HEG Ltd. — Audit Report / Information 2025

May 19, 2025

May 19,2025

BSE Limited	National Stock Exchange of India Limited
P J Towers	Exchange Plaza, 5th Floor
Dalal Street	Plot No.C/1, G Block, Bandra - Kurla Complex
MUMBAI - 4OO OO1.	Bandra (E), MUMBAI - 400 051.
Scrip Code :509631	Scrip Code: HEG

Sub: Outcome of Board Meeting held on May19,2025

Dear Sirs,

In reference to intimation of Board Meeting dated April 24,2025 and pursuant to Regulation 30 & 33 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015 ("Listing Regulations"), the Board of Directors have inter-alia approved and taken on record the following at its meeting held today i.e. May 19,2025:

1. Financial Results

Audited Financial Results (Standalone and Consolidated) for the quarter and financial year ended March 3L, 2025, the Statement of Cash Flows (Standalone and Consolidated) and Statement of Assets and Liabilities (Standalone and Consolidated) as at March 31, 2025 alongwith Auditors Report (Standalone and Consolidated) thereon and Declaration in respect of Audit report (Standalone & Consolidated) with unmodified opinion under Regulation 33(3)(d) of the Listing Regulations are enclosed herewith as Annexute -1.

2. Dividend

The Board of Directors have reconunended a Final Dividend on Equity Shares at the rate of Rs. 1,.80/ - per Equity Share of the face value of Rs. 2f - each, for the financial year 2024-25 subject to the approval of the Shareholders at the ensuing Annual General Meeting (AGM) of the Company. The dividend will be paid/ dispatched within 30 days from the date of the Annual General Meeting.

3. Continuation of Smt. Vinita Singhania (DIN: 00042983), as Non-Executive Non-Independent Director of the Company who will be attaining the age of 75 years on March 12,2027 in FY 2026-27.

Upon the recommendation of Nomination and Remuneration Comrnittee and subject to approval of the Shareholders through Special Resolution pursuant to Regulation 17(1.{) of the SEBI (LODR) Regulations,2015, the Board of Directors have approved the continuation of Smt. Vinita Singhania (DIN: 00042983), as Non-Executive Non-Indep endent Director of the Company who will be attaining the age of 75 years on March 12, 2027 in FY 2026-27

Corporate Office : Bhilwara Towers, A-12, Sector-1 Noida - 201 301 (NCR-Delhi), lndia Tel.: +91 -1 204390300 (EPABX) Fax: +91-120-4277841 GSTN No.: 09AAACH6184K2Z6 Website: www. lnjbhilwara.com

HEG LIMITED

Regd. Office : Mandideep (Near Bhopal) Distt. Raisen - 462046 (Madhya Pradesh), lndia Tel.: +91-7480405500, 233524 to 233527 Fax: +91-7480-233522 GSTN No.: 23MACH6184K1ZH Website: wwl.hegltd.com

E-mail: heg.investor@lnjbhilwara.com Corporate ldenlification No.: 123109MP1972PlC008290

Smt. Vinita Singhania is not debarred from holding the office of Director pursuant to any SEBI order or any other such authority.

Smt. Vinita Singhania is not related to any other Director and Key Managerial Personnel of the Company.

4. Appointment of Secretarial Auditor

The Board upon the recommendation of Audit Committee, considered and approved the appointment of M/s. GSK & Associates, a firm of Practising Company Secretaries (Firm Registration No. P2014UP036000), as the Secretarial Auditor of the Company, for a term of five (5) consecutive years commencing from the financial year 2025-26 till the financial year 2029-30, subject to approval of the shareholders of the Company at the ensuing Annual General Meeting.

Requisite details under Regulation 30 read with Schedule III of the SEBI Listing Regulations is provided in Annexure-2.

5. Appointment of Cost Auditor

The Board upon the recommendation of Audit Committee, considered and approved the reappointment of M/ s. N. D. Birla & Co., Cost Accountants as Cost Auditor of the Company for the Financial Year 2025-26.

Requisite details under Regulation 30 read with Schedule III of the SEBI Listing Regulations is provided in Annexure-2.

6. Appointment of Internal Auditor

The Board upon the recommendation of Audit Committee, considered and approved the re-appointment of M/ ". S.L. Chhajed & Co. LLP, as Internal Auditor of the Company for the Financial Y ear 2025-26.

Requisite details under Regulation 30 read with Schedule III of the SEBI Listing Regulations is provided in Annexure-2.

7. Appointment of Tax Auditor

The Board upon the recommendation of Audit Committee, considered and approved the re-appointment of M/ s.SCV & Co. LLP, Chartered Accountants, as Tax Auditor of the Company for the Financial Year 2024-25.

Requisite details under Regulation 30 read with Schedule III of the SEBI Listing Regulations is provided in Annexure-2.

HEG LIMITED

Corponte Office : Bhilwara Towers, A-12, Sector-'l Noida - 201 301 (NCR-Delhi), lndia Tel. : +91 -1 204390300 (EPABX) Fax: +91-120-4277841 GSTN No.: 09AAACH6184K2Z6 Website: www.lnjbhilwara.com

Regd. Office : Mandideep (Near Bhopal) Distt. Raisen - 462046 (Madhya Pradesh), lndia Tel.: +91 -7480405500, 233524 to 233527 Fax: +91-7480-233522 GSTN No.: 23AAACH61 84K1 ZH Website: www.hegltd.com

The Company will inform the date of AGM & other ancillary information in due course

The Board Meeting conunenced at 1:30 P.M. and concluded at 5.30 P.M. This is for your information and record.

The aforesaid information is also available on the website of the Company i.e www.hegltd.com

Thanking You,

Yours faithfully, For HEG Limited

Chaudhary) Secretary M.No. A-1.3263 heg. investor@lrrjbhilwara. com

Encl. as above

HEG LIMITED

Gorporate Office : Bhilwara Towers, A-12, Sector-1 Noida - 201 301 (NCR-Delhi), lndia Tel. : +91 -1 204390300 (EPABX) Fax: +91-120-4277841 GSTN No.: 09AAACH6184K2Z6 Website: www.lnjbhilwara.com

Regd. Office : Mandideep (Near Bhopal) Distt. Raisen - 462046 (Madhya Pradesh), lndia Tel.: +91-7480405500, 233524 to 233527 Fax: +91-7480-233522 GSTN No.: 23AAACH6184K1ZH Website: www.hegltd.com

SCV & Co. LLP B-41, Panchsheel Enclave, New Delhi-110017 ^CHART..E RE D ACCO U NTANTS E:.delhi@scvindia.com . W: www.scvindia.com

ft nn*-x..\e * I

T: +91-1 1-41749444

Independent Audito/s Report

To The Board of Directors of HEG Limited

Report on tlte audit of the Standalone Annual Financial Results

Opinion

We have audited the accompanying Standalone Annual Financial Results for the quarter and year ended 31.t March 2025 of HEG Limited (hereinafter referred to as "the Company"), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,2075, as amended (hereinafter referred to as "the Listing Regulations").

In our opinion and to the best ofour information and according to the explanations given to us, the aforesaid Standalone Annual Financial Results:

• i. is presented in accordance with the requirements of Regulation 33 of the Listing Regulations: and
• gives a true and fair view in conformity with the recognition and measurement Principles laid down in the applicable Indian Accounting Standards and other accounting principles generally accepted in India, of the net profit and other comprehensive income and other financial information of the Company for the quarter and year ended 31't March 2025.

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 (hereinafter referred to as "the Act"). Our responsibilities under those Standards are further described in the 'Auditor's Responsibilities for the Audit of the Standalone Annual Financial Results' section of our 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 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 Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

Management's and Board of Directors' 'Responsibilities fortle Standalone Annual Financial Results

The Standalone Annual Financial Results has been prepared on the basis ofthe Standalone Annual Financial Statements. The Management and Board of Directors of the Company are responsible for the preparation and presentation of the Standalone Annual Financial Results that gives a true and fair view of the net profit and other comprehensive income and other financial information of the Company in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards prescribed under Section 133 ofthe Act read with relevant rules issued thereunder and other accounting principles generally ccepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding ofthe assets ofthe 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 the 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 Annual Financial Results that give ^a true and fair view and are free from material misstatement, whether due to f,raud or error.

In preparing the Standalone Annual Financial Results, the Management and 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 ofDirectors are also responsible for overseeing the Company's financial reporting process

Auditorrs Responsibilities for the Audit of the Standalone Annual Financial Results

Our objective is to obtain reasonable assurance about whether the Standalone Annual Financial Results as a whole is 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 the Standalone Annual Financial Results.

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

• Identifu and assess the risks of material misstatement of the Standalone Annual Financial Results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is eufficiont and appropriato to providc a basis for our opinion. Thc rigk 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. a
• a Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) ofthe Act, we are also responsible for expressing our opinion through a separate report on the complete set of Standalone Financial Statements on whether the company has adequate internal financial controls with reference to Standalone Financial Statements in place and the operating effectiveness of such controls.
• a Evaluate the approprlateness of accountirtg policies used and the reasonableness of accounting estimates and related disclosures made by the Management and Board of Directors.
• a Conclude on the appropriateness of the Management and Board of Directors's 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 Annual Financial Results or, if such disclosures are inadequate, to modiff our opinion. Our conclusions are based on the audit evidence obtained up to the date ofour auditor's reporl However, future events or conditions may cause the Company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content ofthe Standalone Annual Financial Results, including the disclosures, and whether the Standalone Annual Financial Results represents the underlying transactions and events in a manner that achieves fair presentation. a

Materiality is the magnitude of misstatements in the Standalone Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone annual financial results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the standalone annual financial results.

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 identiff 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.

OtherMatter

The Standalone Annual Financial Results include the financial results for the quarter ended 31't March,2025 being the balancing figure between the audited figures in respect of the full financial year ended 31"t March, 2O25 and the published unaudited year-to-date figures up to the third quarter of the current financial year, which were subject to limited review by us, as required under the Listing Regulations. Our opinion on the Standalone Annual Financial Results is not modified in respect of this matter.

