EPL LIMITED — Interim / Quarterly Report 2021

Nov 12, 2020

12 November 2020

1 Corporate Service Department	· The Listing Department1
l BSE Limited	National Stock Exchange of India Ltd\
1 25th Floor, Phiroze Jeejeebhoy Towers,	Exchange Plaza, Plot no. C/1, G Block,1
! Dalal Street, Mumbai 400 00 I	IBandra-Kurla Complex, Sandra (E)
I	IMumbai 400 051
	1 Scrip: Equity 500.1.35 NCDs. 95.7238 1 Trading. Symbol: EPL 1

Ref.: EPL Limited

Sub.: Unaudited financial results for the second quarte,r and half year ended 30 September 2020 and Outcome of the Board Meeting.

Dear Sirs,

This is to inform the exchanges that the Board of Directors of the Company at its meeting held on today i.e. 12 November 2020, inter alia, has approved the following:

• a) The Board has declared the Interim Dividend of Rs. 2.05/- per equity share of face value of Rs. 2 each. The interim dividend will be paid to the members whose names appear on the Register of Members/ beneficiary ownership position as on the 'Record Date' i.e. 23 November 2020. The Interim Dividend will be paid on or from 24 November 2020 by way of direct credit or dispatch of warrants/demand drafts or electronic mode to those who are members as on record date.
• b) Unaudited financial results for the Second quarter and half year ended 30 September 2020 of the Company's India standalone operations and consolidated global operations.

Please find attached herewith the above mentioned unaudited financial results and limited review report issued by Mis. Walker Chandiok & Co LLP, the Statutory Auditors of the Company, on the above mentioned financial results.

The above referred meeting was commenced at 2:30 p.m. and concluded at 5:00 p.m.

The above is pursuant to the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, for your information and record.

Thanking You Yours faithfully Fo;qftmited

S~Iiya Head - Legal & Company Secretary ~ Encl.: As above

Filed online

EPL LIMITED (Formerly known as Essel Propack Limited) Corporate Office: Top Floor, Times Tower, Kamala City, Senapati Bapat Marg, Lower Pare! Mumbai 400013, India www.eplglobal.com IT: +91-22-2481, 9000/9200 IF: +91-22-24963137

EPL UM/TED (Formerly known as ESSEL PROPACK LIMITED) CIN: L74950MH1982PLC028947

Regd. Office: P.O. Vaslnd, Taluka Shahapur, Dlst. Thane, Maharashtra-421604

STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2020

							(Rs In MIiiion, except per share data)
Particulars			Quarter ended			Half year ended	Year ended
		30-Sep	30.Jun	30•Sep	30-Sap	30-Sep	31-Mar
		2020	2020	2019	2020	2019	2020
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
1	Income
	a. Revenue from operations	7,703	M1S	7,306	16,118	13.803	27,601
	b. Other income	32	51	18	83	86	133
	Total Income	7,735	7,466	7,324	15,201	13,688	27,734
2	Expenses
	a. Cost of materials consumed	3,172	3,196	3,038	6,368	5,777	11,801
	b. Changes In Inventories of finished goods and goods-In•process	50	(57)	78	(7)	12	(233)
c.	Employee benefits expense	1,472	1,466	1,351	2,938	2,630	5,311
	d. Finance costs	97	162	156	259	293	556
	e. Depreciation and amortisation expense	578	579	576	1,157	1,144	2,298
f.	Other expenses	1,347	1,344	1,313	2,691	2,573	5,147
	Total expenses	6,716	6,690	6,512	13,406	12,429	24,880
3	Profit before share of profit / (loss) of an associate,	1,019	776	812	1,795	1,259	2,854
4	exceptional Items and tax (1·2)Share of orofiUlloss) from associate	(3)	-	(6)	(3)	(9)	(6)
5	Profit before exceptional Items and tax (3+4)	1,016	776	806	1,792	1,250	2,848
6	Exceotional items laain)/loss <net) 3)<="" <refer="" note="" td="">-1612031619494</net)>	-	161	203	161	94	94
7	Profit before tax for the oerlod l5-6)	1 016	615	603	1.631	1.156	2.754
8	Tax expense
i)	Current tax• current period	400	162	156	562	317	855
II)	-earlier periodDeferred tax charae / tcradlO	(86)	(25)	(107)150)	(25)(44)	(114)(51)	(116){101)
	Total tax exoense	334	22159	(1)	493	152	638
9	Net Profit after tax for the oerlod 17-8)	682	456	604	1.138	1.004	2116
10	Net Profit for the period attributable to:
	Owners of the Company	670	444	593	1,114	985	2,073
	Non-controlling Interest	12	12	11	24	19	43
11	nthArln1>ftrw1A / lltHUt\
a.	i) Items that will not be reclassified to orofit or lossii) Income tax relating to items that will not be	(7)2	(5)1	(2)0	(12)3	(5)1	(14)4
	reclassified to orofit or loss
	b. i) Items that will be reclassified to nrofit or loss	83	205	(156)	288	{243)	252
	ii) Income tax relating to items that will be reclassifiedto orofit or loss		-			-	-
	Total Other comprehensive lncome/(loss) (net of	78	201	(158)	279	(247)	243
	tax)
12	Total comorehenslve Income /lloss)(9+11)	760	657	446	1.417	758	2.359
13	Total comprehensive Income attributable to:
	Owners of the Company	748	646	432	1,394	734	2,304
	Non-controlling interest	12	11	14	23	24	55
14	Paid-up equity share capital (Face Value Rs. 2/-each)	631	631	631	631	631	631
15	Other equity ( excluding revaluation reserve)						14,695
16	Earnings per share (EPS)
	Basic	"2.12	"1.41	"1.88	"3.53	"3.12	6.57
	Diluted(" not annualised)	"2.12	"1.41	"1.88	"3.53	"3.12	6.57

