Jindal Saw Ltd. — Audit Report / Information 2022

May 30, 2022

May 30, 2022

==> picture [38 x 62] intentionally omitted <==

==> picture [14 x 140] intentionally omitted <==

==> picture [515 x 99] intentionally omitted <==

National Stock Exchange of India Limited, Listing Department, Exchange Plaza, Sandra Kurla Complex Sandra (East) Mumbai - 400 051 Stock code: JINDALSAW

SSE Limited Corporate Relation Department 1st Floor, New Trading Ring Rotunga Building P. J. Towers Dalal Street, Mumbai - 400 001 Stock code: 500378

Sub: Information pursuant to Regulations 30 read with Regulation 33 & 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations)

Dear Sir,

==> picture [14 x 196] intentionally omitted <==

==> picture [15 x 61] intentionally omitted <==

This is with reference to the captioned subject, we wish to inform you that pursuant to Regulation 30(2) read with Schedule Ill Part A Para A and Regulation 33 & 52 of the Listing Regulations, please find enclosed herewith the Audited Financial Results (Standalone & Consolidated} of the Company for the 4th quarter/ year ended 31st March, 2022 along with the Audit Report thereon by Price Waterhouse Chartered Accountants LLP, Statutory Auditors.

The Board Meeting commenced at 12.30 p.m. and concluded at 3.45 p.m.

This is for your information and record please.

Thanking you,

==> picture [184 x 89] intentionally omitted <==

COMPANY SECRETARY FCS- 3056

==> picture [15 x 114] intentionally omitted <==

Corporate Office: Jindal Centre, 12 Bhikaiji Cama Place, New Delhi- 110066 • Phone: +91 (11) 26188360 - 74, 26188345 Fax: +91 (1 1 ) 26170691 28, Shivaji Marg, Najafgarh Road, New Delhi-110015, !NOIA• Phone: +91 (11) 6646 3544, 4502 1544 Regd. Office: A-1, UPSIDC, Ind!. Area, Nandgaon Road, Kosi Kalan, Distt. Mathura (U.P.)- 281403 • Website: www.jindalsaw.com

CIN: L27104UP1984PLC023979

nee 4l arerhouse Charrered countan LLP

Independent Auditor's Report

To the Members of Jindal Saw Limited

Report on the Audit of the Standalone Financial Statements

Opinion

1. We have audited the accompanying standalone financial statements of Jindal Saw Limited ("the Company"), which comprise the Standalone Balance Sheet as at March 31, 2022, and the Standalone Statement of Profit and Loss (including Other Comprehensive Income), the Standalone Statement of Changes in Equity and the Standalone Statement of Cash Flows for the year then ended, and notes to the standalone financial statements, including a summary of significant accounting policies and other explanatory information and which include the financial statements of Jindal Saw Employee Welfare Trust (the "Trust") for the year ended on that date.

2. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 ("the Act") in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2022, and total comprehensive income (comprising of profit and other comprehensive income), changes in equity and its cash flows for the year then ended.

Basis for Opinion

1. We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the "Auditor's Responsibilities for the Audit of the Standalone Financial Statements" 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 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 opinion.

Emphasis of Matter

1. We draw your attention to Note 61 of the Standalone Financial Statements, which describes the management's assessment of the financial impact of the events arising out of Coronavirus {COVID-19) pandemic, for which a definitive assessment of the impact in the subsequent period is dependent upon the circumstances as they evolve. Our opinion is not modified in respect of this matter.

Key audit matters

1. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Price Waterhouse Chartered Accountants LLP, Building No. 8, 8Th Floor, Tower - B, DLF Cyber City, Gurgaon - 122 002

==> picture [84 x 54] intentionally omitted <==

T:+9 1 ( 1 24)46 20000, 3 0 6 0000 ,F: +91(124)4620620

Registered office and Head Office: Sucheta Bhawan, uA Vishnu Digambar Marg, New Delhi - 110002

Price Waterhouse (a Partnership Firm) Converted into Price Waterhouse Chartered Accountants LLP (a Limited Liability Partnership with LLP identity no: LLPINAAC-5001) with effect from July 25, 2014. Post its conversion to Price Waterhouse Chartered Accountants LLP, its IC.AI registration number is (')1 'J'7c::AN /Nc::r.r.r.1A (T('AT rPoic:tr::iti"n n111nhPr hPf()rP f'()nvPr<:i()n "'"" r.1'J'?c::ANl

INDEPENDENT AUDITOR'S REPORT

To the Members of Jindal Saw Limited Report on Audit of the Standalone Financial Statements Page 2 of 7

Key audit matter:

5.1 Assessment of the carrying value of investment in and loans granted to a subsidiary, Jindal ITF Limited [Refer to note 3.6 and note 62 to the Standalone Financial Statements]

Description of Key Audit Matter:

The Company has an investment of Rs. 41,685.78 lakhs and has advanced loans aggregating Rs. 131,172.39 lakhs to its subsidiary, Jindal ITF Limited (the 'subsidiary') as at March 31, 2022. The subsidiary had entered into a contract in the financial year 2015-16 with a public sector undertaking ('PSU') for transporting imported coal to one of the PSU's power generating stations. The contract was for a period of seven years and the subsidiary was the sole transporter and accordingly, had made significant investments to develop the facility. The contract had a clause for compensation in case the supply was lesser than the minimum guaranteed quantity ('MGQ') mentioned in the contract and had specific clauses to be adhered to by both the parties before terminating the contract.

The PSU stopped taking the supplies during the first year of operation and refused to pay compensation towards MGQ and terminated the contract subsequently. The matter was referred to arbitration where the arbitrator had awarded an interim award amounting to Rs. 35,631.18 lakhs in favour of the subsidiary relating to first 2 years of MGQ which was paid by the PSU, against an equivalent amount of bank guarantee furnished by the subsidiary. Subsequently, the arbitrator issued the final order in favour of the subsidiary awarding Rs. 189,108 lakhs plus interest and applicable taxes.

The PSU has filed an appeal with Hon'ble High Court of Delhi against the final arbitration order. The Hon'ble High Court passed an interim order directing the PSU to pay Rs. 50,000 lakhs as an interim compensation which was paid by the PSU against an equivalent amount of bank guarantee furnished by the subsidiary. Currently, the matter is under litigation and pending before the Hon'ble High Court of Delhi. The management, in consultation with their legal counsel on the likely outcome of the case, has assessed that the carrying amount of investments in and loans granted to the subsidiary including interest thereon, are good and recoverable.

This has been determined as a key audit matter as the investment made and loans granted by the Company to the subsidiary are material to the Standalone Financial Statements and the subsidiary is currently having insignificant operations. Further, the recovery of investment and loan granted depends on the ultimate recovery of the remaining compensation from the PSU by the subsidiary.

How our audit addressed the key audit matter:

• Understood and evaluated the design and performed testing of operating effectiveness of controls over assessment of recoverability of the investment in and the loans given to the subsidiary.

• Obtained an understanding of the matter and enquired about updates over the legal case and the proceedings that took place during the year.

• Evaluated appropriateness of the accounting policy of the Company in respect of impairment assessment of equity investments and loans given.

• Perused the contract between the subsidiary and the PSU to corroborate the matters stated in the appeal and details of the claim filed by the subsidiary with the Arbitration Tribunal and the final arbitration order issued in this regard.

• Evaluated the recoverability of the said loans and investments considering the arbitration order decided in favour of the subsidiary.

• Evaluated the opinion obtained from the Company's external legal counsel on likely outcome of the case which supports the Company's assessment about recoverability of the said loan and investment balances.

• Evaluated the appropriateness of presentation and adequacy of the disclosures made in the Standalone Financial Statements.

==> picture [85 x 60] intentionally omitted <==

INDEPENDENT AUDITOR'S REPORT

To the Members of Jindal Saw Limited Report on Audit of the Standalone Financial Statements Page 3 of 7

Based on the procedures above, the management's assessment of the carrying value of the investment and loans in the said subsidiary was considered to be reasonable.

• 5.2 Assessment of carrying value of investments in a subsidiary, Jindal Quality Tubular Limited and an associate, Jindal Fittings Limited [Refer to note 3.6 and note 8 to the Standalone Financial Statements]

Description of Key Audit Matter:

The carrying value of Company's investments include unqouted investments in the form of equity and preference shares in Jindal Quality Tubular Limited and in an associate, Jindal Fittings Limited, aggregating Rs. 14,823.38 lakhs respectively. The Company accounts for equity investments in subsidiaries and associate at cost (subject to impairment assessment) and preference shares are carried at amortised cost. The carrying value of these investments as at the year end has been assessed for impairment by the Company basis an independent valuation carried out by a third party.

The key inputs and judgements involved in the impairment assessment of unquoted investments include:

• Forecast cash flows including assumptions on growth rates

• Discount rates

• Terminal growth rate

• Economic and entity specific factors incorporated in the valuation.

The assessment of carrying value of such investments is a key audit matter as the determination of recoverable value for impairment assessment involves significant management judgement and estimates.

How our audit addressed the key audit matter -

• Understood and evaluated the design and tested the operating effectiveness of the Company's controls over monitoring the performance of the subsidiary and associate and performing an impairment assessment.

• Evaluated the appropriateness of the accounting policy of the Company in respect of impairment assessment of investments in equity and preference shares.

• Obtained the management's valuation calculations supported by an independent report of a third party and performed enquiries with the management to understand the assumptions, including the discount rate and the growth rates, underlying in the forecast.

• A essed the reasonableness of the growth rates used in the forecast with the current orders in hand and historical growth rates where the impairment indicators exist.

• A essed, with the involvement of auditor's expert, the appropriateness of financial projections, discount rate and terminal values used in the valuation calculations.

• Performed sensitivity tests over the key assumptions and considered them to be within a reasonable and foreseeable range.

• A essed the historical accuracy of the forecasts by comparing the forecast used in the prior year valuation with the actual performance in the current year. In case the actual performance was lower than the forecast, we obtained the reasons thereof from the management.

• Tested the mathematical accuracy of the underlying calculations.

• Evaluated the appropriateness of presentation and adequacy of the disclosures made in the Standalone Financial Statements.

Based on the above audit procedures, the management's assessment of the carrying value of the investments in the subsidiary and associate company was considered to be reasonable.

Other Information

1. The Company's Board of Directors is responsible for the other information. The other information comprises the information included in the Board's report and Management Discussions and Analysis report, but does not include the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

==> picture [85 x 59] intentionally omitted <==

INDEPENDENT AUDITOR'S REPORT

To the Members of Jindal Saw Limited Report on Audit of the Standalone Financial Statements Page 4 of 7

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Responsibilities of management and those charged with governance for the standalone financial statements

1. The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

2. In preparing the standalone financial statements, 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. Those Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditor's responsibilities for the audit of the standalone financial statements

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

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

3. Identify and assess the risks of material misstatement of the standalone financial statements, 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.

4. 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 with reference to financial statements in place and the operating effectiveness of such controls.

5. 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 Comp o tr: � 3- -<. ::, " ,'P,i, 'ie,,:f'> .;� ... ..., �,* Of.:?7 NIN">l:I� � <'\<'\ G_urgaon *

INDEPENDENT AUDITOR'S REPORT

To the Members of Jindal Saw Limited Report on Audit of the Standalone Financial Statements Page 5 of 7

material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements 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.

• Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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

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

• From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Other Matter

1. We did not audit the financial statements of the Trust included in the standalone financial statements ofthe Company, which constitute total assets of Rs. 1,544.38 lakhs and net assets of Rs. 44.01 lakhs as at March 31, 2022, total income of Rs. 36.12 lakhs, net excess of income over expenditure of Rs. 23.07 lakhs and net cash flows amounting to Rs. (327.24) lakhs for the year then ended. These financial statements have been audited by other auditors whose report has been furnished to us by the management, and our opinion on the standalone annual financial statements in so far as it relates to the amounts and disclosures included in respect of the Trust, is based solely on the report of such other auditor.

Our opinion is not modified in respect of above matter.

Report on other legal and regulatory requirements

• 15.As required by the Companies (Auditor's Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of sub-section (n) of Section 143 of the Act, we give in the A exure B, a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

• 16.As required by Section 143(3) of the Act, we report that:

• (a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

• (b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

• (c) The Standalone Balance Sheet, the Standalone Statement of Profit and Loss (including other comprehensive income), the Standalone Statement of Changes in Equity and the Standalone Statement of Cash Flows dealt with by this Report are in agreement with the books of account.

