Jyoti Ltd. — Interim / Quarterly Report 2023

Feb 14, 2023

Jyoti Ltd. ® Water • Power • Progress

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By Electonic Mode

14[th ] February, 2023

General Manager DCS -CRD (Corporate Relationship Department) BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai - 400 001

SCRIP CODE NO. 504076

Dear Sir,

Sub: Unaudited Financial Results for the Quarter and Nine months ended on

31[s ] December, 2022

Pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors in their Meeting held on 14[th ] February, 2023, considered and approved the Standalone & Consolidated Unaudited Financial Results for the Quarter and Nine months ended on 3[1][ st ] December, 2022, along with Limited Review Reports received from Statutory Auditors of the Company, M/s. Amin Parikh & Co. Chartered Accountants, Vadodara which are attached herewith.

The time of commencement of Board Meeting was 3:30 p.m. and the time of conclusion was 4:00 p.m.

Thanking you,

Yours faithfully, For JYOTI LIMITED

SURESH Digitally signed by SURESH DURGAPRASAD DURGAPRAS SINGHAL Date: 2023.02.14 AD SINGHAL 16:07:58 +05'30'

CS S. Singhal Vice President (Legal) & Company Secretary M. No. F8289

Encl: As above

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Regd. Office : Nanubhai Amin Marg, l_ndustrial_Area, P.O. Chemical Industries, Vadodara-390 003. (India) Ph. : 2282049 Fax. +91-265-2281871, E.Ma1I: Jyotiltd@Jyoti.com, Website: http://www.jyoti.com, CIN: L36990GJ1943PLC000363

JYOTI LIMITED

CIN : L36990GJ1943PLC000363

Nanubhai Antin Marg, Industrial Area, P.O. Chemical Industries, Vadodara - 390 003 Phone: +91 63530 70339/63530 70343 Fax:++ 91-265-2281871 E-mail: jyotiltd@jyoti.com Website: http:/ /www.jyoti.com

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2022

										( � Lakhs)
Sr.	Particulars	Quarter Ended				Nine Months Ended				Year Ended
No.		31-12-2022	30-09-2022		31-12-2021	31-12-2022		31-12-2021		31-03-2022
		(Unaudited)	(Unaudited)		(Unaudited)	(Unaudited)		(Unaudited)		(Audited)
1	Revenue from Operations (Net)	3448	4107		2711	10190		7650		12024
2	Other Income	95	228		200	554		780		885
3	Total Income	3543	4335		2911	10744		8430		12909
4	Expenses
	a) Cost of materials consumed	2478	2807		2188	7524		5548		8819
	b) Purchase of stock-in-h·ade	-	-		-	-		-		-
	c) Change in inventories of finished goods,	(113)	441		(249)	(99)		(343)		(303)
	work-in-progress and stock-in-trade
	d) Employee benefits expense	505	528		507	1497		1385		1823
	e) Finance cos ts	13	14		17	31		22		25
	f) Depreciation and amortisation expense	177	172		179	522		535		731
	g) Other expenses Total Expenses	350 3410	307 4269		248 2890	972 1047		900 8047		1205 12300
	Proft/(Loss) Before lllterest, Tax, Depreciation&	228	24		17	296		160		480
	Amortisation ( EBITDA)
5 6 7	Profit/ (Loss) before exceptional items and tax Exceptional items Profit/ (Loss) before tax	133 (14) 119	66 (49) 17		21 10 31	297 (63) 234		383 (4) 379		609 8 617
8	Tax expense					-		-		-
	- Current tax	-	-		-
	- Deferred tax	-	-		-	-		-		(105)
9 10 11	- Tax Exp of Earlier Year Net Profit(Loss)forthe period Other Comprehensive Income/ (Expense) Total Comprehensive Income for the period Paid up equity share capital (Face value_t_10)	- 119 2 121 2309	- 17 1 18 2309		- 31 1 32 2309	- 234 8 242 2309		576 (197) 4 (193) 2309		576 146 36 182 2309
12	Earnings Per Share - Basic & Diluted (in�)	0.52	0.07		0.13	1.01		(0.85)		0.63

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Notes:

• 1) The above Standalone Results, have been reviewed by Statutory Auditors, recommended by the Audit Committee and approved by the Board of Directors of the Company.

• 2) Segmental Reporting is not applicable as the Company has only one segment.

• 3) Provision for Income Tax / Deferred Tax for the year, if any, will be made at the end of the year.