EPL UM/TED (Formerly known as ESSEL PROPACK UM/TED)CIN: L74950MH1982PLC028947
Regd. Office : P.O. Vaslnd, Taluka Shahapur, Dlst. Thane, Mahar:ashtra - 421604
STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTSFOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2020
		Rs in Million)
Consolidated statement of assets and llabllltles	Asat	Asat31-Mar
	30-Sap2020	2020
	Unaudited	Audited
Assets
Non-current aHetl
(a) Property, plant and equipment	11,648	12,143
(b) Capital work-In-progress(c) Right of use asset	382817	311825
(d) GOOdwlll on consolidation	142	142
(e) Intangible assets	394	429
(f) Intangible assets under development	84	84
(g) Investment in associate accounted for using equity method	157	160
(h) Financial assets
(i) Loans(ii) Others	1005	97
(I) Deferred tax assets (net)	135	101
0) Non-current tax assets (net)	69	134
(k) Other non-current assets	301	94
Total non-current assets	14,232	14,620
Current assets(a) Inventories	4,023	3,672
(b) Financial assets
(i) Trade receivables	5,276	4,903
(ii) Current Investments	135
(Iii) Cash and cash equivalents	2,037	3,116
(iv) Bank balances other than (Ill) above(v)Loans	49653	59656
(vl) Others	128·	119
(c) Current tax assets (net)	29	34
(d) Other current assets	837	943
Total current assetsTotal assets	13,01427.246	13,43928.059
Equity and llabllltles
Equity
(a) Equity ahare capital	031	831
(b) Othar equity	15,418	14,606
(c) Noncontrolllng Interest	61	86
Total equity	16.170	15.412
Llabllltlas
Non-current llabllltles
(a) Financial Liabilities
(i) Borrowings	2,915	~.295
(ii) Lease liabilities	611	683
(b) Other non-current liabilities	122	104
(c) Provisions	237	208
(d) Deferred tax liabilities (net)Total non-current llabilltles	4614.346	4754,765
Current llabllltles
(a) Financial Liabilities
(I) Borrowings	1,253	1,955
(II) Lease liabilities	210	227
(iii) Trade payables
• Dues of micro enterprises and small enterprises
- Dues of creditors other than micro enterprises and small enterprises	23	14
(iv) Others	3,534	3,601
	1,172	1,584
(b) Other current liabilities	293	348
( c) Provisions	100	70
(d) Current tax liabilities (net)	145	83
Total current llabllltlesTotal equity and llabllltles	6.73027,246	7,88228,059

Page 2 of 5

l:PL. LIM/11:D (Formerly known as l:SSl:L. • - ·-·· , ,,..,r/liiin1 --, CIN: L74950MH1982PLC028947

Read. Office: P.O. Vaslnd, Taluka Shahaour, Dlst. Thane, Maharashtra • 421604 STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS

FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2020

(Rs In Mllllonl
Consolidated statement of cash flows		Half year ended
	30-SeD	30-SeD
	2020	2019
	Unaudited	Unaudited
A. Cash flow from operating activities
Profit before tax	1,631	1,156
Adjustments for:
Depreciation and amortisation expense	1,157	1,144
Interest expense	229	243
Interest Income	(32)	(13)
Share based payment expenses	29	~
Unwinding of discount on security deposits	(4)	(3)
Exceptional items (Refer note 3)	161	94
Gain on sale of current investments	(1)	(0)
Share of (profit) / loss from associate	3	9
Bad and doubtful debts/advances (net)	12	7
Inventory written down (net)	8	8
Exchanae adiustments tneO	87	(107)
Operating profit before working capital changes	3,280	2,538
Adjustments for:
(Increase)/ decrease in trade and other receivables	(326)	(252)
(Increase)/ decrease in inventories	(398)	(163)
Increase/ (decrease) In trade and other oavables	(160)	64
Cash generated from operations	2,396	2,187
Direct taxes oaid lnet of refunds)	(406)	(302)
Net cash from ooeratlna activities IA\	1,990	1.885
B. Cash flow from Investing activities
Purchase of property, plant and equipment and intangible assets (including under progress)	(644)	(536)
Sale of property, plant and equipment	4	182
(Increase)/ decrease in other bank balances	(4)
Maturity/ (increase) in fixed deposits (not considered as cash and cash equivalent)	99	(522)
Purchase of current investments	(1,035)	(445)
Proceeds from current investments	901	445
Interest received	32	8
Net cash used In lnvestlna activities (B)	(6471	(8681
C. Cash flow from financing activities
Proceeds from issue of equity shares (including securities premium)	7	10
Proceeds from long-term borrowings	2,568	216
Repayment of long-term borrowings	(3,257)	(618)
Proceeds from short-term borrowings	902	908
Repayment of short-term borrowings	(1,599)	(883)
Principal Payment of lease liabilities	(117)	(153)
Interest on lease liabilities	(38)	(43)
Interest paid on borrowings	(192)	(195)
Dividend paid (including tax)	(648)	(475)
Dividend oaid to non-controllina interests	(49)	(4)
Net cash used In flnanclnci activities IC\	(2,423)	(1,237)
	(1,080)	(220)
Net changes In cash and cash equivalents {A+B+C)	3,116	903
Cash and cash equivalents at the beginning of the period	1	(5)
Exchanae difference on translation of foreian currencv cash and cash eauivalent	2.037	678
Cash and cash eauivalents at the end of the oeriod

