Ester Industries Ltd. — Interim / Quarterly Report 2023

Feb 14, 2023

Date: 14th February, 2023

National Stock Exchange of India Limited (NSE)
Exchange Plaza, Plot no. C/1, G Block,
Bandra-Kurla Complex,
Bandra (E), Mumbai - 400051
Symbol: ESTER

Dear Sir/Madam

Subject: Unaudited Financial Results for the quarter and nine-months ended 31st December, 2022 and Outcome of Board Meeting dated 14th February, 2023

The Board of Directors of Ester Industries Limited ("the Company"), at its meeting held today, i.e. 14th February, 2023, has inter alia considered and approved the following:

• 1. Un-audited Financial Results (Standalone and Consolidated) of the Company for the quarter and ninemonths ended 31st December, 2022. The copy of the aforesaid results, along with Limited Review Report issued by the Statutory Auditors of the Company, is enclosed herewith.
• 1. Re-appointment of M/s. Dhananjay Shukla & Associates, Practicing Company Secretaries, as the Secretarial Auditors of the Company for the financial year 2022-23. The brief profile of M/s. Dhananjay Shukla & Associates is as under:

M/s. Dhananjay Shukla & Associates is a firm of Practicing Company Secretaries possessing more than 14 years of extensive experience in the fields of Corporate Laws & Procedures, Secretarial Compliance Audit, SEBI Regulations and other related compliances, IPR Laws, Labour Laws as well as RBI Matters. The Firm has been associated with a number of renowned Companies for various Corporate, Secretarial, Legal, and Financial matters.

The meeting was commenced at 03:27 PM and concluded at 03:50 PM.

Please take the above information on your record.

Thanking You

Yours Faithfully, For Ester Industries Limited

tu

Pradeep Kumar Rustagi Executive Director-Corporate Affairs DIN:00879345

Encl: As above

Ester Industries Limited

Corporate Ofiice: Block-A, Plot No. 11, lnfocity-1, Sector-34, Gurgaon - 122001 Haryana, India Phone : +91-124-2656100, 4572100 Fax : +91-124-4572199, 2656199 E-Mail : info@ester.in Website : www.esterindustries.com

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 City - LETTI LORI 9037 ENDIRE: (05943) 250153-57; Fax: (05943) 250158Statement of unaudited financial results for the quarter and nine months period ended 31 December 2022

