Hind Rectifiers Ltd. — Annual Report 2024

May 28, 2024

Ref. No. HIRECT/SEC/2024-25/8 May 28, 2024

Rotunda Building, Limited Dalal Street, Mumbai 400 001 Bandra Kurla Complex,

Registered Office Address : Lake Road, Bhandup (W), Mumbai - 400078. Tel. : +91-22-49601775 Email : corporate@hirect.com / marketing@hirect.com CIN : L28900MH1958PLC011077 Website : www.hirect.com

BSE Limited National Stock Exchange of India Phiroz Jeejeebhoy Towers, "Exchange Plaza" 5t Floor, C-1, Block 'G Maharashtra Bandra (East) Mumbai 400 051 Maharashtra

Security Code No.: 504036 Symbol: HIRECT Type of Security: Equity

Subject: Outcomes of the Board Meeting dated May 28, 2024 (Started at 11:15 am and concluded at 2:10 pm)

Dear Sir/Madam,

In continuation of our letter dated May 22, 2024, we wish to inform you that the Board of Directors of the Company, at its meeting held today, has inter alia:

Financial Results

Approved the Audited Financial Statement for the year ended March 31, 2024 and the Audited Financial Results for the quarter and year ended March 31, 2024, as recommended by the Audit Committee.

We enclose audited financial results for the quarter and year ended March 31, 2024 along with Auditors' Reports with unmodified opinions on the aforesaid Audited Financial Results and CFO's declaration.

Disclosure related to large corporate entity is also attached.

Dividend

Considered and recommended final dividend of = 1.20 per equity share (60% of face value of % 2/- each), for the financial year 2023-24, subject to approval of the members of the Company, which shall be paid/ dispatched within 30 days from the coriclusion of the ensuing Annuai General Meeting, if approved.

Appointment of Independent Director

Based on the recommendation of the Nomination and Remuneration Committee, the Board considered and approved the appointment of Mr. Vishal Pacheriwala (DIN: 07244575) as Independent and Non-Executive Director for the term of five years w.e.f. May 28, 2024. ; ;

Perfectly Engineered Power Conversion Systems

Mr. Pacheriwala is not debarred from holding the office of Director by virtue of any order passed by SEBI or any other such authority.

Pursuant to SEBI Circular SEBI/ HO/CFD/PoD2/CIR/P/2023/120 dated July 11, 2023, the details of Mr. Vishal Pacheriwala are enclosed herewith.

Chief Financial Officer (KMP)

Based on the recommendation of the Nomination and Remuneration Committee, the Board considered and approved the continuation of office by/ reappointment of Mr. Anil Kumar Nemani as a Chief Financial Officer (Key Managerial Personnel). His current tenure as an employee is expiring on June 19, 2024.

Pursuant to SEBI Circular SEBI/HO/CFD/PoD2/CIR/P/ 2023 /120 dated July 11, 2023, the details of Mr. Anil Kumar Nemani are enclosed herewith.

Incorporation of Subsidiaries

Pursuant to Regulation 30 of the SEBI Listing Regulations, 2015, we would like to inform that the Board of Directors at their meeting held today, have approved the incorporation of three subsidiaries (Sweden, France and UAE) of the Company.

The incorporation of the subsidiaries is being done with the objective of business growth. This will help the Company to become more customer-focused and leverage the growth opportunities in the international market.

We shall furnish necessary details upon occurrence of event i.e. formation of new company as required under SEBI (LODR) Regulations, 2015 read with SEBI Circular No. SEBI/HO/CFD/CFDPod1/P/CIR/ /2023/123 dated July 13, 2023.

Outcomes of the Nomination and Remuneration Committee ESOP

With reference to the ESOP .2018 and in terms of provisions of Regulation 30 of SEBI Listing Regulations, 2015, we would like to inform you that the Nomination and Remuneration Committee of Hind Rectifiers Limited has vested 19741 (vesting III) stock options to the eligible employees based on their performance. The same will be effective from June 10, 2024.

