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EIMCO Elecon India Ltd. Interim / Quarterly Report 2023
60438_rns_2023-01-23_d49cd286-46ba-4bae-b4ab-27312369ea3d.pdf
Interim / Quarterly Report
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EIMCO ELECON
| Eim/Sec/SE | Date:23rd January,2023 |
|---|---|
| BSELtd. | NationalStockExchangeofIndiaLtd. |
| PhirozeJeejeebhoyTowers | ExchangePlaza,5th floor |
| 25thFloor | PlotNo.1,GBlockCl |
| DalalStreet | Bandra-KurlaComplex |
| Mumbai-400001 | Bandra(E),Mumbai-400051 |
| CompanyCode523708 | SymbolEIMCOELECO-SeriesEO |
Sub.: Outcome of Board Meeting held on 23rd January, 2023
Ref.: Unaudited Financial Results for the quarter and nine months ended on 31st December, 2022
Dear Sirs,
Pursuant to Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that in the Meeting held today i.e. 23rd January, 2023, commenced from 6:00 p.m. and concluded at 7:00 p.m. following are the outcome of the Board Meeting:
The Board considered and approved the Unaudited Financial Results (Both Standalone & Consolidated) alongwith the Limited Review Report of the Statutory Auditors of the Company for the quarter and nine months ended on 31st December, 2022 as per Regulation 33 of the SEBI (LODR)Regulations, 2015.
Please acknowledge and take it on record.
Thanking you,
Yours faithfully,
For Eimco Elecon (India) Limited Rikenkumar Digitally signed by
Rikenkumar Dalwadi Bhupendrabhai Dalwadi Rikenkumar Bhupendrabhai Dalwadi Date: 2023.01.23 19:03:54 +05'30'
Company Secretary & Compliance Officer
Enclosure: As above
INDEPENDENT AUDITORS' 'LIMITED REVIEW REPORT ON THE STANDAlONE UNAUDITED FINANCIAL RESULTSfOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2022
K **C Mehta ~** CVLlP
Chartered Accountants
To,
The Board of Directors Eimco Elecon (India) limited
-
- We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of Elmco Elecon (India) limited (lithe Cornpanv") for the quarter and nine months ended December 31, 2022, (hereinafter referred to as "the Statement" and initialed by us for the purpose of identification), being submitted by the Company pursuant to the requirement of Regulation 33 of the S£BI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. This Statement is the responsibility of the Company's Management and has been approved by the Board of Directors. Our responsibility is to issue a report on the Statement based on our review.
-
- We conducted our review of the Statement in accordance with the Standard on Review Engagements (SHE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and, accordingly, we do not express an audit opinion.
-
- Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with applicable Indian Accounting Standards (lod AS) specified under section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder 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 Obhgations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be dtsctcsed, or that it contains any material misstatement.
4. Other Matte'rs
a) The' comparative standalone unaudited finandal figures of the Company for the corresponding quarter and nine months ended December 31, 2021 prepared in accordance with Indian Accounttng Standards (lnd AS) included in this Statement ate based on previously issued standalone unaudited financial results that were reviewed by the predecessor auditor who expressed unmodified conclusion vide their review report dated January 31, 2022.
Conv~rted into Umited LW>Uity l'lIrmmhip (LLPL"l: Mill-3171) w, e. f.June 7, 2022 froOl KC;Mrhli\ &.Co,{f.irm '/(eg.No.: GUJVA102J!OO) .Regd orn,ce: Meghdhanush, Race Course, Vadodara - 390 007 I Branches: Ahmedabad •sengaturu •MUlMai Phone; .•91. 265 2440400 I e-mail![email protected]: www.kcmehta.com
Chartered Accountants
b) The comparative standalone audited financial results for the year ended March 31, 2022, included in these financlal results are based on the previously issued results of the Company prepared In accordance with the Indian Accounting Standards ("Ind AS") prescribed under Section 133 of Companies Act,io13. Those standalone audited financial results prepared under Ind AS were audited by the predecessor auditor, whose audit report dated April 29, 2022 expressed an unmodified opinion on those financial results.