													[5111125]
				Standalone results						Consolidated results
Sr.		Quarter ended	Preceding quarterended	Correspondingquarter ended	Nine monthsperiod ended	CorrespondingNine monthsperiod ended	Previous yearended	Quarter ended	Preceding quarterended	Correspondingquarter ended	Nine monthsperiod ended	CorrespondingNine monthsperiod ended	Previous yearended
No	Particular	31 December2022	30 September 2022	31 December2021	31 December2022	31 December2021	31 March 2022	31 December2022	30 September 2022	31 December2021	31 December2022	31 December2021	31 March 2022
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	$(\Lambda u\text{dited})$
PART I
	1 Income
	a) Revenue from operations	19,666.19	30,421.90	28,845.22	82,517.29	80,715.24	1,11,024.95	19,274.84	30,243.21	28,845.22	81,947.25	80,715.24	1,11,024.95
	b} Other income	776.87	385.65	161.45	1,384.39	666.01	880.42	768.24	385.65	166.10	1,375.76	.670.98	880.42
	Total income (a+b)	20,443.06	30,807.55	29,006.67	83,901.68	81,381.25	1,11,905.37	20,043.08	30,628.86	29,011.32	83,323.01	81,386.22	1,11,905.37
	2 Expenses
	a) Cost of materials consumed	12,634.89	19,173.55	18,871.76	50,647.35	51,249.38	70,271.70(2,728.86)	12,116.86532.13	19,173.55	18,871.76	50.077.31	51.249.38	70.271.70(2,728.86)
	b) Changes in inventories of finished goods and work in progressc) Employee benefits expenses	532.13899.20	412.871,197.31	(1.394.17)1.429.75	1,001.653.825.51	(2.170.99)4,244.00	5.919.88	960.43	412.871,269.77	(1, 394.17)1,457.31	1,001.653,983.43	(2,170.99)4.293.96	5.979.95
		760.90	783.40	605.08	2,206.93	1,628.99	2,486.31	808.79	783.40	607.62	2,254.82	1,635.81	2,487.53
	d) Finance coste) Depreciation and amortisation expense	997.33	979.17	946.60	2,928.04	2,723.95	3.670.83	1,004.14	984.26	950.43	2,944.16	2,731.43	3,682.17
	filOther expenses	5,761.64	7,001.88	5,436.14	18,590.18	15,126.93	20,271.89	5,808.05	7,048.23	5.508.89	18,706.50	15,303.77	20.413.98
	Total expenses $(a+b+c+d+e+f)$	21,586.09	29,548.18	25,895.16	79,199.66	72,802.26	99,891.75	21,230.40	29,672.08	26,001.84	78,967.87	73,043.36	1,00,106.47
	3 Profit/(loss) before tax from continuing operations	(1, 143.03)	1,259.37	3,111.51	4,702.02	8,578.99	12,013.62	(1, 187.32)	956.78	3,009.48	4,355.14	8,342.86	11,798.90
	4 Tax expense related to continuing operations
	- Current tax	(290.68)	354.63	780.29	1,295.67	2,206.63	3,167.59	(290.68)	354.63	780.29	1.295.67	2.206.62	3.167.59
	- Tax earlier years		147.50	$\sim$	147.50	CH.	136.75		147.50	$\sim$	147.50		136.75
	- Deferred tax charge/ (credit)	30.19	(4.88)	8.72	(31.35)	(52.26)	(72.35)	30.19	(4.88)	8.72	(31.35)	(52.26)	(72.35)
	5 Net profit/(loss) from continuing operations (3-4)	(882.54)	762.12	2,322.50	3,290.20	6,424.62	8,781.63	(926.83)	459.53	2,220,47	2,943.32	6,188.50	8,566.91
	6 Profit/(loss) before tax from discontinued operations #	$\sim$	15,523.16	1,645.58	16,589.80	5,599.79	6,821.46		15,523.16	1,645.58	16,589.80	5,599.79	6,821.46
	7 Tax expense related to discontinued operations #	$\sim$	3,595.15	414.19	3.863.62	1,409.47	1,716.96		3,595.15	414.19	3.863.62	1.409.47	1,716,96
	8 Net profit/(loss) from discontinued operations (6-7)	$\sim$	11,928.01	1,231.39	12,726.18	4,190.32	5.104.50		11,928.01	1,231.39	12.726.18	4,190.32	5.104.50
	9 Total net profit/(loss) (5+8)	(882.54)	12,690.13	3,553.89	16,016.38	10,614.94	13,886.13	(926.83)	12,387.54	3,451.86	15,669.50	10,378.82	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	1.20	8.66	(37.85)	37.48	(14.97)	(14.73)	1.19	8.65	(38, 24)	36.51	(15.36)	(16.83)
	ii) Income tax effect	(0.41)	(2.35)	9.49	(9.81)	3.76	3.76	(0.41)	(2.35)	9.49	(9.81)	3.76	3.7 0
	Other comprehensive income/ (loss) (i+ii)11 Total comprehensive income/ (loss) (9+10)	0.79	6.31	(28.36)3,525.53	27.67	(11.21)	(10.97)	0.78	6.30	(28, 75)	26.70	(11.60)	(13.07)13,658.34
	Paid-up equity share capital (face value of share ₹5 each)	(881.75)4,169.69	12,696.444,169.69	4.169.69	16,044.054.169.69	10,603.734.169.69	13,875.164,169.69	(926.05)4,169.69	12,393.844,169.69	3,423.114,169.69	15,696.204.169.69	10,367.224.169.69	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 $\bar{\tau}$	(1.06)	0.91	2.78	3.95	7.70	10.53	(1.11)	0.55	2.66	3.53	7.42	10.27
	Basic and Diluted EPS from discontinued operation (not annualised) - in ₹		14.30	1.48	15.26	5.02	6.12		14.30	1.48	15.26	5.02	6.12
	Basic and Diluted EPS from continuing and discontinued operation (not annualised) -	(1.06)	15.21	4.26	19.21	12.72	16.65	(1.11)	14.85	4.14	18.79	12.44	16.39
	in ₹

$\hat{n}$ .