• (d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act.

==> picture [86 x 60] intentionally omitted <==

INDEPENDENT AUDITOR'S REPORT

To the Members of Jindal Saw Limited Report on Audit of the Standalone Financial Statements Page 6 of 7

• (e) On the basis of the written representations received from the directors as on March 31, 2022, taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2022, from being appointed as a director in terms of Section 164(2) of the Act.

• (f) With respect to the adequacy of the internal financial controls with reference to financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in "A exure A".

• (g) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014 (as amended), in our opinion and to the best of our information and according to the explanations given to us:

• i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note 52 to the standalone financial statements;

• The Company has long term contracts as at March 31, 2022 for which there are no material foreseeable losses. The Company did not have any long term derivative contracts as at March 31, 2022;

• m. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company except in respect of dividend amounting to Rs. 307.71 lakhs which according to the information and explanation provided to us by the management, has been kept in abeyance due to legal cases (refer notes 21(d) and 31 to the standalone financial statements).

• iv. (a) The management has represented that, to the best of its knowledge and belief, other than as disclosed in the notes to the accounts, no funds have been advanced or loaned or invested {either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries (Refer Note 6o(k) to the financial statements);

  • (b) The management has represented that, to the best of its knowledge and belief, as disclosed in the notes to the accounts, no funds have been received by the Company from any person(s) or entity(ies), including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries (Refer Note 6o(k) to the financial statements); and

  • (c) Based on such audit procedures that we considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (a) and (b) contain any material misstatement.

• v. The dividend declared and paid during the year by the Company is in compliance with Section 123 of the Act.

==> picture [85 x 60] intentionally omitted <==

INDEPENDENT AUDITOR'S REPORT

To the Members of Jindal Saw Limited Report on Audit of the Standalone Financial Statements Page 7 of 7

1. The Company has paid/ provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act.

For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 012754N/N500016 ugat�r.e-'1v7artner embership Number: 057084 UDIN: 22057084AJVQGX7886

Place : New Delhi Date: May 30, 2022

Annexure A to Independent Auditor's Report

Referred to in paragraph 16(f) of the Independent Auditor's Report of even date to the members of Jindal Saw Limited on the standalone financial statements for the year ended March 31, 2022 Page 1 of 2

Report on the Internal Financial Controls with reference to Financial Statements under clause (i) of sub-section 3 of Section 143 of the Act

1. We have audited the internal financial controls with reference to financial statements of Jindal Saw Limited ("the Company") as of March 31, 2022 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

1. The Company's management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting ("the Guidance Note") issued by the Institute of Chartered Accountants of India ("ICAI"). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company's policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

Auditor's Responsibility

1. Our responsibility is to express an opinion on the Company's internal financial controls with reference to financial statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") and the Standards on Auditing deemed to be prescribed under Section 143(10) of the Act to the extent applicable to an audit of internal financial controls, both applicable to an audit of internal financial controls and both issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to financial statements was established and maintained and if such controls operated effectively in all material respects.

2. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system with reference to financial statements and their operating effectiveness. Our audit of internal financial controls with reference to financial statements included obtaining an understanding of internal financial controls with reference to financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

3. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company's internal financial controls system with reference to financial statements.

Meaning of Internal Financial Controls with reference to financial statements

1. A company's internal financial controls with reference to financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial controls with reference to financial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in

==> picture [85 x 59] intentionally omitted <==

Annexure A to Independent Auditor's Report

Referred to in paragraph 16(f) of the Independent Auditor's Report of even date to the members of Jindal Saw Limited on the standalone financial statements for the year ended March 31, 2022 Page 2 of 2

accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls with reference to financial statements

1. Because of the inherent limitations of internal financial controls with reference to financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to financial statements to future periods are subject to the risk that the internal financial control controls with reference to financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. ·

Opinion

1. In our opinion, the Company has, in all material respects, an adequate internal financial controls system with reference to financial statements and such internal financial controls with reference to financial statements were operating effectively as at March 31, 2022, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note issued by ICAI. (Also, refer Note 4 of the main auditor's report)

For Price Waterhouse Chartered Accountants LLP

Firm Registration Number: 012754N/N500016

v��hvALr ougata Jkhe�ee ,! artner Membership Number 057084 UDIN : 22057084AJVQGX7886

Place : New Delhi Date : May 30, 2022

A exure B to Independent Auditors' Report

Referred to in paragraph 15 of the Independent Auditors' Report of even date to the members of Jindal Saw Limited on the standalone financial statements for the year ended March 31, 2022 Page 1 of 8

1. {a) (A) The Company is maintaining proper records showing full particulars, including quantitative details and situation, of Property, Plant and Equipment.

   • (B) The Company is maintaining proper records showing full particulars of Intangible A ets.

2. (b) The Property, Plant and Equipment are physically verified by the Management according to a phased programme designed to cover all the items over a period of 3 years which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the programme, a portion of the Property, Plant and Equipment has been physically verified by the Management during the year and no material discrepancies have been noticed on such verification.

3. (c) The title deeds of all the immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee), as disclosed in Note 5 to the financial statements, are held in the name of the Company, except for the following:

Description	Gross		Held in the	Whether		Period held -	Reason for
of propert	carrng		name of	held	by	indicate	not being
	value	(R		promoter,		range,	held in the
	Laks)			director	or	where	name of the
				their relatve		appropriate	Company*
				or employee
Freehold Land	1,950.00		Multiple third	No		9- 13 years	Change inland
			paries				use not yet
							approved by
							government
							authorities

• (d) The Company has not revalued its Property, Plant and Equipment (including Right of Use assets) or intangible assets or both during the year. Consequently, the question of our commenting on whether the revaluation is based on the valuation by a Registered Valuer, or specifying the amount of change, if the change is 10% or more in the aggregate of the net carrying value of each class of Property, Plant and Equipment (including Right of Use assets) or intangible assets does not arise.

• (e) Based on the information and explanations furnished to us, no proceedings have been initiated on the Company for holding benami property under the Prohibition of Benami Property Transactions Act, 1988 (as amended in 2016) (formerly the Benami Transactions (Prohibition) Act, 1988 (45 of 1988)) and Rules made thereunder, and therefore the question of our commenting on whether the Company has appropriately disclosed the details in its financial statements does not arise.

• ii. (a) The physical verification of inventory excluding stocks with third parties has been conducted at reasonable intervals by the Management during the year and, in our opinion, the coverage and procedure of such verification by Management is appropriate. In respect of inventory lying with third parties, these have substantially been confirmed by them. The discrepancies noticed on physical verification of inventory as compared to book records were not 10% or more in aggregate for each class of inventory and have been appropriately dealt with in the books of account.

• (b) During the year, the Company has been sanctioned working capital limits in excess of Rs. 5 crores, in aggregate, from banks on the basis of security of current assets. The Company has filed quarterly returns or statements with such banks, which are in agreement with the unaudited books of account. However the Company has not filed return or statements for the quarter ended March 31, 2022 with the banks and accordingly, we are unable to comment on such reconciliations as required by clause 3(ii)(b ).

==> picture [85 x 60] intentionally omitted <==

A exure B to Independent Auditors' Report

Referred to in paragraph 15 of the Independent Auditors' Report of even date to the members of Jindal Saw Limited on the standalone financial statements for the year ended March 31, 2022 Page 2 of 8

• iii. (a) The Company has made investments in 4 companies, 1 mutual fund scheme, granted unsecured loan to 1 company and 354 employees, stood guarantee to a subsidiary company, and provided security to 1 bank. The aggregate amount during the year, and balance outstanding at the balance sheet date with respect to such loans or advances and guarantees or security to subsidiaries,joint ventures and associate and to parties other than subsidiaries, joint ventures and associates as applicable, are as per the table given below:

	Guarantees	Securit	Loans	Advances in
	(R. in	(R. in Lks)	(R. in	natre of loans
	Laks)		Laks)	(R. in Laks)
Aggregate amount during
the year
- Subsidiaries	73,845.82	-	980.00	-
- Others	-	25,000.00	507.31
				-
Balance outstanding as a
balance sheet date
- Subsidiaries	60,441.48	-	131,172.39	-
- Others	-	25,000	365-48	-

(Also refer Note 6o(n) to the financial statements)

• (b) In respect of the investments/guarantees/ loans/security, the terms and conditions under which such loans were granted/investments were made/guarantees provided are not prejudicial to the Company's interest.

• (c) In respect of the loans/advances in nature ofloan, the schedule of repayment of principal and payment of interest has been stipulated by the Company. Except for the following instances, the parties are repaying the principal amounts, as stipulated, and are also regular in payment of interest as applicable.

Name of the entit	Aount	Due Date	Exent of delay	Exent of delay	Remark (if
	(R. in				any)
	Laks)
Vista Mining Pv.Ltd.	1,227.81	Monthly	Last day of ever		Fully provded in
		installments due	month		the financial
		on various dates			statements
respect of the followng loans, no schedule		for repayment of	principal and payent		of interest has been
pulated by the Company. Therefore, in the		absence of stipulation of repayent terms, we are unable to
mment on the regularity of repayent of principal and payent of interest.
Name of the entit	Amount	Due Date		Remark	(if any)
	(Rsin
	Laks)
JITF Urban Infrastructure 12,304.05		Payable on demand		JUISL has	repaid Rs.
Serces Limited (JUISL)				11,000.00	Laks as
				demanded	by the Company.

In respect of the following loans, no schedule for repayment of principal and payment of interest has been stipulated by the Company. Therefore, in the absence of stipulation of repayment terms, we are unable to comment on the regularity of repayment of principal and payment of interest.

==> picture [85 x 62] intentionally omitted <==

A exure B to Independent Auditors' Report

Referred to in paragraph 15 of the Independent Auditors' Report of even date to the members of Jindal Saw Limited on the standalone financial statements for the year ended March 31, 2022 Page 3 of 8

==> picture [399 x 99] intentionally omitted <==

----- Start of picture text -----

Name of the entity Amount Due Date Remarks (if any)
(Rsin
Lakhs)
Jindal ITF Limited 131,172.39 Payable on demand Refer note 62 to the
standalone financial
statements.
Ralael Holdings Limited 4,666.08 Payable on demand Fully provided in the financial
statements
----- End of picture text -----

• (d) In respect of the following loans, the total amount overdue for more than ninety days as at March 31, 2022 is Rs. 1,227.81. In such instances, in our opinion, reasonable steps have been taken by the Company for the recovery of the principal amounts and interest thereon.

==> picture [373 x 50] intentionally omitted <==

----- Start of picture text -----

No. of cases Principal and Interest Amount Remarks (if any)
Overdue ( Rs . i n Lakhs)
1 1,227.81 Fully provided in the
financial statements
----- End of picture text -----

• (e) There were no loans /advances in nature of loans which fell due during the year and were renewed/extended. Further, no fresh loans were granted to same parties to settle the existing overdue loans/advances in nature ofloan.

• (f) Following loans were granted during the year to related parties under Section 2(76) which are repayable on demand or where no schedule for repayment of principal and payment of interest has been stipulated by the Company.

==> picture [389 x 119] intentionally omitted <==

----- Start of picture text -----

A Parties (Rs. Promoters (Rs. Related Parties
in Lakhs) in Lakhs) (Rs. in Lakhs)
Aggregate ofloans
- Repayable on demand 1,487.31 - 980.00
- Agreement does not specify any
terms or period of repayment - - -
Percentage of loans/ advances in 100% - 65.90%
nature ofloan to the total loans
granted during the year
----- End of picture text -----

• (Also refer Note 60(0) to the financial statements)

• iv. In our opinion, and according to the information and explanations given to us, the Company has complied with the provisions of Sections 185 and 186 of the Companies Act, 2013 in respect of the loans and investments made, and guarantees and security provided by it.

==> picture [85 x 60] intentionally omitted <==

A exure B to Independent Auditors' Report

Referred to in paragraph 15 of the Independent Auditors' Report of even date to the members of Jindal Saw Limited on the standalone financial statements for the year ended March 31, 2022 Page 4 of 8

• v. During the year, the Company has not accepted any deposits or amounts which are deemed to be deposits from the public within the meaning of Sections 73, 74, 75 and 76 of the Act and the Rules framed there under to the extent notified. In our opinion, and according to the information and explanations given to us, the Company has complied with the provisions of Sections 73, 74, 75 and 76 or any other relevant provisions of the Act and the Rules framed thereunder to the extent notified, with regard to the deposits accepted from the public in earlier years and remaining unclaimed as at March 31, 2022. According to the information and explanations given to us, no order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal on the Company in respect of the aforesaid deposits, the question of our commenting on whether the same has been complied with or not does not arise.

