EPL LIMITED — Interim / Quarterly Report 2021

Feb 2, 2021

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02 February 2021 LEADING THE PACK

l Corporate Service Department	,1••·················································································································•·'1,••······················································································································•-. I The Listing Department :
BSE Limited	l National Stock Exchange of India Ltd
25th Floor, Phiroze Jeejeebhoy Towers,	j Exchange Plaza, Plot no. C/1, G Block,
Dalal Street, Mumbai 400 001	l Bandra-Kurla Complex, Bandra (E)
	I Mumbai 400 051
l Scrip: Equity 500135. NCDs 60308, 960310 ! Trading Symbol: EPL	;••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••·••••••••••••••••••••••••••••••(•••••••••••••••••·•••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••C j
I & 960311.	I I ,. , ,

Ref.: EPL Limited (EPL)

Sub.: Unaudited financial results for the third quarter and nine months ended 31 December 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. 2 February 2021, inter alia, has approved the following:

a) Unaudited financial results for the third quarter and nine months ended 31 December 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 12.30 p.m and concluded at 4.30 p.m.

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

Thanking You

Sures Savaliya Head - Legal & Company Secretary

Encl.: As above

Filed online

	EPL LIMITED (Formerly known as ESSEL PROPACK LIMITED) CIN: L74950MH1982PLC028947 ⊕ is Regd. Office : P.O. Vasind, Taluka Shahapur, Dist. Thane, Maharashtra - 421604
	STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31 DECEMBER 2020 (Rs in Million, except per share data).
	Particulars		Quarter ended			Nine months ended	Year ended
		31-Dec	$30-$ Sep	$31 - Dec$	31-Dec	31-Dec	31-Mar
		2020			2020	2019
		Unaudited	2020 Unaudited	2019 Unaudited	Unaudited	Unaudited	2020 Audited
ŧ	Income
	Revenue from operations a. Other income b.	7,671 32	7,703 32	7.109 41	22,789 115	20.712 126	27,601 133
	Total Income	7.703	7,735	7,150 77	22,904	20,838	27,734
$\mathbf{z}$	Expenses
	a. Cost of materials consumed	3.127	3,172	3,095	9,495	8.872	11,801
	Changes in inventories of finished goods and goods-in- b. process	(75)	50	(164)	(82)	(152)	(233)
c.	Employee benefits expense	1,550	1,472	1,315	4,488	3.945	5.311
d.	Finance costs	84	97	133	343	426	556
θ.	Depreciation and amortisation expense	588	578	580	1.745	1,724	2,298
f.	Other expenses Total expenses	1,484 6,758	1.347 6,716	1,284 6,243	4,175 20,164	3,857 18,672	5,147 24,880
Э	Profit before share of profit / (loss) of an associate,	945	1,019	907	2,740	2,166	2,854
	exceptional items and tax (1-2)
4.	Share of profit/(loss) from associate	$\boldsymbol{a}$	(3)	$\left( 6\right)$	17	(14)	(6)
Б Ĝ.	Profit before exceptional items and tax (3+4). Fxceptional items (gain)/loss (net) (Refer note 2)	941	1,016	901	2,733 .161	2,152 -84	2,848 04
7	Profit before tax for the period (5-6)	941	1,016	901	2,572	2,058	2,754
8	Tax expense
j)	Current tax- current period	181	400	376	743	693	855
	earlier period ii) Deferred tax charge / (credit)	39	(66)	з (90)	(25) (5)	(111) (141)	(116) (101)
	Total tax expense	220	334	289	713	441	638
9	Net Profit after tax for the period (7-8)	721	682	612	1,859	1,617	2.116
10	Net Profit for the period attributable to:
	Owners of the Company	709	670	601	1.823	1,587	2,073
11	Non-controlling interest Other comprehensive income / (loss)	12	12	11	36	30	43
	a. I) items that will not be reclassified to profit or loss	$\overline{a}$	(7)	(2)	(19)	$\boldsymbol{\mathcal{U}}$	(14)
	ii) Income tax relating to items that will not be	2	2	1	5	2
	reclassified to profit or loss
ь.	i) Items that will be reclassified to profit or loss ii) income tax relating to items that will be reclassified	347	83 ¥.	388	635 $\bullet$ .	146	252
	to profit or loss
	Total Other comprehensive income/(loss) (net of tax)	342	78	387	621	141	243
12	Total comprehensive income /(loss)(9+11)	1,063	760	999	2,480	1,758	2,359
13	Total comprehensive income attributable to: Owners of the Company	1.052	748	987	2,446	1,722	2,304
	Non-controlling interest	11	12	12	34	36	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
	Diluted	$^{42.25}$ $^{12.24}$	$^{42.12}$ $^{\prime\prime}2.12$	11.91 11.91	45.78 ^5.77	^5.03 45.03	6.57 6.57
	( A not annualised)

