IFB Industries Limited — Interim / Quarterly Report 2021

Aug 7, 2021

IEB Industries r-rmited

CorPorate Offce

T Plot No.-lND-S, Sector-1 East Kolkata Township, Kolkata - 700 107 Telephone : (91) (33) 39U947519524 Fax: (91) (33) 39849676

7th August,2021.

The Manager Web : www.ifbindustries. com Department of Corporate Services Bombay Stock Exchange Ltd, Phiroze Jeej eebhoy Towers Dalal Street, Mumbai-40000L

The Manager The National Stock Exchange of India Ltd. Exchange Plaza, 5th Floor Plot No-C/l, G Block, Bandra Kurla Complcx Mumbai -400051

The Secretary The Calcutta Stock Exchange Association Ltd. 7 Lyons Range Kolkata-700001"

Dear Sir,

Sub: Disclosure under Regulation 33 of SEBI (Listing Obligation and Disclosure Reouirementsl Resulations, 201 5.

Thc Board of Directors of the Company in its meeting hcld on 7th August, 2021- has adoptcd and taken on rccord the Quarterly Unauditcd Financial Rcsults [Standalone & Consolidated) along with Segment wise Revenue, I{csults, Asscts & Liabilities and Limitcd I{cview Report of the Company for thc Quartcr cndcd junc 30, 2021, which plcase find encloscd in compliance to thc provisions of Clause 33 of thc SIIBI [Listing Obligations and l)isclosure Requirements) Regulations, 2015,

Necessary arrangement has been made for publication of thc said results in SEBI prescribed format in the newspapcrs.

The meeting commenccd at 1.L.45 a.m. and concludcd at 19.1-5 p.m.

This is for your information and record.

Yours Faithfully,

FoT IFB INDUSTRIES LIMITED C; Po-- -l^'.-"*Lb'--,

G Ilay Chowdhury [Company SecretaryJ

Encl. As above

Deloitte Haskins & Sells

Chartered Accountants 13th & 14th Floor tlu ilding-Omega Bengal lntelligent Park Iliock-El) & GP, Sector-V Salt Lake F-lectronics Complex Kolkata-700 091

'Iel: +.91 336 6121 1000 Fax: t91 336 6121 1001.

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

TO THE BOARD OF DIRECTORS OF IFB INDUSTRIES LIMITED

• 1' We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of IFB INDUSTRIES LIMITED ("the Company") for the quarter ended 30 June,2021 ("the Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBi (Listing Obligations and Disclosure Requirements) Regulations , 2015, as amended.
• 2 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 the indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder 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 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 (ICAI). 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 stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement has not been 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, and 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. 4

For DELOITTE HASKINS & SELLS Chartered Accountants (Firm's Registration No. 302009E)

Abhijit Bandyopadhyay (Pa rtner) (Membership No, 054785) UDIN : 2'1 0547B5AAAAEQ6487

Kolkata, August 07, 2O2I

IFB INDUSTRIES LIMITED CIN: L51109WB1974PLC029637 REGISTERED OFFICE: 14, TARATALA ROAD, KOLKATA-700088 STATEMENT OF STANDALONE FINANCIAL RESULTS

