Hind Rectifiers Ltd. — Interim / Quarterly Report 2021

Aug 12, 2021

Ref. No. HIRECT/SEC/2020-21/31 12th August 2021

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

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

Sub: Un-audited Financial Results for the quarter and three months ended 30th June 2021

Dear Sir/Madam,

We enclosed herewith the statement of un-audited financial results for the quarter and three months ended 30! June 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 Thursday, 12* August 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 Rectifiers Limited Meenakshi Anchlia
(Company Secretary & Compliance Officer)
Encl: As above
Perfectly Engineered Power Conversion Systems

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM FINANCIAL RESULTS

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 ended June 30, 2021 ('statement'), being submitted by the Company pursuant to the requirement of Regulation 33 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, as amended.

This Statement, which is the responsibility of the Company's Management and 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.

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 from material misstatement. 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.

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 recognition and measurement principles laid down in aforesaid 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, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

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

Ravi A. Shah, Proprietor Membership No.116667 Mumbai, August 12, 2020 UDIN: 21116667AAAAKQ9328 Ravi Ashok Shah Digitally signed by Ravi Ashok Shah DN: c=IN, o=Personal, postalCode=400056, st=Maharashtra, 2.5.4.20=a1685b203fc82dff3daf516df14ef7acb2ec9acbb818a8652ebc7bd31 ab36ef0, pseudonym=752CCACC6EC9AB54E73BCC8FCB2C3268FE7686CB, serialNumber=970571E078D21C231E4B05341AACCE7D90B68AF735C0AB21 EC398C6B111E464F, cn=Ravi Ashok Shah Date: 2021.08.12 13:02:43 +05'30'

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2021

	HIND RECTI FIERS LIMITED	Tel.
			Address : Lake Road, Bhandup (W), Mumbai - 400078. : +91-22-25696789 Fax : +91-22-25964114
		Email		: corporate@hirect.com / marketing@hirect.com L28900MH1958PLC011077
		CIN Website	: : www.hirect.com
	STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2021
Sr. No					(Rs. in Lakhs)
	Particulars	For the Quarter ended on			For the year ended on
		30.06.21	31.03.2021	30.06.20	31.03.21
1	Income	(Unaudited)	(Audited)	(Unaudited)	(Audited)
	a___ Revenue from operations	7,345.01	7,556.86	4,761.86	30,509.71
b	[Other income	4.79	9.76	13.61	35.74
	Total income	7,349.80	7,566.62	4,775.47	30,545.45
2 a	{Expenses
b	Cost of materials consumed {Purchases of stock-in-trade	5,458.75 -	6,245.93 -	2,694.36	22,897.48
c	Changes in inventories of finished	(75.93)	(369.21)	- 713.43	668.67
	goods, work-in-progress and stock-in
	trade
e	d___ Employee benefit expense __ Finance costs	886.09	823.30	775.82	3,274.07
	Depreciation and amortisation expense	177.20 105.50	209.72 104.79	196.81 90.90	871.54
					382.50
g _	Other Expenses	566.49	439.04	251.20	1,714.92
	Total expenses	7,118.10	7,453.57	4,722.52	29,809.18
3	Profit/(Loss) before exceptional items	231.70	113.05	52,95	736.27
4	and tax {Exceptional items	*	"
5	__ Profit/(Loss) before tax	231.70	113.05	= 52.95	- 736.27
6	Tax expense
a___	Current tax	113.11	31.27	15.43	170.17
b= 7	Deferred tax Net Profit/ (Loss) after tax	(36.14)	(3.57)	0.86	32.96
8	Other comprehensive income/(loss)	154.73	85.35	36.66	533.14
	Items that will not be reclassified to
	profit and loss in subsequent period
	(i) Actuarial Gains/(Loss) on post-	4.64	10.82	1.85	17.56
	employment defined benefit plan
	(ii)Tax on Above	(1.35)	(2.93)	(0.54)	(4.89)
9	Total Comprehensive income for period	158.02	93.24	37.97	545.81
10	Details of equity share capital
	Paid-up equity share capital of Rs. 2	331.27	331.27	331.27	331.27
	each
Il	Reserves excluding revaluation reserve				9,645.85
12	Earnings per equity share
	Basic	0.93	0.52	0.22
	Diluted				3.22

Perfectly Engineered Power Conversion Systems

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:

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 12th August, 2021. The Statutory Auditors have carried out theLimited Review of the financial results for the quarter ended 30th June, 2021 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) 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 arising from the ongoing second wave 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.

FOR HIND RECTIFIERS LIMITED

Saurabh Nevatia

Digitally signed by Suramya Saurabh Nevatia DN: c=IN, o=Personal, title=3660, pseudonym=c9337ee07944fef41d732ed781 1932aad3de715818c951b963a4bbaae5c50d 04, postalCode=400030, st=Maharashtra, serialNumber=6d7447ab744644d76cdfb122f d1e12356fd20b001c206a251c22913587282f e3, cn=Suramya Saurabh Nevatia Date: 2021.08.12 12:57:22 +05'30'

Dated: 12th August, 2021 MANAGING DIRECTOR & CEO

Place : Mumbai SURAMYA NEVATIA