Ion Exchange (India) Ltd — Interim / Quarterly Report 2022

Oct 28, 2021

8 ION EXCHANGE /2e,��e/2evifuJ t� P�11�i

October 28, 2021

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To, BSE Limited The Corporate Relationship Dept. P.J. Towers, Dalal Street, Mumbai - 400 001

BSE Company Code: 500214

Dear Sir,

Sub: Unaudited Financial Results and Limited Review Report fr the Second Quarter Ended 3 ~~0~~ [th ] September, 2021

Pursuant to Regulation 33 and Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we submit herewith the Unaudited Financial Results on Standalone and Consolidated basis, Segment wise Revenue, Results and Capital Employed, Statement of Assets and Liabilities, Statement of Cash Flow and Limited Review Report for t[h] e second quarter and[h] alf year ended 30[th ] September, 2021 whic[h ] have been approved by the Board of Directors at its meeting held today i.e. 28[th ] October, 2021.

The meeting of the Board of Directors of the Company commenced at 11 :00 a.m. and concluded at 4.00 p.m.

www.ionindia.com The above information is available on the website of the Company:

Kindly take the information on record.

Thanking You,

Yours faithfully, For Ion Exchange (India) Limited

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� Milind Puranik Company Secretary

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ION EXCHANGE (INDIA) LTD. I GIN: L74999MH1964PLC014258 Regd. Office: Ion House, Dr. E. Moses Road, Mahalaxmi, Mumbai - 4ij0 011, India. Board: +91 22 6231 2000 I Fax: +91 22 2493 8737 I E-mail: ieil@ionexchange.co.in I Web: www.ionindia.com

Offices: Bengaluru I Bhubaneswar I Chandiga!h I Chennai I Hyderabad I Kolkata I Lucknow I New Delhi I Pune I Vadodara I Vashi I Visakhapatnam

Chartered Accountants

B S R & Co. LLP

14th Floor, Central B Wing and North C Wing, Telephone: +91 22 6257 1000 Nesco IT Park 4, Nesco Center, Fax: +91 22 6257 1010 Western Express Highway, Goregaon (East), Mumbai - 400 063

Limited review report on unaudited quarterly standalone financial results and standalone year-to-date financial results of Ion Exchange (India) Limited under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

To The Board of Directors of Ion Exchange (India) Limited

1. We have reviewed the accompanying Statement of unaudited standalone financial results of Ion Exchange (India) Limited which includes the financial information of branch at Bengaluru, IEI Shareholding (Staff Welfare) Trusts (Sixty Trusts) and HMIL Shareholding (Staff Welfare) Trusts – (Seventeen trusts) (“trusts”), (‘the Company’) for the quarter ended 30 September 2021 and year to date results for the period from 1 April 2021 to 30 September 2021 (“the Statement”).

2. This 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 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 and in compliance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015 as amended (“Listing Regulations”). Our responsibility is to issue a report on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 “ Review of Interim Financial Information Performed by the Independent Auditor of the Entity ” issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

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

1. Based on our review conducted as above and based on the considerations of the review report of the branch auditor referred to in paragraph 5 below, nothing has come to our attention that causes us to believe that the accompanying Statement, 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 Listing Regulations including the manner in which it is to be disclosed, or that it contains any material misstatement.

Registered Office:

B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP (a Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013

14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063

Ion Exchange (India) Limited

Limited review report on unaudited quarterly standalone financial results and standalone year-to-date financial results of Ion Exchange (India) Limited under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( Continued )

1. We did not review the interim financial information of a branch included in standalone unaudited financial results of the Company; whose results reflect total assets (before consolidation adjustments) Rs. 3,090 lacs as at 30 September 2021 and total revenue (before consolidation adjustments) of Rs. 2,584 lacs and Rs. Rs. 4,697 lacs, total net profit after tax (before consolidation adjustments) of Rs. 177 lacs and Rs. 244 lacs, and total comprehensive income (before consolidation adjustments) of Rs. 177 lacs and Rs. 244 lacs for the quarter ended 30 September 2021 and for the period from 1 April 2021 and 30 September 2021, respectively, and cash outflows (net) Rs. 112 lacs for the period from 1 April 2021 and 30 September 2021, as considered in the interim financial information of a branch included in the Statement. The interim financial information of this branch has been reviewed by the branch auditor and whose report has been furnished to us, and our conclusion in so far as it relates to the amounts and disclosures in respect of this branch, is based solely on the report of such branch auditor and the procedures performed by us as stated in paragraph 3 above.

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

1. The Statement includes interim financial information of IEI shareholding (Staff welfare) Trusts (Sixty Trusts) and HMIL Shareholding (Staff Welfare) Trusts – (Seventeen trusts) which have not been reviewed, whose interim financial information reflects total assets (before consolidation adjustments) Rs. 4,866 lacs as at 30 September 2021, total revenue (before consolidation adjustments) of Rs. 249 lacs and Rs. 256 lacs, total net profit after tax (before consolidation adjustments) of Rs. 222 lacs and Rs. 229 lacs, and total comprehensive income (before consolidation adjustments) of Rs. 222 lacs and Rs. 229 lacs for the quarter ended 30 September 2021 and for the period from 1 April 2021 and 30 September 2021, respectively, and cash inflows (net) Rs. 133 lacs for the period from 1 April 2021 and 30 September 2021, as considered in the Statement. According to the information and explanations given to us by the management, this interim financial information is not material to the Company.

Our Conclusion on the Statement is not modified in respect of the above matter.