EPL LIMITED (Formerly known as ESSEL PROPACK LIMITED) CIN: L74950MH1982PLC028947

Read. Office: P.O. Vaslnd, Taluka Shahapur, Dlst. Thane, Maharashtra-421604

STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS

FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2020

Half year endedQuarter endedYear ended30-Jun30-Sep30-Sep30-Sep30-Sep31-MarConsolldated Segment Information202020202019202020192020UnauditedUnauditedUnauditedAuditedUnauditedUnauditedSegment revenue from operationsaAMESA4,6842,5902,1902,4334,7809,352bEAP3,1371,9082,0201,7493,9286,230AMERICAS1,5281,5101,6483,0383,0146,184CdEUROPE1,9773,2576,7711,9391,7403,916eUnallocated3264103f(265)(285)(267)(550)(493)Inter Seamental eliminationTotal revenue from operations1511813,60327,6017.7037.4157.305segment ResultaAMESA4663841602585441,076bEAP833522998395438343AMERICAS155154245309376888CdEUROPE179117337150382158eUnallocated(7)(7)(36)(1)(6)mInter Seamental elimination(11)f(37<br>1(38<br>11Total segment result1,0928879491,9791,4673,302156259293556Finance costs97162Other income (including interest Income)7613326833845Gain/(loss) on foreign exchange fluctuations (net)(8)(21)13(7)9-Exceptional items (gain)/loss (net) (Refer note 3)9494161203161-Share of profit/(loss) from associate(9)(3)(6)(3)Profit before tax11562.7541.0166156031.631Segment AssetsaAMESA8,6728,8929,1548,6728,8929,490b5,946EAP6,8797,2035,9466,8796,394AMERICAS4,9394,9645,6564,9395,2484,964CdEUROPE6,0166,3036,3576,0166,3036,378eUnallocated9031,0937459038231,093{627)fInter Seamental elimination(670)(627){670)(582<br>27,24628,20326,06427,24626.06428,059TotalSegment LlabllitlesaAMESA2,0962,3162,1032,0962,1032,027bEAP1,6361,8101,3471,6361,3471,498AMERICAS8147177301,000717730CdEUROPE1,5791,3251,3211,5791,3251,510eUnallocated5,7176,3496,5885,7176,5887,101fInter Seamental elimination(503){415<br>(503<br>1415<br>{427\							(Rs In MIiiion)
(946)
(53)(25)(6)(604)(489\
	Total	11.076	12183	11,844	11.076	11,844	12,647

The Group is engaged in the business of Plastic Packaging Material. The Chief Operating Decision Maker (CODM) evaluates the Group's performance and allocates resources based on analysis of various performance indicators by geographical segments. The items which are not allocated to segments are shown as "Unallocated".

Geographical Segments are:

a AMESA : Africa, Middle East and South Asia Include operations In lndla and Egypt.

b EAP : East Asia Pacific includes operations in China and Philippines.

C AMERICAS : includes operations in United States of America, Mexico and Colombia.

d EUROPE : includes operations in United Kingdom, Poland, Russia and Germany.

	6 I 1 :r
	EPL LIMITED (Formerly known as ESSEL PROPACK LIMITED)CIN: L74950MH1982PLC028947Re d. Office: P.O. Vasind Taluka Shaha ur Dist. Thane Maharashtra-421604
	STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTSFOR TH QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2020
NOTES:
	The above unaudited consolidated financial results, prepared in accordance with the Indian Accounting Standard 34, Interim Financial Reporting (Ind AS34) prescribed under section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India, have been reviewed by the AuditCommittee and approved by the Board of Directors at their respective meetings held on 12 November 2020. The statutory auditors have carried out alimited review of the unaudited consolidated financial results.
2	The Board of Directors of the Holding Company have declared and approved interim dividend of Rs. 2.05 per equity share of face value of Rs. 2 each, atthe meeting held on 12 November 2020. The Record date for the said purpose Is fixed as 23 November 2020.
3 (I)	Exceptional items of Rs 161 million for the quarter ended 30 June 2020 and half year ended 30 September 2020 represents impairment of assets andother associated costs on account of scaling down the business of one of the overseas operating units.(Ii) Exceptional item of Rs. 203 million for the quarter ended 30 September 2019 represents write off of credit impaired loan given (including interest), on thebasis of assessment carried out by the management.
	(iii) Exceptional items for the half year ended 30 September 2019 and year ended 31 March 2020 includes:(a) Gain of Rs.109 million on sale of land and building of one of the factories; and(b) Loss of Rs.203 million as explained in 3(ii) above.
4	During the quarter ended 30 September 2020, the Holding Company has implemented Employee Stock Option plan 2020 ('ESOS 2020') for grant ofemployee stock options to the employees of the Holding Company and its subsidiaries. Pursuant to ESOS 2020, the Holding Company has granted3,836,099 stock options.
5	In context of COVID environment, the Group continues to monitor the developments and is taking necessary precautions.
6	The Registrar of Companies, Mumbai, Maharashtra, has approved the Holding Company's name change from Essel Propack Limited to EPL Limited andissued certificate in this respect dated 9 October 2020, pursuant to applicable provisions of the Companies Act 2013.
7	Figures shown as 'O' in the results represent value less than Rupee one million.
8	Figures of the previous periods have been regrouped I rearranged wherever considered necessary.

