Grindwell Norton Ltd. — Regulatory Filings 2024

May 6, 2024

May 6, 2024

National Stock Exchange of India Limited BSE Limited "Exchange Plaza" Phiroze Jeejeebhoy Towers Bandra Kurla Complex Dalal Street Bandra (East) Fort Mumbai 400 051 Mumbai 400 001

Symbol: GRINDWELL Scrip Code No. 506076

Dear Sir/Madam,

Sub: Outcome of Board Meeting and Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015

The Board of Directors of the Company at their meeting held on today i.e. May 6, 2024, considered, approved and recommended the following:

Financial Results:

The Audited Standalone and Consolidated Financial Results of the Company for the quarter and financial year ended March 31, 2024, ("Financial Statements") have been approved by the Board of Directors. In this regard, we enclose herewith the Audited Standalone and Consolidated Financial Statements of the Company for the quarter and year ended March 31, 2024, and also the Auditor's Report for the year ended March 31, 2024, issued with an unmodified opinion on the financial statements by M/s. Kalyaniwalla & Mistry LLP, Chartered Accountants (Firm Registration No. 104607W/W100166), Statutory Auditors of the Company.

The detailed Standalone and Consolidated Financial Statements of the Company would be available on the website of the Company, www.grindwellnorton.co.in.

Dividend:

The Board of Directors have recommended a dividend of ₹17/- per equity share (340%) of ₹5/- each for the financial year 2023-24, subject to the approval of the Members at the ensuing Annual General Meeting ("AGM") of the Company to be held on Thursday, July 18, 2024.

If the Dividend, as recommended by the Board of Directors, is approved at the AGM, payment of such dividend will be made on or from Monday, July 22, 2024, as under:

• i. to all Beneficial Owners in respect of shares held in dematerialised form as per the data as may be made available by the National Securities Depository Limited ("NSDL") and Central Depository Service (India) Limited ("CDSL") as of the close of business hours on Tuesday, July 9, 2024.
• ii. to all Members in respect of shares held in physical form after giving effect to valid transmission or transposition requestslodged with the Company as of the close of business hours on Tuesday, July 9, 2024.

.. 2 ..

Book Closure:

The Register of Members and Share Transfer Books of the Company will remain closed from Wednesday, July 10, 2024 to Thursday, July 18, 2024 (both days inclusive) for the purpose of the AGM and for the payment of dividend, subject to the approval of the Members at the ensuing AGM of the Company.

Change in Directors:

a) Retirement of Mr. Krishna Prasad, Whole-Time Director designated as Executive Director:

As per the policy of the Company, Mr. Krishna Prasad (Director Identification No. 00130438), Whole-Time Director designated as Executive Director of the Company will be retiring effective May 6, 2024, and there were no other material reasons for relinquishing the position of Executive Director. The Board of Directors of the Company has noted and taken on record the retirement of Mr. Krishna Prasad.

b) Appointment of Mr. Kaustubh Govind Shukla as a Non-Executive Director and Independent Director:

Based on the recommendation of the Nomination and Remuneration Committee, the Board of Directors at its meeting held today has recommended the appointment of Mr. Kaustubh Govind Shukla (Director Identification No. 10580359) as a Non-Executive Director and Independent Director on the Board of the Company for a tenure of five (5) consecutive years with effect from July 18, 2024, subject to the approval of the Members at the ensuing Annual General Meeting ("AGM") of the Company. The Company has received necessary disclosures from him regarding his appointment as a Director. Mr. Kaustubh Govind Shukla is not debarred or disqualified from holding the office of Director by virtue of any order passed by Securities and Exchange Board of India or any other authority.

The brief profile and other relevant details of Mr. Kaustubh Govind Shukla are annexed herewith.

c) Re-appointment of Mr. Subodh Satchitanand Nadkarni as a Non-Executive, Independent Director:

Based on the recommendation of the Nomination and Remuneration Committee, the Board of Directors at its meeting held today has re-appointed Mr. Subodh Satchitanand Nadkarni (Director Identification No. 00145999) as a Non-Executive, Independent Director on the Board of the Company for a second term of five (5) consecutive years with effect from July 25, 2024, subject to the approval of the Members at the ensuing AGM of the Company. The Company has received necessary disclosures from him regarding his appointment as a Director. Mr. Subodh Satchitanand Nadkarni is not debarred or disqualified from holding the office of Director by virtue of any order passed by Securities and Exchange Board of India or any other authority.

The brief profile and other relevant details of Mr. Subodh Satchitanand Nadkarni are annexed herewith.

d) Appointment of Mr. Venugopal Shanbhag as a Whole-Time Director designated as Executive Director:

Based on the recommendation of the Nomination and Remuneration Committee. the Board of Directors at its meeting held today has appointed Mr. Venugopal Shanbhag (Director Identification No. 08888359) as an Additional Director of the Company with effect from May 7, 2024. Pursuant to sub-section (1) of Section 161 of the Companies Act, 2013, Mr. Venugopal Shanbhag will hold office up to the date of ensuing AGM of the Company.

Consequent to the retirement of Mr. Krishna Prasad. Executive Director of the Company and based on the recommendation of the Nomination and Remuneration Committee, the Board of Directors at its meeting held today has also appointed Mr. Venugopal Shanbhag, Whole-Time Director designated as Executive Director of the Company for a period of five (5) years with effect from May 7, 2024, subject to the approval of the Members at the ensuing AGM of the Company.

The Company has received necessary disclosures from him regarding his appointment as a Director. Mr. Venugopal Shanbhag is not debarred or disqualified from holding the office of Director by virtue of any order passed by Securities and Exchange Board of India or any other authority.

Annual General Meeting:

The 74th Annual General Meeting of the Company will be held on Thursday, July 18, 2024 through Video Conferencing ("VC")/ Other Audio Visual Means ("OAVM") pursuant to MCA General Circular No. 9/2023 dated September 25, 2023.

The Board Meeting commenced at 12:30 p.m. IST and concluded at 2:30 p.m. 1ST.

The details as required under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, are annexed.

The above information is also available on the website of the Company, www.grindwellnorton.co.in.

Kindly take the same on record.

Thanking you,

Yours faithfully, For Grindwell Norton Limited

KRISHNASWAM Y VISWESWARAN Digitally signed by KRISHNASWAMY VISWESWARAN Date: 2024.05.06 14:51:54 +05'30'

K. Visweswaran Company Secretary Membership No. A16123

Encl: as above.

.. 4 ..

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Details under amended Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read along with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023

Retirement of Mr. Krishna Prasad, Whole-Time Director designated as Executive Director

Particulars	Details
Reasons for change viz Appointment, re appointment, resignation, removal, death or otherwise	Retirement The office of Mr. Krishna Prasad ends on February 2, 2027, however he decided to retire effective May 6, 2024
Date of appointment/re appointment/cessation (as applicable) & term	Mr. Krishna Prasad ceases to be a Whole-Time Director of the Company effective May 6,
of appointment/re-appointment	2024
Brief Profile (in case of appointment)	Not Applicable
Disclosure of relationships between directors (in case of appointment of a director)	Not Applicable

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Details under amended Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read along with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023

Appointment of Mr. Kaustubh Govind Shukla as a Non-Executive Director and Independent Director

Name of the Director	Mr. Kaustubh Govind Shukla
Director Identification Number	10580359
Date of appointment	July 18, 2024
Term of appointment	five (5) consecutive years with effect from July 18, 2024
Brief Profile	Currently, he serves as an Advisor to Godrej & Boyce Mfg Co Ltd. providing inputs on Strategy, Technology and Business Development. He was formally the Chief Operating Officer (COO) of the Industrial Products Division at Godrej & Boyce for nearly two decades (from 2002 till Aug 2021). • The Industrial Products Division (a Strategic Business Unit) is a consortium of four Divisions, each serving different industry segments. Process Equipment - Serving Oil & o Gas, Petrochemical, Power, Fertilizers. Tooling - Serving Auto (Two & o Four-Wheelers), Railways, Consumer Durables. Aerospace - Space, Civil Aviation, o Defence. Precision Engineering - Nuclear o
	Power, Land and Naval Systems for Defense, Wind & Steel. • The independent SBU is responsible for all business functions; there is dual reporting for Finance & Personnel, Legal counsel & EXIM compliances are handled at corporate level. • He has successfully led the Divisions to evolve as leaders in respective industries and emerge as organizations of choice by
	customers, employees, and vendors with specific emphasis on Values, Ethics and Sustainability.

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.. 6 ..

Details under amended Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read along with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023

Appointment of Mr. Kaustubh Govind Shukla as a Non-Executive Director and Independent Director

	Three of the Four Divisions were awarded • with TPM Excellence by Japan Institute of Plant Maintenance JIPM, and one of the Division received the CII-EXIM Business Excellence Award. Prior to the COO role, he has managed • senior positions across different divisions in functions like Marketing, Sales, HR, Manufacturing & Systems.
	He has been an active participant in several prominent industry associations and served them in different capacities. A few of them are:
	Trustee of the Indian Nuclear Society. • Co- Chairman of SIDM's Aeronautical • Sub-committee. Secretary of the Indian Atomic Industries • Forum. Member of National Defence Committees • of CII and FICCI.
	Member of Board of the TPM Club of India under CII Institute of Quality
Disclosure of relationships between directors (in case of appointment of a director)	Not related to any Director/Key Managerial Personnel

.. 7 ..

