GMM Pfaudler Ltd. — Board/Management Information 2021

May 28, 2021

GMM/SEC/2021-22/09 May 28, 2021

To, BSE Limited NSE Limited Mumba— 4i00 001 Mumba— i400 051 Scrip Code: 505255 Symbol: GMMPFAUDLR

Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, 15t Floor, Dalal Street, Bandra Kurla Complex, Bandra (E)

Dear Sir,

Outcome ^of Board Meeting held ^on May ²8, 2021

Pursuant to the Regulation 30 and 33 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 ('SEBI Listing Regulations'), this is to inform you that the Board of Directors of GMM Pfaudler Limited ("Company") at their Meeting held, through video conferencing facilities as per the directions given by the Ministry of Corporate Affairs, on May 28, 2021, which commenced at 1.30 pm and concluded at \$: (9pm have amongst other matters:

• 1. Approved Audited Standalone and Consolidated Annual Financial Statements of the Company for the Financial Year ended March 31, 2021 and the audited financial results for the quarter and financial year on that date. The Board also took note of the unmodified Auditors' Report on consolidated and standalone Financial Statements.
• 1. Recommended, subject to the approval of shareholders of the Company, Final Dividend @ Rs. 2.00 per equity share on 14,617,500 Equity Shares of face value of Rs. 2/- each, aggregating to Rs. 29,235,000 for the year 2020-21.
• 1. Approved the revision in Article 175.3(f) and (g) of the articles of association of the Company (excerpts of which are set out as Annexure |) to align with the provisions of Section 197(4) of the Companies Act, 2013 (which permits determination of remuneration to directors either by way of articles of association or shareholder approval), with the following and the consecutive renumbering of the subsequent clauses of such articles subject to approval of shareholders in accordance with Companies Act, 2013 at the ensuing Annual General Meeting:

(f) So long as the Patel Group Nominee holds the office of Managing Director or executive wholetime Director of the Company, the Company shall pay a salary, remuneration and commission as determined by the shareholders of the Company in accordance with the Act ("Commission").

• 4, Takenon record resignation of Mr. Alexander Poempner (DIN: 0008778448) and Mr. Thomas Kehl (DIN: 06935094) as Non-Executive directors of the Company w.e.f. May 28, 2021.
• 1. Approved the appointment of Mr. Malte Woweries (DIN: 0009164705) as a Non-Executive Director representing Pfaudler Inc. to fill in the casual vacancy caused by the resignation of Mr. Alexander Poempner. The other vacancy caused by resignation of Mr. Thomas Kehl will be filled in due course.

^GMM ^Pfaudle^{r L}imite^{d WS} SS Corporate ^Offic^e : 902, Lodha Excelus, Commercial Tower ¹, New ^Cuff^e Parade, Sewri - Chembur Road, Mumbai-400022. ¢ ⁰: +91 ²² 665 08 Registered ^Offic^e : ^Vitha^l Udyognagar, Anand - ^Sojitr^a Road, Karamsad - 388 325 « ⁰: +91 2692 661700 ^F: +91 2692 661888 « CIN: L29199GJ1962PLCO0L471

^As per Circular dated September ⁰9, 2015 issued ^by Securities and Exchange Board ^{of I}ndi^a the necessary disclosure ⁱⁿ respect ^of director appointed ^{by t}h^e Company ^ar^{e as} under:

^a) Reason for change ^viz. appointment, resignation, removal, death ^or otherwise -

^Mr. Thomas Kehl has been the CEO ^of the Pfaudler group and Mr. Alexander Pompner has been the CFO ^of the Pfaudler Group prior ^to the acquisition ^of the Pfaudler group by the Company ⁱⁿ February 2021. Pursuant ^{to t}h^e acquisition ^of majority stake ^{in t}h^e business ^of the Pfaudler Group ^{by t}h^e Company, Mr. Thomas Kehl, CEO — Pfaudler Group and Mr. Alexander Pémpner, CFO - Pfaudler Group ^ar^e now also employees ^of the Company's subsidiaries. ^{In t}hi^s context, Mr. Kehl and Mr. Pompner have resigned ^as directors ^of the Company.

• ^b) Date ^of appointment/cessation (a^s applicable) & term ^of appointment May ²8, 2021, the office ^of the said director shall be liable ^to retire by rotation
• ^c) Brief profile (iⁿ case ^of appointment) ^{A b}rie^f resume ^of Mr. Malte Woweries ^is enclosed ^as "Annexure II".
• ^d) Disclosure ^of relationships between directors (iⁿ case ^of appointment ^{of a} director)- Mr. Malte Woweries ^is not related ^to the other directors ^of the Company.

		Pfaudler Group the Alexander Pémpner, CFO - Company.	been the CFO of the Pfaudler Group prior to the acquisition of the Pfaudler group by the Company in February 2021. Pursuant to the acquisition of majority stake in the business of by the Company, Mr. Thomas Kehl, also employees Pfaudler Group are now subsidiaries. In this context, Mr. Kehl and Mr. Pompner have resigned as directors of the	CEO — Pfaudler Group and Mr. Company's of the
		Pfaudler, in the Inc. to fill Poempner, Non-Executive Director.	Pfaudler, Inc., the foreign promoters of the Company, vide letter date May 24, 2021 has nominated Mr. Malte Woweries (DIN 0009164705) as Non-Executive Director representing casual vacancy caused resignation by the	Alexander of Mr.
	b)		Date of appointment/cessation (as applicable) & term of appointment - May 28, 2021, the office of the said director shall be liable to retire by rotation
	c)	Brief profile (in case of appointment) -	A brief resume of Mr. Malte Woweries is enclosed as "Annexure II".
	d)		Disclosure of relationships between directors (in case of appointment of a director)- Mr. Malte Woweries is not related to the other directors of the Company.
			The Board is of the view that Mr. Malte Woweries is not debarred from holding the office by virtue
		of any SEBI Order or any other authority.
6.			Approved the reconstitution of various Committees of the Board with effect from May 28, 2021 due to the changes in the composition of the Board as under:
		Board of Directors: Sr. No. Name of Director	Category of Directorship	DIN
	1.	Dr. S Sivaram	Non-Executive Independent Director — 00009900 Chairman
	2.	Mr. Tarak Patel	Managing Director	00166183
	3.	Mr. Nakul Toshniwal	Non-Executive Independent Director	00350112
	4.	Ms. Bhawana Mishra	Non-Executive Independent Director	06741655
	5.	Mr. Vivek Bhatia	Non-Executive Independent Director	08166667
	6.	Mr. Ashok Patel	Non-Executive Director	00165858
	Ls	Mr. Harsh Gupta	Non-Executive Director	02434051
	8.	Mr. Malte Woweries	Non-Executive Director	0009164705
		Audit Committee:
		Sr. No. Name of Director	Category of Directorship	Position in Committee
	1.	Dr. S Sivaram	Non-Executive Independent Director — Chairman Chairman
	2.	Mr. Nakul Toshniwal	Non-Executive Independent Director

Board of Directors:

Audit Committee:

	Sr. No. Name of Director	Category of Directorship	Position in Committee
1.	Dr. S Sivaram	Non-Executive Independent Director — Chairman
		Chairman
2.	Mr. Nakul Toshniwal	Non-Executive Independent Director
3.	Mr. Vivek Bhatia	Non-Executive Independent Director
	Mr. Malte Woweries	Non-Executive Director

Stakeholders Relationship Committee:

	GMMPfaudler™
	Defining the standard
	Stakeholders Relationship Committee:
	Sr. No. Name of Director	Category of Directorship	Position in Committee
	Dr. S Sivaram	Non-Executive Independent Director- Chairman Chairman
2.	Mr. Tarak Patel	Managing Director	Member
2.	Mr. Harsh Gupta	Non-Executive Director	Member
	Risk Management Committee:
Sr.No. Name		Category	Position in Committee
1.	Mr. Vivek Bhatia	Non-Executive Independent Director	Chairman
2.	Dr. S. Sivaram	Non-Executive Independent Director	Member

^Ris^k Management Committee:

	GMMPfaudler™
	Defining the standard
	Stakeholders Relationship Committee:
	Sr. No. Name of Director Dr. S Sivaram	Category of Directorship Non-Executive Independent Director- Chairman	Position in Committee
		Chairman
2.	Mr. Tarak Patel	Managing Director	Member
2.	Mr. Harsh Gupta	Non-Executive Director	Member
	Risk Management Committee:
Sr.No. Name		Category	Position in Committee
1.	Mr. Vivek Bhatia	Non-Executive Independent Director	Chairman
2.	Dr. S. Sivaram	Non-Executive Independent Director	Member
3.	Mr. Tarak Patel	Managing Director	Member
4,	Mr. Harsh Gupta	Non-Executive Director	Member
5.	Mr. Malte Woweries	Non-Executive Director	Member
	Nomination and Remuneration Committee: Sr. No. Name of Director	Category of Directorship	Position in Committee
1.	Mr. Nakul Toshniwal	Non-Executive Independent Director	Chairperson
2s	Dr. S Sivaram	Non-Executive Independent Director	Member
3.	Ms. Bhawana Mishra	Non-Executive Independent Director	Member

Nomination and Remuneration Committee:

	GMMPfaudler™ Defining the standard Stakeholders Relationship Committee:
	Sr. No. Name of Director	Category of Directorship	Position in Committee
	Dr. S Sivaram	Non-Executive Independent Director- Chairman Chairman
2.	Mr. Tarak Patel	Managing Director	Member
2.	Mr. Harsh Gupta	Non-Executive Director	Member
	Risk Management Committee:
1.	Mr. Vivek Bhatia	Non-Executive Independent Director	Chairman
2.	Dr. S. Sivaram	Non-Executive Independent Director	Member
3.	Mr. Tarak Patel	Managing Director	Member
4,	Mr. Harsh Gupta	Non-Executive Director	Member
5.	Mr. Malte Woweries	Non-Executive Director	Member
	Nomination and Remuneration Committee:
	Sr. No. Name of Director	Category of Directorship	Position in Committee
1.	Mr. Nakul Toshniwal	Non-Executive Independent Director	Chairperson
2s	Dr. S Sivaram	Non-Executive Independent Director	Member
3.	Ms. Bhawana Mishra	Non-Executive Independent Director	Member
4.	Mr. Ashok Patel	Non-Executive Director	Member
	Corporate Social Responsibility Committee*:
	Sr.No. Name of Director	Category of Directorship	Position in Committee
1,	Ms. Bhawana Mishra	Non-Executive Independent Director	Chairperson
2.	Mr. Nakul Toshniwal	Non-Executive Independent Director	Member
3.	Mr. Ashok Patel	Non-Executive Director	Member
4.	T a r a k M r P a te l	M a n a g i n g D i r e ct o r	M em be r

Corporate Social Responsibility Committee*:

1,	Ms. Bhawana Mishra	Non-Executive Independent Director	Chairperson
2.	Mr. Nakul Toshniwal	Non-Executive Independent Director	Member
3.	Mr. Ashok Patel	Non-Executive Director	Member
4.	T a r a k M r P a te l	M a n a g i n g D i r e ct o r	M em be r

C * h T a he i r p c e o r n s s o t n it u o t f i o t n h e o f C o t mm h e i tt C o ee mm . i ttee has n o t c h a ng e d . M s . Bhawana Mishra has b ee n a pp ointed ^as the

Kindly take the same on record.

Thanking you,

Yours faithfully, ^Fo^r GMM ^Pfaudle^{r L}imite^{d at B}Ea^N

Tarak Patel Managing Director DIN : 00166183 Encl: As above

'Annexure ^I'

Excerpts of the Articles of Association:

"(f) So long ^{as t}h^e Patel Group Nominee holds ^th^{e o}ffic^{e of} Managing Director ^or executive whole-time Director ^{of t}h^e Company, ^th^e Company ^shall pay ^{a s}alary, remuneration and commission that ^is equivalent ^to 5% (fiv^e percent) ^{of t}h^e net profits ^{of t}h^e Company ("Commission").

(g) ^In calculating ^th^e amount ^{of t}h^e Commission ^{to be} paid ^{by t}h^e Company ^{to t}h^e Patel Group Nominee who has been appointed ^as the Managing Director, such amount shall ^be reduced ^{to t}h^e extent that ^th^e Patel Group Nominee receives any other type ^of payments under ^th^e MD Agreement."