• 4) The previous quarter's/year's figures have been regrouped/rearranged wherever necessary to make it comparable with the current quarter/ period.

Place : Vadodara Date : 14-02-2023

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For Jyoti Limited RAHUL Digitally signed by RAHUL NANUBHAI NANUBHAI AMIN Date: 2023.02.14 AMIN 16:06:33 +05'30' RahulNanubhaiAnun Chairman & Managing Director DIN : 00167987

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JYOTI LIMITED

CIN : L36990GJ1943PLC000363

Nanubhai Amin Marg, Industrial Area, P.O. Chemical lndush·ies, Vadodara - 390 003 Phone: +91 63530 70339/63530 70343 Fax:++ 91-265-2281871 E-mail: jyotiltd@jyoti.com Website: http:/ /www.jyoti.com

CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2022

Sr. Particulars No. 1Revenue from Operations (Net) 2Other Income 3Total Income 4Expenses a) Cost of materials consumed b) Purchase of stock-in-trade c) Change in inventories of finished goods, work-in-progress and stock-in-trade d) Employee benefits expense e) Finance costs f) Depreciation and amortisation expense g) Other expenses Total Expenses Profit/(Loss) Before Interest, Tax, Depreciatio11 Amortisation ( EBIDA) 5Profit/ (Loss) before exceptional items and tax 6Exceptional items 7Share ot Profit/ (Loss) of a Joint Venture 8Profit(Loss) before tax 9Tax expense - Current tax - Deferred tax - Tax Exp of Earlier Year 10Net Profit(Loss) for the period 11Other Comprehensive Income/ (Expense) Total Comprehensive Income for the period 12Paid up equity share capital (Face value� 10) 13Earnings Per Share - Basic & Diluted (in� )	(�Lakhs) Quarter Ended Nine Months Ended Year Ended 31-12-2022 30-09-2022 31-12-2021 31-12-2022 31-12-2021 31-03-2022 (Unaudited) (Unaudited)(Unaudited) (Unaudited) (Unaudited) (Audited) 3448 4107 2711 10190 7650 12024 95 228 200 554 780 885 3543 4335 2911 10744 8430 12909 2478 2807 2188 7524 5548 8819 - - - - - - (113) 441 (249) (99) (343) (303) 505 528 507 1497 1385 1823 13 14 17 31 22 25 177 172 179 522 535 731 350 307 248 972 900 1205 3410 4269 2890 10447 8047 12300 & 228 24 17 296 160 480 133 66 21 297 383 609 (14) (49) 10 (63) (4) 8 7 9 (�8) 39 (24) G 126 26 3 273 355 622 - - - - - - - - - - - (105) - - - - 576 576 126 26 3 273 (221) 151 2 1 1 8 4 36 128 27 4 281 (217) 187 2309 2309 2309 2309 2�09 2309 0.55 0.11 0.01 1.18 (0.96) 0.65	(�Lakhs) Quarter Ended Nine Months Ended Year Ended 31-12-2022 30-09-2022 31-12-2021 31-12-2022 31-12-2021 31-03-2022 (Unaudited) (Unaudited)(Unaudited) (Unaudited) (Unaudited) (Audited) 3448 4107 2711 10190 7650 12024 95 228 200 554 780 885 3543 4335 2911 10744 8430 12909 2478 2807 2188 7524 5548 8819 - - - - - - (113) 441 (249) (99) (343) (303) 505 528 507 1497 1385 1823 13 14 17 31 22 25 177 172 179 522 535 731 350 307 248 972 900 1205 3410 4269 2890 10447 8047 12300 & 228 24 17 296 160 480 133 66 21 297 383 609 (14) (49) 10 (63) (4) 8 7 9 (�8) 39 (24) G 126 26 3 273 355 622 - - - - - - - - - - - (105) - - - - 576 576 126 26 3 273 (221) 151 2 1 1 8 4 36 128 27 4 281 (217) 187 2309 2309 2309 2309 2�09 2309 0.55 0.11 0.01 1.18 (0.96) 0.65	(�Lakhs)	(�Lakhs)	(�Lakhs)	(�Lakhs)	(�Lakhs)
		d 31-12-2021 (Unaudited) 2711 200 2911 2188 - (249) 507 17 179 248		Nine Months Ended 31-12-2022 31-12-2021 (Unaudited) (Unaudited) 10190 7650 554 780			Year Ended 31-03-2022 (Audited)
						7650 780	12024 885
				10744		8430	12909
				7524 - (99) 1497 31 522 972		5548 8819 - - (343) (303) 1385 1823 22 25 535 731 900 1205
		2890		10447		8047 12300
		17 296 160 480 21 297 383 609 ) 10 (63) (4) 8 (�8) 39 (24) G 3 273 355 622 - - - - - - - (105) - - 576 576 3 273 (221) 151 1 8 4 36 4 281 (217) 187 9 2309 2309 2�09 2309 0.01 1.18 (0.96) 0.65

