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Excell Industries Ltd. Annual Report 2024

May 24, 2024

63426_rns_2024-05-24_78a71e0c-ba04-4f03-8d30-124a42d91f3d.pdf

Annual Report

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IS/ISO9001:2015 IS/ISO14001:2015 ISI/ISO 45001:2018 Certifiedby BIS.

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Excel Industries Ltd.

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24[th] May, 2024

BSE Ltd. Listing Department, Pheeroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai-400 001

National Stock Exchange of India Ltd. Listing Department, Exchange Plaza, Bandra-Kurla Complex, Bandra (E), Mumbai-400 051

Sub: . Outcome of Board Meeting

Ref: BSE Scrip Code: 500650; NSE Scrip Code: EXCELINDUS

Dear Sir,

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that at the meeting of the Board of Directors of the Company held today, the Board has approved audited financial results (Standalone and Consolidated) of the Company for the year ended 31st March, 2024 which were earlier approved and recommended by the Audit Committee of the Company at its meeting held today.

Pursuant to Regulation 33(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find attached herewith the following:

  1. Auditors' Report on the audited financial results (Standalone and Consolidated) for the year ended 31st March, 2024.

  2. Audited (Standalone and Consolidated) Financial Results for the quarter and year ended 31st March, 2024.

  3. Segment-wise information, Cash Flow Statement and Statement of Assets and Liabilities

In compliance with the provisions of the Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we declare that the above Auditors' Report is with unmodified opinion with respect to Financial Results (Standalone & Consolidated) of the Company for the year ended 31st March, 2024.

Further, the Board has recommended a dividend of Rs. 5.50/- (110%) per equity share of the face value of Rs. 5/- each for the FY 2023-24, subject to the approval of the shareholders at the ensuing Annual General Meeting (AGM) of the Company.

Chemicals Business / Environment & Biotech Division Excel Industries Limited Polymer Inputs / Pharmaceuticals Intermediaries/Veterinary API’s 184-87, S. V. Road, Jogeshwari (West),

T: 91-22-66464200 W: http://www.excelind.co.in

Mumbai-400102, Maharashtra, India.

CIN: L24200MH1960PLC011807

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Excel Industries Ltd.

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IS/ISO9001:2015
IS/ISO14001:2015
ISI/ISO 45001:2018
Certifiedby BIS.
----- End of picture text -----

The dividend will be paid within 30 days of its declaration by the shareholders at the AGM. The date of AGM will be informed in due course.

The Board meeting commenced at 02:00 p.m. and concluded at 05:15 p.m.

Kindly take the information on your record.

Thanking you,

Yours faithfully,

For Excel Industries Limited

Surendra Digitally signed by Surendra Kumar Kumar Singhvi Date: 2024.05.24 Singhvi 17:26:08 +05'30' S K Singhvi Company Secretary Encl: As above

Chemicals Business / Environment & Biotech Division Excel Industries Limited

Polymer Inputs / Pharmaceuticals Intermediaries/Veterinary API’s 184-87, S. V. Road, Jogeshwari (West),

T: 91-22-66464200

W: http://www.excelind.co.in

Mumbai-400102, Maharashtra, India. CIN: L24200MH1960PLC011807

Price Waterhouse Chartered Accountants LLP

INDEPENDENT AUDITOR'S REPORT

To the Board of Directors of Excel Industries Limited

Report on the Audit of Standalone Financial Results

Opinion

1. We have audited the annual standalone financial results of Excel Industries Limited (hereinafter referred to as the 'Company') for the year ended March 31, 2024 and the statement of standalone assets and liabilities and the statement of standalone cash flows as at and for the year ended on that date including notes thereon (together referred to as the 'standalone financial results'), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the 'Listing Regulations') which has been initialled by us for identification purposes.

  1. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial results:

  2. i. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and

  3. ii. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards prescribed under Section 133 of the Companies Act, 2013 (the "Act") and other accounting principles generally accepted in India, of net profit and other comprehensive income and other financial information of the Company for the year ended March 31, 2024 and the statement of standalone assets and liabilities and the statement of standalone cash flows as at and for the year ended on that date.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Our responsibilities under those Standards are further described in the 'Auditor's Responsibilities for the Audit of the Standalone Financial Results' section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Ac ountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.

Board of Directors' Responsibilities for the Standalone Financial Results

4. These standalone financial results have been prepared on the basis of the annual standalone financial statements. The Company's Board of Directors are responsible for the preparation and presentation of these standalone financial results that give a true and fair view of the net profit and other comprehensive income and other financial information of the Company and the statement of standalone assets and liabilities and the statement of standalone cash flows in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance

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Price Waterhouse Chartered Accountants LLP

INDEPENDENr AUDITOR'S REPORT To the Board of Directors of Excel Industries Limited Report on the Standalone Financial Results Page 2 of 3

with Regulation 33 of the Listing Regulations. The Board of Directors of the Company are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the standalone financial results by the Directors of the Company, as aforesaid.

5. In preparing the standalone financial results, the Board of Directors of the Company are responsible for assessing the ability of the Company to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

6. The Board of Directors of the Company are responsible for overseeing the financial reporting process of the Company.

Auditor's Responsibilities for the Audit of the Standalone Financial Results

7. Our objectives are to obtain reasonable assurance about whether the standalone financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial results.

8. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

  • Identify and assess the risks of material misstatement of the standalone financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

  • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to standalone financial statements in place and the operating effectiveness of such controls. (Refer paragraph 11 below)

hartere \NAAC • 50 redA�oun <:i). 7. 2754N/N5

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Price Waterhouse Chartered Accountants LLP

INDEPENDENT AUDITOR'S REPORT To the Board of Directors of Excel Industries Limited Report on the Standalone Financial Results Page3 of3

  • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

  • Conclude on the appropriateness of the Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the standalone financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

  • Evaluate the overall presentation, structure and content of the standalone financial results, including the disclosures, and whether the standalone financial results represent the underlying transactions and events in a manner that achieves fair presentation.

9. We communicate with those charged with governance of the Company regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matters

  • 10.The standalone financial results include the results for the quarter ended March 31, 2024 being the balancing figures between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year, which are neither subject to limited review nor audited by us.

11. The standalone financial results dealt with by this report has been prepared for the express purpose of filing with the Stock Exchanges on which the Company's shares are listed. These results are based on and should be read with the audited standalone financial statements of the Company for the year ended March 31, 2024 on which we issued an unmodified audit opinion vide our report dated May 24, 2024.

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Place: Mumbai Date: May 24, 2024

For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 012754N/N500016

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Bhavesh Gada Partner

Membership Number 117592 UDIN: 24117592BKEPJB9128

IS/ISO 90 1 2015 IS/ISO 14001.2015 IS/ISO 45001·2018 Certif by BIS

Excel Industries Ltd.

