Jindal Poly Films Ltd. — Annual Report 2021

May 28, 2021

@JINDAL PO

FILMS LTD.

Plot No. 12, Sector 8-1, Local Shopping Complex, Vasant Kunj, New Delhi -110070 (INOIA) Phone : 011-40322100 Fax : (91-11) 40322129 Web. : www.jindalgroup.com

JPFL/DE-PT/SE/2021-2022

May 28, 2021

The Manager, Listing National Stock Exchange of India Ltd. Exchange Plaza, Bandra-Kurla Complex, Bandra (E) MUMBAI - 400 051 Scrip Code: JINDALPOLY

The Manager Listing BSE Limited. Phiroze Jeejeebhoy Towers, Dalal Street,Fort MUMBAI - 400 001 Scrip Code: 500227

Dear Sir/Madam,

Sub: Out Come of the Board Meeting held on 28th May 2021

Pursuant to the provisions of the SEBI (LODR) Regulations, 2015, this is to inform you that the Board of Directors of the Company at its Meeting held today i.e. 28th May 2021, has inter-alia considered and approved the followings:

• Audited Financial Results (Standalone and Consolidated) for the financial year and Quarter ended March 31, 2021 (enclosed);

• The Auditors' Report on audited Financial Results of the Company for the financial year and Quarter ended March 31, 2021 (enclosed);

• Recommended Dividend @ 20% (Re.2 per Equity Share) of the paid-up Equity Share Capital to the shareholders of the Company, for the financial year ended March 31, 2021.

Declaration regarding Auditor's Report with unmodified opinion

Pursuant to Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby declare that Statutory Auditors of the Company have issued Auditor's Report with unmodified opinion on the Annual Audited Financial Results of the Company for the financial year ended on 3p[t ] March, 2021.

Meeting commenced at 16:30 and concluded at 22.15 Kindly bring it to the notice of all concerned.

Yours Sincerely,

For JINDAL POLY FILMS LIMITED

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Sanjeev Kumar Company Secretary ACS: 18087

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Regd. Office: I 9[1] " K. M. Hapur Bulandshahr Road, PO Gulaothi, Distt Bulendshahr (U. P.) CIN: Ll71 l lUP1974PLC003979

JINDAL POLY FILMS LIMITED

CIN :- L17111UP1974PLC003979

Regd. Office : 19th K.M., Hapur Bulandshahr Road, P.O. Gulaothi, Bulandshahr (U.P.)

Statement Of Audited Standalone Financial Results for the quarter and year ended March 31, 2021

		Rs in Lakhs except EPS	Rs in Lakhs except EPS	Rs in Lakhs except EPS	Rs in Lakhs except EPS	Rs in Lakhs except EPS
S.No.	Particulars	Quarter ended			Year ended
		March 31, 2021 (Audited)	December 31, 2020 (Unaudited)	March 31, 2020 (Audited)	March 31, 2021 (Audited)	March 31, 2020 (Audited)
1 2 3 4 5 6 7 8 9 10 11 12	Income Revenue from operations Other income Total Income Expenses Cost of materials consumed Purchase of stock-in-trade Changes in inventories of finished goods, work-in-progress and stock- in-trade Employee benefits expense Finance costs Depreciation and amortisation expense Other expenses Total Expenses Profit before exceptional items and tax Exceptional items gain/(loss) Profit / (Loss) before tax Tax expense charge / (credit) Current tax Current tax adjustment relating to earlier years Deferred tax Total tax Net Profit/(Loss) for the period Other comprehensive income Items that will not be reclassified to profit or loss (net of tax thereon) - Remeasurements of post employment benefit obligations Total comprehensive income for the period (Comprising Profit/(Loss) and other comprehensive income) Other Equity (excluding revaluation reserve) Paid up equity share capital ( Face Value Rs. 10/- each) Earnings/(Loss) per equity share of Rs.10/- Each (Not annualised) Basic and Diluted Earnings per share	1,14,864 5,110 1,19,974 78,335 - (8,239) 3,291 (2,610) 3,541 17,290 91,608 28,366 - 28,366 6,185 531 (1,124) 5,592 22,774 53 22,827 4,379 52.01	1,07,397 3,598 1,10,995 60,278 (0) (22) 2,984 3,676 3,708 13,979 84,603 26,392 - 26,392 6,989 (0) 1,211 8,200 18,192 (13) 18,179 4,379 41.55	89,255 2,726 91,981 53,848 52 (4,812) 2,914 4,355 2,827 16,341 75,525 16,456 - 16,456 3,073 - (537) 2,536 13,920 114 14,034 4,379 31.79	4,07,481 13,550 4,21,031 2,32,168 1 (4,048) 11,330 5,721 14,215 58,177 3,17,564 1,03,467 - 1,03,467 25,574 (926) 260 24,909 78,558 109 78,667 2,54,030 4,379 179.40	3,52,968 7,313 3,60,282 2,25,852 181 (5,595) 10,432 9,138 11,562 57,245 3,08,815 51,467 - 51,467 12,582 - (8,991) 3,591 47,876 96 47,972 1,75,800 4,379 109.34

