Jindal Poly Films Ltd. — Annual Report 2023

May 30, 2023

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

�+J) JINDAL POLY FILMS LTD.

JPFL/DE-PT/SE/2023 -24

Date: 30[th ] May 2023

The Manager, Listing National Stock Exchange of Indialtl Exchange Plaza, Bandra-Kurla Complex, Bandra (E) MUMBAI - 400 051

The Manager, Listing BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Fort MUMBAI - 400 001

Symbol: NSE: JINDALPOL Y

Scrip Code: BSE: 500227

Subject: Outcome of the Board Meeting held on May 29, 2023, which is continued on May 30, 2023

Reference: Intimation of Board Meeting dated May 19, 2023 and Outcome of the Board Meeting dated Monday, May 29, 2023

Dear Sir/ Madam,

This has reference to the outcome of the Board Meeting dated May 29, 2023, wherein it was informed that the Board Meeting would continue on Tuesday, May 30, 2023, to, inter alia, consider and approve the Audited Financial Results (Standalone and Consolidated) for the fourth quarter and financial year ended on March 31, 2023 and to recommend dividend.

Pursuant to the provisions of Regulation 30 and Regulation 33 and other applicable regulations of the SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015, please note that the Board of Directors in its meeting held today today i.e. Tuesday, th 30 May 2023, which was commenced at 18:00 P.M. and concluded at 23:40 P. M. has considered and approved the following:

1. As per the recommendation made by the Audit Committee, the Board of Directors has approved the Standalone as well as Consolidated Audited Financial results of the Company for the Fourth Quarter and Financial Year ended 31st March 2023. A copy of the aforesaid Audited financial results of the Company for the fourth quarter and financial year ended 31st March 2023 is enclosed for your information and record as per Annexure-A.

We hereby confirm that M/s Singhi & Co. Chartered Accountants (Firm Registration No.302049E), the Statutory Auditors of the Company has furnished their report with Unmodified opinion on Audited Financial Results (Standalone and Consolidated) for the year ended 31st March 2023. The declaration confirming Unmodified opinion on Audited Financial Results for the year ended 31st March 2023 by Mr. Vijender Kumar Singha] - Whole Time Director & CFO is enclosed herewith as Anne N s.�.q v �f;-18.

Regd. Office: 19th K.M. Hapur Bulandshahr Road, P.O. Gulaothi, Dlstt. Bulandshahr (U.P.) CIN: L17111UP1974PLC003979

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

�i'J) JINDAL POLY FILMS LTD.

1. The Board has recommended the Final Dividend of 43% i.e., Rs. 4.301- (Rupees Four and Thirty Paisa only) per equity share each fully paid up for the Financial Year 202223, subject to the approval of shareholders of the Company in the ensuing Annual General Meeting.

2. Pursuant to the recommendations of the Audit Committee and as per the provisions of Section 138 of the Companies Act, 2013 and Rules made thereunder, the Board has approved the r e - appointment of Mis B. K. Shroff & Co., Chartered Accountants, Delhi as Internal Auditors of the Company for the financial year 2023-24. Brief particulars of Mis. B. K. Shroff & Co. as per Regulation 30(2) & Part A of Schedule III of SEBI (LODR) Regulations, 2015 are enclosed herewith as Annexure - C.

3. Pursuant to the recommendations of the Audit Committee and as per the provisions of Section 204 of the Companies Act, 2013 and Rules made thereunder, has approved the re-appointment of Mis. DMK Associates., Practicing Company Secretaries as Secretarial Auditor for Financial Year 2023-24. Brief particulars of Mis. DMK Associates as per Regulation 30(2) & Part A of Schedule III of SEBI (LODR) Regulations, 2015 are enclosed herewith as Annexure - D.

4. Based on the Audited Financials of the Company as referred above for the financial year ended 31[st ] March 2023 and Audited Financials of JPFL Films Private Limited ("JPFL Films"), pursuant to Regulation 24 read with Regulation 16 of the SEBI (Listing Obligation and Disclosure Requirements), 2015, please note that JPFL Films is now a Material Unlisted Subsidiary Company of the Company.

5. The Board of Directors of the Company in its meeting held today, has approved to enter into an agreement to acquire 100% shareholding of JPF Netherlands Investment B.V., a Netherland based entity, which is engaged into the business of packaging films business through its three operational wholly owned subsidiaries based out in France, Italy, and United Kingdom. These operational entities are into the business of manufacturing of speciality, nylon, coated and metalized films and laminates. The products are mainly used as flexible packaging in f ds, pharma, and luxury industry.

The information required to be given in this respect as per SEBI Circular No. Annexure-E. CIR/CFDICMDl412015 dated September 9, 2015, is enclosed as per

Kindly acknowledge the receipt.

FOR JINDAL POLY FILMS LIMITED o\� Fi/ <l. 0.J' < s,• .... , � □ �j' VAISII LI J �� · COMPANY SE ETARY � §- * ACS 15108

Regd. Office : 19th K.M. Hapur Bulandshahr Road, P.O. Gulaothi, Distt. Bulandshahr (U.P.) CIN: L17111UP1974PLC003979

