Hind Rectifiers Ltd. — Interim / Quarterly Report 2021

Nov 1, 2021

Ref. No. HIRECT/SEC/2020-21/43 November 1, 2021

BSE Limited Rotunda Building, Phiroz Jeejeebhoy Towers, Dalal Street, Mumbai 400 001 Maharashtra	National Limited Bandra Kurla Complex,	Stock	Exchange "Exchange Plaza" 5t Floor, C-1, Block 'G' Bandra (East) Mumbai 400 051	of	India

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

Sub: Un-audited Financial Results for the quarter and six months ended September 30, 2021

Dear Sir/Madam,

We enclosed herewith the statement of un-audited financial results for the quarter and six months ended September 30, 2021 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 Monday, November 1, 2021.

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

Kindly take the above on records.

Thanking you,

Yours Faithfully,

For Hind Rectifigss Limited yer

Meenakshi Anchlia

(Company Secretary & Compliance Officer)

Encl: As above

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

• 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, ²⁰²¹('the Statement') attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, as amended ('the Listing Regulations').
• 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, as amended, 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.
• 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). This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of 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 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 Indian Accounting Standards and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

upon: ZA H6EGCIAPRROKTYET

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

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Ravi ; Proprietor \ y embership No.116667 umbai, November 1, 2021

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE HALF YEAR ENDED 30TH SEPT, 2021

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			Tel.	Address	: Lake Road, Bhandup (W), Mumbai - 400078. : +91-22-25696789	Fax : +91-22-25964114
			Email		: corporate@hirect.com / marketing@hirect.com
	HIND RECTIFIERS LIMITED		CIN	:	L28900MH1958PLC011077
				Website	: www.hirect.com
	STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE HALF YEAR ENDED 30TH SEPT, 2021
							(Rs. in Lakhs)
Sr. No	Particulars		For the Quarter ended on		For half year ended		For the year ended on
		30.09.21	30.06.2021	30.09.20	30.09.21	30.09.20	31.03.21 (Audited)
1	Income	(Unaudited) (Unaudited)		(Unaudited)	(Unaudited)	(Unaudited)
a	Revenue from operations	10,212.47 959	7,345 01	10,091.11 8 64	17,557 48 14.38	14,852.97 22 25	30,509.71 35.74
b	{Other income Total income	10,222.06	4.79 7,349.80	10,099.75	17,571.86	14,875.22	30,545.45
2	Expenses
a b	{Cost of materials consumed Purchases of stock-in-trade	7,889.14 :	5,458.75 2	6,824.21 =	13,347.89 -	9,518.57 -	22,897.48
c	Changes in inventories of finished	(131.84)	(75.93)	1,123.97	(207.77)	1,837.40	668.67
	goods, work-in-progress and stock-in trade
	{Employee benefit expense	941 82	886 09	826.07	1,827.91	1,601.89	3,274.07
d
e f	{Finance costs Depreciation and amortisation expense	167.75 108.24	177.20 105.50	238.75 91.06	344.95 213.74	435 56 181.96
g	{Other Expenses Total expenses	768.06 9,743.17	566.49 7,118.10	592.61 9,696.67	1,334.55 16,861.27	843.81 14,419.19
3	Profit/(Loss) before exceptional items	478.89	231.70	403.08	710.59	456.03	871 54 382.50 1,714.92 29,809.18 736.27
	and tax 4 __ Exceptional items	-	-	:	-	-
§	Profit/(Loss) before tax	478.89	231.70	403.08	710.59	456.03
6 a	_ Tax expense {Current tax	164 09	113.11	168 15	277.20	183.58
b	{Deferred tax	22 85)	(36 14)	(51 06)	(58 99)	(50.20)
7 8	{Net Profit/ (Loss) after tax Other comprehensive income/(loss)	337.65	154.73	285.99	492.38	322.65
	Items that will not be reclassified to						736.27 170.17 32.96 533.14
	profit and loss in subsequent period
	(1) Actuarial Gains/(Loss) on post- employment defined benefit plan	(20.64)	4.64	7.07	(16.00)	8.92
j	(iyTax ea Above __	6.01	(1.35)	(2.06)	466	(2.60)	17.56 (4.89)
	T otal Comprehensive income for period	323.02	158.02	291.00	481.04	328.97
10__	{Details of equity share capital						\$45.81
	aa equity share capital of Rs. 2	331.27	331.27	331.27	331.27	331.27	331.27
11	Reserves excluding revaluation						9,645.85
12	reserve [Earnings per equity share
	pasie Diluted	204 2.02	0.93 0.93	173	2.97	1.95

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Address: Lake Road, Bhandup (W), Mumbai - 400078. Tel. + +91-22-25696789 Fax : +91-22-25964114 : Email : corporate@hirect.com / marketing@hirect.com CIN : L28900MH1958PLC011077

¢ BALANCE SHEET AS AT 30TH SEPT, 2021 (Rs. In lakhs)