Reportable Operating Segment Informations

S.No.	Particulars	Quarter Ended	Quarter Ended	Quarter Ended	Year Ended	Year Ended
		March 31, 2021 (Audited)	December 31, 2020 (Unaudited)	March 31, 2020 (Audited)	March 31, 2021 (Audited)	March 31, 2020 (Audited)
1 2 3 4	Segment Revenue Packaging films Nonwoven fabrics Revenue from operations Segment Results Packaging films Nonwoven fabrics Other unallocable income/(expenses) (net) Profit before finance costs and tax Less : Finance costs Profit before tax Segment Assets Packaging films Nonwoven fabrics Unallocable assets Total Assets Segment Liabilities Packaging films Nonwoven fabrics Unallocable liabilities Total Liabilities	1,00,381 14,483 1,14,864 20,735 3,804 1,106 25,756 (2,610) 28,366 2,93,534 82,599 95,718 4,71,851 87,686 16,558 1,09,198 2,13,442	88,609 18,788 1,07,397 20,427 8,529 1,224 30,068 3,676 26,392 2,89,235 78,812 70,605 4,38,652 80,273 13,048 1,09,748 2,03,069	73,111 16,144 89,255 15,781 2,815 2,216 20,812 4,355 16,457 2,91,743 78,340 59,878 4,29,961 69,380 20,258 1,60,144 2,49,782	3,46,516 60,965 4,07,481 80,931 25,746 2,511 1,09,188 5,721 1,03,467 2,93,534 82,599 95,718 4,71,851 87,686 16,558 1,09,198 2,13,442	3,22,587 30,381 3,52,968 51,172 5,359 4,074 60,605 9,138 51,467 2,91,743 78,340 59,878 4,29,961 69,380 20,258 1,60,144 2,49,782

Notes :

• 1 Financial Results has been prepared in accordance with the Indian Accounting Standards (“Ind AS”) prescribed under section 133 of the Companies Act 2013 read with the relevant rules issued thereunder.

• 2 The Standalone Financial Results and Segments were reviewed by the Audit Committee and taken on record at the meeting of the Board of Directors at their respective meetings held on May 28, 2021 and audit of these results has been carried out by the Statutory Auditors of the Company.

