Grindwell Norton Ltd. — Interim / Quarterly Report 2021

Nov 3, 2021

November 3, 2021

National Stock Exchange of India Limited "Exchange Plaza" Bandra Kurla Complex Bandra (East) Mumbai 400 051

BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Fort Mumbai 400 001

Symbol: GRINDWELL

Scrip Code No. 506076

Dear Sir/Madam,

Sub: Unaudited Financial Results for the quarter and half year ended September 30, 2021, after Limited Review

We enclose the unaudited financial results of our Company for the quarter and half year ended September 30, 2021, after Limited Review, which has been approved and taken on record at a meeting of the Board of Directors of our Company held today at 11:30 a.m. IST and concluded at 1:30 p.m. IST.

We also enclose herewith the copy of the Limited Review Report for the quarter and half year ended September 30, 2021, of M/s. Price Waterhouse Chartered Accountants LLP, Auditors of the Company.

The financial results of the Company for the quarter and half year ended September 30, 2021, would be available on the website of the Company, www.grindwellnorton.co.in. The publication of the financial results of the Company will be made in the newspapers accordingly.

Kindly take the same on record.

Thanking you,

Yours faithfully, For Grindwell Norton Limited

K. Visweswaran Company Secretary Membership No. A16123

Encl: As above

Review Report

The Board of Directors M/s. Grindwell Norton Limited 5th Level, Leela Business Park, Andheri- Kurla Road, Marol, Andheri (East) Mumbai- 400 059

• 1. We have reviewed the unaudited consolidated financial results of Grindwell Norton Limited (the "Parent"), its subsidiary (the parent and its subsidiary hereinafter referred to as the "Group") and joint venture entity (refer Note 3(a) on the Statement) for the quarter and the half year ended September 30, 2021 which are included in the accompanying 'Unaudited Consolidated Financial Results for the quarter and half year ended September 30, 2021', the unaudited consolidated statement of assets and liabilities as on that date and the unaudited consolidated statement of cash flows for the half year ended on that date (the "Statement"). The Statement is being prepared by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"), which has been initialed by us for identification purposes.
• 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 Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, 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. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons 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 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.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

Registered office and Head office: Sucheta Bhawan, 11 A Vishnu Digambar Marg, New Delhi 110 002

Price Waterhouse (a Partnership Firm) converted into Price Waterhouse Chartered Accountants LLP (a Limited Liability Partnership with LLP identity no: LLPIN AAC-5001) with effect from July 25, 2014. Post its conversion to Price Waterhouse Chartered Accountants LLP, its ICAI registration number is 012754N/N500016 (ICAI registration number before conversion was 012754N)

Grindwell Norton Limited Consolidated financial results Quarter and half year ended September 30, 2021 Page 2 of 2

• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement has not been prepared in all material respects in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India and has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.
• 1. The unaudited consolidated financial results includes the financial results of one subsidiary which have not been reviewed by their auditors, whose financial results reflect total assets of Rs. 4,926 lakhs and net assets of Rs. 3,722 lakhs at September 30, 2021 and total revenue of Rs. 614 lakhs and Rs. 1,413 lakhs, total net loss after tax of Rs. 155 lakhs and Rs. 321 lakhs and total comprehensive loss of Rs. 155 lakhs and Rs. 321 lakhs for the quarter ended September 30, 2021 and for the half year ended September 30, 2021, respectively, and cash outflows (net) of Rs. 388 lakhs for the half year ended September 30, 2021, as considered in the unaudited consolidated financial results. The unaudited consolidated financial results also includes the Group's share of net loss after tax of Rs. 36 lakhs and Rs. 64 lakhs and total comprehensive loss of Rs. 36 lakhs and Rs. 64 lakhs for the quarter ended September 30, 2021and for the half year ended September 30, 2021, respectively, as considered in the unaudited consolidated financial results, in respect of one joint venture entity, based on their financial results which have not been reviewed by their auditors. According to the information and explanations given to us by the Management, these financial results are not material to the Group. Our conclusion on the Statement is not modified in respect of the above matter.

