Ester Industries Ltd. — Interim / Quarterly Report 2022

Nov 14, 2022

Date: 14th November, 2022

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 : 1) Outcome of the Board Meeting 2) Submission of financial results for quarter ended on 30th September, 2022

We wish to intimate you that a meeting of the Board of Directors of the Company was held on Monday, 14th November, 2022. The meeting was commenced at 3.27 PM and concluded at 3.47 PM. During the meeting, the Board, amongst other items of Agenda, approved the Un‐audited Financial Results for the quarter and period ended on 30th September, 2022.

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 30th September, 2022 along with Limited Review Report.

With reference to our earlier intimations regarding setting up new BOPET line through Wholly Owned Subsidiary and increase in project cost, there is an increase in project cost by Rs. 23 crores on account of hike in civil cost, increase in margin money and pre‐operative expenses. Commercial production at Telangana is expected to commence during December, 2022.

Please take the above on your record.

Thanking You

Yours Faithfully For Ester Industries Limited

Diwaker Dinesh Head‐Legal & Company Secretary

Encls: As above

Walkor Ch\lndiok & Co LLP 21" I klor, DLF Squur~ ~r11nda t.~arg. Ol I Phase II GurutJ .Mn - 122 002

·- T •91124 4<>280Q9 F +9l 1?.4 4628001

Independent Auditor's Review Report on Standalone Unaudited Quartorly Financial Results and Year to Date Results of the Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosuro Requirements) Regulations, 2015 (as amonded)

To the Board of Directors of Ester Industries Limited

• 1. We have reviewed the accompanying statement of standalone unaudited financial results ('the Statement') of Ester Industries Limited ('the Company') for the quarter ended 30 September 2022 and the year to date results for the period 01 April 2022 to 30 September 2022, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligalions and Disclosure Requirements) Regulalions, 2015 (as amended) ('Listing Regulalions').
• 1. The Slalement, which Is the responslblllty of the Company's management and approved by the Company's Board of Directors, has been prepared in accordance with the recognilion 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 presenlation and disclosure requirements of Regulation 33 of the Listing Regulations. 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 S!andard 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 accou11ting 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.

"""""'""-

()11\Ctt '"~"-(Plv.diQA ~ G!ln.ior•tff•raH. KocN. KolUl.I. ~i. Ntw °'"-Moida and PION

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 lhe 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.

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

~,::;?

Partner Membership No. 507568 UDIN: 22507568BDBBIV5439

Place: Gurugram Date: 14 November 2022

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

T +91124 4628099 F +91 124 4628001

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 Requirements) Regulations, 2015 (as amended)

To the Board of Directors of Ester Industries Limited

• 1. 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 30 September 2022 and the consolidated year to date results for the period 01 April 2022 to 30 September 2022, 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) ('Listing Regulations').
• 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 Listing Regulations. 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 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.

Chorttrtd Ac.:ounum.

Ollicu in 8tng•IUN. Ch•ndigJth. Ch<nn.11, GUrugtJm. Hyd<r•bod. Koehl. Kolk.Ju. ,....,b•i. Ntw Otthi, NoidJ Jnd Punt

Vl•lkf< Chondiok & Co lLP Is rtgisltftd with limiltd liJbili1y with ldtntiflcotion numbtr AAC·2085 ind iii 'f'Oitttr.cf offlc• •1 l-41 Conn.ugh! Circus. Ntw Dtlhl. 110001. lndi•

Chartorod Accountan1s

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 Listing Regulation, to the extent applicable.

1. Based on our review conducted and procedures performed 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 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.

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

~

Partner Membership No. 507568 UDIN: 22507568BDBAZU6317

Place: Gurugram Date: 14 November 2022

Chartered Accountants

Annexure 1

List of entities included in the Statement

Name of Holding Company Ester Industries Limited

Name of Subsidiary Company Ester Filmtech Limited

ESTER INDUSTRIES LIMITEDCIN - L24111UR1985FLC015063, Website a - 262 308. Dist. Udhamsingh Nagar (Uttarakhand)CIN - L24111UR1985FLC015063, Website : www.esterindustries.com; Email : investor@ester.inPhone: (05943) 25015

