Indokem Ltd — Audit Report / Information 2025

May 9, 2025

Indokem Limited

(CIN: L31300MH1964PLC013088)

Registered Office: Phone : 022-61236767 "KHATAU HOUSE," Ground Floor Fax : 022-61236718 Mogul Lane, Mahim (West), E-mail : iklsecretarial@gmail.com Mumbai - 400 016. Website: www.indokem.co.in

9 th May, 2025

To, BSE Limited, Corporate Relations Department Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001

Scrip Code: 504092

Subject: Outcome of Board Meeting held on Friday, 9th May, 2025.

Respected Sir/Madam,

Pursuant to Regulation 30 and other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), we hereby inform you that the Board of Directors at its meeting held today, i.e., 9th May, 2025, has inter alia transacted the following business:

1. Approval of the Standalone and Consolidated Audited Financial Results for the quarter and financial year ended 31st March, 2025:

Pursuant to Regulation 33 of the Listing Regulations, the Board has considered and approved the Standalone and Consolidated Audited Financial Results of the Company for the quarter and financial year ended 31st March, 2025, along with the Audit Report issued by M/s. CNK & Associates LLP, Chartered Accountants, Mumbai, Statutory Auditors of the Company. A copy of the same is enclosed herewith.

We further confirm that the Statutory Auditors have issued the Audit Reports with an unmodified opinion.

2. Noting of Annual Secretarial Compliance Report and Secretarial Audit Report:

The Board noted the Annual Secretarial Compliance Report and the Secretarial Audit Report for the financial year 2024–25, received from M/s. Jay & Associates, Company Secretaries.

3. Re-appointment of Mr. Mukund Nagpurkar as Internal Auditor for FY 2025–26:

The Board approved the re-appointment of Mr. Mukund Nagpurkar as Internal Auditor of the Company for the financial year 2025–26.

Indokem Limited

(CIN: L31300MH1964PLC013088)

Registered Office: Phone : 022-61236767 "KHATAU HOUSE," Ground Floor Fax : 022-61236718 Mogul Lane, Mahim (West), E-mail : iklsecretarial@gmail.com Mumbai - 400 016. Website: www.indokem.co.in

4. Adoption of Revised Policy for Determination of Materiality of Events or Information:

The Board reviewed and adopted the revised Policy for Determination of Materiality of Events or Information to align with updated regulatory requirements.

5. Adoption of Revised Policy for Board Diversity:

The Board reviewed and adopted the revised Policy for Board Diversity in line with applicable regulatory provisions.

6. Adoption of Revised Whistle Blower Policy and Vigil Mechanism:

The Board reviewed and adopted the revised Whistle Blower Policy and Vigil Mechanism in accordance with current regulatory standards.

7. Noting of Resignation of Ms. Rupal B. Parikh as Chief Financial Officer & Key Managerial Personnel:

The Board noted the resignation of Ms. Rupal B. Parikh from the position of Chief Financial Officer and Key Managerial Personnel of the Company, tendered vide her letter dated 29th April, 2025, to explore a possible transition to a different role within the organization.

8. Appointment of Mr. Sivarama G. as Chief Financial Officer & Key Managerial Personnel:

Based on the recommendation of the Nomination and Remuneration Committee and approval of the Audit Committee, the Board has appointed Mr. Sivarama G. as Chief Financial Officer and Key Managerial Personnel of the Company.

9. Re-appointment of Mr. Rahul Singh as Independent Director for a Second Term:

The Board, on the recommendation of the Nomination and Remuneration Committee, reappointed Mr. Rahul Singh (DIN: 07477748) as an Independent Director of the Company for a second term of five consecutive years from 29th September, 2025 to 28th September, 2030 (both days inclusive), subject to approval of the Members at the forthcoming Annual General Meeting.