For B S R & Co. LLP Chartered Accountants Firm's Registration No: 101248W/W-100022

RAJIV Digitally signed by RAJIV SURAJ SURAJ SHAH Date: 2021.10.28 SHAH 15:37:23 +05'30'

Mumbai 28 October 2021

Rajiv Shah Partner Membership No: 112878 UDIN: 21112878AAAACG1446

ION EXCHANGE (INDIA) LIMITED

Regd. Office : Ion House, Dr. E. Moses Road, Mahalaxmi, Mumbai - 400 011

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

I Income a) Revenue from operations b) Other income Total income (I) II Expenses a) Cost of materials consumed b) Purchase of stock-in-trade c) Changes in inventories of finished goods, stock-in-trade and work-in-progress d) Employee benefits expense e) Finance costs f) Depreciation and amortisation expense g) Other expenses Total expenses (II) III Profit before tax (I - II) IV Tax expense Current tax Deferred tax (credit) / charged V Net profit after tax (III - IV) VIOther comprehensive income (i) Items that will not be reclassified to profit or loss (ii) Income tax relating to items that will not be reclassified to profit or loss Other comprehensive income (Net of tax) (VI) VIITotal comprehensive income for the period (V+VI) VIII Paid-up equity share capital (Face value Rs. 10 per share) IX Other equity (excluding revaluation reserves) X Earnings per equity share (EPS) [Refer note 2] a) Basic EPS (INR) [Not annualised] b) Diluted EPS (INR) [Not annualised] Particulars

Year ended 30.09.2021 30.06.2021 30.09.2020 30.09.2021 30.09.2020 31.03.2021 Unaudited Unaudited Unaudited Unaudited Unaudited Audited 36,472 30,057 37,533 66,529 63,505 140,176 993 977 930 1,970 1,730 3,678 37,465 31,034 38,463 68,499 65,235 143,854 22,890 19,175 24,563 42,065 40,602 86,168 978 779 913 1,757 1,266 3,277 (337) (1,255) 40 (1,592) 347 301 4,064 3,910 3,519 7,974 7,016 14,104 188 213 262 401 578 990 669 666 683 1,335 1,326 2,614 4,910 3,799 4,275 8,709 6,988 16,813 33,362 27,287 34,255 60,649 58,123 124,267 4,103 3,747 4,208 7,850 7,112 19,587 1,110 1,015 1,225 2,125 1,970 5,385 (15) (13) (137) (28) (105) (395) 1,095 1,002 1,088 2,097 1,865 4,990 3,008 2,745 3,120 5,753 5,247 14,597 32 32 (31) 64 (62) 127 (8) (8) 8 (16) 16 (32) 24 24 (23) 48 (46) 95 3,032 2,769 3,097 5,801 5,201 14,692 1,467 1,467 1,467 1,467 1,467 1,467 61,231 24.47 22.33 25.37 46.79 42.67 118.75 24.47 22.33 25.37 46.79 42.67 118.75 Quarter ended Half year ended INR in Lacs

Notes

• 1) The above financial results which are published in accordance with Regulation 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 ('Listing Regulations') have been reviewed by the Audit Committee at a meeting held on 28th October 2021 and approved by the Board of Directors at their meeting held on 28th October 2021. The above results have been subjected to 'limited review' by the statutory auditors of the Company. The financial results are prepared in accordance with the Ind AS prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies

• 2) Earnings per equity share includes Ind AS impact of consolidation of equity shares held by IEI Shareholding (Staff Welfare) Trusts and HMIL Shareholding (Staff Welfare) Trusts.

• for the quarter and half year ended 30th September 2021: 2,373,614 shares

• for the quarter ended 30th June 2021: 2,373,614 shares

• for the year ended 31st March 2021: 2,373,614 shares

• for the quarter and half year ended 30th September 2020: 23,68,939 shares

• 3) The company has assessed the potential impact of Covid-19 on its capital and financial resources, profitability, liquidity position, ability to service debt and other financing arrangements. The Company's liquidity position is adequate to meet its commitments and it expects to recover the carrying value of its assets.

The company will continue to closely monitor any material changes to future economic conditions and update its assessment as necessary.

• 4) The figures for the corresponding previous periods have been regrouped/ reclassified, wherever necessary, to make them comparable.

					For Ion Exchange (India) Limited
			RAJIV SURAJ SHAH	Digitally signed by RAJIV SURAJ SHAH Date: 2021.10.28 15:38:05 +05'30'	Rajesh Sharma RAJESH CHANDRABHAN SHARMA Digitally signed by RAJESH CHANDRABHAN SHARMA Date: 2021.10.28 14:07:17 +05'30'
Place	:	Mumbai			Chairman and Managing Director
Date	:	28th October, 2021