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Notes:

• 1) The above Consolidated Results, have been reviewed by Statutory Auditors, recommended by the Audit Committee and approved by the Board of Directors of the Company.

• 2) As the financial year of the Joint Venture Company is from January to December, the Financial Statement of the Joint Venture used in consolidation are drawn upto 30th September, 2022 i.e. from 1st Janua1y, 2022 to 30th September, 2022.

• 3) Segmental Reporting is not applicable as the Company has only one segment.

• 4) Provision for Income Tax / Deferred Tax for the year, if any, will be made at the end of the year.

• 5) The previous quarter's/year's figures have been regrouped/ rearranged wherever necessary to make it comparable with the current quarter/ period.

Place Vadodara Date 14-02-2023

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For Jyoti Limited RAHUL Digitally signed by RAHUL NANUBHAI NANUBHAI AMIN Date: 2023.02.14 AMIN 16:07:01 +05'30' Rahul Nanubhai Amin

Chairman & Managing Director DIN : 00167987

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205-206, Uuawal Complex, Near Akota Stadium, Opp Shren1k Park.Vadodara Phone· (0265) 3589020 E-mail. aminparikh@yahoo.com

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AMIN PARIKH & CO. CHARTERED ACCOUNTANTS

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To, The Board of Directors, Jyoti Limited, Nanubhai Amin Marg, Industrial Area, P.O. Chemical Industries, Vadodara -390003

Dear Sir,

Re: Independent Auditor's Limited Review Report on Unaudited Standalone Quarterly and year to date Financial Results of Jyoti Limited pursuant to the Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

1. We have reviewed the accompanying Statement of. Unaudited Standalone Financial Results of Jyoti Limited for the quarter and period ended on 31 [st ] December, 2022 for the period from 1 [st ] October, 2022 to 31 [st ] December 2022 together with the notes thereon (hereinafter referred to as "the Statement" and initiated for the purpose of identification) being submitted by the Company pursuant to the requirement of Regulation 33 and Regulation 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) as amended, read with SEBI Circular No. CIR/CFD/CMDl/44/2019 dated March 29, 2019 (the Circular).

2. The Preparation of the Statement in accordance with recognition and measurement principal laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under 133 of the Companies Act, 2013 read with relevant Rules issued thereunder and other accounting principles generally accepted in India, is the responsibility of the Company's Management and has been signed by management of the Company. Our responsibility is to express a conclusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagement (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountant of India.

This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures, applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

FOUNDER PARTNERS LATE SHRI C D. AMIN, LATE SHRI R. J. PARIKH

4. We draw attention to:­

Emphasis of matters:

• a) In view of below,

• (i) Continued accumulated losses and erosion of the Net Worth;

there is an uncertainty about the Company's ability to continue as a going concern.

However,

• (a) Operating highlights - Ongoing operations with improved business prospects, continues to execute orders in hand, increasing & giving additional focus on turnover of spares, retrofit & service orders which contribute good margin & obtain new orders despite adversities from private as well as public sector, positive EBITDA, robust cost controls

• (b) Financial restructuring - acquisition of total debt of the Company due with Banks by Rare Asset Reconstruction Ltd.

• (c) Considering above, the Management is very positive about the Company's viability and optimistic about its future.

In view thereof, the Financial Statements have been prepared by the Management on a 'Going Concern' basis and no adjustment is considered necessary, except for the provisions made in the books of account, to the recorded assets, recorded liabilities, contingent liabilities and other commitments.

• b) The Financial Statements regarding recoverability of Trade Receivable, Advances (which are subject to confirmation) and Impairment of Assets, other than those provided for during the quarter, which has been considered good by the Management.

