Finolex Cables Ltd. — Earnings Release 2021

Jun 29, 2021

FCL:SEC:SE:21:75 29th June, 2021

Corporate Relationship Department BSE Limited 1st Floor, New Trading Ring Rotunda Building, P J Towers Dalai Street, Fort Mumbai — 400 001

Dear Sirs,

Re: Meeting of the Board held on 29' June, 2021

In continuation of our earlier letter dated 16th June, 2021, we would inform you that the meeting of the Board of Directors held today i.e. Tuesday, 29' June, 2021 was fixed for 11.30 a.m. commenced at 12.15 p.m. and concluded at 3.55 p.m.

We are pleased to enclose the statement of Audited Financial Results for the quarter/year ended 31st March, 2021 and Press Release in this regard which were adopted and taken on record by the Board of Directors at the said meeting.

We have taken necessary steps to publish these financial results in the Newspapers as per the provisions of the Listing Agreement.

The Board has recommended a final dividend @ 275 `)/0 (i.e. @ Rs.5.50 per equity share of Rs.2/ each fully paid up) for the financial year ended 31st March, 2021, subject to approval of shareholders at ensuing annual general meeting of the Company.

We also enclose followings:

1. Certificates of Statutory Auditors, M/s Deloitte Haskins & Sells, LLP, Chartered Accountants in respect of standalone and consolidated financial statements for the financial year ended 31st March, 2021, and

2. A declaration in respect of Unmodified Opinion by the Statutory Auditors certified by the Chief Financial Officer of the Company.

Kindly arrange to have the same updated on the Website of the Exchange at the earliest. Please acknowledge receipt and oblige.

Thanking you,

Yours faithfully For FINOLEX CABLES LIMITED

R G D'SILVA Company Secretary & President (Legal)

Fncl As ahnvA

Regd. Office : 26-27, Mumbai-Pune Road, Pimpri, Pune - 411 018. India. Tel.: 91-20-27475963. Fax : 020-27470344, 27472239, Website : www.finolex.com Email : sales@finolex.com CIN No.: L31300MH1967PLC016531 Finolex gets people together

results filed with the Stock Exchange under Regulation 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations,2015. The full format of the Standalone & Consolidated financial results for the quarter and year ended 31 March, 2021 are available on the Stock Exchange websites www.nseindia.com and www.bseindia.com andBy Order of the BoardDeepak K. ChhabriaExecutive ChairmanDIN: 01403799Year EndedSULL2,845.10461.4630.59630.87494.9230.1731-Mar-2130.17AuditedConsolidated669.9364.4931.6696.9130.594.2231-Mar-204.22AuditedStatement of Standalone & Consolidated Financial results of Finolex Cables Limited for the quarter and year ended 31 March, 2021Quarter ended848.95202.16146.9930.59162.9131-Dec-20Unaudited9.619.61937.38232.12167.59174.0530.5910.9610.9631-Mar-21AuditedPrepared in compliance with the Indian Accounting Standards (Ind AS)402.483,049.19501.33361.9330.5931-Mar-2026.3226.32AuditedYear Ended2,845.10392.12282.89316.2031-Mar-2130.5918.5018.50Audited135.50710.13117.16Standalone30.5984.477.667.6631-Mar-20AuditedQuarter ended848.9582.7598.38116.7130.5931-Dec-20Unaudited5.415.41The above is an extract of the detailed format for quarter and year ended financial937.38136.4396.08103.2630.596.296.2931-Mar-21Auditedunder the Investor Relations section of our website at http://www.finolex.com.(b) Diluted (in Rs)/ Share (not annualised for quarters)6 Earnings per share (of Rs. 2/- each) (Not annualised)(a) Basic (in Rs)/ Share (not annualised for quarters)5 Paid up equity share capital (face value Rs. 2/-each)Particulars1 Total Income from Operations4 Total Comprehensive IncomeDate: 29th June, 2021Net Profit before Tax3 Net Profit after TaxPlace: PuneNote:$\overline{\mathbf{c}}$		Tel: (91) (20) 27475963 Fax : (91) (020) 27472239 Website : http://www.finolex.com	Registered Office : 26/27, Mumbai-Pune Road, Pimpri, Pune 411018 (India)	CIN: L31300MH1967PLC016531
								(Rs. In Crore)
								31-Mar-20
								Audited
								2,968.80
								512.05
								391.00
								349.60
								30.59
								25.5725.57
								and

Finolex Cables Limited

Registered Office : 26/27, Mumbai-Pune Road, Pimpri, Pune 411018 (India) Tel. 27475963 Fax : (91) (020) 27472239 website : http://www.finolex.com CIN : L31300MH1967PLC016531