3 Statement of Assets, Equity and Liabilities

Statement of Assets, Equity and Liabilities
	Rs in Lakhs
	As at March 31, 2021 (Audited) As at March 31, 2020 (Audited)
Assets (1) Non Current Assets (a) Property, plant and equipment (b) Capital work-in-progress (c) Right to use of assets (d) Intangible assets (f) Financial assets - Investments - Loans - Other financial assets (g) Other non-current assets Total Non-Current Assets (2) Current Assets (a) Inventories (b) Financial assets - Investments - Trade receivables - Cash and cash equivalents - Bank balances other than cash and cash equivalents - Loans - Other financial assets (c) Current tax assets (net) (d) Other current assets Total Current Assets	2,42,291 2,31,458.72 2,463 18,161.49 99 161.46 427 567.31 14,504 4,492.16 15,360 - 625 538.74 5,770 1,634.63
	2,81,541 2,57,015
	70,094 57,529 30,776 37,903 10,032 13,024 17,490 24,715 12,884 2,437 2,582 3 31,845 22,458 4,008 3,120 10,600 11,756
	1,90,310 1,72,946
Total Assets	4,71,851 4,29,961
Equity And Liabilities (1) Equity (a) Equity share capital (b) Other equity Total Equity (2) Non Current Liabilities (a) Financial liabilities - Borrowings - Lease liability (b) Deferred tax liabilities (Net) (c) Other non-current liabilities Total Non-Current Liabilities (3) Current Liabilities (a) Financial liabilities -Borrowings - Lease liability - Trade Payables (i) Total outstanding dues of micro enterprises and small enterprises; and (ii) Total outstanding dues of creditors other than micro enterprises and small enterprises - Other financial liabilities (b) Other current liabilities (c) Provisions Total Current Liabilities	4,379 4,379 2,54,030 1,75,800
	2,58,409 1,80,179
	56,914 94,856 45 99 20,422 20,125 45,851 36,836
	1,23,232 1,51,915
	16,340 24,109 61 66 368 144 26,390 24,799 18,839 29,379 28,211 19,359 - 10
	90,211 97,867
Total Liabilities	4,71,851 4,29,961

4 Standalone Statement of Cash Flow **

Rs in Lakhs

Standalone Statement of Cash Flow **			Rs in Lakhs	Rs in Lakhs
Particulars	For the year ended March 31, 2021(Audited)		For the year ended March 31, 2020(Audited)
A. Cash inflow/(outflow) from operating activities Net profit before tax Adjustments for: Depreciation and amortisation Amortisation of deferred government grant Net loss on disposal/ discard of property, plant and equipment Gain on sale of investment in mutual fund units (net) Unrealised gain on foreign currency transactions and translations (considered as finance cost) Finance costs Interest income Dividend income Unrealised gain on fair valuation of derivatives Fair value adjustments on financial assets (net) Operating profit before working capital changes Adjustment for (Increase)/decrease in trade and other receivables (Increase)/decrease in inventories Increase/(decrease) in trade and other payables Cash generated from operations Less : Direct tax paid (Net of refund received) Net cash generated from operating activities B. Cash inflow/(outflow) from investing activities Purchase of property, plant and equipments and intangible assets Sales proceeds of property, plant and equipments Amount received from Capital Subsidy Purchase of investments in mutual fund units Sale of investments (redemption of mutual fund units) Purchase of investments in equity shares Movement in fixed deposits Dividend received Interest received Loan given Loan refunded back Net cash used in investing activities C. Cash inflow/(outflow) from financing activities Proceeds from non current borrowings Repayments of non current borrowings Proceeds/(repayments) of current borrowings (net) Dividend paid (Including dividend distribution tax) Payment of lease obligation Finance cost paid Net cash (used) / generated from financing activities Net increase in cash and cash equivalents (A+B+C) Opening Balance of Cash and Cash Equivalents Less : Balance transferred pursuant to Scheme of Arrangement Closing balance of cash and cash equivalents	1,03,467 14,215 (3,854) 436 (995) (3,388) 5,721 (1,752) (548) (298) - 1,13,005 4,292 (12,565) 10,508 1,15,240 (25,536)		51,467 11,562 (1,911) 19 (3,020) (3,536) 5,378 (437) - (1,003) 58,519 (1,183) (10,605) 933
			47,664 (12,214)
	89,704 (20,001) 26 4,671 (48,000) 56,122 (10,012) (10,447) 548 1,450 (17,942) 3	89,704	(47,324) 124 8,790 (31,219) 26,559 (3,700) 1,302 - 425 (502) 3,227	35,450
	(43,582) 5,003 42,651 (43,688) (10,220) (7,769) 4,192 (438) (528) (59) 3 (6,397) (6,274) (53,348) (7,226) 24,715 - 17,490			(42,317)
				29,824
				22,957 1,940 (182)
				24,715