For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 012754N/N500016

Sachin Parekh Partner Membership Number: 107038 UDIN: 21107038AAAAGB6761

Mumbai November 3, 2021

GRINDWELL NORTON LIMITED

Regd. Office: Leela Business Park, 5th Level, Andheri-Kurla Road, Marol, Andheri (E), Mumbai 400 059. Tel.: 022-40212121 • Fax: 022-40212102 • Email: sharecmpt.gno@saint-gobain.com • Website: www.grindwellnorton.co.in CIN - L26593MH1950PLC008163

UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021

							(Rs. in Lakhsl
			Quarter ended			Half year ended	Year ended
		30-09-2021	30-06-2021	30-09-2020	30-09-2021	30-09-2020	31-03-2021
		IUnauditedl	!Unaudited\	IUnauditedl	IUnauditedl	IUnauditedl	IAuditedl
1	Income
	(a) Gross Sales and Service Income	50,952	43,594	43,619	94,546	66,699	162,754
	(bl Other Ooeratino Income	315 -= -	340	285	655	447	1,037
	Revenue from Operations (a+b)	51,267	43,934	43,904	95,201	67,1 46	163,791
	(c) Other Income	1,009	1,423	760	2,432	3,358	5,097
	Total Income	52,276	45,357	44,664	97,633	70,504	168,888
2	Expenses
	(a) Cost of materials consumed	18,764	17,609	13,461	36,373	21.414	52,198
	(b) Purchases of Stock-in-Trade	6,013	5,854	2,607	11,867	5,119	16,530
	(c) Changes in inventories of finished goods, work-in progress and stock-in-trade
		I~ (1,037)	(4,410)	3,990	(5,447)	3,775	3,354
	(d) Employee benefits expense	6,209	5,762	5,086	11,971	9,641	20,777
	(e) Depreciation and amortization expenses	1,330	1,397	1,392	2,727	2,660	5,436
	(f) Power & Fuel	1,983	1,995	1,806	3,978	2,805	6,754
	(g) Finance costs	69	55	71	124	151	342
	(h) Other exoenses	9,231	8,428	7,597	17,659	13,081	31.770
3	Total Exoenses Profit before share of proflf/(loss) of joint venture (1 · 2)	42,562 9,714	36,690 8,667	36,010 8,654	79,252 18,381	58,646 11 ,858	137,161 31 ,727
	Share of net profit/(loss) of joint venture accounted for using the
4	equity method	(36}	(28)	1	(64)	7	(71
5	Profit before tax (3 + 4l	, - 9,678	8,639	8,655	18,317	11,865	31,720
6	Tax expense
	(a) Current Tax	2,585	2,332	2,331	4,917	2,771	7,986
	(b) Deferred Tax Charge/(Credit)	(61) ~	(66)	(121}	(127)	(181}	(40)
7	Net Profit for the period (5 • 61	7,154 ~-	6,373	6,445	13,527	9,275	23,774
8	Other comprehensive income, net of income tax	r
	(a) Items that will not be reclassified to profit or loss	(58)	(60)	(60)	(118)	(1,574)	2,410
	(b) Income tax relating to items that will not be
	reclassified to profit or loss	~ 14	15	15	29	466	(451)
	Total othe.r comprehensive Income, net of income tax Total comorehensive income for the oeriod 17 + Bl	(44 5	(45	(45	(89	(1,108	1,959
9 10	Net Profit Attributable to :	I'" 7110	6,328	6,400	13,438	8,167	25,733
	-Owners	j'" 7,200	6,423	6,429	13,623	9,270	23,918
	• Non Controllino interest	(46) ~	(50)	16	(96)	5	(144)
11	Total Comprehensive income attributable to:	i
	• Owners	7,156	6,378	6,384	13,534	8,162	25,877
	• Non Controlling interest	(46)	(50)	16	(96)	5	(144}
	12 Paid-up eauity share·capital (Face value Rs.5I- per share)	5,536	5,536	5,536	5,536	5,536	5 536
13	Reserves and Surplus excluding Other Reserves as per balance
	sheet of previous accountino year	-					118,417
	14 Earnings per equity share of Rs 5/- each (not annualised) : (a) Basic (in Rs.)
	(b) Diluted (in Rs.)	6.50	5.80	5.81	12.30	8.37	21 .60
	See accompanying notes to the financial results	6.50	5.80	5.81	12.30	8.37	21.60