ION EXCHANGE (INDIA) LIMITED

Regd. Office : Ion House, Dr. E. Moses Road, Mahalaxmi, Mumbai - 400 011

Balance sheet - Standalone

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INR in Lacs
As at As at
30th Sep 2021 31st Mar 2021
Unaudited Audited
ASSETS
Non-current assets
(a) Property, plant and equipment 13,821 14,206
(b) Capital work-in-progress 1,964 1,460
(c) Right-of-use assets 2,823 2,982
(d) Other intangible assets 185 216
(e) Financial assets
(i) Investments 6,373 6,247
(ii) Trade receivables 124 124
(iii) Loans 3,347 3,347
(iv) Other financial assets 762 853
(f) Other non current assets 541 356
(g) Deferred tax assets (Net) 431 420
Total non-current assets 30,371 30,211
Current assets
(a) Inventories 14,345 10,243
(b) Financial assets
(i) Investments 31 24
(ii) Trade receivables 43,642 45,283
(iii) Cash and cash equivalents 7,690 7,613
(iv) Bank balances other than (iii) above 37,138 41,085
(v) Loans 6,891 5,307
(vi) Other financial assets 893 986
(c) Other current assets 8,705 8,812
Total current assets 119,335 119,353
Total assets 149,706 149,564
EQUITY AND LIABILITIES
Equity
(a) Equity share capital 1,467 1,467
(b) Other equity 65,801 61,231
Total equity 67,268 62,698
Liabilities
Non-current liabilities
(a) Financial liabilities
(i) Borrowings 256 795
(ii) Lease liabilities 378 456
(iii) Other financial liabilities 878 848
(b) Provisions 1,484 1,483
Total non-current liabilities 2,996 3,582
Current liabilities
(a) Financial liabilities
(i) Borrowings 4,120 2,278
(ii) Lease liabilities 504 585
(iii) Trade payables
- Total outstanding dues of micro and small enterprises 2,032 1,505
- Total outstanding dues of creditors other than Micro and Small Enterprises 48,411 48,948
(iv) Other financial liabilities 2,776 2,627
(b) Other current liabilities 20,015 24,420
(c) Provisions 760 465
(d) Current tax liabilities (Net) 824 2,456
Total current liabilities 79,442 83,284
Total liabilities 82,438 86,866
Total equity and liabilities 149,706 149,564
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For Ion Exchange (India) Limited

RAJESH CHANDRABHAN SHARMA Digitally signed by RAJESH CHANDRABHAN SHARMA Date: 2021.10.28 14:07:49 +05'30'

Rajesh Sharma

Place : Mumbai Date : 28th October, 2021

Chairman and Managing Director

ION EXCHANGE (INDIA) LIMITED

Regd. Office : Ion House, Dr. E. Moses Road, Mahalaxmi, Mumbai - 400 011 Statement of Cash Flows - Standalone

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INR in Lacs
Half year ended Half year ended
30th Sep 2021 30th Sep 2020
Unaudited Unaudited
A. Cash flow from operating activities:
Profit before tax 7,850 7,112
Adjustment to reconcile profit before tax to net cash flows:
Depreciation and amortisation expense 1,335 1,326
Finance cost 401 578
Dividend Income (1) (1)
Interest Income (1,516) (1,575)
Provision for doubtful debts / Bad debts written off 155 200
Change in fair value of investments (7) (5)
Guarantee commission (22) (31)
Unrealised exchange loss / (gain) (212) (153)
Operating profit before working capital changes 7,983 7,451
Movements in working capital:
(Increase) / Decrease in inventories (4,102) 1,204
(Increase) / Decrease in trade receivables 1,595 (283)
(Increase) / Decrease in loans and other assets (193) (420)
(Decrease) / Increase in trade payables 31 3,886
(Decrease) / Increase in other financial liabilities 382 953
(Decrease) / Increase in other current liabilities (4,404) (2,968)
(Decrease) / Increase in provisions 359 259
Cash generated from operations 1,651 10,082
Taxes paid (3,858) (1,803)
Net cash generated from / (used in) operating activities (A) (2,207) 8,279
B. Cash flow from investing activities:
Purchase of property, plant and equipment (1,658) (757)
Investments made in subsidiaries (105) -
(Increase) / Decrease in loans (1,299) (743)
Bank deposit made during the period (with maturity more than three months) (2,845) (12,710)
Bank deposit matured during the period (with maturity more than three months) 6,814 5,506
Dividend Received 1 1
Interest Received 1,699 3,290
Net cash generated from / (used in) investing activities (B) 2,607 (5,413)
C. Cash flow from financing activities:
Repayment of borrowings (682) (4,601)
Proceeds from borrowings 2,203 657
Payment towards lease liabilities (381) (525)
Dividend paid (1,229) (188)
Finance cost (289) (484)
Net cash used in financing activities (C) (378) (5,141)
Net Increase / (Decrease) in cash and cash equivalents (A)+(B)+(C) 22 (2,275)
Effect of exchange difference on cash and cash equivalent held in foreign currency 55 619
Cash and cash equivalents as at the beginning of the period 7,613 8,461
Cash and cash equivalents as at the end of the period 7,690 6,805
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For Ion Exchange (India) Limited RAJESH Digitally signed by RAJESH CHANDRABHAN CHANDRABHAN SHARMA Date: 2021.10.28 14:08:10 SHARMA +05'30'

Place : Mumbai Date : 28th October, 2021

Rajesh Sharma Chairman and Managing Director

B S R & Co. LLP

Chartered Accountants

14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400 063

Telephone: +91 22 6257 1000 Fax: +91 22 6257 1010

Limited review report on unaudited quarterly consolidated financial results and consolidated year-to-date financial results of Ion Exchange (India) Limited under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

To The Board of Directors of Ion Exchange (India) Limited

1. We have reviewed the accompanying Statement of unaudited consolidated financial results of Ion Exchange (India) Limited which includes financial information of a branch at Bengaluru, IEI Shareholding (Staff Welfare) Trusts (Sixty Trusts) and HMIL Shareholding (Staff Welfare) Trusts – (Seventeen trusts) (“trusts”), (“the Parent”) and its subsidiaries (the Parent and its subsidiaries together referred to as “the Group”), and its share of the net profit after tax and total comprehensive income of its associates for the quarter ended 30 September 2021 and year to date results for the period from 1 April 2021 to 30 September 2021, being submitted by the Parent pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (‘Listing Regulations’).