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STATEJIEHT Of STAHDALONE FINANCIAL RESULTS FOR THE QUARTER .AHO YEAR ENDED MARCH 31, 2024

STATEJEHT Of ST
AHDALONE FINANCIAL RESUL		 STATEJEHT Of ST
AHDALONE FINANCIAL RESUL		 TS FOR THE QUATER .O YEAR ENDED MARCH 31, 2024 TS FOR THE QUATER .O YEAR ENDED MARCH 31, 2024 TS FOR THE QUATER .O YEAR ENDED MARCH 31, 2024 TS FOR THE QUATER .O YEAR ENDED MARCH 31, 2024 TS FOR THE QUATER .O YEAR ENDED MARCH 31, 2024
IRa In Lakhsl
Sr.
No.		 Parlelan Quar Ende
 YwEnde
lbrch 31,
2024		 o.b 31,
223
 lbrch 31,
2023
 March 31,
2024		 larch31,
2023
1Ref«Note31 **rnaucfrtel ** CRtfe Note 31 l.ldltol l.d
1
2
3
4
5
6
7a
9
10
11
12		 Income
(a) R frm o
(b) Otr i
Total I (1)
E
(a) Cost of materi cnsu
(b) P of s-
(c) Cts I lnvt1 of f g 5-&le ai w-ress
(d) E b e
(e) Dp a a e
(1) l ls o p, p a el ( Nole 4)
(J) Otr e
(h)FN'ac
Total E'" (2)
Profit before uc ltams and tu (1•2)
E
Proft before w (3-)
In 1 expne
-Ct
• O ta
• TI In r of ear ys
Profit for the perod (afer tax) (H)
0r Csive Income
(i) Item tat W nt b rl fl p or l
�gan I�) on nt d b p
Chas I far va of eu lnt
I) � ta � ID l le " . nt b l l p o l
Total Ohe Compreesive Incme for the peo
Total CosiYe i for the p (7+8)
Pa up Equ ShM c (fa va of Rs. 5. pr E S)
OE
Earings pl share (EPS) • In RI.
� Pe, S of Rs. 51- eah (not .·
B
OUld		 23.353.71
f.53
24
12,691.6
123.1
1,02.76
2.677.78
797.53
5,5.19
2.73
22,819.43
953.11
953.11
110 43
112.85
730.53
179 91
3,9.18
(1,173 19)
2,970.9
3,701.43
628.53
5.81
5.11		 18,027 6
1,10.78
19,132.A2
11,55.62
10.9
(1,131.03)
2.741.0
785.13
4,573.43
73.0
11,710.19
4
'
318
22.9
102
213.47
(7 00)
1,255.24

(13 42)
1,113.12
1,307.2
628.53
2.26
�		 22.6.9
255.89
2,164.17
12.08 41
67940

1,249.49
2.441.0
783 69
65.23
5,0 9
39.16
2.36
531.51
531.51
171.6
(23.69)
149.01
234.55

91.39
1,853.9

(78.0)
1,157.27
1,391.12
628.53
U7
1.87		 82.613.91
2.93.92
S5,54U3
48,591.85
5.0
1,149.2
10,529.10
3,142.49
19,3.62
183.95
83,29.3
2,019.49
2,019.49
258.71

160
1.02
1,510.71
159 0
10,452.5

(2.308.40)
1,303.24
9,113.95
628.53
10,93.0
12.02
12.02		 10,91 9
1,055.9
110,037.10
61,455.20
1.277 12
37.14
10,4848
3,136.19
6523
22,656.5
216.71
9,642.65
10,395.15
10,395.15
2.56.41
102.18
(116.55)
7,145.11
86.08
2,016.38

(1,220.0)
182.4
a,n1.
628.53
9,53 31
62.41
62.41

nartere A."-r. ,;,. � �[,n ] 27f.i� ti.5 Mumbai

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Regd Office:

T : 91- 22 - 6646 4200 W : www.excelind.co.in

Chemicals Business I Environment & Biotech Oiv1s1on Polymer Inputs I Pharmaceutical Intermediates I Vetennary API s

Excel Industries Limited 184-87, S. V. Road, Jogeshwari (West), Mumbai - 400 102, Maharashtra. India. GIN: L24200MH1960PLC011807

,� ~~Bsoooslbfe care~~ • UtMfflUI M'IAlllJfl

IS/ISO 9001 2015 IS/ISO 14001 2015 IS/ISO 45001 :2018 Certified by BIS

Excel Industries Ltd.

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STATEMENT OF STANDALONE ASSETS ANO LIABILITIES

STATEMENT OF STANDALONE ASSETS ANO LIABILITIES STATEMENT OF STANDALONE ASSETS ANO LIABILITIES
Rs.InLakhs
Sr. No. Parlculars Asat
March 31, 2024
Audied		 March 31, 2023
Audied
A
1
2
B
2
3		 Assets
Non-urrentassets
Propert, plant and equipment
Rihi-of-use asset
Capl1al W-in-proress
Invesment propres
Goill
Other intanible asset
Intangible asset under develt
Financial asset

38,286.82
2,109.16
1,802.39
79.56
1,885.28
21.15
49.41

38,611.70
2,151.09
1,931.36
81.48
1,885.28
30.55
(i) Investment in subsidiaries and jint venture (Refer Note 5)
(iQ Other investment (Refer Note 6)
429.47
40,693.53
0.56
808.55
2,953.15
658.60
421.47
30,182.22
3.30
789.48
2,048.38
160.32
(iii) Loans
(iv) Other fnancal asset
NOrrent tax assets ( net)
Other lrent assets
Total non-urrent asset
Current assets
Inventories
Financial asset
(ij Investment
(it) Trade recivables
(iii) Cash and csh equivalent
(iv) Bank balancs other than csh and csh equivalent
(v) Loans
(vQ Oter fnancial asset
Other crrent asset
Total current assets
Equit and Liabilities
Equit
Equity share cpital
Other equit
Total equi
Llablliles
Non-urrent llablllties
Financal Ila bilities
(i) Lease liabilites
Employee beneft obliatons
Defered tax liabirlties (net)
Total Non-current llabillties
Current liabilltles
Finanl liabilites
(ij Bns
(il) Trade payable
(a) total outtanding due of micro and small enterprses
(b) total outtanding dues oter than [lij (a) abve
(iii) Leas liabilities
(iv) Oter financial liabil
Employee bnefit obligations
Curent tx fiabilities (net)
Other current liabilites (net)
Total current llabllitles
Total liabilities
Total Asset
B9m.63
10,638.91
17,217.28
18,470.27
736.43
445.84
21.26
2,764.23
1,104.32
51 398.5
141 17 6.17
78
.63
13,144.27
5,300.74
15,651.95
327.29
8,318.75
21.66
641.15
775.91
44 181.72
122478.35
t
--�---
---�-
628.53
106 943.06
107 571.59
177.83
1,325.47
12,023.97
13 527.27
628.53
98,543.31
9171.84
178.09
1,313.02
9,511.42
11 002.53
89.08
696.59
678.05
17,813.44
10,04.41
0.25
0.24
441.00
553.11
635.42
500.62
42.32
47.78
448.29
430.69
20~~on~~.31
12 303.98
33 604.5
23
.51
Total Equit and Llabililes
t 14�1 17 6 1_7
-_ 122_4_78 _ 35		 38,286.82
2,109.16
1,802.39
79.56
1,885.28
21.15
49.41
429.47
40,693.53
0.56
808.55
2,953.15
658.60		 38,611.70
2,151.09
1,931.36
81.48
1,885.28
30.55
421.47
30,182.22
3.30
789.48
2,048.38
160.32
B9m.63 78
.63
10,638.91
17,217.28
18,470.27
736.43
445.84
21.26
2,764.23
1,104.32
 13,144.27
5,300.74
15,651.95
327.29
8,318.75
21.66
641.15
775.91
44 181.72
122478.35
-
---�-
628.53
98,543.31
107 571.59 9171.84
177.83
1,325.47
12,023.97		 178.09
1,313.02
9,511.42
13 527.27 11 002.53
89.08
696.59
678.05
17,813.44
10,04.41
0.25
0.24
441.00
553.11
635.42
500.62
42.32
47.78
448.29
430.69
20~~on~~.31
12 303.98
33 604.5
23
.51
ls Business I Environment & B1otech Dlv;i�s1oi:=
;
,
Inputs I Pharmaceutical Intermediates I Veterinary APl's