Our conclusion on the Statement is not modified in respect of the above matters.
For K C Mehta & Co LLP Chartered Accountants Firm's Registration No. 106237W!WI00829
Vishal Digitally signed by Vishal P Doshi P0 hi Date: 2023.01.23 OS 118:38:00+05'30'
Vishal P. Doshi Partner Membership No. 101533 UDIN: 2310153lBGSTBJ9661 Place: Vadodara Date: January 23, 2023
Converted into Limlted Liability J>armershlp (UJ\IN: AaIl-ll71} w. e. f.June 7, 2022 {rom KC Mehta & Co, (FIrm Reg. No.o GUJVAI 01890) . Regd Office: Meghdhanush. Race Course, Vadodara - 390 007 I Branches: Ahmedahad •Bengaluru- Mumbai Phone: +91 2652440400 I e-mail: [email protected];lta.comlwebsite:W..;w.kcmel)ta.com
EIMCO ELECON ( INDIA ) LIMITED
Regd. Office Anand Sojitra Road, Vallabh Vidyanagar - 388 120.
Website: www.eimcoelecon.in CIN:L29199GJ1974PLC002574 email:[email protected]
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED ON 31ST DECEMBER, 2022
| (Rs. in Lakh) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Sr.No. | Quarter Ended | Nine Months Ended | Year Ended | |||||
| Particulars | 30.09.22 | 31.12.21 | 31.12.22 | 31.12.21 | 31.03.22 | |||
| Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | |||
| $\mathbf{1}$ | Income | |||||||
| Revenue from Operations(a) | 3,808.73 | 3,689.44 | 2,262.70 | 10,846.03 | 4,843.95 | 8,444.37 | ||
| Other Income(b) | 294.45 | 482.83 | 162.66 | 795.85 | 665.29 | 917.77 | ||
| Total Income | 4,103.18 | 4,172.27 | 2,425.36 | 11,641.88 | 5,509.24 | 9,362.14 | ||
| $\bar{2}$ | Expenses | |||||||
| (a)Cost of materials consumed | 1,676.14 | 717.88 | 1,026.35 | 3,183.20 | 2,223.71 | 4,146.97 | ||
| Purchase of stock-in-trade(b) | 735.06 | 859.31 | 670.92 | 2,180.66 | 1,725.92 | 2,452.88 | ||
| Changes in inventories of finished goods, work-in-progress and stock-in-trade(c) | (618.80) | 169.98 | (920.89) | 355.57 | (2,053.96) | (2,928.34) | ||
| (d)Employee benefits expense | 405.32 | 369,20 | 378.79 | 1,171.79 | 949.55 | 1,248.54 | ||
| (c)Finance Cost | 23.46 | 5.19 | 5.69 | 36.69 | 33.47 | 42.76 | ||
| (f)Depreciation and amortisation expense | 193.66 | 189.90 | 205.10 | 571.57 | 605.04 | 809.39 | ||
| (g)Compensation to Distributors | 390.07 | 342.09 | 275.73 | 1,084.75 | 557.50 | 997.02 | ||
| (h)Other Expenses | 622.74 | 588.46 | 521.63 | 1,771.13 | 975.66 | 1,605.22 | ||
| Total Expenses | 3,427.65 | 3,242.01 | 2,163.32 | 10,355.36 | 5,016.89 | 8,374.44 | ||
| 3 | Profit/(Loss) before Tax (1-2) | 675.53 | 930.26 | 262.04 | 1,286.52 | 492.35 | 987.70 | |
| ă | Tax Expense : | |||||||
| - Current Tax | 186.61 | 87.79 | 75.00 | 322.40 | 170.00 | 286.00 | ||
| - Adjustment of tax relating to earlier periods | (11.01) | (11.01) | 69,71 | 70.06 | ||||
| - Deferred Tax | 10.84 | 93.16 | 5.63 | (135.09) | (221.49) | (220.31) | ||
| Total Tax Expense | 186.44 | 180.95 | 80.63 | 176.30 | 18.22 | 135.75 | ||
| $\overline{5}$ | Net Profit/(Loss) for the period after tax (3-4) | 489.09 | 749.31 | 181.41 | 1,110.22 | 474.13 | 851.95 | |
| 6 | Other Comprehensive Income (net of tax) | |||||||
| Items that will not be classified to profit & Loss | ||||||||
| (i) Remeasurement of defined benefit plan | (37.37) | |||||||
| (ii) income tax related to items no (i) above | $\scriptstyle\rm{nl}$ | 10.88 | ||||||
| Other Comprehensive Income for the period (net of tax) | $\scriptstyle\star$ | (26.49) | ||||||
| $\overline{7}$ | Total Comprehensive Income for the period (net of tax)(5+6) | 489.09 | 749.31 | 181.41 | 1,110.22 | 474.13 | 825.46 | |
