Cravatex Ltd. — Annual Report 2023

May 26, 2023

• Registered Office : Ground Floor (East Wing), Forbes Building, Charanjit Rai Marg, Fort, Mumbai -400 001 CIN L93010MH1951PLC008546 CRAVAT EX Telephone No. : +91 22 6666 7474 Email : info@cravatex.com Website : www.cravatex.com LIMITED

26•h May, 2023

BSELimited Department of Corporate Services (DCS-Listing) Phiroze Jeejeebhoy Towers Dalal Street Mumbai - 400 001

Company Code : 509472

Dear Sirs,

Sub: Audited Financial Results (Standalone & Consolidated) and Recommendation of Dividend, if any.

• Ref: Disclosure under Regulation 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

We wish to inform you that the Board of Directors of the Company at their Meeting held today, which started at 2.45 p.m. and concluded at 4.50 p.m .. have :

• a) approved the audited financial results (standalone & consolidated), statement of .assets & liabilities (standalone & consolidated) and cash flow statement (standalone & consolidated) for the financial year ended 31" March, 2023 together with Auditors' Report (copy attached).

Further pursuant to Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Statutory Auditors of have issued e ended the Company the Auditors' Report for the financial y ar 31" March, 2023 with unmodified opinion.

• b) recommended a dividend of Rs.0.40 per share (4%) each on Non­ convertible Cumulative Redeemable Preference Shares (Unlisted) ofRs.10/­ each for the financial year ended 31" March, 2023, for approval of the members at the forthcoming Annual General Meeting.

• c) recommended a dividend of Rs.1.50 per share (15%) on Equity Shares (Listed) of Rs.10/- each for the financial year ended 31" March, 2023, for approval of the members at the forthcoming Annual General Meeting.

Thanking You, For Cravatex Limited,

_. g�� Sudhanshu Namdeo Company Secretary and Compliance Officer Membership No.A17132

Encl: a.a.

Vie hlte: Tel: +91 22 2618 4 / 33 / 45 / 4646 105/106 Snyamkamal, [).8u1l< ng. Aga,wal Market, VIie Parle (East), Mumbai 400 057.

==> picture [256 x 61] intentionally omitted <==

INDEPENDENT AUDITOR'S REPORT on annual standalone fi cial results of Cravatex Limited pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

TO THE BOARD OF DIRECTORS OF CRAVATEX LIMITED

Report on the audit of the Standalone Financial Results

Opinion

We have audited the accompanying standalone quarterly financial results of Cravatex Ltd. for the quarter ended March 31, 2023 and the year-to-date results for the period from April 1, 2022 to March 31, 2023, attached herewith, being submitted by the company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us these standalone financial results:

• I. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and

• II. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards and other accounting principles generally accepted in India of the net profit and other comprehensive income and other financial information for the quarter ended March 31, 2023 as well as the year-to-date results for the period from Aprill, 2022 to March 31, 2023.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specf ed under section 143(10) of the Companies Act, 2013 (the Act). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Standalone Financial Results section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of e e e e c u emen t are relevant our audit of e f a al India tog th r with th thi al req ir ts tha to th in nci results under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Management's Responsibilities for the Standalone Financial Results

These quarterly financial results as well as the year-to-date standalone financial results have been prepared on the basis of the interim financial statements. The Company's Board

==> picture [72 x 73] intentionally omitted <==

Page 1 of 3

QP.§o�tes Chllrtered A ountanb

of Directors are responsible for the preparation of these financial results that give a true and fair view of the net profit/loss and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other i egularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, were implementation and maintenance of adequate internal financial controls that operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial results that give a true and fair view and are free from material mi tatement, whether due to fraud or error.

In preparing the standalone financial results, the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or . has no realistic alternative but to do so

The Board of Directors are also responsible for overseeing the Company's financial . reporting process

Auditor's Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the standalone fi cial a mi or results as whole are free from material tatement, whether due to fraud error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarant that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material mi tatement of the standalone financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material mi tatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

==> picture [73 x 74] intentionally omitted <==

Page 2 of 3

==> picture [93 x 34] intentionally omitted <==

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of .

• accounting estimates and related disclosures made by the Board of Directors

• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the rel or, if such ated disclosures in the financial results disclosures are inadequate, to

• modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the .

• Company to cease to continue as a going concern

• Evaluate the overall presentation, structure and content of the standalone financial ,

• results including the disclosures, and whether the financial results represent the p .