$r_{\beta}$

Langin

$-1$ $-1$

ESTER INDUSTRIES LIMITED

Regd. Office: Sohan Nagar, P.O. Charubeta, Khatima • 262 308. Db:tt. Udhamsingh Nagar (Uttarakhand) CIN .. L24111UR1985PLC015063, Website: www.esterlndustries.com; Email: investor@ester.in Phone• (05943) 250153-57; Fax' (05943) 250158 Statement of unaudited financial results for the quarter and nine months period ended 31December2022

Segment wise Revenue, Results, Assets and Liabilities

													(!fin l:u:sl
			Standa lune results							Consolidated results
		Quarter ended	Preceding quarterended	Corresponding Nine months	quarter ended period ended	CorrespondingNine monthsperiod ended	Previous yearended	Quarter ended	Preceding quarterended	Corresponding Nine months	quarter ended period ended	Corresponding Previous yearNine monthsperiod ended	ended
Sr.No	Particulars	31 December2022	30 September 2022	31 December2021	31 December2022	31 December2021	31 March 2022	31 December2022	30 September 2022	31December2021	31 December2022	:n December2021	31March2022
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)	(Unaudited)	(Unaudited)	(Unaudited)	{Unaudited)	(Unaudited)	(Audited)
	1 Segment revenue
	Polyester chips and film	lR.100.83	23,194.51	24,420.98	67,931.63	68,177.99	93}58.83	17,709.48	23,015.82	24,420.98	67,361.59	68,177.99	93,75H.ll3
	Spl'cialit, iolymers	1,565.36	7,227.39	4,424.24	14,585.66	12,537.25	17,266.12	1,565.36	7,227.39	4,424.24	14,585.66	12,5:l7.2S	l7,.2Md2
	Revenue from operations	19,666.19	30,421.90	28,845.22	82,517.29	80.715.24	Lll,024.95	19 274.84	30,243.21	28 845.22	81,947.25	80 715.24	111,024.95
	2 Segment results
	Profit/floss} before tax and interest
	Polyester chips 3nd film	(195.25)	1,415.20	3,963.48	6,482.90	10,354.13	15,259.25	[183.05)	1.112.63	3,864.31	6,192.5-!	10,124.83	15,045.74
	Speciality polymers	391.39	2,312.67	1,208.79	4,499.34	4,200.52	5,566.63	391.39	2,312.67	1,208.79	4,-199.:!4	4,200.52	s.~ <ih.h:< td=""></ih.h:<>
	Total	196.14	3,727.87	5,172.27	10,982.24	14,554.65	20,825.88	208.34	3,425.30	5,073.10	10,691.88	14,325.35	20,612.37
	1ess:
	Finance cost	760.90	783.40	605.08	2,206.93	1,628.99	2,486.31	808.79	783.40	607.62	2,254.82	1,6:l5.81	2,4H7.53
	Other un-allocahle expenditure net off from un-allocab\e Income	578.27	1,685.10	1.455.68	4,073.29	4,346.67	6,325.95	586.87	1,685.12	1,456.00	4,081.92	4,346.68	b,3~5.(J..
	Profit/rloss) before tax from cootinulnL! one.rations	11143.031	1.259.37	3 111.51	4,702.02	8,578.99	12 013.62	11187.321	956.78	3 009.48	4 355.14	8 342.86	ll,798'.90
	3 Proflt/(losst before tax from discontinued operations		15 523.16	1645.58	16 589.80	5,599.79	6,821.46		15 523.16	1.645.58	16,589.80	5 599.79	6,821.46
	4 Profit/floss) before tax	11143.031	16 782.53	4,757.09	21,291.82	14.178.78	18 835.08	11 187.321	16,479.94	4 655.06	20,944.94	13 942.65	18,620.36
	5 Segment assers
	Polyester chips and film	44,246.67	44,893.48	42,735.87	44,246.67	42,735.87	47,842.53	1,10,567.63	1,05,020.20	69,752.51	1,l0,5b7.o3	69,752.!il	1Jll,5'Jl.lJI
	Speciality polymers	15,625.73	18,284.09	15,107.65	15,625.73	15,107.65	12,921.00	15,625.73	18,284.09	15,107.65	15,625.73	15,107.65	12,921.00
	Unalloctttccl	65,547.96	68,050.88	32,034.71	65,547.96	32,034.71	35,574.95	39,288.98	43,987.44	14,131.27	3~.28R.qB	14,131.27	17,506.!il
	Assets associated with discontinued operations#			14,396.07		14,398.07	13,799.68			14,398.07		14,3'1H.07	13,79'l.bH
	Total	125 420.36	131,228.45	1,04 276.30	1,25420.36	104276.30	110138.16	1,65.482.34	167 291.73	113,389.50	165 482.34	113 389.50	142 819.10
	6 Segment liabilities
	Polyester chips and film	5,484.78	6,877.54	5,667.75	5,484.78	5,667.75	5,981.80	46,570.13	43,971.61	15,475.90	4<>,578.13	15,475.90	7,4-5(J !i3
	Speciality polymers	346.51	615.67	602.92	346.51	602.92	l,R27.81	346.51	615.67	602.92	346.51	602.92	l,B27.H1
	Unallocated	42,247.37	45,523.74	36,580.25	42,247.37	36,580.25	37,511.82	42,241.57	45,523.74	36,580.25	42,241.57	3b,5S0.2:1	f)t),3tl0.:!h
	Uabillties associated with discontinued ouerations #			1865.96		1,865.96	J,970.38			1,865.96		1,865.9(1	I,lJ7o.:rn
	Total	48 078.66	53 016.95	44 716.88	48 078.66	44 716.88	47 291.81	89166.21	90 111.02	54 525.03	89166.21	54 525.0:!	80,647.98
	#Refer note 5