Place : Mumbai Date : 12 November 2020

Walker Chandlok & Co LLP 11th floor, Tower II, One International Center SB Marg, Prabhadevi (W) Mumbai - 400 013 india

T +91 22 6626 2699 F +91 22 6626 2601

Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial Results and unaudited Year to Date Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

To the Board of Directors of EPL Limited (formerly known as Essel Propack Limited)

• 1. We have reviewed the accompanying statement of unaudited consolidated financial results ('the Statement') of EPL Limited (formerly known as Essel Propack Limited) ('the Holding Company') and its subsidiaries (the Holding Company and its subsidiaries together referred to as 'the Group'), and its associate (refer Annexure 1 for the list of subsidiaries and associate included in the Statement) for the quarter ended 30 September 2020 and the consolidated year to date results for the period 01 April 2020 to 30 September 2020, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant circulars issued by the SEBI from time to time.
• $2i$ This Statement, which is the responsibility of the Holding Company's management and approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ('Ind AS 34'), prescribed under section 133 of the Companies Act, 2013 ('the Act'), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant circulars issued by the SEBI from time to time. Our responsibility is to express a conclusion on the Statement based on our review.
• We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. A review of Interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under section 143(10) of the Act, 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 SEBI Circular CIR/CFD/CMD1/44/2019 dated 29 March 2019 issued by the SEBI under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), to the extent applicable.

Page 1 of 4

se in Bengaluru, Chandiganh, Chennai, Gurugram, Hyderabed, Kools, Kolkala, Mumbai, New Deihi, Noida and Pune

ndlok & Co LLP is regist .ci. ited liability with identificationAAC-2085 and its registered o st L-41 Conneuaint Circus, New Delhi 110001, India

EPL Limited (formerly known as Essel Propack Limited)

Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial Results and unaudited Year to Date Results of the Company Pursuant to the Requistion 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

• $\overline{\mathbf{4}}$ Based on our review conducted and procedures performed as stated in paragraph 3 above and upon consideration of the review reports of the other auditors referred to in paragraph 5 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the accounting principles laid down in Ind AS 34, prescribed under Section 133 of the Act, and other accounting principles generally accepted in india, has not disclosed the information required to be disclosed in accordance with the requirements of Requiation 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.
• We did not review the interim financial results/ information of five (5) subsidiaries included in the Statement, Б. whose financial information reflects total assets of ₹ 19,259 million as at 30 September 2020, and total revenues of ₹ 4,468 million and ₹ 8,655 million, total net profit after tax of ₹ 937 million and ₹ 1,188 million, total comprehensive income of ₹937 million and ₹1,188 million for the quarter and six month period ended on 30 September 2020, respectively, and cash outflows (net) of ₹ 331 million for the period ended 30 September 2020, as considered in the Statement. These interim financial results/ information have been reviewed by other auditors whose review reports have been furnished to us by the management, 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 review reports of such other auditors and the procedures performed by us as stated in paragraph 3 above.

Further, these subsidiaries are located outside India, whose interim financial results/ information have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been reviewed by other auditors based on the standard on review engagements applicable in their respective countries. The Holding Company's management has converted the financial information of such subsidiaries from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have reviewed these conversion adjustments made by the Holding Company's management. Our conclusion, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based on the review report of other auditors and the conversion adjustments prepared by the management of the Holding Company and reviewed by us.

Our conclusion is not modified in respect of these matters with respect to our reliance on the work done by and the reports of the other auditors.

1. The Statement includes the interim financial information of one (1) subsidiary, which have not been reviewed by their auditors, whose interim financial information reflects total assets of ₹ 7 million as at 30 September 2020, and total revenues of ₹ 4 million and ₹ 8 million, net profit after tax of ₹ (0) million and ₹ (0) million, total comprehensive income of ₹ (0) million and ₹ (0) million, for the quarter and six month period ended 30 September 2020 respectively, cash inflows of ₹ 0 million for the period ended 30 September 2020, as considered in the Statement. The Statement also includes the Group's share of net profit/ (loss) after tax of ₹ (3) million and ₹ (3) million, and total comprehensive income/ (loss) of ₹ (3) million and ₹ (3) million for the quarter and six month period ended on 30 September 2020 respectively, in respect of one (1) associate, based on its interim financial information, which have not been reviewed, and have been furnished to us by the Holding Company's management. Our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and associate, are based solely on such unreviewed interim financial information. According to the information and explanations given to us by the management, these interim financial information are not material to the Group.