New

FOR SCV & CO. LLP CHARTERED ACCOUNTANTS FIRM REGISTMTION 5N

PLACE: NOIDA DATE: 19rH MAY, 2025

	H E G L I M	I T E D
	O f f ice Co B h i lwa te To rp ora ra : we rs,	1, A -12 Se NO cto IDA r - ,	20 130 1. -
	( Ne O f f ice Ma d i de ar n ep :	D istt Ma d hy . R ais a en ,	Pra de h- 4 6 2 0 s	4 6.
	P ho : 0 1 2 0- 4 3 9 0 3 0 0; ne	Fa OL 2O -42 84 L 77 x:
	tC0 O8 CIN : 12 310 9M P19 72P 290 W ebs ite	Em ail:
	ST AT EM EN T A UD ITE D OF ST AN DA LO NE NC F INA IAT R ES UL TS	AN FO R T HE Q UA RT ER	D Y EA R EN DE D 3	1S T M AR CH ,	2 0 25
				( { in C ror	t e es ex ce p arn	ing sh s p er are
			art qu er End ed		Ye ar	End ed
Sl. No	Pa rtic ula rs	31- 03- 202 5	3I- 12- 202 4	?t- o3- 202 4	31- 03- 202 s	3t- o3- 202 4
		Au dite d	Un aud ited	Au dite d	Au dite d	Au dite d
I	e f Rev tion rom enu op era s	535 .s8	477 .07	s46 .90	2, 152 .7t	2,3 94. 90
il	inc (re fer Oth .4) te er om e no no	43. 63	Lt3 .23	64. 31	126 .68	L41 .67
ilt	( l+ll ) To tal lnc om e	580 .21	590 .30	6 2 t t. t	2,2 79. 39	2,5 36. 57
tv	Exp ens es
	f m rial Cos ate ed t o s c ons um	243 .53	228 .94	234 .78	954 .73	1,0 93. 00
	Ch in i ries of fin ish ed ds nto rk- in-p and ang es nve goo wo rog res s	( 3s. 2e)	(s 6) 0.6	83 57.	(s 7) 0.e	58. 39
	Em loy ben efit p ee ex pen ses	27. 39	23. 43	25. 19	97. 18	94. 80
	Fin ost anc e c s	2.o t t	9.3 8	8.6 3	39. 20	35. 74
	De cia tion rtis atio d a pre an mo n e xpe nse fu el Pow and er	54. 55	50. 5s	50. 44	200 .54	t74 .65
	(re Oth fer te 4) er no exp ens es no.	78. 35 27L .27	79. 10 115 .88	73. 46 Lr2 .27	331 .5s 559 .24	310 .08 454 .67
	( lV) To tal exp ens es	651 .81	456 .62	s62 .60	2, 3t. 5 7 t	2,2 21. 33
v	fit/( s) Pro los bef tion al ( ltl-t V) item nd tax ore ex cep s a	( 71. 50)	133 .68	48. 61	L47 .82	3t5 .24
VI	item Exc tion al ep s
i l v	fit/ ( Pro los sl x ( l) bef V-V ta ore	( 71. 60)	133 .68	48. 61	t47 .82	3t5 .24
i l t v	Tax ex pen se
	(ne ( 1) C t o f a dju of nt tax stm ent rlie ) urre ea r ye ar tax	20. 88	10. 85	t5. o7	48. 42	74. 58
	( 2) De fer red ta x	( 80) 30.	24. 5L	( 1.6 1)	( 1) 1.s	9.r 2
tx	fit/( erio d / Pro los s) for th ( VlF Vll l) e p ye ar	( 58) 61.	98. 32	35. 15	101 .31	231 .54
x	Oth hen siv e i er com pre nco me
	A ( i) lt ha ill n ofit s t t w ot be cla ssi fied to pr los em or s
	- R of def ine d b lan nt loy fit em eas ure me p em p ee ene	( 4) 0.e		0.4 8	( 4) 0.0	o.4 7
	( ii) T ela ting wil l n fit to ite th at ot las sifi ed be to exp ens e r pro loss ax ms rec or	o.2 4		( 2) 0.1	1 o.o	( 0.1 2)
	( i) ill b rof it o ltem hat ifie d t s t ecl B w o p r lo e r ass ss
	( ii) T th wil l be ofit rela ting to ite at cla ssi fied to los ms pr ax re or s
xt	oth hen siv e i fo erio d / Tot al r th ( lX+ X) er com pre nco me e p ye ar	( 38) 62.	98. 32	3s. 52	101 .28	231 .89
i l x	t 2 Up e C ital ( F /- p (re fer Pai d - Eq uity S har Va lue sha re) te 7) ap er ace no	38. 60	38. 60	38. 60	38. 60	38. 60
i lt x	Oth (e xcl udi uity alu atio es) er ng eq rev n res erv				4, L20 .93	4,1 06. 48
xtv	( { } sh (no ) Ea rnin t a alis ed for ter (re fer th 7) per are e q uar te gs nnu no
	( ) { - B asic ( ) t - D ilut ed	( 3.2 0) 3.2	5.0 9	1.8 2	5.2 5	12. 00
		( 0)	s.0 9	L.8 2	5.2 5	r-2. 00

	AUDITED STANDALONE SEGMENT REVENUE, RESULTS, ASSETS AND LIABILITIES
						₹ in Crores
			Quarter Ended			Year Ended
Sl. No.	Particulars	31-03-2025	31-12-2024	31-03-2024	31-03-2025	31-03-2024
		Audited	Unaudited	Audited	Audited	Audited
A	Segment revenue
	Graphite	526.27	468.58	538.37	2,120.05	2,361.07
	Power	10.31	8.49	8.53	32.66	33.83
	Others
	Total	536.58	477.07	546.90	2,152.71	2,394.90
	Less: Inter segment sales
	Revenue from operations	536.58	477.07	546.90	2,152.71	2,394.90
В	Segment results
	Graphite
	Power	90.46	55.69	58.76	216.61	317.76
	Others	4.38	6.56	4.36	15.77	13.63
	Total
	Add/(less):	94.84	62.25	63.12	232.38	331.39
	Interest income	2.66	3.88	9.76	19.22	43.20
	Gain/(loss) on sale of investments(including gain/(loss) on its fair valuation)	(151.68)	82.49	(4.37)	(42.76)	8.14
	Other unallocable income/(expenses) (on net basis)	(5.41)	(5.56)	(11.27)	(21.82)	(31.75)
	Finance costs	(12.01)	(9.38)	(8.63)	(39.20)	(35.74)
	Profit before tax	(71.60)	133.68	48.61	147.82	315.24
$\mathsf{C}$	Segment assets
	Graphite	3,861.14	3,767.82	3,865.80	3,861.14	3,865.80
	Power	21.05	20.71	22.29	21.05	22.29
	Unallocated / others	1,463.62	1,535.13	1,528.77	1,463.62	1,528.77
	Total assets LIM I RCO	5,345.81	5,323.66	5,416.86	5,345.81	5,416.86
	$\mathcal{L}_{\mathcal{L}}$ C)
D	U New Delbi Segment liabilities TNT ′∗
	しり NOR $\overline{S}$ Graphite s $\star$	1,065.26	953.19	1,149.26	1,065.26	1,149.26
	$\mathcal{L}$ Power $\sqrt{2}$	2.50	2.90	2.64	2.50	2.64
	VOIDA ed Accou Unallocated / others	118.52	145.67	119.88	118.52	119.88
	Total liabilities	1,186.28	1,101.76	1,271.78	1,186.28	1,271.78

$\mathbb{R}^2$ :

$\mathbb{R}^2$ .

	A U D I T E D S T A N D A T O N E S T A T E M E N T OF A N D AS SE TS ES A T LIA BIL ITI A S 3 1 S T M A R C H, 2 O 2s
			{ in Cr ore s
	Pa icu lar t r s	t As a	As t a
		3 L- O 3- 2 0 2 5	3 3- 2 0 2 4 t-o
		Au d i d te	Au d i te d
A	AS SE TS
( 1)	No t a ets n-c ur ren ss
	) Pr ty, P lan a t a d Eq ip t op er n u me n	L, 8 8 6. 9 8	1, 7 6 7. 5 4
	b ) k- in- Ca i l w ta or p rog res s p	2 0. 8 7	7 9 4. 4 0
	f u ) As R ig ht t o c se se	6. 2 5	6. 8 9
	d ) lnv Pr tm t ty es en op er	6. 4 8	6. 9 1
	) O he ln i b le t tan e ts r g as se f ln i b le	1. 1 1	1. 15
	) tan de lop de t ts g ve me n as se un r ) F ina ia l a ets	0. 4 9
	g nc ss ( i ) lnv tm ts es en
	( i i ) Lo an s	8 8 6. 4 8	6 7 2. 5 0
	( ) i i i O he t F ina ia l A ets r nc ss	9 7 o.	0. 8 8
	h ) lnc Ta As ( Ne ) ts t om e se x	2. 1 9 5	4 6. 27
	) i O he t t a ets r n on -cu rre n ss	L 0 4. 6 5 1 3. 9 3	1 0s 0 8 1 2
	To l ta No Cu t As ts n rre n se	2, 9 8 0. 3 1	5. 5 2, 8 t 6. 8 7
( ) 2	Cu t a rre n ets ss
	( ) lnv ies to a en r	7, 2 5 4. 6 4	L, 9 4. L t 5
	( b ) F ina ia l a ets nc ss
	( i ) lnv tm ts es en	3 4 4. 8 1.	3 2 3. 6 L
	( i i ) Tr de iva b les a re ce	4 3 9. 9 4	5 0 8. 2 5
	( ) i i i & Ca iva len sh Ca sh ts eq u	2 3. 6 5	1 1 0. 1 5
	( iv ) ( i i i ) a he ha Ba k b lan t t bo o r n a ce s n ve	9 4. 1 8	2 3. 1 8 7
	( ) Lo v an s	0. 8 3	0. 6 6
	( ) i O he F ina ia l As v t ts rs nc se	6 8. 2s	4 7. 5 2
	( ) O he t t a c r c ur ren ets ss	1 3 8. 6 0	4 2. 4 6 t
	Cu t As ts rre n se	2, 3 6 0 5. 5	2, 9 9. 9 9 5
	As ts se	5, 3 4 5. 8 1	5, 4 1 6. 8 6

