GMM Pfaudler Ltd. — Interim / Quarterly Report 2021

Jan 20, 2021

GMM/SEC/2020-21/52 January 20, 2021

To,

BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, 1° Floor, Dalal Street, Bandra Kurla Complex, Bandra (E) Mumbai400 001 Mumbai400 051

Scrip Code: 505255 Symbol: GMMPFAUDLR

Sub: Outcome of the board meeting held on January 20, 2021

Pursuant to Regulations 30 and 33 of SEBI (Listing Obligations Disclosure Requirements) Regulations, 2015 (Listing Regulations), this is to inform you that the board of directors (Board) of GMM Pfaudler Limited (the Company) at their meeting held on January 20, 2021 commenced at 2.30 p.m. and concluded at 3.45 p.m. have amongst other matters considered and approved taken on record the following:

• 1. unaudited financial results (standalone and consolidated) for the 3"? quarter and nine months ended December 31, 2020.
• 1. limited review report of the statutory auditors on the un-audited financial results (standalone and consolidated) for the quarter and nine months ended December 31, 2020.
• 1. payment ofthird interim dividend of Re. 1.00 per share of 14,617,500 equity shares of Rs. each (Equity Share), aggregating to Rs. 14,617,500 for the year 2020-21.
• 1. fixing January 29, 2021 as the record date for the payment of interim dividend and payment of such dividend of Re.1.00 per Equity Share, on or before February 18, 2021.
• 1. Mr. Jugal Sahu has resigned as Chief Financial Officer of the Company with effect from January 20, 2021 due to personal reasons and will be relieved with effect from March 31, 2021.
• 1. Appointment and re-designation of Mr. Manish Poddar as Chief Financial Officer (CFO) and Key Managerial Personnel with effect from January 20, 2021 on account of resignation of Mr. Jugal Sahu. Details related to his appointment are noted in Annexure in compliance with Regulation 30 of the Listing Regulations.

GMM Pfaudler Limited

Corporate Office 902, Lodha Excelus, Commercial Tower 1, New Cuffe Parade, Sewri Chembur Road, Mumbai-400022. 0: +91 22 6650 3900 Registered Office Vithal Udyognagar, Anand Sojitra Road, Karamsad 388 325 0: +91 2692 661700 F: +91 2692 661888 CIN L29199GJ1962PLC001171

copy of the aforesaid unaudited financial results and limited review report of the statutory auditors for the quarter and nine months ended December 31, 2020, as approved by the Board, is enclosed for your records in compliance with the requirements of Regulation of the Listing Regulations.

Kindly take the same on record and disseminate the information.

Thanking you,

Yours faithfully,

For GMM Pfaudler Limited

Tarak Patel Managing Director DIN 00166183

Encl: As above

ANNEXURE

Details of appointment of Mr. Manish Poddar as the Chief Financial Officer (CFO) Key Managerial Personnel of the Company

S.No.	Particulars	Information
1.	Reasonsforappointment	ChiefMr.ManishPoddarhasbeenasappointedOfficerPersonnelFinancialin(CFO)ManagerialKeyofviewofresignationMr.Sahu.Jugal
2.	DateTerms.appointment	of HeeffectfromwithbeenCFOhasasappointedofincludeBriefterms2021.Januaryappointment20,ofandmanagingrunningimplementation,planning,theactivitiesofthefinanceallCompany.theNominationremunerationshallHisbegovernedbythefromRemunerationCommitteeBoardandandtimetotime.
3.	BriefProfile	ChiefFinancialtoPriorasOfficer,beingappointedChiefMr.PoddarwasasappointedIntegrationofthePersonnelOfficerandManagerial(ClO)Keyw.e.fOctober2020.21,CompanyworkedPoddarvariousatMr.hasinDiverseypositions100%SunBainPharma,Capitalenterprise),(afirmandLouisRanbaxy,ConsultingDreyfus.includeFinancialcoreskillsHisStrategicPlanning,ControlBusinessInternalFramework,PartnershipAnnualBusinesstransformation,Collaboration,StakeholderPlans/Budgeting,OperatingTradeFinance.etc.Forex,TreasuryManagement.CharteredandPoddarMr.Accountant,isqualifiedotherExecutiveMBA.doneHisalsohishascoursesincludeInformationcertificationSystemsForexHeIFRSandAudit,TreasuryManagement.theCommerceGraduationfromhiscompletedtheof1996.DelhiinyearUniversity

