Dynamatic Technologies Ltd. — Interim / Quarterly Report 2022

Oct 29, 2021

DYNAMATIC TECHNOLOGIES LIMITED

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29[th ] October 2021

1. The Secretary Bombay Stock Exchange Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai - 400 001. Fax No. 022 - 2272 3121 / 3719 / 2037 I 2039 / 2041 / 2061

2. The Secretary National Stock Exchange of India Limited "Exchange Plaza" Bandra-Kurla Complex Bandra East Mumbai · 400 051 Fax No.022 • 26598237 / 38 / 26598346

Dear Sir / Madam,

Sub: Board Meeting outcome.

Ref: Scrip Code: 505242 / DYNAMATECH

Further to our letter dated 22[nd ] October 2021, we write to inform you that the Board considered and approved the Un-Audited Standalone and Consolidated Financial Results for the quarter and half year ended 30[th ] September 2021, along with the limited review report by Statutory Auditors of the Company. Copy of the Un-Audited Financial Results have been enclosed incompliance with the provisions of Regulation 30 of SEBI (LODR) Regulations, 2015.

The meeting of Board of Directors held today commenced at 2:00 pm and concluded at 5.30 pm

The aforesaid information is also available on the website of the company at l�-·c!..=...r,a (<

We kindly request you to take this letter along with the enclosures on record.

Thank you.

Yours Sincerely, for DYNAMATIC TECHN�GIES LIMITED vt.[fY'] _' �J\Shivara

Head Legal, Compliance and Company Secretary

Dynamatic Park Peenya Bangalore 560 058 India Tel +91 80 2839 4933 / 34 / 35 Fax +91 80 2839 5823 www.dynamatics.com

Chartered Accountants Prestige Trade Tower, Level 19 46, Palace Road, High Grounds Bengaluru – 560 001 Karnataka, India

Tel: +91 80 6188 6000 Fax: +91 80 6188 6011

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INDEPENDENT AUDITOR’S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF DYNAMATIC TECHNOLOGIES LIMITED

1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of DYNAMATIC TECHNOLOGIES LIMITED (“the Parent”) and its subsidiaries (the Parent and its subsidiaries together referred to as “the Group”), for the quarter and six months ended September 30, 2021 (“the Statement”) being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

2. This Statement, which is the responsibility of the Parent’s Management and approved by the Parent’s Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.

3. 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 (ICAI). A review of interim financial information consists of making inquiries, primarily of Parent’s personnel 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 specified under Section 143(10) of the Companies Act, 2013 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 the SEBI under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

1. The Statement includes the results of the following entities:

2. JKM Research Farm Limited, India

3. JKM Global Pte. Limited, Singapore

4. Dynamatic Limited UK

5. Dynamatic LLC, US

6. Yew Tree Investments Limited UK

7. JKM Erla Automotive Limited, India

8. JKM Ferrotech Limited, India

9. JKM Erla Holdings GmbH Germany

10. Eisenwerk Erla GmbH Germany

11. JKM Automotive Limited, India

12. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement

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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 SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

1. We did not review the financial results of five subsidiaries included in the consolidated unaudited financial results, whose financial results reflect total assets of Rs. 74,874 lakhs as at September 30, 2021 and, total revenues of Rs. 17,525 lakhs and Rs. 36,582 lakhs for the quarter and six months ended September 30, 2021 respectively, total net profit after tax of Rs. 36 lakhs and total net loss after tax of Rs. 246 lakhs for the quarter and six months ended September 30, 2021 respectively and total comprehensive income of Rs. 36 lakhs and total comprehensive loss of Rs. 246 lakhs for the quarter and six months ended September 30, 2021 respectively and net cash outflow of Rs. 2,413 lakhs for the six months ended September 30, 2021, as considered in the Statement. The financial results have been reviewed by the other auditors whose reports have been furnished to us or other auditors, and our conclusion in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the report of other auditors and the procedures performed by us as stated in paragraph 3 above.

Our conclusion on the Statement is not modified in respect of these matters.

1. The consolidated unaudited financial results includes the financial results of three subsidiaries which have not been reviewed by their auditors, whose financial results reflect total assets of Rs. 8,162 lakhs as at September 30, 2021 and, total revenue of Rs. 50 lakhs and Rs. 102 lakhs for the quarter and six months ended September 30, 2021 respectively, total profit after tax of Rs. 44 lakhs and Rs. 59 lakhs for the quarter and six months ended September 30, 2021 respectively and Total comprehensive income of Rs. 44 lakhs and Rs. 59 lakhs for the quarter and six months ended September 30, 2021 and net cash outflow of Rs. 29 lakhs for the six months ended September 30, 2021, as considered in the Statement. According to the information and explanations given to us by the Management, these financial results are not material to the Group.

Our conclusion on the Statement is not modified in respect of our reliance on the financial results certified by the Management.

For DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm’s Registration No. 117366W/W-100018)

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Bengaluru, October 29, 2021 SPK/LS/2021

Sathya P. Koushik Partner Membership No. 206920 UDIN: 21206920AAAAMD2115

DYNAMATIC TECHNOLOGIES LIMITED

CIN: L72200KA1973PLC002308 DYNAMATIC PARK, PEENYA, BANGALORE-560 058, INDIA

Statement of Unaudited Standalone Financial Results for the quarter and six months ended 30 September 2021

						(/NR	i11 /akfs, ecent a.,	otferwise state,/)
SI. No.	Particulars	3 months ended 30 Sc11tcmber 2021 (Unaudited)	Preceding 3 months ended 30 June 2021 (Unaudited)		Corresponding 3 months ended in previous 11el'iod 30 September 2020 (Unaudited)	Year to date fg1nes for the CU'l'Cllt 1>eriod ended 30 Sc11tember 2021 (Unaudited)	Year to date fgures for the previous period ended 30 September 2020 (Unaudited)	Pr·evious year ended 31 lfsu·ch 2021 (Audited)
1	Income
	a) Revenue from operations	13,176	13,261		13,445	26,437	22,382	51,374
	b) Other income	649		98	(85)	747	15	437
	Total income (a+b)	13,825	13,359		13,360	27,184	22,397	51,81I
2	Expenses
	a) Cost of raw materials and components consumed	5,792	5,168		6,015	10,960	8,907	22,551
	b) Changes in inventories of finished goods and work-in-progress	571	1,141		(208)	1,712	159	299
	c) Employee benefts expense	2,183	1,962		2,078	4,145	3,878	8,008
	d) Finance costs	1,095	1,212		1,558	2,307	3,220	5,776
	e) Depreciation and amortisation expense	816		729	740	1,545	1,502	3,191
	f)Other expenses	2,225	2,036		1,959	4,261	3,519	8,259
	Total expenses (a+b+c+d+e+f)	12,682	12,248		12,142	24,930	21,185	48,084
3	Profit before tax (I - 2)	1 143	1	111	I 218	2 254	1 212	3 727
4	Tax expense
	a) Cuffent lax	288		280	305	568	305	1,014
	b) Deferred tnx	(6)		(19)	(222)	(25)	(212)	(112)
	Total tax expense (a+b)	282		261	83	543	93	902
5	Proft for the period (3 - 4)	861		850	1,135	1,711	1,119	2,825
6	Other comprehensive incomc/(loss) (OCI)
	i) Items that will not to be reclassified subsequently lo statement of profit
	and loss
	a) Remeasurement gain/(loss) on defned beneft plans	(35)		4	20	(31)	-	44
	b) Income tax relating to items that will not be reclassified to statement of	9		(1)	(5)	8	-	(II)
	profit and loss
	ii) Items that will be reclassified subsequently to Statement of profit and
	loss
	a) Foreign cunency fluctuations under a cash fow hedge - gain/(loss)	57		(89)		(32)		15 I
	b} Income tax relating to items that will be reclassified to statement of	-			-	-	-	-
	profit and loss
	Other comprehensive income/ (loss) for the period, net of tax	31		(86)	15	(55)	~~-~~	184
7	Total comprehensive income/ (loss) for the period (5+6)	892		764	1,150	1,656	1,119	3,009
8	Paid-up equity share capital (fce value of INR IO/- each)	634		634	634	634	634	634
9	Reserves (Other equity)	-				-		32,903
	Earnings per equity share	(not annualised)	(not annualised)		(not annualised)	(not annualised)	(1101annualised)	(annualised)
	Basic and Diluted (INR)	13.58	13.41		17.89	26.99	17.64	44.56

See accompanymg notes to these financrnl results.

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DYNAMATIC TECHNOLOGIES LIMITED CIN: L72200KAl973PLC002308 DYNAMATIC PARK, PEENYA, BANGALORE-560 058, INDIA

Statement of Unaudited Standalone Financial Results for the quarter and six months ended JO September 2021

Anncxurc I: Statement of standalone segment wise revenue, results, assets and liabilities for the quarter and six months ended 30 September 2021

SI. No. 1 2 3 4 Pnl'ticulars Segment revenue a) Hydraulics b) Aerospace c) Others Revenue from operations Segment results !profit/ (loss) before finance costs, other income and tax from each segment! a) Hydraulics b) Aerospace c) Others d) Unallocated Total Unallocable - Finance Cost - Other income Profit before tax Segment Assets a) Hydraulics b) Aerospace c) Others d) Unallocated Segment assets e) Assets classified as held for sale (Refer Note 4) Total assets Segment Liabilities a) Hydraulics b) Aerospace c) Others d) Unallocated Total Seernent Liabilities See accompanying notes to the linancrnl results.	(NRi1lakhs, except as otherwise stated) Preceding Co1Tes1>onding 3 Y car to date fgu.es Vear to date fgures Previous year 3 months ended months ended in for the current for the previous 30 Se1>1ember 202 I 3 mouths ended previous period period ended 30 period ended 30 ended 30 June 2021 31 March 202 t (Unaudited) (Unaudited} 30 Se1>tcmber 2020 September 202 t September 2020 (Aud;ted) (Unaudited) (Unaudited) (Unaudited) 8,015 6,512 5,624 14,527 7,726 20,884 5,149 6,732 7,553 11,881 14,280 30,004 12 17 268 29 376 486
	13,176 13,261 13,445 26,437 22,382 51,374 1,438 971 612 2,409 204 1,773 883 1,712 2,737 2,595 5,016 9,321 (317) (131) (123) (448) (198) (611) (415 (327) (365) (742) (605 (I 417)
	1,589 2,225 2,861 3,814 4,417 9,066 (1,095) (1,212) (1,558) (2,307) (3,220) (5,776) 649 98 (85' 747 15 437
	1,143 1,111 1,218 2,254 1,212 3,727 13,677 12,681 13,146 13,677 13,146 12,554 36,918 39,684 41,544 36,918 41,544 40,241 601 771 6,266 601 6,266 514 41,058 43,276 40,884 41,058 40,884 42,032
	92,254 96,412 1,01,840 92,254 1,01,840 95,341 5,562 5,562 - 5,562 5,562
	97,816 1,01,974 1,01,840 97,816 1,01,840 1,00,903
	8,215 8,279 8,610 8,215 8,610 7,249 6,612 6,168 8,274 6,612 8,274 6,385 679 614 632 679 632 548 47,117 52,611 52,369 47,117 52,369 53,184 62 623 67 672 69 885 62 623 69 885 67 366

