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) Mumbai^{400 001} Mumbai^{400 051}

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.	for Reasons appointment	Chief Mr. Manish Poddar has been as appointed Personnel Officer Financial in Managerial (CFO) Key view ofresignation of Mr. Sahu. Jugal
2.	Date Terms. appointment	of He with effect from CFO been as has appointed Brief terms of include 2021. appointment January 20, of and managing running planning, implementation, of the the finance activities all Company. the Nomination remuneration shall be His governed by from Committee the Remuneration and Board and
3.	Brief Profile	time to time. Chief Financial Prior to as Officer, being appointed Chief Poddar Mr. was as Integration appointed the of Personnel Officer and Key Managerial (ClO) w.e.f October 2020. 21, Company worked various Mr. Poddar at has in Diversey positions 100% Bain Sun Pharma, enterprise), Capital (a firm and Louis Consulting Dreyfus. Ranbaxy,
		include Financial core skills His Strategic Planning, Business Internal Control Framework, Partnership Annual Business transformation, Collaboration, Stakeholder Plans/Budgeting, Operating Trade Finance. etc. Forex, Treasury Management.
		and Chartered Mr. Poddar Accountant, is qualified other Executive MBA. also done his His has certification courses include Information Systems Forex He and IFRS Audit, Treasury Management. the from Commerce Graduation his completed of the Delhi 1996. in year University

Disclosure	of	to Directors or Poddar not related of Mr. the Key is any
relationships	between	of Personnel Managerial Company. the
directors/KMP

For GMM Pfaudler Limited

<<

Tarak Patel Managing Director DIN 00166183

		PFAUDLER GMM	LIMITED
	Office Works: Registered	Vithal Udyognagar, Karamsad	388	325, Gujarat, India
	L29199GJ1962PLC0001171, Email ID CIN STATEMENT STANDALONE OF UNAUDITED FINANCIAL	sales@gmmpfaudler.com, Web RESULTS FOR THE	QUARTER	Site AND NINE MONTHS	www.gmmpfaudler.com ENDED	DECEMBER 31, 2020Rs.
							in Million
				Standalone
			ended Quarter		Nine Months	ended	Year ended
	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:
	Revenue from Operations	30 1,657	4,541.44	1,366.21	4,507.72	4,029.71	5,163.55
	Other Income	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
	Cost consumed of materials a)	765.46	619.80	648.66	1,775.00 212.91	4,878.22	2,386.38
	inventories of finished and b) Changes in goods work-in-progress benefits	(66.95) 192.89	17.95 191.93	(30.74) 137,51	536.25	(48.50) 410.22	(56.89) 551.06
	c) Employee expense amortization	104.89	57,27	54.52	217.30	143.94	200.14
	expense d) Depreciation Labour	113.67	92.32	80.80	280.73	261.95	337,18
	e) Charges f) Finance cost	17,78	17.71	9.37	47.17	25.91	34.88
	Other g) Expenses	249.42	252.10	243.31	689.77	735,11	951.61
	Total Expenses	1,377.16	1,249.08	1,143.43	3,759.13	3,406.85	4,404.36
	before and tax items Profit exceptional	307.18	314.70	251.84	819.85	671.10	820.36
	(1-2) items
	Exceptional Before Tax Profit 4) (3	307.18	314.70	251.84	819.85	671.10	820.36
	{Tax Expense:
	Current ax	85.07	79.23	69.65	216.89	170,61	202,23
	Excess for Tax Years Provision Prior to relating		(13.87)		(13.87)
	Tax Deferred	0.09	(1.30)	(12.18)	(19.35)	(20.45)	(3.10)
	7_ Profit for from the operation period continuing (5-8)	222.02	250.64	194.37	636.18	520.94	621.23
	discontinued Profit from operations
	of discontinued {Tax Expenses operations
10 11	from discontinued Profit operations (after tax) (8-9) for the Profit	222.02	250.64	194.37	636.18	520.94	621.23
12	period (7+10) Income Other
	Comprehensive reclassified loss Items that be to or will not
	A) profit i) Actuarial Gain and Pension on						(6.90}
	(Loss) Gratuity obligations	(1.73)	(1.72)		(5.18)
	iil) Income tax items that will not be reclassified to to profit relating
	loss or
	reclassified loss Items that will be to or B) profit
	difference the financial statements of in i) Exchange translating components loss foreian
	ii) Income tax items that will be reclassified Profit to to relating
	loss account
	Total Income for the
13	Comprehensive period (11+12) Profit and Other Income for the Comprehensive (Comprising
	period)	220.29	248.92	194.37	631.00	520.94	614.33
	share Value of Earnings (For (Face per equity continuing operations)
	share 2/- each) annualised): (not
14	Basic Diluted a)	15.19	17.15	13.30	43.52	35.64	42,50
	share discontinued Value (Face Earnings (For equity
	per operations) /) of share annualised): (not
15	Basic Diluted a)
46	share discontinued (For operations Earnings per equity continuing
	Value of share operations) (Face 2/-) annualised): (not
	Basic Diluted a)	15.19	17.15	13.30	43.52	35.64	42,50
17	Share Value of °2 Capital (Face Equity each) Paic-up	29.23	29.23	29.23	29.23	29.23	29,23
18	[Other Equity						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)

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

4) 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.