JINDAL POLY FILMS LIMITED

CIN :- L 17111UP1974PLC003979

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, 2023

							Rs inLakhs '	Rs inLakhs '	except EPS
					Quarter ended		Year ended
	S.No	Particulars	31st Mar 2023 (Audited)		31st Dec 2022 (Unaudited)	31st Mar 2022 (Audited)	31st Mar 2023 (Audited)		31st Mar 2022 (Audited)
	1	Income	~~-~~	~~"~~
		Revenue from operations		18,210	13,400	1,72,412	2,46,832		5,86,924
		Other income		16,260	7,944	13,396	57,992		27,960
		Total Income		34,470	21,344	1,85,808	3,04,824		6,14,884
	2	Expenses
		Cost of materials consumed		7,628	8,095	1,02.972	1,22,660		3,67,733
		Purchase of stock-in-trade		6,129	-	-	6,129		-
		Changes in inventories of finished goods, work-in-progress and stock-in-trade		698	1,572	2,297	34,252		(7,795)
		Employee benefits expense		827	558	3,232	6,338		12,568
		Finance costs Depreciation and amortisation expense	I	816 1,188	1,041 1,157	1,885 3,804	4,384 8,654		2,780 15,046
	3 4 5 6	Other expenses Total Expenses Profit before exceptional items and tax Exceptional items Profit / (Loss) before tax Tax expense charge / (credit) Current tax Current tax adjustment relating to earlier years Deferred tax Total tax	I � I ' I	(197) 17,089 17,380 (3,156) 14,224 1,275 (989) 9,757 10,043	3,849 16,272 5,072 - 5,072 (1,327) - 2,398 1,071	16,938 1,31,128 54,680 7,010 61,690 11,730 102 945 12,777	35,571 2, 17,988 86,836 1,09,478 1,96,314 42,493 (989) (19,308) 22,196		71,480 4,61,812 1,53,072 10,557 1,63,629 35,298 102 8,802 44,202
									-
	7	Net Profit/(Loss) for the period	'	4,180	4,001	48,913	1,74,118		1, 19,427
	8	Other comprehensive income
		Items that will not be reclassified to profit or loss (net of
		tax thereon)
		- Remeasurements of post employment benefit obligations		422	10	129	324		281
		- Income tax relating to above items		(82)		-	(82)		(71)
	9	Total comprehensive income for the period (Comprising Profit/(Loss) and other comprehensive income)		4,520	4,011	49,042	1,74,360		1, 19,637
	10	Other Equity (excluding revaluation reserve)					-		3,72,792
	11	Paid up equity share capital ( Face Value Rs. 10/- each)		4,379	4,379	4,379	4,379		4,379
		Earnings per equity share of Rs.10/- Each
	12	(Not annualised)
		Basic and Diluted Earnings per share		9 55	9 14	111 70	397 65		272 75

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Reportable Operating Segment Information's

Reportable Operating Segment Information's
SI. Pariculars No. 1 Segment Revenue Packaging films Nonwoven fabrics Revenue from operations 2 Segment Results• Packaging films Nonwoven fabrics Other unallocable income/(expenses) (net) Profit/(Loss) before exceptional item, finance costs and tax Less : Finance costs Less : Exceptional items Profit/(Loss) before tax 3 Segment Assets Packaging films Nonwoven fabrics Unallocable assets Total Assets 4 Segment Liabilities Packaging films Nonwoven fabrics Unallocable liabilities Total Liabilities		Quarter ended Year ended 31st Mar 31st Mar 2023 31st Dec 2022 31st Mar 2022 31st Mar 2023 2022 (Audited) (Unaudited) (Audited) (Audited) (Audited) I 1,58,163 1,89,587 5,27, 100 18,210 13,400 14,249 57,245 59,824 18,210 13,400 1,72,412 2,46,832 5,86,924 - 50,014 39,040 1,26,892 97 (580) 1,534 3,743 13,622 16,467 6,693 12,027 39,668 25,895 6,113 63,575 1,66,409 16,563 82,452 I 816 1,041 1,885 4,384 2,780 (3,156) - 7,010 1,09,478 10,557 L 14,224 5,072 61,690 1,96,314 1,63,629 3,63,220 . 3,63,220 1,33,583 1,40,441 99,281 1,33,583 99,281 5,20,010 5, 16,224 1,88,305 5,20,010 1,88,305 i'I 6,53,591 6,56,665 6,50,806 6,53,591 6,50,806 ) 11 - - 1,07,437 1,07,437 16,953 30,808 16,505 16,953 16,505 87,297 81,036 1,49,694 87,297 1,49,694 1,04,250 1,11,844 2,73,636� 1,04,250 2,73,636

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3 Statement of Assets, Equity and Liabilities

Paricular 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) Intangible assets under development (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	Paricular 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) Intangible assets under development (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	Paricular 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) Intangible assets under development (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	Rs in Lakhs As at As at 31st Mar 2023 31st March 2022 (Audited) (Audited) ~~I~~ 1,03,866 2,59,627 0 2,057 7,749 207 229 9 214 0 1,06,436 88,413 30,000 43,886 104 1,245 � 889 8,789 � 2,43,568 4,10,152 ~~�~~ 9.163 89,780 2,57,665 42,778 [ 13,988 20,900 669 8,907 4,771 2,979 53,002 360 ~~E~~ 65,279 53,318 4,582 1,871 905 19,761 B 4,10,024 2,40,655 - 6,53,592 6,50,807 4,379 4,379 5,44,963 3,72,792 5,49,342 3,77, 171 49,824 67,106 121 176 10,069 29,295 7,248 59,531 67,262 1,56,108 25,767 53,232 90 72 389 543 2,288 27,754 2,804 5,658 5,650 30,269 36,988 1,17,528 6,53,592 6,50,807
			1,06,436 88,413 30,000 43,886 104 1,245 � 889 8,789 � 2,43,568 4,10,152
			~~�~~
- Cash and cash equivalents - Bank balances other than cash - Loans - Other financial assets (c) Current tax assets (net) (d)Other current assets Total Current Assets		and cash equivalents	669 8,907 4,771 2,979 53,002 360 ~~E~~ 65,279 53,318 4,582 1,871 905 19,761
			B 4,10,024 2,40,655 -
Total Assets Equity And Liabilities (1) Equity (a) Equity share capital (bl 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 duesof micro enterprises andsmall enterprises; and (ii)Totaloutstandingduesof creditorsother thanmicro enterprises and small enterprises - Other financial liabilities (b)Other current liabilities
Total Current Liabilities
Total Liabilities