• un�erlying transactions and events in a manner that achieves fair resentation

• We communicate with those charged with governance regarding, among other matters, of the planned scope and t g the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied e communicate with relevant thical requirements regarding independence, and to with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Place: Mumbai Date: 26th May, 2023

==> picture [244 x 138] intentionally omitted <==

----- Start of picture text -----

For GPS & Associates
Chartered Accountants
Firm's Registration No: 121
,,;,..sso0
·j - �
{ t Mt:MBAI ':
'ii. a�
-��Ac<:� � Partner
-- Membership No: 032485
UDIN: 1..�o 3'.l...4'6513<h.5'/.}(S'°o3,
----- End of picture text -----

Page 3 of 3

Registered Office : Ground Floor (East Wing}, Forbes Building. Charanjit Rai Marg. Fort, Mumbai - 400 001 CIN l93010MH1951PLC008546 Telephone No. : +9122 6666 7474 Email : info@cravatex.com Website : www.cravatex.com

•,t'

LIMITED

- CRAVAT EX

					{Rull}	{Rull}
()	s-to•ulStnl F l Rul frt	Qrr• Yeo Ene Mar31, 3.
			Stnl
SN	Pr	(Aui)	QurrEne (Unui)	(ui)	Ye Ene (ui) (Aui)
		31.0.2023	31.U.022	31.3.202	31.0.203	31.03.2
I II Ill	Rue fm Orns Oher Inme TAL INCE (I +II)	. 1184 11	27.72 10.78 1.	- 10.13 105.13	3.16 98.5 1, 674	24.35 876.25 1,10.6
r	EPENE PrhsoStok-InTre Can In InvntorisoSto-In-Trde EmplBnExpns	- - 37.1	26.4 - 37.2	- - 33.38	337.4 - 146.6	232.61 15 122.37
	FinancCs Drn and Aorlst Epns Ohe Ens TAL EPENE (I	67.55 3.61 31.5 16	15.8 1.8 4.35 14167	18.11 17.31 3.8 102.6	160 8.8 141.9 8289	72.12 6.72 1122 610.49
v	P(')b. Ims •n Tu(IHI	(4.3)	(816)	2.9	493.	510.11
VI V	Epnl tems{N3) P(')bTuE(•V)	- (439)	(3,271.91) (3,8.07	- 2.9	(3,271.91) (2,7.)	- 510.11
VI	Ta Epns: CurtTa DrTa	3.92 (41.55)	5.74 (49.9)	- 2.74	32.38 (76.59)	7.01 (7.73)
I x XI	ShorI(Ec) prn ofte�l pr TolTuE P(')ftpr(l·V) Oher Cmprns Inmftyr Tol CpniIftyr(IX+X	(19.74) (57.37 89 1.0 9.9	- (4.24) (3,35.8) - (3,5.)	- Z74 (O.S) (0.77) (L02)	(19.74) (6395) (2,71.11) 1.0 (2,7111)	- 71.2 43. (0.7) 40
XII	EmlnPEuiS(Fa Vou R1u)
	Bs Dlue	0.35 0.3	(12.22) (12.22)	(01) (01)	(10.0) (1.0)	16.9 16.9

Notes:

• 1 The above financial results have been reviewed by the Audtt Committee and approved by the Board of Directors In their meeting held on May 26, 2023. The s ry audttors of the Company have earned out audit of the above results pursuant to Re9ulatlon 33 of the 5ecur s and Exchanae Board of lndla (Ustlna Obligations and Disclosure Requirements) Regulations, 2015, as amended and have Issued an unmodified audit opinion.

• 2 This s ent bas been prepared In accordance wtth the Companies (lndlan Accountina Standards) Rules 2015 (Ind AS) prescribed under

• 5ecllon 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable.

• 3 on 30.11.2022 company had sold Its 100% stake In Cravatex Brands Umtted, a wholly-owned subs ry. The Impact of such sale Is reflected as an exceptional Item In the profit & loss account.

• 4 The results for the quarter ended 31 March 2023 and 31 March 2022 being the balancing figure between the audited figures In respect of the full financial year ended 31 March 2023 and 31 March 2022 and the published unaudited year to date figures up to the third quarter o1 the current financial year and previous financial year respec ety. which were subject to limited review by sa utory audttors, as required under the Ustins Regulations.

• 5 The Board of Directors have recommended a dividend of 4" (at the rate of Rs.0.40 per share of Rs.10/- each) on 75,75,000 Non-Convertible Cumulattve R mable Preference Shares allotted on 12/04/2016 for the financial year ended 31st March, 2023, subject to approval of the shareholders at the Annual General Meeting.

• 6 The Board of Directors have reco ended a final dividend of 15" ( at the rate of Rs.1.50/- per equtty share OF Rs.10/- each) for the financial year ended 31st March, 2023, subject to the approval of the members In the A ual General Meeting.

• 7 The company operates only In one primary business segment.

