Hindustan Composites Ltd — Interim / Quarterly Report 2022

Nov 11, 2021

HINDUSTAN COMPOSITES LTD,

I HINDUSTAN (QMPOSITES I LIMITED

Peninsula Business Park, Tower A , 8th Floor, Senapati Bapat Marg.Lower Parel,Mumbai - 400 013. Tel.:(91) (22) 6688 0100•Fax: (91) (22) 6688 0105 E-mail : hcl@hindcompo.com Website : www:hindcompo.com CIN No. L29120MH1964PLC012955

11[th ] November, 2021

To The Manager The Manager - Listing Department of Corporate Services National Stock Exchange of India Limited BSE Limited Exchange Plaza, 5 [th ] Floor, 'G' Block Phiroze Jeejeebhoy Towers, Bandra Kurla Complex Dalal Street, Mumbai- 400 001 Bandra (East), Mumbai - 400 051 Scrip Code: 509635 SYMBOL: HINDCOMPOS

Dear Sir/ Madam,

Sub: Outcome of Board Meeting held on 11[th ] November, 2021

Pursuant to the provisions of Regulation 30 and 33 (3) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Board of Directors of the Company at its meeting held today i.e. 11[th ] November, 2021, inter alia, considered and approved the Un-audited Standalone and Consolidated Financial Results of the Company for the quarter and half year ended 30[th] September, 2021 along with Cash Flow Statement for the half year ended on that date and Un-audited Statement of Assets and Liabilities as on 30[th ] September, 2021.

A copy of Un-audited Standalone and Consolidated Financial Results of the Company for the · quarter and half year ended 30[th ] September, 2021 along with Cash Flow Statement for the half year ended on that date and Un-audited Statement of Assets and Liabilities as on 3[0][th ] September, 2021 and Limited Review Reports received from the Statutory Auditors of the Company on the said results are enclosed herewith for your records.

The meeting of the Board of Directors commenced at 3.30 p.m. and conclude at 5.10 p.m.

Kindly take the same on your record.

Thanking you,

Yours faithfully,

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For Hindustan Composites Limited �' Company Secretary & Compliance Of Membership No. A36705

Encl: As stated above

Regional Sales Offices

East: 29, Ganesh Chandra Avenue, Banda House.Room No. 207, 2nd Floor, Kolkata - 700 013 • Tel : 91 - 33- 2236078 • Fax : 91-33-22360788 West: Peninsula Business Park, 'A' Tower, 8th Floor, Senapati Bapat Marg, Lower Pare!, Mumbai - 400 013 lndia•Tel: 91-22-6688 0100• Fax: 91-22- 6688 0105 North : 401, Rohit House, 3 - Tolstoy Marg, New Delhi - 110 001 • Tel: 91-11-2331 3845 • Fax : 91-11-23313846 South: New No. 931, Old No. 478, Ramaniyam Citadel Apartment. 2nd Floor. Poonamallee High Road,Arumbakkam, Chennai - 600 106 Tel : 91- 44-2363 3722

OMPOSITES ( LIMITED[HINDUSTAN]

HINDUSTAN COMPOSITES LIMITED

Regd.Office: A Tower,8th Floor, Peninsula Business Park, Senapati Bapat Marg,Lower Parel, Mumbai - 400013

Tel: 022-66880100, Fax:022-66880105

visit us at www.hindcompo.com

CIN No. L29120MH1964PLC012955

Statement of Unaudited Standalone Financial Results for the quarter and half year ended 30th September, 2021