$\overline{\phantom{a}}$

													$[$ ₹ in lacs]
				Standalone results						Consolidated results
		Quarter ended	Precedingquarter ended	Correspondingquarter ended	Six monthperiod ended	Correspondingsix monthperiod ended	Previous yearended	Quarter ended	Precedingquarter ended	Correspondingquarter ended	Six monthperiod ended	Correspondingsix month periodended	Previous yearended
Sr.No	Particular	30 September2022	30 June 2022	30 September2021	30 September2022	30 September2021	31 March 2022	30 September2022	30 June 2022	30 September2021	30 September2022	30 September2021	31 March 2022
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
PARTI
	1 Income
	a) Revenue from operations	30.421.90	32.429.20	25.877.91	62.851.10	51.870.02	111,024.95	30.243.21	32,429.20	25.877.91	62.672.41	51.870.02	111.024.95
	b) Other incomeTotal income (a+b)	385.6530,807.55	221.8732,651.07	297.9626,175.87	607.5263,458.62	504.5652,374.58	880.42111,905.37	385.6530,628.86	221.8732,651.07	298.2826,176.19	607.5263,279.93	504.8852,374.90	880.42111,905.37
	2 Expenses
	a) Cost of materials consumed	19,173.55	18,838.91	16,791.49	38,012.46	32,377.62	70,271.70	19,173.55	18,838.91	16,791.49	38,012.46	32,377.62	70,271.70
	b) Changes in inventories of finished goods and work in progress	412.87	56.65	(1, 149.75)	469.52	(776.82)	(2.728.86)	412.87	56.65	(1.149.75)	469.52	(776.82)	(2,728.86)
	c) Employee benefits expenses	1,197.31	1,728.99	1.314.30	2.926.30	2.814.25	5,919.88	1,269.77	1,753.23	1,319.78	3,023.00	2,836.65	5,979.95
	d) Finance cost	783.40	662.64	529.80	1.446.04	1.023.91	2,486.31	783.40	662.64	530.62	1,446.04	1,028.19	2,487.53
	e) Depreciation and amortisation expense	979.17	951.54	902.48	1.930.71	1,777.35	3.670.83	984.26	955.76	905.71	1,940.02	1,781.00	3,682.17
	f) Other expenses	7,001.88	5.826.66	5,151.79	12.828.54	9,690.79	20,271.89	7,048.23	5,850.22	5,207.78	12,898.45	9,794.87	20,413.98
	Total expenses (a+b+c+d+e+f)	29,548.18	28,065.39	23,540.11	57,613.57	46,907.10	99,891.75	29,672.08	28,117.41	23,605.63	57,789.49	47,041.51	100,106.47
	3 Profit before tax from continuing operations	1,259.37	4.585.68	2.635.76	5,845.05	5,467.48	12.013.62	956.78	4,533.66	2,570.56	5,490.44	5,333.39	11,798,90
	4 Tax expense related to continuing operations
	Current tax	354.63	1.231.73	670.14	1,586.36	1.426.34	3.167.59	354.63	1,231.73	670.14	1,586.36	1,426.34	3,167.59
	- Tax earlier years	147.50			147.50	$\sim$	136.75	147.50			147.50		136.75
	Deferred tax charge/ (credit)	(4.88)	(56.66)	(18.54)	(61.54)	(60.98)	(72.35)	(4.88)	(56.66)	(18.54)	[61.54]	(60.98)	(72.35)
	$5$ Net profit from continuing operations $(3-4)$	762.12	3,410.61	1,984.16	4,172.73	4.102.12	8,781.63	459.53	3,358.59	1,918.96	3,818.12	3,968.03	8,566.91
	6 Profit before tax from discontinued operations #	15,523.16	1,066.64	1,756.86	16,589.803.863.62	3,954.20	6,821.46	15.523.163.595.15	1,066.64268.47	1,756.86442.20	16,589,803,863.62	3,954.20995.27	6,821.461,716.96
	7 Tax expense related to discontinued operations #	3.595.1511,928.01	268.47798.17	442.201,314.66	12,726.18	995.272,958.93	1,716.965,104.50	11,928.01	798.17	1,314.66	12,726.18	2,958.93	5,104.50
	8 Net profit from discontinued operations (6-7)$9$ Total net profit $(5+8)$	12,690.13	4.208.78	3,298.82	16,898.91	7,061.05	13,886.13	12,387.54	4,156.76	3,233.62	16,544.30	6,926.96	13,671.41
	10 Other comprehensive income
	Items that will not be reclassified to profit and loss
	i) Actuarial gain/ (loss) on remeasurement of defined benefit plan	8.66	27.62	16.92	36.28	22.88	(14.73)	8.65	26.67	16.92	35.32	22.88	(16.83)
	ii) Income tax effect	(2.35)	(7.05)	(4.23)	(9.40)	(5.73)	3.76	(2.35)	(7.05)	(4.23)	(9.40)	(5.73)	3.76
	Other comprehensive income/ (loss) (i+ii)	6.31	20.57	12.69	26.88	17.15	(10.97)	6,30	19.62	12.69	25.92	17.15	(13.07)
	11 Total comprehensive income (9+10)	12,696.44	4,229.35	3,311.51	16,925.79	7,078.20	13,875.16	12,393.84	4,176.38	3,246.31	16,570.22	6,944.11	13.658.34
	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	4.169.69	4.169.69	4,169.69
	Other equity						58,676.66						58,001.43
	Earning per share (face value of ₹5 each)
	Basic and Diluted EPS from continuing operation (not annualised) • in ₹	0.91	4.09	2.38	5.00	4.92	10.53	0.55	4.02	2.30	4.58	4.76	10.27
	Basic and Diluted EPS from discontinued operation (not annualised) - in ₹	14.30	0.96	1.58	15.26	3.55	6.12	14.30	0.96	1.58	15.26	3.55	6.12
	Basic and Diluted EPS from continuing and discontinued operation (not annualised) -in₹	15.22	5.05	3.96	20.26	8.47	16.65	14.85	4.98	3.88	19.84	8.31	16.39

