January 20, 2021

GMM/SEC/2020-21/52

To, BSE Limited Phiroze Jeejeebhoy Towers, i5t Floor, Dalal Street, Mumbai -400 001

National Stock Exchange of India Limited Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (E) 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.3.46p.m. have amongst other matters considered and approved I taken on record the following:

1. unaudited financial results (standalone and consolidated) for the 3rd 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 3rd quarter and nine months ended December 31, 2020.
1. payment of third interim dividend of Re. 1.00 per share of 14,617,500 equity shares of Rs. 2 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 I in compliance with Regulation 30 of the Listing Regulations.

GMM Pfamller limited

Corporate Office: 902, Lodha Excelus, Commercial Tower 1, New Cuffe Parade, Sewri - Chembur Road, Mumbai-400022. • 0: +9122 6650 3900 Registered Office: Vithal Udyognagar, Anand - Sojitra Road, Karamsad - 388 325 • 0: +91 2692 661700 • F: +91 2692 661888 • CIN : L29199GJ1962PLC001171

^A copy of the aforesaid unaudited financial results and limited review report of the statutory auditors for the 3rd 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 I

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

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

For GMM Pfaudler Limited

Tarak Patel Managing Director DIN : 00166183

	GMM PFAUDLER LIMITED
	388 325, Gujarat, India Office & Works: Vithal Udyognagar, Karamsad Registered 10: [email protected], Site: www.gmmpfaudler.com CIN: L29199GJ1962PLC0001171, Email Web
	FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2020 STANDALONE STATEMENT OF UNAUDITED FINANCIAL RESULTS Rs. in Million
				--Stand alone
			Quarter ended		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
1	Income:
	from Operations Revenue	1,657 30	1,541.44	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	5,224.72
2	Expenses:
	a) Cost of materials consumed	765.46	619.80	648.66	1,775.00	1,878.22	2,386.38
	b) Changes in inventories goods and work-in-progress of finished	(66 95)	17.95	(30.74)	212,91	(48.50)	(56.89)
	c) Employee benefits expense	192,89	191.93	137 51	536,25	410.22	551.06
	d) Depreciation & amortization expense	104 89	57 27	54 52	217 30	143 94	200, 14
	e) Labour Charges	113.67	92.32	80.80	280.73	261.95	337.18
	f) Finance cost	17.78	17.71	9.37	47.17	25.91	34.88
	lcil Other 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
3	Profit before exceptional and (1-2) items tax	307.18	314.70	251.84	819.85	671.10	820.36
4	Exceotional items	-		-	-	-	-
5	Profit Before Tax (3 ± 4)	307.18	314.70	251.84	819.85	671.10	820.36
6	Tax Expense:					170.61	202.23
	Current I ax Excess Provision for Tax relatino to Prior Years	85.07	79.23 113.87)	69.65	216.89 113 871		-
	Deferred Tax	- 0.09	(1.30)	- (12.18	119.35)	- (20.45)	(3.10)
7	Profit for the period from contlnulna ooeration 15-6)	222.02	250.64	194.37	636.18	520.94	621.23
8	Profit from discontinued operations	-		-	-	-	-
9	Tax Expenses of discontinued operations	-	-			-	-
10	Profit discontinued operations (after taxi (8-91 from	-		-		-	-
11	Profit for the period (7+10)	222.02	250.64	194.37	636.18	520.94	621.23
12	Other Comprehensive Income
	A) Items that will not be reclassified to profit or loss
	i) Actuarial Gain I (Loss) on Gratuity and Pension obligations	(1.73)	(1.12)	-	(5.18)		(6.90)
	ii) Income tax relating to items that will not be reclassified to profit
	or loss	-		-	-
	B) Items that will be reclassified to profit or loss
	i) Exchange difference in translating the financial of statements
	foraion loss cnmnonants ii) Income tax relating to items that will be reclassified to Profit &
	loss account
		-	-		-	-	-
	Comprehensive Total Income for the period (11+12)
13	(Comprising Comprehensive Profit and Other Income for the period)	220.29	248.92	194.37	631.00	520.94	614.33
	Earnings per equity share (For continuing operations) (Face Value of
	' 2/- each) (not annualised): share
14	a) Basic & Diluted	15.19	17 15	13.30	43 52	35.64	4250
	Earnings per equity share (For discontinued operations) (Face Value
	· 2/-) (not annualised): of share
15	a) Basic & Diluted	-			-	-	-

16	Earnings per equity share (For discontinued operations & continuing
	operations) (Face Value · 2/-) (not annualised): of share al Basic & Diluted	1519	17.15	13.30	43.52	35.64	4250
17	Paid-uo Eauitv Share Capital (Face Value of ·2 each)	29.23	29.23	29 23	29.23	29.23	29.23
18	Other Eauity						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

2) The Board of Directors have announced ^a 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 f1Xed on January 29, 2021.