5) 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

			Standalone			Rs.
		ended Quarter		Nine Months	ended	Year ended
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
Revenue Segment 1)
Glass line a) equipments	1,094.42	936.34	911.44	2,802.82	2,714.36	3,547.41
b) Heavy Engineering	205.48	151.27	150.31	773.96	415.42	502.16
Products c) Proprietary	357.40	453.83	304.46	930.94	899.93	1,113.98
sales Income Net from Operation	1,657.30	1,541.44	1,366.21	4,507.72	4,029.71	5,163.55
Result:
Segment 2) Profit Tax Interest before and
Glass line	335.70	266.32	201.16	749.26	577.10	795.82
a) equipments b) Heavy	20.56	5.13	41.80	114.74	67.90	51.76
Engineering Products Proprietary	69.49	79.37	44.29	149.91	141.00	145.03
c) Total	425.75	350.82	287.25	1,013.91	786.00	992.61
Less Finance Costs	17.78	17.71	9.37	47.17	25.91	34.88
Less: Unallocable Income Other Unallocable net of Expense	100.79	18.41	26.04	146.89	88.99	137.37
Total Profit before Tax	307.18	314.70	251.84	819.85	671.10	820.36
Assets: Segment 3)
Glass line a) equipments	2,526.44	1,788.05	1,709.73	2,526.44	1,709.73	1,587.96
b) Heavy Engineering	631.14	734.44	692.50	631.14	692.50	831.60
Products c) Proprietary	875.97	773.73	915.45	875.97	915.45	795.53
Unallocable Assets	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:
Segment 4) Glass line	1,031.56	870,30	904.05	1,031.56	904.05	800.40
a) equipments b) Heavy	242.43	218.50	153.07	242.43	153,07	150.18
Engineering Products c) Proprietary	467.16	394.42	362.59	467.16	362.59	415.17
Unallocable Liabilities	695.32	683,41	194.01	§95.32	194.01	233.07
Total	2,336.47	2,066.63	1,613.72	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

	STATEMENT CONSOLIDATED OF UNAUDITED	RESULTS FINANCIAL	FOR THE QUARTER	AND NINE MONTH	DECEMBER ENDED	31, 2020	Rs. in Million
				Consolidated
		ended Quarter			Nine Month	ended	Year ended
	Particulars	314.412.2020	30.09.2020	31.12.2019	31.12.2020	31.12.2019	31.03.2020 Audited
	[income:	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited
	Revenue from Operations	2,018.14	1,862.53	1,559.68	§,425.02	4,592,89	5,910.72
	Income Other	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) Cost of malerials consumed	981.27	806.05	716,35	2,279.87	2,057.80	30 2,620
	inventories of finished and b) Changes in goods work-in-progress	(65.49)	3.08	(31.75)	186.36	(67.05)	(76.06)
	benefits c) expense Employee	287.97	287,45	218.32	818.25	651,53	879,78
	amortization expense d) Depreciation	108.80	61.32	58.60	229,87	452,45	211,15
	e) Labour charges	122.10	105,22	86,29	308.18	273,56	353.89 34.90
	cost f} Finance	17.78	17.71	9.37	47.17	25,91 790.41	1,021.46
	Ig) Other Expenses	272,89	266,39	266.15	743,67		5,045.41
	Total Expenses	1,725.32	1,547.22	1,323.33	4,613.37	3,884.61
	[Profit before items and tax exceptional (1-2)	319.56	335.40	270.53	885.68	758.57,	922.88
	items 4_ Exceplional					758.57	922.8B
	Tax Protit Before (3 4}	319.56	335.40	270.53	885,68
	6_ Tax Expense:				223.82	181.77	213.15
	Current Tax xcess	87.12	85.96. {13.87}	71,88	(13.87)
	for lax to years prior relaling provision Tax Deferred	1.34		(11.87)	(15.84)	(18.52)	(1.58)
	7_ Profit for the from continuing operation (5-6) period	231,10	(5.22) 268.53	210.514	691.57	595.32	711.31
	discontinued Profit from operations
	of discontinued Expenses operations Tax
10	discontinued [Profit from tax) (8-9) operations {after
11	[Profit for the period (7+10)	231.10	268.53	210.51	691.57	595.32	711,34
	Attributable to
	of the Holders Equity parent	231.64	268.55	210.51	692.13	695,32	711,31
	Non Controlling interest	(0.54)	(0.02)!		{0,56)
{2	Income Other Comprehensive
	thal will not be reclassified loss to profit or Items A)						38,79
	i) Actuarial Gain Pension (Loss) on and obligations Gratuity tems that will not be reclassified it) Income tax ta to promt relating	(22.12)	(65.34)	(17.08)	(76.67)	(50.52)
	or	2.86	8.90	2.73	10.01	8.08	(7.19)
	reclassified loss 'B) Items that will be to profil or
	financial stalements difference the of in translating i) Exchange
	components foreign	38,38	12.28	21.75	60.76	27.48	W777
	ii) Income tax items Ihat will be reclassified lo profit or to relating
	for Income the {Total Comprehensive (11+12) (Comprising period
13	Other Income for Profit and the Comprehensive period)	211.98		217.91	685,67	580.36	820.68
	to Attributable		224.37
	Holders of the Equity parent	212.49	224.39	217.91	686.21	580.36	820.68
	Interest Non Controlling	(0.51)	{0.02}		(0.54)
	ety Vale Share Operations) (race OT (ror Eamings per comuunuing
	Rs share 2/- each) (not annualised):	15.85	19.37	14.40	47.35		48.66
14	a} Basic Diluted share Value discontinued operations) (Face Earnings equity (For per					40.73
	of share Rs2/-) (not annualised):
15	a) Basic Diluted
16	share discontinued Earnings (For operations continuing per equity
	Value Rs of share operations) (Face 2/-) (not annualised):
	a) Basic Diluted	15,85	18,37	14.40	47,35	40.73	48,66
47	of Rs Share Value 2/- each) Paid-up Equity Capital (Face	29,23	29.23	29.23	29,23	29.23	29.23
18	/Other Equity						3,400.04

