Elgi Equipments Ltd. — Interim / Quarterly Report 2022

Nov 8, 2021

==> picture [112 x 37] intentionally omitted <==

National Stock Exchange of lndia Ltd. Exchange Plaza, C-1, Block G Bandra Kurla Complex Bandra (E) Mumbai - 400 051

BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai - 400 001

Scrip Code : ELGIEQUIP

Scrip Code : 522074

Through : NEAPS

Through : BSE Listing Centre

Dear Sir/Madam,

Subject: Unaudited financial results of the Company for the quarter and half year ended September 30, 2021

This is to inform that at the meeting held today, the Board of Directors of the Company have approved the unaudited standalone and consolidated financial results of the Company for the quarter and half year ended September 30, 2021. In this connection, we enclose the following:

• a) Unaudited Standalone Financial Results;

• b) Unaudited Consolidated Financial Results;

• c) Segment Report;

• d) Statement of Assets and Liabilities - Standalone and Consolidated;

• e) Cash Flow Statements - Standalone and Consolidated;

• f) Limited Review Reports - Standalone and Consolidated;

• g) Press Release being made in this connection.

The meeting commenced at 4:30 P.M. and concluded at 6.45 P.M. The above information will be made available on the Company’s website www.elgi.com.

This is for your information and records.

Yours faithfully,

For Elgi Equipments Limited

==> picture [95 x 45] intentionally omitted <==

S Prakash Company Secretary

Encl.: a/a

==> picture [568 x 66] intentionally omitted <==

==> picture [88 x 27] intentionally omitted <==

Statement of Unaudited Standalone Financial Results for the quarter and half year ended September 30, 2021

		(Rs. in Millions,exceptper equityshare data)	(Rs. in Millions,exceptper equityshare data)	(Rs. in Millions,exceptper equityshare data)	(Rs. in Millions,exceptper equityshare data)	(Rs. in Millions,exceptper equityshare data)	(Rs. in Millions,exceptper equityshare data)
S. No.	Particulars	Quarter ended			Half-Year ended		Year ended
		September 30, 2021	June 30, 2021	September 30, 2020	September 30, 2021	September 30, 2020	March 31, 2021
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
1 2	Income (a) Revenue from operations (b) Other income (refer note 5) Total income Expenses (a) Cost of materials consumed (b) Purchases of stock-in-trade (c) Changes in inventories of finished goods, stock-in-trade and work-in-progress (d) Employee benefits expense (e) Finance costs (h) Depreciation and amortisation expense (g) Other expenses Total expenses	4,165.19 166.66	3,014.15 98.25	2,652.45 65.33	7,179.34 264.91	3,845.14 122.29	11,001.70 240.60
		4,331.85	3,112.40	2,717.78	7,444.25	3,967.43	11,242.30
		2,234.53 342.33 (50.91) 417.45 5.01 91.31 546.60	1,638.78 293.78 (106.45) 427.95 5.28 86.85 418.38	1,073.53 362.91 42.92 391.39 9.08 88.74 352.80	3,873.31 636.11 (157.36) 845.40 10.29 178.16 964.98	1,570.64 459.93 156.22 733.73 21.01 177.62 546.89	5,330.47 944.19 114.08 1,563.13 36.80 353.29 1,498.42
		3,586.32	2,764.57	2,321.37	6,350.89	3,666.04	9,840.38
3	Profit/(loss) before tax(1 - 2)	745.53	347.83	396.41	1,093.36	301.39	1,401.92
4	Tax expense: Current tax Deferred tax	185.65 (9.31)	95.78 (8.07)	110.98 (12.87)	281.43 (17.38)	76.49 (2.80)	361.55 (10.53)
5	Net Profit/(loss) for the period (3 - 4)	569.19	260.12	298.30	829.31	227.70	1,050.90
6 7 8 9 10 11	Other comprehensive income/(loss), net of income tax A. Items that will not be reclassified to profit or loss B. Items that will be reclassified to profit or loss Total other comprehensive income/(loss), net of income tax Total comprehensive income/(loss) for the period (5+6) Paid-up equity share capital (Face value Re. 1/- each) Weighted average number of shares outstanding for (a) Basic EPS (b) Diluted EPS Earnings per share (of Re. 1 /- each) (not annualised): (a) Basic (b) Diluted Reserves excluding Revaluation reserve	10.26 -	15.47 -	(3.30) -	25.73 -	10.45 -	47.33 -
		10.26	15.47	(3.30)	25.73	10.45	47.33
		579.45	275.59	295.00	855.04	238.15	1,098.23
		316.91 316.31 316.31 1.80 1.80	316.91 316.31 316.45 0.82 0.82	316.91 316.62 316.62 0.94 0.94	316.91 316.31 316.31 2.62 2.62	316.91 316.65 316.65 0.72 0.72	316.91 316.48 316.48 3.32 3.32 7,840.29

For and on behalf of the Board of Directors

BASKAR Digitally signed by BASKAR PANNERSELV PANNERSELVAM AM Date: 2021.11.08 18:12:29 +05'30'

Place: New Delhi Date: November 08, 2021

JAIRAM Digitally signed by JAIRAM VARADAR VARADARAJ Date: 2021.11.08 AJ 17:50:12 +05'30' Jairam Varadaraj Managing Director

==> picture [446 x 13] intentionally omitted <==

==> picture [446 x 13] intentionally omitted <==

==> picture [446 x 13] intentionally omitted <==

==> picture [446 x 13] intentionally omitted <==

==> picture [88 x 27] intentionally omitted <==

Notes:

1	The above Unaudited standalone financial results were reviewed by the Audit Committee and approved by the Board of Directors of Elgi Equipments Limited ("the Company") at its meeting held on November 08, 2021. The statutory auditors of the Company have carried out a limited review of the above financial results for the quarter and half year ended September 30, 2021.
2	This statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable.
3	The spread of COVID-19 impacted businesses around the globe from March 2020 onwards. The situation is constantly evolving and Governments in certain states imposed various restrictions during the previous year and also during the quarter ended June 2021. The covid related restrictions are being relaxed globally with growing rate of vaccination. As at September 30, 2021, the Company has made detailed assessment of its liquidity position for the next one year and of the recoverability and carrying values of its assets comprising Property, plant and equipment, Intangible assets, Trade receivables, Inventory and Investments and has concluded that were are no material adjustments required in the standalone financials results. The Company will continue to monitor any material changes to the future economic conditions.
4	The business activities reflected in the above standalone financial results comprise of manufacturing and sale of compressors. Accordingly, there is no other reportable segment as per Ind AS 108 Operating Segments.
5	Other income for the quarter and half year ended September 30, 2021 includes 38.37 million pertaining to profit on sale of properties.
6	Figures for the comparative periods have been regrouped wherever necessary in conformity with present classification.

For and on behalf of the Board of Directors

Digitally signed by JAIRAM JAIRAM VARADARAJ VARADARAJ Date: 2021.11.08 17:50:30 +05'30'

Jairam Varadaraj Managing Director

==> picture [446 x 13] intentionally omitted <==

==> picture [446 x 13] intentionally omitted <==

==> picture [446 x 13] intentionally omitted <==

==> picture [446 x 13] intentionally omitted <==

Place: New Delhi Date: November 08, 2021

==> picture [82 x 25] intentionally omitted <==

Statement of Unaudited Consolidated Financial Results for the quarter and half year ended September 30, 2021

		(Rs. in Millions,except share andper equityshare data)	(Rs. in Millions,except share andper equityshare data)	(Rs. in Millions,except share andper equityshare data)	(Rs. in Millions,except share andper equityshare data)	(Rs. in Millions,except share andper equityshare data)	(Rs. in Millions,except share andper equityshare data)
S. No.	Particulars	Quarter ended			Half-year ended		Year ended
		September 30, 2021	June 30, 2021	September 30, 2020	September 30, 2021	September 30, 2020	March 31, 2021
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
1 2	Income (a) Revenue from operations (b) Other income (refer note 6) Total income Expenses (a) Cost of materials consumed (refer note 8) (b) Purchases of stock-in-trade (refer note 8) (c) Changes in inventories of finished goods, stock-in-trade and work-in-progress (e) Employee benefits expense (f) Finance costs (g) Depreciation and amortisation expense (h) Other expenses (refer note 5) Total expenses	6,520.35 173.02	4,894.42 118.93	4,802.69 52.60	11,414.77 291.95	7,663.98 110.04	19,240.50 234.98
		6,693.37	5,013.35	4,855.29	11,706.72	7,774.02	19,475.48
		2,958.66 729.37 (68.08) 1,170.26 27.99 182.78 928.59	2,342.86 692.27 (404.76) 1,186.45 29.08 185.21 756.33	1,584.75 726.63 194.42 1,010.37 34.48 181.69 623.21	5,301.52 1,421.64 (472.84) 2,356.71 57.07 367.99 1,684.92	2,408.74 1,230.35 352.09 1,886.35 71.40 356.19 1,036.35	7,380.19 2,589.11 306.40 4,117.42 134.83 743.38 2,690.81
		5,929.57	4,787.44	4,355.55	10,717.01	7,341.47	17,962.14
3	Profit before share of profit/(loss) of joint ventures and tax (1 - 2)	763.80	225.91	499.74	989.71	432.55	1,513.34
4	Share of Profit/(loss) of joint venture	6.86	0.46	9.87	7.32	9.64	14.16
5	Profit/(loss) before tax(3+ 4)	770.66	226.37	509.61	997.03	442.19	1,527.50
6	Tax expense: Current tax Deferred tax	236.52 17.98	120.53 (14.34)	136.59 40.56	357.05 3.64	132.34 64.70	515.57 (12.92)
7	Net Profit/(loss) for the period (5 -6)	516.16	120.18	332.46	636.34	245.15	1,024.85
8 9 10 11 12 13	Other comprehensive income/(loss), net of income tax A. Items that will not be reclassified to profit or loss B. Items that will be reclassified to profit or loss Total other comprehensive income, net of income tax Total comprehensive income for the period (7 +8) Net Profit attributable to: - Owners - Non-controlling interests Total comprehensive income attributable to: - Owners - Non-controlling interests Paid-up equity share capital (Face value Re. 1/- each) Weighted average number of shares outstanding for (a) Basic EPS (b) Diluted EPS Earnings per share (of Re. 1 /- each) (not annualised): (a) Basic (b) Diluted Reserves excluding Revaluation reserve	10.26 13.71	15.47 (2.98)	(3.30) (17.64)	25.73 10.73	10.45 (9.94)	47.48 (22.18)
		23.97	12.49	(20.94)	36.46	0.51	25.30
		540.13	132.67	311.52	672.80	245.66	1,050.15
		516.16 - 540.13 - 316.91 316.31 316.31 1.63 1.63	120.18 - 132.67 - 316.91 316.31 316.45 0.38 0.38	332.46 - 311.52 - 316.91 316.62 316.62 1.05 1.05	636.34 - 672.80 - 316.91 316.31 316.31 2.01 2.01	245.15 - 245.66 - 316.91 316.65 316.65 0.77 0.77	1,024.85 - 1,050.15 - 316.91 316.48 316.48 3.24 3.24 8,381.95