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DYNAMATIC TECHNOLOGIES LIMITED CIN: L 72200KA1973PLC002308

DYNAMATIC PARK, PEENYA, BANGALORE-560 058, INDIA

Statement of Unaudited Standalone Financial Results for the quarter and six months ended 30 September 2021 Standalone balance sheet as at 30 September 2021

DYNAMATIC TECHNOLOGIES LIMITED CIN: L 72200KA1973PLC002308 DYNAMATIC PARK, PEENYA, BANGALORE-560 058, INDIA Statement of Unaudited Standalone Financial Results for the quarter and six months ended 30 September 2021 Standalone balance sheet as at 30 September 2021	DYNAMATIC TECHNOLOGIES LIMITED CIN: L 72200KA1973PLC002308 DYNAMATIC PARK, PEENYA, BANGALORE-560 058, INDIA Statement of Unaudited Standalone Financial Results for the quarter and six months ended 30 September 2021 Standalone balance sheet as at 30 September 2021
(INR in lakhs except as otherwise stated) '
ASSETS Non-current assets a) Property, plant and equipment b) Intangible assets c) Capital work in progress d) Right-of-use assets e) Financial assets (i) Investments (ii) Loans f) Income tax assets (net) g) Other non-current assets Total non-current assets Current assets a) Inventories b) Financial assets (i)Trade receivables (ii) Cash and cash equivalents (iii) Bank balances other than cash and cash equivalents above (iv) Loans (v) Other financial assets c) Other current assets Total current assets d) Assets classified as held for sale (Refer Note 4) Total Assets EQUITY AND LIABILITIES Equity a) Equity share capital b) Other equity Total equity Liabilities Non-current liabilities a) Financial liabilities (i) Borrowings (ii) Lease liabilities (iii) Other financial liabilities b) Provisions c) Deferred tax liabilities (net) Total non-current liabilities Current liabilities a) Financial liabilities (i) Borrowings (ii) Trade Payables (a) total outstanding dues of micro enterprises and small enterprises (b) total outstanding dues of creditors other than micro enterprises and small enterprises (iii) Lease liabilities (iv) Other financial liabilities b) Provisions c) Current income tax liabilities (net) d) Other current liabilities Total current liabilities Total Liabilities Total Equity and Liabilities - /4�� As at 30 September 2021 (Unaudited) 21,364 56 263 2,612 33,809 731 1,551 303 60,689 10,089 12,481 652 2,221 438 1,517 4,167 31,565 5,562 97,816 634 34,559 35,193 27,775 1,060 185 2,641 3,933 35,594 13,308 112 7,331 2,238 1,693 373 1,245 729 27,029 62,623 97,816	As at 31 March 2021 (Audited) 21,770 93 322 3,342 33,809 719 1,551 59 61,665 10,388 13,105 347 2,204 1,533 1,525 4,574 33,676 5,562 1,00,903 634 32,903 33,537 30,927 1,989 156 2,537 3,966 39,575 16,585 28 6,113 1,993 1,286 351 1,131 304 27,791 67,366 1,00,903
See accompanying notes to these financial results. ,��T' � V> It�-�} tr. !!,· '4,i,GALOV-��

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DYNAMA TIC TECHNOLOGIES LIMITED

CIN: L72200KA1973PLC002308. DYNAMATIC PARK, PEENYA, BANGALORE-560 058, INDIA

Statement of Unaudited Standalone Financial Results for the quarter and six months ended 30 September 2021