2. This Statement, which is the responsibility of the Parent’s management and approved by the Parent’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 and in compliance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended (“Listing Regulations”). Our responsibility is to express a conclusion on the Statement based on our review.

3. 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.

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

1. The Statement includes the result of the entities mentioned in Annexure I

Registered Office:

B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP (a Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013

14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063

B S R & Co. LLP

Ion Exchange (India) Limited

Limited review report on unaudited quarterly consolidated financial results and consolidated year-to-date financial results of Ion Exchange (India) Limited under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( Continued )

1. Based on our review conducted and procedures performed as stated in paragraph 3 above, and based on the consideration of the review reports of the branch auditor and other auditors referred to in paragraph 7 and 8 below, 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 Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

2. Emphasis of matters

The Auditors of Ion Exchange Enviro Farms Limited (IEEFL), a subsidiary company, has mentioned emphasis of matter in review report in respect the matters stated below:

• The Hon’ble Supreme Court of India has dismissed the company’s appeal against the order of securities appellate tribunal for refunding monies to investors with return and for winding up of scheme. Further, the company has submitted relevant details to SEBI and have initiated actions in line with the details submitted to SEBI which in December 2015 had asked the company to pre deposit amount due to farm owners and close the scheme. IEEFL submitted that it shall get discharge certificates from balance farm owners within a period of two years from March 2016. As SEBI refused to accede to Company’s request, the company has preferred a fresh appeal at Securities Appellate Tribunal (SAT) on 9 February 2017 Appeal No. (I) 40 of 2017 citing practical difficulties in execution of the SEBI order for refund to all investors as investors have already received their lands/refunds as per the agreement. Appeal has already submitted by SAT and certain hearings had taken place from time to time. The appeal was heard and vide order dated 18 October 2019 SAT has dismissed the appeal. The company has filed a Review Petition before the SAT, Mumbai on 03 December 2019 for correction of factual errors in the said order. Further, based on the Legal Advice, pending final order from SAT on the Review Petition, an Appeal is filed in the Supreme Court against order of SAT on 18 February 2020. As per the SAT hearing dated 19 March 2021, it was held that, there is not an error apparent on the face of the record and thus review application filed was dismissed by SAT. As such the appeal is set aside against the company and further the case is pending with the Supreme Court and hearing was held on 25 October 2021 but the same is adjourned to 8 November 2021.

• Maintenance expenses recoverable aggregating Rs. 197 lacs (net of provision) considered as fully recoverable by the management from future crop sales/ land sales. In view of this no provision is considered necessary by the management.

Our Conclusion is not qualified in respect of these matters.

B S R & Co. LLP

Ion Exchange (India) Limited

Limited review report on unaudited quarterly consolidated financial results and consolidated year-to-date financial results of Ion Exchange (India) Limited under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( Continued )

1. We did not review the interim financial information of a branch included in the Standalone unaudited interim financial results of the Parent included in the Group, whose results reflect total assets (before consolidation adjustments) Rs. 3,090 lacs as at 30 September 2021 and total revenue (before consolidation adjustments) of Rs. 2,584 lacs and Rs. Rs. 4,697 lacs, total net profit after tax (before consolidation adjustments) of Rs. 177 lacs and Rs. 244 lacs, and total comprehensive income (before consolidation adjustments) of Rs. 177 lacs and Rs. 244 lacs for the quarter ended 30 September 2021 and for the period from 1 April 2021 and 30 September 2021, respectively, and cash outflows (net) Rs. 112 lacs for the period from 1 April 2021 and 30 September 2021, as considered in the Standalone unaudited interim financial results of the Parent included in the Group. The interim financial information of this branch has been reviewed by the branch auditor and whose report has been furnished to us, and our conclusion in so far as it relates to the amounts and disclosures in respect of this branch, is based solely on the report of such branch auditor and the procedures performed by us as stated in paragraph 3 above. Our Conclusion on the Statement is not modified in respect of the above matter.

2. We did not review the interim financial information of two subsidiaries included in the Statement, whose interim financial information reflects total assets of Rs. 1,779 lacs as at 30 September 2021, total revenue (before consolidation adjustments) of Rs 198 lacs and Rs 422 lacs, total net loss after tax (before consolidation adjustments) of Rs 121 lacs and Rs 282 lacs, and total comprehensive loss (before consolidation adjustments) of Rs. 121 lacs and Rs 282 lacs, for the quarter ended 30 September 2021 and for the period from 1 April 2021 to 30 September 2021, respectively, and cash outflow (net) of Rs 7 lacs for the period 1 April 2021 to 30 September 2021, as considered in the consolidated unaudited financial results. These interim financial information have been reviewed by the other auditors and whose report has been furnished to us by the management, and our conclusion on the Statement, in so far as it relates to the amounts and disclosures in respect of these subsidiaries, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above. Our Conclusion on the Statement is not modified in respect of the above matter.