$L_{\textrm{max}}$ $\frac{1}{2}$ $1h$

SIGNED FORIDENTIFICATIONPURPOSES ONLY

$\textbf{E} \texttt{SFR} \texttt{RNDISTRIES} \texttt{LMUTFD} \texttt{Regd}, \texttt{Office: Sohan Kagar, P.O. Charubeta, Khatima -262 308. Dist. Udhamsingh Nagar (Uttarakhand) \texttt{CIN - L24111UR1985FLC15065, Wobsite : www.esterindustrice.com; Emanii: inversor@ester.in \texttt{RID} \texttt{Phone: (05943) 2501558-7; Fax: (05943) 250158} \texttt{Statement of unauditted financial results for the quarter and six month period ended 30 September 2022.}$

Segment wise Revenue, Results, Assets and Liabilities

													(₹in lacs)
		Standalone results						Consolidated results
Sr.	Particulars	Ouarter ended	Precedingquarter ended	Correspondingquarter ended	Six monthperiod ended	Correspondingsix monthperiod ended	Previous yearended	Ouarter ended	Precedingquarter ended	Correspondingquarter ended	Six monthperiod ended	Correspondingsix month periodended	Previous yearended
No		30 September2022	30 June 2022	30 September2021	30 September2022	30 September2021	31 March 2022	30 September2022	30 June 2022	30 September2021	30 September2022	30 September2021	31 March 2022
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
	1 Segment revenue
	Polvester chips and film	23,194.51	26,636.28	21,305.33	49.830.79	43,757.00	93,758.83	23.015.82	26,636.28	21,305.33	49.652.10	43,757.00	93,758.83
	Speciality polymers	7.227.39	5.792.92	4.572.58	13.020.31	8,113.02	17.266.12	7.227.39	5.792.92	4.572.58	13.020.31	8.113.02	17.266.12
	Revenue from operations	30.421.90	32.429.20	25.877.91	62.851.10	51,870.02	111,024.95	30,243.21	32,429.20	25,877.91	62,672.41	51,870.02	111,024.95
	2 Segment resultsProfit before tax and interest
	Polvester chips and film	1,415.20	5.262.95	2.805.51	6.678.15	6,390.65	15,259.25	1,112.63	5,210.93	2,740.81	6,323.56	6.260.52	15.045.74
	Speciality polymers	2.312.67	1.795.28	1,705.00	4.107.95	2,991.73	5,566.63	2,312.67	1,795.28	1,705.00	4.107.95	2.991.73	5,566.63
	Total	3,727.87	7,058.23	4,510.51	10,786.10	9,382.38	20,825.88	3,425.30	7.006.21	4,445.81	10.431.51	9.252.25	20,612.37
	Less:
	Finance cost	783.40	662.64	529.80	1.446.04	1,023.91	2.486.31	783.40	662.64	530.62	1.446.04	1.028.19	2.487.53
	Other un-allocable expenditure net off from un-allocable income	1,685.10	1.809.91	1,344.95	3.495.01	2,890.99	6,325.95	1.685.12	1,809.91	1,344.63	3.495.03	2,890.67	6.325.94
	Profit before tax from continuing operations	1,259.37	4.585.68	2.635.76	5.845.05	5,467.48	12,013.62	956.78	4,533.66	2,570.56	5,490.44	5.333.39	11,798.90
	3 Profit before tax from discontinued operations	15,523.16	1.066.64	1.756.86	16,589,80	3,954.20	6,821.46	15,523.16	1,066.64	1.756.86	16,589.80	3,954.20	6.821.46