Our conclusion is not modified in respect of this matter with respect to our reliance on the financial information certified by the Board of Directors.

Page 2 of 4

Chartered Ascountants

EPL Limited (formerly known as Essel Propack Limited)

Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial Results and unaudited Year to Date Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

• $71$ The review of consolidated unaudited quarterly financial results for the period ended 30 June 2020, included in the Statement was carried out and reported by M/s Ford Rhodes Parks & Co. LLP, who have expressed unmodified conclusion vide their review report dated 30 July 2020, whose review report has been furnished to us by the management and which has been relied upon by us for the purpose of our review of the Statement. Our conclusion is not modified in respect of this matter.
• 1. The review of consolidated unaudited quarterly and six months financial results for the period ended 30 September 2019 and audit of consolidated financial results for the year ended 31 March 2020 included in the Statement was carried out and reported by M/s Ford Rhodes Parks & Co. LLP, who have expressed unmodified conclusion vide their review report dated 08 November 2019 and unmodified opinion vide their audit report dated 22 May 2020, respectively, whose reports have been furnished to us and which have been relied upon by us for the purpose of our review of the Statement. Our conclusion is not modified in respect of this matter.

For Walker Chandlok & Co LLP Chartered Accountants Firm Registration No:001076N/N500013

Rakesh R Agarwal Partner2 Membership No:109632

UDIN:20109632AAAAMY7545

Place: Mumbai Date: 12 November 2020

EPL Limited (formerly known as Essel Propack Limited)

Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial Results and unauditedYear to Date Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

Annexure 1

List of entities included in the Statement

Subsidiaries:

• Lamitube Technologies Limited Я.

• Lamitube Technologies (Cyprus) Limited $\mathbf{2}$ .

• $31$ Arista Tubes Inc.

• EsselPropack America, LLC $\ddot{\mathbf{4}}$

• 1. Essel Colombia S.A.S.
• 1. Essel de Mexico, S.A. de C.V.
• 1. Essel Deutschland Management GmbH
• 1. Essel Deutschland GmbH & Co. KG
• 1. Essel Propack MISR for Advanced Packaging S.A.E.
• 1. Essel Packaging (Guangzhou) Limited11. Essel Packaging (Jiangsu) Limited12. Essel Propack Philippines, Inc.
• 1. Essel Propack LLC
• 1. Essel Propack Polska sp. z.o.o.
• 1. Essel Propack UK Limited
• 1. MTL De Panama, S.A.
• 1. Tubopack de Colombia S.A.S.

Associate:

1. PT. Lamipak Primula

This space has been intentionally left blank.

$10/17$

		EPL Limited (Formerly known as Essel Propack Limited)Read. Office: P.O. Vaslnd. Taluka Shahaour. Dlst. Thane Maharashtra-421 604	CIN L74950MH1982PLC028947
		STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS
		FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2020
	Particulars			Quarter ended			(Rs. In million. exceot oer share datalHalf year ended	Year ended
			30-Sep	30.Jun	30-Sep	30-Sep	30-Sep	31-Mar
			2020	2020	2019	2020	2019	2020
			Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
1		Income
		a. Revenue from operations	2 246	1.873	2.092	4.118	4062	8033
		b. Other income (Refer note 6)	829	19	12	848	33	790
		Total Income	3,075	1,892	2,104	4,966	4,095	8,823
2		Expenses
		a. Cost of materials consumed	981	754	901	1.734	1,778	3,445
		b. Changes in inventories of finished goods and goods-in-process	(34)	14	48	(20)	61	53
		c. Employee benefits expense	295	315	261	611	518	1004
		d. Finance costs	38	47	55	85	106	200
		e. Depreciation and amortisation expense	230	234	246	464	490	972
	f.	Other expenses	468	472	462	940	905	1 802
		Total expenses	1,978 ·	1,836	1,973	3,814	3,858	7,476
3		Profit before exceotional items and tax (1-21	1.097	56	131	1152	237	1347
4		Exceptional item (Refer note 7)	-	-	203	-	94	94
5		Profit/ (loss) before tax for the period (3-4)	1,097	56	(72)	1,152	143	1,253
6		Tax expense
		a) Current tax	205'	14	(24\	219	54	297
		b) Deferred tax charge/(credit)	(48)	(2)	(19\	(51\	(28\	(102\
		Total tax expense	157	12	(43)	168	26	195
7		Net Profit/ (loss) after tax for the period (5-6)	940	44	(29)	984	117	1,058
8		Other comprehensive Income / (loss)
		Items that will not be reclassified to profit or loss	(5)	(5)	(1)	(10\	(5\	(1\
		Income tax effect on above		1	0		1
		Total other comprehensive Income /(loss) for the period	1			3		0
		(net of tax)	(4)	(4)	(1)	(7)	(3)	(1)
9		Total comorehenslve income/llossl for the oeriod l7+8l	936	40	(30)	977	114	1,057
10		Paid-up equity share capital (Face Value Rs.2/- each)	631	631	631	631	631	631
11		Other equity (excluding revaluation reserves)						6 337
12		Earnings Per Share (EPS)
		(a) Basic	1\2,98	A0.14	1(0,09)	1\3,12	A0.37	3.35
		(b) Diluted	1\2,98	A0.14	1(0.09)	1\3,12	A0,37	3.35
		,, not annualised)
1314		Debenture Redemotion Reserve Net Worth				1256935	1256.018	1256.569
15		Debt Eauitv Ratio *				0.12	0.29	0.30
16		Debt Service Coveraae Ratio CDSCR\ *				9.35	3.61	6.55
17		Interest Service Coveraae Ratio (ISCR) *$				14.59	3.22	7.75
18		Paid-uo Debt Caoital ® lnfonnation provided pursuant to Chapter V of SEBI (Listing Obligations & Disclosure Requirements) Regulations,2015.				500	500	500