3) Number of Investors complaints (i) opening at the quarter : ¹ (ii)received during the quarter : 7 (iii)disposed off: ⁸ and (iv) pending at the quarter end: ⁰

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 of definitive agreements to acquire ^a 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 ^a 54% equity stake in the Pfaudler Group subject to fulfilment of conditions precedent

SEGMENTWISE REVENUE, RESULTS, SEGMENT ASSETS AND	LIABILITIES	FOR THE QUARTER	AND NINE MONTHS		DECEMBER ENDED	31, 2020 Rs. in Million
	Standalone
		Quarter ended		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
1) Segment Revenue
a) Glass line 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
c) Proprietary Products	357.40	453.83	304.46	930.94	899.93	1,113.98
Net sales/ Income from Oaeration	1,657.30	1,541.44	1 366.21	4,507.72	4,029.71	5,163.55
2) Segment Result:
Profit before Tax and Interest

a) Glass line equipments	335.70	266.32	201.16	749 26	577.10	795.82
b) Heavy Engineering	20.56	5.13	41.80	114.74	67.90	51.76
c) Proprietary Products	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
Less : Finance Costs	17.78	17.71	9.37	47.17	25.91	34.88
Less: Other Unallocable Expense net of Unallocable Income	100 79	18.41	26.04	146 89	88.99	137,37
Profit before Total Tax	307.18	314.70	251.84	819.85	671.10	820.36

3) Segment Assets: a) Glass line 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
c) Proprietary Products	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
4) Segment Liabilities:
a) Glass line equipments	1,031.56	870,30	904.05	1,031.56	904.05	800.40
b) Heavy Engineering	242 43	218.50	153 07	242.43	153.07	150.18
c) Proprietary Products	467.16	394.42	362.59	467.16	362.59	415.17
Unallocable Liabilities	595.32	583.41	194.01	595.32	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: L29199GJ19S2PLC0001171, Email ID: [email protected], Website: www.gmmpfaudler.com

CONSOLIDATED STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTH ENut:D DECEMBER 31, 2020

							Rs. in Million
		Consol dntod
			Quarter ended		Nine Month	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
1	Income:
	from Operations Revenue	2,018.14	1,862.53	1,559 68	5,425 02	4,592,89	5,910 72 57 57
	Qther Income	26.74	20 09 1.882.62	34 18 1,593.86	7403 5 499.05	50.29 4643.18	5,968.29
2	Total Income Expenses:	2 044.88
	a) Cost of materials consumed	981 27	806 05	716 35	2,279 87	2,057,80	2,620 30
	goods and work-in-progress b) Changes in inventories or finished	(65 49)	3 08	(31 75)	186 36	(67,05)	(76 06)
	c) Employee benefits expense	287 97	287.45	218 32	818 25	651,53	879,78
	d) Depreciation & amortization expense	108 80	61.32	58 60	229.87	152.45	211.15
	e) Labour charges	122 10	105.22	86 29	308 18	273 56	353.89
	f) Finance cost	17 78	17 71	9 37	47.17	25,91	34.90
	a) Other Expenses	272 89	266,39	266 15	743.67	790.41	1,021.46
	Tot.-.1 Eiocnscs	1 725.32	1,547.22	1 323.33	4 613.37	3.884.61	5,045.41
3	Profit before exceptional items and tax 11-2)	319.56	335.40	270.53	885.68	756.57	922.88
4	Exceouonal items
5	Protlt Before Tax (3 t 41	319.56	335.40	270.53	885,68	758.57	922.88
6	Tax Expense:				223.82	181.77	213.15
	Current Tax	87.12	85.96 /13.871	71,89	/13.87
	Excess orovision far lax retaunc to onor vears Defe1Ted Tax	1.34	(5.22	111.87	115 841	118.52)	(1.581
7	Profit for the period from continuinq ooeration 15-61	231.10	268.53	210.51	691.57	595.32	711.31
8	operations Profit from discontinued
9	Tax Exoenses of discontinued ooerations
10	Iafter tax) (8-9) Profit from discontinued ooerations
11	Profit for the oeriod (7+10)	231.10	268.53	210.51	691.57	595.32	711.31
	Attributable to	231.64	268 55	210 51	692 13	595 32	711.31
	Equity Holders of !he parent Non Con1rollino lnlerest	(0.54)	(0 021		(0 56)
	12 Other Comprehensive Income
	A) Items that will not be reclassified lo profit or loss
	i) Actuartal Gain I (Loss) on Gratuity and Pension obflqatlons	(22.12)	(65 34)	(17 08)	(76 67)	(50.52)	38 79
	to items that WIii not oe reciassmeo to prom 11)Income tax reiaunq
	or	2.86	8 90	2.73	10 01	8 08	(7 19)
	lo profil or loss 8) Items that will be reclassified of stalements
	i) Exchange difference in translating the financial foreign components	38 38	12 28	21.75	60 76	27 48	77 77
	lhat will be reclassified lo profit or ii)Income lax relaling to items
	loss
	for the period (11+12) (Comprising Total Comprehensive Income
13	for the oerlod) Profit and Other Comprehensive Income	211.98	224.37	217.91	685.67	580,36	820.68
	Attributable to
	Equity Holders of the parent	212.49	224.39	217.91	686.21	580.36	820.68
	Non Conlrollina lnlerest	(0.51)	10.021		10.541
	\r ace vaiue ,my? 1-'t=I1::yu1ty _.,, ,a, c \' v, con mumg ope, anons) OT I'-c", share Rs 2J. each) (nol annualised):
14	a) Basic & Diluted	15.85	18.37	14.40	47.35	40.73	48.66
	Earnings per equity share (For discontinued operations) (Face Value
	of share Rs21·) (not annualised):
15	a) Basic & Diluted