Notes:			GRINDWELL NORTON LIMITED
1	The above results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on November 3, 2021 ,
2	The above said results are prepared in accordance with the Indian Accounting Standards (Ind AS), as amended, specified under Section 133 of the Companies Act, 2013. The statutory auditors of the Company have carried out a Limited Review of the above results.
	The above consolidated Financial Results consists of Grindwell Norton Limited, its subsidiary Saint Gobain Ceramic Materials Bhutan Private Limited and its Joint Venture 3a entity SG Shinagawa Refractories India Private Limited. The unaudited Financial Statements of the Subsidiary and Joint Venture Company, duly certified by the Management have been considered to prepare the Consolidated Financial Results.
	Key numbers of Standalone Financial Results of the Company are as under:						(Rs. in Lakhsl
			Quarter Ended		Half Year Ended		Year Ended
3b	Particulars	30-09-2021 (Unaudited I	30-06-2021 (Unaudited)	30-09-2020 (Unaudited}	30-09-2021 (Unaudited)	30-09-2020 (Unaudited I	31-03-2021 (Audited I
	Total Income	52,250	45181	44,540	97,431	70,178	168,387
	Profit before tax	9.855	8,850	8553	18.705	11,797	31,964
	Net Profit for the period	7,331	6,584	6,366	13,915	9,215	24,208
4	The Segmentwise information as required by Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is furnished in Annexure I.
5	Refer Annexure II and Ill for Unaudited Consolidated Statement of Asset and Liabilities and Statement of Cash Flows respectively.
6	The financial results are available on the SSE Limited website, www.bseindia.com, National Stock Exchange of India Limited website,www.nseindia.com and on the Company's website, www.grindwellnorton.co.in
7	Previous period figures have been re-grouped/ re-classified wherever necessary, lo conform lo current period's classification In order to comply with the requirements of the amended Schedule Ill to the Companies Act. 2013 effective 1st April 2021 .

November 3, 2021 For GRINDWELL NORTON LIMITED

r

/ B. Santhanam Managing Director Director Identification No. 00494806

Annexure I

GRINDWELL NORTON LIMITED
CONSOLIDATED SEGMENT WISE REVENUE, RESULTS, ASSETS AND LIABILITIES
						(Rs. in Lakhs)
		Quarter Ended		Half Year Ended	Year Ended
	30-09-2021 I Unaudited)	30-06-2021 I Unaudited)	30-09-2020	30-09-2021	30-09-2020	31-03-2021
			!Unaudited)	I Unaudited)	(Unaudited)	(Audited)
1 Segment Revenue
(a) Abrasives	30,787	24,318	26,080	55,105	36,402	93,283
(b) Ceramics & Plastics	16,538	15,443	14,298	31,981	23,042	55,103
(c) IT Services	] 3,354	3,432	3,050	6,786	6,044	12,607
(d) Others	870	943	908	1,813	2,171	4,029
Total	51,549	44,136	44,336	95,685	67,659	165,022
Less: Inter-Segment Revenue	ll 282	202	432	484	513	1,231
Revenue from Operations	51 ,267 !.-= ,-	43,934	43,904	95,201	,67,146	163,791
2 Segment Results
(a) Abrasives	4,618	2,980	3,742	7,598	2,738	11,197
(b) Ceramics & Plastics	3,639	3,579	3,405	7,218	4,950	12,977
(c) IT Services	957	936	1,040	1,893	1,698	3,666
(d) Others	127	167	214	294	390	890
Total	9,341	7,662	8,401	17,003	9,776	28,730
Less: ( 1 ) Interest
(2) Other unallocable (Income)/	69 H	55	71	124	151	342
Expenditure (net)	I (406)	{1,032)	(325)	(1,438)	(2,240)	(3,332)
Profit Before Tax	9,678	8,639	8,655	18,317	11 ,865	31,720
3a Segment Assets
(a) Abrasives	62,181	64,563	46,551	62,181	46,551	57,834
(b) Ceramics & Plastics	37,395	36,546	31,282	37,395	31,282	33,839
(c) IT services	5,052 □	4,319	5,502	5,052	5,502	4,532
(d) Others	1,601	1,636	4,965	1,601	4,965	1,437
(e) Unallocated	87,320	88,024	70,211	87,320	70,211	88,825
Total Segment Assets	193,549	195,088	158,511	193,549	158,511	186,467
3b Segment Liabilities
(a) Abrasives	26,048 ~~	23,548	16,441	26,048	16,441	24,121
(b) Ceramics & Plastics (c) IT Services	11,686	14,067	10,546	11,686	10,546	12,187
(d) Others	2,058 I 1,255	1,365 962	1,851 3,390	2,058 1,255	1,851 3,390	1,669 723
(e) Unallocated	11,802	11,079	6,238	11 ,802	6,238	10,071
Total Segment Liabilities	52,849	51,021	38,466	52,849	38,466	48,771