** Figures in bracket represent outflows.

• 5 COVID - 19 pandemic has caused serious disruption on the global economic and business environment. There is a huge uncertainty with regard to its impact which cannot be reasonably determined at this stage. However, the Company has evaluated and considered to the extent possible the likely impact that may arise from COVID-19 pandemic as well as all event and circumstances upto the date of approval of these Financial results on the carrying value of its assets and liabilities as on March 31, 2021. Based on the current indicators of future economic conditions, the Company estimates to recover the carrying amount of these assets and adequate liquidity is available. These estimates are subject to uncertainty and may be affected by the severity and duration of the pandemic. The Company is continuously monitoring any material changes in future economic conditions.

• 6 Figures for the previous periods have been regrouped / rearranged, wherever necessary. The figures of current and corresponding quarter are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto the third quarter of the current and corresponding financial year.

• 7 The results of the Company are available for investors at www.jindalpoly.com, www.nseindia.com and www.bseindia.com

Place : New Delhi Date : May 28, 2021

By Order of the Board For Jindal Poly Films Limited

SANJEEV Digitally signed by SANJEEV SAXENA SAXENA Date: 2021.05.28 21:50:49 +05'30'

Sanjeev Saxena Whole Time Director DIN - 07899506

JINDAL POLY FILMS LIMITED

CIN :- L17111UP1974PLC003979

Regd. Office : 19th K.M., Hapur Bulandshahr Road, P.O. Gulaothi, Bulandshahr (U.P.) Statement Of Audited Consolidated Financial Results for the quarter and year ended March 31, 2021

		Rs in Lakhs except EPS	Rs in Lakhs except EPS	Rs in Lakhs except EPS	Rs in Lakhs except EPS	Rs in Lakhs except EPS	Rs in Lakhs except EPS
S.No.	Particulars	Quarter ended			Year ended		Year ended
		March 31, 2021 (Audited)	December 31, 2020 (Unaudited)	March 31, 2020 (Audited)	March 31, 2021 (Audited)	March 31, 2020 (Audited)	31st Mar 2020 (Audited)
1 Income Revenue from operations Other income Total Income 2 Expenses Cost of materials consumed Purchase of stock-in-trade Changes in inventories of finished goods, work-in-progress and stock in-trade Employee benefits expense Finance costs Depreciation and amortisation expense Other expenses Total Expenses 3 Profit before exceptional items and tax 4 Exceptional items gain/(loss) 5 Profit/(Loss) before tax 6 Tax expense charge / (credit) Current tax Current tax adjustment relating to earlier years Deferred tax Total tax 7 Net Profit/(Loss) for the period 8 Other comprehensive income Items that will may be reclassified to profit or loss (net of tax thereon) -Exchange differences on translating the Financial Statements of foreign operations Items that will not be reclassified to profit or loss (net of tax thereon) - Remeasurements of post employment benefit obligations 9 Total comprehensive income for the period (Comprising Profit/(Loss) and other comprehensive income) 10 Profit / (Loss) for the period attributable to: Owners of the parent Non Controlling Interests 11 Other comprehensive income for the period attributable to: Owners of the parent Non Controlling Interests 12 Total comprehensive income for the period attributable to: Owners of the parent Non Controlling Interests 13 Other equity (excluding revaluation reserve) 14 Paid up equity share capital (Face Value Rs. 10/- each) 15 Earnings/(Loss) per equity share of Rs.10/- Each (Not annualised) Basic and Diluted Earnings/(Loss) Per Share		1,15,094 5,366 1,20,460 78,021 (0) - (7,985) 3,387 (2,600) 3,609 17,311 91,743 28,717 - 28,717 6,202 531 (1,064) 5,669 23,048 (14) 54 23,088 23,048 - 40 - 23,088 - 4,379 52.64	1,06,886 3,668 1,10,554 60,033 (0) (589) 3,046 3,713 3,777 13,992 83,972 26,582 - 26,582 6,988 (0) 1,229 8,218 18,364 0 (13) 18,352 18,364 - (13) - 18,352 - 4,379 41.94	88,281 2,734 91,015 52,854 52 (4,911) 3,016 4,280 2,894 16,378 74,563 16,452 - 16,452 3,033 - (507) 2,526 13,926 (2) 116 14,040 13,926 - 114 - 14,040 - 4,379 31.80	4,08,228 14,336 4,22,564 2,32,054 1 (4,076) 11,626 5,850 14,488 58,576 3,18,519 1,04,045 - 1,04,045 25,590 (926) 292 24,957 79,088 (11) 110 79,187 79,088 - 99 - 79,187 - 4,379 180.62	3,54,552 7,356 3,61,908 2,25,338 181 (5,251) 10,710 9,528 11,835 56,844 3,09,185 52,723 - 52,723 12,908 - (9,049) 3,859 48,864 (2) 98 48,960 48,864 - 96 - 48,960 - 4,379 111.60	3,54,640 7,356 3,61,996 2,25,472 138 (5,251) 10,061 9,522 11,835 57,496 3,09,273 52,723 - 52,723 - 12,908 (9,049) 3,859 48,864 (2) 98 48,960 48,864 - 96 - 48,960 - 1,81,051 4,379 111.60