Regd Office:
Excel Industries Limited
184-87, S. V. Road, Jogeshwari (West),
1

Chemicals Business I Environment & B1otech Dlv;;;i�s1�oir==::::::= ;::::;;,,.,.. Polymer Inputs I Pharmaceutical Intermediates I Veterinary APl's

184-87, S. V. Road, Jogeshwari (West), Mumbai - 400 102, Maharashtra, India. CIN: L24200MH1960PLC011An7

IS/ISO 9001 :2015 Excel Industries Ltd. IS/ISO 14001 2015 IS/ISO 45001:2018 Certified by BIS . STATEMENT OF STANDALONE CASH FLOWS

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Parlculm
 Year Ended


 Year Ended
March 31,
202A		 March 31,
2023
IAudltedl !Audited}
CASH FLOW FROM OPER TING ACTMTIES:
Profit before tu
Adjustments for:
Dpreciatin and amorlsatin expnses
F1ano csts
Bad debts witten of during the year
Reversal fr p ol doubtful rbes
Provisin for doubtful advancs
UnreaTised excange differencs (net)
D incme
Interest i
Gain on fair valuation ol investments through proft and loss
Impairment lss on ppry, plant and equipment
Proft on sale ol current investments
Net lss on sale/ <iscard of propry, plant and equipment
Operating pnf before woring capital changes
Adjustments for
(Incease)/ d ase in Inventories
(Incease)/ dse in Trade reivabls
(In)/ decrease in Other bank balancs
{Incease)/ deease in Loans (Curent and Nrent)
{Incease)/ decease In Other fna assets (Current and Non-ment)
(Incease)/ decease in Other assets (Current and Non-orrent)
Incease/ (decease) in Trade payabls
Increase/ (d) in Other fnancal fiabTrs (Current and Non-rent)
Increase / (decease) in Emp bneft obliations (Current and Non-rrent)
Incease / (decease) In Other crrent lities
Less: Incme taxes paid (net of refunds)
NET CASH INFLOW GENERTED FROM OPERATING ACTMTIES • [A)
CASH FLOW FROM INVESTING ACTMTIES:
Purcase of propry, plant and equipment Qnduding ctal 'rk- ess, c
advancs and capital vendr)
Purcase of Intangibl assets (induding Intangible assets under devlpment)
Purchase of Non- aen! Investments (Reier Note 6)
Purchase of current investments
Investment in subidiary (Reier Nole 5)
P fm sale of propry, plant and equipent
Pr from sale of arent investments
Interst reived
Investments in /Redmptin of bank dpsits vth maturity of more than three months (nel)
Dnd r
NET CASH (OUTFLOW) FROM INVESTING ACTMTIES • [BJ
CASH FLOW FROM FINANCING ACTIVITIES:
Repayment of brrovngs
fpal elements of lase payments
Repayment / transfer of pubic fxe depsrts [incuding Interest)
Dvind paid
Interest pai
Bng cst pai
NET CASH (OUTFLOW) FROM FINANCING ACTIVITIES. [CJ
NET INCRESE/ (DECREASE) IN CASH ANO CASH EQUIVALENTS· [A+B+C)
A: Cash and csh equlvalents at the bginning of the priod
Cuh and cash equlvalents at the end of the perod		 2,019.49
3,142.49
183.95
81.65
(101.73)
12.32
(647.62)
(1,20.3)
(3.0)
(555.41)
8.81		 10,395.15
3,13.19
216.71
27.62
(141.72)
(1.0)
(3.45)
(9.68)
(511.14)
(91.14)
65.23
(80.23)
124.38
2,635.72
2,505.36
(2,792.11)
(337.97)
3.14
(2,0.41)
(276.52)
7,8.92
9.3
30.31
fl.S		 13,0AS.92
3,378.31

4,389.9

178,39
11.85

(371.20)

2,241.11
(7,365.79)
14.0
(31.87)
71.14
7,813.38
470.47
 15,51.86
2 97.45
7342.91
(3,012.61)
(50.22)
(542.5)
(37,80.59)
(8.0)
110.8
26,825.56
3.21
8,210.88
67.62
 12 65.41

{3,249.76)

(15.77)

.

(15,827.09)

114.48
11,62.87
322.0
(4,747.31)
9.6
15 24.79
(89.0)
(0.25)
(0.74)
(1,418.9)
(122.40)
(61.55
11170.90

(43.45)

(3.18)

(4,77)

(2,821.53)

(10.5)

(5.8'
11 692.98
409.14
327.2		 (3 457.33
(2,512.82)
2 80.11
736.43 327.2

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Chemicals Business I onment & Biotech Division Regd Office: T : 91- 22 • 6646 4200 Polymer Inputs[I ] Pharmaceutical Intermediates[I ] Veterinary APl's Excel Industries Limited W : www.excelind.co.in 184-87, S. V. Road, Jogeshwarf (West), Mumbai• 400 102, Maharashtra, India. CIN: L24200MH1960PLC:n11Rn7

IS/ISO 9001 2015 lSllSO 14001 2015 IS/ISO 45001 2018 Certified by BIS

Excel Industries Ltd.

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NOTES TO STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 202-4:

  • 1 The standalone flnancial resuUs l0r the quar1ef and year ended March 31, 2024 were reviewed by Ille� Conmttee and 3l)pRJ'led by lhe Board of Oi'eclDrs of Excel lndusbies linited ('lhe Company') at their meetings held on May 24, 2024.

  • 2 The Board of lxeclols have ~~recnmended~~ dMdend of[I\ ] [0 ] IO amounlilg to Rs!i5!J._(PrfN'ws year: Rs. 1125) per equit'f sh¥e of Rs. 5.00 each for the year ended Marcil 31, 2024 subject to approval of sharehold rs.