Standalone Statement of Assets and Liabilities

		(Rs. In Crore)
	As at	As at
	31st March 2021	31st March 2020
I ASSETS
NON CURRENT ASSETS
(a) Property,Plant and Equipment
(b) Capital Work-in-Progress	385.93	376.76
(c) Intangible Assets	25.71	27.29
(d) Right of use Asset	0.21	0.45
(e) Financial Assets	8.29	9.32
i) Investment in Associate and Joint Ventures
ii) Other Investments	211.34	213.87
iii) Loans	216.86	265.47
(f) Non-Current Tax Assets (net)	4.38	3.87
(g) Other Non-Current Assets	20.46	19.51
Total Non-Current Assets	35.20	26.08
CURRENT ASSETS	908.38	942.62
(a) Inventories
(b) Financial Assets	755.40	593.06
i) Investments
ii) Trade Receivables	509.00	246.55
iii) Cash and Cash Equivalents	176.55	187.02
iv) Other Bank balances	24.60	856.02
v)Other Financial Assets	29.12	77.86
(c) Other Current Assets	778.21	55.90
Total Current Assets	70.50	52.76
TOTAL ASSETS	2,343.38	2,069.17
	3,251.76	3,011.79
II EQUITY AND LIABILITIES
EQUITY
(a)Equity Share Capital
(b) Other Equity	30.59	30.59
Total Equity	2,920.12	2,688.04
LIABILITIES	2,950.71	2,718.63
NON CURRENT LIABILITIES
(a)Financial Liabilities
i) Borrowings
ii) Lease Liabilities	0.31	0.34
(b) Provisions	4.18	5.23
(c) Deferred Tax Liabilities ( Net)	11.72	12.61
Total Non-Current Liabilities	34.10	36.06
CURRENT LIABILITIES	50.31	54.24
(a) Financial Liabilities
(i) Trade Payables
(a) Total Outstanding Dues of micro
enterprises	15.87	5.52
(b) Total Outstanding Dues of Creditors other
	160.16	153.16
than micro enterprises and small enterprises
(ii) Lease Liabilities	2.18	2.33
(iii) Other Financial Liabilities
(b) Other Current Liabilities	4.1732.11	3.69
(c) Provisions	6.85	34.70
(d) Current tax Liabilities (net)	29.40	6.61
Total Current Liabilities	250.74	32.91
Total Liabilities	301.05	238.92
TOTAL EQUITY AND LIABILITIES	3,251.76	293.163,011.79

11111171f

Finolex Cables Limited Registered Office : 26/27, Mumbai-Pune Road, Pimpri, Pune 411018 (India) Tel. 27475963 Fax : (91) (020) 27472239 website : http://www.finolex.corn CIN : L31300MH1967PLC016531 Statement of Standalone Financial Results for the quarter and year ended 31st March, 2021

	Particulars		Quarter Ended			(Rs. In Crore)
		31-Mar-21	31-Dec-20	31-Mar-20	31-Mar-21	Year Ended
	Revenue from	Refer Note 3	Unaudited	Refer Note 3	Audited	31-Mar-20
II	OperationsOther Income	921,35	830.23	651.44	2,768.11	Audited
III	Total Income (1+11)	16.03	18.72	58.69	76.99	2,877.30
IV	Expenses	937.38	848.95	710.13	2,845.10	171.893,049.19
	Cost of material consumed
	Purchase of stock-in-trade	744.72	654.59	519.74	2,129.91	2,026.15
	Changes in inventories of finished goods, stock-in-trade and	31.19	21.53	18.08	76.24	57.17
	work in progress	(93.31)	(55.39)	(76.55)	(154.71)	0.03
	Employee benefits expense
	Financ-e costs	31.75	38.25	35.96	137.87	149.53
	Depreciation and amortization expense	0.24	0.17	0.73	0.76	1.55
	Other expenses	10.67	8.48	9.57	38.96	38.91
	Total Expenses (IV)	75.69	64.61	67.10	223.95	274.52
V	Profit before tax (111-IV)	800.95	732.24	574.63	2,452.98	2,547.86
VI	Tax expense	136.43	116.71	135.50	392.12	501.33
	(1) Current tax
	(2) Deferred tax charge/(credit)	39.32	34.49	34.35	112.63	123.24
VII	Profit for the year (V-VI)	1.03	(0.53)	(16.01)	(3.40)	(24.39)
VIII	Other Comprehensive Income / (Expense )	96.08	82.75	117.16	282.89	402.48
	(A) Items that will not be reclassified to profit or loss(i) Re-measurement gain/ (loss) on definedbenefit plans	1.38		(2.89)	0.66	(3.60)
	(ii)Fair value change in equity instruments
	(iii) Income tax relating to these items	7.13	15.92	(27.51)	34.09	(34.84)
	(B) Items that will be reclassified to profit or loss	(1.33)	(0.29)	(2.29)	(1.44)	(2.11)
	Other Comprehensive Income / (Expense ) for theyear (VIII)
IX	Total Comprehensive Income for the year (VII + VIII)	7.18	15.63	(32.69)	33.31	(40.55)
		103.26	98.38	84.47	316.20	361.93
X	Paid up equity share capital (Face value Rs. 2 per share)	30.59	30.59	30.59	30.59	30.59
XI	Other Equity
XII	Earnings per equity share(Face value Rs. 2 per share):				2,920.12	2,688.04
	(1)Basic(In Rs.)/Share (not annualised for quarters)
	(2)Diluted (In Rs.)/Share (not annualised for quarters)	6.29	5.41	7.66	18.50	26.32
		6.29	5.41	7.66	18.50	26.32

Standalone Segment wise Revenue, Results, Assets and Liabilities.