	4 Profit before tax	16,782.53	5.652.32	4.392.62	22,434.85	9,421.68	18,835.08	16,479.94	5,600.30	4,327.42	22,080.24	9,287.59	18,620.36
	5 Segment assets
	Polvester chips and film	44.893.48	45.616.19	40.742.34	44.893.48	40,742.34	47,842.53	105.020.20	100.139.41	54,367.19	105,020.20	54,367.19	98,591.91
	Speciality polymers	18.284.09	17,773,50	13,671.14	18,284.09	13,671.14	12,921.00	18,284.09	17.773.50	13.671.14	18.284.09	13,671.14	12,921.00
	Unallocated	68,050.88	37,741.06	30.379.82	68.050.88	30.379.82	35.574.95	43,987.44	18,752.62	16,626.82	43,987.44	16,626.82	17,506.51
	Assets associated with discontinued operations #		15.022.15	11.352.00		11,352.00	13.799.68		15.022.15	11.352.00	$\sim$	11,352.00	13,799.68
	Total6 Segment liabilities	131,228.45	116,152.90	96.145.30	131,228.45	96,145.30	110.138.16	167.291.73	151,687.68	96.017.15	167.291.73	96.017.15	142,819.10
	Polvester chips and film			5.469.80	6.877.54
		6,877.54	5,745.95			5,469.80	5,981.80	43,971.61	7,114.81	5,934.15	43,971.61	5,934.15	7.459.53
	Speciality polymersUnallocated	615.67	1,315.36	924.89	615.67	924.89	1,827.81	615.67	1.315.36	924.89	615.67	924.89	1,827.81
	Liabilities associated with discontinued operations #	45,523.74	39,774.692,229.27	31,297.441.268.08	45,523.74	31,297.441.268.08	37,511.821,970.38	45.523.74	74,668.812.229.27	31.297.441,268.08	45.523.74	31,297,441,268.08	69,390.26
	Total		49.065.27										1.970.38
	# Refer note 3	53.016.95		38,960.21	53.016.95	38.960.21	47.291.81	90.111.02	85.328.25	39,424.56	90.111.02	39.424.56	80.647.98

$\bar{z}$

Notes-1 in terms of Regulation 33 of the SEB (Listing Obligations and Disclosure Requirements) 2015, as anended, these standalone and consolidated financial results ("financial results") for the quarter and six months per

Langing

SIGNED FORIDENTIFICATIONPURPOSES ONLY

l,

ESTER INDUSTRIES LIMITED

Regd. Office : Sohan Nagar, P.O. Charubeta, Khatlma • 262 308. Distt. Udlmmslngh Nagar (Uttarakh.Jnd) ClN- L24111UR1985PLC015063, Website : www.esterindustrles.com; Email: ln\le!>1:or@ester.in Phone: (05943) 250153-57; Fax: {05943) 250158

Statement ofum1.udlted llnandal res11lts for the quarter and six month period ended 30 September 2022

3 t:nginccrlng Plastics Business has bce ndivesti:d with e ffeet from 15 Septernbr 2022. The business was report:ed under "Engineering Plastic" In accordance with the requi ement. of Ind AS 108 ·"Operating Segments" Jn the financial sl.alementstl!I previous year. The relevant financial lnfonnatJon of the said business has been disclosed under discontinued operations In terms or Ind AS 105- "Non·currentio.">Sets held for sale and discontinued operallons". The partlcul:irsofdlscontlnuedoperatlons a1-e11s under.