Sr. No. Particulars	(Rs. In Lakhs, except per share data)	(Rs. In Lakhs, except per share data)	(Rs. In Lakhs, except per share data)	(Rs. In Lakhs, except per share data)	(Rs. In Lakhs, except per share data)
	Three Months Three Months Ended Ended 30-Sep-21 30-Jun-21 !Unaudited! !UnauditedI		Three Months Ended 30-Sep-20 (Unaudited)	Half Year Half Year Ended Ended 30-Sep-21 30-Sep-20 (UnauditedI (UnauditedI	Year Ended 31-Mar-21 !AuditedI
1 2 3 4 5 6 7 8 INCOME a) Revenue from operations b) Other Income Total Income Expenses a) Cost of materials consumed b) Changes in Inventories of finished goods and work-in-progress c) Employee benefits expense d) Finance Costs e) Depreciation and amortization expense f) Other Expenses Total Expenses Profit/ (Loss) before Tax (1-2) Tax Expenses Current tax Deferred tax Net Profit for the Period (3-4) Other Comprehensive Income (OCIJ a) Items that will not be reclassified to profit or loss b) Income tax relating to items that will not be reclassified to profit or loss c) Items thatwillbe reclassified to profit or loss d) Income tax relating to items that will be reclassified to profit or loss Other Comprehensive Income Total Comprehensive Income after Tax (5+6) Paid-up Equity Share Capital (Face Value of Rs 5 per share) Other Equity Earnings per Share (Basis and Diluted) (Rs )	5,040 18	4,925 8	4,451 608	9,965 7,503 26 617	18,459 618
	5,058	4,933	5 059	9 991 **8,120 **	19 077
	2,408 (129) 871 1 215 1 228	2,468 (231) 886 2 212 1 228	1,712 (75) 822 4 225 1 271	4,876 2,704 7,342 (360) 130 185 1,757 1,514 3,259 3 10 20 427 452 887 2 45 1 973 4 905
	4 594	4 565	3 959	9 159 6,783 **16 598 **
	464	368	1 100	832 1 337 2 479
	12 71		132	83 160 285
	87 ~~(~~5~~0~~)		170	37 144 95
	365 347		798	712 1 033 2 099
	3,804 2,124 (957) (614) (114) 266 33 177)		(419) 15 (264) 76	5,928 364 3,222 (1,571) (49) (786) 152 884 710 144) 1258) 1207|
	2 766 1 699		*(451*	4 465 941 2939
	3,131 2,046		347	5,177 1,974 5,038
	738 738 2.47 2 35		738 5 40	738 738 738 81,169 4 82 6.99 14 21

Reporting of Segment wise Revenue,Result, Assets and Liabilities as on 30th September, 2021

Sr. No.	Pariculars	(Rs.InLakhs)	(Rs.InLakhs)	(Rs.InLakhs)	(Rs.InLakhs)	(Rs.InLakhs)
		Three Months Ended 30-Sep-21 (Unaudited)	Three Months Three Months Ended Ended 30-Jun-21 30-Sep-20 (Unaudited) (Unaudited)	Half Year Half Year Ended Ended 30-Sep-21 30-Sep-20 (Unaudited) (Unaudited)		Year Ended 31-Mar-21 (Audited)
1 2 3	Segment Revenue - Composite Products - Investment	4,076 94	4,120 3,579 805 872	8,196 1 769	5,898 1 605	15,007 3 452
	Total Income	5,040	4,925 4,451	9,965	7,503	18,459
	Segment Results (Profit(+)/ Loss(·) before Tax from each segment) - Composite Products -Investment	16 688	51 209 619 603	67 99 619 1 307 1 199 2 533
	Sub Tota	l 704	670 812	1 374 1 298 3 152
	Less:Unallocable Expenses Less:Finance Cost Add:Other Income	257 1 18	308 316 2 4 8 608	55 58 1,271 3 10 20 26 617 618
	Profit before Tax	464	368 1 100	832 1337 2 479
	a) Segment Assets - Composite Products - Investment - Unallocable	8,930 86,058 363	8,526 8,146 81,874 76,107 3 737 3 644	8,930 8,146 9,281 86,058 76,107 78,878 363 3 644 3 703
	Tota b) Segment Liabilities - Composite Products - Investment -Unallocable	l 98,651 94,137 87,897 4,451 3,946 3,699 5,890 5,008 3,809 1 521 1 229 1 546		98,651 87,897 91,862 4,451 3,699 4,386 5,890 3,809 4,328 1 521 1 546 1 241
	Tota	l 11,862 10 183 9,054		11 862	9,054 9,955

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,,, H I N D U S TA N f� OMPOSITES � LIMITED

