Hind Rectifiers Ltd. — Interim / Quarterly Report 2019

Feb 12, 2019

REGD. & H.O. LAKE ROAD, BHANDUP (W), MUMBAI - 400 078. ⁰ TEL.: +91 ²² 2569 6789 - FAX: +91 ²² 2569 4114 ⁰ www.hirect.com ⁰ corporate@hirect.com I marketing@hirect.com ⁰ CIN: L28900MH1958PLC011077

Ref. No. HIRECT/SEC/

²⁰⁹ 12th February, ²⁰¹⁹

The General Manager The General Manager Corporate Relations Department Listing Department Phiroz Ieejeebhoy Towers, Bandra Kurla Complex

BSE Ltd. The National Stock Exchange of India 1St Floor, New Trading Ring Ltd. "Exchange Plaza", C-1, Block 'G' Dalal Street Mumbai ^{400 001} Bandra (East) Mumbai ^{400 051}

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

Statement of Unaudited Financial Results for the quarter and nine months ended 31st December 2018

Dear Sir(s),

We enclosed herewith statement of Unaudited Financial Results for the third quarter and nine months ended 31st December, ²⁰¹⁸ which has been approved by the Board of Directors of the Company under Regulation ³³ of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, at their meeting held on Tuesday, 12th February, 2019.

The Limited Review Report by the Auditors of the Company on the aforesaid resultsIS also enclosed.

This is for your information, please.

Thanking you,

Yours faithfully, or Hind Re tifi rs ited HAWK: Mm"

Meenakshi Anchlia (Compliance Officer)

Encl: As above

- RaVI A' Shah 8" ASSOCIates Vile Parle West, Mumbai—400056

Limited Review Report

To The Board of Directors of Hind Rectifiers Limited

We have reviewed the accompanying statement of unaudited standalone financial results of Hind Rectifiers Ltd. ('the company') for the quarter and nine months ended December 30, ²⁰¹⁸ ('statement') attached herewith, being submitted by the Company pursuant to the requirements of Regulation ³³ of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 ('SEBI Regulations').

This Statement is the responsibility of the Company's Management and has been approved by the Board of Directors. Our responsibility is to issue ^a report on the Statement based on our review.

We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free from material misstatement. ^A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement prepared in accordance with the applicable accounting standards i.e. Indian Accounting Standards ('Ind-AS') prescribed under section ¹³³ of the Companies Act, 2013, read with relevant rules issued thereunder and other recognized accounting practices and policies, has not disclosed the information required to be disclosed in terms of SEBI regulations and SEBI circular dated July 5, 2016, including the manner in which it is to be disclosed, or that it contains any material misstatement.

for Ravi A. Shah & Associates Chartered Accountants Reg. No.: 125079W

WWtor

embership No.116667 umbai, February 12, 2019

HIND RECTIFIERS LIMITED

9001-2015

REGD. & H.O. LAKE ROAD, BHANDUP (W), MUMBAI - 400 078. ⁰ TEL.: +91 22 2569 6789 ⁰ FAX: +91 22 2569 4114 ⁰ www.hirect.com ⁰ corporate@hirect.com I marketing@hirect.com ⁰ CIN: L28900MH1958PLC011077