Notes-

.,

! In terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) 2015, as amended, these standalone and consolidated financial results ("tlnandal results") for the quctrterand nine montJ1s period ended 31December2022 liave been reviewed ::ind recommended for approval by the Audit Cnmmlllee o.1ml

accordingly lrnve been approved by the Board of Directors of Ester Industries Limited ("the Company~) at their respective meetings held on 14 Febrmuy 2023. The statutory auditors have carried out limited review of the financial rt:sults of the Company for lhe quarter and nine months period ended 31 Oecembcr 2022. Z These financial results have been prepared in accordance with the recognition and measurement principles of applicable Indian Accounting Standard ('Ind AS') notified under the Companies (lndi~n Accounting Standards) Rules, 2015 as specified ln section 133 of the Companies Act, 2013 (read with SEBI Cirn1lar CIR/CFD/f'AC/62/2016 dated 05 July 2016 a1ld other recognised accounting practices and policies).

3 On ·20 Janmuy 2023, Ester Film tech Limited, wholly owned suhsidi~HY of the Ester Industries Limited has slarted the commercial production of Polyester (BO PET) Film atTelangana.

4 On 28 September 2022 there was a h1·eakdown in Continuous Polymeri2ation (CP) plant due to whicli Company suffered loss of production [and therefore sales} in CP plant and Film Plant# 3 for about a month as Film Plant# 3 runs only on direct melt from CP plant. Company has •llready lodged a daim with inslffilllCL' rnm1-.o.111y for loss of material as well as loss of prufit. The insurance claim will be accounted for in the books of accounts as and when It will be accepted and approvl!d by the insurance company.

5 EngJneerlng Plastics Bl1slne.ss has been divested with effect from 15 September 2022. The business was reported under"Engineering Plastic" in accordance wilh the requirements of Ind AS 108 - ~Operating Segments" in the tina11Cial statements till previous year. The relevant fimmdal infornwtion uf the said business has hccn disclosed under discontinued upemtions In terms of Ind AS 105- "Non-current assets held for sale and discontinued operations" The particulars of dlscontinut.'<.l operations are as under.

