Excell Industries Ltd. — Interim / Quarterly Report 2021

Feb 12, 2021

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Excel Industries Ltd.

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12[th ] February, 2021

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

National Stock Exchange of India Ltd. Listing Deparbnent, 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 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform you that at the meeting of the Board of Directors of the Company held today, the Board has approved unaudited financial statements of the Company for the quarter and nine months ended 31 [st ] December, 2020 which were earlier reviewed and recommended by the Audit Committee of the Company.

In this regards, please find enclosed a copy of the said unaudited Financial Results along with Limited Review Report thereon issued by the Auditors.

The Board meeting commenced at 02:00 p.m. and concluded at 05.30 p.m.

Kindly take the information on your record.

Thanking you,

Yours faithfully,

For Excel Industries Limited

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S KS' ghvi Company Secretary Encl: As above

E. excelmumbai@excehnd.com T: 91- 22 - 6646 4200 F: +91-22-2678 3657 W: http://w .excelind.co. In

Excel tndustnes 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 Vetennary APl's

Price Waterhouse Chartered Accountants LLP

Review Report

To, The Board of Directors Excel Industries Limited 184-87, Swami Vivekanand Road, Jogeshwari (West), Mumbai - 400 021.

1. We have reviewed the standalone unaudited financial results of Excel Industries Limited (the "Company") for the quarter ended December 31, 2020 and the year to date results for the period April 1, 2020 to December 31, 2020, which are included in the accompanying 'Statement of Standalone Unaudited Financial Results for the quarter and nine months ended December 31, 2020' and notes thereon (the "Statement"). The Statement has been prepared by the Company pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations, 2015"), which has been initialled by us for identification purposes.

2. This Statement, which is the responsibility of the Company's Management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standards 34 'Interim Financial Reporting ("Ind AS 34"), prescribed under section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. 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 Engagement (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. 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 Standards on Auditing 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 and audit opinion.

2. 4[.] Based on our review conducted as above, nothing has come to our attention that causes us to believe that the Statement has not been prepared in all material respects in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India and has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement.

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Price Waterhouse Chartered Accountants LLP, Nesco IT Building Ill, 8th Floor, Nesco IT Park, Nesco Complex, Gate No. 3 Western Express Highway, Goregaon East, Mumbai - 400 063

T: +91 (22) 61198000, F: +91 (22) 61198799

Registered office and Head office: Sucheta Bhawan, 11A Vishnu Digambar Marg, New Deihl 110 002

Price Waterhouse (a Partnership Flrm) converted Into Price Waterhouse Chartered Accountants LLP (a L•mlte<J Liability Partnership woth LLP Identity no: LLPIN AAC-5001) with effect from July 25, 2014. Post its conversion to Price Waterhouse Chartered Accountants LLP. its ICAI registration number is 012754N/N500016 (ICAI registration number before conversion was 012754N)

Price Waterhouse Chartered Accountants LLP

The Board of Directors Excel Industries Limited Page2of2

1. We draw your attention to Note 3 of the Statement, which describes the management's assessment of the financial impact of the events arising out of Coronavirus (Covid-19) pandemic, for which a definitive assessment of the impact in the subsequent period is dependent upon the circumstances as they evolve. Our conclusion on the Statement is not modified in respect of this matter.

For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 12754N/N500016

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Nehal Upadhayay Partner Membership Number: 115872

UDIN: 21115872AAAAA.14299 Mumbai February 12, 2021

IS/ISO 9001 :2008, IS/ISO 14001 :2004 & IS 18001 :2007 Certified by BIS.

Excel Industries Ltd.

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STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2020

