Hind Rectifiers Ltd. — Interim / Quarterly Report 2023

Aug 8, 2023

Ref. No. HIRECT/SEC/2023-24/24 August 8, 2023

BSE Limited	National Stock Exchange of India Limited
Rotunda Building,	"Exchange Plaza" 56 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 (started at 12:00 noon and concluded at 2:15) dated August 8, 2023

• 1. Unaudited Financial Results 30.06.2023
• 1. Closer of manufacturing operations at Dehradun Plant
• 1. Regulation 30(5) of SEBI Listing Regulations 2015

Dear Sir/ Madam,

1. Further to our letter no. HIRECT/SEC/2023-24/23 dated 31% July 2023 intimating the date of the Board Meeting and pursuant to Regulation 30 and 33 of SEBI Listing Regulations 2015, we enclosed herewith the statement of un-audited financial results for the quarter and three months ended June 30, 2023 which has been recommended by the Audit Committee and approved by the Board of Directors of the Company at their meeting held on Tuesday, August 8, 2023.

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The Limited Review Report by M/s GMJ & Co, the Statutory Auditors of the Company on the aforesaid results is also enclosed for your reference along with a statement of unaudited financial results for the quarter and three months ended June 30, 2023 and notes to financial results.

1. Pursuant to the provisions of Regulation 30 and other applicable provisions, if any, of the SEBI Listing Regulations 2015, we have to inform you that the Board of Directors of the Company at its Meeting held today, i.e. on Tuesday, August 8, 2023, has considered and approved the proposal for closer of Dehradun plant with immediate effect. After due consideration, it has been determined that it is no longer suited for the future growth plan of the Company. However, it is pertinent to mention that the said closure does not have any material or adverse effect on the operations of the Company.

The Company's manufacturing operations at Dehradun plant accounted for total revenue of Rs.66.72crore for the year ended March 31, 2023 (representing 18.58% share to the Company's total revenue for the financial year ended March 31, 2023).

The Company's Dehradun plant shall be closed after the completion of necessary formalities in accordance with the provisions of the Industrial Disputes Act, 1947 and applicable laws for time being in force. The entire workforce that would be affected by this closure will be paid appropriate compensation payable as per Industrial Dispute Act, 1947 along with all other statutory dues.

1. Please find below the revised contact details of the KMPs (authorized severally) for the purpose of determining materiality of an event or information and for the purpose of making disclosures to the Stock Exchanges under SEBI Listing Regulations 2015. Authority for determination:

3. Please find below the revised contact details of the KMPs (authorized severally) for
the purpose of determining materiality of an event or information and for the purpose
of making disclosures to the Stock Exchanges under SEBI Listing Regulations 2015.
Mr. Suramya Nevatia,
Managing Director & CEO (KMP)
Mr. A. K. Nemani, Chief Financial Officer	corporate@hirect.com MailID:
(KMP)	Tel No: 022-25696789
Mehta, Chief Financial Mr. Anil Joint
Officer (KMP)

Authority for disclosure: Ms. Meenakshi Anchlia, Company Secretary (mail ID: investors@hirect.com Tel No: 022-25696789) will be the custodian of the disclosure process.

We request you to take the above on record and treat the same as compliance under the applicable provisions of the SEBI Listing Regulations.

Thanking you,

Yours faithfully,

For Hind Rectifiers Limited

Moacrakrbe A.cbhs

Meenakshi Anchlia Company Secretary & Compliance Officer

Chartered Accountants

3rd & 4th Floor, Vaastu Darshan, 'B' wing, Above Central Bank of India, Azad Road, Andheri (East), Mumbai - 400 069.

Tel. : 022 - 6191 9293 / 222 / 200 Fax =: 022 - 2684 2221 / 6191 9256 E-mail : admin@gmj.co.in info@gmj.co.in

Independent Auditor's Limited Review Report on Unaudited Quarterly and year to date financial Results Of Hind Rectifiers Limited pursuant to the regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

To The Board of Directors of Hind Rectifiers Limited

• We have reviewed the accompanying statement of unaudited financial results of Hind Rectifiers Limited ("the Company") for the quarter ended June 30, 2023 ("the Statement") being submitted by the Company pursuant to the requirement of Regulations 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations") read with circular (Circular No. CIR/CFD/CMD1/44/2019 dated March 29, 2019) issued by the SEB! under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements)Regulation, 2015, as amended, to the extent applicable.
• We conducted our review of the Statement in accordance with the Standard on Review Engagements (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 plan and perform the review to obtain moderate assurance as to whether the statements are 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. 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 applicable Indian Accounting Standards prescribed under section 133 of Companies Act 2013 read with rules issued thereunder and other recognized accounting practices and policies generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligatidns and Disclosure Requirements) Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement.