Reportable Consolidated Operating Segment Informations

Reportable Consolidated Operating Segment Informations	Reportable Consolidated Operating Segment Informations
		Rs in Lakhs
S.No.	Particulars	Quarter ended			Year ended		Year ended
		March 31, 2021 (Audited)	December 31, 2020 (Unaudited)	March 31, 2020 (Audited)	March 31, 2021 (Audited)	March 31, 2020 (Audited)	31st Mar 2020 (Audited)
1 2 3 4	Segment Revenue Packaging films Nonwoven fabrics Revenue From Operations Segment Results Packaging films Nonwoven fabrics Other unallocable income/(expenses) (net) Profit/(Loss) before finance costs and tax Less : Finance costs Profit/(Loss) before tax Segment Assets Packaging films Nonwoven fabrics Unallocable assets Total Assets Segment Liabilities Packaging films Nonwoven fabrics Unallocable liabilities Total Liabilities*	1,00,612 14,483 1,15,094 21,342 3,804 1,183 26,328 (2,389) 28,717 3,00,771 82,599 98,398 4,81,768 88,547 16,558 1,12,484 2,17,589	88,098 18,788 1,06,886 20,407 8,529 1,148 30,084 3,502 26,582 2,95,905 78,812 73,642 4,48,359 81,498 13,048 1,12,661 2,07,207	72,137 16,144 88,281 15,176 2,815 2,742 20,732 4,280 16,452 2,98,607 78,340 61,405 4,38,352 72,259 20,258 1,60,405 2,52,922	3,47,263 60,965 4,08,228 81,257 25,746 2,892 1,09,895 5,850 1,04,045 3,00,771 82,599 98,398 4,81,768 88,547 16,558 1,12,484 2,17,589	3,24,171 30,381 3,54,552 52,731 5,359 4,162 62,251 9,528 52,723 2,98,607 78,340 61,405 4,38,352 72,259 20,258 1,60,405 2,52,922	3,24,259 30,381 3,54,640 53,386 4,769 4,090 62,245 9,522 52,723 3,07,888 80,020 50,444 4,38,352 72,259 20,159 1,60,504 2,52,922

• including exceptional Items gain / (loss)

Notes :

1 Consolidated Financial Results has been prepared in accordance with the Indian Accounting Standards (“Ind AS”) prescribed under section 133 of the Companies Act 2013 read with the relevant rules issued thereunder.

2 The Consolidated Financial Results and Segments were reviewed by the Audit Committee and taken on record at the meeting of the Board of Directors at their respective meetings held on May 28, 2021 and audit of these results has been carried out by the Statutory Auditors of the Company.