		,,, H IN D U S TA N f�OMPOSITES �LIMITED	,,, H IN D U S TA N f�OMPOSITES �LIMITED
S di tan a onestatement oAssetsan d.b I• Liai it1esas at30th September 2021
Sr. No. Pariculars		(Rs.InLakhs)
		As at 30-Sep-21 (Unaudited)	As at 31-Mar-21 (Audited)
(1) (2) I II	ASSETS NON-CURRENT ASSETS (a) Property, Planl and Equipment (b) Capitalwork-in-progress (c) Other Intangible assets (d) Intangible assets under development (e)Financial Assets (i) Investments (ii) Loans (iii)Other F,nanc,al Assets (f) Other Non Current Assets TOTAL NON-CURRENT ASSETS CURRENT ASSETS (a) Inventories (b) FinancialAssets (1) Investments (11) Trade receivables (1i1) Cash and cash equivalents (1v) Bank balances other than (111) above (v) Loans (v1) Other financial assets (c) Other current assets (d) Current tax assets (Net) TOTAL CURRENT ASSETS TOTAL ASSETS EQUITY AND LIABILITIES EQUITY (a)Equity Share Capital (b) Other Equity TOTAL EQUITY	11,492 31 17 16 71.820 1.750 61 25	11,590 19 16 65,355 57 38
		85,212	77 075
		1,641 4,011 2,972 110 51 2,272 1.877 334 171	1,187 3,303 3.784 145 75 4,490 1,354 285 164
		13,439	14 787
		98,651	91,862 738 81,169
		738 86,051
		86,789	81 907
(1) (2)	LIABILITIES NON-CURRENT LIABILITIES (a) F,nanc,al liabilities (1) Borrowings (b) Provisions (c) Deferred tax liabilities (Net) (d) Other Non Current liabilities TOTAL NON-CURRENT LIABILITIES CURRENT LIABILITIES (a) Financial Liabilities (1) Borrowings (ii) Trade payables - Total Outstanding Dues ofMicro and small enterprises • Total Outstanding Dues of Creditors other then Micro and small enterprises (111) Other financial l1abih!1es (b) Other currentliabilities (c) Prov1s1ons TOTAL CURRENT LIABILITIES TOTAL EQUITY AND LIABILITIES	4 234 318 7,033 5,487 93 88
		7,360 5 897 10 38 23 57 3.915 3,485 68 111 51 151 435 216 4,502 4,058 98,651 91,862

Notes:

• 1 The above results were reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on 11th November. 2021 and the Statutory Auditors of the Company have carried out a 'Limited Review' of the same.

• 2 The Company presently working at its normal capacity similar lo the pre COVID levels with adequate precautions for safety and wellbeing of ,ts employees The management apart from considering the internal and external 1nformat1on upto the date of approval of these financial results expects to recover the carrying amount of the assets including financial investments. The Company will continue to closely monitor any material changes to future econom1c cond1t1ons

• 3 The Code on Social Security, 2020 ('Code') relating lo employee benefils during employment and post-employment benefits has been published in the Gazette of India However. the date on which the Code w,11 come into effect has not been notified The Company will assess the impact of the Code and recognise the same when the Code becomes effective

4 In compliance with Ministry of Corporate Affairs notification with respect to amendment in Schedule Ill to the Companies Act, 2013 effective from 1st April, 2021. figures for comparative previous periods have been regrouped/reclassified. wherever necessary All figures of financial result has been rounded off to nearest lakhs rupees.

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Managing Director
(DIN No 00535670)
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Place Mumbai Dated 11th November, 2021