							/Rs.InLakhs'
			Quarter Ended		Nine Months	Ended	Year Ended
Sr. No.	Particulars	December31, 2020	September 30, 2020	December 31, 2019	December 31, 2020	December 31, 2019	March 31, 2020
		*/Unaudited*	runaudltedl	*/Unaudited*	*/Unaudited*	*(Unaudited*	*/Audited*
1	Income
	(a) Revenue from operations (b)OtherIncome Total Income (1)	21,358.21 247.82 21,606.03	18,374.55 58.95 18,433.50	16,435.42 10664 16,542.06	53,078.79 729.64 SJ,808.43	53,468.21 717.88 54,186.09	70,248.44 807.87 71,056.31
2	Expenses (a) Cost of materials OOllSUmed (b) Purchases of stock�n-trade (c) Changes in inventories of finished goods, stock- in-trade and work-In-progress (d) Employee benefilS expenses (e) Finance oosts (Q Depredation and amortisation expense (g) Other Expenses	10,181.18 42.39 122.88 2,399.68 48.97 682.60 4,645.74	9,254.00 55.27 (287.08) 2,192.65 70.32 675.59 4,287.46	7,928.69 155.74 (423.66) 2,129.55 63.63 596.37 3,970.51	25,180.19 118.34 1,011.99 6,560.10 174.93 2,020.14 11,995.97	24,735.52 352.36 (226.26) 6,261.86 176.13 1,576.20 11,546.99	33,128.61 503.49 (774.90) 8,460.63 255.21 2,278.05 15,984.70
	TotalExpenses (2)	18,123.44	16,24811	14,420.83	47,061.66	44,422.80	59,835.79
3	Profit before exceptional Items and tax (1-2)	3,482.59	2,185.29	2,121.23	6,746.77	9,763.29	11,220.52
4	Exceplional items
5 6 7	Profit before tax (3-4) Tax expense • Current tax . Defer ed tax Profrt for the period (after tax) (5-6)	3,482.59 749.90 147.04 2,585.65	2,185.29 456.47 93.80 1,635.02	2,121.23 366.73 148.58 1,605.92	6,746.77 1,426.87 292.02 5,027.88	9,763.29 2,242.63 (633.53) 8,154.19	11,220.52 2626.76 (753.58) 9,347.34
8	Other Comprehensive Income/ (Loss) A (i) Items that will not be reclassified to profit or loss (Refer Note 4) (ii) Income tax relating to lhe items lhat will not be reclasslfied to profit or loss B (i) Items lhat will be reclasslfied to profit or loss (II) Income tax relating to lhe Items that will be reclassified to profit or loss	730.07 (76.15)	2,185.39 (358.78)	(224.81) 31.09	3,814.94 (532.11)	(1,203.43) 154.87	(4,708.37] 783.02
9 10 11	Total Comprehensive Income/ (Lou) for the period (7+8) Paid up Equity Share Capital (face valueofRs. 5/- per Equity Share) Earnings per share (EPS).InRs. Eaming Per Shares of Rs_Sf._each (not annualised} Basic	3,239.57 628.53 20.57	3,461.63 628.53 13.01	1,412.20 628.53 12.78	8,310.71 628.53 40.00	7,105.63 628.53 64.87	5,421.99 628.53 74.36
	Diluted	20.57	13.01	12.78	40.00	64.87	74.36

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E: excelmumbai@excelind.com T: 91- 22 - 6646 4200 F: +91-22-2678 3657 W. http://www.excelind.co.in

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 Pham1aceutical Intermediates I Veterinary APl's

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Excel Industries Ltd.

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IS/ISO 9001:2008,
IS/ISO 14001:2004 &
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Certified by BIS.
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NOTES TO STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2020:

• The standalone unaudited financial results for the quarter and nine months ended December 31, 2020 were reviewed by the Audit Committee and approved by the Board of Directors of Excel Industries Limited ('the Company') at their meetings held on February 12, 2021. These financial results have been subjected to limited review by the statutory auditor of the Company.

• 2 The acquisition of a chemical manufacturing unit of Netmatrix Crop Care Limited was ccmpleted on October 25, 2019 and accordingly, the financial results include impact of this acquisition with effect from October 25, 2019 and hence not ccmparable with the quarter and nine months ended December 31, 2019.

• 3 Manufacturing facilities of the Company which were shut down in the last week of March 2020 due to countrywide iockdown in the wake of Covid19 pandemic, resumed operations in a phased manner during the month of April 2020 after obtaining the requisite approvals. The Company continues to carry out it's operations in compliance with the guidelines issued by the various authorities.

The Company has assessed the Impact of the Covid19 pandemic on the operations, fund position, cash flow etc. and has concluded that no adjustments are required in the financial results for the quarter and nine months ended December 31, 2020. The Management is of the view that considering the nature of its business operations, existing customer and supplier relationships and its market position, impact on its business operations, if any, arising from Covid19 pandemic is not expected to be significant. However, the impact of Covid19 pandemic may be different from that estimated as at the date of approval of these financial results given the uncertainty associated with its nature and duration. The Company will continue to monitor any material changes to future eccnomic conditions.