HIND RECTIFIERS LIMITED

The ESOP 2018 scheme was approved by the shareholder on August 13, 2018. The Nomination and Remuneration Committee granted 108445 options on June 10, 2021 while 99945 stock options were accepted. The scheme is in terms of SEBI (SBEB) Regulations, 2021.

Kindly acknowledge and take the same on record.

Thanking you,

Yours Faithfully,

For Hind ee Limited

oe eed

Meenakshi Anchlia Company Secretary & Compliance Officer

Encl: As above

1. Financial results along with Audit Report and CFO certificate and Disclosure related to large corporate entity

2. Brief Profile of Mr. Vishal Pacheriwal, Independent Director

3. Brief Profile of Mr. A. K. Nemani, CFO

Accountants

3rd & 4th Floor, Vaastu Darshan, 'B' wing, Above Central Bank of India, Azad Road, Andheri (East), Mumbai - 400 069.

Tel. : 022 - 6191 9293 / 222 / 200 Fax =: 022 - 2684 2221 / 6191 9256 E-mail : admin@gnj.co.in info@gmj.co.in

Independent Auditor's Report on Quarterly and Year to Date Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To The Board of Directors of Hind Rectifiers Limited

Opinion

We have audited the accompanying statement of Financial Results of Hind Rectifiers Limited ("the Company") for the quarter and year ended March 31, 2024 ("the Statement") attached herewith, being submitted by the Company pursuant to the requirement of Regulations 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations") read with circular (Circular No. CIR/CFD/CMD1/44/2019 dated March 29, 2019) issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015, as amended, to the extent applicable

In our opinion and to the best of our information and according to the explanations given to us the statement:

• i. is 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 recognition and measurement principles laid down in the applicable accounting standards and other accounting principles generally accepted in India of the net profit and other comprehensive income and other financial information for the quarter and year ended March 31, 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 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 of the Financial Results under the provisions of the

Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Management's Responsibilities for the Financial Results

The Company's Board of Directors are responsible for the preparation and presentation of the 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 recognition and measurement principles laid down in 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. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding 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 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 Financial Results that give a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the 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 financial reporting process of the Company.

Auditor's Responsibilities for the Audit of the Financial Results

Our objectives are to obtain reasonable assurance about whether the Financial Results for the year ended 31°t March, 2024 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 this Financial Results.

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

• e Identify and assess the risks of material misstatement of the 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.
• e Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of such controls.
• e Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors.
• e Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the Listing Regulations.
• e 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 Company 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 Statement 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.
• e Evaluate the overall presentation, structure and content of the Financial Results, including the disclosures, and whether the Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.
• e Obtain sufficient appropriate audit evidence regarding the Financial Results of the Company to express an opinion on the Financial Results.

Materiality is the magnitude of misstatements in the Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the 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 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 identify during our audit.

Page 3 of 4

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 quarterly Financial Results as well as the year-to-date Financial Results have been prepared based on the audited Financial Statements. The quarterly Financial Results are derived figures between the audited figures in respect of the year ended March 31, 2024, and the published year-to-date figures up to December 31, 2023, being the date of the end of the third quarter of the current financial year, which were subject to limited review.

Our opinion on the Financial Results is not modified in respect of the above matters with respect to our reliance on the work done and the Financial Results/financial information certified by the Board of Directors.

