Ester Industries Ltd. — Interim / Quarterly Report 2021

Feb 1, 2021

Date: 1st February, 2021

BSE Limited	National Stock Exchange of India Limited
Department of Corporate services	Exchange Plaza,
Phirojee Jeejeebhoy Towers	Plot no. C/1, G Block,
Dalal Street, Mumbai – 400023	Bandra‐Kurla Complex,
Symbol : 500136	Bandra (E), Mumbai – 400051
	Symbol : ESTER

Dear Sir

Subject: Outcome of the meeting and submission of Un‐audited Financial Results for the quarter and period ended on 31st December, 2020 along with Limited Review Report thereon

We wish to intimate you that a meeting of the Board of Directors of the Company was held on Monday, 1st February, 2021. The meeting was commenced at 01:05 PM and concluded at 01:43 PM. During the meeting, the Board, amongst other items of Agenda, considered and approved the following matters ‐

• 1. Un‐audited Financial Results for the quarter and period ended on 31st December, 2020.
• 1. Re‐appointment of M/s Amod Agrawal & Associates, Chartered Accountants as Internal Auditors for a period of 3 (three) financial Year viz 2021‐22, 2022‐23 and 2023‐24
• 1. Re‐appoint M/s Dhananjay Shukla & Associates, Practising Company Secretaries as Secretarial Auditor of the Company to conduct Secretarial Audit for the financial year 2020‐21

Pursuant to the requirement of Regulation 33 of SEBI (LODR) Regulation, 2015, we wish to submit the approved Un‐audited Financial Results for the quarter and period ended on 31st December, 2020 along with Limited Review Report.

Please take the above on your record.

Thanking You

Yours Faithfully For Ester Industries Limited

Diwaker Dinesh Head‐Legal & Company Secretary

Encls: As above

Walker Chandiok & Co LLP 21 Floor, DLF Square Jacaranda Marg, DLF Phase II Gurugram -122 002 India

T +91 124 4622099 F 191 124 4628001

Independent Auditor's Review Repot on Consolidated Unaudited Quarterly Financial Results and Year to Date Resuts 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 Ester Industries Limited

• We have reviewed the accompanying statement of unaudited consolidated financial results('the Statement) of Ester Industries Limited ('the Holding Company) and its subsidiary (the Holding Company and its subsidiary together referred to as the Group'), (refer Annexure 1 for the list of subsidiary 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 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.
• 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 Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant ciculars issued by the SEBI from time to time. Our respons ibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, Review of Interim Financial Information Perfomed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. A review of interim financial infomation consists of making inquiries, primanily 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 penfomed procedures in accordance with the SEBI Circular CIR/CFDICMD1/44/2019 dated 29 March 2019 issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obigations and Disclosure Requirements) Regulations, 2015 (as amended) to the extent applicable.

2085 and ts registered office atLAIConnaught Offices in Bengehuru, Chandgath, Cheruna, Gurugy am, Hydw abud, Kodhi, Kokata, Mundal, New Delhy, Nolda and Pune

Chartered Accountants Walker Chandiuk & Co lUP a registered with imited liabilty with identification number AAC-Circus, New Delhi, 11OKIL, india

Chartered Accoumtants

Walker Chandiok&Co LLP

Independent Auditor's Revlew Report on Consolidated Unaudited Quarterly Financial Resuts and Year to Date Results of the Company Pursuant to the Regulation 33 of the SEB (Listing Obligations and Disclosure Requlrements) Regulations, 2016 (as amended)

1. Based on our review conducted and procedures perfomed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under Section 133 of the Act, and other accounting principles generally accepted in India, has not disclosed the informa requirements of Regulation 33 of the SEBl (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), indluding the manner in which it is to be disclosed, or that it contains any material misstatement. on required to be disclosed in accordance with the

For Walker Chandiok & Co LLP Chartered Accountants Fim Registration No: 001076N/N500013

Nitin Toshniwal Partner Membership No. 507568 UDIN: 21507568AAAAAQ8251

Place: Faridabad Date: 1 February 2021

Walker Chandiok &Co LLP

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

Annexure 1

List of entity included in the Statement

1. Ester Filmtech Limited (Wholly-owned subsidiary)

Walker Chandiok & Co LLP 21t Floor, DLF Square Jacaranda Marg, DLF Phase Gurugram-122 002 India

T +91 124 4628099 F +91 124 4628001

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 Ester Industries Limited

• 1. We have reviewed the accompanying statement of standalone unaudited financial resuts (the Statement) of Ester Industries Limited ('the Company') for the quarter ended 31 December 2020 and the year to date results for the period 1 April 2020 to 31 December 2020, being submitted by the 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.
• 1. 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 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.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, Review of Interim Financial Infomation Perfomed by the IndependentAuditor of the Entity, issued by the Institute of Chartersed 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 substantialy 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.

2085 and its reglstered office at L41 Connaught Offices in Bengaluru, Chandigarh, Chennal, Gurugram, Hyderabad, Kochi, Kokata, Mumbai, New Delhi, Noida and Pune

Chartered Accountants Walker Chandiok & Co LLP is reglstered with limited liability with identification number AAC Circus, New Delhi, 110001, Indfe

Chartered Accountants

Walker Chandiok&Co LLP

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)

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 recognition and measurement 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), incduding the manner in which it is to be disclosed, or that it contains any material misstatement.