Particulars	Quarter ended			Rs. in lacs Year ended
	30.06.2021	31.03.2021	30.06.2020	31.03.2021
1 Revenue from operations	Unaudited	Audited(@)	Unaudited	Audited
Other income 2	55,241	79,929	27,940	271,652
3	376	653	327	1.914
Total Income (1+2) 4	55.617	80.582	28,267	273,566
Expenses (a) Cost of materials consumed
(b) Purchases of stock- in- trade	23.718	38.885	6,588	121,984
(c) Changes in inventories of finished goods, stock-in-trade and work-in progress	5,243	9,265	2.043	32.043
(d) Employee benefits expense	3,860	(2,840)	7.422	(2.331)
(e) Finance costs	8,876	7.689	6,438	29,562
(f) Depreciation and amortisation expense	727 2,557	453	785	2.935
(g) Other expenses	16,938	2.555	2,268	9,911
Total expenses	61,919	21,743	8,690	69,508
5 Profit before exceptional items and tax $(3-4)$		77,750	34,234	263,612
6 Exceptional items	(6, 302)	2,832	(5, 967)	9,954
7 Profit before tax (5+6)		G)	S.	٠
8 Tax expense	(6, 302)	2,832	(5.967)	9,954
(a) Current tax
(b) Deferred tax	(2,121) 73	1.688 511	(1, 551)	3.738
Profit for the year/period $(7 - 8)$			(119)	42
10 Other comprehensive income	(4.254)	633	(4, 297)	6,174
A (i) Items that will not to be reclassified to profit or loss	(167)
(ii) Income tax relating to items that will not be reclassified to profit or loss	58	503 (181)	(192)	(72)
B (i) Items that will be reclassified to profit or loss		۰	69	25
(ii) Income tax relating to items that will be reclassified to profit or loss				۰.
Total other comprehensive income	(109)	322	(123)	$\sim$ (47)
11 Total comprehensive income for the year/period (9+10)	(4, 363)	955
12 Paid-up equity share capital			(4, 420)	6,127
(Face Value - Rs. 10/- each)	4.128	4.128	4.128	4.128
13 Other equity
14 Earnings Per Share (of Rs. 10/-each) - Basic and Diluted * - In Rs.	(10.50)	1.56		66,729
* Figures for quarters are not annualised			(10.60)	15.24

The figures for the 3 months ended 31.03.2021 are the balancing figures between the audited figures in respect of the full financial year and the reviewed year to date figures upto the third quarter of that financial years

Particulars	30.06.2021	Quarter ended		Year ended
	Unaudited	31.03.2021	30.06.2020	31.03.2021
1 Segment Revenue		Audited(@)	Unaudited	Audited
(a) Home appliances
(b) Engineering	43,305 11,133	63,835	24,929	224,417
(c) Motor	982	15,113	2.837	44,585
Total	55,420	1.214	174	3.373
Less: Inter-segment revenue	179	80,162 233	27,940	272,375
Revenue from operations	55,241	79,929	27,940	723
Segment Results - Profit before interest and tax				271,652
(a) Home appliances
(b) Engineering	(4, 960)	2,477	(3,529)	12,008
(c) Motor	102	1,600	(1, 248)	2,986
Total	(142)	(216)	(168)	(472)
Less:	(5,000)	3.861	(4, 945)	14,522
(i) Finance costs	727	453
Eliminations (ii)	(6)		785	2.935
(iii) Other un-allocable expenditure net off un-allocable income	581	(6) 582	(6) 243	(25)
Total Profit before tax	(6.302)	2,832	(5,967)	1.658
Segment Assets 3				9,954
(a) Home appliances	126,634
Engineering (b).	42,057	119,710 40.134	94.936	119,710
Motor (c).	2,560	2.874	34,773 2,642	40.134
(d) Unallocable assets	21.802	23,454	22,484	2.874
Total Segment Assets	193,053	186,172	154,835	23,454
4 Segment Liabilities				186,172
(a) Home appliances	97,886	89,404	70.217	89,404
Engineering (b)	21.193	18,905	18.026	18,905
(c) Motor	1,219	1,319	1.061	1.319
(d) Unallocable liabilities	6,261	5,687	5.221	5.687
Total Segment Liabilities	126,559	115315	QA SOS	A A E. 9 A E

SEGMENT WISE STANDALONE REVENUE, RESULTS, ASSETS AND LIABILITIES

The figures for the 3 months ended 31.03.2021 are the balancing figures between the audited figures in respect of the full financial year and the reviewed year to date figures up to the full state of that financial year an

÷.

Notes:

• The standalone financial results were reviewed by the Audit Committee and approved by the Board of Directors of the Company at its meeting held on 7 August 2021, This statement is as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as modified by circular number CIR/CFD/FAC/62/2016 dated 5 July 2016.
• 2 The spread of COVID-19 has impacted businesses around the globe. The Company's operations and financial results for the quarter have been impacted by COVID-19 pandemic. On the basis of the assessment done by the management the carrying amounts of assets are recoverable. The impact of pandemic may be different from that estimated as at the date of these financial results. The Company will closely monitor any material changes to the future economic conditions.
• 3 The Company is primarily engaged in business of fine blanked components, motors and home appliances. Accordingly the Company considers the above business segment as the primary segment.
• 4 Figures for the corresponding previous periods are re-arranged, wherever necessary, to conform to the figures of the current period.