GRINDWELL NORTON LIMITED

Unaudited Consolidated Statement of Assets & Liabilities as at September 30, 2021

	(Rs. in Lakhs)
			As At
		30-09-2021	31-03-2021
		IUnaudltedl	IAuditedl
A	Assets
	Non-current Assets
	Property, plant and equipment	34,859	34,888
	Right-of- use-asset	1,043	1,208
	Capital work-in-progress	3,626	2,400
	Goodwill	49	49
	Other intangible assets	818	857
	Financial assets	~
	i. Investments	18,493	19,197
	ii. Loans	126	79
	iii. Other financial assets	737	910
	Deferred tax assets (Net)	260	260
	Other non-current assets	1,552	1,931
		61 ,563 f--	61,779
	Current Assets
	Inventories	40,830	32,254
	Financial assets	11
	i. Investments	45,979 ll	52,140
	ii, Trade Receivables	18,937	20,184
	iii. Cash and Cash Equivalents	486	1,930
	iv. Bank balances other than (iii) above	17,348	11,064
	v. Loans	il 42	31
	vi. Other financial assets	1,928	1,396
	Other current assets	6,410	5,668
	Current Tax Assets (Net)	26	21
	Total Assets	131 ,986 193,549	124 688 186 467
B	Equity and liabilities
	Equity
	Equity Share Capital	5,536 i1	5,536
	Other Equity	134,047	130,947
	Equity attributable to owners of the Company	139,583	136,483
	Non-Controlling lnlerest	1117	1,213
		140 700	137,696
	Liabillies
	Non-current Liabilities	I i
	Financial liabilities
	i. Lease liabilities	503	628
	Provisions	2,825	2,591
	Deferred tax liabilities (Net)	1,804	1,932
	Other non-current liabilities	62	69
		5,194 'fC::	5,220
	Current Liabilities
	Financial liabilities	{
	i. Lease liabilities	521	587
	ii. Trade payables
	(a) Total outstanding dues of micro and small
	enterprises	491	546
	(b) Total outstanding dues of creditors other than
	(ii)(a) above	32,722	30,632
	iii. Other financial liabilities	7,912	5,666
	Provisions Current tax liabilities (Net)	2,597 1,244	2,263 679
	Other Current Liabilities	2;168	3,178
		II '
		47 655	43,551
	Total Equity and Liabilities	193,549	186,467