Disclosure	of	DirectorsPoddarrelatedtoorMr.notoftheisanyKey
relationships	between	ofPersonnelManagerialCompany.the
directors/KMP

For GMM Pfaudler Limited

<<

Tarak Patel Managing Director DIN 00166183

		PFAUDLERGMM	LIMITED
	OfficeWorks:RegisteredL29199GJ1962PLC0001171, Email IDCIN	Vithal Udyognagar, Karamsadsales@gmmpfaudler.com, Web	388	325, Gujarat, IndiaSite	www.gmmpfaudler.com
	STATEMENTSTANDALONEOFUNAUDITEDFINANCIAL	RESULTSFORTHE	QUARTER	ANDNINEMONTHS	ENDED	DECEMBER31, 2020Rs.	inMillion
				Standalone
			endedQuarter		NineMonths	Yearended
	Particulars	34.42.2020	30.09.2020	31.12.2019	31.12.2020	31.12.2019	31.03.2020
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
	[Income:
	RevenuefromOperations	301,657	4,541.44	1,366.21	4,507.72	4,029.71	5,163.55
	OtherIncome	27.04	22.34	29.06	71.26	48.24	61.17
	Total Income	1,684.34	1,563.78	1,395.27	4,578.98	4,077.95	§,224.72
	Expenses
	Costconsumedofmaterialsa)	765.46	619.80	648.66	1,775.00	4,878.22	2,386.38
	inventoriesof finishedandb) Changesingoodswork-in-progress	(66.95)	17.95	(30.74)	212.91	(48.50)	(56.89)
	benefitsc)Employeeexpense	192.89	191.93	137,51	536.25	410.22	551.06
	amortizationexpensed) Depreciation	104.89	57,27	54.52	217.30	143.94	200.14
	Laboure)Charges	113.67	92.32	80.80	280.73	261.95	337,18
	f) Financecost	17,78	17.71	9.37	47.17	25.91	34.88
	Otherg)Expenses	249.42	252.10	243.31	689.77	735,11	951.61
	TotalExpenses	1,377.16	1,249.08	1,143.43	3,759.13	3,406.85	4,404.36
	beforeandtaxitems Profitexceptional(1-2)	307.18	314.70	251.84	819.85	671.10	820.36
	itemsExceptional
	BeforeTax Profit4)(3	307.18	314.70	251.84	819.85	671.10	820.36
	{TaxExpense:			69.65	216.89	170,61	202,23
	Current axExcessfor TaxYearsProvisionPriorto	85.07	79.23		(13.87)
	relatingTaxDeferred	0.09	(13.87)(1.30)	(12.18)	(19.35)	(20.45)	(3.10)
	7_ Profitforfromtheoperationperiod(5-8)	222.02	250.64	194.37	636.18	520.94	621.23
	continuingdiscontinued Profit fromoperations
	of discontinued{TaxExpensesoperations
10	fromdiscontinued Profitoperations(aftertax)(8-9)
11	forthe Profitperiod(7+10)	222.02	250.64	194.37	636.18	520.94	621.23
12	Income OtherComprehensive
	reclassifiedlossItemsthatbetoorA)will notprofit
	i) Actuarial GainandPensionon(Loss)Gratuityobligations	(1.73)	(1.72)		(5.18)		(6.90}
	iil) Incometaxitemsthatwill notbereclassifiedto
	to profitrelatinglossor
	reclassifiedlossItemsthatwill betoorB)profit
	differencethefinancial statementsofini) Exchangetranslating
	componentslossforeian
	ii) Incometaxitemsthatwill bereclassifiedProfittotorelating
	lossaccount
	TotalIncomefortheComprehensiveperiod(11+12)
13	ProfitandOtherIncomefortheComprehensive (Comprising
	period)	220.29	248.92	194.37	631.00	520.94	614.33
	shareValueofEarnings(For(Faceperequitycontinuingoperations)
	share2/-each)annualised):(not
14	BasicDiluteda)	15.19	17.15	13.30	43.52	35.64	42,50
	sharediscontinuedValue(FaceEarnings(Forperequityoperations)
	/)ofshareannualised):(not
15	BasicDiluteda)
46	sharediscontinued(Foroperations Earningsperequitycontinuing
	Valueof shareoperations)(Face2/-)annualised):(not
	BasicDiluteda)	15.19	17.15	13.30	43.52	35.64	42,50
17	ShareValueof °2Capital (FaceEquityeach) Paic-up	29.23	29.23	29.23	29.23	29.23	29,23
18	[OtherEquity						2,681.57