For GMJ & Co Chartered Accountants FRN: 103429W

hye Jain Partner Membership No.: 155537 UDIN: 2HUL555 Z1BKCR @D6216 Place: Mumbai Date: May 28, 2024

Registered Office

• Tel. : +91-22-49601775
• Email : corporate@hirect.com / marketing@hirect.com
• CIN : L28900MH1958PLC011077

STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2024

			Registered Office
			Address Tel. :	: Lake Road, Bhandup (W), Mumbai - 400078. +91-22-49601775
			Email CIN	: corporate@hirect.com / marketing@hirect.com : L28900MH1958PLC011077
	HIND RECTIFIERS LIMITED		Website	: www.hirect.com
	STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2024					(Rs. in Lakhs)
Sr. No	Particulars		For the Quarter ended on		For the year ended on
1	Income	31.03.24 (Audited)	31.12.23 (Unaudited)	31.03.23 (Audited)	31.03.24 (Audited)	31.03.23 (Audited)
a	Revenue from operations	15,135.84	13,662.92	11,158.68	51,755.25	35,909.94
b	Other income Total income	37.71 15,173.55	8.20 13,671.12	13.92 11,172.60	61.02 51,816.27	25.96 35,935.90
2 a	Expenses Cost of materials consumed	10,580.73	9,937.26	8,148.50	38,155.72	29,012.17
b c	_ Purchases of stock-in-trade Changes in inventories of finished	- 776.48	- 47.50	- 256.18	- 276.67	- (1,055.37)
	goods, work-in-progress and stock-in
d	trade Employee benefit expense	1,390.14	1,454.83	973.72	5,234.77	3,906.58
e f	Finance costs Depreciation and amortisation expense	413.49 200.44	323.35 201.87	227.11 136.90	1,272.63 744.62	812.96 513.89
g	Other Expenses	1,038.16	874.58	678.39	3,663.74	2,537.40
	Total expenses	14,399.44	12,839.39	10,420.80	49,348.15	35,727.63
3	Profit/(Loss) before exceptional items and tax	774.11	831.73	751.80	2,468.12	208.27
4 5	{Exceptional items Profit/(Loss) before tax	- 774.11	(699.22) 132.51	(1,076.63) (324.83)	(699.22) 1,768.90	(1,076.63) (868.36)
6 a	Tax expense Current tax	10.34	37.78	=	48.12	=
b	Deferred tax	252.07	(57.12)	(79.32)	469.75	(232.07)
Z 8	Net Profit/ (Loss) after tax Other comprehensive income/(loss)	511.70	151.85	(245.51)	1,251.03	(636.29)
	Items that will not be reclassified to profit and loss in subsequent period
	(i) Actuarial Gains/(Loss) on post- employment defined benefit plan	11.32	(9.31)	1.81	5.95	15.81
9	(ii)Tax on Above Total Comprehensive income for	(3.29) 519.73	2.71 145.25	(0.51) (244.21)	(1.73) 1,255.25	(4.40) (624.88)
10	period Details of equity share capital
	Paid-up equity share capital of Rs. 2 each	342.76	342.48	342.48	342.76	342.48
11	Reserves excluding revaluation reserve				12,110.19	10,828.96
12	Earnings per equity share Earnings per equity share before
	exceptional items
	Basic Diluted	2.99 2.98	4.97 4.95	5.02 4.99	11.39 11.35	2.66 2.64
	Earnings per equity share after exceptional items
	Basic	2.99	0.89	(1.48)	7.30	(3.84)
	Diluted	2.98	0.88	(1.48)	7.28	(3.84)

Perfectly Engineered Power Conversion Systems

Registered Office Address : Lake Road, Bhandup (W), Mumbai - 400078. Tel. 1 +491-22-49601775 Email : corporate@hirect.com / marketing@hirect.com CIN : L28900MH1958PLC011077