• 4 Other Comprehensive Income include increase in Fair Value of Investments in equity instruments amounting to Rs. 795.83 lakhs and Rs. 4,012.22 lakhs for the quarter and nine months ended December 31, 2020.

• 5 The Parliament of India has approved the Code on Social Security, 2020 (the Code) which has been published in the Gazette of India however, the effective date has not yet been notified. The Company will assess the impact of the Code when it comes into effect and will record any related impact, if any, in the period the Code becomes effective.

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E: excelmumbai@excelind.com T: 91- 22 - 6646 4200 F: +91-22-2678 3657 W· http://www.excelind.co.in

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

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

IS/ISO 9001 :2008, IS/ISO 14001 :2004 & IS 18001 :2007 Certified by BIS .

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Excel Industries Ltd.

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6 Segment Information:

Segment Informaton:
	IRs.Inlakhsl
Pariculars	For the Quarer ended December 31, 2020 Se0tember 30, 2020 (Unaudited** /Unaudited) 20,809.52 17,942.76 548,69 431.79 21,358.21 18,374.55 21,358.21 18,374.55 4,297.61 3,058.55 37.81 (22.91 4,335A2 3,035.64 48.97 70.32 803.86 780.03 FortheNine Months ended December 31, 2019 December 31, 2020 (Unaudited* (Unaudited) 15,946.02 51,641.98 489.40 1.436.81 16,435.42 53,078.79 16,435.42 53,078.79 3,275.18 8,812.28 5.07 43,33 3,280.25 8,855.61 63.63 174.93 1,095.39 1,933.91 December 31, 2019 /Unaudited) 52,292.94 1,175.27 53,468.21 . 53,468.21 12,688.99 192.08 12,596.91* 176,13 2,657.49					For the Year ended March 31, 2020 /Audited I 68,470.45 1,777.99 70,248.44 70,248.4 15,106.40 52.57 15,158.97 255.21 3,683.24
Segment Revenue (Revenuefrom operations) Chemicals Environment and Biotech Total Segment Revenue Les: Inter segment revenue Net Segment Revenue Segment Results (Profit before tax and Interest) Chemicls Environment and Biotech Total SegmentResults Less: Finance cost Oter unallocable expenditre (net of unallocable Income) Profit beforetax
	21,358.21 4,297.61 37.81
	4,335A2 48.97 803.86	3,035.64 70.32 780.03 3,280.25 63.63 1,095.39
	3,482.59	2,185.29	2,121.23	6,746.77	9,763.29 11,220.52 56,326.24 58,492.61 1,253.80 1,382.18 27,469.13 22,394.93
Segment Asset Chemicals Environment and Biotch Unallocated TotalSegment Assets Segment Liabilities Chemicls Environment and Bio tech Unalloated Total Segment Liabilities	58,353.82 1,407.93 29,731.80 89,493.55 12,092.82 291.84 8,679.76 21,064.42	59,367.32 1,347.46 25,867.34 86,582.12 12,110.97 346.68 8,938.41 21,396.06	56,326.24 58,353.82 1,253.80 1.407.93 27.469.13 29,731.80
			85,049.17 89,493.55 12,155.37 12,092.82 291.83 291.84 9,288.89 8,679.76		85,049,17 82,269.72 12,155.37 12,894.61 291.83 361.33 9,288.89 8,898.86
			21,736.09 21,064.42		21,736.09 22,15.80

Place: Mumbai Date: February 12, 2021

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Excel Industries Limited E: excelmumbai@excelind.com 184-87, S. V. Road, Jogeshwari (West), T: 91- 22 • 6646 4200 Mumbai• 400 102, Maharashtra, India. F: +91-22-2678 3657 CIN: L24200MH1960PLC011807 W: http://www.excelind.co.in

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

Price Waterhouse Chartered Accountants LLP

Review Report

To, The Board of Directors Excel Industries Limited 184-87, Swami Vivekanand Road, Jogeshwari (West), Mumbai - 400 021.