HINDUSTAN OMPOSITES ( LIMITED

Standalone Statement of Cash Flow for the half vear ended 30th September 2021

Sr. Pariculars No.	Half Year Ended 30-Sep-21 (Unaudited) (Rs. In Lakhs) Half Year Ended 30-Sep-20 (Unaudited)	Half Year Ended 30-Sep-21 (Unaudited) (Rs. In Lakhs) Half Year Ended 30-Sep-20 (Unaudited)
A CASH FLOW FROM OPERATING ACTIVITIES NET PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX Adjustment for Deprec1at1on Net gain on sale / fair valuation of investments through profit and loss (Profit)/Loss on Sale of Property,Plant and Equipment (Nel) Remeasurements of defined benefit plans Balances no longer payable wrillen back Interest expenditure OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES Adjustment for (lncrease)/Decreasein Trade and other receivable (lncrease)/Decrease in Inventories (Decrease)/lncrease in Trade and other payables CASH INFLOW FROM OPERATIONS ACTIVITIES Direct Tax Paid (Net) NET CASH FLOW FROM OPERATING ACTIVITIES (A) B CASH FLOW FROM INVESTMENT ACTIVITIES Purchase of Property, Plant and Equipment Proceeds on sale of Property, Plant and Equipment Purchase of Investments Proceeds on sale Investments Inter-Corporate Deposits Placed Inter-Corporate Deposits Redeemed (lncrease)/Decrease in other receivable Income received from Investment (Net) NET CASH FLOW (USED IN)/ FROM INVESTING ACTIVITIES (B) C CASH FLOW FROM FINANCING ACTIVITIES Repayment of long-term borrowings Repayment of short-term borrowings Interest paid NET CASH USED IN FINANCING ACTIVITIES(C) DNet Increase/ Decrease in cash and cash equivalent(A+B+C) Cash and Cash equivalents as al beginning of the half year Cash and Cash equivalents as at end of thehalfyear(includesRs. 1,852 lakhs (Previous Periods Rs. 2,737 lakhs) investmentinoverniaht mutual funds** 427 (955) (8) (20) (8) 832 3 1----� (:56�1 l 271 781 (455) (23) t----� 30 c 3 . 574 (72) (365) 16 (6,281) 5,733 (360) 840 (207) 502 1, 377 , ___ 7=5 c 3 - 753 (4) (20) (3) ,___ (27_) (27 1,228 73 1,962 452 (819) (603) (20) 1,337 10 1-----'� 98�0') 357 601 31 (146) ,____ 4=86' (59) 717 (3,986) 5,493 200 843 (87) 756 988 1 --�3�3�5=3- 3,353 (26) (395) (1 O)t-- (43_14l (431 3,678 657 4,335**
		4,335

Note:

In compliance with Ministry of Corporate Affairs notification with respect to amendment In Schedule Ill to the Companies Act. 2013 effective from 1st April, 2021, figures for comparative previous periods have been regrouped/reclassified, wherever necessary. All figures of financial result has been rounded off to nearest lakhs rupees

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701, Stanford, BAGARIA & co LLP Junction of S. V. Road, & Barfiwala Marg, Andheri (W) Chartered Accountants Mumbai 400058, INDIA

+91 (22) 62505600

Independent Auditor's Review Report On standalone unaudited quarterly financial results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

To The Board of Directors of Hindustan Composites qmited

1. We have reviewed the accompanying statement of unaudited standalone financial results of Hindustan Composites Limited ('the Company') for the quarter and half year ended September 30, 2021 ("the Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulations 33 of the SEBI (Listing, Obligations and Disclosure requirements) Regulations, 2015('Listing regulations').

The Statement, which is the responsibility of the Company's Management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principle{ laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34") prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to issue a report on this financial Statement based on our review,

• 2, 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 plan and perform the review to obtain moderate assurance as to whether the financial 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,

• We draw your attention to the Note 2 of the standalone financial results regarding the assessment made by Management relating to impact of COVID-19 pandemic on the operations of the Company.

Our conclusion is not modified in respect of this matter.

1. 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 accounting standards 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,read with circular issued from time to time, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Place: Mumbai

Date: November 11, 2021

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For Bagaria and Co. LLP
Chartered Accountants _ ,,,.
Firm Registration -1134 .. 'l
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Membership No.143503
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OMPOSITES ( LIMITED[HINDUSTAN]

HINDUSTAN COMPOSITES LIMITED

Regd.Office: A Tower,Bth Floor, Peninsula Business Park,

Senapati Bapat Marg,Lower Parel, Mumbai - 400013

Tel: 022-66880100, Fax:022-66880105

visit us at www.hindcompo.com

CIN No. L29120MH1964PLC012955

Statement of Unaudited Consolidated Financial Results for the quarter and half year ended 30th September, 2021