• 3 Statement of Assets, Equity and Liabilities

	Rs in Lakhs
	As at March 31, 2021 (Audited) As at March 31, 2020 (Audited)
Assets (1) Non Current Assets (a) Property, plant and equipment (b) Capital work-in-progress (c) Right to use of assets (d) Intangible assets (e) Financial assets - Investments - Loans - Other financial assets (f) Other non-current assets Total Non-Current Assets (2) Current Assets (a) Inventories (b) Financial assets - Investments - Trade receivables - Cash and cash equivalents - Bank balances other than cash and cash equivalents - Loans - Other financial assets (c) Current tax assets (net) (d) Other current assets Total Current Assets	2,46,062 2,35,502 2,463 18,161 99 161 427 567 15,982 6,012 15,360 - 625 539 5,770 1,635
	2,86,789 2,62,578
	71,412 58,993 32,027 37,944 10,364 12,662 18,539 25,106 12,884 2,437 2,582 3 31,845 22,478 4,076 3,179 11,251 12,971
	1,94,979 1,75,774
Total Assets	4,81,768 4,38,352
Equity And Liabilities (1) Equity (a) Equity share capital (b) Other equity Total Equity (2) Non Current Liabilities (a) Financial liabilities - Borrowings - Lease liability (b) Provisions (c) Deferred tax liabilities (net) (d) Other non-current liabilities Total Non-Current Liabilities (3) Current Liabilities (a) Financial liabilities -Borrowings - Lease liability - Trade Payables (i) Total outstanding dues of micro enterprises and small enterprises; and (ii) Total outstanding dues of creditors other than micro enterprises and small enterprises - Other financial liabilities (b) Other current liabilities (c) Provisions Total Current Liabilities	4,379 4,379 2,59,801 1,81,051
	2,64,179 1,85,430
	56,914 94,856 45 99 24 19 20,716 20,387 45,851 36,836
	1,23,549 1,52,196
	19,331 26,989 61 66 368 144 26,772 25,132 18,942 29,410 28,565 18,975 (0) 10
	94,040 1,00,727
Total Liabilities	4,81,768 4,38,352

4 Consolidated Statement of Cash Flow **

Consolidated Statement of Cash Flow **
			Rs in Lakhs
Particulars	For the period ended March 31, 2021(Audited)		For the period ended March 31, 2020(Audited)
A. Cash inflow/(outflow) from operating activities Net profit before tax Adjustments for: Depreciation and amortisation Amortisation of deferred government grant Net loss / (gain) on disposal/ discard of property, plant and equipment Gain on sale of investment in mutual fund units (net) Unrealised gain on foreign currency transactions and translations (considered as finance cost) Net loss / (gain) on fair value of current investment Finance costs Interest income Net Gain / (Loss) on Sale of investment in Equity Shares Dividend Received on Investment in Mutual Fund Units Unrealised gain on fair valuation of derivatives Operating profit before working capital changes Adjustment for (Increase)/decrease in trade and other receivables (Increase)/decrease in inventories Increase/(decrease) in trade and other payables Cash generated from operations Less : Direct tax paid (net of refund received) Net cash generated from operating activities B. Cash Inflow/(Outflow) from investing activities Purchase of property, plant and equipments and intangible assets Sales proceeds of property, plant and equipments Amount received from Capital Subsidy Purchase of investments in mutual fund units Sale of investments (redemption of mutual fund units and sale of equity shares) Purchase of investments in equity shares Dividend Received Movement in fixed deposits Interest received Loan given Loan refunded back Net cash used in investing activities C. Cash Inflow/(Outflow) from financing activities Proceeds from non current borrowings Repayments of non current borrowings Proceeds /(repayments) of current Borrowings (Net) Dividend paid (Including dividend distribution tax) Payment of lease obligation Finance cost paid Net cash (used) / generated from financing activities Net increase in cash and cash equivalents (A+B+C) Opening Balance of Cash and Cash Equivalents Less : Balance transferred pursuant to Scheme of Arrangement Closing balance of cash and cash equivalents	1,04,045 14,488 (3,854) 436 (1,012) (3,388) (296) 5,850 (1,760) (388) (548) (298) 1,13,275 4,472 (12,419) 11,368 1,16,697 (25,561)
		91,135