• We have reviewed the consolidated unaudited financial results of Excel Industries Limited (the "Parent Company"), its subsidiaries (the parent and its subsidiaries hereinafter referred to as the "Group"), and associate company for the quarter ended December 31, 2020 and the year to date results for the period April 1, 2020 to December 31, 2020, which are included in the accompanying 'Statement of Consolidated Unaudited Financial Results for the quarter and nine months ended December 31, 2020' and notes thereon (the "Statement"). The Statement is being prepared by the Parent 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.

• This Statement, which is the responsibility of the Parent's Management and has been approved by the Parent's Board of Directors, has b e n 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, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.

• 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. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. 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 Standards on Auditing 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 circular issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

1. The Statement includes the results of the following entities:

2. a) Kamaljyot Investments Limited - Subsidiary

3. b) Excel Bio Resources Limited - Subsidiary

4. c) Mobitrash Recycle Ventures Limited - Associate

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Price Waterhouse Chartered Accountants LLP, Nesco IT Building IH, 8th Floor, Nesco IT Park, Nesco Complex, Gate No. 3 Western Express Highway, Goregaon East, Mumbai -400 063

T: +91 (22) 61198000, F: +91 (22) 61198799

Registered office and Head office: Sucheta Bhawan, 11A Vishnu Digambar Marg, New Delhi 110 002

Price Waterhouse (a Pannershlp Firm) convened into Price Watemouse Chanered Accountants LLP (a Limited Liability Partnership with LLP identity no: LLPIN AAC-5001) wi1h effect from July 25, 2014. Post its conversion to Price Waterhouse Chartered Accountants LLP. its ICAI registration number is 0�2754N/NS00016 (!CAI registration number before conversion was 012754N)

Price Waterhouse Chartered Accountants LLP

The Board of Directors Excel Industries Limited Page2of2

1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement has not been prepared in all material respects in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India and has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

2. We draw your attention to Note 3 of the Statement, which describes the management's assessment of the financial impact of the events arising out of Coronavirus (Covid-19) is

3. pandemic, for which a definitive assessment of the impact in the subsequent period dependent upon the circumstances as they evolve. Our conclusion on the Statement is not modified in respect of this matter.

5. We did not review the interim financial information of two subsidiaries included in the total

consolidated unaudited financial results, whose interim financial information reflect lakhs

revenues of Rs. Nil and Rs. Nil, total net profit after tax of Rs. 29.47 lakhs and Rs. 70.56 and total comprehensive Ooss) / income of Rs. (2,239.14) lakhs and Rs. 4,141.36 lakhs and

for the quarter ended December 31, 2020 and for the period from April 1, 2020 December 31, 2020 respectively, as considered in the consolidated unaudited financial their

results. These interim financial information have been reviewed by other auditors and reports vide which they have issued an unmodified conclusion, have been furnished to us by amounts

the Management and our conclusion on the Statement, in so far as it relates to the and disclosures included in respect of these subsidiaries is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above. Our matter.

conclusion on the St�tement is not modified in respect of the above

1. The consolidated unaudited financial results also includes the Group's share of net profit/ Ooss) after tax of Rs. Nil and Rs. Nil and total comprehensive income/ Ooss) of Rs. Nil and to

Rs. Nil for the quarter ended December 31, 2020 and for the period from April 1, 2020 December 31, 2020, respectively, as considered in the consolidated unaudited financial results, in respect of one associate, is based on their interim financial information which have not been reviewed by their auditors. According to the information and explanations to

given to us by the Management, these interim financial information are not material the Group. Our conclusion on the Statement is not modified in respect of the above matter.

For Price Waterhouse Chartered Accountants LLP Firm Registration N 754N/N500016 �al Upadha Partner Membership Number: 115872

UDIN: 21115872AA.AAAJ8005 Mumbai February 12, 2021

IS/ISO 9001:2008, IS/ISO 14001 :2004 & IS 18001:2007 Certified by BIS

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Excel Industries Ltd.