Particulars		Quarter ended			(Rs. In Crore)Year ended
	31-Mar-21	31-Dec-20	31-Mar-20	31-Mar-21	31-Mar-20
Segment Revenue	Refer Note 3	Unaudited	Refer Note 3	Audited	Audited
A. Electrical cables	746.70	692.89	522.56	2,309.98	2,361.11
B. Communication cables	127.39	95.83	102.72
C. Copper rods	158.65	195.93		321.47	408.94
D. Others	39.33	33.86	240.71	574.21	558.83
Total segment revenue	1,072.07	1,018.51	22.67	113.62	88.15
Less : Inter segment revenue	(150.72)	(188.28)	888.66	3,319.28	3,417.03
Net segment revenue	921.35	830.23	(237.22)	(551.17)	(539.73)
			651.44	2,768.11	2,877.30
Segment Results
A. Electrical cables	136.60	98.38
B. Communication cables	2.55	3.08	88.84	340.59	377.57
C. Copper rods	0.35	0.24	5.08	8.37	25.93
D. Others	0.84	1.34	2.48	1.10	3.43
Total segment results	140.34	103.04	(0,99)	4.25	(6.84)
(Less) : Finance costs	(0.24)	(0.17)	95.41	354.31	400.09
Add /(Less) : unallocable income net of unallocable expenditure	(3.67)		(0.73)	(0.76)	(1.55)
Profit before tax	136.43	13.84	40.82	38.57	102.79
		116.71	135.50	392.12	501.33
Segment Assets
A. Electrical cables	1,090.90
B. Communication cables	299.75	904.21	879.31	1,090.90	879.31
C. Copper rods	27.97	248.41	319.20	299.75	319.20
D. Others	43.55	51.33	20.03	27.97	20.03
Unallocable Assets	1,789.59	54.841,919.20	58.06	43.55	58.06
Total Assets	3,251.76	3,177.99	1,735.193,011.79	1,789.59	1,735.19
				3,251.76	3,011.79
Segment Liabilities
A. Electrical cables	175.04	203.06	169.92
B. Communication cables	25.67	34.56	17.61	175.04	169.92
C. Copper rods	17.41	18.08	13.95	25.6717.41	17.61
D. Others	9.59	1.60	11.90	9.59	13.95
Unallocable Liabilities	73.34	73.25	79.78	73.34	11.90
Total Liabilities	301.05	330.55	293.16	301.05	79.78293.16

Others segment mainly comprises of Trading of Electrical and other goods.

FL

1111111-111

Notes:

• 1 The above results were reviewed by the Audit Committee and were thereafter approved by the Board of Directors at their respective meetings held on 29th June, 2021.
• 2 The Company's operations and financial results for the quarter and year ended have been impacted by the lockdown imposed to contain the spread of COVID-19. The operations gradually resumed in line with the directives of the Government. This was done with requisite precautions ensuring safety of employees. However, despite resumption of operation, there were disruptions due to limited availability of work force, containment zones and curfew restrictions coming up from time to time. The results for the quarter and year ended are therefore not comparable with those for the previous periods. The Company has considered the possible effects that may result from the pandemic relating to COVID-19 on the carrying amounts of its assets. In developing the assumptions relating to the possible future uncertainties in the economic conditions because of this pandemic, the Company, as at the date of approval of these financial results has used internal and external sources of information. The Company has performed sensitivity analysis on the assumptions used and based on current estimates expects to recover the carrying amounts of these assets. The Company will continue to closely monitor any material changes to future economic conditions.
• 3 Figures for the quarters ended 31 March, 2021 and 31 March, 2020 are the balancing figures between the audited figures in respect of the full financial year and year to date figures upto the third quarter of the respective financial year.
• 4 The full format of the Standalone itedfirncial results and statment of assets and liabilities are available on the company website (http://www.finolex.com) and on the websites of the National Stock Exchange of India Limited (www.nseindia.com) and BSE Limited (www.bseindia.com).
• 5 The Board of Directors at its meeting held on 29th June, 2021, proposed a dividend of Rs. 5.50 (previous year Rs. 5.50) per equity share.

By Order of the Board

De e pak K. Chhabria Executive Chairman DIN: 01403799

Place : Pune Date : 29th June, 2021

111 11 11 I

Finolex Cables Limited Registered Office : 26/27, Mumbai-Pune Road, Pimpri, Pune 411018 (India) Tel. 27475963 Fax : (91) (020) 27472239 website : http://www.finolex.com CIN : L31300M1-l1967pLC016531 Statement of Standalone Cash Flow for the year ended 31st March, 2021

Particulars	Year Ended31st March 2021	(Rs. In Crore)Year Ended
A. Cash Flows from Operating ActivitiesProfit before tax for the yearOperating Profit before working capital changesNet cash generated from Operating ActivitiesB. Net cash (used in)/generated from Investing ActivitiesC. Net cash (used in) Financing ActivitiesNet (decrease)/increase in Cash and Cash EquivalentsCash and Cash Equivalents as at 1st April (Opening balance)Cash and Cash Equivalents as at 31st March (Closing balance)	392.12387.32114.37(859.46)(86.33)(831.42)856.0224.60	31st March 2020501.33419.11308.80587.26(86.42)809.6446.38856.02

Finolex Cables Limited Registered Office : 26/27, Mumbai-Pune Road, Pimpri, Pune 411018 (India) Tel. 27475963 Fax : (91) (020) 27472239 website : http://www.finolex.com CIN : L31300MH1967PLC016531 Consolidated Statement of Assets and Liabilities