• vi. Pursuant to the rules made by the Central Government of India, the Company is required to maintain cost records as specified under Section 148(1) of the Act in respect of its products. We have broadly reviewed the same and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete.

• v . (a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is generally regular in depositing undisputed statutory dues in respect of provident fund, employees' state insurance and labour welfare fund, though there has been a slight delay in a few cases, and is regular in depositing undisputed statutory dues, including duty of customs, value added tax, cess- goods and services tax and other material statutory dues, as applicable, with the appropriate authorities. Also, refer note 52 to the financial statements regarding management's assessment on certain matters relating to provident fund.

• (b) According to the information and explanations given to us and the records of the Company examined by us, there are no statutory dues of goods and service tax which have not been deposited on account of any dispute. The particulars of other statutory dues referred to in sub-clause (a) as at March 31, 2022 which have not been deposited on account of a dispute, are as follows:

Nameofthe	Natre of	Amount	Period towhichthe	Forumwhere
statte	dues	(inLaks)*	amoutrelates**	the dispute is
				nendina
Custom Act, 1962	Custom Dut	538.00	2008-09	High Courof
				Gujrat, Amedabad
Custom Act, 1962	CustomDut	174.67	2014-15	CESTATMUMBA
Custom Act, 1962	Custom Dut	12.50	2009-10	CESTAT, Mumbai
CentralExcise Act,	Excise	11.47	2004-05	CESTAT
1944				Amedabad
CentralExcise Act,	Excise	24.07	2007-08 to2009-10	CESTAT-
1944				AMEDAA
Bombay Stamp	StampDut	1.20	2013-14	High Cour of
Duty,1958				Gujarat
CentralExcise Act,	Excise Dut	45-49	October 2004to	Commissioner
1944			Februar2008	(Appeals),Rajkot
CentralExcise Act,	ExciseDuty	161.43	2007-08to 2009-10	GujaratHigh Court
1944
CentralExcise Act,	Excise Duty	159.97	2008-09&2009-10	CESTAT,
1944				Amedabad
CentralExcise Act,	ExciseDuty	2.00	2009-10	CESTAT, Mumbai
1944
CentralExcise Act,	ExciseDuty	65.95	Februar2010 to March	Commissioner
1944			2012	(Appeals),New
				Delhi
CentralExcise Act,	ExciseDuty	876.61	March,2011 to March,	High Cour of
1944			2013	Gujarat,
				Amedabad
CentralExcise Act,	ExciseDuty	610.39	2008-09 to 2009-10	Commissioner
1944				(Appeals),Raikot

==> picture [86 x 60] intentionally omitted <==

A exure B to Independent Auditors' Report

Referred to in paragraph 15 of the Independent Auditors' Report of even date to the members of Jindal Saw Limited on the standalone financial statements for the year ended March 31, 2022 Page 5 of 8

Name of the	Natre of	Amount	Period to which the	Forum where
statte	dues	(in Laks)*	amount relates**	the dispute is
				pending
Finance Act, 1994	Serice Ta	70.27	December-2012 to	CESTAT
			Februar-zora	Amedabad
Finance Act, 1994	Serice Tax	165-41	2012-13 to 2015-16	Commissioner
				(Appeals), Rajkot
Finance Act, 1994	Serce Ta	6.17	2007-08	Commissioner
				(Appeals),
				Lucknow
Finance Act, 1994	Serice Ta	3.13	2008-09	CESTAT, Mumbai
Finance Act, 1994	Serce Ta	2.82	2008-09	Commissioner
				(Appeals), N ashik
Finance Act, 1994	Serce Ta	1.98	2012-13&2015-16	Commissioner
				(Appeals), Gujarat
Finance Act, 1994	Serice Ta	1.40	2013-14&2015-16	Commissioner
				(Anneals), Gujarat
Finance Act,1994	Serice Ta	0.10	2012-13	Commissioner
				(Appeals), Gujarat
Finance Act, 1994	Serice Ta	10.09	2013-14&2014-15	A istant
				Commissioner
				(Audit), LTD Delhi
Finance Act, 1994	Serce Ta	0.16	2012-13 to 2015-16	Commissioner
				(Appeals), Gujarat
Finance Act, 1994	Serce Tax	20.37	2015-16	Commissioner
				(Appeals), Gujarat
Finance Act, 1994	Serce Ta	0.39	2015-16	Commissioner
				(Appeals), Gujarat
VAT Act, UP 2008	Sales Ta	17.50	1996-97	High Cour of
				Aahabad
VAT Act,UP2008	Sales Ta	2-40	2004-05	HighCour of
				Aahabad
VAT Act, UP 2008	Sales Tax	1.42	1991-92	High Court of
				Aahabad
VAT Act, UP 2008	Sales Ta	3.12	1995-96	High Cour of
				Alahabad
VAT Act, Adhra	Sales Ta	1.09	2010-11	Hon'ble Tribunal.
Pradesh
VAT Act, Rajasthan	VAT	202.33	2014-15	Rajasthan Ta
2003				Board
GujaratVAT Act	VAT	38.79	2012-13	Commercial Tax,
				Tribunal,
				Amedabad
Income Ta Act,	Income Tax	8.11	2004-05	Income Ta
1961				Appellate Tribunal
				(ITAT) ,New Delhi
Income Ta Act,	Income Ta	363.73	2011-12	Income Ta
1961				Appellate Tribunal
				(ITAT),New Delhi
Income Ta Act,	Income Ta	172.78	2010-11	Income Ta
1961				Appellate Tribunal
				(ITAT),New Delhi
Income Tax Act,	Income Ta	404.91	2009-10	Income Ta
1961				Appellate Tribunal
				(ITAT), New Delhi
Income Ta Act,	Income Ta	130.56	2008-09	Income Ta
1961				Appellate Tribunal
				(ITAT), NewDelhi

==> picture [85 x 59] intentionally omitted <==

A exure B to Independent Auditors' Report

Referred to in paragraph 15 of the Independent Auditors' Report of even date to the members of Jindal Saw Limited on the standalone financial statements for the year ended March 31, 2022 Page 6 of 8

Name of the	Natre of	Amount	Period to which the	Forum where
statte	dues	(in Laks)*	amount relates**	the dispute is
				pending
Income Ta Act,	Income Tax	176.79	2007-08	Income Ta
1961				Appellate Tribunal
				(ITAT), New Delhi
Income Tax Act,	Income Ta	26.91	1994-95	Income Ta
1961				Appellate Tribunal
				(ITAT), New Delhi
Income Tax Act,	Income Ta	8.63	2014-15	Commissioner of
1961				Income Ta
				Appeals (CIT-A),
				New Delhi

• Amounts reported above are net of payments made

** In respect ofincome Tax, the period refers to the Assessment Year.

• v i. According to the information and explanations given to us and the records of the Company examined by us, there is no income surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961, that has not been recorded in the books of account.

• ix. (a) According to the records of the Company examined by us and the information and explanation given to us, the Company has not defaulted in repayment of loans or other borrowings or in the payment of interest to any lender as at the balance sheet date.

• (b) According to the information and explanations given to us and on the basis of our audit procedures, we report that the Company has not been declared Wilful Defaulter by any bank or financial institution or government or any government authority.

• (c) In our opinion, and according to the information and explanations given to us, the term loans have been applied for the purposes for which they were obtained. (Also refer Note 6o(i) to the financial statements)

• (d) According to the information and explanations given to us, and the procedures performed by us, and on an overall examination of the financial statements of the Company, we report that no funds raised on short­ term basis have been used for long-term purposes by the Company.

• (e) According to the information and explanations given to us and on an overall examination of the financial statements of the Company, we report that the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries, associates or joint ventures.

• (f) According to the information and explanations given to us and procedures performed by us, we report that the Company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies.

• x. (a) The Company has not raised any money by way of initial public offer or further public offer (including debt instruments) during the year. Accordingly, the reporting under clause 3(x)(a) of the Order is not applicable to the Company.

• x. (b) The Company has not made any preferential allotment or private placement of shares or fully or partially or optionally convertible debentures during the year. Accordingly, the reporting under clause 3(x)(b) of the Order is not applicable to the Company.

• xi. (a) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of material fraud by the Company or on the Company, noticed or reported during the year, nor have we been informed of any such case by the Management.

==> picture [85 x 59] intentionally omitted <==

A exure B to Independent Auditors' Report

Referred to in paragraph 15 of the Independent Auditors' Report of even date to the members of Jindal Saw Limited on the standalone financial statements for the year ended March 31, 2022 Page 7 of 8

xi.	(b)	During the course of our examination of the books and records of the Company, carried out in accordance
		wth the generally accepted auditing practices in India, and according to the information and explanations
		given to us, a repor under Section 143(12) of the Act, in Form AT-4, as prescribed under rule 13 of
		Companies (Audit and Auditors) Rules, 2014 was not required to be fled wth the Central Government.
		Accordingly, the reporting under clause 3(xi)() of the Order is not applicable to the Company.
xi.	(c)	During the course of our examination of the books and records of the Company carried out in accordance
		wth the generally accepted auditing practices in India, and according to the information and explanations
		given to us, and as represented to us by the management, no whistle-blower complaints have been received
		during the year by the Company. Accordingly, the reporting under clause 3(xi)(c) of the Order is not
		applicable to the Company.
xn.		Athe Company is not a Nidhi Company and the Nidhi Rules, 2014 are not applicable to it, the reporting
		under clause 3(xii) of the Order is not applicable to the Company.
xiii.		The Company has entered into transactions wth related parties in compliance wth the provsions of
		Sections 177 and 188 of the Act. The details of related part transactions have been disclosed in the fnancial
		statements as required under Indian Accounting Standard 24 "Related Part Disclosures" specified under
		Section 133 of the Act.
xiv. (a)		In our opinion and according to the information and explanation given to us, the Company has an internal
		audit system commensurate wth the size and nature of its business.
xiv. (b)		The reports of the Internal Auditor for the period under audit have been considered by us.
x.		The Company has not entered into any non-cash transactions wth its directors or persons connected wth
		him. Accordingly, the reporing under clause 3(x) of the Order is not applicable to the Company.
xi. (a)		The Company is not required to be registered under Section 45-I of the Resere Bank of India Act, 1934.
		Accordingly, the reporting under clause 3(x)(a) of the Order is not applicable to the Company.
	()	The Company has not conducted non-banking fnancial / housing fnance activties during theyear.
		Accordingly, the reporting under clause 3(x)() of the Order is not applicable to the Company.
	(c)	The Company is not a Core InvestmentCompany(CIC) as defned in the regulations made by theResere
		Bank of India. Accordingly, the reportingunder clause 3(xi)(c) of the Order is not applicable to the
		Company.
	( d)	Based on the information and explanations provded by the management of the Company, theGroup does
		not have any CICs, which are par of the Group.We have not, however, separately evaluatedwhether the
		information provided by the management is accurate and complete. Accordingly, the reporting under clause
		3(xi)( d) of the Order is not applicable to the Company.
xi.		The Company has not incurred any cash losses in the financial year or in the immediately preceding fnancial
		year.
xm.		There has been no resignation of the statutorauditors during theyear and accordingly the reporingunder
		clause 3 (xi) is not applicable.
xi.		According to the inforation and explanations given to us and on the basis of the fnancial ratios(Aso refer
		Note6o(h) to the fnancial statements), ageing and expected dates of realisation offnancial assets and
		payment of fnancial liabilities, other information accompanyng the fnancial statements,our knowledge of
		theBoard of Directors and management plans and based on our examination of the evdence supporting the
		assumptions, nothing has come to our attention,which causes us to believe that any material unceraint
		exists as on the date of the audit report that Company is not capable of meeting its liabilities existing at the
		date of balance sheet as and when they fall due wthin a period of one yearfom the balancesheet date.We,
		however, state that this is not an assurance as to thefture viabilitofthe Company.Wefrther state that
		our reporing is based on the facts up to the date of the audit repor and we neither give any guaranteenor

==> picture [85 x 60] intentionally omitted <==

A exure B to Independent Auditors' Report

Referred to in paragraph 15 of the Independent Auditors' Report of even date to the members of Jindal Saw Limited on the standalone financial statements for the year ended March 31, 2022 Page 8 of 8

any assurance that all liabilities falling due within a period of one year from the balance sheet date will get discharged by the Company as and when they fall due.

