Ref. No. HIRECT/SEC/2020-21/5711th November 2020

BSE Limited Rotunda Building, Phiroz Jeejeebhoy Towers, Dalal Street, Mumbai 400 001 Maharashtra

National Stock Exchange of India Limited "Exchange Plaza" 5th Floor, C-1, Block 'G' Bandra Kurla Complex, Bandra (East) Mumbai 400 051

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

Sub: Un-audited Financial Results for the quarter and six months ended 30th September 2020

Sir/Madam,

We enclosed herewith the statement of un-audited financial results for the quarter and six months ended 30th September 2020 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 Wednesday, 11th November 2020.

The Limited Review Report by the Statutory Auditors of the Company on the aforesaid results is also enclosed for your reference and record.

Kindly take the above on records.

Thanking you,

Yours Faithfully, For Hind Rectifiers Limited

MEENAKSH I ANCHLIA Digitally signed by MEENAKSHI ANCHLIA Date: 2020.11.11 14:18:15 +05'30'

Meenakshi Anchlia (Company Secretary & Compliance Officer)

Encl: As above

INDEPENDENT AUDITORS REVIEW REPORT ON REVIEW OF INTERIM STANDALONE FINANCIAL RESULTS TO THE BOARD OF DIRECTORS OF HIND RECTIFIERS LIMITED

1. We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of Hind Rectifiers Ltd. ('the company') for the quarter and six months ended September 30, 2020 ('the Statement'), being submitted by the Company pursuant to the requirement of Regulation 33 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, as amended.
1. This Statement, which is the responsibility of the Company's Management and has been approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("IND AS 34"), prescribed under section 133 of Companies Act, 2013 read with relevant rules issued there under and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
1. We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
1. Based on our review conducted as state in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement of Unaudited Financial Results prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

UDIN: 20116667AAAAJX8363 for Ravi A. Shah & Associates Chartered Accountants ICAI Firm Reg. No.: 125079W Ravi Ashok Shah Digitally signed by Ravi Ashok Shah DN: c=IN, o=Personal, postalCode=400056, st=Maharashtra, 2.5.4.20=a1685b203fc82dff3daf516df14ef7acb2ec 9acbb818a8652ebc7bd31ab36ef0, pseudonym=752CCACC6EC9AB54E73BCC8FCB2C 3268FE7686CB, serialNumber=970571E078D21C231E4B05341AA CCE7D90B68AF735C0AB21EC398C6B111E464F, cn=Ravi Ashok Shah Date: 2020.11.11 14:23:14 +05'30'

Ravi A. Shah, Proprietor Membership No.116667 Mumbai, November 11, 2020

Address : Lake Road, Bhandup (W), Mumbai - 400078. Tel. : +91-22-25696789 Fax: +91-22-25964114 Email : [email protected] / [email protected] CIN : L28900MH1958PLC011077 Website : www.hirect.com

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPT, 2020

						(Amount in Lakhs)
Sr. No	Particulars	For the Quarter ended on			For Half year ended on		For the Year
							ended on
		30.09.20	30.06.20	30.09.19	30.09.20	30.09.19	31.03.20
1	Income	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
a	Revenue from operations	10,091.11	4,761.86	8,318.18
$\mathbf b$	Other income	8.64	13.61		14,852.97	15,153.01	29,962.05
	Total income	10,099.75	4,775.47	1.77 8,319.95	22.25	6.02	48.16
$\overline{2}$	Expenses				14,875.22	15,159.03	30,010.21
$\mathbf a$	Cost of materials consumed	6,824.21	2,694.36
b	Purchases of stock-in-trade			5,355.13	9,518.57	10,187.49	22,175.21
$\mathbf c$	Changes in inventories of finished	1,123.97	713.43
	goods, work-in-progress and stock-in- trade			159.02	1,837.40	54.60	(1, 240.68)
d	Employee benefit expense	826.07	775.82	774.49	1,601.89	1,420.45	2,980.15
$\mathbf e$	Finance costs	238.75	196.81	179.86	435.56	321.01	731.63
f	Depreciation and amortisation expense	91.06	90.90	96.09	181.96	193.42	407.26
g	Other Expenses	592.61	251.20	684.54	843.81	1,177.05	2,332.57
	Total expenses	9,696.67	4,722.52	7,249.13	14,419.19	13,354.02	27,386.14
3	Profit/(Loss) before exceptional items and tax	403.08	52.95	1,070.82	456.03	1,805.01	2,624.07
$\overline{4}$	Exceptional items	$\overline{a}$	÷.	L.	ä,
5	Profit/(Loss) before tax	403.08	52.95	1,070.82	456.03	1,805.01	2,624.07
6	Tax expense
$\mathbf a$	Current tax	168.15	15.43	290.83	183.58	388.65	634.45
b	Deferred tax	(51.06)	0.86	27.53	(50.20)	144.03	141.71
$\overline{7}$	Net Profit/ (Loss) after tax	285.99	36.66	752.46	322.65	1,272.33	1,847.91
8	Other comprehensive income/(loss)
	Items that will not be reclassified to
	profit and loss in subsequent period
	(i) Actuarial Gains/(Loss) on post-	7.07	1.85	(1.13)	8.92	0.86	(25.05)
	employment defined benefit plan
	(ii) Tax on Above	(2.06)	(0.54)	0.33	(2.60)	(0.25)	7.29
9	Total Comprehensive income for period	291.00	37.97	751.66	328.97	1,272.94	1,830.15
10	Details of equity share capital
	Paid-up equity share capital of Rs. 2 each	331.27	331.27	331.27	331.27	331,27	331.27
11	Reserves excluding revaluation reserve						9,232.55
12	Earnings per equity share
	Basic & Diluted	1.73	0.22	4.55	1.95	7.69	11.16