BALANCE SHEET AS AT 31ST MAR 2024

	BALANCE SHEET AS AT 31ST MAR 2024		(Rs. In lakhs)
	Sr. No Particulars	As at	As at
		31st Mar 2024 (Audited)	31st Mar 2023 (Audited)
I.	ASSETS
1	Non Current Assets
a.	Property, Plant and Equipment	7,680.69	7,273.25
b.	Capital Work in Progress	816.05	687.41
G	Intangible Assets Intangible Assets under Development	689.43 1,428.15	665.38 1,384.44
d. e.	Right to use leased asset	591.95	13.86
f	Financial Assets
	i. Investments	12.75	12.75
	ii. Loans	0.24	0.12
	iii, Others	727.73	112.16
g. h.	Deferred tax Assets (net) Other Non Current Assets	210.73 49.51	470.98 51.69
		12,207.23	10,672.04
2	Current Assets
a.	Inventories	9,671.89	9,244.24
b.	Financial Assets
	i. Trade Receivables	8,915.81	6,756.11
	ii. Cash and Cash equivalents iii. Other Bank Balances	32.70 122.55	12.56 126.61
	iv. Loans	3.19	1.03
	v. Others	612.11	675.83
c.	Current Tax Assets (Net)	-	139.26
d.	Other Current Assets	1,536.82	1,542.80
		20,895.07	18,498.44
3	Assets held for Sale	-	57.84
TOTAL ASSETS		33,102.30	29,228.32
I.	EQUITY AND LIABILITIES
1	Equity
a.	Equity Share Capital	342.76	342.48
b.	Other Equity	12,110.19	10,828.96
		12,452.95	11,171.44
2	Liabilities
	Non Current Liabilities
a.	Financial Liabilities i. Borrowings	2,334.87	2,433.38
	ia. Lease liabilities	495.08
	ii. Other Financial Liabilities	9.50	= 20.25
b.	Provisions	518.33	520.51
		3,357.78	2,974.14
	Current Liabilities
a.	Financial Liabilities
	i. Borrowings	10,558.30	8,025.97
	ia. Lease liabilities ii. Trade Payables	120.36	15.82
	a. total outstanding dues of micro and small enterprises	125.21	196.71
	b. total outstanding dues of creditors other than micro
	and small enterprises	4,603.15	5,114.96
	iii. Other Financial Liabilities	710.37	625.18
b.	Other Current Liabilities	722.45	834.94
Ci	Provisions	353.05	269.17
d.	Current Tax Liabilities	98.68	-
		17,291.57	15,082.74
	TOTAL EQUITY AND LIABILITIES	33,102.30	29,228.32

Corporate Information & Significant Accounting Policie:

Registered Office Address : Lake Road, Bhandup (W), Mumbai - 400078. Tel. : +91-22-49601775 Email : corporate@hirect.com / marketing@hirect.com CIN : L28900MH1958PLC011077

STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31ST MAR, 2024

	HIND RECTIFIERS LIMITED	: +91-22-49601775 Tel. CIN : www.hirect.com Website	: L28900MH1958PLC011077
	STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31ST MAR, 2024
	Particulars	Year ended 31st March, 2024 (Audited)	(Rs. in lakhs) Year ended 31st March, 2023 (Audited)
A.	CASH FLOW FROM OPERATING ACTIVITIES Net Profit/(Loss) Before Exceptional Item	2,468.12	208.27
	Add: Exceptional Items	(699.22)	(1,076.63)
	Net Profit/(Loss) After Exceptional Item	1,768.90	(868.36)
	Adjusted for
	Depreciation & Amortization Expense	630.93	492.39
	Depreciation on right of use assets	113.69	21.50
	Sweat equity shares issued Income on investments	- (22.14)	1,076.63
	Assets and CWIP written off	212.13	(11.29) 4.43
	Gain / Loss on sale of assets	(17.87)	(3.40)
	Bad debts, Liquidated damages and Provision for bad debts	296.07	361.22
	Expense of Provision for warranty	393.88	133.93
	Expense of Provision for Gratuity	144.95	52.92
	ESOP expenses	14.46	33.27
	Exchange rate fluctuation Interest Charged	20.46 1,272.63	31.95 812.96
	Operating Profit before Working Capital Changes	4,828.09	2,138.16
	Changes in
	Trade & Other Receivables Inventories	(2,419.91) (427.65)	(705.10) (1,542.12)
	Trade payables	(603.76)	518.04
	Other financial liabilities	2,528.32	2,464.30
	Other liabilities and provisions	(493.89)	495.67
		(1,416.89)	1,230.79
	Cash Generated from Operations	3,411.20	3,368.95
	Direct Taxes Paid	(21.41)	(66.42)
	Net Cash from Operating Activities	3,389.79	3,302.53
B.	CASH FLOW FROM INVESTING ACTIVITIES
	Purchase of Property, Plant and Equipment, Capital Work in Progress,
	Intangible Assets and Intangible Assets under development Proceeds from disposal of Property, Plant and Equipment	(1,433.26)	(2,941.86)
	Bank Deposits placed	62.07 (600.00)	5.85 -
	Interest Received	22.47	5.39
	Dividend Received	1.39	0.98
	Net Cash used in Investing Activities	(1,947.33)	(2,929.64)
Cc.	CASH FLOW FROM FINANCING ACTIVITIES
	Proceeds of ESOP	11.80	8.72
	Dividend paid	-	(66.25)
	Payment of lease liabilities	(122.39)].	(22.44)
	Proceeds from Borrowings Repayment from Borrowings	907.01 (1,001.51)	1,367.18 (836.22)
	Interest Paid	(1,221.29)	(818.92)
	Net Cash used in Financing Activities	(1,426.38)	(367.93)
	Net Changes in Cash & Cash Equivalents (A+B+C)	16.08	4.96
	Cash & Cash Equivalents - Opening Balance	139.17	134.21
	Cash & Cash Equivalents - Closing Balance	155.25	139.17