  • 3 The figwes l0r the quarter ended March 31, 2024 and Match 31, 2023 are arrived at as difference be1-l audited figlll!S in respect of the ful lilanaal year ended March 31, 2024 and March 31, 2023, and unaudited figures up to nine months ended Decembef 31, 2023 and December 31, 2022 respectiv ly, which were reviewed earlier and not Slblected to audt

  • 4 On Apli 1, 2023, the Company had given a notice to Ahmedabad IJl.mlc:ipal Corpciration IOC' closure of its MunicJpal Solid Waste (MSW) processing plant, effecwe from October 1, 2023. Accordingly, the Company had recognized impairment loss of Rs. 65.23 lakhs on property, plant and equipment and inventory write off of Rs. 60.57 lakhs pertail ng to its Enwonment and Biotectl segment lor the quarter and year ended March 31, 2023. Pursuant to the sai:I notice, the operations were 01SCOOtinued and the site was lmded CNef to the concern d authority.

  • 5 The Company and Ws Reliable Infra were jointly 3Wclded a project by Raj(ot MJnicipal Corporation to design, buil, on of this project.

  • 6 Dumg the current year, the Company has invested Rs. 542.50 Lacs ( 54.25,00 equity shares at face value of Rs. 10 each per equity share) In First EnefllY 7 Private LJmlted towards 28.63% equity owneislup, for lhe sole purpose of procuring eleciricity from renewable source. The said equity shares carries a dividend coupon of 0.01% of the v.we of equity shares held by the �- On lemwlalion or othelwise, there is a restriction to sel the shares at lace vakJe to the other shareholder of Frst EnefllY 7 Private l.inited Accordingly, this equity inves1ment is measur d at amonized cost in accordance with the requiremenls of Ind AS 109

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1t-1[AAC-5] . ':B -'i Mumbai

Regd Office: T . 91- 22 - 6646 4200 Excel Industries Limited w WWW excellnd.co.in 184-87. S. V. Road, Jogeshwari {West), Mumbai - 400 102, Maharashtra, India. ClN: L24200MH1960PLC011807

Chemicals Business I Environment & Biotech Dlv1s1on Polymer Inputs I Pharmaceutical Intermediates I Vetennary APl s

1S/1S0 90 1·2015 IS/ISO 14001.2015 IS/ISO 45001:2018 Certified by BIS.

Excel Industries Ltd.

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7 Segment ll1bmation.

S l
IRI. In ukhal
Parlclan For the Oul e


 For they
 - e
M 31 24
Db 31 223
 Mrc 31 223
 M 31. 2024
 M 31 223
IRte Noe 31 **run ...... . ** rw•wNoa3l
**!Audit" **		 IAwla
S Revenue (RMUI from
o)
C
E nB
Total Sment Revenue
L : l s,-,e
Ne Sement Reeue
St Results
Chi
E an B
T otll Smet Results
L: FinMc ost
Ol u ere
(lltm l il
P I (toss) bore tax		 22.75.02
597.69		 17,TT4.83
252.81
 21,95.25
65.73		 81,197.74
1,416.17		 10,70.9
2.271 91
23,353.71
.		 18,027.6
 2,68.�
 82,613.91 108.�1.9
23,353.71
1,76.TT
(2.241		 18,027.6
86.0
1115 231
2,608.98
1,55.0
**115.61 **		 82,613.91
4,867.71

(533Ml		 10,�1.9
14,933.17
*(27,82*
1,7�.53
26.73
759.9		 73.81
73.0
235 52
1,�1.42
39.16
8375
4,333.91
183.95
2.13.47		 14,635.35
216.71
**4 023.49 **

953.81		 422.23 531.51 2,019.49 10,395.15
SAmts
C
E an 8
U
T otat Sment Anea
Semet Uabllftlts
C
EnWOllmnl and 8
U
Total St Uabllltle		 71,89.0
1,371.76
67 ! 37		 6,752.0
1,570.39
6501.15		 71,137 95
1,88.22
49418
 71,8904
1,371.76
f !.37		 71,137.95
1,86.22
4945.18
141,176.17
18,52.01
60.49
14,418.0
 131,373.62
13,989.74
52855
12,95.2
12,478.35
11,2.49
49.14
11 59.8
 141,176.17
18,52.01
6U9
14,418.0
 12,478.35
11,29.49
49.14
11,59.8
33,6.5 27,53.49 23,1 **33,6 ** 23,30.51

Place:MOOlbai Date: May 24, 2024

� ASHW!N C. Sf.17.­ r1;�._ EXECUTM: CHAIRMAN DIN: 00019952

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T : 91- 22 - 6646 4200 W : www.exce1ind co.in

Regd Office: Excel lndustnes Limited 184-87, s. V. Road, Jogeshwari (West), Mumbai. 400 102, Maharashtra, India. CtN: l24200MH1960PI r.n11M7

Chemicals Business I Environment & Biotech o,visK>f' Polymer Inputs I Pharmaceutical Intermediates I Vetennary API s ,

Price Waterhouse Chartered Accountants LLP

INDEPENDENT AUDITOR'S REPORT

To the Board of Directors of Excel Industries Lim ted

Report on the Audit of Consolidated Financial Results

Opinion

1. We have audited the annual consolidated financial results of Excel Industries Limited (hereinafter referred to as the "Holding Company") and its subsidiaries (Holding Company and its subsidiaries together referred to as "the Group") and its associate companies for the year ended March 31, 2024 and the statement of consolidated assets and liabilities and the statement of consolidated cash flows as at and for the year ended on that date including the notes thereon (together referred to as the 'consolidated financial results'), attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations') which has been initialled by us for identification purposes.

2. In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of reports of other auditors on separate audited financial statements of subsidiaries and an associate company, and based on the consideration of the separate unaudited financial information of an associate company, the aforesaid consolidated financial results:

  • i. include the annual financial results of the following entities:

Kamaljyot Investments Limited - Subsidiary Company Excel Bio Resources Limited - Subsidiary Company Excel Rajkot C&D Waste Recycling Private Limited - Subsidiary Company Mobitrash Recycle Ventures Private Limited - Associate Company Climacrew Private Limited - Associate Company

  • ii. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and

  • iii. give a true and fair view, in conformity with the recognition and measurement principles laid down in the applicable accounting standards prescribed under Section 133 of the Companies Act, 2013 (the "Act") and other accounting principles generally accepted in India, of the consolidated net profit and other comprehensive income and other financial information of the Group and its associate companies for the year ended March 31, 2024 and the statement of consolidated assets and liabilities and the statement of consolidated cash flows as at and for the year ended on that date.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Our responsibilities under those Standards are further described in the 'Auditor's Responsibilities for the Audit of the Consolidated Financial Results' section of our report. We are independent of the Group and its associate companies in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in sub-paragraph 11 of "Other Matters" section below, other than the unaudHed financial information as certified by the management and referred to sub-paragraph 12, is sufficient and appropriate to provide a basis for our opinion.