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STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2020

	(Rs. In LakhsJ	(Rs. In LakhsJ	(Rs. In LakhsJ
	Quarer Ended Ni Mth Ede Year Ende
Sr. No. ParJClffl	**ne n **		sn Decembr 31, March 31, 2019 2020 (Unaudite) (Audited)
	Deember 31, September 30, 2020 2020
1 2 3 4 5 6 7 8 9 10 11 12 13 Income (a) Revenue f opratis (b) Olher k Total Income (1) Expeses (a) Cst of materials csum (b) P of st>-il-trade (c) Clange In lnvenl of filishe gos, slo- in-trae and W-ln•p ess (d) Emplye bnefts expss (e) Financ cts (Q D an al e (g) Oher E Total Expense (2) Profit before exceptional Items, share of ne profits of lnvesbnents accounte for using euity metho and tu (1·2) Share of net p/ (l) of a ate for usin euity metho Prof rt bfore exceptional Items and tu (3-4) Excptional Items Profit before tax (s6) Tax ex - Cunt 13X - Ofen tax - Tax In respct of earlir years Proft for the pero (afe tu) (7-8) Oher Comprehensive Income/ (Loss) A (i) Items that wl no1 b r 1 pofl or lss (Refer Note 4) (H1 Incme tax relatng to the items thal wm not b rea to p or lss B (I) Items tat wll b reclassife to proft or lss (iij Incme ta rl to te Items that will b r lo proft or lss Total Comprehensive Income/ (loss) for the perod (9+10) Pak up Equily Share c (fa vu of Rs. 51- pr Equity Share) Earings per share (EPS) • In Rs. Eaning fef S ares or R�- eacn (not annualis) Basi D	21,358.21 18,374.55 289.51 97.44 21,87.72 18,471.9 10,181.18 9,25.0 42.39 5527 122.88 (287.08) 2,399.6 2,192.65 48.97 70.32 682.60 675.59 4,67.61 4,289.28 18,125.31 16,250.03 3,522.41 2,221.96 3,522.41 2,221.96 - 3,522.41 2,221.96 752.60 463.46 15.69 97.03 2,615.12 1,661.47 (1,993.0) 6,833.41 378.40 (1,13.63) 1,000.43 7,350.25 628.53 628.53 20.80 13.22 20.80 13.22	16,435.42 132.75 16,58.17 7,928.69 155.74 (423.6) 2. 129.55 63.63 59.37 3,973.0 14,423.36 2,144.81 2,144.81 - 2,14.81 370.17 148.5 3.0 1,6 .97 (1,16 25) 187.9 66.62 628.53 12.91 12.91 53,078.79 829.71 53,98.5 25,180.19 118 3 1,011.99 6,560.10 174 93 2,020 14 12,0.69 47,066.38 6,842.12 6,842.12 6,842.12 1,437.15 3.5 5,098.44 8,701.39 (1,37.76) 12,452.07 628.53 40.56 40.5	53,46.21 70,248.44 93.55 1,083.98 5,40.76 71,332.42 24,73552 33,128.61 352.36 503.49 (226.26) (TT4.9) 6,21.86 8,46.63 176.13 255.76 1,576 2 2,278.05 11,551.35 15,9.19 44,427.16 59,81.83 9,9n.60 11,490.59 9,9TT.60 11,490.59 9,977.60 11,490.59 2,254.63 2,6356 (633.53) (755.53) 348 3.23 8,353.02 9,607.25 (4,211.08) (7,187.3) 1,529.80 2,069.6 5,671.74 ,.�.51 628.53 628.53 66.45 76.43 66.45 76.43

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Excel lndustnes Limited E excelmumba1@excehnd.com 184-87, S. V Road, Jogeshwari (West). T 91- 22 - 6646 4200 Mumbai - 400 102, Maharashtra, India. F: +91-22-2678 3657 CIN. L24200MH1960PLC011807 W http://www.excelind.co.in

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

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Excel Industries Ltd.

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NOTES TO CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS DECEMBER 31, 2020

• The consolidated unaudited financial results for the quarter and nine months ended December 31, 2020 were reviewed by the Audit Committee and approved by the Board of Direc!OIS of Excel Industries Limited ('the Company') at their meetings held on February 12, 2021. The financial results for the quarter and nine months ended December 31, 2020 have been subjected to limited review by the staMory auditor of the Company.

• 2 The acquisition of a chemical manufacturing unit of Netmatrix Crop Care Limited was completed on October 25, 2019 and accordingly, the financial results include impact of this acquisition with effect from October 25, 2019 and hence not comparable with the quarter and nine months ended December 31, 2019.

• 3 Manufacturing facilities of the Company which were shut down in the last week of March 2020 due to countrywide lockdown in the wake of Covid19 pandemic, resumed operations in a phased manner during the month of April 2020 after obtaining the requisite approvals. The Company continues to carry out it's operations in compliance with the guidelines issued by the various authorities.