^Fo^r GMM ^Pfaudle^{r L}imite^d

DIN : 00166183

Tarak Patel Managing Director

'Annexure II'

Brief Profile ^of Mr. Malte Woweries:

Mr. Malte Woweries ^{is t}h^e founder ^of Woweries Financial Advisory GmbH, ^an independent advisory firm ⁱⁿ Frankfurt, Germany, providing services ^to corporate and private equity clients related ^to mergers and acquisitions, corporate finance and investor communication. Prior ^{to h}i^s start up venture, Mr. Woweries, during the period between 2005 and 2019, served ^as an Executive Director ⁱⁿ the Investment Banking Division ^at Goldman Sachs ^at Frankfurt, New York ^City, and Mexico ^Cit^y offices, focusing on mergers and acquisitions ^as well ^as debt and equity financing transactions. He also worked ^as Investment Manager ^at KfW Group's private-sector arm DEG, focusing on private equity investments ⁱⁿ developing and emerging markets.

Mr. Woweries holds ^a BA (Hons) / MA (Cantab) ⁱⁿ Economics from ^th^e University ^of Cambridge and ^an MA ⁱⁿ Economics from ^th^e Mexico Autonomous ^Institut^{e of} Technology (ITAM).

^Fo^r GMM ^Pfaudle^{r L}imite^d

a e

Tarak Patel Managing Director DIN : 00166183

rT Chartered Accountants Deloitte 19" Floor, Shapath - V ^{= SG H}ighwa^y Haskins & Sells pees ^seat^s

^Tel: +91 79 6682 7300 Fax: +91 79 6682 7400

^INDEPENDEN^{T A}UDITOR'^{S R}EPOR^{T ON A}UDI^{T OF A}NNUA^{L S}TANDALON^{E F}INANCIA^{L R}ESULT^{S A}N^{D R}EVIE^{W OF Q}UARTERL^{Y F}INANCIA^{L R}ESULT^S

TO THE BOARD OF DIRECTORS OF GMM PFAUDLER LIMITED

Opinion and Conclusion

^{We h}av^e (a) ^audite^{d t}h^{e S}tandalon^{e F}inancia^{l R}esult^{s f}o^{r t}h^{e y}ea^{r e}nde^{d M}arc^{h 3}1, ²02^{1 a}n^d (b) ^reviewe^{d t}h^{e S}tandalon^{e F}inancia^{l R}esult^{s f}o^{r t}h^{e q}uarte^{r e}nde^{d M}arc^{h 3}1, ²02¹ (refe^r 'Othe^{r M}atters' ^sectio^{n b}elow), ^whic^{h w}er^{e s}ubjec^{t to l}imite^{d r}evie^{w by u}s, ^bot^{h i}nclude^{d in t}h^{e a}ccompanyin^g "Statemen^{t of S}tandalon^{e F}inancia^{l R}esult^{s f}o^{r t}h^{e Q}uarte^{r a}n^{d Y}ea^{r E}nde^{d M}arc^{h 3}1, ²021" ^{of G}MM ^PFAUDLE^{R L}IMITE^D ("th^{e C}ompany"), ("th^{e S}tatement"), ^bein^{g s}ubmitte^{d by t}h^{e C}ompan^{y p}ursuan^{t to t}h^{e r}equirement^{s of R}egulatio^{n 33 of t}h^{e S}EB^I (Listin^{g O}bligation^{s a}n^{d D}isclosur^{e R}equirements) ^Regulations, 2015, as amended ("the Listing Regulations").

(a) Opinion on Annual Financial Results

^{In o}u^{r o}pinio^{n a}n^{d to t}h^{e b}es^{t of o}u^{r i}nformatio^{n a}n^{d a}ccordin^{g to t}h^{e e}xplanation^{s g}ive^{n to u}s, ^th^{e S}tandalon^{e F}inancia^{l R}esult^{s f}o^{r t}h^{e y}ea^{r e}nde^{d M}arc^{h 3}1, ²021:

• ⁱ. ^{is p}resente^{d in a}ccordanc^{e w}it^{h t}h^{e r}equirement^{s of R}egulatio^{n 33 of t}h^{e S}EB^I (Listin^{g O}bligation^{s a}n^{d D}isclosur^{e R}equirements) ^Regulations, ²015, ^as amended; and
• ii. ^give^{s a t}ru^{e a}n^{d f}ai^{r v}ie^{w in c}onformit^{y w}it^{h t}h^{e r}ecognitio^{n a}n^{d m}easuremen^{t p}rinciple^{s l}ai^{d d}ow^{n in t}h^{e I}ndia^{n A}ccountin^{g S}tandard^{s a}n^{d o}the^{r a}ccountin^{g p}rinciple^{s g}enerall^{y a}ccepte^{d in I}ndi^{a of t}h^{e n}e^{t p}rofi^{t a}n^{d t}ota^{l c}omprehensiv^{e i}ncom^{e a}n^{d o}the^{r f}inancia^{l i}nformatio^{n of t}h^{e C}ompan^{y f}o^{r t}h^{e y}ea^{r t}he^{n e}nded.
• (b) ^Conclusio^{n on U}naudite^{d S}tandalon^{e F}inancia^{l R}esult^{s f}o^{r t}h^{e q}uarte^{r e}nde^d March 31, 2021

^Wit^{h r}espec^{t to t}h^{e S}tandalon^{e F}inancia^{l R}esult^{s f}o^{r t}h^{e q}uarte^{r e}nde^{d M}arc^{h 3}1, ²021, ^base^{d on o}u^{r r}evie^{w c}onducte^{d as s}tate^{d in P}aragrap^h (b) ^{of A}uditor'^{s R}esponsibilitie^{s s}ectio^{n b}elow, ⁿothin^{g h}a^{s c}om^{e to o}u^{r a}ttentio^{n t}ha^{t c}ause^{s us to b}eliev^{e t}ha^{t t}h^{e S}tandalon^{e F}inancia^{l R}esult^{s f}o^{r t}h^{e q}uarte^{r e}nde^{d M}arc^{h 3}1, ²021, ^Prepare^{d in a}ccordanc^{e w}it^{h t}h^{e r}ecognitio^{n a}n^{d m}easuremen^{t p}rinciple^{s l}ai^{d d}ow^{n in t}h^{e I}ndia^{n A}ccountin^{g S}tandard^{s a}n^{d o}the^{r a}ccountin^{g p}rinciple^{s g}enerall^{y a}ccepte^{d in I}ndia, ^ha^{s n}o^{t d}isclose^{d t}h^{e i}nformatio^{n r}equire^{d to be d}isclose^{d in t}erm^{s of R}egulatio^{n 33 of t}h^{e S}EB^I (Listin^{g O}bligation^{s a}n^{d D}isclosur^{e R}equirements) ^Regulations, ²015, ^{as a}mended, ⁱncludin^{g t}h^{e m}anne^{r in w}hic^{h it is to be d}isclosed, or that it contains any material misstatement.

Page ⁱ of ⁴

Basis for Opinion on the Audited Standalone Financial Results for the year ended March 31, 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 March 31, 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 March 31, 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 March 31, 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, -a^s applicable, matters related ^to going concern and using ^th^e going concern basis ^of accounting unless ^th^e Board ^of Directors either intends ^to liquidate ^th^e 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.

Page 2 of 4

Auditor's Responsibilities

{a) ^Audi^{t of t}h^{e S}tandalon^{e F}inancia^{l R}esult^{s f}o^{r t}h^{e y}ea^{r e}nde^{d M}arc^{h 3}1, 2021

^Ou^{r o}bjective^{s a}r^{e to o}btai^{n r}easonabl^{e a}ssuranc^{e a}bou^{t w}hethe^{r t}h^{e S}tandalon^{e F}inancia^{l R}esult^{s f}o^{r t}h^{e y}ea^{r e}nde^{d M}arc^{h 3}1, ²02^{1 as a w}hol^{e is f}ree ^fro^{m m}ateria^{l m}isstatement, ^whethe^{r d}u^{e to f}rau^{d or e}rror, ^an^{d to i}ssu^{e an a}uditor'^{s r}epor^{t t}ha^{t i}nclude^{s o}u^{r o}pinion. ^Reasonabl^{e a}ssuranc^{e is a h}ig^{h l}eve^{l of a}ssuranc^{e b}u^{t is n}o^{t a g}uarantee ^tha^{t an a}udi^{t c}onducte^{d in a}ccordanc^{e w}it^{h S}A^{s w}ill ^alway^{s d}etec^{t a m}ateria^{l m}isstatemen^{t w}he^{n it e}xists. ^Misstatement^{s c}a^{n a}ris^{e f}ro^{m f}rau^{d or e}rro^{r a}n^{d a}r^{e c}onsidere^{d m}ateria^{l i}f, ⁱndividuall^{y or in t}h^{e a}ggregate, ^the^{y c}oul^{d r}easonabl^{y be e}xpecte^{d to i}nfluenc^{e t}h^{e e}conomi^{c d}ecision^{s of u}ser^{s t}ake^{n on t}h^e basis of this Standalone Financial Results.

^{As p}ar^{t of an a}udi^{t in a}ccordanc^{e w}it^{h S}As, ^{we e}xercis^{e p}rofessiona^{l j}udgmen^{t a}n^{d m}aintai^{n p}rofessiona^{l s}kepticis^{m t}hroughou^{t t}h^{e a}udit. ^{We a}lso:

• ¢ ^Identif^{y a}n^{d a}ssess ^th^{e r}isk^{s of m}ateria^{l m}isstatemen^{t of t}h^{e A}nnua^{l S}tandalon^{e F}inancia^{l R}esults, ^whethe^{r d}u^{e to f}rau^{d or e}rror, ^desig^{n a}n^{d p}erfor^{m a}udi^{t p}rocedure^{s r}esponsiv^{e to t}hos^{e r}isks, ^an^{d o}btai^{n a}udi^{t e}videnc^{e t}ha^{t is s}ufficien^{t a}n^{d a}ppropriat^{e to p}rovid^{e a b}asi^{s f}o^{r o}u^{r o}pinion. ^Th^{e r}is^{k of n}o^{t d}etectin^{g a m}ateria^{l m}isstatemen^{t r}esultin^{g f}ro^{m f}rau^{d is h}ighe^{r t}ha^{n f}o^{r o}n^{e r}esultin^{g f}ro^{m e}rror, ^{as f}rau^{d m}a^{y i}nvolv^{e c}ollusion, ^forgery, ⁱntentiona^{l o}missions, ^misrepresentations, ^{or t}h^{e o}verrid^{e of i}nterna^{l c}ontrol,
• * ^Obtai^{n an u}nderstandin^{g of i}nterna^{l c}ontro} ^relevan^{t to t}h^{e a}udi^{t in o}rde^{r to d}esig^{n a}udi^{t p}rocedure^{s t}ha^{t a}r^{e a}ppropriat^{e in t}h^{e c}ircumstances, ^bu^{t n}o^{t f}o^{r t}h^{e p}urpos^{e of e}xpressin^{g an o}pinio^{n on t}h^{e e}ffectiveness ^{of t}h^{e C}ompany'^s internal control.
• ^{e E}valuat^{e t}h^{e a}ppropriateness ^{of a}ccountin^{g p}olicie^{s u}se^{d a}n^{d t}h^{e r}easonableness of accounting estimates made by the Board of Directors,
• * ^Evaluat^{e t}h^{e a}ppropriateness ^an^{d r}easonableness ^{of d}isclosure^{s m}ad^{e by t}h^{e B}oar^{d of D}irector^{s in t}erm^{s of t}h^{e r}equirement^{s s}pecifie^{d u}nde^{r R}egulatio^{n 33 of} the Listing Regulations,
• * ^Conclud^{e on t}h^{e a}ppropriateness ^{of t}h^{e B}oar^{d of D}irectors' ^us^{e of t}h^{e g}oin^{g c}oncer^{n b}asi^{s of a}ccountin^{g a}nd, ^base^{d on t}h^{e a}udi^{t e}videnc^{e o}btained, ^whethe^{r a m}ateria^{l u}ncertaint^{y e}xist^{s r}elate^{d to e}vent^{s or c}ondition^{s t}ha^{t m}a^{y c}as^{t s}ignifican^{t d}oub^{t on t}h^{e a}bilit^{y of t}h^{e C}ompan^{y to c}ontinu^{e as a g}oin^{g c}oncern. ^{If we c}onclud^{e t}ha^{t a m}ateria^{l u}ncertaint^{y e}xists, ^{we a}r^{e r}equire^{d to d}ra^{w a}ttentio^{n in o}u^{r a}uditor'^{s r}epor^{t to t}h^{e r}elate^{d d}isclosure^{s in t}h^{e S}tatemen^{t o}r, ^{if s}uc^{h d}isclosure^{s a}r^{e i}nadequate, ^{to m}odif^{y o}u^{r o}pinion. ^Ou^{r c}onclusion^{s a}r^{e b}ase^{d on t}h^{e a}udi^{t e}videnc^{e o}btaine^{d up to t}h^{e d}at^{e of o}u^{r a}uditor'^{s r}eport. ^However, ^futur^{e e}vent^{s or c}ondition^{s m}a^{y c}aus^{e t}h^{e C}ompan^{y to c}eas^{e to} continue as a going concern.
• * ^Evaluat^{e t}h^{e o}verall ^presentation, ^structur^{e a}n^{d c}onten^{t of t}h^{e A}nnua^{l S}tandalon^{e F}inancia^{l R}esults, ⁱncludin^{g t}h^{e d}isclosures, ^an^{d w}hethe^{r t}h^{e A}nnua^{l S}tandalon^{e F}inancia^{l R}esult^{s r}epresen^{t t}h^{e u}nderlyin^{g t}ransaction^{s a}n^{d e}vent^{s in} @ manner that achieves fair presentation.
• * ^Obtai^{n s}ufficien^{t a}ppropriat^{e a}udi^{t e}videnc^{e r}egardin^{g t}h^{e A}nnua^{l S}tandalon^{e F}inancia^{l R}esult^{s of t}h^{e C}ompan^{y to e}xpress ^{an o}pinio^{n on t}h^{e A}nnua^l Standalone Financial Results.