• xx. As at balance sheet date, the Company does not have any amount remaining unspent under Section 135{5) of the Act. Accordingly, reporting under clause 3(:xx) of the Order is not applicable.

xxi. The reporting under clause 3(:xxi) of the Order is not applicable in respect of audit of Standalone Financial Statements. Accordingly, no comment in respect of the said clause has been included in this report.

For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 012754N/N500016 Chartered Accountants

· � o�� tvi,/� Sougata Mukherjee J Partner Membership Number: 057084 UDIN :22057084AJVQGX7886

Place: New Delhi Date: May 30, 2022

JINDAL SAW LIMITED

Regd. Off.: A-1, UPSIDC lndl. Area, Nandgaon Road, Kasi Kalan, Distt Mathura (U.P.)-281403 Corp. Office: Jindal Centre, 12, Bhikaiji Cama Place, New Delhi- 110066 CIN- L27104UP1984PLC023979

Statement or audited standalone Financial results For the quarter and year ended March 31, 2022

						H Crores)
s.	Particulars		Quarterended		Year ended
No.		31.03.2022	31.12.2021	31.03.2021	31.03.2022	31.03.2021
		Refer Note 11	Unaudited	Refer Note 11	Audited	Audited
I	Income
	Revenuefrom operations	3,291.24	2,794.65	3,175.76	11,022.27	8,631.81
	Oterincome	53.47	56.01	61.65	2213	279.19
	Totl income (I)	3,344.71	2,850.66	3,237.41	11,243.40	8,911.00
II	Expenses
	Cost of materials consumed	2,044.79	1,870.27	1,785.50	6,842.67	5,156.22
	Purchases ofStock-in-Trade		4.61	13.68	17.19	22.41
	Changesininventoriesof fnished goods,stock-in-trade and work-in-
	progress	26.19	(61.86)	144.49	(259.50)	(69.06)
	Employeebenefitexpense	190.74	196.95	173.99	770.31	685.37
	Financecosts	97.16	86.10	90.21	369.20	404.33
	Depreciationand amortisationexpense	93.32	95.37	95.08	371.77	345.98
	Other expenses	691.55	638.60	660.31	2,487.60	1,858.98
	Totlexpenses(11)	3,143.75	2,830.04	2,963.26	10,599.24	8,404.23
Ill	Profitbeforeexceptionalitems and tax(1-11)	200.96	20.62	274.15	644.16	506.77
IV	Exceptionalitems (refernote7)	7.05			7.05
v	Profitbefore tx (Ill-IV)	193.91	20.62	274.15	637.11	506.77
VI	Taxexpense:
	Current tax (refer note 6)	70.12	9.63	90.62	229.32	159.43
	Deferred tax	8.85	(3.81)	7.09	2.30	18.29
	Totl tax expense(VI)	78.97	5.82	97.71	231.62	177.72
VII	Netprofitaftertx(-Vl)	114.94	14.80	176.44	405.49	329.05
VIII	Other ComprehensiveIncome(OCI):
	Itemsthat will notbereclassifed toproft orloss:
	(i)Re-measurementlosseson definedbenefit plans	7.66	3.00	28.65	16.66	17.64
	[ii)Incometax effect onaboveitem	(1.92)	(0.76)	(7.21)	(4.19)	(4.44)
	Totlother comprehensive incomeFor theyear/period (VIII)	5.74	2.24	21.44	12.47	13.20
IX	TotalComprehensiveIncomeFor theyear/period(ll+VIII)	120.68	17.04	197.88	417.96	342.25
x	Earningsperequitshare oF'2/-each
	(i)Basic(�)	3.62	0.47	5.55	12.76	10.34
	[ii)Diluted({)	3.62	0.47	5.55	12.76	10.34
		(Notannualised)	(Not annualised)	(Not annualised)
XI	Networth
	(i)Paid-upequitsharecapitalH2pershare)	63.95	63.95	63.95	63.95	63.95
	(ii)Reserves/otherequit	7,425.10	7,304.44	7,074.23	7,425.10	7,074.23
	(iii)Debenture redemptionreserve(includedin(ii) above)			62.50		62.50
	(iv) Net wort	7,489.05	7,368.39	7,138.18	7,489.05	7,138.18
XII	Ratios:
	[i) DebtEquitRatio	0.51	0.59	0.46	0.51	0.46
	(ii) Debt Service CoverageRatio*	1.81	1.47	2.00	1.74	1.43
	(iii)Interest ServiceCoverageRatio	4.03	2.35	5.09	3.75	3.11
	(iv)Current ratio	18	18	1.47	18	1.47
	(v)Long term debtto workingcapitl	0.87	1.01	1.27	0.87	1.27
	(vi)Bad debttotradereceivableratio	0.03	0.03	0.02	0.03	0.02
	(vii) Currentliabilityratio	0.73	0.70	0.67	0.73	0.67
	(viii)Totldebtttotlasset	0.29	0.31	0.25	0.29	0.25
	(ix) Debtorsturover'	8.67	7.91	7.94	6.53	5.02
	(x)Inventory trnover'	3.17	2.99	3.96	2.73	2.55
	(xi)Operatingmargin[%)	7.24%	2.05%	9.39%	7.35%	8.06%
	(xii)Netprofit margin[%)	3.44%	0.52%	5.45%	3.61%	3.69%
	(xiii)Asset Coveragefor NCDs	4.30	4.01	3.00	4.30	3.00
	ARatiosfor thequarter/ninemonthshavebeenannualised

Formulae for computation of ratios are as follows:

[i) Debt Equity Ratio: Total Debt ( excluding lease liability)/ Net Worth Total Debt: Secured Loans+ Unsecured Loans - Liquid Investment and FDR with original maturity of less than three months

Net Worth: Equity Share Capital + Reserves

[ii) Debt Service Coverage Ratio: PAT+ Depreciation and amortisation +Interest on long term debt/ (Interest on long term debt +lease payments+ principal repayment of long term debt during the period)

'The Debt Service Coverage Ratio of 1.74 has been calculated excluding prepayment of term loans instalments of { 12.68 crores and buy back of Non-Convertible Debentures of t 250 crores for the FY 2021-22.

• [iii) Interest Service Coverage Ratio: EBDIT / Finance costs

EB D I T: Profit before Taxes+ Depreciation and amortization+ Finance costs+ Exceptional items [non cash)

(iv) Current Ratio: Current assets/ Current liabilities

(v) Long term debt to working capital : Long term debt [including current maturity of long term debt) / [Current Assets - Current Liabilities(excluding current maturity of long term debt)]

(vi) Bad debts to trade receivable ratio: Provision for doubtful debt /Closing gross trade receivable

(vii) Current liability ratio : Current Liabilities/ Total liabilities

(viii) Total debts to total assets: Total Borrowings [excluding lease liability)/ Total assets

(ix) Debtors turnover: Sale of goods and services/ Average of opening and closing trade receivable

(x) Inventory turnover ratio: (Cost of material consumed+ Purchase of stock-in-trade+ Changes in inventories of finished goods, Stock-in -Trade and work- in-progress)/ Average of opening and_closing inventory of RM, SFG, FG and Scrap

(xi) Operating margin(%): (Net profit before tax- Interest from bank deposits and loans - other non operating income+ finance cost)/ Revenue from operations *100

(xii) Net profit margin[%): Profit after tax/ Total income *100

[xiii) Asset Coverage for N CDs : Net fixed assets including CWIP /Longterm loans and NCDs having first pari-passu charge on fixed assets

JINDAL SAW LIMITED

Statement of audited standalone assets and liabilities

			(cCrores)
s.	Particulars	Asat	As at
No.		31.03.2022	31.03.2021
		Audited	Audited
	ASSETS
(1)	Non-Current Assets
	(a) Property, plant and equipment	5,683.92	5,707.12
	(b) Capital work-in-progress	165.64	157.10
	(c) Right-of-use assets	160.98	196.95
	(d) Intangible assets	8.90	9.18
	( e) Financial assets
	(i) Investments	1,024.96	655.94
	(ii) Trade receivables	8.44	11.12
	(iii) Loans	124.89	213.67
	(iv) Other financial assets	114.30	94.66
	(f Other non-current assets	200.67	210.51
(2)	Current Assets
	(a) Inventories	3,071.49	2,454.15
	(b) Financial assets
	(i) Investments	-	60.00
	(ii) Trade receivables	1,443.57	1,730.88
	(iii) Cash and cash equivalents	438.73	373.89
	(iv) Bank balances other than (iii) above	77.99	112.73
	(v)Loans	1,315.01	1,408.48
	(vi) Other financial assets	19.73	36.62
	(c) Contract assets	145.70	27.72
	(d) Current tax assets (net)	56.58	53.89
	(e) Other current assets	499.19	420.38
	TOTAL ASSETS	14,560.69	13,935.29
	EQUITY AND LIABILITIES
	Equity
	(a) Equit share capital	63.95	63.95
	(b) Other equity	7,425.10	7,074.23
	Liabilities
(1)	Non-Current Liabilities
	(a) Financial liabilities
	(i) Borrowings	1,031.12	1,392.38
	(ii) Lease liabilities	133.90	168.08
	(iii) Other financial liabilities	29.41	29.41
	(b) Provisions	38.33	54.61
	(c) Deferred tax liabilities (net)	608.20	504.34
	(d) Other non-current liabilities	96.82	101.97
(2)	Current Liabilities
	(a) Financial liabilities
	(i) Borrowings	3,141.47	2,130.16
	(ii) Lease liabilities	36.94	36.05
	(iii) Trade payables
	(A) total outstanding dues of micro enterprises and small
	enterprises; and	15.86	12.85
	(B) total outstanding dues of creditors other than micro
	enterprises and small enterprises	1,321.50	1,674.88
	(iv) Other fnancial liabilities	195.68	241.57
	(b) Other current liabilities	328.40	348.58
	(c) Provisions	83.57	85.25
	(d) Current tax liabilities (net)	10.44	16.98
	TOTAL EQUITY AND LIABILITIES	14,560.69	13,935.29

Jindal SAW Limited

Standalone audited statement of cash flows for the year ended March 31, 2022

				'Crores
Particulars		Year ended		Year ended
		March31, 2022		March31, 2021
		Audited		Audited
A.CASH INFLOW/ (OUTFLOW) FROM OPERATING ACTIVITIES
Net profit before taxand after exceptionalitems		637.11		506.77
Adjustmentfor:
Add/(less)
Depreciation and amortisationexpense	371.77		345.98
Income fromgovernmentgrant	(10.68)		(11.28)
Finance cost	369.20		404.32
Losson sale of propert, plant and equipment andintngibleasset (net)	1.75		1.20
.Balanceswritten off/writtenback (net)	(0.26)		(17.81)
Provision for doubtful debts andadvances(net)	20.67		18.65
Provision ofiabilit for sharebased payment	6.14		0.06
Effect ofunrealised foreignexchange (gain)/loss	7.05		(35.28)
Net (gain)/ loss onderivatives	(0.33)		(115)
Net (gain)/loss oncurrent investment	(0.25)
Provision for impairment ofloans and advances to subsidiary- exceptional items	7.05
Interestincome	(186.13)	585.98	(189.77)	504.92
Operating profit before working capital changes		1,223.09		1,011.69
Changesin operating asset and liabilities:
Inventories	(617.34)		(260.05)
Trade receivables	276.96		(41.45)
Loans, otherfnancialassetandother asset	(106.69)		(20.14)
Trade payables	(386.58)		580.93
Otherfnancial liabilities, provisions and other liabilities	(59.92)	(893.57)	150.98	410.27
Cash generated from operations		329.52		1,421.96
Taxes paid		(138.44)		(78.00)
Net cash infow/ ( outfow) from operating activities		191.08		1,343.96
B. CASH INFLOW/ (OUTFLOW FROM INVESTING ACTIVITIES
Purchase of propert, plantandequipment and intngibleasset	(329.68)		(256.85)
Sale proceeds fompropert, plant and equipment andintngibleasset	7.02		5.59
Proceed fromsale ofmutualfnds	60.24		(60.00)
Investment insubsidiaries and associates	(143.63)
Investment in treasury sharesbyJindalSaw Employee WelfareTrust	(3.50)		(3.02)
Loan received backfrom relatd and other parties	120.40		68.93
Loan given to relatedand otherparties	(9.80)		(130.80)
Interest received	115		21.23
Net cashinfow/ (outfow) from investing activities		(287.60)		(354.92)
C. CASH INFLOW/ (OUTFLOW) FROM FINANCING ACTIVITIES
Dividend paid (netofunclaimed/unpaid dividend)	(63.07)		(63.00)
Proceeds fromnon-current borrowings			200.00
Repayment ofnon-current borrowings	(347.15)		(326.59)
Proceeds fom debentres			500.00
Repayment ofdebentures	(250.00)		(40.00)
Paymentoflease liabilities	(53.82)		(55.02)
Increase/(Decrease) in currentborrowings	1,220.62		(575.60)
Interest and bankchargespaid	(345.2 2)		(387.72)
Net cash infow/(outfow) fromfnancing activities		161.36		(747.93)
Net changes in cash and cash equivalents		64.84		241.11
Cash andcash equivalent atbeginning of theperiod		373.89		132.81
Exchangediference on translation of foreign currencycash andcash equivalents				(0.03)
Cash and cash equivalents at end of the period		438.73		373.89