• 8 Figures of the previous periods have been reclassed wherever necessarv tn rnnform to the current period classifications.

�EX� a: MU BAI � 0 () ��� � * 'J

.

- Registered Office : Ground Floor (East Wing), Forbes Building. Charanjit Ral Marg. Fort, Mu mbai - 400 001 CR AVATEX CIN l93010MH1951PLC008546

Telephone No. : +91 22 66 7474 Email : info@cravatex.com

Website : www.crav

atex.com

LIMITED

LIMITED
						Ru�slnL
(A)Par-II: SttmnoStnlone audid Aet&Uablef		te Year Ende		on March	31,023.
	PARCL	Aat31.03.2023 (Audied)			A at 31.03.20 (Audie)
Am
l)NornA
a)Propr,Plant and Equipment				5.94		33.10
b)lnvestmentPrper				496.72		67.95
c)Rigtof use aset				20.0		87.14
d)Oher Intangible A t				27.18		4.99
e)Flnancial At
(i) Investment				41.85		4,312.83
(ii) Lans				24.96		130.89
fDefere ta ass(Ne)				38.79		-
g)Oher non-urrentase				13.50		13.50
				1,07.0		5,3.4
2)urn As
a)lnventories				-		-
b)AnanclalAet				-		-
(I) Invemnt				42.32		-
(ii) Trade'reeiable				11.63		0.54
(i)Csh and csh euivalent				339.4		8.81
(iv) Bnk balance other than (iii) abve				3.37		3.79
(v)Oher				21.85		7.17
c)CurrentTax ase(Ne)				6.D		41.72
d)Oher curent ast				1.76		12.80
				9A1		15.83
TOA				1,92.41		5,85.23
EQUI AND LLE
EQUI
a)Equit Share capital				258.42		25.42
b) other Equit				1,167.97		3,958.6
				1,26.39		4,17.02
LAILE
(1) Nourn Uab
a)FinancialLabilities
!)Brrowing				-		42.24
ii)Oher				153.52		10.27
b)Dferred taxliabiliie(Net)				-		37.81
c)Oer Non.urrentLabitie				2.36		285.9
d)Prvisions				9.51		8.57
				165.39		83.83
(2) CurnUb e
a)FinancialLabiliies
I)Trade payables				10.62		11.20
II) Oher				363.96		291.4
b)Oher CurrentLabilities				15.40		30.17
c)Prvislons				0.65		0.61
TOA	� �,	y ,�l " ., .•' -		39.63 1,92.41		333.3 S,385.23
	o\Ve

• Registered Office: Ground Floor (East Wing), Forbes Building. Charanjit Rai Marg. Fort, Mumbai - 400 001 - CRAVAT EX CIN L93010MH1951PLC008546 Telephone No. : +91 22 6 6 7474 Email : info@cravatex.com Website: www.cravatex.com LIMITED

		lII	lII
(APorHII: SttmoCFl f thPEne onM31, 22
Fothyren Mar hr 31, 2		Fothyr ene 312	Mar,
	(Ai)	(Atol
ACffo .ol Neprbort	12,n8.0l		510.11
Mlum F Dpton	8.		69.72
Iner Incm RenIn Gain oInt Interon Bng Lon deb measrafirvlu Gain osloA Aul Renpi	(52.191 (331.23) (3.52) 15 13.9 (8.91) (1693)		(3.10) (33.5) (4.2) - 72.12 - -
Lo SloSubdir Ddend Incme	3,271.91 (4.21)		- (4.45)
O .p --.apc-	(Uo.6)		(12341
Alumf (lna)/sIn Trd Reibes (lncs)/ sIn Into (lns),sIn Lns&Ancs (lns)/sInOA lns(Os)In Tr Pabl lns(Os) In Oer Uabltl	(11.0) - (10.17) (3.6) (0.5) (14.7)		14.74 1.2 (10.39) 6.32 1.7 (37.03)
lnas(OslIn Prss· C.nrtforn Drtx Rund(pl) Nafop, ol	1.97 (55.95) (3.9) (5.9)		2.93 (26266) (6.17) (3 .3)
BCff- .oltl Prs frm 5le o Inment Pr	2.		-
Prs fr SloSubdir cmpny	9.0		-
SleoFixas(Neopas)	0.78		(1.69)
PurasoIns (NeoSl) Gain o Invmen	(42.32) 352		(2n.47) 4.2
Ohr Bnk Bln Dide Inme	OA3 4.21		11 4AS
Ren Incm	331.2		33.5
Inte ri	52.19		3.10
NafI(u lnl-1,oll	16.12		526.5
cCff1 ,oltl
RpnonRepion o Pr rnc Srs	(757.5)		-
RepenooBng Intr Pak	62.58 (15)		(8.07) -
DidePai	1n.s21		(n.52)
NafI(u11 fn ol	cm.s9)		(166591
D Nea-dltyr(A	259		37.1
cs an cs euilnt(opning bln) Canaeulalt(d,bln) (R-10)	8.1 39A		51.69 8.1
t
1Te ab csfo sement has bn prpr under'IndirMe' assoInInthe IndinAuntln1sndard-?
on Stment ocFlo FOaex Uml (EX(� �s� k� IaMUMBI � o C * RjBtr P:Mumb Crn•nMann Dir D:M222 DIN:0276