Indokem Limited

(CIN: L31300MH1964PLC013088)

Registered Office: Phone : 022-61236767 "KHATAU HOUSE," Ground Floor Fax : 022-61236718 Mogul Lane, Mahim (West), E-mail : iklsecretarial@gmail.com Mumbai - 400 016. Website: www.indokem.co.in

The above-mentioned policies and this outcome of the Board Meeting are also being uploaded on the Company's website at https://www.indokem.co.in/investors.php

Commencement of Board Meeting: 3:00 P.M. Conclusion of Board Meeting: 4:30 P.M.

The above is for your information and record.

Thanking you,

Yours faithfully,

For Indokem Limited ____________________ RAJESH DINKAR PISAL Digitally signed by RAJESH DINKAR PISAL Date: 2025.05.09 16:39:19 +05'30'

Rajesh D. Pisal Company Secretary and Compliance Officer Encl: a/a

Independent Auditor's Report on Audited Standalone Quarterly Financial Results and Year to Date Results of the lndokem Limited Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

TO THE BOARD OF DIRECTORS OF INDOKEM LIMITED

Report on the audit of the Standalone Financial Results

Opinion

We have audited the accompanying standalone financial results of Indokem Limited (the company) for quarter and year ended 31st March, 2025 (the "Statement"), attached herewith, being submitted by the company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (SEBI) (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us, these standalone financial results:

• 1. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
• ii. Give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian accounting standards ("Ind AS'') and other accounting principles generally accepted in India, of the net profit and other comprehensive income and other financial information for the quarter and year ended 31st March, 2025.

Basis of Opinion

We conducted our audit in accordance with the Standards on Auditing ("Sas") specified under section 143(10) of the Companies Act, 2013, as amended ("the Act''). Our responsibilities under those Standards are further described in the "Auditor's Responsibilities for the Audit of the Standalone Financial Results" section of our report. We are independent of the Company, in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the standalone financial results under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Management's and Board of Directors' Responsibilities for the Standalone Financial . 'b-l'-\$SOC~ Results ·~ (t'.>) ,c.S' is ~y

~ MUMBAI !Fhese. standalone financial results have been prepared on the basi~ of the standalone. annual ~ ~· ancial statements. The Company's Management and Board of Directors are responsible for -\$;~ - ~e preparation and presentation of these stan~alo~e financial results that gi:Ve ~ true = f~ · 'f:o ACCO view of the net profit and other comprehensive income and other financial information m accordance with the recognition and measurement principles laid down in Indian Accounting

The Nirat, 3rd Floor, 18, Winward Business Park, Behind Emerald One Complex, In the lane of Dr. Prasant Buch's Hospital, Jetalpur, Vadodara 390 007. Tel: +91 265 234 3483

Website: www.cnkindia.com

:.P1'?- .

10

VADODARA I MUMBAI I CHENNAI I AHMEDABAD I GIFT CITY I BENGALURU I DELHI I PUNE I DUBAI I ABU DHABI

Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial results, the Management and Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the standalone financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion through a separate report on the complete set of financial statements on whether the company has adequate internal financial controls with reference to standalone financial statements in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Management and the Board of

directors in term of requirement specified under Regulation 33 of the listing Regulations;

• Conclude on the appropriateness of the Management and the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the standalone financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the standalone financial results, including the disclosures, and whether the standalone financial results represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other matter

The Statement includes the results for the quarter ended 31 st March, 2025 being the balancing figures between the audited figures in respect of full financial year ended 31 st March, 2025 and the published unaudited year to date figures up to the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations. /

Our opinion is not modified in respect of above matter.

For CNK & Associates LLP

Chartered Accountants Firm Registration No. 101961W /W-100036 .