� • E M b • 400 063 ( ,. ,. Chartered Ac�ountants "' - /:'. � '7 ,� ;;;- .,, q RN � 0121 M umbal �4N,,t:i51))\l ~~•~~ o" �-r T: +91 c22) 6n9sooo, F: +n c22) 61198799 Gate No. 3, Western Express Highway, Gorcgaon ast, um a1 - Price Waterhouse Chartered Accountants LLP, Nesco IT Building Ill, 7th & 8th B ef; swllflPc.M't; N'°&co <1oy:i x Registered office and Head office, 11-A, Vishnu D<gamber Marg, Sucheta 6hawan. Gate No 2, New Delho -110002

number before conversion was 012754N) w,th effect from July 25, 2014, Post ,ts conversion to Pr1ce Waterhouse Cha,tered Accountants LLP, ,ts tCAI 1eg1strat,on number ,s 012754N/N500016 (ICAJ reg,strat,on Price Walerhousa (a Partnership Firm) converted into Pt1ce WatMhouse Chartered Accountants LLP {a L1m1ted L13b1hly Partnership with LLP idenlily no: LLPIN AAC-5001)

Price Waterhouse Chartered Accountants LLP

INDEPENDENT AUDITOR'S REPORT

To the Board of Directors of Excel Industries Llmited Report on the Consolidated Financial Results Page2 of 4

Board of Directors' Responsibilities for the Consolidated Financial Results

4. These Consolidated financial results have been prepared on the basis of the annual consolidated financial statements. The Holding Company's Board of Directors are responsible for the preparation and presentation of these consolidated financial results that give a true and fair view of the net profit and other comprehensive income and other financial infonnation of the Group including its associate companies and the statement of consolidated assets and liabilities and the statement of consolidated cash flows in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Board of Directors of the companies included in the Group and of its associate companies are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and its associate companies and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements / financial information that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial results by the Directors of the Holding Company, as aforesaid.

5. In preparing the consolidated financial results, the respective Board of Directors of the companies included in the Group and its associates are responsible for assessing the ability of the Group and its associates to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the respective companies included in the Group and its associates or to cease operations, or has no realistic alternative but to do so.

6. The respective Board of Directors of the companies included in the Group and its associates are responsible for overseeing the financial reporting process of the respective companies included in the Group and its associates.

Auditor's Responsibilities for the Audit of the Consolidated Financial Results

7. Our objectives are to obtain reasonable assurance about whether the consolidated financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be e[x] pected to influence the economic decisions of users taken on the basis of these consolidated financial results.

8. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

  • Identify and assess the risks of material misstatement of the consolidated financial results, whether due to fraud or error, design and perlorm audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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cnartere 1NAAC 5 ered Accou - �1254N NC,. Mumba·

Price Waterhouse Chartered Accountants LLP

INDEPENDENT AUDITOR'S REPORT To the Board of Directors of Excel Industries Limited Report on the Consolidated Financial Results Page 3 of 4

  • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Holding Company has adequate internal financial controls with reference to consolidated financial statements in place and the operating effectiveness of such controls. (Refer paragraph 15 below)

  • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

  • Conclude on the appropriateness of the Board of Director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and its associate companies to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and its associate companies to cease to continl!e as a going concern.

  • Evaluate the overall presentation, structure and content of the consolidated financial results, including the disclosures, and whether the consolidated financial results represent the underlying transactions and events in a manner that achieves fair presentation.

  • Obtain sufficient appropriate audit evidence regarding the financial results / financial information of the entities within the Group and its associate companies to express an opinion on the consolidated financial results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the consolidated financial results of which we are the independent auditors. For the other entities included in the consolidated financial results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

9. We communicate with those charged with governance of the Holding Company, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We_ also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

10. We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.

Other Matters

11. We did not audit the financial statements of three subsidiaries included in the consolidated financial results, whose financial statements reflect total assets of Rs. 39,137.87 lakhs and net assets of Rs. 35,676.59 lakhs as at March 31, 2024, total revenues of Rs. 4.73 lakhs, total net profit after tax of Rs. 264.74 lakhs and total comprehensive income of Rs. 10,205.80 lakhs for the year ended March 31, 2024, and net cash inflows of Rs. 12.17 lakhs for the year ended March 31, 2024, as considered in the consolidated financial results. The consolidated financial results also include the Group's share of net loss after tax of Rs. 13.42 lakhs• and total comprehensive loss of Rs. 13.42 lakhs* for the year ended March 31, 2024, as considered in the consolidated financial results, in respect of one associate company, whose financial statements have not been audited by us. These financial statements have been audited by other auditors whose reports have been furnished to us by the Management and our opinion on the

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Price Waterhouse Chartered Accountants LLP

INDEPENDENT AUDITOR'S REPORT

To the Board of Dir[e] ctors of Excel Industries Limited Report on the Consolidated Financial Results Page 4 of 4

consolidated financial results, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and associate company, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 10 above.

  • restricted to the extent of the Group's interest in the associate company.

12. The consolidated financial results also include the Group's share of net loss after tax of Rs. 56.62 lakbs• and total comprehensive loss of Rs. 56.62 lakhs• for the year ended March 31, 2024 in respect of one associate company, whose financial information have not been audited by us. These financial information are unauwted and have been furnished to us by the Management and our opinion on the consolidated financial results, in so far as it relates to the amounts and disclosures included in respect of this associate company is based solely on such unaudited financial information. In our opinion and according to the information and explanations given to us by the Management, these financial information are not material to the Group.

  • •restricted to the extent of the Group's interest in the associate company.

13. Our opinion on the consolidated financial results is not modified in respect of the matters stated in paragraphs 11 and 12 above with respect to our reliance on the work done and the reports of the other auditors and the financial information certified by the Management.

14. The consolidated financial results include the results for the quarter ended March 31, 2024 being the balancing figures between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year, which are neither subject to limited review nor auwted by us.

15. The consolidated financial results dealt with by this report have been prepared for the express purpose of filing with the Stock Exchanges on which the Holding Company's shares are listed. These results are based on and should be read with the audited consolidated financial statements of the Group and its associate companies, for the year ended March 31, 2024 on which we have issued an unmodified audit opinion vide our report dated May 24, 2024.

For Price Waterhouse Chartered Accountants LLP Finn Registration Number: 012754N/N500016

�.u[<-] vt.S'n.['V][, ][�c .. A.�"]

Place: Mumbai Date: May 24, 2024

Bhavesb Gada Partner Membership Number 117592 UDIN: 24117592BKEPJC3686

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Excel Industries Ltd.