For Walker Chandiok & Co LLPP Chartered Accountants Fim Registration No: 001076N/N500013

Nitin Toshniwal Partner Membership No. 507568 UDIN: 21507568AAAAAP3673

Place: Faridabad Date: 1 February 2021

ESTER INDUSTRIES LIMITED

$\mathcal{M}$

Regd. Office: Sohan Nagar, P.O. Charubeta, Khatima - 262 308. Distt. Udhamsingh Nagar (Uttarakhand) CIN - L24111UR1985PLC015063, Website : www.esterindustries.com; Email : investor@ester.in Phone: (05943) 250153-57; Fax: (05943) 250158 Statement of Unaudited Results for the quarter and nine months ended 31 December 2020

											$(3 \in \mathbb{R}^2)$
			Standalone results						Consolidated results
Sr. No		Particulars	Ouarter ended	Precedingquarter ended	Correspondingquarter ended	Nine monthended	Correspondingninemonth ended	Previous yearended	Quarter ended	Precedingquarter ended	Nine monthended
			31 December2020	30 September2020	31 December2019	31 December2020	31 December2019	31 March 2020	31 December2020	30 September2020	31 December2020
			(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)	(Unaudited)	(Unaudited)	(Unaudited)
PART I
$\mathbf{1}$		Income
	a)	Revenue from operations	25,565.05	25,052.49	24,634.38	69,472.57	78,482.76	103,870.15	25,565.05	25,052.49	69,472.57
	b)	Other income	233.87	216.92	228.73	639.26	624.16	889.39	233.87	216.92	639.26
		Total income (a+b)	25,798.92	25,269.41	24,863.11	70,111.83	79,106.92	104,759.54	25,798.92	25,269.41	70,111.83
$\overline{2}$		Expenses
	a)	Cost of materials consumed	14,012.21	11,849.98	14,463.05	33,984.18	47,393.17	61,353.48	14,012.21	11,849.98	33,984.18
	b)	Changes in inventories of finished goods and work in progress	(97.03)	53.06	201.80	545.28	538.06	970.30	(97.03)	53.06	545.28
	c)	Employee benefits expense	1,490.24	1,510.14	1,441.43	4,435.36	3,788.93	5,404.95	1,490.24	1,510.14	4,435.36
	d)	Finance costs	471.03	402.42	526.10	1,286.35	1,961.31	2,445.52	471.03	402.42	1,286.35
	e)	Depreciation and amortisation expense	884.60	881.68	898.59	2,648.87	2,640.14	3,527.78	884.60	881.68	2,648.87
	$\mathbf{D}$	Other expenses	4,634.79	4,507.80	4,276.16	12,808.08	12,906.31	17,200.87	4,772.48	4,679.45	13,117.42
		Total expenses $(a+b+c+d+e+f)$	21,395.84	19,205.08	21,807.13	55,708.12	69,227.92	90,902.90	21,533.53	19,376.73	56,017.46
3	a)	Profit from ordinary activities before tax (1-2)	4,403.08	6,064.33	3,055.98	14,403.71	9,879.00	13,856.64	4,265.39	5,892.68	14,094.37
4 1		Tax expense
	$\overline{\phantom{a}}$	Current tax	1.130.34	1,580.56	680.59	3,765.41	2,156.44	3,011.86	1,130.34	1,580.56	3,765.41
		Deferred tax (credit) / expense	(17.52)	(106.95)	435.90	(180.76)	1,463.84	894.91	(17.52)	(106.95)	(180.76)
$\overline{5}$		Net profit for the period / year (3-4)	3,290.26	4,590.72	1,939.49	10,819.06	6,258.72	9,949.87	3,152.57	4,419.07	10,509.72
6		Other comprehensive income
	a)	Items that will not be reclassified to profit and loss
		i) Actuarial gain/(loss) on remeasurement of defined benefit plan	3.69	6.13	(28.60)	(1.52)	(75.18)	(104.26)	3.69	6.13	(1.52)
		ii) Income tax effect	(0.94)	(1.55)	10.46	0.39	27.55	28.74	(0.94)	(1.55)	0.39
		Other comprehensive income /(loss) for the period/year (a(i+ii))	2.75	4.58	(18.14)	(1.13)	(47.63)	(75.52)	2.75	4.58	(1.13)
$\overline{7}$		Total comprehensive income for the period/year (5+6)	3,293.01	4,595.30	1,921.35	10,817.93	6,211.09	9,874.35	3,155.32	4,423.65	10,508.59
8		Paid-up equity share capital (face value of share ₹ 5 each)	4,169.69	4,169.69	4,169.69	4,169.69	4,169.69	4,169.69	4,169.69	4,169.69	4,169.69
$\mathbf{Q}$		Other equity						36,643.57
10		Earning per share (face value of $\bar{\tau}$ 5 each) (net annualized)
		Basic EPS (in ₹)	3.95	5.50	2.33	12.97	7.51	11.93	3.78	5.30	12.60
		Diluted EPS (in ₹)	3.95	5.50	2.33	12.97	7.51	11.93	3.78	5.30	12.60