Rachit Sheth Partner Membership No. 158289 Place: Mumbai Date: 9 th May, 2025 uDIN: 2 ;:;- 1 s e 21f9 B t1 H -z u o 2- 913

	CIN NO.: L31300MH1964PLC013088
	Registered Office: Khatau House, Plot No. 410, Mogul Lane, Mahim, Mumbai 400 016.
	Tel No.: +91-22-61236767 /61236711	Email: iklsecretarial@gmail.com		Website: www.indokem.co.in
	STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE
	QUARTER AND YEAR ENDED MARCH.31, 2025
						Rs. in lakbs
			Quarter ended			Year ended
		March 31,2025	December	March 31,2024	March 31,	March 31,
Sr. No.	Particulars	(Audited)	31,2024	(Audited)	2025	2024 (Audited)
			(Unaudited)		(Audited)
1	INCOME
	a) Income from operations	4815	3,707	3,349	15365	13,951
	' b) Other Income	2	57	13	65	40
	Total income from operations	4817	3,764	3,362	15,430	13,991
2	Expenses					9,838
	a) Cost of materials consumed	3418	2,674	2,385 74	10,931 572	226
	b) Purchase of stock in trade	92	243 (207)	15	(355)	84
	c) Changes in inventories of finished goods, work-in-process and stock in trade	(54)
	d) Employee benefits expense	396	397	363	1,602	1,574
	e) Finance cost	65	73	81	272	294
	f) Depreciation and amortisation expense	51	53	74	207	238
	g) Other Expenditure	518	519	527	2,111	2,259
	Total expenses	4,486	3,752	3,519	15,340	14,513
3	Profit/ (Loss) before tax (1) - (2)	331	12	(157)	90	(522)
4	Ta., expenses:
	Current tax			-	(1)	-
	Excess / short provision for earlier years	(0)	-	4		4 (526)
5	Profit/ (Loss) for the period (3) - (4)	331	12	/161\	91
6	Other comprehensive income / (loss) net of tax
	Items that will not be reclassified subsequently to profit and loss
	account	10	(7)	(25)	/14)	(32)
	(i) Remeasurement of Defined benefit plans Total comprehensive income/ ( loss) net of tax (5) + (6)	341	5	(186)	77	/558)
7
	Paid-up equity share capital (face value of Rs. 10 /- each)	2789	2,789	2,789	2,789	2,789
8 9	Other Equity (Excluding Revaluation Reserve)				539	439
10	Earnings per share (EPS) (not annualised)
	Total Earnings per share
	(a) Basic (in Rs.)	1.19	0.04	(0.58)	0.33	(1.89)
	(b) Diluted (In Rs.)	1.19	0.04	(0.58)	0.33	(1.89'

NOTES:

-~

• 1 The above standalone financial results were audited by the Statutory Auditors, recommended by Audit Committee and approved by the Board of Directors at the meeting held on May 9 2025.
• 2 The Company operates in two segments, viz. textile dyes and chemicals and electrical capacitors. However the segment reporting for electrical capacitors is not disclosed separately, as the same does not qualify for separate disclosure as per Ind-AS 108 on operating segments.
• 3 The figures for the quarter ended 31st March, 2025 and corresponding quarter ended 31st March, 2024 are the balancing figures between the audited figures in respect of full financial year and year to date figures upto third quarter of the respective financial years which were subject to limited review.
• 4 The figures of the previous period(s) / year have been regrouped/ reclassified wherever necessary.

Place : Mumbai Date : May 9, 2025

Mahendra K. Khatau Chairman & Managing Director DIN: 00062794

CIN NO.: L31300MH1964PLC013088 Registered Office: Khatau House, Plot No. 410, Mogul Lane, Mahim, Mumbai 400 016. Tel No.: +91-22-61236767 /61236711 Email: iklsecretarial@gmail.com Website: www.indokem.co.in STANDALONE STATEMENT OF ASSET AND LIABILITIES AS AT MARCH 31, 2025