-'re

	Pa icu lar t r s	t As a	t As a
		3 1- 0 3- 2 0 2 5	3 3- 2 0 2 4 t-o
		Au d i d te	Au d i d te
B	Eq A N D L A Bt U Tt E S ur w
	Eq i ty u
	( ) Eq i ty ha i l a ta u s re ca p	3 8. 6 0	3 8. 6 0
	( b ) O he i t ty r e q u	4, 2 O. 9 3 7	4 4 8
	i l e ty ta o q u	4 1 5 9. 5 3	1 4 5. 0 8
	ES LIA BIL ITI
( 1)	No l ia b i l i ies t t n-c ur ren
	( ) F ina ia l l ia b i l i ies t a nc
	( ) i Le L ia b i l i ies t as e	0. 8 0	27 7.
	( ) b Pr is ion ov s	5. 2 9	4. 8 9
	(c ( Ne ) De fer d l ia b i l i ies t tax t re )	9 4. 2 7	9 6. 0 4
	( d ) O he t t l ia b i l i ies t r n on -cu rre n	4. 9 5	4. 8 t
	To l Cu ta No t L ia b i l i ies t n rre n	1 0 5. 1 6	1 0 6. 3 8
( 21	l ia b i l i ies Cu t t rre n
	( ) F ina ia l l ia b i l i ies t a nc i Bo
	( ) ing rro w s ia	5 8 4. 8 6	61 .9. 38
	( ) L ia b i l i ies Le t as e i i Tr de	0. 4 7	0. 5 1
	( ) P b les a ay a
	( A) To l Ou icr ta d ing du f m ts tan te ise d s l l e ise o e te es o n rp r s a n ma n rp r s ( B) To l ta Ou	0. 9 7 r	8. 4 7
	d ing d i ts tan du f c to he ha t t icr ise te d s l l e es o re rs ise o r n m o en rp r s a ter n ma n p r s ( i i i ) O f ina ia l l ia b i l i ies t he t	3 8 6 1 7.	4 1 6. 8 2
	nc r ( b ) O he t l ia b i l i ies t t	6 1. 8 5	9 0. 7 7
	r c ur ren (c Pr is ion ov	7.o 3 t	1 3. 5 2
	) s ( ) ( Ne ) d Cu t t Ta L ia b i l i ies t rre n x	4. 3 0	4. 2 1
	To l Cu L ia b i l i ies ta t t rre n	L 4. 2 L	L ]-. 7 2
	l L ia b i l i ies ta t o	2 t	1, 1 6 5. 4 t
	l ia b i l i ies l t ta d o an	2 8	t, 2 7 1. 7 8
		3 4 8 1 5, 5.	8 6

reI:

ED T SH S E c.F E ST R D	i t n
PA RT ICU LA RS	Ye En de d ar	Ye En de d ar
	3 1- 0 3- 2 0 2s	3 3- 2 0 2 4 t-o
CA SH LO WS O F F R M O G P E R A T I N A C T I V I T I E S	Au d i d te	Au d i d te
f Pr i t be for Ta o e x	4 7. 8 2 t	31 .5.2 4
A d j fo tm t ing t d ion us en r n h tra t o p era on a n no n ns ac s ca s
De ia ion t d a isa ion t t p rec a n mo r e xp en se	2 0 0. 5 4	1 7 4. 6 5
lnv to W i do ( ) te- t en ry ne r wn	2 5. 7
ln te t a d o he f ina ia l c t res ha r nc n rg es	3 5. 7 5	3 5. 7 4
Ne ( Pr f i ) / Lo ty lan t t t a d e ip / n p rop er t s o ss p l d d isc de d o n q u me n ar o	0. 1 4	( ) 1. 2e
A l low fo Ex d Cr te d i t L an ce s r p ec e os se s	1. 3 0	2. 7 0
/ L ia b i l i ies is ion i t t te p rov s ba k wr n c	( 1 0 ) 7.s	( ) 0 0 ss
( Ga ) / in Lo Un l ize d d to f fec f e ss t o ha rea e te ha d l ia b l i ies ue ets t xc ng e ra c ng es o n a ss a n	2. 9 6	( ) 0.s 3
f i t t o Ne le / fa ir v lua ion t Ga in t f inv p r tm ts d fa ir v on sa a lue hro h o es en t t me as ure a r lo a ug ss	4 2. 7 6	( ) 8. 1 4
D iv i de d inc n om e	( 1. 8s )	( 2. 3 6 )
Re t inc n om e	( ) 1.s 4	( ) 1. 4s
ln te t inc res om e	( 1s 6 8 )	( 43 .2O l,
A d j tm ts fo ha k ing in i l us en ta r c ng es wo r c ap
( lnc ) / De in ing rea se cre as e t op era ets a ss
( lnc ) / De in lnv ies rea se cre as e to en r	( ) 6s 6 1	2 4s 9 6
( ) / lnc De rea se cre as e in Tr de iva b les a re ce	6 5. 9 6	( 2o .77 l,
/ ( lnc ) De in he rea se cre as e t t f ina ia l a o r n on -cu rre n ets nc ss	( 6. 2 L )	( 1 0.s 3 )
( lnc ) / De in he f ina ia l a rea se cre as e t t o r c ur ren nc ets ss	( ) 3 2. 7 r	( ) 2 8. 6 6
( lnc ) / De in he t a rea se cre as e t r n on -cu rre n ets o ss	( ) 0. 1 1	5 2. 3 9
( ) / lnc De in he rea se cre as e t t a o r c ur ren ets ss	3. 8 2	( ) 6. 7 7 s
Inc / ( De ) in l ia b i l i ies ing t t rea se cre as e op era
/ ( ) lnc De in Tr de P b les rea se cre as e a ay a	( L ) 8. 4	6 4. 5 5
lnc / ( De ) in he f t t ina ia l l ia b i l i ies t rea se cre as e o r c ur ren nc	2. 2 7	( 8. 3 0 )
lnc / ( De ) in t Pr is ion rea se cre as e no n-c ur ren ov s	0. 4 0	1. 8 3
/ ( ) lnc De in t Pr is ion rea se cre as e cu rre n ov s	0. 0 9	2 4 o.
/ ( ) lnc De he in t t l ia b i l i ies t rea se cre as e o r n on -cu rre n	7 6 o.	0. 4 9
lnc / ( De ) in he l ia b i l i ies t t t rea se cre as e o r c ur ren	3. 3 5	( \ 6. 7 2
fro / ( d f low in ) ing Ca sh t iv i ies m us e t t s op era a c	3 6 4. 4 1	6 5 0. 2 8
( lnc i d tax t o f r fun d, i f a p a ne ) om e e ny	4 5
f low Ne t C iv i ies h t t s as ac	3 1 8. 9 9	6 1 4. 8 5

CA SH F LO WS F R O M I N V E S T I N G A C T I V I T I E S
fo Pa ha t f Pr lan ty t a r p d Eq ip y me n urc se t, in i b le ( inc lu d ing o op er p tan C i l w k n u me n g ts ta as se ap or
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fo d i ) i l e tu ta r c ap xp en re
fro f Pro ds Pr le ty P lan d Eq ip m t a ts ce e o op er sa n u me n	3. 2 2	2. 2 5
lnv f ixe d / tm t i te de i es en rm ts t c i de d d c n p os no h a h e iva len on s re ts n as ca s q as u	( ) 1 6 4. 4 0	( 2 8 3. 3s )
/m Re de ion i f / t tu ty ixe d f te mp a r de i rm ts t c i de d o no h a d c h e iva len p os ts on s re as ca s n as q u	3 4 2. 3 4	6 6 7. 2 4
De / ( lnc ) in he t ba k ba lan t c i de d cre as e rea se o r h a d c L iva len n ce s n o h e ts on s re ca s n as as q	0. 6 6	( 0. 0 3 )
fo Pa t lnv tm ts in r bs i d iar y me n es en su y	17 7. 2 8 )	( ) 7 0. 0 0
fo ( Pa he t Pu ha f lnv t tm ts ha me n r o r t ) y o es en bs i d iar rc se n s u y	( 7 6e 4s l.	( ) 8 7. 3s s
fro Pro ds f lnv le tm ts m ce e sa o es en	5 6 7. 3 9	3 3 0. 4 5
fro Re tur f Ca ita l I N V I T n o m p	7. 4 4	1. 27
Re ive d nt rec e	1. 4 5	I. 4 5
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ln te t r ive d res ec e	2 6. 9 4	5 2. 6 2
fro / ( d Ne f low t C in ) inv ing h t iv i ies m us e t t ( B) s as es a c
CA SH F LO WS F R O M F I N A N C I N G A C T I V I T I E S
/ ( ) Pr d Re t f w k ing ( i l bo oc ee p me n ta or o on
ing ay t b ) c ap is rro w s n e as ln f te t a d o he ina ia l c t ha res Pa i d n r nc es	( 3 3 ) 7. 5	( 1 2 1.s 3 )
rg ln te t p i d o l ia b i l i ies t lea res a n se	( 3 3. 6 1 )	( ) 3 8. 4e
Pr inc ip l f Pa l ia b i l i ies t o lea t a y me n se	( ) 0. 1 3	( ) 0. 1 7
D iv i de d i Pa i d o ty ha n n e q u s res	( 0.s 1 )	( 0. 4 4 \
	( 8 2s ) 7.	( 1 6 3.s 0 )
fro / ( d Ne f low f ina ing t C ) iv i ies h in t t m us e ( C ) s nc as a c
NE T INC RE AS E( DE CR EA SE ) A N D I N Q S C CA SH CA SH E U I V A L E N T ( A+ B+ )		8 0 5. 7
he Ca d c h e iva len t sh ts be inn ing f he t t an as q u a g y ea r o	1 1 0. 1s	2 4. 4 5
d c iva len he Ca sh ts he d o t h t t f an a as e n	2 3. 6 5	1 1 0. 1 5

B

c

Notes:

• These Standalone financial results have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (as amended) as prescribed under section 133 $\mathbf{1}$ of the Companies Act, 2013 read with relevant rules issued there under.
• The above Standalone financial results have been reviewed by Audit Committee and approved by Board of Directors in their respective meetings held on 19th May, 2025. The $\mid$ $\overline{2}$ Statutory Auditors have expressed an unmodified opinion on the aforesaid results.
• The figures of quarter ended 31st March, 2025 and 31st March, 2024 are the balancing figures between the audited figures in respect of full financial year and the published figures $\vert$ $\overline{\mathbf{3}}$ of nine months ended 31st December, 2024 and 31st December, 2023 respectively, which were subject to limited review by the Statutory Auditors.
• Other Income/Other Expense include net impact of mark to market gain/loss on investments measured at fair value through profit or loss in accordance with Ind AS 109 'Financial $\overline{4}$ Instruments' as mentioned below:

31-03-2024	31-03-2025	31-03-2024
		1.95
	(59.66)
	73.20	(7.04)

The net loss for the quarter and year ended 31st March, 2025 includes Rs. 159.90 crores and Rs. 80.16 crores respectively in respect to decrease in fair value of investment in equity shares of Graftech International Limited, USA.

** The net loss for the year ended 31st March 2025 of ₹ 59.66 crores is after adjustment of gain of ₹ 93.57 crores during the period ended 31st December 2024.

The gain of ₹1.95 crores is after adjustment of loss of ₹7.04 crores during quarter ended 31st March 2024.