$\mathbb{R}^{n}$

$21/3$

$31/3$

Regd. Office : P.O. Vasind, Taluka Shahapur, Dist. Thane, Maharashtra - 421604	EPL LIMITED (Formerly known as ESSEL PROPACK LIMITED) CIN: L74950MH1982PLC028947
	STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31 DECEMBER 2020					(Rs In Million)
$\sim 900$ . Quarter ended Nine months ended Year ended
Consolidated Segment Information	31-Dec	30-Sep	31-Dec	31-Dec	31-Dec	31-Mar
	2020	2020	2019	2020	2019	2020
	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
Segment revenue from operations
AMESA a	2.362	2,590	2,516	7,142	7,199	9.352
EAP b	2.043	1,908	1.740	5,971	4,877	6,230
AMERICAS c	1.735	1,528	1.457	4.773	4.471	6.184
EUROPE d	1.768	1,939	1,617	5,684	4,875	6.771
Unallocated e	з		з	9		10
Inter Segmental elimination	(240)	(265)	(224)	(790)	(717)	(946)
Total revenue from operations	7,671	7.703	7,109	22,789	20.712	27,601
Segment Result
AMESA a	315	384	369	859	835	1,076
EAP h	385	395	327	1,218	849	998
AMERICAS c	201	155	215	510	591	888
EUROPE đ	99	158	97	436	247	382
Unallocated ė 淨	(6)	(1)	(6)	(15)	(43)	(53)
Inter Segmental elimination	23		(3)	(14)	(13)	11
Total segment result	1.015	1.092	999	2.994	2,466	3,302
Finance costs	84	97	133	343	426	556
Other income (including interest income)	32	45	27	115	103	133
Gain/(loss) on foreign exchange fluctuations (net)	(18)	(21)	14	(26)	23	(25)
Exceptional Items (gain)/loss (net) (Refer note 2)		ä,		161	94	94
Share of profit/(loss) from associate	(4)	(3)	(6)	(7)	(14)	(6)
Profit before tax Segment Assets	941	1,016	901	2,572	2,058	2,754
AMESA ă				8.776	8.685	9.490
EAP b	8,776 7,584	8,892 6,879	8,685 6,242	7,584	6,242	6,394
AMERICAS	5,330	4.939	4,951	5,330	4.951	5.656
EUROPE d	6,369	6,303	6,138	6,369	6,138	8,378
Unaliocated é	721	903	845	721	845	745
Inter Segmental elimination	(577)	(670)	(593)	(577)	(593)	(604)
Total	28,203	27,246	26,268	28,203	26,268	28,059
Seament Liabilities AMESA a
EAP h	2.017	2,096 1,636	2,155	2,017 1,005	2,155 1,565	2,027 1.490
AMERICAS	1,005 996	717	1,565 724	996	724	1,000
EUROPE	1.343	1,325	1,389	1.343	1.389	1,510
Unallocated	5.746	5,717	6,075	5,746	6,075	7,101
Inter Segmental elimination	(448)	(415)	(453)	(448)	(453)	(489)
Tatal		nyo.		44 EEO	44 JEE	49.047

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 as Ulliamondows
Geographical Segments are:
a AMESA: Africa, Middle East and South Asia include operations in India and Egypt.