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STATEMENT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2024

(Rs. In Lakhs)
 (Rs. In Lakhs)
 (Rs. In Lakhs)
 (Rs. In Lakhs)
 (Rs. In Lakhs)
 (Rs. In Lakhs)
Sr.
No.		 Paricular Quarer Ended Year Ended
March31,
2024
December 31,
2023		 March 31,
2023		 March 31,
2024		 March 31,
2023
(Refer Note3l (Unaudited) (Refer Note3l *(Audited* (Audited)
1
2
3
4
5
6
7
8
9
10
11
12
13
14		 Income
(a) Revenue from oprations
(b) Other incme
Total Income(1)
Expenses
(a) Cost of materials consumed
(b) Purchases of sto-in-trade
(c) Change in inventorie of fnished gos, sto-in-trade and wor-In-prore
(d) Employee bnefit expnse
( e) Depreciation and amation expense
(n Impairment loss on property, plant and equipment (Refer Note4)
(g) Other expenses
(h) Finance csts
TotalExpenses(2)
Proft before exceptionalItems, shareIn proft/ ooss) of equit accounted
Investment and tx (1-2)
Share in proft/ (loss) of equity accounted invetments in assoiates (net)
ProftbeforeexceptlonalItems and tax (3-4)
Exceptional items
Profit before tax (56)
Incme tax expnse
-Current tax
- Deferred tx
• Tax in respct of ear1ier years
Proft for the period (afer tax) (-8)
Other Comprehensive Income
(i) Items that will not be relassifed to proft or loss
Remeasurement gains/ 0osses) on net defne bnefit plans
Changes in fair value of euity instruments
(ii) Incme tx relating to the items that will not be relassifed to proft or loss
Total Other Comprehensive Income/ (Loss) for the period
TotalComprehensive Income for the period(9+10)
Paid up Equity Share Capital (fac value of Rs. 5/- per Equity Share)
Other Equity
Earings per share (EPS)- InRs.
Earing Per Shares of Rs. 5/- each (not annualised):
Basic
Diluted		 23,353.79
495.79
23,849.58
12,691.60
123.84
1,02.76
2,677.78
797.63
.
5,536.69
29.26
22,919.5
930.02
(39.79)
890.23
.
890.23
115.07
106.70
1.08
667.38
179.91
(1,823.78)
(524.37)
(2,168.24)
(1,5 .86)
628.53
5.31
5.31		 18,027.64
1,131.09
19,158.73
11,558.62
109.90
(1,131.03)
2,741.08
785.13
.
4,583.18
74.40
18,721.28
437.45

(28.62)
408.83
.
408.83
32.80
24.46
84.02
267.55
(7.00)

5,631.09

(649.81)

4,974.28

5,241.83
628.53
2.13
2.13



22,608.98
258.92
22,867.90
12,068.41
679.40
1,249.49
2,441.00
783.69
65.23
5,009.60
39.16
22,335.98
531.92
(25.97)
55.95
.
505.95
173.99
(33.35)
149.00
216.31
2,319.35
(792.28)
-
1,527.07
1,743.38
628.53
1.72
1.72		 82,613.99
3,300.20
85,914.19
48,591.85
566.04
1,149.29
10,529.10
3,142.59
.
19,412.42
187.82
83,579.11
2,335.08

(70.04)
2,265.04
-
2,265.04
313.52

165.42
85.10
1,701.00
159.06

21,704.85
(3,619.60)
18,244.31
19,945.31
628.53
142,077.28
13.53
13.53

108,981.90
1,286.58
110,268.48
61,455.20
1,2n.12
347.14
10,488.48
3,136.19
65.23
22,668.78
217.45
99,655.59
10,612.89
(36.07)
10,576.82
.
10,576.82
2,608.47
91.36
(116.56)
7,993.55
86.08
3,188.88
799.68
4,074.64
12,068.19
628.53
123,546.17
63.59
63.59

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Regd Office: T : 91- 22 - 6646 4200 Excel Industries Limited W : www.excelind.co.in 184-87, S. V. Road, Jogeshwari (West), Mumbai - 400 102, Maharashtra, India. CIN: L24200MH1960PLC011R07

Chemicals Business I Environment & Biotech Oiv1s1on Polymer Inputs I Pharmaceutical Intermediates I Veterinary APl's

� IS/ISO 90 1 :2015 IS/ISO 14001 • 2015 IS/1SO 45001:2018 Certified by BIS �� ~~fesognsible care~~ • ~~.~~ ~~. ._~~

Excel Industries Ltd.

==> picture [77 x 77] intentionally omitted <==

STATEMEKT OF CONSOLIDATED ASSETS ANO UABILmES

STATEMEKT OF CONSOLIDATED ASSETS ANO UABILmES STATEMEKT OF CONSOLIDATED ASSETS ANO UABILmES
Aaat
March 31, 2024
(Audited}
38,59.89
2,212.6
1,802.39
79.56
1,885.28
23.17
49.41.
78,52.9
0.56
811.23
6.0
2,953.
63.85
127 50.71
10,639.14
17,607.12
18,475.72
778.53
46.69
121.26
2,751.70
1,13.14
51 972.30
179553.01
628.53
142 077.28
142 705.81
m.83
1,327.57
15 02.77
16 535.17
69.59
17,822.88
0.25
68.77
635.42
57.4
45.6
20 312.03
J,1/,t
(Rs.InLakha)
March 31, 2023
(Audited)
38,611.70
2,151.0
1,931.36
81.48
1,885.28
30.55
.
13.42
56,805.0
3.30
789.48
2,05205
16.32
10515.03
13,144.27
5,641.51
15,651.95
357.22
8,336.75
121.66
68.80
80.5
4742.66
149,57.69
628.53
123,56.17
124174.70
178,09
1,313.02
11 25,8
12745.95
89.08
678.05
10,0.87
0.24
553.11
50.62
77.69
431.38
12 337.0
179 553.01
149.257.69
Sr. No. P1rlcul1r
 Aaat
March 31, 2024
(Audited}
38,59.89
2,212.6
1,802.39
79.56
1,885.28
23.17
49.41.
78,52.9
0.56
811.23
6.0
2,953.
63.85


March 31, 2023
(Audited)
38,611.70
2,151.0
1,931.36
81.48
1,885.28
30.55
.
13.42
56,805.0
3.30
789.48
2,05205
16.32
A
1
2
B
1
2
3		 Aan
Non-urrent ISiets
P, plant a e
Riht-oke at
C W-r8
Inv p
G
O inlaible a
Intible a undedeeot
I a f using te e m
Financa aet
(i) l (Refef Note 6)
(1)1.s
(iii) Oer fr a
Def
taasst(nt)
Norrent ta ast (neQ
O nent a
Total non-current aSll
Current 11seta
Invent
Financa a ets
(i) l
fli) Tr reabl
(ii)Ca aceuit
(1) Bk botancandce
(v) Loan
(Y) O f a
Oer crrent aset
Total current asset
Equit and Uabllltln
Equity
Eqlity shae c
Oe euit
Total euit
Liabllltin
Non-urrent llabllitiea
FI l
(I) Leae liabilit
Em beefoga
Df
ta lti (net)
Total Non-current ll1bllitln
Curnt lllbllltlet
FinUauite
(i)Bs
(i) Trae p
(a) totl odin due of mco ad s ente
(b)total o due olher ttm(i) (a)ae
0ii} Le Uailit
*Oerf iail
EJebft obliga
CtaliablTr (net)
Ocetl
Total current llabl ltln
Total llabllitlet
Total Aslett
Total Equity and Llabllitles*
127 50.71
10,639.14
17,607.12
18,475.72
778.53
46.69
121.26
2,751.70
1,13.14
10515.03
13,144.27
5,641.51
15,651.95
357.22
8,336.75
121.66
68.80
80.5
51 972.30
179553.01
4742.66
149,57.69
628.53
142 077.28
142 705.81

628.53
123,56.17
**124174.70 **
m.83
1,327.57
15 02.77		 178,09
1,313.02
**11 25,8 **
16 535.17 12745.95
69.59
17,822.88
0.25
68.77
635.42
57.4
45.6
20 312.03
**J,1/,t **		 89.08
678.05
10,0.87
0.24
553.11
50.62
77.69
431.38
12 337.0
149.257.69

179 553.01

Regd Office: Excel Industries Limited 184-87, S. V. Road, Jogeshwari[(] West), Mumbai• 400 102, Maharashtra, India. CIN: L24200MH1960PLC011807

Chemicals Business[I ] Environment & Biotech Division Polymer Inputs I Pharmaceutical Intermediates I Veterinary APl's

T : 91- 22 - 6646 4200

W: www.excelind.co.in

' IS/ISO 9001 :2015 IS/ISO 14001 2015 IS/ISO 45001"2018 CertJfied by BIS. � ~~Boonsib!e care~~ • -C8111Tll fl_,MIIIIIIJJT

Excel Industries Ltd.