NOTES:

1. Increase/( decrease) in current borrowings are shown net of repayments.

2. Figures in bracket indicates cash outflow.

3. The above cash flow statement has been prepared under the indirect method set out in I ND AS - 7 'Statement of Cash Flows'

Notes:

1. Jindal ITF Limited, one of the subsidiaries of the Company, has won an arbitral award allowing various claims to the tune of < 1,891.08 crores plus interest and applicable taxes. During the financial year 2019-20, the subsidiary had filed enforcement application under section 36 of Arbitration and Conciliation Act, 1996 for the execution of arbitral award being pronounced in favour of the subsidiary whereas the customer had preferred appeal under Section 34 of Arbitration and Conciliation Act, 1996 challenging the said arbitral award. Both the aforesaid cases are presently sub-judice before Hon'ble High Court of Delhi. As per interim relief granted by Hon'ble High Court, the subsidiary received < 856.31 crores on submission of bank guarantees. Based on the current status and the expert legal advice received, the Company is expecting a favourable outcome which would cover all the investments, loans and advances in Jindal ITF Limited and consequently, no adjustments have been made to the financial results.

2. The Company has one primary business segment i.e. Iron & Steel products, on standalone basis.

3. The management has assessed the impact of COVID-19 pandemic on the financial results, business operations, liquidity position and cash flow and has concluded that no material adjustments are required in the carrying amount of assets and liabilities as at March 31, 2022.

The impact of the pandemic may be different from that estimated as at the date of approval of these financial statements and the Company will continue to closely monitor any material changes to future economic conditions.

1. The company has issued 8.25% non-convertible debentures amounting to< 500 crores. These are secured by first pari-passu charge on the Company's moveable and immovable properties. Asset cover ratio for NCD's was 4.30 and 3.00 as on March 31, 2022 and March 31, 2021 respectively.

2. The Board of Directors has recommended payment of dividend @ < 2 per equity share of< 2 each for the year ended March 31, 2022, aggregating to< 63.95 crores.

3. Tax expense are inclusive of prior period tax adjustments and impact of change in tax rate.

4. Exceptional item includes provision of < 21. 0 5 crores for impairment of investment in subsidiary and reversal of impairment provision of< 14 crores in equity investment in associates.

5. During the year ended Mar 31, 2022 the company has converted loans into investments and purchased investments, in the following entities;

-·---			--
Particulars	Company	SubsidiaryIAssociate	Amount(< Crores)
Investments	Jindal Saw Holdings FZE	Subsidiary	36.20
Conversionof loan into	JindalSaw Holdings FZE	Subsidiary	158.62
Preference Share	S.V.Trading Limited	Subsidiary	53.93
Purchase of Preference	Jindal QualityTubular Limited	Subsidiary	31.50
Shares	Jindal Fittings Limited	Associate	72.00
Purchase of Equity Shares	Jindal Fittings Limited	Associate	3.94

1. The Board of Directors of the Company, Jindal Quality Tubular Limited ('JQTL'), Jindal Fittings Limited ('JFL') and Jindal Tubular India Limited ('JTIL') had approved the composite scheme of amalgamation of JQTL, JFL and JTIL into the Company at their respective meetings held on March 16, 2022. The Board of Directors of JQTL and the Company had recommended exchange ratio 0(4,055 fully paid-up redeemable preference shares of UOO each of the Company for every 10,000 fully paid-up equity shares of UO each held in the JQTL and The Board of Directors of JFL and the Company had recommended exchange ratio of 1,018 fully paid-up redeemable preference shares of UOO each of the Company for every 10,000 fully paid-up equity shares of UO each held in the JFL. The Company has submitted the aforementioned scheme of amalgamation to Stock Exchanges for approval.

2. Company is a large corporate as per the applicability criteria. The annual disclosure made by the Company as a large corporate as under:

Annexure - A

I	itil D" l m ia isc	Id d b b osure to e ma e,yentity	Id d b b osure to e ma e,yentity	ifd entiie	. l Y 2022 f h Fi c as a arge orporate or te -mancia ear	. l Y 2022 f h Fi c as a arge orporate or te -mancia ear	. l Y 2022 f h Fi c as a arge orporate or te -mancia ear	23 -
	S. no.	Particulars			FY 2021-22		FY 2020-21
	1.	Name of the Company			Jindal SAW Limited
	2.	CIN			L27104UP1984PLC023979
	3.	Outstanding borrowing		of	Borrowings { 1,383.31 Crores	Borrowings {		1,970.95 Crores
		Company (in Rs. Crores)	*		Lease Obligation { 170.85	Lease Obligation' 204.13
					Crores	Crores
	4.	Highest Credit Rating During the			a) CAREA ;Outlook Negative	a) CARE	AA;	Stable
		previous F.Y. along with	name of		For long term banking facilities	For long term banking facilities
		the Credit Rating Agency			and NCDs	and NCDs
					B) BWRAA :Stable	b) BWR	AA :	Stable
					For Long term NCDs of { 500	For Long term		NCDs of { 500
					crores only.	crores only.
	5.	Name of the Stock Exchange in			National Stock Exchange of India	Limited
		which the fine shall be paid, in case
		of shortfall in the	required
		borrowing under the framework

• Note: The amount of outstanding borrowing stated is as per the definition laid down under para 2.2 (ii) of SEBI circular SEBI/HO/DDHS/CIR/P /2018/144 dated November 26, 2018.

We confirm that we are a Large Corporate as per the applicability criteria given under the SEBI circular SEBI/HO /DDHS/CIR/P /2018/144 dated November 26, 2018.

Annexure-Bl

Annual Disclosure to be made by entity Identified as a Large Corporate

1.	Name of the Company	Jindal Saw Limited
2.	CIN	L27104UP1984PLC023979
3.	Report filed for the financial year ended (T)	March 31, 2022
4.	Details of the Current block ( all figures in Rs. Crore):
S. No.	Particulars			T
i.	2-year block period (Specif financial years)		T:2021-22
			T+1:	2022-23
ii.	Incremental borrowing done in FY (T)(a)			Nil
iii.	Mandator borrowing to be done through debt securities in FY (T)(b)=(25% of a)			Nil
iv.	Actual borrowing done through debt securities in FY (T) (c)			Nil
v.	Shortfall in the borrowing through debt securities, ifany, for FY (T-1) carried forward			Nil
	toFY (T). (d)
vi.	Quantum of ( d), which has been met from ( c)(e)			Nil
vii.	Shortfall, if any, in the mandatory borrowing through debt securities for FY(T)			Nil
	{afer adjusting for any shortfall in borrowing forFY (T-1) which was carried forward
	to FY(T)}(f=(b)-[(c)-(e)]
	{If the calculated value is zero or negative, write "nil"}
5.	Details ofpenaltyto bepaid,if any,in respectto previousblock (all	figures in Rs crore):
S. No. Particulars			T
i.	2-year Blockperiod (Specif fnancial years)	T:2021-22
		T+l: 2022-23
ii.	Amount of fine to be paid for the block,if applicable		Nil
	Fine=0.2%of{(d)-(e)}#

: (d) and (e) are same as mentioned at 4(v) and 4(vi) of this annexure.

1. The figures of the quarter ended March 31, 2022 and March 31, 2021 are the balancing figures between the audited figures in respect of the full financial year and the published unaudited year to date figures upto third quarter of the respective financial year which were subject to limited review by the auditor.

2. Previous quarter/year figures have been regrouped/rearranged, wherever considered necessary to conform to current quarter and year ended classification.

3. These results are reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on May 30, 2022.

Place: New Delhi Date: May 30, 2022

By Order of the Board For JINDAL SAW LIMITED inu Jindal Managing Director DIN: 00005317

==> picture [411 x 16] intentionally omitted <==

INDEPENDENT AUDITOR'S REPORT

To the Members of Jindal Saw Limited

Report on the Audit of the Consolidated Financial Statements

Opinion

1. We have audited the accompanying consolidated financial statements of Jindal Saw Limited (hereinafter referred to as the "Holding Company") and its subsidiaries (Holding Company and its subsidiaries together referred to as "the Group"), its associate company and joint ventures (refer Note 3.3 and 51 to the attached consolidated financial statements), which comprise the consolidated Balance Sheet as at March 31, 2022, and the Consolidated Statement of Profit and Loss (including Other Comprehensive Income), the Consolidated Statement of Changes in Equity, the Consolidated Statement of Cash Flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as "the consolidated financial statements").

2. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid consolidated financial statements give the information required by the Companies Act, 2013 ("the Act") in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the consolidated state of affairs of the Group, its associate company and joint ventures as at March 31, 2022, of consolidated total comprehensive income (comprising of profit and other comprehensive income), consolidated changes in equity and its consolidated cash flows for the year then ended.

Basis for Qualified Opinion included in Auditors' report of a Subsidiary Company

1. The audit report on the financial statements of DERWENT SAND SARL, a subsidiary of the Holding Company, issued by an independent firm of auditors vide its report dated April 10, 2022 and furnished to us, contains the following modification, which is reproduced by us as under:

"Continuity of operations: During our mission, we recall that the company is in liquidation, under article 711 bis 11 of the Commercial Code".

The above modification does not impact our opinion on the consolidated financial statements as the subsidiary company is under liquidation and the same has been disclosed in the Consolidated Financial Statements (refer note 50 to the attached consolidated financial statements).

1. We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the "Auditor's Responsibilities for the Audit of the consolidated financial statements" section of our report. We are independent of the Group, its associate company and joint ventures in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements in India in terms of the Code of Ethics issued by the Institute of Chartered Accountants of India and the relevant provisions of the Act, and we have fulfilled our other ethical responsibilities in accordance with these

Price Waterhouse Chartered Accountants LLP, Building No. 8, 8Th Floor, Tower - B, DLF Cyber City, Gurgaon - 122 002

T:+91(124)4620000,3060000,F:+91(124)4620620

==> picture [481 x 72] intentionally omitted <==

INDEPENDENT AUDITOR'S REPORT To the Members of Jindal Saw Limited Report on the Consolidated Financial Statements Page 2 of 7

requirements. We believe that the audit evidence we have obtained and the audit evidence obtained by the other auditors in terms of their reports referred to in sub-paragraph 16 and 17 of the Other Matters section below, is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

1. We draw your attention to Note 61 of the consolidated financial statements, which describes the management's assessment of the financial impact of the events arising out of Coronavirus (Covid19) pandemic, for which a definitive assessment of the impact in the subsequent period is dependent upon the circumstances as they evolve. Our opinion is not modified in respect of this matter.

Key Audit Matters

1. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have reported key audit matters in our report of even date on the audit of standalone financial statements of the Holding Company with respect to assessment of carrying of value of investments in and loans granted to two subsidiary companies and carrying value of investments in an associate company. We have determined that there are no other key audit matters to communicate in our report on the consolidated financial statements.

Other Information

1. The Holding Company's Board of Directors is responsible for the other information. The other information comprises the information included in the Board's report and management discussions and analysis report but does not include the consolidated financial statements and our auditor's report thereon.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed and the reports of the other auditors as furnished to us (Refer paragraph 16 and 17 below), we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements

• '8. The Holding Company's Board of Directors is responsible for the preparation and presentation of these consolidated financial statements in term of the requirements of the Act that give a true and fair view of the consolidated financial position, consolidated financial performance and consolidated cash flows, and changes in equity of the Group including its associate company and joint ventures in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act. The respective Board of Directors of the companies included in the Group and of its associate company and joint ventures are responsible for

==> picture [85 x 59] intentionally omitted <==

INDEPENDENT AUDITOR'S REPORT To the Members of Jindal Saw Limited Report on the Consolidated Financial Statements Page 3 of 7

maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial statements by the Directors of the Holding Company, as aforesaid.