Notes:

1. The above unaudited results have been reviewed by the audit Committee and approved by the Board of Directors in their meeting held on January 20, 2021.

The Board of Directors have announced third interim dividend of Re.1.00 per share for the current financial year 2020-21. The record date for the payment of the said dividend has been fixed on January 29, 2021. 2)

1. Number of Investors complaints (i) opening at the quarter (ii) received during the quarter (iii) disposed off: and (iv) pending at the quarter end:

2. GMM Pfaudler Ltd ('GMM" or "the Company") had announced signing of definitive agreements to acquire De Dietrich Process Systems India Pvt. Ltd's (DDPSI) Glass Lined Equipment manufacturing facility in Hyderabad on the June 30, 2020, The Company has concluded the acquisition on October 05, 2020 and have started commercial operations from October 19, 2020.

3. GMM Pfaudler Limited ("GMM" or "the Company") announced on August 20, 2020 signing ofdefinitive agreements to acquire majority stake in the global business of its parent, the Pfaudler Group (Pfaudier") from the private equity firm Deutsche Beteiligungs AG Fund VI ("DBAG"). As per the agreements, GMM (directly and through its subsidiary Mavag AG) will acquire 54% equity stake in the Pfaudler Group subject to fulfilment of conditions precedent.

For and on behalf of Board of Directors For GMM Pfaudler Limited

ASSETSSEGMENTWISESEGMENTANDRESULTS,REVENUE,	LIABILITIESFOR	THEQUARTER	ANDNINE	MONTHS	DECEMBERENDED	31, 2020Rs.Millionin
	Standalone
		endedQuarter	MonthsNine	ended	Yearended
Particulars	31.12.2020	30.09.2020	31.12.2019]	31.12.2020	31.12.2019	31.03.2020
	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
RevenueSegment1)
Glasslineequipmentsa)	1,094.42	936.34	911.44	2,802.82	2,714.36	3,547.41
b) HeavyEngineering	205.48	151.27	150.31	773.96	415.42	502.16
ProductsProprietaryc)	357.40	453.83	304.46	930.94	899.93	1,113.98
salesNetIncomefromOperation	1,657.30	1,541.44	1,366.21	4,507.72	4,029.71	5,163.55
Result:Segment2)
TaxProfitbeforeandInterest
						795.82
Glasslineequipmentsa)	335.70	266.32	201.16	749.26	577.10
b) HeavyEngineering	20.56	5.13	41.80	114.74	67.90	51.76
ProductsProprietaryc)	69.49	79.37	44.29	149.91	141.00	145.03
Total	425.75	350.82	287.25	1,013.91	786.00	992.61
LessFinanceCosts	17.78	17.71	9.37	47.17	25.91	34.88
Less:OtherUnallocableUnallocableIncomenetofExpense	100.79	18.41	26.04	146.89	88.99	137.37
TotalProfitbeforeTax	307.18	314.70	251.84	819.85	671.10	820.36
Assets:Segment3)Glass					1,709.73	1,587.96
linea)equipments	2,526.44631.14	1,788.05734.44	1,709.73692.50	2,526.44631.14	692.50	831.60
b) HeavyEngineering		773.73	915.45	875.97	915.45	795.53
Productsc)Proprietary	875.97
AssetsUnallocable	1,586.23	1,848.03	931.58	1,586.23	931,58	1,094.53
Total	5,619.78	5,144.25	4,249.26	5,619.78	4,249.26	4,309.62
Liabilities:
Segment4)Glassline	1,031.56	870,30	904.05	1,031.56	904.05	800.40
a)equipments	242.43	218.50	153.07	242.43	153,07	150.18
b) HeavyEngineeringProductsc)Proprietary	467.16	394.42	362.59	467.16	362.59	415.17
				§95.32	194.01	233.07
UnallocableLiabilitiesTotal	695.322,336.47	683,412,066.63	194.011,613.72	2,336.47	1,613.72	1,598.82