On behalf of the Board of Directors

Place: Goa Date: 7 August 2021

Bikramiit Nag Joint Executive Chairman and Managing Director

Deloitte Haskins & Sells

Chartered Accountants 13th & 14th Floor Building-Omega Bengal Intelligent Park Block-EP & GP, Sector-V Salt Lake Electronics Complex Kolkata-700 091

Tel: +91 336 6121 1000 Fax: +91 336 6121 1001

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED

TO THE BOARD OF DIRECTORS OF IFB INDUSTRIES LIMITED

• We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of IFB $1.$ INDUSTRIES LIMITED ("the Parent") and its subsidiaries, for the quarter ended 30 June, 2021 ("the Statement") being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
• This Statement, which is the responsibility of the Parent's Management and approved by the 2. Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder 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 of the Statement in accordance with the Standard on Review 3. 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 (ICAI). A review of interim financial information consists of making inquiries, primarily of Parent'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.

We also performed procedures 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, to the extent applicable.

• $4.$ The Statement includes the results of the following entities:
• a. Trishan Metals Private Limited
• b. Global Automotive & Appliances Pte. Limited and its subsidiary Thai Automotive & Appliances 5.
• Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing 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.

For DELOITTE HASKINS & SELLS

Chartered Accountants (Firm's Registration No. 302009E)

Ingeles

Abhijit Bandyopadhyay Partner (Membership No. 054785) UDIN: 21054785AAAAER4479

Kolkata, August 07, 2021

IFB INDUSTRIES LIMITED CIN: L51109WB1974PLC029637 REGISTERED OFFICE: 14, TARATALA ROAD, KOLKATA-700088 STATEMENT OF CONSOLIDATED FINANCIAL RESULTS

				Rs. in lacs Year ended
Particulars		Quarter ended
	30.06.2021	31.03.2021	30.06.2020	31.03.2021
Revenue from operations 1	Unaudited	$A$ udited $(\textcircled{a})$	Unaudited	Audited
Other income $\overline{2}$	57.204	82,516	28,739	280,080
3 Total income $(1+2)$	375	698	328	2,236
4 Expenses	57,579	83,214	29,067	282,316
(a) Cost of materials consumed
(b) Purchases of stock- in- trade	24,368 5.661	39,368	6,893	123,639
(c) Changes in inventories of finished goods; stock-in-trade and work-in progress	3,498	9.947	2,132	35,129
(d) Employee benefits expense	9.225	(2.827) 8,003	7.475 6,690	(2, 307)
(e) Finance costs	756	476	825	30,693 3.091
(f) Depreciation and amortisation expense	2.636	2.637	2.345	10,242
(g) Other expenses	17,608	22,615	8.974	71,938
Total expenses	63,752	80,219	35,334
Profit before exceptional items and tax (3-4) 5	(6, 173)	2,995	(6, 267)	272,425 9,891
Exceptional items $_{\rm 6}$		Ψ
7 Profit before tax (5+6)
8 Tax expense	(6, 173)	2,995	(6, 267)	9,891
(a) Current tax
(b) Deferred tax	(2.121) 73	1,713 511	(1,551) (118)	3,763
Profit for the year/period (7-8) 9				(283)
10 Other comprehensive income	(4, 125)	771	(4,598)	6,411
A (i) Items that will not to be reclassified to profit or loss	(167)	504	(192)	(68)
(ii) Income tax relating to items that will not be reclassified to profit or loss	58	(181)	69	25
B (i) Items that will be reclassified to profit or loss		(76)	106	(14)
(ii) Income tax relating to items that will be reclassified to profit or loss				÷.
Total other comprehensive income	(109)	247	(17)	(57)
11 Total comprehensive income for the year/period (9+10)	(4, 234)	1,018	(4,615)	6,354
Profit for the year/period
Attributable to:
Owners of the parent	(4, 125)	771	(4,500)	6,324
Non-controlling interests		×	(98)	87
Total comprehensive income for the year/period
Attributable to:
Owners of the parent	(4, 234)	1,018	(4, 517)	6,266
Non-controlling interests			(98)	88
12 Paid-up equity share capital	4,128	4,128	4,128	4,128
(Face Value - Rs. 10/- each)
13 Other equity				65,460
14 Earnings per share (of Rs. 10/-each) - Basic and Diluted * - in Rs.	(10.18)	1:91	(11.11)	15.61
* Figures for quarters are not annualised