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 financial results for the quarter and nine months period ended 31 December 2022

													$ \ddot{\mathbf{x}} $ in lacs
		Standalone results								Consolidated results
	Quarter ended	Preceding quarterended	Correspondingquarter ended	Nine monthsperiod ended	CorrespondingNine monthsneriod ended	Previous yearended	Ouarter ended	Preceding quarterended	Correspondingquarter ended	Nine monthsperiod ended	CorrespondingNine monthsDeriod ended	Previous yearended
	Particulars	31 December2022	30 September 2022	31 December2021	31 December2022	31 December2021	31 March 2022	31 December2022	30 September 2022	31 December2021	31 December2022	31 December2021	31 March 2022
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	[Audited]
	(a) Total income		5,835.97	7,716.09	13,600.66	21,039.03	29,540.99		5,835.97	7,716.09	13,600.66	21,039.03	29,540,99
	(b) Total expenses		5,134.26	6,070.51	11,832.31	15,439.24	22,719.53		5,134.26	6,070.51	11,832.31	15,439.24	22,719,53
	Profit before tax from discontinued operations [(a)-(b)]		701.71	1,645.58	1,768.35	5,599,79	6,821.46		701.71	1,645.58	1,768.35	5,599.79	6,821.46
(d)	Tax expenses related to discontinued operations		176.63	414.19	445.10	1,409,47	1,716.96		176.63	414.19	445.10	1,409.47	1,716.96
	(e) Profit after tax from discontinued operations [(c)-(d)]		525.08	1,231.39	1,323.25	4,190.32	5,104.50		525.08	1,231.39	1.323.25	4,190.32	5,104.50
	Profit before tax on disposal of discontinued operations		14,821.45		14,821.45				14,821.45		14,821.45
	(g) Tax expense related to disposal of discontinued operations		3,418.52		3,418.52		$\sim$		3,418.52		3,418.52
	Net Profit after tax on disposal of discontinued operations [(f)-[g]]		11,402.93		11,402.93				11,402.93		11,402.93
	Net Profit after tax for the period from discontinued operations $[(e) + (h)]$		11,928.01	1,231.39	12,726.18	4,190.32	5,104.50		11,928.01	1,231.39	12,726,18	4,190.32	5,104.50

6 The figures of the quarter/period/year have been re-grouped/re-classified in accordance with Ind AS 105-"Non-current assts held for sale and discontinued operation" and Ind AS 108- "Operating Segments" to give effect slu

Place: Gurugram Date: 14 February 2023

$\tilde{u}$

$\Phi^{\mathcal{L}}_{\mathcal{A}}$

$\bullet$

For Ester Industries Limited

Arvind Singhania Chairman & CEO

Walker Chandiok &.Co LLP

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

T +91124 4628099 F +91124 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 results ('the Statement') of Ester Industries Limited ('the Company') for the quarter ended 31 December 2022 and the year to date results for the period 01 April 2022 to 31 December 2022, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations').
• 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 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.
• 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), 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 Registrat;:o·on N : 01076N/N500013

c,-~ND/O-t- w - «JD 0

Toshniwal f ~ ~~fil ~ • Membership No. 507568 ~ $ UDIN: 23507568BGYWA06 a::1.>,. ,,'>-"'It' ·<·DACC0"

Place: Gurugram Date: 14 February 2023

Chart•red AccoontJnts

Offices in S.ng•luru. Ch•ndig>rh. Chenn•I. Gurugrom, Hyderob•d. Koehl. Kolkafa. Mumb•I. New Delhi. Noida and Pune

Walker Ch•ndiok & Co LLP is rfl)istered 11ith limited li•bility with ldentific•tion number AAC-2085 •nd its ff1Jistered office •I L-41 Connaught Circus. New Delhi. 110001, lndi•

Chartorod Accountant~

Walker Chandiok &_Co LLP

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

T +91 124 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 31 December 2022 and the consolidated year to date results for the period 01 April 2022 to 31 December 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.

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.

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Walker Chandiok &.Co LLP

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: 23507568BGYWAN5199

Place: Gurugram Date: 14 February 2023

### Walker Chandiok &.Co LLP

Annexure 1

List of entities included in the Statement

Name of Holding Company Ester Industries Limited

Name of Subsidiary Company Ester Filmtech Limited

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