4. Other Matter |

• a. The comparative financial information of the Company for the quarter ended June 30, 2022, | prepared in accordance with Ind AS, included in this Statement has been reviewed, by the predecessor auditor. The report of the predecessor auditor on the comparative financial information dated August 09, 2022, expressed an unmodified conclusion. Our conclusion on the statement is not modified in respect of this matter. |
• b. We have not conducted review of one branch included in the unaudited financial results, whose unaudited interim financial information reflect total revenue of Rs. 489.83 Lakhs and total profit after tax of Rs. 31.41 Lakhs for Quarter year ended June 30, 2023 . These interim financial statements have been reviewed by other auditor whose report has been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts in respect of this branch, is based solely on the report of such auditor.

For GMJ & Co. Chartered Accountants FRN: 103429W

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CA Madhu Jain Partner Membership No.: 155537 UDIN: 231555 37BGW@Q TY8359 Place : Mumbai Date : August 08, 2023 |

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2023

	HIND RECTIFIERS LIMITED		Address Tel. CIN : Website	_: Lake Road, Bhandup (W), Mumbai - 400078. : +91-22-25696789 L28900MH1958PLC011077 : www.hirect.com	Fax : +91-22-25964114
	STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2023
Sr. No	Particulars	For the Quarter ended on	(Rs. in Lakhs) For the year
		30.06.23	31.03.23	30.06.22	ended on 31.03.23
		(Unaudited)	(Audited)	(Unaudited)	(Audited)
1 a	Income Revenue from operations	9,758.48	11,158.68	7,264.06	35,909.94
b	_ Other income	5.58	13.92	1.87	25.96
	Total income	9,764.06	11,172.60	7,265.93	35,935.90
2 a	Expenses Cost of materials consumed	7,113.19	8,148.50	5,677.38
b_	[Purchases of stock-in-trade	-	-	-	29,012.17 -
c_	Changes in inventories of finished goods, work-in-progress and stock-in trade	189.81	256.18	153.07	(1,055.37)
d	Employee benefit expense	1,033.42	973.72	966.52	3,906.58,
e f	__ Finance costs — Depreciation and amortisation expense	252.13 154.52	227.11 136.90	172.04 123.68	812.96 513.89
	g__ Other Expenses	758.36	678.39	494.09	2,537.40
3	Total expenses Profit/(Loss) before exceptional items and tax	9,501.43 262.63	10,420.80 751.80	7,586.78 (320.85)	35,727.63 208.27
4 5	Exceptional items __ Profit/(Loss) before tax	- 262.63	(1,076.63) (324.83)	: (320.85)	(1,076.63) (868.36)
6	Tax expense
a	Current tax		=	=	"
b	Deferred tax	72.86	(79.32)	(93.77)	(232.07)
7 _ 8	Net Profit/ (Loss) after tax Other comprehensive income/(loss)	189.77	(245.51)	(227.08)	(636.29)
	Items that will not be reclassified to profit and loss in subsequent period
	(i) Actuarial Gains/(Loss) on post- employment defined benefit plan (ii)Tax on Above	3.00 (0.83)	1:81 (0.51)	3.18 (0.93)	15.81 (4.40)
9.	Total Comprehensive income for	191.94	(244.21)	(224.83)	(624.88)
10	period Details of equity share capital
	Paid-up equity share capital of Rs. 2 each	342.48	342.48	331.27	342.48
11	Reserves excluding revaluation reserve				10,828.96
12	Earnings per equity share Earnings per equity share before exceptional items
	Basic	1.11	5.02	(1.37)	2.66
	Diluted Earnings per equity share after exceptional items	1.10	4.99	(1.36)	2.64
	Basic	1.11,	(1.48)
	Diluted			(1.37)

Address : Lake Road, Bhandup (W), Mumbai - 400078. Tel. : +91-22-25696789 Fax : +91-22-25964114 Email : corporate@hirect.com / marketing@hirect.com CIN : L28900MH1958PLC911077

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 8th August, 2023. The Statutory Auditors have carried out the Limited Review of the financial results for the quarter ended 30th June, 2023 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). Perfectly Engineered Power Conversion Systems

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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SURAMYA NEVATIA MANAGING DIRECTOR & CEO