�....,

0 *

==> picture [76 x 78] intentionally omitted <==

STATEMENT OF CONSOLIDATED CASH FLOWS

(Rs. In Llkhs}
~~....···-~~
Mh 31 202A
Mh 31 2023
IAudltedl
IAudltedl
2,265.0
10,576.82
3,142.59
3,136.19
187.82
217.45
81.85
27.62
(101.73)
(141.72)
(1.0)
12.32
(3.45)
(97.86)
(29.28)
(1,223.63)
(53.64)
(427.46)
(86.77)
.
65.23
(555.5)
(80.43)
84.81
124.38
70.0
3.07
2,f.23
13,049.47
2,55.35
3,378.31
(2,79.14)
4,392.27
(337.97)
178.39
3.14
11.85
(2,06.37)
(371.17)
(23.51)
2,m.26
7,811.75
(7,365.76)
16.76
14.0
38.41
(31.87)
16.62
70.83
7,833.26
15,53.62
595.95
2,9.8
7,237.31
12 53.78
(3,19.81)
(3,249.76)
(45.6)
(15.77)
(5.62)
(49.39)
(85.39)
(426.6)
(37,80.71)
(15,883.0)
110.86
114.48
337.91
276.2
26,825.71
11,605.51
40.9
335.89
8,210.03
(4,748.10)
97.86
2.28
(512.9]
(11 75.25
(89.08)
(43.45)
(0.25)
(39.18)
(0.73)
(4.17)
(1,418.9)
(2,821.53)
(122.53)
(107.3)
(61.55
15.8
11 693.10
(3.45.07]
421.31
(2,673.5)
357.22
3,0.76
778.53
357.22
0
+�

P1rlcul111		 ~~....···-~~
Mh 31 202A
Mh 31 2023
IAudltedl
IAudltedl
2,265.0
10,576.82
3,142.59
3,136.19
187.82
217.45
81.85
27.62
(101.73)
(141.72)
(1.0
12.32
(3.45)
(97.86)
(29.28
(1,223.63)
(53.64
(427.46)
(86.77
.
65.23
(555.5)
(80.43)
84.81
124.38
70.0
3.07
CASH FLOW FROM OPERATING ACTMIES:
Proft before tax
Adjustmnts for.
Dp(ecialin and aion e
Financ csts
Bad debts w of during the year
Reveral for provsion of doubtful reivables
P o fr doubtful advancs
Unrealised ex diffrencs (net)
Dnd inome
Interest i
Gain on fir valuaon of investmentsthrhpoft and loss
lmp t lss on p y, plant and equipment
Proft on sale of current Investments
Net loss on sale I discrd of proprty, plant and equipment
Share In net lss of equity acunted investments in aates
Operatingproftbefore woring c1pltal changes
Adjstmntsfor:
(Incease) / decreae In Inventores
(Incease)/ d in Trade rbls
(Increase)/ decrease In Other bank b
(Incease)/ deaease in Loans (Current and Non-urent)
(Increase)/ decrease in Or fna assets (Current and Non-rrenl)
(Increase) / decrease In Other assets (Current and Non-rrent)
lnaease / (deaease) in Trae payables
Increase/ (decrease) In Other fnancal HabiUtles (Current and Nrenl)
Incease/ (deaease) in Empoee bnefi obligatins (Current and Non-rrent)
Increase/ (decrease) in Other ct l
Less: Incme taes pai (net of refunds)
NET CASH INFLOW GENERATEDFROMOPERATING ACTMTIES •[A)
CASH FLOWFROMINVESTING ACTMTIES:
Purchase of Ppry, plant and euipent (incuding cpital wrk-ln-ess, c advas and cpital .endo<)
Purcase of Intangib assets (iing intangibl assets undr d lpment)
Investment In assoate cmpany
Purcase of Non-rrent inwstments (Refer Note 6)
Purchase of crrent i'lvestments
P from sal of proprty, pant and equipment
P fom sale of Nrent investments
Prs from sal of current investments
Interest r
Investments in/ redmptin of bank depsits 'th maturity of more than three months (net)
Dnd recive
NET CASH (OUTFLOW) FROM INVESTING ACTMTIES. [BJ
CASH FLOW FROM FINNCING ACTMTIES:
Repayment of bngs
Ppal elments of lease payments
Repayment I transfer of publi fied dpsils (lnduding Interest)
Op
Interest pai
Bng cst pai
NET CASH(OUTFLOWFROMFINANCING ACTMTIES • [CJ
NET INCREASE/ (DECREASE) IN CASH AND CASH EQUIVALENTS.[A+B+C]
Add: Cash and csh euivalents al the bginning of the prio
Cash and cash equivalents 1t the end of the perod
2,f.23
13,049.47
2,55.35
3,378.31
(2,79.14)
4,392.27
(337.97)
178.39
3.14
11.85
(2,06.37)
(371.17
(23.51)
2,m.26
7,811.75
(7,365.76
16.76
14.0
38.41
(31.87
16.62
70.83
7,833.26
15,53.62
595.95
2,9.8
7,237.31
12 53.78
(3,19.81)
(3,249.76
(45.6)
(15.77
(5.62)
(49.39
(85.39)
(426.6
(37,80.71)
(15,883.0
110.86
114.48
337.91
276.2
26,825.71
11,605.51
40.9
335.89
8,210.03
(4,748.10
97.86
2.28
(512.9]
(11 75.25
(89.08)
(43.45
(0.25)
(39.18
(0.73)
(4.17
(1,418.9)
(2,821.53
(122.53)
(107.3
(61.55
15.8
11 693.10
(3.45.07

421.31
(2,673.5
357.22
3,0.76
778.53
357.22
cnan�red

~~·��~~ ��l'-----c--­ /r0 -.,� '..:.!_D1275 4NIN� 0�Q' . W T : 91-22 • 6646 4200 ffOOfl\Q#i :..--:.?" �s Limited W : www.excelind.co.in 184-87, S. V. Road, Jogeshwarl (West), Mumbai - 400 102, Maharashtra, India. CIN: L24200MH1960PLC011807 e r untan � ; ( �harter cd.t f;O t�c.. ) i!, � ���IN AAC ·SO�l'J,;. 0}se cnan�red Acco

Chemicals Business I Environment & Biotech D1v1s1on Polymer Inputs I Pharmaceuttcal Intermediates I Veterinary AP l's

IS/ISO 90 1 :2015 IS/ISO 14001 ;2015 IS/ISO 45001:2018 Certified by BIS.