Rs. in lakhs
	March 31, 2025	March 31, 2024
Particulars	Audited	Audited
ASSETS
Non-current Assets
Property, plant and equipment	6,319	6,455
Capital work-in-progress	12	4
Goodwill	71	71
Intangible assets	4	3
Financial assets
Investments	96	96
Loans*		0
Other financial assets	60	55
Income tax assets (net)	19	25
Other non-current assets	56	55
Total Non-current Assets	6,637	6,764
Current Assets
Inventories	2,781	2,287
Financial assets	I
Trade receivables	3,120	2,513
Cash and cash equivalents	46	22
Bank balance other than cash and cash equivalents	35	36
Loans	36	40
Other financial assets	47	45
Other current assets	319	119
Total Current Assets	6,384	5,062
Total Assets	131021	11,826
EQUITY AND LIABILITIES
Equity
Equity share capital	2,789	2,789
Other equity	2,529	2,451
Total Equity	51318	5,240
LIABILITIES
Non-current Liabilities
Financial liabilities
Borrowings	1,192	1,279
Other financial liabilities	276	269
Provisions	290	292
Total Non-current Liabilities	1,758	1,840
Current Liabilities
Financial liabilities
Borrowings	1,020	960
Trade payables
(i) Total outstanding dues of Micro and Small Enterprises	22	126
(ii) Total outstanding dues other than Micro and Small Enterprises	4,168	2,766
Other financial liabilities	15	18
Provisions	150	109
Other current liabilities	570	767
Liabilities directly associated with assets classified as held for sale
Total Current Liabilities	5,945	4,746
Total Liabilities	7,703	6,586
Total Equity and Liabilities	13,021	11,826
f norms adopted by the Company.

^lh atau 1hairrnan & Managing Director DIN: 00062794

-=--

INDOKEM LIMITED CIN NO.: L31300MH1%4PLC0l3088
Registered Office: Khatau House, Plot No. 410, Mogul Lane, M ahim, Mumbai 400 016.
STATEMENT OF STANDALONE CASH FWW FOR THE YEAR ENDED M ARCH 31, 2025		Rs. in lakhs
	Year Ended	Year ended
Particulars		March 31, 2025 March 31, 2024
	Audited	Audited
A. CASH FLOW FROM OPERA TING ACTMTIES	90	(522)
Profit/ (loss) before tax Adjusnnents for:
Depreciation	207	238
Finance costs	272	294
Interest income	(3)	(8)
Allowances for credit losses	(6) 2	19 30
Bad debts w / off	(2)	(9)
Provision no longer required Profit on sale of current and non-current investments (net)* .
Sundrv balances off/(written back)	(15)	(2)
Un.realised exchange rate difference (net)	26	4
Operating profit before working capital changes	571	44
Changes in working capital:
(Increase)/ decrease in inventories	(494)	(399) 27
(Increase)/ decrease in trade receivables	(622)
(Increase)/ decrease in loans and advances*	4 (T)	(39) (3)
(Increase)/ decrease in other financial assets	(195)	66
(Increase)/ decrease in other assets In.crease/ (decrease) in trade payables	1,297	480
Increase/ (decrease) in other financial liabilities	7	(182)
Increase/ (decrease) in other liabilities	(182)	423
Increase/ (decrease) in Provisions	24	37
Cash generated from operations	403	380
Income taxes refunded/ (paid). net "
B. CASH FLOW FROM INVESTING ACTIVITIES
Expenditure on property, plant and equipment and capital advances	(19)	(136)
Investment in subsidiary	(0)	(6)
Redemption/ (investments in fixed deposits)	1	6
Interest received	2	8 128
Net cash (uscdJ!!ll generated from investing activities
C. CASH FLOW FROM FINANCING ACTMTIES
Proceeds from loans taken from banks and financial institutions	169	799
Repayment of loans taken from banks and financial instirutiohs	(279)	(123)
Unsecured loans taken from directors	121	82
Unsecured loans repaid to directors	(41)	(153)
Repayment of loans to company	(12) 14
Loan taken from company
Finance coses paid Net cash (used in)L generated from financing activities
NET CASH (USED IN)/ GENERATED FROM CONTINUING OPERATIONS	24	(50)
INCREASE/ (DECREASE) IN CASH AND CASH EQUIVALENTS Cash and cash couiva1ems at the bceiimin~ of the year	24 22	(50) 72
	46	22
• Amount is below the rounding off norms adopted by the Company Notes:
		Mahcndra K. Khatau Chairman & Managing Director DIN: 00062794