we Pacte: Tel; +9122 2618 / 33 / 45 / 4646 105/106 Shyamkamal, DBu1ld1ng, Aga,wal MIIOO!t, VIie Par1e (East), Mumbai 400 057.

==> picture [255 x 59] intentionally omitted <==

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

TO THE BOARD OF DIRECTORS OF CRA V ATEX LIMITED

Report on the audit of the Consolidated Financial Results

Opinion

We have audited the accompanying Statement of Consolidated Financial Results of Cravatex Ltd and its subsidiaries (holding company and its subsidiaries together referred to as "the Group"), its associates and jointly controlled entities for the quarter ended March 2023 and for the period from April 1[5][1, ] 2022 to March 31[51, ] 2023 ("the Statement"), being submitted by theholding company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regu�ations, 2015, as amended ("Listing Regulations").

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 the other auditors on separate financial statements/ financial information of subsidiaries, associates and jointly controlled entities, the statement:

• a. includes the results of the following entities:

• i. Cravatex Brands Limited - Wholly Owned Subsidiary upto 30.11.2022 ii. BB (UK) Limited - Wholly Owned Subsidiary

• iii. BB Europe GmbH - Wholly Owned Step-Down Subsidiary

• b. is presented in accordance with the requirements of Regulation 33 of the SEBI a o nd D osure uirem e la , 2015, as amended;

• (Listing Oblig ti ns a iscl Req ents) R gu tions and

• c. give a true and fair view in conformity with the applicable accounting standards, and other accounting principles generally accepted in India, of net profit/loss and other comprehensive income and other financial information of the Group for the year ended March 31[51, ] 2023.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013 (the Act). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Results section of our report. We are independent of the Group, its associates and jointly controlled entities in accordance with the Code of Ethics issued by <he Institute of Chartered Attouo1'n�la together with th,,,.�" ,

==> picture [93 x 34] intentionally omitted <==

requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of . Ethics We believe that the audit evidenceobtained by us and other auditors in terms of their reports referred to in "Other Matter" paragraph below, is su cient and appropriate to provide a basis for our opinion.

for Management's Responsibilities the Consolidated Financial Results

The Holding Company's Board of Directors are responsible for the preparation and presentation of these consolidated financial results that give a true and fair view of the net profit/ loss and other comprehensive income and other fi cial information of the Group including its associates and jointly controlled entities in accordance with the Indian recognition and measurement principles laid down in Accounting Standard prescribed under Section 133 of the Act read with relevant rules issued thereunderand other accounting principles generally accepted in India and in compliance with 33 R . Regulation of the Listing egulations The respective Board of Directors of the r companies included in the G oup and of its associates and jointly controlled entities are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and its associates and s jointly controlled entities and for preventing and detecting fraud and other irregularities; selection and application of appropriate accounting policies; making are judgments and estimates that reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated financial results that give a trueand fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial results by the Directors of the Holding Company, as aforesaid.

financial s In preparing the consolidated results, the respective Board of Director of the companies included in the Group and of its associates and jointly controlled entities are responsible for assessing the ability of the Group and of its associates and jointly controlled entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group and of its associates and jointly controlled entities are responsible for overseeing the financial reporting process ofthe Group and of its associates and jointly controlled entities.

Auditor's Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the consolidated financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarant that an audit conducted in accordance SAs wi . with ll always detect a material misstatement when it exists Misstatements can

==> picture [73 x 66] intentionally omitted <==

Page 2 of4

==> picture [93 x 33] intentionally omitted <==

arise from fraud or error andare considered material if, individually or in the aggregate, they could reasonably be expectedto influence the economic decisions of users taken on the basis of these consolidated financialresults.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material mi tatement of the consolidated financial dures

• results, whether due to fraud or error, design and perform audit proce responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose .

• of expressing an opinion on the effectiveness of the company's internal control

• Evaluate the appropriateness of accounting policies used and the reasonableness of .