** Figures in bracket represent outflows.

• 5 COVID - 19 pandemic has caused serious disruption on the global economic and business environment. There is a huge uncertainty with regard to its impact which cannot be reasonably determined at this stage. However, the Company has evaluated and considered to the extent possible the likely impact that may arise from COVID-19 pandemic as well as all event and circumstances upto the date of approval of these Consolidated Financial results on the carrying value of its assets and liabilities as on March 31, 2021. Based on the current indicators of future economic conditions, the Company estimates to recover the carrying amount of these assets and adequate liquidity is available. These estimates are subject to uncertainty and may be affected by the severity and duration of the pandemic. The Company is continuously monitoring any material changes in future economic conditions.

• 6 Figures for the previous periods have been regrouped / rearranged, wherever necessary. The figures of current and corresponding quarter are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto the third quarter of the current and corresponding financial year.

• 7 The Consolidated results of the Group are available for investors at www.jindalpoly.com, www.nseindia.com and www.bseindia.com

Place : New Delhi Date : May 28, 2021

By Order of the Board For Jindal Poly Films Limited

Digitally signed SANJEEV by SANJEEV SAXENA SAXENA Date: 2021.05.28 21:51:42 +05'30'

Sanjeev Saxena Whole Time Director DIN - 07899506

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Independent Auditor’s Report on the Consolidated Quarterly and Annual Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To the Board of Directors of Jindal Poly Films Limited

Report on the Audit of the Consolidated Financial Results

Opinion

We have audited the accompanying consolidated statement of quarterly and annual financial results of Jindal Poly Films Limited ('the Holding Company') and its subsidiaries (the Holding Company, its subsidiaries together referred to as 'the Group'), for the quarter and year ended March 31 2021 (“the Statement”), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) 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, the Statement read with notes therein :

• i. The Statement includes the results of the following entities:

S. No.	Name of entity	Relationship
1	Jindal Films India Ltd.	Subsidiary
2	Jindal Imaging Ltd.	Subsidiary
3	J and D Specialty Films Private Limited	Subsidiary
4	Jindal Packaging DMCC, UAE	Subsidiary

• ii. is presented in accordance with the requirements of the Listing Regulations in this regard: and

• iii. gives a true and fair view in conformity with the applicable accounting standards and other accounting principles generally accepted in India, of the net profit and other comprehensive income for the quarter and year ended March 31, 2021 and other financial information of the Company for the quarter and year ended March 31, 2021.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs), as 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 Consolidated 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 Consolidated financial statements 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 audit opinion.

Digitally signed by bimal kumar bimal kumar sipani sipani Date: 2021.05.28 21:55:31 +05'30'

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Management's Responsibilities for the Consolidated Financial Results

The Statement has been prepared on the basis of the consolidated annual financial statements. The Holding Company's Board of Directors are responsible for the preparation and presentation of the statement that gives a true and fair view of the net profit and other comprehensive income and other financial information or the Group in accordance with the recognition and measurement principles laid down in Indian 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 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 judgements 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 Statement that give 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 Statement by the Directors of the Holding Company, as aforesaid.

In preparing the Statement, respective board of directors are responsible for assessing the group’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 management 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 also 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 Statement 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 Statement.

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 Statement, 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.

Digitally signed by bimal kumar bimal kumar sipani sipani Date: 2021.05.28 21:55:44 +05'30'

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• 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 on whether the Company has adequate internal financial controls system 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.

• Conclude on the appropriateness of board of director’s 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 group’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 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 Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the Statement that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Statement may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Statement.

We communicate with those charged with governance of the holding company 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

• a. The Statement includes the results for the quarter ended March 31, 2021 being the balancing figure between the audited figures in respect of the full financial year ended March 31, 2021 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.