Details under amended Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read along with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023

Re-appointment of Mr. Subodh Satchitanand Nadkarni as a Non-Executive, Independent
Director

Name of the Director	Mr. Subodh Satchitanand Nadkarni
Director Identification Number	00145999
Date of re-appointment	July 25, 2024
Term of re-appointment	Second term of five (5) consecutive years with effect
	from July 25, 2024
Brief Profile	Mr. Subodh Nadkarni holds a Bachelors' Degree in
	Commerce from University of Mumbai. He isa
	Fellow Member of The Institute of Chartered
	Accountants of India and The Institute of Company
	Secretaries of India. He was associated with Godrej
	Soaps Limited as the Financial Controller. He was
	the Managing Director and CEO of Sulzer India
	Limited. He has more than 40 years of experience
	and held various senior management and leadership
	positions across Asia, Middle East and Europe in
	Sulzer Group, Switzerland. Currently, he is an
	Independent Director on the Company Boards in
	India, USA and Egypt
Disclosure of relationships between	Not related to any Director/Key Managerial
directors (in case of appointment of a	Personnel
director)

.. 8..

Details under amended Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read along with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023

Appointment of Mr. Venugopal Shanbhag as Whole-Time Director designated as Executive Director

Name of the Director	Mr. Venugopal Shanbhag
Director Identification Number	08888359
Date of appointment	May 7, 2024
Term of appointment	for a period of five (5) years with effect from
	May 7, 2024
Brief Profile	Mr. Venugopal Shanbhag joined Grindwell Norton
	Limited in 1991 and since then has worked in
	multiple functions and locations of Abrasives and
	Mobility businesses of Saint Gobain group in India.
	He had one year stint at Grinding Technology
	Centre at Saint-Gobain USA during 1995-96. He
	was on an expatriation assignment as Managing
	Director of Saint-Gobain Sekurit Thailand till
	August 2020 and Managing Director of
	Saint-Gobain Sekurit India Limited till May 4, 2024
Disclosure of relationships between	Not related to any Director/Key Managerial
directors (in case of appointment of a	Personnel
director)

KALYANIWALLA & MISTRY LLP

C HAR T ERED ACCOUNT ANTS

INDEPENDENT AUDITOR 'S REPORT TO THE BOARD OF DIRECTORS OF GRIND WELL NORTON LIMITED

Report on the Audit of the Standalone Financial Results

Opinion

We have audited the accompanying Standalone Financial Results of GRIND WELL NORTON LIMITED ("the Company") for the year ended March 3 r, 2024, attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (SEBJ) (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("LODR Regulations"), duly initialled by us for identification.

In our opinion and to the best of our information and according to the explanations given to us, these standalone financial results:

• i) are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
• ii) give a true and fair view in conformity with the recognjtion and measurement principles laid down in the applicable accounting standards generally accepted in Tndia of the net profit and other comprehensive income and other financial information for the year ended March 3 I, 2024.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013 (the Act). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Standalone Financial Results section ofour report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Eth ics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our op1111on.

Board of Directors' Responsibilities for the Standalone Financial Results

These Standalone financial Results have been prepared on the basis of the annual standalone financial statements. The Company's Board of Directors are responsible for the preparation and presentation of these standalone financial results that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the fndian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the LODR Regulations. The Board of Directors of the Company are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

cf!

LL P IN • AAH · 3437 REGISTERED OFFICE: ESPLANADE HOUSE , 29, HAZARIMAL SOMANI MARG , FORT, MUMBAI 400 001 TEL.: (91) ( 22) 6158 6200, 6158 7200 FAX · (91) (2 2 ) 6158 6275

In preparing the Standalone Financial Results, the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the standalone financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone Financial Results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone financial results, whether due to fraud or error, design and perfom, audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsib le for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the standalone financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the ove.rall presentation, structure and content of the standalone financial results, including the disclosures, and whether the standalone financial results represent y e underlying transactions and events in a manner that achieves fair presentation .

. i i .v

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matter

The Standalone Financial Results include the results for the quarter ended March 31, of the respective financial years, being the balancing figures between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the end of the third quarter of the relevant financial year which were subjected to limited review by us.

Our opinion on the Standalone Financial Results is not modified in respect of the above matter.

For KALYANIWALLA & MISTRY LLP

CHAR TERED ACCOUNTANTS Firm Regn. No.: 104607W / WI00l66

(J /7

Daraius PARTNE M. No.: 424 4 UDIN: 24042454BKBKCS9306

Mumbai: May 6, 2024.

GRINDWELL NORTON LIMITED

Regd. Office: Leela Business Park, 5th Level, Andheri-Kurla Road, Maret, Andheri (E), Mumbai 400 059. Tel.: 022-402121 21 • Fax: 022-40212102 • Email: sharecmpt.gno@saint-gobain.com • Website: www.grindwellnorton.co.in

CIN- L26593MH 1950PLC008163

STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2024

						('t I La kh S) n
			Qu te nd ed ar r e		Ye ar	de d en
		31 -0 3- 20 24 (R ef 3) ot er n e	31 -1 2- 20 23 (U ud ite d) na	31 -0 3- 20 23 & (R ef 3 4) te er no	31 -0 3- 20 24 (A ud ite d)	31 -0 3- 20 23 (A ud ite d) (R ef e 4 ) ot er n
1	In co m e fr O (a) R rat ion ev en ue om pe s				r
	(I) Sa le of od d S vic Inc ts pr uc an er e om e	.78 4 67	64 ,73 1	65 ,63 2	26 3,4 22	25 0,7 61
	lii \ O Oo th at ina In er er co me	36 1	43 3	39 0	1,7 46	1,6 14
	Re e f Op ion s ( i+I I) at ve nu ro m er	68 ,14 5	65 ,16 4	65 ,92 2	26 5,1 68	25 2, 37 5
	\ O lb th In er co me	1,7 29	1,3 83	2, 11 6	6 83 1 0	5,6 01
	To l I ta nc om e	- 69 ,87 4	66 ,54 7	68 ,03 8	27 1, 99 9 "	25 7,9 76
2	Ex pe ns es (a ) C f m ial d t o at os er s c on su me (b ) P ch f S ck -in -T de to ur as es o ra	21 ,5 62 8, 97 0	20 ,63 6 7,9 00	20 ,25 4 6, 82 6	87 ~32 4 33 ,33 1	92 ,3 19 26 ,70 8
	(c) C ha in in rie f fi nis he d od rk- in nto ng es ve s o go s, wo d s k- in- de toc tra pr og re ss an (d) E be fits ee ne ex ns e	33 4 8, 90 2	44 6 7,7 49	2,7 35 8,3 92	(9 62 ) 32 ,29 1	,45 (2 1) 29 ,44 4
	loy mp pe (e) F ina ts nc e c os	16 7	17 2	16 9	2 69	75 3
	(f) De iat ion nd rtis at ion pr ec a a mo ex pe ns e	1,8 91	1,6 99	1,4 81	6,8 83	5, 81 1
	/a l O th er ex oe ns es	15 ,89 4	15 35 ,7	14 .43 0	61 ,63 7	56 ,30 8
	To l E ta xp en se s	57 ,72 0	54 ,33 7	54 ,28 7	22 1,1 96	20 8, 89 2
3	Pr of it be fo io l It nd x ( 1 - 2) pt ta re ex ce na em a	12 ,15 4	12 ,21 0	13 ,75 1	50 ,80 3	49 ,08 4
4	Ex pU al ite (R ef te 5) ce on m er no		-	-	(3 20 )	-
5	Pr of it be fo x ( 34 ) ta re	12 ,15 4	12 ,21 0	13 ,75 1	50 ,48 3	49 ,08 4
6	Ta x e xp en se (a ) C Ta nt ur re x	2,6 08	3,0 94	3, 61 3	12 ,17 3	12 ,70 2
	(b) D ef d T C ha e/ (C dit ) er re ax rg re Ne t P fit fo he rio d - 6 r t	19 6	(9 3)	(80 ) 10 8	23 8 38 2	(2 09 ) 36 ,59 1
7 8	(5 ) ro pe Ot he eh siv e i e/( lo ), f I Ta t o r c om pr en nc om ss ne nc om e- x (a) It s t ha t w ill t b cla ifie d to of it o r lo em no e re ss pr ss R of plo t b ef its nt st em ea su re me po em ym en en - Ga in/ (lo ) ob lig at ion s - ss	9,3 50 26 5	9,2 09 (32 )	,21 13 7	,07 15 6	(1 12 )
	C ha e i n f ai alu f e ity in Fa ir V alu str ts at ng r v e o qu um en e - th h Ot he r C eh siv Inc e ( FV OC I) - G ain ro ug om pr en e om (b ) I lat ing th ite tax to nc om e- re es e ms	2, 91 0	-	1,0 70	2, 9 10	82 3
	C nt ta ur re x - D efe d t rre ax -	(66 ) (5 39 \	8 -	(3 5) 11 07 \	,/3 9) 53 9 -	28 (51 1
	To l o th eh siv in e/( lo ), f I Ta ta t o er co m pr en e co m ss ne nc om e- x	2,5 70	(2 4)	1,0 65	2,4 88	68 8
9	To l C eh siv In e f th io d 17 81 ta co m om pr en e or e o er +	11 ,92 0	9, 18 5	11 ,28 3	40 ,56 0	37 ,27 9
10	Pa id- ity sh ita l ( Fa lue t 5/ sh e) up e qu ar e c ap ce va - p er ar	5,5 36	5,5 36	5,5 36	5,5 36	5, 53 6
11	Re nd S plu clu din Re lua tio Re se rve s a ur s, ex g va n se rve				19 9,2 33	17 4,5 64
12	Ea in ity ha f, /. ch (n al ise d) 5 ot rn gs p er e qu s re o ea an nu : ) (a) B ic (in t as ) (b l D ilu d (in t te	8.4 4 8.4 4	8.3 2 8.3 2	9.2 3 9.2 3	34 .39 34 .39 .-,	33 .05 33 .05
	Se ing th nd alo fin cia l r ult ot ta ta e a cc om pa ny n es e s ne an es s