		Annexure Ill
GRINDWELL NORTON LIMITED
Unaudited Consolidated Statement of Cash Flows for the half year ended September 30, 2021
		(Rs. in Lakhs)
		Half year ended
	30-09-2021 (Unaudited)	30-09-2020 (Unaudiledl
Cash flow from operating activities
Profit before tax	18,317 ~	11,865
Adjustments for;
Depreciation expense and amortisation expenses	] 2,727	2,660
Loss/(Profit) on assets discarded/sold (net)	(500)	3
Gain on Redemption of Mutual Funds	0 (907)	(1,636)
Unrealised (gain)/loss on foreign exchange	(27)	195
Dividend income	l	(1,710)
Interest Income	(286)	4
Finance Costs	124	151
Share based Payments Changes in fair value on financial instruments	86 ~ 196	93 987
Share of net (profit)/loss of Joint Venture	l 64	(7)
	I
Change in operating assets and liabilities
(lncrease)/Decrease in trade receivables	I 1,251	1,864
(lncrease)/Decrease in inventories	(8,576)	4,109
(lncrease)/Decrease in loans	(58)	227
(lncrease)/Decrease in other financial asset	(321) I	(881)
(lncrease)/Decrease in other non-current asset	150	8
(lncrease)/Decrease in other current asset	(741)	(666)
lncrease/(Decrease) in trade payables	2,059	485
lncrease/(Decrease) in provisions	450	(297)
lncrease/(Decrease) in other non-current liabilities	(8) I}	(14)
lncrease/(Decrease) in other current liabilities lncrease/(Decrease) in other financial liabilities	(1,012) 2,051	(732) 963
	=
Cash generated from operations	= 15,039	17 671
Income taxes paid (net of refunds)	(4,328)	(2,881)
Net cash inflow from operating activities	10,711	14,790
Cash flows from investing activities
Payments towards purchase of property, plant and equipment	(3,112)	(1,107)
Proceeds from Redemption of Mutual Funds (Net)	~ 7,510
Proceeds from sale of property, plant and equipment	526	4
Purchase of investment-Mutual Funds (Net)	0	(4,090)
Purchase of non-current investment		(795)
Investment in Bank Deposit with maturity of more than 3 months	(6,266)
Dividend received Interest received	~~ 215	1,710 8
	- ---,
Net cash (outflow) from investing activities	(1,127)	(4 270)
Cash flows from financing activities	;1'
Interest paid Dividend paid	(124)	(54)
Payment of lease liabilities	(10,518) r (386)	(8,304) (555)
	.!
Net cash (outflow) from financing activities	' (11,028) u.~	(8,913)
Net increase/(decrease) in cash and cash equivalents	It-,._ (1,444) -	1,607
Add : Cash and cash equivalents at the beginning of the period	1,930	1,263
Cash and cash equivalents at end of the period as reported in balance sheet	486 -	2,870

Review Report

The Board of Directors M/s. Grindwell Norton Limited 5th Level, Leela Business Park, Andheri- Kurla Road, Marol, Andheri (East) Mumbai- 400 059

• 1. We have reviewed the unaudited standalone financial results of Grin dwell Norton Limited (the "Company") for the quarter and the half year ended September 30, 2021 which are included in the accompanying 'Unaudited Standalone Financial Results for the quarter and half year ended September 30, 2021', the unaudited standalone statement of assets and liabilities as on that date and the unaudited standalone statement of cash flows for the half year ended on that date (the "Statement") . The Statement has been prepared by the Company pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"), which has been initialled by us for identification purposes.
• 1. This Statement, which is the responsibility of the Company's Management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, 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 in accordance with the Standard on Review Engagement (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement.
• 1. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and, accordingly, we do not express an audit opinion.

Price Waterhouse Chartered Accountants LLP, Nesco IT Building III, 8th Floor, Nesco IT Park, Nesco Complex, Gate No. 3 Western Express Highway, Goregaon East, Mumbai - 400 063 T: +91 (22) 61198000, F: +91 (22) 61198799

Registered office and Head office: Sucheta Bhawan , 11A Vishnu Digambar Marg, New Delhi 110 002

Price Waterhouse (a Partnership Firm) converted into Price Waterhouse Chartered Accountants LLP (a Limited Liability Partnership with LLP identity no: LLPIN AAC-5001) with effect from July 25, 2014. Post its conversion to Price Waterhouse Chartered Accountants LLP, its ICAI registration number is 012754N/N50001 6 (I CAI registration number before conversion was 012754N)

Grindwell Norton Limited Standalone financial results Quarter and half year ended September 30, 2021 Page 2 of 2

1. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the Statement has not been prepared in all material respects in accordance with the applicable Indian Accounting Standards prescribed under Section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India, and has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations including the manner in which it is to be disclosed, or that it contains any material misstatement.