Page 3 of 4

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 safequards.

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

We conducted our review of the Standalone Financial Results for the quarter ended March 31, 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 Matters

The Statement includes the results for the Quarter ended March 31, 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 Chartered Accountants (Firm's Registration ^No. 117365W)

Kartikeya Raval Partner (Membership No, 106189) ^UDIN: ^AM^{O I}GIARA^{R EI 4}99⁸

^Place: Ahmedabad Date: May 28, 2021 AHMEDABAD}

: Se

e

Page ⁴ of⁴

	GMM PEAUDLER LIMITED
	Registered Office8 Warks: Vithal Udyognagar, Karamsad 388 325, Gujarat, india GIN : L2ets8GJ4962PL.C0001171, Email 1D: sates@gmmptaudler.com, Web Site : wrere.gmmpfaudier.com 'STATEMENT OF STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2001
			Quarter enced	Standalone	Year ended	Ein MiBon
	Particulars T {income:	34.03.2021 iefer Note a}	31.12.2020 Unaudited	(33.03.2020 (Refer Note 4)	31.03.2027 Audited	3403.2020 Audited
	Revenue from Operations. Ciher Income Fotal Income 2 [Expenses :	4,900.37 7.53 4206.00	4,657.30 27.06 4.68534	4,133.85 12:93 1677,	6,408.09 78.89 6,455.96	5,163.55 61.17 5224.72
	'a) Cost of materials consumed 'b) Chenges in inventories of finished goods and workin-progrece, 3 Employee benefits expense	662.05 (103.70) 162.79	765.46 (66.95) 182.69	508.16 (8.39) 140.84	2,637.06 103.21	2,266.38 (56,89)
	& amocization expense a Labour Charges. 1} Finance cost ia) Other Exoenses	7220 128.07 19.44	104.89 173.657 17.76	56.20 75.23 az	688.04 289.50 418.80 66.58	551,06 200.14 337.18 34.88
3 4	rotal Expenses eptional items and tx (1-2) b e f o re e x c [ P r of i t t e m s E x c e p t io n a l :	323.59 1488.82 439.18	249.42 1377.16 367.18	216.50 997.51 149.26	1.013.76 5.22795 1,258.03	251.61 4,404.36, 820.36
	5 [Profit Before Tax = 4) 6 Tax Expense: (Current Tae	= 439.38 403.60	= 307.48 85.07	= 14525, ne	= 4,255.03 326.49	Eo 520.36, 202.23
	__ Excess Provision for tax relating to Prot Years: Deleted Tax 7_ [Profit forthe panod from G4] 8 [Profit ftom discontinued operations	= 12,74 314.64	= 0.05 222.02	- 47.36 {00.28	(13.87), (4.67 954.02	= £3.10) 62123
	9 [Tex Expenses of 10 Profit from discontinued {after tax} (6-5) ons 14 [Profit for the period (7410)	i. i = 34484	a - = m2	- - = 400.28	te ss = 954,02	i = - 67173
	42 Cther Comprehantive Income 'A) lems that will not be reclassfn nimffiti ner idne s {) Actuarial Ga/ i(Lnoss ) on Gratuity and Pensien obligations 1} Income tax relating	(10.04),	= (1.73)	(6.80)	(15.22))	16.90)
	to tems that will not be reclassified to profit or lass B) Hems that will be rectassified to profit or loss i) Exchange differonce in translating the financial sleleiienilosf foreien components foss	~	-	-	-	-
	to Prof& ilotss account ii] Income tsx relating to tems thet will be reclassified 13 [Total Comprehensive Income for the period (11+ 12) (Comprising Profit and Gther __ Comprehensive income for the period) 14 Eamings per equity share	- : 304.80	- < 220.28	- = 93.38	> : 935.80	= = 614-33
	(For continuing operations) (Face Value ef share" 2/- each) (008o x a) Basie & Diluted 15 Eamings per equity share (For discontinued operations) (Face Value of share ~ 24) {nat Jannualised):	21.54	15.19	6.86	65.05	42.50
	16 Eamperi eqnuitgy shar e (For discontinued operations a) Basic & Diluted & continuing operations) (Face Value of share 2/-} (not annualised}:	=	<	é	-	-
	2) Basic & Diluted 17 [Peicup Equity Share Capital (Face Value of Peachy 48 Other Equity	21.54 29.23	15.49 29.23	6.85 28.23	65.05 23.23 3,544 26	42.50 23.23 2.681.57
Notes:	yy The above results have been reviewed by the audit committee and approved by Board of Directors in their meting held on May 28, 2021.
	2) 'The Board of directors recommednividdeendd o f 22 Per equity share of face value of € 2 exch, which is subjectta approval by shareholders of the company:
T h e p u b l	3} Number of Investors complaints (i) opening zt the quarter: 0 i) received during the quarier : 0 ((iii i ) disposeoffd :0 and (fv) pending at the quarter end: 0 f i g u re s o f l a s t quarters are the balancing fSgures between audited figures of in respect of full financial year upto March 31, '2021 and Marc3h1, 20and2 una0udit ed i s h e d y e a r t o d a t e f i gu res upta December 31, 2020 and Decembe3r1, 2019 respectively b. eing the date of end of third quarter of the respective financiaf year which are
E M E q	subjtoe Ecmitted r e vdi e w , e P l a u d i e r L i d G MMin " or "the Company' } had announced signing of definitive egreements to acquire De Dietrich Process Systems india PVt Lies (DOPSI) Glass Lined ui p m e n t m a n u f a c t ur g f aci lity in Hyderabad on the June 20, 2020. The Company has concluded the acquisi8ion on October 05, 2020 and bave started commercial
( P	'operatio from October 19, 2020, n s 6) The Compeny a c e r ) tem te vat uty umn Davieche Baesinenge AG Peed COST a per	ty			'In the global business of is parent, the Pfaudtor Group
q u	ir e d 8 54% equity stake in the Pfaudier Group after fullling conditions of agreements effective from February 01, 2021. 7) Cerner a Ca ueoeeily Lid inE-auoon clef ezzet under IBC 2016 of DO Technologies Limes on March 16,2021 witha bid value of IN 594.57 Mlfon. The Gemoany bas conioed the acqubon on Ap 28,2021	a			GAIA (etenay and through fs Subsidiary Mavag AG) have
a) CO VI d	O J b eg an pa ci n g ourb usiness operafrtomi Moarnchs 14 , 2020 by sifecting aur supply chain and our ability to ship ready equipment te our customers. Qur o n e v i l i t Gann cope on Mah 25200, We ard bear ND We sung Os Tea
B whic	e f v p e r thn ln ry a guy mages enn ee h i n-t um affecte d ou r Qi FY202i revenues and , the Company domesti c and global environin mthe pnast ysea r.				hs pee in April 2020,	ions in both,
	Sis et ae a aerate terastaling 2nd vase of COVID-19 cases, This year even though there has been ne national lockdown, we have faced disruptions du2 to regionat Ftd nner, Howo ew g e Sone Oe es improves.	'of oxygen, by ls, NN sage, spleen			supply chain issues end cther covid es wn te
e ER	t i nt ! A S - 4 0 8 " O p e r a t i n g Segments" issued by the Instiute of Chartered Accountants of india, if financial results contains standalone financial results and consolidated r e l r e s u s p o s e p a r a t e disclosura on segment information fs required (o be given inthe standafoae fnancial resus, Aocordingly, segment information has been given in the Consolidated Financial Results of the Company.
	10) Pee asscoe DOC, i 2000 He Coden eee ig emeloymar' ané post-epoymerd benefits recived Indlan Ptfament approval and ent in 'The Code has aotied. The Company wal assess te impact the Cade when i comes Flo effort andl racsrd coy eon ioe				the Code wall come into effect has not been ees aoe ree sk
	mW Adgisoat cost spe Regulation 524) of Seles and Exchange ar of Ina Ustng bgatons and Dintonre Ragurementy Rented ote. a) Credit Rating TARE
	b) Asset Gover €) Debt Equity Ratic (No. of times) ¢) Debt Senice Coverage Ratio (No. of times) e) Interest Service Coverage Ratio (No. of times)	2 Not Applicable 10:29 times + 5.79 times +2426 times
	f) Net worth (Equiy+Re&s eSurrpvlues ) 0) Formuta for compuof trataiost arie aor unnde r t j) Debi equity raha	2% 3573.5 Million ings	{Total Eqtrity
	4) Debt service coverage ratio				Eainiogs before Prenat aot Dapraciijon and amortisation cest and tax / Finance cost + Principal repayment of long term and short term debts made during the year
	: eeEam ii) Interest Service Coverage ratio				Fa ings betore Finance cost, Depreciation end amortisation cost end tax/ Finance
					For and on behalf of Board of Directors
	Place : Mumbai

GMM PFAUDLER LIMITED STANDALONE BALANCE SHEET AS AT MARCH 31, 2021
		₹ In Million
	As at	As at
Particulars	31.03.2021	31.03.2020
	Audited	Audited
ASSETS (1) Non-current assets
(a) Property, Plant & Equipment (b) Right of Use Assets	1,294.64	811.83
(c) Capital work-in-progress	152.82	220.04
(d) Goodwill	26.10	15.99
(e) Other Intangible Assets	59.32	59.32
(f) Intangible assets under development	260.62	181.23
(g) Financial Assets	0.28	0.44
(i) Investments
(ii) Others	1,712.36	218.60
(h) Non-current Tax Assets (Net)	29.61	27.78
(i) Other non-current assets	71.22	5.77
Total Non current assets	3,606.97	6.57 1,547.57
(2) Current Assets
(a) Inventories	1,126.52	1,109.75
(b) Financial Assets
(i) Investments	6.68	356.63
(ii) Trade Receivables	1,129.97	594.68
(iii) Cash & Cash Equivalents	286.77	286,77
(iv) Bank balances other than (iii) above	31.41	2.75
(v) Loans	0.78	0.97
(vi) Others	352.39	290.40
(c) Other current assets	135.23	120.10
Total Current assets Total Assets	3,069.75	2,762.05
	6,676.72	4,309.62
EQUITY & LIABILITIES
Equity
(a) Equity Share Capital	29.23	29.23
(b) Other Equity	3,544.28	2,681.57
Total Equity	3,573.51	2,710.80
LIABILITIES
(1) Non-current liabilities
(a) Financial Liabilities
(i) Lease Liabilities	117.53	176.59
(ii) Borrowing (b) Provisions	752.02
(c) Deferred tax liabilities (Net)	3.49
	45.21	49.82
Total Non current liabilities (2) Current liabilities	918.25	226.41
(a) Financial Liabilities
(i) Borrowing
(ii) Lease Liabilities	148.42 54.67	112.26
(iii) Trade payables due to		55.40
- Micro & Small Enterprise	44.08	20.95
- Other than Micro & Small Enterprise	886.70	556.86
(iv) Others	339.97	87.63
(b) Provisions	71.14	40.80
(c) Current Tax Liabilities (Net)	50.25
(d) Other current liabilities	589,73	498.51
Total Current Liabilities	2,184.96	1,372.41
Total Equity & Liabilities	6,676.72	4,309.62