N ot es	:	G RI ND W EL L N O	RT O N LI M IT ED
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2	Th St da lon Fi ial R ult ed i rd ith he nit ion nd rin cip les f I nd ian A ing t t p nt e an e na nc es s ar e pr ep ar n ac co an ce w r ec og a m ea su re m en o cc ou St (In AS ), S of Co da rd d de d, rib ed nd tio 13 3 th nie s A ct , 2 01 3, ad ith lev t R ule iss d th nd an s as a m en p re sc er ec n e m pa re re an s ue er eu er u w d th th nti rin cip les al ly ed in In dia pt an e o er a cc ou ng p g en er ac ce
3	fig f Th th te nd ed M e ur es or e qu ar r e fin cia l y nd th bl ish ed r t an ea r a e pu y ea	ch 3 1, 20 24 nd M ch 3 ar a ar o d fig hir d at pt o t e ur es u qu ar	fig 1 , 2 02 3 th ba lan cin b ar e e g ur es f t he tlv fin cia l y te r o re sp ec e an ea rs	fig fo fu et ud ite d r t he ll we en a ur es
Co f P RS Du rin th te nd ed J 30 , 2 02 2, th h ad uir ed 1 00 % ity ha P el Pr iva te L im g e qu ar r e un e e m pa ny a cq e qu s re s o er m ac 4 ide tio ff 1 2, 11 2 lak hs . S ub tly Sc he of A al ion f P RS (" th Sc he '') wi th th t t at co ns ra n o se qu en , p ur su an o a m e m ga m o e me l C (N CL T) ed b th Na tio L T rib al ide it de r d at ed J 22 . 2 02 3. ll t he et d lia bil itie ap pr ov e na om pa ny aw un s or un e a a ss s an y , v lue fe d nd d in th Co ith ffe fro Ma 27 , 2 02 2, b ein th int ed d tra to te ct at va w er e ns rre a v es e m pa ny w e m y g e ap po e. ide tio id d ab th fa ir v al f t he nd lia bil itie ke ing f lak hs h et ta nt to 4, 63 0 co ns ra n pa ov er an ov e e ue o a ss s a s n ov er a m ou av e G dw ill as oo Th fig fo he vio iod ha b d, ith ffe fro Ma 27 , 2 02 2, ive ffe th Sc he Th r t sta te ct to ct to e ur es p re us p er s ve ee n re w e m y g e e m e.
	ini th vi rio ds b ef rta to pe ng e p re ou s pe	ivi ffe th id Sc ct to or e g ng e e sa	he d ub lis he d rlie m e an as p ea r w er	de e a s un r: in L ak hs
			Q nd ed rte ua r e	(f Ye nd ed ar e
	Pa rtic ula	rs	31 -0 3- 20 23	31 -0 3- 20 23
			(U ud ite d) na	I A ud ite d}
	To l In ta co m e		63 ,71 1	24 2, 00 5
	To l E ta xo en se s		50 ,43 7	19 08 5, 7
	Ta x ex pe ns e		3, 38 6	11 ,84 9
	Ne t P fit fo he iod r t ro p er		9, 88 8	35 06 9
	Ot he eh siv inc t o f In r c om pr en e om e. ne	1,0 65	68 8
	fl Ea ing itv ha (i (B rn s pe r e gu s re n as	ic d Di lut ed ) an	8. 93	31 .67
	To ta l A et ss s			23 2, 81 9
	To l E itv ta gu	53 To ta l L iab lili tie s
				17 8, 91 4 .90 5
5	Th Co h d Sh te e m pa ny as e xe cu a ar Re fra rie Ind ia Pr iva L im ite d fo cto te s Oc be fo sid ion to r 2 6, 2 02 3, at r a c on er Th Co h d fo he nte r t e m as a cc ou	Sa le d Pu ha A e an rc se gr ee m he ale f 4 9% f i uit r t ts s o o eq ff la kh Th do si 8 07 tr o s. e ng lo le of in st t o ss o n sa ve m en	ith S hl R ef rie Co t w cto en na ga wa ra s ke h eld in S G Sh ina R sta y ga wa sf du s h e b an er p ro ce re av ee n co m ff 32 0 lak hs ion al ite a s a n ex ce m	. L td . ( Ja n) nd S G Sh ina pa , a ga wa ef rie Ind ia Pr iva L im ite d cto te ra s on ple d N be te r 3 0, 2 02 3. on ov em in th nd alo fi ial lts sta e ne na nc re su
6	pa ny Th Bo d of D ire it ing cto at et e ar rs s me irin 49 % ak in th uit st ac qu g a e e eq y th Co d Sh eh old te e m pa ny e xe cu a ar Co bs ibe d 4 9% ity to m pa ny su cr e qu s	h eld De be r 2 2, 2 02 o n ce m sh pit al In Ad ed S ar e ca va nc yn s A nd S ha Iss t a er gr ee m en re SM ha ffe d by A PL re s o re o n	pt sid ed nd d th 3, c on er a a pp ro ve e th ic M ine ls Pr iva L im ite d (·A et te ra A ith A SM PL nd it t w ue gr ee m en a s Ja y 2 4. 2 02 4. nu ar	inv f la kh rd tm t o 1,5 00 to es en s wa s SM PL '). S ub th is al t to se qu en ap pr ov Ja T he ot 17 , 2 02 4. pr om er s o n nu ar y
7	Th Se ise in fo ion t w at e gm en rm a s re 20 15 de d, is fu ish ed in A , a s a m en rn	ire d de r R ula tio 33 qu un eg n o e I nn ex ur	f S EB I ( Lis tin Ob lig ion d Di at g s an	los Re ire ) Re lat ion nts sc ur e qu me gu s.
8	Th St da lon St f A at t o et e an e em en ss s	d Lia bil itie t M ch 3 1 , an s a s a ar	is ch ed tl ith s A 2 02 4, at ta er ew a nn	II. ex ur e
9	St St f C Tt le da lon h at t o an e em en as	Flo fo he nd ed M r t ws y ea r e ar	ch 3 1 , 2 02 4, h b ed nd as ee n pr ep ar u	th ind ire ho d in ct et et ut er e m as s o
	In d A S th "S f C h 7 ta te t o o n e m en as -	Flo " a nd is ch ed h at ta ws er ew	ith s A Ill. a nn ex ur e
10	Di vid d of , 1 7 / uit sh en - p er eq y ar e o	ff 5 /- ch , h be ea as en re co m	de d by th Bo d of D ire cto m en e ar rs.	in th Bo d tin he ld M 6 e ar m ee g on ay
11	hic h is bje th 20 24 ct to , w su e ap pr ov Th nd alo fi ial lts sta e ne na nc re su a re bs ite ei nd ia d th we ww .co m an on	al of sh eh old he uin t t ar er s a e ns ila ble th BS E Lim ite d a va o n e Co 's bs ite e m we . w ww	An al Ge l M tin g nu ne ra ee g. bs ite .bs el nd ia , N ion at we , w ww .co m rin dw el lno .in rto n. co	al St k Ex ch f I nd ia Lim ite d oc an ge o
12	,w ,ns Pr iou rio d fig h be ev s pe ur es av e en re oin fo llo re or ou a ar e as ws -	pa ny .g I ed las sif ied he -g ro up re -c w re	fo to nt ve r n ec es sa ry, c on rm c ur re	rio d's la.s sif ica tio Th de ils ta pe c n. e o
	Re d to gr ou pe	Re d fr gr ou pe om	Am nt ou "i l kh s) n a	Re as on s

"~l'c~'-,. /'t ,:.,,//,,;;. fiff.) il.l 'Ci' B. Santhanam Managing Director Director ldentmcation No. 00494806 "-::

GRINDWELL NORTON LIMITED STANDALONE SEGMENT WISE REVENUE, RESULTS, ASSETS AND LIABILITIES (' in Lakhs) Quarter Ended Year ended 31-03-2024 31-12-2023 31-03-2023 31-03-2024 31-03-2023 (Refer note 3) (Unaudit ed) (Refer note 3 & 4) (Audited) (Audited) (Refer note 4) ¹Segment Revenue . (a) Abrasives 36,604 32,733 32,044 135,833 127,506 (b) Ceramics & Plastics 26,675 26,033 27,838 106,§72 104,458 (c) Digital Services 4,507 4,702 5,264 18,892 16,586 (d) Others 862 2,038 1,399 ._ 5,409 6,531 Total 68,648 65,506 66,545 266,806 255,081 Less: Inter-Segment Revenue 503 342 623 = 1,638 2,706 Revenue from Operations 68,145 65,164 65,922 == 265,168 252,375 ²Segment Results (a) Abraslves 5,257 4,351 4,670 18 942 17,962 (b) Ceramics & Plastics 4,595 5,240 6,162 20,310 23,286 (c) Digital Services 1,261 1,283 1,968 6, 139 4,050 (d) Others - 102 387 281 ..., 1,001 1,265 Total 11,215 11,261 13,081 46,392 46,563 Less: (1) Interest costs 167 172 169 I 692 753 (2) Other unallocable (lncome)/Expenditure (net) (1 ,106) (1 ,121) (839) (4,783) (3,274) Profit Before Tax 12,154 12,210 13,751 ::...= 50,483 49,084 3a Segment Assets (a) Abrasives 79,371 77.276 70,154 79;-371 70,154 (b) Ceramics & PlasUcs 83,014 78,706 66,357 83,014 66,357 (c) Digital Services 8,047 7,1 54 7,921 8,047 7,921 (d) Others 5,191 6,200 3,523 5,191 3,523 (e) Unallocated 98,659 99,517 90,149 98,659 90,149 Total Segment Assets 274,282 268,853 238,104 ., 274,282 238,104 3b Segment Liabilities (a) Abrasives 28,160 33,465 19,724 28, 160 19,724 (b) Ceramics & Plastics 26,281 27,071 24,026 26,281 24 ,026 (c) Digital Services I 7,058 6,392 6,496 7,058 6,496 (d} Others 2,120 3,076 2,230 2,120 2,230 (e) Unallocated ,~ 5,558 5,716 5, 192 5,558 5, 192 Total Segment Liabilities I, 69,177 75,720 57,668 69,177 57,668