	4 Standalone Statement of Cash Flow•• Pariculars A_ Cash lnflow/(outflow) from operating activities Net profit before tax Other Comprehenswe Income before tax Adjustments for Depreciation and amortisation Amorisation of deferred Government grant Net loss/(gain) on disposal/ discard of property, plant and equipment Gain on sale / fair value changes in investment Loss on liquidation of a subsidiary Provision for expected credit loss Unrealised gain on foreign currency transactions and translations Finance costs Interest income Unrealised gain on fair valuation of derivatives Exceptional items Dividend income Operating Profit before Working Capital Changes Adjustments for {Increase)/ decrease in trade and other receivables (Increase) / decrease in inventories (Increase)/ decrease in trade and other payables Cash generated from Operations Direct tax paid (net of refund received) Net cash generated/ (used in) from Operating Activities B_ Cash lnflow/(Outflow) From Investing Activities Purchase of property, plant & equipments and intangible assets Sales proceeds of property, plant & equipments Amount received for subsidies Increase in the investments Decrease in the investment Investments in equity shares of subsidiaries Proceeds from sale of equity shares of subsidiary	Rs in Lakhs For the period ended For the period ended 31st Mar 2023 31st Mar 2022 (Audited) (Audited) 1,96,315 1,63,629 324 281 8,654 15,046 (2,942) {4,273) (429) (13) (28,393) (8,302) 123 188 1,638 (936) 4,384 2,780 (11,949) (4,687) 964 (204) (1,09,478) {10,557) (4,092) {1,098) 55,183 1,51,789 (25,661) (25,250) (23,533) {19,687) (3,460) (575) 2,530 1,06,278 (44,216) (33,262) (41,686) 73,015 (39,477) (38,575) 483 52 21,225 6,036 (7,58,911) (1,08,320) 5,54,730 52,709 (1!071) (20) 100 (480) (11,717) 1,085 191 31 (20) (1,341) 9,426 15,423 4,859 1,098 1,92,000 (89,341) (28,887) 50,586 2,582 (50,867) (1, 10,588) 75,296 24,303 28,423 (18,075) (318) 26,051 (2,189) (876) (14) (110) (5,881) (2,305) 95,316 28,989 2,762 (8,583) 8,906 17,490 11 000 668 8,906	Rs in Lakhs For the period ended For the period ended 31st Mar 2023 31st Mar 2022 (Audited) (Audited) 1,96,315 1,63,629 324 281 8,654 15,046 (2,942) {4,273) (429) (13) (28,393) (8,302) 123 188 1,638 (936) 4,384 2,780 (11,949) (4,687) 964 (204) (1,09,478) {10,557) (4,092) {1,098) 55,183 1,51,789 (25,661) (25,250) (23,533) {19,687) (3,460) (575) 2,530 1,06,278 (44,216) (33,262) (41,686) 73,015 (39,477) (38,575) 483 52 21,225 6,036 (7,58,911) (1,08,320) 5,54,730 52,709 (1!071) (20) 100 (480) (11,717) 1,085 191 31 (20) (1,341) 9,426 15,423 4,859 1,098 1,92,000 (89,341) (28,887) 50,586 2,582 (50,867) (1, 10,588) 75,296 24,303 28,423 (18,075) (318) 26,051 (2,189) (876) (14) (110) (5,881) (2,305) 95,316 28,989 2,762 (8,583) 8,906 17,490 11 000 668 8,906
	Investment in redeemable preference shares of associate Proceeds from Redeemtion of preference shares Proceeds on liquidation of a subsidiar Investments in equity shares of an associate Net (increase)/ decrease in fixed deposits Interest received Dividend received Proceeds from sale / transfer of Packaging (plastic) business on Slump Sale Loan given to related parties Loan received back from related parties Net Cash generated/ (used in) investing activities C Cash tnftow/(Outflow) From Financing Activities Proceeds from non current borrowings Repayments of non current borrowings Proceeds /(repayments) of current Borrowings (Net) Dividend paid Payment of lease obligation Finance cost Net Cash generated/ (used in) From Financing Activities Net lncrease/(Decrease) In Cash And Cash Equivalents (A+B+C) Opening Balance of Cash and Cash Equivalents Bank balance given on sale of Plastic Films Business Closing Balance of Cash and Cash Equivalents	(480) 1,085 31 (1,341) 15,423 1,92,000 (89,341) 50,586 (50,867) 75,296 28,423 (318) (2,189) (14) (5,881) 95,316 2,762 8,906 11 000 668

•• Figures in bracket represent outflows.

)

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\;

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 company has executed a business transfer transaction with effect from August 2, 2022 wherein the Packaging (plastic) Films Business undertaking of the company was sold / transferred to its subsidiary company JPFL Films Private Limited on slump sale basis and as agreed between the relevant parties, the consideration of Rs. 2,43,897 lakhs for the same was determined and accordingly gain on slump sale has shown as exceptional item,

• 3 Deferred tax includes adjustment of deferred tax liability relating to packaging (plastic) business transferred on slump sale during the year. 4 Provision for current tax has been made after setting off brought forward tax losses.

• 5 Other expenses is net of Rs.4,251 lakhs booked in preceding quarter which has now reversed due to filing of claim with the Governemnt Authority.