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 315T DECEMBER, 2018

		For the Quarter ended on			For the Nine Months ended on	(Amount in Lakhs ) Year ended
Sr. No	Particulars	31.12.2018 (Unaudited)	30.09.2018 (Unaudited)	31.12.2017 (Unaudited)	31.12.2018 (Unaudited)	31.12.2017 (Unaudited)	31.03.2018 (Audited)
1	Income
a	Revenue from operations	6,852.80	5,940.43	2,915.03	17,121.37	7,273.17	12,705.51
b	Other income	6.27	3.86	5.19	19.50	23.18	48.73
'	Total income	6,859.07	5,944.29	2,920.22	17,140.87	7,296.35	12,754.24
2	Expenses
21	Cost ofmaterials consumed	5,306.32	4,094.18	2,189.73	12,872.61	4,933.24	8,989.95
b	Purchases of stock-in-trade	-	-	-	-	89.30	82.38
0	Changes in inventories of finished goods, work-in—progress and stock-in- trade	(272.37)	244.34	(215.20)	(405.77)	(255.49)	(279.75)
d	Excise Duty/Service Tax	-	-	-	-	136.31	136.31
e	Employee benefit expense	596.19	554.72	418.68	1,670.30	1,335.88	1,828.17
f	Finance costs	185.30	156.78	160.93	513.41	374.21	542.73
g	Depreélavm' deplem'" am amortisanon expense	69.76	68.31	53.17	205.36	154.12	230.73
h	Other Expenses	531.41	493.81	247.01	1,326.76	716.78	1,021.96
	Total expenses	6,416.61	5,612.14	2,854.32	16,182.67	7,484.35	12,552.48
3	Profit/(Loss) before exceptional items 5
	'and tax	442.46-	332.15	65.90	958.20	(188.00)	201.76
4	Exceptional items	47.59	-	-	47.59	-	-
5	Profit/(Loss) before tax	490.05	332.15	65.90	1,005.79	(188.00)	201.76
6	Tax expense Current tax	-	-	-	-	-	-
a b	Deferred tax	174.68	96.94	-		-
7	Net Profit/ (Loss) after tax	315.37	235.21	65.90	322.80 682.99		70.31 131.45
8	Other comprehensive income/(loss)					(188.00)
	Items that will not be reclassified to profit and loss in subsequent period (i) Actuarial Gains/(Loss) on post employment defined benefit plan	1'30	1'65	(4'65)	6'62	("'94)	"'74
	(ii) Balance of Carrying value ofloan converted to Equity Share Capital	-	-	(13'88)	_	("'88)	_
	(iii)Tax on Above	(0.36)	(0.46)		(1.84)	-	(3.27)
9	Total Comprehensive income for period	316.31	236.40	47.37	687.77	(215.82)	139.92
10	Details of equity share capital
	Share cap'tal 0"" "my 2 5:?!"	331.27	331.27	331.27	331.27	331.27	331.27
11	Reserves excluding revaluation reserve						6,297.58
12	Earnings per equity share
	Basic &' Diluted	1.91	1.43	0.29	4.15	(1.30)	0.84

9001 -2015

REGD. & H.0. LAKE ROAD, BHANDUP (W), MUMBAI - ⁴⁰⁰ 078. - TEL.: +91 ^{22 2569 6789 0} FAX: +91 ^{22 2569 4114} 0 www.hirect.com ^o corporate@hirect.com I marketing@hirect.com ^o CIN: L28900MH1958PLC011077

Notes :

1) The above results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at the meeting held on 12th February, 2019. The Statutory Auditors have carried out the limited review of the financial results for the quarter and nine months ended 3lst December, 2018 under Regulation ³³ ofSEBI (Listing Obligations ⁸¹ Disclosure Requirements) Regulations, 2015.

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 Rule ³ of the Companies (Indian Accounting Standard) Rules, 2015; Companies (Indian Accounting Standards) (Amendment) Rules, 2016 and guidelines issued by the Securities and Exchange Board of India (SEBI) and other accounting principles generally accepted in India.

3) Revenue from Operations for the quarter ended 315t December 2018, 30th September 2018, 315t December 2017 and nine months ended 3lst December 2018 are net of Goods and Services Tax (GST), however sales for nine months ended 315t December 2017 and year ended 315t March 2018 are gross of Excise Duty ⁸¹ Service Tax. The Net Revenue from Operations (Net of GST/Excise Duty/Service Tax) as applicable are stated as below: (Rs. in lakhs)

		For the Quarter ended on		For the Nine Months ended on		Year ended on
P"t'C" 1 3"	31.12.2018 (Unaudited)	30.09.2018 (Unaudited)	31.12.2017 (Unaudited)	31.12.2018 (Unaudited)	31.12.2017 (Unaudited)	31.03.2018 (Audited)
Net Revenue from Operations	6,852.80	5,940.43	2,915.03	17,121.37	7,136.86	12,569.20

4) As the revenue from 'Components' segment was reduced to less than 10% in the year 2017-18 and continues to be less than 10 % in the current financial year, hence the segmentwise results is not given.

5) Exceptional Items include the following:

i) Profit on sale of Unit II of Dehradun Plant of Rs. 99.25 Lacs.

ii) Loss on insurance claim of Rs. 51.66 lacs

6) Previous year's figures have been reclassified and regrouped wherever necessary.

Place : Mumbai

FOR HIND RECTIFIERS LIMITED

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S.K.NEVATIA CHAIRMAN & MANAGING DIRECTOR