Annexure I

Annexure II

GRINDWELL NORTON LIMITED

Standalone Statement of Assets & Liabilities as at March 31, 2024

(' in Lakhs}

	As A t
	31 -0 3- 20 24	31 -0 3- 20 23
	(A ud ite d) ~ ·	(A ud ite d)
		(R ef 4) ot er n e
A As ts se	,
No A nt et n- cu rre ss s	55 20	42 ,5 50
Pr , P lan nd E ipm ty t a t op er qu en	,8
f-u Ri gh t-o et se -a ss	7, 91 8	4, 97 6 11
Ca pit al W k i Pr or n og re ss	12 ,7 19	,79 1 67 9
Go od wi ll	4, 67 9	4,
Ot he r In ibl e A ta et ng ss s	4, 67 2	4, 75 7 67
Int gib le t u nd de lop nt an as se er ve me	32
Fin cia l A et an ss s	26 ,2 92	23 ,0 09
i. I tm ts nv es en		62 9
ii. Lo an s	8 77 89 3	02
iii. O th F ina ial A et er nc ss s	2, 59 6	5,0 76 9
Inc (N et) ta et om e- x a ss		61 5
Ot he nt ts r n on -c ur re as se	2, 38 1 - - 11 8,7 80 -	4, 10 2, 84 4
Cu A nt et rre ss s	-
Inv to rie en s	47 ,4 12	45 ,1 15
Fin cia l a et an ss s
i. I tm ts nv es en	44 ,72 6	43 ,52 3
ii. Tr ad Re iva ble e ce s	35 ,2 56	27 ,74 3
iii. Ca C sh nd h Eq uiv ale nts a as	4 , 84 5	3,4 16
iv. B k b ala th th (i ii) ab an nc es o er an ov e	16 ,39 4	9,9 15
Lo v. an s	15 3	11 2
vi. O th fin cia l a et er an ss s	2, 38 5	1,0 23
Ot he nt ts r c ur re as se	4, 33 1 -	4,4 13
To l A ta et	15 5, 50 2 27 4, 28 2	13 5,2 60 23 8, 10 4
ss s
Eq ui nd li ab ilit ies B ty a
Eq uit y
Eq uit Sh Ca pit al y ar e	5,5 36	5, 53 6
Ot he r E ity qu	19 9,5 69 ' 20 5, 10 5	17 4, 90 0 18 0,4 36
	-
Li ab ilt ies
iab ilit ies No nt L n- cu rre
Fin cia l L iab ilit ies an
1. Bo wi rro ng s	63 6	39 5
ia. L lia bil itie ea se s	5, 32 8	2,4 37
Pr isi ov on s	4, 96 0	5, 20 2
De fe d Ta Lia bil itie (N et) rre x s	2, 21 0	1,3 85
Ot he r N nt Lia bil itie on -cu rre s	31 13 ,16 5	42 9,4 61
Cu L ia bi lit ies nt rre	-
Fin cia l L iab ilit ies an
i. Bo rro ,ng s	50 0	51 2
la. L lia bil itie ea se s	1, 01 3	80 6
ii. Tr ad Pa ble e ya s
(a ) T l o nd ing d f m icr d s ll e ise ota uts ta nt ue s o o an ma er pr s	57 9	91 6
(b ) T al din du f c di he ha (ii} (a ) a bo ot ts tan to ot r t ou g es o re rs n ve	35 ,58 3	26 ,46 5
Ot iii. he r F ina ial L iab ilit ies nc	9, 28 8	9,0 43
Pr isi ov on s	3, 49 4	2, 57 7
Cu nt Ta Ua bll ltie s ( Ne t} rre x	79 0	2,5 41
Ot he r C Lia bil itie nt ur re s	4,7 65 - -	5, 34 7
	56 ,0 12 -	48 ,20 7
To l L ia bi lit ies ta	-- 69 ,17 7	57 ,6 68
To l E ity nd L ia bi lit ie ta qu a s	27 4, 28 2 - -	23 8, 10 4

Annexure Ill

Sta nd alo St of Ca sh Fl fo r th nd ed ate nt ne me ow s e y ea r e	M ch 31 , 2 02 4 ar
	Ye ar en	{f In La kh s) de d
	0:S 31- ::20 24 (A ud ite d)	31 23 (A -03 -20 ud ite d) (R 41 et. ote r n
Ca sh flo w f tin cti vit ies rom op era g a
Pr ofi t b efo tax re	50 ,48 3	49 ,08 4
Ad jus tm ts for en :
De d a pre aa oo n e xp en se an mo ruz ao on ex pe nse s	6,8 83 11 3	5,8 11 63
Lo ss/ (Pr ofit ) o ts d isc ard ed/ ld (ne t) n a sse so Ga in o n R ed ptio f m utu al f ds em n o un	(2, 361 )	(1, 92 2)
Un lise d ( in) /los n fo reig xch rea ga s o n e an ge	23	(58 1
11c Div ide nd om e	(94 1)	(62 7)
Int in< st ere :em e	(1, 51 2)	(91 4) 75 3
Fin sts an ce co	69 2 16 4	13 9
Sh ba d p nts are se ay me Ch s tn fa ir v alu n f ina ial e o tns nts an ge nc me uu	(46 4)	(15 21
f d Un win din isc nt nty de sits g o ou on se cu po	(37 )	(23
Ba d d eb nd Ad rilte ff ts a va nc .s w n o	45	13 0
Int Inc e f fin cia l as ise d c st ts at ort t ere om rom an se am os los n I stm ts ld s o nve en so	(24 ) 32 0	(15
Op tin h f be for orl <in ita l c ha tow era g c e w g c ap ng u u</in	63 ,38 4	52 ,26 9
Ad jus fo tm ts en r:
(ln e)/ De e in de iva ble tra cre as cre as re ce s	9) 17, 51	{4, 0) 27
e I 0n e)/ Oe n 1 1w ent orte cre as cre as s	(2, 29 7)	{1, 37 8)
(ln e)/ Oe n lo ae as cre as e 1 ans e)/ Oe (ln e i lhe r fin cia l as t cre as cre as n o an se	(16 7) (1, 127 )	(26 9) 45 2
(ln e)/ Oe e ll 1 o the nt et cre as cre as r n on -cu rre ass	(8)	4a
(ln e)/ Oe e I the t a t ae as cre as n o r c urr en sse	81	1,7 80
lnc se/ (De eJ In t rad ble rea cre as e p aya s	8,7 20	(4, 59 7)
fnc l(D se) vls 1n 10n rea se ec :,ea p,o s fnc l(D ) 1n ot he orK :Ur t lia bili tie rea se ec rea se r n reo s	83 1 (11 )	2.4 75 (14
(nc l(D seJ 1n he liab oitl ot nt rea se ec rea r cu rre es	(58 3)	) 1,0 58
lnc se/ (O seJ he r fin cia l ba b1fi ties 1n ot rea ec rea an	(1, 16 1)	4,6 05
Ca ah ed fro tio rat ae ne m op era ns	50 ,13 6	52, 1 5 9
Inc aid (n of ref ds ) e t et om axe s p un	(13 ,74 3)	(12 ,31 t)
Ne uh Inf low Rt ed fro tin cti vit ies (A l t c m o<> era a a ge ne	39 3 ~. -	39 ,84 0
Ca flo fr sh in sti tiv itie ws om ve ng ac s
Pa ard ha of lan d e quf J)m d i nia ibfe ts tow rty t an ent set en urc se an as s	(16 ,33 8)	(31 ,48 3)
ym s p pro pe , p ng Pro ds fro sal f p My lan t a nd uip nt cee m e o rop , p eq me	56	as
Pa ts tow ard s In stm t in utu al f ds ym en ve en m un	(22 0,8 60 )	{19 ,71 4)
Pro ds fro ale of of l fu nd tua cee m s mu s	22 2,4 82	11 ,29 0
Pa rds in Jo int Ve t to tm t in ntu ym en wa ves en re Pro ds fro sal f in t In Jo int Ve stm ntu cee m e o ve en re	(1, 50 0) 80 7
Pro ds l(Jn stm t) f /in tur ity of Ba nk De it w ilh tun ty o f m th 3 m ths (n et) cee ve en rom ma pos ma ore an on	(4 34 7)	12 ,59 '
DM de nd ive d re ce	94 1	62 7
Int st eiv ed ere rec	1,1 84	,
Ne l ca sh (o utf ) fr In sti 1iv ltie a { BJ tow om ve ng ae	(17 5) ,57	(25 3) ,75
Ca sh flo fro m f ina ing tiv itie ws nc ac .s
e f Inte t p aid ot he r th le iab Uit ies res on an as Pro ds fro b01 TO W1 cee m ngs	(23 5) 80 1	(SS S) 1,1 81
Re bo win t of pa ym en rro gs	J f 5 60	(50 1)
Div ide nd id pa	(16 ,05 4)	(13 ,28 6)
Pri nci l pa f le e fi ab1 1'tie t o pa ym en as s	187 2)	(61 9)
Int aid le e ij al:> st p ere on as mu es Ne h ( w f !T fin cin cti vit ies (C ) t c tno as ou om an	(45 7) - 117 TI	(20 0) (13 ,97 8)
g a Ne t ln el( de e) In sh d c h e iva len (A +B +C ) ts cre as cre as ca an as	,3T - - 1,4 41 -	10 9
qu	-
Ad d: Aa d1t Jon nt to s p urs ua me rge r Le · B k o rdr aft the be gin nin f tn at ss an ve g o e y ea r	(12 )	28
Ca f th Ad d : sh d c h e iva len ts at tile be gin nin od an as qu g o a p en	3,4 16	3,2 67
Ad d · Ba nk erd ral t th nd the t a ov e e or se ar		12
Ca sh d c h a lva len d o f th e i rlo d a ed in b• l•n sh ts at ort t s r an as au en >e ep ce ee	4,8 45	3,4 1'