For the purpose of reporting as per the requirements of Ind AS 108 'Operating Segments', until the last financial year, the 'Power Segment' comprised of two Thermal Power Plants 5 having total capacity of 63 MW at Mandideep, Bhopal (Madhya Pradesh) and a Hydro Power Plant having capacity of 13.5 MW at Tawa Nagar, District Hoshangabad (Madhya Pradesh). Keeping in view the intended future use of the Thermal Power Plants exclusively to meet the power requirement of graphite business, the thermal power plants have been considered as a part of 'Graphite Segment' w.e.f. current financial year. Further the Hydro Power Plant is considered a separate segment and is being continued to be disclosed under 'Power segment' for reporting as per Ind AS 108 'Operating Segments', Accordingly, the figures of segment revenue, results, assets and liabilities reported above for the corresponding periods have been restated, in line with the reporting during the current year.

The Board of Directors of the Company at its meeting held on 22nd May, 2O24 had approved the Composite Scheme of Arrangement amongst HEG Limited ("the Company") andHEG Graphite Limited ("Resulting Company") and Bhilwara Energy Limited ("TrarsferorCompany") and their respective shareholders and creditors ("Scheme").The proposed Scheme inter alia provides for:(a) the demerger of the Demerged Undertaking (i.e. Graphite Business) from th: Company into the Resulting Company on a going concern basis and issue of equity shares by theResulting Company to the shareholders of the Company in consideration thereo!, and(b) amalgamation of the Transferor Company with the Company and issue of equity shares by the Company to the shareholders of the Transferor Company (except the Companyitself) in consideration thereof. The Appointed Date for the Scheme is 1st April, 2024.Thereafter, the Company had filed the requisite application with the stock exclanges (viz. BSE limited and National Stock Exchange of India Limited) under Regulation 37 of thelisting Regulations ("Regulation 37 Application").agreements in connection with the issue of further shares to proposed investors.ln view of the aforesaid, the companies involved in the Scheme have modifiec the Scheme basis SEBI's observation, after taking into account, inter alia, the updated valuationreports issued by the registered valuer and fairness opinion issued by the merchant banker on the modified scheme.The Company has thereafter filed fresh Regulation 37 application with the stck exchanges in relation to the modified Scheme. The Scheme is, inter alia, subject to receipt ofshareholders and creditors (as applicable) of the Companies involved in the Scheme.Pending receipt of final approvals, no adjustments have been made in the financ al results for the year ended 31st March, 2025.On and from the Record Date of 18th Octobet,2O24, the equity shares of the Company have been sub- divided, such that 1 (one) equity share having face value of t 10/- ({ ten

• share for the prior periods have been restated considering the face value of { 2l- each in accordance with lnd AS 33 "Earnings per share".
• lnfotechnology Limited has been increased to LOO%, consequent to this, Bhilwara lnfotechnology Limited has become the wholly owned subsidiary of the Company.8
• The figures of power segment relates to operations at Hydro Power Plant of tl'e Company at Tawa Nagar which is seasonal in nature. The plant works intermittently during 1stquarter based upon irrigation requirement, starts operating in the 2nd quarter depending upon monsoon and continues in the 3rd quarter before tapering down in the lastquarter.9
• The Board of Directors has recommended a final dividend of { 1.80/- per equity share of the face value of t 2 each for the financial year 2O24-25, subject to approval ofshareholders at the ensuing Annual General Meeting.10

Place: Noida(U.P)Dated : 19th May 2025

6

7

For HEG Limited

-Raoi lhrnjhunwala Chairman, Managing Director & CEODIN:00060972

Independent Auditor's Report

To

The Board of Directors of HEG Limited

Report on t}te audit of the Consolidated Annual Financial Results

Opinion

We have audited the accompanying Consolidated Annual Financial Results for the quarter and year ended 31s March, 2025 of HEG Limited (hereinafter referred to as "the Holding Company") and its subsidiaries (the Holding Company and its subsidiaries collectively referred to as "the Group") and its associates attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (hereinafter referred to as "the Listing Regulations").

In our opinion and to the best ofour information and according to the explanations given to us and based on the consideration of the reports of the other auditors on Separate / Consolidated Audited Financial Statements / Financial Information of the subsidiaries and associates referred to in paragraph (i) and (ii) of "Other Matters" section below, the aforesaid Consolidated Annual Financial Results:

S.No	Name of Company	Relationship
1	HEG Limited	Holding Company
2	HEG Graphite Limited	Wholly owned Subsidiary
3.	TACC Limited Wholly owned Subsidiary
+.	Bhilwara Infotechnology Limited	Wholly owned Subsidiary (Subsidiary w.e.f. 9th
		December 2024, prior to this date it was an
		Associate Company)
5.	Bhilwara Energy Limited	Associate
6.	Texnere India Private Limited	Wholly owned Subsidiary of Bhilwara
		Infotechnology Limited we.f 6th February, 2025

i. includes the Annual Financial Results of the following entities;

• ii. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations: and
• iii. gives a true and fair view in conformity with the recognition and measurement Principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India, of the consolidated net profit and other comprehensive income and other financial information of the Group and its share of the profit/(loss) after tax and other comprehensive income /(loss) of the associates for the quarter and year ended 31\$ March,2025.

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 (hereinafter referred to as "the Act"). Our responsibilities under those Standards are further described in the 'Auditor's Responsibilities for the Audit of the Consolidated Annual Financial Its' section of our report. We are independent of the Group and its associates in accordance with the of Ethics issued by the Institute of Chartered Accountants of India together with the ethical uirements that are relevant to our audit under the provisions of the Act and the Rules thereunder, and we fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and consideration of reports of other auditors referred to

in paragraph (i) and (ii) of "Other Matters" paragraph below, is sufficient and appropriate to provide a basis for our opinion.

Matters reported in the Audito/s Report on Consolidated financial statements of Bhilwara Energy Limited an associate of the Holding Company

(A) Material uncertainty related to going concern ofa subsidiary ofan associate

We draw attention to the matter related to material uncertainty related to going concern of Chango Yangthang Hydro Power Limited, a subsidiary of Bhilwara Energy Limited, an associate of the Holding Company, reported in the Auditor's Report on Consolidated Financial Statements of the associate which is being reproduced hereunder:

We draw attention to Note-43(xc) (Note 14 of Audited Consolidated Annual Financial Results) regarding the Board of director's decision to surrenderthe Chango Yangthang HEP (180 MW) projectto Directorate of Energy, Government of Himachal Pradesh due to delay and uncertainty in project execution and long delay in Government approvals and licenses lapse, the company has written off Capital Work in progress during the year 2017-18 amounting to 127.13 Crores. These events or conditions, along with other matters as mentioned indicate that there exists material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern since the company was incorporated as a Special Purpose Vehicle for this particular project.

The opinion of the auditor of the said company is not modified in respect of this matter. Also the opinion of the auditor of the associate company is not modified in respect of this matter.

Our Opinion on the Consolidated Annual Financial Results is also not modified in respect of this matter.

(B) Emphasis of Matter

We draw attentign tA the Empha\$is af matters reported in the Auditor's Report on Consolidated Financial Statements of Bhilwara Energy Limited (BEL), an associate of the Holding Company, which are being reproduced hereunder:

(i) In case of Chango Yangthang Hydro Power Limited (CYHPL), a subsidiary of the associate

We draw attention to Note-43(xb) (Note 13b of the Audited Consolidated Annual Financial Results), the company has filed a letter for surrender of Chango Yangthang HEP (180MW) project in Himachal Pradesh and asked for the refund of Upfront premium of t 37.89 crores and Security Deposit of t1.80 crores with interest since the project is not executable purely on account ofvarious social-legal issues neither in the control of the company nor in the control of local administration/authorities.

GoHP has formed a committee to deal with the issues of various projects which includes Chango Yangthang Hydro Power Limited (CYHPL). On the direction of GoHP, a public meeting was conveyed, in which the villagers categorically refused for development of any Hydro Electric project in the Hangrang valley including 180 MW ChangoYangthang HEP and refused to co-operate on the issue of development of any project. During the meeting called for by the committee, CHYPL categorically refused to execute the project in view of severe local issue and lapse of clearances for the project. Committee has noted the same.

In view of this, the company has reiterated its demand for refund of money along with the Interest and the management is confident of recovering the Upfront Fees and Security Deposit paid on account of surrender ofprojec! in full. The upfront fee and security deposit as mentioned above have been grouped under Other Non-Current Assets (Note-13) and Non-Current (Other financial Assets)- Security Deposit (Note-1 1) respectively.

(ii) In NfC Hydro Power Limited (NHPL), a subsidiary of the associate

We draw attention to Note-43(ix)(a) (Note 13a of the Audited Consolidated Annual Financial Results), the project of NHPL was on hold for quite some time due to suspension of environment clearance by Hon'ble National Green Tribunal and thereafter Wildlife Institute of India (WII) in its report has'mentioned that project could not be undertaken at the project site.

As per directions of Hon'ble Supreme Court, arbitration notice was sent to Government of Arunachal Pradesh (GoAP) and have also indicated the name of arbitrator. Simultaneously, efforts were initiated to settle the issue by mutual negotiations.

As the project is not doable anymore, NHPL has decided not to implement the project and sought the refund of upfront premium of 1 25.47 crores from GoAP invoking the clauses of MoA and presently the matter is under litigation with GoAP.

Accordingly, the Board of Directors of NHPL on dated 15rh lune,2022 decided to write-off Capital Work-in-Progress (CWIP) including pre-operative expenses net of waiver of loan from Parent Company (Bhilwara Energy Limited (BEL)) and charged to the statement of profit and loss during the financial year 2022-23, except the upfront premium paid.

The opinion of the auditor of the associate company is not modified in respect of matters stated above.

Our opinion on the Consolidated Annual Financial Results is not modified in respect of the above matters.

Management's and Board of Directors'Responsibilities forthe Consolidated annual Financial Results

The Consolidated Annual Financial Results has been prepared on the basis of the consolidated financial statements. The Management and Board of Directors of the Holding Company are responsible for the preparation and presentation ofthe Consolidated Annual Financial Results that gives a true and fair view of the net profit and other comprehensive income and other financial information of the Group including its associates in accordance with the recognition and measurement principles laid down in 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 Listing Regulations. The respective Management and Board of Directors of companies included in the Group and of its associates are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of each 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 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 ofthe 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 Annual Financial Results by the Management and the Board of Directors of the Holding Company.

In preparing the Consolidated Annual Financial Results, the respective Management and Board of Directors of the companies included in the Group and its associates are responsible for assessing the ability of each company to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis ofaccounting unless the respective Board ofDirectors either intends to liquidate the Company 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 associates are also responsible for overseeing the financial reporting process of each company.

Auditot's Responsibilities for the Audit of the Consolidated Annual Financial Results

Our objectives are to obtain reasonable assurance about whether the Consolidated Annual Financial Results as a whole is f,ree 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 the consolidated annual financial results.