Registered Office Address _ : Lake Road, Bhandup (W), Mumbai - 400078. Tel. 1 +91-22-49601775 Email : corporate@hirect.com / marketing@hirect.com CIN : L28900MH1958PLC011077

Notes :

1) The above results of the Company, which have been subjected to an audit by the Statutory Auditors of the Company, have been reviewed by the Audit Committee and taken on record by the Board of Directors at their respective meetings held on 28th May 2024. There are no qualifications in the audit report issued for the year ended 31st March, 2024.

2) The above results, published in accordance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, have been prepared in accordance with Indian Accounting Standards (IND AS) notified under section 133 of the Companies Act, 2013 read with relevant rules thereunder and other accounting principles generally accepted in India along with guidelines issued by the Securities and Exchange Board of India (SEBI).

3) In view of the MAT Credit available, the Company has not exercised the non revisable option permitted under section 115BAA of the Income Tax Act, 1961 as introduced by the Taxation Law (Amendment) Ordinance, 2019

4) Voluntary Retirement /Compensation Scheme for Employees at Bhandup Mumbai Plant was introduced for period from 22nd December 2023 to 5th January 2024 under which scheme, 75 employees opted for the same. Total Compensation of Rs. 699.22 lakhs paid to them is shown as an Exceptional Item for the year ended 31st March, 2024.

5) During the previous financial year 2022-2023, the shareholders approved the resolution on January 1, 2023 for issuing 13,50,000 sweat equity shares to Mr. Suramya Nevatia, Managing Director & CEO. Out of it, 5,50,000 equity shares were allotted during the previous financial year 2022- 2023. The validity of this shareholders resolution under Regulation 32(4) of SEBI SBEB Regulations 2021 was twelve months from the date of passing the said resolution. No shares were allotted during the current financial year 2023-24 so remaining 8,00,000 sweat equity shares were lapsed on December 31, 2023.

6) The Company operates in a single segment as per Indian Accounting Standard (Ind AS) 108.

7) The Board of Directors have recommended a dividend of Rs. 1.20 Per equity share of Rs. 2/- each (Previous year Rs. Nil Per equity share of Rs. 2/ each). The same is subject to the approval of members of the company in the ensuing Annual General Meeting.

8) The figures for the quarters ended 31 March 2024 and 31 March 2023 are the balancing figures between the audited figures in respect of the full financial years and the published year to date figures up to the third quarter of the respective financial years.