												$f$ tin lacs)
			Standalone results				Consolidated results
	Ouarter ended	Precedingquarter ended	Correspondingquarter ended	Six monthperiod ended	Correspondingsix monthperiod ended	Previous yearended	Quarter ended	Precedingquarter ended	Correspondingquarter ended	Six monthperiod ended	Correspondingsix month periodended	Previous yearended
Particulars	30 September2022	30 June 2022	30 September2021	30 September2022	30 September2021	31 March 2022	30 September2022	30 June 2022	30 September2021	30 September2022	30 September2021	31 March 2022
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
Total income	5,835.97	7.764.69	7.423.19	13,600.66	13,322.94	29.540.99	5,835.97	7,764.69	7,423.19	13,600.66	13,322.94	29,540.99
Total expenses	5,134.26	6.698.05	5.666.33	11,832.31	9.368.74	22,719.53	5,134.26	6.698.05	5,666.33	11,832.31	9,368.74	22,719.53
Profit before tax from discontinued operations [(a)-(b)]	701.71	1,066.64	1,756.86	1,768.35	3,954.20	6,821.46	701.71	1,066.64	1,756.86	1,768.35	3,954.20	6,821.46
Tax expenses related to discontinued operations	176.63	268.47	442.20	445.10	995.27	1,716.96	176.63	268.47	442.20	445.10	995.27	1,716.96
Profit after tax from discontinued operations [(c)-(d)]	525.08	798.17	1,314.66	1,323.25	2,958.93	5,104.50	525.08	798.17	1,314.66	1,323.25	2,958.93	5,104.50
Profit before tax on disposal of discontinued operations	14,821.45	$\cdot$		14,821.45	$\sim$		14,821.45			14,821.45
Tax expense related to disposal of discontinued operations	3,418.52	$\sim$		3,418.52	$\sim$		3,418.52		$\sim$	3,418.52	$\sim$
Net Profit after tax on disposal of discontinued operations [(f)-(g)]	11,402.93	$\cdot$		11,402.93	COLUM		11,402.93			11,402.93	$\sim$
Net Profit after tax for the period from discontinued operations [(e) +(h)]	11,928.01	798.17	1,314.66	12,726.18	2,958.93	5,104.50	11,928.01	798.17	1,314.66	12,726.18	2,958.93	5,104.50

4 The figures o f the quarter/period/year have been re-srouped/re-cfossificd in accordance with Ind AS lUS·"Non-currentassts held for sale and discontinued operation" and Ind AS 108- "0 pcratingSegmcnts" to give effect to the slump sale of Engineering Plastic Business

Place:Gurugram Oate : l+November2022

For E ter lndustrle' Limited -......:..i--....-.~

SIGNED FOR IDENTIFICATION PURPOSES ONLY

ESTER l!l<DUSTRIES LIMITED Rei;d. Office: Sohan Nagar. P.O. Charubeta, Khatlma - 262 308. Distt. IJdhamslngh :"lagar (Pttarakhand) ClN- L2411ll/Rl985PLCOIS063, Website: www.esterindustries.com; Email: investoriil.ester.in Phone: (05943) 250153-57; Fax: (05943) 250158 Statement of cash flow