For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 012754N/N500016

Sachin Parekh Partner Membership Number: 107038 UDIN: 21107038MAAGA1403

Mumbai November 3, 2021

GRINDWELL NORTON LIMITED Regd. Office: Leela Business Park, 5th Level. Andheri-Kurla Road, Marol, Andheri (E), Mumbai 400 059, Tel.: 022-40212121 • Fax: 022-40212102 • Email: sharecmpt gno@saint-gobain com• Website: www.grindwellnortonco.in CIN - L26593MH1950PLC008163

UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021

							(Rs. in Lakhsl
			Quarter ended		Hall year ended		Yearemfed
		30-09-2021 (Unaudited)	30-06-2021 (Unaudited)	30--09-2020 (Unaudited)	30-09-2021 (Unaudited)	30-09-2020 (Unaudited)	31-03-2021 (Audited)
1	Income
	(a) Gross Sales and Service Income /bl Other Ooeratino Income	50,926	43,443	43,495 2M	94,369	66,374 445	162,255
	Revenue from Operations (a+b)	315 51,241	315 43,758	43,779	630 94,999	66,819	1 035 163,290
	le) Other Income	1.009	1.423	761	2 432	3,359	5,097
	Total Income	52 250	45181	44 540	97,431	70,178	168,387
2	Expenses
	(a) Cost of materials consumed	18,982	17,802	14,397	36,784	22,242	53,562
	(b) Purchases of Stock-in-Trade	6,013	5,854	2,607	11 ,867	5,119	16,530
	(c) Changes in inventories of finished goods. wor1<-in
	progress and stock-in-trade	(1,019)	(4,513)	3,604	(5,532)	3,592	3,155
	(d) Employee benefits expense	6,138	5,696	5,030	11,834	9,525	20,542
	(e) Depreciation and amortisation expenses	1,275	1,339	1,329	2,614	2,532	5,189
	(I) Power & Fuel (g) Finance costs	I 1,833 65	1,806	1,507 66	3,639 116	2,407 142	5,853
	/hl Other expenses	- 9,108	51 8 296	7,447	17 404	12,822	324 31 268
	Total Expenses	42 395	36 331	35,987	78 726	58 381	136 423
3	Profit before tax 11 - 2)	9 855	8 850	8 553	18,705	11 797	31 964
4	Tax expense
	(a) Current Tax	2,585	2,332	2,308	4,917	2,764	7,874
	(b) Deferred Tax Charge/(Credit)	(61 )	(66	(121)	(127)	(162)	(118)
5	Net Profit for the oeriod 13 - 4)	7,331	6,584	6 366	13 915	9 215	24,208
6	other comprehensive income, net of income tax (a) Items that will not be reclassified to profit or loss	(58)	(60)	(60)	(118)	(1,574)	2,410
	(b) Income tax relating to items that will not be reclassified to Profit or Loss	14	15	15	29	466	(451)
	Total other comprehensive income, net of income tax	(441	1451	(45)	189)	11 ,108)	1 959
7	Total comprehensive income for the Period 15 + 61	7,287	6 539	6 321	13 826	8107	26 167
8	Paid-up eQuitv share capital (Face value Rs_5/- oar share)	5 536	5 536	5 536	5 536	5 536	5 536
9	Reserves and Surplus excluding Other Reserves as per balance sheet of orevious accountina vear						117,640
	10 Earnings per equity share of Rs 51- each (not				l
	annualised):
	(a) Basic (in Rs.)	6.62	5.95	5.75	12.57	8.32	21.86
	(bl Diluted (in Rs.)	6.62	5.95	5.75	12.57	8.32	21 .86
	See accompanying notes to the financial results				:

	GRINDWELL NORTON LIMITED
Notes:
1	The above results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on November 3, 2021
2	The above said results are prepared in accordance with the Indian Accounting Standards (Ind AS), as amended, specified under Section 133 of the Companies Act, 2013_ The statutory auditors of the Company have carried out a Limited Review of the above results_
3	The Segment wise information as required by Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is furnished in Annexure I.
4	Refer Annexure II and Ill for Unaudited Standalone Statement of Asset and Liabilities and Statement of Cash Flows respectively.
5	The financial results are available on the BSE Limited website, www.bseindia.com, National Stock Exchange of India Limited website,www.nseindia.com and on the Company's website, www.grindwellnorton.co.in
6	Previous period figures have been re-grouped / re-classified wherever necessary, to conform to current period's classification In order to comply with the requirements of the amended Schedule Ill to the Companies Act, 2013 effective 1st April 2021 .