==> picture [78 x 77] intentionally omitted <==

Excel Industries Ltd.

==> picture [62 x 57] intentionally omitted <==

----- Start of picture text -----

"
"�
UQ fillponslbJe care• TIUIW
----- End of picture text -----

==> picture [40 x 41] intentionally omitted <==

NOTES TO CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2024:

  • 1 The consolidated financial results for the quarter and year ended March 31, 2024 were reviewed by the Audit Committee and approved by the Board of Directors of Excel Industries Limited[(] 'the Company') at their meetings held on May 24, 2024.

  • 2 The Board of I / ' amounting to Rs. S S[0][h] Previous year: Rs. Directors have recommended dividend of '-' l< Rs. 11.25) per equity share of

  • 5.00 each for the year ended March 31, 2024 subject to approval of shareholders.

  • 3 The figures for the quarter ended March 31, 2024 and March 31, 2023 are arrived at as difference between audited figures in respect of the full financial year ended March 31, 2024 and March 31, 2023, and unaudited figures up to nine months ended December 31, 2023 and December 31, 2022 res[pecti] vely, which were reviewed earlier and not subjected to audit.

  • ing

  • 4 On April 1, 2023, the Company had given a notice to Ahmadabad Municipal[Corpor] ation for closure of its Municipal Solid Waste (MSW) proce plant, effective from October 1, 2023. Accordingly, the Company had recognized impairment loss of Rs. 65.23 lakhs on properly, plant and equipment year ended March 31, 2023. Pursuant

  • and inventory write off of Rs. 60.57 lakhs pertaining to its Environment and Biotech segment for the quarter and to the said notice, the operations were discontinued and the site was handed over to the concerned authority.

  • Ra[j] kot Municipal[Corpor] ation to design, build, own, operate and maintain the

  • 5 The Company and Mis Reliable Infra were jointly awarded a project b[y ] the current year, the Com[p] an[y ]

  • Construction & Demolition[(] C&D) waste management system in Ra[j] kot for a period of 20 years. Pursuant to this, during has[incorpor] ated a subsidiary, Excel Ra[j] kot C&D Waste Recyclin[g ] Private Limited for execution of this project.

  • 6 During the current year, the Company has invested Rs. 542.50 Lacs ( 5.425,000 equity shares at face value of Rs. 10 each per equity share) in First Energy 7 Private Limited towards 28.83% equity ownership, for the sole purpose of procuring elecrici y from renewable source. The said equity shares carries a dividend coupon of 0.01% of the value of equity shares held by the Company. On termination or otherwise, there is a restriction to sell the shares at face value to the other shareholder of First Energy 7 Private Limited. Accordingly, this equity investment is measured at amortized cost in accordance with the requirements of Ind AS 109.

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==> picture [140 x 79] intentionally omitted <==

----- Start of picture text -----

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t,i "AC-"
id" [:coun]
12 <.3'7 54NI
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----- End of picture text -----

Chemicals Business[I ] Environment & Biotech D11 s1on Polymer Inputs I Pharmaceutical Intermediates I Vetennary APl's

T : 91- 22 - 6646 4200 W • www.excelind.co.in

Regd Office: Excel Industries Limited 184-87, S. V. Road, Jogeshwari[(] West[}] , Mumbai - 400 102, Maharashtra, India. CIN: L24200MH1960PLC011R07

0 "� ~~fponslble Care~~ • U:CUIIMllT0SUSTllJJl./1Y

IS/ISO 90 1:2015 IS/ISO 14001: 2015 IS/ISO 45001 :2018 Certified by BIS.

Excel Industries Ltd.

==> picture [77 x 78] intentionally omitted <==

==> picture [37 x 42] intentionally omitted <==

7 Segment informafion:

Sement informafion:
/Rs In Lakhsl
Paricular
Segment Revenue (Revenue from
operations)
Chemicals
Environment and Biotech
Total Segment Revenue
Less: Inter sement revenue
Net Segment Revenue
Segment Results
Chemicals
Environment and Biotech
Total Segment Results
Less: Finance cost
Other unalloable expenditure
(net of unalloable incme)
Share of net loss of assoiate
accunted for using equity method
Profit before tax		 March31, 2024
/Refer Note 31
22,756.02
597.77
23,353.79
.
For the Quarer Ended
December 31, 2023
(Unaudited!
17,774.83
252.81
18,027.64
.
March 31, 2023
IRefer Note 31
21,954.25
654.73
22,608.98
.
For theear ended
March 31, 2024
(Audited)
81,197.74
1,416.25
82,613.99
.
March 31, 2023
IAudltedl
106,709.99
2,271.91
108,981.90
.
23,353.79
1,766.77
(40.69'
1,726.08
29,26
766.80
39.79
18,027.64
846.04
/115.231
730.81
74,40
218.96
28.62		 22,608.98
1,558.06
(156.6		 82,613.99
4,867.71
15.W
4,319.46
187.82
1,796.56
70.04
2,265.04
71,991.44
1,610.38
105,951.19
108,981.90
14,933.17
(297.82
14,635.35
217.45
3,805.01
36.07
10,576.82
71,137.95
1,886.22
76,233.52
1,401.42
39,16
830.34
25.97
890.23
71,991.44
1,610.38
105,951.19
179,553.01
18,778.91
840.00
17,228.29
36,847.20
408.83
64,752.08
1,570.39
109,111.86
175,434.33
13,989.74
528.55
16,709.37
31,227.66		 505.95
Segment Assets
Chemicals
Environment and Biotech
Unalloated
Total Segment Assets
Segment Liabilities
Chemicals
Environment and Biotech
Unallocated
Total Segment Liabilities		 71,137.95
1,886.22
76,233.52		 71,991.44
1,610.38
105,951.19
149,257.69
11,209.49
498.14
13,375.36
25,082.99		 179,553.01
18,778.91
840.00
17,228.29
36,847.20		 149,257.69
11,209.49
498.14
13,375.36
25,082.99

Ch[arter] ed Place: Mumbai \t-lAAC • 50 Date: May 24, 2024 t�d�counl · \)12754� N.. it-l5 Mumb[ai ]

'" "'lSTRIES LIMITED ASffNIN C. SH'/:J:tv EXECUTIVE CHAIRMAN DIN: 00019952

==> picture [76 x 78] intentionally omitted <==

Chemicals Business I Environment & Biotech Division Polymer Inputs I Pharmaceutical Intermediates[I ] Veterinary APl's

Regd Office: Excel Industries Limited 184-87, S. V. Road, Jogeshwari[{] West[)] , Mumbai• 400 102, Maharashtra , India.

T : 91· 22 • 6646 4200 W : www.excelind.co.in

CIN: L24200MH1960PLC011807

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