*@ Paid up Debt Capital represents Rated, Listed, Secured/unsecured, Redeemable Non-Convertible Debentures issued on private placement basis. *$ ISCR = Earning before finance costs and tax/ Finance costs; DSCR = Cash profit before finance costs/ {Finance costs+ Principal repayment (excluding pre payment) during the year}; Debt/ Equity Ratio = Total Borrowings/ (Total equity);

Net worth represents Total equity less capital reserves.

11 / 1~

	EPL Limited (Formerly known as Essel Propack Limited)CIN L74950MH1982PLC028947Read. Office: P.O. Vaslnd. Taluka Shahaour Dlst. Thane Maharashtra-421 604
	STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS
	FOR THE OUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2020
	STANDALONE BALANCE SHEET
			(Rs. In million)
		Asat30 Sep	Asat31 Mar
Statement of Anets and Llabllltlee		2020	2020
		mnaudlta.t\ (Audited}
Assets
Non-current antts(a) Property, plant and equipment
(b) Oapltal work-ln-progreaa		3,183170	3,627167
(C) Right of UH aaut		476	538
(d) Intangible aaseta		55
(e) Intangible asuts under development		84
(f) Investments In subsidiaries		1,964	2,095
(g) Financial assets
(I) Loans		96
{II) Others		5
{h) Non-current tax assets (net)		15	117
(i) Deferred tax asset (net)		38
0) Other non-current assets		61
	Total non-current assets	6,145 -------t~	6,736
Current assets
(a) Inventories		885	829
(b) Financial assets
(I) Trade receivables		1,645	1,373
(II) Investments		135
(Iii) Cash and cash equivalents		649	651
(iv) Bank balances other than cash and cash equivalents		116	592
(v) Loans		33
(vl) Others(c) Other current assets		124	127441
	Total current auets	3823,969	4,047
	Total assets	__________ ,--------it------t10,115	10,783
Equity and llabllltles
Equity
(a) Equity share capital		831	631
(b) Other equity		6,702	8,337
		Total equity.,._ _______7,333	6,968 ,
Llabllltles
Non-current llabllltles
(a) Financial Ii abilities
(i) Borrowings		118
(ii) Lease liabilities		359
{b) Other non current liabilities		29
(c) Provisions		204
(d) Deferred tax liabilities (net)	Total non-current llabllltles	710	1,466
Current llabllltles		---------11--
(a) Financial liabilities
(i) Borrowings		251
{II) Lease liabilities		124
(iii) Trade payables
• Dues of micro enterprises and small enterprises		23
- Dues of creditors other than micro enterprises and		886
small enterprises
(iv) Others		663
(b) Other current tax liabilities		41
(c) Other current liabilities{d) Provisions	-	3549
	~ ~~otalcurrent llabllltles i------+
	~	2,072	2,349

--

EPL Limited (Formerly known as Easel Propack Limited) CIN L74950MH1982PLC028947

Read. Office: P.O. Vaslnd, Taluka Shahapur Dlst. Thane. Maharashtra-421 604

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS

FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2020

STATEMENT OF CASH FLOWS

	Half vear ended
	30-Sep.20	30-Sep.19
	Unaudited	Unaudited
A. Cash flow from operating activities
Profit before tax	1,152
Adjustments for:
Depreciation and amortisation expense	464
Interest expense	77
Interest Income	(33)
Share-baaed payment (credlt)/expenae (net)	23
Unwinding of discount on security deposits		(4) (3)
Net gain on disposal of property, plant and equipment	(0)	(87) -
Gain on redemption of preference shares in subsidiaryExceptional items (Refer note 7)		-
Gain on sale of current investments (net)	(1)
Dividend Income	(713)
Bad and doubtful debts (net of provision)Inventory written down (net)		6 5
	8
Exchange adjustments (net)	0
Operating profit before working capital changes	893
Adjustments for:
(Increase)/ decrease in trade and other receivables(Increase)/ decrease in inventories	(262)
	(63)
Increase /(decrease) in trade and other payables	168
Cash generated from operations	736(76)
Direct taxes paid (net of refunds)
Net cash from operating activities (A)	660
B. Cash flow from Investing activities
Purchase of property, plant and equipment and intangible	(60)
assets (including under progress)
Sale of property, plant and equipment	1
(Increase)/ decrease in other bank balances	(4)
(Maturity)/ increase in fixed deposits (not considered as cashand cash equivalent)	475
Redemption of preference shares in subsidiary	224
Purchase of current Investments	(1,035)
Sale of current Investments	901
Interest received	33
Dividend received	713
Net cash used In Investing activities (B)	1,248
C. Cash flow from financing activities
Proceeds from issue of equity shares[including securities	7
premium]
Proceeds from long-term borrowings	111
Repayment of long-term borrowings	(951)
Proceeds from short-term borrowings	250
Repayment of short-term borrowings	(550)
Principal payment of lease liabilities	(69)
Interest payment of lease liabilities	(20)
Interest paid on borrowings		(41) (80)
Dividend paid (including tax)	(648)
Net cash used In financing activities (C)	(1,9101
Net changes In cash and cash equlvalents(A+B+C)	(2)
Cash and cash equivalents at the beginning of the period	651
Cash and cash equivalents at the end of the period	649