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

• IdentiSz and assess the risks of material misstatement of the Consolidated Annual 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, forgery, intentional omissions, misrepresentations, or the override of internal control. a
• a Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 1a3(3)(i) ofthe Act we are also responsible for expressing our opinion through a separate report on the complete set of Consolidated Financial Statements on whether the Holding Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness ofsuch controls.
• a Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Management and Board of Directors.
• a Evaluate the appropriateness and reasonableness ofdisclosure made by the Management and Board of Directors in terms of the requirements specified under Regulation 33 of the Listing Regulations.
• a Conclude on the appropriateness of the Management and 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 Consolidated Annual Financial Results or, if such disclosures are inadequate, to modifu our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's reporl However, future events or conditions may cause the Group and its associates to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Consolidated Annual Financial Results, including the disclosures, and whether the Consolidated Annual Financial Results represents the underlying transactions and events in a manner that achieves fair presentation. a

Obtain sufficient appropriate audit evidence regarding the financial results of the companies included in the Group and its associates to express an opinion on the Consolidated Annual Financial Results. We are responsible for the direction, supervision and performance of the audit of the financial information of such entities included in the Consolidated Annual Financial results of which we are the independent auditors. For the other entities included in the Consolidated Annual Financial Results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion. Our responsibilities in this regard are further described in paragraph (i) and (ii) of the "Other Matters" paragraph in this audit report a

Materiality is the magnitude of misstatements in the Consolidated Annual Financial Results that individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Consolidated Annual Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Consolidated Annual Financial Results

We communicate with those charged with governance of the Holding Company 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 identiff 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 No. CIR/CFD/CMD L/44/2019 dated March 29, 2019 issued by the Securities Exchange Board of India under Regulation 3 3 (8) of the Listing Regulations, to the extent applicable.

OtJrer Matters

• (i) The Consolidated Annual Financial Results include the audited financial results/financial information of two subsidiaries whose financial results/infoimation reflects total assets of t 180.58 crores as at 31\$ March, 2025, total revenue of { 5.66 crores and { 6.98 crores, Profit/(loss) after tax of (t 1.43) crores and (t 3.76) crores and total comprehensive income/(loss) of ({ 1.44) crores and (< 3.77) crores for the quarter and year ended 31't March, 2025 respectively and net cash inflow/(outflow) of ({ 2.13) crores for the year ended 31\$ March, 2025, as considered in the Consolidated Annual Financial Results. The financial statements/financial information of such subsidiaries have been audited by the other auditors whose reports have been furnished to us by the management. Our opinion on the Consolidated Annual Financial Results, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is solely based on the report ofthe other auditors and the procedures performed by us as stated in above paragraph.
• (ii) The Consolidated Annual Financial Results includes Group's share of profit/(loss) after tax of (t 10.55) crores and < 77.48 crores and Group's share of total comprehensive income/(loss) of ({ 10.83) crores and t 17.13 crores for the quarter and year ended 31't March, 2025 respectively in respect of two associates including one associate which has become a subsidiary w.e.f 9th December, 2024, whose financial results/financial information have been audited by the other auditors whose reports have been furnished to us by the management. Our opinion on the Consolidated Annual Financial Results in so far as it relates to the amounts and disclosures included in respect ofthese associates is solely based on the reports ofsuch auditors and the procedures performed by us as stated in above paragraph.
• (iii) The Consolidated Annual Financial Results include the financial results for the quarter ended 31"t March, 2025 being the balancing figure between the audited figures in respect ofthe full financial year ended 31"t March, 2025 and the published unaudited year-to-date figures up to the third quarter ofthe current financial year, which were subject to limited review by us, as required under the Listing Regulations. Our opinion on the Consolidated Annual Financial Results is not modified In respect of the above matters.

FOR SCV & CO. LLP CHARTERED FIRM REGISTMTION No.

SINGH PARTNER MEMBERSHIP NO,516834 ICAI UDIN: 2 5 5 1 68348MMNCw572 0

PLACE: NOIDA DATE: 19rH MAY, 2025

KG	HEG LIMITED
	Corporate Office : Bhilwara Towers, A-12, Sector -1, NOIDA - 201301.
	Registered Office: Mandideep (Near Bhopal), Distt. Raisen, Madhya Pradesh-462046.
	Phone: 0120-4390300; Fax: 0120-4277841 CIN: L23109MP1972PLC008290 Website: www.hegltd.com Email: heg.investor@Injbhilwara.com
	STATEMENT OF AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2025
					(₹ in Crores except earnings per share)
			Quarter Ended			Year Ended
SI. No.	Particulars	31-03-2025	31-12-2024	31-03-2024	31-03-2025	31-03-2024
		Audited	Unaudited	Audited	Audited	Audited
Ŧ	Revenue from operations	542.25	478.38	546.90	2,159.69	2,394.90
и	Other income (refer note no. 5)	48.02	111,58	64.31	127.57	141.67
Ш	Total Income (I+II)	590.27	589.96	611.21	2,287.26	2,536.57
IV	Expenses
	Cost of materials consumed	243.53	228.94	234.78	954.73	1,093.00
	Changes in inventories of finished goods and work-in- progress	(35.29)	(50.66)	57.83	(50.97)	58.39
	Employee benefits expense	32.25	24.78	25.26	103.67	95.27
	Finance cost Depreciation and amortisation expense	12.01 54.59	9.38 50.56	8.63 50.44	39.20 200.59	35.74
	Power and fuel	78.37	79.10	73.46	331.67	174.65 310.08
	Other expenses (refer note no. 5)	278.86	116.36	112.78	565.48	455.73
	Total expenses	664.32	458.46	563.18	2,144.37	2,222.86
v	Profit/(loss) before exceptional items and tax (III-IV)	(74.05)	131.50	48.03	142.89	313.71
VI	Exceptional Items
VII	Profit/(loss) before tax & share of profit/(loss) of associate (V-VI)	(74.05)	131.50	48.03	142.89	313.71
VIII	Share of profit/ (loss) of associate	(10.55)	(12.93)	(1.66)	17.48	81.66
IX x	Profit/(Loss) before tax (VII+VIII) Tax expense	(84.60)	118.57	46.37	160.37	395.37
	(1) Current tax (net of adjustment of earlier year tax)
	(2) Deferred tax	20.71	10.86	15.07	48.26	74.58
XI	Profit/(loss) for the period (IX-X)	(31.64) (73.67)	24.31 83.40	(1.61)	(2.95)	9.12
XII	Other comprehensive income			32.91	115.06	311.67
	A (i) Items that will not be classified to profit or loss
	- Remeasurement of employee defined benefit plan	(0.95)		0.48	(0.05)	0.47
	(ii) Tax expense relating to items that will not be reclassified to profit or loss	0.24		(0.12)	0.01	(0.12)
	B (i) Items that will be reclassified to profit or loss
	(ii) Tax relating to items that will be reclassified to profit or loss	٠			٠
	C Share of other comprehensive income of associate	(0.28)	(0.02)	0.02	(0.35)	(0.11)
XIII	Total comprehensive income for the period (XI+XII)	(74.66)	83.38	33.29	114.67	311.91
XIV	Paid-up equity share capital (face value ₹ 2/- per share) (refer note 8)	38.60	38.60	38.60	38.60	38.60
XV	Other equity (excluding revaluation reserves)				4,415.17	4,387.34
XVI	Earnings per share $(\bar{x})$ (not annualised for the quarter) (refer note 8)
	- Basic (₹) - Diluted (₹)	(3.82) (3.82)	4.32 4.32	1.71	5.96	16.15
				1.71	5.96	16.15

						₹ in Crores
			Quarter Ended			Year Ended
SI. No.	Particulars	31-03-2025	31-12-2024	31-03-2024	31-03-2025	31-03-2024
A		Audited	Unaudited	Audited	Audited	Audited
	Segment revenue Graphite
	Power	526.27	468.58	538.37	2,120.05	2,361.07
	Others	10.31	8.49	8.53	32.66	33.83
	Total	5.67	1.31	S.	6.98
		542.25	478.38	546.90	2,159.69	2,394.90
	Less: Inter segment sales Revenue from operations
		542.25	478.38	546.90	2,159.69	2,394.90
В	Segment results
	Graphite	90.46	55.69	58.76	216.61	317.76
	Power	4.38	6.56	4.36	15.77	13.63
	Others	0.70	(2.18)	(0.58)	(1.76)	(1.53)
	Total	95.54	60.07	62.53	230.62	329.86
	Add/(less):
	Interest income	3.14	3.95	9.76	19.77	43.20
	Gain/(loss) on sale of investments(including gain/(loss) on its fair valuation)	(155.45)	82.49	(4.37)	(46.53)	8.14
	Other unallocable income/(expenses) (on net basis)	(5.28)	(5.63)	(11.26)	(21.77)	(31.75)
	Finance cost	(12.00)	(9.38)	(8.63)	(39.20)	(35.74)
	Profit/(loss) before tax & share of profit/(loss) of associate	(74.05)	131.50	48.03	142.89	313.71
	Share of profit/ (loss) of associate	(10.55)	(12.93)	(1.66)	17.48	81.66
	Profit before tax	(84.60)	118.57	46.37	160.37	395.37
C	Segment assets
	Graphite	3,861.14	3,767.82	3,865.80	3,861.14	3,865.80
	Power	21.05	20.71	22.29	21.05	22.29
	Unallocated / others	1,765.97	1,851.08	1,813.28	1,765.97	1,813.28
	Total assets	5,648.16	5,639.61	5,701.37	5,648.16	5,701.37
D	Segment liabilities
	CALL MI $\omega$ 8CO Graphite
	19 ,ত Power	1,065.26	953.19	1,149.26	1,065.26	1,149.26
	$\mathcal{C}$ $xN_{x}$ Unallocated / others TET	2.50	2.90	2.64	2.50	2.64
	$\sqrt{\frac{x}{N} \cdot \frac{N}{N} \cdot \frac{N}{N}}$ Total liabilities	126.63	155.08	123.53	126.63	123.53
	B Fed Account NOIDA	1,194.39	1,111.17	1,275.43	1,194.39	1,275.43