9) The figures for the corresponding previous periods have been regrouped / restated, wherever necessary to conform with the current period's classification. 2

Place : Mumbai Dated: 28th May, 2024

FOR HIND RECTIFIERS LIMITED

ye =

SURAMYA NEVATIA MANAGING DIRECTOR & CEO DIN 06703910

Perfectly Engineered Power Conversion Systems

Registered Office Address _: Lake Road, Bhandup (W), Mumbai - 400078. Tel. : +#91-22-49601775 tet Email : corporate@hirect.com / marketing@hirect.com CIN : L28900MH1958PLCO011077

May 28, 2024

BSE Limited	National Stock Exchange of India Limited
Rotunda Building,	"Exchange Plaza" 5 Floor, C-1, Block 'G'
Phiroz Jeejeebhoy Towers,	Bandra Kurla Complex,
Dalal Street, Mumbai	Bandra (East) Mumbai 400 051
400 001 Maharashtra

Security Code No. 504036/HIRECT — Type of Security: Equity

Sub: Declaration pursuant to Regulation 33(3)(d) of the SEBI Listing Regulations 2015

Declaration

I, Anil Kumar Nemani, Chief Financial Officer and Anil Mehta, Joint Chief Financial Officer of Hind Rectifiers Limited, Registered Office at Lake Road, Bhandup West, Mumbai, 400078 Maharashtra, hereby declare that the Statutory Auditor of the Company, M/s GMJ & Co, Chartered Accountants (FRN - 103429W) has issued an Audit Report with an unmodified opinion on the Annual Audited Financial Results of the Company (Standalone) for the year ended March 31, 2024. -.

This declaration is given in compliance with Regulation 33(3)(d) of the SEBI Listing Regulations.

Request you to take this declaration on records.

Thanking you,

Yours Faithfully,

For Hind Rectifiers Limited

Anil Kumar Nemani Anil Mehta

wy @rety

Chief Financial Officer Joint Chief Financial Officer

Subject: Large Corporate

Pied HIND RECTIFIERS LIMITED	Registered Office Address +91-22-49601775 Tel. : Email : L28900MH1958PLCO011077 CIN : www.hirect.com Website	: Lake Road, Bhandup (W), Mumbai - 400078. : corporate@hirect.com / marketing@hirect.com
Ref. No. HIRECT/SEC/2024-25/9		May 28, 2024
BSE Limited Rotunda Building, Phiroz Jeejeebhoy Towers, Dalal Street, Mumbai 400 001 Maharashtra	National Stock Exchange of India Limited "Exchange Plaza" 5t Floor, C-1, Block 'G Bandra Kurla Complex, Bandra (East) Mumbai 400 051 Maharashtra
Symbol: HIRECT Security Code No.: 504036	Type of Security: Equity
Subject: Large Corporate
Dear Sir/ Madam,
Please find below the details as required under revised framework issued by SEBI for Large Corporate:
Outstanding Borrowings Qualified at start of the financial year (Rs. In Crores) Borrowings Outstanding Qualified at	the 24.33 the 23.35
end of the financial year (Rs. In Crores) Highest credit rating of the company relating CRISIL Rating for total bank loan facilities unsupported borrowings bank the to which bonds, have plain vanilla	or rated - Rs. 150.05 crore (Enhanced from Rs. no 132 crore)
structuring/support-built in.	Long-term rating	CRISIL BBB-/ Stable (Reaffirmed)
	Short-term rating	CRISIL A3 (Reaffirmed)
Incremental borrowing done during the year -0.98 (qualified borrowing) (Rs. In Crores)
Borrowings way issuance debt Nil by of of securities during the year (Rs. In Crores)
Kindly take the above on record.
Thanking You,
Yours faithfully
For Hind Rectifiers Limited

tt Anil Mehta Meenakshi Anchlia

Chief Financial Officer Joint Chief Financial Officer Company Secretary . Perfectly Engineered Power Conversion Systems

