restrlts oftho Company lbr lho quartor ended Jme 30, 202 t. An uqualified opinion has been issued by them thereon.

National Stock Exchmge of India Limited, www.nseindia.com, where the shares of the Compaoy are listett.

the cousolidated fiuancial results. Accordiugly, segment information has been preserted in the consolidated financial results.

anrl -:> * 9+l,ol-

1. The Board of Directors has approved the appointment of Mr. Pratik Bora as the Chief Financial Officer vide resolution dated February 6, 2021 and has appointed Mr. Mahesh Kulkarni as the Company Secretary vide resolution dated March 11, 2021.

2. Details included in Other income (net) are as below:

				$(\xi$ in million)
Particulars	Ouarter ended			Year ended
	June 30, 2021	March 31, 2021	June 30, 2020	March 31, 2021
	(Unaudited)	(Audited)	(Unaudited)	(Audited)
Exchange gain/(loss)	32.02	28.34	20.48	113.53
Fair value gain/(loss) on financial assets (investments) at fair value through profit or loss	14.21	32.64	6.35	49.04

1. The Company was incorporated on November 7, 2003 and in July 2021 the Shareholders of the Company made an offer for sale of 17,184,682 equity shares aggregating to INR 15,466.22 million. The equity shares of the Company got listed on BSE Limited (BSE) and National Stock Exchange of India Limited (NSE) on 19 July 2021 and expenses incurred by the Company in connection with the IPO will be recovered from the selling shareholders. Hence, the Company was not mandatorily required to prepare and publish quarterly results up to the quarter ended March 31, 2021. Accordingly:

• a. The figures for the quarter ended March 31, 2021 are the balancing figures between the audited figures in respect of the financial year ended March 31, 2021 and the audited figures for the nine months ended December 31, 2020. The audit of the special purpose Financial Statements for the nine months period ended December 31, 2020 was conducted for the purpose of the Draft Offer Document.
• b. The figures for the quarter ended June 30, 2020 were not subjected to Limited Review.

1. The equity shares and basic/diluted earnings per share for the comparitive period (quarter ended June 30, 2020 ) has been presented to reflect the adjustments for issue of bonus shares as approved by shareholders on December 24, 2020 and stock split as approved by shareholders on February 25, 2021 in accordance with Ind AS 33 - Earnings ner share

2. In view of pandemic relating to COVID -19, the Company has considered internal and external information assessing the recoverability of receivables, unbilled receivables, intangible assets and other financial assets. However, the actual impact of COVID-19 on the Company's financial statements may differ from that estimated and the Company will continue to closely monitor any material changes to future economic conditions.

On behalf of the Board of Directors For Clean Science and Technology Limited

Ashots Boob

Place: Pune Date: August 9, 2021

Ashok Boob Managing Director DIN: 410740

BSR&Col-LP

Chartered Accountants

i(th Iloor. llrrsin.'ss l'lLrzli. lVestrn Il0tr:l l arnpu:r. -i(r/-l-ll. Kr])rt:gllon I)irrk,\nnsr {Lrndlrrva l{oacl. Olxrr padi, l\rrrt: - I I i{)(}l ln.ha

Telephone: Fax: +9120 6747 7300 +9720 6747 7310

Limited rcvierv report on unauditetl quartorl.v consolid:ltetl Technology Limited under Rcgulation 33 of the SI,;BI Rcquirements) Regulations, 201 5. financitrl results of Clean Science and (Listing Obligations nnd Disclosure

To, Board of Directors of Clean Science ancl Technokrgy Limitecl

• 1, We lrave reviewed the accompanying statement of unaudited consolidated financial results of Clean Science and Technology Limited ("the Parent") and its subsidiaries (the Parent and its subsidiaries collectively referred to as'the Group'), forthe quarterended 30 June2021("the Statement"), being submitted by the Parent pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,20l5 as amended ('Listing Regr"rlations'). Attention is drawn to Note 8 which states the fact that the consolidated figures for the corresponding quarter ended 30 June 2020 as reported in these financial results have been approved by the Company's Board of Directors, but have not been subject to review for the reasons mentioned therein.
• This statement, which is the responsibility of the Parent Company's Management and has been approved by the Parent Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("lnd AS 34"), prescribed under Section 133 of the Companies Act,2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to issue a report on these consolidated financial results based on our review. 2.
• We conducted our review o1'the Staterrent in accordance r.vith 1he Standard on Review Engagements (SRE) 2410 "Review of lnterim Financial Infbrmation Perfbrmecl by the Independent Auditor of the Entity" issued by the lnstitute o1' Chartered AccoLmtants ol' lndia. A review of interim linancial infbrmation consists of making inquiries, primarily of persons responsible fbr flnaucial and accounting matters, and applying analytical zind other review procedures. A review is substantially less in scope than an auclit conducted in accordarrce rvith Standards on Auditing and consequently does not enable us to obtain asslrrance tlrat we rvould becorne a.vare of all significant matters that rright be identified in an audit. Accordingly, rve do not express an auclit opinion. J.