GMM PFAUDLER LIMITED
STANDALONE STATEMENT OF CASH FLOW FOR THE YEAR ENDED MARCH 31, 2021			¥ In Million Year Ended
CASH FLOW FROM OPERATING ACTIVITIES		Audited	31.03.2021 31.03.2020 Audited
Profit before taxation		4,259.03	820.36
Adjustments for: Depreciation and Amortisation expenses		289.50	200.14
Net (gain) /loss on sale & discarding of fixed assets Net (gain) / loss on Non Current Investments designated as Fair Value Through Profit or Loss Net (gain) /loss on Current Investments designated as Fair Value Through Profit or Loss		(3.15) =	247 0.01
Net (gain) /loss on sale of Current Investments Interest Income		0.32 0.90 (33.08)	(12,12) 1.97 (1.85)
Interest and financial charges Dividend Income Provision for doubtful debts, liquidated damages and advances		66.58 *	34.88 (0.03)
Provision for warranty Unrealised foreign exchange fluctuation loss/(gain)		39,95 21.56 9.13	13.23 4.85 (2.70)
Actuarial Gain / (loss) on Gratuify reclassified in OCI Operating profit before working capital changes		(15.22) 1,635.60	(6.90) 1,060.51
Adjustments for : (Increase)/ Decrease in Inventories (Increase)! Decrease in Trade receivable, loans and other financial & Non financial assets		(16.77)	(79.29)
Increase/ (Decrease) in Trade payables, provisions and other financial & Non financial liabilities Cash generated from operations		(648.67) 533.20	(213.39) (36.96)
Direct Taxes paid Net cash from operating activities	A	1,503.36 (256.61) 1,246.75	730.87 (231.03) 499.84
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of Property, Plant and Equipment, including intangible assets Proceeds from sale of Property, Plant and Equipment		(848.51) 4,84	(307.37) 2.32
Proceeds from sale of current investments Fixed deposits placed with banks Proceeds from Fixed deposits		353.55 (31.07)	419.50 = 4.64
Interest received Dividend received Payment towards acquisition of business		- 33.00 -	1.65 0.03
Purchase of non-current investments Net cash used In investing activities	B	- (1,498.45) (1,986.58)	(272.27) = {451.50)
CASH FLOW FROM FINANCING ACTIVITIES
Repayment of Short term borrowings Proceeds from Long term borrawings Proceeds from short term borrowings		(212.26) 897.97	= -
Interest paid Dividend paid		244.66 (40.74) (72.03)	112.26 (14.14) (65.84)
'Tax on distributed profits Payment of lease liability		- (76.77)	(13.52) (65.14)
Net cash (used in} / from financing activities NET INGREASE IN GASH & CASH EQUIVALENTS	Cc	739.83	(46.38)
Cash and Cash equivalents at the beginning of the period	AtB+C	= 286.77	1.96 284.84
Cash and Cash equivatents at the end of the period		286.77	286.77

Deloitte eee -V Haskins & Sells etabsi 580015

Chartered Accountants

^Tel: +91 79 6682 7300 Fax: +91 79 6682 7400

^INDEPENDEN^{T A}UDITOR'^{S R}EPOR^{T ON A}UDI^{T OF A}NNUA^{L C}ONSOLIDATE^{D F}INANCIA^{L R}ESULT^{S A}N^{D R}EVIE^{W OF Q}UARTERL^{Y F}INANCIA^{L R}ESULT^S

TO THE BOARD OF DIRECTORS OF GMM Pfaudler Limited

Opinion and Conciusion

^{We h}av^e (a) ^audite^{d t}h^{e C}onsolidate^{d F}inancia^{l R}esult^{s f}o^{r t}h^{e y}ea^{r e}nde^{d M}arc^{h 3}1, ²02^{1 a}n^d (b) ^reviewe^{d t}h^{e C}onsolidate^{d F}inancia^{l R}esult^{s f}o^{r t}h^{e q}uarte^{r e}nde^{d M}arc^{h 3}1, ²02¹ (refe^r 'Othe^{r M}atters' ^sectio^{n b}elow), ^whic^{h w}er^{e s}ubjec^{t to l}imite^{d r}evie^{w by u}s, ^bot^{h i}nclude^{d in t}h^{e a}ccompanyin^g "Statemen^{t of C}onsolidate^{d F}inancia^{l R}esult^{s f}o^{r t}h^{e Q}uarte^{r a}n^{d Y}ea^{r E}nde^{d M}arc^{h 3}1, ²021" ^{of G}MM ^Pfaudle^{r L}imite^d ("th^{e P}arent") ^an^{d i}t^{s s}ubsidiarie^s (th^{e P}aren^{t a}n^{d i}t^{s s}ubsidiarie^{s t}ogethe^{r r}eferre^{d to as} "th^{e G}roup"), ("th^{e S}tatement") ^bein^{g s}ubmitte^{d by t}h^{e P}aren^{t p}ursuan^{t to t}h^{e r}equirement^{s of R}egulatio^{n 33 of t}h^{e S}EB^I (Listin^{g O}bligation^{s a}n^{d D}isclosur^{e R}equirements) ^Regulations, ²015, ^{as a}mende^d ("th^{e L}istin^{g R}egulations").

(a) ^Opinio^{n on A}nnua^{l C}onsolidate^{d F}inancia^{l R}esult^s

^{In o}u^{r o}pinio^{n a}n^{d to t}h^{e b}es^{t of o}u^{r i}nformatio^{n a}n^{d a}ccordin^{g to t}h^{e e}xplanation^{s g}ive^{n to u}s, ^an^{d b}ase^{d on t}h^{e c}onsideratio^{n of t}h^{e a}udi^{t r}eport^{s of t}h^{e o}the^{r a}uditor^{s on s}eparat^{e f}inancia^{l s}tatement^{s of t}h^{e s}ubsidiarie^{s r}eferre^{d to in O}the^{r M}atter^{s s}ectio^{n b}elow, ^th^{e C}onsolidate^{d F}inancia^{l R}esult^{s f}o^{r t}h^{e y}ea^{r e}nde^{d M}arc^{h 3}1, ²021:

• ⁱnclude^{s t}h^{e r}esult^{s of t}h^{e e}ntitie^{s as g}ive^{n in A}nnexur^{e 1 to t}hi^{s r}eport.
• ^{is p}resente^{d in a}ccordanc^{e w}it^{h t}h^{e r}equirement^{s of R}egulatio^{n 33 of t}h^{e S}EB^I (Listin^{g O}bligation^{s a}n^{d D}isclosur^{e R}equirements) ^Regulations, ²015, ^{as a}mended; ^an^d
• ili. ^give^{s a t}ru^{e a}n^{d f}ai^{r v}ie^{w in c}onformit^{y w}it^{h t}h^{e r}ecognitio^{n a}n^{d m}easuremen^{t p}rinciple^{s l}ai^{d d}ow^{n in t}h^{e I}ndia^{n A}ccountin^{g S}tandard^{s a}n^{d o}the^{r a}ccountin^{g p}rinciple^{s g}enerall^{y a}ccepte^{d in I}ndi^{a of t}h^{e c}onsolidate^{d n}e^{t p}rofi^{t a}n^{d c}onsolidate^{d t}ota^{l c}omprehensiv^{e i}ncom^{e a}n^{d o}the^{r f}inancia^{l i}nformatio^{n of t}h^{e G}rou^{p f}o^{r t}h^{e y}ea^{r e}nde^{d M}arc^{h 3}1, ²021.

(b) ^Conclusio^{n on U}naudite^{d C}onsolidate^{d F}inancia^{l R}esult^{s f}o^{r t}h^{e q}uarte^{r e}nde^d March 31, 2021

^Wit^{h r}espec^{t to t}h^{e C}onsolidate^{d F}inancia^{l R}esult^{s f}o^{r t}h^{e q}uarte^{r e}nde^{d M}arc^{h 3}1, ²021, ^base^{d on o}u^{r r}evie^{w c}onducte^{d a}n^{d p}rocedure^{s p}erforme^{d as s}tate^{d in p}aragrap^h (b) ^{of A}uditor'^{s R}esponsibilitie^{s s}ectio^{n b}elo^{w a}n^{d b}ase^{d on t}h^{e c}onsideratio^{n of t}h^{e r}evie^{w r}eport^{s of t}h^{e o}the^{r a}uditor^{s r}eferre^{d to in O}the^{r M}atter^{s s}ectio^{n b}elow, ⁿothin^{g h}a^{s c}om^{e to o}u^{r a}ttentio^{n t}ha^{t c}ause^{s us to b}eliev^{e t}ha^{t t}h^{e C}onsolidate^{d F}inancia^{l R}esult^{s f}o^{r t}h^{e q}uarte^{r e}nde^{d M}arc^{h 3}1, ²021, ^prepare^{d in a}ccordanc^{e w}it^{h t}h^{e r}ecognitio^{n a}n^{d m}easuremen^{t p}rinciple^{s l}ai^{d d}ow^{n in t}h^{e I}ndia^{n A}ccountin^{g S}tandard^{s a}n^{d o}the^{r a}ccountin^{g p}rinciple^{s g}enerall^{y a}ccepte^{d in I}ndia, ^ha^{s n}o^{t d}isclose^{d t}h^{e i}nformatio^{n r}equire^{d to be d}isclose^{d in t}erm^{s of R}egulatio^{n 33 of t}h^{e S}EB^I (Listin^{g O}bligation^{s a}n^{d D}isclosur^{e R}equirements) ^Regulations, ²015, ^{as a}mended, ⁱncludin^{g t}h^{e m}anne^{r in w}hic^{h it is to be d}isclosed, ^{or t}ha^{t it} contains any material misstatement.

Page 1 of 6

^Basi^{s f}o^{r O}pinio^{n on t}h^{e A}udite^{d C}onsolidate^{d F}inancia^{l R}esult^{s f}o^{r t}h^{e y}ea^{r e}nde^d March 31, 2021

^{We c}onducte^{d o}u^{r a}udi^{t in a}ccordanc^{e w}it^{h t}h^{e S}tandard^{s on A}uditin^g ("SAs") ^specifie^{d u}nde^{r S}ectio^{n 1}43(10) ^{of t}h^{e C}ompanie^{s A}ct, ²01³ ("th^{e A}ct"). ^Ou^{r r}esponsibilitie^{s u}nde^{r t}hos^{e S}tandard^{s a}r^{e f}urthe^{r d}escribe^{d in p}aragrap^h (a) ^{of A}uditor'^{s R}esponsibilitie^{s s}ectio^{n b}elow, ^{We a}r^{e i}ndependen^{t of t}h^{e G}rou^{p in a}ccordanc^{e w}it^{h t}h^{e C}od^{e of E}thic^{s i}ssue^{d by t}h^{e I}nstitut^{e of C}hartere^{d A}ccountant^{s of I}ndi^a ("th^{e I}CAI") ^togethe^{r w}it^{h t}h^{e e}thica^{l r}equirement^{s t}ha^{t a}r^{e r}elevan^{t to o}u^{r a}udi^{t of t}h^{e C}onsolidate^{d F}inancia^{l R}esult^{s f}o^{r t}h^{e y}ea^{r e}nde^{d M}arc^{h 3}1, ²02^{1 u}nde^{r t}h^{e p}rovision^{s of t}h^{e A}c^{t a}n^{d t}h^{e R}ule^{s t}hereunder, ^an^{d we h}av^{e f}ulfille^{d o}u^{r o}the^{r e}thica^{l r}esponsibilitie^{s in a}ccordanc^{e w}it^{h t}hes^{e r}equirement^{s a}n^{d t}h^{e I}CAI'^{s C}od^{e of E}thics. ^{We b}eliev^{e t}ha^{t t}h^{e a}udi^{t e}videnc^{e o}btaine^{d by us a}n^{d t}h^{e a}udi^{t e}videnc^{e o}btaine^{d by t}h^{e o}the^{r a}uditor^{s in t}erm^{s of t}hei^{r r}eport^{s r}eferre^{d to in O}the^{r M}atter^{s s}ectio^{n b}elow, ^{is s}ufficien^t and appropriate to provide a basis for our audit opinion.

Management's Responsibilities for the Statement

^Thi^{s S}tatement, ^whic^{h i}nclude^{s t}h^{e C}onsolidate^{d F}inancia^{l R}esult^{s is t}h^{e r}esponsibilit^{y of t}h^{e P}arent'^{s B}oar^{d of D}irector^{s a}n^{d h}a^{s b}ee^{n a}pprove^{d by t}he^{m f}o^{r t}h^{e i}ssuance. ^Th^{e C}onsolidate^{d F}inancia^{l R}esult^{s f}o^{r t}h^{e y}ea^{r e}nde^{d M}arc^{h 3}1, ²021, ^ha^{s b}ee^{n c}ompile^{d f}ro^{m t}h^{e r}elate^{d a}udite^{d c}onsolidate^{d f}inancia^{l s}tatements. ^Thi^{s r}esponsibilit^{y i}nclude^{s t}h^{e p}reparatio^{n a}n^{d p}resentatio^{n of t}h^{e C}onsolidate^{d F}inancia^{l R}esult^{s f}o^{r t}h^{e q}uarte^{r a}n^{d y}ea^{r e}nde^{d M}arc^{h 3}1, ²02^{1 t}ha^{t g}iv^{e a t}ru^{e a}n^{d f}ai^{r v}ie^{w of t}h^{e c}onsolidate^{d n}e^{t p}rofi^{t a}n^{d c}onsolidate^{d o}the^{r c}omprehensiv^{e i}ncom^{e a}n^{d o}the^{r f}inancia^{l i}nformatio^{n of t}h^{e G}rou^{p in a}ccordanc^{e w}it^{h t}h^{e r}ecognitio^{n a}n^{d m}easuremen^{t p}rinciple^{s l}ai^{d d}ow^{n in t}h^{e I}ndia^{n A}ccountin^{g S}tandards, ^prescribe^{d u}nde^{r S}ectio^{n 133 of t}h^{e A}ct, ^rea^{d w}it^{h r}elevan^{t r}ule^{s i}ssue^{d t}hereunde^{r a}n^{d o}the^{r a}ccountin^{g p}rinciple^{s g}enerall^{y a}ccepte^{d in I}ndi^{a a}n^{d in c}omplianc^{e w}it^{h R}egulatio^{n 33 of t}h^e Listing Regulations.