DYNAMA TIC TECHNOLOGIES LIMITED CIN: L72200KA1973PLC002308. DYNAMATIC PARK, PEENYA, BANGALORE-560 058, INDIA Statement of Unaudited Standalone Financial Results for the quarter and six months ended 30 September 2021	DYNAMA TIC TECHNOLOGIES LIMITED CIN: L72200KA1973PLC002308. DYNAMATIC PARK, PEENYA, BANGALORE-560 058, INDIA Statement of Unaudited Standalone Financial Results for the quarter and six months ended 30 September 2021	DYNAMA TIC TECHNOLOGIES LIMITED CIN: L72200KA1973PLC002308. DYNAMATIC PARK, PEENYA, BANGALORE-560 058, INDIA Statement of Unaudited Standalone Financial Results for the quarter and six months ended 30 September 2021	DYNAMA TIC TECHNOLOGIES LIMITED CIN: L72200KA1973PLC002308. DYNAMATIC PARK, PEENYA, BANGALORE-560 058, INDIA Statement of Unaudited Standalone Financial Results for the quarter and six months ended 30 September 2021
INR in lakhs
Particulars	Six Months ended 30 September 2021 30 September 2020 (Unaudited) (Unaudited)
Cash flow from operating activities Profit before tax Adustments: Interest income Interest on loans/advance given to related parties Financial guarantee obligation income Depreciation and amortisation expense Finance costs Unwinding of discount on dismantling liability Gain on sale of property, plant and equipment, net Loss allowance on financial assets, net Bad trade receivables written of, net Unrealised foreign exchange differences Operating cash fow before working capital changes Changes in operating assets and liabilities Changes in inventories Changes in trade receivables Changes in loans Changes in other assets Changes in trade payables Changes in other financial liabilities Changes in provisions Changes in other current liabilities 2,254 (94) (59) (2) 1,545 2,274 33 (595) 130 9 33 5,528 299 587 1,083 222 1,302 336 95 424		1,212 (106) - (4) 1,502 3,220 - - 64 - 370 6,258 (712) 3,167 (351) (810) (3,255) 556 lll 647
Cash generated from operations Income taxes oaid net of refund 9,876 (454)		5,611 63
Net cash generated from operating activities (A) 9 422		5 674
Cash flows from investing activities Acquisition of property, plant and equipment, right of use assets and intangibles Proceeds from sale of property, plant and equipment Investment in subsidiaries Bank deposits (having original maturity of more than three months), net Interest received from bank deposits (419) 668 - (17) 94		(231) - (440) 493 106
Net cash used in investing activities <B) 326		**(72) **
Cash flows from financing activities Proceeds/(Repayment) of long term borrowings (Repayment) / Proceeds from short term borrowings (net) Movement in Lease liabilities Interest paid (4,850) (1,703) (907) (I 983)		(1,214) (1,051) (842) (3,050)
Net cash used in financing activities (C) (9,443'		(6,157)
Net increase/(decrease) in cash and cash equivalents (A+ B +C) Cash and cash equivalents at the beginning of the period 305 347 (555) 1,247
Cash and cash eauivalents at the end of the neriod 652 692
See accompanying notes to these fnancial results.

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Cash flows from operating activities is arrived using indirect method. The above represents cash flows from total operations. / ,1:.Cli,�iO, / \, <o VV'--

DYNAMATIC TECHNOLOGIES LIMITED CIN: L 72200KA1973PLC002308 DYNAMATIC PARK, PEENYA, BANGALORE-560 058, INDIA Statement of Unaudited Standalone Financial Results for the quarter and six months ended 30 September 2021

Notes:

• The above standalone financial results for the quarter and six months ended 30 September 2021 as reviewed by the Audit Committee has been approved by the Board of Directors at its meeting held on 29 October 2021. The statutory auditors of the Company have carried out the limited review of the unaudited standalone financial results for the quarter and six months ended 30 September 2021 and have issued an unmodified conclusion.

• 2 The global pandemic COVID-19, has impacted economies across the globe and the disruption has resulted in economic slowdown worldwide. The Company has evaluated impact of COVID 19 in assessing the recoverability of assets, more particularly carrying value of property, plant and equipment and investments. Such assessment consider internal and external information, including current indicators of future economic conditions. The Company continues to focus on maintaining liquidity and expects a gradual recovery of demand and supply in future months. The ultimate eventual impact of the pandemic on the results may differ from that estimated as at the date of the approval of these results. The Company will continue to closely monitor any material changes to future economic conditions and assess its impact on operations.

• 3 The Code on Wages, 2019 and Code on Social Security, 2020 ("the Codes") relating to employee compensation and post­ employment benefits that received Presidential assent have not been notified. Further, the related rules for quantifying the financial impact have not been notified. The Company will assess the impact of the Codes when the rules are notified and will record any related impact in the period the Codes becomes effective.

• 4 During the year ended 31 March 2018, the Board of Directors of the Company had approved the divestment of 'Automotive and Aluminium Castings' ('discontinued business'). Subsequently, the Company had obtained the Shareholders' approval (a substantive approval) vide postal ballot dated 15 May 2018. The discontinued businesses included the Aluminum business and the Windfarm business. In January 2019, the Company had disposed off the Aluminium business. The management is actively pursuing its plan for disposal of the Windfarm land and is in advanced stage of discussions with the Government as a part of proposed Southern Defence Industrial Corridor. The same has been presented as "Assets classified as held for sale" in these results.

• 5 On 11 February 2020, the Board of Directors JKM Ferrotech Ltd ( 'JFTL' ), a subsidiary of the Company, had approved a scheme of capital reduction, subject to regulatory approvals. The said scheme was approved by the NCLT in April 2021.

• 6 Previous periods figures have been regrouped/ reclassified wherever necessary, to conform to current period's classification in order to comply with the requirements of the amended Schedule III to the Companies Act, 2013 effective lApril 2021.

for and on behalf of Board of Directors of Dynamatic Technologies Limited

Ud� ~~CEO and Managing Directo~~ r Place: Bengaluru Date: 29 October 2021

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Chartered Accountants Prestige Trade Tower, Level 19 46, Palace Road, High Grounds Bengaluru – 560 001 Karnataka, India

Tel: +91 80 6188 6000 Fax: +91 80 6188 6011

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INDEPENDENT AUDITOR’S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF DYNAMATIC TECHNOLOGIES LIMITED

1. We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of DYNAMATIC TECHNOLOGIES LIMITED (“the Company”), for the quarter and six months ended September 30, 2021 (“the Statement”), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

2. This Statement, which is the responsibility of the Company’s Management and approved by the Company’s Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.

3. 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 (ICAI). A review of interim financial information consists of making inquiries, primarily of the Company’s personnel 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 specified under section 143(10) of the Companies Act, 2013 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.