KALYANIWALLA & MISTRYLLP

CHAR T ER E D A C C OUNTAN T S

INDEPENDENT A VD/TOR'S REPORT TO THE BOARD OF DIRECTORS OF GRJNDWELL NORTON LIMITED

Report on the Audit o f the Consolida ted Financial Results

Opinion

We have audited the accompanying annual Consolidated Financial Results of GRIND WELL NORTON LIMITED (hereinafter referred to as the "the Holding Company") and its subsidiary (Holding Company and its subsidiary together referred to as the "Group") and its jointly controlled entities for the year ended March 31, 2024, attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India ("the SEBI) (Listing Obligations and Disclosure Requirements) Regulations, 20 I 5, as amended ("LODR Regulations"), duly initialled by us for identification.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid, Consolidated Financial Results:

i) include the financial results of the following entities:

N of th En tit am e e y	R el io hi at ns p
i) Sa in t-G ob ai C ic M ia ls B hu Pr iv Li ite d at ta at n er am s er n e m	Su bs id ia ry c om pa ny
ii) S G S hi R ef ie In di Pr iv Li ite d (ti ll N be 30 , 2 02 3) ct at na ga w a ra or s a e m ov em r	Jo in tly lle d tit tro c on en v
iii ) A dv d Sy he tic in al iv Li ite d (fr 2 4, 2 02 4) M Pr J nt at an ce er s e m om an ua ry	in tly lle d tit Jo tro c on en y
iv ) C le in E Th LL P an w ne rg y re e	A ia te ss oc

• ii) are presented in accordance with the requirements of Regulation 33 of the LODR Regulations, in this regard; and
• iii) give a true and fair view in conformity with the applicable Accounting Standards (" Ind AS"), and other accounting principles generally accepted in India, of the net profit and other comprehensive income and other financial information of the Group for the year ended March 31, 2024.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143( I 0) of the Companies Act, 20 l 3 (the Act). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Results section of our report. We are independent of the Group, and its jointly controlled entities in accordance with the Code of Ethics issued by the Institute of Chartered Accountants oflndia (ICA l) together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fut filled our other ethical responsibilities in accordance with these requirements and the ICAI 's Code of Ethics. We believe that the audit evidence obtained by us, is sufficient and appropriate to provide a basis for our opinion.

·1/

Board of Directors' Responsibilities for the Consolidated Financial Results

These Consolidated Financial Results have been prepared on the basis of the consolidated annual financial statements. The Holding Company's Board of Directors are responsible for the preparation and presentation of these Consolidated Financial Results that give a true and fair view of the net profit and other comprehensive income and other financial information of the Group including its jointly controlled entities in accordance with the Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the LODR Regulations. The respective Board of Directors of the companies included in the Group, and its jointly controlled entities are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group, and its jointly controlled entities and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Consolidated Financial Results by the Board of Directors of the Holding Company, as aforesaid.

In preparing the consolidated financial results, the respective Board of Directors of the companies included in the Group and its jointly controlled entities are responsible for assessing the ability of the Group and its jointly controlled entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting un less the respective Board of Directors either intend to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group and its jointly controlled entities are responsible for overseeing the financial reporting process of the Group and its jointly controlled entities.

Auditor's Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the consolidated financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Consolidated Financial Results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the consolidated financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, .'){Jrgery. intentional omissions, misrepresentations, or the override of internal control.

KALYANIWALLA & MISTRY LLP

• Obtain an understanding of internal control relevant to the audit io order to design audit procedures that are appropriate in the circumstances. Under section 143(3) (i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and its jointly controlled entities to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and its jointly controlled entities to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial results, including the disclosures, and whether the consolidated financial results represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within the Group and its jointly control led entities to express an opinion on the consolidated financial results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the consolidated financial results of which we are the independent auditors. We remain solely responsible for our audit opinion.

We communicate with those charged with governance of the Holding Company and such other entities included in the Consolidated Financial Results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the LODR Regulations, as amended, to the extent applicable.

Otber Matters

a) The Consolidated Financial Results include the unaudited financial results of a subsidiary, whose financial information reflect Group's share of total assets (before consolidatio11 adjustments) of Rs. 5,358.68 lakh as at March 31, 2024, Group's share of total revenue (before consolidation adjustments) of Rs. 1,456.67 lakh and Rs. 5,317.67 lakh and Group's share of total net profit after tax (before consolidation adjustments) of Rs. 25 .61 la.kb and Rs. I 06.61 lakh for the quarter and for the year ended March 31, 2024, respectively, as considered in the Consolidated Financial Results .

. )(JI

The Consolidated Financial Results also include the unaudited Group's share of total net loss after tax of Rs 48.20 lakh and Rs 41.88 lakh for the quarter and for the year ended March 31, 2024, respectively, as considered in the Consolidated Financial Results, in respect of two jointly controlled entities. This unaudited financial information has been furnished to us by the Board of Directors and our opinion on these Consolidated Financial Results, in so far as it relates to the amounts and disclosures included in respect of these subsidiary and jointly controlled entities is based solely on such unaudited financial information. In our opinion and according to the information and explanations given to us by the Board of Directors, this financial information is not material to the Group.

Our opinion on these Consolidated Financial Results is not modified in respect of the above matter.

b) The Consolidated Financial Results include the results for the quarter ended March 31, of the respective financial years, being the balancing figures between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the end of the third quarter of the relevant financial year which were subjected to limited review by us.

Our opinion on these Consolidated Financial Results is not modified in respect of the above matter.

For KALYANIWALLA & MISTRY LLP CHARTERED ACCOUNTANTS Firm Regn. No.: 104607W / W100166

7J Jl{}!,eli

M. No.: 4 454 UDlN: 240424S4BKBKCT4119

Mumbai: May 6, 2024.