		(Rs. In Crore)
	As at	As at
	31st March 2021	31st March 2020
I ASSETS
NON CURRENT ASSETS
(a) Property, Plant and Equipment	385.93
(b) Capital Work-in-Progress	25.71	376.76
(c) Intangible Assets	0.21	27.29
(d) Right of use asset	8.29	0.45
(e) Investment Accounted for using the equity method	845.25	9.32
(f) Financial Assets		608.88
i) Other Investments	216.86
ii) Loans	4.38	265.47
(g) Non-Current Tax Assets (net)	20.46	3.87
(h) Other Non-Current Assets	35.20	19.51
Total Non-Current Assets	1,542.29	26.08
CURRENT ASSETS		1,337.63
(a) Inventories	755.40
(b) Financial Assets		593.06
i)Investments	509.00
ii) Trade Receivables	176.55	246.55
iii) Cash and Cash Equivalents	24.60	187.02
iv) Other bank balances	29.12	856.02
v) Other Financial Assets	778.21	77.86
(c) Other Current Assets	70.50	55.90
Total Current Assets	2,343.38	52.76
TOTAL ASSETS	3,885.67	2,069.173,406.80
EQUITY(a)Equity Share Capital(b)Other EquityTotal EquityLIABILITIES	30.593,383.923,414.51	30.592,973.123,003.71
NON CURRENT LIABILITIES(a) Financial Liabilities
i) Borrowings	0.31
ii) Lease Liabilities	4.18	0.34
(b) Provisions	11.72	5.23
(c) Deferred Tax Liabilities ( Net)	204.21	12.61
Total Non-Current Liabilities	220.42	145.99
CURRENT LIABILITIES(a)Financial Liabilities(i) Trade Payables		164.17
(a) Total outstanding dues of Micro Enterprisesand Small Enterprises	15.87	5.52
(b) Total outstanding dues of Creditors otherthan Micro Enterprises and Small Enterprises(ii) Lease Liabilities	160.16	153.16
(iii) Other Financial Liabilities	2.18	2.33
(b)Other Current Liabilities	4.17	3.69
(c)Provisions	32.11	34.70
(d)Current tax Liabilities (net)	6.85	6.61
Total Current Liabilities	29.40	32.91
Total Liabilities	250.74	238.92
TOTAL EQUITY AND LIABILITIES	471.16	403.09
	3,885.67	3,406.80

Finolex Cables Limited Registered Office : 26/27, Mumbai-Pune Road, Pimpri, Pune 411018 (India) Tel. 27475963 Fax : (91) (020) 27472239 website : http://www.finolex.com CIN : L31300MH1967PLC016531

Statement of Consolidated Financial Results for the quarter and year ended 31 March, 2021

	Particulars				(Rs. In Crore)
			Quarter Ended			Year Ended
		31-Mar-21	31-Dec-20	31-Mar-20	31-Mar-21	31-Mar-20
I		Refer note 3	Unaudited	Refer note 3	Audited	Audited
II	Revenue from OperationsOther Income	921.35	830.23	651.44	2,768.11	2,877.30
III		16.03	18.72	18.49	76.99	91.50
IV	Total Income (1+11)Expgnsec	937.38	848.95	669.93	2,845.10	2,968.80
	Cost of material consumed	744.72	654.59	519.74	2,129.91	2,026.15
	Purchase of stock-In•trade	31.19	21.53	18.08	76.24	57.17
	Changes in inventories of finished goods, stock-in-trade and work in progress	(93.31)	(55.39)	(76.55)	(154.71)	0.03
	Employee benefits expense	31.75	38.25	35.96	137.87	149.53
	Finance costs	0.24	0.17	0.73	0.76	1.55
	Depreciation and amortization expense	10.67	8.48	9.57	38.96	38.91
	Other expenses	71.86	62.11	73,68	208.62	261.00
	Total Expenses (IV)	797.12	729.74	581.21	2,437.65	2,534.34
V	Profit before share of net profit of associate and Joint ventures and tax (III-IV)	140.26	119.21	88.72	407.45	434.46
VI	Share of net profit of an Associate and Joint Ventures	91.86	8295	8.19	223.42	77.59
VII	Profit before tax (V+VI)	232.12	202.16	96.91
VIII	Tax expense				630.87	512.05
	(1) Current tax	39.32
	(2) Deferred tax	25.21	34.49	34.35	112.63	123.24
IX	Profit for the year (VII-VIII)	167.59	20.68	(1.93)	56.78	(2.19)
X	Other Comprehensive Income / (Expense) (Oa)		146.99	64.49	461.46	391.00
	(A) Items that will not be reclassified to profit or loss
	(i) Re-measurement gain/ (loss) on defined benefit plans	1.38
	(ii)Fair value change In equity instruments	7.13	-	(2.89)	0.66	(3.60)
	(iii) Income tax relating to these items	(1.33)	15.92	(27,51)	34.09	(34.84)
	(iv) Share of Other Comprehensive Income/(Expense) of the associate	(0.72)	(0.29)	(2.29)	(1.44)	(2.11)
	and joint ventures		0.29	(0.14)	0.15	(0.85)
	(8) Items that will be reclassified to profit or loss
	Other Comprehensive Income / (Expense) for the year (X)	6.46	15.92	(32.83)	33.46
XI	Total Comprehensive Income for the year (IX+X)	174.05	162.91	31.66	494.92	(41.40)
	Profit for the year attributable to:					349.60
	- Owners of the Company	167.59	146,99	64.49	461,46
	- Non-controlling Interest	-	-	-	-	391.00-
	Other Comprehensive Income / (Expense) for the year attributable to:
	- Owners of the Company
	- Non-controlling interest	6.46-	15.92-	(32.83)-	33.46-	(41.40)
						-
	Total Comprehensive Income for the year attributable to:- Owners of the Company
	- Non-controlling interest	174.05	162.91	31.66	494.92	349.60
		-	-	-	-	-
XIIXIII	Paid up equity share capital (Face value Rs. 2 per share)	30.59	30.59	30.59	30.59	30.59
	Other Equity				3,383.92	2,973.12
XIV	Earnings per equity share(Face value Rs. 2 per share):
	(1)8asic (In Rs.)/Share (not annualised for quarters)	10.96	9.61	4.22	30.17	25.57
	(2) Diluted (In Rs.)/Share (not annualised for quarters)	10.96	9.61	4.22	30.17	25.57