3 4 5	Deferred tax includes adjustment of deferred tax liability relating to packaging (plastic) business transferred on slump sale during the year Provision for current tax has been made afer setting off brought forward tax losses. Other expenses is net of Rs.,251 lakhs booked in preceding quarter which has now reversed due to filing of claim with the Governemnt Authority.	Deferred tax includes adjustment of deferred tax liability relating to packaging (plastic) business transferred on slump sale during the year Provision for current tax has been made afer setting off brought forward tax losses. Other expenses is net of Rs.,251 lakhs booked in preceding quarter which has now reversed due to filing of claim with the Governemnt Authority.	Deferred tax includes adjustment of deferred tax liability relating to packaging (plastic) business transferred on slump sale during the year Provision for current tax has been made afer setting off brought forward tax losses. Other expenses is net of Rs.,251 lakhs booked in preceding quarter which has now reversed due to filing of claim with the Governemnt Authority.	Deferred tax includes adjustment of deferred tax liability relating to packaging (plastic) business transferred on slump sale during the year Provision for current tax has been made afer setting off brought forward tax losses. Other expenses is net of Rs.,251 lakhs booked in preceding quarter which has now reversed due to filing of claim with the Governemnt Authority.	Deferred tax includes adjustment of deferred tax liability relating to packaging (plastic) business transferred on slump sale during the year Provision for current tax has been made afer setting off brought forward tax losses. Other expenses is net of Rs.,251 lakhs booked in preceding quarter which has now reversed due to filing of claim with the Governemnt Authority.	Deferred tax includes adjustment of deferred tax liability relating to packaging (plastic) business transferred on slump sale during the year Provision for current tax has been made afer setting off brought forward tax losses. Other expenses is net of Rs.,251 lakhs booked in preceding quarter which has now reversed due to filing of claim with the Governemnt Authority.
6 7	Non-woven fabric division has completed its expansion plan for 22000 MT and stared commercial production w.eJ March 15, 2023. During the year. company has incorprated /acquired following companies. These companies presenllv have no business.
	Company Name	Incorporation/ Acquisition Date	Investment (Rs. In Lakhs) 4 50		Percenatge of equity shares hnl,;nn	Status as on March 31, 2023
	Jindal Bauxite Limited (Presently known as Jindal SemiconductorsLimited)	March 16,2023		4 50	45%	Associate Company Wholly Owned Subsidiar
	Global Nonwovens Limited Universus Commercial Properties Limited	March 29,2023 July 20,2022		5.00 5.00	100% 100%
						Wholly Owned Subsidiary

• B The Standalone Financial Results and Segments were reviewed by the Audit Commillee and taken on record at the meeting of the Board of Directors at their respective meetings held on May 30, 2023 and audit of these results has been carried out by the Statutory Auditors of the Company

• 9 The Board of Directors in their meeting held on May 30, 2023 has recommended dividend of Rs 4 30 per share for the Financial Year 2022-23 subject to approval of the shareholders in the Annual General Meeting

• 1 O Due to sale of plastic film business on slump sale basis to a subsidiary with effect from August 2, 2022. the current quarter and year end figures are not comparable with corresponding quarter and corresponding yearend figures.

• 11 Figures for the previous periods have been regrouped / rearranged, wherever considered necessary, to conform current period classifications 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 up to the third quarter of the current and corresponding financial year

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

Place : New Delhi Date : 30 May 2023

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By Order of the Board For Jindal Poly Films Limited Vijender Kumar Singhal Whole Time Director DIN - 09763670

d Co. Sing/i Chartered Accountants

Unit No.1704, 17th Floor World Trade Tower (WTTJ, DND Flyway Sector - 16, Naida 201301 (India) T +91 (0120) 297 0005, 92055 75996 E newdelhi@singhico.com www.singhico.com

Independent Auditor's Report on the Quarterly and Annual Standalone Audited Financial Results of the Company Pursuant to the Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To the Board of Director Jindal Poly Films Limited

Report on the Audit of the Standalone Financial Results

Opinion

We have audited the accompanying statement of quarterly and annual standalone financial results of Jindal Poly Films Limited ("the Company"), for the quarter and year ended March 31, 2023 ("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:

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

• i.

• 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 ended March 31, 2023, net profit and other comprehensive income for the year ended March 31, 2023 and other financial information of the Company for the quarter and year ended March 31, 2023.

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.

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1f ·1 t", 1<olk<1ta Mu1nbo11, Delhi Clwnn,1i, n,111s_ir1lr1rr):.;. Ahr11t'd <l!;,1,j i,Jpl .v1,, I ,, .1t11 1• ! lydC?r:1bcJd f'-irHJPlH

� Co. Sing/i Chartered Accountants

....... contd.

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 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 complE�teness 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 judgement 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 managem * tOA �[�][--II & ][�,] P c1gc 2 n I 3 . ' ' (' w n -;t �NCLHI R !'. , 1 , ), .. . �,...... · o[<]['> ] .,_.dAc @m ?Y

� Co. Sing/i Chartered Accountants

....... contd.