ESTER INDUSTRIES LIMITED

Regd, Office : Sohan Nagar, P.O. Charubeta, Khatima - 262 308. Distt, Udhamsingh Nagar (Uttarakhand)

CIN - L24111UR1985PLC015063, Website : www.esterindustries.com: Email : investor@ester.in

Phone: (05943) 250153-57: Fax: (05943) 250158

Statement of Unaudited Results for the quarter and nine months ended 31 December 2020

Segment Wise Revenue, Results, Assets and Liabilities for the quarter and nine months ended 31 December 2020

$(3 \in \mathbb{R})$ in lacs) Standalone results Consolidated results Corresponding Previous year Preceding Corresponding Nine month Preceding Nine month Ouarter ended Quarter ended nine quarter ended quarter ended ended ended quarter ended ended month ended Sr. No Particulars 31 December 30 September 31 December 31 December 31 December 31 March 2020 31 December 30 September 31 December 2020 2020 2019 2020 2019 2020 2020 2020 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) $\mathbf{1}$ Segment revenue Polyester chips and film 20.837.90 $a)$ 19.431.66 20.178.97 56.791.29 66.848.08 87.792.22 19.431.66 20.178.97 56.791.29 6.133.39 4.873.52 b) Engineering plastic 3.796.48 12.681.28 11.634.68 16.077.93 6.133.39 4.873.52 12.681.28 Revenue from operations 25,565.05 25,052.49 24,634.38 69,472.57 78,482.76 103,870.15 25,565.05 25,052.49 69,472.57 $\overline{2}$ Segment results Profit/(loss) before tax and interest Polyester chips and film 5.232.95 7,210.01 5.007.69 18.140.59 15,381.39 21,036.97 5,095.26 7,038.36 17,831.25 $a)$ Engineering plastic 1.168.66 779.15 1,881.66 519.55 779.15 $b$ 201.83 863.51 1.168.66 1,881.66 Total 6,401.61 7,989.16 5.209.52 20.022.25 15,900.94 21,900.48 6.263.92 7,817.51 19,712.91 Less: Finance costs 471.03 402.42 526.10 1,286.35 1.961.31 2.445.52 471.03 402.42 1.286.35 $a)$ Other un-allocable expenditure net of un-allocable income 1,527.50 1,522.41 1,627.44 4,332.19 4,060.63 5.598.32 1.527.50 1.522.41 $b$ 4.332.19 Profit before tax 4,403.08 6.064.33 3,055.98 14,403.71 9,879.00 4,265.39 5,892.68 14,094.37 13,856.64 $31$ Segment assets Polyester chips and film 46,860.89 45,241.88 44.423.95 46,860.89 44, 423.95 55,148.94 45,882.85 47,966.06 55.148.94 $a)$ Engineering plastic 10,009.24 9,031.05 9,226.66 10,009.24 9,226.66 9,546.41 10,009.24 9,031.05 10,009.24 $b)$ 22,330.16 14,750.89 22,330.16 $\mathbf{c}$ ) Unallocated 17,667.03 14,750.89 13.677.92 13.670.16 14,772.03 13,670.16 71,939.96 Total 79,200.29 68,401.50 79,200.29 68,401.50 69,107.18 78,828.34 71,769.14 78,828.34 Segment liabilities $\overline{4}$ Polyester chips and film 5,456.96 5,122.84 5,437.65 5,456.96 5,437.65 5,254.48 5,458.33 5,458.33 a) 5,123.67 Engineering plastic 1,996.39 1,569.19 1,141.71 1,996.39 1,141.71 1,500.06 1,996.39 1,569.19 1,996.39 b) $c)$ Unallocated 23,450.96 18,994.59 24,672.13 23,450.96 24,672.13 21,539.38 23,450.96 18,994.59 23,450.96 Total 30,904.31 25,686.62 31,251.49 30,904.31 31,251.49 28,293.92 30,905.68 25,687.45 30,905.68

NOTES:

1 The above results for the quarter and nine months ended 31 December 2020 have been reviewed by the Audit Committee and have been approved by the Board of Directors at the meeting held on 01 Feburary 2021. The Statutory A carried out limited review of the financial results of the Company for the quarter and nine months ended 31 December 2020.

2 During the quarter ended 30 September 2020, Ester Industries Limited ("the parent company") has formed a wholly owned subsidiary Ester Filmtech Limited ("the Subsidiary Company"). Consequently the consolidated financial presented for quarter and nine months period ended 31 December 2020. In the absence of comparative number for nine months period ended 31 December 2019, same have not been presented in the consolidated financial results.

3 Previous quarter/ period figures have been re-grouped / reclassified wherever necessary, to conform to current period's classification.

JDUSTA Block-A Plot No-11 Infocity-1. $\vec{q}$ $\omega$ Sector-33 & 34 Gurgaon 122001 aryan3

For Ester Industries Limited

Arvind Singhania Chairman & CEO

Place: Gurgaon Date: 1st Feburary 2021