	operations & continuing 16 Earnings per equity share (For discontinued operations) (Face Value Rs 21·)(not annualised): of share
	& Diluted al easJc	15 85	18 37	14.40	47 35	40.73	48.66
17	Value of Rs 21· ear.hi Eauitv Share Car ital /Face Paid-uo	29.23	29.23	2923	29 23	29.23	29.23
18	Olher Eauilv						3 400.04

Notes:

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

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

	Quarter	Nino Months	Year Ended
Partlcutnrs	31.12.2020	30.09.2020	31.12.2019	31.12.2020	Ended 31.12.2019 4,029 71 67110 520 94	31.03.2020
Revcnuo from operation	1,657.30	1,541.44	1,366.21	4,507.72		5,163 55
Profit beFore Tax	307. 18	314 70	251.84	819.85		820.36
Profil aflerTax	222.02	250.64	194.37	636.18		621.23
Other Comprehensive lncome/(Loss) (Net of tax)	(1.73)	(1.72)		(518)		(6 90)
Tola! Comprehensive Income after tax	220.29	248 92	194 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 lacilily 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 definitive agreements to acquire ^a majority stake in the global business of its parent, the PFaudler Group ("Pfaudle(') from the private equity firm Deutsche Beteiligungs AG Fund VI ("DBAG"). As per the agreements, GMM (direclly and through its subsidiary Mavag AG) will acquire ^a 54% equity stake in the Pfaudler Group subject to fulfilmenl of conditions precedent

5) On 20th Augusl 2020, Mavag AG has invested EUR 9,600 for BO% conrolling stake in GMM International SARL During lhis quarter, Mavag AG has lransferred shares to align with targeted shareholding Post such transfer, GMM Pfaulder Limited and Mavag AG holds 34.4% and ¹⁹ 60% holding respectively in GMM International SARL

? For and on behalf of Board of Dlroctors - n ? er Limited '<:.1>/1.Sl(JNs Place ?-<.:. rfu'. t;?? Ta?D : Mumbai .\$> ? Date : Ja11u1rv 20, ²⁰²¹ ,!:! ..-, , 0, tr.•naqlnn Director

DECEMBER 31, 2020 MONTHS ENDED SEGMENlWISE ASSETS AND LIABILITIES FOR THE NINE REVENUE, RESULTS, SEGMENT
Rs. in Million
	Consolidated
Particulars		Quarter ended		ended Nine month		ended Year
	31.12.2020	30.09.2020	31.12.2019	31.12.2020	31.12.2019	31.03.2020
	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
1) Segment Revenue
a) Glass line 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
c) Proprietary Products	718.24	774.92	497.93	1,848.24	1,463.11	1,861.15
Income from Operation Net sales/	2,018.14	1,862.53	1,559.68	5,425.02	4,592.89	5,910.72
2) Segment Result:
Profit before Tax and Interest
a) Glass line equipments	335.70	266.32	201.16	749.26	577.10	795.82
b) Heavy Engineering	20.56	5.13	41.80	114.74	67.90	51.76
c) Proprietary Products	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 Expense net of Unallocable Income	101.06	20.68	26.30	144.12	88.99	137.38
Total Profit before Tax	319.56	335.40	270.53	885.68	758.57	922.88

3) Segment Assets:			1,709.73	2,526.44	1,709.73	1,587.96
a) Glass line equipments	2,526.44 631.14	1,788.05 734.44	692.50	631.14	692.50	831.60
b) Heavy Engineering c) Proprietary Products	2,293.87	2,105.38	2,211.14	2,293.87	2,211 14	1,920.84

Unallocable Assets	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

4) Segment liabilities:
a) Glass line equipments	1,031.56	870.30	904.05	1,031.56	904.05	800.40
b) Heavy Engineering	242.43	218.50	153.07	242.43	153.07	150.18
c) Proprietary Products	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

Chartered Accountants 19'" Floor, Shapath - ^V SG Highway Ahmedabad - 380 015 Gujarat, India

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

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF GMM Pfaudler Limited

L 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.
2- 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 ^a conclusion on the Statement based on our review.
1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India (!CAI). 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 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 3 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 DELOITIE HASKINS & SELLS Chartered Accountants (Firm's Registration No. 117365W)

Kartikeya Raval Partner (Membership No. 106189) UDIN: 2.11_061.8.:! A ^A ^A A f\ X 13 ³ 6

Place: Ahmedabad Date: January?o,2021

AI assistant

GMM Pfaudler Ltd. Interim / Quarterly Report 2021

61612_rns_2021-01-20_e97ed3c8-943f-44b6-8335-c4552eda2fc1.pdf

Scrip Code: 505255