• 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 in our auditor's report to the related disclosures in the 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, 2023 being the balancing figure between the audited figures in respect of the full financial year ended March 31, 2023 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 30, 2023 Place: Naida (Delhi NCR)

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For Singhi & Co. Chartered Accountants Firm Reg. No. 302049E -­ Bimal ur ar Sipani Partner Membership No. 088926 UDIN: 23088926BGXBCH4934

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JINDAL POLY FILMS LIMITED

CIN :- L 17111UP1974PLC003979

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, 2023

							Rs in Lakhs,	except EPS
					Quarter ended		Year ended
S.No.	Pariculars			31st Mar 2023 (Audited)	31st Dec 2022 (Unaudited)	31st Mar 2022 (Audited)	31st Mar 2023 (Audited)	31st Mar 2022 (Audited)
1	Income
	Revenue from operations			73,403	88,665	1,72,092	4,62,729	5,87,758
	Other income			24,502	7,429	15,325	66,164	29,973
	Total Income			97,905	96,094	1,87,417	5,28,893	6,17,731
2	Expenses		**ll **
	Cost of materials consumed			47.141	72,897	1,02,481	3,18,727	3,67,410
	Purchase of stock-in-trade				205		594
	Changes in inventories of finished goods, work-in-progress and			2,433	(467)	2,046	5,402	(7,436)
	stock-in-trade
	Employee benefits expense			3,631	4,140	3,284	15,475	12,735
	Finance costs			2,532	7,592	1,879	14,828	2,839
	Depreciation and amorisation expense			4,310	4,472	3,872	17,430	15,319
	Other expenses			19,041	20,026	19,036	87,923	73,797
	Total Expenses			79,087	1,08,865	1,32,598	4,60,379	4,64,664
3	Profit before exceptional items and tax			18,817	(12,771)	54,819	68,511	1,53,067
4	Share of net profit of associates accounted for using	the equity		(87)	(151)	(9)	(276)	(9)
	method
5	Profit before Exceptional Items and Tax			18,730	(12,922)	54,810	68,238	1,53,058
6	Exceptional Items			(22,697)		7,010	(22,697)	10,557
7	ProfiU(Loss) before tax			(3,967)	(12,922)	61,820	45,541	1,63,615
8	Tax expense charge/ (credit)
	Current tax			1,905	(1,689)	11,851	43,973	35,419
	Current tax adjustment relating to earlier years			(968)	2	100	(966)	87
	Deferred tax			33,593	(1,569)	665	(29,360)	8,485
	Total tax			34,530	(3,256)	12,616	13,648	43,991
9	Net ProfiU(Loss) for the period			(38,498)	(9,666)	49,204	31,893	1,19,624
10	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			i 210	(101)	208	108	18
	Items that will not be reclassified to profit or loss (net of tax
	thereon)
	- Remeasurements of post employment benefit obligations			(93)	225	202	130	284
	- Income tax relating to these items			(66)	(2)	(70)	(33)	(70)
	Total comprehensive income for the period (Comprising
	Profit/ (Loss) and other comprehensive income)			(38,446)	(9,544)	49,545	32,098	1,19,856
11
12	Profit/ (Loss) for the period attributable to:
	Owners of the parent			(38,498)	(9,663)	49,204	31,893	1,19,623
	Non Controlling Interests
13	Other comprehensive income for the period attributable to:
	Owners of the parent			52	123	341	205	232
	Non Controlling Interests
14	Total comprehensive income for the period attributable to:
	Owners of the parent			(38,446)	(9,544)	49,545	32,098	1,19,855
	Non Controlling Interests
15	Other equity (excluding revaluation reserve)							3,78,946
16	Paid up equity share capital (Face Value Rs. 10/- each)			4,379	4,379	4,379	4,379	4,379
17	Earnings/(Loss) per equity share of Rs.10/- annualised)	Each (Not
	Basic and Diluted Earnings/(Loss) Per Share			(87.92)	(22.08)			273 20

Reportable Consolidated Operating Segment Informations

S.No. Particulars 1 Segment Revenue Packaging films Nonwoven fabrics Other Less : Inter segment revenue Revenue From Operations 2 Segment Results Packaging films Nonwoven fabrics Other Other unallocable income/(expenses) (net) Share of Associates Profit/(Loss) before finance costs and tax Less : Finance costs Less : Exceptional items Profit(Loss) before tax 3 Segment Assets Packaging films Nonwoven fabrics Other•• Unallocable assets Total Assets 4 Segment Liabilities Packaging films Nonwoven fabrics Other•• Unallocable liabilities Total Liabilities

Quarer ended Year ended 31st Mar 2023 31st Dec 2022 31st Mar 2022 31st Mar 2023 31st Mar 2022 (Audited) (Unaudited) (Audited) (Audited) (Audited) 56,717 65,537 1,57,843 3,77,627 5,27,934 12,081 13,400 14,249 51,169 59,824 5,893 9,727 . 35,220 - I (1,287) - . (1,287) . 73,403 88,665 1,72,092 4,62,729 5,87,758 lb** (56,452) (10,827) 45,650 (29,350) 1,26,892 97 (579) 1,534 3,743 13,622 (3,708) 504 - - I� 36,017 5,722 16,515 86,258 25,949 (87) (151) . (276) (9) (24,133) (5,330) 63,699 37,671 1,66,454 2,532 7,592 1,879 14,828 2,839 (22,697) . - (22,697) . (3,967) (12,922) 61,820 45,541 1,63,615 I 3,54,625 3,67,521 3,69,586 3,54,625 3,69,586 ,, 1,33,583 1,40,441 98,801 1,33,583 98,801 I 27,040 28,384 . 27,040 . 4,45, 116 4,91,889 1,89,024 4,45,116 1,89,003 9,60,364 10,28,235 6,57,410 9,60,364 6,57,389 1,46,442 1,62,110 1,07,764 1,46,442 1,07,764 16,684 30,605 16,456 16,684 16,505 5,953 6,322 5,953 . 3,69,254 3,76,899 1,21,916 3,69,254 1,49,796 5,38,333 5,75,937 2,74,085 5,38,333 2,74,065**

··Self Adhesive Labels

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Notes:

1 Statement of Assets, Equity and Liabilities

: Statement of Assets, Equity and Liabilities
Assets (1) Non Current Assets (1) Non Current Assets Paricular (a) Property, plant and equipment (b) Capital work-in-progress (c) Right to use of assets (d) Intangible assets (e) Intangible assets under development (e) Financial assets - Investments - Loan - Other financial assets (f) Deferred Tax Assets (Net) (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 Total Assets 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 Total Current Liabilities Total Liabilities	As at 31st March 2023 (Audited) ,rr - 3,03,066 9,242 1,788 144 1,05,311 778 7,971 9�602 4,37,903 1,00,887 2,58,905 24,763 1,179 4,946 41,302 72,960 5,144 12,375 Rs in Lakhs As at 31st March 2022 (Audited) 2,63,141 7,749 229 214 88,413 43,886 1,245 8,789 4,13,667 90,723 43,378 20,903 9,008 2,987 53,210 2,036 21,477
	- ~~-~~ 5 22,461 9 60 364 4.378 4,17,653 4,22 031 3,59, 104 121 - 10,366 74,932 4,44,523 49,301 90 448 16,040 6,031 21,901 93,810 9,60,364 2 43,722 6,57,389 4,378 3,78,946 3,83,324 67,108 176 18 29,272 59,531 1,56, 105 53,232 72 543 27,951 5,726 30,435 1,17 960 6,57,389

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2 Consolidated Statement of Cash Flow••

Pariculars A. Cash inflow/(outflow) from operating activities Net profit before tax Other Comprehensive income before tax Adjustments for: Depreciation and amortisation Amorisation of deferred government grant Net loss / (gain) on disposal/ discard of property, plant and equipment Gain on sale / fair value changes in investments Gain on fair valuation of Compulsory convertible preference shares Provision of expected credit loss Unrealised gain on foreign currency transactions and translations (considered as finance cost) Finance costs Interest income Exceptional items Dividend income Share of net loss / (profit) of associates accounted for using the equity method Unrealised loss on fair valuation of derivatives Operating profit before working capital changes Adjustment for (lncrease)/decrease in trade and other receivables (lncrease)/decrease in inventories lncrease/(decrease) in trade and other payables Cash generated from operations Direct tax paid (net of refund received) Net cash generated from operating activities B. Cash lnflow/(Outflow) from investing activities Purchase of property, plant and equipments and intangible assets Sales proceeds of property, plant and equipments Amount received for subsidy Increase in the investment Decrease in the investment Investments in redeemable preference share of associate Investments in equity shares of associate Net (increase)/decrease in fixed deposits Interest received Dividend Received Loan given to related paries Loan received back from related paries Net cash genreated/ (used in) investing activities C. Cash lnflow/(Outflow) from financing activities Proceeds from non current borrowings Repayments of non current borrowings Proceeds /(repayments) of current Borrowings (Net) Procesds from Compulsor convertible prefernce shares by a Subsidiary Dividend paid Payment of lease obligation Finance cost Net cash (used)/ generated from financing activities Net increase in cash and cash equivalents (A+B+C) Opening Balance of Cash and Cash Equivalents Closing balance of cash and cash equivalents	For the period ended 31st Mar 2023 (Audited 1: 45,541 22 17,430 (5,980) u (430) � (28,641) (9,689) I 300 2,145 15,775 I� (12,168) 22,697 (3,078) 276 1,074 45,274 (17,190) (21,818) (19,277) � (13,011) (43,544)

��y ��9[h][i][J] (;

• Consolidated Financial Results has been prepared in accordance with the Indian Accounting Standards ("Ind AS") prescribed under section 133 of

• 3 the Companies Act 2013 read with the relevant rules issued thereunder

• The Consolidated Financial Results and Segments were reviewed by the Audit Committee and taken on record at the meeting of the Board of

• 4 Directors at their respective meetings held on 30th May 2023 and audit of these results has been carried out by the Statutory Auditors of the Company.

• 5 On 1st January 2023, there was a fire in plant situated in Nashik, Maharashtra of the subsidiary JPFL Films Pvt Ltd of the company In this incident 6 Provision for current tax has been made after setting off brought forward tax losses.

• 7 Other expenses is net of Rs 4,251 lakhs booked in preceding quarter which has now reversed due to filing of claim with the Government Authority

• 8 Non-woven fabric division has completed its expansion plan for 22000 MT and started commercial production w e f March 15, 2023

• Figures for the previous periods have been regrouped / rearranged, wherever considered necessary, to conform current period classifications. The

• 9 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 up to the third quarter of the current and corresponding financial year.

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

Place : New Delhi Date : 30 May 2023

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By Order of the Board For Jindal Poly Films Limited Vijender Kumar Singhal Whole Time Director DIN - 09763670

Singfi d Co. Chartered Accountants

Unit No. 1704, 17th Floor World Trade Tower (WIT), ON D Flyway Sector -16, Nolda 201 301 (India) T +91 (0120) 297 0005, 9205S 7S996 E newdelhi@singhico.com www.singhico.com

Independent Auditor's Report on Quarterly and Annual Consolidated 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 statement of quarterly and annual consolidated financial results of Jindal Poly Films Limited ('the Company or Holding Company') and its subsidiaries and associates (the Holding Company and its subsidiaries and associates together referred to as 'the Group'), for the quarter and year ended March 31, 2023 ("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 and based on the consideration of reports of other auditors on the separate audited financial statements of subsidiaries, the Statement read with notes therein:

• i. includes the results of the subsidiaries as given in the Annexure -1 to this report: 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 loss and other comprehensive income for the quarter ended March 31, 2023, net profit and other comprehensive income for the year ended March 31, 2023 and other financial information of the Company for the quarter and year ended March 31, 2023.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs), as specified under section 143(J 0) 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 obtained by us and other auditors in terms of their report referred to in "other matters" paragraph below, is sufficient and appropriate to provide a basis for our audit opinion.