For and on behalf of the Board of Directors

BASKAR Digitally signed by BASKAR PANNERSELV PANNERSELVAM Date: 2021.11.08 AM 18:13:17 +05'30'

Place: New Delhi Date: November 08, 2021

JAIRAM Digitally signed by VARADARA JAIRAM VARADARAJ Date: 2021.11.08 J 17:50:59 +05'30'

Jairam Varadaraj Managing Director

==> picture [410 x 13] intentionally omitted <==

==> picture [410 x 13] intentionally omitted <==

==> picture [410 x 13] intentionally omitted <==

==> picture [410 x 7] intentionally omitted <==

==> picture [82 x 25] intentionally omitted <==

Notes:

1	The above Unaudited consolidated financial results were reviewed by the Audit Committee and approved by the Board of Directors of Elgi Equipments Limited ("the
	Company") at their meeting held on November 08, 2021. The statutory auditors of the Company have carried out a limited review of the financial results for the quarter
	and half year ended September 30, 2021.
2	This statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies
	Act, 2013 and other recognised accounting practices and policies to the extent applicable.
3	The spread of COVID-19 impacted businesses around the globe from March 2020 onwards. The situation is constantly evolving and Governments in certain
	states/countries imposed various restrictions during the previous year and also during the quarter ended June 2021. The covid related restrictions are being relaxed
	globally with growing rate of vaccination.
	As at September 30, 2021, the Company, its subsidiaries and jointly controlled entities have made detailed assessment of their liquidity position for the next one year and
	of the recoverability and carrying values of their assets comprising Property, plant and equipment, Intangible assets, Trade receivables, Inventory and Investments and has
	concluded that there are no material adjustments required in the consolidated financial results.
	The Company, its subsidiaries and jointly controlled entitiesy will continue to monitor any material changes to the future economic conditions.
4	The Group has organised the businesses into two categories viz., Air Compressors and Automotive Equipments. This reporting complies with the Ind AS segment reporting
	principles. Refer Annexure I attached herewith.
5	The Company’s Chinese subsidiary Elgi Equipments (Zhejiang) Limited was deregistered on July 05, 2021. Consequently, loss arising on deconsolidation of the subsidiary,
	amounting to 19.18 million is recognised as part of Other expenses for the quarter and half year ended September 30, 2021.
6	Other income for the quarter and half year ended September 30, 2021 includes 121.25 million pertaining to profit on sale of properties.
7	The above statement includes the results of the following entities:

Subsidiaries

1. Adisons Precision Instruments Manufacturing Company Limited

2. ATS Elgi Limited

3. Elgi Gulf FZE

4. Elgi Compressors Do Brasil Imp.E.Exp LTDA

5. Elgi Equipments Australia Pty Limited

6. Elgi Compressors Italy S.R.L

7. Rotair SPA

8. Elgi Compressors USA Inc.

9. Patton's Inc.

10. Patton's Medical LLC.

11. PT Elgi Equipments Indonesia

12. Ergo Design Private Limited

13. Industrial Air Compressors Pty Ltd

14. F.R. Pulford & Son Pty Limited

15. Advanced Air Compressors Pty Ltd

16. Elgi Compressors Europe S.R.L

17. Elgi Gulf Mechanical and Engineering Equipment Trading LLC

18. Michigan Air Solutions LLC.

19. Elgi Compressors Iberia S.L.

20. Elgi Equipments Limited Employees Stock Option Trust

21. Elgi Compressors Eastern Europe sp. z.o.o.

22. Elgi Compressors Nordics

23. Elgi Compressors France SAS

24. Elgi Compressors UK and Ireland Limited

25. Elgi Compressors (M) SDN. BHD.

26. Elgi Compressors Southern Europe S.R.L

27. Elgi Equipments (Zhejiang) Limited (Till July 05, 2021)

Joint ventures

1. Elgi Sauer Compressors Limited

2. Industrial Air Solutions LLP

3. Evergreen Compressed Air and Vacuum LLC (jointly controlled entity of Elgi Compressors USA Inc.)

4. Compressed Air Solutions of Texas LLC (jointly controlled entity of Elgi Compressors USA Inc.)

5. PLA Holding Company LLC (jointly controlled entity of Elgi Compressors USA Inc.)

6. Patton’s Of California LLC (jointly controlled entity of Elgi Compressors USA Inc.)

7. G3 Industrial Solutions LLC (jointly controlled entity of Elgi Compressors USA Inc.) 8. Gentex Air Solutions LLC (jointly controlled entity of Elgi Compressors USA Inc.)

Joint operations

1. L.G. Balakrishnan & Bros.

	Joint operations 1. L.G. Balakrishnan & Bros.
	2. Elgi Services
8	The Cost of material consumed and purchase of stock-in-trade has been reclassified for the comparative periods due				to an inadvertent classification earlier. The details are
	set out below
		Quarter	ended	Half year ended	Year ended
	Particulars
		June 30,	September 30,	September 30,	March 31,
		2021	2020	2020	2021
	(a) Cost of materials consumed
	As reported earlier	2,186.67	1,533.71	2,376.82	7,055.28
	Add: Reclassified from Purchase of stock-in-trade	156.19	51.04	31.92	324.91
	Reclassified and reported in the above results	2,342.86	1,584.75	2,408.74	7,380.19
	(b) Purchases of stock-in-trade
	As reported earlier	848.46	777.67	1,262.27	2,914.02
	Less: Reclassified to Cost of materials consumed	(156.19)	(51.04)	(31.92)	(324.91)
	Reclassified and reported in the above results	692.27	726.63	1,230.35	2,589.11
	The above reclassification does not have any impact on the reported profits or segment results for the comparative periods.
9	Figures for the comparative periods have been regrouped wherever necessary in conformity with present classification.