	AU DIT ED C ON SO TI DA TE D ST AT EM EN T A N D ES OF AS SE TS TIA BIL ITI S A T 3 1S T M AR CH 2O A 2s
	,		t i n C ror es
	Pa rt icu lar s	As t a	As t a
		3 1- 0 3- 2 0 25	3 1- 0 3- 2 0 2 4
		Au d i d te	Au d i d te
A	AS SE TS
( 1)	No t a n-c urr en ts sse
	) Pro ert Pla d Eq ip a nt nt p y, an me u	Q L, 89 2.2	L, 7 6 9. L 4
	b ) k- in- Ca ita l w or p rog res s p	70 .89	2 1 2. 27
	R ig ht- f-u -As ) t c o se se	37 .49	3 8. 3 7
	lnv d ) tm t P ert es en rop y	6. 4 8	6. 9 7
	Go ) dw i l l o l i da t ion e o n c on so	0. 9 3
	) f Ot he Int i b le r an g ets ass	L.1 9	12 3
	) lnt i b le de lop de t g ets an g ve me n ass un r	0. 4 9
	h ) Fin cia l a ts an sse
	( i ) lnv in fo tm ts d iate nte he i es en sin t ty ho d r u t ass oc s a cc ou g eq u me	8 9. 27 5	59 4.9 4
	( ii) Ot he lnv tm ts r es en	4 7. 8 9 t	I 2 8 1. 9
	( ) i i i Loa ns	9 7 o.	0. 8 8
	( iv) Ot he r F ina ial As set nc s	5 3. 2 9	46 .27
	) lnc ( t) e T As set Ne g om ax s	L0 5.3 9	1 0s 0 8
	h ) Ot he t a r n on -cu rre n ts sse	1 5.r 2	Ls 2 6
	To l N ta Cu nt As set on rre s	1 9 1. 6 0	3 .5 5
( 2)	Cu nt ets rre ass
	(a ) lnv ies tor en	L, 25 4. 6 4	L, 9 4.r 7 5
	( b ) Fin cia l a ts an sse
	( i ) lnv tm ts es en	3 9 3. 0 7	3 2 3. 6 L
	( ) i i Tr de a iva b les re ce	44 4.7 0	5 0 8. 25
	( i i i ) & iva len Ca sh Ca ts sh eq u	50 .76	137 .05
	( iv ) ( i i i ) a Ba nk t he t ha ba lan bo o r n ces ve	9 6. 2 8	27 3. L 8
	(v ) Loa ns	0. 8 3	0. 6 6
	(v i) Ot he Fin cia l A ts rs an sse Ne w	6 8. 8 5	46 .24
	(c ) Ot he t a ts r c urr en sse	147 .43	146 .58
	To l ta Cu As nt ts rre se	56
	To l A ta ts sse	16	7 0 L. 3 7

	Pa icu lar rt s	As t a	As t a
		3 1- 0 3- 2 0 25	3 t-o 3- 2 0 2 4
		Au d i d te	Au d i d te
B	A N D EQ UIT Y LIA BIT ITI ES
	Eq ity u
	(a ) Eq uity sh ita l are ca p	3 8. 6 0	3 8. 6 0
	( b ) Ot i he ty r e q u	L7	4, 3 8 7. 3 4
	leq i ty u	77	4, 4 25 9 4
	LIA BIT ITI ES
( 1)	No l ia b i l i ies t t n-c urr en
	(a ) Fin cia l l ia b i l it ies an
	( i) L ia b i l it ies Lea se
	( ii) Ot he f ina ia l l ia b i l it ies r nc	2. 2 3	2. 6 6
	( b ) Pro vis ion s	6. 8 0
	(c fer ( ) De d t l ia b i l it ies Ne t re ax )	9 4. 9 3	4. 9 8 9 6. 0 4
	( d ) Ot he t l ia b i l it ies r n on -cu rre n	4. 9 5	4. 1 8
	No Cu L ia b i l i ies I nt t n rre	1 0 8. 9 1	1 0 7. 8 5
( 21	l ia b i l i ies Cu t nt rre
	(a ) Fin cia l l ia b i l it ies an
	( i ) Bo ing rro w s	8 4. 8 6 s	6 1 9. 3 8
	L ia b i l it ies Lea { ia ) se	0. 5 9	0. 6 4
	( ) i i Tr de a P ab les ay
	( A) To ta l Ou d ing f m tst d icr ise ter d s l l e ise an s o nte ue o en p r s an ma rp r s To l	11 .09	8. 4 8
	( B) Ou ta d ing f c d ito he ha tst d t t icr ise nte nd l l e ter an s o re rs o r n m ue o e rp r s a sm a n p rse s ( i i i ) Ot he f ina ia l l ia b i l it ies	3 8 8. 2 0	4 t 6. 8 2
	r nc ( ) b Ot he l ia b i l it ies t	6 3. 9 5	92 .39
	r c urr en (c Pro vis ion s	I 9 9 7.	13 .94
	) L I A4 ( ) d Cu ( Ne ) nt Ta x L ia b i l it ies t rre	4.5 9	4. 2r
	To l L ia b i l i ies ta Cu t nt rre	L 4. 2 t	l L. 7 2
	a To l L ia b i l i ies ta t		L, L 6 7.5 8
	* [ ia b i l i ies To l t Ne thi ta d an w	1 9 4. 3 9 16	2 4 3 t, 7 5. 7 0 t. 3 7

''reiir-

AU DIT ED C ON SO TID AT ED S TA TE ME NT O F C AS H F TO WS FO R T HE YE AR E ND ED 31 ST RC MA H, 20 25
		{ in Cro res
ICU RS PA RT TA	Ye En de d ar	Ye En de d ar
	3 1- 0 3- 2 0 25	3 3- 2 0 2 4 t-o
OM CA SH FT OW S FR O PE RA TIN G AC TIV ITI ES	Au d i d te	Au d i d te
Pro f it b for e T e ax	160 .37	3 9 5. 3 7
f i / ( los ) o t f p Sh f a ro s iat o are ss oc e	t 7. 4 8	8 1. 6 6
/ Pr f i ( Lo ) t for & f Pr f i / ( Lo lo f As ia be Ta t tes o ss Sh e o o ss so c x are	t 4 2. 8 9	3 L 3. 7 1
A d j fo tm t ing d n t ion sh tra t us en r n on o p era a n on ns ac s ca
De iat ion d a t isa t ion p rec mo r a n ex pe nse	2 0 0. 5 9	L7 4.6 5
lnv W i do ( ) tor te- t ne en y r wn	5.1 3
lnt d o he f ina ia l c st t ha ere r an nc rg es	3 5. 75	35 .74
lan ( f ) / ty t a Ne t Pro it Lo ip d e t s / p rop er p old d isc de d ss on n q u me n ar	0. 0 7	( ) 1.2 e
A l low for E ed Cr d it L ect an ce s e xp oss es	1.3 0	2.7 0
f Ex n S ale /Pu rch lnv tm ts o pe nse s o as es es en is ion	0. 1 0
/ i t ten Lia bili tie ba ck p rov s w r s Ga /Lo Un l ize d	( ) 17 0 .s	( 0o ) ss
( in) du f fec to t o f e ha ss ate ch rea d l ia b i l it ies e e xc ng e r set an g es on as s a n Ne / fa t G ain le ir v lua ion f inv t tm ts d a fa ir v hro h lue t on sa a es en	2. 9 6	( ) 0.s 3
Pro f it o o t me as ure ug r lo a ss D iv i de d inc n om e	4 6. 5 3	( 4) 8.1
inc Re nt om e	( ) 1.e 0	( 2.3 6 )
ln inc ter t es om e	( 1.s 4 )	( 1. 4s )
A d ius for tm ts k ing in i l ch ta en wo r c ap an g es	( 16 .22 ],	( ) 43 .20
( ) / lnc De in lng t rea se cre as e op era set as s
( ) / lnc De in lnv ies rea se cre as e tor en	( 6s .6r .)	2 45 9 6
( lnc ) / De Tra de iva b les rea se cre as e in re ce	6 6.s 8	( 2O l. .77
/ ( lnc ) De e i he rea se cre as t nt f ina ia l a n o r n ts on -cu rre nc sse	( 6.1 8 )	( ) 10 .e3
( lnc ) / De e i he f ina ia l a rea se cre as t t n o r c urr en ts nc sse	( 3 1. 0 0 )	( 27 3 7 l '
( ) / lnc De he e i t t a rea se cre as n o r n on -cu rre n ts sse	( ) 3 3. 4 4	2. 3 9 s
( ) / lnc De he e i t rea se cre as t a ts n o r c urr en sse	( 1.s 2 )	( 6 0.e ) s
l ia b i l i ies Inc / ( De ) ing t in t op era rea se cre as e
/ lnc ( De ) Tra de in P ab les rea se cre as e ay	) 2 2 e.	6 4.5 6
lnc / ( De ) he in t t f ina ia l l ia b i l ite rea se cre as e o r n on -cu rre n nc s	( 0.0 7)
/ ( ) he lnc De in t t f ina ia l l ia b i l it ies rea se cre as e o r c urr en nc	6 t. 7	( ) 6.s 4
/ ( ) lnc De in t P isio rea se cre as e no n-c urr en rov ns	0. 6 5	1.9 2
/ L 0 n4 lnc / ( De ) in t P isio rea se cre as e cu rre n rov ns & c o	0. 0 9	0. 2 4
/ lnc ( De ) he l ia b i l i les in t t t rea se cre as e o r n on -cu rre n	0. 7 6	0. 4 9
lnc / ( De ) he l ia b i l it ies in t t rea se cre as e o r c urr en * De l h i Ne w	3. 47	( ) 7 4 s.
* f low fro / ( d ) ing iv i ies Ca in t t t sh s m us e op era a c	3 2 4. 4 3	6 47 4 .5
i d { lnc f re fun d, i f a e t p a ) om ax o t ny ne	( 4 4.7 2 l '	( 3s 4 3 )
tr ! D Ne f low iv i ies t C d in t t ash s us e ac	L 27 9. 7	5L 2.2 1