StandaloneConsolidatedFor the Sb. monthFor the Six monthFor the Six monthFor the Six month periodperiod endedperiod endedperiod endedendedParticulars30 September 202230 September 202130 September 202130 September 2022( Unaudited)(Unaudited)~ Unauctited)(Unaudited)A Cash Rows from operating activitiesProfit before tax-Continuing Operations5,845.055,467.485.490.445.333.39-Disconlinued Operations16,589.803,954.2016,589.803,954.20AdJustments for:Depreciation and amortisation expense2,006.8.:'1,872.302,016.161.X75.95Employee stock option scheme expenses23.8631.(1523.8631.05loss on sale of property, plant and equipment (net)28.2121.94lH.2121.94Finance costs844.931,217.33840.651,217.33Interest income on financials assets measitred at amot1isa:i cost(53.47)(45.02)(53.47)(45.34)Unrealised foreign exchange galn {net)(143.41)(10.90)(143.41)(l0.90)Bad debts. advances.and irrecoverable balances written off635963.59Profit on sale of investmerits (net)(19.94)(19.94)Mark to market gain on derivative contracts(7.05)(7.05)Profit on sale of business(14,821.45)(14,821.45)Provisionsiliabilities no longer required written back(6.21)(6.21)income recognised on account of government assistance(127.84)(127.19)(127.84)(127.19)(Reversal)/ provision for doubtful debts(4.13)2.48(4.13)2A8Gain on fair valuation of financial assets(26.26)(26.26)Provisioni(reversal) for obsolete inventories"3.80)(13.802.632.63Operating profit before working capital changes and other10,537.2812,023.4710,191.9811,896.99adjustments:Working capital changes and other adjustments:Increase in cu1Tent and non-current loans(8.23)(24.88)(9.99)(55.69)Jncrease in other non-current and current assets(203.06)(2,065.70)(1,727.85)(2,317.63)Decrease/ (Increase) in inventories672.67(2,681.41)(262.25)(2,681.41)lncrease/ (decrease) in othcr financial and non-financial liabilities4,408.03(488.52)4,428.03(634.53)Increase in provisions27.8420.878.5027.07(Increase)1 decrease in other non-current and cum:nt financial assets(262.98)61.9461.94(266.33)Increase in trade rcccivables(1.372.28)(1,211.77)(1,396.81)(1,211.77)Increase in trade oavablcs1,799.30997.112,017.031,000.49Cash now from operating activities post working capital changes6,086.2315,591.606,618.7413,000.88Income tax oaid (net of refunds)(833.01)(1.580.90)1835.87l11,580.93)Net cash Dow from operalinl? activities {A)14.758.595.037.8412 165.014.505.30B Cash flows from investing activitiesPurchase or property plant and equipment (including capital work-in-(7,654.65)(2,014. 16)(14,037.63)(5,707.57)progress and intanglble assets)Sale of p1"operty plant and equipment12.0312.03(Investment)/ Proceeds from bank deposits(75.49)1,917.48(81.40)1,9 17.48Proceeds from pledged deposits (net)241.8877.51Lnterest received45.5045.5056.7557.07Proceed from sale of business (net)26,326.2726,326.27Income tax paid on profit on sale of business(1,549.14)(1,549.14)Cost incurred on sale of business(317.83)(317.83)Investment in subsidiary(5,995.00)(4,118.00)Sale/( Purchase) of investment (net)115,600.00)31.08(15,600.00)31.08Net cash used in investlnl.! activities (B)(4,126.85)(3 701.94)(4,566.431(5,124.69c Cash nows from financing activitiesProceeds from long-term borrowings4,264.666,805.)96,696.477,116.47Repayment of long-tenn borrowings(3,897.67)(2,865.27)(3,897.67)(2,865.27)Payment of lease liability(41.40)(60.27)(41.40)(60.27)Repayment of shorl-tenn borrowings (net)(2,211.49)(1,214.20)(2,211.49)(1,214.20)Finance cost paid(1 ,217.34)(834.98)(1,869.30)(839.26)Dividend oaidll,584.48l11,584.4811,584.4811,584.48Nt cash used in financln11 activities (Cl(3 655.32l(786.4111.875.47)(479.41!D Net increase in cash and cash equivalents (A+B+c)124.585,164.85323.956.536.84E Cash and ca.sh eouivalents at the beginni of the ve-.tr2,288.9637.715,614.27181.45F Cash and cash eouh·alents at the end of the 'ear tD+E>8.825.80162.2910.779.12505.40			(fin lacs)

Notes:

Cash Row attributable to the operating and invj.!Sting activities of discontinued operations is presented below:

				(fin lacs)
	Standalone	Consolidated
Particulars	For the Six monthneriod ended	For the Six monthneriod ended	For the Six month periodended	For the Six monthneriod ended
	.lO Sl.'Dtcmber 2022	30 Seotember 2021	30 Seutember 2022	30 Seotember 2021
	(Unaudited\	(Unaudltedl	(Unaudited\	(Unaudltedl
Net cash flow from operating activitiesNet cash flow/( used) in investing activities	4,229.0222,358.40	4,368.44(14.18)	4,229.0222,358.40	4,368.44(14.18)