Independent Auditor's Report on Audited Consolidated Quarterly Financial Results and Year to Date Results of the Indokem Limited Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

TO THE BOARD OF DIRECTORS OF INDOKEM LIMITED

Report on the Audit of Consolidated Financial Results

Opinion

We have audited the accompanying Statement of consolidated financial results of Indokem Llmited ("the Holding company'') and its subsidiaries (the Holding company and its subsidiaries together referred to as the Group'') for the quarter ended 31st March, 2025 and year to date from 1st April, 2024 to 31st March,2025 ("the Statement'') attached herewith, being submitted by the Holding company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015, as amended (the ''Listing Regulations'').

In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of reports of other auditors on separate audited financial statements / financial results/ financial information of the subsidiary, the aforesaid consolidated financial results:

a. includes results of the following entity:

• (i) Indokem Bangladesh (Pvt.) Llmited (Subsidiary company)
• (ii) Refnol Overseas Llmited (Subsidiary company)
• (iii) Tex Care Middle East LLC (Step-down subsidiary company)
• b. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard;
• c. give a true and fair view in conformity with applicable accounting standards, and other accounting principles generally accepted in India, of the consolidated net profit and other comprehensive income and other financial information of the Group for the year ended 31 st March, 2025.

Basis of Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013, as amended ("Act''). Our responsibilities under those SAs are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Results section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in "Other Matters" paragraph below, is sufficient and appropriate to provide a basis for our opinion. ~

~~-'?£.;-, ,.0'~/ . . . The Nu:at; ihd"Floor, 18, \Xfmward Business Park, Behind Emerald One Complex, In the lane of Dr. Prasant Buch's Hospital, Jetalpur, Vadodara 390 007. Tel: +91 265 234 3483

\'(lebsite: www.cnkindia.com

VADODARA I MUMBAI I CHENNAI I AHMEDABAD I GIFT CITY I BENGALURU I DELHI I PUNE I DUBAI I ABU DHABI

Management's and Board of Directors' Responsibilities for the Consolidated Annual Financial Results

These consolidated financial results have been prepared on the basis of the consolidated financial statements. The Holding Company's Management and Board of Directors are responsible for the preparation and presentation of these consolidated financial results that give a true and fair view of the consolidated net profit and other comprehensive income and other financial information of the Group in accordance with applicable accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Management and Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial results by the Management and Directors of the Holding Company, as aforesaid.

In preparing the consolidated financial results, the respective Management and Board of Directors of the companies included in the Group are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group are responsible for overseeing the financial reporting process of the Group.

Auditor's Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the consolidated financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

are companies incorporated in India, has adequate internal financial controls with reference to consolidated financial statements in place and the operating effectiveness of such controls;

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management and the Board of Directors.
• Conclude on the appropriateness of the Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial results, including the disclosures, and whether the consolidated financial results represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial results/ financial information of the Group to express an opinion on Consolidated Financial Results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the consolidated financial results of which we are the independent auditors. For the other entities included in the Consolidated Financial Results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated financial results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.

Other Matters

a) We did not audit the financial results of 1 subsidiary included in the consolidated audited financial results, whose financial results reflects (before consolidated adjustments) total assets of Rs. 1,468.18 lakhs as on March 31, 2025, total revenues of Rs. 774.81 lakhs and Rs 2,900.11 lakhs for the quarter and year ended March 31, 2025 respectively, total net Profit/(loss) after tax of Rs. 48.62 lakh and Rs. 231.37 lakh for the quarter and year ended March 31, 2025 respectively, total comprehensive income/(loss) of Rs. 48.62 lakh and Rs. 231.37 lakh for the quarter and year ended March 31, 2025 respectively and net cash Inflow of Rs. 81.78 lakhs for the year ended on March 31, 2025 as considered in the consolidated audited financial results. hese financial results have been audited by other auditor whose financial statements, other financial . 'b, ~ o'

information and auditor's report have been furnished to us by the management and our opinion on the consolidated financial results, in so far as it relates to the amount and disclosures included in respect of these entities, is based solely on the report of such other auditors.