re.-

A

OM CA SH FT OW S FR IN VE ST ING A CT IVI TIE S
for Pa rch f lan nt Pro t a ert d Eq ip ( C i l w me pu as e p nt, in tan i b le inc lu d ing 4 ta y o p k- in y n me ets u g ass or	( ) 1 8 2. 2 3	( ) 4 0 2.s e
/ int i b le de lop ) ( f de t ter d j pro g res s ets tm t o an g a f a for ass un r ve me n dv nd d ito a us en ita l an ces cre rs a ca p
d itu ) ex p en re
Pa in i ia l c nt t f r ig h f u ain st t o t o y me ets ag os se ass		29 .96
fro f p ty lan Pro ed t a le d e ip rop er nts ce s m o p sa n q u me	3. 3 2	2.5 2
/ lnv f ixe d tm t i ter de its t c i de d es en m h a d c n p os no h e iva len ts on s re cas n as as q u	( 1 6 4. 4 0 )	( 2 8 3. 3s )
/m Re de ion i f ixe d / t tur ty f te mp a de its i de d rm t c d c iva ler o h a h e ts p os no on s re n q as cas u as	3 4 9. 6 3	66 7.2 4
/ ( ) De lnc he in t ba k b ala t c cre as e rea se i de d o r n h a d c iva len no h e nce s on s re cas n as as q u :s	0. 6 6	( ) 0.0 3
for Pa inv Su nt tm ts in bs i d iar y me es en y	{. 37 .28 l'
fo Pa f lnv ( he nt r P ha tm ts ot ha r t bs i d iar ) y me urc se o es en n s u y	( 77 8. 6 3 l '	( ) 8 7. 3s s
fro f Pro ed lnv le tm ts m ce s o es en sa	56 7.4 3	3 3 0. 4s
fro Re tur f C ita l INV IT n o m ap	1.4 4	1,.2 7
Re ive d nt rec e	1.5 4	L.4 5
D iv i de d ive d n rec e	1.9 3	2.3 6
ln ter t r ive d es ec e	2 8. L 4	52 .62
f low / ( Ne fro d ) inv ing t C in t iv i ies ( B) ash t t s m us e es ac
CA SH FL OW S FR OM F INA NC ING AC TIV ITI ES
/ ( ) Pro d k ing nt f w ita l b ( ce e rep ay me or t b o on ca
ing asi s) p orr ow s ne lnt he st d o t f ina ia l c ha Pa id ere an r nc es	( ) 37 .63	( 1 2 1.s 3 )
rg ln i d o ter t p lea l ia b i l it ies a es n se	( ) 33 .61	( 38 .4e ) '
Pr inc ip l P f le nt l ia b i l it ies a ay me o as e	( 0.L 4)	( 0. 7 l t
D iv i de d Pa id ity sh n on eq u are s	( ) 0.s 2 8 7.z	t.o 7
	( l, s	( 1 6 3.s 0 )
f fro / ( f ina ing Ne low d t C in ) iv i ies ash t t ( C) s m us e nc a c	15 9. 15
l N NE T I NC RE AS E( DE CR EA SE ) A N D ( A+ B+ C ) CA SH CA SH E QU TV AL EN TS		1 0 3. 6 7
he Ca d c h e iva len ts t f t sh at be inn ing he an as q u y ea r g o Ne	137 .05	33 .29
w & A d d: Eq iva len Ca Ca t o f S sh sh ub sid iar ies ire d du ing he t u y ea r a cq u r	1.6 0
d c iva len t he he Ca sh ash ts d o f t at an en	5 0. 7 6	137 .05

B

c

Notes

• subsidiaries collectively referred to as "the group") (vi) Share of profit and total comprehensive income of Associate- Bhilwara Energy Limited.1
• Companies Act, 2013 read with relevant rules issued there under.2
• 1. The Statutory Auditors have expressed an unmodified opinion on the aforesaid r:sults.3
• months ended 31st December, 2O24 and 3lst December,2O23 respectively, which were subject to limited review by the Statutory Auditors.4
• as mentioned below:5

Pa icu lar rt s		Qu En de d ter ar		Ye ar	En de d
	3 1- 0 3- 2 0 2s	3 L 2- 2 0 2 4 t-	3 3- 2 0 2 4 t-o	3 1- 0 3- 2 0 2s	3 3- 2 0 2 4 t-o
				**	#
Ne fa ir v t lue f inv tm ts d t FV TP I he on a o es en in t inc me as ure a o r om e		7 L. 3 4			1.9 5
* fa Ne ir v f inv t lue tm ts d F W P L o es en t ize d in he on a t me as ure a o r

Graftech lnternational Limited, USA.

** The net loss for the year ended 31st March 2025 of { 53.53 crores is after adjustment of gain of { 93.57 crores during the period ended 31st December 2024.

The gain of { 1.95 crores is after adjustment of loss of t 7.04 crores during quarter erded 31st March 2024.

capacity of 63 MW at Mandideep, Bhopal (Madhya Pradesh) and a Hydro Power Plant having capacity of 13.5 MW at Tawa Nagar, District Hoshangabad (Madhya pradesh). Keeping in viewintended future use of the Thermal Power Plants exclusively to meet the power recuirement of graphite business, the thermal power plants have been considered as a part ofreporting during the current year.5

(o

A

New

The Board of Directors of the Holding Compa ny at its meeti ng held on 22nd May, ²⁰²⁴ had approved the Com posite Scheme of Arrangement ^mongst HEG ti ited ("the Com pany") and ^H EG Graphite [im ited (" Resu Iting Com panv") and Bhilwara Energy Limited "Transfero Company" and therr respecti ve shareholders and creditors "Scheme ). The proposed Scheme inter alia ^provt des for: Company to the shareholders of the Company in consideration thereof, and(b) amalgamation of the Transferor Company with the Company and issue of equity shares by the Company to the shareholders of the Transferor Company (except the Company itself) ⁱ consideration thereof. The Appointed Date for the Scheme is 1st April, 2024.Regulationsthe Company had filed the requisite application with the stock exchanges (viz. BSE Limited and National Stock Exchange of lndia timited) under Regulation 37 of the listi ("Regulation 37 Application").tn connection with the issue of further shares to proposed investors. ln vtew of the aforesa id, the com panies nvolved tn the Scheme have mod rtred the Schem ^e basi ^s SEBI,S observation, after taki ng nto account, nter ^a lia, the updated val uation reports issued registered valu er nd fatrness opi nton issued by the merchant ba nker on the modified scheme. Compa ny has thereafter filed fresh Regulation ³⁷ application with the stock excha nges ⁿ relation to the ^modified Schem e. The Scheme IS, nter ^a lia, subject to receipt of pprova from th statutory and regulatory authorities, including BSE Limited, National Stock Exchange of lndia Limited, jurisdictional Nationalapplicable) of the Companies involved in the Scheme.Pending receipt of final approvals, no adjustments have been made in the financial results for the year ended 3lst March, 2025.Co pany Law Tribunal and the sh reholders nd creditors on and from the Record Date of 18th October, 2024, the equity shares of the Com pa ny have been sub- divided, such that ¹ (one) equity ^share havi ng face va lue of{ LOI- ({ ten onlv) each, paid-up, stands sub-divided nto ⁵ (five) equ itv sha res having face va lue of { 2l ({ trNo ^onlv) ea ch, fullv paid-u F, ranking pa ri-passu respects. The Earnings per share fo the prior have been restated considering the face valu ^e of{ 2l- each tn accordan ce with nd AS ³³ Earnings pe sharett figures of power segment relates to operations at Hydro Power Plant of the Holding Company at Tawa Nagar which is seasonal in nature. The plant works intermittently during 1stbased upon irrigation requirement, starts operating in the 2nd quarter depending upon monsoon and continues in the 3rd quarter before tapering down in the last quarter78910

re-

Holding Company w.e.f 9th December 2024

• Dunng the year ended 31st March, 2025, Bhilwara lnfotechnology Limited ("BlL wholly owned subsidiary of the Hol ding Co^m pany ^ha^d acquired LOO% equity shares of the Texnere Private Limited ("Texnere") nd ^Texnere has become whol ly owned subsidiary of the Bhi lwa fa lnfotech nology Limited. BIL ts negotiating and ^unde process to execute Business Tra nsfer Agreement with Texnere its wholly owned subsidrary com to sel lnfotech Diviston of the BI ^L staffing pany which comp nses ^m npower operati ons, all customer contracts, cu stom er relationships, operative assets (includ ing software licenses, com puters, laptops, pnnters, and ssociated ployees (both techn servers, scanners etc em ical and non-techntca r) to Texnere. Brt ts seeki ng consent from its shareholde rs to enter nto the tran sa ction nvolving Business Transfer Agreem Pend ing shareholde and the ent. rs consent execution of ^Busrness Transfe Agreement by BI L, no impact has been take tn consolidated fina ncr results statements of the Hol di Company andsa ^me shal be given effect tn the ensul financial ng ng yea upon entering into Business Transfer Agreement by BIL. 11
• shareholders at the ensuing Annual General Meeting.L2
• matter' paragraph are being reproduced hereunder:13
• (Wll) in its report has mentioned that proiect could not be undertaken at the project site.(a)

clauses of MoA and presently the matter is under litigation with GoAp.

Company (Bhilwara Energy Limited (BEt)) and charged to the statement of profit & loss (shown under exceptional items) during the year except the upfront premium paid.,'

ln case of Chango Yangthang Hydro Power Limited (CyHpt):(b)

on the project along with interest

The management is confident of recovering fully the upfront premium and security deposit. The Company is in constant follow up with GoHp for refund of money.,,

uncertainties relating to going concern' paragraph are being reproduced hereunder:T4

the appropriate authorities,

^scompany was incorporated as ^aSpecial Purpose Vehicle for above said 180MW HEP project and is a wholly owned subsidiar of Bhilwara Energy Limited (BEL) with no external debt."

Place: Noida(U.P)Dated : 19th May 2025

For HEG Limited

(-' Ravi JhunjhunwalaChairman, Managing Director & CEODIN:00060972

HEG/SECTT /2025 19thMay,2025

BSE Limited	National Stock Exchange of India Limited
P J Towers	Exchange Plaza, 5th Floor
Dalal Street	Plot No.C/1, G Block, Bandra - Kurla Complex
MUMBAI - 4OO OO1.	Bandra (E), MUMBAI - 400 051.
Scrip Code:509631	Scrip Code: HEG

Sub: Declaration pursuant to Regulation 33 (3) (d) of the Securities & Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Dear Sirs,

I, Ravi Kant Tripathi, Chief Financial Officer of HEG Limited (CIN: L23109MP1972PLC008290) having its Registered Office at Mandideep, Distt. Raisen, Madhaya Pradesh - 462 046 and its Corporate Office at Bhilwara Towers, A-12, Sector -1, Noida - 201. 30'1., hereby declare that, the Statutory Auditor M/ s. SCV & Co. LLP., Chartered Accountants (Firm Registration No.00235N / N500089) have issued an Audit Report (Standalone & consolidated) with unmodified opinion on Audited Financial Results of the Company for the quarter and financial year ended 31't March,2025.

This declaration is given in compliance to Regulation 33 (3) (d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015, as amended from time to time.

Kindly take the same on record.