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

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

4/13

	EPL LIMITED (Formerly known as ESSEL PROPACK LIMITED) CIN: L74950MH1982PLC028947
	Regd. Office: P.O. Vasind, Taluka Shahapur, Dist. Thane, Maharashtra - 421604
	STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31 DECEMBER 2020
NOTES:
-1	The above unaudited consolidated financial results, prepared in accordance with the 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. have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 2 February 2021. The statutory auditors have carried out a limited review of the above unaudited consolidated financial results for the quarter and nine months ended 31 December 2020.
2 (i)	Exceptional items of Rs 161 million for the nine months ended 31 December 2020 represents impairment of assets and other associated costs on account of scaling down the business of one of the overseas operating units.
	(ii) Exceptional items for the nine months ended 31 December 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 towards write off of credit impaired loan given (including interest), on the basis of assessment carried out by the management.
3	The standalone results for the quarter and nine months ended 31 December 2020 and auditors review report thereon are available on the Holding Company's website - www.eplglobal.com.
	The Parent Company had executed a Share Purchase Agreement (SPA) on 12 November 2020 for acquisition of Creative Stylo Packs Private Limited (CSPL) by way of part cash and part equity transaction through a scheme of amalgamation/ merger. The Board of Directors of the Parent Company in its meeting held on 12 November 2020 had approved the Scheme of amalgamation/ merger of CSPL with the Parent Company under Sections 230 to 232 of the Companies Act, 2013 and other applicable statutory provisions. The transaction was consummated on 1st February 2021. Consequently, CSPL has become a subsidiary of the Parent Company (shareholding of 72.46%). The process of amalgamation of CSPL with the Parent Company is underway.
5	In context of COVID environment, the Group continues to monitor the developments and is taking necessary precautions.
	Figures shown as '0' in the results represent value less than Rupee one million.
	Figures of the previous periods have been regrouped / rearranged wherever considered recessa
	For EPL Limited
	(Formerly known as Essel Propack Limited)
	MUMBA
	Place : Mumbai Sudhanshu Vats
	Date: 02 February 2021 Managing Director and Chief Executive Officer

z.

Walker Chandiok&.,Co LLP

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 ConsoUdated Unaudited Quarterly Financial Results and unaudited Year to Date Results of the Company Pursuant to the Regulation 33 ofthe SEBI (Listing Obligations and Disclosure Requirements) Regulatlons, 2015 (as amended)

To the Board of Directors of EPL Limited (formerly known as Essel Propaek 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 31 · December 2020 · and the• consolidated. year to date results for the period 1 April. 2020 to 31 December 2020, being submitted by the Holding Company pursuantto the requirements of Regulation 33 ofthe SEBI (Listing Obligations and Disclosure Requirernents) Regulations, 2015 (as amended), including relevant circulars Issued by the SEBI from time to time.
• 1. 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 Obllgatlons and Disclosure Requirements) Regulations, 2015 {as amended), including relevant circulars issued by the SEBI from tirne to tirne. Our responsibility is to express· a conclusion on the Statement based on our review.
• 1. We conducted our review ofthe 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 n<>t express an audit opini<>n.

We. also perf<>rmed procedures in accordance with the SEBI Circular CIR/CFD/CMO1/44/2019 dated 29 March 2019 issued by the SEBI under Regulation 33(8) ofthe SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), to the extent applicable.

Page 1 of 4

Ch1rtffld kcountanl:t

Offices 111 Bengaluru, Chandigarh, Chennal, Gurugram, Hyderabad, Kochi, Koll!ala, Mumbai, New Delhi, Neida and Pune

' Walker Chandiok & Co LLP Is registered with H.mi.ted llablHty.with Identification number AAC-2085. and Its reglstereci office at L-4 f Con naught Circus, New Delhi, 110001, India

Walker Chandiok &..Co LLP

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 _O~Ugaticms and DlsclQ!;ure Requirerr1tmts) RegulatJQmt, io1~ (~s an.,endecO

• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above and upon consideration of the review reports ofthe other auditors referred to in paragraph 5 below, nothing has come to our attention thafcauses 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 Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including the manner in which it is to be disclosed, or that it contains any material misstatement.
• 1. We did not review the int.erim financial results/ information of five (5) subsidiaries included in the Statement, whose financial information reflects total revenues off 3;995:36 million and f 12,650,37 million, netprofit after tax off445.97 million and f 1,634.36 million, total comprehensive income of f 445.97 million and f 1,634.36 million for the quarter and nine-months period ended on 31 December 2020 respectively, 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.

1--urther, .these subsidiaries are located outside India, whose interim financial results/ information havE3 been. prepared· in accordance with accounting · principles generally ·accepted• in their respective countries and which have been reviewed by otherauditors 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 matterswith respect to our reliance on the work done by and the reports of the other auditors.