	EPL Limited {Formerly known as Essel Propack Limited)CIN L74950MH1982PLC028947Re d. Office : P.O. Vaslnd Taluka Shaha ur Dlst. Thane Mah rashtra-421 604
	STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS
	~FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2020
1	The above unaudited standalone financial results (the 'results'), prepared in accordance with the Indian Accounting Standard 34, InterimFinancial Reporting (Ind AS 34) prescribed under section 133 of the Companies Act, 2013 and other accounting principles generally accepted inIndia, have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 12 November2020. The statutory auditors have carried out a limited review of the above results for the quarter and half year ended 30 September 2020.
2	During the quarter ended 30 September 2020, the Company has implemented Employee Stock Options Plan 2020 ('ESOS 2020') for grant ofemployee stock options to eligible employees of the Company and Its subsidiaries. Pursuant to ESOS 2020, the Company has granted3,836,099 stock options.
3	During the quarter, Credit Analysis & Research Limited (CARE) has reaffirmed the credit rating assigned to the Company for long term debtfacilities at CARE AA and short term debt facilities at CARE A1+. India Ratings and Research (A Fitch group company) has also reaffirmed longterm issuer rating at IND AA and rating of commercial paper at IND A1+.
4	The Company has listed redeemable non-convertible debentures having face value of Rs. 500 million outstanding as at 30 September 2020,issued on 21 December 2017. These debentures are unsecured with interest payable annually on 21 December of each year and areredeemable at the end of three years, i.e. 21 December 2020. CARE has assigned credit rating of CARE AA for these debentures.
5	In context of COVID environment, the Company continues to monitor the developments and is taking necessary precautions.
6	Other Income for the quarter and half year ended 30 September 2020 includes:
	a) Dividend Income of Rs. 713 million received from its wholly owned subsidiaries.
	b) Gain of Rs. 87 million on redemption of preference shares held in Lamitube Technologies (Cyprus) Limited, a wholly owned subsidiary.
7	(i) Exceptional item of Rs. 203 million for the quarter ended 30 September 2019 represents write off of credit impaired loan given (Includinginterest), on the basis of assessment carried out by the management.
	(ii) Exceptional items for the half year ended 30 September 2019 and year ended 31 March 2020 include:(a) Gain of Rs.109 million on sale of land and building of one of the factories; and(b) Loss of Rs.203 million as explained in 7(1) above.
8	The Board of Directors have declared and approved interim dividend of Rs. 2.05 per equity share of face value Rs. 2 each, at the meeting heldon 12 November 2020. The record date for the said purpose is fixed as 23 November 2020.
9	The Registrar of Companies, Mumbai, Maharashtra, has approved the Company's change of name from Essel Propack Limited toEPL Limited and issued certificate in this respect dated 9 October 2020, pursuant to applicable provisions of the Companies Act 2013.
10	The Company publishes standalone financial results along with the consolidated financial results. Accordingly, as per Ind AS 108 'OperatingSegments', no disclosures related to the segments are presented in these unaudited standalone financial results.
11	Figures shown as 'O' in the results represent value less than Rupee one million.
12	Figures of the previous periods have been regrouped/ rearranged wherever considered necessary.
Place:	Mumbai
Date:	12 November 2020

Walker Chandlok & Co LLP 11th floor, Tower II, One International Center,SB Marg, Prabhadevi (W) Mumbal - 400 013 India

$512$

T +01 22 0626 2000F +01 22 6826 2601

Independent Auditor's Review Report on Standalone Unsudited Quarterly Financial Results and Year to Date Results of the Company Pursuant to the Regulation 33 and Regulation 52 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

To the Board of Directors of EPL Limited (formerly, Essel Propack Limited)

• 1. We have reviewed the accompanying statement of standalone unaudited financial results ('the Statement') of EPL Limited (formerly, Essel Propack Limited) ('the Company') for the quarter ended 30 September 2020 and the year to date results for the period 1 April 2020 to 30 September 2020, being submitted by the Company pursuant to the requirements of Regulation 33 and Regulation 52 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant circulars issued by the SEBI from time to time.
• $2.$ The 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 Indian Accounting Standard 34, Interim Financial Reporting ('Ind AS 34'), prescribed under Section 133 of the Companies Act, 2013 ('the Act'), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 and Regulation 52 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant circulars issued by the SEBI from time to time. Our responsibility is to express a conclusion on the Statement based on our review.
• $31$ We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, Issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under section 143(10) of the Act, 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.
• Based on our review conducted as above, nothing has come to our attention that causes us to believe that 4. the accompanying Statement, prepared in accordance with the accounting principles laid down in Ind AS 34, prescribed under Section 133 of the Act, and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 and Regulation 52 read with Regulation 63 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.