^Th^{e r}espectiv^{e B}oar^{d of D}irector^{s of t}h^{e c}ompanie^{s i}nclude^{d in t}h^{e G}rou^{p a}r^{e r}esponsibl^{e f}o^{r m}aintenanc^{e of a}dequat^{e a}ccountin^{g r}ecord^{s in a}ccordanc^{e w}it^{h t}h^{e P}rovision^{s of t}h^{e A}c^{t f}o^{r s}afeguardin^{g t}h^{e a}sset^{s of t}h^{e G}rou^{p a}n^{d f}o^{r p}reventin^{g a}n^{d d}etectin^{g f}raud^{s a}n^{d o}the^{r i}rregularities; ^selectio^{n a}n^{d a}pplicatio^{n of a}ppropriat^{e a}ccountin^{g p}olicies; ^makin^{g j}udgment^{s a}n^{d e}stimate^{s t}ha^{t a}r^{e r}easonabl^{e a}n^{d p}rudent; ^an^{d t}h^{e d}esign, ⁱmplementatio^{n a}n^{d m}aintenanc^{e of a}dequat^{e i}nterna^{l f}inancia^{l c}ontrols, ^tha^{t w}er^{e o}peratin^{g e}ffectivel^{y f}o^{r e}nsurin^{g t}h^{e a}ccurac^{y a}n^{d c}ompleteness ^{of t}h^{e a}ccountin^{g r}ecords, ^relevan^{t to t}h^{e p}reparatio^{n a}n^{d p}resentatio^{n of t}h^{e r}espectiv^{e f}inancia^{l r}esult^{s t}ha^{t g}iv^{e a t}ru^{e a}n^{d f}ai^{r v}ie^{w a}n^{d a}r^{e f}ree ^fro^{m m}ateria^{l m}isstatement, ^whethe^{r d}u^{e to f}rau^{d or e}rror, ^whic^{h h}av^{e b}ee^{n u}se^{d f}o^{r t}h^{e p}urpos^{e of p}reparatio^{n of t}hi^{s C}onsolidate^{d F}inancia^{l R}esult^{s by t}h^{e D}irector^{s of} the Parent, as aforesaid.

^{In p}reparin^{g t}h^{e C}onsolidate^{d F}inancia^{l R}esults, ^th^{e r}espectiv^{e B}oar^{d of D}irector^{s of t}h^{e c}ompanie^{s i}nclude^{d in t}h^{e G}rou^{p a}r^{e r}esponsibl^{e f}o^{r a}ssessin^{g t}h^{e a}bilit^{y of t}h^{e r}espectiv^{e e}ntitie^{s to c}ontinu^{e as a g}oin^{g c}oncern, ^disclosing, ^{as a}pplicable, ^matter^{s r}elate^{d to g}oin^{g c}oncer^{n a}n^{d u}sin^{g t}h^{e g}oin^{g c}oncer^{n b}asi^{s of a}ccountin^{g u}nless ^th^{e r}espectiv^{e B}oar^{d of D}irector^{s e}ithe^{r i}ntend^{s to l}iquidat^{e t}hei^{r r}espectiv^{e e}ntitie^{s or to c}eas^{e o}perations, ^{or h}a^{s no} realistic alternative but to do so.

Page ² of ⁶

^Th^{e r}espectiv^{e B}oar^{d of D}irector^{s of t}h^{e c}ompanie^{s i}nclude^{d in t}h^{e G}rou^{p a}r^{e r}esponsibl^{e f}o^r overseeing the financial reporting process of the Group.

Auditor's Responsibilities

(a) ^Audi^{t of t}h^{e C}onsolidate^{d F}inancia^{l R}esult^{s f}o^{r t}h^{e y}ea^{r e}nde^{d M}arc^{h 3}1, 2021

^Ou^{r o}bjective^{s a}r^{e to o}btai^{n r}easonabl^{e a}ssuranc^{e a}bou^{t w}hethe^{r t}h^{e C}onsolidate^{d F}inancia^{l R}esult^{s f}o^{r t}h^{e y}ea^{r e}nde^{d M}arc^{h 3}1, ²02^{1 as a w}hol^{e a}r^{e f}ree ^fro^{m m}ateria^{l m}isstatement, ^whethe^{r d}u^{e to f}rau^{d or e}rror, ^an^{d to i}ssu^{e an a}uditor'^{s r}epor^{t t}ha^{t i}nclude^{s o}u^{r o}pinion. ^Reasonabl^{e a}ssuranc^{e is a h}ig^{h l}eve^{l of a}ssurance, ^bu^{t is n}o^{t a g}uarantee ^tha^{t an a}udi^{t c}onducte^{d in a}ccordanc^{e w}it^{h S}A^{s w}ill ^alway^{s d}etec^{t a m}ateria^{l m}isstatemen^{t w}he^{n it e}xists. ^Misstatement^{s c}a^{n a}ris^{e f}ro^{m f}rau^{d or e}rro^{r a}n^{d a}r^{e c}onsidere^{d m}ateria^{l i}f, ⁱndividuall^{y or in t}h^{e a}ggregate, ^the^{y c}oul^{d r}easonabl^{y be e}xpecte^{d to i}nfluenc^{e t}h^{e e}conomi^{c d}ecision^{s of u}ser^s taken on the basis of this Consolidated Financial Results,

^{As p}ar^{t of an a}udi^{t in a}ccordanc^{e w}it^{h S}As, ^{we e}xercis^{e p}rofessiona^{l j}udgmen^{t a}n^{d m}aintaiⁿ professional skepticism throughout the audit. We also:

• « ^Identif^{y a}n^{d a}ssess ^th^{e r}isk^{s of m}ateria^{l m}isstatemen^{t of t}h^{e A}nnual! ^Consolidate^{d F}inancia^{l R}esults, ^whethe^{r d}u^{e to f}rau^{d or e}rror, ^desig^{n a}n^{d p}erfor^{m a}udi^{t p}rocedure^{s r}esponsiv^{e to t}hos^{e r}isks, ^an^{d o}btai^{n a}udi^{t e}videnc^{e t}ha^{t is s}ufficien^{t a}n^{d a}ppropriat^{e to p}rovid^{e a b}asi^{s f}o^{r o}u^{r o}pinion. ^Th^{e r}is^{k of n}o^{t d}etectin^{g a m}ateria^{l m}isstatemen^{t r}esultin^{g f}ro^{m f}rau^{d is h}ighe^{r t}ha^{n f}o^{r o}n^{e r}esultin^{g f}ro^{m e}rror, ^{as f}rau^{d m}a^{y i}nvolv^{e c}ollusion, ^forgery, ⁱntentiona^l omissions, misrepresentations, or the override of internal control,
• ¢ ^Obtai^{n an u}nderstandin^{g of i}nterna^{l c}ontro^{l r}elevan^{t to t}h^{e a}udi^{t in o}rde^{r to d}esig^{n a}udi^{t p}rocedure^{s t}ha^{t a}r^{e a}ppropriat^{e in t}h^{e c}ircumstances, ^bu^{t n}o^{t f}o^{r t}h^{e p}urpos^{e of e}xpressin^g an opinion on the effectiveness of such controls.
• ^Evaluat^{e t}h^{e a}ppropriateness ^{of a}ccountin^{g p}olicie^{s u}se^{d a}n^{d t}h^{e r}easonableness ^of accounting estimates made by the Board of Directors.
• ^Evaluat^{e t}h^{e a}ppropriateness ^an^{d r}easonableness ^{of d}isclosure^{s m}ad^{e by t}h^{e B}oar^{d of D}irector^{s in t}erm^{s of t}h^{e r}equirement^{s s}pecifie^{d u}nde^{r R}egulatio^{n 33 of t}h^{e L}istin^g Regulations.
• Conclude on the appropriateness of the Board of Directors' use of the going concern basis ^{of a}ccountin^{g a}nd, ^base^{d on t}h^{e a}udi^{t e}videnc^{e o}btained, ^whethe^{r a m}ateria^{l u}ncertaint^{y e}xist^{s r}elate^{d to e}vent^{s or c}ondition^{s t}ha^{t m}a^{y c}as^{t s}ignifican^{t d}oub^{t on t}h^{e a}bilit^{y of t}h^{e G}rou^{p to c}ontinu^{e as a g}oin^{g c}oncern. ^{If we c}onclud^{e t}ha^{t a m}ateria^{l u}ncertaint^{y e}xists, we are required to draw attention in our auditor's report to the related disclosures in the ^Consolidate^{d F}inancia^{l R}esult^{s o}r, ^{if s}uc^{h d}isclosure^{s a}r^{e i}nadequate, ^{to m}odif^{y o}u^{r o}pinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's ^report. ^However, ^futur^{e e}vent^{s or c}ondition^{s m}a^{y c}aus^{e t}h^{e G}rou^{p to c}eas^{e to c}ontinu^{e as a} going concern.
• ^{e E}valuat^{e t}h^{e o}verall ^presentation, ^structur^{e a}n^{d c}onten^{t of t}h^{e A}nnua^{l C}onsolidate^{d F}inancia^{l R}esults, ⁱncludin^{g t}h^{e d}isclosures, ^an^{d w}hethe^{r t}h^{e A}nnua^{l C}onsolidate^{d F}inancia^l Results represent the underlying transactions and events in a manner that achieves fair presentation.

Page ³ of ⁶

• * ^Perfor^{m p}rocedure^{s in a}ccordanc^{e w}it^{h t}h^{e c}ircula^{r i}ssue^{d by t}h^{e S}EB^{I u}nde^{r R}egulatio^{n 33}(8) ^{of t}h^{e L}istin^{g R}egulation^{s to t}h^{e e}xten^{t a}pplicable.
• * ^Obtai^{n s}ufficien^{t a}ppropriat^{e a}udi^{t e}videnc^{e r}egardin^{g t}h^{e A}nnua^{l S}tandalon^{e F}inancia^{l R}esult^{s of t}h^{e e}ntitie^{s w}ithi^{n t}h^{e G}rou^{p to e}xpress ^{an o}pinio^{n on t}h^{e A}nnua^{l C}onsolidate^{d F}inancia^{l R}esults. ^{We a}r^{e r}esponsibl^{e f}o^{r t}h^{e d}irection, ^supervisio^{n a}n^{d p}erformanc^{e of t}h^{e a}udi^{t of f}inancia^{l i}nformatio^{n of s}uc^{h e}ntitie^{s i}nclude^{d in t}h^{e A}nnua^{l C}onsolidate^{d F}inancia^{l R}esult^{s of w}hic^{h we a}r^{e t}h^{e i}ndependen^{t a}uditors. ^Fo^{r t}h^{e o}the^{r e}ntitie^{s i}nclude^{d in t}h^{e A}nnua^{l C}onsolidate^{d F}inancia^{l R}esults, ^whic^{h h}av^{e b}ee^{n a}udite^{d by t}h^{e o}the^{r a}uditors, ^suc^{h o}the^{r a}uditor^{s r}emai^{n r}esponsibl^{e f}o^{r t}h^{e d}irection, ^supervisio^{n a}n^{d p}erformanc^{e of t}h^{e a}udit^{s c}arrie^{d o}u^{t by t}hem. ^{We r}emai^{n s}olel^{y r}esponsibl^{e f}o^{r o}u^{r a}udi^{t o}pinion.

^Materialit^{y is t}h^{e m}agnitud^{e of m}isstatement^{s in t}h^{e A}nnua^{l C}onsolidate^{d F}inancia^{l R}esult^{s t}hat, ⁱndividuall^{y or in a}ggregate, ^make^{s it p}robabl^{e t}ha^{t t}h^{e e}conomi^{c d}ecision^{s of a r}easonabl^{y k}nowledgeabl^{e u}se^{r of t}h^{e A}nnua^{l C}onsolidate^{d F}inancia^{l R}esult^{s m}a^{y be i}nfluenced. ^{We c}onside^{r q}uantitativ^{e m}aterialit^{y a}n^{d q}ualitativ^{e f}actor^{s in} (i) ^plannin^{g t}h^{e s}cop^{e of o}u^{r a}udi^{t w}or^{k a}n^{d in e}valuatin^{g t}h^{e r}esult^{s of o}u^{r w}ork; ^an^d (ii) ^{to e}valuat^{e t}h^{e e}ffec^{t of a}n^{y i}dentifie^{d m}isstatement^{s in t}h^{e A}nnua^{l C}onsolidate^{d F}inancia^{l R}esults.