3. The Statement includes standalone unaudited financial information of the Parent which includes the interim financial information of IEI shareholding (Staff welfare) Trusts (Sixty Trusts) and HMIL Shareholding (Staff Welfare) Trusts – (Seventeen trusts) which have not been reviewed, whose interim financial information reflects total assets (before consolidation adjustments) Rs. 4,866 lacs as at 30 September 2021, total revenue (before consolidation adjustments) of Rs. 249 lacs and Rs. 256 lacs, total net profit after tax (before consolidation adjustments) of Rs. 222 lacs and Rs. 229 lacs, and total comprehensive income (before consolidation adjustments) of Rs. 222 lacs and Rs. 229 lacs for the quarter ended 30 September 2021 and for the period from 1 April 2021 and 30 September 2021, respectively, and cash inflows (net) Rs. 133 lacs for the period from 1 April 2021 and 30 September 2021, as considered in the respective standalone unaudited interim financial information of the Parent included in the Group. According to the information and explanations given to us by the management, this interim financial information is not material to the Group. Our Conclusion on the Statement is not modified in respect of the above matter.

B S R & Co. LLP

Limited review report on unaudited quarterly consolidated financial results and consolidated year-to-date financial results of Ion Exchange (India) Limited under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( Continued )

1. The Statement includes fifteen subsidiaries which have not been reviewed, whose interim financial information reflect total assets of Rs. 19,866 lacs as at 30 September 2021, total revenue (before consolidation adjustments) of Rs 2,879 lacs and Rs. 6,116 lacs, total net profit after tax (before consolidation adjustments) of Rs 31 lacs and Rs. 36 lacs, total comprehensive income (before consolidation adjustments) of Rs 248 lacs and Rs 3,877 Lacs for the quarter ended 30 September 2021 and for the period from 1 April 2021 to 30 September 2021, respectively, and cash outflows (net) Rs. 222 lacs for the period from 1 April 2021 and 30 September 2021, as considered in the statement. Our Conclusion on the Statement is not modified in respect of the above matter.

2. The Statement also includes the Group’s share of net profit after tax (before consolidation adjustments) of Rs 26 lacs and Rs. 43 lacs, total comprehensive income (before consolidation adjustments) of Rs 26 lacs and Rs. 43 lacs for the quarter ended 30 September 2021 and for the period from 1 April 2021 to 30 September 2021, respectively, as considered in the consolidated unaudited financial results, in respect of four associates based on their interim financial information which have not been reviewed. According to the information and explanations given to us by the management, this interim financial information is not material to the Group. Our Conclusion on the Statement is not modified in respect of the above matter.

For B S R & Co. LLP Chartered Accountants Firm's Registration No: 101248W/W-100022

RAJIV Digitally signed by RAJIV SURAJ SURAJ SHAH Date: 2021.10.28 SHAH 15:36:53 +05'30'

Mumbai 28 October 2021

Rajiv Shah Partner Membership No: 112878 UDIN: 21112878AAAACH9470

B S R & Co. LLP

Limited review report on unaudited quarterly consolidated financial results and consolidated year-to-date financial results of Ion Exchange (India) Limited under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( Continued )

Annexure I - The Statement includes the result/ information of the following entities:

Sr.	Name of the Company	Relationship
No
1	Ion Exchange (India) Limited	Parent
2	Aqua Investments (India) Limited	Subsidiary
3	Watercare Investments (India) Limited	Subsidiary
4	Ion Exchange Enviro Farms Limited	Subsidiary
5	Ion Exchange Asia Pacific Pte Limited#	Subsidiary
6	IEI Environmental Management (M) Sdn. Bhd	Subsidiary
7	Ion Exchange LLC, USA	Subsidiary
8	Ion Exchange Projects and Engineering Limited	Subsidiary
9	Ion Exchange and Company LLC	Subsidiary
10	Ion Exchange Environment Management (BD) Limited	Subsidiary
11	Ion Exchange WTS (Bangladesh) Limited	Subsidiary
12	Global Composite & Structurals Limited	Subsidiary
13	Ion Exchange Safic Pty Ltd.	Subsidiary
14	Total Water Management Services (India) Limited	Subsidiary
15	Ion Exchange Purified Drinking Water Private Limited	Subsidiary
16	Ion Exchange Environment Management Limited	Subsidiary
	(Earlier known as Ion Exchange Waterleau Limited)
17	Ion Exchange Arabia for Water	Subsidiary
18	Aquanomics Systems Limited	Associate
19	IEI Water-Tech (M) Sdn. Bhd ##	Associate
20	Ion Exchange Financials Products Private Limited	Associate
21	Ion Exchange PSS Ltd ##	Associate

Includes financial statements of Ion Exchange Asia Pacific (Thailand) Limited and PT Ion Exchange Asia Pacific – step down subsidiary of Ion Exchange Asia Pacific Pte Limited

Holding through subsidiary company Ion Exchange Asia Pacific Pte Limited.