For and on behalf of the Board of Directors

JAIRAM Digitally signed by JAIRAM VARADARAJ VARADARAJ Date: 2021.11.08 17:51:13 +05'30'

==> picture [410 x 13] intentionally omitted <==

==> picture [410 x 13] intentionally omitted <==

==> picture [410 x 13] intentionally omitted <==

==> picture [410 x 7] intentionally omitted <==

Jairam Varadaraj Managing Director

Place: New Delhi Date: November 08, 2021

==> picture [81 x 25] intentionally omitted <==

Annexure I - Segment Revenue, Results and Capital Employed	Annexure I - Segment Revenue, Results and Capital Employed	Annexure I - Segment Revenue, Results and Capital Employed	Annexure I - Segment Revenue, Results and Capital Employed	Annexure I - Segment Revenue, Results and Capital Employed	Annexure I - Segment Revenue, Results and Capital Employed	Annexure I - Segment Revenue, Results and Capital Employed	Annexure I - Segment Revenue, Results and Capital Employed
		(Rs. in Millions)
Sl No.	Particulars		Quarter ended		Halfyear ended		Year ended
		September 30, 2021	June 30, 2021	September 30, 2020	September 30, 2021	September 30, 2020	March 31, 2021
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
1 2 3 4 **5 **	Segment Revenue a) Air Compressors b) Automotive equipments Less: Inter segment revenue Income from operations Segment Results (Profit before share of profit/(loss) of joint ventures and tax) a) Air Compressors b) Automotive equipments Add:Inter segment result Segment Assets a) Air Compressors b) Automotive equipments Less: Inter segment assets Segment Liabilities a) Air Compressors b) Automotive equipments Less: Inter segment liabilities Capital Employed [Segment Assets - Segment Liabilities] a) Air Compressors b) Automotive equipments Add: Inter segment capital employed	5,991.54 537.42	4,628.56 267.78	4,437.39 365.97	10,620.10 805.20	7,103.75 561.11	17,694.53 1,547.32
		6,528.96 8.61	4,896.34 1.92	4,803.36 0.67	11,425.30 10.53	7,664.86 0.88	19,241.85 1.35
		6,520.35	4,894.42	4,802.69	11,414.77	7,663.98	19,240.50
		715.58 48.19	242.95 (17.09)	471.49 28.10	958.53 31.10	421.99 10.26	1,379.09 133.77
		763.77 0.03	225.86 0.05	499.59 0.15	989.63 0.08	432.25 0.30	1,512.86 0.48
		763.80	225.91	499.74	989.71	432.55	1,513.34
		17,538.23 1,329.50	16,499.10 1,236.10	14,884.96 1,154.23	17,538.23 1,329.50	14,884.96 1,154.23	16,390.70 1,290.27
		18,867.73 11.55	17,735.20 12.72	16,039.19 16.17	18,867.73 11.55	16,039.19 16.17	17,680.97 13.87
		18,856.18	17,722.48	16,023.02	18,856.18	16,023.02	17,667.10
		9,301.66 426.52	8,588.81 316.12	7,825.84 321.54	9,301.66 426.52	7,825.84 321.54	8,615.90 367.56
		9,728.18 12.99	8,904.93 14.11	8,147.38 17.34	9,728.18 12.99	8,147.38 17.34	8,983.46 15.22
		9,715.19	8,890.82	8,130.04	9,715.19	8,130.04	8,968.24
		8,236.57 902.98	7,910.29 919.98	7,059.12 832.69	8,236.57 902.98	7,059.12 832.69	7,774.80 922.71
		9,139.55 1.44	8,830.27 1.39	7,891.81 1.17	9,139.55 1.44	7,891.81 1.17	8,697.51 1.35
		9,140.99	8,831.66	7,892.98	9,140.99	7,892.98	8,698.86
For and on behalf of the Board of Directors Place: New Delhi Jairam Varadaraj Date: November 08, 2021 Managing Director JAIRAM VARADARAJ Digitally signed by JAIRAM VARADARAJ Date: 2021.11.08 17:51:30 +05'30'

	For and on behalf of the Board of Directors
Place: New Delhi	Jairam Varadaraj JAIRAM VARADARAJ Digitally signed by JAIRAM VARADARAJ Date: 2021.11.08 17:51:30 +05'30'
Date: November 08, 2021	Managing Director

==> picture [409 x 13] intentionally omitted <==

==> picture [409 x 13] intentionally omitted <==

==> picture [409 x 13] intentionally omitted <==

==> picture [409 x 7] intentionally omitted <==

(Rs. in Millions)