• accountingestimates and related disclosures made by the Board of Directors

• Conclude on the appropriateness of the Board of Directors' use of the going concern s

• basi of accounting and, based on the audit evidence obtained, whether a material on

• uncertainty exists related to events or conditions that may cast significant doubt the ability of the Group and its associates and jointly controlled entities to continue as a going concern. If we conclude thata material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the dateof our auditor's report. However, future events or conditions may cause the Group and as a

• its associates and jointly controlled entities to cease to continue going concern.

• Evaluate the overall presentation, structure and content of the consolidated financial results, including the disclosures, and whether the consolidated financial results represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the fi cial results/financialinformation of the entities within the Group and its associates and jointly controlled entities toexpress an opinion on the consolidated Financial Results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the consolidated financial results of which we are e the independent auditors. For the other ntities included in the

• consolidated Financial Results, which have b n audited by other auditors, such other auditors remain responsible for the direction, supervision and performanceof the audits carried out by them. We remain solely responsible for our audit opinion.

Materiality is the magnitude of misstatements in the consolidated financial results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the consolidated financial results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the consolidated financial results.

==> picture [73 x 73] intentionally omitted <==

Page 3 of4

==> picture [93 x 34] intentionally omitted <==

We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated financial results of which we are the independent auditorsregarding, among other matters, the planned scope and timing of the audit and significant auditfindings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matters

The consolidated Financial Results include the audited Financial Results of three subsidiaries (CBL upto 30.11.2022),whose Financial Statements reflect Group's share of total assets of Rs. 11,763.16 lacs as at March31•[1, ] 2023, Group's share of total revenue of Rs. 50,771.34 lacs and Group's share of total net profit after tax of Rs.9,102.70 lacs for the year ended March 31•[1 ] ,2023, as considered in the consolidatedFinancial Results, which have b n audited by their respective independent auditors. The independent auditors' reports on interim financial statements/Financial Results/Financial information of these entities have b n furnished to us and our opinion on the consolidated Financial Results, far . in so as it relates to the amounts and disclosures included in respect of these entities, is based solely on the report of such auditors and the procedures performed by us are as stated in paragraph above.

Attention is drawn to Note 3 to the Statement which includes the results for the Quarter ended31 March, 2023 and 31 March, 2022 being the balancing figure between audited figures in respect of the full financial year and the unaudited year to date figures up to the third quarter of the respective financial year which were not subject to limited review by us but are approved by the board of directors of the parent company.

Our opinion on the consolidated Financial Results is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors and the Financial Results/ financial information certified by the Board of Directors.

Place: Mumbai Date: 26th May, 2023

For GPS & Associates Chartered Accountants . Gurjar Partner Membership No: 032485 UDIN: 2.303'l.L\@.5BCnS'lt.Wl.f 07 7

Page 4 of4

Registered Office : Ground Floor (East Wing), Forbes Building. Charanjit Rai Marg. Fort, Mumbai -400 001 CIN l93010MH1951PLC008546

- CR AVATEX LIMITED

Telephone No. : +91 22 6 6 7474

Email : info@cravatex.com

Website : www.cravatex.com

(RupnsfnLacsJ

(Bl Part-I: Statement of Au- ConsoHdated Flnandal Results for the Quarter & Year Ended on March 31, 2023