GMM PFAUDLER LTD

Registered Office Works: Vithal Udyognagar, Karamsad, 388 325 Gujarat, india

CIN: L29199GJ1962PLC0001171, Email ID: sales@gmmpfaudler.com, Website: www. faudler.com

	STATEMENTCONSOLIDATEDOFUNAUDITED	RESULTSFINANCIAL	FORTHEQUARTER	ANDNINEMONTH	DECEMBERENDED	31, 2020	Rs. inMillion
		Consolidated
		endedQuarter			endedNineMonth		Yearended
	Particulars	314.412.2020	30.09.2020	31.12.2019	31.12.2020	31.12.2019Unaudited	31.03.2020Audited
	[income:	Unaudited	Unaudited	Unaudited	Unaudited
	RevenuefromOperations	2,018.14	1,862.53	1,559.68	§,425.02	4,592,89	5,910.72
	IncomeOther	26.74	20.09	34.18	74.03	50.29	57.57
	Total Income	2,044.88	1,882.62	1,593.86	5,499.05	4,643.18	5,968.29
	Expenses
	a) Costof malerialsconsumed	981.27	806.05	716,35	2,279.87	2,057.80	302,620
	inventoriesof finishedandb) Changesingoodswork-in-progress	(65.49)	3.08	(31.75)	186.36	(67.05)	(76.06)
	benefitsc)expenseEmployee	287.97	287,45	218.32	818.25	651,53	879,78
	amortizationexpensed) Depreciation	108.80	61.32	58.60	229,87	452,45	211,15
	e) Labourcharges	122.10	105,22	86,29	308.18	273,56	353.89
	costf} Finance	17.78	17.71	9.37	47.17	25,91	34.90
	Ig) OtherExpenses	272,89	266,39	266.15	743,67	790.41	1,021.46
	Total Expenses	1,725.32	1,547.22	1,323.33	4,613.37	3,884.61	5,045.41
	[Profit beforeitemsandtax(1-2)	319.56	335.40	270.53	885.68	758.57,	922.88
	exceptionalitems
	4_ ExceplionalTax Protit Before(34}	319.56	335.40	270.53	885,68	758.57	922.8B
	6_ Tax
	Expense:Current Tax	87.12			223.82	181.77	213.15
	xcessfor laxtoyearsprior		85.96.{13.87}	71,88	(13.87)
	relalingprovisionTaxDeferred	1.34		(11.87)	(15.84)	(18.52)	(1.58)
	7_ Profitforthefromcontinuingoperation(5-6)period	231,10	(5.22)268.53	210.514	691.57	595.32	711.31
	discontinued Profit fromoperations
	of discontinuedExpensesoperations Tax
10	discontinued[Profit fromtax) (8-9)operations{after
11	[Profit fortheperiod(7+10)	231.10	268.53	210.51	691.57	595.32	711,34
	Attributableto
	of theHoldersEquityparent	231.64	268.55	210.51	692.13	695,32	711,31
	NonControllinginterest	(0.54)			{0,56)
{2	Income Other Comprehensive		(0.02)!
	thal will not bereclassifiedlossto profit orItemsA)
	i) Actuarial GainPension(Loss) onandobligationsGratuity	(22.12)	(65.34)	(17.08)	(76.67)	(50.52)	38,79
	temsthat will not bereclassifiedit) Incometaxtato promtrelating
	or	2.86	8.90	2.73	10.01	8.08	(7.19)
	reclassifiedloss'B) Itemsthat will beto profil or
	financial stalementsdifferencetheofin translatingi) Exchange
	componentsforeign	38,38	12.28	21.75	60.76	27.48	W777
	ii) IncometaxitemsIhat will bereclassifiedlo profit ortorelating
13	forIncomethe{Total Comprehensive(11+12) (Comprisingperiod
	OtherIncomeforProfitandtheComprehensiveperiod)	211.98	224.37	217.91	685,67	580.36	820.68
	toAttributable					580.36	820.68
	Holdersof theEquityparent	212.49	224.39	217.91	686.21
	InterestNonControllingetyValeShareOT	(0.51)	{0.02}		(0.54)
	Operations) (race(rorEamingspercomuunuingRsshare
	2/- each) (not annualised):Diluted	15.85	19.37	14.40	47.35		48.66
14	a} BasicshareValuediscontinuedoperations) (FaceEarningsequity(Forper					40.73
	of shareRs2/-) (notannualised):
15	a) BasicDiluted
	sharediscontinuedcontinuing
16	Earnings(ForoperationsperequityValueRsof share
	operations) (Face2/-) (not annualised):a) BasicDiluted	15,85	18,37	14.40	47,35	40.73	48,66
47	of RsShareValue2/- each) Paid-up	29,23			29,23	29.23	29.23
18	EquityCapital (Face/Other		29.23	29.23			3,400.04
	Equity