^{We c}ommunicat^{e w}it^{h t}hos^{e c}harge^{d w}it^{h g}overnanc^{e of t}h^{e P}aren^{t a}n^{d s}uc^{h o}the^{r e}ntitie^{s i}nclude^{d in t}h^{e C}onsolidate^{d F}inancia^{l R}esult^{s of w}hic^{h we a}r^{e t}h^{e i}ndependen^{t a}uditor^{s r}egarding, ^amon^{g o}the^{r m}atters, ^th^{e p}lanne^{d s}cop^{e a}n^{d t}imin^{g of t}h^{e a}udi^{t a}n^{d s}ignifican^{t a}udi^{t f}inding^{s i}ncludin^{g a}n^{y s}ignifican^{t d}eficiencie^{s in i}nterna^{l c}ontro^{l t}ha^{t we i}dentif^{y d}urin^g our audit.

^{We a}ls^{o p}rovid^{e t}hos^{e c}harge^{d w}it^{h g}overnanc^{e w}it^{h a s}tatemen^{t t}ha^{t we h}av^{e c}omplie^{d w}it^{h r}elevan^{t e}thica^{l r}equirement^{s r}egardin^{g i}ndependence, ^an^{d to c}ommunicat^{e w}it^{h t}he^{m a}ll ^relationship^{s a}n^{d o}the^{r m}atter^{s t}ha^{t m}a^{y r}easonabl^{y be t}hough^{t to b}ea^{r on o}u^{r i}ndependence, and where applicable, related Safeguards.

(b) ^Revie^{w of t}h^{e C}onsolidate^{d F}inancia^{l R}esult^{s f}o^{r t}h^{e q}uarte^{r e}nde^{d M}arc^{h 3}1, 2021

^{We c}onducte^{d o}u^{r r}evie^{w of t}h^{e C}onsolidate^{d F}inancia^{l R}esult^{s f}o^{r t}h^{e q}uarte^{r e}nde^{d M}arc^{h 3}1, ²02^{1 in a}ccordanc^{e w}it^{h t}h^{e S}tandar^{d on R}evie^{w E}ngagement^s (SRE) ²41⁰ 'Revie^{w of I}nteri^{m F}inancia^{l I}nformatio^{n P}erforme^{d by t}h^{e I}ndependen^{t A}udito^{r of t}h^{e E}ntity', ⁱssue^{d by t}h^{e I}CAI. ^{A r}evie^{w of i}nteri^{m f}inancia^{l i}nformatio^{n c}onsist^{s of m}akin^{g i}nquiries, ^primaril^{y of t}h^{e C}ompany'^{s p}ersonne^{l r}esponsibl^{e f}o^{r f}inancia^{l a}n^{d a}ccountin^{g m}atter^{s a}n^{d a}pplyin^{g a}nalytica^{l a}n^{d o}the^{r r}evie^{w p}rocedures. ^{A r}evie^{w is s}ubstantiall^{y l}ess ^{in s}cop^{e t}ha^{n an a}udi^{t c}onducte^{d in a}ccordanc^{e w}it^{h S}A^{s s}pecifie^{d u}nde^{r s}ectio^{n 1}43(10) ^{of t}h^{e A}c^{t a}n^{d c}onsequentl^{y d}oe^{s n}o^{t e}nabl^{e us to o}btai^{n a}ssuranc^{e t}ha^{t we w}oul^{d b}ecom^{e a}war^{e of a}ll ^significan^{t m}atter^{s t}ha^{t m}igh^{t be i}dentifie^{d in an a}udit. ^Accordingly, ^{we do n}o^{t e}xpress ^{an a}udi^{t o}pinion.

^Th^{e S}tatemen^{t i}nclude^{s t}h^{e r}esult^{s of t}h^{e e}ntitie^{s as l}iste^{d u}nde^{r P}aragrap^h (a)(i) ^{of O}pinioⁿ and Conclusion section above.

^{As p}ar^{t of o}u^{r a}nnua^{l a}udit, ^{we a}ls^{o p}erforme^{d P}rocedure^{s in a}ccordanc^{e w}it^{h t}h^{e c}ircula^{r i}ssue^{d by t}h^{e S}EB^{I u}nde^{r R}egulatio^{n 33}(8) ^{of t}h^{e S}EB^I (Listin^{g O}bligation^{s a}n^{d D}isclosur^{e R}equirements) ^Regulations, ²015, ^{as a}mended, ^{to t}h^{e e}xten^{t a}pplicable.

Page ⁴ of ⁶

Other Matters

• ^{e T}h^{e S}tatemen^{t i}nclude^{s t}h^{e r}esult^{s f}o^{r t}h^{e Q}uarte^{r e}nde^{d M}arc^{h 3}1, ²02^{1 b}ein^{g t}h^{e b}alancin^{g f}igur^{e b}etwee^{n a}udite^{d f}igure^{s in r}espec^{t of t}h^{e f}ull ^financia^{l y}ea^{r a}n^{d t}h^{e p}ublishe^{d y}ea^{r to d}at^{e f}igure^{s up to t}h^{e t}hir^{d q}uarte^{r of t}h^{e c}urren^{t f}inancia^{l y}ea^{r w}hic^{h w}er^{e s}ubjec^{t to l}imite^{d r}evie^{w by u}s. ^Ou^{r r}epor^{t is n}o^{t m}odifie^{d in r}espec^{t of t}hi^{s m}atter,
• * ^{We d}i^{d n}o^{t a}udi^{t t}h^{e f}inancia^{l s}tatement^{s of 17 s}ubsidiarie^{s i}nclude^{d in t}h^{e c}onsolidate^{d f}inancia^{l r}esults, ^whos^{e f}inancia^{l s}tatement^{s r}eflec^{t t}ota^{l a}sset^{s of R}s. ²0,813.1^{2 m}illio^{n as at M}arc^{h 3}1, ²02^{1 a}n^{d t}ota^{l r}evenue^{s of R}s. ³,092.7^{5 m}illio^{n a}n^{d R}s. ⁴,098.7^{9 m}illio^{n f}o^{r t}h^{e q}uarte^{r a}n^{d y}ea^{r e}nde^{d M}arc^{h 3}1, ²02^{1 r}espectively, ^tota^{l n}e^{t l}oss ^afte^{r t}a^{x of R}s. ¹70.5^{3 m}illio^{n a}n^{d R}s. ¹¹5.1^{4 m}illio^{n f}o^{r t}h^{e q}uarte^{r a}n^{d y}ea^{r e}nde^{d M}arc^{h 3}1, ²02^{1 r}espectivel^{y a}n^{d t}ota^{l c}omprehensiv^{e i}ncom^{e of R}s. ⁹3.9^{1 m}illio^{n a}n^{d R}s.148.5^{7 m}illio^{n f}o^{r t}h^{e q}uarte^{r a}n^{d y}ea^{r e}nde^{d M}arc^{h 3}1, ²02^{1 r}espectivel^{y a}n^{d n}e^{t c}as^{h i}nflow^{s of R}s. ¹956.9^{4 m}illio^{n f}o^{r t}h^{e y}ea^{r e}nde^{d M}arc^{h 3}1, ²021, ^{as c}onsidere^{d in t}h^{e S}tatement. ^Thes^{e f}inancia^{l s}tatement^{s h}av^{e b}ee^{n a}udite^{d by o}the^{r a}uditor^{s w}hos^{e r}eport^{s h}av^{e b}ee^{n f}urnishe^{d to us by t}h^{e M}anagemen^{t a}n^{d o}u^{r o}pinio^{n a}n^{d c}onclusio^{n on t}h^{e S}tatement, ^{in so f}a^{r as it r}elate^{s to t}h^{e a}mount^{s a}n^{d d}isclosure^{s i}nclude^{d in r}espec^{t of t}hes^{e s}ubsidiaries, ^{is b}ase^{d s}olel^{y on t}h^{e r}eport^{s of t}h^{e o}the^{r a}uditor^{s a}n^{d t}h^{e p}rocedure^{s p}erforme^{d by us as} stated under Auditor's Responsibilities section above.

^All ^{of t}hes^{e s}ubsidiarie^{s a}r^{e l}ocate^{d o}utsid^{e I}ndi^{a w}hos^{e f}inancia^{l s}tatement^{s a}n^{d o}the^{r f}inancia^{l i}nformatio^{n h}av^{e b}ee^{n p}repare^{d in a}ccordanc^{e w}it^{h a}ccountin^{g p}rinciple^{s g}enerall^{y a}ccepte^{d in t}hei^{r r}espectiv^{e c}ountrie^{s a}n^{d w}hic^{h h}av^{e b}ee^{n a}udite^{d by o}the^{r a}uditor^{s u}nde^{r g}enerall^{y a}ccepte^{d a}uditin^{g s}tandard^{s a}pplicabl^{e in t}hei^{r r}espectiv^{e c}ountries. ^Th^{e C}ompany'^{s m}anagemen^{t h}a^{s c}onverte^{d t}h^{e f}inancia^{l s}tatement^{s of s}uc^{h s}ubsidiarie^{s l}ocate^{d o}utsid^{e I}ndi^{a f}ro^{m a}ccountin^{g p}rinciple^{s g}enerall^{y a}ccepte^{d in t}hei^{r r}espectiv^{e c}ountrie^{s to a}ccountin^{g p}rinciple^{s g}enerall^{y a}ccepte^{d in I}ndia. ^{We h}av^{e a}udite^{d t}hes^{e c}onversio^{n a}djustment^{s m}ad^{e by t}h^{e C}ompany'^{s m}anagement. ^Ou^{r o}pinio^{n in so f}a^{r as it r}elate^{s to t}h^{e b}alance^{s a}n^{d a}ffair^{s of s}uc^{h s}ubsidiarie^{s l}ocate^{d o}utsid^{e I}ndi^{a is b}ase^{d on t}h^{e r}epor^{t of o}the^{r a}uditor^{s a}n^{d t}h^{e c}onversio^{n a}djustment^{s p}repare^{d by t}h^e management of the Company and audited by us.

^Ou^{r r}epor^{t on t}h^{e S}tatemen^{t is n}o^{t m}odifie^{d in r}espec^{t of t}h^{e a}bov^{e m}atte^{r w}it^{h r}espec^{t to o}u^{r r}elianc^{e on t}h^{e w}or^{k d}on^{e a}n^{d t}h^{e r}eport^{s of t}h^{e o}the^{r a}uditors,

For Deloitte Haskins and Sells Chartered Accountants (Firm's Registration No. 117365W)

HooskiReya! Powel

Kartikeya Raval Partner (Membership No. 106189) ^UDIN: ^RNOCIGIAAAA ^FKA49³

Page 5 ^of 6

^Place: Ahmedabad Date: May 28, 2021

^Annexur^{e to I}ndependen^{t A}uditor'^{s L}imite^{d R}evie^{w R}eport:

The Parent

de GMM Pfaudler Limited

List of Subsidiaries

• ^GMM ^Mava^{g AG} (Rename^{d as M}ava^{g AG w}.e.f. ⁰6% ^Februar^{y 2}021) AWNE
• ^Mava^{g AG} (Merge^{d i}nt^{o G}MM ^Mava^{g AG w}.e.f. ⁰4" ^Februar^{y 2}021)
• GMM International S.a.r.|, (w.e.f. 20% August 2020)
• Pfaudler GmbH (w.e.f. 1% February 2021)
• ^Pfaudle^{r N}orma^{g S}ystem^{s G}mb^H (w.e.f. ¹% ^Februar^{y 2}021)
• Pfaudler interseal GmbH (w.e.f. 1st February 2021)
• Pfaudler France S.a.r.l. (w.e.f, 15t February 2021)
• Pfaudler Service BeNeLux B.V. (w.e.f. 1st February 2021) CONAN
• Pfaudler S.r.l. (w.e.f. 1st February 2021)
• 1. Pfaudler Limited (w.e.f. 18* February 2021)
• ¹¹. ^Pfaudle^r (Chan^{g Z}hou) ^process ^Equip. ^Compan^{y L}imite^d (w.e.f. ¹s^{t F}ebruar^{y 2}021)
• ¹2. ^Pfaudie^{r S}.A. ^{de C}.V. (w.e.f. ^{15 F}ebruar^{y 2}021)
• 1. Edlon Inc (w.e.f. 1st February 2021)
• ¹4. ^GMM ^Pfaudle^{r US I}nc. (w.e.f. ¹3^{t F}ebruar^{y 2}021)
• ¹5. ^Glastee^{l P}art^{s a}n^{d s}ervice^{s I}nc. (w.e.f. ^{18 F}ebruar^{y 2}021)
• 1. Pfaudler Ltda. (w.e.f. 18* February 2021)
• ¹7.' ^Pfaudie^{r P}rivat^{e L}imite^d (w.e.f. ^{15 F}ebruar^{y 2}021)