	G RI NO W EL 5th Re gd . O ffi : L la Bu si P k, L el , A ce ee ne ss ar ev GI N L2 65 -	L NO RT O N LI M nd he ri- Ku rla R oa LC 93 M H1 95 0P 00	IT ED ci M d, , A nd he ar 81 63	ri (E ), M ba i 4 um	00 0 59
	U L T CO NS OL ID AT ED F IN AN CI AL R ES S FO	TH E R QU AR TE R	AN O YE AR E ND	ED M AR CH 3 1, 20	24	(' ) in L ak hs
			Qu nd ed te ar r e		Ye nd ed ar e
		31 --0 3-2 02 4 (R ef ot e 3 ) er n	31 -1 2- 20 23 (U ud ite d) na	31 --0 3-2 02 3 (R ef te 3 ) er no	31 --0 3- 20 24 (A ud ite d)	31 --0 3-2 02 3 (A ud ite d)
1	In co me				II
	(a) R fr O ion rat ev en ue om pe s
	(I) Sa le of od d Se rvi In ts pr uc an ce co me	68 ,74 2	65 ,54 7	66 ,09 0	26 6,8 64	25 2,5 20
	(ii l O th O ing In rat er oe co me	36 6	44 7	39 0	1,8 13	1,6 14
	Re e f Op ion s ( i+i i) at ve nu ro m er	69 ,1 08	65 ,99 4	66 ,48 0	26 8, 67 7	25 4, 13 4
	(b l O th In er co me	1,7 29	1,3 83	2, 11 6	83 :l 6,	56 07
	To l In ta co m e	70 ,83 7	67 ,37 7	68 ,59 6	27 5,5 08	25 9,7 41
2	Ex pe ns es
	(a) C f m ial d t o at os er s c on su me	21 ,33 7	20 ,8 69	20 ,7 13	88 ,35 6	92 ,37 7
	(b} f S P ch to ck -in -T de ur as es o ra	8, 97 1	7, 90 0	6,8 26	33 ,33 2	26 ,70 8
	(c) C ha 1n in rie f f ini sh ed ds , 'M lrk -in nto ng es ve s o g oo nd st k-i n-t de re ss a oc ra	1,1 80	24 9	2,4 03	{1 ,02 3)	{2 ,9 16 )
	pr og (d ) E loy b ef its mp ee en e xp en se	8,9 76	82 3 7,	8,4 54	32 ;57 9	29 ,73 6
	(e ) F ina ts nc e c os	18 7	19 2	18 4	77 6	78 0
	D cia tio nd rti tio (f) ep re n a a mo sa n ex pe ns e	1,9 66	1,7 61	1,5 29	7,0 88	6,0 14
	O th (g) er ex oe ns es	16 , 1 44	16 ,3 72	15 ,15 5	63 ,4 89	58 ,26 6
	To l E ta xp en se s	58 ,76 1	55 ,16 6	55 ,26 4	4,5 22 97	65 21 0,9
3	Pr of it b ef ha f p fit /(l s) f jo in (1 t v tu - 2 ) or e s re o ro os o en re	12 ,07 6	12 ,21 1	13 ,33 2	50 ,91 1	48 ,77 6
4	Sh it I (l s) f n et of of jo int ntu te d f ing th uit ar e o pr os ve re ac co un or us e eq y
	th od (r ef 4) te me er no of fo Pr it be ta x ( 3 + 4) re	(4 8)	63	(4 3 1	21 ,	(18 61
5 6	Ex oti al ite rR ef 71 te ce on m er no	12 ,02 8 -	12 ,2 74	13 ,28 9	50 ,8 69 /3 5'	48 ,59 0
7	Pr of it be fo (5 -6 ) ta re x	12 ,02 8	(35 ] 12 ,23 9	- 13 ,28 9	r 50 ,83 4	- 48 ,59 0
8	Ta x ex pe ns e
	(a) C Ta nt ur re x	2,6 08	3, 12 3	3,5 75	12 ,20 3	12 ,70 2
	(b l D ef d T (C dit ) er re ax re	15 2	(9 3!	(13 5'.	23 5	12 64 1
9	Ne t P fit fo r t he rio d (7 - 8 ) ro pe	9,2 68	9,2 09	9, 84 9	38 ,39 6	36 ,1 52
10	Ot he eh siv in /(l s) f I Ta et r c om pr en e co me os , n o nc om e- x (a) It ha ill t b las sif ied fit lo s t t w to em no e rec p ro or ss R nt of st plo t b efi ts em ea su re me po em ym en en - ob lig ion Ga inl (lo ) at s - ss C fa f e ha in ir v alu ity in str ts at F air V alu ng e e o qu um en e - th h Ot he r C eh siv Inc (F VO CI ) - Ga in ro ug om pr en e om e	26 1 2,9 10	(3 2)	13 1 1,0 70	15 2 2 9 10	(1 18 ) 82 3
	(b) In ela tin he it -ta g t o t co me x r se em s C nt ta ur re x -	(6 6)	8	(3 5)	(39 }	28
	D ef d tax er re -	{5 39 )	-	{1 07 )	(5 39 )	(5 1)
11	To l o th eh si in /(l sl f I e-T ta et er co m or en ve co me os , n o nc om ax To l C eh siv In e f th rio d (9 10 ) ta + om or en e co m or e	56 2., 6 11 4	(2 4) 5	59 1,0	2,4 84	68 2
12	pe Ne t P fit A ib ab le ttr ut to ro :	,83	9, 18	10 ,90 8	40 ,88 0	36 ,83 4
	O wn er s -	9,2 61	9, 21 6	9,9 22	38 ,36 5	36 ,19 0
	C N tro llin a i nte st on on re -	7	(7)	(73 )	31	(3 8)
13	To l C eh siv in ib ab le ta ttr ut to om pr en e co m e a :
	O wn er s -	11 ,82 7	9, 19 2	10 ,98 1	40 ,84 9	36 ,87 2
	N C llin g i tro nte st on on re -	7	(7)	(7 3)	31	(3 8)
14	Pa id- uit ha pit al (F al ha re) 5/- up eq y s re ca ac e v ue pe r s ,	5, 53 6	5, 53 6	5, 53 6	5,5 36	5, 53 6
15	Re nd S olu clu din Re lua tio Su lus se rve s a ur s, ex a va n ro				20 0, 80 6	17 5, 81 7
16	Ea in ui sh f R h (n lis ed ): ty 51 ot rn gs p er eq ar e o s. - e ac a nn ua
	(a } B ic (in ' ) as '> (b ) D ilu d (in te	8.3 6 8.3 6	8. 32 8. 32	8.9 6 8. 96	34 .65 34 .65	32 .69 32 .69
	Se ing th oli da d f ina ial lts ot to te e a cc om pa ny n es e co ns nc re su				--

d Fin cia l R an es ed b the ap pr ov y ud it by he t ta tu s Th oli da es e co ns ire ) R ula nts me eg d Fin cia l R an es rib ed , p re sc u all pte d in ac ce y lia nd ed M rte r e	fo he nd r t rte s q ua r a y ea rd of D ire th eir cto at oa rs dit f G dw ell N ry au or o nn d fin cia l r ult an es s ar e pr . 2 01 5, nd ed ns as a me ed in da s ar e pr ep ar a cc or	nd ed M ch 3 1 , 2 ar tiv ing et sp ec e me s Lim ite d ("t he P to n	4, ("c lid ed fi at on so	ial lts ha b nc re su ve ee n
		Th Co oli da ult 02 ") iew ed b th Au dit te e ns r e na rev y e Co itte d B he ld M 6 , 2 02 4. T he lid d fin cia l r ult ha b ate m m e an re on ay se c on so an es s ve ee n bje t C ", ''th Co y" ), wh ha ed dif ied ct to to su an a or ar en om pa ny e mp an o ve e xp re ss a n un mo S Ob ini th te ed nd ub lis he d in rd ith R ula tio 33 f t he EB I { Lis tin lig at ion nd op on er eo n. ep ar a p ac co an ce eg n o g s a w Di los Re tio sc ur e qu
	Co S ( Th oli da te ult wi th the nit ion nd nt inc ipl f I nd ian A nt ing ta nd ds Ind e ns nc e r ec og a m ea su re me pr es o cc ou ar AS ), nd ed nd S tio 13 3 of th Co ies A 2 01 3, d wi th lev t R ule iss d th nd nd th he nti ct, ot as a me er ec n e mp an rea re an s ue er eu er a e r a cc ou ng inc ipl Ind ia. pr es g en er
3 Fig fo he ch 3 1 , 2 02 4 d Ma rch 3 1 , 2 02 3 th ba lan cin fig b dit ed fi fo he fu ll f ina ial nd th r t etw r t ur es q ar an ar e e g ur es ee n au gu re s nc y ea r a e e f f th e f bli sh ed r t o d at igu to th ird rte tiv ina ial pu ea re s up q ua r o e re sp ec nc ea rs y y
oli da d Fin cia te ns an f t ult ist he s co ns o r SG S hin ag aw - li ite d (fr J m om is nti ot pa ny n e ub sid iar d th y an	l R ult ha b es s ve ee n pr ep ar of Co ult th Pa nt es s e re m Re fra rie Ind ia Pr iva cto te s - R ef N 24 , 2 02 4 ot ua ry er d fo ha of P rof iV r a ny s re Jo int V titi , d tu en re en es	ed In da wi th a cc or nc e Su , i ts bs idi ny ar y, im ite d (u No pt o ve No b elo w) nd It . 8 a s) 1n its A iat os ss oc tif ied b th Ma c er y e	In d AS 1 1 O 'C on so - Sa G C ly int ob ain na me be r 3 0, 20 23 Re - iat - C lea in ss oc e nw Cl in En ea nw er gy - , h be nt ge me av e en	lid ed F ina ial S at ta te nc me ic Ma te ria ls Bh uta er am n r N No , 7 b elo w) d ot e an T hr L LP . A r t er gy ee s pe L LP . T he ud ite d ee u na sid ed hil st on er w pr ep an ng	', T he C lid ed nts at on so Pr iva te Lim ite d, J oin Ad ed S th ic et va nc yn he al nt nt ctu c ur re co ra oli da ted f ina ial co ns nc he lid ed t at se c on so
y t pp ro va lts f P RS e re su o	e me o ma he vio iod ha r t p re us p er s	ma n er be sid ed en c on er a	te rn ac of th ed rt pa e me rg e	nt e re m ity it lf a nd ot t o se n a s a p ar	ith ffe fro ct pa ny w e m f c lid ion at on so
		u :			La kh sl (f in
la cu rs		Q rte nd ed ua r e		Ye nd ar e	ed
	31 -0 3- 20 24	31 -1 2- 20 23	31 -0 3- 20 23	31 -0 3- 20 24	31 -0 3- 20 23
	69 74	47 66	68 38	27	(A ud ite d) 25 7, 97 6
x	12 ,1 54 --,£	12 ,2 10	13 ,75 1	50 ,48 3 ·~	49 ,0 84
io d p er	- 9, 35 0	9, 20 9	10 ,2 18	, , ._ 38 ,0 72	36 ,59 1
ire Its cto at rs m ee uit sh pit al y ar e ca S t a nd re em en A SM PL n J o an	he ld D be r 2 g on ec em in Ad ed S th ic M et va nc yn Is Ag t w ith re su e re em en 24 , 2 02 4. ry	20 23 sid ed , c on er a ls Pr iva L im ite te ra SM PL nd it a s pr om	ed th inv a pp rov e es ("A SM PL "). Su bs eq J 17 er s on an ua ry	f t 1 ,50 0 lak hs t o to en wa th is al he C nt to , t ap pr ov C 02 4. T he ub om pa ny s sc	rd ui rin 49 % s a cq g a d te om pa ny e xe cu a rib ed to 4 9% ity e qu
ise i nfo at ion rm a ish ed in A nn ex ur	ire d de Re lat s re qu un r gu I.	S 3 3 of EB I (li st	O bli tio nd ga ns a	los Re ire s) Re nt ur e qu me	lat ion 20 15 gu s, , a s
St d at t o f A em en d St f C at t o em en f C h Flo " i as ws	et nd L iab ilit ies t M s a a s a h Flo fo he nd r t y ea r e ws tta ch ed h ith s A er ew a nn ex	ch 3 1 2 02 4, is at ta , M ch 3 1. 20 24 , h ar Ill e	ed h ith s A er ew a nn b ed nd ee n pr ep ar u	II. ur e th ind ire th od ct e me a s s	t i Ind A S et - 7 ou n o n
/- uit ha p er eq y s of al sh eh pr ov ar	of f 5 /- ch , h b ea as ee n t t he uin An er s a e ns g nu	nd ed b he y t co m me Ge l M tin ne ra ee g.	rd of D ire . i cto oa rs	B rd tin he ld M oa m ee g on	, 2 02 4. wh ich is 6 ay
an re su dia d .co m an on ha b gu re s ve ee	t ar e av on Co th y's eb sit e mp an e, w w ed / las sif ied re -g ro up re -c	we rln dw ell rto .g no n. co he rev er n ec es sa ry	ww w. a. co , fo to nt on rm c ur re pe	na oc an , d's las sif ica tio Th de ta c n. e	f Ind ia Lim ite d ge o ils f r ing o eg ro up a re
	fr R ed eg ro up om		in Am nt (f L ak hs ) ou	Re as on s
			11 5	Fo iat dis clo r a pp ro pr e su re s
nt re	Tr ad ab les e p ay
S of h	ies te m s. l b he N a th S nd a.l Fin ta on e an rti he d Sh te as e xe cu a fo he ale f 4 r t s o he cl ing sfe tr os an ha d fo nte r t s a cc ou Ag by t w rn te te t o 17 ap d fin cia l te ein fi	a an tle e CL T fo r th Sc he f A fo cia l R ult f t he C es s o om pa (R ef 3) ot er n e ,8 Sa le d Pu ha A ar e an rc se gr f it ity ke h eld in 9% ta o s e qu s du ha b r p ro ce re s ve ee n c om he lo le of in st ss o n sa ve me tin ha ua e ss as s a re old lts ail ab le he n	pa L e (L uly lga tio of P RS P ve nd ny a re as er (U d) ud ite na ,5 wi th Sh ina nt ee me ga S G Sh ina R ef ga wa ra ple d o No be r 3 te n ve m ft 5 La kh nt 3 o s a s a 2, ine A ion ar ed ur re al BS E Lim ite d bs ww W	m s A T e na el Pr iva L im ite s (R ef ot 3} er n e ,0 R ef rie Co . L td cto wa ra s rie Ind ia Pr iva L cto te s 0, 20 23 ion al ite in th pt n ex ce m nd d ot ing D ch as B n t ite bs ein dl m .ln , c	fe En hr c d (P RS ) w ith th Pa Co nt (A d) ud ite 1, 99 9 . ( Ja n) nd S G Sh ina pa , a ga wa im ite d O be , f cto r 2 6, 20 23 on lid ed fi ial at e c on so na nc re su tm ue , 2 isc ex er he Na tio l St k Ex ch rio