| 8 | Paid-up Equity Share Capital (Face Value Rs. 10/- per share) | 576.84 | 576.84 | 576.84 | 576.84 | 576.84 | 576.84 | |
| $\mathcal{G}$ | Other Equity | 32,386.53 | ||||||
| 10 | Earning per equity share: (Face Value of Rs. 10/-each) (for the period not annualised) | |||||||
| - Basic (in Rs.) | 8.48 | 12.99 | 3.14 | 19.25 | 8.22 | 14.77 | ||
| - Diluted (in Rs.) | 8.48 | 12.99 | 3.14 | 19.25 | 8.22 | 14.77 | ||
| (See accompanying notes to the standalone unaudited financial results) |
Notes:
1 The standalone unaudited financial results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company in its meetings held on 23rd January, 2023. The standalone financials results have been reviewed by the Statutory Auditors as required under regulation 33 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, as amended and they have expressed an unmodified conclusion on this. The review report has been filed with the stock exchange and available on the Company's Website.
2 The Company has only one reportable business segment i.e. Machinery and Spares which is applicable to standalone results.
3 Figures of corresponding previous quarters/period have been regrouped/rearranged wherever necessary, to make them comparable.
Fok and alf of the Board of Directors be (India) Limited.
ARAYAN DWIVEDI EXECUTIVE DIRECTOR DIN: 08442155
Place: Vallabh Vidyanagar Date: 23 January, 2023
INDEPENDENT AUDITORS' LIIVIITED REVIEW REPORT ON THE CONSOLIDATED UNAUDITED FINANCIAL RESULTSFOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31,2022
..... ---.--.._ ............•... __ ..- - ------------......-,.-.-.--..-- ------~-,
Chartered Accountants
To,
ts fb'1t;A. Ho. ;'106731;:, " 'jr5t9 ~ ~ § '1',<\ ;If _---- .•,~
The Board of Directors EimcoElecon (India) limited
-
- We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of Eimco Elecon (India) Limited (lithe Company") and its share of the net profit after tax and total comprehensive profit of its associate for the quarter and nine months ended December 31, 2022 (hereinafter referred to as "Statement" and initialed by us for the purpose of identification), being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
-
- This Statement which is the responsibility of the Company's management and has been approved by the Company's Board of Directors. 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. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial Statement is free of material misstatement. 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 sigrHficant 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 Securities and Exchange Board of India under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended, to the extent applicable.
- The Statement includes the interim financial results of the following entity'
| Sr. No. | IName of the Entity | Relationship | |
|---|---|---|---|
| 1. | IEimco Elecon (India) limited | the Company | |
| 2. | I Eimco Elecon Electricalslimited | Associate |
S. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration referred 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 principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder 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 -----.uisclosure Requirements) Regulations, 2015, as amended, Including the manner in which it is to be ~ TA & sed, or that it contains any material misstatement.