==> picture [100 x 30] intentionally omitted <==

Unaudited Standalone Statement of Assets and Liabilities as at September 30, 2021

aue aaoe aee o sses a aes as a epe	e , (Rs. in Millions)	e , (Rs. in Millions)
Particulars	As at
	September 30, 2021	March 31, 2021
	(Unaudited)	(Audited)
ASSETS Non-current assets Property, plant and equipment Right of use assets Capital work-in-progress Investment properties Goodwill Other intangible assets Intangible assets under development Financial assets (i) Investments (ii) Loans (iii) Other financial assets Current tax assets (Net) Deffered tax assets (Net) Other non-current assets	1,867.62 23.88 132.57 54.84 1.23 45.14 0.45 1,853.62 577.32 35.16 - 46.54 57.99	1,972.37 27.78 40.18 55.04 1.23 53.06 - 1,777.28 565.81 34.83 - 29.16 54.32
Total non-current assets	4,696.36	4,611.06
Current Assets Inventories Financial assets (i) Trade receivables (ii) Cash and cash equivalents (iii) Bank balances other than (ii) above (iv) Deposits with financial institutions (v) Loans (vi) Other financial assets Other current assets	1,912.54 3,391.65 344.70 1,181.32 610.00 46.91 156.78 382.00	1,385.84 3,301.57 742.78 859.06 305.00 59.81 103.95 327.20
Total current assets	8,025.90	7,085.21
Total assets	12,722.26	11,696.27
EQUITY AND LIABILITIES EQUITY Equity share capital Other equity	316.91 8,445.07	316.91 7,840.29
Total equity	8,761.98	8,157.20
LIABILITIES Non-current liabilities Financial liabilities (i) Lease liabilities Provisions	20.08 58.90	23.81 52.64
Total non-current liabilities	78.98	76.45
Current liabilities Financial liabilities (i) Borrowings (ii) Lease liabilities (iii) Trade payables (a) Total outstanding dues of micro and small enterprises (b) Total outstanding dues of creditors other than micro and small enterprises (iv) Other financial liabilities Provisions Current tax liabilities (Net) Other current liabilities	980.00 6.36 456.10 1,671.92 246.45 164.10 181.32 175.05	1,013.84 6.32 432.80 1,371.73 252.39 114.41 139.09 132.04
Total current liabilities	3,881.30	3,462.62
Total liabilities	3,960.28	3,539.07
Total equity and liabilities	12,722.26	11,696.27

For and on behalf of the Board of Directors

Digitally signed by JAIRAM JAIRAM VARADARAJ VARADARAJ Date: 2021.11.08 17:51:45 +05'30' Jairam Varadaraj Managing Director

Place: New Delhi Date: November 08, 2021

==> picture [501 x 10] intentionally omitted <==

==> picture [501 x 11] intentionally omitted <==

==> picture [501 x 11] intentionally omitted <==

==> picture [501 x 11] intentionally omitted <==

==> picture [501 x 11] intentionally omitted <==

==> picture [501 x 4] intentionally omitted <==

==> picture [93 x 29] intentionally omitted <==

Unaudited Consolidated Statement of Assets & Liabilities as at September 30, 2021

Unaudited Consolidated Statement of Assets & Liabilities as at September 3	, 2021 (Rs. in Millions)	, 2021 (Rs. in Millions)
Particulars	As at
	September 30, 2021	March 31, 2021
	(Unaudited)	(Audited)
ASSETS Non-current assets Property, plant and equipment Right of use assets Capital work-in-progress Investment properties Goodwill Other intangible assets Intangible assets under development Investments accounted for using the equity method Financial assets (i) Investments (ii) Loans (iii) Other financial assets Deferred tax assets (Net) Current tax assets (Net) Other non-current assets	2,447.41 576.42 136.09 167.99 1,887.83 423.03 0.45 157.31 103.80 57.86 61.72 145.52 20.70 57.99	2,577.27 624.62 41.23 168.01 1,879.12 470.98 - 152.65 85.02 54.29 61.31 145.62 19.71 54.32
Total non-current assets	6,244.12	6,334.15
Current Assets Inventories Financial assets (i) Trade receivables (ii) Cash and cash equivalents (iii) Bank balances other than (ii) above (iv) Deposits with financial institutions (v) Loans (vi) Other financial assets Assets held for sale Other current assets	4,357.40 3,806.61 1,027.91 1,669.68 715.00 47.24 112.37 226.97 648.88	3,426.93 3,997.32 1,278.19 1,342.70 430.00 60.13 95.93 223.54 478.21
Total current assets	12,612.06	11,332.95
Total assets	18,856.18	17,667.10
EQUITY AND LIABILITIES EQUITY Equity share capital Other equity	316.91 8,824.08	316.91 8,381.95
Total equity	9,140.99	8,698.86
LIABILITIES Non-current liabilities Financial liabilities (i) Long term borrowings (ii) Lease liabilities (iii) Other financial liabilities Provisions Deferred tax liabilities(Net)	683.74 461.72 18.33 118.74 23.99	811.60 504.20 26.46 120.15 20.78
Total non-current liabilities	1,306.52	1,483.19
Current liabilities Financial liabilities (i) Borrowings (ii) Lease liabilities (iii) Trade payables (a) Total outstanding dues of micro and small enterprises (b) Total outstanding dues of creditors other than micro and small enterprises (iv) Other financial liabilities Provisions Current Tax Liabilities (Net) Other current liabilities	3,675.55 157.74 516.71 2,621.32 601.77 154.63 272.00 408.95	3,164.69 159.41 482.70 2,406.54 639.17 132.41 198.70 301.43
Total current liabilities	8,408.67	7,485.05
Total liabilities	9,715.19	8,968.24
Total equity and liabilities	18,856.18	17,667.10

For and on behalf of the Board of Directors

Place: New Delhi Date: November 08, 2021

Digitally signed by JAIRAM JAIRAM VARADARAJ VARADARAJ Date: 2021.11.08 17:52:00 +05'30' Jairam Varadaraj Managing Director