4. 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 SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For DELOITTE HASKINS & SELLS LLP Chartered Accountants

(Firm’s Registration No. 117366W/W-100018)

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Bengaluru, October 29, 2021 SPK/LS/2021

Sathya P. Koushik Partner Membership No. 206920 UDIN: 21206920AAAAME4726

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DYNAMATIC TECHNOLOGIES LIMITED

CIN: L72200KAl973PLC002308

DYNAMATIC PARK, PEENYA, BENGALURU-560 058, INDIA

Statement of Unaudited Consolidated Financial results for· the quarter and six months ended 30 Se1>tember 2021

SI. No, I 2 3 4 5 6 7 8 9 10 II 12 13 14 Pa1·1icuhw Conti11uing 01>crations Income a) Revenue from operations b) Other income Totnl income (n+b) Expenses a) Cost of materials and components consumed b) Change in inventory of finished goods and work-in-progress c) Employee benefts expense d) Finance costs e) Depreciation and amortisation expense f) Other expenses Total ex1>enses (n+b+c+d+e+f) Pro lit/ (loss) from continuing operations before tax ( t • 2) Tux ex pense/ (cl'edit) a) Current tax b) Deferred tax Total tax ex1>ense/ (credil) (a+b) Profit/ (loss) after tu from continuing 01>e1·ations (3 - 4) Discontinued operations (Refer Note 4) Loss from discontinued operations Tax expense/(credit) of discontinued operations Loss after tax from discontinued opcrtions (6-7) Proft/ (loss) for the 1>eriod (5+8) 01he1· com1Hchensive iucome/(loss) (OCI) i) Items that will not be reclassified subsequently to statement of profit an loss a) Remeasurement gain/(loss) on defined beneft plans b) Income tax relating to items that will not be reclassifed to statement of proft and loss ii) Items that will be reclassified subsequently to Statement of profit and loss n) Foreign currency fluctuations under a cah flow hedge - gan/(loss) b) Exchange differences in translating financial statements of foreign operations Other comprehensive income/ (loss) for the l>Cl'iod, net of tax Total comprehensive income/ (loss) for the 1>eriod (9+11) Paid-up equity share capital (face value of lNR 10/- each) Reserves (Other equity) Earings per equity shal'C Earings/ (loss) per share (for continuing operations) Basic and diluted (INR) Loss 1>er equity share (fol' discontinued 011crtions) Basic and diluted (INR) Earnings/ (loss) 1>er equity share (fo1· continuing and discontinued 01n•rntio11s) Basic and diluted (INR) See accompanymg notes to these fnancial results.

Preceding Corrcs11ondlng 3 montluYcMr to dale ngurc1 for J monllu cntlcd J monlh1 ended ended In prc,lou. periodlhc current 11crlod ended 30 Sc11tcmhcr 2021 JO June 2021 JO Scplcmber 2020 JO &1Jtcmbcr 2021 (Untudilcd} (Unaudited) (Un1mlllctl) (Unaudllctl) 30,435 32,041 26,884 62,476 155 137 (88) 292 30,590 32,178 26,796 62,768 15,01 I 16,110 13,682 31,121 80 168 (1,041) 248 6,216 6,207 5,436 12,423 1,392 1,494 1,794 2,886 1,955 1,808 1,782 3,763 5,325 5,559 4,707 10,884 29,979 31,346 26,360 61,325 611 832 436 1,443 323 295 (169) 618 (33) (44) 102 (77) 290 251 (67) 541 321 581 503 902 (1,330) (329) (334) (1,659) (1,330) (329) (334) (1,659) (1,009) 252 169 (757) d (35) 4 20 (3 I) 9 (1) (5) 8 57 (89) (32) (368) 548 633 180 (INR in Jakin- 1xcepl m olherwlw: ,·1a1ed) . , Ycar lo tlalc figures for the 11re,·low period Prc,·lou1 year ended cndctl 30 Scplcmbcr JI Much2021 2020 (Audited) (UnMw.lltcdl 45,486 1,11,820 56 607 45,542 1,12,427 20,279 54,157 304 854 10,383 22,147 3,689 6,999 3,648 7,754 8,323 19,761 46,626 1,t 1,672 (1,084) 755 (169) 693 (250) (136) (419) 557 (665) 198 (860) (2,385) (860) (2,385) (1,525) (2,187) 44 (11) 151 1,007 1,873

(337) 462 648 125 (1,346) 714 817 (632) 634 634 634 634 (not annualised) (not annualised) (not annualised) (not annualised) 5.06 9.16 7.93 14.23 (20.98) (5.19) (5.27) (26.17) (15.92) 3.97 2.67 (11.94) 1,007 2,057 (518) (130) 634 634 36,242 (not annualised) (annualised) (10.49) 3.12 (13.56) (37.62) (24.05) (34.50)

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DYNAMATIC TECHNOLOGIES LIMITED

CIN: L72200KA1973PLC002308

DYNAMATIC PARK, PEENYA, BENGALURU-560 058, INDIA

Statement of Unaudited Consolidated Financial rcsul1s for the quarter and six months ended 30 Se1>tember 2021

Annexure I: Statement of consolidated segment wise revenue, results, assets and liabilities for the quarter and six months ended 30 Se1>tember 2021