@ The figures for the 3 months ended 31.03.2021 are the balancing figures between the audited figures in respect of the full financial year and the reviewed year to date figures upto the third quarter of that financial year

				Rs. in lacs
Particulars	Quarter ended			Year ended
	30.06.2021	31.03.2021	30.06.2020	31.03.2021
Segment Revenue	Unaudited	Audited(@)	Unaudited	Audited
(a) Home appliances
(b) Engineering	43,844	64,539	25,026	227.334
(c) Motor	12,226	16,501	3,423	48,615
(d) Others	982	1.214	174	3.373
Total	2,092	2,955	260	7,521
Less: Inter-segment revenue	59,144	85,209	28,883	286,843
Revenue from operations	1,940	2,693	144	6,763
$\overline{2}$	57,204	82,516	28,739	280,080
Segment Results - Profit before interest and tax (a) Home appliances
(b) Engineering	(4, 865)	2,524
(c) Motor	121	1,827	(3, 544)	12,028
(d) Others	(142)	(216)	(1, 325) (168)	3,220
Total	36	(75)	(166)	(472)
Less:	(4, 850)	4,060	(5, 203)	(149)
(1) Finance costs				14,627
(ii) Eliminations	756	476	825	3,091
(iii) Other un-allocable expenditure net off un-allocable income	(14)		(4)
Total profit before tax	581	582	243	(13) 1,658
	(6, 173)	2,995	(6, 267)	9,891
3 Segment Assets
(a) Home appliances	130,888	124,116
(b) Engineering Motor	44,051	42.135	98,838	124,116
(c) Others	2.560	2.874	37,695	42,135
(라) Unallocable assets $\in$	3,802	3,702	2,642	2,874
	14,619	16,314	3,661 16,690	3,702
Total Segment Assets 4	195,920	189,141	159,526	16,314
Segment Liabilities				189,141
(a) Home appliances	98,434	90,221
(b) Engineering	22,800	20,728	70,607	90,221
Motor $ $ (c) Others	1,219	1,319	19,704	20,728
(d)	1,852	1,598	1,061	1,319
(e) Unallocable liabilities	6,261	5,687	2,884 5,221	1,598
Total Segment Liabilities $\bigcirc$ The fame for $\bigcirc$	130,566	119.553	00 177	5,687 $1.00$ PPA

SEGMENT WISE CONSOLIDATED REVENUE, RESULTS, ASSETS AND LIABILITIES

a The figures for the 3 months ended 31.03.2021 are the balancing figures between the audited figures in respect of the full financial year and the reviewed year to date figures upto the third quarter of that financial yea $119,553$

Notes:

• 1 The consolidated financial results of IFB Industries Limited and its subsidiaries were reviewed by the Audit Committee and approved by the Board of Directors of the IFB Industries Limited at its meeting held on 7 August 2021. This statement is as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as modified by circular number CIR/CFD/FAC/62/2016 dated 5 July 2016.
• 2 The spread of COVID-19 has impacted businesses around the globe. IFB Industries Limited and its subsidiaries' operations and financial results for the quarter have been impacted by COVID-19 pandemic. On the basis of the assessment done by the management the carrying amounts of assets are recoverable. The impact of pandemic may be different from that estimated as at the date of these financial results. IFB Industries Limited and its subsidiaries will closely monitor
• 3 IFB industries Limited and its subsidiaries are primarily engaged in the business of fine blanked components, home appliances, motor and cold rolled steel sheets (others). Accordingly, IFB Industries Limited and its subsidiaries considers the above business segment as the primary segment.
• 4 Figures for the corresponding previous periods are re-arranged, wherever necessary, to conform to the figures of the current period.

On behalf of the Board of Directors

Bikramiit Nao Joint Executive Chairman and Managing Director

Place: Goa Date: 7 August 2021