Perfectly Engineered Power Conversion Systems

	Address: Lake Road, Bhandup (W), Mumbai - 400078.
Tel.	: $+91-22-25696789$ Fax: $+91-22-25964114$
Email	: [email protected] / [email protected]
CIN	: L28900MH1958PLC011077
	Website : www.hirect.com

BALANCE SHEET AS AT 30TH SEP 2020

			(Rs. In lakhs)
	Sr. No Particulars	As at	As at
		30th Sep 2020	31st Mar 2020
Ι.	ASSETS	(Unaudited)	(Audited)

$\mathbf{I}$	Non Current Assets
a.	Property, Plant and Equipment	3,393.40	2,839.00
b.	Capital Work in Progress	696.09	912.34
c.	Intangible Assets	445.05	464.76
d.	Intangible Assets under Development	1,034.85	885.17
e.	Financial Assets
	i. Investments	10.00	610.00
	ii. Loans	2.92	3.55
	iii. Others	91.63	228.08
f.	Deferred tax Assets (net)	446.04	468.95
g.	Other Non Current Assets	76.29	141.59
		6,196.27	6,553.44
$\overline{2}$	Current Assets
a.	Inventories	5,947.17	6,926.99
b.	Financial Assets
	ii. Trade Receivables	8,988.16	8,104.47
	iii. Cash and cash equivalents	15.39	148.92
	iv. Other Bank Balances	142.24	154.09
	v. Loans	1.32	1.49
	vii. Other Financial Assets	1,632.44	1,253.69
c.	Current Tax Assets (Net)	3.18	.5.23
d.	Other current Assets	1,249.17	1,046.73
		17,979.07	17,641.61
3	Assets held for Sale	57.84	57.84
	TOTAL ASSETS	24,233.18	24,252.89
II.	EQUITY AND LIABILITIES
$\mathbf{1}$	Equity
a.	Equity Share Capital
b.	Other Equity	331.27	331.27
		9,429.01 9,760.28	9,232.55
2	Liabilities		9,563.82
	Non Current Liabilities
a.	Financial Liabilities
	i. Borrowings	1,387.75
	ii. Other Financial Liabilities	18.25	1,509.44 18.25
b.	Provisions	408.72
		1,814.72	418.64 1,946.33
	Current Liabilities
a.	Financial Liabilities
	i. Borrowings	6,151.36	6,938.12
	ii. Trade Payables
	a. total outstanding dues of micro and small enterprises	159.86	212.78
	b. total outstanding dues of creditors other than micro and
	small enterprises	4,247.98	3,733.94
	iii. Other Financial Liabilities	1,432.06	1,264.48
b.	Other Current Liabilities	308.38	278.37
c.	Provisions	346.62
d.	Current Tax Liabilities	11.92	284.18
		12,658.18	30.87 12,742.74

	TOTAL EQUITY AND LIABILITIES	24,233.18	24,252.89
	Cornorate Information & Significant Accounting Policies