	Registered Office & Works: Vithal Udyognagar, Karamsad 388 325, Gujarat, india	GMM PFAUDLER LIMITED
	CIN: L29199631962PLC0001471, Email [D : sales@gmmpfaudler.com, Web Site : www.gmmpfaudlercom STATEMENT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021
	Particulars		Quarter ended	Consolidated	Yearended	E In Million
1	}income: Revenue from Operations	34.03.2021 (Refer Note 4 & 7A}	31.42.2020 Unaudited	37.03.2020	37.03.2021 Audited (Refer Note 1) (Refer Note 7A)	31.03.2020 Audited
	Other Income Total Income	4,586.17 160.76 4,746.93	2,018.44 26.74 2,044.68	1,317.83 7.28 4,325.11	10,011.19 234.79 410,245.98	5,910.72 57.57
	2 Expences : 'a) Cost of materials consumed 0) Changes in inventories of finished goods and work-in-progress	1,582.36 428.40	981.27	562.50	3,862.23	§,968.29 2,620.30
	ic) Employee benefits expense id) Depreciation & amortization expense e) Labour Charges	4,256.47 275.65	(65.43) 287.87 108.80	(9.02) 228.28 58.70	614.76 2,074.72 505.52	(76.07) 879.78 211.45
	f) Finance cost aq) Other Expenses	161.61 54.64 859.68	122.10 17.76 272.88	80.33 699 234.05	469.79 101.81	353.88 34.80
	Total Expenses 3. [Profit before exceptional hems and tax {i-2)	4,618.81 428.12	1,725.32 319.56	1,160.80 164.31	4,603.35 9,232.18 4,013.80	1,021.46 3,045.44 922.88
	4 _jExceptional items (Refer nofe §) § Profit Before Tax (3 4) 6 Tax Expense:	335.17 (207.05)	= 319.56	= 164.34	335.47 678.63	= \$22.88
	Current Tax	82.44	YAP	% 31,38	305.96	213.15
	Excess Provision for Tax relating to Prior Years Oefered Tax 7 [Profit for the period from continuing operation (5-6)	(25.63)! (206.04)	- 1.34	- 16.94	(39.50) (221.88)	- (4.58)
	8 [Profit from dixcunlinwed operalians 9 [Tax Expenses of discontinued operations.	(57.52) >	2351.10, =	415.53 -	634.05	74431 7
	10 [Profit from discontinued operations (after tax) {8-S) the period (7+ 10) 17 [Profit for Attributable To	- z 5752)	+ 2 231.10	- 2 115.99	- = 634.05	> 2 Tit31
	Equity Holders of the Parent Non Controfling Interest	4451 (98.03)	231.64 (0.54)	115.98	733.64	71431
	12 Gther Gampretiensive Income /A} items that will not be rectassified to profit or loss			=	{99.59}	:
	i) Actuarial Gain / (Loss) on Gratuity and Pension obligations i) Income tax relating to items that wil not be reclassified ta profit or	547.74	(22.12)	89.34	471.04 (121.28)	38.79
	loss 'B) tems that wil be reclassified to profit or loss	(434.24)	2.86	(45.27)		(7.19)
	1) Exchange difference in translating the financial statements of Inc o m e foreign components				112.78
	tax re lati ng to items that will ber eclassified 10 profit ii) or toss	(173.55) = 242.82	38.38 s 49.12	50.29 _ 124,33	cuz 78) = 237.02	ma -
	Other Comprehensive Income Total		19.10	124.33	424.83	409.37 109.37
	Attributable To Equity Holders of the Parent	127.75	0.02	-	415.19	o
	Non Controlling Interest	44547			871.07
	43 Total Comprehensive Income for the period (1112) {Comprising Profit and Other Comprehensive Income for the period} Attributable To	185.40	250.22	240.32		820.68
	Equity Holders of the Parent __ Non Controlting interest	169.26 16.14	250.74 (0.52)	240.32 :	B55.47 15.60	820.68
	Eamings per equity share (For con tinuing operations) (Face Value of share * 2/- leach} (not annualised):					:
14	a) Basic & Dilited	284	15.85	7.94	50.19	48.65
45	Eamings per equity share (Far discontinued operations) (Face Value of share * 2/-} {not annualised): a) Basic & Diluted	=	s	-	=	z
	Eamings per equity share (For discontinued operations & continuing operations) 16 Face Value of share ~ 2/-) (not annuaksed):
	a) Basic & Diluted Capital (Face Value of 2 each) 47 {Paid-up Equity Share 4a [Other Equity	2.84 29.23	15.85 29.23	7.94 29.23	50.49 29.23	48.66 23.23

Notes:

⁴) p T u h b e l i C s o h n e s d o y l e i a d r a ^te^{d f}igure^{s of l}as^{t q}uarter^{s a}r^{e t}h^{e b}alancin^{g f}igure^{s b}etwee^{n a}udite^{d f}igure^{s of in r}espec^{t of f}ull ^financia^{l y}ea^{r u}pt^{o M}arc^{h 3}1. ²02^{1 a}n^{d M}arc^{h 3}1, ²02^{0 a}n^{d u}naudite^d 'subjected to lim t i o t ed d at r e e vi f e i w g . u ^re^{s u}pt^{o D}ecembe^{r 3}1, ²02^{0 a}n^{d D}ecembe^{r 34 +}201^{9 r}espectivel^y , ^bein^{g t}h^{e d}at^{e of e}n^{d af t}hir^{d q}uarte^{r of t}h^{e r}espectiv^{e f}inancia^{l y}ea^{r w}hic^{h a}r^e

²) ^Th^{e a}bov^{e r}esult^{s h}av^{e b}ee^{n r}eviewe^{d b}yth^{e a}ud^{i C}ommittee ^an^{d a}pprave^{d by t}h^{e B}oar^{d of D}irectoris^{n t}hei^{r m}eetin^{g h}el^{d an M}a^{y 2}8, ²021.

³) ^Th^{e B}oar^{d of d}irector^{s r}ecommende^{d d}ividen^{d of} € ^{2 P}e^{r e}quit^{y s}har^{e of f}ac^{e v}alu^{e of} £^{2 e}ach, ^whic^{h is s}ubject^{o a}pprova^{l by s}harehokler^{s of t}h^{e c}ompany.

⁴) ^Numbero^{f I}nvestor^{s c}omplaint^s (i) ^openin^{g al t}h^{e q}uarter: ⁶ (3) ^receive^{d d}urin^{g t}h^{e q}uarter: ⁰ (fi) ^dispose^{d o}ff : ^{0 a}n^d (jv) ^pendin^{g at t}h^{e q}uarte^{r e}nd: ⁰

October ¹9, 2020. 5) G Eq MM ui pm P e f n a t u ^dle^{r L}t^d (GMM" ^or*th^{e C}ompany') ^ha^{d a}nnounce^{d s}ignin^{g of d}efinitiv^{e a}greement^{s to a}cquir^{e De D}ietric^{h P}rocess ^System^{s i}ndi^{a P}v^{t L}id'^s (ODPS)) ^Glass ^Line^{d m}anufacturin^{g f}acifit^{y in H}yderaba^{d on t}h^{e J}un^{e 3}0, ²020. ^Th^{e C}ompan^{y h}a^{s c}onclude^{d t}h^{e a}cquisitio^{n on O}ctobe^{r 0}6, ²02^{0 a}n^{d h}av^{e s}tarle^{d c}ommercia^{l o}peration^{s f}ro^m

	5} The Company had successtully bid in -E-cuction sale of asset under IBC,2016 of HDO Technologies Limited on March 16,2021 with a bid value of INR 584.57 Milion, The Company
	has concuded acquisition on April 23, 2021.
	TA} The Parent along with its wholly owned subsidiary Maveg AG has acquired majority stake of 54% in Pfaudier overseas business through an SPV- GMM Intemational S.a.cl. ona
	going concem basis in terms of define 'agreement on August 20, 2020 sta consideration of Rs. 2015.55 miléon. On fulfilment of conditions precedents, the acquisition was
	provisionally accounted as per acquisition method of. accounting ia accordance with Ind AS 103- "Business Combinations", effective from February 1, 2021.
	are Gate	1
	Plant &
	Assets acquired intangibles		44
	current asset		1,353.40
	current liability		(8.887.
	Assets and		4
	o n s i d e r in g t h a t t h e a c
	q ui s i t i on w a s c o m p l e t ed s h or t y before the end of the reporting period, fair value of asset and liabilities are accounted on provisional basis. Such provisional m o u n t s a re s u b je c t to c h a n g e w i th i n t h e m e a s ur e m e n t Period as provided in ind .AS 103 upon fine] determination of fair value for the purpose of purchase price allocation,
	Results and segment disclosures for the Period relating to quarter ended March 34,2027 and year ended March 31, 2021 include Pfaudler group business from February ¢, 2021, hence not comparable with the previous periods.
	7B) Based on the provisional fair valuation of assets as mentioned above:
	1. An inventory step-up of INR 921.55 milion has been Tecorded out of which [NR 456.58 million has been charged to Cost of material consumed during quarter ended March 31, 2 1 a n d y e a r en d e d M
	atch 31, 2021 which is based on sales of such inventory. Estimated period for sale of such inventoriys approximately4 months. I n t a n g ib l e s o f IN R 4 ,4 1 8.34 milfion have been identified and vated as below.
	{intangible assets acquired Techn ology	Amount in million	Amortisation period
	Trademark	1,923.56 950.24	20 years 20 years
	(Customer Relationships [Other intangibles (Order backlog and PGC)	1,184.81	20 years
	Total	359.73 4,418.36	8-17 months
1	The group executed mergerof wholly owned subs idiary "GMM Mavag AG' with it's step down wholly owned subsidiary 'Mavag AG' on February 4,2024. Further the merged entity was renamed as 'Mavag AG' on February 08,2021. Since the transaction meets the definition of "Common Control Transaction" it was accounted in accordance with Appendix C to Ind AS " Bu s in e ss c o m b i n a t io n s " In a cc or d a n c e w i t h
h	the requirements of the Standard, the group has restated the financial stalerments of previous year as if the business combination o cc u rr e d fr o m A p r il 0 1 , 2 0 49 , d iff er e n c e b e t w ee
	n the amount previously recorded as investment in GMM Mavag AG and the share capital including Security premium of Mavag AG has been transferred to capital reserve.
T h	e xc e pt i o n a l i te m s d u r i n g t he c urr e nt q ua r t e r a n d c u rr e
P	nt year ended on March 31,2021, relates ta ane time acquisition related cost amounting to INR 335.17 million ( Incurred by e n tin I n di a - I N R 2 0 1 8 2 mi ll i on , I n c un e d b y i t s o v e r s e as subsidiary- INR 133.35 milion } incurred to acquire Pfaudier overseas business,
C O	I D -1 9 b e g a n i m pa c t i n g o u r b u si n e ss o p e r a t i o n s
e n	f rom March 14, 2020 by affecting our supply chain and 'our ability to ship ready equipmentio our customers. Our production tu a ll y sh u l d a w n c o m p l e te l y a n M a r ch 2 3 , 2 0 2 0 W e
	started the year FY 24 with a strong order book which is significantly higher as compered to the previous year. Our Production facilities hav e r e s u iim e d o p e ra t i o n a n d s u ppin l y chain gradually retuming to normal. Even though we lost 20 days of production in April 2020, which in tum affected our Qt FY2021 revenues and pr of i t ab t y , t h e C o m p an y co n t u e d
ev	the past year.	to accelerate its growth emid challenging and dynamic economic condifions in both domestic and global environments in
	Since March 20 2 1 , I n d i a is witnessin g a devastating 2 n d w a
	f a c ii t i e s i n a nd du e to regic	ve of COVID-19 cases. This yeareven though there has been no national lockdown, we have faced disruptions at our ity of oxygen,	hi	, Supply chain issues and other covid related issues,
h e a ss	C o d e o n S o ci a l Se c u r i t y, 2 02 0 ( Ce d e ' ) relating to employee benefits during employmenantd post-employment benefits received Indian Parliament approval and Presidential t i n S e p t e m b e r
	2 0 2 0 , T he C o de h a s bee n p ublished in the Gazette of India. Hewever, the date on which the Code will come into effect has not been notified. The Company will assess the Impact of the Cade when it comes i nt o
8) £2 10) 11) T	effect and will record any related impaciin thep eriod the Code becomes effective.
					For and on behalf of Board of Directors:
					For GMMLRfaudler Limited
	Place : Mumbai			CH rH4Zn—	Tarak A. Patel