Page 1 of 2

Offices in Bangaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Koohi, Kolusia, Mumbai, New Delhi, Noida and Puna

Walker Chandick & Co LLP is registered with limited itability with identificationnumber AAC-2085 and its registered officeat L-41 Connaught Circus, New Delhi,110001, India

EPL Limited (formerly, Essel Propack Limited)Independent Auditor's Review Report on Standalone Unaudited Quarterly Financial Results and Year to Date Results of the Company Pursuant to the Regulation 33 and Regulation 52 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

• The review of standalone unaudited quarterly financial results for the period ended 30 June 2020, included Б. in the Statement was carried out and reported by M/s. Ford Rhodes Parks & Co. LLP, who have expressed an unmodified conclusion vide their review report dated 30 July 2020, whose review report has been furnished to us and which has been relied upon by us for the purpose of our review of the Statement. Our conclusion is not modified in respect of this matter.
• 1. The review of standalone unaudited quarterly and year-to-date financial results for the period ended 30 September 2019 and audit of standalone financial results for the year ended 31 March 2020 included in the Statement was carried out and reported by M/s. Ford Rhodes Parks & Co. LLP, who have expressed an unmodified conclusion vide their review report dated 8 November 2019 and unmodified opinion vide their audit report dated 22 May 2020, respectively, whose reports have been furnished to us and which have been relied upon by us for the purpose of our review of the Statement. Our conclusion is not modified in respect of this matter.

For Walker Chandlok & Co LLPChartered AccountantsFirm Registration No:001076N/N500013

Rakesh B Agarwal Partner Membership No:109632

UDIN:20109632AAAAMX5258

Place: Mumbai Date: 12 November 2020

tered Accountants

$|6|1$

EPL LIMITED (Formerly known as ESSEL PROPACK LIMITED)

Corporate Office: Top Floor, Times Tower, Kamala City, Senapati Bapat Marg, Lower Parel, Mumbai 400013.

Regd. Office: P.O. Vasind, Taluka Shahapur, Thane 421604, Maharashtra Tel: +91 9673333971 CIN: L74950MH1982PLC028947

GLOBAL OPERATIONS EXTRACT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS

FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2020

			(Rs. in Million. exceDt Der share data}
	Quarterended	Quarterended	Half year ended	Year ended
Particulars	30-Sep-2020	30-Sep-2019	30-Sep-2020	31-Mar-2020
	Unaudited	Unaudited	Unaudited	Audited
Total income	7.735	7 324	15.201	27,734
Profit before exceptional items and tax	1,016	806	1,792	2,848
Profit before tax for the oeriod after exceptional items	1,016	603	1,631	2.754
Profit after tax for the period attributable to the owners of theCompany	670	593	1,114	2,073
Total comprehensive income attributable to owners of theComoanv	748	432	1,394	2,304
Paid-up equity share capital (Face Value Rs 2/- each)	631	631	631	631
Other equity ( excluding Revaluation reserves)			-	14,695
Earnings per share (of Rs.2/- each)
Basic	A2.12	A1.88	A3,53	6.57
Diluted	A2,12	A1.88	A3,53	6.57

(A not annualised)

', INDIA STANDALONE EXTRACT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2020

(Rs. in Million. exceDt Der share data}
	Quarterended	Quarterended	Half year ended	Year ended
Particulars	30-Seo-2020	30-Seo-2019	30-Seo-2020	31-Mar-2020
	Unaudited	Unaudited	Unaudited	Audited
Total income	3,075	2,104	4,966	8,823
Profit before exceptional items and tax	1,097	131	1,152	1,347
Profit / (loss) for the period after exceptional items	1.097	72	1,152	1.253
Net Profit / (loss) after tax for the oeriod	940	29	984	1,058
Total comprehensive income / (loss) for the period	936	30	977	1,057
Paid-uo eauitv share capital (Face Value Rs 2/- each)	631	631	631	631
Other eauitv (excludino Revaluation reserves)				6.337
Eaminos per share ( of Rs.2/- each)
Basic	A2.98	A (0.09)	A 3.12	3.35
Diluted	A2.98	A (0.09)	A 3.12	3.35

(A not annualised)

NOTES:

• 1 The above audited financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 12 November 2020.
• 2 The above is an extract of the detailed format of the standalone and consolidated financial results for the quarter and half year ended 30 September 2020 filed with stock exchange pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
• 3 The full format of the standalone and consolidated financial results for the quarter and half year ended 30 September 2020 are available on the Stock Exchange websites (www.bseindia.com and www.nseindia.com) and on the Company's website (www.eplglobal.com). -- 8 ...L/

For EPL Limited ( 1111118*,4*1 t I (Formerly known as ::icr:V~ltad) Place: Mumbai * udhanshu Vats Date :12 November 2020 - Managing Direct and Chief Executive Officer