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l(olk,1(,l, /.·\umb;1i, 111:[hl. ClePll�\i, B,..111qalC1re ,'s. l\h11'lerl;1I; vJ .',., ,,,, ,1,, i1 , 11yr<1t1arl Nar:ir•ur

� Co. Sing/i Chartered Accountants

....... contd.

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 of 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 fmud is higher than for one resulting

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� Co. Sing/i Chartered Accountants

. ...... contd.

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 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 dr 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.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities within the Group to express an opinion on the Consolidated Financial Results. We are responsible for the direction, supervision and performance of the audit' of financial information of such entities included in the consolidated financial results of which we are the independent auditors. For the other entities included in the consolidated Financial Results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of audits carried out by them. We remain solely responsible for our opinion.

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

' I liq� �G-[1 ] t< c (_j I/, *NOID/* OE[!'"][H][I ] ( !� ' 1 :p - -- .....

Page 3 of 6

� Co. Sing/i Chartered Accountants

. ...... contd.

where applicable, related safeguards.

Other Matters

• a) The Statement includes the results for the quarter ended March 31, 2023 being the balancing figure between the audited figures in respect of the full financial year ended March 31, 2023 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:

• Six subsidiaries, whose financial statements include total assets of Rs. 49,444 Lakhs as at March 31, 2023, total revenues from operation of Rs. 9,151.01 Lakhs and Rs. 39,353.77 Lakhs, total net gain/(loss) after tax of Rs (446.07) Lakhs and Rs. 5,391.62 Lakhs, total comprehensive income of Rs. (380.29) Lakhs and Rs. 5,449.13 Lakhs, for the quarter and the year ended on that date respectively, and net cash inflows of Rs. 298.11 Lakhs for the year ended March 31, 2023, 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.

• One subsidiary, whose unaudited financial statements include total assets of Rs. 3.89 Lakhs as at March 31, 2023, total revenues from operation of Rs. Nil and Rs. Nil, total net gain/(loss) after tax of Rs. (0.45) Lakhs and Rs. (0.45) Lakhs, total comprehensive Income of Rs (0.45) Lakhs and Rs (0.45) Lakhs, for the quarter and the year ended on that date respectively, and net cash outflow of Rs. 212.65 Lakhs for the year ended March 31, 2023 respectively, has been included in the Statement. The management has prepared financial statements in accordance with accounting principles generally accepted in India. These financial statements have been prepared and certified by the management and our conclusion on the Statement, in so far as it relates to amount and disclosures in respect of these subsidiary company, is based solely on the financial results prepared and certified by the management. In our opinion and according to the information and explanations given to us, these Financial Statements are not material to the Group.

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Pil[;C' 4 of 6

� Co. Sing/i Chartered Accountants

....... contd.

• Two associate whose audited financial statements include Group's share of total net gain/(loss) after tax of Rs (299.68) Lakhs and Rs (299.68) Lakhs and Group's share of total comprehensive income of (930.47) Lakhs and Rs. (930.47) Lakhs for the quarter and for the year ended March 31, 2023 respectively, as considered in the Statement which have been audited by other auditors, 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 related to the associates are based solely on the report of the other auditor 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.

Place: Noida (Delhi NCR) Date: May 30, 2023

For Singhi & Co. Chartered Accountants irm Registration No. 302049E /�Elimal Kumar Sipani Partner Membership No. 088926 UDIN: 23088926BGXBCl2085

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Pagr 5 of 6

Sing/ el Co. Chartered Accountants

. ...... contd.

Annexure-1

Annexure·1 to our report dated May 30, 2023 on the Quarterly and Annual Consolidated Financial Results of the Jindal Poly Films Limited

S.No.	S.No.	Name of Companv Relationship	Name of Companv Relationship
1. Jindal Films India Limited Subsidiary , JPFL Films Private Limited (formerly known as 2. "J&D Soecialitv Films Private Limited") Subsidiary Jindal Polypack Limited (formerly known as Subsidiary 3. "Jindal Labellinq Limited") # Jindal Speciality Films Limited (formerly known Subsidiary 4. as"Jindal India Solar EnerQv Limited") 5. Universus Poly& Steel Limited Subsidiary
	5.	Universus Poly& Steel Limited	Subsidiary
	Universus Commercial Private Limited (w.e.f. 6. 19th AUQUSt 2022) Global Nonwovens Limited (w.e.f. 23rd March 7. 2023) 8. Jindal Imaging Limited 9. Enerlite Solar Films India Limited		Subsidiary Subsidiary Subsidiary Associate
	10. Jindal Bauxite Limited(w.e.f. 16th March 2023)		Associate

Consolidated results includes results of SMI Coated Products Pvt Ltd, audited by us and also includes results of SMI LLC ,wholly own foreign subsidiary of SMI Coated Products Pvt Ltd which is audited by other auditor.

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P,1ge 6 of 6

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

JINDAL POLY FILMS LTD. �-t'J)

Annexure-B

Declaration regarding Auditor's Report with unmodifed opinion

Pursuant to Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements)-Regulations, 2015

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 M/s Singhi & Co. have issued Auditor's Report with unmodified opinion on the Annual Standalone and Consolidated Audited Financial Results of the Company for the financial year ended 31[st ] March 2023 which are approved by the Board of Directors at their meeting held today i.e. 30[th ] May, 2023.

VIJENDER KUMAR SINGHAL Whole Time Director & CFO DIN:09763670

Dated: 30[th ] May 2023 Place: New Delhi

Regd. Office : 19th K.M. Hapur Bulandshahr Road, P.O. Gulaothi, Distt. Bulandshahr (U.P.) CIN: L17111UP1974PLC003979

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

�� JINDAL POLY FILMS LTD.