==> picture [470 x 49] intentionally omitted <==

Unaudited Standalone Statement of Cash Flows

==> picture [100 x 30] intentionally omitted <==

Unaudited Standalone Statement of Cash Flows	(Rs. in Millions)
Particulars	Halfyear ended
	September 30, 2021	September 30, 2020
Cash flow from operating activities Profit before tax Adjustments for : Depreciation and amortisation expense Bad debts and allowance for doubtful debts Gain on disposal of property, plant and equipment Rental income from Investment property (net of expenses) Dividend and interest income classified as investing cash flows Net unrealised exchange differences Finance costs Financial guarantee commission Non-cash employee share based payments Write back of provisions made for loan to subsidiary Change in operating assets and liabilities (Increase)/decrease in trade receivables (Increase)/decrease in inventories Increase/(decrease) in trade payables (Increase)/decrease in other financial assets (Increase)/decrease in other current assets Increase/(decrease) in provisions Decrease in other financial liabilities Increase in other current liabilities Cash generated from operations Income taxes paid (net of refund)	1,093.36 178.16 3.99 (38.37) (13.04) (128.14) (17.22) 10.29 (3.06) 2.17 - (89.07) (526.70) 321.96 (26.57) (54.80) 28.58 (77.45) 43.01	301.39 177.62 22.08 (0.01) (5.00) (48.92) (50.90) 21.01 - 0.80 (18.20) 217.60 224.99 (69.46) 21.05 71.07 7.38 (23.35) 1.48
	707.10 (241.50)	850.63 (16.31)
Net cash inflow/(outflow) from operating activities	465.60	834.32
Cash flows from investing activities Payments for property, plant and equipment and intangible assets Investments in subsidiaries Investment in deposits with Banks/Financial institutions Rental income from Investment property (net of expenses) (Loans to)/repayment from subsidiaries Loans recovered from employees (net) Proceeds from sale of property, plant and equipment Dividends received Interest received	(89.34) (17.89) (627.26) 13.04 - 9.34 40.26 74.47 33.81	(30.13) - (463.37) 5.00 56.80 18.59 0.01 10.48 17.74
Net cash outflow from investing activities	(563.57)	(384.88)
Cash flows from financing activities Short term Loans repaid to banks Payment of lease liabilities Purchase of shares for ESOP scheme Dividends paid to company’s shareholders Interest paid	(33.84) (3.15) - (252.68) (10.44)	- (3.86) (44.04) (1.79) (21.29)
Net cash inflow /(outflow) from financing activities	(300.11)	(70.98)
Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the financialyear	(398.08) 742.78	378.46 161.50
Cash and cash equivalents at end of theyear*	344.70	539.96

• includes restricted cash and cash equivalents in relation to balance in unclaimed dividend account.

For and on behalf of the Board of Directors

Place: New Delhi Date: November 08, 2021

JAIRAM Digitally signed by JAIRAM VARADAR VARADARAJ Date: 2021.11.08 AJ 17:52:14 +05'30' Jairam Varadaraj Managing Director

==> picture [501 x 10] intentionally omitted <==

==> picture [501 x 11] intentionally omitted <==

==> picture [501 x 11] intentionally omitted <==

==> picture [501 x 11] intentionally omitted <==

==> picture [501 x 11] intentionally omitted <==

==> picture [501 x 4] intentionally omitted <==

==> picture [95 x 29] intentionally omitted <==

Unaudited Consolidated Statement of Cash Flows

Unaudited Consolidated Statement of Cash Flows
Particulars	Half Year ended
	September 30, 2021	September 30, 2020
	(Unaudited)	(Unaudited)
Cash flow from operating activities Profit before tax Adjustments for Depreciation and amortisation expense Bad debts and allowance for doubtful debts Gain on disposal of property, plant and equipment Share of profits of associates and joint ventures Rental income from Investment property (net of expenses) Net unrealised exchange differences Loss recognised on loss of control over subsidiary Non-cash employee share based payments Dividend and interest income classified as investing cash flows Finance costs Change in operating assets and liabilities, net of effects from purchase of Increase in trade receivables (Increase)/decrease in inventories Increase/(decrease) in trade payables (Increase)/decrease in other financial assets (Increase)/decrease in other current assets Increase in provisions Increase/(decrease) in other financial liabilities Increase/(decrease) in other current liabilities Cash generated from operations Income taxes paid (net of refund)	997.03 367.99 9.46 (138.88) (7.32) (10.24) (25.31) 19.18 3.08 (56.27) 57.07 181.25 (930.47) 248.79 (4.32) (170.67) 29.94 (112.89) 107.52	442.19 356.19 24.86 0.08 (9.64) (7.14) (55.90) - 1.42 (38.46) 71.40 271.86 455.96 (130.35) 21.44 71.26 5.34 67.76 (5.02)
	564.94 (287.04)	1,543.25 (36.82)
Net cash inflow from operating activities	277.90	1,506.43
Cash flows from investing activities Payments for property, plant and equipment and intangible assets Payments for settlement of contingent consideration in relation to acquisition of business Investment in Joint Ventures Loans (given to)/recovered from employees Proceeds from sale of property, plant and equipment Rental income from Investment property (net of expenses) Dividends received on equity instruments Dividends received from associate and joint venture Investments in Deposits with Banks/Financial institutions Interest received	(144.64) - (15.34) 9.32 151.32 10.24 0.47 18.00 (611.98) 50.00	(111.90) (73.49) (42.72) 23.14 11.60 7.14 0.25 11.72 (528.71) 26.74
Net cash outflow from investing activities	(532.61)	(676.23)
Cash flows from financing activities Interest paid Purchase of shares for ESOP scheme Proceeds from Long term borrowings from banks Repayment of Long term borrowings to banks Net Short term loans borrowed from Banks Payment of lease liabilities Dividends paid to company’s shareholders	(52.98) - - (159.97) 553.22 (83.56) (252.28)	(67.85) (44.04) 125.82 (175.61) (83.81) (62.03) (1.79)
Net cash inflow/(outflow) from financing activities	4.43	(309.31)
Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the financialyear	(250.28) 1,278.19	520.89 455.10
Cash and cash equivalents at end of theyear*	1,027.91	975.99

• includes restricted cash and cash equivalents in relation to balance in unclaimed dividend account.