1. The Statement includes the interim financial results/ information of one (1) subsidiary; Which has not been reviewecJ by their auditors, Whose interim financial information reflects total revenues oH 3.28 million and f 11.37 million, net profit after tax of f 0.04 million and f · 0.01 million, total comprehensive income. of f 0.04 million and , 0.01 million for the quarter and nine months period ended 31 December 2020 respectively,· as considered in the Statement. The Statement also includes the Group's share of net profit/ {loss) after tax of f (4.50) million and f (7.13) million, and total comprehensive income/ (loss) of t (5.50) million and t (9.07) million for the quarter and nine months period ended on 31 December 2020 respectively, in respect of one (1) associate, based on its interim financial inf<>rm~tion, 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.

Chartered Accountantl

Page2 of 4

WalkerChandiok &..Co LLP

EPL Limited (forrnerly 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}Rf!gulations1 2015 (as a,n1,r1ded)

1. The review of consolidated unaudited quarterly and year-to-date months financial results for the period ended 31 December 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 07 February 2020 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 ofour review of the Statement. Our conclusion is not modified in r~!;pectofthis matter.

For Wal Charte Fir \$()0013

Rak p Mertt .. ··.·· IP o:109632

UDIN:21109632AAAABB5010

Place: Mumbai Date: 02February 2021

Chartered Accounllntl

Walker Chandiok &.Co LLP

· EPLLimited (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 Obfig~li~ms and Disclos1,1re.Requirements) Regµ.l1t!OOf, 201~ (as amended)

Annexure 1

List of entities included in the Statement

Subsidiaries:

• 1. Lamitube Technologies•Limited
• 1. Lamitube Technologies (Cyprus) Limited
• 1. Arista Tubes Inc.
• 1. EPL America, LLC (formerly known as Essel Prepack America, LLC)
• 1. Laminate Packaging Columbia SAS {formerly known as Essel Colombia SAS.)
• 1. Essel de Mexico, S.A. de CV.
• 1. EPL Deutschland Management GmbH (formerly known as Essel Deutschland Management GmbH)
• 1. EPL Deutschland GmbH & Co. KG (known as Essel Deutschland GmbH & Co. KG)
• 1. Essel Propack MISR for Advanced Packaging S.A.E.
• 1. EPL Packaging (Guangzhou) Limited (formerly known as Essel Packaging (Guangzhou) Limited)
• 1t. EPL Packaging (Jiangsu) Umited (formerly known as Essel Packaging (Jiangsu) Limited)
• 1. Essel Propack Philippines, Inc.
• 13; LLC EPL Propack (formerly known as Essel Propack LLC)
• 1. Essel Propack Polska sp. Z;O;O.
• 1. EPL Propack UK Limited (formerly known as Essel Propack UK Limited)
• 1. MTL DePanama, SA
• 1. Tubopackde Colombia S.A.S.

Associate:

1. PT. Lamipak Primula

b)l3

Chartered Accountant,

		EPL Limited (Formerly known as Essel Propack Limited)	CIN L74950MH1982PLC028947
		Regd. Office : P.O. Vasind, Taluka Shahapur, Dist. Thane, Maharashtra-421 604 STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS
		FOR THE QUARTER AND NINE MONTHS ENDED 31 DECEMBER 2020
		Particulars		Quarter ended			(Rs. In million, except per share date) Nine months ended	Year ended
								31-Mar
			31-Dac 2020	30-Sep 2020	$31-Dec$ 2019	$31 - Dec$ 2020	$31 - Dec$ 2019	2020
			Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
		Income
	a.	Revenue from operations	2.029	2.246	2.171	6,148	6.232	8,033
	b.	Other Income (Refer note 4)	20	829	484	868	517	$-790$
		Total income	2.049	3.075	2,655	7,018	6,750	8,823
2		Expenses
	'n.	Cost of materials consumed	804	-981	900	2,538	2.678	3,445
	b.	Changes in inventories of finished goods and goods-in-process	Ä	(34)	28	(15)	89	53
	c.	Employee benefits expense	323	205	246	934	764	1,004
	d.	Finance costs	29	38	48	114	154	200
		Depreciation and amortisation expense	225	230	245	690	735	972
		Other expenses	439	468	460	1.378	1.365	1.802
		Total expenses	1.825	1.978	1.926	5.639	5,785	7,476
		Profit before exceptional items and tax (1-2)	224	1.097	728	1.377	965	1,347
		Exceptional item (Refer note 5)					94	94
		Profit/ (loss) before tax for the period (3-4)	224	1.097	728	1.377	871	1,253
		Tax expense
		a) Current tax	38	205	200	257	254	297
		b) Deferred tax charge/(credit)	(9)	(48)	(77)	(60)	(105)	(102)
		Total tax expense	29	157	123	197	149	195
		Net Profit/ (loss) after tax for the period (5-6)	195	940	605	1.180	722	1.058
		Other comprehensive income / (loss)
		Items that will not be reclassified to profit or loss	(5)	(51	11)	(15)	(6)	-61)
		Income tax effect on above			ö		2	0
		Total other comprehensive income /(loss) for the period (net of tax)	(4)	(4)	(1)	(11)	(4)	(1)
		Total comprehensive income/(loss) for the period (7+8)	191	938	604	1.169	718	1,057
40		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	$^{\circ}0.62$	$^{\AA}2.98$	$^{\text{A}}$ 1.92	$^{\wedge}3.74$	$^42.29$	3.35
		(h) Dilulad	$^{\circ}0.62$	$^{\sim}2.98$	$^{\circ}1.92$	$^{\sim}3.73$	$^{\circ}2.29$	3.35
		(^ not annualised)