Sr. No. Pariculars	(Rs. InLakhs, exce	(Rs. InLakhs, exce	(Rs. InLakhs, exce	pt per share data)
	Three Months Ended 30-Sep-21 (Unaudited)	Three Months Ended 30-Jun-21 (Unaudited) Three Months Ended 30-Sep-20 (Unaudited) Half Year Ended 30-Sep-21 (Unaudited) Half Year Ended 30-Sep-20 (Unaudited)		Year Ended 31-Mar-21 (Audited)
1 2 3 4 5 6 7 8 9 10 INCOME a) Revenue from operations b) Other Income Total Income Expenses a)Cost of matenals consumed b) Changes in Inventories of finished goods and work-in-progress c) Employee benefits expense d) Finance Costs e)Depreciation and amortization expense fOther Expenses Total Expenses Proft before tax and share ofjointventure (1-2) Share of (loss) of joint venture# Profit before lax (3+4) Tax Expenses Current tax Deferred tax Net Proft for the Period (5-6) Other Comprehensive Income (OCI) a) Items that will not be reclassified to profit or loss b) Income tax relating to items that will not be reclassified to profit or loss c) Items that will be reclassified to profit or loss d) Income tax relating to items that will be reclassified to profit or loss Other Comprehensive Income Total Comprehensive Income afer Tax (7+8) Paid-up Equity Share Capital (Face Value of Rs5 per share) Other Equity Earnings per Share (Basis and Diluted) (Rs.)	5,040 18	4,925 8 4,451 608 9,965 26 7,503 617		18,459 618
	5,058	4,933	5,059 9,991 8,120	19 077
	2.408 (129) 871 1 215 1228	2,468 (231) 886 2 212 1 228	1,712 (75) 822 4 225 1 271 4.876 (360) 1.757 3 427 2 45 2,704 130 1.514 10 452 1973	7,342 185 3,259 20 887 495
	4,59	4,565	3,959 1 100 9,159 832 6,783 1 337	16,598
	464	368		2 479
			(36_ 1,062 832 (8\ _ 1,251	(127)
	46	**368 **		2 352
	12	71	132 83 160	285
	87	(50)	170 37 144	95
	365	347	760 712 947	1972
	3,804 (957) (114) 33 2,124 (614) 266 (77)		71 13 (264) 76 5.928 (1,571) 152 (44) 854 (192) 884 (258)	4,202 (786) 710 (207)
	2 766 3,131 1 699 2,046		(104) 65 4,465 5.177 1,288 2,235	3,919 5,891
	738 2 47 738 2.35 738 5.15 738 4.82 738 6 41			738 80.91 13 35

Reporting of Segment wise Revenue,Result, Assets and Liabilities as on 30th September, 2021

Sr. No.	Pariculars	(Rs.InLakhs)	(Rs.InLakhs)	(Rs.InLakhs)	(Rs.InLakhs)	(Rs.InLakhs)	(Rs.InLakhs)
		Three Months Three Months Three Months Ended Ended Ended 30-Sep-21 30-Jun-21 30-Sep-20 (Unaudlledl (Unaudited) (Unaudited)			Half Year Ended 30-Sep-21 (Unaudited)	Half Year Year Ended Ended 30-Sep-20 31-Mar-21 (Unaudited** !Audited)**
1 2 3	Segment Revenue - Composite Products -Investment	4,076 4,120 3,579 9 805 872			8,196 1 769 5,898 15,007 1 605 3 452
	Total Income	5,040 4,925. 4,451 9,965 7,503 18,459
	Segment Results (Profit(+)/ Loss (-) before Tax from each segment) - Composite Products - Investment	16 688	51 209 67 619 603 1 307 99 1 199				619 2 533
	Sub Tota	l 704	670	812 1 374 1,298			3 152
	Less.Unallocable Expenses Less:Loss of joint venture Less. Finance Cost Add:Other Income	257 1 18	308 2 8	316 565 38 4 3 608 26 568 86 10 617			1,271 127 20 618
	Proft before Tax	464	368	1,062 832 1,251			2 352
	a) Segment Assets - Composite Products -Investment - Unallocable	8,884 8,494 86,058 81,874 3 663 3 737		8.114 8,884 75,617 86,058 3 644 363 8.114 75.617 3 644			9,227 78,878 3 703
	Tota	l 98,605 94 105		87,375 98,605 3,834 4,612 3,951 5,890 1 546 1 521 87,375 3.834 3.951 1 546			91,808 4.540 4,328 1 241
	b) Segment Liabilities - Composite Products - Investment - Unallocable	4.612 4,122 5,890 5.008 1521 1229
	Tota	l 12,023	10,359	9,331 12,023 9,331			**10,109 **

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l.OMPOSITES •M L I M I T E D .if! HI N DU ST AN