Consolidated Segment wise Revenue, Re ults, Assets and Liabilities

Particulars			(Rs. In Crore)Year ended
	31-Mar-21	Quarter Ended31-Dec-20	31-Mar-20
_	fReel-71tote 3 -			31-Mar-21	31-Mar-20
Segment Revenue			Unaudited Refer note 3	Audited	Audited
A Electrical cables	746.70
B. Communication cables	127.39	692.89	522.56	2,309.98	2,361.11
C. Copper rods	158.65	95.83	102.72	321.47	408.94
D. Others	39.33	195.93	240.71	574.21	558.83
Total segment revenue	1,072.07	33.86	22.67	113.62	88.15
Less: Inter segment revenue	(150.72)	1,018.51	888.66	3,319.28	3,417.03
Net segment revenue_	921.35	(188.28)	(237.22)	(551.17)	(539.73)
		830.23	651.44	2,768.11	2,877.30
Segment Results
A. Electrical cables
B. Communication cables	136.60	98.38	88.84	340.59	377.57
C. Copper rods	2.55	3.08	5.08	8.37	25.93
D. Others	0.35	0.24	2.48	1.10	3.43
Total segment results	0.84	1.34	(0.99)	4.25	(6.84)
(Less]: Finance costs	140.34	103.04	95.41	354.31	400.09
Add /(Less) : unallocable Income net of unallocable expenditure	(0.24)	(0.17)	(0.73)	(0.76)	(1.55)
Profit before share of net profit of assodate and Joint ventures and tax	0.16	1834	(5.96)	53.90	35.92
	140.26	119.21	88.72	407.45	434A6
Segment Assets
A. Electrical cables
B. Communication cables	1,090.90	904.20	879.31	1,090.90	879.31
C. Copper rods	299.75	248.41	319.20	299.75	319.20
D. Others	27.97	51.33	20.03	27.97	20.03
Unallocable Assets	43.55	54.84	58.06	43.55	58.06
Total Assets	2,423.50	2,458.15	2,130.20	2,423.50	2,130.20
	3,885.67	3,716.93	3,406.80	3,885.67	3,406.80
Segment Liabilities
A. Electrical cables
B. Communication cables	175.04	203.06	169.92	175.04	169.92
C. Copper rods	25.67	34.56	17.61	25.67	17.61
D. Others	17.41	18.08	13.95	17.41	13.95
Unallocable Liabilities	9.59	1.6D	11.90	9.59	11.90
Total Liabilities	243.45	219.19	189.71	243.45	189.71
	471.16	476.49	403.09	471.16	403.09

Others segment mainly comnrIxex of Trarliner ni ci.....:-.• -__. ".1___ __ .

IL

Notes:

• 1 The above results were reviewed by the Audit Committee and were thereafter approved by the Board of Directors at their respective meetings held on 29th June, 2021.
• 2 The Company's operations and financial results for the quarter and year ended have been impacted by the lockdown imposed to contain the spread of COVID-19. The operations gradually resumed in line with the directives of the Government. This was done with requisite precautions ensuring safety of employees. However, despite resumption of operation, there were disruptions due to limited availability of work force, containment zones and curfew restrictions coming up from time to time. The results for the quarter and year ended are therefore not comparable with those for the previous periods. The Company has considered the possible effects that may result from the pandemic relating to COVID-19 on the carrying amounts of Its assets. In developing the assumptions relating to the possible future uncertainties in the economic conditions because of this pandemic, the Company, as at the date of approval of these financial results has used internal and external sources of information. The Company has performed sensitivity analysis on the assumptions used and based on current estimates expects to recover the carrying amounts of these assets. The Company will continue to closely monitor any material changes to future economic conditions.
• 3 Figures for the quarters ended 31 March, 2021 and 31 March, 2020 are the balancing figures between the audited figures in respect of the full financial year and year to date figures upto the third quarter of the respective financial year.
• 4 The full format of the Consolidated audited financial results and statment of assets and liabilities are available on the company website (http://www.finolex.com) and on the websites of the National Stock Exchange of India Limited (www.nselndia.com) and BSE Limited (www.bselndia.com).
• 5 The Board of Directors at its meeting held on 29th June, 2021, proposed a dividend of Rs. 5.50 (previous year Rs. 5.50) per equity share.

Place: Pune Date: 29th June, 2021

111 I II 11 11

Deepak K. Chhabria Executive Chairman DIN: 01403799

By Order of the Board

<R1.\

Finolex Cables Limited Registered Office : 26/27, Mumbai-Pune Road, Pimpri, Pune 411018 (India) Tel. 27475963 Fax : (91) (020) 27472239 website : http://www.finolex.com CIN : L31300MH1967PLC016531 Statement of Consolidated Cash Flow for the year ended 31st March, 2021

		Rs. In Crore
Particulars	Year Ended	Year Ended
A. Cash Flows from Operating Activities	31st March 2021	31st March 2020
Profit before tax for the yearOperating Profit before working capital changes	630.87	512.05
Net cash generated from Operating Activities	387.32114.37	419.11
B. Net cash (used in)/generated from Investing ActivitiesC. Net cash (used in) Financing Activities	(859.46)	308.80587.26
Net (decrease)/increase in Cash and Cash Equivalents	(86.33)(831.42)	(86.42)809.64
Cash and Cash Equivalents as at 1st April (Opening balance)Cash and Cash Equivalents as at 31st March (Closing balance)	856.02	46.38
	24.60	856.02

FINOLEX CABLES LIMITED

PRESS RELEASE

FINOLEX CABLES LTD RESULTS

Pune, June 29, 2021

Finolex Cables Ltd., (FCL) at the meeting of its Board of Directors held today, approved results for the fourth quarter as well as the full year of 2020-21.