The Company has assessed the impact of the Covid19 pandemic on the operations, fund position, cash flow etc. and has concluded that no adjustments are required in the financial results for the quarter and nine months ended December 31, 2020. The Management is of the view that considering the nature of its business operations, existing customer and supplier relationships and its market position, Impact on its business operations, if any, arising from Covid19 pandemic is not expected to be significant. However, the Impact of Covid19 pandemic may be different from that estimated as at the date of approval of these financial results given the uncertainty associated with its nature and duration. The Company will continue to monitor any material changes to future economic conditions.

• 4 Other Comprehensive Income includes increase in Fair Value of Investments in equity instruments amounting to Rs. 8,898.67 lakhs for the nine months ended December 31, 2020 and decrease in Fair Value of Investments in equity instruments amounting to Rs. 1,927.33 lakhs for the quarter ended December 31, 2020.

• 5 The Parliament of India has approved the Code on Social Security, 2020 (the Code) which has b n published in the Gazette of India however, the effective date has not yet been notified. The Company will assess the impact of the Code when It comes into effect and will record any related impact, if any, in the period the Code becomes effective.

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

E excelmumbai@excelind.com T 91- 22 • 6646 4200 F: +91-22-2678 3657 W http://www.excelind.co.in

Chemicals Business I Environment & Biotech Div1s1on Polymer Inputs I Phannaceutical lntennediates I Veterinary APl's

IS/ISO 9001 2008. IS/ISO 1 4001·2004 & IS 18001 2007 Certified by BIS.

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Excel Industries Ltd.

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6 Segment Information:

Segmnt Inforatin:
	(Rs. In lakhs'
Paricut.rs		Fo te Quarer Ended		Fo te Nine Monts Ended Year Ende
	Dembr 31, 2020	Seotembtr 3 2020	Ocembr 31 2019	Octmber 31 2020	Oembr 31 219 1 11h 31 2020
	I\nauditedl	I\naudltedl	Inauditldl	-nnauditedl	runaudltedl !Audited)
Segment Revenue (Revenue from operaions) Chem Environmnt and Biteh Total Segment Revenue Less: Inter sgment reven� Net Segment Revenue Segment RHult (t bfoe tax and Interest) Chem�ls Enviromnt an Bit T o Segment Results Less: F1nano cst Other unanabl expnditure (net of unallble11Cme) P btfort tax	20,80.52 58 69	17,92.76 431.79	15,946.02 489.40	51,61.98 1,43.81	52,22.94 6,470.45 1,175.27 **1,777.' **
	21,35.21	18,374.55	16,435.42	53,078.79	53,468.21 70,248.44
	21,35.21 4,297.61 37.81	18,374.55 3,058.55 **122.911 **	16,435.42 3,275.18 **5 07 **	53,078.79 8,812.28 43.33	53,'68.21 70,248.44 12.68.' 15,10.40 192.01 52.57
	4,335.42 48.97 76.0	3,035.64 70.32 **743.3 **	3,20.25 8,855.61 63.63 174.93 1,071.81 1,83 56		12,596.91 15,15.97 176.13 255.76 2,443.18 3,412.62
	3,522.41	2,221.96	2,14.81 6,82.12		9,9TT.60 11,490.59
Segment Assets Chemils Enwonment and Biotec Unte Total Segment Assets Segment Liabilites Cm Ement and Biotech Unallcated TotaI Segment Liabilities	58,353.82 1,407 93 46,169.13	59,367.32 1,347.46 44 '.37	56,326.24 58,353.82 1,253.80 1,407.93 3 352.44 46,169.13		5,326.24 5,492.61 1,253.8 1,382.18 3,352.44 33,859.TT
	105,93.88 12,02.82 21.84 11,0.97	105,709.15 12. 110.97 346.68 11,710.8	95,932.4 105,930.88 12,155.37 12,02.82 291.83 291.84 10 70.9 **110.97 **		95,932.48 93,73.5 12,155.37 12,89.61 291.83 361.33 10,70.9 10,38.6
	23,385.63	24,168.53	23,148.10 23,385.63		23,148.10 23,645.60

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Place· Mumbai Date: February 12, 2021

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E excelmumba1@excelind.com T. 91- 22 - 6646 4200 F: +91-22-2678 3657 W http://www excelind.co.1n

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

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