	Annexure I: Statement of consolidated segment wise r	evenue, results, asset	s and liabilities for	the quarter and six m	onths ended 30 Se1>te	mber 2021	mber 2021
						(INR in /akhs except		as otherll'ise stated)
SI. No.	Partlcuh1n	J month� ended 30 September 2021 (Unaudited)	Prtctllng J months ended 30Junc2021 (Un1udilctl)	Corrclpontllng J monlhs ended In prc,·loull pcrlotl JO September 2020 (Umtutlltctl)	Ycir to d1tc figurc1 fr the current period ended JO &plcmbcr 2021 (UnamllCcd)	Year lo tl1tc figures ror Che prc,·Jou. period ended 30 Sptember 2020 (Unaudilcd)		Pr,Jou1 )CI ended 31 M1m:h2021 (Audllctl)
1	Segment l'evenue
	a) Hydraulics	10,869	9,314	7,627	20,183		11,689	29,763
	b) Aerospace	7,789	8,727	9,306	16,516		17,436	37,395
	c) Automotive and Metallurgy	11,766	13,983	9,809	25,749		16,219	44,187
	d) Olhers	11	17	142	28		142	475
	Revenue from operations (continuing OJ>erations)	30,435	32,041	26,884	62,476		45,486	1,11,820
	e) From discontinued operations - (Refer note 4) Total revenue from 01,erations (continuing and discontinued 011ertions)	168 30,603	1,843 33,884	1,897 28,781	2,011 64,487		2,631 48,117	9,235 1,21,055
2	Segment results h>rofit/ (loss) before finance costs, other income and tax
	from each segment)
	a) Hydraulics	1,533	1,014	578	2,547		117	1,855
	b) Aerospace	1,024	1,209	2,243	2,233		4,027	7,813
	c) Automotive and Metallurgy	162	491	(20)	653		(785)	(20)
	d) Others e) Unallocated	(458) (413)	(197) (328)	(I 19) (364)	(655) (741)		(206) (604)	(1,125) (J,376)
	Total (continuing operations) f) From discontinued operations • (Refer note 4)	1,848 (1,330)	2,189 (329)	2,318 (334)	4,037 (1,659)		2,549 (860)	7,147 (2,385)
	Total (continuing and discontinued operations)	518	1,860	1,984	2,378		1,689	4,762
	U1rnllocable
	• Finance costs	(1,392)	(1,494)	(1,794)	(2,886)		(3,689)	(6,999)
	• Other income	155	137	(88)	292		56	607
	Profit/ (loss) before tax (continuing and discontinued operations)	(719)	503	102	(216)		(1,944)	(1,630)
3	Segment assets
	a) Hydraulics	32,465	30,404	25,564	32,465		25,564	30,089
	b) Aerospace	55,598	57,019	56,873	55,598		56,873	57,433
	c) Automotive and Metallurgy	28,650	30,785	39,757	28,650		39,757	29,528
	d) Others	3,210	3,371	8,840	3,210		8,840	3,112
	e) Unallocated	8,864	7,419	8,114	8,864		8,114	8,679
	Segment assets related to continuing operations	1,28,787	1,28,998	1,39,148	1,28,787	1,39,148		1,28,841
	f) Assets relating to discontinued operations held for sale (Refer Note 4)	446	7,820		446			8,475
	g) Other assets classified as held for sale (Refer Note 5)	5,562	5,562		5,562			5,562
	Total assets (continuing and discontinued operations)	1,34,795	1,42,380	1,39,148	1,34,795	1,39,148		1,42,878
4	Segment liabilities
	a) Hydraulics	17,465	16,913	12,377	17,465		12,377	15,375
	b) Aerospace	15,089	13,717	14,167	15,089		14,167	13,789
	c) Automotive and Metallurgy	8,231	13,469	12,887	8,231		12,887	15,697
	d) Others	524	492	1,443	524		1,443	420
	e) Unallocated	57,242	60,088	61,479	57,242		61,479	60,567
	Segmenl linbilities related to continuing OJ>erations	98,551	1,04,679	1,02,353	98,551	1,02,353		1,05,848
	f Liabilities directly associated with Assets classified as held for sale(Refer Note 4)		144					154
	Totnl linbililies (continuing and discontinued 01,eratious)	98,551	1,04,823	1,02,353	98,551	1,02,353		1,06,002
	See accompany111g notes to these financial results.

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DYNAMA TIC TECHNOLOGIES LIMITED CIN: L 72200KA1973PLC002308

DYNAMA TIC PARK, PEENYA, BENGALURU-560 058, INDIA

Statement of Unaudited Consolidated Financial results for the quarter and six months ended 30 September 2021