Consolidated Statement of Assets and Liabilities as at 30th Seotember 2021	Consolidated Statement of Assets and Liabilities as at 30th Seotember 2021
Sr.Pariculars No.		(Rs.InLakhs)
		As at As al 30-Sep-21 31-Mar-21 !Unaudited) !Audited!
I (1) (2) II (1) (2)	ASSETS NON-CURRENT ASSETS (a) Property, Plant and Equipment (b) Capital work-in-progress (c) Other Intangible assets (d) Intangible assets under development (e) Financial Assets (i) Investments (ii) Loans (iii) Other Financial Assets (f) Other Non Current Assets TOTAL NON-CURRENT ASSETS CURRENT ASSETS (a) Inventories (b) Financial Assets (i) Investments (ii) Trade receivables (iii) Cash and cash equivalents (iv) Bank balances other than (iii) above (v) Loans (vi) Other financial assets (c) Other current assets (d) Current tax assets (Net) TOTAL CURRENT ASSETS TOTAL ASSETS EQUITYAND LIABILITIES EQUITY (a) Equity Share Capital (b) Other Equity TOTAL EQUITY LIABILITIES NON-CURRENT LIABILITIES (a) Financial Liabilities (i) Borrowings (b) Provisions (c) Deferred taxliabilities (Net) (d) Other Non Current liabilities TOTAL NON-CURRENT LIABILITIES CURRENT LIABILITIES (a) Financial Liabilities (i) Borrowings (ii) Trade payables - Total Outstanding Dues of Micro and small enterprises • Total Outstanding Dues of Creditors other then Micro and small enterprises (iii) Other financialliabilities (b) Other current liabilities (c) Provisions TOTAL CURRENT LIABILITIES TOTAL EQUITY AND LIABILITIES
		11,492 11,590 31 17 19 16 16 71,820 65,355 1,750 61 57 25 38
		85,212	77075
		1,641 1,186 4,011 3,303 2,926 3,731 110 145 51 75 2,272 4,490 1,877 1,354 334 285 171 164
		13 393	14,733
		98,605 738 85,844	91,808 738 80,91 81,699
		**86,582 **
		4 234 318 7,033 5,487 93 88
		7,360 5,897
		10 38 23 57 4,076 3,639 68 111 51 151 435 216 4,663 4,212 98 605 91,808

Notes

• 1 The above results were reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on 11th November, 2021 and the Statutory Auditors of the Company have carried out a 'Limited Review' of the same.

• 2 # The Company's share of losses In the Joint Venture Company has exceeded its investment value and therefore, In compliance with IND AS 28, the Company has discontinued recognizing its share of further losses in the consolidated results from the quarter ended June 30, 2021.

• 3 The Company presenlly working at its normal capacity similar to the pre COVID levels with adequate precautions for safety and wellbeing of its employees. The management apart from consIdenng the internal and external information upto the date of approval of these financial results expects to recover the carrying amount of the assets including financial investments The Company will continue to dosely monitor any matenal changes to future economic cond1t1ons.

• 4 The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and post-employment benefits has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified. The Company will assess the impact of the Code and recognise the same when the Code becomes effective

• 5 In compliance with Ministry of Corporate Affairs notification with respect to amendment in Schedule Ill to the Companies Act, 2013 effective from 1st April, 2021, figures for comparative previous periods have been regrouped/reclassified, wherever necessary. All figures of financial result has been rounded off to nearest lakhs rupees.

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P. K. CHOUDHARY
Managing Director
(DIN No.00535670)
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Place : Mumbai Dated : 11th November, 2021