ION EXCHANGE (INDIA) LIMITED

Regd. Office : Ion House, Dr. E. Moses Road, Mahalaxmi, Mumbai - 400 011

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

			Year ended 30.09.2021 30.06.2021 30.09.2020 30.09.2021 30.09.2020 31.03.2021 Unaudited Unaudited Unaudited Unaudited Unaudited Audited 37,819 31,412 38,997 69,231 65,522 144,952 791 724 737 1,515 1,288 3,309 38,610 32,136 39,734 70,746 66,810 148,261 22,870 19,601 24,893 42,471 41,092 86,531 978 779 913 1,757 1,266 3,277 (287) (1,526) 96 (1,813) (249) (618) 4,965 4,817 4,352 9,782 8,664 17,363 247 277 292 524 709 1,261 699 698 725 1,397 1,410 2,767 5,321 4,164 4,644 9,485 7,532 18,169 34,793 28,810 35,915 63,603 60,424 128,750 3,817 3,326 3,819 7,143 6,386 19,511 26 17 36 43 22 (7) 3,843 3,343 3,855 7,186 6,408 19,504 1,134 1,031 1,322 2,165 2,101 5,631 (14) (11) (131) (25) (105) (460) 1,120 1,020 1,191 2,140 1,996 5,171 2,723 2,323 2,664 5,046 4,412 14,333 32 32 (31) 64 (62) 135 (8) (8) 8 (16) 16 (32) 61 1 (9) 62 (63) (130) 85 25 (32) 110 (109) (27) 2,808 2,348 2,632 5,156 4,303 14,306 2,742 2,388 2,695 5,130 4,465 14,394 (19) (65) (31) (84) (53) (61) 2,723 2,323 2,664 5,046 4,412 14,333 75 28 (32) 103 (109) 14 10 (3) - 7 - (41) 85 25 (32) 110 (109) (27) 2,817 2,416 2,663 5,233 4,356 14,408 (9) (68) (31) (77) (53) (102) 2,808 2,348 2,632 5,156 4,303 14,306 1,423 1,423 1,423 1,423 1,423 1,423 49,160 23.13 20.14 22.72 43.27 37.65 121.41 23.13 20.14 22.72 43.27 37.65 121.41 INR in Lacs Quarter ended Half year ended
	I II III IV V VI VII VIII IX X XI XII XIII XIV	Revenue from operations Other income Total Income (I+II) Expenses a) Cost of materials consumed b) Purchase of stock-in-trade c) Changes in inventories of finished goods, work-in-progress and stock-in-trade d) Employee benefits expense e) Finance Costs f) Depreciation and amortisation expense g) Other expenses Total expenses (IV) Profit before tax, before share of profit / (loss) of equity accounted investee (III-IV) Share of profit / (loss) of equity accounted investee (net of income tax) Profit before tax (V+VI) Tax expense Current tax Deferred tax Net profit after tax (VII-VIII) Other Comprehensive Income Items that will not be reclassified to profit or loss (a) Remeasurement benefit of defined benefit plans (b) Income tax expense on remeasurement benefit of defined benefit plans Items that will be reclassified to profit or loss Movement in foreign currency translation reserve Total Other Comprehensive Income Total Comprehensive Income (IX+X) Profit attributable to: Owners of the company Non-Controlling Interests Profit for the period Other Comprehensive Income attributable to : Owners of the company Non-Controlling Interests Other Comprehensive Income for the period Total Comprehensive Income attributable to : Owners of the company Non-Controlling Interests Total Comprehensive Income for the period Paid-up equity share capital (Face value Rs. 10 per share) Other equity (excluding revaluation reserves) Earnings per equity share (EPS) [Refer note 3] a) Basic EPS (INR) [Not annualised] b) Diluted EPS (INR) [Not annualised] Particulars

RAJESH Digitally signed by RAJESH CHANDRABHAN CHANDRABHAN SHARMA Date: 2021.10.28 14:08:40 SHARMA +05'30'

Notes:

• 1) The consolidated financial results include the results of its subsidiaries - Aqua Investments (India) Limited, Global Composites and Structurals Limited, IEI Environmental Management (M) Sdn. Bhd., Ion Exchange And Company LLC, Ion Exchange Arabia for Water, Ion Exchange Asia Pacific Pte. Ltd. (Consolidated), Ion Exchange Enviro Farms Limited (IEEFL), Ion Exchange Environment Management (BD) Limited, Ion Exchange Environment Management Limited, Ion Exchange LLC, Ion Exchange Projects And Engineering Limited, Ion Exchange Purified Drinking Water Private Limited, Ion Exchange Safic Pty. Limited, Ion Exchange WTS (Bangladesh) Limited, Total Water Management Services (India) Limited and Watercare Investments (India) Limited.

• 2) The above financial results which are published in accordance with Regulation 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 ('Listing Regulations') have been reviewed by the Audit Committee at a meeting held on 28th October 2021 and approved by the Board of Directors at their meeting held on 28th October 2021. The above results have been subjected to 'limited review' by the statutory auditors of the Company. The financial results are prepared in accordance with the Ind AS prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies.

• 3) Earnings per equity share includes Ind AS impact of consolidation of equity shares held by IEI Shareholding (Staff Welfare) Trusts and HMIL Shareholding (Staff Welfare) Trusts.

• for the quarter and half year ended 30th September 2021: 2,373,614 shares.

• for the quarter ended 30th June 2021: 2,373,614 shares.

• for the year ended 31st March 2021: 2,373,614 shares.

• for the quarter and half year ended 30th September 2020: 23,68,939 shares

• 4) With respect to the matter with SEBI of IEEFL (a subsidiary of the Company), in accordance with the directions of the Supreme Court, IEEFL approached SEBI and explained its position vide letter dated 17th May 2013. Accordingly, IEEFL has initiated actions in line with the details submitted to SEBI. In December 2015, SEBI had asked the company to pre deposit amount due to farm owners and close the scheme. The company has submitted that it shall get discharge certificates from balance farm owners within a period of two years from March, 2016. As SEBI refused to accede to Company's request, IEEFL had preferred a fresh appeal at Securities Appellate Tribunal (SAT) on 9th February 2017 citing practical difficulties in execution of the SEBI order. The appeal was heard and vide order dated 18th October 2019, SAT has dismissed the appeal. Based on the legal advice received, IEEFL has filed review petition in the matter at SAT. Further, based on the legal advice, pending final order from SAT on the review petition, an appeal is filed in the Supreme Court against order of SAT on 18th February 2020. SAT vide order dated 19th March 2021, rejected the review petition and held that, there is no error apparent on the face of the earlier order. The appeal filed by IEEFL in Supreme Court is pending. IEEFL does not envisage any liability on this account and including the recovery of INR 197 Lacs towards maintenance expenses. The auditors of the IEEFL has expressed emphasis of matter.