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

	Ended Quarter			Ended Nine Months		Year Ended
{Particulars	31.42.2020	30.09.2020	31.12.2019]	31.12.2020]	31.12.2019]	31.03.2020
Revenue from operation	1,657.30	1,541.44	1,366.21	4,507.72	4,029.71	5,163.55
Tax Profit before	307.18	314.70	251.84	819.85	671.10	820.36
Profit afler Tax	222.02	250.64	194.37	636.18	520,94	621.23
Other of tax) Comprehensive Income/(Loss) (Net	(1.73)	(1.72)		(5.18)		(6.90)
Income after tax Total Comprehensive	220.29	248.92	494.37	631.00	520.94	614.33

3) 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.

4) 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.

5) 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: VATS,

SEGMENT SEGMENTWISE RESULTS, REVENUE,	ASSETS LIABILITIES AND	THE FOR	MONTHS NINE	ENDED	DECEMBER	31, 2020
	Rs. Million in
	Consolidated
Particulars		ended Quarter			month ended Nine
	31.12.2020	30.09.2020	31.12.2019	31.12.2020	31.12.2019	31.03.2020
	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
Revenue Segment 1)
Glass line a) equipments	1,094.42	936.34	911.44	2,802.82	2,714.36	3,547.41
Heavy Engineering b)	205.48	151.27	450.31	773.96	415.42	502.16
Products c) Proprietary	718.24	774.92	497.93	1,848.24	1,463.11	1,861.15
sales Net Income from Operation	2,018.14	1,862.53	1,559.68	5,425.02	4,592.89	5,910.72
Result: Segment 2)
Tax Profit before Interest and
Glass line a) equipments	335.70	266.32	201.16	749.26	577.10	795.82
Heavy Engineering b)	20.56	5.13	41.80	114.74	67.90	51.76
Products c) Proprietary	82.14	102.34	63.24	212.97	228.47	247.58
Total	438.40	373.79	306.20	1,076.97	873.47	1,095.16
Less Finance Costs	17.78	17.71	9.37	47.17	25.91	34.90
Less: Other Unallocable net of Unallocable Income Expense	101.06	20.68	26.30	144.12	88.99	137.38
Total Profit Tax before	319.56	335.40	270.53	885.68	758.57	922.88
Assets:
Segment 3) Glass line			1,709.73	2,526.44	1,709.73	1,587.96
a) equipments	2,526.44 631.14	1,788.05 734.44	692.50	631.14	692.50	831.60
Heavy b) Engineering Products c) Proprietary	2,293.87	2,105.38	2,211.14	2,293.87	2,211.14	1,920.84
Assets Unallocable	1,587.21	1,848.03	931.58	1,587.21	931.58	1,094.53
Total	7,038.66	6,475.90	5,544.95	7,038.66	5,544.95	5,434.93
Liabilities: Segment 4)
Glass line a) equipments	1,031.56	870.30	904.05	1,031.56	904.05	800.40
Heavy b) Engineering	242.43	218.50	153.07	242.43	153.07	150.18
Products c) Proprietary	1,110.72	982.70	1,086.74	1,110.72	1,086.74	822.00
Unallocable Liabilities	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