b) The accompanying consolidated financial results includes unaudited financial results/statements of Two subsidiaries which have not been audited by us whose financial results reflect total assets (before consolidated adjustments) of Rs. 307.60 lakhs as on March 31, 2025, total revenue of Rs. 5.11 lakh and Rs. 18.89 lakh for the quarter and year ended March 31, 2025 respectively, total net loss after tax of Rs. 0.85 lakh and Rs. 10.71 lakh for the quarter and year ended March 31, 2025 respectively, total comprehensive Loss of Rs. 0.85 lakh and Rs. 10.71 lakh for the quarter and year ended March 31, 2025 respectively, and net cash outflow of Rs. 12.68 lakhs for the year ended on March 31, 2025 as considered in the consolidated financial results. These unaudited financial statements/ financial information/ financial results have been approved and furnished to us by the Management and our opinion on the consolidated financial results of the Company, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and associates, is based solely on such unaudited financial statements/ financial information/financial results.

Our opinion on the Statement is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors in Para a) and the unaudited financial results/ financial information/financial Statements certified by the Management as referred in Para b) above.

c) The Consolidated Financial Results includes the results for the quarter ended 31st March, 2025 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which were subject to limited review byus.

Our opinion on the Statement is not modified in respect of this matter.

For CNK & Associates LLP Chartered Accountants Finn Registration No. 101961W /W-100036

Rachit Sheth Partner Membership No. 158289

	INDOKEM LIMITED CIN NO.: L31300MH1964PLC013088 Registered Office: Khatau House, Plot No. 410, Mogul Lane, Mahirn, Mumbai 400 016. Tel No.: +91-22-61236767 /61236711 Website: www.indokem.co.in Email: iklsecretarial@gmail.com STATEMENT OF CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2025
						Rs. in lakhs
			Quarter ended		Year Ended
Sr.No.	Particulars	March 31, 2025 (Audited)	December 31,2024 (Unaudited)	March 31, 2024 (Audited)	March 31, 2025 (Audited)	March 31, 2024 (Audited)
1	INCOME a) Income from operations	5,443	4,340	4,004	17,809	16,480
	b) Other Income	2	65	12	72	41
	Total income from operations	5,445	4,405	4,016	17,881	16,521
2	Expenses '
	a) Cost of materials consumed	3,697	2,933	2,652	11,963	10,953
	b) Purchase of stock in trade	92	243	74	572	226
	c) Changes in inventories of finished goods, work-in-process and stock in trade	(45)	(207)	23	(343)	94
	d) Employee benefits expense	499	488	457	1,971	1,914
	e) Finance cost	69	74	84	283 225	308 251
	f) Depreciation and amortisation expense	56 679	59 742	78 749	2,881	3,394
	g) Other Expenditure Total expenses	5,047	4,332	4,117	17,552	17,140
3	Profit/ (Loss) before tax (1) - (2)	398	73	(101)	329	(619
4	Tax expenses:
	Current tax	-	-			-
	Excess / short provision for earlier years	17	-	4	15	4
5	Profit/ (Loss) for the period (3) - (4)	381	73	(105)	314	(623)
6	Other comprehensive income / (loss) net of tax
	(a) Items that will not be reclassified subsequently to profit and loss
	(i) Remeasurement of Defined benefit plans	10	(6)	(25)	(14)	(32)
	(b) Items that will be reclassified subsequently to profit and loss account
	(u) Exchange Difference on translation of foreign operations			(2)	(2)	(1)
	' Total comprehensive income / ( Joss) net of tax (5) + (6)	13	(16) 51	(132)	298	(656)
7		404
	Net Profit/ (loss) attributable to:
	Owners of the company	381	74	(103)	317 (3)	(619) (4)
	Non - Controlling Interest	-	(1)	(2)
	Other comprehensive income / (loss) net of tax
	Owners of the company	23	(22)	(27)	(16)	(33)
	Non - Controlling Interest	-	0		-	-
	Total comprehensive income / ( Joss) net of tax
	Owners of the company	404	52	(130)	301	(652)
	Non - Controlling Interest	-	(I)	(2)	(3)	(4)
					2,789	2,789
8	Paid-up equity share capital (face value of Rs. 10/- each)	2,789	2,789	2,789	1,404	1,068
9	Other Equity (Excluding Revaluation Reserves) Earnings per share (EPS) (not annualised)
10	Total Earnings per share
	(a) Basic (m Rs.)	1.36	0.26	(0.39)	1.14	(2.23)
	(b) Diluted (in Rs.)	1.36	0.26	(0.39)	1.14	(2.23)