1.	Sr. No Particulars	As at!	As at
		30th Sept 2021	31st Mar 2021 (Audited
	JASSETS	(Unaudited)
1 a.	Non Current Assets _ Property, Plant and Equipment	3,572.87	3,561.60 869.36)
b.	Capital Work in Progress	1,120.26 538.06	499.54
	c. _ [Intangible Assets	1,217.66	1,115.76
d.__	Intangible Assets under Development
e.	{Financial Assets 1. Investments	12.75	10.25
	11. Loans	4.95	5.35 102.44
	iii. Others	114.19	387.58
	Deferred tax Assets (net)	324.18 194.53	81.37
	Other Non Current Assets	7,099.45	6,633.25
2	Current Assets	6,240.89	6,853.97
a. _	[Inventories
	b. _ Financial Assets	8,669.35)	8,774.37
	li, Trade Receivables iii, Cash and Cash equivalents	26.27	12.27
	iv. Other Bank Balances	150.95	150.16
	vy. Loans	0.63	0.65 814.17
	vii. Other Financial Assets	592.44	34.38
c.	Current Tax Assets (Net)	60.40 1,320.24	768.73
d.	Other current Assets	17,061.17	17,408.70
3.	Assets held for Sale	\$7.84	57.84
		24,218.46	24,099.79)
	TOTAL ASSETS
I,	[EQUITY AND LIABILITIES
1	Equity	331.27	331.27
a.	Equity Share Capital	10,076.39	9,645 85
b.	Other Equity	10,407.66	9,977.12
2	Liabilities
	Non Current Liabilities
a.	Financial Liabilities 1, Borrowings	1,539.63	1,125.18
	ia. Lease liabilities	21.89
	ii, Other Financial Liabilities	18.25	18.25
b.	Provisions	597.03	532.00
		2,176.80	1,675.43
	Current Liabilities
a.	Financial Liabilities 1, Borrowings	4,668.28	6,579.52
	ia. Lease liabilities	22.90	~
	ii. Trade Payables a. total outstanding dues of micro and small enterprises	74.46	173.27
	b total outstanding dues of creditors other than micro and
	small enterprises	4,859.52	4,015.86
	iii. Other Financial Liabilities	1,389.22	1,242.94
b.	Other Current Liabilities Provisions	322.67	239.68
c. d.	; Current Tax Liabilities	227.68 69.27	195.97
	:	11,634.00	12,447.24
	TOTAL EQUITY AX£D LIABILITIES	24,218.46	24,099.79
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Address Tel. Email CIN Website : Lake Road, Bhandup (W), Mumbai - 400078. : +91-22-25696789 Fax : +91-22-25964114 : corporate@hirect.com / marketing@hirect.com : L28900MH1958PLC011077 : www. hirect.com

STATEMENT OF CASH FLOW FOR THE HALF YEAR ENDED 30TH SEPT, 2021

Address : Lake Road, Bhandup (W), Mumbai - 400078. : +91-22-25696789 Fax : +91-22-25964114 Tel. : corporate@hirect.com / marketing@hirect.com Email L28900MH1958PLC011077 CIN : Website : www. hirect.com STATEMENT OF CASH FLOW FOR THE HALF YEAR ENDED 30TH SEPT, 2021 Half Year ended Half Year ended Year ended 31st March, 2021 30th Sept, 2020 30th Sept, 2021 Particulars (Unaudited) (Unaudited) (Audited) CASH FLOW FROM OPERATING ACTIVITIES 456.03 710.59 Net Profit/(Loss) Before Exceptional Item Add: Exceptional Items = : 456.03 710.59 Net Profit/(Loss) After Exceptional Item Adjusted for 181.96 213.74 Depreciation & Amortization Expense (13.89) Investment Income (7.61) 435.56 344.95 Interest Charged 1,059.66 Operating Profit before Working Capital Changes 1,261.67 Changes in (1,266.82) (304.31) Trade & Other Receivables 979.82 613.08 Inventories 716.46 1,065.38 Trade & Other Payables 429.46 1,374.15 2,635.82 1,489.12 Cash Generated from Operations (129.97) (106.90) Direct Taxes Paid 1,359.15 2,528.92 Net Cash from Operating Activities CASH FLOW FROM INVESTING ACTIVITIES Purchase of Property, Plant and Equipment, Capital Work in Progress, Intangible Assets and Intangible Assets under (650.07) development (617.75) Proceeds from disposal of Property, Plant and Equipment 1.42 - Proceeds of Non Current Investments 600.00 - Purchases of Non Current Investments (2.50) - Dividend paid (66.25) (132.51) Interest Received 18.38 5.88 Dividend Received 0.75 - Net Cash used in Investing Activities (164.20) (678.45) CASH FLOW FROM FINANCING ACTIVITIES Proceeds from Borrowings (1,496.79) (908.45)
HIND RECTIFIERS LIMITED
(431.88) Interest Paid (338.89) Net Cash used in Financing Activities (1,835.68) (1,340.33)
Net Changes in Cash & Cash Equivalents (A+B+C) (145.38) 14.79
Cash & Cash Equivalents - Opening Balance 303.01 162.43 Cash & Cash Equivalents - Closing Balance 177.22 157.63

Address_: Lake Road, Bhandup (W), Mumbai - 400078. Tel. : +91-22-25696789 Fax : +91-22-25964114 Email : corporate@hirect.com / marketing@hirect.com CIN : L28900MH1958PLC011077

Notes:

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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 1st November, 2021. The Statutory Auditors have carried out the Limited Review of the financial results for the half year ended 30th September, 2021 under Regulation 33 of SEB! (Listing Obligations & 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 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) The Company has carried out the assessment based on available internal and external sources of information up to the date of approval of these financial results and believes that the impact of COVID-19 is not material to these financial results and expects to recover the carrying amount to it's assets. The Company will continue to evaluate the pandemic related uncertainty and will continue to assess it's impact.

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

Place : Mumbai Dated: 1st November, 2021

FOR HIND RECTIFIERS LIMITED

MYA NEVATIA MANAGING DIRECTOR & CEO