We also performed procedures in accordance with the circirlar issr"red by SEBI ion 33(8) of the Listing RegLrlations, to the extent applicable.

BSH&Cq.iapnrlncrshrpfr(rwithFlegisilationNo.BA0'1223)oorveriedintoBSU&Co. LLl') {a Linlited Liabilrty Pirlocrship wi{h LLP Regi$ratoil flo. AAts-81 B1 ) vrirh oliod i,url Odober 14, 2013

Principal Ollice:

14th Floor, Central B Wing and North C Western Express Hiohwav, Goraoaon (east). k 4, Nesco Center, lndia.

BSR&Co.LLP

Lirnited review report on llnauditetl Quarterly Consolidatecl flinancial Results of Clean Science and Technology Lirnited pursuant to Regulation 33 of the SIBI (Listing Obligations antl Disclosure Requiremcnts) Regulations, 2015 (continued)

• 1. 'l'he Staternent includes the results of the f'ollor,ving errtities:
  • a" Clean Science and'l'echnology Limitecl (I,arent)

Subsidiaries

• b. Clean Science Private Limited
• c. Clean Aromatics Private t-irnited
• c1. Clean Organics Private Limited
• Attention is drawn to the lact that the iigures lbr the 3 months ended 31 March 2021 as reported in these financial results are the balancing figures betrveen audited consolidzrted figures in respect of the financial year ended 3 I March 2021 and the special purpose consolidated figures for the nine months ended 3l December 2020. The audit for the nine months period ended 31 December 2020 was conducted for the purpose of including thern in the Draft Offer Document. 5.
• We did not review the financial information of three subsidiaries included in the statement of unaudited consolidated financial results, whose unaudited financial information reflect total revenue of INR 0.10 million and net profit (including other comprehensive income) of INR 0.06 million for the quarter ended 30 June 2021 andtotal assets of INR 7.76 million as at 30 June2021. This unaudited financial information has been reviewed by other auditors whose repofis has been furnished to us, and our conclusion on the unaudited consolidated financial results, to the extent they have been derived from such unaudited financial information is based solely on the report of such other auditors. Our conclusion is not modified in respect of such matter. 6.
• Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 7.

FoTBSR&CoLLP Chartered Accountants Firm's Registration No. 1 0 1 248W lW -100022

@tn

Swapnil Dakshindas Partner Membership No. 1 13896 UDIN : 21113896AAAA8W28 1 7

Place: Pune Date: 9 August 2021

Clean Science and Technology Limited

Regd Office: 503, Pentagon Tower P-4, Magarpatta City, Hadapsar, Pune, 411 013 MaharashtraWeb Site: www.cleanscience.co.in, Email Id: compliance@cleanscience.co.in, Corporate Identification Number: U24114PN2003PLC018532

STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2021

	₹ in million (except per share data)
Particulars		Quarter Ended		Year Ended
	June 30, 2021	March 31, 2021	June 30, 2020	March 31, 2021
	(Unaudited)	(Audited)	(Unaudited)	(Audited)
Income		(Refer Note 8)	(Refer Note 8)
Revenue from operations	1,463.08	1,338.79	1,128.74
Other Income (net) (Refer note 5)	65.39	57.29	52.74	5,124.28256.43
Total income	1,528.47	1,396.08	1,181.48	5,380.71
Expenses
Cost of materials consumed	547.12	385.01	304.27	1,378.62
Changes in inventories of finished goods and work-in-progress	(125.08)	(99.03)	(4.77)	(142.79)
Employee benefits expense	77.83	111.64	96.62	435.57
Finance costs	0.06	0.02	0.03	0.91
Depreciation and amortisation expense	57.94	43.41	41.51	172.05
Other expenses	249.84	240.24	171.55	863.34
Total expenses	807.71	681.29	609.21	2,707.70
Profit before tax
	720.76	714.79	572.27	2,673.01
Tax expense:
Current tax	177.65	165.19	131.04	617.51
Deferred tax charge / (benefit)	(3.07)	18.43	22.08	71.70
Total Tax Expense	174.58	183.62	153.12	689.21
Profit for the period (A)	546.18	531.17	419.15	1,983.80
Other comprehensive income / (losses)
Items that will not be reclassified subsequently to profit or loss
(i) Remeasurements of defined benefit liability / (asset)	(0.04)	0.19	(0.14)
(ii) Income tax relating to remeasurements of defined benefit liability /(asset)	0.01	(0.05)	0.04	(0.14)0.04
(iii) Equity instruments designated through other comprehensive income	٠	0.26	20.39	28.77
(iv) Income tax related to equity instruments designated through other comprehensive income		(0.23)	(2.95)	(2.34)
Total Other comprehensive income / (losses) (B)	(0.03)	0.17	17.34	26.33
Total comprehensive income for the period $(A + B)$	546.15	531.34	436.49	2,010.13
Profit attributable to:
Owners of the Company	546.18	531.17	419.15	1,983.80
Non-controlling interests
Profit for the period	546.18	531.17	419.15	1,983.80
Other Comprehensive Income attributable to:Owners of the Company
Non-controlling interests	(0.03)	0.17	17.34	26.33
Other comprehensive income for the period	(0.03)	0.17	17.34	26.33
Total comprehensive income attributable to:
Owners of the Company	546.15	531.34	436.49	2,010.13
Non-controlling interests
Total comprehensive income for the period	546.15	531.34	436.49	2,010.13
Paid up equity capital [Face value ₹ 1/- per share] (Refer Note 9)Other equity	106.22	106.22	106.22	106.225,290.45
Earnings per equity share [Face value ₹ 1/- per share]*(Refer Note 9)
Basic	5.14	5.00	3.95	18.68
Diluted	5.14	5.00	3.95	18.68
*EPS are not annualised for the interim periods

ive meetings held on August 09, 202l.These unaudited consolidated finmcial results of the compmy are prepared in accorduce with Indim Accounting Stmdards time.

opinion has been issued by them thereon.

	March 31,2021
	I,338,79
	7 t4.86
Profit for the period	53 t.24
Other comprehensive income(losses)	0.t7
Total comprehensive incomc	53 l.4l

National Stock Exchmge of India Limited, wwrv.nseindia.com, where llre shares of the Company are listed.

1. Details included in Other income (net) re as below:

		March Jl,2021
rmge gain(loss)
value gain(loss) ou financial assets (ilvestments) at fair value tlrrough profit or loss

assets md olher finmcial assets. However, the actual impact of COVID-19 on the Company's finarcial statoments may differ from that estimated md the Compmy to closely monitor any material changes to filture eco[omic conditious.

as the Cornpauy Secretary vide resolution dated March t l, 202 L

The Compmy was incorporated on November 7, 2003 md in July 202 I the Shareholtlers of the Parent Compmy made m offer for sale of 17,184,682 equity shres aggregating ilcured by the Pil€nt Compauy iu connection with the IPO rvill be recovered Iiom the selling shareholders. Hence, the Company was not mandatorily required ud prrblish quarterly results up to the quartor ended Marclt 31,2021 . Accordingly:

audited figures for the nine months ended Deoember 31. 2020, The audit ofthe Special Purpose Finmcial Statements for the nine months period ended December 31, 2020 was colducted for the purpose ofthe Draft Offer Document.

b. The figrues for the quarter ended June 30,2020 wers not subjected to Limited Review.

as approved by shareholders ou December 24,2020 and stock split as approved by shareholders on Febrary 25, 202 I iu accordance witlr Iud AS 33 - Earnings per share.

1. The Compmy is exclusively engaged in the business ofmanuthcturing oforgmic ard inorguic chemicals. These in the context ofthe Ind AS 108 Operating Segment, to constitute one single prinrary segment.

reYetrue	30-Jun-21	3l-Mrr-21	30-Jun-20	3l-Mar-21
hrdia	374.42	335.92	344.4t	1,647.t0
Rest of the Wodd	1,088.66	1,002.87	784.33	3,477.18
	t,463.08	1,338.79	t,128.74	24.28
amount of assets*
India	285.31	251.83	342.28	25 1.83
Rest of the World				490.42
assets rspresetrt trade recervables
Additions to property, plant xnd equipment, right of use asscls rnd intrngiblc assets
India	555.30	248.93	4.33	382.32
Rest of the World
	555.30

On behulf of the Board of For Clean Science and Technology