OMPOSITES ([HINDUSTAN] LIMITED

	Consolidated Statement of Cash Flow or the half vear ended 30th	Seotember 2021
					(Rs. In Lakhs)
Sr. No.	Pariculars	Half Year Ended 30-Sep-21			Half Year Ended 30-Sep-20
		(Unaudited)			(Unaudited)
A	CASH FLOW FROM OPERATING ACTIVITIES
	NET PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX			832		1,251
	AdIuslment for
	Depreciation	427			452
	Netgain on sale / fair valuation of investments through profit and toss	(955)			(819)
	(Profit)/Loss on Sale of Property, Plant and Equipment (Net)	(8)			(603)
	Remeasurements of defined benefit plans	(20)			(20)
	Balances no longer payable written back	(8)
	Interest expenditure OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES	3t---�(5_1.) 271			10 t---�(9_80. )) 271
	Adjustment for
	(lncrease)/Decrease ,n Trade and other receivable	778			609
	(lncrease)/Decrease in lnventones	(455)			31
	(Decrease)/lncreasein Trade and other payables CASH INFLOW FROM OPERATIONS ACTIVITIES	(20)f �3= 03 = 574			(68) f---�5� 72 = 843
	Direct Tax Paid (Net)			(72)		(87)
	NET CASH FLOW FROM OPERATING ACTIVITIES (A)			502		756
B	CASH FLOW FROM INVESTMENT ACTIVITIES
	Purchase of Propery, Plant and Equipment	(365)			(59)
	Proceeds on sale of Property,Plant and Equipment	16			717
	Purchase of Investments	(6, 281)			(3,986)
	Proceeds on saleInvestments	5,733			5,493
	Inter-Corporate Deposits Placed	(360)
	Inter-Corporate Deposits Redeemed	840			200
	(lncrease)/Decrease in other receivable	(207)
	Income received from Investment (Net) NET CASH FLOW (USED IN)/ FROM INVESTING ACTIVITIES (B)	1.377._ ___		_ 75�3 _ 753	988 >--	3= 35�3' 3,353
C	CASH FLOW FROM FINANCING ACTIVITIES
	Repayment oflong-tenn borrowings	(4)			(26)
	Repayment of short-term borrowings	(20)			(395)
	Interest paid NET CASH USED IN FINANCING ACTIVITIES (C)	(3) f--�l: - 27 = (27			(10) f----�4�3 '1 - (431
D	Net Increase/ Decrease in cash and cash equivalent(A+B+C)			1,228		3,678
	Cash and Cash equivalents as at beginning of the ha� year			734		657
	Cash and Cash equivalents as at end of the half year (includes Rs. 1,852 lakhs (Previous Periods Rs. 2,737 lakhs)			1,962		4,335
	*investment in ovemiaht mutual funds*

Note:

In compliance with Ministry of Corporate Affairs notification with respect to amendment in Schedule Ill to the Companies Act, 2013 effective from 1st April, 20 21, figures for comparative previous penods have been regrouped/reclassified, wherever necessary. All figures of financial result has been rounded off to nearest 1akhs rupees

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+91 (22) 62505600

701 , Stanford, Junction of S. V. Road, & Barfiwola Marg, Andheri (W) Mumbai 400058, INDIA

Chartered Accountants

BAGARIA & co LLP

Independent Auditor's Review Report On consolidated unaudited quarterly financial results of the Group Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

To The Board of Directors

Hindustan Composites Limited

1. We have reviewed the accompanying statement of unaudited consolidated financial results of Hindustan Composites Limited r'the Holding Company") and its joint venture, (together referred to as "the Group") for the quarter and half year ended September 30, 2021 ("the Statement") attached herewith, being submitted by the Holding Company pursuant to the requirements of RegulatiQns 33 of the SEBI (Listing, Obligations and Disclosure requirements) Regulations, 2015 ('Listing regulations').

The statement, which is the responsibility of the Holding Company's Management and approved by the Holding 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 the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to issue a report on this financial Statement based on our review.

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1. 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. A review of interim financial information consists of making inquiries, primarily of persons 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 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.

2. We are not required to perform procedures (as there is no significant component which in the aggregate represent at least eighty percent of each of the consolidated revenue, assets and profits) in accordance with the circular issued by the SEBI under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

4. Joint Venture :

With regard to non recognition of losses for the quarter and half year ended September 30, 2021, please refer para no 5 (bl below.

1. (a) We draw your attention to the Note 3 to the consolidated financial results regarding the assessment made by Managemen · ·mpact of COVID-19 pandemic on operations of the Group. \ ��:

MU l � j o/1

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• (b) We did not review the financial statements of the joint venture included in the consolidated financial results (whose losses has exceeded the Group's investments during the quarter and half year ended September 30, 2021), has not been considered in the consolidated financial results in compliance with IND AS 28. Also refer note no 2 to the consolidated financial results. These financial statements have been reviewed by other auditor whose review report has been furnished to us by the Holding Company's management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of the joint venture, is based solely on the report of the other auditor and our opinion is based solely on the report of such other auditor.

Our conclusion on the Statement is not modified in respect of the above matters.

1. Based on our review conducted and procedures performed as stated in paragraph 3 above nothin_g has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, 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.

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For Bagaria and Co. LLP
Chartered Accountants
Firm Registration No. -113� W-100019
���&
MUM
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Vinay Somani
Partner
Membership No. 143503
PB5057
UDIN: 21143503AA
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Place: Mumbai Date: November 11, 2021

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