Consolidated balance sheet as at 30 September 2021

Consolidated balance sheet as at 30 September 2021
	(INR in lakhs, except as otherwise stated)
	As at 30 September 2021 (Unaudited)		As at 31 March 2021 (Audited) 44,534 2,322 10,259 325 13,702 33 931 1,571 175 73,852 22,475 19,822 3,801 2,258 964 5,669 54,989 14,037
ASSETS Non-current assets a) Property plant and equipment b) Other Intangible assets c) Goodwill d) Capital work in progress e) Right-of-use assets f Financial assets (i) Investments (ii) Loans g) Income tax asset (net) h) Other non-current assets Total non - current assets Current assets a) Inventories b) Financial assets (i) Trade receivables (ii) Cash and cash equivalents (iii) Bank balances other than cash and cash equivalents above (iv) Loans c) Other current assets Total current assets Assets classified as held for sale (Refer Note 4 and 5) Total Assets	43,466 2,394 10,220 602 13,337 33 1,041 1,686 311 73,090 23,878 18,417 3,679 2,245 1,110 6,368
	55,697 6,008 1,34,795 634 35,610 36,244 32,256 11,318 181 2,641 753 99 47,248 20,408 112 18,036 4,597 4,991 1,145 1,230 784 51,303 - 98,551 1,34,795
			1,42,878 634 36,242
EQUITY AND LIABILITIES Equity a) Equity share capital b) Other equity Total equity Liabilities Non-current liabilities a) Financial liabilities (i) Borrowings (ii) Lease Liabilities (iii) Other fnancial liabilities b) Provisions c) Deferred tax liabilities (net) d) Other non-current liabilities Total non-current liabilities Current liabilities a) Financial liabilities (i) Borrowings (ii) Trade Payables (a) total outstanding dues of micro enterprises and small enterprises (b) total outstanding dues of creditors other than micro enterprises and small enterprises (iii) Other fnancial liabilities (iv) Lease liabilities b) Provisions c) Current tax liabilities (net) d) Other current I iabil ities Total current liabilities Liabilities directly associated with assets classifed as held for sale Total liabilities Total equity and liabilities - 0 1<CHN� � � r I� - .t
			36,876 36,343 11,776 152 2,537 840 99
			51,747 21,398 482 19,978 4,636 4,869 1,019 1,105 614
			54,101 154 1,06,002 1,42,878
See accompanying notes to these financial results. ,�· �"& /,ALO\ : -

DYNAMA TIC TECHNOLOGIES LIMITED CIN: L 72200KA1973PLC002308

DYNAMATIC PARK, PEENYA, BENGALURU-560 058, INDIA

Statement of Unaudited Consolidated Financial results for the quarter and six months ended 30 September 2021

Statement of Consolidated cash flow for the six months ended 30 September 2021

Statement of Consolidated cash fow for the six months ended 30 September 2021
	INR in lakhs
Particulars		Six Months ended 30 September 2021 30 S�ptember 2020 (Unaudited) (Unaudited) 1,443 (1,084) (I ,659) (860) (216) (1,944) (117) (133) 5 - 3,763 4,156 3,047 3,777 33 - 9 - 130 64 (179) 408 6,475 6,328 (311) (354) 1,368 5,473 166 (456) (681) (379) (2,316) (7,075) 81 1,334 76 4 170 565 5,028 5,440 (609) (7)
		30 September 2021 (Unaudited)
Cash fow from operating activities Proft/(loss) befre tax Continuing operations Discontinued operations Adjustments: Interest income Loss on sale ofprope1ty, plant and equipment (net) Depreciation and amortisation expense Finance costs Unwinding of discount on dismantling liability Bad trade receivables written of Loss allowance on fnancial assets (net) Unrealised foreign exchange differences Operating cash flow before working capital changes Changes in operating assets and liabilities Changes in inventories Changes in trade receivables Changes in loans Changes in other assets Changes in trade payables Changes in other financial liabilities Changes in provisions Changes in other current liabilities Cash generated from operations Income taxespaid,net of refund
					(1,944) (133) - 4,156 3,777 - - 64 408 6,328
					(354) 5,473 (456) (379) (7,075) 1,334 4 565
					5,440 (7)
Net cashgenerated from operating activities(A)		4,419			5,433 (1,792) - 492 133
Cash fows from investing activities Acquistion ofprope1ty, plant and equipment, right of use assets and intangibles Proceeds fom sale of property, plant and equipment pe1taining to discontinued operations Bank deposits (having original maturity of more than three months) (net) Interest received fom bank deposits	(2,659) 6,495 13 117
Net cash used in investing activities(B)	3,966				(1,167)
Cash flows from fnancing activities Proceeds / (Repayment) of long term borrowings Proceeds/(Repayment) from sho1t term borrowings (net) Movement in Lease liabilities Interest paid	(5,608) 407 (805) (2,510)				(637) (1,744) (565) (3,448)
Net cash(used in) by financing activities(C)	(8,516)				(6,394)
Net decrease in cash and cash equivalents(A+ B + C)	(131)				(2,128)
Cash and cash equivalents at the beginningof theperiod	3,810				5,598
Cash and cash equivalents at the end of theperiod	3,679				3,470

See accompanying notes to these financial results. Cash flows f[r] om operating activities is arrived using indirect method. The above represents cash flows f[r] om total operations.

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DYNAMATIC TECHNOLOGIES LIMITED CIN: L72200KA1973PLC002308

DYNAMA TIC PARK, PEENY A, BANGALORE-560 058, INDIA

Statement of Unaudited Consolidated Financial results for the quarter and six months ended 30 September 2021

Notes:

The above consolidated financial results for the quarter and six months ended 30 September 2021 as reviewed by the Audit Committee has been approved by the Board of Directors at its meeting held on 29 October 2021. The statutory auditors of the company have carried out the limited review of the unaudited consolidated financial results for the quarter and six months ended 30 September 2021 and have issued an unmodified conclusion.