1. In preparing the consolidated financial statements, the respective Board of Directors of the companies included in the Group and of its associate company and joint ventures are responsible for assessing the ability of the Group and of its associate company and joint ventures 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.

2. The respective Board of Directors of the companies included in the Group and of its associate company and joint venture are responsible for overseeing the financial reporting process of the Group and of its associate company and joint ventures.

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

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

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

3. Identify and assess the risks of material misstatement of the consolidated financial statements, 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.

4. 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 Holding company has adequate internal financial controls with reference to consolidated financial statements in place and the operating effectiveness of such controls.

5. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

6. 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 ability of the Group and its associate company and joint ventures 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 statements or, if such disclosures are inadequate, to

==> picture [85 x 59] intentionally omitted <==

INDEPENDENT AUDITOR'S REPORT To the Members of Jindal Saw Limited Report on the Consolidated Financial Statements Page 4 of7

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 and its associate company and joint ventures to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements 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 or business activities within the Group and its associate companies and joint ventures to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the audit of the financial statements of such entities included in the consolidated financial statements of which we are the independent auditors. For the other entities included in the consolidated financial statements, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

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

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

• From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Other Matters

1. We did not audit the financial statements/financial information of all the subsidiaries included in the consolidated financial results, whose financial statements/financial information reflect total assets of Rs. 668,951.14 lakhs and net assets of Rs. 146,500.16 lakhs as at March 31, 2022, total revenues and total net loss after tax of Rs. 266,381.75 lakhs and Rs. 4,411.15 lakhs, total comprehensive income of Rs. (3,356.11) lakhs for the for the year ended March 31, 2022, and cash flows (net) of Rs. (12,339.97) lakhs for the year ended March 31, 2022, as considered in the consolidated financial statements. The consolidated financial statements also include the Group's share of net profit after tax of Rs. Nil and Rs. Nil and total comprehensive income/loss of Rs. Nil for the year ended March 31, 2022, respectively, as considered in the consolidated financial statements, in respect of 1 associate and 1 joint venture, whose financial statements/financial information have not been audited by us. These financial statements/financial information have been audited by other auditors whose reports have been furnished to us by the Management and our opinion on the consolidated financial results, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, associate and joint venture, is based solely on the reports of the other auditors.

==> picture [85 x 60] intentionally omitted <==

INDEPENDENT AUDITOR'S REPORT

To the Members of Jindal Saw Limited Report on the Consolidated Financial Statements Page 5 of 7

1. We did not audit the financial statements of the Jindal Saw Employee Welfare Trust (the 'Trust') included in the standalone financial statements of the Company, which constitute total assets of Rs. 1,544.38 lakhs and net assets of Rs. 44.01 lakhs as at March 31, 2022, total income of Rs. 36.12 lakhs, net excess of income over expenditure of Rs. 23.07 lakhs and net cash flows amounting to Rs. (327.24) lakhs for the year then ended. These financial statements and other financial information have been audited by other auditor whose report has been furnished to us by the management, and our opinion on the consolidated annual financial statements in so far as it relates to the amounts and disclosures included in respect of the Trust, is based solely on the report of such other auditor.

Our opinion on the consolidated financial statements, and our report on Other Legal and Regulatory Requirements below, is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2020 ("CARO 2020"), issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the Annexure B, a statement on the matter specified in paragraph 3(xxi) of CARO 2020.

2. As required by Section 143(3) of the Act, we report, to the extent applicable, that:

3. (a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit of the aforesaid consolidated financial statements.

4. (b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidated financial statements have been kept so far as it appears from our examination of those books and the reports of the other auditors.

5. (c) The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss (including other comprehensive income), the Consolidated Statement of Changes in Equity and the Consolidated Statement of Cash Flows dealt with by this Report are in agreement with the relevant books of account and records maintained for the purpose of preparation of the consolidated financial statements.

6. (d) In our opinion, the aforesaid consolidated financial statements comply with the Accounting Standards specified under Section 133 of the Act.

7. (e) On the basis of the written representations received from the directors of the Holding Company as on March 31, 2022 taken on record by the Board of Directors of the Holding Company and the reports of the statutory auditors of its subsidiary companies, associate company and joint venture incorporated in India, none of the directors of the Group companies, its associate company and joint venture incorporated in India is disqualified as on March 31, 2022 from being appointed as a director in terms of Section 164(2) of the Act.

8. (f) With respect to the adequacy of internal financial controls with reference to consolidated financial statements of the Group and the operating effectiveness of such controls, refer to our separate report in Annexure A.

9. (g) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditor's) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

10. The consolidated financial statements disclose the impact, if any, of pending litigations on the consolidated financial position of the Group, its associate company and joint venture - Refer Note 49 to the consolidated financial statements.

==> picture [85 x 60] intentionally omitted <==

INDEPENDENT AUDITOR'S REPORT To the Members of Jindal Saw Limited Report on the Consolidated Financial Statements Page 6 of 7

1. The Group, its associate and joint venture has long term contracts as at March 31, 2022 for which there are no material foreseeable losses. The Group, its associate and joint venture did not have any long term derivative contracts as at March 31, 2022.

2. iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Holding Company and its subsidiary companies and associate company incorporated in India except in respect of dividend amounting to Rs. 307.71 lakhs which has been kept in abeyance due to legal cases (refer notes zofd) and 30 to the Consolidated Financial Statements).

3. iv. (a) The Management of the Company whose financial statements have been audited under the Act have represented to us and the other auditors of subsidiaries and associate incorporated in India respectively that, to the best of their knowledge and belief, other than as disclosed in the notes to the accounts, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company or any of such subsidiaries and associate to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company or any of such subsidiaries, associate and joint ventures ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(b) The Management of the Company whose financial statements have been audited under the Act have represented to us and the other auditors of subsidiaries and associate incorporated in India that, to the best of their knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company or any of such subsidiaries and associate from any person(s) or entity(ies), including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company or any of such subsidiaries and associate shall, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(c) Based on the audit procedures, that has been considered reasonable and appropriate in the circumstances, performed by us and those performed by the auditors of the subsidiaries and associate which are companies incorporated in India whose financial statements have been audited under the Act, nothing has come to our or other auditor's notice that has caused us or the other auditors to believe that the representations under sub-clause (i) and (ii) of Rule 11(e) contain any material misstatement.

• v. The dividend declared and paid during the year by the Holding Company, its subsidiary companies and associate company and joint venture, is in compliance with Section 123 of the Act.

==> picture [85 x 60] intentionally omitted <==

INDEPENDENT AUDITOR'S REPORT To the Members of Jindal Saw Limited Report on the Consolidated Financial Statements Page 7 of 7

1. The Group and its associate company have paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act.

For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 012754N/N500016 o�Jv� Sougat� 4ukh�rjee {) Partner Membership Number 057084 UDIN : 22057084AJVQHI5206

Place : New Delhi Date : May 30, 2022

A exure A to Independent Auditor's Report

Referred to in paragraph 19(f) of the Independent Auditor's Report of even date to the members of Jindal Saw Limited on the consolidated financial statements for the year ended March 31, 2022 Page 1 of 2

Report on the Internal Financial Controls with reference to Consolidated Financial Statements under clause (i) of sub-section 3 of Section 143 of the Act

1. In conjunction with our audit of the consolidated financial statements of the Company as of and for the year ended March 31, 2022, we have audited the internal financial controls with reference to financial statements of Jindal Saw Limited (hereinafter referred to as "the Holding Company"), its subsidiary companies and its associate company , which are companies incorporated in India, as of that date.

Management's Responsibility for Internal Financial Controls

1. The respective Board of Directors of the Holding Company, its subsidiary companies and its associate company , to whom reporting under clause (i) of sub section 3 of Section 143 of the Act in respect of the adequacy of the internal financial controls with reference to financial statements is applicable, which are companies incorporated in India, are responsible for establishing and maintaining internal financial controls based on internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting ("the Guidance Note") issued by the Institute of Chartered Accountants of India ("ICAI"). These responsibilities include the design, implementation and maintenance of adequate internal financial .controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the respective company's policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

Auditor's Responsibility

1. Our responsibility is to express an opinion on the Company's internal financial controls with reference to financial statements based on our audit. We conducted our audit in accordance with the Guidance Note issued by the ICAI and the Standards on Auditing deemed to be prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of internal financial controls and both issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to financial statements was established and maintained and if such controls operated effectively in all material respects.

2. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system with reference to financial statements and their operating effectiveness. Our audit of internal financial controls with reference to financial statements included obtaining an understanding of internal financial controls with reference to financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

3. We believe that the audit evidence we have obtained and the audit evidence obtained by the other auditors in terms of their reports referred to in the Other Matters paragraph below is sufficient and appropriate to provide a basis for our audit opinion on the Holding Company's internal financial controls system with reference to consolidated financial statements.

==> picture [86 x 60] intentionally omitted <==

Annexure A to Independent Auditor's Report

Referred to in paragraph 19(t) of the Independent Auditor's Report of even date to the members of Jindal Saw Limited on the consolidated financial statements for the year ended March 31, 2022 Page 2 of 2

Meaning of Internal Financial Controls with reference to financial statements

1. A company's internal financial control with reference to financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial control with reference to financial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls with reference to financial statements

1. Because of the inherent limitations of internal financial controls with reference to financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to financial statements to future periods are subject to the risk that the internal financial control with reference to financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

1. In our opinion, the Holding Company, its subsidiary companies and its associate company, which are companies incorporated in India, have, in all material respects, an adequate internal financial controls system with reference to financial statements and such internal financial controls with reference to financial statements were operating effectively as at March 31, 2022, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note issued by the ICAI. (Also, refer Note 5 of the main auditor's report)

Other Matter

1. Our aforesaid reports under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal financial controls with reference to financial statements insofar as it relates to nine subsidiary companies and one associate company, which are companies incorporated in India, is based on the corresponding reports of the auditors of such companies incorporated in India. Our opinion is not modified in respect of this matter.

==> picture [232 x 100] intentionally omitted <==

Place : New Delhi Date : May 30, 2022

A exure B to Independent Auditors' Report

Referred to in paragraph 18 of the Independent Auditors' Report of even date to the members of Jindal Saw Limited on the Consolidated Financial Statements as of and for the year ended March 31, 2022.

As required by paragraph 3(xxi) of the CARO 2020, we report that the auditors of the following companies incorporated in India have given qualification or adverse remarks in their CARO report on the standalone financial statements of the respective companies included in the Consolidated Financial Statements of the Holding Company:

S.No.	Name of	CIN	Relationship	Date of	Paragaph number and comment	Paragaph number and comment
	the		wth the Holding	the	in the respectve CARO report
	Company		Company	respective	reproduced below
			(Holding	auditors'
			Company/	report
			Subsidiar/
			Associate/ Joint
			Ventre/ Jointly
			Contolled
			Enttes)
1.	Quality Iron	U12000DL	Subsidiar	April 11,	(xi)TheCompany has incurred cash	loss
	and Steel	2007PLC16		2022	during the current fnancial year INR 0.55
	Limited	3469			laks and INR 0.93lakhs in	the
					immediately precedingfinancialyear.
2.	Jindal	U28910UP	Subsidiar	April 11,	(xi) TheCompany has incurredcash
	Tubular	2015PLC06		2022	loss during the year amounting to	R.
	(India)	8768			139.02lakhs andR46.09laks in	the
	Limited				immediately preceding financial year.
3.	Sulog	U61200UP	Subsidiar	April22,	(xii)TheCompanyhas incurred cash	loss
	Transshipm	2011FLC08		2022	during theyear amountingtoR.276.64
	ent Serces	9538			lakhs.However, therewas no cash loss in
	Limited				the immediately preceding prevous year.
4.	JINDAITF	U74900UP	Subsidiar	April 22,	(xi)TheCompany has incurredcash	loss
	LIMITED	2007PLC06		2022	duringtheyear amounting to	Rs.
		9247			1,1074.86lakhs and Rs. 9,412.97 laks in
					the immediately preceding prevousyear.