SEGMENTWISE REVENUE, RESULTS, SEGMENT ASSETS AND	LIABILITIES FOR THE QUARTER AND YEAR ENDED MARCH 314, 202		Consolidated		= in Million
Particulars '	34.03.2021	Quarter ended Unaudited	34.12.2020 97.03.2020	Year ended 31.03.2021 Audited	31.03.2020 Audited
1) Segment Revenue a) India b) Overseas	(Refer Note 1 & 7A) 1,739.16 2,847.01	1,642.13 376.01	{Refer Note 1} 1,108.80 209.03	(Refer Note 7A) 6,165.50 3,845.69	5,047.93 862,74
Net sales / Income from Operation	4,586.17	2,018.14	1,317.83	10,011.19	5,910.72
2) Segment Result: Profit before Tax and Interest a) India b) Overseas	256.78 (409.19)	324.96 12.38	158.23 15.07	1,123.79 (343.35)	855.24
Total Less : Finance Costs	(152.44) 54.64	337.34 47.78	473,30 8.89	780.44 101.81	102.54 957.78 34.90
Total Profit before Tax	(207.05)	319.56	464.34	878.63	922.88
3) Segment Assets: a) India b) Overseas	4,881.60 19,793.83]	5,398.64 1,402	4,094.74 4,201.43	4,881.60 40,008,838	4,094.74 1,201.43
Total _	24,174.93	7,038.66	5,296.47	24,174.93	5,296.17
4) Segment Liabilities: a) India b) Overseas	2,941.12 15,929.07	2,272.64 708.77	4,573.77 431.89	2,941.12 15,929.07	1,574.86 430.80

	CONSOLIDATED BALANCE SHEET AS AT MARCH 31, 2021
	As at	₹ In Million As at
Particulars	31.03.2021	31.03.2020
	Audited	Audited
	(Refer Note 7A)
ASSETS
(1) Non-current assets
(a) Property, Plant & Equipment	3,811.32	871.63
(b) Right of Use Assets	1,385.07	220.04
(c) Capital work-in-progress	43.23	15.99
(d) Goodwill	636.71	59.32
(e) Other Intangible Assets	4,529.36	184.50
(f) Intangible assets under development (g) Financial Assets	0.28	0.44
(i) Investments
(ii) Others	0.01	4.70
(h) Deferred Tax Assets (net)	32.02 352.82	27.78
(i) Non-current Tax Assets (net)		5.77
(j) Other non-current assets	74.39	6.57
Total Non current assets	10,865.21	1,396.74
(2) Current Assets
(a) Inventories	5,848.81	1,258.24
(b) Financial Assets (i) Investments
(ii) Trade Receivables	6.68	356.63
(iii) Cash & Cash Equivalents	3,096.14	743.29
(iv) Bank balances other than (iii) above	2,434.69 488.06	477.75 286.14
$(v)$ Loans	0.78	169.73
(vi) Others	742.11	423.21
(c) Other current assets	692.45	184.44
Total Current assets Total Assets	13,309.72	3,899.43
	24,174.93	5,296.17
EQUITY & LIABILITIES
$(1)$ Equity
(a) Equity Share Capital
(b) Other Equity	29.23	29.23
Equity attributable to the Parent	4,042.18 4,071.41	3,261.28 3,290.51
(2) Non-Controlling Interest	1,233,33
LIABILITIES
(3) Non-current liabilities
(a) Financial Liabilities
(i) Borrowings	4,427.54
	1,215.64	176.59
(ii) Lease Liabilities		50.12
(b) Deferred tax liabilities (Net)
(c) Provisions	523.45 4,555.48	134.34
(d) Other Non-current liabilities	123,75
Total Non current liabilities	10,845.86	361.05
(4) Current liabilities
(a) Financial Liabilities
(i) Borrowing	148.42	112.26
(ii) Lease Liabilities	193.91	55.40
(iii) Trade payables due to - Micro & Small Enterprise
- Other than Micro & Small Enterprise	44.08	20.95
(iv) Others	2,915.32	620.57
(b) Provisions	641.02 970.07	135.60 48.18
(c) Current Tax Liabilities (Net)	176.51
Other Surrant liabilities Total Current Liabilities	2,935.00 8,024.33	651.65 1,644.61

ERFIT ACCO

Particulars			₹ In Million
		Year Ended
		31.03.2021 Audited	31.03.2020 Audited
CASH FLOW FROM OPERATING ACTIVITIES		(Refer Note 7A)
Profit before taxation
Adjustments for:		678.63	922.88
Depreciation and Amortisation expense
Net (gain) / loss on sale & discarding of fixed assets		505.52	211.15
Net (gain) / loss on Non Current Investments designated as Fair Value Through Profit or Loss		(3.67)	2.47
Net (gain) / loss on Current Investments designated as Fair Value Through Profit or Loss			0.01
Net (gain) / loss on sale of Current Investments		0.32	(12.12)
Interest Income		0.90	7.97
Interest and financial charges		(33.00)	(4.70)
Dividend Income		101.81 ۰	34.90
Provision for doubtful debts, liquidated damages and advances Provision for Warranty		120.31	(0.03) 13.71
Unrealised foreign exchange fluctuation loss/(gain)		19,87	5.67
Actuarial Gain / (loss) on Gratuity reclassified in OCI		(94.20)	59.48
Operating profit before working capital changes		471.04	38.79
		1,767.53	1,280.18
Adjustments for:
(Increase)/ Decrease in Inventories
(Increase)/ Decrease in Trade receivable, Ioans and other financial & Non financial assets		616.47	(103.69)
Increase/ (Decrease) in Trade payables, provisions and other financial & Non financial liabilities		(563.66)	(655.39)
Cash generated from operations		(37.82)	(12.13)
Direct Taxes paid		1,782.52	508.97
Net cash from operating activities		(215.47)	(241.94)
CASH FLOW FROM INVESTING ACTIVITIES	A	1,567.05	267.03
Purchase of property, plant and equipment, including intangible assets		(790.83)	(355.96)
Payment towards acquisition of business Proceeds from sale of property, plant and equipment		(237.70)	(272.27)
Proceeds from sale of current investments		15.59	2,32
Fixed deposits placed with banks		353.41	119.50
Fixed deposits maturity proceeds with banks		(32.92)
Interest received		$\overline{\phantom{0}}$	4.64
Dividend received		33.00 $\overline{a}$	4.70 0.03
Net cash used in investing activities	B
CASH FLOW FROM FINANCING ACTIVITIES		(659.45)	(497.04)
Proceeds from Short term Borrowing
Repayment of Short term borrowings		244.66	112.26
Proceeds from Long term Borrowing		(212.26)
Repayment of Long term borrowings		1,286.33	$\overline{\phantom{0}}$
Interest paid		(11.15) (81.20)
Dividend paid Tax on distributed profits		(73.04)	(14.16) (65.84)
Payment of lease liability			(13.52)
		(104.00)	(65.14)
Net cash (used in) / from financing activities	$\overline{\mathbf{c}}$	1,049.34	(46.40)
NET INCREASE / (DECREASE) IN CASH & CASH EQUIVALENTS	A+B+C
		1,956.94	(276.41)
Cash and Cash equivalents at the beginning of the period Cash and Cash equivalents at the end of the period		477.75	754.16
		2,434.69	477.75

ANALYSIS TO STATEMENT OF CONSOLIDATED AUDITED RESULTS FOR THE QUARTER ENDED MARCH 31, 2021

(in Rs Million)		Standalone		PFI Acquisition Related (Feb+Mar '21)
Particulars	Reported Results Q4 FY20	& Mavag Results Q4 FY21	PEI (Note i)	Acquisiti $\alpha$ n Related	PPA Impact (Note iii)	Consol/ Eliminations	Reported Results Q4 FY21
		$\mathbf{A}$	E,	G.	$\left\vert \Omega\right\rangle$	园	$A+B+C+D+E$
Revenue from Operations	1,318	2,147	2,558			(119)	4,586
Cost of materials consumed	563	849	845			(112)	1,582
Changes in inventories of FG and WIP	(9)	(38)	9		457 (Noteiv)		428
Employee benefits expense	228	266	990				1,256
Labour Charges	80	144	18				162
Other expenses	231	348	519			(7)	860
EBITDA	225	578	177		(457)		298
Other Income	7	18	143				161
Finance cost	9	21	34				55
Depreciation and amortisation expense	59	80	72		124 (Note v)		276
PBT	164	495	214	۰	(581)	۰	128
Exceptional items (Note ii)				133		202	335
PBT after exceptionals	164	495	214	(133)	(581)	(202)	(207)
Taxes	48	133	5	(140)	(148) (Note vi)		(150)
Profit after tax	116	362	209	7	(433)	(202)	(57)

Notes:

(i) GMM Pfaudler Ltd acquired PFI business w.e.f. February 1, 2021. Hence the financial numbers are for Feb. and Mar. '21

(ii) Rs 335 million (GMM India and PFI) of one-time acquisition cost incurred to acquire PFI business

(iii) PPA stands for Purchase Price Allocation

(iv) Rs 457 million due to fair value adjustment on inventory sold during February and March 2021

(v) Rs 124 million is amortisation on fair value of acquired intangible assets (mainly Trademarks, Technology, Customer Relationships)

(vi) Deferred tax of Rs 148 million on Note (iv) and Note (v)

Witsoe
						Consoll
eruen es						Eliminatio
Revenue from Operations	5,911	7,672
Cost of materials consumed __2,620	)	3,129	2,858 845		a	(119) (112)	10,011 3,862
Changes in inventories of					457		615
FGandwp		Ln			Note i)		_—
Employee benefits expense	880	1,085	990				2,075 4707
LabourCharges Otherexpenses	354 1,022	452 1,091	18 519			(7)	1,603
> EBITDA	1,111	1,666	177		(457)		1,386
}OtherIncome —s__i	58	92	143	-		-	235
Finance cost _	35	68	34				102
Depreciation and					124
_amortisation expense	an			=p	(Notevy )		608
PBT Exceptitoemsn a l	923	- 1,380	214		(681)	es	1,013
(No te _ ii	-			133		(20 202	2 ) 335
a PBT after exceptionals	923	1,380	214	(133)	(581) (148)		6 78
Taxes	212	327	5	(140)	(Notevy		44
Profit after tax	711	1,053	209	7	(433)	(202)	634
Notes: (i) GMM Pfaudler Ltd acquired PFI business w.e.f. February 1, 2021. Hence the financial numbers are for Feb. and Mar. '21 (if) Rs 335 million (GMM India and PFI) of one-time acquisition cost incurred to acquire PFI business (iii) PPA stands for Purchase Price Allocation (iv) Rs 457 million due to fair value adjustment on inventory sold during February and March 2021 (v) Rs 124 million is amortisation on fair value of acquired intangible assets (mainly Trademarks, Relationships) (vi) Deferred tax of Rs 148 million on Note (iv) and Note (v)						Technology,	Customer

Notes:

GMM/SEC/2021-22/09A May ²8, 2021

To, BSE Limited NSE Limited Mumba— ⁴i^{00 001} Mumba— i4^{00 0}5^{1 S}cri^{p C}ode: 505255 Symbol: GMMPFAUDLR

Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block ^G, 1* Floor, Dalal Street, Bandra Kurla Complex, Bandra (E)

Sub: Declaration on the Auditors' Report with Unmodified opinion under Regulation 33 of SEBI of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015

Dear ^Sir,

|, Manish Poddar, Chief Financial Officer of the Company, in compliance with Regulation 33(3)(d) of the SEBI (Listings Obligations and Disclosure Requirements), 2015, hereby declare that Deloitte Haskins & Sells LLP, Statutory Auditors (Firm Registration No. 11736GGW/W 100018), have issucd an Audit report with unmodified opinion in respect of the Audited Financial Results (Standalone and Consolidated) of the Company ^fo^{r t}h^e financial year ended ^on March ³1, 2021.

This ^is for your information and records.

Thanking you,

Yours faithfully, ^Fo^r GMM ^Pfaudle^{r L}imite^d

M. No. FCA 098238

GMM Pfaudler ^Limite^d

Corporate ^Offic^e : 902, Lodha Excelus, Commercial Tower ¹, New Cuffe Parade, Sewri - Chembur Road, Mumbai-400022. ^{+ 0}: +91 22 6650 3900 Registered ^Offic^e : ^Vitha^l Udyognagar, Anand - ^Sojitr^a Road. Karamsad - 388 325 * ⁰: +91 2692 661700 » ^F: +91 2692 661888 *« ^CI^N : L29199GJ1962PLC001172