converted Into LImited [JabUlty Partnership (LLPm: ABll-J171) w.~.r.Jun. 7. 2()22. from){ C Mehta &" Co.(Firm Reg,No.: GUJVAl02890J Regd Office: Meghdhanush, Race Course, Vadodara - 390 007 I Branches: Ahmedabad •Bengaluru • Mumbai Phone: +91 2652440400 I e-mail;[email protected]: www.kcmehta.com
Chartered Accountants
6. Other Matter
a. The consolidated unaudited financial results include the Group's share of net profit after tax, and total comprehensive income for the quarter and nine months ended December 31, 2022 as mentioned below, in respect of its Associate based on their interim financial result which have been reviewed by their auditor.
| $(\bar{x}$ in Lakhs) | |||
|---|---|---|---|
| Particulars | |||
|---|---|---|---|
| Total net profit after tax | 2.03 | 3.90 | |
| Total Comprehensiv | 2.03 | 3.90 I |
- b. The comparative consolidated unaudited financial figures of the Company for the corresponding quarter and nine months ended December 31, 2021 prepared in accordance with Indian Accounting Standards (Ind AS) included in this Statement are based on previously issued consolidated unaudited financial results that were reviewed by the predecessor auditor who expressedunmodified conclusion vide their review report dated January 31, 2022.
- c. The comparative consolidated audited financial results for the year ended March 31, 2022, included in these financial results are based on the previously issued results of the Company prepared in accordance with the Indian Accounting Standards r'lnd AS") prescribed under Section 133 of Companies Act, 2013. Those consolidated audited financial results prepared under Ind AS were audited by the predecessor auditor, whose audit report dated April 29, 2022 expressedan unmodified opinion on those financial results.
Our conclusion on the Statement is not modified in respect of the above matters.
For KC Mehta s Co lLP Chartered Accountants Firm's Registration No, 106237W/WI00829
Vishal pOigilallysigned by Vishal P Ooshi Doshi Dale: 2023.01.23 18:38:27 +05'30' Vishal P. Doshi Partner Membership No. 101533 UDIN: 231015l,3BGSTBK8630 Place:Vadodara Date: January 23, .2023
Convened into Ll.mited Liability Partnership (LLl'lN: AllB-31ill w, e, Ljutle 7, 2022 itam KC Mehta & Cb. lt1rm ileg No.: GUjVAIOUgO) Regd Office: Meghdhanush, Race Course, Vadodara - 390 007 I Branches: Ahmedabad •Bengaluru •Mumbai Phone: +91 265 2440400 I e-maif [email protected] I website: www.kcmenta.com
EIMCO ELECON (INDIA) LIMITED
Regd. Office Anand Sojitra Road, Vallabh Vidyanagar - 388 120.
Website: www.eimcoelecon.in CIN:L29199GJ1974PLC002574 email:[email protected]
STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED ON 31ST DECEMBER, 2022
| (Rs. in Lakh) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Sr. | Quarter Ended | Nine Months Ended | Year Ended | |||||
| No. | Particulars | 31.12.22 | 30.09.22 | 31.12.21 | 31.12.22 | 31.12.21 | 31.03.22 | |
| Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | |||
| 1 | Income | |||||||
| Revenue from Operations$ a\rangle$ | 3,808.73 | 3,689.44 | 2,262.70 | 10,846.03 | 4.843.95 | 8,444.37 | ||
| Other Income(b) | 294.45 | 340.02 | 162.66 | 653.05 | 665.29 | 917.77 | ||
| Total Income | 4,103.18 | 4,029.46 | 2,425.36 | 11,499.08 | 5,509.24 | 9,362,14 | ||
| $\overline{2}$ | Expenses | |||||||
| Cost of materials consumed(a) | 1,676.14 | 717.88 | 1,026.35 | 3,183.20 | 2,223.71 | 4,146.97 | ||
| (b)Purchase of stock-in-trade | 735.06 | 859.31 | 670.92 | 2,180.66 | 1,725.92 | 2,452.88 | ||