Thanking You,

Yours faithfully, For HEG Limited

Ravi Officer heg. investor@lnjbhilwara. com

HEG LIMITED

Corporate Office l

Bhilwara Towers, A-12, Sector-1 Noida - 201,3OI (NCR-Delhi),lndia Tel.: +91-120-4390300 (E PABX) Fax: +91-120-4277841 GSTN No.: 09MACH6184K2Z6 Website: www.l n jbhilwa ra.com

Regd, Office ; Mandideep (Near Bhopal) Distt. Raisen - 462046

(Madhya Pradesh), lndia Tel.: +91-7480-405500, 233524 to 233527 _ -t* :f#ru**i';:;:

E-mail: heg.investor@lnjbhilwara.com Corporate ldentification No.: 123109MP1972P1C008290

B.	Statement on Deviation of Variation for proceeds of Public Issue, Rights Issue, Preferential Issue, Qualified Institutional Placement, etc.	Not Applicable
$C_{\cdot}$	Format for disclosing outstanding default on Not Applicable loans and debt securities.
D.	Format of disclosure of Related Party Transactions (applicable only for half yearly filings i.e. $2nd$ and $4th$ quarter).	filed It will be with Financial Integrated Statement in XBRL mode.
Ε.	Statement on Impact of Audit Qualification (For Audit report with Modified Opinion) Submitted along-with Annual Audited Financial Results (Standalone and Consolidated separately) (applicable only for Annual Filing i.e. 4 th Quarter).	Declaration on unmodified opinion of Statutory Auditor forms part $\circ$ of audited financial result.

Corporate Office: Bhilwara Towers, A-12, Sector-1 Noida - 201 301 (NCR-Delhi), India Tel.: +91-120-4390300 (EPABX) Fax: +91-120-4277841 GSTN No.: 09AAACH6184K2Z6 Website: www.Injbhilwara.com

Regd. Office: Mandideep (Near Bhopal) Distt. Raisen - 462046 (Madhya Pradesh), India Tel.: +91-7480-405500, 233524 to 233527 Fax: +91-7480-233522 GSTN No.: 23AAACH6184K1ZH Website: www.hegltd.com

E-mail: heg.investor@Injbhilwara.com Corporate Identification No.: L23109MP1972PLC008290

Annexure-2

Requisite details under Regulation 30 read with Schedule III of the SEBI Listing Regulations

Particulars	Appointment of Secretarial Auditor	Appointment of Cost Auditor	Appointment of Internal Auditor	Appointment of Tax Auditor
Name of Auditor	M/s. GSK & Associates, a firm of Practising Company Secretaries (Firm Registration No. P2014UP036000)	M/ s. N. D. Birla & Co., Cost Accountant (FRN: 000028)	M/ s. S.L. Chhajed & Co. LLP, Chartered Accountants, (FRN: 000709C/C400277)	M/ s. SCV & Co. LLP, Chartered Accountants, (FRN: 000235N/N500089)
Reason for Change viz. appointment	Appointment as the Secretarial Auditor of the Company	Appointment as Cost Auditor of the Company	Appointment as Internal Auditor of the Company	Appointment as Tax Auditor of the Company.
Appointment & term of Appointment/re- appointment	Date Appointment: May 19, 2025 Tenure: For a first term of five (5) consecutive years commencing from the financial year 2025-26 till the financial year 2029-30, subject to approval of the shareholders of the Company at the ensuing Annual General Meeting.	of Appointment: May 19, 2025 Tenure: FY 2025-26	of Appointment: May 19, 2025 Tenure: FY 2025-26	Date of Appointment: May 19, 2025 Tenure: FY 2024-25
	Date of	of	Date	Date

HEG LIMITED

Corporate Office: Bhilwara Towers, A-12, Sector-1 Noida - 201 301 (NCR-Delhi), India Tel.: +91-120-4390300 (EPABX) Fax: +91-120-4277841 GSTN No.: 09AAACH6184K2Z6 Website: www.lnjbhilwara.com

Regd. Office: Mandideep (Near Bhopal) Distt. Raisen - 462046 (Madhya Pradesh), India Tel.: +91-7480-405500, 233524 to 233527 Fax: +91-7480-233522 GSTN No.: 23AAACH6184K1ZH Website: www.hegltd.com

4.	Brief Profile	$25+$ of years	N. D. Birla & Co., $\vert$	S. L. Chhajed & Co.	Two distinguished
		experience as	Cost Accountant	LLP ("SLCC LLP")	and long-standing
		Practicing Company	firm in the prime	offers a	chartered
		Secretary in Secretarial	business location	comprehensive	accountancy firms
		Affairs, Corporate	of Ahmedabad,	range of reliable and	S.P. Puri & Co. and
		Restructuring, Capital	Gujarat, since	efficient	S.C. Vasudeva & Co.,
		Issues, Initiative &	1976 and	solutions for all your	each holding
		Liaising. Practicing at	branches at New	accounting and	prominent position
		Kanpur and Delhi and	Delhi, Mumbai,	other financial	in the profession,
		having large	Vadodara &	requirements. As a	especially in North
		number of companies	Indore.	pioneer in the field,	India merged to form
		including private		the company has	SCV & Co. with effect
		limited, public	Our Firm is a	been providing	from 1st April 2018.
		limited, listed and	company with	exceptional	Subsequently, it was
		NBFCs. Proficiency in	five highly	Outsourced	converted into a
		Secretarial Audits,	qualified	Accounting	Limited Liability
		public issue of capital	professional	Processing Services	Partnership.
		including GDR issue,	partners. We	since 1960.
		spearheading	consider our size	With a proven track	Mr. Puri and Mr.
		Acquioition,	and	record of excellence,	Vasudeva, both
		Business Valuation	professionalism	SLCC LLP has	qualified as
		Corporate and	to be our greatest	grown to become a	Chartered
		Restructuring projects	strategic	leader in the	Accountants in early
		encompassing	advantage. When	industry,	1960s. Mr. Puri and
		development of strategy, due diligence	working with our Firm you will	offering top-notch professional	Mr. Vasudeva both being
		documentation and	receive a more	accounting and	contemporaries
		activities. Proficient in	personal	bookkeeping	reorganised and
		performing secretarial	experience, with	services to its clients.	expanded their
		functions of	easy access to	From	respective practices
		conducting various	competent,	day-to- managing	in 1976 with the same
		meetings, preparing $&$	qualified	day accounting tasks	set of Core Values -
		filing statutory	professionals	${\rm to}$ providing	Integrity, Quality,
		documents / returns.	who can help to	strategic financial	Client Care and
			answer questions	guidance, the	Trust. While S.P. Puri
			and ease the $ $	company is	& Co, specialised in
			audit process.	a one-stop solution	taxation and allied
			We also believe	businesses for	services, S.C.
			and strive for	seeking high-quality	Vasudeva $&$ Co.
			long term client	and reliable back-	carved a niche for
			relationships.	office support. With	itself in the field of
			You will deal	a	audit and allied
			with the same	team of experienced	services. Both the
			experienced	qualified and	firms had humble

Corporate Office : Bhilwara Towers, A-12, Sector-1
Noida - 201 301 (NCR-Delhi), India
Tel.: +91-120-4390300 (EPABX) Fax: +91-120-4277841 GSTN No.: 09AAACH6184K2Z6 Website: www.lnjbhilwara.com

Regd. Office: Mandideep (Near Bhopal) Distt. Raisen - 462046
(Madhya Pradesh), India Tel.: +91-7480-405500, 233524 to 233527 Fax: +91-7480-233522 GSTN No.: 23AAACH6184K1ZH Website: www.hegltd.com

	1972		PROUD TO BE INDIAN
LNJ Bhilwara Group Company	professional staff	professionals, SLCC	PRIVILEGED TO BE GLOBAL beginning and have
	year after year,	LLP is dedicated to	grown over the years
	which will	delivering	in terms of service
	develop	exceptional	offerings and client
	efficiencies in the	services that exceed	base. The coming
	audit process.	client expectations.	together of the firms
	Our Firm		is with an
	positively		eye for the future,
	affirms that we		bringing tremendous
	properly are		synergies in
	licensed for		operations and
	practice as a Cost		provides a platform
	Accountant Firm		to emerge as one of
	by The Institute		the premier
	of Cost		chartered
	of Accountant		accountancy firms in
	India (ICMAI)		India.
	and each of the
	individuals of the		The primary service
	firm meet the		offerings of SCV &
	minimum		LLP Co. are
	education		Risk Assurance,
	qualification as a		Advisory, Tax
	CMA.		Advisory,
			Corporate Advisory and
	We offer variety		Outsourcing. The firm has
	of services to our		experience working
	clients with high		with clients across
	standard of		various industries in
	professionalism		India and from
	gained out of		overseas
	practical		The jurisdictions.
	experience and		Firm is an
	their suitable		independent
	application to the		member of an
	facts, intellectual		international
	and constructive		association through
	thinking leading		the cross- which
	amicable to		border needs of the
	solution to the		clients are served.
	given problem.
	Forte areas range
	from providing
	services to
	Corporate
	Bodies, Trusts,
	Societies and

Corporate Office: Bhilwara Towers, A-12, Sector-1
Noida - 201 301 (NCR-Delhi), India Tel.: +91-120-4390300 (EPABX) Fax: +91-120-4277841 GSTN No.: 09AAACH6184K2Z6 Website: www.Injbhilwara.com

Regd. Office:

Mandideep (Near Bhopal) Distt. Raisen - 462046
(Madhya Pradesh), India
Tel.: +91-7480-405500, 233524 to 233527 Fax: +91-7480-233522 GSTN No.: 23AAACH6184K1ZH Website: www.hegltd.com

E-mail: heg.investor@Injbhilwara.com Corporate Identification No.: L23109MP1972PLC008290

HG			TING
LNJ Bhilwara Group Company			Institutions in various Cost Accounting Record Rules and Cost Audit Report Rules, Legal Compliances, Updates and Amendments in applicable laws. We firmly believe that each client's situation is unique in itself and hence services offered clients all to cannot be the same and ready provide to services across the country. We, therefore, focus providing on customized services to cater		PROUD TO BE INDIAN PRIVILEGED TO BE GLOBAL
			to specific needs to our valued clients. Our deep desire to add value to ourselves and availing those our services led us to commence independent practice.
5	Disclosure of relationships between directors (In Case of appointment of Director)	Not Applicable	Not Applicable	Not Applicable	Not Applicable

Corporate Office: Bhilwara Towers, A-12, Sector-1 Noida - 201 301 (NCR-Delhi), India
Tel.: +91-120-4390300 (EPABX) Fax: +91-120-4277841 GSTN No.: 09AAACH6184K2Z6 Website: www.lnjbhilwara.com

Regd. Office: Mandideep (Near Bhopal) Distl. Raisen - 462046 NOID P (Madhya Pradesh), India Tel.: +91-7480-405500, 233524 to 233527 Fax: +91-7480-233522 GSTN No.: 23AAACH6184K1ZH Website: www.hegltd.com

E-mail: heg.investor@Injbhilwara.com Corporate Identification No.: L23109MP1972PLC008290