• b. The accompanying Statement includes the audited financial results and other financial information which we did not audit, in respect of:

• One foreign subsidiary, whose financial statements include total assets of Rs. 243 Lakhs as at March 31, 2021, revenues from operations of Rs. 33 Lakhs and Rs. 153 Lakhs, total net loss after tax of Rs. (12) Lakhs and Rs. (11) Lakhs, total comprehensive income of Rs.

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• (26) Lakhs and Rs. (21) Lakhs, for the quarter and the year ended March 31, 2021 respectively, and net cash outflows of Rs. 42 Lakhs for the year ended March 31, 2021, as considered in the Statement. The financial statements have been prepared in accordance with accounting principles generally accepted in their country and which have been audited by other auditors under generally accepted auditing standards applicable in their country. The company's management has converted financial statements of subsidiary located outside India, from accounting principle generally accepted in their country to accounting principle generally accepted in India. We have audited the conversion adjustment made by the Company's management. Our opinion in so far as it relates to the balance and affair of such subsidiary located outside India is based on the report of other auditor and the conversion adjustment prepared by the management of the Company and audited by us. Our conclusion on the Statement, in so far as it relates to the amounts and disclosures in respect of the subsidiary is based solely on the report of the other auditor and procedures performed by us as stated in paragraph above.

• Three wholly owned subsidiaries, whose financial statements include total assets of Rs. 14,260 Lakhs as at March 31, 2021, total revenues of Rs. 2734 Lakhs and Rs. 6599 Lakhs, total net profit after tax of Rs. 174 Lakhs and Rs. 456 Lakhs, total comprehensive income of Rs. 164 Lakhs and Rs. 446 Lakhs, for the quarter and the year ended March 31, 2021 respectively, and net cash inflows of Rs. 700 Lakhs for the year ended March 31, 2021, as considered in the Statement which have been audited by other auditors, whose reports have 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 report of the other auditors and procedures performed by us as stated in "Auditor's Responsibilities” for the Audit of the Consolidated Financial Results" above.

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

For Singhi & Co. Chartered Accountants Firm Reg. No. 302049E bimal kumar Digitally signed by bimal kumar sipani sipani Date: 2021.05.28 21:56:12 +05'30'

Bimal Kumar Sipani Date: May 28, 2021 Partner Place: Noida (Delhi – NCR) Membership No. 088926 UDIN : 21088926AAAAGU5621

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

To the Board of Directors of Jindal Poly Films Limited

Report on the Audit of the Standalone Financial Results

Opinion

We have audited the accompanying statement of quarterly and year to date standalone financial results of Jindal Poly Films Limited (“the Company”), for the quarter and year ended March 31, 2021 (“the Statement”), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) 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, the Statement read with notes therein:

• i. is presented in accordance with the requirements of the Listing Regulations in this regard: and

• ii. gives a true and fair view in conformity with the applicable accounting standards and other accounting principles generally accepted in India, of the net profit and other comprehensive income for the quarter and year ended March 31, 2021 and other financial information of the Company for the quarter and year ended March 31, 2021.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs), as 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 statements 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 audit opinion.

Management's Responsibilities for the Standalone Financial Results

The Statement has been prepared on the basis of the annual standalone financial statements. The Board of Directors of the Company are responsible for the preparation and presentation of the Statement that gives a true and fair view of the net profit/loss and other comprehensive income and other financial information of the Company in accordance with the 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

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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 the 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 Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Statement, management is 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 management 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 Statement 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 Statement.

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 Statement, 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 on whether the Company has adequate internal financial controls system 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.

• Conclude on the appropriateness of management’s 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

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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 Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the Statement that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Statement may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Statement.

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 March 31, 2021 being the balancing figure between the audited figures in respect of the full financial year ended March 31, 2021 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.

Date: May 28, 2021 Place: Noida (Delhi – NCR)

For Singhi & Co. Chartered Accountants Firm Reg. No. 302049E bimal kumar Digitally signed by bimal kumar sipani sipani Date: 2021.05.28 22:00:04 +05'30' Bimal Kumar Sipani Partner Membership No. 088926 UDIN : 21088926AAAAGT8304

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