Annexure I

	C O N SO LI DA T ED S EG M EN T	W IS E R EV EN U E,	R ES U LT S, A SS	ET S A N D LI A B	IL IT IE S	(t in la kh s)
		Q rte r E nd ed ua			Ve ar e	nd ed
		31 -0 3- 20 24 (R ef 3) ot er n e	31 -1 2- 20 2.3 (U ud ite d) na	31 -0 3- 20 23 (R ef 3) ot er n e	31 -0 3- 20 24 (A ud ite d)	31 -0 3- 20 23 (A ud ite d)
1	Se t R gm en ev en ue br ive	36 4
	(a ) A as s (b ) C ics & P las tic er am s	,60 27 ,63 8	32 ,73 3 26 3	32 ,04 4 28 .1 62	13 5, 83 2 -<1 10 2	12 7, 50 6 10 83 8
	(c ) D l S ig ita vi er ce s	4, 50 7	,86 4, 70 2	5, 26 4	,18 18 ,89 2	5, 16 ,5 86
	(d ) O th er s	86 2	2, 03 8	1,3 99	40 9 5,	6, 53 1
	To l ta	69 ,6 1 1	66 ,3 36	66 ,8 69	27 0, 31 5	25 6, 46 1
	Le : I -S t R nt ss er eg m en ev en ue	50 3	34 2	38 9	1,6 38	2, 32 7
	Re fro O tio ve nu e m pe ra ns	69 ,1 08	65 ,9 94	66 ,4 80	26 8, 67 7	25 4, 13 4
2	Se t R ul ts gm en es
	(a ) A br ive as s	5, 25 7	4, 35 1	4, 67 0	18 ,9 42	17 ,96 2
	(b ) C ics & P las tic er am s l S ita vi	4, 48 9	28 3 5,	71 4 5,	20 45 ,7	22 ,8 18
	(c ) D ig er ce s (d ) O th er s	1,2 61 10 2	1,2 83 38 7	1,9 68 28 2	6, 13 9 1,0 01	4, 05 0 1,2 65
	To ta l	11 ,1 09	11 ,3 04	12 ,6 34	46 ,8 27	46 ,0 95
	Le : ( 1) In te st ts ss re c os	18 7	19 2	18 4	77 6	78 0
	(2 ) O th llo bl (ln e) /E di (n ) tu et er na ca e co m xp en re u	(1 ) ,1 06	(1 ) ,1 27	(8 ) 39	(4 ) ,7 83	(3 ) ,2 75
	of it fo Pr Be T re ax	12 ,0 28	12 ,2 39	13 ,2 89	50 ,8 34	48 ,5 90
3a	Se t A et gm en ss s
	(a ) A br ive as s	79 ,3 71	,2 76 77	70 ,1 54	79 ,37 1	70 ,1 54
	(b ) C ics & P la ics st er am	85 ,6 94	81 ,8 53	69 ,2 42	85 ,6 94	69 ,24 2
	(c ) D ig ita l S vi er ce s	8, 04 7	7, 15 4	7, 92 2	8, 04 7	7, 92 2
	(d ) O th er s	5, 19 1	6, 20 0	3, 52 3	5, 19 1	3, 52 3
	(e ) U llo d te na ca	98 ,65 9	99 ,5 17	90 .14 8	98 ,65 9	90 ,14 8
	To l S t A ta et eg m en ss s	27 6, 96 2	27 2, 00 0	24 0, 98 9	27 6, 96 2	24 0, 98 9
3b	Se t L ia bi lit ies gm en
	(a ) A br ive as s	28 ,1 60	33 ,4 65	19 ,7 24	28 ,1 60	19 ,72 4
	(b ) C ics & P las tic er am s	27 ,38 8	28 ,44 1	25 ,5 59	n 27 ,3 88	25 ,55 9
	(c ) D ig ita l S vi er ce s	7, 05 8	6, 39 2	6, 49 6	7, 05 8	6, 49 6
	(d ) O th er s	2, 12 0	3, 07 6	2, 23 0	tJ 2, 12 0	2, 23 0
	(e ) U llo d te na ca	5, 55 8	5, 83 5	5, 29 2	5, 55 8 -	5, 29 2
	To l S t L ia bi lit ie ta eg m en s	70 ,1 84	77 ,2 09	59 ,3 01	:P 70 ,2 84	59 ,3 01