• 5) The group has assessed the potential impact of Covid-19 on its capital and financial resources, profitability, liquidity position, ability to service debt and other financing arrangements. The Group's liquidity position is adequate to meet its commitments and it expects to recover the carrying value of its assets. The group will continue to closely monitor any material changes to future economic conditions and update its assessment as necessary.

• 6) The figures for the corresponding previous periods have been regrouped/ reclassified, wherever necessary, to make them comparable.

			For Ion Exchange (India) Limited	For Ion Exchange (India) Limited
			RAJESH	Digitally signed by RAJESH
			CHANDRABHAN	CHANDRABHAN SHARMA Date: 2021.10.28 14:09:01
			SHARMA	+05'30'
Place	:	Mumbai		Rajesh Sharma
Date	:	28th October 2021	Chairman and	Managing Director

ION EXCHANGE (INDIA) LIMITED

Regd. Office : Ion House, Dr. E. Moses Road, Mahalaxmi, Mumbai - 400 011

Balance sheet - Consolidated

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INR in Lacs
As at As at
30th Sep 2021 31st Mar 2021
Unaudited Audited
ASSETS
Non-current assets
(a) Property, plant and equipment 14,432 14,864
(b) Capital work-in-progress 1,964 1,460
(c) Right-of-use assets 2,858 3,030
(d) Goodwill 863 863
(e) Other intangible assets 185 216
(f) Investment accounted using equity method 398 356
(g) Financial assets
(i) Investments 251 71
(ii) Trade receivables 454 454
(iii) Other financial assets 1,646 1,768
(h) Other non current assets 1,560 1,355
(i) Deferred tax assets (Net) 544 535
(j) Non current tax assets (Net) 114 61
Total non-current assets 25,269 25,033
Current assets
(a) Inventories 17,098 12,759
(b) Financial assets
(i) Investments 31 24
(ii) Trade receivables 42,869 44,896
(iii) Cash and cash equivalents 8,900 9,207
(iv) Bank balances other than (iii) above 38,083 41,331
(v) Loans 1,718 1,424
(vi) Other financial assets 1,101 1,172
(c) Current tax assets (Net) 17 67
(d) Other current assets 8,149 8,418
Total current assets 117,966 119,298
Total assets 143,235 144,331
EQUITY AND LIABILITIES
Equity
(a) Equity share capital 1,423 1,423
(b) Other equity 53,209 49,160
Equity attributable to owners 54,632 50,583
Non controlling interests (33) (12)
Total equity 54,599 50,571
Liabilities
Non-current liabilities
(a) Financial liabilities
(i) Borrowings 256 795
(ii) Lease liabilities 393 484
(iii) Other financial liabilities 878 848
(b) Provisions 1,708 1,705
(c) Other non-current liabilities 51 51
Total non-current liabilities 3,286 3,883
Current liabilities
(a) Financial liabilities
(i) Borrowings 5,918 4,343
(ii) Lease liabilities 529 611
(iii) Trade payables
- Total outstanding dues of micro and small enterprises 2,032 1,505
- Total outstanding dues of creditors other than micro and small enterprises 51,348 52,027
(iv) Other financial liabilities 3,264 3,106
(b) Other current liabilities 20,475 25,184
(c) Provisions 903 525
(d) Current tax liabilities (Net) 881 2,576
Total current liabilities 85,350 89,877
Total liabilities 88,636 93,760
Total equity and liabilities 143,235 144,331
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For Ion Exchange (India) Limited RAJESH Digitally signed by RAJESH CHANDRABHAN CHANDRABHAN SHARMA Date: 2021.10.28 14:09:37 SHARMA +05'30'

Place: Mumbai Date : 28th October 2021

Rajesh Sharma Chairman and Managing Director

Ion Exchange (India) Limited

Regd. Office : Ion House, Dr. E. Moses Road, Mahalaxmi, Mumbai - 400 011

Statement of Cash Flows - Consolidated

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INR in Lacs
Half year ended Half year ended
30th Sep 2021 30th Sep 2020
Unaudited Unaudited
A. Cash flow from operating activities:
Profit before tax 7,143 6,386
Adjustment to reconcile profit before tax to net cash flows:
Depreciation and amortisation expense 1,397 1,410
Finance cost 524 709
Dividend income (2) (1)
Interest income (1,095) (1,149)
Provision for Doubtful debts / Bad debts written off 155 203
Change in fair value of investments (7) (5)
Unrealised exchange loss / (gain) (Net) (151) (182)
Operating profit before working capital changes 7,964 7,371
Movements in working capital:
(Increase) / Decrease in inventories (4,338) 554
(Increase) / Decrease in trade receivables 1,990 90
(Increase) / Decrease in loans and other assets (46) (316)
(Decrease) / Increase in trade payables (111) 3,480
(Decrease) / Increase in other financial liabilities 397 1,067
(Decrease) / Increase in other current liabilities (4,709) (3,041)
(Decrease) / Increase in provisions 445 347
Cash generated from operations 1,592 9,552
Taxes paid (Net) (3,964) (1,869)
Net cash generated from / (used in) operating activities (A) (2,372) 7,683
B. Cash flow from investing activities:
Purchase of property, plant and equipment (1,676) (758)
Investments made in others (180) (178)
Bank deposit made during the period (with maturity more than three months) (3,546) (12,710)
Bank deposit matured during the period (with maturity more than three months) 6,814 5,508
Dividend received 2 1
Interest received 1,271 2,844
Net cash generated from / (used in) investing activities (B) 2,685 (5,293)
C. Cash flow from financing activities:
Repayment of borrowings (966) (4,656)
Proceeds from borrowings 2,227 769
Payment towards lease liabilities (417) (542)
Proceeds from equity shares issued to minority share holder in a subsidiary 65 -
Dividend paid (1,186) (182)
Finance cost (398) (493)
Net cash generated from / (used in) financing activities (C) (675) (5,104)
Net Increase / (Decrease) in cash and cash equivalents (A)+(B)+(C) (362) (2,714)
Effect of exchange difference on cash and cash equivalent held in foreign currency 55 619
Cash and cash equivalents as at the beginning of the period 9,207 10,146
Cash and cash equivalents as at the end of the period 8,900 8,051
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For Ion Exchange (India) Limited Digitally signed by RAJESH RAJESH CHANDRABHAN CHANDRABHAN SHARMA SHARMA Date: 2021.10.28 14:10:01 +05'30'