NOTES:

•

• 1 The above consolidated financial results were audited by the Statutory Auditors, recommended by Audit Committee and approved by the Board of Directors at the meeting held on May 9, 2025.
• 2 The Group operates in two segments, viz. textile dyes and chemicals and electrical capacitors. However the segment reporting for electrical capacitors is not disclosed separately, as the same does not qualify for separate disclosure as per Ind-AS 108 on operating segments.
• 3 The figures for the quarter ended 31st March, 2025 and corresponding quarter ended 31st March, 2024 are the balancing figures between the audited figures in respect of full financial year and year to date figures upto third quarter of the respective financial years which were subject to limited review.
• 4 The figures of the previous period(s) / year have been regrouped/ reclassified wherever necessary.

Place : Mumbai Date : May 9, 2025

Mahendra K. Khatau Chairman & Managing Director DIN: 00062794

CIN NO.: L31300MH1964PLC0l3088 Registered Office: Khatau House, Plot No. 410, Mogul Lane, Mahim, Mumbai 400 016. Tel No.: +91-22-61236767 /61236711 Email: iklsecretarial@gmail.com Website: www.indokem.co.in CONSOLIDATED STATEMENT OF ~.SSET AND LIABILITIES AS AT MARCH 31, 2025

		Rs. in lakhs
	March 30, 2025	March 31, 2024
Particulars	Audited	Audited
ASSETS
Non-current Assets
Property, plant and equipment	6,385	6,518
Capital work-in-progress	12	4
Goodwill	71	71
Intangible assets	4	3
Financial assets
Investments	1	1
Loans*	-	0
Other financial assets	60	55
Income tax assets (net)	19	25
Other non-current assets	79	55
Total Non-current Assets	6,631	6,732
Current Assets
Inventories	2,909	2,444
Financial assets
Trade receivables	3,805	3,033
Cash and cash equivalents	302	193
Bank balance other than cash and cash equivalents	35	51
Loans	0	2
Other financial assets	71	68
Other current assets	334	244
Assets held for sale		-
Total Current Assets	7,456	6,035
Total Assets	14,087	12,767
E_Q_UITY AND LIABILITIES
Equity
Equity share capital	2,789	2,789
Other equity	3,394	3,079
Minority Interest	1	/2)
Total Equity	6,184	-- ~5,866
LIABILITIES
Non-current Liabilities
Financial liabilities
Borrowings	1,192	1,279
Other financial liabilities	276	269
Provisions	458	438
Total Non-current Liabilities	1,926	1,986
Current Liabilities
Financial liabilities
Borrowings	1,020	960
Trade payables
(i) Total outstanding dues of Micro and Small Enterprises	22	126
(Li) Total outstanding dues other than Micro and Small	4,068	3,020
Enterprises
Other financial liabilities	15	19
Provisions	274	307
Other current liabilities	578
Total Current Liabilities	5,977
	903
	1
		Mahen ra atau Chairman & Managing Director
		DIN: 00062794