Revenues for the quarter ended March 2021 were Rs.921.4 Cr as against Rs.651.4 Cr for the corresponding period in year 2019-20, representing a 41% growth in value terms. In volume terms, Electrical Wires increased by 14%, while Power Cables declined by 18%. Within Communication Cables segment, there is an increase of 8% in volumes during the quarter, with most product lines contributing to the growth except OFC. New products within the FMEG sector all grew by more than 40% each. The PVC Conduit Pipe launch gives us an exciting new opportunity to strengthen the bond with customers — the first two month's sale after launch has been encouraging.

For the full year 2020-21, sales were Rs. 2,768.1 Cr as against Rs. 2,877.3 Cr in the previous year — a decline of 3.80 %, mainly caused by COVID related Iockdown in Q1. Consequently, volumes for the year are lower than what was achieved in the previous year - Electrical Wires by 10% and all Communication product lines by 1%. Newer product lines (Fans, Switchgear and Water Heaters) have all increased between 24% to 524% in volumes as compared to the previous year. Addition to product range, and expansion of distribution network and continued presence in visual media have all contributed to the better revenues and volumes within these product segments.

Profit for the quarter, before taxes, was Rs.136.4 Cr, as compared to Rs.135.5 Cr in the previous year — a nominal growth of 1%.

For the full year, profit before taxes stood at Rs 392.1 Cr as against Rs 501.3 Cr in the previous year — a decline of 22 %, primarily attributable to negligible revenue (and consequently lower profits) in 01 due to COVID related disruptions, as well lower dividends from investments during the rest of the year.

PAT for Q4 of 2020-21 stood at Rs 96.1 Cr as against Rs 117.8 Cr for the corresponding period of the previous year — a decline of 18%. Previous year's profit included dividend receipts from an associate company, during_which period of time dividend receipts were tax free in the hands of the recipient.

For the full year, profit after taxes were Rs 282.9 Cr as against Rs 402.5 Cr in the previous year — included in the profits of the previous year are dividends of Rs. 80 Crore (tax free) received from associate companies.

At its meeting today, the Board has recommended a dividend of 275 % for the year, which means for every share of Rs 2/- the dividend outgo would be Rs 5.50.

For the year ended 31st March 2021, the consolidated results reflect net sales of Rs 2,768.1 Cr as against Rs 2877.3 Cr in the previous year and Profit After Taxes of Rs 461.5 Cr as against Rs 391.0 Cr in the previous year.

ABOUT FCL

Finolex Cables Limited is India's largest and leading manufacturer of Electrical and Communication cables. Finolex offers a wide range of Electrical and Communication cables. Its wire and cable products are used in applications such as automobile, lighting, cable TV, telephone and computers to industrial applications touching every person in his daily life. Finolex has added Electrical Switches, LED based Lamps, Fans, low voltage MCBs, Water Heaters and PVC Conduit Pipes to its range of products.

FINANCIAL HIGHLIGHTS

In (Rs Cr)
Particulars	Standalone	Standalone	Standalone	Standalone	Consolidated	Consolidated
	Quarter	Quarter
	Ended	Ended	Year Ended	Year Ended	Year Ended	Year Ended
	31.03.21	31.03.20	31.03.21	31.03.20	31.03.2021	31.03.2020
Net Sales / Income from
Operations (net of duty)	921.35	651.44	2768.11	2877.30	2768.11	2877.30
Profit before Exceptional
item, Interest, Depreciation
and Tax	147.34	145.80	431.84	541.80	447.17	474.92
Deductions for:
• Exceptional Item			-		-
• Interest	0.24	0.73	0.76	1.55	0.76	1.55
• Depreciation	10.67	9.57	38.96	38.91	38.96	38.91
Profit before Taxation	136.43	135.50	392.12	501.34	407.45	434.46
Share of Profits in
Associates & JVs	-	-	-	-	223.49	77.59
Profit After Tax	96.08	117.76	282.89	402.49	461.46	391.00
OCI	7.18	-32.69	33.31	-40.55	33.47	-41.37
Total Comprehensive
Income	103.26	84.47	316.20	361.94	494.92	349.60

Deloitte Haskins & Sells LLP

Chartered Accountants One International Center Tower 3, 27th-32nd Floo Senapati Bapat Marg, Elphinstone Road (West) Mumbai-400 013 Maharashtra, India

Tel: +91 022 6185 4000 Fax: +91 022 6185 4101

INDEPENDENT AUDITOR'S REPORT ON AUDIT OF ANNUAL STANDALONE FINANCIAL RESULTS AND REVIEW OF QUARTERLY STANDALONE FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF FINOLEX CABLES LIMITED

Opinion and Conclusion

We have (a) audited the Standalone Financial Results for the year ended 31 March, 2021 and (b) reviewed the Standalone Financial Results for the quarter ended 31 March, 2021 (refer 'Other Matter' section below), which were subject to limited review by us, both included in the accompanying "Statement of Standalone Financial Results for the Quarter and Year Ended 31 March, 2021" of FINOLEX CABLES LIMITED ("the Company"), ("the Statement"), being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations").