$101/3$

	EPL Limited (Formerly known as Essel Propack Limited) CIN L74950MH1982PLC028947
	Rogd. Office: P.O. Vasind. Taluka Shahapur, Dist. Thane, Maharashtra 421 504.
	STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS
KOTE	FOR THE QUARTER AND NINE MONTHS ENDED 31 DECEMBER 2020
	The above unaudited standalone financial results (the results'), prepared in accordance with the Indian Accounting Standard 34, interim Financial Reporting (Ind AS 34) prescribed under section 133 of the Companies Act. 2013 and other accounting orinciples generally accepted in India, have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 02 February 2021. The statutory auditors have carried out a limited review of the above results for the quarter and nine months ended 31 December 2020.
$\cdot$ 2	In context of COVID environment, the Company continues to monitor the developments and is taking necessary precautions.
з	The Company has issued redeemable non-convertible debentures having face value of Rs. 500 million during the quarter ended 31 December 2020 which are listed on the stock exchange. CARE has assigned credit rating of CARE AA;Stable for these debentures.
	Other Income for the quarter ended 30 September 2020 and nine months ended 31 December 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.
5	Exceptional items for the nine months ended 31 December 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 towards write off of credit impaired loan given (including interest), on the basis of assessment carried out by the management.
	The Company had executed a Share Purchase Agreement (SPA) on 12 November 2020 for acquisition of Creative Stylo Packs Private Limited (CSPL) by way of part cash and part equity transaction through a scheme of amalgamation/ merger. The Board of Directors of the Company in its meeting held on 12 November 2020 had approved the Scheme of amalgamation/ merger of CSPL with the Company under Sections 230 to 232 of the Companies Act, 2013 and other applicable statutory provisions. The transaction was consummated on 1st February 2021, Consequently, CSPL has become a subsidiary of the Company (shareholding of 72.46%). The process of amalgamation of CSPL with the Company is underway.
7	The Company publishes standalone financial results along with the consolidated financial results. Accordingly, as per ind AS 108 'Operating Segments', no disclosures related to the segments are presented in these unaudited standalone financial results.
	Figures shown as '0' in the results represent value less than Rupes one million
	Figures of the previous periods have been regrouped / rearranged wherever considered necessary.
	M/ Financy EPL Limited (Formerly known as Essel Propack Limited)
Place:	MUMBA Mumbal Sudhanshu Vats
Date:	02 February 2021 Managing Director and Chief Executive Officer

Walker Chandiok&..Co LLP

Walker Chandiok & Co LLP 11thfloor, Tower II, One International Center, SB Marg, Prabhadevi (W) Mumbai - 400 013 India

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

Independent Auditor's Review Report on·Standalone Unaudited Quarterly Financial Results and 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, Essel Propack Limited)

• 1. We have reviewed the accompanying statement of standalone unaudited financial results ('the Statement') of EPL Limited (formerly; Essel Propack Limitedl('the Company') for the quarter ended 31 December 2020 andlhe yearlo date results for the period 1 April 2020 to 31 December 20201 beiri~ submitted by the Company pursu~nt to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015(asamended), includingrelevantcirculars issued by the SEBI from time totirne.
• 1. The Statement, which is the responsibility of the Company's Managementand 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 ofthe Companies Act, 2013 ('the Act'), and other accounting principles generally accepted in India and is in compliance with the presentation and di~closure requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)· Regulations, 2015 (as amended), including relevant circulars· issued by the SEBI frorn time to time. Our responsibility is to express a conclusion on the StAtP.mP.nt hAsP.ci nn m ir rP.ViP.w
• 1. 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 ofChartered 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) ofthe 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.
• 1. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement,. prepared in accordance with 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 of the SEBI (Listing ObJigations 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