GRINDWELL NORTON LIMITED

An				II
	ne	xu	re

276,962 240,989

	GR JN OW EL L NO RT ON & Co ol id ed S f A Li ab at ta te t o et ns m en ss s	L IM IT ED ilit ie M ch 3 1, 20 24 at s a s ar
		As A t	(f in La kh s)
		31 .03 -20 24	31 --0 3-2 02 3
A		(A ud ite d)	(A ud ite d!
	As ts se No nt As ts n- cu rre se
	Pr pla d e ipm ert nt t op y, an qu en	58 ,21 5	44 ,04 6
	Ri gh f-u t-o t se -as se	8,0 03	5,0 87
	Ca pit al rl<- in- wo pro gre ss	12 ,74 6	12 ,35 3
	Go od wi ll	4,6 79	4,6 79
	Ot he r in gib le tan ts as se	4,6 72	4,7 57
	Int gib le nd de lop t u nt an as se er ve me	32	67
	Inv d f ing th ity eth od tm t a nte es en cc ou or us e e qu m	1,4 67	8S 1
	Fin cia l a ets an ss
	i. I tm ts nv es en	22 ,74 2	19 ,83 2
	ii. Lo an s	77 8	62 9
	iii. Ot he r fi ial ts na nc as se	2,9 12	5,0 21
	Inc e-t t (N et) om ax as se	59 6	76 9
	De fe d t (N et) ts rre ax as se	40 1	39 8
	Ot he nt ts r n on -cu rre as se	2,3 87 -	4,6 50
	Cu As nt ts rre se	11 9,6 30	10 3,1 39
	Inv rie to en s	48 ,76 1	46 ,39 4
	Fin cia l a ets an ss
	i. I tm ts nv es en	44 ,72 6	43 ,52 3
	ii. Tr ad Re iva ble e ce s	35 ,74 6	28 ,02 0
	iii. C h a nd C h E iva len ts as as qu	4,9 10	3,9 61
	(i ii) iv. B k b ala ot he r th ab an nc es an ov e	16 ,39 4	9,9 41
	Lo v. an s	15 4	11 2
	Iii. O th fin cia l a ets er an ss	2,1 52	91 6
	Ot he t a ets r c ur ren ss	4,4 89 -	4,9 83
	To ta l A ets ss	15 7,3 32 -	13 7,8 50
		27 6,9 62 -	24 0,9 89
B	Eq uit nd li ab ilit ies y a
	Eq uit y
	Eq uit y S ha Ca pit al re	5,5 36	5,5 36
	Ot he r E ity qu	19 9,9 93 -	17 5,0 45
	of Eq uit ttr ibu tab le to the C y a ow ne rs om pa ny	20 5,5 29	18 0,5 81
	No n-C llin g I tro nte t on res	1,1 49	1,1 08
	Lia bll tle s	20 6,6 78	18 1,6 89
	Lia bil itie No nt n- cu rre s
	Fin cia l li ab ilit ies an	•
	i. B ing or row s	63 6	39 S
	la. L lia bil itie ea se s	5,4 11	2,5 50
	Pr isi ov on s	4,9 62	5,2 02
	De fe d t lia bil itie s ( Ne t) rre ax	2.,2 10	1,3 85
	Ot he lia bil itie nt r n on -cu rre s	31 -	42
	Cu Lia bil itie nt rre s	13 ,25 0 -	9,5 74
	Fin cia l lia bil itie an s
	I. B ing or row s	1,1 69	1,3 59
	la. Le e l iab ilit ies as	1,0 43	83 2
	ti. Tra de ble pa ya s
	(a ) T ota l o uts ta nd ing du f m icr nd all te ris es o o a sm en rp es	57 9	91 6
	(b ) T l o din g d f c red ito he r th (i i)(a ) a bo ota uts tan ot ue s o rs an ve	3S ,6S 8	27 ,00 7
	iii. Ot he r fi ial lia bil itie na nc s	9,4 84	9,0 96
	Pr isi ov on s	3,6 11	2,5 76
	Cu lia bm tie s ( Ne t) nt tax rre	79 0	2,5 11
	Ot he r C nt Lia bil itie ur re s	4,8 00	5,4 29
		57 ,03 4	49 ,72 6
	l L iab ilit ies To ta	- 70 ,28 4	59 ,30 0
	To ta l E ity d Lia bil itie qu an s	27 6,9 62 -	24 0,9 89

An			Ill
	ne	xu re

GR OW NO ON IN EL L RT L IM ITE D
r th Co ol ida d St f C h Flo fo nd ed te at t o e y ns em en as ws ea r e	M ch 31 , 2 02 4 ar	(' in La kh s)
	Ye de d ar en
	31 -03 -20 24 (A ud ite d)	31 -03 -20 23 (A ud ite d )
Ca sh flo fro tin .cti vit ies m op era g a w
Pr ofi t b efo tax re	50 ,83 4	48 ,59 0
Ad j u stm ts fo en r:
d a De cia tio <tis a1 10n pre n e xp en se an mo ex pe ns es</tis	7,0 88	6,0 15
s/( ) o /so (ne t) los Pr ofl! ets di ard ed ld n a ss sc	11 3	34 9
Ga in de f m al fun ds t,o utu on re mp n o Un lise /lo fo 1ei ci'l	(2, 36 1)	(1, 92 2)
d ( in) rea ga ss on gn ex an ge Div ide nd in co me	21 (94 1)	(58 ) (62 7)
Int ihc st ere om e	(1 , 51 2)	(92 0)
Fin sts an ce co	77 6	78 0
Sh ba d p n ts are se ay me Ch fa n f ina ial s in ir v alu tru nts an e o nc rns me	16 4	13 9
ge Sh of t (p rof rt)~ f J oin t V tur are ne os s o en e	(46 4) 42	(15 2) 18 6
Un wi nd ing of di rity de sits nt sc ou on se cu po	(37 )	(23 )
Ba d d eb ts d A dv ntt off an an ce s w en	45	12 9
Int st i e f fin cia l a ise d c ets at ort t ere nc om rom an ss am os Lo inv tm ts ld ss on es en so	(24 )	(15 )
Op tin h f low be fo rki pit al ch era g c as re wo ng ca an ge s	35 53 ,77 9	52 ,47 1
Ad j u stm ts fo en r:
(ln e)/ Oe n t rad eiv ab les cre as cre as e , e r ec	(7, 73 2)	(4, 48 8)
(ln e)/ Oe e i n in rie nto cre as cre as ve s	(2, 6) 36	(1, 63 3)
(ln e)/ Oe e i n lo cre as cre as an s	(16 7)	(26 9)
e in (ln e)/ De ot he r fi ial t cre as cre as na nc as se (ln a)/ Oe e i the t a et cra as cre as n o r n on urr en ss -<:	(1, 01 9)	15 0 48
e)/ e i (ln De the t a t cre as cre as n o r c urr en sse	(8) 49 5	1,9 1 2
) in lnc /(D de ble tra rea se ec rea se pa ya s	8,2 53	(4, 76 4)
l(D ) 11 tSio lnc rea se ec rea se pr ov ns	84 6	2,4 61
) In lnc /(O he fia blh fie ot n t rea se ec rea se r n on -cu rre s lnc /(O se) he t lia bil~ ies 1n ot rea se ec rea r c urr en	(11 )	(14 )
lnc /(O ) . the r fi ial hab illti rea sa ec rea se , o na nc es	(63 0) (90 3)	1,0 88 4,6 20
Ca tio sh rat ed fr ge ne om op era ns	50 ,53 7	51 ,58 2
Inc id (ne f re fun ds ) e t t o om ax es pa	(13 ,74 3)	(12 ,32 3)
Ne h i nf low ed fr ing tiv itie s ( A) t c rat rat as ge ne om o pe ac	36 ,79 4 -	39 ,25 9
Ca sh flo fro Inv tin cti vit ies ws m es g a
Pa ard ha of pla d e ipm nd in gib le a ts t nt t a tan ets ym en ow s p urc se pr op en y, an qu en ss	(17 ,23 7)	(3.2 , 15 6)
d e Pro ed s f le o f p ert pla nt fpm t an ce rom sa rop y, qu en t In Pa ard s in al fun ds ts t stm utu	33 6	82
ym en ow ve en m Pro ed s f le o f o f m U11 Jal fu nd ce rom sa s	(22 0,8 60 ) 22 2,4 82	(19 ,71 4) 11 ,29 0
Pa rds In t In Jo int Ve t to stm ntu ym en wa ve en re	(1, 50 0)
s f f in Pro ed le o stm t in Jo int Ve ntl .lre ce rom sa ve en	80 7
Pro ed s/( lnv nt) fro m/ in m rity of Ba nk De sit wi ih of tha n 3 ths (n et) est atu tur ce me po ma ny mo re m on D1v tde nd ive d re ce	(4, 32 1)	13 ,00 8
Int st eiv ed ere rec	94 1 1,1 84	62 7 85 7
h ( tfl ) fr tiv itie s ( B) Ne t c In sti as ou ow om ve ng ac	{18 ,16 8	(26 ,00 61
Ca sh H s f fin cin cti vit ies ow g a ro m an
Int st id ot he r th le e l 1ab iliti ere pa on an as es	(30 8)	(56 5)
Pro ed s f bo win ce rom rro gs Re t o f b ing pa ym en orr ow s	80 1	1,1 81
Div ide nd id pa	(~ O) (16 ,05 4)	(50 1 ) (1 3 ,28 6)
of Pri ipa l p nt lea lia bil itie nc ay me se s	(89 8)	(63 3)
Int id o n l liab iliti st ere pa ea se es	(46 8)	(2 15)
Ne t c h f tflo w) fro fin cin cti vit ie.s (C ) as ou m an g a	{17 ,48 7)	(14 ,01 9)
e/( e) (A +C Ne t ln de in sh d c h e iva len ts +B l cre as cre as ca an as qu	1.,1 39	176 6'
Ad d: Ad dit ion nt to s p urs ua me rge r		28
th Le : B k o rdr aft at lh e b ll'ln lng of ss an ve eg e y ea r	(85 9)
Ad d ; C aS h a nd sh uiv ale th e b ,M Jng of lh eri od nts at ca eq e p eg	3,9 61	3,8 40
Ad d • Ba nk erd raf t a t th nd of th ov e e e y ea r	66 9	85 9
Ca of sh d c h e iva len ts at ,d the eri od rte d I n b ala he et an as qu er p as re po nc e s	4,9 10 -	3,9 61

Declaration

(Pursuant to Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) ^Regulations, 2015)

It is hereb) declared and confirmed that the Auditor's Report on Financial Results of the Company for the financial year ended March 31, 2024 is with an unmodified opinion.

This declaration is furnished in reference to the proviso to Clause (d) of Sub Regulation (3) of Regulation ³³ofSEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

For Grindwcll Norton Limited

. Santhanam \;Managing Director

May 6. 2024

Reg1slereo 011,ce ⁵¹¹¹Levi.I Leela Busmes:. Park, Aodhen-KurIa Road Marol Andhen tEa:.t), Mumba,. 400 ⁰⁵⁹ . India Tel +91 022 .:1021 2121-26 • Fax +91 022 4021 2102 • wwwgnndwellnorton co ,n • GIN No L26593MH1950PLC008163

GRINDWELL NORTON LIMITED