Hind Rectifiers Ltd. — Interim / Quarterly Report 2022

Aug 9, 2022

Ref. No. HIRECT/SEC/2022-23/28 August 9, 2022

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

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

Sub: Outcomes of the Board Meeting dated August 9, 2022

Ref: Un-Audited Financial Results under Regulation 33 of SEBI Listing Regulations

Dear Sir/ Madam,

We enclosed herewith the statement of un-audited financial results for the quarter and three months ended June 30, 2022 which has been approved by the Board of Directors of the Company under Regulation 33 of SEBI Listing Regulations 2015, at their meeting held on Tuesday, August 9, 2022.

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

Kindly acknowledge and take the same on record.

Thanking you,

Yours Faithfully,

For Hind Rectifiers Limited

Meenakshi Anchlia (Company Secretary & Compliance Officer)

Encl: As above

Independent Auditor's Review Report on the Statement of Unaudited Standalone Financial Results

To The Board of Directors Hind Rectifiers Limited

• 1. We have reviewed the accompanying statement of Unaudited Standalone Financial Results of Hind Rectifiers Ltd. ('the company') for the quarter ended June 30, 2022 ('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 ('Listing Regulations'). This Statement, which is the responsibility of the Company's Management has been reviewed by the Audit Committee and approved by the Company's Board of Directors at their respective meetings held on August 9, 2022, 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). 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's personnel and analytical applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.
• 1. Attention is drawn to the fact that the figures for the quarter ended March 31, 2022, as reported in the Statement are the balancing figures between audited figures in respect of the full previous financial year and the published year to date figures up to the third quarter of the previous financial year. The figures up to the end of the third quarter of previous financial year had only been reviewed and not subjected to audit.
• 1. Based on our review conducted as described in para 2 above, nothing has come to our attention that causes us to believe that the accompanying Statement of unaudited financial results prepared in accordance applicable accounting standards 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.

r Ravi A. Shah & Associates ered Accountants eosin 125079W

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embership No.116667 umbai, August 9, 2022 uoin: AON 6667 A0fEM Wey,

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 UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2022

			Address Tel. Email CIN	L28900MH1958PLC011077
			: : www.hirect.com Website
Sr. No	Particulars	STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2022 For the Quarter ended on 30.06.22 31.03.22 30.06.21			(Rs. in Lakhs) For the year ended 31.03.22
-	Income	(Unaudited)	(Audited)	(Unaudited)	(Audited)
	a___ Revenue from operations	7,264.06	10,234.07	7,345.01	37,210.06
b	Other income	1.87	15.91	4.79	34.38
	Total income	7,265.93	10,249.98	7,349.80	37,244.44
2	_ Expenses Cost of materials consumed
a	b__ Purchases of stock-in-trade	5,677.38	8,822.17	5,458.75	28,931.29]
c	{Changes in inventories of finished goods, work-in-progress and stock-in trade	- 153.07	: (522.49)	- (75.93)	- (98.00)
	d__ Employee benefit expense	966.52	890.31	886.09	3,664.40
e	___ Finance costs	172.04	176.12	177.20	688.13
*	Depreciation and amortisation expense	123.68	121.16	105.50	449.12
g	__ Other Expenses Total expenses	494.09 7,586.78	545.95 10,033.22	566.49 7,118.10	2,493.30 36,128.24
3.	Profit/(Loss) before exceptional items and tax	(320.85)	216.76	231.70	1,116.20
4	Exceptional items	-	-	-	-
5 _	Profit/(Loss) before tax	(320.85)	216.76	231.70	1,116.20
6	Tax expense Current tax			113.11	313.02
a b	{Deferred tax	(70.00) (23.77)	(53.25) 113.68	(36.14)	23,33
7	{Net Profit/ (Loss) after tax	(227.08)	156.33	154.73	779.85
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	3.18	32.28	4.64	14.18
	{ii)Tax on Above Total Comprehensive income for	(0.93)	(9.40)	(1.35)	(4.13)
9	period	(224.83)	179.21	158.02	789.90
10	Details of equity share capital
	Paid-up equity share capital of Rs. 2	331.27	331.27	331.27	331.27
	each
11	Reserves excluding revaluation reserve				10,412.68
12	_ Earnings per equity share
	Basic	(1.37)	0.95	0.93	4.71
	Diluted		0.94	0.93	4.68

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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

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 heid 'on 9th August, 2022. The Statutory Auditors have carried out theLimited Review of the financial results for the quarter ended 30th June, 2022 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) 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

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

5) The figures for the corresponding previous periods have been regrouped / restated, wherever necessary to conform with the current period's classification.

FOR HIND RECTIFIERS LIMITED

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Dated: 9th August, 2022 MANAGING DIRECTOR & CEO

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