BlPa	r-I:SttoA- CnsHdt FnandlRe	lfr te Q	uar&Yer E	nde on Mar 3	1,22
S. No.	Par r		(ud 3L02	Qar Ende (Unaudi) 3L1.2	(Adi) 3L032	Yer ede (Audi) (Adi) 20-2 201·2
	Inm
I	Renu fom Ortons		8,374.20	8,7.58	1,461.4	5,365.93	59,433.37
II	Or Incme		613.0	231.85	314.45	1,246.83		93.19
Ill	TOA INCME (I+i)		B,97.2	8,913	1,nS.93	516176	6,2656
IV	EPNE
	PurhsoStk-nTrde		5,28.3	6,676.49	13,23.49	3,410.74	42,0.49
	Cane In InvntriesoStk-In-Trde		52.97	(93.11)	(3,226.21)	1,74.0		(933.89)
	Emploe BneftExns		1,0.29	1,5.24	1,751.7	6,011.n		6,471.59
	Finn Ct		13.56	35.75	4.3	1,336.01		1,37.n
	Dpriaton an Aston Expns		4.43	29.59	39.63	1,614.3		1,63.91
	OhrEpenss		1,824.0	2,19.97	3,316.98	11,169.5	11,673.0
	TA EPNSE (I		8,87.59	1109	1,7,8	56,4	62,,95
v	P(L)bElIandTa (IIIHI		1067	(2,02,5)	(95.9)	(4,77,6)	(1839)
VI	EeponalItms(ReNote1		46.14	10,524.82	.	10,570.9		.
VII	P(L)brTax Es(•V)		1.1	8,23	(9.9)	5,3	(1,3)
VIII	TaxEnss:
	Cur�tTax		4.42	(26.22)	5.47	24.42		39.03
	DfrTax		(41.55)	(49.9)	2.74	(76.59)		(.73)
	Shr/(Exes)prsiooftearirpr		(227.n)	.	(23.71)	(227.n)		(246.9)
	T-1Ta Es		(2.9)	(76.2)	11n.5)	(59.9)		13
IX	P(L)ftep(I•VII)		37	8,5352	81.54	5,326	(19.75)
x	OhrCmprehniIncomefrteyear		26.27	(11.33)	816	7.13		(2.10)
XI	ToCpr sIncmefteyr(IX+X)		4,	8,57,19	8.7	5,9.3		(207.8)
	Nepatbublt:
	OrotHoldingCmpany		33.71	8,5341	81.5	5,3.26		(1,9.6)
	No-otlnIntrest		.	0.11	(0.0)	.		(0.10)
			371	8552	81,5	5,.26		(19.75)
	OeCmpeslncme(l)abubet:
	OneroftHoldingCmpan		26.27	(11.33)	816	7.13		(29.10)
	No-otlng Intrst		.	.	.	.		(0.0)
			2627	(1L3)	81	7.1		(2.1)
	T-1Cmsln(ls)a lt:
	Onr oftHoldingCopan		4.98	8,527.0	89.70	5,9.39		(2,017.75)
	No-tlng Intrest		.	0.11	(0.0)	.		(0.10)
			4.	8,527,19	8.7	5,9,3		(207.8)
XII	EringPEqui Sar(Fac ValueR1e)
	Bs		1,8	34	31	20		(769)
	Du	.-	18	34	316	2.0		(769)
		't� s � tM B : U Ir "'*�!

• Registered Office: Ground Floor (East Wing), Forbes Building, Charanjit Rai Marg, Fort, M umbai -400 001 ca AVATEX CIN L93010MH1951PLC008546 Telephone No. : +91 22 6666 7474 Email : info@cravatex.com Website : www.c ravatex.com LIMITED

(Rup«s In Lats)

(B) Pa-II: SttemntoCsidte AdiedA&	Uabltlesfte Year EndeoMarch 31, 2023	Uabltlesfte Year EndeoMarch 31, 2023	Uabltlesfte Year EndeoMarch 31, 2023	Uabltlesfte Year EndeoMarch 31, 2023
Parclar		Aa31.03.2023 (Audted)		Aa31.032022 (Audite)
(A)m
(l)Nort as
(a)Prp, Plant and Equipment			75.72	1,213.78
(b)lnvstent Propr			496.72	67.95
(c)Rlgh to leas ass			20.0	2,20.26
(d)Ohe IntngbleA			27.18	2,131.25
(e)FlnanclalAs
(I)Lans			24.96	130.89
(II)Oher			.	657.5
(fD re tx ass(n)			1.01	.
(gOhe Non-CurntA			13.50	5.98
Tol No-crentA			1,0.1	6,96.61
(2)CrA
(a) Inntorie			2,90.18	9,43.31
(bl FinanialA
(!)Invsmnt			462.32	459.70
(II)Trd reeivable			2,621.47	13,320.56
(I) Cs an csheuivlent			5,628.90	3,792.41
(Iv)'BankBalansortnCsh andCsh
Equivale			3.37	4.76
(v)Oher FinanialA			21.85	727.48
(c)Lans anadvances			165.03	26.53
(diCrnt TaxAs(Ne)			6.08	41.72
(e) Oher cureas			726.52	1,42110
TolcretA			12,597.72	29,2.57
TOALAm			13,6.8	3,459.1
(B)EQUI ADUBIUE
(l)EQUI
(a) Equit Shar cptl			25.42	25.42
(b) Oher Equi			8977.9	(5235.05)
Equi abbetsrhodeoteCpan			9236.36	(4976.63)
Non-ontolngInteet			.	7524.10
Tol Eqi			9,26.3	2,57A7
(2)UIUE
(I)NretUabllte
(a)FinanialUablltle
(I)Browing			.	10,626.03
(II)Oher			153.53	1,762.18
(b) Provsions			9.51	220.14
(c)Dertxliabities(Net)			.	74.73
(d)OrNon-urentUablltles			2.36	67.05
ToNoCuret Uablltle			165.39	13,362.13
(II)cret Uabllle
(a)FinnialUablltes
(I)Brwng			.	6,07.41
(I)Tradepyabes			2,125.78	4,014.29
(II)Ohe			1,962.17	3,078.43
(b)Oher CurentUablltes			13.11	6,761.50
(c) Prosions			163.05	67.95
To crent Uabllles	§	ev;!	4,26.11	20,59.5
TOAEQUI AD UIUES	1.,	I �.	1,65.8	36,459,18
	' '	•
	",\ I" ( +;;

v ,

Registered Office : Ground Floor (East Wing}, Forbes Building. Charanjit Rai Marg. Fort, Mumbai -400 001 CIN L93010MH1951PLC008546 Telephone No. : +9122 6666 7474 Email : info@cravatex.com Website : www.cravatex.com