For and on behalf of the Board of Directors Digitally signed by JAIRAM JAIRAM VARADARAJ VARADARAJ Date: 2021.11.08 17:52:31 +05'30' Place: New Delhi Jairam Varadaraj Date: November 08, 2021 Managing Director

==> picture [478 x 51] intentionally omitted <==

==> picture [380 x 20] intentionally omitted <==

Independent Auditors’ Report on Review of Interim Standalone Financial Results

To

The Board of Directors

Elgi Equipments Limited Elgi Industrial Complex III Trichy Road, Singanallur Coimbatore - 641 005.

1. We have reviewed the unaudited interim standalone financial results of Elgi Equipments Limited (the “Company”) [in which are included results of two jointly controlled entities (representing joint operations)] for the quarter ended September 30, 2021 and the year to date results for the period April 01, 2021 to September 30, 2021 which are included in the accompanying ‘Statement of Unaudited Standalone Financial Results, the Unaudited Standalone Statement of Assets and Liabilities as on that date and the Unaudited Standalone Statement of Cash Flows for the halfyear ended on that date (the “Statement”). The Statement has been prepared by the Company pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations, 2015”), which has been signed by us for identification purposes.

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

3. We conducted our review in accordance with the Standard on Review Engagement (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 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 significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the Statement has not been prepared in all material respects in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India and has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement.

Price Waterhouse Chartered Accountants LLP, 8[th] Floor, Prestige Palladium Bayan, 129-140, Greams Road, Chennai – 600 006, India

T: +91 (44) 4228 5000, F: +91 (44) 4228 5100

Registered office and Head Office: Sucheta Bhawan, 11A Vishnu Digambar Marg, New Delhi – 110002

Price Waterhouse (a Partnership Firm) Converted into Price Waterhouse Chartered Accountants LLP (a Limited Liability Partnership with LLP identity no: LLPINAAC-5001) with effect from July 25, 2014. Post its conversion to Price Waterhouse Chartered Accountants LLP, its ICAI registration number is 012754N/N500016 (ICAI registration number before conversion was 012754N)

==> picture [380 x 20] intentionally omitted <==

1. The Statement includes the interim financial results of two jointly controlled entities (representing joint operations) which have not been reviewed by their auditors, whose interim financial results reflect total assets of Rs. 133.46 million and net assets of Rs. 133.20 million as at September 30, 2021, and total revenue of Rs. Nil, total net profit of Rs. 0.07 million and Rs.6.69 million, total comprehensive income of Rs. 0.07 million and Rs.6.69 million, for the quarter ended September 30, 2021 and for the period from April 01, 2021 to September 30, 2021 respectively, and net cash inflows of Rs. 5.08 million for the period from April 01, 2021 to September 30, 2021, as considered in the Statement. According to the information and explanations given to us by the Management, these interim financial results are not material to the Company.

Our conclusion is not modified in respect of this matter.

For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 012754N/N500016 Chartered Accountants

Digitally signed by BASKAR BASKAR PANNERSELVAM PANNERSELVAM Date: 2021.11.08 18:14:04 +05'30'

Baskar Pannerselvam

Partner Place: Chennai Membership Number: 213126 Date: November 8, 2021 UDIN: 21213126AAAAGQ1239

==> picture [380 x 20] intentionally omitted <==

Independent Auditors’ Report on Review of Interim Consolidated Financial Results

To The Board of Directors

Elgi Equipments Limited Elgi Industrial Complex III Trichy Road, Singanallur Coimbatore - 641 005

1. We have reviewed the unaudited interim consolidated financial results of Elgi Equipments Limited (the “Parent”), its subsidiaries (the parent and its subsidiaries hereinafter referred to as the “Group”), and its share of net profit after tax and total comprehensive income of its jointly controlled entities (refer Note 7 on the Statement) for the quarter ended September 30, 2021 and the year to date results for the period April 01, 2021 to September 30, 2021 which are included in the accompanying ‘Statement of Unaudited Consolidated Financial Results, the Unaudited Consolidated Statement of Assets and Liabilities as on that date and the Unaudited Consolidated Statement of Cash Flows for the half-year ended on that date (the “Statement”). The Statement is being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”), which has been signed by us for identification purposes.

2. This Statement, which is the responsibility of the Parent’s Management and has been approved by the Parent’s Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”), prescribed under Section 133 of the Companies Act, 2013, 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. 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 of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

==> picture [128 x 79] intentionally omitted <==

Price Waterhouse Chartered Accountants LLP, 8[th] Floor, Prestige Palladium Bayan, 129-140, Greams Road, Chennai – 600 006, India

Registered office and Head Office: Sucheta Bhawan, 11A Vishnu Digambar Marg, New Delhi – 110002

Price Waterhouse (a Partnership Firm) Converted into Price Waterhouse Chartered Accountants LLP (a Limited Liability Partnership with LLP identity no: LLPINAAC-5001) with effect from July 25, 2014. Post its conversion to Price Waterhouse Chartered Accountants LLP, its ICAI registration number is 012754N/N500016 (ICAI registration number before conversion was 012754N)

T: +91 (44) 4228 5000, F: +91 (44) 4228 5100

==> picture [380 x 20] intentionally omitted <==

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

Subsidiaries:

• (i) Elgi Compressors USA Inc., its subsidiaries and its jointly controlled entities

• (ii) PT Elgi Equipments Indonesia

• (iii) ATS Elgi Limited

• (iv) Adison Precision Instruments Manufacturing Company Limited

• (v) Ergo Design Private Limited

• (vi) Elgi Gulf FZE. and its subsidiary

• (vii) Elgi Compressors Do Brazil Imp. E. Exp. Ltda

• (viii) Elgi Equipments Australia Pty Ltd.