| (c)Changes in inventories of finished goods, work-in-progress and stock-in-trade | (618.80) | 169.98 | (920.89) | 355.57 | (2,053.96) | (2,928.34) | ||
| (d)Employee benefits expense | 405.32 | 369.20 | 378.79 | 1,171.79 | 949.55 | 1,248.54 | ||
| (e)Finance Cost | 23.46 | S.19 | 5.69 | 36.69 | 33.47 | 42.76 | ||
| 仍Depreciation and amortisation expense | 193.66 | 189.90 | 205.10 | 571.57 | 605.04 | 809.39 | ||
| (g)Compensation to Distributors | 390.07 | 342.09 | 275.73 | 1,084.75 | 557.50 | 997.02 | ||
| (h)Other Expenses | 622.74 | 588,46 | 521.63 | 1,771.13 | 975.66 | 1,605.22 | ||
| Total Expenses | 3,427.65 | 3,242.01 | 2,163.32 | 10,355.36 | 5,016.89 | 8,374.44 | ||
| 3 | Profit/(Loss) before share of profit in Associate (1-2) | 675.53 | 787.45 | 262.04 | 1,143.72 | 492.35 | 987.70 | |
| 4 | Share in profit (loss) of associate | 2.03 | 3.40 | 8.39 | 3.90 | 15.00 | 15.84 | |
| S | Profit/(Loss) before Tax (3+4) | 677.56 | 790.85 | 270.43 | 1,147.62 | 507.35 | 1,003.54 | |
| 6 | Tax Expense : | |||||||
| - Current Tax | 186.61 | 87.79 | 75.00 | 322.40 | 170.00 | 286.00 | ||
| - Adjustment of tax relating to earlier periods | (11.01) | (11.01) | 69.71 | 70.06 | ||||
| - Deferred Tax | 10.84 | 93.16 | 5.63 | (135.09) | (221.49) | (220.31) | ||
| Total Tax Expense | 186.44 | 180.95 | 80.63 | 176.30 | 18.22 | 135.75 | ||
| 7 | Net Profit/(Loss) for the period after tax (5-6) | 491.12 | 609.90 | 189.80 | 971.32 | 489.13 | 867.79 | |
| $\mathcal{R}$ | Other Comprehensive Income (net of tax) | |||||||
| Items that will not be classified to profit & Loss | ||||||||
| (i) Remeasurement of defined benefit plan | $\overline{\phantom{a}}$ | (37.37) | ||||||
| (ii) income tax related to items no (i) above | 10.88 | |||||||
| Other Comprehensive Income for the period (net of tax) | (26.49) | |||||||
| 9 | Total Comprehensive Income for the period (net of tax)(7+8) | 491.12 | 609.90 | 189.80 | 971.32 | 489.13 | 841.30 | |
| 10 | Paid-up Equity Share Capital ( Face Value Rs. 10/- per share) | 576.84 | 576.84 | 576.84 | 576.84 | 576.84 | 576.84 | |
| 11 | Other Equity | 32,707.19 | ||||||
| 12 | Earning per equity share: (Face Value of Rs. 10/- each) (for the period not annualised) | |||||||
| - Basic (in Rs.) | 8.51 | 10.57 | 3.29 | 16.84 | 8.48 | 15.04 | ||
| - Diluted (in Rs.) | 8.51 | 10.57 | 3.29 | 16,84 | 8.48 | 15.04 | ||
| (See accompanying notes to the consolidated financial results) |
Notes:
1 The consolidated unaudited financial results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company in its meetings held on 23rd January, 2023. The consolidated financials results have been reviewed by the Statutory Auditors as required under regulation 33 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, as amended and they have expressed an unmodified conclusion on this. The review report has been filed with the stock exchange and available on the Company's Website.
$\overline{2}$ Consolidated statement includes share in associate: Eimco Elecon Electricals Ltd.
$\mathfrak{z}$ The Company has only one reportable business segment i.e. Machinery and Spares which is applicable to standalone results.
Figures of corresponding previous quarters/period have been regrouped/rearranged wherever necessary, to make them comparable, $\Delta$
on ehalf of the Board of Directors For d o (India) Limited. Thir Cleri ţ. Vagar MURUL ARAYAN DWIVED! EXECUTIVA DIRECTOR DIN: 08442136
Place: Vallabh Vidyanagar Date: 23 January, 2023