Notes:

1. The above unaudited resulls have been reviewed by the audit Committee and approved by the Board of Directors in their meeting held on January 20, 2021.

financial results for the quarter and nine months ended December 31, 2020 is available an Company's website (www.gmmpfaudier.com) 2) The Group has Intimated the Stock Exchange to publish only Consolidated Financial Results and hence, the standalone financial results have not been published, However, the standalone

	EndedQuarter			EndedMonthsNine		YearEnded
{Particulars	31.42.2020	30.09.2020	31.12.2019]	31.12.2020]	31.12.2019]4,029.71671.10520,94	31.03.2020
Revenuefromoperation	1,657.30	1,541.44	1,366.21	4,507.72		5,163.55
TaxProfit before	307.18	314.70	251.84	819.85		820.36
Profit aflerTax	222.02	250.64	194.37	636.18		621.23
of tax)OtherComprehensiveIncome/(Loss) (Net	(1.73)	(1.72)		(5.18)		(6.90)
IncomeaftertaxTotal Comprehensive	220.29	248.92	494.37	631.00	520.94	614.33

1. GMM Pfaudler Lid ('GMM or "the Group") had announced signing of definitive agreements to acquire De Dietrich Process Systems india Pvt. Ltd's (DDPSI) Glass Lined Equipment manufacturing facility in Hyderabad on the June 30, 2020. The Company has concluded the acquisition on October 05, 2020 and have started commercial operations from October 19, 2020.

2. GMM Pfaudler Limited ("GMM" or "the Group") announced on August 20, 2020 signing of definilive agreements to acquire majority stake in the global business of its parent, the Pfaudler Group ('Pfaudler'} from the private equity firm Deutsche Beteiligungs AG Fund VI ("DBAG"). As per the agreements, GMM (directly and through its subsidiary Mavag AG) will acquire 54% equity stake in the Pfaudler Group subject to fulfilment of conditions precedent.

VATS,

1. On 20th August 2020, Mavag AG has invested EUR 9,600 for 80% conrolling slake in GMM International SARL. During this quarter, Mavag AG has transferred shares lo align with targeted shareholding. Post such transfer, GMM Pfaulder Limiled and Mavag AG holds 34.4% and 19.60% holding respeclively in GMM Intemational SARL.

Place Mumbai Date Janus

For and on behalf of Board of Directors For GMM Pfaudler Limited Bate, EFManaging Directo:

SEGMENTSEGMENTWISERESULTS,REVENUE,	ASSETSLIABILITIESAND	THEFOR	MONTHSNINE	ENDED	DECEMBER	31, 2020
Rs.Millionin
Particulars		endedQuarter			monthendedNine
	31.12.2020	30.09.2020	31.12.2019	31.12.2020	31.12.2019	31.03.2020
	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
RevenueSegment1)
Glasslinea)equipments	1,094.42	936.34	911.44	2,802.82	2,714.36	3,547.41
HeavyEngineeringb)	205.48	151.27	450.31	773.96	415.42	502.16
Productsc)Proprietary	718.24	774.92	497.93	1,848.24	1,463.11	1,861.15
salesNetIncomefromOperation	2,018.14	1,862.53	1,559.68	5,425.02	4,592.89	5,910.72
Result:Segment
2)TaxProfitbeforeInterestand
Glassline	335.70	266.32	201.16	749.26	577.10	795.82
a)equipments	20.56	5.13	41.80	114.74	67.90	51.76
HeavyEngineeringb)Products	82.14	102.34	63.24	212.97	228.47	247.58
c)ProprietaryTotal	438.40	373.79	306.20	1,076.97	873.47	1,095.16
LessFinanceCosts	17.78	17.71	9.37	47.17	25.91	34.90
Less:OtherUnallocablenetofUnallocableIncomeExpense	101.06	20.68	26.30	144.12	88.99	137.38
TotalProfitTaxbefore	319.56	335.40	270.53	885.68	758.57	922.88
Assets:Segment3)
Glasslinea)equipments	2,526.44	1,788.05	1,709.73	2,526.44	1,709.73	1,587.96
Heavyb)EngineeringProductsc)Proprietary	631.142,293.87	734.442,105.38	692.502,211.14	631.142,293.87	692.502,211.14	831.601,920.84
AssetsUnallocable	1,587.21	1,848.03	931.58	1,587.21	931.58	1,094.535,434.93
Total	7,038.66	6,475.90	5,544.95	7,038.66	5,544.95
Liabilities:Segment4)
Glasslinea)equipments	1,031.56	870.30	904.05	1,031.56	904.05	800.40
Heavyb)Engineering	242.43	218.50	153.07	242.43	153.07	150.18
Productsc)Proprietary	1,110.72	982.70	1,086.74	1,110.72	1,086.74	822.00
UnallocableLiabilities	596.70	583.41	194.01	596.70	194.01	233.07
Total	2,981.41	2,654.91	2,337.87	2,981.41	2,337.87	2,005.65

380015

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

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OFINTERIM STANDALONE FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF GMM Pfaudler Limited

• 1. We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of GMM Pfaudler Limited ("the Company"), for the quarter and nine months ended December 31, 2020 ("the Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
• 1. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express conclusion on the Statement based on our review.
• 1. We conducted our review ofthe Statement in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India (ICAI). 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. review issubstantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
• 1. Based on our review conducted as stated in paragraph above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard 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.

For DELOITTE HASKINS SELLS Chartered Accountants (Firm's Registration No. 117365W)

Koorkeyo. Ramal Kartikeya Raval Partner (Membership No. 106189) UDIN: 21V 06189 AAXXFIIG Place: Anmedabad

Date: January 9,2021

Ahmedabad 380 015 Gujarat, India

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

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OFINTERIM CONSOLIDATED FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF GMM Pfaudler Limited

• 1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of GMM Pfaudler Limited ("the Parent") and_ its subsidiaries (the Parent and its subsidiaries together referred to as "the Group") for the quarter and nine months ended December 31, 2020 ("the Statement") being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
• 1. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express conclusion on the Statement based on our review.
• 1. We conducted our review ofthe Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India (ICAI). review of interim financial information consists of making inquiries, primarily of Parent's personnel responsible for financial and accounting matters and applying analytical and other review procedures. review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
• 1. The Statement includes the results of the following entities:
  • 1. GMM Pfaudler Limited- the Parent
  • 1. GMM Mavag AG- Subsidiary
  • 1. Mavag AG Subsidiary
  • 1. GMM International S.a.r.| Subsidiary (w.e.f. August 20, 2020)

Deloitte Haskins Sells

• 1. Based on our review conducted as stated in paragraph above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard 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.
• 1. The consolidated unaudited financial results include the interim financial information of one subsidiary which has not been reviewed by their auditors, whose interim financial information reflect total revenue nil for the quarter and nine months ended December 31, 2020, total loss after tax of Rs. 1.63 million and Rs. 1.75 million for the quarter and nine months ended December 31, 2020 respectively and total comprehensive loss of Rs. 1.59 million and Rs. 1.71 million for the quarter and nine months ended December 31, 2020 respectively, as considered in the Statement. According to the information and explanations given to us by the Management, this interim financial information is not material to the Group.

Our Conclusion on the Statement is not modified in respect of our reliance on the interim financial information certified by the Management.

For DELOITTE HASKINS SELLS Chartered Accountants (Firm's Registration No. 117365W)

Koxtthoya Kewar

Kartikeya Raval (Partner) (Membership No.106189) UDIN: 211061894AAA AY 2059

Place: Ahmedabad Date: January2., 2021