Perfectly Engineered Power Conversion Systems

$\overline{\Xi}$

$\boxed{\square}$

STATEMENT OF CASH FLOW FOR THE HALF YEAR ENDED 30TH SEP 2020

				(Rs. in lakhs)
	Particulars	Half year ended	Half year ended	Year ended
		30th Sep, 2020	30th Sep, 2019	31st March, 2020
A.	CASH FLOW FROM OPERATING ACTIVITIES
	Net Profit/(Loss) Before Exceptional Item	456.03	1,805.01	2,624.07
	Add: Exceptional Items
	Net Profit/(Loss) After Exceptional Item	456.03	1,805.01	2,624.07
	Adjusted for
	Depreciation & Amortization Expense Investment Income	181.96	193.42	407.26
	Interest Charged	(13.89) 435.56	(5.66)	(26.27)
			321.01	731.63
	Operating Profit before Working Capital Changes	1,059.66	2,313.78	3,736.69
	Changes in
	Trade & Other Receivables	(1, 266.82)	(2,816.90)	(2,787.92)
	Inventories	979.82	(581.01)	(1, 512.12)
	Trade & Other Payables	716.46 429.46	1,338.56	1,411.76
	Cash Generated from Operations	1,489.12	(2,059.35) 254.43	(2,888.28)
				848.41
	Direct Taxes Paid	(129.97)	(350.01)	(404.74)
	Net Cash from Operating Activities	1,359.15	(95.58)	443.67
B.	CASH FLOW FROM INVESTING ACTIVITIES
	Purchase of Property, Plant and Equipment, Capital Work in
	Progress, Intangible Assets and Intangible Assets under
	development	(650.07)	(477.32)	(1, 506.91)
	Proceeds from disposal of Property, Plant and Equipment			3.29
	Proceeds of Non Current Investments	600.00
	Purchases of Non Current Investments			(600.00)
	Dividend paid Interest Received	(132.51)	(79.86)	(79.86)
	Dividend Received	18.38	3.20 0.75	20.64
	Net Cash used in Investing Activities	(164.20)	(553.23)	1.25 (2,161.59)

C.	CASH FLOW FROM FINANCING ACTIVITIES
	Proceeds from Borrowings	(908.45)	1,071.12	2,582.42
	Interest Paid Net Cash used in Financing Activities	(431.88)	(310.23)	(731.63)
	Net Changes in Cash & Cash Equivalents (A+B+C)	(1,340.33)	760.89	1,850.79
		(145.38)	112.08	132.87
	Cash & Cash Equivalents - Opening Balance	303.01	170.14	170.14
	Cash & Cash Equivalents - Closing Balance	157.63	282.22	303.01

Address : Lake Road, Bhandup (W), Mumbai - 400078. Tel. : +91-22-25696789 : [email protected] / [email protected] Email $CIN$ : L28900MH1958PLC011077 Website : www.hirect.com

Notes:

1) The above results have been recommended by the Audit Committee and approved by the Board of Directors of the Company at the meeting held on 11th November, 2020. The Statutory Auditors have carried out the Limited Review of the financial results for the quarter and half year ended 30th September, 2020 under Regulation 33 of SEBI (Listing Obligation & Disclosure Requirements) Regulation, 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 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) On account or the spread of COVID 19 virus, the Central / State Government had imposed a Lockdown in the month of March, 2020 leading to shut down of the Company's manufacturing facilities and operations. Since then the Government has progressively relaxed lockdown conditions and has allowed most of the industries and businesses to resume operations in a phased manner.

The Company has resumed its operations in a phased manner as per directives from the Government, after putting in place due safety precautions and standard norms. Management believes that the impact of the lockdown is temporary in nature and the pandemic is not likely to have a major impact on the future operations and the recoverability of the carrying value of its assets as at Sep 30, 2020.

The management is continuously and closely monitoring the developments and possible effects that may result from the current pandemic on its financial condition, liquidity and operations and is actively working to minimize the impact of this unprecedented situation. As the situation is still continuously evolving, the eventual impact may be different from the estimates made as of the date of approval of these financial results.

4) 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

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

6) During the half year ended 30th Sep, 2020, the company has not granted any stock options.

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

FOR HIND RECTIFIERS LIMITED

Suramva Saurabh Nevatia

SURAMYA NEVATIA MANAGING DIRECTOR & CEO

Place: Mumbai Dated: 11th November, 2020

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Hind Rectifiers Ltd. Interim / Quarterly Report 2020

62363_rns_2020-11-11_b4a29951-27a7-4296-aa04-32a774560877.pdf