• (ix) Industrial Air Compressors Pty Ltd. and its subsidiaries

• (x) Egi Compressors Italy S.R.L (formerly known as "Elgi Compressors Europe S.R.L") and its subsidiary

• (xi) Elgi Compressors Europe S.R.L (formerly known as "Elgi Compressors Belgium S.P.R.L") and its subsidiaries

• (xii) Elgi Equipments Limited Employee Stock Option Trust

• (xiii) Elgi Compressors (M) SDN. BHD.

• (xiv) Elgi Equipments(Zhejiang)Limited (Till July 05, 2021)

Jointly controlled entities

• (i) Elgi Sauer Compressors Limited (Joint Venture)

• (ii) Industrial Air Solutions LLP (Joint Venture)

• (iii) L.G. Balakrishnan & Bros (Joint Operations)

• (iv) Elgi Services (Joint Operations)

• 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 has not been prepared in all material respects in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India and has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

• We did not review the interim financial results of eight subsidiaries (including their relevant step-down subsidiaries and jointly controlled entities) included in the Statement, whose interim financial results reflect total assets of Rs. 10,078.36 million and net assets of Rs. 1,575.77 million as at September 30, 2021 and total revenues of Rs. 3,066.18 million and Rs. 5,630.11 million, total net loss after tax of Rs. 30.98 million and Rs. 76.75 million and total comprehensive loss of Rs. 23.07 million and Rs. 77.72 million, for the quarter ended September 30, 2021 and for the period from April 01, 2021 to September 30, 2021 respectively, and net cash inflows of Rs. 77.34 million for the period from April 01, 2021 to September 30, 2021, as considered in the the Statement. These interim financial results have been reviewed by other auditors in accordance with SRE 2400, Engagements to Review Historical Financial Statements/ ISRE 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity and their reports vide which they have issued an unmodified conclusion, have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries (including their relevant step-down subsidiaries and jointly controlled entities), is based solely on the reports of the 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 the above matters.

==> picture [128 x 79] intentionally omitted <==

==> picture [380 x 20] intentionally omitted <==

1. The Statement includes the interim financial results of six subsidiaries, two jointly controlled entities (representing joint operations) which have not been reviewed by their auditors, whose interim financial results reflect total assets of Rs. 465.94 million and net assets of Rs. 381.13 million as at September 30, 2021 and total revenues of Rs. 22.89 million and Rs. 42.87 million, total net profit after tax of Rs. 77.02 million and Rs. 83.76 million and total comprehensive income of Rs. 77.74 million and Rs. 85.19 million for the quarter ended September 30, 2021 and for the period from April 01, 2021 to September 30, 2021 respectively, and net cash inflows of Rs. 99.64 million for the period from April 01, 2021 to September 30, 2021, as considered in the Statement. The Statement also includes the Group’s share of net profit after tax of Rs. 8.45 million and Rs. 15.49 million and total comprehensive income of Rs. 8.18 million and Rs. 17.55 million for the quarter ended September 30, 2021 and for the period from April 01, 2021 to September 30, 2021 respectively, as considered in the Statement in respect of two joint ventures, based on their interim financial results which have not been reviewed by their auditors. According to the information and explanations given to us by the Management, these interim financial results are not material to the Group.

Our conclusion on the Statement is not modified in respect of the above matter.

For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 012754N/N500016 Chartered Accountants

BASKAR Digitally signed by BASKAR PANNERSE PANNERSELVAM Date: 2021.11.08 LVAM 18:14:37 +05'30'

Baskar Pannerselvam Partner Place: Chennai Membership Number: 213126 Date: November 8, 2021 UDIN: 21213126AAAAGR2357

==> picture [113 x 38] intentionally omitted <==

Press Release – November 8, 2021

Elgi Equipments Limited – Second quarter 2021-22 results

Elgi Equipments Ltd, manufacturer of air compressors, posted a PAT of Rs. 51.6 Crores for the September 2021 quarter, compared to a PAT of Rs. 33.2 Crores in the same period in 202021, on a consolidated basis. The standalone PAT for the quarter was Rs. 56.9 Crores as compared to a PAT of Rs. 29.8 Crores in the same period in 2020-21.

Consolidated sales for the quarter was Rs. 652 Crores as against Rs. 480 Crores in the corresponding quarter in 2020-21. Standalone sales for the quarter was Rs. 416 Crores compared to Rs. 265 Crores for the same quarter in 2020-21.

But for Australia and South East Asia which faced a resurgence of COVID related disruptions, the Company’s performance has been good across markets.

Raw material commodity prices increased repeatedly and frequently during the first quarter. With commitments made to government related orders, for supplying compressors for oxygen generators as well as longer gestation for price corrections in the markets, margins shrunk significantly. However, we expect that price correction and cost management would result in gradual recovery of the margins.

Sales of the Company’s automotive business bounced back to pre-COVID stage and increased by 45% when compared to the corresponding period of 2020-21.

Outlook for the third quarter - 2021-22

The performance in the second quarter is expected to continue in the third quarter as well.

For Elgi Equipments Limited

==> picture [166 x 57] intentionally omitted <==

Jayakanthan R Chief Financial Officer

==> picture [568 x 66] intentionally omitted <==