• 2 Information on standalone financial results

Information on standalone fnancial results	Information on standalone fnancial results	Information on standalone fnancial results	Information on standalone fnancial results	Information on standalone fnancial results	Information on standalone fnancial results	Information on standalone fnancial results
(INR in lakhs, except as otherwise stated)
Particulars	3 months ended 30 September 2021 (Unaudited)	Preceding 3 months ended 30 June 2021 (Unaudited)	Corresponding 3 months ended in previous period 30 September 2020 (Unaudited)	Year to date figures fr the current period ended 30 September 2021 <Unaudited|Year to date fgures for the previous period ended 30 September 2020 (Unaudited)	Previous year ended 31 March 2021 (Audited)
a. Revenue	13,176	13,261	13,445	26,437	22,382	51,374
b. Proft/(Loss)befre tax	1,143	I,111	1,218	2,254	1,212	3,727
c. Profit/(Loss)after tax	861	850	1,135	1,711	1,119	2,825

• 3 The global pandemic COVID-19, has impacted economies across the globe and the disruption has resulted in economic slowdown worldwide. The Group has evaluated impact of COVID 19 in assessing the recoverability of assets, more particularly carrying value of property, plant and equipment and investments. Such assessment consider internal and external information, including current indicators of future economic conditions. The Group continues to focus on maintaining liquidity and expects a gradual recovery of demand and supply in future months. The ultimate eventual impact of the pandemic on the results may differ from that estimated as at the date of the approval of these results. The Group will continue to closely monitor any material changes to future economic conditions and assess its impact on operations.

• 4 The Board of Directors of JKM Ferrotech Limited ('JFTL'), a wholly subsidiary of the Company, vide its meeting dated I February 2021 had approved the term sheet and plan for sale of its foundry business, situated at SIPCOT Industrial Complex, Gumidipoondi, Thiruvallur, Tamil Nadu to Danblock Brakes India Private Limited (DBIPL). Subsequently JFTL and DBIPL executed an Assets Purchase Agreement on 7 April 2021, which were subject to certain customary closing conditions. All closing conditions have been met and the Company has received a net consideration of INR 7,041 lakhs on 22 July 2021.

Pursuant to the consummation of the aforesaid transaction, the management has carried out a detailed review of the residual assets and liabilities of the discontinued business and has during the quarter and six months ended 30 September 2021, accrued for certain provisions, transactional costs and exchange fluctuation losses on restatement of off-shore trade advanc� payable subject to approval from Reserve Bank of India ('RBI').

The results of the aforesaid discontinued operations (of the foundry business of JFTL, which represents the Indian operations of the "Automotive and Metallurgy" segment) are as under:

The results of the afresaid discontinued operations (of the foundry business of JFTL, which represents the Indian operations of the "Automotive and Metallurgy" segment) are as under:	The results of the afresaid discontinued operations (of the foundry business of JFTL, which represents the Indian operations of the "Automotive and Metallurgy" segment) are as under:	The results of the afresaid discontinued operations (of the foundry business of JFTL, which represents the Indian operations of the "Automotive and Metallurgy" segment) are as under:	The results of the afresaid discontinued operations (of the foundry business of JFTL, which represents the Indian operations of the "Automotive and Metallurgy" segment) are as under:	The results of the afresaid discontinued operations (of the foundry business of JFTL, which represents the Indian operations of the "Automotive and Metallurgy" segment) are as under:	The results of the afresaid discontinued operations (of the foundry business of JFTL, which represents the Indian operations of the "Automotive and Metallurgy" segment) are as under:	The results of the afresaid discontinued operations (of the foundry business of JFTL, which represents the Indian operations of the "Automotive and Metallurgy" segment) are as under:
(INR in lakhs, except as otherwise stated)
Particulars	3 months ended 30 September 2021 (Unaudited)	Preceding 3 months ended 30 June 2021 (Unaudited)	Corresponding 3 months ended in previous period 30 September 2020 (Unaudited)	Year to date fgures for the current period ended 30 September 2021 (Unaudited)	Year to date fgures for the previous period ended 30 September 2020 (Unaudited)	Previous year ended 31 March 2021 (Audited)
Revenue	168	1,843	1,897	2,01 I	2,631	9,235
Expenses	1,498	2,172	2,231 3,670		3,491	11,620
Loss befre tax	(1,330)	(329)	(334) (1,659)		(860)	(2,385)

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DYNAMATIC TECHNOLOGIES LIMITED CIN: L72200KA1973PLC002308 DYNAMA TIC PARK, PEENY A, BANGALORE-560 058, INDIA

Statement of Unaudited Consolidated Financial results for the quarter and six months ended 30 September 2021

Notes:

• 5 During the year ended 31 March 2018, the Board of Directors of the Company had approved the divestment of 'Automotive and Aluminium Castings' ('discontinued business'). Subsequently, the Company had obtained the Shareholders' approval (a substantive approval) vide postal ballot dated 15 May 2018. The discontinued businesses included the Aluminium business and the Windfarm business. In January 2019, the Company had disposed off the Aluminium business. The management is actively pursuing its plan for disposal of the Windfarm land and is in advanced stage of discussions with the Government as a part of proposed Southern Defence Industrial Corridor. The same has been presented as "Assets classified as held for sale" in these results.

• 6 On 11 February 2020, the Board of Directors JKM Ferrotech Ltd ( 'JFTL' ), a subsidiary of the Company, had approved a scheme of capital reduction, subject to regulatory approvals. The said scheme has been approved by the NCL T in April 2021.

• 7 The Code on Wages, 2019 and Code on Social Security, 2020 ("the Codes") relating to employee compensation and post­ employment benefits that received Presidential assent have not been notified. Further, the related rules for quantifying the financial impact have not been notified. The Group will assess the impact of the Codes when the rules are notified and will record any related impact in the period the Codes becomes effective.

• 8 Previous periods figures have been regrouped/ reclassified wherever necessary, to conform to current period's classification in order to comply with the requirements of the amended Schedule III to the Companies Act, 2013 effective 1st April 2021.

for and on behalf of Board of Directors of Dynamatic Technologies Limited

Udayant Malhoutra CEO and Managing Director

Place: Bengaluru Date: 29 October 2021