Chartered Accountant,

Offices in Bengaluru, Chandigaih, Chennai, Gurugram; Hyderabad, Koi:hi, Kolkala, Mumbai, New Delhi, Noida and Pune

Walker Chandlok & Co LLP Is registered with limited liability with ldenUficaUon number AAC-2085 and its registered office at L-41 Connaught Circus, New Delhi; 110001, lndla

Walker Chandiok &..Co LLP.

EPL Limited.(formerly, Essel Propack Limited) .

Independent Auditor's Review Report on Standalone Unaudited Quarterly Financial Results and Year to Date ~esults of the Company Pursuant to the Regulation 33 of the SEal (Listing .Obligations and l:>lsclosllre .. ~equir,emen.ts)R1tgulations, -201•~ .. (a1 .. amend,e~)

1. The review of -standalone unaudited quarterly and year-to-date financial results for the period ended 31 Dec:ember 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 7 February 2020 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.

CoLLP Nsooo13

UDIN:21109632AAAABA1100

Place: Mumbai Date: 02 February 2021

EPL LIMITED (formerly known aJ ESSEL PROPACK LIMITED) Corporate Office: Top Floor, Times Tower, Kamala City, Senapati Bapat Marg, · · L9wer Parel, Mumbai 400013 .

.R.egd. Office: P.O. Vasind, Taluka Shahapur, Thane 421604, Maharashtra Tel: +91 9673333971 CIN:.L74950MH1982PLC02894'?'

GLOBAL OPERATIONS EXTRACT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER .AND NINE MONTHS ENDED 31 DECEMBER 2020

·			(Rs. in Million, exceot oer share data\
	Quarter ended	Quarter ended	Nine montl:ls ended	Year ended
Particulars	31-Dec-2020-	31-Dec-2019	31-Dec-202_0	31-Mar-2020
	Unaudited	Unaudited	Unaudited	Audited
Total income	7,703	7.150	22,904	27,734
Profit before exceotional items and tax	941 ·	901	2,733	2848
Profit before tax for the period after exceotional items	941	901	2,572	2,754
Profit after tax for the period attributable to t~e owners of the Companv	709	601	1,823	2,073
Total co,nprehensive income attributable to owners of the Company	1,052	987	2,446	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	A2.25	A1.91	A5.78	6.57
Diluted	A2.24	A1.91	A5.77	6.57
(" not annualised)

INDIA STANDA~ONE EXTRACT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31 DECEMBER 2020

	·	(Rs. in.Mi.Ilion. exceot oer share data)
	Quarter ended	Quarter ended	Nine months ended	Year ended
Particulars	31-Dec-2020	31-Dec-2019	31-Dec-2020	31-Mar-2020
	Unaudited	Unaudited	Unaudited	Audited
Total income	2,049	2,655	7,016	· 8,823
Profit before. exceptional items and tax	224	728	1,377	1.347
Profit / (loss) for the period after exceotional items	224	728	1,377	1,253
Net Profit / (loss) after tax for the period	195	605	1.180	1,058
Total comprehensive income / (loss) for the oeriod	191	604 ·	1.169	1,057
Paid.:.up equitv share caoital (Face Value Rs 2/- each)	631	631	631	631
Other equitv ( excludina Revaluation reserves)				6,337
Earninas oer share (of Rs.2/- each)
Basic	"0.62	A 1.92	A3.74	3.35
Diluted	"0.62	A 1.92	A3.73	3.35
(" not annualised)

NOTES:

1 The above unaudited financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their · respective meetings held on 2 February 2021.

• 2 The al?ove is an extract of the detailed format of the standalone and consolidated financial results for the quarter and nine months ended 31 December 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 nine months ended 31 December 2020 are available on the Stock Exchange websites (www.bseindia.com and www.nseindia.com) and on the Company's website (www.eplglobal.com). , ·

Place: Mumbai

For EPL Limited (Formerly known Essel Propack Limited)

Date :02 February 2021 Managing D. r and Chief Executive Officer