ri RECTIFIERS	Registered Office : Lake Road, Bhandup (W), Mumbai - 400078. Address : +91-22-49601775 Tel. : corporate@hirect.com / marketing@hirect.com Email : L28900MH1958PLC011077 CIN IMITED tO CER TTT ony ee wan hirect com Website Dd DI CIR 993 74 Disclosure urrcer SEBI Circular No: ODOEDIS TIO OTD FCT > ZVUZOT st Oe aT Orr ary
	July 13, 2023
Name of Director	Mr. Vishal Pacheriwala (DIN: 07244575)
Reason for change viz. appointment, resignation, removal, death, or otherwise	recommendation Board pursuant The Directors, the the of to of Nomination and Remuneration Committee, at its meeting held on May 28, 2024, approved the appointment of Mr. Vishal Pacheriwala as Independent Director (Additional) of the Company for a term of five years with effect from May 28, 2024 up to May 27, 2029. This (5) appointment is subject to the approval of shareholders at the 66% Annual General Meeting of the Company.
Date of appointment/	Appointment w.e.f. May 28, 2024
cessation (as applicable)
Term of	Independent Director, not liable to retire by rotation
appointment	Appointment for a term of 5 (five) years commencing from May 28, 2024 up to May 27, 2029.
Brief Profile	Mr. Vishal Pacheriwala is a Chartered Accountant. He has done of Mumbai post-graduation in commerce from University 2012. He pursued MBA in 2014 from University of Tulane.
	more than 10 years of work His professional career includes experience in Financial Management & Asset Growth, Strategic Growth Revenue & ~~ Profit Planning Leadership, & Maximization, Process Automation & Efficiency Improvement, Team Expansion Market Leadership Diversification, & Development.
	He is the CFO KMP in Binayak Tex Processors Limited. He also of Valiant Glass Works on the Board Private Limited, serves Nandtex Wintry Engineering and Chemicals Private Limited, Dyeing and Limited, Printing Knitting Tex Mills Balaji Manufacturing Company Private Limited, 31 Ventures Private Limited, etc.

et RECTIFIERS LIMITED	Registered Office : Lake Road, Bhandup (W), Mumbai - 400078. Address +91-22-49601775 Tel. : : corporate@hirect.com / marketing@hirect.com Email : L28900MH1958PLC011077 CIN : www.hirect.com Website
	Disclosure under SEBI Circular No. SEBI/ HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023
Name of Chief Financial Officer (KMP)	Mr. Anil Kumar Nemani
Reason for change viz. appointment, death, or otherwise	Mr. Anil Kumar Nemani, Chief Financial Officer's present term of appointment as an employee of business will expire at the close resignation, removal, hours on June 19, 2024.
	recommendation Board pursuant The Directors, the the of to of Nomination and Remuneration Committee at its meeting held on May approved continuation by/ 2024, the office 28, of re appointment of Mr. Anil Kumar Nemani as a Chief Financial Officer (Key Managerial Personnel).
Date of appointment/ cessation (as applicable)	Re-appointment/ continuation of office w.e.f. June 20, 2024.
	Term of appointment Mr. A. K. Nemani, senior management personnel, will continue as Nomination (KMP) Chief Financial and Officer per the as Remuneration Policy of the Company. KMP power Board The discretion has retain' the on the to recommendation of the Nomination and Remuneration Committee.
Brief Profile	Mr. A. K. Nemani holds a degree of B.Com, Chartered Accountant, and Cost & Management Accounts. He has over 41 years of rich and exhaustive experience in accounts and finance.
	Company's accounting He oversees including practices, the accounting departments, preparing budgets, financial reports, tax planning, and and audit functions, financial strategy, directs forecasts, supervises investment and raising of funds for business, studies, analyzes and reports on trends, opportunities for expansion and projection of future company growth.
Disclosure of relationship between	He is a permanent invitee of the Audit Committee of the Company. Not related with any Director
Directors (in case of appointment of a director).