Place: Gurugram

Date: 14 November 2022

SIGNED FOR IDENTIFICATION PURPOSES ONLY

For .ster Industries Llrtfed Arvlnd Slnghanla

ESTER 1'.'IDCSTRIES LIMITED

Regd. Office : Sohan Nagar, P.O. Charubeta, Khatima - 262 308. Distt. lidhamsingh Nagar (Uttnrakhand) CIN - L241l1UR1985PLC015063, Website: www.esterindustries~com; Email: investor@ester.in Phone: (05943) 250153-57; Fax: (05943) 250158 Statement of Assets and Liabilities

		(fin lacs)
			Standalone	Consolidated
Sr.	Particulars	As at	As at	As at	As at
No		30 September	31 March 2022	30 September	31 March 2022
		2022	(Audited)	2022	(Audited)
A	ASSETS
1	Non-current assets
	Property, plant and equipment	37,518.77	37,966.38	37,673.06	38,077.38
	Right of use asset	60.78	835.36	60.78	835.36
	Capital work-in-progress	4, 781.45	1,890.53	56,629.91	43,490.66
	Intangible assets under development	-	-	24.50	-
	Intangible assets	85.80	46.16	101.68	50.18
	Financial assets
	Investments	24,063.44	18,068.44	-	-
	Loans	24.51	14.12	24.51	14.12
	Other financial assets	l,135.08	950.58	1,420.87	1,119.94
	Income tax assets (net)	748.11	748.10	755.42	752.55
	Other non-current assets	2,053.13	1,759.85	2,053.14	5,601.08
	Total non-current assets	70,471.07	62,279.52	98,743.87	89,941.27
2	Current assets
	Inventories	15,796.53	20,298.64	16,779.71	20,346.90
	Financial assets
	Investments	15,619.94	-	15,619.94	-
	Trade receivables	15,057.86	19,346.04	15,082.39	19,346.04
	Cash and cash equivalents	8,825.80	2,288.96	10,779.12	5,614.27
	Other bank balances	1,933.54
	Loans		474.23	1,990.15	477.00
		74.01	76.17	76.14	76.54
	Other financial assets	137.50	146.35	143.50	149.00
	Other current assets	3,312.20	5,228.25	8,076.91	6,868.08
	Total current assets	60,757.38	47,858.64	68,547.86	52,877.83
	Total	131,228.45	110,138.16	167,291.73	142,819.10
B	EQUITY AND LIABILITIES
1	Equitv
	Equity share capital	4,169.69	4, 169.69	4, 169.69	4,169.69
	Other equity	74,041 .81	58,676.66	73,011.02	58,001.43
	Total equity	78,211.50	62,846.35	77,180.71	62,171.12
	Liabilities
2	Non - current liabilities
	Financial liabilities
	Borrowings	16,120.08	15,826.66	50,717.19	47,385.64
	Lease liability	1.25	1.25	1.25	1.25
	Provisions	904.57	1,013.71	933.91	1,036.06
	Deferred tax liabilities (net)	3,026.42	3,078.56	3,026.42	3,078.56
	Other non-current liabilities	1,916.09	2,029.13	1,916.09	2,029.13
	Total non-current liabilities	21,968.41	21,949.31	56,594.86	53,530.64
3	Current liabilities
	Financial liabilities
	Borrowings	15,008.02	16,114.99	15,952.73	i6,434.46
	Lease liability	6.93	46.88	6.93	46.88
	Trade payables
	a) total outstanding dues of micro enterprises and small
	enterprises	243.53	829.56	308.86	829.56
	b) total outstanding dues of creditors other than micro enterprises
	and small enterprises	5,206.75	5,412.97	5,425.63	5,479.45
	Other financial liabilities	6,380.33	1,331.43	7,600.65	2,696.78
	Other current liabilities	620.99	1,225.24	638.47	1,248.05
	Provisions	290.40	305.18	291.30	305.91
	Current tax liabilities (net)	3,291.59	76.25	3,291.59	76.25
	Total current liabilities	31,048.54	25,342.50	33,516.16	27,117.34
	Total	131,228.45	110,138.16	167,291.73	142,819.10

Place: Gurugram Date: 14 November 2022

SIGNED FOR IDENTIFICATION PURPOSES O~ LY

For Ester Industries Limited ~f --- Arvlnd Singha a Chairman& ~