Annexure-C

Re-appointment/ Appointment of Internal Auditors of the Company

~~s.~~ No. Details of the Events to be provided	~~s.~~ No. Details of the Events to be provided	M/s B. K. Shrof&Co Re-appointment fr fnancial year 2023-24 30thMay, 2023
1. Reason of Change Viz. appointment, resignation,removal, death or otherwise
2. Date of Appointment or change
3. Brief Profle (in case of appointment)		Mis.BK Shrof & Co. is one oflndia's leading audit frms established in the year 1963 with a view to provide audit, accounting and allied services to clients across the entire economy. The frm possesses vast experience of over 55 years conducting Statutory Audits of Public Sector Undertakings, Insurance Companies, Banks and Financial Institutions and Cororates. NA
4.	Disclosure of relationship between director (in case of appointment of Director)

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Regd. Office : 19th K.M. Hapur Bulandshahr Road, P.O. Gulaothi, Distt. Bulandshahr (U.P.) CIN: L17111UP1974PLC003979

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

��J) JINDAL POLY FILMS LTD.

Annexure-D

Re-appointment / Appointment of Secretarial Auditors of the Company

~~s.~~ No.		Details of the Events to be provided	Details of the Events to be provided	_Mis._DMK Associates
1. 2.		Reason of Change Viz. appointment, resignation,removal,deathorotherwise
		Date of Appointment or change
3.		Brief Profle (in case of appointment) Disclosure of relationship between director (in case of appointment of Director)		DMK Associates with over 18 years of experience ofers professional services including but not limited to Secretarial, Financial and Advisory to Corporates.
4.				NA

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Regd. Office : 19th K.M. Hapur Bulandshahr Road, P.O. Gulaothi, Distt. Bulandshahr (U.P.) CIN : L 17111UP197 4PLC003979

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

· �� JINDAL POLY FILMS LTD.

Annexure-E

Information required to be given in this respect as per SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015.

S.N.	Particulars
1.	Name of the target entity details in brief such as size, turover etc.;	JPF Netherlands Investment B.V. ("Target Company") Turover as per Audited Financials as on FY 2021-22 is Euro 82.38 Mn (Consolidated). Turover as per Unaudited Financials as on 28thFebruary, 2023 is
2.	Whether the	Euro 73.51 Mn (Consolidated). The purchase of shares fom the seller of the Target Company, is a
	acquisition would fall	related party transaction.
	within related party
	transaction(s) and	Promoter_I_promoter group / group companies does have indirect
	whether the promoter/	interest in the entity being acquired (being a related party).
	promoter group/ group companies have any interest m the entity being acquired? If yes, nature of interest	The Company has obtained the valuation reports fom the two Independent Valuers to determine the fir Value price of the shares. Both the Valuers have fllowed the interationally valuation methodology and practices prescribed fr valuation purpose. Thus, the
	and details thereof and	transaction is undertaken at arm's length basis.
	whether the same 1s
	done at "arm's length"?
3.	Industry to which the	Flexible Packaging Films
	entity being acquired
4.	belongs Objects and efects of	The Company has already invested in the packaging Films business
	acquisition	through its Indian subsidiaries. The Target company provides through
		its subsidiaries enhanced capabilities and resources that complement
		our existing strength, enabling us to offer a broader range of products and services, therefre this acquisition shall reward the Company in multiple fcets which are as fllows: a. Diversifcation by expanding into the related products resulting in
		forward integration and downstream products i.e. Nylon based
		films, Coated & metalized BOPET films & Paperboard laminate
		products.
		b. Revenue synergies & cross selling opportunities.
		c. Common sourcing of raw material, Technology & know-how
		sharing.
5.	Brief details of any	No regulatory approval required.
	governmental or
6.	regulatory approvals required fr the acquisition Indicative time period Regd. Ofice: 19th K.M.	.\'}i�i/, ', ;'c, /�-' On or Before 30thSeptember 2023--� �A/��- ~~{�7N�!�elhi~~ ]_3. s y "· "/) � Hapur Bulandshahr Road, P.O. Gulaothi, Distt. Bulandshahr (U.P.) _ '*

Regd. Office: 19th K.M. Hapur Bulandshahr Road, P.O. Gulaothi, Distt. Bulandshahr (U.P.) CIN: L17111UP1974PLC003979

		for completion of	the
		acquisition
	7.	Nature of consideration		Cash
		( cash consideration	or
		share swap and details
		of the same)
	8.	Cost of acquisition	or	Cost of acquisition is Euro 44 million (Euro Forty		Four Million)
		the price at which	the	equivalent to approx. INR 396 Crores.
		sharesareacquired
	9.	Percentage	of	100% of the shareholding of the Target Company would be acquired.
		shareholding /control
		acquired and_I_	or
		number of shares
		acquired
	10.	Brief background		JPF Netherlands Investment B.V. was incorporated on 2ndJune 2020
		about the entity		based out of Netherlands, Europe with the objective of carrying			out
		acquiredin terms	of	holding investments in packaging films business activities. Currently,
		products/line	of	the Target Company has three operational wholly owned subsidiaries
		business acquired, date		based out of Italy, France, and United Kingdom.
		of incorporation,
		history of last 3 years turover, country m which the acquired		The operational entities are into the business of speciality, Nylon based flms, Coated & metalized BOPET flms and Paperboard laminate products. The products are mainly used as fexible packaging in f ds,
		entity has presence.		pharma, and luxury industry.
				Turover of Last 3(Three) Financial Years:
						Euro/Mn
				Particular 2019-20	2020-21	2021-22
				Turnover
				(Consolidated) N.A.	23.21	82.38