1. Jindal Intellicom Limited (CIN U74899DL1988PLC033588) (Subsidiary) vide auditor's report dated April 20, 2022 which is reproduced by us as under:

2. 3 (iii) a) According to the information given to us, during the year, the Company has granted unsecured loan to a company and have made investments in units of various mutual funds during the year.

A) The aggregate amount of loan given during the year to subsidiary and Joint venture and aggregate balance outstanding of such loan as at the Balance Sheet date are here below:

Particulars	Particulars	Agegate amount ofloangven	BalanceoutstandingasMarch31,2022
		during theyear(RinLaks)	(RinLaks)
Related
Paties
Jindal	MMC	-	424.14
LLC	(Join
Venture)
JindalX	LLC	104-40	204.50
(Subsidiar)

==> picture [85 x 60] intentionally omitted <==

A exure B to Independent Auditors' Report

Referred to in paragraph 18 of the Independent Auditors' Report of even date to the members of Jindal Saw Limited on the Consolidated Financial Statements as of and for the year ended March 31, 2022.

• B) The aggregate amount of loan given during the year to other body corporate and aggregate balance outstanding of such loans as at the Balance Sheet date are here below:

==> picture [436 x 139] intentionally omitted <==

----- Start of picture text -----

Particulars Aggregate amount of loan given Balance outstanding as March 31, 2022
during the year (Rs in Lakhs) (Rs in Lakhs)
Other Body
Corporates
Coronation 250.00 160.00-)(·1
Energy Pvt.
Limited
Coronation - 5002
Infrastructure
Pvt. Limited
----- End of picture text -----*

• -l(-1 Excluding interest due and receivable Rs. 8.08 lakhs.

• "z Excluding interest due and receivable Rs. 27-43 lakhs.

• C) In respect ofloans and advances in the nature ofloans given the schedule ofrepayment of principal and payment of interest has been stipulated but the repayments or receipts are not regular as per the schedule stipulated.

• D) The details of principal and interest amount overdue for more than ninety days are here below:

==> picture [356 x 61] intentionally omitted <==

----- Start of picture text -----

Particulars Principal Amount( Rs in Lakhs) Interest ( Rs in Lakhs)
Overdue for more 83.33 13.86
than 90 days as at
March 31, 2022
----- End of picture text -----

For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 012754N/N500016 Chartered Accountants

Soug:.Z wT Partner Membership Number: 057084 UDIN: 22057084AJVQHI5206

Place: New Delhi Date: May 30, 2022

JINDAL SAW LIMITED

Regd. Off.: A·l, UPSIDC lndl. Area, Nandgaon Road, Kosi Kalan, Distt. Mathura (U.P.]-281403 Corp. Office: Jindal Centre, 12, Bhikaiji Cama Place, New Delhi· 11 0066 CIN- L27104UP1984PLC023979

Statement of consolidated audited financial results for the quarter and year ended March 31, 2022

S.	Particulars				---------- Consolidated	---------- Consolidated	---------- Consolidated	______	-.�	-.�
No.		_	---- __Quarter Ended-�-					YearEnded
				31.03.2022		31.12.2021	31.03.2021	31.03.2022	31.03.2021
I	Income			ReferNote7		Unaudited	ReferNot�.	Audited		Audited
	Revenue fromoperations			3,969.90		3,471.04	3,783.85	13,298.42		10,663.64
	Other income			41.76		37.76	47.25	152.55		209.55
	Total income (I)			4,011.66		3,508.80	3,831.10	13,450.97		10,873.19
II	Expenses
	Costof materials consumed			2.452.76		2,312.69	2,077.53	8,165.80		5,946.03
	Purchases of Stck-in·Trde			2.24		4.31	28.40	26.97		77.57
	Changes [ninventries of finishedgoods, stock-in-trade and work-in-progress			22.34		(88.51)	151.90	(290.52)		3.92
	Employeebenefits expense			242.35		267.93	226.66	1,014.87		896.61
	Financecost			• 119.38		107.92	111.20	460.12		492.79
	Depreciation andamortisation expense			118.45		122.20	124.52	472.99		458.87
	Other expenses Totalexpenses (II]			-�� 3,807.12	---	770.01 3,496.55	824.38 3,544.59	2,979.27 12,829.50		2,498.12 10,373.91
I	Prft/(loss) beforeshare ofprft/(loss) of joint venture, associate, exceptional
	items and tax(1-11)			204.54		12.25	286.51	621.47		499.28
IV	Shareof profit/(loss] ofjoint venture andassociate
V	Proft/(loss)before tax(III+IV)			204.54		12.25	286.51	621.47		499.28
VI	Tax expense:
	Current tax (refer note6)			75.14		14.86	95.34	247.93		174.23
	Deferred tax			7.56		(3.29)	4.51	(2.34)		(2.68)
	Total taxexpense (VI)			82.70		11.57	99.85	245.59		171.55
VII	Net proft/(loss) afer tax (V-VI)(A)			121.84		0.68	186.66	375.88		327.73
	Attributable to:
	Owners oftheParent			126.93		12.64	184.10	411.75		318.83
	Non-controlling interest			(5.09)		(11.96)	2.56	(35.87)		8.90
B	OtherComprhensiveIncome(OCI):
	a. Items that will not be rclassifed to profitorloss: (i)Re-measurement losses on definedbenefitplans			8.64		3.04	29.34	17.77		18.32
	(ii)Share ofjointventureandassociatof re-measurementgains/(losses)ondefned benefitplans
	(iii)EquityInstrumentthroughOther ComprehensiveIncome (iv]Income taxeffectonaboveitems			0.04 (2.19)		(0.77)	(0.05) (7.37)	0.04 (4.49)		(0.05) (4.60)
	b.Items thatwill be reclassifedto proft orloss: (i]Exchange differencesin translatingthe foreign operation			9.20		1.86	(7.72)	18.77		(12.97)
	(ii)Debt InstrumentsthroughOther ComprehensiveIncome			0.15		(0.24)	0.01	0.38		0.07
	(iii)Incometx effect onaboveitems Total othercomprehensiveincome forthe year /period(BJ			(0.03) 15.81		0.06 3.95	14.21	(0.06) 32.41		(0.02) 0.75
	Attributable to:
	Ownersof theParent			17.83		4.24	14.49	36.49		(6.24)
	Non-controllinginterest			(2.02)		(0.29)	(0.28)	(4.08)		6.99
C	Total ComprehensiveIncomefortheyear/period (C=A+B)			137.65		4.63	200.87	408.29		328.48
	Attributableto:
	Ownersof theParent			144.75		16.88	198.59	448.23		312.59
	Non-controlling interest			(7.10)		(12.25)	2.28	(39.94)		15.89
D	Earningsperequityshareof� 2/·each
	(i)Basic			4.00		0.40	5.78	12.96		10.02
	(ii)Diluted			4.00		0.40	5.78	12.96		10.02
			(Notannualised)		(Notannualised)		(Notannualised)
E	Networth
	(i)Paid-up equityshare capital(� 2pershare)			63.95		63.95	63.95	63.95		63.95
	(ii)Reserves/otherequity							7,300.23		6,919.08
	(iii] DebentureRedemptionReserve (included in[ii)above)									62.50
	(iv)Networth							7,364.18		6,983.03
F	Ratios:
	(i]Debt Equityratio			0.74		0.84	0.68	0.74		0.68
	(ii)Debt service coverageratio*			1.41		1.53	1.74	1.52		1.33
	(iii)Interest service coverage ratio			3.71		2.25	4.70	3.38		2.94
	(iv)Curent ratio (v]Long term debt to workingcapital			1.03 3.35		1.00 4.98	1.04 3.04	1.03 3.35		1.05 3.02
	[vi]Bad debtstotradereceivableratio			0.04		0.04	0.03	0.04		0.03
	(vii) Currentliability ratio			0.71		0.70	0.66	0.71		0.66
	(viii)Total debtto totalassets (ix)Debtorsturnover "			0.32 8.35		0.37 8.13	0.29 'l.9	0.32 6.42		0.29 5.12
	(x]Inventoryturnover			3.39		3.02	3.89	2.76		2.54
	(xi)Opertingmargin(%)			'/,28%		2.61%	9.33%	7.25%		8.11%
	(xii)Netprofitmargin!�n)	·-----�-	_	3.04%	�·---0.02%		4.87'X,	2.79%		3.01%

• Ratios for the quarter ended have been annualised

Formulae for computation of ratios are as follows:

(i) Debt Equity Ratio: Total Debt (excluding lease liability)/ Net Worth

Total Debt: Secured Loans+ Unsecured Loans· Liquid investment and FDR with original maturity of Jess than three months Net Worth: Equity Share Capital+ Reserves

(ii) Debt Service Coverage Ratio: PAT+ Depreciation and amortisation+ Interest on long term debt/ (Interest on long term debt+ lease payments+ principal repayment of long term debt during the period)

*The Debt Service Coverage Ratio of 1.52 has been calculated excluding prepayment of term Joans instalments of { 17 68 crores and buy back of Non-Convertible Debentures of i 250 crores for the FY 2021·22.

• (iii) Interest Service Coverage Ratio: EBDlT / Finance costs

• EBDlT: Profit before Taxes+ Depreciation and amortisation+ Finance costs+ Exceptional items (non cash)

• (iv) Current Ratio: Current assets/ Current liabilities

(v) Long term debt to working capital: Long term debt (including current maturity of long term debt) / [Current Assets. Current Liabilities(excluding current maturity of long term debt)]

(vi) Bad debts to trade receivable ratio: Provision for doubtful debt/ Closing gross trade receivable

• (vii) Current liability ratio: Current Liabilities/ Total liabilities

• (viii) Total debts to total assets: Total Borrowings (excluding lease liability)/ Total assets

• (ix) Debtors turnover: Sale of goods and Services/ Average of opening and closing trade receivable

(x) Inventory turnover ratio: (Cost of material consumed+ Purchase of stock-in-trade+ Changes in inventories of finished goods, Stock-in -Trade and work- in-progress)/ (Average of opening and closing inventory of RM, SFG, FG and Scrap)

(xi) Operating margin(%): (Net profit before tax· Interest from bank deposits and Joans· other non operating income+ finance cost)/ Revenue from operations •100

• (xii) Net profit margin(%): Profit after tax/ Total income •·100

JINDAL SAW LIMITED

Statement of consolidated audited assets and liabilities

				(tCrores)
s.		Particulars	Consolidated
No.			Asat	Asat
			31.03.2022	31.03.2021
			Audited	Audited
	ASSETS
(1)	Non-Current Assets
	(a) Property, plant and equipment		7,112.60	7,059.27
	(b) Capital work-in-progress		293.09	403.70
	(c)Right-of-use assets		234.20	245.53
	(d) Intangible assets		9.96	10.77
	( e)Financial assets
	(i) Investments		213.17	132.89
	(ii) Trade receivables		8.44	11.42
	(iii) Loans		198.20	341.15
	(iv) Other financialassets		849.04	682.80
	(t Deferred tax assets (net)		407.09	410.25
	(g)Other non-current assets		200.83	210.56
(2)	Current Assets
	(a) Inventories		3,755.51	2,918.58
	(b)Financial assets
	(i)Investments		10.38	65.23
	(ii) Tradereceivables		1,805.77	2,125.19
	(iii)Cash and cash equivalents		496.62	551.91
	(iv)Bank balancesother than (iii) above		175.88	171.67
	(v)Loans		64.90	53.50
	(vi) Other financial assets		24.11	29.01
	(c)Contract assets		153.12	35.06
	(d) Currenttax assets (net)		88.70	79.51
	(e) Other current assets		748.69	687.42
		TOTAL ASSETS	16,850.30	16,225.42
	EQUITY ANDLIABILITIES
	Equity
	(a) Equity share capital		63.95	63.95
	(b) Other equity		7,300.23	6,919.08
	(c) Non-controlling interest		(515.04)	( 443.60)
	Liabilities
(1)	Non-Current Liabilities
	(a) Financial liabilities
	(i) Borrowings		1,832.63	2,298.28
	(ii) Lease liabilities		222.08	231.56
	(iii) Other financial liabilities		29.41	29.41
	(b)Provisions		52.08	67.48
	(c)Deferred tax liabilities (net)		629.30	532.81
	(d)Other non-current liabilities		96.82	10197
(2)	Current Liabilities
	(a) Financial Liabilities
	(i) Borrowings		3,954.58	2,785.07
	(ii) Lease liabilities		21.91	19.88
	(iii)Tradepayables
	(A) total outstanding	dues of microenterprises and small
	enterprises; and		16.89	13.54
	(13) totaloutstanding	dues of creditors other thanmicro
	enterprisesand smallenterprises		1,523.23	1,923.15
	(iv) Other financial liabilities		286.79	307.47
	(b)Othercurrent liabilities		1,213.69	1,256.69
	(c) Provisions		95.46	95.34
	(d) Current tax liabilities(net)		26.29	23.34
		TOTAL EQUITY AND LIABILITIES	16,850.30	16,225.42