'CRAVAT EX

LIMITED

					Rups In Lac
(Bl Par-Ill: Cnside AudieCsh Flo Stemen fr theYear Ende on			Marh 31, 202
			Fo the year ended		Fo the yar ened
	Parcular		Mar 31,	202	Marh 31, 2022
			(Audied)		(Audie)
A	Cfo fm orin aie
	Neprt beore tax- Adjumnf	...-		5,833.32	(1,84.39}
	Depriation			1,614.30	1,636.91
	Intere inome			(72.21)	(98.46)
	Ren Inome			(349.53}	(350.53}
	Gainon Intmen			(6.18}	(17.71)
	Finnce Cst			1,336.01	1,37.77
	Unralisd echange gain (ne)			.	0.82
	(Prf}ILss on sle ofFixe A e			(8.91)	3.94
	Lss on debt Instrmen measure at FPL			(28.5}	(45.75}
	Bd Deb&Prisionforbd deb			922.82	65.29
	Mlos(prf}on dervtivcontrc			.	(0.75}
	Curent Yergin/oson trnslationof curenies			(161.25}	(51.49}
	Opinpbrwin cpialcne			8,751.8	86.65
	Ajusef
	(lnease}/DerseinTrdeReeivbles			9,776.26	319.26
	(lncres}/Derse in Inventore			6,530.13	(933.93)
	(lnreas)/reasinLns&Adances			(18.58}	50.26
	(lncrse}/Derease InOherA			2,09.19	(89.74)
	lnras/(Dreas)inTrde Payable			(1,8.51)	1,716.37
	lncrease/(Derese}InOherLiabitie		(10,15.0}		(2,18.22}
	lncres(Deras}in prvisions			(6.39}	(39.71)
	Cgenerefoprn			14,451.93	(62.0)
	Dire txePald/(Reund r iv)			(98.0}	(123.76)
	Necfopringacie			14,3.8	(755.2)
B	CfofmIninaciiie
	(Purhase}/Sle ofPrpr, plantand equipmen			3,815.17	(171.36}
	Sle(Purhase}of Invesment			(2.62}	1,019.6
	Gainon sle of Invesment			6.18	17.71
	Movment InOherBnkBalance			1.39	77.86
	Ren Income			39.53	350.53
	Interetreeived			72.21	98.46
	NecfI(uIn)Iningaciie			4,1.85	1,92.8
c	Csfofm fnndnacie
	Dividend Paid			(77.52)	(77.52}
	Cshpyment for priniplprionof lease liabilt			(56.50}	(66.0)
	Pres frm/(Repyment) oflong-term Borrowings			(8,697.76}	2,66.0
	Preds frm/(Repyment}ofShor-termBrrowing			(6,07.41)	(962.0}
	IntertPaid			(1,336.01}	(1,347.77)
	Ne cshfm/(us In)fnancingaciviie			(16,759.20)	(369.3)
D	Necfodurnth year (A+B)			1,36.49	267.72
	Cshandcsheuivalents (opningblance) Cshand cshequivalents (closingblance)	,- ,�,	�i� I''.	3,792.41 5,628.90	3,524.70 3,792.42
		a1 o	�,' C
			*

-,

tRAVATEX

Registered Office: Ground Floor (East Wing), Forbes Building, Charanjit Rai Marg, Fort, Mumbal-400 001 CIN L93010MH1951PLC008546 Telephone No. : +91 22 6666 7474 Email : info@cravatex.com Website : www.cravatex.com