(a) Opinion on Annual Financial Results

In our opinion and to the best of our information and according to the explanations given to us, the Standalone Financial Results for the year ended 31 March, 2021:

• i. is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended; and
• ii. gives a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India of the net profit and total comprehensive income and other financial information of the Company for the year then ended.

(b) Conclusion on Unaudited Standalone Financial Results for the quarter ended 31 March, 2021

With respect to the Standalone Financial Results for the quarter ended 31 March, 2021, based on our review conducted as stated in paragraph (b) of Auditor's Responsibilities section below, nothing has come to our attention that causes us to believe that the Standalone Financial Results for the quarter ended 31 March, 2021, prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms 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.

Regd. Office: One International Center, Tower 3, 27th-32nd Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai-400 013, Maharashtra, India. (LLP Identification No. AAB-8737)

Deloitte Haskins & Sells LLP

Basis for Opinion on the Audited Standalone Financial Results for the year ended 31 March, 2021

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under Section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those Standards are further described in paragraph (a) of Auditor's Responsibilities section below. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("the ICAI") together with the ethical requirements that are relevant to our audit of the Standalone Financial Results for the year ended 31 March, 2021 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 ICAI's Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

Management's Responsibilities for the Statement

This Statement which includes the Standalone Financial Results is the responsibility of the Company's Board of Directors and has been approved by them for the issuance. The Standalone Financial Results for the year ended 31 March, 2021 has been compiled from the related audited standalone financial statements. This responsibility includes the preparation and presentation of the Standalone Financial Results for the quarter and year ended 31 March, 2021 that give a true and fair view of the net profit and other comprehensive income and other financial information 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. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding 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 the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone Financial Results that give a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Results, the Board of Directors are responsible for assessing the Company's ability, 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.

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

Auditor's Responsibilities

(a) Audit of the Standalone Financial Results for the year ended 31 March, 2021

Our objectives are to obtain reasonable assurance about whether the Standalone Financial Results for the year ended 31 March, 2021 as a whole is 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 this Standalone Financial Results.

Deloitte Haskins & Sells LIP

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 Annual 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, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors.
• Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the Listing Regulations.
• 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 Statement 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 Annual Standalone Financial Results, including the disclosures, and whether the Annual Standalone Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the Annual Standalone Financial Results of the Company to express an opinion on the Annual Standalone Financial Results.

Materiality is the magnitude of misstatements in the Annual Standalone Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Annual Standalone Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Annual Standalone Financial Results.

We communicate with those charged with governance 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.

Deloitte Haskins & Sells LLP

(b) Review of the Standalone Financial Results for the quarter ended 31 March, 2021

We conducted our review of the Standalone Financial Results for the quarter ended 31 March, 2021 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 ICAI. A review of interim financial information consists of making inquiries, primarily of the Company's personnel 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 SAs 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.

Other Matter

The Statement includes the results for the Quarter ended 31 March, 2021 being the balancing figure between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year which were subject to limited review by us.

Our report on the Statement is not modified in respect of this matter.

For Deloitte Haskins & Sells LLP Chartered Accountants (Firm's Registration No. 117366W/W-100018)

Rupen K. Bhatt (Partner) Membership No. 046930 UDIN: 21046930AAAADB9444

Place: Mumbai Date: 29 June, 2021

Deloitte Haskins & Sells LLP

Chartered Accountants One International Center Tower 3, 27th-32nd Floor Senapati Bapat Marg, Elphinstone Road (West) Mumbai-400 013 Maharashtra, India

Tel: +91 022 6185 4000 Fax: +91 022 6185 4101

INDEPENDENT AUDITOR'S REPORT ON AUDIT OF ANNUAL CONSOLIDATED FINANCIAL RESULTS AND REVIEW OF QUARTERLY CONSOLIDATED FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF FINOLEX CABLES LIMITED

Opinion and Conclusion

We have (a) audited the Consolidated Financial Results for the year ended 31 March, 2021 and (b) reviewed the Consolidated Financial Results for the quarter ended 31 March, 2021 (refer 'Other Matters' section below), which were subject to limited review by us, both included in the accompanying "Statement of Consolidated Financial Results for the Quarter and Year Ended 31 March, 2021 of FINOLEX CABLES LIMITED ("the Company") and its share of the net profit after tax and total comprehensive income of its joint ventures and associate for the quarter and year ended 31 March, 2021, ("the Statement") being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations").

(a) Opinion on Annual Consolidated Financial Results

In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of the audit reports of the other auditors on separate financial statements of associate and joint venture referred to in Other Matters section below, the Consolidated Financial Results for the year ended 31 March, 2021:

(i) includes the results of the following entities:

Associate:

1. Finolex Industries Limited

Joint Ventures:

• 1. Finolex J-Power Systems Private Limited
• 1. Corning Finolex Optical Fibre Private Limited

(ii) is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended; and

(iii) gives a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India of the consolidated net profit and consolidated total comprehensive income and other financial information of the Company, its associate and joint ventures for the year ended 31 March, 2021.

Regd. Office: One International Center, Tower 3, 27th-32nd Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai-400 013, Maharashtra, India. (LLP Identification No. AAB-8737)

(b) Conclusion on Unaudited Consolidated Financial Results for the quarter ended 31 March, 2021

With respect to the Consolidated Financial Results for the quarter ended 31 March, 2021, based on our review conducted and procedures performed -as stated in paragraph (b) of Auditor's Responsibilities section below and based on the consideration of the review reports of the other auditors referred to in Other Matters section below, nothing has come to our attention that causes us to believe that the Consolidated Financial Results for the quarter ended 31 March, 2021, prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms 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.