CIN NO.: L31300MH1964PLC013088

Registered Office: Khatau House, Plot No. 410, Mogul Lane, Mahim, Mumbai 400 016. Tel No.: +91-22-61236767 /61236711 Email: iklsecretarial@gmail.com Website: www.indokem.co.in

Particulars	Year ended March 31, 2025 Audited	~ Rs. in lakhs y March 31, 2024 Audited
A. CASH FLOW FROM OPERATING ACTMTIES
Profit/ (loss) before tax	329	(619)
Adjustments for :
Depreciation	225	251
Finance costs	283	308
Interest income*	(2)	(7)
Allowances for credit losses Bad debts w / off	(6)	19
Provision no longer required	43	71
Profit on sale of current and non-current investments (net)*	(2)	(9)
Sundry balances off/(written back)	(3) (15)	(1)
Unrealised exchange rate difference (net)	17	(2) 7
Operating profit before working capital changes	869	18
Changes in working capital:
(Increase)/ decrease in inventories (Increase)/ decrease in trade receivables	(464)	(366)
(Increase)/ decrease in loans and advances	/836)	(1)
(Increase)/ decrease in other financial assets	2	(2)
(lncrease)/ decrease in other assets	(8)	(1)
Increase/ (decrease) in trade payables	(109)	(7)
Increase/ (decrease) in other financial liabilities	943	599
Increase/ (decrease) in other liabilities	7 109	16
Increase/ (decrease) in Provision	'2	134
Cash generated from operations Income taxes refunded/ (paid), net "	486	35 425
	15	_{±
	501	421
B. CASH FLOW FROM INVESTING ACTIVITIES
Expenditure on property, plant and equipment and capital advances
Sale of current investments*	(100)	(150)
Redemption/ (investments in fixed deposits)	3	2
Interest received	17	(10)
Net cash (used in)/ generated from investinl? activities	3 77	7
C. CASH FLOW FROM FINANCING ACTIVITIES		151
Proceeds from loans taken from banks and financial institutions
Repayment of loans taken from banks and financial institutions	169 (279)	799
Unsecured loans taken from directors	120	(722)
Unsecured loans repaid to directors	(41)	83
Repayment of loans to company	(12)	(152)
Loan taken from company	14
Finance costs paid Net cash (used in)/ generated from financinl? activities	'286	~
	·315	~
NET CASH (USED IN)/ GENERATED FROM CONTINUING OPERATIONS	109	(40)
INCREASE/ /DECREASE) IN CASH AND CASH EQUIVALENTS		-
Cash and cash equivalents at the bel!innin2 of the year	109	(40)
Cash and cash equivalents at the end of the year	193	233
• Amount is below the rounding off norms adopted by the Company Notes:	302	193

C!hairman & Managing Director DIN: 00062794

indoktm fimitta

(CIN NO.: L31300MH1964PLC013088)

Registered Office : "KHATAU HOUSE", Ground Floor, Mogul Lane, Mahim (West), Mumbai - 400 016.

Phone :61236767 Fax : 61236718 Website: www.indokem.co.in

To, BSE Limited, Corporate Relations Department Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001

Scrip Code: 504092

Sub: Declaration of Unmodified Opinion

In compliance with the provisions of Regulation 33(3)( d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the SEBI Circular No. CIR/CFD/CMD/56/2016 dated May 27, 2016, We, Mahendra K. Khatau, Chairman and Managing Director and Rupal B. Parikh, Chief Financial Officer of the Company, to the best of our knowledge and belief hereby declare, that the Company's Statutory Auditor, C N K & Associates LLP, Chartered Accountants, Mumbai (Firm Registration Number - 101961W /W100036), have provided Audit Reports with an unmodified opinion on the Audited Standalone and Consolidated financial results of the Company for the year ended 31 st March, 2025.

Mahendra K. Khatau Chairman and Managing Director (DIN: 00062794) Mumbai, 9th May, 2025

For IINDOKEM LIMITED For INDOKEM LIMITED

W~1~ ------::;-

Rupal B. Parikh Chief Financial Officer