November 3, 2021 For GRINDWELL NORTON LIMITED

' • • ' • . 1••

./

r

B. Santhanam Managing Director Director Identification No_ 00494806

GRINDWELL NORTON LIMITED
	STANDALONE SEGMENT WISE REVENUE, RESULTS, ASSETS AND LIABILITIES
						(Rs. in Lakhs)
		Quarter Ended			Half Year Ended	Year Ended
	30-09-2021 (Unaudited)	30-06-2021 (Unaudited)	30--09-2020 (Unaudited)	30-09-2021 (Unaudited)	30-09-2020 (Unaudited)	31--03-2021 (Audited)
1 Segment Revenue (a) Abrasives (b) Ceramics & Plastics (c) IT services (d) Others Total Less: Inter-Segment Revenue Revenue from Ooeratlons	I 30,787 16,511 3,354 871 51,523 282 51 ,241	24,318 15,240 3,432 943 43,933 175 43,758	26,080 14,151 3,050 908 44,189 410 43,779	55,105 31,751 6,786 1,814 95,456 457 94,999	36,402 22,663 6,044 2,171 67,280 461 66,819	93,283 54,469 12,607 4,029 164,388 1,098 163,290
2 Segment Results (a) Abrasives (b) Ceramics & Plastics (c) IT services (d) Others Total Less: (1) Interest (2) Other unallocable (Income)/ Expenditure (net)	4,618 ~ 3,776 957 128 9,479 65 (441) ~	2,980 3,758 936 166 7,840 51 (1,061)	3,742 3,301 1,040 213 8,296 66 (323)	7,598 7,534 1,893 294 17,319 116 (1,502)	2,738 4,882 1,698 383 9,701 142 (2,238)	11,197 13,199 3,666 897 28,959 324 (3,329)
Profit Before Tax	- - 9,855	8,850	8,553	18,705	11,797	31,964
3a Segment Assets (a) Abrasives (b) Ceramics & Plastics (c) IT services (d) Others (e) Unallocated Total Seamen! Assets	62,181 35,341 5,052 1,601 87,320 191,495	64,563 34,019 4,319 1,636 88,024	46,551 28,667 5,502 4,965 70,211 155,896	62,181 35,341 5,052 1,601 87,320	46,551 28,667 5,502 4,965 70,211 1s·5,89&	57,834 31,634 4,532 1,437 88,825
		192,561		191.495		184,262
3b Segment Liabilities (a) Abrasives (b) Ceramics & Plastics (c) IT Services (d) Others (e) Unallocated Total Segment Liabilities	I 26,048 11,402 2,058 rn 1,255 11 ,634 52,397	23,548 13,492 1,365 962 10,905 50,272	16,441 10,637 1,851 3,390 6,014 38,333	26,048 11,402 2,058 1,255 11 ,634 52,397	16,441 10,637 1,851 3,390 6,014 38,333	24,121 12,151 1,669 723 9,892 48,556