JINDAL SAW LIMITED

Consolidated audited segment information for the quarter and year ended March 31, 2022

						(tCrores)
s.	Particulars			Consolidated
No.			Quarterended		Year	Ended
		31.03.2022	31.12.2021	31.03.2021	31.03.2022	31.03.2021
		Refer Note 7	Unaudited	Refer Note 7	Audited	Audited
1	Segment Revenue
	a)Iron&Steel	3,941.86	3,4411	3,758.94	13,182.12	10,563.73
	b) Waterways Logistics	6.49	7.04	6.12	27.16	21.82
	c) Others	22.08	23.01	19.38	90.63	79.04
	Sub Total	3,970.43	3,471.36	3,784.44	13,299.91	10,664.59
	Less: Inter-segmentRevenue	0.53	0.32	0.59	1.49	0.95
	Total	3,969.90	3,471.04	3,783.85	13,298.42	10,663.64
2	Segment Results
	Profit/(loss) before finance costs, exceptional
	items, unallocable expense/income and tax
	a)Iron&Steel	299.72	93.64	383.38	962.19	854.66
	b)Waterways Logistics	(5.31)	(3.00)	(2.56)	(15.27)	(13.56)
	c) Others	(0.01)	2.59	4.08	9.92	16.78
	Total segment proft/(loss) before fnance costs,	294.40	93.23	384.90	956.84	857.88
	exceptional items, unallocable expense/income
	and tax
	Finance costs	(119.38)	(107.92)	(111.20)	(460.12)	(492.79)
	Unallocable corporate income/expense (net)	29.52	26.94	12.81	124.75	134.19
	Profit/(loss)before tax and exceptional items	204.54	12.25	286.51	621.47	499.28
	Exceptional items- income/(expense)		-	-	-
	Share ofprofit/(loss) ofjoint venture andassociate		-	-	-	-
	Profit/(loss) before tax	204.54	12.25	286.51	621.47	499.28
	Less:Tax expense	82.70	11.57	99.85	245.59	171.55
	Profit/(loss)afer tax	121.84	0.68	186.66	375.88	327.73
3	SegmentAssets
	a)Iron&Steel	14,551.06	13,926.88	13,681.33	14,551.06	13,681.33
	b)Waterways Logistics	1,266.71	1,248.96	1,209.64	1,266.71	1,209.64
	c) Others	50.06	50.64	41.05	50.06	41.05
	d)Unallocated	982.47	1,436.17	1,293.40	982.47	1,293.40
	Total Segment Assets	16,850.30	16,662.65	16,225.42	16,850.30	16,225.42
4	SegmentLiabilities
	a)Iron&Steel	2,624.08	2,314.49	3,120.39	2,624.08	3,120.39
	b)Waterways Logistics	910.64	895.98	903.69	910.64	903.69
	c) Others	23.63	23.02	17.80	23.63	17.80
	d) Unallocated	6,442.81	6,717.35	5,644.11	6,442.81	5,644.11
	Total SegmentLiabilities	10,001.16	9,950.84	9,685.99	10,001.16	9,685.99

JINDAL SAW LIMITED

Consolidated audited statement of cash flow for the year ended March 31, 2022

Consolidated audited sttement of cash fowfor the year endedMarch31, 2022
-------- Particulars	------·----- ·---�---·-·------------ Year ended		Yearended	_fCrores) ·---
	March31, 2022		March31, 2021
	Audited		Audited
A.CASH INFLOW/ (OUTFLOW) FROM THEOPERTING ACTIVITIES
Net profit before tax		621.47		499.28
Adjustmentsfor:
Add/(less)
Depreciation and amortisation expense	472.99		458.87
Incomefrom government grant	(10.68)		(11.28)
FinanceCost	460.12		492.79
Loss onsaleofprpert, plantandequipment andintangible asset (net)	(2.61)		0.73
Balances writtenoff/written back(net)	(7.58)		(19.27)
Provision for doubtful debt and advances(net)	26.83		21.58
Provisionof liabilitforshare based payment	6.14		0.06
Effect ofUnrealised foreignexchange(gain)/loss	7.05		(42.99)
Net(gain)/loss on derivatives	(0.37)		(11.14)
Net (gain)/lossonsaleofcurrentinvestments	(0.79)		(0.72)
Net (gain)/lossonfairvaluation of investment	0.01		(0.01)
Interestincome	(111.63)	839.48	(117.56)	771.06
Operating profit before working capitlchanges		1,460.95		l,270.34
Changesin operatingassets and liabilities:
Inventories	(818:40)		(246.30)
Tradereceivables	308.86		(200.05)
Loans,otherfnancialasset and otherasset	(220.03)		(10.95)
Trade payables	(454.38)		678.01
Other financial liabilities,provisionsand otherliabilities	(49.71)-�		178.00	398.71
Cash generatedfromoperations		227.29		l,669.05
Taxespaid		(153.81)		(99.35)
Net cashinfow/(outfow)from operating activities		73.48		1,569.70
B.CASHINFLOW/(OUTFLOW) FROMINVESTMENT ACTIVITIES
Purchase of propert,plant andequipmentandintangibleasset	( 453.49)		(403.46)
Saleproceeds from propert,plant and equipmentand intangibleassets	100.96		6.53
Purchase ofnon-current investment	(75.78)
Investment inmutual funds	(15.93)		(136.07)
Prceedfom sale of mutual funds	71.61		63.79
Investment in treasurysharesby JindalSawEmployeeWelfareTrust	(3.50)		(3.02)
Loans received back fomrelatedand otherparties	224.40		172.28
Loansgiven torelatedandother parties	(64.25)		(86.37)
Interestreceived Net cashinfow /(outfow)from investingactivities	24.67 ----·-----	(191.31)	27.74-------- (358.58)
C.CASHINFLOW/(OUTFLOW)FROM FINANCINGACTIVITIES
Dividendpaid(net of unclaimed/unpaid dividend)	(63.07)		(63.00)
Proceedsfrom non-current borrowings			331.38
Repaymentofnon-current borrowings	(465.71)		(605.55)
Proceedsfom debentures			500.00
Repaymentof debentures	(250.00)		(40.00)
Payment ofleaseliabilities	(41.08)		(43.27)
Increase/(decrease)incurrent borrowings	1,325.25		(431.87)
Interestandbankchargespaid	( 432.89)		(491.98)
Transaction with non controlling interest			(8.77)
Loan repaidtorelatedparties	( 11.70)		(20.42)
Loantakenfrom relatedparties	0.20		42.33
Net cash infow/(out!low) fromfinancingactivities		61.00		(831.15)
Netchangesin cash and cashequivalent		(56.83)		379.97
Cashandcashequivalent at beginningof the year		551.91		172.82
Exchangedifference ontranslationofforeigncurrency cashandcashequivalents		1.54		(0.88)
Cashand cashequivalentsat end ofthe year		496.62		551.91
Cashand cashequivalents atend of theyear		496.62		551.91

Notes:

1. lncrease/(decrease) in short term borrowings are shown net of repayments.

2. Figures in bracket indicates cash outflow.

3. The above cash flow statement has been prepared under the indirect method set out in IND AS - 7 'Statement of Cash Flows'.

Notes:

1. Jindal ITF Limited, one of the subsidiaries, of the Company has won an arbitral award allowing various claims to the tune o f � 1,891.08 crores plus interest and applicable taxes. During the financial year 2019-20, the subsidiary had filed enforcement application under section 36 of Arbitration and Conciliation Act, 1996 for the execution of arbitral award being pronounced in favour of the subsidiary whereas the customer had preferred appeal under Section 34 of Arbitration and Conciliation Act, 1996 challenging the said arbitral award. Both the aforesaid cases are presently sub­ judice before Hon'ble High Court of Delhi. As per interim relief granted by Hon'ble High Court, the subsidiary received � 856.31 crores on submission of bank guarantees. Based on the current status and the expert legal advice received, the company is expecting a favourable outcome which would cover all the investments, loans and advances in Jindal ITF Limited and consequently, no adjustments have been made to the financial results. ·

Based on the current status and the expert legal advice received, the Group is expecting a favourable outcome which would cover all the investments, loans and advances and consequently no adjustments have been made to the financial results.

1. The Group has two primary business segments i.e. Iron & Steel products and Waterways Logistics.

2. The management has assessed the impact of COVID-19 pandemic on the financial results, business operations, liquidity position and cash flow and has concluded that no material adjustments are required in the carrying amount of assets and liabilities as at March 31, 2022.

The impact of the pandemic may be different from that estimated as at the date of approval of these financial statements and the Company will continue to closely monitor any material changes to future economic conditions.

1. The Board of Directors has recommended payment of dividend @ � 2 per equity share of� 2 each for the year ended March 31, 2022, aggregating to � 63.95 crores.

2. The Board of Directors of the Company, Jindal Quality Tubular Limited ('JQTL'), Jindal Fittings Limited ('JFL') and Jindal Tubular India Limited ('JTIL') had approved the composite scheme of amalgamation of JQTL, JFL and JTIL into the Company at their respective meetings held on March 16, 2022. The Board of Directors of JQTL and the Company had recommended exchange ratio of 4,055 fully paid-up redeemable preference shares of UOO each of the Company for every 10,000 fully paid-up equity shares of UO each held in the JQTL and The Board of Directors of JFL and the Company had recommended exchange ratio of 1,018 fully paid-up redeemable preference shares of UOO each of the Company for every 10,000 fully paid-up equity shares of UO each held in the JFL. The Company has submitted the aforementioned scheme of amalgamation to Stock Exchanges for approval.

3. Tax expense are inclusive of prior period tax adjustments and impact of change in tax rate.

4. The figures of the quarter ended March 31, 2022 and March 31, 20 21 are the balancing figures between the audited figures in respect of the full financial year and the published unaudited year to date figures upto third quarter of the financial year which were subject to limited review by the auditor.

8.The consolidated financial results include the financials information of the step-down subsidiary, Derwent Sand SARL which is under liquidation.

1. Previous quarter /periods figures have been regrouped/rearranged, wherever considered necessary to conform to current quarter classification.

2. These results are reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on May 30, 2022.

Place: New Delhi Date: May 30, 2022

inu Jindal Managing Director D I N : 00005317

May 30, 2022

==> picture [38 x 62] intentionally omitted <==

==> picture [13 x 114] intentionally omitted <==

==> picture [13 x 123] intentionally omitted <==

==> picture [478 x 100] intentionally omitted <==

National Stock Exchange of India Ltd. Listing Department Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai-400 051 Scrip Code : JINDALSAW

BSE Ltd. Corporate Relation Department 1st Floor, New Trading Ring, Rotunga Building, P.J. Towers Dalal Street, Mumbai - 400 001 Scrip Code: 500378

Sub. : Declaration in respect of unmodified opinion by Statutory Auditors on Audited Financial Results for the period ended March 31, 2022 - Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Dear Sirs,

This is with reference to the captioned subject, we hereby declare that the Auditors' Report the Annual Audited Financial Results of the Company for the period ended on 3i5t March, 2022 does not contain any modified opinion .

This is for your information and record please.

Thanking you,

==> picture [13 x 102] intentionally omitted <==

Yours faithfully,

For JINDAL SAW LTD., NARENDRA MANTRI CFO

==> picture [14 x 71] intentionally omitted <==

Corporate Office: Jindal Centre, 12 Bhikaiji Cama Place, New Delhi-110066 • Phone: +91 (11) 26188360 - 74, 26188345 Fax: +91 (11) 26170691 28, Shivaji Marg, Najafgarh Road, New Delhi-110015, INDIA• Phone : +91 (11) 6646 3544, 45021544 Regd. Office: A-1, UPSIDC, lndl. Area, Nandgaon Road, Kosi Kalan, Distt. Mathura (U.P.) - 281403 • Website: www.jindalsaw.com

CIN: L27104UP1984PLC023979