Basis for Opinion on the Audited Consolidated Financial Results for the year ended 31 March, 2021

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under Section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those Standards are further described in paragraph (a) of Auditor's Responsibilities section below. We are independent of the Company, its associate and joint ventures in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("the ICAI") together with the ethical requirements that are relevant to our audit of the Consolidated Financial Results for the year ended 31 March, 2021 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 ICAI's Code of Ethics. We believe that the audit evidence obtained by us and the audit evidence obtained by the other auditors in terms of their reports referred to in Other Matters section below, is sufficient and appropriate to provide a basis for our audit opinion.

Management's Responsibilities for the Statement

This Statement, which includes the Consolidated Financial Results is the responsibility of the Company's Board of Directors and has been approved by them for the issuance. The Consolidated Financial Results for the year ended 31 March, 2021, has been compiled from the related audited consolidated financial statements. This responsibility includes the preparation and presentation of the Consolidated Financial Results for the quarter and year ended 31 March, 2021 that give a true and fair view of the consolidated net profit and consolidated other comprehensive income and other financial information of the Company including its associate and joint ventures 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.

ueionte Haskins & Sells LLP

The respective Board of Directors of the Company and of its associate and joint ventures are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and its associate and joint ventures 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 the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the respective financial results 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 this Consolidated Financial Results by the Directors of the Company, as aforesaid.

In preparing the Consolidated Financial Results, the respective Board of Directors of the Company included and of its associate and joint ventures are responsible for assessing the ability of the respective entities 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 their respective entities or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the Company and of its associate and jointly ventures are responsible for overseeing the financial reporting process of the Company and of its associate and joint ventures.

Auditor's Responsibilities

(a) Audit of the Consolidated Financial Results for the year ended 31 March, 2021

Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Results for the year ended 31 March, 2021 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 this Consolidated Financial Results.

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 Annual Consolidated 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, but not for the purpose of expressing an opinion on the effectiveness of such controls.

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

• Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the Listing Regulations.

• 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 and its associate and joint ventures 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 Company and its associate and joint ventures to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Annual Consolidated Financial Results, including the disclosures, and whether the Annual Consolidated Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.

• Perform procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations to the extent applicable.

• Obtain sufficient appropriate audit evidence regarding the Annual Standalone Financial Results/ Financial Information of the its associate and joint ventures to express an opinion on the Annual Consolidated Financial Results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the Annual Consolidated Financial Results of which we are the independent auditors. For the other entities included in the Annual Consolidated Financial Results, which have been audited by the 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.

Materiality is the magnitude of misstatements in the Annual Consolidated Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Annual Consolidated Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Annual Consolidated Financial Results.

We communicate with those charged with governance of the Company and such other entity included in the Consolidated Financial Results of which we are the independent auditors 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.

veionte Haskins & Sells LLP

(b) Review of the Consolidated Financial Results for the quarter ended 31 March, 2021

We conducted our review of the Consolidated Financial Results for the quarter ended 31 March, 2021 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 ICAI. A review of interim financial information consists of making inquiries, primarily of the Company's personnel 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 SAs 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.

The Statement includes the results of the entities as listed under paragraph (a)(i) of Opinion and Conclusion section above.

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.

Other Matters

• The Statement includes the results for the Quarter ended 31 March, 2021 being the balancing figure between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year which were subject to limited review by us. Our report is not modified in respect of this matter.
• The consolidated financial results also includes the Company's share of profit after tax of Rs. 96.67 crore and Rs. 238.85 crore for the quarter and year ended 31 March, 2021 respectively and total comprehensive income of Rs. 95.87 crore and Rs. 238.92 crore for the quarter and year ended 31 March, 2021 respectively, as considered in the Statement, in respect of 1 associate and 1 joint venture, whose financial statements / financial information have not been audited by us. These financial statements / financial information have been audited, by other auditors whose reports have been furnished to us by the Management and our opinion and conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these associate and joint venture, is based solely on the reports of the other auditors and the procedures performed by us as stated under Auditor's Responsibilities section above.

Our report on the Statement is not modified in respect of the above matter with respect to our reliance on the work done and the reports of the other auditors.

For DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm's Registration No. 117366W/W-100018)

Rupen K. Bhatt Partner Membership No. 046930 UDIN: 21046930AAAADC1221

Place: Mumbai Date: 29 June, 2021

29th June 2021

Corporate Relationship Department —BSE Limited 1st Floor, New Trading Ring Rotunda Building, P J Towers Dalal Street, Fort Mumbai - 400 001

Sub: Declaration in respect of Unmodified Opinion by the Statutory Auditors

Ref.: Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Dear Sir /Madam,

In terms of the subject referred regulations, we hereby confirm and declare that the Statutory Auditors of the Company, M/s. Deloitte Haskins & Sells LLP, Chartered Accountants (Firm Registration No . 117366W/W-100018) have issued an Audit Report with an Unmodified Opinion on the Standalone and Consolidated Audited Financial Results of the Company, for the financial year ended 31st March, 2021.

You are requested to kindly take the same on your records.

Thanking you,

Yours faithfully For FINOLEX CABLES LIMITED

Mahesh Viswanathan Chief Financial Officer

Regd. Office : 26-27, Mumbai-Pune Road, Pimpri, Pune - 411 018. India. Tel.: 91-20-27475963. Fax : 020-27470344, 27472239, Website : www.finolex.com Email : sales@finolex.com CIN No.: L31300MH1967PLC016531 Finolex gets people together