• c) Inventories of WIP have been valued using estimated progress percentage and standard conversion costs as applied to quantities derived from material issues for the period less finished goods produced. Inventories of Finished Goods have been valued using estimated profitability percentages of the previous year as applied to sales price of finished inventories as of the period end, valuation method for valuation of Inventories, consistently followed at each quarter. Physical verification of inventories has not been performed and thereof differences in quantities are not known. The effects of the foregoing estimates and bases in arriving at the closing inventories are not determined. However such exercise is done at the year end.

• d) The matters described in sub-paragraph (a) to (c) under the Emphasis of Matters may have an effect on the functioning of the Company.

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Our opinion is not modified in respect of these matters.

5. CONCLUSION:

Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying statement of standalone unaudited financial results read with Notes thereon, prepared in accordance with applicable accounting standards and other recognized accounting practices and policies has not disclosed the information required to be disclosed in term of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement.

For AMIN PARIKH & CO. Chartered Accountants FRN: 100332W

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Partner M. No. : 41506 Place : Vadodara Date : 14/02/2023 UDIN : 23041506BGWFLL3108

205-206. UJJawal Complex Near Akota Stadium, Opp Shrenik Park,Vadodara Phone (0265) 3589020 E-mail aminparikh@yahoo com

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AMIN PARIKH & CO. CHARTERED ACCOUNTANTS

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To,

The Board of Directors,

Jyoti Limited, Nanubhai Amin Marg, Industrial Area, P.O. Chemical Industries, Vadodara -390003

Dear Sir,

Independent Auditor's Limited Review Report on Consolidated Unaudited Quarterly and year to date Financial Results of the Company pursuant to the Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of JYOTI LIMITED and its share of the net Profit after tax and total comprehensive income of its Joint Venture for the quarter ended 31 [st ] December, 2022 for the period from 1[st ] January 2022 to 30 [th ] September 2022 together with the notes thereon ("the Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 Regulation 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) as amended, read with SEBI Circular No. CIR/CFD/CMDl/44/2019 dated March 29, 2019 (the Circular).

2. This Statement, which is the responsibility of the. Management and has been signed by management & has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013, read with relevant Rules there under and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standards on Review Engagements (SRE)2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with standards on auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

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FOUNDER PARTNERS· LATE SHRI C. D. AMIN, LATE SHRI R J PARIKH

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

1. The Statement includes the results of the following entities :

Joint Venture of Jyoti Limited Jyoti Sohar Switchgear LLC (Sultanate of Oman)

5.Emphasis of Matters

• a) In view of below,

• (i) Continued acc.umulated losses and erosion of the Net Worth;

there is an uncertainty about the Company's ability to continue as a going concern.

However,

• (a) Operating highlights - Ongoing operations with improved business prospects, continues to execute orders in hand, increasing & giving additional focus on turnover of spares, retrofit & service orders which contribute good margin & obtain new orders despite adversities from private as well as public sector, positive EBITDA, robust cost controls.

• (b) Financial restructuring - acquisi�ion of total debt of the Company due with Banks by Rare Asset Reconstruction Ltd.

• (c) Considering above, the Management is very positive about the Company's viability and optimistic abo'ut its future.

In view thereof, the Financial Statements have been prepared by the Management on a 'Going Concern' basis and no adjustment is considered necessary, except for the provisions made in the books of account, to the recorded assets, recorded liabilities, contingent liabilities and other com mi tmen ts.

• b) The accounts of Trade Receivables, Trade Payables and Advances are subject to reconciliation/confirmation. The financial statements regarding recoverability of Trade Receivables, Advances and Impairment of Assets other than those provided for during the year, which has been considered good by the Management.

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1. The Consolidated Unaudited Financial Results includes the Interim Financial Results of a Joint Venture which have not been reviewed by us or their auditors, whose interim financial result reflects (a) total assets of Rs. 3,675.95 Lakhs as at 30[th ] September, 2022 (b) total revenue of Rs. 1,513.50 Lakhs for the nine month ended 30[th ] September, 2022 (c) Company's share of profit of Rs. 39.36 Lakhs for

the nine month ended 30[th ] September, and cash outflow of Rs. 327.64 lakhs for the

period from 1st January, 2022 to 30[th ] September; 2022 as considered in the Consolidated Unaudited Financial Results.

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

For AMIN PARIKH & CO. Chartered Accountants FRN: 100332W R R. R CA SAMl::'.f:IKH Partner r M. No. : 41506 Place : Vadodara Date : 14/02/2023 UDIN : 23041506BGWFLM3352