LIMITED

					. .
IB) Par-:CnltASnln-ft QraYe an on Mar 3122
		QurrEnon		Yuren
Pa1	31.020U	3L1L2	31032	31.0.2	31.03.22
	!Aui)	!Unui)	!Aie)	!Aie)	!Aui)
5Rnu!Sla Oopml In)
•SOl	8374.20	un.92	15,03.9	49,353.35	57,2.17
-WLE	10.0)	4.0	426.53	872.32	1,92.9
•Unllt	0.0	27.6	-	14.26	24.24
TO Rnu	8,742	1,70.5	15,1.8	5,5.93	59,7
5R
·SPR	8.	11.67.5)	1101.76	12,112.9)	34.10
-WLE	55807	114.0)	212.6	22.8	16.0)
•Unle TOlSnRl L:Fl eC	1253.9) 1,18.0 13.5	13.8) l165A) 35.75	132.22 1,6 4.3	167.65) 1276.6) 1,33.01	119.0) 1.01 1,37.n
AlL): Orunllbl In nounllbl	192.6)	10,49.47	11,142.32)	9,93.02	1652.63)
-nlur&EpllIem
Tol PBrT1x	1581	832	195.9)	5,3	11.53)
SA
·SPR	11,763.16	12.35116	33,26.93	11,763.16	33,26.91
·WLE	-	-	1,175.6	.	1,175.6
•Unle	1,92.71	2,255.51	2,014.63	1,92.71	2,014.63
TOlSA	13,6.	16.	3,9.	1,6.8	3,9.18
-nL
-SPRl .	3,911.26	S,07.29	17,229.22	3,911.26	17,229.22
·WELE	-	-	1,113.81	-	1113.81
•Un	518.2	8.92	15,56.7	518.25	15,567
T-Sl-	4,.51	5,	33,1L73	4.51	33,11.73

fmllli

t.The above ftnanclal results have been revtewed by the Audit Co ittee and approved by the Board of Directors In their meeting held on May 26, 2023. The Stotutory Auditors of Ctavatex Umlted l'the Company') and Its subsidiaries !namely •cravatox Brands Umlted' & BB IUK) Ud) and Its step down subs ry !namely 'BB Europe GmbH') lthe Holdlns Company and Its subsidiary _..., referred to as 1he Group') have canled out audit of the above results pursuant to Regulation 33 of the 5ecurtUes and Exchange Board of India (Lstng Obllptkms and Disclosure Requirements) Regulations, 2015, as amended and hive Issued an unmodified audit opinion.

1. Thb statement has been prepared In accordance with the Companies (Indian Accounting Standards) Rules 2015 llnd AS) prescribed under Section 133 of the Companies Act, 2013 and other recognised accountln1 practkes and policles to the extent applicable.

3.The results for the quarter ended 31 March 2023 and 31 March 2022 bel"B the balancing fl1ure between the audited flsures In respect of the full financial year ended 31 March 2023 and 31 March 2022 and the pubMshed unaudited year to date fll'lfes up to the third quarter of the current flnanclal year and financial year respectfvety, which were subject to limited review by statutory auditors. as required under the Ust1n1 Re1ulatlons. previous 4.0n 30.tt.2022 company had sold Its 1� stake In Cravatex Brands Umlted, a wholly-owned subsldlary. The Impact of such sale IS reflected as an exceptional Item In the & loss account. At the tlme of declaring results by the company for quarter and nine months ended on December 31, 2022, profit the effect of sale was considered based on accounts prepared by the management of the CSL Subsequantty an audit was conducted of CBL for the period Aprfl 01, 2022 to November 30, 2022 and the difference between the Profit & Loss for the period has been considered durlns the current quarter.However due to derecognltion of all assets & llabllltles as on November 30, 2022 on account of sale of CSL per se there Is no Impact on the total comprehensive Income for the period as reflected In the profit & loss account.

1. The financial results of the Year ended on 31.03.2023 Includes the financial results of Cravatex Brands Umlted only upto period 30.11.2022 ldate o sale) and hence are not comparable with the previous period.

6.The Board of Dlrecto11 have recommended a dividend of 41' latthe rate of Rs.0.40 per share of Rs.10/· each) on 75,75,000 No rtible Cumulative Redeemable Preference Shares allotted on 12 16 for the flnanclal year ended 31st March, 2023, subject to approval of the shareholders at the Annual General Meetll'II,

7.The Board of Directors hive recommended a final dtvldend of 15" ( at the rate of Rs.I.SO/- per equity share OF Rs.10/- each) for the financial year ended 31st March, 2023, subject to the approval of the members In the Annual General Meetlfll.

1. 5egment Revenue, Results, Assets and Liabilttles represent amounts ldenttftable to each of the se1ments. •ether unallocable Income net of unallocable expenditure• malnty Includes Interest Income, income from current Investments (net), expenses on common services not dlrec ldenttftable to Individual sesments & exceptional Items.

2. Previous year I periods fisures have been re-a:rouped I re-classlfted wh r n ry.

FBy_, or Cravate• of the Board Umltecl @-"' L__ � § h� ��"')"'� ,·� Rajesh ..... Ch n Ind M1napll Diecto � "- � � DIN : 00020764

Place:Mumbol Dated: May 26, 20U