Hind Rectifiers Ltd. — Interim / Quarterly Report 2020

Feb 6, 2020

HIND RECTIFIERS LIMITED

REGD. & H. O. LAKE ROAD BHANDUP (W), MUMBAI- ⁴⁰⁰ 078. ^O TEL.' +91 ^{22 2569 6789} ' FAX: +91 ^{22 2596 4114 0} www.hirect. com ⁰ corporate@hirect.com/marketing@hirect.com ⁰ CIN: L28900MH1958PLC011077

Ref. No. H1REC'I'fSEC/2019-20/76 6th February. 2020

Phiroz jeejeebhoy Towers, Bandra Kurla Complex, Dalal Street, Mumbai 400 001 Bandra (East) Mumbai 400 051

BSE Limited ' National Stock Exchange of India Limited Rotunda Building, "Exchange Plaza" 5th Floor, C-1, Block 'G'

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

Sub: Statement of Unaudited Financial Results for the quarter and nine months ended 31" December, 2019

Dear Sir/ Madam,

We enclosed herewith statement of Unaudited Financial Results for the guarter and nine mOLIths ended 3'19t December, 2019 which has been approved by the Board 01' Directars of the Company under Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Reguiations, 2015, at their meeting held on Thursday, 6in February, 2020.

I'hc Limited Review Report by the Statutory Auditors 0f the Company an the aforesaid resuits is also enclosed for your reference and record.

We request'you to kindly take the above on records.

Thanking you,

Yours Faithful'ly,

For Hind Rectifiers Limii(\$1145 iI/ILQC'W:IMI' U

MeenakshiAnchlia (Company Secretary 8: Compliance Officer)

End: A/a

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

. - 10, Shriniket Apts, 23, Bajaj Road Chartered Accounta nts +91 22 2613 5613 ; +91 98190 63558 ' rasassociatengmail.com

Limited Review Report To The Board of Directors of Hind Rectifiers Limited

We have reviewed the accompanying statement of unaudited financial results of Hind Rectifiers Ltd. ('the company') for the quarter and nine months ended December 31, 2019 ('statement'). 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 pian 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 of unaudited financial results 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 Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 including the manner in which it'is to be disclosed, or that it contains any material misstatement.

for Ravi A. Shah & Associates Chartered Accountants

embership No.116667 UDIN: 20116667AAAABA3988 Mumbai, February 6, 2020

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

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE NINE MONTHS ENDED 31ST DEC, 2019

							(Amount in Lakhs)
Sr. No	Particulars	For the Quarter ended on			For the Nine Months ended 0 n		For the Year ended on
		31.12.19 (Unaudited)	30.09.2019 (Unaudited)	31.12.2018 (Unaudited)	31.12.2019 (Unaudited)	31.12.2018 (Unaudited)	31.03.2019 (Audited)
1	Income
a	Revenue from operations	7,020.37	8,318.18	6,852.80	22,173.38	17,121.37	25,514.29
$\mathbf{b}$	Other income	18.68	1.77	6.27	24.70	19.50	61.55
	Total income	7,039.05	8,319.95	6,859.07	22,198.08	17,140.87	25,575.84
$\overline{2}$	Expenses
$\mathbf{a}$	Cost of materials consumed	5,916.38	5,355.13	5,307.24	16.103.87	12,876.87	19,299.73
$\mathbf b$	Purchases of stock-in-trade	$\omega$	$\omega$	a)	$\blacksquare$
$\mathbf c$	Changes in inventories of finished goods, work-in-progress and stock-in- trade	(993.97)	159.02	(272.37)	(939.37)	(405.77)	(708.89)
$\mathbf d$	Employee benefit expense	742.67	774.49	596.19	2.163.12	1.670.30	2,231.14
e	Finance costs	216.16	179.86	185.30	537.17	513.41	700.24
f	Depreciation and amortisation expense	99.71	96.09	69.76	293.13	205.36	271.86
$\Omega$	Other Expenses	532.23	684.54	530.49	1.709.28	1,322.50	2,161.90
	Total expenses	6,513.18	7,249.13	6,416.61	19,867.20	16,182.67	23,955.98
	Profit/(Loss) before exceptional items				ALL
3	and tax	525.87	1,070.82	442.46	2.330.88	958.20	1,619.86
$\overline{4}$	Exceptional items			47.59	×.	47.59	45.05
5	Profit/(Loss) before tax	525.87	1,070.82	490.05	2,330.88	1,005.79	1,664.91
6	Tax expense
$\mathbf{a}$	Current tax	164.66	290.83		553.31
$\mathbf b$	Deferred tax	(7.45)	27.53	174.68	136.58	322.80	485.83
$\overline{7}$	Net Profit/ (Loss) after tax	368.66	752.46	315.37	1,640.99	682.99	1,179.08
8	Other comprehensive income/(loss)
	Items that will not be reclassified to profit and loss in subsequent period (i) Actuarial Gains/(Loss) on post-
	employment defined benefit plan	5.18	(1.13)	1.30	6.04	6.62	7.90
	(ii)Tax on Above	(1.51)	0.33	(0.36)	(1.76)	(1.84)	(2.30)
9	Total Comprehensive income for
	period	372.33	751.66	316.31	1,645.27	687.77	1,184.68
10	Details of equity share capital Paid-up equity share capital of Rs. 2	331.27	331.27	331.27	331.27	331.27	331.27
	each
11	Reserves excluding revaluation reserve						7482.26
12	Earnings per equity share
	Basic & Diluted	221	4.55	1.91	0.93	415	7.12

• SEMICONDUCTORS • RECTIFIERS • INVERTERS • CONVERTERS • TRANSFORMERS

HIND RECTIFIERS LIMITED

REGD. & H.O. LAKE ROAD, BHANDUP (W), MUMBAI - 400 078. ,TEL.: +91 22 2569 6789 .FAX: +91 22 2596 4114 . www.hirect.com . corporate@hirect.com I marketing@hirect.com , CIN: L28900MH1958PLCO11077

Notes:

¹¹ The above results ohhe Company have been reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on 6th February, 2020. The Statutory Aud1tors have carried out the Limited Review of the financial results for the nine months ended 3151 December, 2019 under Regulatior133 of SEBI {Listing Obligations 8.1 Disclosure Requiremems ) Regulations, 2015.

²¹ The above results, pubhshed m accordance with Regulation 33 of the SEBI (Listing Obhgations and Disclosure Reqwrements) Regulatlons, 2015, have been prepared In accordance w1thihd1an Accounting S1andards(lND AS1hotihed under section 133 01 the Companies Act. 2013 read w1th Rwe 3 of the Companies (Indian Accounting Stand 170) Rules. 2015; Companies (md1an Accountmg Standards] (Amendment) Rules, 2016 and guidelines1ssued by the Securities and Exchange Board of Ind1a (SEBI) and other accounting principles generally accepted in india. '

31The Company operates in ^a single segment as per 1nd'1an Accounting Standard (Ind AS1108.

41During the mne months ended 315t December, 2019, the company has not granted any stock options.

5) In view of the accumulated losses as per Income Tax Act, 1961 and also MAT Credit available, the Company has not exercised the non revisable option perm'1tted under section llsBAA ofthe Income Tax Act, 1961 as introduced by the Taxation Law (Amendment) Ordinance, 2019

⁶¹ Previous year's figures have been reclassified and regrouped wherever necessary.

FOR HIND RECTIFIERS LIMITED

flD'" "9' 1% S.K.NEVATIA

CHAIRMAN & MANAGING DIRECTOR