Place : Mumbai Date : 28th October 2021

Rajesh Sharma Chairman and Managing Director

ION EXCHANGE (INDIA) LIMITED

Regd. Office : Ion House, Dr. E.Moses Road, Mahalaxmi, Mumbai - 400 011.

Segment wise Revenue, Results and Capital employed

1. Segment Revenue a) Engineering b) Chemicals c) Consumer Products d) Unallocated Total Less : Inter segment revenue Net Sales / Income from Operations 2. Segment Results [Profit(+)/Loss(-) before tax and interest from segment] a) Engineering b) Chemicals c) Consumer Products d) Others Total Less: i) Finance Cost ii) Other unallocable expenditure net off unallocable income Add: Interest Income Total Profit (+) / Loss (-) Before Taxation 3. Capital Employed (Segment Assets - Segment Liabilities) a) Engineering b) Chemicals c) Consumer Products d) Others Total Capital Employed in Segments Add : Unallocable corporate assets less corporate liabilities Total Capital Employed in Company PARTICULARS	Year Ended 30.09.2021 30.06.2021 30.09.2020 30.09.2021 30.09.2020 31.03.2021 Unaudited Unaudited Unaudited Unaudited Unaudited Audited 21,093 17,224 25,247 38,317 41,442 90,274 13,108 11,602 10,857 24,710 19,400 42,976 3,534 2,355 2,218 5,889 4,222 10,843 3 - - 3 - 87 37,738 31,181 38,322 68,919 65,064 144,180 1,266 1,124 789 2,390 1,559 4,004 36,472 30,057 37,533 66,529 63,505 140,176 1,292 1,209 1,626 2,501 2,654 8,639 2,860 2,519 2,462 5,379 4,311 10,592 (58) (140) (95) (198) (189) (408) - - - - - - 4,094 3,588 3,993 7,682 6,776 18,823 188 213 262 401 578 990 588 359 381 947 661 1,490 785 731 858 1,516 1,575 3,244 4,103 3,747 4,208 7,850 7,112 19,587 36,439 35,293 27,602 36,439 27,602 32,942 16,020 15,160 14,168 16,020 14,168 14,807 151 143 790 151 790 177 - - - - - - 52,610 50,596 42,560 52,610 42,560 47,926 14,658 14,870 10,602 14,658 10,602 14,772 67,268 65,466 53,162 67,268 53,162 62,698 Standalone Quarter ended Half year ended	INR in Lacs Year Ended 30.09.2021 30.06.2021 30.09.2020 30.09.2021 30.09.2020 31.03.2021 Unaudited Unaudited Unaudited Unaudited Unaudited Audited 22,080 17,668 26,345 39,748 43,362 94,070 13,467 12,513 11,223 25,980 19,497 43,956 3,534 2,355 2,218 5,889 4,222 10,843 3 - - 3 - 87 39,084 32,536 39,786 71,620 67,081 148,956 1,265 1,124 789 2,389 1,559 4,004 37,819 31,412 38,997 69,231 65,522 144,952 1,307 917 1,670 2,224 2,784 9,951 2,825 2,727 2,264 5,552 4,046 10,618 (47) (130) (84) (177) (168) (369) (16) (3) (7) (19) (14) (98) 4,069 3,511 3,843 7,580 6,648 20,102 247 277 292 524 709 1,261 582 426 378 1,008 702 1,751 577 518 646 1,095 1,149 2,421 3,817 3,326 3,819 7,143 6,386 19,511 34,406 33,641 25,254 34,406 25,254 31,564 16,342 15,050 13,919 16,342 13,919 14,619 151 143 790 151 790 177 1,035 1,028 1,062 1,035 1,062 1,002 51,934 49,862 41,025 51,934 41,025 47,362 2,665 3,056 (396) 2,665 (396) 3,209 54,599 52,918 40,629 54,599 40,629 50,571 Consolidated Quarter ended Half year ended

Notes:

1) Segments have been identified in line with the Ind AS 108 on Segment Reporting.

For Ion Exchange (India) Limited RAJESH Digitally signed by RAJESH CHANDRABHAN CHANDRABHAN SHARMA Date: 2021.10.28 14:10:36 SHARMA +05'30'

Place : Mumbai Date : 28th October 2021

Rajesh Sharma Chairman and Managing Director