GRINDWELL NORTON LIMITED

Annexure I

	GRINDWELL NORTON LIMITED	Annexure II
Unaudited Standalone Statement of Assets & Liabilities as at September 30, 2021		(Rs. in Lakhs)
	As At
	30-09-2021	31-03-2021
	(Unaudited)	(Audited)
A Assets
Non-current Assets
Property, Plant and Equipment	32,916	32,855
Right-of- use-asset	897	1,049
Capital Work in Progress	3,608	2,379
Goodwill	49	49
Other Intangible Assets	818	857
Financial Assets
i. Investments	20,598	21,237
ii. Loans	B 113	79
ii i. Other Financial Assets	737	897
Other Non-current Assets	- 1.551	1,930
	61,287	61 332
Current Assets
Inventories	39,717	31,462
Financial assets
i. Investments	45,979	52,140
ii. Trade Receivables iii. Cash and Cash Equivalents	18,908	19,976 1,590
iv. Bank balances other than (iii) above	283 16,902	10,618
v. Loans	42	31
vi. Other financial assets	2,302	1,763
Other current assets	6,075	5,350
	130,208	122,930
Total Assets	191 ,495	184,262
B Equity and liabilities
Equity
Equity Share Capital	5,536	5,536
Other Equity	133,562	130,170
	~~- 139,098	135,706
Liabilties	r=~ I
Non-current Liabilities	I
Financial Liabilities
i. Lease liabilities	347	467
Provisions	2,825	2,591
Deferred Tax Liabilities (Net)	1,804	1,932
Other Non-current Liabilities	62	70
	5,038 F	5,060
Current Liabilities	;:,
Financial Liabilities
i. Lease liabilities	510	570
ii. Trade Payables
(a) Total outstanding dues of micro and small enterprises	491	546
(b) Total outstanding dues of creditors other than (ii)(a) above	32,547 ti	30,681
iii. Other Financial Liabilities
Provisions	7,859 2,597	5,635 2,263
Current Tax Liabilities (Net)	1,244	679
Other Current Liabilities
	I. 2,111	3,122
Total Equity and Liabilities	47,359 5	43 496
	191,495	184,262

		Annexure Ill
GRINDWELL NORTON LIMITED
Unaudited Standalone Statement of Cash Flows for the half year ended September 30, 2021
	(Rs. in Lakhs)
	Half year ended
	30-09-2021 IUnaudltedl	30-09-2020 IUnauditedl
Cash flow from operating activities	ll
Profit before tax	18,705	11,797
Adjustments for;	~
Deprecialion expense and amortization expenses	2,614	2,532
l.oss/(Profil) on assets discarded/sold (net)	(502)	3
Gain on Redemption of Mulual Funds	} (907)	(1,636)
Unrealised (gain)/loss on foreign exchange	(27)	195
Dividend income		(1,710)
Interest Income	I (286)	4
Finance Costs	116	142
Share based Payments	86	93
Changes in fair value on financial instruments	196 p	987
Change in operating assets and liabilities
(lncrease)/Decrease in trade receivables	1,071	1,460
(lncrease)/Decrease in inventories	(8,255)	3,928
(lncrease)/Decrease in loans	(45)	227
(lncrease)/Decrease in other financial asset	(339) ■	(900)
(lncrease)/Decrease in other non-current asset	150	8
(lncrease)/Decrease in other current asset	(726)	(183)
lncrease/(Decrease) in trade payables	1,835	514
lncrease/(Decrease) in provisions	450	(296)
lncrease/(Decrease) in other non-current liabilities	(8)	(14)
tncrease/(Decrease) in other current liabilities	(1,013)	(633)
lncrease/(Decrease) in other financial liabilities	2,030 ,	963
Cash generated from operations	,_~~ 15,145	17,481
Income taxes paid (net of refunds)	' (4,323) I	(2,854)
Net cash inflow from operatlna activities	I ' II! 10,822	14,627
Cash flows from investing activities	~
Payments towards purchase of property, plant and equipment	(3,105)	(1,099)
Proceeds from sale of property, plant and equipment	527	4
Sale of investment-Mutual Fund (net)	7,510
Purchase of investment-Mutual Funds (Net)		(4,090)
Purchase of non-current investment	p	(795)
Investment in Bank Deposit with maturity of more than 3 months	(6,266)
Dividend received Interest received	215	1,710 8
Net cash (outflow) from investing activities	~ ~ (1,119)	(4 262)
Cash flows from financing activities
Interest paid	~· (116)	(54)
Dividend paid	(10,518)	(8,304)
Payment of lease liabilities	(376)	(538)
Net cash (outflowl from flnanclna activities	- (11 ,010) l .:-:	(8,896}
Net increase/(decrease) In cash and cash equivalents	~ (1 ,307)	1,469
Add : Cash and cash equivalents at the beginning of the period	~ 1,590	531
Cash and cash equivalents at end of the period as reported in balance
sheet	283 ~	2,000